Document:

Investor Rights Agreement

 Exhibit 4.2 
 INNERWORKINGS, INC. 
 INVESTOR RIGHTS
AGREEMENT 

 INNERWORKINGS, INC. 
 INVESTOR RIGHTS AGREEMENT 
 THIS INVESTOR RIGHTS AGREEMENT (the “Agreement”) is entered into as of the 13th day of December, 2005 and deemed effective as of January 3, 2006 (the “Effective Date”), by and
among INNERWORKINGS, INC., a Delaware corporation (the “Company”) and the investors listed on Exhibit A, referred to in this Agreement as the
“Investors” and each individually as an “Investor.” 
 RECITALS

 WHEREAS, certain of the Investors are purchasing shares of the Company’s Series E
Preferred Stock (the “Series E Preferred”) pursuant to that certain Series E Preferred Stock Purchase Agreement (the “Purchase Agreement”) as of this date (the
“Financing”); 
 WHEREAS, the obligations in the Purchase Agreement are
conditioned upon the execution and delivery of this Agreement; 
 WHEREAS, in connection with the
consummation of the Financing, the Company, the Investors holding Series E Preferred, the Investors holding shares of the Company’s Series B Preferred Stock (the “Series B Preferred”) and the Investors holding shares of
the Company’s Series D Preferred Stock (the “Series D Preferred” and together with the Series B Preferred and the Series E Preferred, the “Preferred Stock”) have agreed to enter into this
Agreement in order to grant registration, information rights and other rights to the Investors and the other holders of Preferred Stock as set forth below; and 
 WHEREAS, the holders of Series B Preferred and Series D Preferred (the “Prior Investors”) and the Company are parties to a Second Amended and
Restated Investor Rights Agreement dated August 19, 2004 (the “Prior Agreement”); 
 WHEREAS, prior to the consummation of the Financing, the Company has converted from a limited liability company to a corporation (the “Reorganization”) and, in connection with such
Reorganization, the Prior Agreement is being amended and restated. 
 NOW, THEREFORE, in
consideration of these premises and for other good and valuable consideration, the receipt and sufficiency of which are acknowledged, the parties agree as follows: 
 SECTION 1. GENERAL. 
 1.1 Amendment and Restatement of Prior Agreement. The Prior Agreement is
hereby amended in its entirety and restated herein. Such amendment and restatement is effective upon the consummation of the Reorganization and the execution of this Agreement by the Company, the A Common Investors (as defined in the Prior
Agreement) holding more than 50% of the outstanding A Common Units (as defined in the Prior Agreement), the holders of not less 

  

 1. 

 
than 60% of the outstanding B Preferred Units (as defined in the Prior Agreement) and the D Preferred Investors (as defined in the Prior Agreement) holding
at least 60% of the outstanding D Preferred Units (as defined in the Prior Agreement). Upon such execution, all provisions of, rights granted and covenants made in the Prior Agreement are hereby waived, released and superseded in their entirety and
shall have no further force or effect, including, without limitation, all rights of first refusal and any notice period associated therewith otherwise applicable to the transactions contemplated by the Purchase Agreement. 
 1.2 Definitions. As used in this Agreement the following terms shall have the following respective meanings: 
 (a) “Board” shall mean the Company’s Board of Directors. 
 (b) “Certificate” shall mean the Company’s Amended and Restated Certificate of
Incorporation as filed with the Delaware Secretary of State on January 3, 2006, as amended from time to time. 
 (c) “Class A Common Stock” shall mean the Company’s Class A Common Stock, $0.0001 par value per share. 
 (d) “Class B Common Stock” shall mean the Company’s Class B Common Stock, $0.0001 par value per share. 
 (e) “Common Stock” shall mean the Company’s Class A Common Stock, and Class B
Common Stock. 
 (f) “Exchange Act” means the Securities Exchange Act of 1934,
as amended. 
 (g) “Form S-3” means such form under the Securities Act as in
effect on the date hereof or any successor or similar registration form under the Securities Act subsequently adopted by the SEC which permits inclusion or incorporation of substantial information by reference to other documents filed by the Company
with the SEC. 
 (h) “Holder” means any person owning of record Registrable
Securities that have not been sold to the public or any assignee of record of such Registrable Securities in accordance with Section 2.9 hereof. 
 (i) “Initial Offering” means the Company’s first firm commitment underwritten public offering of its Common Stock registered under the Securities Act.

 (j) “NEA” means New Enterprise Associates 11, Limited
Partnership or its affiliates. 
 (k) “PrintWorks” means
PrintWorks Series E, LLC. 
  

 2. 

 (l) “Register,” “registered,”
and “registration” refer to a registration effected by preparing and filing a registration statement in compliance with the Securities Act, and the declaration or ordering of effectiveness of such registration statement or
document. 
 (m) “Registrable Securities” means (a) shares of Common
Stock, (b) Class A Common Stock of the Company issuable or issued upon conversion of the Shares and (c) any Common Stock of the Company issued as (or issuable upon the conversion or exercise of any warrant, right or other security
which is issued as) a dividend or other distribution with respect to, or in exchange for or in replacement of, such above-described securities. Notwithstanding the foregoing, Registrable Securities shall not include any securities (i) sold by a
person to the public either pursuant to a registration statement or Rule 144, (ii) sold in a private transaction in which the transferor’s rights under Section 2 of this Agreement are not assigned or (iii) held by a Holder
(together with its affiliates) if , as reflected on the Company’s list of stockholders, such Holder (together with its affiliates) holds less than 1% of the Company’s outstanding Common Stock (treating all shares of Preferred Stock on an
as converted basis), the Company has completed its Initial Offering and all shares of Common Stock of the Company issuable or issued upon conversion of the Shares held by and issuable to such Holder (and its affiliates) may be sold pursuant to Rule
144 during any ninety (90) day period. 
 (n) “Registrable Securities then
outstanding” shall be the number of shares of the Company’s Common Stock that are Registrable Securities and either (a) are then issued and outstanding or (b) are issuable pursuant to then exercisable or convertible
securities. 
 (o) “Registration Expenses” shall mean all expenses incurred by
the Company in complying with Sections 2.2, 2.3 and 2.4 hereof, including, without limitation, all registration and filing fees, printing expenses, fees and disbursements of counsel for the Company, reasonable fees and disbursements not to
exceed twenty-five thousand dollars ($25,000) of a single special counsel for the Holders, blue sky fees and expenses and the expense of any special audits incident to or required by any such registration (but excluding the compensation of regular
employees of the Company which shall be paid in any event by the Company). 
 (p)
“SEC” or “Commission” means the Securities and Exchange Commission. 
 (q) “Securities Act” shall mean the Securities Act of 1933, as amended. 
 (r) “Selling Expenses” shall mean all underwriting discounts and selling commissions applicable to the sale. 
 (s) “Shares” shall mean (i) the Company’s Series E Preferred issued pursuant to the Purchase Agreement and (ii) shares of the Company’s
Preferred Stock held from time to time by the Investors listed on Exhibit A hereto and their permitted assigns. 
 (t) “Special Registration Statement” shall mean (i) a registration statement relating to any employee benefit plan or (ii) with respect to any corporate reorganization or
transaction under Rule 145 of the Securities Act, any registration statements related to the 

  

 3. 

 
issuance or resale of securities issued in such a transaction or (iii) a registration related to stock issued upon conversion of debt securities.

 SECTION 2. REGISTRATION; RESTRICTIONS ON TRANSFER. 
 2.1 Restrictions on Transfer. 
 (a) Each Holder agrees not to
make any disposition of all or any portion of the Shares or Registrable Securities unless and until: 
 (i) there is then in effect a registration statement under the Securities Act covering such proposed disposition and such disposition is made in accordance with such registration statement; or 
 (ii) (A) The transferee has agreed in writing to be bound by the terms of this Agreement, (B) such Holder
shall have notified the Company of the proposed disposition and shall have furnished the Company with a detailed statement of the circumstances surrounding the proposed disposition, and (C) if reasonably requested by the Company, such Holder
shall have furnished the Company with an opinion of counsel, reasonably satisfactory to the Company, that such disposition will not require registration of such shares under the Securities Act. It is agreed that the Company will not require opinions
of counsel for transactions made pursuant to Rule 144, except in unusual circumstances. After its Initial Offering, the Company will not require any transferee pursuant to Rule 144 to be bound by the terms of this Agreement if the shares so
transferred do not remain Registrable Securities hereunder following such transfer. 
 (b)
Notwithstanding the provisions of subsection (a) above, no such restriction shall apply to a transfer by a Holder that is (A) a partnership transferring to its partners or former partners in accordance with partnership interests,
(B) a corporation transferring to a wholly-owned subsidiary or a parent corporation that owns all of the capital stock of the Holder, (C) a limited liability company transferring to its members or former members in accordance with their
interest in the limited liability company, (D) an individual transferring to the Holder’s family members or trust or other entity for the benefit of an individual Holder or his family members, or (E) a trust transferring to its
grantors or beneficiaries; provided that in each case the transferee will agree in writing to be subject to the terms of this Agreement to the same extent as if he were an original Holder hereunder. 
 (c) Each certificate representing Shares or Registrable Securities shall be stamped or otherwise imprinted with
legends substantially similar to the following (in addition to any legend required under applicable state securities laws): 
 THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “ACT”) AND MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, ASSIGNED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL
REGISTERED UNDER THE ACT OR UNLESS THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL SATISFACTORY TO 

  

 4. 

 
THE COMPANY AND ITS COUNSEL THAT SUCH REGISTRATION IS NOT REQUIRED. 
 THE SALE, PLEDGE, HYPOTHECATION OR TRANSFER OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE IS SUBJECT TO THE TERMS AND CONDITIONS OF A CERTAIN INVESTOR RIGHTS AGREEMENT BY AND BETWEEN THE
STOCKHOLDER AND THE COMPANY. COPIES OF SUCH AGREEMENT MAY BE OBTAINED UPON WRITTEN REQUEST TO THE SECRETARY OF THE COMPANY. 
 (d) The Company shall be obligated to reissue promptly unlegended certificates at the request of any Holder thereof if the Company has completed its Initial Offering and the Holder shall have obtained an
opinion of counsel (which counsel may be counsel to the Company) reasonably acceptable to the Company to the effect that the securities proposed to be disposed of may lawfully be so disposed of without registration, qualification and legend,
provided that the second legend listed above shall be removed only at such time as the Holder of such certificate is no longer subject to any restrictions hereunder. 
 (e) Any legend endorsed on an instrument pursuant to applicable state securities laws and the stop-transfer
instructions with respect to such securities shall be removed upon receipt by the Company of an order of the appropriate blue sky authority authorizing such removal. 
 2.2 Demand Registration. 
 (a) Subject to
the conditions of this Section 2.2, if the Company shall receive a written request from the Holders of a majority of the Series E Preferred, including Class A Common Stock issued on conversion of Series E Preferred (the
“Initiating Holders”), that the Company file a registration statement under the Securities Act covering the registration of an aggregate offering price to the public of at least $10,000,000 of the Registrable Securities then
outstanding (a “Qualified Public Offering”), then the Company shall, within thirty (30) days of the receipt thereof, give written notice of such request to all Holders, and subject to the limitations of this
Section 2.2, effect, as expeditiously as reasonably possible, the registration under the Securities Act of all Registrable Securities that all Holders request to be registered. 
 (b) If the Initiating Holders intend to distribute the Registrable Securities covered by their request by means of
an underwriting, they shall so advise the Company as a part of their request made pursuant to this Section 2.2 or any request pursuant to Section 2.4 and the Company shall include such information in the written notice referred to in
Section 2.2(a) or Section 2.4(a), as applicable. In such event, the right of any Holder to include its Registrable Securities in such registration shall be conditioned upon such Holder’s participation in such underwriting and the
inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein. All Holders proposing to distribute their securities through such underwriting shall enter into an underwriting agreement in customary form
with the underwriter or underwriters selected for such underwriting by the Company (which underwriter or 

  

 5. 

 
underwriters shall be reasonably acceptable to the Holders of a majority of the Registrable Securities held by all Initiating Holders). Subject to
Section 2.2(d), if the underwriter advises the Company that marketing factors require a limitation of the number of securities to be underwritten (including Registrable Securities) then the Company shall so advise all Holders of Registrable
Securities that would otherwise be underwritten pursuant hereto, and the number of shares that may be included in the underwriting shall be allocated to the Holders of such Registrable Securities on a pro rata basis based on the number of
Registrable Securities held by all such Holders (including the Initiating Holders); provided, however, that the number of shares of Registrable Securities to be included in such underwriting and registration shall not be reduced unless all
other securities of the Company are first entirely excluded from the underwriting and registration. Any Registrable Securities excluded or withdrawn from such underwriting shall be withdrawn from the registration. 
 (c) The Company shall not be required to effect a registration pursuant to this Section 2.2: 
 (i) prior to the earlier of (A) the fourth anniversary of the date of this Agreement or (B) six
(6) months following the Initial Offering; 
 (ii) after the Company has effected two
(2) registrations pursuant to this Section 2.2, and such registrations have been declared or ordered effective; 
 (iii) during the period starting with the date of filing of, and ending on the date one hundred eighty (180) days following the effective date of the registration statement pertaining to the Initial
Offering (or such longer period as may be determined pursuant to Section 2.11 hereof); provided that the Company makes reasonable good faith efforts to cause such registration statement to become effective; 
 (iv) if within thirty (30) days of receipt of a written request from Initiating Holders pursuant to
Section 2.2(a), the Company gives notice to the Holders of the Company’s intention to file a registration statement for its Initial Offering within ninety (90) days; 
 (v) if the Company shall furnish to Holders requesting a registration statement pursuant to this Section 2.2 a
certificate signed by the Chairman of the Board stating that in the good faith judgment of the Board of Directors of the Company, it would be materially detrimental to the Company and its stockholders for such registration statement to be effected
at such time, in which event the Company shall have the right to defer such filing for a period of not more than ninety (90) days after receipt of the request of the Initiating Holders; provided that such right to delay a request shall
be exercised by the Company not more than once in any twelve (12) month period; or 
 (vi) if the
Initiating Holders propose to dispose of shares of Registrable Securities that may be immediately registered on Form S-3 pursuant to a request made pursuant to Section 2.4 below. 
 (d) Notwithstanding anything to the contrary in this Agreement, NEA and PrintWorks shall be entitled to sell at its
discretion Registrable Shares in the Initial Offering with 

  

 6. 

 
an aggregate offering price to the public of at least $25,000,000. If the underwriter advises the Company and NEA and PrintWorks that marketing factors
require a limitation of the number of securities to be underwritten (including Registrable Securities) by NEA and Printworks such that NEA and PrintWorks sell Registrable Securities in the Initial Offering with an aggregate offering price of less
than $25,000,000, then NEA and Printworks shall be entitled, on a pro rata basis based upon the number of shares of Series E Preferred held by NEA and PrintWorks, respectively, and the Company shall be required to offer the balance of any such
shares not sold at in the Initial Offering in the next subsequent secondary offering(s) of the Company’s shares until NEA and Printworks have sold Registrable Shares with an aggregate offering price of at least $25,000,000. Any such sales in
connection with any secondary offering shall be free of any other cutbacks or limitations described in this Section 2. After NEA and Printworks have been able to sell Registrable Shares with an aggregate offering price of $25,000,000 or more
either in connection with the Initial Offering or any secondary offering, as applicable, NEA and Printworks shall be entitled to register its remaining Registrable Shares in accordance with the registration rights described in this Section 2
and shall be allowed to participate in the sale of secondary shares on a prorated as-converted basis with the other stockholders of the Company. 
 2.3 Piggyback Registrations. The Company shall notify all Holders of Registrable Securities in writing at least fifteen (15) days prior to the filing of any registration statement under the
Securities Act for purposes of a public offering of securities of the Company (including, but not limited to, registration statements relating to secondary offerings of securities of the Company, but excluding Special Registration Statements) and
will afford each such Holder an opportunity to include in such registration statement all or part of such Registrable Securities held by such Holder. Each Holder desiring to include in any such registration statement all or any part of the
Registrable Securities held by it shall, within fifteen (15) days after the above-described notice from the Company, so notify the Company in writing. Such notice shall state the intended method of disposition of the Registrable Securities by
such Holder. If a Holder decides not to include all of its Registrable Securities in any registration statement thereafter filed by the Company, such Holder shall nevertheless continue to have the right to include any Registrable Securities in any
subsequent registration statement or registration statements as may be filed by the Company with respect to offerings of its securities, all upon the terms and conditions set forth herein. 
 (a) Underwriting. If the registration statement of which the Company gives notice under this
Section 2.3 is for an underwritten offering, the Company shall so advise the Holders of Registrable Securities. In such event, the right of any such Holder to include Registrable Securities in a registration pursuant to this Section 2.3
shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein. All Holders proposing to distribute their Registrable
Securities through such underwriting shall enter into an underwriting agreement in customary form with the underwriter or underwriters selected for such underwriting by the Company. Notwithstanding any other provision of this Agreement, subject
to Section 2.2(d), if the underwriter determines in good faith that marketing factors require a limitation of the number of shares to be underwritten, the number of shares that may be included in the underwriting shall be allocated, first,
to the Company; second, to the Holders on a pro rata basis based on the total number of Registrable Securities held by the Holders; and third, to any stockholder of the Company (other than a Holder) on a pro rata basis; provided,
however, that no such reduction 

  

 7. 

 
shall reduce the amount of securities of the selling Holders included in the registration below twenty five percent (25%) of the total amount of
securities included in such registration, unless such offering is the Initial Offering and such registration does not include shares of any other selling stockholders, in which event any or all of the Registrable Securities of the Holders may be
excluded in accordance with the immediately preceding clause. If the Holders are so limited, however, no party shall sell shares in such registration other than the Company. In no event will shares of any other selling stockholder be included in
such registration that would reduce the number of shares which may be included by Holders without the written consent of Holders of not less than a majority of the Registrable Securities proposed to be sold in the offering. If any Holder disapproves
of the terms of any such underwriting, such Holder may elect to withdraw therefrom by written notice to the Company and the underwriter, delivered at least ten (10) business days prior to the effective date of the registration statement. Any
Registrable Securities excluded or withdrawn from such underwriting shall be excluded and withdrawn from the registration. For any Holder which is a partnership, limited liability company, corporation, trust or natural person, the partners, retired
partners, members, retired members, stockholders, beneficiaries, grantors and family members of such Holder, or the estates and family members of any such partners, retired partners, members, retired members, beneficiaries, grantors and family
members and any trusts or other entities for the benefit of any of the foregoing persons shall be deemed to be a single “Holder,” and any pro rata reduction with respect to such “Holder” shall be based upon the aggregate
amount of shares carrying registration rights owned by all entities and individuals included in such “Holder,” as defined in this sentence or as otherwise provided in Section 5.12. 
 (b) Right to Terminate Registration. The Company shall have the right to terminate or withdraw any
registration initiated by it under this Section 2.3 whether or not any Holder has elected to include securities in such registration, and shall promptly notify any Holder that has elected to include shares in such registration of such
termination or withdrawal. The Registration Expenses of such withdrawn registration shall be borne by the Company in accordance with Section 2.5 hereof. 
 2.4 Form S-3 Registration. In case the Company shall receive from any Holder or Holders of Registrable Securities a written request or requests that the Company effect a
registration on Form S-3 (or any successor to Form S-3) or any similar short-form registration statement and any related qualification or compliance with respect to all or a part of the Registrable Securities owned by such Holder or
Holders, the Company will: 
 (a) promptly give written notice of the proposed registration, and any
related qualification or compliance, to all other Holders of Registrable Securities; and 
 (b) as soon
as practicable, effect such registration and all such qualifications and compliances as may be so requested and as would permit or facilitate the sale and distribution of all or such portion of such Holder’s or Holders’ Registrable
Securities as are specified in such request, together with all or such portion of the Registrable Securities of any other Holder or Holders joining in such request as are specified in a written request given within fifteen (15) days after
receipt of such written notice from the Company; provided, however, that the Company shall not be obligated to effect any such registration, qualification or compliance pursuant to this Section 2.4: 
  

 8. 

 (i) if Form S-3 is not available for such offering by the
Holders, or 
 (ii) if the Holders, together with the holders of any other securities of the Company
entitled to inclusion in such registration, propose to sell Registrable Securities and such other securities (if any) at an aggregate price to the public of less than one million dollars ($1,000,000), or 
 (iii) if within thirty (30) days of receipt of a written request from any Holder or Holders pursuant to this
Section 2.4, the Company gives notice to such Holder or Holders of the Company’s intention to make a public offering within ninety (90) days, other than pursuant to a Special Registration Statement; 
 (iv) if the Company has, within the twelve (12) month period preceding the date of such request, already
effected two (2) registrations on Form S-3 for the Holders pursuant to this Section 2.4; or 
 (v) if the Company shall furnish to the Holders a certificate signed by the Chairman of the Board of Directors of the Company stating that in the good faith judgment of the Board of Directors of the Company, it would be materially
detrimental to the Company and its stockholders for such Form S-3 registration to be effected at such time, in which event the Company shall have the right to defer the filing of the Form S-3 registration statement for a period of not more
than one hundred twenty (120) days after receipt of the request of the Holder or Holders under this Section 2.4; provided, that such right to delay a request shall be exercised by the Company not more than once in any twelve
(12) month period. 
 (c) Subject to the foregoing, the Company shall file a Form S-3
registration statement covering the Registrable Securities and other securities so requested to be registered as soon as practicable after receipt of the requests of the Holders. Registrations effected pursuant to this Section 2.4 shall not be
counted as demands for registration or registrations effected pursuant to Section 2.2. All Registration Expenses incurred in connection with registrations requested pursuant to this Section 2.4 shall be paid by the Company, including the
expense of one (1) special counsel of the selling stockholders. 
 2.5 Expenses of Registration. Except as
specifically provided herein, all Registration Expenses incurred in connection with any registration, qualification or compliance pursuant to Section 2.2, 2.3 or 2.4 herein shall be borne by the Company. All Selling Expenses incurred in
connection with any registrations hereunder, shall be borne by the holders of the securities so registered pro rata on the basis of the number of shares so registered. The Company shall not, however, be required to pay for expenses of any
registration proceeding begun pursuant to Section 2.2 or 2.4, the request of which has been subsequently withdrawn by the Initiating Holders unless (a) the withdrawal is based upon material adverse information concerning the Company of
which the Initiating Holders were not aware at the time of such request or (b) the Holders of a majority of Registrable Securities agree to deem such registration to have been effected as of the date of such withdrawal for purposes of
determining whether the Company shall be obligated pursuant to Section 2.2(c) or 2.4(b), as applicable, to undertake any subsequent registration, in which event such right shall be forfeited by all Holders). If the Holders are required to pay
the Registration Expenses, such expenses shall be borne by the 

  

 9. 

 
holders of securities (including Registrable Securities) requesting such registration in proportion to the number of shares for which registration was
requested. If the Company is required to pay the Registration Expenses of a withdrawn offering pursuant to clause (a) above, then such registration shall not be deemed to have been effected for purposes of determining whether the Company shall
be obligated pursuant to Section 2.2(c) or 2.4(b), as applicable, to undertake any subsequent registration. 
 2.6
Obligations of the Company. Whenever required to effect the registration of any Registrable Securities, the Company shall, as expeditiously as reasonably possible: 
 (a) prepare and file with the SEC a registration statement with respect to such Registrable Securities and use all
reasonable efforts to cause such registration statement to become effective, and, upon the request of the Holders of a majority of the Registrable Securities registered thereunder, keep such registration statement effective for up to thirty
(30) days or, if earlier, until the Holder or Holders have completed the distribution related thereto; provided, however, that at any time, upon written notice to the participating Holders and for a period not to exceed sixty (60) days
thereafter (the “Suspension Period”), the Company may delay the filing or effectiveness of any registration statement or suspend the use or effectiveness of any registration statement (and the Initiating Holders hereby agree
not to offer or sell any Registrable Securities pursuant to such registration statement during the Suspension Period) if the Company reasonably believes that there is or may be in existence material nonpublic information or events involving the
Company, the failure of which to be disclosed in the prospectus included in the registration statement could result in a Violation (as defined below). In the event that the Company shall exercise its right to delay or suspend the filing or
effectiveness of a registration hereunder, the applicable time period during which the registration statement is to remain effective shall be extended by a period of time equal to the duration of the Suspension Period. The Company may extend the
Suspension Period for an additional consecutive sixty (60) days with the consent of the holders of a majority of the Registrable Securities registered under the applicable registration statement, which consent shall not be unreasonably
withheld. No more than one (1) such Suspension Periods shall occur in any twelve (12) month period. In no event shall any Suspension Period, when taken together with all prior Suspension Periods, exceed 120 days in the aggregate. If
so directed by the Company, all Holders registering shares under such registration statement shall (i) not offer to sell any Registrable Securities pursuant to the registration statement during the period in which the delay or suspension is in
effect after receiving notice of such delay or suspension; and (ii) use their best efforts to deliver to the Company (at the Company’s expense) all copies, other than permanent file copies then in such Holders’ possession, of the
prospectus relating to such Registrable Securities current at the time of receipt of such notice. Notwithstanding the foregoing, the Company shall not be required to file, cause to become effective or maintain the effectiveness of any registration
statement other than a registration statement on Form S-3 that contemplates a distribution of securities on a delayed or continuous basis pursuant to Rule 415 under the Securities Act. 
 (b) Prepare and file with the SEC such amendments and supplements to such registration statement and the prospectus
used in connection with such registration statement as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement for the period set forth in
subsection (a) above. 
  

 10. 

 (c) Furnish to the Holders such number of copies of a prospectus,
including a preliminary prospectus, in conformity with the requirements of the Securities Act, and such other documents as they may reasonably request in order to facilitate the disposition of Registrable Securities owned by them. 
 (d) Use its reasonable efforts to register and qualify the securities covered by such registration statement under
such other securities or Blue Sky laws of such jurisdictions as shall be reasonably requested by the Holders; provided that the Company shall not be required in connection therewith or as a condition thereto to qualify to do business or to
file a general consent to service of process in any such states or jurisdictions. 
 (e) In the event
of any underwritten public offering, enter into and perform its obligations under an underwriting agreement, in usual and customary form, with the managing underwriter(s) of such offering. Each Holder participating in such underwriting shall also
enter into and perform its obligations under such an agreement. 
 (f) Notify each Holder of
Registrable Securities covered by such registration statement at any time when a prospectus relating thereto is required to be delivered under the Securities Act of the happening of any event as a result of which the prospectus included in such
registration statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances
then existing. The Company will use reasonable efforts to amend or supplement such prospectus in order to cause such prospectus not to include any untrue statement of a material fact or omit to state a material fact required to be stated therein or
necessary to make the statements therein not misleading in the light of the circumstances then existing. 
 (g) Use its reasonable efforts to furnish, on the date that such Registrable Securities are delivered to the underwriters for sale, if such securities are being sold through underwriters, (i) an opinion, dated as of such date,
of the counsel representing the Company for the purposes of such registration, in form and substance as is customarily given to underwriters in an underwritten public offering, addressed to the underwriters, if any, and (ii) a letter, dated as
of such date, from the independent certified public accountants of the Company, in form and substance as is customarily given by independent certified public accountants to underwriters in an underwritten public offering addressed to the
underwriters. 
 2.7 Delay of Registration; Furnishing Information. 
 (a) No Holder shall have any right to obtain or seek an injunction restraining or otherwise delaying any such
registration as the result of any controversy that might arise with respect to the interpretation or implementation of this Section 2. 
 (b) It shall be a condition precedent to the obligations of the Company to take any action pursuant to Section 2.2, 2.3 or 2.4 that the selling Holders shall furnish to the Company such information
regarding themselves, the Registrable Securities held by them and the intended method of disposition of such securities as shall be required to effect the registration of their Registrable Securities. 
  

 11. 

 (c) The Company shall have no obligation with respect to any
registration requested pursuant to Section 2.2 or Section 2.4 if the number of shares or the anticipated aggregate offering price of the Registrable Securities to be included in the registration does not equal or exceed the number of
shares or the anticipated aggregate offering price required to originally trigger the Company’s obligation to initiate such registration as specified in Section 2.2 or Section 2.4, whichever is applicable. 
 2.8 Indemnification. In the event any Registrable Securities are included in a registration statement under Sections 2.2, 2.3
or 2.4: 
 (a) To the extent permitted by law, the Company will indemnify and hold harmless each
Holder, the partners, members, trustees, managers, officers and directors of each Holder, any underwriter (as defined in the Securities Act) for such Holder and each person, if any, who controls such Holder or underwriter within the meaning of the
Securities Act or the Exchange Act, against any losses, claims, damages, or liabilities (joint or several) to which they may become subject under the Securities Act, the Exchange Act or other federal or state law, insofar as such losses, claims,
damages or liabilities (or actions in respect thereof) arise out of or are based upon any of the following statements, omissions or violations (collectively a “Violation”) by the Company: (i) any untrue statement or
alleged untrue statement of a material fact contained in such registration statement or incorporated reference therein, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto,
(ii) the omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements therein not misleading, or (iii) any violation or alleged violation by the Company of the Securities
Act, the Exchange Act, any state securities law or any rule or regulation promulgated under the Securities Act, the Exchange Act or any state securities law in connection with the offering covered by such registration statement; and the Company will
reimburse each such Holder, partner, member, trustee, manager, officer, director, underwriter or controlling person for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim,
damage, liability or action; provided however, that the indemnity agreement contained in this Section 2.8(a) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is
effected without the consent of the Company, which consent shall not be unreasonably withheld, nor shall the Company be liable in any such case for any such loss, claim, damage, liability or action to the extent that it arises out of or is based
upon a Violation which occurs in reliance upon and in conformity with written information furnished expressly for use in connection with such registration by such Holder, partner, member, trustee, manager, officer, director, underwriter or
controlling person of such Holder. 
 (b) To the extent permitted by law, each Holder will, if
Registrable Securities held by such Holder are included in the securities as to which such registration, qualifications or compliance is being effected, indemnify and hold harmless the Company, each of its directors, its officers and each person, if
any, who controls the Company within the meaning of the Securities Act, any underwriter and any other Holder selling securities under such registration statement or any of such other Holder’s partners, trustees, managers, directors or officers
or any person who controls such Holder, against any losses, claims, damages or liabilities (joint or several) to which the Company or any such director, officer, trustee, manager, controlling person, underwriter or other such Holder, or partner,
director, officer, trustee, manager, or 

  

 12. 

 
controlling person of such other Holder may become subject under the Securities Act, the Exchange Act or other federal or state law, insofar as such losses,
claims, damages or liabilities (or actions in respect thereto) arise out of or are based upon any of the following statements: (i) any untrue statement or alleged untrue statement of a material fact contained in such registration statement or
incorporated reference therein, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto, (ii) the omission or alleged omission to state therein a material fact required to be stated
therein, or necessary to make the statements therein not misleading, or (iii) any violation or alleged violation by the Company of the Securities Act (collectively, a “Holder Violation”), in each case to the extent (and
only to the extent) that such Holder Violation occurs in reliance upon and in conformity with written information furnished by such Holder under an instrument duly executed by such Holder and stated to be specifically for use in connection with such
registration; and each such Holder will reimburse any legal or other expenses reasonably incurred by the Company or any such director, officer, controlling person, underwriter or other Holder, or partner, trustee, manager, officer, director or
controlling person of such other Holder in connection with investigating or defending any such loss, claim, damage, liability or action if it is judicially determined that there was such a Holder Violation; provided, however, that the
indemnity agreement contained in this Section 2.8(b) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Holder, which consent shall not be
unreasonably withheld; provided further, that in no event shall any indemnity under this Section 2.8 exceed the net proceeds from the offering received by such Holder. 
 (c) Promptly after receipt by an indemnified party under this Section 2.8 of notice of the commencement of any
action (including any governmental action), such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Section 2.8, deliver to the indemnifying party a written notice of the commencement
thereof and the indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume the defense thereof with counsel mutually
satisfactory to the parties; provided, however, that an indemnified party shall have the right to retain its own counsel, with the fees and expenses thereof to be paid by the indemnifying party, if representation of such indemnified party by
the counsel retained by the indemnifying party would be inappropriate due to actual or potential differing interests between such indemnified party and any other party represented by such counsel in such proceeding. The failure to deliver written
notice to the indemnifying party within a reasonable time of the commencement of any such action shall relieve such indemnifying party of any liability to the indemnified party under this Section 2.8 to the extent, and only to the extent,
prejudicial to its ability to defend such action, but the omission so to deliver written notice to the indemnifying party will not relieve it of any liability that it may have to any indemnified party otherwise than under this Section 2.8.

 (d) If the indemnification provided for in this Section 2.8 is held by a court of competent
jurisdiction to be unavailable to an indemnified party with respect to any losses, claims, damages or liabilities referred to herein, the indemnifying party, in lieu of indemnifying such indemnified party thereunder, shall to the extent permitted by
applicable law contribute to the amount paid or payable by such indemnified party as a result of such loss, claim, damage or liability in such proportion as is appropriate to reflect the relative fault of the indemnifying party 

  

 13. 

 
on the one hand and of the indemnified party on the other in connection with the Violation(s) or Holder Violation(s) that resulted in such loss, claim,
damage or liability, as well as any other relevant equitable considerations. The relative fault of the indemnifying party and of the indemnified party shall be determined by a court of law by reference to, among other things, whether the untrue or
alleged untrue statement of a material fact or the omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information and
opportunity to correct or prevent such statement or omission; provided, that in no event shall any contribution by a Holder hereunder exceed the net proceeds from the offering received by such Holder. 
 (e) The obligations of the Company and Holders under this Section 2.8 shall survive completion of any offering
of Registrable Securities in a registration statement and, with respect to liability arising from an offering to which this Section 2.8 would apply that is covered by a registration filed before termination of this Agreement, such termination.
No indemnifying party, in the defense of any such claim or litigation, shall, except with the consent of each indemnified party, consent to entry of any judgment or enter into any settlement which does not include as an unconditional term thereof
the giving by the claimant or plaintiff to such Indemnified Party of a release from all liability in respect to such claim or litigation. 
 2.9 Assignment of Registration Rights. The rights to cause the Company to register Registrable Securities pursuant to this Section 2 may be assigned by a Holder to a transferee or assignee of
Registrable Securities (for so long as such shares remain Registrable Securities) that is (a) any partner or retired partner of any holder which is a partnership, (b) any member or former member, of any holder which is a limited liability
company, (c) any affiliate of any holder; (d) any family member or trust or other entity for the benefit of any individual holder or his family members, (e) any grantor or beneficiary of any holder which is a trust or (f) any
transferee who acquires at least 300,000 shares of Registrable Securities provided, however, (i) the transferor shall, within ten (10) days after such transfer, furnish to the Company written notice of the name and address of such
transferee or assignee and the securities with respect to which such registration rights are being assigned and (ii) such transferee shall agree to be subject to all restrictions set forth in this Agreement. 
 2.10 Limitation on Subsequent Registration Rights. Other than as provided in Section 5.10, after the date of this
Agreement, the Company shall not enter into any agreement with any holder or prospective holder of any securities of the Company that would grant such holder rights to demand the registration of shares of the Company’s capital stock, or to
include such shares in a registration statement that would reduce the number of shares includable by the Holders. 
 2.11 “Market Stand-Off” Agreement. Each party to this Agreement hereby agrees that such party shall not sell, transfer, make any short sale of, grant any option for the purchase of, or enter into any hedging or
similar transaction with the same economic effect as a sale, any Common Stock (or other securities) of the Company held by such party (other than those included in the registration) during the 180-day period following the effective date of the
Initial Offering (or such longer period, not to exceed 18 days after the expiration of the 180-day period, as the underwriters or the Company shall request in order to facilitate compliance with NASD Rule 2711); provided, that all officers
and directors of the Company and holders of at least one 

  

 14. 

 
percent (1%) of the Company’s voting securities are bound by and have entered into similar agreements. The obligations described in this
Section 2.12 shall not apply to a registration relating solely to employee benefit plans on Form S-1 or Form S-8 or similar forms that may be promulgated in the future, or a registration relating solely to a transaction on Form S-4 or similar
forms that may be promulgated in the future. 
 2.12 Agreement to Furnish Information. Each Holder agrees to
execute and deliver such other agreements as may be reasonably requested by the Company or the underwriter that are consistent with the Holder’s obligations under Section 2.11 or that are necessary to give further effect thereto. In
addition, if requested by the Company or the representative of the underwriters of Common Stock (or other securities) of the Company, each Holder shall provide, within ten (10) days of such request, such information as may be required by the
Company or such representative in connection with the completion of any public offering of the Company’s securities pursuant to a registration statement filed under the Securities Act. The obligations described in Section 2.11 and this
Section 2.12 shall not apply to a Special Registration Statement. The Company may impose stop-transfer instructions with respect to the shares of Common Stock (or other securities) subject to the foregoing restriction until the end of said day
period. Each Holder agrees that any transferee of any shares of Registrable Securities shall be bound by Sections 2.11 and 2.12. The underwriters of the Company’s stock are intended third party beneficiaries of Sections 2.11 and 2.12 and
shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto. 
 2.13
Rule 144 Reporting. With a view to making available to the Holders the benefits of certain rules and regulations of the SEC which may permit the sale of the Registrable Securities to the public without registration, the Company agrees to use
its best efforts to: 
 (a) Make and keep public information available, as those terms are understood
and defined in SEC Rule 144 or any similar or analogous rule promulgated under the Securities Act, at all times after the effective date of the first registration filed by the Company for an offering of its securities to the general public;

 (b) File with the SEC, in a timely manner, all reports and other documents required of the Company
under the Exchange Act; and 
 (c) So long as a Holder owns any Registrable Securities, furnish to such
Holder forthwith upon request: a written statement by the Company as to its compliance with the reporting requirements of said Rule 144 of the Securities Act, and of the Exchange Act (at any time after it has become subject to such reporting
requirements); a copy of the most recent annual or quarterly report of the Company filed with the Commission; and such other reports and documents as a Holder may reasonably request in connection with availing itself of any rule or regulation of the
SEC allowing it to sell any such securities without registration. 
  

 15. 

 SECTION 3. COVENANTS OF THE COMPANY. 
 3.1 Basic Financial Information and Reporting. 
 (a) The
Company will maintain true books and records of account in which full and correct entries will be made of all its business transactions pursuant to a system of accounting established and administered in accordance with generally accepted accounting
principles consistently applied (except as noted therein ) and will set aside on its books all such proper accruals and reserves as shall be required under generally accepted accounting principles consistently applied. 
 (b) As soon as practicable after the end of each fiscal year of the Company, and in any event within one hundred
twenty (120) days thereafter, the Company will furnish each Investor a balance sheet of the Company, as at the end of such fiscal year, and a statement of income and a statement of cash flows of the Company, for such year, all prepared in
accordance with generally accepted accounting principles consistently applied (except as noted therein and setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable detail. Such financial statements
shall be accompanied by a report and opinion thereon by independent public accountants of national standing selected by the Company’s Board of Directors. 
 (c) The Company will furnish each Investor, as soon as practicable after the end of the first, second and third quarterly accounting periods in each fiscal year of the Company, and in any
event within forty-five (45) days thereafter, a balance sheet of the Company as of the end of each such quarterly period, and a statement of income and a statement of cash flows of the Company for such period and for the current fiscal year to
date, prepared in accordance with generally accepted accounting principles consistently applied (except as noted therein, with the exception that no notes need be attached to such statements and year-end audit adjustments may not have been made.

 (d) So long as an Investor (with its affiliates) shall own not less than five percent (5%) of
the shares of Registrable Securities, including Class A Common Stock issued on conversion of such stock (as adjusted for stock splits and combinations) (a “Major Investor”), the Company will furnish each such Major
Investor: (i) at least thirty (30) days prior to the beginning of each fiscal year an annual budget and operating plans for such fiscal year (and as soon as available, any subsequent written revisions thereto); and (ii) as soon as
practicable after the end of each month, and in any event within twenty (20) days thereafter, a balance sheet of the Company as of the end of each such month, and a statement of income and a statement of cash flows of the Company for such month
and for the current fiscal year to date, including a comparison to plan figures for such period, prepared in accordance with generally accepted accounting principles consistently applied (except as noted thereon), with the exception that no notes
need be attached to such statements and year-end audit adjustments may not have been made. 
 3.2 Inspection
Rights. Each Major Investor shall have the right to visit and inspect any of the properties of the Company or any of its subsidiaries, and to discuss the affairs, finances and accounts of the Company or any of its subsidiaries with its officers,
and to review 

  

 16. 

 
such information as is reasonably requested all at such reasonable times and as often as may be reasonably requested; provided, however, that the
Company shall not be obligated under this Section 3.2 with respect to a competitor of the Company or with respect to information which the Board of Directors determines in good faith is confidential or attorney-client privileged and should not,
therefore, be disclosed. 
 3.3 Confidentiality of Records. Each Investor agrees to use the same degree of care
as such Investor uses to protect its own confidential information to keep confidential any information furnished to such Investor that the Company identifies as being confidential or proprietary (so long as such information is not in the public
domain), except that such Investor may disclose such proprietary or confidential information (i) to any partner, member, grantor, beneficiary, family member, subsidiary or parent of such Investor as long as such partner, member, grantor,
beneficiary, family member, subsidiary or parent is advised of and agrees or has agreed to be bound by the confidentiality provisions of this Section 3.3 or comparable restrictions; (ii) at such time as it enters the public domain through
no fault of such Investor; (iii) that is communicated to it free of any obligation of confidentiality; (iv) that is developed by Investor or its agents independently of and without reference to any confidential information communicated by
the Company; or (v) as required by applicable law. 
 3.4 Reservation of Common Stock. The Company will at
all times reserve and keep available, solely for issuance and delivery upon the conversion of the Preferred Stock, all Class A Common Stock issuable from time to time upon such conversion. 
 3.5 Stock Vesting. Any accelerated vesting relating to any stock options and other stock equivalents issued after the date
of this Agreement to employees, directors, consultants and other service providers shall require prior approval of the Board of Directors. With respect to restricted stock and stock issued as a result of early exercised options, the Company’s
repurchase option shall provide that, upon termination of the employment of the shareholder, with or without cause, the Company or its assignee (to the extent permissible under applicable securities law qualification) retains the option to
repurchase at cost any unvested shares held by such stockholder. 
 3.6 Observer Rights. As long as NEA owns
any shares of Series E Preferred, the Company shall allow one representative designated by NEA to attend all meetings of the Company’s Board of Directors in a nonvoting capacity, and as long as PrintWorks owns any shares of Series E Preferred,
the Company shall allow one representative designated by PrintWorks to attend all meetings of the Company’s Board of Directors in a nonvoting capacity. In connection therewith, the Company shall give such representative(s) copies of all
notices, minutes, consents and other materials, financial or otherwise, which the Company provides to its Board of Directors; provided, however, that the Company reserves the right to exclude such representative(s) from access to any material
or meeting or portion thereof if the Company believes upon advice of counsel that such exclusion is reasonably necessary to preserve the attorney-client privilege, to protect highly confidential information or for other similar reasons. The decision
of the Board with respect to the privileged or confidential nature of such information shall be final and binding. 
  

 17. 

 3.7 Proprietary Information and Inventions Agreement. The Company shall
require all current and former officers, employees and consultants of the Company to execute and deliver a Proprietary Information and Inventions Agreement substantially in a form acceptable to the Investors, which shall include acceptable
non-solicitation and non-competition provisions. 
 3.8 Directors’ Liability and Indemnification. The
Company’s Certificate of Incorporation and Bylaws shall provide (a) for elimination of the liability of director to the maximum extent permitted by law and (b) for indemnification of directors for acts on behalf of the Company to the
maximum extent permitted by law. 
 3.9 Board of Directors. The Company shall reimburse the expenses of the
Directors and Board observers for reasonable costs incurred in attending meetings of the Board, including any meetings of the committees of the Board, and any other meetings or events attended on behalf of the Company. 
 3.10 Qualified Small Business. For so long as any of the Shares are held by an Investor (or a transferee in whose hands
such Shares are eligible to qualify as “Qualified Small Business Stock” as defined in Section 1202(c) of the Internal Revenue Code of 1986, as amended (the “Code”)), the Company will use its reasonable efforts
to comply with the reporting and recordkeeping requirements of Section 1202 of the Code, any regulations promulgated thereunder and any similar state laws and regulations. 
 3.11 Termination of Covenants. All covenants of the Company contained in Section 3 of this Agreement (other than the provisions of Section 3.3, 3.8 and 3.10) shall expire
and terminate as to each Investor upon the earlier of (i) the effective date of the registration statement pertaining to an Initial Offering that results in the Series E Preferred being converted into Class A Common Stock or (ii) upon
an “Acquisition” as defined in the Company’s Certificate of Incorporation as in effect as of the Effective Date hereof. 
 SECTION 4. RIGHTS OF FIRST REFUSAL. 
 4.1 Subsequent Offerings. Subject
to applicable securities laws, each Investor that holds at least 3% of the Company’s Registrable Securities that qualifies an “accredited investor” under Regulation D of the Securities Act (a “Qualified
Investor”) shall have a right of first refusal to purchase its pro rata share of all Equity Securities, as defined below, that the Company may, from time to time, propose to sell and issue after the date of this Agreement, other
than the Equity Securities excluded by Section 4.7 hereof. Each Qualified Investor’s pro rata share is equal to the ratio of (a) the number of shares of the Company’s Common Stock (including all shares of Class A
Common Stock issuable or issued upon conversion of the Shares or upon the exercise of outstanding warrants or options) of which such Qualified Investor is deemed to be a holder immediately prior to the issuance of such Equity Securities to
(b) the total number of shares of the Company’s outstanding Common Stock (including all shares of Class A Common Stock issued or issuable upon conversion of the Shares or upon the exercise of any outstanding warrants or options)
immediately prior to the issuance of the Equity Securities. The term “Equity Securities” shall mean (i) any Common Stock, Preferred Stock or other security of the Company, (ii) any security convertible into or
exercisable or exchangeable for, with or without 

  

 18. 

 
consideration, any Common Stock, Preferred Stock or other security (including any option to purchase such a convertible security), (iii) any security
carrying any warrant or right to subscribe to or purchase any Common Stock, Preferred Stock or other security or (iv) any such warrant or right. 
 4.2 Exercise of Rights. If the Company proposes to issue any Equity Securities, it shall give each Qualified Investor written notice of its intention, describing the Equity Securities, the price and the
terms and conditions upon which the Company proposes to issue the same. Each Qualified Investor shall have fifteen (15) days from the giving of such notice to agree to purchase its pro rata share of the Equity Securities for the price
and upon the terms and conditions specified in the notice by giving written notice to the Company and stating therein the quantity of Equity Securities to be purchased. Notwithstanding the foregoing, the Company shall not be required to offer or
sell such Equity Securities to any Qualified Investor who would cause the Company to be in violation of applicable federal securities laws by virtue of such offer or sale. 
 4.3 Issuance of Equity Securities to Other Persons. If not all of the Qualified Investors elect to purchase their pro rata share of the Equity Securities, then the Company
shall promptly notify in writing the Qualified Investors who do so elect and shall offer such Qualified Investors the right to acquire such unsubscribed shares on a pro rata basis. The Qualified Investors shall have five (5) days after
receipt of such notice to notify the Company of its election to purchase all or a portion thereof of the unsubscribed shares. The Company shall have ninety (90) days thereafter to sell the Equity Securities in respect of which the Qualified
Investor’s rights were not exercised, at a price not lower and upon general terms and conditions not materially more favorable to the purchasers thereof than specified in the Company’s notice to the Qualified Investors pursuant to
Section 4.2 hereof. If the Company has not sold such Equity Securities within such ninety (90) day period, the Company shall not thereafter issue or sell any Equity Securities, without first offering such securities to the Qualified
Investors in the manner provided above. 
 4.4 Sale Without Notice. In lieu of giving notice to the Qualified
Investors prior to the issuance of Equity Securities as provided in Section 4.2, the Company may elect to give notice to the Qualified Investors within thirty (30) days after the issuance of Equity Securities. Such notice shall describe
the type, price and terms of the Equity Securities. Each Qualified Investor shall have twenty (20) days from the date of receipt of such notice to elect to purchase up to the number of shares that would, if purchased by such Qualified Investor,
maintain such Qualified Investor’s pro rata share (as set forth in Section 4.1) of the Company’s equity securities after giving effect to all such purchases. The closing of such sale shall occur within sixty (60) days of
the date of notice to the Qualified Investors. 
 4.5 Termination of Rights of First Refusal. The rights of
first refusal established by this Section 4 shall not apply to, and shall terminate upon the earlier of (i) the effective date of the registration statement pertaining to the Company’s Initial Offering or (ii) an Acquisition or
Asset Transfer. 
  

 19. 

 4.6 Assignment of Rights of First Refusal. The rights of first refusal of
each Qualified Investor under this Section 4 may be assigned to the same parties, subject to the same restrictions as any transfer of registration rights pursuant to Section 2.9. 
 4.7 Excluded Securities. The rights of first refusal established by this Section 4 shall have no application to any of
the following Equity Securities: 
 (a) up to an aggregate of 250,000 shares (provided, however,
that such number shall be increased to reflect any shares of Common Stock (i) not issued pursuant to the rights, agreements, option or warrants (“Unexercised Options”) as a result of the termination of such Unexercised
Options or (ii) reacquired by the Company from employees, directors or consultants at cost (or the lesser of cost or fair market value) pursuant to agreements which permit the Company to repurchase such shares upon termination of services to
the Company) of Common Stock and/or options, warrants or other Common Stock purchase rights and the Common Stock issued pursuant to such options, warrants or other rights (as adjusted for any stock dividends, combinations, splits, recapitalizations
and the like after the date hereof) issued or to be issued after the date hereof to employees, officers or directors of, or consultants or advisors to the Company or any subsidiary, pursuant to stock purchase or stock option plans or other
arrangements that are approved by the Board of Directors and any Contingent Option Grants (as defined in the Certificate) or any stock issued or issuable pursuant thereto; 
 (b) stock issued or issuable pursuant to any rights or agreements, options, warrants or convertible securities
outstanding as of the date of this Agreement; and stock issued pursuant to any such rights or agreements granted after the date of this Agreement, so long as the rights of first refusal established by this Section 4 were complied with, waived,
or were inapplicable pursuant to any provision of this Section 4.7 with respect to the initial sale or grant by the Company of such rights or agreements; 
 (c) any Equity Securities issued for consideration other than cash pursuant to a merger, consolidation, acquisition or similar business combination approved by the Board of Directors;

 (d) any Equity Securities issued in connection with any stock split, stock dividend or
recapitalization by the Company; 
 (e) any Equity Securities issued pursuant to any equipment loan or
leasing arrangement, real property leasing arrangement, or debt financing from a bank or similar financial or lending institution approved by the Board of Directors; 
 (f) any Equity Securities that are issued by the Company pursuant to the Initial Offering; and 
 (g) any Equity Securities issued in connection with strategic transactions involving the Company and other
entities, including (i) joint ventures, manufacturing, marketing or distribution arrangements or (ii) technology transfer or development arrangements; provided that the issuance of shares therein has been approved by the
Company’s Board of Directors provided that such transaction is not substantially for equity financing purposes. 
  

 20. 

 SECTION 5. MISCELLANEOUS. 
 5.1 Governing Law. This Agreement shall be governed by and construed under the laws of the State of Delaware in all respects as such laws are applied to agreements among Delaware
residents entered into and to be performed entirely within Delaware, without reference to conflicts of laws or principles thereof. The parties agree that any action brought by either party under or in relation to this Agreement, including without
limitation to interpret or enforce any provision of this Agreement, shall be brought in, and each party agrees to and does hereby submit to the jurisdiction and venue of, any state or federal court located in Delaware. 
 5.2 Successors and Assigns. Except as otherwise expressly provided herein, the provisions hereof shall inure to the benefit
of, and be binding upon, the parties hereto and their respective successors, assigns, heirs, executors, and administrators and shall inure to the benefit of and be enforceable by each person who shall be a holder of Registrable Securities from time
to time; provided, however, that prior to the receipt by the Company of adequate written notice of the transfer of any Registrable Securities specifying the full name and address of the transferee, the Company may deem and treat the person
listed as the holder of such shares in its records as the absolute owner and holder of such shares for all purposes, including the payment of dividends or any redemption price. 
 5.3 Entire Agreement. This Agreement, the Exhibits and Schedules hereto, the Purchase Agreement and the other documents delivered pursuant thereto constitute the full and entire
understanding and agreement between the parties with regard to the subjects hereof and no party shall be liable or bound to any other in any manner by any oral or written representations, warranties, covenants and agreements except as specifically
set forth herein and therein. Each party expressly represents and warrants that it is not relying on any oral or written representations, warranties, covenants or agreements outside of this Agreement. 
 5.4 Severability. In the event one or more of the provisions of this Agreement should, for any reason, be held to be
invalid, illegal or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provisions of this Agreement, and this Agreement shall be construed as if such invalid, illegal or unenforceable provision
had never been contained herein. 
 5.5 Amendment and Waiver. 
 (a) Except as otherwise expressly provided, this Agreement may be amended or modified, and the obligations of the
Company and the rights of the Investors and Holders under this Agreement may be waived, only upon the written consent of the Company, the holders of at least a majority of the then-outstanding Series E Preferred Stock, voting separately as a class,
and the holders of at least 67% of the then-outstanding Series B Preferred Stock, voting separately as a class; provided, that this Agreement may not be amended or waived without the consent of all of the holders of Registrable Securities adversely
affected by such amendment or waiver if such amendment or waiver adversely affects one or more of the holders of the Registrable Securities but does not so adversely affect all of such holders in a similar manner (other than differences resulting
solely from the number of shares held by such holders and it being agreed that a waiver of the provisions of Section 4 with respect to a particular transaction 

  

 21. 

 
shall be deemed to apply to all holders in the same fashion if such waiver does so by its terms, notwithstanding the fact that certain holders may
nonetheless, by agreement with the Company, purchase securities in such transaction). Notwithstanding the foregoing, with respect to the rights set forth in Section 2.2(d) above, such provision may only be amended or waived with the written
consent of NEA. Any amendment, termination or waiver effected in accordance with this Section 5.5 shall be binding on all parties hereto, even if they do not execute such consent. 
 (b) For the purposes of determining the number of Holders or Investors entitled to vote or exercise any rights
hereunder, the Company shall be entitled to rely solely on the list of record holders of its stock as maintained by or on behalf of the Company. 
 5.6 Delays or Omissions. It is agreed that no delay or omission to exercise any right, power, or remedy accruing to any party, upon any breach, default or noncompliance by another party under this
Agreement shall impair any such right, power, or remedy, nor shall it be construed to be a waiver of any such breach, default or noncompliance, or any acquiescence therein, or of any similar breach, default or noncompliance thereafter occurring. It
is further agreed that any waiver, permit, consent, or approval of any kind or character on any party’s part of any breach, default or noncompliance under the Agreement or any waiver on such party’s part of any provisions or conditions of
this Agreement must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement, by law, or otherwise afforded to any party, shall be cumulative and not alternative.

 5.7 Notices. All notices required or permitted hereunder shall be in writing and shall be deemed effectively
given: (a) upon personal delivery to the party to be notified, (b) when sent by confirmed electronic mail or facsimile if sent during normal business hours of the recipient; if not, then on the next business day, (c) five
(5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written
verification of receipt. All communications shall be sent to the party to be notified at the address as set forth on the signature pages hereof or Exhibit A hereto or at such other address as such party may designate by ten (10) days advance
written notice to the other parties hereto. 
 5.8 Attorneys’ Fees. In the event that any suit or action
is instituted under or in relation to this Agreement, including without limitation to enforce any provision in this Agreement, the prevailing party in such dispute shall be entitled to recover from the losing party all fees, costs and expenses of
enforcing any right of such prevailing party under or with respect to this Agreement, including without limitation, such reasonable fees and expenses of attorneys and accountants, which shall include, without limitation, all fees, costs and expenses
of appeals. 
 5.9 Titles and Subtitles. The titles of the sections and subsections of this Agreement are for
convenience of reference only and are not to be considered in construing this Agreement. 
 5.10 Additional
Investors. Notwithstanding anything to the contrary contained herein, if the Company shall issue additional shares of its Preferred Stock pursuant to the Purchase Agreement, any purchaser of such shares of Preferred Stock shall become a party to
this Agreement by executing and delivering an additional counterpart signature page to this Agreement and shall be deemed an “Investor,” a “Holder” and a party hereunder. 

  

 22. 

 
Notwithstanding anything to the contrary contained herein, if the Company shall issue Equity Securities in accordance with Section 4.7 (c), (e) or
(g) of this Agreement, any purchaser of such Equity Securities may become a party to this Agreement by executing and delivering an additional counterpart signature page to this Agreement and shall be deemed an
“Investor,” a “Holder” and a party hereunder. 
 5.11 Counterparts.
This Agreement may be executed in any number of counterparts, each of which shall be an original, but all of which together shall constitute one instrument. 
 5.12 Aggregation of Stock. All shares of Registrable Securities held or acquired by affiliated entities or persons or persons or entities under common management or control shall be
aggregated together for the purpose of determining the availability of any rights under this Agreement. 
 5.13
Pronouns. All pronouns contained herein, and any variations thereof, shall be deemed to refer to the masculine, feminine or neutral, singular or plural, as to the identity of the parties hereto may require. 
 5.14 Termination. This Agreement shall terminate and be of no further force or effect upon the earlier of (i) an
Acquisition; or (ii) the date three (3) years following the Closing of the Initial Offering that results in the conversion of all outstanding shares of Series E Preferred. 
 [SIGNATURE PAGE FOLLOWS] 
  

 23. 

 IN WITNESS WHEREOF, the parties hereto have executed
this INVESTOR RIGHTS AGREEMENT as of the date set forth in the first paragraph hereof. 
 COMPANY: 
  

			
	INNERWORKINGS, INC.
		
	By:	 	/s/ Steven E. Zuccarini
	Name:	 	Steven E. Zuccarini
	Title:	 	CEO

 INVESTORS: 
 NEW ENTERPRISE ASSOCIATES 11, LIMITED PARTNERSHIP 
 By: NEA PARTNERS 11, LIMITED PARTNERSHIP, ITS GENERAL
PARTNER 
 By: NEA 11 GP, LLC, ITS GENERAL
PARTNER 
 By: /s/ Peter Barris, Manager 
  

			
	NEA VENTURES 2005, LIMITED PARTNERSHIP
		
	By:	 	/s/ Pamela J. Clark
		 	Vice-President

 INVESTOR RIGHTS AGREEMENT 
 SIGNATURE PAGE 

 INVESTORS (CONT’D): 
  

			
	PRINTWORKS SERIES E, LLC
		
	By:	 	/s/ Younes Nazarian
	Name:	 	Younes Nazarian
		
	Title:	 	  

 INVESTOR: 
  

			
	BARADARAN REVOCABLE TRUST
		
	By:	 	/s/ Sharyar Baradaran
		
	Name:	 	 Sharyar Baradaran,
 as Trustee of the Baradaran
Revocable Trust

 COUNTERPART SIGNATURE PAGE 
 INNERWORKINGS, INC. 
 INVESTOR RIGHTS AGREEMENT 

 INVESTOR: 
 SAM NAZARIAN 
  

			
		
	By:	 	/s/ Sam Nazarian

 Name: Sam Nazarian 
 COUNTERPART SIGNATURE PAGE 
 INNERWORKINGS, INC. 
 INVESTOR RIGHTS AGREEMENT

 INVESTOR: 
  

			
	SHULA TORBATI
		
	By:	 	/s/ Shula Torbati
		
	Name:	 	Shula Torbati

 COUNTERPART SIGNATURE PAGE 
 INNERWORKINGS, INC. 
 INVESTOR RIGHTS AGREEMENT 

 INVESTOR: 
  

			
	DAVID AND ANGELLA NAZARIAN FAMILY TRUST
		
	By:	 	/s/ David Nazarian
		
	Name:	 	David Nazarian, as Trustee of the David and Angella Nazarian Family Trust

 COUNTERPART SIGNATURE PAGE 
 INNERWORKINGS, INC. 
 INVESTOR RIGHTS AGREEMENT 

 INVESTOR: 
  

			
	TONY BOBULINSKI
		
	By:	 	/s/ Anthony R. Bobulinski
		
	Name:	 	Anthony R. Bobulinski

 COUNTERPART SIGNATURE PAGE 
 INNERWORKINGS, INC. 
 INVESTOR RIGHTS AGREEMENT 

 INVESTOR: 
  

			
	PRINTWORKS, LLC
		
	By:	 	/s/ Younes Nazarian
		
	Name:	 	Younes Nazarian
	
	Title (if applicable):
	
	Address:

 COUNTERPART SIGNATURE PAGE 
 INNERWORKINGS, INC. 
 INVESTOR RIGHTS AGREEMENT 

 INVESTOR: 
  

			
	 ORANGE MEDIA, LLC,
 a Delaware limited liability company

		
	By:	 	/s/ Elizabeth K. Lefkofsky
		 	Elizabeth K. Lefkofsky, Manager
		
		 	/s/ Richard A. Heise, Jr.
		 	 Richard A. Heise, Jr.

 COUNTERPART SIGNATURE PAGE 
 INNERWORKINGS, INC. 
 INVESTOR RIGHTS AGREEMENT 

 COMMON HOLDERS (FORMERLY SERIES C PREFERRED
UNIT HOLDERS): 
 INNERWORKINGS SERIES C INVESTMENT 
 PARTNERS, LLC, 
 a Delaware limited liability company

  

			
	
		
	By:	 	/s/ Richard A. Heise, Jr.
		 	Richard A. Heise, Jr., Manager

  
 COUNTERPART
SIGNATURE PAGE 
 INNERWORKINGS, INC. 
 INVESTOR RIGHTS AGREEMENT 

 EXHIBIT A 
 SCHEDULE OF INVESTORS 
 SERIES E INVESTORS: 
 NEW ENTERPRISE ASSOCIATES 11, LIMITED PARTNERSHIP 
 1119 St. Paul Street 
 Baltimore, MD 21202 
 Attn: Louis Citron, Esq. 
  General Counsel 

NEA VENTURES 2005, LIMITED PARTNERSHIP 
 1119 St. Paul Street 
 Baltimore, MD 21202 
 Attn: Louis Citron, Esq. 
  General Counsel 
 PRINTWORKS SERIES E, LLC 
 1801 Century Park West 
 5th floor 
 Los Angeles, CA 90067 
 Attn: Tony
Bobulinski 
 SERIES D PREFERRED INVESTORS: 
 BARADARAN REVOCABLE TRUST 
 201 Delfern Drive 
 Los Angeles, CA 90077 
 Attn:
Sharyar Baradaran 

	 	 CEO,	Baradaran Ventures 

 SAM NAZARIAN

 c/o PrintWorks, LLC 
 1801 Century Park West 
 5th floor 
 Los Angeles, CA 90067 
 Attn: Tony Bobulinski 
 SHULA TORBATI 
 c/o PrintWorks, LLC

 1801 Century Park West 
 5th floor 
 Los Angeles, CA 90067 
 Attn: Tony Bobulinski 
 SCHEDULE OF INVESTORS 

 David and Angella Nazarian Family Trust 
 c/o PrintWorks, LLC 
 1801 Century Park West 
 5th floor 
 Los Angeles, CA 90067 
 Attn: Tony Bobulinski 
 TONY BOBULINSKI 
 c/o PrintWorks, LLC 
 1801 Century Park West 
 5th floor 
 Los Angeles, CA 90067 
 PrintWorks LLC 
 1801 Century Park West 
 5th floor 
 Los Angeles, CA 90067 
 Attn: Tony Bobulinski 
 SERIES B INVESTORS: 
 ORANGE MEDIA, LLC 
 c/o InnerWorkings 
 600 West Chicago Avenue 
 Suite 750 
 Chicago, IL 60610 
 RICHARD A. HEISE, JR. 
 c/o InnerWorkings 
 600 West Chicago Avenue 
 Suite 750 
 Chicago, IL 60610 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	PAGE
			
	 SECTION 1.
	  	GENERAL	  	1
			
	 1.2
	  	Definitions	  	2
			
	 SECTION 2.
	  	REGISTRATION; RESTRICTIONS ON TRANSFER	  	4
			
	 2.1
	  	Restrictions on Transfer	  	4
			
	 2.2
	  	Demand Registration	  	5
			
	 2.3
	  	Piggyback Registrations	  	7
			
	 2.4
	  	Form S-3 Registration	  	8
			
	 2.5
	  	Expenses of Registration	  	9
			
	 2.6
	  	Obligations of the Company	  	10
			
	 2.7
	  	Delay of Registration; Furnishing Information	  	11
			
	 2.8
	  	Indemnification	  	12
			
	 2.9
	  	Assignment of Registration Rights	  	14
			
	 2.10
	  	Limitation on Subsequent Registration Rights	  	14
			
	 2.11
	  	“Market Stand-Off” Agreement	  	14
			
	 2.12
	  	Agreement to Furnish Information	  	15
			
	 2.13
	  	Rule 144 Reporting	  	15
			
	 SECTION 3.
	  	COVENANTS OF THE COMPANY	  	16
			
	 3.1
	  	Basic Financial Information and Reporting	  	16
			
	 3.2
	  	Inspection Rights	  	16
			
	 3.3
	  	Confidentiality of Records	  	17
			
	 3.4
	  	Reservation of Common Stock	  	17
			
	 3.5
	  	Stock Vesting	  	17
			
	 3.6
	  	Observer Rights	  	17
			
	 3.7
	  	Proprietary Information and Inventions Agreement	  	18
			
	 3.8
	  	Directors’ Liability and Indemnification	  	18
			
	 3.10
	  	Qualified Small Business	  	18
			
	 3.11
	  	Termination of Covenants	  	18
			
	 SECTION 4.
	  	RIGHTS OF FIRST REFUSAL	  	18
			
	 4.1
	  	Subsequent Offerings	  	18
			
	 4.2
	  	Exercise of Rights	  	19

  

 i. 

 TABLE OF CONTENTS 
 (CONTINUED) 
  

					
	 	  	 	  	PAGE
			
	 4.3
	  	Issuance of Equity Securities to Other Persons	  	19
			
	 4.4
	  	Sale Without Notice	  	19
			
	 4.5
	  	Termination of Rights of First Refusal	  	19
			
	 4.6
	  	Assignment of Rights of First Refusal	  	20
			
	 4.7
	  	Excluded Securities	  	20
			
	 SECTION 5.
	  	MISCELLANEOUS	  	21
			
	 5.1
	  	Governing Law	  	21
			
	 5.2
	  	Successors and Assigns	  	21
			
	 5.3
	  	Entire Agreement	  	21
			
	 5.4
	  	Severability	  	21
			
	 5.5
	  	Amendment and Waiver	  	21
			
	 5.6
	  	Delays or Omissions	  	22
			
	 5.7
	  	Notices	  	22
			
	 5.8
	  	Attorneys’ Fees	  	22
			
	 5.9
	  	Titles and Subtitles	  	22
			
	 5.10
	  	Additional Investors	  	22
			
	 5.11
	  	Counterparts	  	23
			
	 5.12
	  	Aggregation of Stock	  	23
			
	 5.13
	  	Pronouns	  	23
			
	 5.14
	  	Termination	  	23

  

 ii.Employment Agreement dated November 5, 2004

 Exhibit 10.4 
 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT AGREEMENT (this “Agreement”) is made and
entered into as of November 5, 2004 (the “Effective Date”), by and between Innerworkings, LLC, a Delaware limited liability company (the “Company”), and Steve Zuccarini (“Zuccarini”). 
 1. Employment; Position and Duties. The Company agrees to employ Zuccarini, and Zuccarini agrees to be employed by the Company, upon the terms and
conditions of this Agreement. Zuccarini shall be employed by the Company as the Company’s Chief Executive Officer reporting to the Managers of the Company. In this capacity, Zuccarini agrees to devote his full time, energy and skill to the
faithful performance of his duties herein, and shall perform the duties and carry out the responsibilities assigned to him to the best of his ability and in a diligent, businesslike and efficient manner. Zuccarini’s duties shall include all
those duties customarily performed by the Chief Executive Officer, as well as those additional duties commensurate with his position as Chief Executive Officer that may be reasonably assigned by the Managers. Zuccarini shall comply with any policies
and procedures established for Company employees, including without limitation, those policies and procedures contained in the Company’s employee handbook previously delivered to Zuccarini. 
 2. Manager Meetings. Zuccarini shall be entitled to attend all meetings of the Managers of the Company in a non-voting, observer capacity;
provided, that the Managers may exclude Zuccarini from any portion of a meeting if the Managers believes in good faith that such exclusion is reasonably necessary for the effective management of the Company or to preserve the confidentiality or
privileged nature of certain information. 
 3. Term of Employment. This Agreement shall become effective upon the Effective Date. The
term of this Agreement shall commence on November 29, 2004 and shall expire on January 2, 2009, unless earlier terminated by either parry, in accordance with the terms of this Agreement and/or the following sentence. This Agreement may be
terminated by Zuccarini or by the Company through a majority vote of its Managers or by the Company through a majority vote of the holders of the Company’s Series B Membership Units, at any time, with or without Cause (as defined below). Upon
the termination of Zuccarini’s employment with the Company for any reason, neither party shall have any further obligation or liability under this Agreement to the other party, except as set forth in Sections 6, 7, 8, 9, 10, 11 and 12 of this
Agreement. 
 4. Compensation. Zuccarini shall be compensated by the Company for his services as follows: 
 (a) Base Salary. During the term of this Agreement, Zuccarini shall be paid a base salary (“Base Salary”) of $25,000.00
per month (or $300,000.00 on an annualized basis), subject to applicable withholding, in accordance with the Company’s normal payroll procedures. Zuccarini’s salary shall be reviewed on an annual basis by the Managers of the Company for
possible increase (but not decrease) based on the Company’s operating results and financial condition, salaries paid to other Company executives, and general marketplace and other applicable considerations. Such increased Base Salary, if any,
shall then constitute Zuccarini’s “Base Salary” for purposes of this Agreement. 

 (b) Benefits. During the term of this Agreement, Zuccarini shall have the right,
on the same basis as other members of senior management of the Company, to participate in and to receive benefits under any of the Company’s executive and employee benefit plans, insurance programs and/or indemnification agreements, as may be
in effect from time to time, subject to any applicable waiting periods and other restrictions. In addition, Zuccarini shall be entitled to the benefits afforded to other members of senior management under the Company’s vacation, holiday and
business expense reimbursement policies. 
 (c) Bonuses. 
 (i) Performance Bonus. In addition to the Base Salary, Zuccarini shall be eligible to receive an annual performance bonus
(“Performance Bonus”) of up to one hundred percent (100%) of his Base Salary. The Performance Bonus shall be a discretionary bonus, determined in the sole discretion of the Managers of the Company, based upon Zuccarini’s
performance of his duties and the Company’s financial performance, as well certain performance targets that are approved by the Managers of the Company. The Performance Bonus shall be paid within 45 days following the end of each fiscal year of
the Company. 
 (ii) Special Bonus. Zuccarini shall be entitled to receive a special one-time cash bonus (“Special
Bonus”) of $450,000 (four hundred fifty thousand dollars) in the event that all of the following conditions are satisfied on January 1, 2008: (1) Zuccarini shall not have been terminated for any reason prior to January 1, 2008;
(2) the Company shall not have consummated a Liquidity Event (as defined below) pursuant to which Zuccarini had an opportunity to participate in such Liquidity Event; and (3) the Company shall not have sold, and shall not be currently
engaged in the process of selling, any of its equity securities pursuant to an underwritten Public Offering (as defined below). Notwithstanding the foregoing, in the event that Zuccarini terminates this Agreement for Good Reason (as defined below)
or the Company terminates this Agreement without Cause between January 1, 2007 and December 31, 2007, Zuccarini shall be entitled to receive a portion of the Special Bonus, if all of the conditions listed above have been met, equal to
$450,000 (four hundred and fifty thousand dollars) multiplied by a fraction, the numerator of which is the number of full months that Zuccarini was employed by the Company between January 1, 2005 and January 1, 2008, the denominator of
which is thirty-six (36); 
 For purposes of this Agreement, a “Liquidity Event” means any capital reorganization,
recapitalization, consolidation, merger or sale of the Company’s assets or outstanding securities to or with another person or entity which is effected in a manner that holders of Membership Units of the Company are entitled to receive (either
directly or upon subsequent liquidation) stock, securities or assets with respect to or in exchange for Membership Units. 
 For purposes of this Agreement, a “Public Offering” means any offering by the Company of its equity securities to the public pursuant to an effective registration statement under the Securities Act of 1933, as amended (the
“Securities Act”), or any comparable statement under any similar federal law then in force. 
  

 -2- 

 (d) Expenses. In addition to reimbursement for business expenses incurred by
Zuccarini in the normal and ordinary course of his employment by the Company pursuant to the Company’s standard business expense reimbursement policies and procedures, the Company shall reimburse Zuccarini for the full amount of his insurance
costs should he elect to participate in the Company’s insurance program(s). 
 5. Unit Options. Concurrently with the execution
of this Agreement, Zuccarini shall be granted one or more options to purchase an aggregate of 1,500,000 A Common Non-Voting Units of the Company (the “Options”) at a purchase price of $0.50 per Unit. The Units acquired upon exercise of the
Options shall be subject to (i) a right of repurchase as defined in the LLC Agreement and/or the 2004 Unit Option Plan and (ii) a right of first refusal which shall terminate upon the completion of the Company’s initial Public
Offering (as defined below). In the event that Zuccarini’s employment with the Company is terminated, Zuccarini shall have ninety (90) days following such termination to exercise any vested Options; provided, however, that in the case of
termination due to death or disability, such period to exercise shall be six (6) months. Notwithstanding the foregoing, the Options shall not be exercisable after the expiration of their terms. The Options shall vest as follows: 300,000 Units
on November 29, 2004 (which options shall be immediately exercisable); an additional 300,000 Units on January 1, 2006; an additional 300,000 Units on January 1, 2007; an additional 300,000 Units on January 1, 2008; and an
additional 300,000 Units on January 1, 2009. Except as provided herein, such Options shall be subject to the terms of the Company’s 2004 Unit Option Plan and the option agreements provided to Zuccarini pursuant to the plan, and
Zuccarini’s receipt of the Options shall be subject to his executing such option agreement. A copy of each of the 2004 Unit Option Plan and such option agreement are attached hereto as Exhibit A and Exhibit B, respectively.
The Company shall permit Zuccarini to exercise off all the Options by tending to the Company a full recourse note secured by the Units acquired upon exercise, which note shall bear interest at the minimum rate permitted by law. The number of
Units and option price per Unit set forth in this Section 5 shall be adjusted to reflect any Unit splits or Unit dividends after the Effective Date. 
 (a) Right to Vote. Upon full vesting of all 1,500,000 Options specified above, and upon Zuccarini exercising all of the Options as set forth in Section 5 above, the Units shall convert from A Common
Non-Voting Units to A Common Units. The Managers agree to take any and all reasonable actions to effectuate this conversion in voting status at that time. 
 (b) Acceleration of Options. The vesting of the Options shall accelerate in the event that any of the following shall occur during the term of this Agreement: (1) Zuccarini generates GAAP-certified gross
margin on accounts that he sold, without commissions being paid, in an amount no less then $10,000,000 (ten million dollars) in any rolling, consecutive twelve (12) month period, based on cash collections and as determined by the Company’s
accountants; (2) the GAAP-certified EBITDA of the Company equals or exceeds $20,000,000 (twenty million dollars) in any fiscal year, as determined by the Company’s accountants; (3) the sale to any third party of at least twenty five
percent (25%) of the total then-outstanding Membership Units of the Company for a cash or publicly traded stock purchase price equal to at least $3.50 (three dollars and fifty cents) per Unit; or (4) the Company consummates a Qualified
Initial Public Offering defined as the Company’s Stock is thereafter publicly traded on a nationally recognized public stock exchange. 
  

 -3- 

 (c) Additional Grant of Options. In addition to the Options covering 1,500,000
(one million five hundred thousand) Units listed above, during his tenure as Chief Executive Officer, Zuccarini shall be eligible to receive an additional one-time Option grant covering 600,000 (six hundred thousand) Units, which shall be fully
vested and immediately exercisable, under the same terms as defined above, in the event that any of the following shall occur during the term of this Agreement: (1) Zuccarini generates GAAP-certified gross margin on accounts that he sold,
without commissions being paid, in an amount no less then $20,000,000 (twenty million dollars) in any rolling, consecutive twelve (12) month period, based on cash collections and as determined by the Company’s accountants; (2) the
GAAP-certified EBITDA of the Company equals or exceeds $30,000,000 (thirty million dollars) in any fiscal year, as determined by the Company’s accountants; or (3) the sale to any third party of at least twenty five percent (25%) of
the total then-outstanding Membership Units of the Company for a cash purchase price equal to at least $5.50 (five dollars and fifty cents) per Unit. 
 6. Benefits Upon Termination. 
 (a) Termination for Cause or Termination for Other
than Good Reason. In the event of the termination of Zuccarini’s employment by the Company for Cause (as defined below), the termination of Zuccarini’s employment by reason of his death or disability, or the termination of
Zuccarini’s employment by Zuccarini for any reason other than Good Reason (as defined below), Zuccarini shall be entitled to no further compensation or benefits from the Company other than those earned under Sections 4(a), 4(b), and 4(c)
through the date of termination, or in the case of any Options, vested through the date of termination. Any unvested portion of the Options shall thereupon terminate immediately. 
 For purposes of this Agreement, a termination for “Cause” occurs if Zuccarini’s employment is terminated by the Company for any of the
following reasons: 
 (i) his failure to perform reasonably assigned duties as Chief Executive Officer of the Company after
written notice of such failure and a reasonable opportunity to remedy such failure, 
 (ii) theft, dishonesty, or
falsification of any employment or Company records by Zuccarini; 
 (iii) the determination by the Managers or the holders of
a majority of the Company’s Membership Units that Zuccarini has committed an act or acts constituting a felony or any act involving moral turpitude; 
 (iv) the determination by the Managers or the holders of a majority of the Company’s Membership Units that Zuccarini has engaged in willful misconduct or gross negligence that has had a material adverse effect on
the Company’s reputation or business; or 
 (v) the material breach by Zuccarini of any provision of this Agreement after
written notice of such breach and a reasonable opportunity to cure such breach; 
 provided, however, that clause (i) above shall not
apply after the earlier of the date (A) the Company consummates its initial public offering of its securities pursuant to a registration under  

  

 -4- 

 
the Securities Act, or (B) the Company consummates an equity financing that values the Company at a price greater than $8.00 (subject to adjustment for
any stock splits or stock dividends after the Effective Date) per Unit (or other equivalent security). 
 For purposes of this Agreement, a
termination for “Good Reason” occurs if Zuccarini terminates his employment for any of the following reasons: 
 (i)
the Company materially reduces Zuccarini’s duties or responsibilities below what is customary for a Chief Executive Officer or President of a business that is similar to Company without Zuccarini’s consent; 
 (ii) the Company requires Zuccarini to relocate his office more than 100 miles from the current office of the Company without his consent;
or 
 (iii) the Company has breached the terms of this Agreement and such breach continues for more than thirty (30) days
after notice from Zuccarini to the Company specifying the action which constitutes the breach and demanding its discontinuance. 
 (b) Termination Without Cause or Termination for Good Reason. If Zuccarini’s employment is terminated by the Company for any reason other than for Cause or by reason of his death or disability, or if Zuccarini’s employment
is terminated by Zuccarini for Good Reason, Zuccarini shall be entitled to: 
 (i) receive continued payment of his Base
Salary, less applicable withholding, in accordance with the Company’s normal payroll procedures, for twelve (12) months following the termination of Zuccarini’s employment; and 
 (ii) additional vesting of the greater of (a) 150,000 Units covered by Option(s) or (b) if Zuccarini’s employment hereunder
is terminated between July 1 and December 31 in any year, an amount of unvested Options equal to 300,000 multiplied by a fraction, the numerator of which is the number of full months that Zuccarini was employed by the Company during the
calendar year in which the termination occurred and the denominator of which is twelve (12). 
 Notwithstanding anything to the contrary
herein, no payments shall be due under this Section 6(b) unless and until Zuccarini shall have executed a general release and waiver of claims against the Company, consistent with Section 9 below, and in a form reasonably satisfactory to
the Company, and the execution of such general release and waiver shall be a condition to Zuccarini’s rights under this Section 6(b). 
 7. Change of Control. If, during the three (3) months prior to the public announcement of a proposed Change of Control, or at any time following a Change of Control, Zuccarini’s employment is terminated by the Company for
any reason other than Cause, or terminated by Zuccarini for Good Reason, Zuccarini shall be entitled to, in addition to the compensation and benefits outlined under Section 6(b) above, immediate vesting of an additional 450,000 Options as if
Zuccarini’s employment had continued for a period of eighteen months following the termination. For purposes of this Agreement, a “Change of Control” shall have the same meaning as the term “Change of Control” set forth in
the Company’s 2004 Unit Option Plan. 
  

 -5- 

 8. Employee Inventions and Proprietary Rights Assignment Agreement. Zuccarini agrees to abide by
the terms and conditions of the Company’s standard Employee Inventions and Proprietary Rights Assignment Agreement as executed by Zuccarini and attached hereto as Exhibit C. 
 9. Covenants Not to Compete or Solicit. During Zuccarini’s employment and for a period of one (1) year following the termination of
Zuccarini’s employment for any reason, or two (2) years if the Company elects (which election shall be made in writing within (60) sixty days following the date of termination), in its sole discretion, to pay Zuccarini his Base Salary
for an additional twelve (12) months beyond the 12-month period described in Section 6(b)(i) above if due, Zuccarini shall not, anywhere in the Geographic Area (as defined below), other than on behalf of Company or with the prior written
consent of Company, directly or indirectly: 
 (a) perform services for (whether as an employee, agent, consultant, advisor,
independent contractor, proprietor, partner, officer, director or otherwise), have any ownership interest in (except for passive ownership of five percent (5%) or less of any entity whose securities have been registered under the Securities Act
or Section 12 of the Securities Exchange Act of 1934, as amended), or participate in the financing, operation, management or control of, any firm, partnership, corporation, entity or business that engages or participates in a “competing
business purpose” (as defined below); 
 (b) induce or attempt to induce any customer, potential customer, supplier,
licensee, licensor or business relation of Company to cease doing business with Company, or in any way interfere with the relationship between any customer, potential customer, supplier, licensee, licensor or business relation of Company or solicit
the business of any customer or potential customer of Company, whether or not Zuccarini had personal contact with such entity; and 
 (c) solicit, encourage, hire or take any other action which is intended to induce or encourage, or has the effect of inducing or encouraging, any employee or Independent Contractor of Company or any subsidiary of Company to terminate his or
his employment or relationship with Company or any subsidiary of the Company, other than in the discharge of his duties as an officer of the Company. 
 For the purpose of this Agreement, the term “competing business purpose” shall mean the sale or provision of any printed materials, items, or other products that are competitive with in any manner the
products sold or offered by the Company during the term of this Agreement. The term “Geographic Area” shall mean the United States of America. 
 The covenants contained in this Section 9 shall be construed as a series of separate covenants, one for each county, city, state, or any similar subdivision in any Geographic Area. Except for geographic coverage,
each such separate covenant shall be deemed identical in terms to the covenant contained in the preceding Sections. If, in any judicial proceeding, a court refuses to enforce any of such separate covenants (or any part thereof), then such
unenforceable 

  

 -6- 

 
covenant (or such part) shall be eliminated from this Agreement to the extent necessary to permit the remaining separate covenants (or portions thereof) to
be enforced. In the event that the provisions of this Section 9 are deemed to exceed the time, geographic or scope limitations permitted by applicable law, then such provisions shall be reformed to the maximum time, geographic or scope
limitations, as the case may be, permitted by applicable laws. 
 10. Equitable Remedies. Zuccarini acknowledges and agrees that the
agreements and covenants set forth in Sections 8 and 9 are reasonable and necessary for the protection of the Company’s business interests, that irreparable injury will result to the Company if Zuccarini breaches any of the terms of said
covenants, and that in the event of Zuccarini’s actual or threatened breach of any such covenants, the Company will have no adequate remedy at law. Zuccarini accordingly agrees that, in the event of any actual or threatened breach by Zuccarini
of any of said covenants, the Company will be entitled to seek immediate injunctive and other equitable relief, without bond and without the necessity of showing actual monetary damages. Nothing in this Section 10 will be construed as
prohibiting the Company from pursuing any other remedies available to it for such breach or threatened breach, including the recovery of any damages that it is able to prove. 
 11. Dispute Resolution. In the event of any dispute or claim relating to or arising out of this Agreement (including, but not limited to, any
claims of breach of contract, wrongful termination or age, sex, race or other discrimination), Zuccarini and the Company agree that all such disputes shall be fully and finally resolved by binding arbitration conducted by the American Arbitration
Association in Chicago, Illinois in accordance with its National Employment Dispute Resolution rules, as those rules are currently in effect (and not as they may be modified in the future). Zuccarini acknowledges that by accepting this arbitration
provision he is waiving any right to a jury trial in the event of such dispute. Notwithstanding the foregoing, this arbitration provision shall not apply to any disputes or claims relating to or arising out of the misuse or misappropriation of trade
secrets or proprietary information. 
 12. Attorneys’ Fees. Zuccarini shall be entitled to recover from the Company his
reasonable attorneys’ fees and costs if he prevails in an action to enforce any right arising out of this Agreement. 
 13. Governing
Law. This Agreement has been executed in the State of Illinois, and Zuccarini and the Company agree that this Agreement shall be interpreted in accordance with and governed by the laws of the State of Illinois, without regard to its conflicts of
laws principles. 
 14. Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the Company and its
successors and assigns, provided that successor or assignee is the successor to substantially all of the assets of the Company, or a majority of its then outstanding Units, and that such successor or assignee assumes the liabilities, obligations and
duties of the Company under this Agreement, either contractually or as a matter of law. In view of the personal nature of the services to be performed under this Agreement by Zuccarini, she shall not have the right to assign or transfer any of his
rights, obligations or benefits under this Agreement, except as otherwise noted herein. 
  

 -7- 

 15. Entire Agreement. This Agreement, including its attached Exhibits, constitutes
the entire employment agreement between Zuccarini and the Company regarding the terms and conditions of his employment, with the exception of (i) those provisions of the Company’s 2004 Unit Option Plan incorporated by reference pursuant to
Section 7, (ii) the promissory note described in Section 5, and (iii) any stock option agreement between Zuccarini and the Company described in Section 5. This Agreement (including the documents described in clauses (i),
(ii), and (iii) of this Section 15) supersedes all prior negotiations, representations or agreements between Zuccarini and the Company, whether written or oral, concerning Zuccarini’s employment. 
 16. No Conflict. Zuccarini represents and warrants to the Company that neither his entry into this Agreement nor his performance
of his obligations hereunder will conflict with or result in a breach of the terms, conditions or provisions of any other agreement or obligation to which Zuccarini is a party or by which Zuccarini is bound, including without limitation, any
non-competition or confidentiality agreement previously entered into by Zuccarini. 
 17. Validity. Except as
otherwise provided in Section 9, above, if any one or more of the provisions (or any part thereof) of this Agreement shall be held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining
provisions (or any part thereof) shall not in any way be affected or impaired thereby. 
 18. Modification. This
Agreement may not be modified or amended except by a written agreement signed by Zuccarini and the Company. 
 IN WITNESS
WHEREOF, the parties have executed this Agreement as of the date and year written below. 
  

									
		 		 	Innerworkings, LLC
					
	 Date:
	 	 11/5/04
	 		 	 By:
	 	 /s/ Authorized Signatory

		 		 		 	 Name:
	 	 Authorized Signatory

		 		 		 	 Its:
	 	
				
	 Date:
	 	 11/5/04
	 		 	 /s/ Steve Zuccarini

		 		 		 	 Steve Zuccarini

 EXHIBITS TO EMPLOYMENT AGREEMENT 
 Exhibit A – 2004 Unit Option Plan 
 Exhibit B – Option Agreement dated as of November 15, 2004

 Exhibit C – Employee Inventions and Proprietary Rights Assignment Agreement 
  

 -8- 

 AMENDMENT TO EMPLOYMENT AGREEMENT 
 THIS AMENDMENT TO EMPLOYMENT AGREEMENT (this “Amendment”) is made and entered into effective as of May 8, 2006 (the “Amendment Effective
Date”), by and between Innerworkings, Inc., a Delaware corporation (the “Company”), and Steve Zuccarini (“Zuccarini”). 
 WHEREAS, the Company and Zuccarini are parties to an employment agreement dated November 5,2004 (the “2004 Agreement”); and 
 WHEREAS, the parties desire to amend certain terms of the 2004 Agreement under which Zuccarini shall continue to be employed by the Company; and 
 WHEREAS, the parties desire to set forth the amended terms and conditions, with the understanding that the remaining terms and conditions of the 2004
Agreement shall continue in full force and effect, except where amended by this Amendment. 
 NOW, THEREFORE, in consideration of the
foregoing recitals, the mutual promises and agreements hereinafter set forth, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties, intending to be legally bound, agree as follows:

 1. The first sentence of Section 3 of the 2004 Agreement (entitled “Term of Employment”) is amended to provide that the
term of the 2004 Agreement shall expire on the sixth anniversary of the Amendment Effective Date, unless earlier terminated by either party, in accordance with the terms of the 2004 Agreement. 
 2. The first sentence of Section 4(a) of the 2004 Agreement (entitled “Base Salary”) is amended to provide that, beginning as of
January 1, 2007, Zuccarini shall be paid a Base Salary of at least $37,500.00 per month (or $450,000.00 on an annualized basis), subject to applicable withholding, in accordance with the Company’s normal payroll procedures. 
 3. The first sentence of Section 4(c)(i) of the 2004 Agreement (entitled “Performance Bonus”) shall be deleted and replaced in its
entirety by the following sentence: 
 In addition to the Base Salary, Zuccarini shall be eligible to receive an annual performance bonus
(“Performance Bonus”). 
 4. The following Section 4(c)(iii) shall be added to the 2004 Agreement, effective January 1,
2007: 
 Targeted Bonus. In addition to the Base Salary and the bonuses described in Section 4(c)(i) and Section 4(c)(ii)
above, Zuccarini shall be paid an annual targeted bonus (“Targeted Bonus”) equal to $150,000 (one hundred fifty thousand dollars), subject to the Company exceeding a target level of net income approved by the Board of Directors of the
Company. The Targeted Bonus shall be paid within 45 days following the end of each fiscal year of the Company. For purposes of Section 6(a), the Targeted Bonus shall be deemed to be earned on the 

 
last day of each calendar year that Zuccarini remains employed by the Company, with the first such Targeted Bonus being earned on December 31, 2007.

 5. The second sentence of the first paragraph of Section 5 of the 2004 Agreement, which reads as follows: 
 “The Units acquired upon exercise of the Options shall be subject to (i) a right of repurchase as defined in the LLC Agreement and/or the 2004
Unit Option Plan and (ii) a right of first refusal which shall terminate upon the completion of the Company’s initial Public Offering (as defined below).” 
 shall be deleted. 
 6. The
eighth sentence of the first paragraph of Section 5 of the 2004 Agreement, which reads as follows: 
 “The Company shall permit
Zuccarini to exercise all of the Options by tendering to the Company a full recourse note secured by the Units acquired upon exercise, which note shall bear interest at the minimum rate permitted by law.” 
 shall be deleted. 
 7.
Whereas the Options described in Section 5(c) of the 2004 Agreement have not been granted and will not be granted, that section shall be deleted and replaced in its entirety by the following paragraph: 
 Additional Grant of Options. In addition to the Options described above in this Section 5, Zuccarini shall receive an additional one-time
Option grant covering 750,000 (seven hundred fifty thousand) Shares on the Amendment Effective Date. The Options granted pursuant to this Section 5(c): (i) shall have an exercise price equal to $4.92 per Share, and (ii) shall vest in
an amount equal to 125,000 Shares on each of the first six anniversaries of the Amendment Effective Date. Notwithstanding the foregoing, the Options granted pursuant to this subsection shall become fully vested upon a Change in Control, as defined
in Section 7, and shall not vest upon any of the events described in Section 5(b) above. The Options shall become immediately exercisable upon vesting. Except as provided herein, such Options shall be subject to the terms of the
Company’s 2004 Unit Option Plan and the option agreement provided to Zuccarini pursuant to the plan, and Zuccarini’s receipt of the Options shall be subject to his executing such option agreement The number of Shares and exercise price of
the Options set forth in this Section 5(c) shall be adjusted to reflect any Share splits or Share dividends after the Amendment Effective Date. 
 8. Section 6(b)(i) of the 2004 Agreement shall be deleted and replaced in its entirety by the following paragraph: 
 receive an amount equal to $50,000 (fifty thousand dollars), less applicable withholding, in accordance with the Company’s normal payroll procedures, in 

  

 2 

 
each of the twenty-four (24) months following the termination of Zuccarini’s employment; and 
 9. Section 6(b)(ii) of the 2004 Agreement shall be deleted and replaced in its entirety by the following paragraph: 
 additional vesting of the Options that would have otherwise vested if Zuccarini had remained employed by the Company during the twenty-four
(24) months following the termination of his employment. The effective date of such vesting shall be the date as of which Zuccarini’s employment is terminated. 
 10. Section 6(b) of the 2004 Agreement shall be amended by adding a new paragraph (iii) providing as follows: 
 (iii) receive, for the twenty-four (24) months following the termination of his employment, continuation of the employee benefits previously provided for Zuccarini and his dependents under Section 4(b);
provided that such benefits continuation shall end earlier upon Zuccarini becoming eligible for comparable benefits by virtue of new employment 
 11. Section 6(b) of the 2004 Agreement shall be amended by adding the following sentence to the final paragraph: 
 Zuccarini
shall have no duty to mitigate the payments under this Section 6(b) by seeking other employment, and except as specified in paragraph (iii), above, the Company shall not be entitled to set off against amounts payable hereunder any compensation
which he may receive from subsequent employment. 
 12. The first paragraph of Section 9 shall be deleted and replaced in its entirety
by the following paragraph: 
 During Zuccarini’s employment and for a period of two (2) years following the termination of
Zuccarini’s employment for any reason, Zuccarini shall not, anywhere in the Geographic Area (as defined below), other than on behalf of the Company or with the prior written consent of the Company, directly or indirectly: 
 13. The following Section 19 shall be added to the 2004 Agreement: 
 Code Section 409A. In the event that any amount due to Zuccarini hereunder after the termination of his employment shall be considered to be deferred compensation pursuant to Section 409A of the Internal
Revenue Code of 1986, as amended (the “Code”), and it is determined that Zuccarini is a “specified employee” for purposes of Section 409A(a)(2)(B)(i) of the Code, then the Company shall delay the payment of such amount for
six (6) months after the termination of his employment (or until his death, if earlier) or for such other amount of time as may be necessary to comply with the requirements of Section 409A(a)(2)(B)(i) of the Code. The parties agree to make
such other amendments 

  

 3 

 to this Agreement as are necessary to comply with the requirements of Section 409A of the Code.

 14. All references in the 2004 Agreement to the Managers of the Company shall be deleted and replaced by references to the Board of
Directors of the Company. All references in the 2004 Agreement to Units of the Company shall be deleted and replaced by references to shares of Company stock. 
 * * * * * 
  

 4 

 IN WITNESS WHEREOF, the parties have executed this Amendment as of the date and year first written above.

  

			
	Innerworkings, Inc.
		
	 By:
	 	 /s/ Nick Galassi

	 Name:
	 	 Nick Galassi

	 Its:
	 	 CFO

  

			
		
	 /s/ Steve Zuccarini
	 	 5/8/06

	 Steve Zuccarini
	 	

  

 5

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