Document:

EX-4.10

 Exhibit 4.10 

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 5.3 AND 5.4 BELOW, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND LAWS OR, IN THE
OPINION OF LEGAL COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER, SUCH OFFER, SALE, PLEDGE OR OTHER TRANSFER IS EXEMPT FROM SUCH REGISTRATION. 

WARRANT TO PURCHASE STOCK 

Company: Phreesia, Inc., a Delaware corporation  

Number of Shares: 165,100, subject to adjustment  

Type/Series of Stock: Common Stock, $0.01 par value per share 

Warrant Price: $3.65 per Share, subject to adjustment (including pursuant to Section 2.5 below) 

Issue Date: February 28, 2019 
 Expiration Date:
February 27, 2029             See also Section 5.1(b). 

Credit Facility: This Warrant to Purchase Stock (“Warrant”) is issued in
connection with that certain Amended and Restated Loan and Security Agreement of even date herewith between Silicon Valley Bank and the Company (as amended and/or modified and in effect from time to time, 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 (the “Shares”) of the above-stated Type/Series of Stock (the “Class”) of the above-named company (the
“Company”), at the above-stated Warrant Price, all as set forth above, subject to the provisions and upon the terms and conditions set forth in this Warrant. 

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 the original of 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. 
 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: 

  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 shares of the Class are 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 the Class 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 shares of the Class are not then 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 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. 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. 

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, if such Company stockholders beneficially own a majority of the outstanding voting power of the surviving or successor entity as of immediately after such merger, consolidation or
reorganization, such surviving or successor entity is not the Company); 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. 
 (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 

  
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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 Cashless Exercised pursuant to Section 1.2 above 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,
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 “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 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. 
 1.7         Certain Agreements. Upon any exercise of
this Warrant, Holder shall, solely with 
 respect to the Shares issued upon such exercise or conversion, join and become a
“Purchaser” party to (a) that certain the Fourth Amended and Restated Right of First Refusal and Co-Sale Agreement dated as of October 14, 2014, as amended and in effect from time to time
(the “ROFR Agreement”), (b) that certain Fourth Amended and Restated Stockholders’ Voting Agreement dated as of October 14, 2014, as amended and in effect from time to time (the
“Voting Agreement”), and (c) that certain Fourth Amended and Restated Investor Rights Agreement dated as of October 14, 2014, as amended and in effect from time to time (the “Investor
Rights Agreement,” and collectively with the ROFR Agreement and the Voting Agreement, the “Investor Agreements”), to the extent that such agreements are then by their terms still in force and
effect. 
 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 Class payable in additional shares of the Class or other securities or property (other than cash), then upon exercise of this Warrant, for each Share acquired,

  
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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 Class 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 Class 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 Class 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 of a full Share (as determined in accordance with Section 1.3 above), less (ii) the then-effective Warrant Price. 

2.4         Notice/Certificate as to Adjustments. Upon each adjustment of the
Warrant Price, Class 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. 
 2.5         Special
Adjustment to Warrant Price. If the fair market value of a share of the Class, as reported in the first written valuation of a share of the Class conducted for purposes of the Company’s compliance with Section 409A of the Internal
Revenue Code of 1986, as amended (a “409A Valuation”) received by the Company and approved or accepted by its Board of Directors after the Issue Date hereof, is less than the Warrant Price in effect as of the date of
such Board of Directors approval or acceptance, then the Warrant Price shall, from and after such date, equal such fair market value, subject to adjustment thereafter from time to time in accordance with the provisions of this Warrant. Promptly
thereafter, the Company shall provide to Holder, at its address set forth in Section 5.5 below, (i) the certificate required by Section 2.4 above describing such change to the Warrant Price, (ii) a copy of such 409A Valuation,
and (iii) evidence of such Board of Directors approval or acceptance. 
 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)         [Reserved]. 

  
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 (b)         The number of Shares for
which this Warrant is exercisable on and as of the Issue Date hereof represents not less than 0.2250% of the Company’s total issued and outstanding shares of capital stock (excluding all shares of the Company’s Redeemable Preferred Stock
(as defined in the Company’s Sixth Amended and Restated Certificate of Incorporation, as amended to date)), calculated on and as of the Issue Date hereof on a fully-diluted, common stock-equivalent basis assuming (i) the conversion into
common stock of all outstanding securities and instruments (including, without limitation, securities deemed to be outstanding pursuant to clause (ii) of this Section 3.1(b)) convertible by their terms into shares of common stock
(regardless of whether such securities or instruments are by their terms now so convertible), (ii) the exercise in full of all outstanding options, warrants (including, without limitation, this Warrant) and other rights to purchase or acquire shares
of common stock or securities exercisable for or convertible into shares of common stock (regardless of whether such options, warrants or other rights to purchase or acquire are by their terms now exercisable); and (iii) the inclusion of all
shares of common stock reserved for issuance under all of the Company’s incentive stock and stock option plans and not now subject to outstanding grants or options. 

(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, under the Investor Agreements
(to the extent that Holder is then subject thereto in accordance with Section 1.7 above) 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 shares of the Class and other securities as will be sufficient to permit the exercise in full of this Warrant. 

(d)         The Company’s capitalization table attached hereto as Schedule 1 is
true and complete, in all material respects, as of the Issue Date. 
 3.2        
Notice of Certain Events. If the Company proposes at any time to: 
 (a) declare any dividend or distribution upon
the outstanding shares of the Class, 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 of the Class 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 Class; 
 (d) effect an Acquisition or to liquidate, dissolve or wind up; or 

(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 

  
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rights (and specifying the date on which the holders of outstanding shares of the Class 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 the Class 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. 
 The
Company will also provide information requested by Holder that is reasonably necessary to enable Holder to comply with Holder’s accounting or reporting requirements. 

SECTION 4. REPRESENTATIONS AND COVENANTS 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. 

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. 

  
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 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 Shareholder Rights. Without limiting any provision of this
Warrant, Holder agrees that as a Holder of this Warrant it will not have any rights (including, without limitation, voting rights) as a shareholder of the Company with respect to the Shares issuable hereunder unless and until the exercise of this
Warrant, and then only with respect to the Shares issued on such exercise. 
 SECTION 5. MISCELLANEOUS. 

5.1         Term; Automatic Cashless Exercise 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. 

(b)         Automatic Cashless Exercise upon Expiration. In the event that,
upon the Expiration Date, the fair market value of one Share 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 for which it shall not previously have been exercised, and the Company shall, within a reasonable time, deliver a certificate representing the Shares issued upon such exercise to
Holder. 
 5.2         Legends. Each certificate evidencing Shares 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 STOCK ISSUED BY THE ISSUER TO WESTRIVER INNOVATION LENDING
FUND VIII, L.P. DATED FEBRUARY 28, 2019, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND LAWS OR, IN THE OPINION OF LEGAL COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER, SUCH
OFFER, SALE, PLEDGE OR OTHER TRANSFER IS EXEMPT FROM SUCH REGISTRATION. 
 5.3
        Compliance with Securities Laws on Transfer. This Warrant and the Shares issued upon exercise of this Warrant 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 an affiliate of Holder, provided that such affiliate is an 

  
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“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. 
 5.4         Transfer
Procedure. Subject to the provisions of Section 5.3 and upon providing the Company with written notice, Holder may transfer all or part of this Warrant or the Shares issued upon exercise of this Warrant to any transferee, provided, however,
in connection with any such transfer, 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 transferee shall agree in writing with the Company to be bound by all of the terms and conditions of this Warrant; and provided
further, that the transfer of any Shares issued on exercise hereof shall be subject to the provisions of the Investor Agreements (to the extent that Holder is then subject thereto in accordance with Section 1.7 above). 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 any portion hereof, or any Shares issued upon any exercise hereof, to any person or entity who
directly competes with the Company, except in connection with an Acquisition of the Company by such a direct competitor. 

5.5         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 facsimile or 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 5.5. 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 Chief Financial Officer 

3720 Carillon Point 

Kirkland, Washington 98033-7455 

Attention: Trent Dawson 

Telephone: (425) 952-3951 

Email: tdawson@westrivermgmt.com 

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

Perkins Coie LLP 

1201 Third Avenue, Suite 4800 

Seattle, Washington 98101-3099 

Attention: David C. Clarke 

Telephone: (206) 359-8612 

Email: dclarke@perkinscoie.com 

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

  
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 Phreesia, Inc. 

Attn: Chief Financial Officer 

432 Park Avenue South, 12th Floor 

New York, NY 10016 

Telephone: 

Facsimile: 

Email: 

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

Goodwin Procter LLP 

Attn: John Egan 

100 Northern Avenue 

Boston, MA 02210 

Telephone: 617-570-1514 

Facsimile: 617-570-1231 

Email: jegan@goodwinlaw.com 

5.6         Waiver. 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 the party against which enforcement of such change, waiver, discharge or termination is
sought. 
 5.7         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. 

5.8         Counterparts; Facsimile/Electronic Signatures. This Warrant may be
executed in counterparts, all of which together shall constitute one and the same agreement. Any signature page delivered electronically or by facsimile shall be binding to the same extent as an original signature page with regards to any agreement
subject to the terms hereof or any amendment thereto. 
 5.9         Governing
Law. This Warrant shall be governed by and construed in accordance with the laws of the State of California, without giving effect to its principles regarding conflicts of law. 

5.10         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. 

5.11         Business Days. “Business Day”
is any day that is not a Saturday, Sunday or a day on which banks in Washington are 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 Stock to be
executed by their duly authorized representatives effective as of the Issue Date written above. 
  

			
	 “COMPANY”

	
	 PHREESIA, INC.

		
	 By:
	 	 /s/ Thomas Altier

		
	 Name:
	 	 Thomas Altier

		 	 (Print)

	 Title:
	 	 Chief Financial Officer

	
	 “HOLDER”

			
	
	WESTRIVER INNOVATION LENDING FUND VIII, L.P.
	
	By: Loan Manager II, LLC, its general partner

			
		
	 By:    
	 	 /s/ Trent Dawson

		 	Trent Dawson, Chief Financial Officer

  
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 APPENDIX 1 

NOTICE OF EXERCISE 

1.    The undersigned Holder hereby exercises its right to purchase
                     shares of the Common/Series              Preferred
[circle one] Stock of                      (the “Company”) in accordance with the attached Warrant To
Purchase Stock, and tenders payment of the aggregate Warrant Price for such shares as follows: 
  

	 	[    ]        check	 in the amount of $             payable to
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 Stock as of the date hereof. 
  

			
	
	 HOLDER:

	
	  

		
	 By:
	 	  

		
	 Name:
	 	  

		
	 Title:
	 	  

		
	 (Date):
	 	  

  

  
 Appendix 1 

 SCHEDULE 1 

Company Capitalization Table 

See attached 

  
 Schedule 1EX-10.2

 Exhibit 10.2 

PHREESIA, INC. 
 2018
STOCK OPTION AND GRANT PLAN 
  

	SECTION 1.	 GENERAL PURPOSE OF THE PLAN; DEFINITIONS 

The name of the plan is the Phreesia, Inc. 2018 Stock Option and Grant Plan (the “Plan”). The purpose of the Plan is to encourage and
enable the officers, employees, directors, Consultants and other key persons of Phreesia, Inc., a Delaware corporation (including any successor entity, the “Company”) and its Subsidiaries, upon whose judgment, initiative and efforts the
Company largely depends for the successful conduct of its business, to acquire a proprietary interest in the Company. It is anticipated that providing such persons with a direct stake in the Company’s welfare will assure a closer identification
of their interests with those of the Company, thereby stimulating their efforts on the Company’s behalf and strengthening their desire to remain with the Company. 

The following terms shall be defined as set forth below: 

“Affiliate” of any Person means a Person that directly or indirectly, through one or more intermediaries, controls, is
controlled by or is under common control with the first mentioned Person. A Person shall be deemed to control another Person if such first Person possesses directly or indirectly the power to direct, or cause the direction of, the management and
policies of the second Person, whether through the ownership of voting securities, by contract or otherwise. 
 “Award” or
“Awards,” except where referring to a particular category of grant under the Plan, shall include Incentive Stock Options, Non-Qualified Stock Options, Restricted Stock Awards, Unrestricted
Stock Awards, Restricted Stock Units or any combination of the foregoing. 
 “Award Agreement” means a written or
electronic agreement setting forth the terms and provisions applicable to an Award granted under the Plan. Each Award Agreement may contain terms and conditions in addition to those set forth in the Plan; provided, however, in the event of any
conflict in the terms of the Plan and the Award Agreement, the terms of the Plan shall govern. 
 “Board” means the Board
of Directors of the Company. 
 “Cause” shall have the meaning as set forth in the Award Agreement(s). In the case that any
Award Agreement does not contain a definition of “Cause,” it shall mean (i) the grantee’s dishonest statements or acts with respect to the Company or any Affiliate of the Company, or any current or prospective customers,
suppliers vendors or other third parties with which such entity does business; (ii) the grantee’s commission of (A) a felony or (B) any misdemeanor involving moral turpitude, deceit, dishonesty or fraud; (iii) the
grantee’s failure to perform his assigned duties and responsibilities to the reasonable satisfaction of the Company which failure continues, in the reasonable judgment of the Company, after written notice given to the grantee by the Company;
(iv) the grantee’s gross negligence, willful misconduct or insubordination with respect to the Company or any Affiliate of the Company; or (v) the grantee’s material violation of any provision of any agreement(s) between the
grantee and the Company relating to noncompetition, nonsolicitation, nondisclosure and/or assignment of inventions. 

 “Chief Executive Officer” means the Chief Executive Officer of the Company
or, if there is no Chief Executive Officer, then the President of the Company. 
 “Code” means the Internal Revenue Code of
1986, as amended, and any successor Code, and related rules, regulations and interpretations. 
 “Committee” means the
Committee of the Board referred to in Section 2. 
 “Consultant” means any natural person that provides bona fide
services to the Company (including a Subsidiary), and such services are not in connection with the offer or sale of securities in a capital-raising transaction and do not directly or indirectly promote or maintain a market for the Company’s
securities. 
 “Disability” means “disability” as defined in Section 422(c) of the Code. 

“Effective Date” means the date on which the Plan is adopted as set forth on the final page of the Plan. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder. 

“Fair Market Value” of the Stock on any given date means the fair market value of the Stock determined in good faith by the
Committee based on the reasonable application of a reasonable valuation method not inconsistent with Section 409A of the Code. If the Stock is admitted to trade on a national securities exchange, the determination shall be made by reference to
the closing price reported on such exchange. If there is no closing price for such date, the determination shall be made by reference to the last date preceding such date for which there is a closing price. If the date for which Fair Market Value is
determined is the first day when trading prices for the Stock are reported on a national securities exchange, the Fair Market Value shall be the “Price to the Public” (or equivalent) set forth on the cover page for the final prospectus
relating to the Company’s Initial Public Offering. 
 “Grant Date” means the date that the Committee designates in its
approval of an Award in accordance with applicable law as the date on which the Award is granted, which date may not precede the date of such Committee approval. 

“Holder” means, with respect to an Award or any Shares, the Person holding such Award or Shares, including the initial
recipient of the Award or any Permitted Transferee. 
 “Incentive Stock Option” means any Stock Option designated and
qualified as an “incentive stock option” as defined in Section 422 of the Code. 
 “Initial Public Offering”
means the consummation of the first firm commitment underwritten public offering pursuant to an effective registration statement under the Securities Act covering the offer and sale by the Company of its equity securities, as a result of or
following which the Stock shall be publicly held. 

  
 2 

 “Non-Qualified Stock Option” means
any Stock Option that is not an Incentive Stock Option. 
 “Option” or “Stock Option” means any option to
purchase shares of Stock granted pursuant to Section 5. 
 “Permitted Transfer” means any of the following:
(i) any Transfer by a Holder of any or all of the Shares to the Company; (ii) any Transfer by a Holder of any or all Shares for no consideration to a Permitted Transferee, provided that the Permitted Transferee agrees in writing with the
Company to be bound by all of the terms and conditions of the Plan and any applicable Award Agreement; (iii) any Transfer by a Holder of any or all of the Shares effected pursuant to the Holder’s will or the laws of intestate succession;
or (iv) any Transfer with Transfer Approval. 
 “Permitted Transferee” shall mean any of the following to whom a
Holder may transfer Shares hereunder (as set forth in Section 9(a)(ii)(A)): the Holder’s child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in- law, including adoptive relationships, any person sharing the Holder’s household (other than a tenant or employee), a trust in which these persons have more than fifty percent of the
beneficial interest, a foundation in which these persons control the management of assets, and any other entity in which these persons own more than fifty percent of the voting interests; provided, however, that any such trust does not
require or permit distribution of any Shares during the term of the Award Agreement unless subject to its terms. Upon the death of the Holder, the term Permitted Transferees shall also include such deceased Holder’s estate, executors,
administrators, personal representatives, heirs, legatees and distributees, as the case may be. 
 “Person” shall mean any
individual, corporation, partnership (limited or general), limited liability company, limited liability partnership, association, trust, joint venture, unincorporated organization or any similar entity. 

“Restricted Stock Award” means Awards granted pursuant to Section 6 and “Restricted Stock” means
Shares issued pursuant to such Awards. 
 “Restricted Stock Unit” means an Award of phantom stock units to a grantee, which
may be settled in cash or Shares as determined by the Committee, pursuant to Section 8. 
 “Sale Event” means the
consummation of (i) the dissolution or liquidation of the Company, (ii) the sale of all or substantially all of the assets of the Company on a consolidated basis to an unrelated person or entity, (iii) a merger, reorganization or
consolidation pursuant to which the holders of the Company’s outstanding voting power immediately prior to such transaction do not own a majority of the outstanding voting power of the surviving or resulting entity (or its ultimate parent, if
applicable), (iv) the acquisition of all or a majority of the outstanding voting stock of the Company in a single transaction or a series of related transactions by a Person or group of Persons, or (v) any other acquisition of the business of
the Company, as determined by the Board; provided, however, that the Company’s Initial Public Offering, any subsequent public offering or another capital raising event, or a merger effected solely to change the Company’s domicile
shall not constitute a “Sale Event.” 

  
 3 

 “Section 409A” means Section 409A of the Code and
the regulations and other guidance promulgated thereunder. 
 “Securities Act” means the Securities Act of 1933, as
amended, and the rules and regulations thereunder. 
 “Service Relationship” means any relationship as a full- time
employee, part-time employee, director or other key person (including Consultants) of the Company or any Subsidiary or any successor entity (e.g., a Service Relationship shall be deemed to continue without interruption in the event an
individual’s status changes from full-time employee to part-time employee or Consultant). 
 “Shares” means shares of
Stock. 
 “Stock” means the Common Stock, par value $0.01 per share, of the Company. 

“Subsidiary” means any corporation or other entity (other than the Company) in which the Company has more than a
50 percent interest, either directly or indirectly. 
 “Ten Percent Owner” means an employee who owns or is deemed to
own (by reason of the attribution rules of Section 424(d) of the Code) more than 10 percent of the combined voting power of all classes of stock of the Company or any parent of the Company or any Subsidiary. 

“Termination Event” means the termination of the Award recipient’s Service Relationship with the Company and its
Subsidiaries for any reason whatsoever, regardless of the circumstances thereof, and including, without limitation, upon death, disability, retirement, discharge or resignation for any reason, whether voluntarily or involuntarily. The following
shall not constitute a Termination Event: (i) a transfer to the service of the Company from a Subsidiary or from the Company to a Subsidiary, or from one Subsidiary to another Subsidiary or (ii) an approved leave of absence for military
service or sickness, or for any other purpose approved by the Committee, if the individual’s right to re-employment is guaranteed either by a statute or by contract or under the policy pursuant to which
the leave of absence was granted or if the Committee otherwise so provides in writing. 
 “Transfer” means to sell, assign,
transfer, pledge, encumber or in any manner dispose of any Award or Shares. 
 “Transfer Approval” means any Transfer
permitted by written approval of the Committee or the Board, which Transfer Approval shall be granted or withheld in the sole and absolute discretion of the Committee and/or the Board. 

“Unrestricted Stock Award” means any Award granted pursuant to Section 7 and “Unrestricted Stock” means
Shares issued pursuant to such Awards. 

  
 4 

	SECTION 2.	 ADMINISTRATION OF PLAN; COMMITTEE AUTHORITY TO SELECT GRANTEES AND DETERMINE AWARDS

 (a) Administration of Plan. The Plan shall be administered by the Board, or at the discretion of the Board,
by a committee of the Board, comprised of not less than two directors. All references herein to the “Committee” shall be deemed to refer to the group then responsible for administration of the Plan at the relevant time (i.e., either the
Board of Directors or a committee or committees of the Board, as applicable). 
 (b) Powers of Committee. The Committee shall have the
power and authority to grant Awards consistent with the terms of the Plan, including the power and authority: 
 (i) to select the
individuals to whom Awards may from time to time be granted; 
 (ii) to determine the time or times of grant, and the amount, if any, of
Incentive Stock Options, Non-Qualified Stock Options, Restricted Stock Awards, Unrestricted Stock Awards, Restricted Stock Units or any combination of the foregoing, granted to any one or more grantees; 

(iii) to determine the number of Shares to be covered by any Award and, subject to the provisions of the Plan, the price, exercise price,
conversion ratio or other price relating thereto; 
 (iv) to determine and, subject to Section 12, to modify from time to time the terms
and conditions, including restrictions, not inconsistent with the terms of the Plan, of any Award, which terms and conditions may differ among individual Awards and grantees, and to approve the form of Award Agreements; 

(v) to accelerate at any time the exercisability or vesting of all or any portion of any Award; 

(vi) to impose any limitations on Awards, including limitations on Transfers, repurchase provisions and the like, and to exercise repurchase
rights or obligations; 
 (vii) subject to Section 5(a)(ii) and any restrictions imposed by Section 409A, to extend at any time the
period in which Stock Options may be exercised; and 
 (viii) at any time to adopt, alter and repeal such rules, guidelines and practices for
administration of the Plan and for its own acts and proceedings as it shall deem advisable; to interpret the terms and provisions of the Plan and any Award (including Award Agreements); to make all determinations it deems advisable for the
administration of the Plan; to decide all disputes arising in connection with the Plan; and to otherwise supervise the administration of the Plan. 

All decisions and interpretations of the Committee shall be binding on all persons, including the Company and all Holders. 

  
 5 

 (c) Award Agreement. Awards under the Plan shall be evidenced by Award Agreements
that set forth the terms, conditions and limitations for each Award. 
 (d) Delegation of Authority to Grant Awards. Subject to
applicable law, the Committee, in its discretion, may delegate to the Chief Executive Officer of the Company the power to designate non-officer employees to be recipients of Options, and to determine the
number of such Options to be received by such employees; provided, however, that the resolution so authorizing the Chief Executive Officer shall specify the total number of Options the Chief Executive Officer may so award and may not delegate to the
Chief Executive Officer the authority to set the exercise price or the vesting terms of such Options. Any such delegation by the Committee shall also provide that the Chief Executive Officer may not grant Awards to himself or herself (or other
officers) without the approval of the Committee. The Committee may revoke or amend the terms of a delegation at any time but such action shall not invalidate any prior actions of the Committee’s delegate or delegates that were consistent with
the terms of the Plan 
 (e) Indemnification. Neither the Board nor the Committee, nor any member of either or any delegate thereof,
shall be liable for any act, omission, interpretation, construction or determination made in good faith in connection with the Plan, and the members of the Board and the Committee (and any delegate thereof) shall be entitled in all cases to
indemnification and reimbursement by the Company in respect of any claim, loss, damage or expense (including, without limitation, reasonable attorneys’ fees) arising or resulting therefrom to the fullest extent permitted by law and/or under the
Company’s governing documents, including its certificate of incorporation or bylaws, or any directors’ and officers’ liability insurance coverage which may be in effect from time to time and/or any indemnification agreement between
such individual and the Company. 
  

	SECTION 3.	 STOCK ISSUABLE UNDER THE PLAN; MERGERS AND OTHER TRANSACTIONS; SUBSTITUTION

 (a) Stock Issuable. The maximum number of Shares reserved and available for issuance under the Plan shall be
3,258,506 Shares, subject to adjustment as provided in Section 3(b). For purposes of this limitation, the Shares underlying any Awards that are forfeited, canceled, reacquired by the Company prior to vesting, satisfied without the issuance of
Stock or otherwise terminated (other than by exercise) after the Effective Date shall be added back to the Shares available for issuance under the Plan and Shares that are withheld upon exercise of an Option or settlement of an Award to cover the
exercise price or tax withholding shall be added back to the Shares available for issuance under the Plan. Subject to such overall limitations, Shares may be issued up to such maximum number pursuant to any type or types of Award, and no more than
3,258,506 Shares may be issued pursuant to Incentive Stock Options. The Shares available for issuance under the Plan may be authorized but unissued Shares or Shares reacquired by the Company. Beginning on the date that the Company becomes subject to
Section 162(m) of the Code, Options with respect to no more than 3,258,506 Shares shall be granted to any one individual in any calendar year period. 

  
 6 

 (b) Changes in Stock. Subject to Section 3(c) hereof, if, as a result of any
reorganization, recapitalization, reclassification, stock dividend, stock split, reverse stock split or other similar change in the Company’s capital stock, the outstanding Shares are increased or decreased or are exchanged for a different
number or kind of shares or other securities of the Company, or additional Shares or new or different shares or other securities of the Company or other non-cash assets are distributed with respect to such
Shares or other securities, in each case, without the receipt of consideration by the Company, or, if, as a result of any merger or consolidation, or sale of all or substantially all of the assets of the Company, the outstanding Shares are converted
into or exchanged for other securities of the Company or any successor entity (or a parent or subsidiary thereof), the Committee shall make an appropriate and proportionate adjustment in (i) the maximum number of Shares reserved for issuance
under the Plan, (ii) the number and kind of Shares or other securities subject to any then outstanding Awards under the Plan, (iii) the repurchase price, if any, per Share subject to each outstanding Award, and (iv) the exercise price
for each Share subject to any then outstanding Stock Options under the Plan, without changing the aggregate exercise price (i.e., the exercise price multiplied by the number of Stock Options) as to which such Stock Options remain exercisable. The
Committee shall in any event make such adjustments as may be required by Section 25102(o) of the California Corporation Code and the rules and regulations promulgated thereunder. The adjustment by the Committee shall be final, binding and
conclusive. No fractional Shares shall be issued under the Plan resulting from any such adjustment, but the Committee in its discretion may make a cash payment in lieu of fractional shares. 

(c) Sale Events. 

(i) Options. 

(A) In the case of and subject to the consummation of a Sale Event, the Plan and all outstanding Options issued hereunder shall
terminate upon the effective time of any such Sale Event unless assumed or continued by the successor entity, or new stock options or other awards of the successor entity or parent thereof are substituted therefor, with an equitable or proportionate
adjustment as to the number and kind of shares and, if appropriate, the per share exercise prices, as such parties shall agree (after taking into account any acceleration hereunder and/or pursuant to the terms of any Award Agreement). 

(B) In the event of the termination of the Plan and all outstanding Options issued hereunder pursuant to Section 3(c),
each Holder of Options shall be permitted, within a period of time prior to the consummation of the Sale Event as specified by the Committee, to exercise all such Options which are then exercisable or will become exercisable as of the effective time
of the Sale Event; provided, however, that the exercise of Options not exercisable prior to the Sale Event shall be subject to the consummation of the Sale Event. 

(C) Notwithstanding anything to the contrary in Section 3(c)(i)(A), in the event of a Sale Event, the Company shall have
the right, but not the obligation, to make or provide for a cash payment to the Holders of Options, without any consent of or notice to the Holders and subject to the holdbacks and escrows applicable to the Shares

  
 7 

 
and any withholding applicable to such payments, in exchange for the cancellation thereof, in an amount equal to the difference between (A) the value as determined by the Committee of the
consideration payable per share of Stock pursuant to the Sale Event (the “Sale Price”) times the number of Shares subject to outstanding Options being cancelled (to the extent then vested and exercisable, including by reason of
acceleration in connection with such Sale Event, at prices not in excess of the Sale Price) and (B) the aggregate exercise price of all such outstanding vested and exercisable Options. 

(ii) Restricted Stock and Restricted Stock Unit Awards. 

(A) In the case of and subject to the consummation of a Sale Event, all unvested Restricted Stock and unvested Restricted Stock
Unit Awards (other than those becoming vested as a result of the Sale Event) issued hereunder shall be forfeited immediately prior to the effective time of any such Sale Event unless assumed or continued by the successor entity, or awards of the
successor entity or parent thereof are substituted therefor, with an equitable or proportionate adjustment as to the number and kind of shares subject to such awards as such parties shall agree (after taking into account any acceleration hereunder
and/or pursuant to the terms of any Award Agreement). 
 (B) In the event of the forfeiture of Restricted Stock pursuant to
Section 3(c)(ii)(A), such Restricted Stock shall be repurchased from the Holder thereof at a price per share equal to the original per share purchase price paid by the Holder (subject to adjustment as provided in Section 3(b)) for such
Shares. 
 (C) Notwithstanding anything to the contrary in Section 3(c)(ii)(A), in the event of a Sale Event, the
Company shall have the right, but not the obligation, to make or provide for a cash payment to the Holders of Restricted Stock or Restricted Stock Unit Awards, without consent of or notice to the Holders and subject to the holdbacks and escrows
applicable to the Shares and any withholding applicable to such payments, in exchange for the cancellation thereof, in an amount equal to the Sale Price times the number of Shares subject to such Awards, to be paid at the time of such Sale Event or
upon the later vesting of such Awards. 
 (d) Substitute Awards. The Committee may grant Awards under the Plan in substitution for
stock and stock-based awards held by employees, directors or other key persons of another corporation in connection with a merger or consolidation of the employing corporation with the Company or a Subsidiary or the acquisition by the Company or a
Subsidiary of property or stock of the employing corporation. The Committee may direct that the substitute awards be granted on such terms and conditions as the Committee considers appropriate in the circumstances. Any substitute Awards granted
under the Plan shall not count against the share limitation set forth in Section 3(a). 

  
 8 

	SECTION 4.	 ELIGIBILITY 

Grantees under the Plan will be such full or part-time officers and other employees, directors, Consultants and key persons of the Company and
any Subsidiary who are selected from time to time by the Committee in its sole discretion; provided, however, that Awards shall be granted only to those individuals described in Rule 701(c) of the Securities Act. 

 

	SECTION 5.	 STOCK OPTIONS 

Upon the grant of a Stock Option, the Company and the grantee shall enter into an Award Agreement. The terms and conditions of each such Award
Agreement shall be determined by the Committee, and such terms and conditions may differ among individual Awards and grantees. 
 Stock
Options granted under the Plan may be either Incentive Stock Options or Non-Qualified Stock Options. Incentive Stock Options may be granted only to employees of the Company or any Subsidiary that is a
“subsidiary corporation” within the meaning of 
 Section 424(f) of the Code. To the extent that any Option does not qualify as an Incentive
Stock Option, it shall be deemed a Non-Qualified Stock Option. 
 (a) Terms of Stock Options.
The Committee in its discretion may grant Stock Options to those individuals who meet the eligibility requirements of Section 4. Stock Options shall be subject to the following terms and conditions and shall contain such additional terms and
conditions, not inconsistent with the terms of the Plan, as the Committee shall deem desirable. If the Committee so determines, Stock Options may be granted in lieu of cash compensation at the grantee’s election, subject to such terms and
conditions as the Committee may establish, as well as in addition to other compensation. 
 (i) Exercise Price. The exercise price per
share for the Shares covered by a Stock Option shall be determined by the Committee at the time of grant but shall not be less than 100 percent of the Fair Market Value on the Grant Date. In the case of an Incentive Stock Option that is granted
to a Ten Percent Owner, the exercise price per share for the Shares covered by such Incentive Stock Option shall not be less than 110 percent of the Fair Market Value on the Grant Date 

(ii) Option Term. The term of each Stock Option shall be fixed by the Committee, but no Stock Option shall be exercisable more than ten
years from the Grant Date. In the case of an Incentive Stock Option that is granted to a Ten Percent Owner, the term of such Stock Option shall be no more than five years from the Grant Date. 

(iii) Exercisability; Rights of a Stockholder. Stock Options shall become exercisable and/or vested at such time or times, whether or
not in installments, as shall be determined by the Committee at or after the Grant Date. The Award Agreement may permit a grantee to exercise all or a portion of a Stock Option immediately at grant; provided that the Shares issued upon such exercise
shall be subject to restrictions and a vesting schedule identical to the vesting schedule of the related Stock Option, such Shares shall be deemed to be Restricted Stock for purposes of the Plan, and the optionee may be required to enter into an
additional or new Award Agreement as a condition to exercise of such Stock Option. An optionee shall have the rights of a stockholder only as to Shares acquired upon the exercise of a Stock Option and not as to unexercised Stock Options. An optionee
shall not be deemed to have acquired any Shares unless and until a Stock Option shall have been exercised pursuant to the terms of the Award Agreement and this Plan and the optionee’s name has been entered on the books of the Company as a
stockholder. 

  
 9 

 (iv) Method of Exercise. Stock Options may be exercised by an optionee in whole or in
part, by the optionee giving written or electronic notice of exercise to the Company, specifying the number of Shares to be purchased. Payment of the purchase price may be made by one or more of the following methods (or any combination thereof) to
the extent provided in the Award Agreement: 
 (A) In cash, by certified or bank check, by wire transfer of immediately
available funds, or other instrument acceptable to the Committee; 
 (B) If permitted by the Committee, by the optionee
delivering to the Company a promissory note, if the Board has expressly authorized the loan of funds to the optionee for the purpose of enabling or assisting the optionee to effect the exercise of his or her Stock Option; provided, that at
least so much of the exercise price as represents the par value of the Stock shall be paid in cash if required by state law; 

(C) If permitted by the Committee and the Initial Public Offering has occurred (or the Stock otherwise becomes
publicly-traded), through the delivery (or attestation to the ownership) of Shares that have been purchased by the optionee on the open market or that are beneficially owned by the optionee and are not then subject to restrictions under any Company
plan. To the extent required to avoid variable accounting treatment under ASC 718 or other applicable accounting rules, such surrendered Shares if originally purchased from the Company shall have been owned by the optionee for at least six months.
Such surrendered Shares shall be valued at Fair Market Value on the exercise date; 
 (D) If permitted by the Committee and
the Initial Public Offering has occurred (or the Stock otherwise becomes publicly-traded), by the optionee delivering to the Company a properly executed exercise notice together with irrevocable instructions to a broker to promptly deliver to the
Company cash or a check payable and acceptable to the Company for the purchase price; provided that in the event the optionee chooses to pay the purchase price as so provided, the optionee and the broker shall comply with such procedures and
enter into such agreements of indemnity and other agreements as the Committee shall prescribe as a condition of such payment procedure; or 

(E) If permitted by the Committee, and only with respect to Stock Options that are not Incentive Stock Options, by a “net
exercise” arrangement pursuant to which the Company will reduce the number of Shares issuable upon exercise by the largest whole number of Shares with a Fair Market Value that does not exceed the aggregate exercise price. 

Payment instruments will be received subject to collection. No certificates for Shares so purchased will be issued to the optionee or, with
respect to uncertificated Stock, no transfer to the optionee on the records of the Company will take place, until the Company has completed all steps it has deemed necessary to satisfy legal requirements relating to the issuance and sale of the

  
 10 

 
Shares, which steps may include, without limitation, (i) receipt of a representation from the optionee at the time of exercise of the Option that the optionee is purchasing the Shares for
the optionee’s own account and not with a view to any sale or distribution of the Shares or other representations relating to compliance with applicable law governing the issuance of securities, (ii) the legending of the certificate (or
notation on any book entry) representing the Shares to evidence the foregoing restrictions, and (iii) obtaining from optionee payment or provision for all withholding taxes due as a result of the exercise of the Option. The delivery of
certificates representing the shares of Stock (or the transfer to the optionee on the records of the Company with respect to uncertificated Stock) to be purchased pursuant to the exercise of a Stock Option will be contingent upon (A) receipt
from the optionee (or a purchaser acting in his or her stead in accordance with the provisions of the Stock Option) by the Company of the full purchase price for such Shares and the fulfillment of any other requirements contained in the Award
Agreement or applicable provisions of laws and (B) if required by the Company, the optionee shall have entered into any stockholders agreements or other agreements with the Company and/or certain other of the Company’s stockholders
relating to the Stock. In the event an optionee chooses to pay the purchase price by previously-owned Shares through the attestation method, the number of Shares transferred to the optionee upon the exercise of the Stock Option shall be net of the
number of Shares attested to. 
 (b) Annual Limit on Incentive Stock Options. To the extent required for “incentive stock
option” treatment under Section 422 of the Code, the aggregate Fair Market Value (determined as of the Grant Date) of the Shares with respect to which Incentive Stock Options granted under the Plan and any other plan of the Company or its
parent and any Subsidiary that become exercisable for the first time by an optionee during any calendar year shall not exceed $100,000 or such other limit as may be in effect from time to time under Section 422 of the Code. To the extent that
any Stock Option exceeds this limit, it shall constitute a Non-Qualified Stock Option. 
 (c)
Termination. Any portion of a Stock Option that is not vested and exercisable on the date of termination of an optionee’s Service Relationship shall immediately expire and be null and void. Once any portion of the Stock Option becomes
vested and exercisable, the optionee’s right to exercise such portion of the Stock Option (or the optionee’s representatives and legatees as applicable) in the event of a termination of the optionee’s Service Relationship shall
continue until the earliest of: (i) the date which is: (A) 12 months following the date on which the optionee’s Service Relationship terminates due to death or Disability (or such longer period of time as determined by the Committee and
set forth in the applicable Award Agreement), or (B) three months following the date on which the optionee’s Service Relationship terminates if the termination is due to any reason other than death or Disability (or such longer period of
time as determined by the Committee and set forth in the applicable Award Agreement), or (ii) the Expiration Date set forth in the Award Agreement; provided that notwithstanding the foregoing, an Award Agreement may provide that if the
optionee’s Service Relationship is terminated for Cause, the Stock Option shall terminate immediately and be null and void upon the date of the optionee’s termination and shall not thereafter be exercisable. 

  
 11 

	SECTION 6.	 RESTRICTED STOCK AWARDS 

(a) Nature of Restricted Stock Awards. The Committee may, in its sole discretion, grant (or sell at par value or such other purchase
price determined by the Committee) to an eligible individual under Section 4 hereof a Restricted Stock Award under the Plan. The Committee shall determine the restrictions and conditions applicable to each Restricted Stock Award at the time of
grant. Conditions may be based on continuing employment (or other Service Relationship), achievement of pre-established performance goals and objectives and/or such other criteria as the Committee may
determine. Upon the grant of a Restricted Stock Award, the Company and the grantee shall enter into an Award Agreement. The terms and conditions of each such Award Agreement shall be determined by the Committee, and such terms and conditions may
differ among individual Awards and grantees. 
 (b) Rights as a Stockholder. Upon the grant of the Restricted Stock Award and payment
of any applicable purchase price, a grantee of Restricted Stock shall be considered the record owner of and shall be entitled to vote the Restricted Stock if, and to the extent, such Shares are entitled to voting rights, subject to such conditions
contained in the Award Agreement. The grantee shall be entitled to receive all dividends and any other distributions declared on the Shares; provided, however, that the Company is under no duty to declare any such dividends or to make
any such distribution. Unless the Committee shall otherwise determine, certificates evidencing the Restricted Stock shall remain in the possession of the Company until such Restricted Stock is vested as provided in subsection (d) below of this
Section, and the grantee shall be required, as a condition of the grant, to deliver to the Company a stock power endorsed in blank and such other instruments of transfer as the Committee may prescribe. 

(c) Restrictions. Restricted Stock may not be sold, assigned, transferred, pledged or otherwise encumbered or disposed of except as
specifically provided herein or in the Award Agreement. Except as may otherwise be provided by the Committee either in the Award Agreement or, subject to Section 12 below, in writing after the Award Agreement is issued, if a grantee’s
Service Relationship with the Company and any Subsidiary terminates, the Company or its assigns shall have the right, as may be specified in the relevant instrument, to repurchase some or all of the Shares subject to the Award at such purchase price
as is set forth in the Award Agreement. 
 (d) Vesting of Restricted Stock. The Committee at the time of grant shall specify in the
Award Agreement the date or dates and/or the attainment of pre-established performance goals, objectives and other conditions on which the substantial risk of forfeiture imposed shall lapse and the Restricted
Stock shall become vested, subject to such further rights of the Company or its assigns as may be specified in the Award Agreement. 
  

	SECTION 7.	 UNRESTRICTED STOCK AWARDS 

The Committee may, in its sole discretion, grant (or sell at par value or such other purchase price determined by the Committee) to an eligible
person under Section 4 hereof an Unrestricted Stock Award under the Plan. Unrestricted Stock Awards may be granted in respect of past services or other valid consideration, or in lieu of cash compensation due to such grantee. 

  
 12 

	SECTION 8.	 RESTRICTED STOCK UNITS 

(a) Nature of Restricted Stock Units. The Committee may, in its sole discretion, grant to an eligible person under Section 4 hereof
Restricted Stock Units under the Plan. The Committee shall determine the restrictions and conditions applicable to each Restricted Stock Unit at the time of grant. Vesting conditions may be based on continuing employment (or other Service
Relationship), achievement of pre-established performance goals and objectives and/or other such criteria as the Committee may determine. Upon the grant of Restricted Stock Units, the grantee and the Company
shall enter into an Award Agreement. The terms and conditions of each such Award Agreement shall be determined by the Committee and may differ among individual Awards and grantees. On or promptly following the vesting date or dates applicable to any
Restricted Stock Unit, but in no event later than March 15 of the year following the year in which such vesting occurs, such Restricted Stock Unit(s) shall be settled in the form of cash or shares of Stock, as specified in the Award Agreement.
Restricted Stock Units may not be sold, assigned, transferred, pledged, or otherwise encumbered or disposed of. 
 (b) Rights as a
Stockholder. A grantee shall have the rights of a stockholder only as to Shares, if any, acquired upon settlement of Restricted Stock Units. A grantee shall not be deemed to have acquired any such Shares unless and until the Restricted Stock
Units shall have been settled in Shares pursuant to the terms of the Plan and the Award Agreement, the Company shall have issued and delivered a certificate representing the Shares to the grantee (or transferred on the records of the Company with
respect to uncertificated stock), and the grantee’s name has been entered in the books of the Company as a stockholder. 
 (c)
Termination. Except as may otherwise be provided by the Committee either in the Award Agreement or in writing after the Award Agreement is issued, a grantee’s right in all Restricted Stock Units that have not vested shall automatically
terminate upon the grantee’s cessation of Service Relationship with the Company and any Subsidiary for any reason. 
  

	SECTION 9.	 TRANSFER RESTRICTIONS; COMPANY RIGHT OF FIRST REFUSAL; COMPANY REPURCHASE RIGHTS

 (a) Restrictions on Transfer. 

(i) Non-Transferability of Stock Options. Stock Options and, prior to exercise, the Shares
issuable upon exercise of such Stock Option, shall not be transferable by the optionee otherwise than by will, or by the laws of descent and distribution, and all Stock Options shall be exercisable, during the optionee’s lifetime, only by the
optionee, or by the optionee’s legal representative or guardian in the event of the optionee’s incapacity. Notwithstanding the foregoing, the Committee, in its sole discretion, may provide in the Award Agreement regarding a given Stock
Option that the optionee may transfer by gift, without consideration for the transfer, his or her Non-Qualified Stock Options to his or her family members (as defined in Rule 701 of the Securities Act), to
trusts for the benefit of such family members, or to partnerships in which such family members are the only partners (to the extent such trusts or 

  
 13 

 
partnerships are considered “family members” for purposes of Rule 701 of the Securities Act), provided that the transferee agrees in writing with the Company to be bound by all of the
terms and conditions of this Plan and the applicable Award Agreement, including the execution of a stock power upon the issuance of Shares. Stock Options, and the Shares issuable upon exercise of such Stock Options, shall be restricted as to any
pledge, hypothecation, or other transfer, including any short position, any “put equivalent position” (as defined in the Exchange Act) or any “call equivalent position” (as defined in the Exchange Act) prior to exercise. 

(ii) Shares. Notwithstanding anything provided herein to the contrary, a Holder may not transfer Shares, whether voluntarily or by
operation of law, or by gift or otherwise, except by means of a Permitted Transfer. Any Transfer of Shares shall be null and void unless the terms, conditions and provisions of this Section 9 are strictly observed and followed, and the Company
shall not reflect on its records any change in record ownership of any Shares as a result of any such Transfer, shall otherwise refuse to recognize any such Transfer and shall not in any way give effect to any such Transfer of Shares. In addition,
no Shares shall be sold, assigned, transferred, pledged, hypothecated, given away or in any other manner disposed of or encumbered, whether voluntarily or by operation of law, unless (i) the Transfer is in compliance with the terms of the
applicable Award Agreement, all applicable securities laws (including, without limitation, the Securities Act), and with the terms and conditions of this Section 9, (ii) the Transfer does not cause the Company to become subject to the reporting
requirements of the Exchange Act, and (iii) the transferee consents in writing to be bound by the provisions of the Plan and the Award Agreement, including this Section 9. In connection with any proposed Transfer, the Committee may require
the transferor to provide at the transferor’s own expense an opinion of counsel to the transferor, satisfactory to the Committee, that such Transfer is in compliance with all foreign, federal and state securities laws (including, without
limitation, the Securities Act). The Company shall be entitled to seek protective orders, injunctive relief and other remedies available at law or in equity including, without limitation, seeking specific performance or the rescission of any
Transfer not made in strict compliance with the provisions of this Section 9. Subject to the foregoing general provisions, and unless otherwise provided in the applicable Award Agreement, Shares may be transferred pursuant to the following
specific terms and conditions (provided that with respect to any Transfer of Restricted Stock, all vesting and forfeiture provisions shall continue to apply with respect to the original recipient): 

(A) Transfers to Permitted Transferees. The Holder may transfer any or all of the Shares to one or more Permitted
Transferees; provided, however, that following such transfer, such Shares shall continue to be subject to the terms of this Plan (including this Section 9) and such Permitted Transferee(s) shall, as a condition to any such transfer,
deliver a written acknowledgment to that effect to the Company and shall deliver a stock power to the Company with respect to the Shares. Notwithstanding the foregoing, the Holder may not transfer any of the Shares to a Person whom the Company
reasonably determines is a direct competitor or a potential competitor of the Company or any of its Subsidiaries. 
 (B)
Transfers Upon Death. Upon the death of the Holder, any Shares then held by the Holder at the time of such death and any Shares acquired after the Holder’s death by the Holder’s legal representative shall be subject to
the provisions of this Plan, and the Holder’s estate, executors, administrators, personal representatives, heirs, legatees and distributees shall be obligated to convey such Shares to the Company or its assigns under the terms contemplated by
the Plan and the Award Agreement. 

  
 14 

 (b) Right of First Refusal. In the event that a Holder desires at any time to sell or
otherwise transfer all or any part of his or her Shares (other than shares of Restricted Stock which by their terms are not transferrable), and including any Permitted Transfer (if applicable), the Holder first shall give written notice to the
Company of the Holder’s intention to make such transfer. Such notice shall state the number of Shares that the Holder proposes to sell (the “Offered Shares”), the price and the terms at which the proposed sale is to be made and the
name and address of the proposed transferee. At any time within 30 days after the receipt of such notice by the Company, the Company or its assigns may elect to purchase all or any portion of the Offered Shares at the price and on the terms offered
by the proposed transferee and specified in the notice. The Company or its assigns shall exercise this right by mailing or delivering written notice to the Holder within the foregoing 30-day period. If the
Company or its assigns elect to exercise its purchase rights under this Section 9(b), the closing for such purchase shall, in any event, take place within 45 days after the receipt by the Company of the initial notice from the Holder. In the
event that the Company or its assigns do not elect to exercise such purchase right, or in the event that the Company or its assigns do not pay the full purchase price within such 45-day period, the Holder
shall be required to pay a transaction processing fee of $10,000 to the Company (unless waived by the Committee) and then may, within 60 days thereafter, sell the Offered Shares to the proposed transferee and at the same price and on the same terms
as specified in the Holder’s notice. Any Shares not sold to the proposed transferee shall remain subject to the Plan. If the Holder is a party to any stockholders agreements or other agreements with the Company and/or certain other of the
Company’s stockholders relating to the Shares, (i) the transferring Holder shall comply with the requirements of such stockholders agreements or other agreements relating to any proposed transfer of the Offered Shares, and (ii) any
proposed transferee that purchases Offered Shares shall enter into such stockholders agreements or other agreements with the Company and/or certain of the Company’s stockholders relating to the Offered Shares on the same terms and in the same
capacity as the transferring Holder. 
 (c) Company’s Right of Repurchase. 

(i) Right of Repurchase for Unvested Shares Issued Upon the Exercise of an Option. Upon a Termination Event, the Company or its assigns
shall have the right and option to repurchase from a Holder of Shares acquired upon exercise of a Stock Option which are still subject to a risk of forfeiture as of the Termination Event. Such repurchase rights may be exercised by the Company within
the later of (A) six months following the date of such Termination Event or (B) seven months after the acquisition of Shares upon exercise of a Stock Option. The repurchase price shall be equal to the lower of the original per share price
paid by the Holder, subject to adjustment as provided in Section 3(b) of the Plan, or the current Fair Market Value of such Shares as of the date the Company elects to exercise its repurchase rights. 

(ii) Right of Repurchase With Respect to Restricted Stock. Upon a Termination Event, the Company or its assigns shall have the right and
option to repurchase from a Holder of Shares received pursuant to a Restricted Stock Award any Shares that are still subject to a risk of forfeiture as of the Termination Event. Such repurchase right may be exercised by

  
 15 

 
the Company within six months following the date of such Termination Event. The repurchase price shall be the lower of the original per share purchase price paid by the Holder, subject to
adjustment as provided in Section 3(b) of the Plan, or the current Fair Market Value of such Shares as of the date the Company elects to exercise its repurchase rights. 

(iii) Procedure. Any repurchase right of the Company shall be exercised by the Company or its assigns by giving the Holder written
notice on or before the last day of the repurchase period of its intention to exercise such repurchase right. Upon such notification, the Holder shall promptly surrender to the Company, free and clear of any liens or encumbrances, any certificates
representing the Shares being purchased, together with a duly executed stock power for the transfer of such Shares to the Company or the Company’s assignee or assignees. Upon the Company’s or its assignee’s receipt of the certificates
from the Holder, the Company or its assignee or assignees shall deliver to him, her or them a check for the applicable repurchase price; provided, however, that the Company may pay the repurchase price by offsetting and canceling any
indebtedness then owed by the Holder to the Company. 
 (d) Drag Along Right. In the event the holders of a majority of the
Company’s shares then outstanding voting on as-converted basis as a single class (the “Majority Shareholders”) determine to enter into a Sale Event in a bona fide negotiated transaction (a
“Sale”), with any non-Affiliate of the Company or any majority shareholder (in each case, the “Buyer”), a Holder of Shares, including any Permitted Transferee, shall be obligated to and
shall upon the written request of the Majority Shareholders: (a) sell, transfer and deliver, or cause to be sold, transferred and delivered, to the Buyer, his or her Shares (including for this purpose all of such Holder’s Shares that
presently or as a result of any such transaction may be acquired upon the exercise of an Option (following the payment of the exercise price therefor)) on substantially the same terms applicable to the Majority Shareholders (with appropriate
adjustments to reflect the conversion of convertible securities, the redemption of redeemable securities and the exercise of exercisable securities as well as the relative preferences and priorities of preferred stock); and (b) execute and
deliver such instruments of conveyance and transfer and take such other action, including voting such Shares in favor of any Sale proposed by the Majority Shareholders, waiving any dissenters’ and appraisal rights applicable to the Sale, and
executing any purchase agreements, merger agreements, joinders, indemnity agreements, escrow agreements or related documents as the Majority Shareholders or the Buyer may reasonably require in order to carry out the terms and provisions of this

Section 9(d). 
 (e) Escrow Arrangement. 

(i) Escrow. In order to carry out the provisions of this Section 9 of this Plan more effectively, the Company shall hold any Shares
issued pursuant to Awards granted under the Plan in escrow together with separate stock powers executed by the Holder in blank for transfer. The Company shall not dispose of the Shares except as otherwise provided in this Plan. In the event of any
repurchase by the Company (or any of its assigns), the Company is hereby authorized by the Holder, as the Holder’s attorney-in-fact, to date and complete the stock
powers necessary for the transfer of the Shares being purchased and to transfer such Shares in accordance with the terms hereof. At such time as any Shares are no longer subject to the Company’s repurchase and first refusal rights, the Company
shall, at the written request of the Holder, deliver to the Holder a certificate representing such Shares with the balance of the Shares to be held in escrow pursuant to this Section. 

  
 16 

 (ii) Remedy. Without limitation of any other provision of this Plan or other rights,
in the event that a Holder or any other Person is required to sell a Holder’s Shares pursuant to the provisions of Sections 9(b) or (c) hereof and in the further event that he or she refuses or for any reason fails to deliver to the
Company or its designated purchaser of such Shares the certificate or certificates evidencing such Shares together with a related stock power, the Company or such designated purchaser may deposit the applicable purchase price for such Shares with a
bank designated by the Company, or with the Company’s independent public accounting firm, as agent or trustee, or in escrow, for such Holder or other Person, to be held by such bank or accounting firm for the benefit of and for delivery to him,
her, them or it, and/or, in its discretion, pay such purchase price by offsetting any indebtedness then owed by such Holder as provided above. Upon any such deposit and/or offset by the Company or its designated purchaser of such amount and upon
notice to the Person who was required to sell the Shares to be sold pursuant to the provisions of Sections 9(b) or (c), such Shares shall at such time be deemed to have been sold, assigned, transferred and conveyed to such purchaser, such Holder
shall have no further rights thereto (other than the right to withdraw the payment thereof held in escrow, if applicable), and the Company shall record such transfer in its stock transfer book or in any appropriate manner. 

(f) Lockup Provision. If requested by the Company, a Holder shall not sell or otherwise transfer or dispose of any Shares (including,
without limitation, pursuant to Rule 144 under the Securities Act) held by him or her for such period following the effective date of a public offering by the Company of Shares as the Company shall specify reasonably and in good faith. If requested
by the underwriter engaged by the Company, each Holder shall execute a separate letter confirming his or her agreement to comply with this Section. 

(g) Adjustments for Changes in Capital Structure. If, as a result of any reorganization, recapitalization, reclassification, stock
dividend, stock split, reverse stock split or other similar change in the Stock, the outstanding Shares are increased or decreased or are exchanged for a different number or kind of securities of the Company, the restrictions contained in this
Section 9 shall apply with equal force to additional and/or substitute securities, if any, received by Holder in exchange for, or by virtue of his or her ownership of, Shares. 

(h) Termination. The terms and provisions of Section 9(b) and Section 9(c) (except for the Company’s right to repurchase
Shares still subject to a risk of forfeiture upon a Termination Event) shall terminate upon the closing of the Company’s Initial Public Offering or upon consummation of any Sale Event, in either case as a result of which Shares are registered
under Section 12 of the Exchange Act and publicly-traded on any national security exchange. 

  
 17 

	SECTION 10.	 TAX WITHHOLDING 

(a) Payment by Grantee. Each grantee shall, no later than the date as of which the value of an Award or of any Shares or other amounts
received thereunder first becomes includable in the gross income of the grantee for income tax purposes, pay to the Company, or make arrangements satisfactory to the Committee regarding payment of, any Federal, state, or local taxes of any kind
required by law to be withheld by the Company with respect to such income. The Company and any Subsidiary shall, to the extent permitted by law, have the right to deduct any such taxes from any payment of any kind otherwise due to the grantee. The
Company’s obligation to deliver stock certificates (or evidence of book entry) to any grantee is subject to and conditioned on any such tax withholding obligations being satisfied by the grantee. 

(b) Payment in Stock. The Company’s minimum required tax withholding obligation may be satisfied, in whole or in part, by the
Company withholding from Shares to be issued pursuant to an Award a number of Shares having an aggregate Fair Market Value (as of the date the withholding is effected) that would satisfy the minimum withholding amount due. 

 

	SECTION 11.	 SECTION 409A AWARDS 

To the extent that any Award is determined to constitute “nonqualified deferred compensation” within the meaning of Section 409A
(a “409A Award”), the Award shall be subject to such additional rules and requirements as may be specified by the Committee from time to time. In this regard, if any amount under a 409A Award is payable upon a “separation from
service” (within the meaning of Section 409A) to a grantee who is considered a “specified employee” (within the meaning of Section 409A), then no such payment shall be made prior to the date that is the earlier of
(i) six months and one day after the grantee’s separation from service, or (ii) the grantee’s death, but only to the extent such delay is necessary to prevent such payment from being subject to interest, penalties and/or
additional tax imposed pursuant to Section 409A. The Company makes no representation or warranty and shall have no liability to any grantee under the Plan or any other Person with respect to any penalties or taxes under Section 409A that
are, or may be, imposed with respect to any Award. 
  

	SECTION 12.	 AMENDMENTS AND TERMINATION 

The Board may, at any time, amend or discontinue the Plan and the Committee may, at any time, amend or cancel any outstanding Award for the
purpose of satisfying changes in law or for any other lawful purpose, but no such action shall adversely affect rights under any outstanding Award without the consent of the holder of the Award. The Committee may exercise its discretion to reduce
the exercise price of outstanding Stock Options or effect repricing through cancellation of outstanding Stock Options and by granting such holders new Awards in replacement of the cancelled Stock Options. To the extent determined by the Committee to
be required either by the Code to ensure that Incentive Stock Options granted under the Plan are qualified under Section 422 of the Code or otherwise, Plan amendments shall be subject to approval by the Company stockholders entitled to vote at
a meeting of stockholders. Nothing in this Section 12 shall limit the Board’s or Committee’s authority to take any action permitted pursuant to Section 3(c). The Board reserves the right to amend the Plan and/or the terms of any
outstanding Stock Options to the extent reasonably necessary to comply with the requirements of the exemption pursuant to paragraph (f)(4) of Rule 12h-1 of the Exchange Act. 

  
 18 

	SECTION 13.	 STATUS OF PLAN 

With respect to the portion of any Award that has not been exercised and any payments in cash, Stock or other consideration not received by a
grantee, a grantee shall have no rights greater than those of a general creditor of the Company unless the Committee shall otherwise expressly so determine in connection with any Award. 

 

	SECTION 14.	 GENERAL PROVISIONS 

(a) No Distribution; Compliance with Legal Requirements. The Committee may require each person acquiring Shares pursuant to an Award to
represent to and agree with the Company in writing that such person is acquiring the Shares without a view to distribution thereof. No Shares shall be issued pursuant to an Award until all applicable securities law and other legal and stock exchange
or similar requirements have been satisfied. The Committee may require the placing of such stop-orders and restrictive legends on certificates for Stock and Awards as it deems appropriate. 

(b) Delivery of Stock Certificates. Stock certificates to grantees under the Plan shall be deemed delivered for all purposes when the
Company or a stock transfer agent of the Company shall have mailed such certificates in the United States mail, addressed to the grantee, at the grantee’s last known address on file with the Company; provided that stock certificates to be held
in escrow pursuant to Section 9 of the Plan shall be deemed delivered when the Company shall have recorded the issuance in its records. Uncertificated Stock shall be deemed delivered for all purposes when the Company or a stock transfer agent
of the Company shall have given to the grantee by electronic mail (with proof of receipt) or by United States mail, addressed to the grantee, at the grantee’s last known address on file with the Company, notice of issuance and recorded the
issuance in its records (which may include electronic “book entry” records). 
 (c) No Employment Rights. The adoption of
the Plan and the grant of Awards do not confer upon any Person any right to continued employment or Service Relationship with the Company or any Subsidiary. 

(d) Trading Policy Restrictions. Option exercises and other Awards under the Plan shall be subject to such Company’s
insider-trading-policy-related restrictions, terms and conditions as may be established by the Committee, or in accordance with policies set by the Committee, from time to time. 

(e) Loans to Award Recipients. The Company shall have the authority to make loans to recipients of Awards hereunder (including to
facilitate the purchase of shares) and shall further have the authority to issue shares for promissory notes hereunder. 
 (f) Designation
of Beneficiary. Each grantee to whom an Award has been made under the Plan may designate a beneficiary or beneficiaries to exercise any Award on or after the grantee’s death or receive any payment under any Award payable on or after the
grantee’s death. Any such designation shall be on a form provided for that purpose by the Committee and shall not be effective until received by the Committee. If no beneficiary has been designated by a deceased grantee, or if the designated
beneficiaries have predeceased the grantee, the beneficiary shall be the grantee’s estate. 

  
 19 

 (g) Legend. Any certificate(s) representing the Shares shall carry substantially the
following legend (and with respect to uncertificated Stock, the book entries evidencing such shares shall contain the following notation): 

The transferability of this certificate and the shares of stock represented hereby are subject to the restrictions, terms and conditions
(including repurchase and restrictions against transfers) contained in the Phreesia, Inc. 2018 Stock Option and Grant Plan and any agreements entered into thereunder by and between the company and the holder of this certificate (a copy of which is
available at the offices of the company for examination). 
 (h) Information to Holders of Options. In the event the Company is
relying on the exemption from the registration requirements of Section 12(g) of the Exchange Act contained in paragraph (f)(1) of Rule 12h-1 of the Exchange Act, the Company shall provide the information
described in Rule 701(e)(3), (4) and (5) of the Securities Act to all holders of Options in accordance with the requirements thereunder. The foregoing notwithstanding, the Company shall not be required to provide such information unless the
optionholder has agreed in writing, on a form prescribed by the Company, to keep such information confidential. 
  

	SECTION 15.	 EFFECTIVE DATE OF PLAN 

The Plan shall become effective upon adoption by the Board and shall be approved by stockholders in accordance with applicable state law and
the Company’s articles of incorporation and bylaws within 12 months thereafter. If the stockholders fail to approve the Plan within 12 months after its adoption by the Board of Directors, then any Awards granted or sold under the Plan shall be
rescinded and no additional grants or sales shall thereafter be made under the Plan. Subject to such approval by stockholders and to the requirement that no Shares may be issued hereunder prior to such approval, Stock Options and other Awards may be
granted hereunder on and after adoption of the Plan by the Board. No grants of Stock Options and other Awards may be made hereunder after the tenth anniversary of the date the Plan is adopted by the Board or the date the Plan is approved by the
Company’s stockholders, whichever is earlier. 

  
 20 

	SECTION 16.	 GOVERNING LAW 

This Plan, all Awards and any controversy arising out of or relating to this Plan and all Awards shall be governed by and construed in
accordance with the General Corporation Law of the State of Delaware as to matters within the scope thereof, and as to all other matters shall be governed by and construed in accordance with the internal laws of the State of New York, without regard
to conflict of law principles that would result in the application of any law other than the law of the State of New York. 
 DATE ADOPTED BY THE BOARD OF
DIRECTORS: February 2, 2018 
 DATE APPROVED BY THE STOCKHOLDERS: June 22, 2018 

  
 21 

 PHREESIA, INC. 

AMENDMENT NO. 1 TO 
 2018
STOCK OPTION AND GRANT PLAN 
 WHEREAS, the Board of Directors and the stockholders of Phreesia, Inc. (the
“Corporation”) approved and adopted the 2018 Stock Option and Grant Plan (the “Plan”) of the Corporation; 

WHEREAS, the Board of Directors and the stockholders of the Corporation have determined that it is in the best interest of the Corporation to
amend the Plan as set forth in this Amendment. 
 NOW, THEREFORE, the Plan is amended as follows: 

 

	1.	 Amendment to the 2018 Stock Option and Grant Plan. 

1.01. Section 3(a) of the Plan is hereby amended and restated in its entirety to read as follows: 

“Stock Issuable. The maximum number of Shares reserved and available for issuance under the Plan shall be 6,698,506 Shares,
subject to adjustment as provided in Section 3(b). For purposes of this limitation, the Shares underlying any Awards that are forfeited, canceled, reacquired by the Company prior to vesting, satisfied without the issuance of Stock or otherwise
terminated (other than by exercise) after the Effective Date shall be added back to the Shares available for issuance under the Plan and Shares that are withheld upon exercise of an Option or settlement of an Award to cover the exercise price or tax
withholding shall be added back to the Shares available for issuance under the Plan. Subject to such overall limitations, Shares may be issued up to such maximum number pursuant to any type or types of Award, and no more than 6,698,506 Shares may be
issued pursuant to Incentive Stock Options. The Shares available for issuance under the Plan may be authorized but unissued Shares or Shares reacquired by the Company. Beginning on the date that the Company becomes subject to Section 162(m) of
the Code, Options with respect to no more than 6,698,506 Shares shall be granted to any one individual in any calendar year period.” 
  

	2.	 Miscellaneous. 

2.01. Effect. Except as amended hereby, the Plan shall remain in full force and effect. 

2.02. Defined Terms. All capitalized terms used but not specifically defined herein shall have the same meanings given such terms in
the Plan unless the context clearly indicates or dictates a contrary meaning. 
 2.03. Governing Law. This Amendment shall be
governed by, and construed in accordance with, the laws of the State of Delaware, applied without regard to conflict of law principles. 
 ADOPTED BY
BOARD OF DIRECTORS: January 17, 2019 
 ADOPTED BY STOCKHOLDERS: March 23, 2019 

 PHREESIA, INC. 

AMENDMENT NO. 2 TO 
 2018
STOCK OPTION AND GRANT PLAN 
 The Phreesia, Inc. 2018 Stock Option and Grant Plan, as amended (the “Plan”) is hereby
amended as follows: 
 Section 3(a) of the Plan is hereby amended to increase the total number of Shares (as defined in the Plan) reserved
and available for issuance under the Plan by 650,000 shares such that Section 3(a) of the Plan, as so amended, shall read in its entirety as follows: 
  

	SECTION 3.	 STOCK ISSUABLE UNDER THE PLAN; MERGERS; SUBSTITUTION 

(a) Stock Issuable. The maximum number of Shares reserved and available for issuance under the Plan shall be 7,348,506 Shares, subject
to adjustment as provided in Section 3(b). For purposes of this limitation, the Shares underlying any Awards that are forfeited, canceled, reacquired by the Company prior to vesting, satisfied without the issuance of Stock or otherwise terminated
(other than by exercise) after the Effective Date shall be added back to the Shares available for issuance under the Plan and Shares that are withheld upon exercise of an Option or settlement of an Award to cover the exercise price or tax
withholding shall be added back to the Shares available for issuance under the Plan. Subject to such overall limitations, Shares may be issued up to such maximum number pursuant to any type or types of Award, and no more than 7,348,506 Shares may be
issued pursuant to Incentive Stock Options. The Shares available for issuance under the Plan may be authorized but unissued Shares or Shares reacquired by the Company. Beginning on the date that the Company becomes subject to Section 162(m) of the
Code, Options with respect to no more than 7,348,506 Shares shall be granted to any one individual in any calendar year period. 
 ADOPTED BY BOARD OF
DIRECTORS: May 9, 2019 
 ADOPTED BY STOCKHOLDERS: May 23, 2019 

 INCENTIVE STOCK OPTION GRANT NOTICE 

UNDER THE PHREESIA, INC. 

2018 STOCK OPTION AND GRANT PLAN 

Pursuant to the Phreesia, Inc. 2018 Stock Option and Grant Plan (the “Plan”), Phreesia, Inc., a Delaware corporation (together with
any successor, the “Company”), has granted to the individual named below, an option (the “Stock Option”) to purchase on or prior to the Expiration Date, or such earlier date as is specified herein, all or any part of the number
of shares of Common Stock, par value $0.01 per share (“Common Stock”), of the Company indicated below (the “Shares”), at the Option Exercise Price per share, subject to the terms and conditions set forth in this Incentive Stock
Option Grant Notice (the “Grant Notice”), the attached Incentive Stock Option Agreement (the “Agreement”) and the Plan. This Stock Option is intended to qualify as an “incentive stock option” as defined in
Section 422(b) of the Internal Revenue Code of 1986, as amended from time to time (the “Code”). To the extent that any portion of the Stock Option does not so qualify, it shall be deemed a
non-qualified stock option. 
  

			
		
	Name of Optionee:	  	                                 (the
“Optionee”)
		
	No. of Shares:	  	                         Shares of Common Stock
		
	Grant Date:	  	                        
		
	Vesting Commencement Date:	  	                         (the “Vesting Commencement Date”)
		
	Expiration Date:	  	10 years from Grant Date (the “Expiration Date”)
		
	Option Exercise Price/Share:	  	$FMV (the “Option Exercise Price”)
		
	Vesting Schedule:	  	The Shares shall vest and become exercisable in 4 equal annual installments commencing on the first anniversary of the Vesting Commencement Date; provided that the Optionee continues to have a Service Relationship with the Company
on each vesting date. Notwithstanding anything in the Agreement to the contrary, in the case of a Sale Event, this Stock Option and the Shares shall be treated as provided in Section 3(c) of the Plan.

 Attachments: Incentive Stock Option Agreement 

 INCENTIVE STOCK OPTION AGREEMENT 

UNDER THE PHREESIA, INC. 

2018 STOCK OPTION AND GRANT PLAN 

All capitalized terms used herein and not otherwise defined shall have the respective meanings set forth in the Grant Notice and the Plan.

 1. Vesting, Exercisability and Termination. 

(a) No portion of this Stock Option may be exercised until such portion shall have vested and become exercisable. 

(b) Except as set forth below, and subject to the determination of the Committee in its sole discretion to accelerate the vesting schedule
hereunder, this Stock Option shall be vested and exercisable on the respective dates indicated below: 
 (i) This Stock
Option shall initially be unvested and unexercisable. 
 (ii) This Stock Option shall vest and become exercisable in
accordance with the Vesting Schedule set forth in the Grant Notice. 
 (c) Termination. Except as may otherwise be provided by the
Committee, if the Optionee’s Service Relationship is terminated, the period within which to exercise this Stock Option will be subject to earlier termination as set forth below (and if not exercised within such period, shall thereafter
terminate subject, in each case, to Section 3(c) of the Plan): 
 (i) Termination Due to Death or Disability. If
the Optionee’s Service Relationship terminates by reason of such Optionee’s death or Disability, this Stock Option may be exercised, to the extent exercisable on the date of such termination, by the Optionee, the Optionee’s legal
representative or legatee for a period of 12 months from the date of death or Disability or until the Expiration Date, if earlier. 

(ii) Other Termination. If the Optionee’s Service Relationship terminates for any reason other than death or
Disability, and unless otherwise determined by the Committee, this Stock Option may be exercised, to the extent exercisable on the date of termination, for a period of 90 days from the date of termination or until the Expiration Date, if earlier;
provided however ,if the Optionee’s Service Relationship is terminated for Cause, this Stock Option shall terminate immediately upon the date of such termination. 

For purposes hereof, the Committee’s determination of the reason for termination of the Optionee’s Service Relationship shall be
conclusive and binding on the Optionee and his or her representatives or legatees. Any portion of this Stock Option that is not vested and exercisable on the date of termination of the Service Relationship shall terminate immediately and be null and
void. 

  
 2 

 (d) It is understood and intended that this Stock Option is intended to qualify as an
“incentive stock option” as defined in Section 422 of the Code to the extent permitted under applicable law. Accordingly, the Optionee understands that in order to obtain the benefits of an incentive stock option under
Section 422 of the Code, no sale or other disposition may be made of Shares for which incentive stock option treatment is desired within the one-year period beginning on the day after the day of the
transfer of such Shares to him or her, nor within the two-year period beginning on the day after Grant Date of this Stock Option and further that this Stock Option must be exercised within three months after
termination of employment as an employee (or 12 months in the case of death or disability) to qualify as an incentive stock option. If the Optionee disposes (whether by sale, gift, transfer or otherwise) of any such Shares within either of these
periods, he or she will notify the Company within 30 days after such disposition. The Optionee also agrees to provide the Company with any information concerning any such dispositions required by the Company for tax purposes. Further, to the extent
this Stock Option and any other incentive stock options of the Optionee having an aggregate Fair Market Value in excess of $100,000 (determined as of the Grant Date) first become exercisable in any year, such options will not qualify as incentive
stock options. 
 2. Exercise of Stock Option. 

(a) The Optionee may exercise this Stock Option only in the following manner: Prior to the Expiration Date, the Optionee may deliver a Stock
Option exercise notice (an “Exercise Notice”) in the form of Appendix A hereto indicating his or her election to purchase some or all of the Shares with respect to which this Stock Option is then exercisable. Such notice shall
specify the number of Shares to be purchased. Payment of the purchase price for such Shares may be made by one or more of the methods described in Section 5 of the Plan, subject to the limitations contained in such Section of the Plan,
including the requirement that the Committee specifically approve in advance certain payment methods. 
 (b) Notwithstanding any other
provision hereof or of the Plan, no portion of this Stock Option shall be exercisable after the Expiration Date. 
 3. Incorporation of
Plan. Notwithstanding anything herein to the contrary, this Stock Option shall be subject to and governed by all the terms and conditions of the Plan. 

4. Transferability of Stock Option. This Stock Option is personal to the Optionee and is not transferable by the Optionee in any manner
other than by will or by the laws of descent and distribution. The Stock Option may be exercised during the Optionee’s lifetime only by the Optionee (or by the Optionee’s guardian or personal representative in the event of the
Optionee’s incapacity). The Optionee may elect to designate a beneficiary by providing written notice of the name of such beneficiary to the Company, and may revoke or change such designation at any time by filing written notice of revocation
or change with the Company; such beneficiary may exercise the Optionee’s Stock Option in the event of the Optionee’s death to the extent provided herein. If the Optionee does not designate a beneficiary, or if the designated beneficiary
predeceases the Optionee, the legal representative of the Optionee may exercise this Stock Option to the extent provided herein in the event of the Optionee’s death. 

  
 3 

 5. Restrictions on Transfer of Shares. The Shares acquired upon exercise of the Stock
Option shall be subject to certain transfer restrictions and other limitations including, without limitation, the provisions contained in Section 9 of the Plan. 

6. Miscellaneous Provisions. 

(a) Equitable Relief. The parties hereto agree and declare that legal remedies may be inadequate to enforce the provisions of this
Agreement and that equitable relief, including specific performance and injunctive relief, may be used to enforce the provisions of this Agreement. 

(b) Adjustments for Changes in Capital Structure. If, as a result of any reorganization, recapitalization, reincorporation,
reclassification, stock dividend, stock split, reverse stock split or other similar change in the Common Stock, the outstanding shares of Common Stock are increased or decreased or are exchanged for a different number or kind of securities of the
Company, the restrictions contained in this Agreement shall apply with equal force to additional and/or substitute securities, if any, received by the Optionee in exchange for, or by virtue of his or her ownership of, this Stock Option or Shares
acquired pursuant thereto. 
 (c) Change and Modifications. This Agreement may not be orally changed, modified or terminated, nor
shall any oral waiver of any of its terms be effective. This Agreement may be changed, modified or terminated only by an agreement in writing signed by the Company and the Optionee. 

(d) Governing Law. This Agreement shall be governed by and construed in accordance with the General Corporation Law of the State of
Delaware as to matters within the scope thereof, and as to all other matters shall be governed by and construed in accordance with the internal laws of the State of New York, without regard to conflict of law principles that would result in the
application of any law other than the law of the State of New York. 
 (e) Headings. The headings are intended only for convenience in
finding the subject matter and do not constitute part of the text of this Agreement and shall not be considered in the interpretation of this Agreement. 

(f) Saving Clause. If any provision(s) of this Agreement shall be determined to be illegal or unenforceable, such determination shall in
no manner affect the legality or enforceability of any other provision hereof. 
 (g) Notices. All notices, requests, consents and
other communications shall be in writing and be deemed given when delivered personally, by telex or facsimile transmission or when received if mailed by first class registered or certified mail, postage prepaid. Notices to the Company or the
Optionee shall be addressed as set forth underneath their signatures below, or to such other address or addresses as may have been furnished by such party in writing to the other. 

  
 4 

 (h) Benefit and Binding Effect. This Agreement shall be binding upon and shall inure
to the benefit of the parties hereto, their respective successors, assigns, and legal representatives. The Company has the right to assign this Agreement, and such assignee shall become entitled to all the rights of the Company hereunder to the
extent of such assignment. 
 (i) Counterparts. For the convenience of the parties and to facilitate execution, this Agreement may be
executed in two or more counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same document. 

(j) Integration. The Grant Notice and this Agreement constitute the entire agreement between the parties with respect to this Stock
Option and supersedes all prior agreements and discussions between the parties concerning such subject matter. 
 7. Dispute
Resolution. 
 (a) Except as provided below, any dispute arising out of or relating to the Plan or this Stock Option, this Agreement, or
the breach, termination or validity of the Plan, this Stock Option or this Agreement, shall be finally settled by binding arbitration conducted expeditiously in accordance with the J.A.M.S./Endispute Comprehensive Arbitration Rules and Procedures
(the “J.A.M.S. Rules”). The arbitration shall be governed by the United States Arbitration Act, 9 U.S.C. Sections 1 16, and judgment upon the award rendered by the arbitrators may be entered by any court having jurisdiction thereof. The
place of arbitration shall be New York, New York. 
 (b) The arbitration shall commence within 60 days of the date on which a written demand
for arbitration is filed by any party hereto. In connection with the arbitration proceeding, the arbitrator shall have the power to order the production of documents by each party and any third-party witnesses. In addition, each party may take up to
three depositions as of right, and the arbitrator may in his or her discretion allow additional depositions upon good cause shown by the moving party. However, the arbitrator shall not have the power to order the answering of interrogatories or the
response to requests for admission. In connection with any arbitration, each party to the arbitration shall provide to the other, no later than seven business days before the date of the arbitration, the identity of all persons that may testify at
the arbitration and a copy of all documents that may be introduced at the arbitration or considered or used by a party’s witness or expert. The arbitrator’s decision and award shall be made and delivered within six months of the selection
of the arbitrator. The arbitrator’s decision shall set forth a reasoned basis for any award of damages or finding of liability. The arbitrator shall not have power to award damages in excess of actual compensatory damages and shall not multiply
actual damages or award punitive damages, and each party hereby irrevocably waives any claim to such damages. 
 (c) The Company, the
Optionee, each party to the Agreement and any other holder of Shares issued pursuant to this Agreement (each, a “Party”) covenants and agrees that such party will participate in the arbitration in good faith. This Section 7 applies
equally to requests for temporary, preliminary or permanent injunctive relief, except that in the case of temporary or preliminary injunctive relief any party may proceed in court without prior arbitration for the limited purpose of avoiding
immediate and irreparable harm. 

  
 5 

 (d) Each Party (i) hereby irrevocably submits to the jurisdiction of any United States
District Court of competent jurisdiction for the purpose of enforcing the award or decision in any such proceeding, (ii) hereby waives, and agrees not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or
proceeding, any claim that it is not subject personally to the jurisdiction of the above named courts, that its property is exempt or immune from attachment or execution (except as protected by applicable law), that the suit, action or proceeding is
brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that this Agreement or the subject matter hereof may not be enforced in or by such court, and (iii) hereby waives and agrees not to seek any
review by any court of any other jurisdiction which may be called upon to grant an enforcement of the judgment of any such court. Each Party hereby consents to service of process by registered mail at the address to which notices are to be given.
Each Party agrees that its, his or her submission to jurisdiction and its, his or her consent to service of process by mail is made for the express benefit of each other Party. Final judgment against any Party in any such action, suit or proceeding
may be enforced in other jurisdictions by suit, action or proceeding on the judgment, or in any other manner provided by or pursuant to the laws of such other jurisdiction. 

8. Waiver of Statutory Information Rights. The Optionee understands and agrees that, but for the waiver made herein, the Optionee would
be entitled, upon written demand under oath stating the purpose thereof, to inspect for any proper purpose, and to make copies and extracts from, the Company’s stock ledger, a list of its stockholders, and its other books and records, and the
books and records of subsidiaries of the Company, if any, under the circumstances and in the manner provided in Section 220 of the General Corporation Law of Delaware (any and all such rights, and any and all such other rights of the Optionee
as may be provided for in Section 220, the “Inspection Rights”). In light of the foregoing, until the first sale of Stock of the Company to the general public pursuant to a registration statement filed with and declared effective by
the Securities and Exchange Commission under the Securities Act, the Optionee hereby unconditionally and irrevocably waives the Inspection Rights, whether such Inspection Rights would be exercised or pursued directly or indirectly pursuant to
Section 220 or otherwise, and covenants and agrees never to directly or indirectly commence, voluntarily aid in any way, prosecute, assign, transfer, or cause to be commenced any claim, action, cause of action, or other proceeding to pursue or
exercise the Inspection Rights. The foregoing waiver shall not affect any rights of a director, in his or her capacity as such, under Section 220. The foregoing waiver shall not apply to any contractual inspection rights of the Optionee under
any other written agreement between the Optionee and the Company. 
 [SIGNATURE PAGE FOLLOWS] 

  
 6 

 The foregoing Agreement is hereby accepted and the terms and conditions thereof hereby agreed to by the
undersigned as of the date first above written. 
  

			
	PHREESIA, INC.	 	
		
	By:	 	
		
		 	Name: Chaim Indig
		 	Title: CEO
		
	Address:	 	
		
	432 Park Avenue South, 12th Floor	 	
		
	New York, NY 10016	 	

 The undersigned hereby acknowledges receiving and reviewing a copy of the Plan, including, without limitation, Section 9
thereof, and understands that this Stock Option is subject to the terms of the Plan and of this Agreement. This Agreement is hereby accepted, and the terms and conditions of the Plan, the Grant Notice and this Agreement, SPECIFICALLY INCLUDING THE
ARBITRATION PROVISIONS SET FORTH IN SECTION 7 AND THE WAIVER OF STATUTORY INFORMATION RIGHTS SET FORTH IN SECTION 8 OF THIS AGREEMENT, are hereby agreed to, by the undersigned as of the date first above written. 

 

	
	OPTIONEE:
	
	Name:
	
	Address:

  
 7 

 DESIGNATED BENEFICIARY: 

Beneficiary’s Address: 

  
 8 

 Appendix A 

STOCK OPTION EXERCISE NOTICE 
  

			
	Phreesia, Inc.	  	
	Attention: [____________________]	  	
	  
	  	
	  
	  	

 Pursuant to the terms of the grant notice and stock option agreement between the undersigned and Phreesia,
Inc. (the “Company”) dated              (the “Agreement”) under the Phreesia, Inc. 2018 Stock Option and Grant Plan, I, [Insert Name]
                    , hereby [Circle One] partially/fully exercise such option by including herein payment in the amount of
$        representing the purchase price for [Fill in number of Shares]          Shares. I have chosen the following form(s) of payment: 

 

							
	[    ]	  	1.	  	Cash	  	
			
	[    ]	  	2.	  	Certified or bank check payable to Phreesia, Inc.
				
		  	[    ]	  	3.	  	Other (as referenced in the Agreement and described in the Plan
		  		  		  	(please describe))
		  		  		  	_____________________________________________________.

 In connection with my exercise of the option as set forth above, I hereby represent and warrant to the Company
as follows: 
 (i) I am purchasing the Shares for my own account for investment only, and not for resale or with a view to
the distribution thereof. 
 (ii) I have had such an opportunity as I have deemed adequate to obtain from the Company such
information as is necessary to permit me to evaluate the merits and risks of my investment in the Company and have consulted with my own advisers with respect to my investment in the Company. 

(iii) I have sufficient experience in business, financial and investment matters to be able to evaluate the risks involved in
the purchase of the Shares and to make an informed investment decision with respect to such purchase. 
 (iv) I can afford a
complete loss of the value of the Shares and am able to bear the economic risk of holding such Shares for an indefinite period of time. 

(v) I understand that the Shares may not be registered under the Securities Act of 1933 (it being understood that the Shares
are being issued and sold in reliance on the exemption provided in Rule 701 thereunder) or any applicable state securities or “blue sky” laws and may not be sold or otherwise transferred or disposed of 

  
 9 

 in the absence of an effective registration statement under the Securities Act of 1933 and
under any applicable state securities or “blue sky” laws (or exemptions from the registration requirement thereof). I further acknowledge that certificates representing Shares will bear restrictive legends reflecting the foregoing and/or
that book entries for uncertificated Shares will include similar restrictive notations. 
 (vi) I have read and understand
the Plan and acknowledge and agree that the Shares are subject to all of the relevant terms of the Plan, including without limitation, the transfer restrictions set forth in Section 9 of the Plan. 

(vii) I understand and agree that the Company has a right of first refusal with respect to the Shares pursuant to
Section 9(b) of the Plan. 
 (viii) I understand and agree that the Company has certain repurchase rights with respect
to the Shares pursuant to Section 9(c) of the Plan. 
 (ix) I understand and agree that the Company has certain
drag-along rights with respect to the Shares pursuant to Section 9(d) of the Plan. 
 (x) I understand and agree that I
may not sell or otherwise transfer or dispose of the Shares for a period of time following the effective date of a public offering by the Company as described in Section 9(f) of the Plan. 

(xi) I understand and agree to the waiver of statutory information rights as set forth in Section 8 of the Agreement. 

 

	
	Sincerely yours,
	
	Name:
	
	Address:
	
	Date:

  
 10 

 NON-QUALIFIED STOCK OPTION GRANT NOTICE 

UNDER THE PHREESIA, INC. 

2018 STOCK OPTION AND GRANT PLAN 

Pursuant to the Phreesia, Inc. 2018 Stock Option and Grant Plan (the “Plan”), Phreesia, Inc., a Delaware corporation (together with
any successor, the “Company”), has granted to the individual named below, an option (the “Stock Option”) to purchase on or prior to the Expiration Date, or such earlier date as is specified herein, all or any part of the number
of shares of Common Stock, par value $0.01 per share (“Common Stock”), of the Company indicated below (the “Shares”), at the Option Exercise Price per share, subject to the terms and conditions set forth in this Non-Qualified Stock Option Grant Notice (the “Grant Notice”), the attached Non-Qualified Stock Option Agreement (the “Agreement”) and the Plan. This Stock
Option is not intended to qualify as an “incentive stock option” as defined in Section 422(b) of the Internal Revenue Code of 1986, as amended from time to time (the “Code”). 

 

			
		
	Name of Optionee:	  	__________________ (the “Optionee”)
		
	No. of Shares:	  	__________ Shares of Common Stock
		
	Grant Date:	  	__________
		
	Vesting Commencement Date:	  	__________________ (the “Vesting Commencement Date”)
		
	Expiration Date:	  	__________________ (the “Expiration Date”)
		
	Option Exercise Price/Share:	  	$_________________ (the “Option Exercise Price”)
		
	Vesting Schedule:	  	25 percent of the Shares shall vest and become exercisable on the first anniversary of the Vesting Commencement Date; provided that the Optionee continues to have a Service Relationship with the Company at such time.
Thereafter, the remaining 75 percent of the Shares shall vest and become exercisable monthly over three years following the first anniversary of the Vesting Commencement Date, provided the Optionee continues to have a Service Relationship with
the Company on each vesting date. Notwithstanding anything in the Agreement to the contrary, in the case of a Sale Event, this Stock Option and the Shares shall be treated as provided in Section 3(c) of the Plan.

 Attachments: Non-Qualified Stock Option Agreement 

 NON-QUALIFIED STOCK OPTION AGREEMENT 

UNDER THE PHREESIA, INC. 

2018 STOCK OPTION AND GRANT PLAN 

All capitalized terms used herein and not otherwise defined shall have the respective meanings set forth in the Grant Notice and the Plan.

 1. Vesting, Exercisability and Termination. 

(a) No portion of this Stock Option may be exercised until such portion shall have vested and become exercisable. 

(b) Except as set forth below, and subject to the determination of the Committee in its sole discretion to accelerate the vesting schedule
hereunder, this Stock Option shall be vested and exercisable on the respective dates indicated below: 
 (i) This Stock
Option shall initially be unvested and unexercisable. 
 (ii) This Stock Option shall vest and become exercisable in
accordance with the Vesting Schedule set forth in the Grant Notice. 
 (c) Termination. Except as may otherwise be provided by the
Committee, if the Optionee’s Service Relationship is terminated, the period within which to exercise this Stock Option will be subject to earlier termination as set forth below (and if not exercised within such period, shall thereafter
terminate subject, in each case, to Section 3(c) of the Plan): 
 (i) Termination Due to Death or Disability. If
the Optionee’s Service Relationship terminates by reason of such Optionee’s death or Disability, this Stock Option may be exercised, to the extent exercisable on the date of such termination, by the Optionee, the Optionee’s legal
representative or legatee for a period of 12 months from the date of death or Disability or until the Expiration Date, if earlier. 

(ii) Other Termination. If the Optionee’s Service Relationship terminates for any reason other than death or
Disability, and unless otherwise determined by the Committee, this Stock Option may be exercised, to the extent exercisable on the date of termination, for a period of 90 days from the date of termination or until the Expiration Date, if earlier;
provided however, if the Optionee’s Service Relationship is terminated for Cause, this Stock Option shall terminate immediately upon the date of such termination. 

For purposes hereof, the Committee’s determination of the reason for termination of the Optionee’s Service Relationship shall be
conclusive and binding on the Optionee and his or her representatives or legatees and any Permitted Transferee. Any portion of this Stock Option that is not vested and exercisable on the date of termination of the Service Relationship shall
terminate immediately and be null and void. 

  
 2 

 2. Exercise of Stock Option. 

(a) The Optionee may exercise this Stock Option only in the following manner: Prior to the Expiration Date, the Optionee may delivering to the
Company prior to the Expiration Date a Stock Option exercise notice (an “Exercise Notice”) in the form of Appendix A hereto indicating his or her election to purchase some or all of the Shares with respect to which this Stock Option
is then exercisable. Such notice shall specify the number of Shares to be purchased. Payment of the purchase price for such Shares may be made by one or more of the methods described in Section 5 of the Plan, subject to the limitations
contained in such Section of the Plan, including the requirement that the Committee specifically approve in advance certain payment methods. 

(b) Notwithstanding any other provision hereof or of the Plan, no portion of this Stock Option shall be exercisable after the Expiration Date.

 3. Incorporation of Plan. Notwithstanding anything herein to the contrary, this Stock Option shall be subject to and governed by
all the terms and conditions of the Plan. 
 4. Transferability of Stock Option. This Stock Option is personal to the Optionee and is
not transferable by the Optionee in any manner other than by will or by the laws of descent and distribution. The Stock Option may be exercised during the Optionee’s lifetime only by the Optionee (or by the Optionee’s guardian or personal
representative in the event of the Optionee’s incapacity). The Optionee may elect to designate a beneficiary by providing written notice of the name of such beneficiary to the Company, and the Optionee may revoke or change such designation at
any time by filing written notice of revocation or change with the Company. Such beneficiary may exercise the Optionee’s Stock Option in the event of the Optionee’s death to the extent provided herein. If the Optionee does not designate a
beneficiary, or if the designated beneficiary predeceases the Optionee, the legal representative of the Optionee may exercise this Stock Option to the extent provided herein in the event of the Optionee’s death. 

5. Restrictions on Transfer of Shares. The Shares acquired upon exercise of the Stock Option shall be subject to certain transfer
restrictions and other limitations including, without limitation, the provisions contained in Section 9 of the Plan. 
 6.
Miscellaneous Provisions. 
 (a) Equitable Relief. The parties hereto agree and declare that legal remedies may be inadequate
to enforce the provisions of this Agreement and that equitable relief, including specific performance and injunctive relief, may be used to enforce the provisions of this Agreement. 

(b) Adjustments for Changes in Capital Structure. If, as a result of any reorganization, recapitalization, reincorporation,
reclassification, stock dividend, stock split, reverse stock split or other similar change in the Common Stock, the outstanding shares of Common Stock are increased or decreased or are exchanged for a different number or kind of securities of the
Company, the restrictions contained in this Agreement shall apply with equal force to additional and/or substitute securities, if any, received by the Optionee in exchange for, or by virtue of his or her ownership of, this Stock Option or Shares
acquired pursuant thereto. 

  
 3 

 (c) Change and Modifications. This Agreement may not be orally changed, modified or
terminated, nor shall any oral waiver of any of its terms be effective. This Agreement may be changed, modified or terminated only by an agreement in writing signed by the Company and the Optionee. 

(d) Governing Law. This Agreement shall be governed by and construed in accordance with the General Corporation Law of the State of
Delaware as to matters within the scope thereof, and as to all other matters shall be governed by and construed in accordance with the internal laws of the State of New York, without regard to conflict of law principles that would result in the
application of any law other than the law of the State of New York. 
 (e) Headings. The headings are intended only for convenience in
finding the subject matter and do not constitute part of the text of this Agreement and shall not be considered in the interpretation of this Agreement. 

(f) Saving Clause. If any provision(s) of this Agreement shall be determined to be illegal or unenforceable, such determination shall in
no manner affect the legality or enforceability of any other provision hereof. 
 (g) Notices. All notices, requests, consents and
other communications shall be in writing and be deemed given when delivered personally, by telex or facsimile transmission or when received if mailed by first class registered or certified mail, postage prepaid. Notices to the Company or the
Optionee shall be addressed as set forth underneath their signatures below, or to such other address or addresses as may have been furnished by such party in writing to the other. 

(h) Benefit and Binding Effect. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto, their
respective successors, assigns, and legal representatives. The Company has the right to assign this Agreement, and such assignee shall become entitled to all the rights of the Company hereunder to the extent of such assignment. 

(i) Counterparts. For the convenience of the parties and to facilitate execution, this Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same document. 
 (j)
Integration. The Grant Notice and this Agreement constitute the entire agreement between the parties with respect to this Stock Option and supersedes all prior agreements and discussions between the parties concerning such subject matter.

 7. Dispute Resolution. 

(a) Except as provided below, any dispute arising out of or relating to the Plan or this Stock Option, this Agreement, or the breach,
termination or validity of the Plan, this Stock Option or this Agreement, shall be finally settled by binding arbitration conducted expeditiously in accordance with the J.A.M.S./Endispute Comprehensive Arbitration Rules and Procedures (the
“J.A.M.S. Rules”). The arbitration shall be governed by the United States Arbitration Act, 9 U.S.C. Sections 1-16, and judgment upon the award rendered by the arbitrators may be entered by any court
having jurisdiction thereof. The place of arbitration shall be New York, New York. 

  
 4 

 (b) The arbitration shall commence within 60 days of the date on which a written demand for
arbitration is filed by any party hereto. In connection with the arbitration proceeding, the arbitrator shall have the power to order the production of documents by each party and any third-party witnesses. In addition, each party may take up to
three depositions as of right, and the arbitrator may in his or her discretion allow additional depositions upon good cause shown by the moving party. However, the arbitrator shall not have the power to order the answering of interrogatories or the
response to requests for admission. In connection with any arbitration, each party to the arbitration shall provide to the other, no later than seven business days before the date of the arbitration, the identity of all persons that may testify at
the arbitration and a copy of all documents that may be introduced at the arbitration or considered or used by a party’s witness or expert. The arbitrator’s decision and award shall be made and delivered within six months of the selection
of the arbitrator. The arbitrator’s decision shall set forth a reasoned basis for any award of damages or finding of liability. The arbitrator shall not have power to award damages in excess of actual compensatory damages and shall not multiply
actual damages or award punitive damages, and each party hereby irrevocably waives any claim to such damages. 
 (c) The Company, the
Optionee, each party to the Agreement and any other holder of Shares issued pursuant to this Agreement (each, a “Party”) covenants and agrees that such party will participate in the arbitration in good faith. This Section 7 applies
equally to requests for temporary, preliminary or permanent injunctive relief, except that in the case of temporary or preliminary injunctive relief any party may proceed in court without prior arbitration for the limited purpose of avoiding
immediate and irreparable harm. 
 (d) Each Party (i) hereby irrevocably submits to the jurisdiction of any United States District Court
of competent jurisdiction for the purpose of enforcing the award or decision in any such proceeding, (ii) hereby waives, and agrees not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding, any claim
that it is not subject personally to the jurisdiction of the above named courts, that its property is exempt or immune from attachment or execution (except as protected by applicable law), that the suit, action or proceeding is brought in an
inconvenient forum, that the venue of the suit, action or proceeding is improper or that this Agreement or the subject matter hereof may not be enforced in or by such court, and (iii) hereby waives and agrees not to seek any review by any court
of any other jurisdiction which may be called upon to grant an enforcement of the judgment of any such court. Each Party hereby consents to service of process by registered mail at the address to which notices are to be given. Each Party agrees that
its, his or her submission to jurisdiction and its, his or her consent to service of process by mail is made for the express benefit of each other Party. Final judgment against any Party in any such action, suit or proceeding may be enforced in
other jurisdictions by suit, action or proceeding on the judgment, or in any other manner provided by or pursuant to the laws of such other jurisdiction. 

8. Waiver of Statutory Information Rights. The Optionee understands and agrees that, but for the waiver made herein, the Optionee would
be entitled, upon written demand under oath stating the purpose thereof, to inspect for any proper purpose, and to make copies and extracts from, the Company’s stock ledger, a list of its stockholders, and its other books and records, and the
books and records of subsidiaries of the Company, if any, under the circumstances and in the manner provided in Section 220 of the General Corporation Law of 

  
 5 

 
Delaware (any and all such rights, and any and all such other rights of the Optionee as may be provided for in Section 220, the “Inspection Rights”). In light of the foregoing,
until the first sale of Stock of the Company to the general public pursuant to a registration statement filed with and declared effective by the Securities and Exchange Commission under the Securities Act, the Optionee hereby unconditionally and
irrevocably waives the Inspection Rights, whether such Inspection Rights would be exercised or pursued directly or indirectly pursuant to Section 220 or otherwise, and covenants and agrees never to directly or indirectly commence, voluntarily
aid in any way, prosecute, assign, transfer, or cause to be commenced any claim, action, cause of action, or other proceeding to pursue or exercise the Inspection Rights. The foregoing waiver shall not affect any rights of a director, in his or her
capacity as such, under Section 220. The foregoing waiver shall not apply to any contractual inspection rights of the Optionee under any other written agreement between the Optionee and the Company. 

[SIGNATURE PAGE FOLLOWS] 

  
 6 

 The foregoing Agreement is hereby accepted and the terms and conditions thereof hereby
agreed to by the undersigned as of the date first above written. 
  

			
	PHREESIA, INC.
		
	By:	 	  

		 	Name:
		 	Title:
	
	Address:
	
	  

	
	  

	
	  

 The undersigned hereby acknowledges receiving and reviewing a copy of the Plan, including, without limitation,
Section 9 thereof, and understands that this Stock Option is subject to the terms of the Plan and of this Agreement. This Agreement is hereby accepted, and the terms and conditions of the Plan, the Grant Notice and this Agreement, SPECIFICALLY
INCLUDING THE ARBITRATION PROVISIONS SET FORTH IN SECTION 7 AND THE WAIVER OF STATUTORY INFORMATION RIGHTS SET FORTH IN SECTION 8 OF THIS AGREEMENT, are hereby agreed to, by the undersigned as of the date first above written. 

 

	
	OPTIONEE:
	
	  

	Name:
	
	Address:
	
	  

	
	  

	
	  

  
 7 

 
	
	DESIGNATED BENEFICIARY:
	
	  

	
	Beneficiary’s Address:
	
	  

	
	  

	
	  

  
 8 

 Appendix A 

STOCK OPTION EXERCISE NOTICE 
  

			
	Phreesia, Inc.	  	
	Attention: [____________________]	  	
	  
	  	
	  
	  	

 Pursuant to the terms of the grant notice and stock option agreement between the undersigned and Phreesia,
Inc. (the “Company”) dated                  (the “Agreement”) under the Phreesia, Inc. 2018 Stock Option and Grant Plan, I, [Insert Name]
                    , hereby [Circle One] partially/fully exercise such option by including herein payment in the amount of
$                 representing the purchase price for [Fill in number of Shares]              Shares. I have
chosen the following form(s) of payment: 
  

					
	[    ]	  	1.	  	Cash
	[    ]	  	2.	  	Certified or bank check payable to Phreesia, Inc.
	[    ]	  	3.	  	Other (as referenced in the Agreement and described in the Plan
		  		  	(please describe))
		  		  	_____________________________________________________.

 In connection with my exercise of the option as set forth above, I hereby represent and warrant to the Company
as follows: 
 (i) I am purchasing the Shares for my own account for investment only, and not for resale or with a view to
the distribution thereof. 
 (ii) I have had such an opportunity as I have deemed adequate to obtain from the Company such
information as is necessary to permit me to evaluate the merits and risks of my investment in the Company and have consulted with my own advisers with respect to my investment in the Company. 

(iii) I have sufficient experience in business, financial and investment matters to be able to evaluate the risks involved in
the purchase of the Shares and to make an informed investment decision with respect to such purchase. 
 (iv) I can afford a
complete loss of the value of the Shares and am able to bear the economic risk of holding such Shares for an indefinite period of time. 

(v) I understand that the Shares may not be registered under the Securities Act of 1933 (it being understood that the Shares
are being issued and sold in reliance on the exemption provided in Rule 701 thereunder) or any applicable state securities or “blue sky” laws and may not be sold or otherwise transferred or disposed of in the absence of an effective
registration statement under the Securities Act of 1933 and under any applicable state securities or “blue sky” laws (or exemptions from the registration requirement thereof). I further acknowledge that certificates representing Shares
will bear restrictive legends reflecting the foregoing and/or that book entries for uncertificated Shares will include similar restrictive notations. 

  
 9 

 (vi) I have read and understand the Plan and acknowledge and agree that the
Shares are subject to all of the relevant terms of the Plan, including without limitation, the transfer restrictions set forth in Section 9 of the Plan. 

(vii) I understand and agree that the Company has a right of first refusal with respect to the Shares pursuant to
Section 9(b) of the Plan. 
 (viii) I understand and agree that the Company has certain repurchase rights with respect
to the Shares pursuant to Section 9(c) of the Plan. 
 (i) I understand and agree that the Company has certain
drag-along rights with respect to the Shares pursuant to Section 9(d) of the Plan. 
 (ii) I understand and agree that I
may not sell or otherwise transfer or dispose of the Shares for a period of time following the effective date of a public offering by the Company as described in Section 9(f) of the Plan. 

(iii) I understand and agree to the waiver of statutory information rights as set forth in Section 8 of the Agreement.

  

	
	Sincerely yours,
	
	  

	Name:
	
	Address:
	
	  

	
	  

	
	  

 
			
		
	Date:	 	  

  
 10 

 RESTRICTED STOCK UNIT AWARD AGREEMENT 

UNDER THE PHREESIA, INC. 

2018 STOCK OPTION AND GRANT PLAN 
  

			
		
	Name of Grantee:	  	                                      
                      
		
	No. of Restricted Stock Units:	  	                            
		
	Grant Date:	  	                            
		
	Expiration Date:	  	Seven years from Grant Date
		
	Vesting Commencement Date:	  	                            

 Pursuant to the Phreesia, Inc. 2018 Stock Option and Grant Plan (the “Plan”), Phreesia, Inc., a
Delaware corporation (together with any successor, the “Company”) hereby grants an award of the number of Restricted Stock Units listed above (an “Award”) to the Grantee named above. Each Restricted Stock Unit shall relate to one
share of Common Stock, par value $0.01 per share (the “Stock”) of the Company. 
 1. Restrictions on Transfer of Award.
This Award may not be sold, transferred, pledged, assigned or otherwise encumbered or disposed of by the Grantee, and any shares of Stock issuable with respect to the Award may not be sold, transferred, pledged, assigned or otherwise encumbered or
disposed of until (i) the Restricted Stock Units have vested as provided in Section 2 of this Agreement and (ii) shares of Stock have been issued to the Grantee in accordance with the terms of the Plan and this Agreement. 

2. Vesting of Restricted Stock Units. The Restricted Stock Units are subject to both a time-based condition (the “Time
Condition”) and performance-based vesting (the “Performance Vesting”) described in paragraphs (a) and (b) below, both of which must be satisfied prior to the Expiration Date before the Restricted Stock Units will be deemed vested
and may be settled in accordance with Section 4 of this Agreement. 
 (a) Time Condition. The Time Condition shall be satisfied
as follows: 10% of the Restricted Stock Units shall vest on the first anniversary of the Vesting Commencement Date, provided that the Grantee continues to have a Service Relationship with the Company at such time; 20% of the Restricted Stock Units
shall vest on the second anniversary of the Vesting Commencement Date, provided that the Grantee continues to have a Service Relationship with the Company at such time; 30% of the Restricted Stock Units shall vest on the third anniversary of the
Vesting Commencement Date, provided that the Grantee continues to have a Service Relationship with the Company at such time; and 40% of the Restricted Stock Units shall vest on the fourth anniversary of the Vesting Commencement Date, provided that
the Grantee continues to have a Service Relationship with the Company at such time. 

 (b) Performance Vesting. The Restricted Stock Units shall only satisfy the
Performance Vesting on the first to occur of (i) immediately prior to a Sale Event or (ii) the Company’s Initial Public Offering, in either case, occurring prior to the Expiration Date. 

(c) Vesting Date. Each date as of which both the Time Condition and Performance Vesting described in paragraphs (a) and (b) have
been satisfied with respect to any Restricted Stock Units shall be referred to as a “Vesting Date.” No Vesting Date shall occur after the Expiration Date. To the extent the Restricted Stock Units have not satisfied both the Time Condition
and the Performance Vesting, such Restricted Stock Units shall expire and be of no further force or effect on the Expiration Date. 
 The
Administrator may at any time accelerate the vesting schedule specified in this Paragraph 2. 
 3. Termination of Service
Relationship. If the Grantee’s Service Relationship with the Company and its Subsidiaries terminates for any reason (including death or Disability) prior to the satisfaction of the Time Condition set forth in Section 2(a) above, any
Restricted Stock Units that have not satisfied the Time Condition as of such date shall automatically and without notice terminate and be forfeited, and neither the Grantee nor any of his or her successors, heirs, assigns, or personal
representatives will thereafter have any further rights or interests in such forfeited Restricted Stock Units. Any Restricted Stock Units that have satisfied the Time Condition as of such date shall remain subject to the Performance Vesting set
forth in Section 2(b) above, but shall expire and be of no further force or effect on the first to occur of (i) 90 days after Grantee’s Service Relationship is terminated and (ii) the Expiration Date; provided, however, that if the
Grantee’s Service Relationship is terminated by the Company for Cause, all Restricted Stock Units (including those that have satisfied the Time Condition) shall automatically and without notice terminate and be forfeited upon such termination
date. 
 3. Issuance of Shares of Stock. As soon as practicable following each Vesting Date (but in no event later than March 15th of
the year following the calendar year in which the Vesting Date occurs), the Company shall issue to the Grantee the number of shares of Stock equal to the aggregate number of Restricted Stock Units that have vested pursuant to Paragraph 2 of this
Agreement on such date and the Grantee shall thereafter have all the rights of a stockholder of the Company with respect to such shares; provided, however, that if the Performance Vesting is satisfied by an Initial Public Offering, then any
Restricted Stock Units that have satisfied the Time Condition prior to the expiration of the applicable lock-up (as set forth in Section 9(f) of the Plan) shall be settled immediately following the
expiration of such lock-up but in no event later than March 15th of the year following the calendar year in which the Initial Public Offering occurs.

 4. Incorporation of Plan. Notwithstanding anything herein to the contrary, this Agreement shall be subject to and governed by all
the terms and conditions of the Plan, including the powers of the Administrator set forth in Section 2(b) of the Plan. Capitalized terms in this Agreement shall have the meaning specified in the Plan, unless a different meaning is specified
herein. 

  
 2 

 5. Restrictions on Transfer. All shares of Stock acquired under this Agreement upon
settlement of Restricted Stock Units shall be subject to the transfer restrictions set forth in Section 9 of the Plan which include the Administrator’s authority to approve or disapprove of any transfer of Shares in its sole discretion.

 6. Grantee Representations. In connection with any issuance of shares of Stock upon settlement of Restricted Stock Units
under this Agreement, the Grantee hereby represents and warrants to the Company as follows (to the extent applicable): 
 (i)
The Grantee is acquiring the shares of Stock for the Grantee’s own account for investment only, and not for resale or with a view to the distribution thereof. 

(ii) The Grantee has had such an opportunity as he or she has deemed adequate to obtain from the Company such information as is
necessary to permit him or her to evaluate the merits and risks of the Grantee’s investment in the Company and has consulted with the Grantee’s own advisers with respect to the Grantee’s investment in the Company. 

(iii) The Grantee has sufficient experience in business, financial and investment matters to be able to evaluate the risks
involved in the acquisition of the Shares and to make an informed investment decision with respect to such acquisition. 

(iv) The Grantee can afford a complete loss of the value of the shares of Stock and is able to bear the economic risk of
holding such shares of Stock for an indefinite period. 
 (v) The Grantee understands that the shares of Stock are not
registered under the Securities Act (it being understood that the shares of Stock are being issued and sold in reliance on the exemption provided in Rule 701 thereunder) or any applicable state securities or “blue sky” laws and may not be
sold or otherwise transferred or disposed of in the absence of an effective registration statement under the Securities Act and under any applicable state securities or “blue sky” laws (or exemptions from the registration requirements
thereof). The Grantee further acknowledges that certificates representing the shares of Stock will bear restrictive legends reflecting the foregoing and/or that book entries for uncertificated shares of Stock will include similar restrictive
notations. 
 (vi) The Grantee has read and understands the Plan and acknowledges and agrees that the shares of Stock are
subject to all of the relevant terms of the Plan, including without limitation, the transfer restrictions set forth in Section 9 of the Plan. 

(vii) The Grantee understands and agrees that the Company has a right of first refusal with respect to the Shares pursuant to
Section 9(b) of the Plan. 
 (viii) The Grantee understands and agrees that the Grantee may not sell or otherwise
transfer or dispose of the shares of Stock for a period of time following the effective date of a public offering by the Company as described in Section 9(f) of the Plan. 

  
 3 

 7. Tax Withholding. The Grantee shall, not later than the date as of which the
receipt of this Award becomes a taxable event for Federal income tax purposes, pay to the Company or make arrangements satisfactory to the Administrator for payment of any Federal, state, and local taxes required by law to be withheld on account of
such taxable event. The Company shall have the authority to cause the required tax withholding obligation to be satisfied, in whole or in part, by withholding from shares of Stock to be issued to the Grantee a number of shares of Stock with an
aggregate Fair Market Value that would satisfy the withholding amount due. In addition, in its sole discretion the Company shall have the authority to cause the required tax withholding obligation may be satisfied, in whole or in part, by an
arrangement whereby a certain number of shares of Stock issued upon settlement of the Award, if any, are immediately sold and proceeds from such sale are remitted to the Company in an amount that would satisfy the withholding amount due. 

8. Section 409A of the Code. This Agreement shall be interpreted in such a manner that all provisions relating to
the settlement of the Award are exempt from the requirements of Section 409A of the Code as “short-term deferrals” as described in Section 409A of the Code. 

9. No Obligation to Continue Service Relationship. Neither the Company nor any Subsidiary is obligated by or as a result of the Plan or
this Agreement to continue the Service Relationship of the Grantee, and neither the Plan nor this Agreement shall interfere in any way with the right of the Company or any Subsidiary to terminate the Service Relationship of the Grantee at any time.

 10. Miscellaneous Provisions. 

(a) Equitable Relief. The parties hereto agree and declare that legal remedies may be inadequate to enforce the provisions of this
Agreement and that equitable relief, including specific performance and injunctive relief, may be used to enforce the provisions of this Agreement. 

(b) Change and Modifications. This Agreement may not be orally changed, modified or terminated, nor shall any oral waiver of any of its
terms be effective. This Agreement may be changed, modified or terminated only by an agreement in writing signed by the Company and the Grantee. 

(c) Governing Law. This Agreement shall be governed by and construed in accordance with the General Corporation Law of the State of
Delaware as to matters within the scope thereof, and as to all other matters shall be governed by and construed in accordance with the internal laws of the State of New York, without regard to conflict of law principles that would result in the
application of any law other than the law of the State of New York. 
 (d) Headings. The headings are intended only for convenience in
finding the subject matter and do not constitute part of the text of this Agreement and shall not be considered in the interpretation of this Agreement. 

(e) Saving Clause. If any provision(s) of this Agreement shall be determined to be illegal or unenforceable, such determination shall in
no manner affect the legality or enforceability of any other provision hereof. 

  
 4 

 (f) Notices. All notices, requests, consents and other communications shall be in
writing and be deemed given when delivered personally, by telex or facsimile transmission or when received if mailed by first class registered or certified mail, postage prepaid. Notices to the Company or the Grantee shall be addressed as set forth
underneath their signatures below, or to such other address or addresses as may have been furnished by such party in writing to the other. 

(g) Benefit and Binding Effect. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto, their
respective successors, assigns, and legal representatives. The Company has the right to assign this Agreement, and such assignee shall become entitled to all the rights of the Company hereunder to the extent of such assignment. 

(h) Counterparts. For the convenience of the parties and to facilitate execution, this Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same document. 
 (i)
Integration. This Agreement constitutes the entire agreement between the parties with respect to this Award and supersedes all prior agreements and discussions between the parties concerning such subject matter. 

11. Data Privacy Consent. In order to administer the Plan and this Agreement and to implement or structure future equity grants, the
Company, its subsidiaries and affiliates and certain agents thereof (together, the “Relevant Companies”) may process any and all personal or professional data, including but not limited to Social Security or other identification number,
home address and telephone number, date of birth and other information that is necessary or desirable for the administration of the Plan and/or this Agreement (the “Relevant Information”). By entering into this Agreement, the Grantee
(i) authorizes the Company to collect, process, register and transfer to the Relevant Companies all Relevant Information; (ii) waives any privacy rights the Grantee may have with respect to the Relevant Information; (iii) authorizes
the Relevant Companies to store and transmit such information in electronic form; and (iv) authorizes the transfer of the Relevant Information to any jurisdiction in which the Relevant Companies consider appropriate. The Grantee shall have
access to, and the right to change, the Relevant Information. Relevant Information will only be used in accordance with applicable law. 

12. Dispute Resolution. 

(a) Except as provided below, any dispute arising out of or relating to the Plan or the Award, this Agreement, or the breach, termination or
validity of the Plan, the Award or this Agreement, shall be finally settled by binding arbitration conducted expeditiously in accordance with the J.A.M.S./Endispute Comprehensive Arbitration Rules and Procedures (the “J.A.M.S. Rules”). The
arbitration shall be governed by the United States Arbitration Act, 9 U.S.C. Sections 1—16, and judgment upon the award rendered by the arbitrators may be entered by any court having jurisdiction thereof. The place of arbitration shall be New
York, New York. 

  
 5 

 (b) The arbitration shall commence within 60 days of the date on which a written demand for
arbitration is filed by any party hereto. In connection with the arbitration proceeding, the arbitrator shall have the power to order the production of documents by each party and any third-party witnesses. In addition, each party may take up to
three depositions as of right, and the arbitrator may in his or her discretion allow additional depositions upon good cause shown by the moving party. However, the arbitrator shall not have the power to order the answering of interrogatories or the
response to requests for admission. In connection with any arbitration, each party to the arbitration shall provide to the other, no later than seven business days before the date of the arbitration, the identity of all persons that may testify at
the arbitration and a copy of all documents that may be introduced at the arbitration or considered or used by a party’s witness or expert. The arbitrator’s decision and award shall be made and delivered within six months of the selection
of the arbitrator. The arbitrator’s decision shall set forth a reasoned basis for any award of damages or finding of liability. The arbitrator shall not have power to award damages in excess of actual compensatory damages and shall not multiply
actual damages or award punitive damages, and each party hereby irrevocably waives any claim to such damages. 
 (c) The Company, the
Grantee, each party to the Agreement and any other holder of Restricted Stock Units or Shares issued pursuant to this Agreement (each, a “Party”) covenants and agrees that such party will participate in the arbitration in good faith. This
Section 11 applies equally to requests for temporary, preliminary or permanent injunctive relief, except that in the case of temporary or preliminary injunctive relief any party may proceed in court without prior arbitration for the limited
purpose of avoiding immediate and irreparable harm. 
 (d) Each Party (i) hereby irrevocably submits to the jurisdiction of any United
States District Court of competent jurisdiction for the purpose of enforcing the award or decision in any such proceeding, (ii) hereby waives, and agrees not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or
proceeding, any claim that it is not subject personally to the jurisdiction of the above named courts, that its property is exempt or immune from attachment or execution (except as protected by applicable law), that the suit, action or proceeding is
brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that this Agreement or the subject matter hereof may not be enforced in or by such court, and (iii) hereby waives and agrees not to seek any
review by any court of any other jurisdiction which may be called upon to grant an enforcement of the judgment of any such court. Each Party hereby consents to service of process by registered mail at the address to which notices are to be given.
Each Party agrees that its, his or her submission to jurisdiction and its, his or her consent to service of process by mail is made for the express benefit of each other Party. Final judgment against any Party in any such action, suit or proceeding
may be enforced in other jurisdictions by suit, action or proceeding on the judgment, or in any other manner provided by or pursuant to the laws of such other jurisdiction. 

13. Waiver of Statutory Information Rights. The Grantee understands and agrees that, but for the waiver made herein, upon settlement of
the Award in shares of Stock, the Grantee would be entitled, upon written demand under oath stating the purpose thereof, to inspect for any proper purpose, and to make copies and extracts from, the Company’s stock ledger, a list of its
stockholders, and its other books and records, and the books and records of subsidiaries of the Company, if any, under the circumstances and in the manner provided in Section 220 of the General Corporation Law of Delaware (any and all such
rights, and any and all such other rights of the Grantee as may be provided for in Section 220, the “Inspection Rights”). In light of the foregoing, until the first sale of Stock of the Company to the general 

  
 6 

 public pursuant to a registration statement filed with and declared effective by the Securities and Exchange
Commission under the Securities Act, the Grantee hereby unconditionally and irrevocably waives the Inspection Rights, whether such Inspection Rights would be exercised or pursued directly or indirectly pursuant to Section 220 or otherwise, and
covenants and agrees never to directly or indirectly commence, voluntarily aid in any way, prosecute, assign, transfer, or cause to be commenced any claim, action, cause of action, or other proceeding to pursue or exercise the Inspection Rights. The
foregoing waiver shall not affect any rights of a director, in his or her capacity as such, under Section 220. The foregoing waiver shall not apply to any contractual inspection rights of the Grantee under any other written agreement between
the Grantee and the Company. 
 [SIGNATURE PAGE FOLLOWS] 

  
 7 

 The foregoing Agreement is hereby accepted and the terms and conditions thereof hereby
agreed to by the undersigned as of the date first above written. 
  

			
	PHREESIA, INC.
		
	By:	 	  

		 	Name:
		 	Title:
	
	Address:
	
	 432 Park Avenue South
 12th Floor

	New York, NY 10016
	ATTN: General Counsel and SVP HR

 The undersigned hereby acknowledges receiving and reviewing a copy of the Plan, including, without limitation,
Section 9 thereof, and understands that this Award is subject to the terms of the Plan and of this Agreement. The foregoing Agreement is hereby accepted and the terms and conditions the Plan and this Agreement, SPECIFICALLY INCLUDING THE
ARBITRATION PROVISIONS SET FORTH IN SECTION 12 AND THE WAIVER OF STATUTORY INFORMATION RIGHTS SET FORTH IN SECTION 13 OF THIS AGREEMENT, are hereby agreed to, by the undersigned as of the date first above written. 

 

	
	GRANTEE:
	
	  

	Name:
	
	Address:
	
	  

	
	  

	
	  

  
 8 

 SPOUSE’S CONSENT 

I acknowledge that I have read the 
 foregoing Restricted Stock
Unit Agreement and the Plan 
 and understand the contents thereof including, but not limited to, 

the transfer restrictions set forth in Section 9 of the Plan. 
  

                          
                                   

  
 9

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