Document:

Fourth Amendment to Loan and Security Agreement

 Exhibit 10.34 
 FOURTH AMENDMENT 
 TO 

LOAN AND SECURITY AGREEMENT 
 This Fourth Amendment to Loan and Security Agreement (this “Amendment”) is entered into as of September 27, 2010, by and between COMERICA BANK (“Bank”) and BAZAARVOICE, INC.
(“Borrower”). 
 RECITALS 

Borrower and Bank are parties to that certain Loan and Security Agreement dated as of July 18, 2007, as it may be
amended from time to time, including, without limitation, by that certain First Amendment to Loan and Security Agreement dated as of November 30, 2008, that certain Second Amendment to Loan and Security Agreement dated as of July 20, 2009,
and that certain Third Amendment to Loan and Security Agreement dated as of January 22, 2010 (as it may be amended from time to time, the “Agreement”). The parties desire to amend the Agreement in accordance with the terms of this
Amendment. 
 NOW, THEREFORE, the parties agree as follows: 

1. Exhibit A to the Agreement is amended by adding or amending and restating the following defined terms to read in
their entirety as follows: 
 “‘Eligible Monthly Services Fees’ means, as of any date of
determination, the product of (i) the Renewal Rate Ratio multiplied by (ii) the Recurring Monthly Service Revenues.” 
 “‘Indebtedness’ means (a) all indebtedness for borrowed money or the deferred purchase price of property or services, including without limitation reimbursement and other obligations
with respect to surety bonds and letters of credit, (b) all obligations evidenced by notes, bonds, debentures or similar instruments, (c) all capital lease obligations, (d) all Contingent Obligations, and (e) all obligations
arising under the Letter of Credit/Credit Card Services Sublimit.” 
 “‘Letter of Credit’
means a commercial or standby letter of credit or similar undertaking issued by Bank at Borrower’s request in accordance with Section 2.1(b)(iv).” 

‘“Letter of Credit/Credit Card Services Sublimit’ shall mean Two Million Six Hundred Fifty Thousand and
00/100 Dollars (52,650,000.00).” 
 “‘Line Increase Date’ shall have the meaning assigned in
Section 2.1(b)(ii).” 
 “‘Recurring Monthly Service Revenues’ means Borrower’s
three month trailing recurring monthly service revenues received from account debtors that have executed a service contract with Borrower; provided, however, that (A) the service contract revenue of any account debtor (1) whose contracts
with Borrower the account debtor has failed to pay within 90 days of invoice date, (2) whose contracts are not going to be renewed or (3) that is subject to any Insolvency Proceeding, or becomes insolvent, or goes out of business will be
excluded from the calculation of Eligible Monthly Service Fees, unless otherwise consented to in writing by Bank, and (B) upon giving five (5) days written notice to Borrower, Bank may exclude from the calculation of Eligible Monthly
Service Fees revenues associated with (y) any contracts that Bank reasonably determines may not be collectible or (z) any contracts that are not performing acceptably to Bank.” 

“‘Renewal Rate Ratio’ means, as of any date of determination, the ratio of (i) the aggregate amount
payable under service contracts that came up for renewal during the prior three month period ending on such date of determination and were actually renewed by existing account debtors of Borrower during the three month period then ending, to
(ii) the aggregate amount payable under all services contracts that came up for renewal during the prior three month period then ending.” 

 “‘Revolving Line’ means, initially, a Credit Extension
(inclusive of any amounts outstanding under the Letter of Credit/Credit Card Services Sublimit) of up to $7,000,000. On and after December 1, 2010, ‘Revolving Line’ shall mean a Credit Extension (inclusive of any amounts outstanding
under the Letter of Credit/Credit Card Services Sublimit) of up to $10,000,000, subject to increase pursuant to Section 2.1(b)(ii) hereof by an amount equal to the Revolving Line Optional Increase Amount. For the avoidance of doubt, at no time
shall the Revolving Line exceed $15,000,000.” 
 “‘Revolving Line Optional Increase Amount’
shall mean an amount equal to $5,000,000.” 
 “‘Revolving Maturity Date’ means
November 30, 2012.” 
 “‘Fourth Amendment Date’ means September 27, 2010.”

 2. Exhibit A of the Agreement is amended by deleting the defined terms “Credit Card Services
Sublimit” and “Letter of Sublimit” in their entirety. 
 3. Section 2.1(b) of the Agreement
is amended and restated to read in its entirety as follows: 
 “(b) Advances Under Revolving Line.

 (i) Amount. Subject to and upon the terms and conditions of this Agreement (1) Borrower may
request Advances in an aggregate outstanding amount not to exceed the lesser of (A) the Revolving Line or (B) the Borrowing Base, less any amounts outstanding under the Letter of Credit/Credit Card Services Sublimit, and (2) amounts
borrowed pursuant to this Section 2.1(b) may be repaid and reborrowed at any time prior to the Revolving Maturity Date, at which time all Advances under this Section 2.1(b) shall be immediately due and payable. Borrower may repay any
Advances without penalty or premium. 
 (ii) Optional Increase in Revolving Line. The Bank shall increase
the Revolving Line by the Revolving Line Optional Increase Amount on the date (the ‘Line Increase Date’) that the Bank receives all of the following: 
 (a) A written request from Borrower for such increase; 
 (b)
Evidence satisfactory to Bank that Borrower achieved, as of the end of the immediately preceding month, Recurring Monthly Service Revenues of at least Five Million Dollars ($5,000,000); and 

(c) A certificate signed by a Responsible Officer of Borrower certifying that, before and after giving effect to such
increase, (i) the representations and warranties contained in this Agreement and the other Loan Documents are true and correct in all material respects on and as of the Line Increase Date, except to the extent that such representations and
warranties specifically refer to an earlier date, in which case they are true and correct in all material respects as of such earlier date, and (ii) no Default or Event of Default shall have occurred and be continuing. 

(iii) Form of Request. Whenever Borrower desires an Advance, Borrower will notify Bank by facsimile transmission or
telephone no later than 3:00 p.m. Central time (1:00 p.m. Central time for wire transfers), on the Business Day that the Advance is to be made. Each such notification shall be promptly confirmed by a Payment/Advance Form in substantially the form of
Exhibit C. Bank is authorized to make Advances under this Agreement, based upon instructions received from a Responsible Officer or a designee of a Responsible Officer, or without instructions if in Bank’s discretion such Advances are

  
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necessary to meet Obligations which have become due and remain unpaid. Bank shall be entitled to rely on any telephonic notice given by a person who Bank reasonably believes to be a Responsible
Officer or a designee thereof, and Borrower shall indemnify and hold Bank harmless for any damages or loss suffered by Bank as a result of such reliance. Bank will credit the amount of Advances made under this Section 2.1(b) to Borrower’s
deposit account. 
 (iv) Letter of Credit Sublimit. Subject to the availability under the Revolving Line,
and in reliance on the representations and warranties of Borrower set forth herein, at any time and from time to time from the date hereof through the Business Day immediately prior to the Revolving Maturity Date, Bank shall issue for the account of
Borrower such Letters of Credit as Borrower may request by delivering to Bank a duly executed letter of credit application on Bank’s standard form; provided, however, that the outstanding and undrawn amounts under all such Letters of Credit
plus the aggregate limit of the corporate credit cards and merchant credit card processing reserves related to Credit Card Services (defined in Section 2.1(b)(v)) (i) shall not at any time exceed the Letter of Credit/Credit Card Services
Sublimit, and (ii) shall be deemed to constitute Advances for the purpose of calculating availability under the Revolving Line. Unless otherwise approved by Bank in advance, all Letters of Credit shall be used to support Borrower’s
leasehold deposit requirements. Any drawn but unreimbursed amounts under any Letters of Credit shall be charged as Advances against the Revolving Line. All Letters of Credit shall be in form and substance acceptable to Bank in its sole discretion
and shall be subject to the terms and conditions of Bank’s form application and letter of credit agreement. Borrower will pay any standard issuance and other fees that Bank notifies Borrower it will charge for issuing and processing Letters of
Credit. 
 (v) Credit Card Services Sublimit. Subject to the terms and conditions of this Agreement,
Borrower may request corporate credit cards and standard and e-commerce merchant account services from Bank (collectively, the ‘Credit Card Services’). The aggregate limit of the corporate credit cards issued by Bank and merchant credit
card processing reserves plus the outstanding and undrawn amounts under all Letters of Credit shall not exceed the Letter of Credit/Credit Card Services Sublimit, provided that availability under the Revolving Line shall be reduced by the aggregate
limits of the corporate credit cards issued to Borrower by Bank and merchant credit card processing reserves. In addition, Bank may, in its sole discretion, charge as Advances any amounts that become due or owing to Bank in connection with the
Credit Card Services. The terms and conditions (including repayment and fees) of such Credit Card Services shall be subject to the terms and conditions of the Bank’s standard forms of application and agreement for the Credit Card Services,
which Borrower hereby agrees to execute. 
 (vi) Collateralization of Obligations Extending Beyond
Maturity. If Borrower has not secured to Bank’s satisfaction its obligations with respect to any Letters of Credit or Credit Card Services by the Revolving Maturity Date, then, effective as of such date, the balance in any deposit accounts
held by Bank and the certificates of deposit or time deposit accounts issued by Bank in Borrower’s name (and any interest paid thereon or proceeds thereof, including any amounts payable upon the maturity or liquidation of such certificates or
accounts), shall automatically secure such obligations to the extent of the then continuing or outstanding and undrawn Letters of Credit or Credit Card Services. Borrower authorizes Bank to hold such balances in pledge and to decline to honor any
drafts thereon or any requests by Borrower or any other Person to pay or otherwise transfer any part of such balances for so long as the Letters of Credit or Credit Card Services are outstanding or continue.” 

4. Section 2.2 of the Agreement is amended and restated to read in its entirety as follows: 

“2.2 Overadvances. If the aggregate amount of the outstanding Advances plus the outstanding and undrawn
amounts under all Letters of Credit plus the aggregate limit of the corporate credit cards and merchant credit card processing reserves exceeds the lesser 

  
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of the Revolving Line or the Borrowing Base, at any time, Borrower shall immediately pay to Bank, in cash, the amount of such excess.” 

5. Section 2.3(a)(i) of the Agreement is amended and restated to read in its entirety as follows: 

“(i) Advances. Except as set forth in Section 2.3(b), the Advances shall bear interest, on the
outstanding daily balance thereof, as set forth in the Prime Referenced Rate Addendum to Loan and Security Agreement attached as Exhibit F.” 
 6. The first sentence of Section 2.3(c) of the Agreement is amended and restated to read in its entirety as follows: 

“Interest hereunder shall be due and payable as set forth in the Prime Referenced Rate Addendum to Loan and Security
Agreement attached as Exhibit F.” 
 7. Section 2.5(b) of the Agreement is amended and restated
to read in its entirety as follows: 
 “(b) Early Termination Fee. If this Agreement is terminated
before the latest expiration date of any credit facility hereunder and the credit facilities are not refinanced by Bank, Borrower shall pay an early termination fee in the amount of $75,000; and” 

8. Section 2.5(d) of the Agreement is amended and restated to read in its entirety as follows: 

“(d) Commitment Fees. Nonrefundable commitment fees each in the amount of $12,500.00, and payable: 

 

	 	(i)	 on the Fourth Amendment Date; 

  

	 	(ii)	 on the first Business Day after the aggregate principal amount of Credit Extensions (inclusive of any amounts outstanding under the Letter of
Credit/Credit Card Services Sublimit) outstanding under the Revolving Line is Five Million and 00/100 Dollars ($5,000,000) or more; and 

  

	 	(iii)	 on the first Business Day after the aggregate principal amount of Credit Extensions (inclusive of any amounts outstanding under the Letter of
Credit/Credit Card Services Sublimit) outstanding under the Revolving Line is Ten Million and 00/100 Dollars ($10,000,000) or more.” 

 9. Section 6.2(vi) of the Agreement is amended and restated to read in its entirety as follows: 
 “(vi) as soon as available, but in any event no later than April 30 of each year, board approved annual financial projections (which projections shall include monthly balance sheets, monthly
income statements and monthly cash flow statements and be in form reasonably acceptable to Bank) for the then current or next fiscal year of Borrower, as applicable (any board approved changes to Borrower’s projections shall be reported to Bank
within 30 days of the date of any such approval), and such other budgets, sales projections, operating plans or other financial information generally prepared by Borrower in the ordinary course of business as Bank may reasonably request from time to
time;” 
 10. Section 6.2(c) of the Agreement is amended and restated to read in its entirety as
follows: 
 “(c) Within (i) 30 days after the last day of each month, Borrower shall deliver to Bank a
customer bookings report, detailing such month’s customer bookings, and (ii) 30 days after the last day of each fiscal quarter of Borrower, Borrower shall deliver to Bank a renewal rate report, detailing such fiscal quarter’s service
contract renewal rates, each in form and detail acceptable to Bank. The renewal rate report shall include, without 

  
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limitation, the dollar value and the identity of the account debtor associated with each service contract on such report.” 

11. Section 6.7 of the Agreement is amended and restated to read in its entirety as follows: 

“6.7 Financial Covenant. Borrower shall maintain at all times after the Line Increase Date, the following
financial covenant, which shall be tested monthly: 
 (a) Minimum Cash at Bank. A balance of Cash at Bank
of not less then $5,000,000. 
 Commencing May 1, 2011, Bank shall have the right, but not the obligation,
to reset any financial covenant(s) in this Section 6.7 (which reset financial covenant(s) shall be mutually agreed upon by Bank and Borrower) based on Borrower’s financial projections delivered to Bank in accordance with
Section 6.2.” 
 12. The references in Section 6.9 of the Agreement to “license or
agreement” are deleted and replaced with references to “inbound license agreement.” 
 13.
Section 7.2 of the Agreement is amended and restated to read in its entirety as follows: 
 “7.2
Change in Name, Location, Executive Office, or Executive Management; Change in Business; Change in Fiscal Year; Change in Control. Change its name or the Borrower State or relocate its chief executive office without 15 Business Days prior
written notification to Bank; replace its chief executive officer or chief financial officer without 15 calendar days prior written notification to Bank, provided, that, if it is not possible due to a death or a sudden disability to give prior
written notice of such a replacement, Borrower shall provide Bank with written notice of such replacement within one (1) Business Day after its occurrence; engage in any business, or permit any of its Subsidiaries to engage in any business,
other than or reasonably related or incidental to the businesses currently engaged in by Borrower; change its fiscal year end; have a Change in Control.” 
 14. The Borrower’s notice address and the first notice address of Bank in Section 10 of the Agreement is amended and restated to read in their entirety as follows: 

 

			
	 “If to Borrower:
	  	 Bazaarvoice, Inc.
 3900 N. Capital of Texas Hwy.
 Suite 300

Austin, TX 78746

Attn: Chief Financial Officer
 Fax: (866) 430-7838

		
	 “If to Bank:
	  	 Comerica Bank
 Livonia Operations Center
 39200 Six Mile Road

MC 7512
 Livonia,
MI 48152
 Attn: Credit Manager
 Fax: 734-632-5017”

 15. Exhibit D to the Agreement is hereby deleted and replaced with Exhibit D
attached hereto. 
 16. Exhibit E to the Agreement is hereby deleted and replaced with Exhibit E
attached hereto. 
 17. Exhibit F is hereby added to the Agreement in the form of Exhibit F attached
hereto. 

  
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 18. No course of dealing on the part of Bank or its officers, nor any
failure or delay in the exercise of any right by Bank, shall operate as a waiver thereof, and any single or partial exercise of any such right shall not preclude any later exercise of any such right. Bank’s failure at any time to require strict
performance by Borrower of any provision shall not affect any right of Bank thereafter to demand strict compliance and performance. Any suspension or waiver of a right must be in writing signed by an officer of Bank. 

19. Unless otherwise defined, all initially capitalized terms in this Amendment shall be as defined in the Agreement. The
Agreement, as amended hereby, shall be and remain in full force and effect in accordance with its respective terms and hereby is ratified and confirmed in all respects. Except as expressly set forth herein, the execution, delivery, and performance
of this Amendment shall not operate as a waiver of, or as an amendment of any right, power, or remedy of Bank under the Agreement, as in effect prior to the date hereof. 

20. Borrower represents and warrants that the Representations and Warranties contained in the Agreement arc true and
correct as of the date of this Amendment, and that no Event of Default has occurred and is continuing. 
 21. As
a condition to the effectiveness of this Amendment, Bank shall have received, in form and substance satisfactory to Bank, the following: 
 (a) this Amendment, executed by Borrower; 
 (b) a
Prime Referenced Rate Addendum to Loan and Security Agreement, executed by Borrower; 
 (c) a
Certificate of the Secretary of Borrower with respect to incumbency and resolutions authorizing the execution and delivery of this Amendment; 
 (d) a $12,500 non-refundable commitment fee, which may be debited from any of Borrower’s accounts; 

(e) all reasonable Bank Expenses incurred through the date of this Amendment, which may be debited from
any of Borrower’s accounts; and 
 (f) such other documents, and completion of such other
matters, as Bank may reasonably deem necessary or appropriate. 
 22. This Amendment may be executed in two or
more counterparts, each of which shall be deemed an original, but all of which together shall constitute one instrument. 

[remainder of page intentionally left blank] 

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

			
	BAZAARVOICE, INC.
		
	By:	 	/s/ Brett A. Hurt
	Title:	 	Chief Executive Officer
	
	COMERICA BANK
		
	By:	 	/s/ Stephen Bitter
	Title:	 	Vice President

 EXHIBIT D 
 Form of Borrowing Base Certificate 
  

			
	 Borrower:             BAZAARVOICE, INC.
	  	 Bank: Comerica Bank

	 Commitment Amount:         $7,000,000^
	  	 Technology & Life Sciences Division

		  	 Loan Analysis Department

		  	 300 W. Sixth Street, Suite 1300

		  	 Austin, TX 78701

		  	 Fax: (512) 427-7178

 ELIGIBLE MONTHLY SERVICE FEES 
  

											
	1.	  	 Total Monthly Recurring Service Fees
	  	$	__________	  	  			
	2.	  	 Ineligible Monthly Recurring Service Fees
	  	$	__________	  	  			
	3.	  	 TOTAL ELIGIBLE MONTHLY SERVICE FEES
	  				  			
		  	 (#1 minus #2 multiplied by __________%*)
	  				  	$	__________	  

 BALANCES 
  

											
	4.	  	 Maximum Loan Amount
	  	$	7,000,000^	  	  			
	5.	  	 Total Funds Available (the lesser of #3 or #4)
	  				  	$	__________	  
	6.	  	 Outstanding under Sublimits (Letter of Credit/Credit Card Services Sublimit)
	  				  	$	__________	  
	7.	  	 Present balance outstanding on Line of Credit
	  				  	$	__________	  
	8.	  	 Reserve Position (#5 minus #6 and #7)
	  				  	$	__________	  

  

	*	 Insert applicable Renewal Rate Ratio 

	^	 Increasing to $10,000,000 on 12/1/10. Increasing by $5,000,000 on the Line Increase Date. 

The undersigned represents and warrants that the foregoing is true, complete and correct, and that the information reflected in this
Borrowing Base Certificate complies with the representations and warranties set forth in the Loan and Security Agreement between the undersigned and Comerica Bank. 
  

							
	Comments:	 		 	
		 		 	BANK USE ONLY
				
		 		 	Rec’d By:	 	 
		 		 	Date:	 	 
		 		 	Reviewed By:	 	 
		 		 	Date:	 	 
				
	 	 		 		 	
	Authorized Signer	 		 		 	

  
 Exhibit D
— Page 1 

 EXHIBIT E 
 Form of Compliance Certificate 
  

			
	Please send all Required Reporting to:	  	Comerica Bank
		  	Technology & Life Sciences Division
		  	Loan Analysis Department
		  	300 W. Sixth Street, Suite 1300
		  	Austin, TX 78701
		  	Fax: (512) 427-7178

 FROM: BAZAARVOICE, INC. 
 The undersigned authorized Officer of Bazaarvoice, Inc. (“Borrower”), hereby certifies that in accordance with the terms and conditions of the Loan and Security Agreement between Borrower and
Bank (as amended from time to time, the “Agreement”), (i) Borrower is in complete compliance for the period ending
                         with all required covenants, including without limitation the ongoing registration of
intellectual property rights in accordance with Section 6.8, except as noted below and (ii) all representations and warranties of Borrower stated in the Agreement are true and correct in all material respects as of the date hereof.
Attached herewith are the required documents supporting the above certification. The Officer further certifies that these are prepared in accordance with Generally Accepted Accounting Principles (GAAP) and are consistently applied from one period to
the next except as explained in an accompanying letter or footnotes. 
 Please indicate compliance status by circling Yes/No under
“Complies” column. 
  

											
	 REPORTING COVENANTS
	  	 REQUIRED
	  	COMPLIES	 
	 Company Prepared F/S
	  	 Monthly, within 30 days
	  	 	YES	  	  	 	NO	  
	 Compliance Certificate
	  	 Monthly, within 30 days
	  	 	YES	  	  	 	NO	  
	 CPA Audits, Unqualified F/S
	  	 Annually, within 150 days of FYE
	  	 	YES	  	  	 	NO	  
	 Board Approved Projections
	  	 Annually, by 4/30 of each year
	  	 	YES	  	  	 	NO	  
	 Bookings Report
	  	 Monthly, within 30 days
	  	 	YES	  	  	 	NO	  
	 Renewal Rate Report
	  	 Quarterly, within 30 days
	  	 	YES	  	  	 	NO	  
	 A/R Aging
	  	 Monthly, within 30 days
	  	 	YES	  	  	 	NO	  
	 A/P Aging
	  	 Monthly, within 30 days
	  	 	YES	  	  	 	NO	  
	 Borrowing Base Certificate
	  	 Monthly, within 30 days
	  	 	YES	  	  	 	NO	  
				
	 If Public:
	  		  				  			
	 10-Q
	  	 Quarterly, within 5 days of SEC filing (50 days)
	  	 	YES	  	  	 	NO	  
	 10-K
	  	 Annually, within 5 days of SEC filing (95 days)
	  	 	YES	  	  	 	NO	  

  

																	
	 FINANCIAL COVENANTS
	  	REQUIRED	 	  	ACTUAL	 	  	COMPLIES	 
	TO BE TESTED MONTHLY, AFTER THE LINE INCREASE DATE	  
	 Minimum Cash
	  	$	5,000,000	  	  	$	_______________	  	  	 	YES	  	  	 	NO	  

  
 Exhibit E
— Page 1 

 Exhibit E — Page 1 
 Please Enter Below Comments Regarding Covenant Violations: 
 The Officer further
acknowledges that at any time Borrower is not in compliance with all the terms set forth in the Agreement, including, without limitation, the financial covenants, no credit extensions will be made. 

 

							
	Very truly yours,	 		 	
		 		 	BANK USE ONLY
				
	 	 		 	Rec’d By:	 	 
	Authorized Signer	 		 	Date:	 	 
	 	 		 	Reviewed By:	 	 
	Name:	 		 	Date:	 	 
	 	 		 	Financial Compliance Status:                      
                             YES/NO
	Title:	 		 		 	

  
 Exhibit E
— Page 2 

 EXHIBIT F 
 Prime Referenced Rate Addendum to Loan and Security Agreement 
 (see
attached) 

  
 Exhibit F
— Page 1 

 Prime Referenced Rate Addendum To 

Loan and Security Agreement 
 This Prime Referenced Rate Addendum to Loan and Security Agreement (this “Addendum”) is entered into as of September 27, 2010, by and between Comerica Bank (“Bank”) and
Bazaarvoice, Inc. (“Borrower”). This Addendum supplements the terms of the Loan and Security Agreement dated as of July 18, 2007 (as the same may be amended, modified, supplemented, extended or restated from time to time,
collectively, the “Agreement”). 
 1. Definitions. As used in this Addendum, the following terms shall have the
following meanings. Initially capitalized terms used and not defined in this Addendum shall have the meanings ascribed thereto in the Agreement. 
 (a) “Applicable Margin” means zero percent (0.00%) per annum. 
 (b) “Business Day” means any day, other than a Saturday, Sunday or any other day designated as a holiday under Federal or applicable State statute or regulation, on which Bank is open for all or
substantially all of its domestic and international business (including dealings in foreign exchange) in San Jose, California, and, in respect of notices and determinations relating the Daily Adjusting LIBOR Rate, also a day on which dealings in
dollar deposits are also carried on in the London interbank market and on which banks are open for business in London, England. 
 (c) “Daily Adjusting LIBOR Rate” means, for any day, a per annum interest rate which is equal to the quotient of the following: 

 

	 	(1)	 for any day, the per annum rate of interest determined on the basis of the rate for deposits in United States Dollars for a period equal to one
(1) month appearing on Page BBAM of the Bloomberg Financial Markets Information Service as of 8:00 a.m. (California time) (or as soon thereafter as practical) on such day, or if such day is not a Business Day, on the immediately preceding
Business Day. In the event that such rate does not appear on Page BBAM of the Bloomberg Financial Markets Information Service (or otherwise on such Service) on any day, the “Daily Adjusting LIBOR Rate” for such day shall be determined
by reference to such other publicly available service for displaying eurodollar rates as may be reasonably selected by Bank, or in the absence of such other service, the “Daily Adjusting LIBOR Rate” for such day shall, instead, be
determined based upon the average of the rates at which Bank is offered dollar deposits at or about 8:00 a.m. (California time) (or as soon thereafter as practical), on such day, or if such day is not a Business Day, on the immediately preceding
Business Day, in the interbank eurodollar market in an amount comparable to the principal amount of the Obligations and for a period equal to one (1) month; 

divided by 
  

	 	(2)	 1.00 minus the maximum rate (expressed as a decimal) on such day at which Bank is required to maintain reserves on “Euro-currency
Liabilities” as defined in and pursuant to Regulation D of the Board of Governors of the Federal Reserve System or, if such regulation or definition is modified, and as long as Bank is required to maintain reserves against a category of
liabilities which includes eurodollar deposits or includes a category of assets which includes eurodollar loans, the rate at which such reserves are required to be maintained on such category. 

(d) “Prime Rate” means the per annum interest rate established by Bank as its prime rate for its borrowers, as
such rate may vary from time to time, which rate is not necessarily the lowest rate on loans made by Bank at any such time. 

 (e) “Prime Referenced Rate” means, for any day, a per annum
interest rate which is equal to the Prime Rate in effect on such day, but in no event and at no time shall the Prime Referenced Rate be less than the sum of the Daily Adjusting LIBOR Rate for such day plus two and one-half percent (2.50%) per
annum. If, at any time, Bank determines that it is unable to determine or ascertain the Daily Adjusting LIBOR Rate for any day, the Prime Referenced Rate for each such day shall be the Prime Rate in effect at such time, but not less than two and
one-half percent (2.50%) per annum. 
 2. Interest Rate. Subject to the terms and conditions of this Addendum, the
Obligations under the Agreement shall bear interest at the Prime Referenced Rate plus the Applicable Margin. 
 3. Payment of Interest. Accrued and unpaid interest on the unpaid balance of the Obligations outstanding under the Agreement shall be payable monthly, in arrears, on the eighteenth (18th) day of each month, until maturity (whether as stated herein,
by acceleration, or otherwise). In the event that any payment under this Addendum becomes due and payable on any day which is not a Business Day, the due date thereof shall be extended to the next succeeding Business Day, and, to the extent
applicable, interest shall continue to accrue and be payable thereon during such extension at the rates set forth in this Addendum. Interest accruing hereunder shall be computed on the basis of a year of 360 days, and shall be assessed for the
actual number of days elapsed, and in such computation, effect shall be given to any change in the applicable interest rate as a result of any change in the Prime Referenced Rate on the date of each such change. 

4. Bank’s Records. The amount and date of each advance under the Agreement, its applicable interest rate, and the amount and
date of any repayment shall be noted on Bank’s records, which records shall be conclusive evidence thereof, absent manifest error; provided, however, any failure by Bank to make any such notation, or any error in any such
notation, shall not relieve Borrower of its obligations to repay Bank all amounts payable by Borrower to Bank under or pursuant to this Addendum and the Agreement, when due in accordance with the terms hereof. 

5. Default Interest Rate. From and after the occurrence and during the continuance of any Event of Default, and so long as any
such Event of Default remains unremedied or uncured thereafter, the Obligations outstanding under the Agreement shall bear interest at a per annum rate of the lesser of (i) five percent (5%) above the otherwise applicable interest rate
hereunder or (ii) the maximum rate permitted under applicable law, which interest shall be payable upon demand. In addition to the foregoing, a late payment charge equal to the lesser of (i) five percent (5%) of each late payment
hereunder or (ii) the maximum amount permitted under applicable law, may be charged on any payment not received by Bank within ten (10) calendar days after the payment due date therefor, but acceptance of payment of any such charge shall
not constitute a waiver of any Event of Default under the Agreement. In no event shall the interest payable under this Addendum and the Agreement at any time exceed the maximum rate permitted by law. 

6. Prepayment. Borrower may prepay all or part of the outstanding balance of any Obligations at any time without premium or
penalty. Any prepayment hereunder shall also be accompanied by the payment of all accrued and unpaid interest on the amount so prepaid. Borrower hereby acknowledges and agrees that the foregoing shall not, in any way whatsoever, limit, restrict, or
otherwise affect Bank’s right to make demand for payment of all or any part of the Obligations under the Agreement due on a demand basis in Bank’s sole and absolute discretion. 
 7. Regulatory Developments or Other Circumstances Relating to the Daily Adjusting LIBOR Rate. 
 (a) If the adoption after the date hereof, or any change after the date hereof in, any applicable law, rule or regulation (whether domestic or foreign) of any governmental authority, central bank or
comparable agency charged with the interpretation or administration thereof, or compliance by Bank with any request or directive (whether or not having the force of law) made by any such authority, central bank or comparable agency after the date
hereof: (a) shall subject Bank to any tax, duty or other charge with respect to this Addendum or any Obligations under the Agreement, or shall change the basis of taxation of payments to Bank of the principal of or interest under this Addendum
or any other amounts due under this Addendum in respect thereof (except for changes in the rate of tax on the overall net income of Bank imposed by the jurisdiction in which Bank’s principal executive office is

  
 -2-

 
located); or (b) shall impose, modify or deem applicable any reserve (including, without limitation, any imposed by the Board of Governors of the Federal Reserve System), special deposit or
similar requirement against assets of, deposits with or for the account of, or credit extended by Bank, or shall impose on Bank or the foreign exchange and interbank markets any other condition affecting this Addendum or the Obligations hereunder;
and the result of any of the foregoing is to increase the cost to Bank of maintaining any part of the Obligations hereunder or to reduce the amount of any sum received or receivable by Bank under this Addendum by an amount deemed by the Bank to be
material, then Borrower shall pay to Bank, within fifteen (15) days of Borrower’s receipt of written notice from Bank demanding such compensation, such additional amount or amounts as will compensate Bank for such increased cost or
reduction. A certificate of Bank, prepared in good faith and in reasonable detail by Bank and submitted by Bank to Borrower, setting forth the basis for determining such additional amount or amounts necessary to compensate Bank shall be conclusive
and binding for all purposes, absent manifest error. 
 (b) In the event that any applicable law, treaty, rule
or regulation (whether domestic or foreign) now or hereafter in effect and whether or not presently applicable to Bank, or any interpretation or administration thereof by any governmental authority charged with the interpretation or administration
thereof, or compliance by Bank with any guideline, request or directive of any such authority (whether or not having the force of law), including any risk-based capital guidelines, affects or would affect the amount of capital required or expected
to be maintained by Bank (or any corporation controlling Bank), and Bank determines that the amount of such capital is increased by or based upon the existence of any obligations of Bank hereunder or the maintaining of any Obligations hereunder, and
such increase has the effect of reducing the rate of return on Bank’s (or such controlling corporation’s) capital as a consequence of such obligations or the maintaining of such Obligations hereunder to a level below that which Bank (or
such controlling corporation) could have achieved but for such circumstances (taking into consideration its policies with respect to capital adequacy), then Borrower shall pay to Bank, within fifteen (15) days of Borrower’s receipt of
written notice from Bank demanding such compensation, additional amounts as are sufficient to compensate Bank (or such controlling corporation) for any increase in the amount of capital and reduced rate of return which Bank reasonably determines to
be allocable to the existence of any obligations of the Bank hereunder or to maintaining any Obligations hereunder. A certificate of Bank as to the amount of such compensation, prepared in good faith and in reasonable detail by the Bank and
submitted by Bank to the undersigned, shall be conclusive and binding for all purposes absent manifest error. 
 8. Legal
Effect. Except as specifically modified hereby, all of the terms and conditions of the Agreement remain in full force and effect. 
 9. Conflicts. As to the matters specifically the subject of this Addendum, in the event of any conflict between this Addendum and the Agreement, the terms of this Addendum shall control.

 [signatures on following page] 

  
 -3-

 IN WITNESS WHEREOF, the parties have agreed to the foregoing as of the date
first set forth above. 
  

									
	COMERICA BANK	 		 	BAZAARVOICE, INC.
					
	By:	 	/s/ Stephen Bitter	 		 	By:	 	/s/ Brett Hurt
	Name:	 	Stephen Bitter	 		 	Name:	 	Brett Hurt
	Title:	 	Vice President	 		 	Title:	 	Chief Executive OfficerSeries E Preferred Stock Purchase Agreement

 Exhibit 10.35 
 BAZAARVOICE, INC. 
 SERIES E PREFERRED STOCK PURCHASE AGREEMENT

 February 9, 2010 

 TABLE OF CONTENTS 

 

							
	 	    	 	  	Page	 
		
	 1. Purchase and Sale of Stock
	  	 	1	  
			
	 1.1
	    	 Sale and Issuance of Series E Preferred Stock
	  	 	1	  
	 1.2
	    	 Closing
	  	 	1	  
		
	 2. Representations and Warranties of the Company
	  	 	1	  
			
	 2.1
	    	 Organization; Good Standing; Qualification
	  	 	1	  
	 2.2
	    	 Corporate Power
	  	 	2	  
	 2.3
	    	 Authorization
	  	 	2	  
	 2.4
	    	 Valid Issuance of Shares
	  	 	2	  
	 2.5
	    	 Capitalization and Voting Rights
	  	 	2	  
	 2.6
	    	 Subsidiaries
	  	 	3	  
	 2.7
	    	 Compliance with Other Instruments
	  	 	3	  
	 2.8
	    	 Governmental Consent, etc
	  	 	4	  
	 2.9
	    	 Offering
	  	 	4	  
	 2.10
	    	 Agreements; Action
	  	 	4	  
	 2.11
	    	 Obligations to Related Parties
	  	 	5	  
	 2.12
	    	 Title to Properties and Assets
	  	 	5	  
	 2.13
	    	 Intellectual Property
	  	 	6	  
	 2.14
	    	 Reserved
	  	 	9	  
	 2.15
	    	 Proprietary Information and Inventions Assignment Agreement
	  	 	9	  
	 2.16
	    	 Reserved
	  	 	9	  
	 2.17
	    	 Litigation
	  	 	9	  
	 2.18
	    	 Registration Rights
	  	 	9	  
	 2.19
	    	 Brokers or Finders; Other Offers
	  	 	9	  
	 2.20
	    	 Permits
	  	 	10	  
	 2.21
	    	 Financial Statements
	  	 	10	  
	 2.22
	    	 Changes
	  	 	10	  
	 2.23
	    	 Tax Returns, Payments and Elections
	  	 	11	  
	 2.24
	    	 Reserved
	  	 	11	  
	 2.25
	    	 Reserved
	  	 	11	  
	 2.26
	    	 Section 83(b) Elections
	  	 	12	  
	 2.27
	    	 Qualified Small Business Stock
	  	 	12	  
	 2.28
	    	 Environmental and Safety Laws
	  	 	12	  
	 2.29
	    	 Real Property Holding Company
	  	 	12	  
	 2.30
	    	 Disclosure
	  	 	12	  
		
	 3. Representations, Warranties and Covenants of the Investors
	  	 	12	  
			
	 3.1
	    	 Power; Authorization
	  	 	12	  
	 3.2
	    	 Purchase Entirely for Own Account
	  	 	12	  
	 3.3
	    	 Reliance upon Investors’ Representations
	  	 	13	  
	 3.4
	    	 Disclosure of Information
	  	 	13	  
	 3.5
	    	 Investment Experience; Economic Risk
	  	 	13	  

  
 -i-

 TABLE OF CONTENTS 

(continued) 
  

							
	 	    	 	  	Page	 
			
	 3.6
	    	 Accredited Investor Status
	  	 	13	  
	 3.7
	    	 Residency
	  	 	15	  
	 3.8
	    	 Restricted Securities
	  	 	15	  
	 3.9
	    	 Brokers or Finders
	  	 	15	  
	 3.10
	    	 Tax Liability
	  	 	15	  
	 3.11
	    	 Further Limitations on Disposition
	  	 	15	  
	 3.12
	    	 Legends
	  	 	15	  
		
	 4. Conditions to Closing of Investors
	  	 	16	  
			
	 4.1
	    	 Representations and Warranties Correct
	  	 	16	  
	 4.2
	    	 Covenants
	  	 	16	  
	 4.3
	    	 Blue Sky
	  	 	16	  
	 4.4
	    	 Proceedings and Documents
	  	 	16	  
	 4.5
	    	 Restated Certificate
	  	 	16	  
	 4.6
	    	 Investors’ Rights Agreement
	  	 	16	  
	 4.7
	    	 Co-Sale Agreement
	  	 	16	  
	 4.8
	    	 Voting Agreement
	  	 	16	  
	 4.9
	    	 Other Closing Deliverables
	  	 	17	  
		
	 5. Conditions to Closing of Company
	  	 	17	  
			
	 5.1
	    	 Representations and Warranties Correct
	  	 	17	  
	 5.2
	    	 Blue Sky
	  	 	17	  
	 5.3
	    	 Restated Certificate
	  	 	17	  
	 5.4
	    	 Investors’ Rights Agreement
	  	 	17	  
	 5.5
	    	 Co-Sale Agreement
	  	 	17	  
	 5.6
	    	 Voting Agreement
	  	 	17	  
		
	 6. Miscellaneous
	  	 	17	  
			
	 6.1
	    	 Governing Law
	  	 	17	  
	 6.2
	    	 Survival of Warranties
	  	 	18	  
	 6.3
	    	 Successors and Assigns
	  	 	18	  
	 6.4
	    	 Entire Agreement
	  	 	18	  
	 6.5
	    	 Amendment
	  	 	18	  
	 6.6
	    	 Notices
	  	 	18	  
	 6.7
	    	 Delays or Omissions
	  	 	19	  
	 6.8
	    	 Finder’s Fees
	  	 	19	  
	 6.9
	    	 Expenses
	  	 	19	  
	 6.10
	    	 Attorney’s Fees
	  	 	19	  
	 6.11
	    	 Severability
	  	 	19	  
	 6.12
	    	 Interpretation
	  	 	19	  
	 6.13
	    	 Counterparts
	  	 	20	  

  
 -ii-

 TABLE OF CONTENTS 

(continued) 
  

							
	 	    	 	  	Page	 
			
	 6.14
	    	 Telecopy Execution and Delivery
	  	 	20	  
	 6.15
	    	 Indemnification
	  	 	20	  
	 6.16
	    	 Exculpation Among Investors
	  	 	21	  
	 6.17
	    	 Waiver of Potential Conflicts of Interest
	  	 	21	  
	 6.18
	    	 Rights of Investors
	  	 	21	  
	 6.19
	    	 No Commitment for Additional Financing
	  	 	21	  
	 6.20
	    	 Joint Product
	  	 	22	  

  

					
	 Schedules:

			
	 A
	  	 -
	    	 Schedule of Investors

	 B
	  	 -
	    	 Schedule of Exceptions

	
	 Exhibits:

			
	 A
	  	 -
	    	 Sixth Amended and Restated Certificate of Incorporation

	 B
	  	 -
	    	 Amended and Restated Investors’ Rights Agreement

	 C
	  	 -
	    	 Amended and Restated Right of First Refusal and Co-Sale Agreement

	 D
	  	 -
	    	 Amended and Restated Voting Agreement

  
 -iii-

 BAZAARVOICE, INC. 

SERIES E PREFERRED STOCK PURCHASE AGREEMENT 

THIS SERIES E PREFERRED STOCK PURCHASE AGREEMENT (this “Agreement”) is made as of February 9,
2010 by and among Bazaarvoice, Inc., a Delaware corporation (the “Company”), and the individuals and entities (each, an “Investor” and collectively, the “Investors”) listed on the Schedule of
Investors attached to this Agreement as Schedule A (the “Schedule of Investors”). 

1. Purchase and Sale of Stock.

1.1 Sale and Issuance of Series E Preferred Stock.

(a) The Company shall adopt and file with the Delaware Secretary of State before the Closing (as defined in
Section 1.2) the Sixth Amended and Restated Certificate of Incorporation in the form attached to this Agreement as Exhibit A (the “Restated Certificate”). 

(b) The Company has authorized the sale and issuance of up to 726,392 shares (the “Shares”) of its
Series E Preferred Stock, par value $0.0001 per share (the “Series E Preferred Stock”), pursuant to this Agreement. 
 (c) Subject to the terms and conditions of this Agreement, each Investor agrees to purchase at the Closing and the Company agrees to sell and issue to each Investor at the Closing that number of shares of
Series E Preferred Stock set forth opposite each Investor’s name on the Schedule of Investors, at a purchase price of $4.13 per share. 
 1.2 Closing. The purchase and sale of the Shares shall take place at the offices of the Wilson Sonsini Goodrich & Rosati, Professional Corporation, located at 900 South Capital of
Texas Highway, Las Cimas IV, Fifth Floor, Austin, Texas 78746, at 10:00 A.M. local time, on the date of this Agreement, or at such other time and place as the Company and Investors purchasing at least a majority of the
Shares to be sold at such closing pursuant to this Agreement mutually agree upon in writing (which time and place are designated as the “Closing”). At the Closing, the Company shall deliver to each Investor participating in such
Closing a certificate representing the Shares that such Investor is purchasing at such Closing against payment of the purchase price therefor by check, wire transfer, or any combination thereof 

2. Representations and Warranties of the Company. Except as set forth on the Schedule of Exceptions attached
to this Agreement as Schedule B (the “Schedule of Exceptions”), the Company represents and warrants to each Investor as of the date of the Closing as follows: 

2.1 Organization; Good Standing; Qualification. The Company is a corporation duly organized and validly
existing and in good standing under the laws of the State of Delaware. The Company is duly qualified and is authorized to transact business and is in good standing as a foreign corporation in the State of Texas and in each jurisdiction in which the
failure to so qualify would have a material adverse effect on the Company’s business, financial condition or properties. 

 2.2 Corporate Power. The Company has all requisite legal
and corporate power and authority (i) to own and operate its properties and assets and to carry on its business as presently conducted, (ii) to execute and deliver this Agreement, the Amended and Restated Investors’ Rights Agreement
in the form attached to this Agreement as Exhibit B (the “Investors’ Rights Agreement”), the Amended and Restated Right of First Refusal and Co-Sale Agreement in the form attached to this Agreement as
Exhibit C (the “Co-Sale Agreement”), and the Amended and Restated Voting Agreement in the form attached to this Agreement as Exhibit D (the “Voting Agreement” and together with the
Investors’ Rights Agreement and Co-Sale Agreement, the “Ancillary Agreements”), (iii) to sell and issue the Shares and the Common Stock issuable upon conversion thereof and (iv) to carry out and perform the provisions
of this Agreement and the Ancillary Agreements. 
 2.3 Authorization. All corporate action on the
part of the Company, its officers, directors and stockholders necessary for the authorization, execution, delivery of this Agreement and the Ancillary Agreements, the performance of all obligations of the Company hereunder and thereunder, and the
authorization, issuance (or reservation for issuance), sale and delivery of the Shares and the Common Stock issuable upon conversion thereof has been taken or will be taken prior to the Closing. This Agreement and the Ancillary Agreements, when
executed and delivered by the Company, will constitute valid and binding obligations of the Company, enforceable in accordance with their respective terms, except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium
and other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii) to the
extent the indemnification provisions contained in this Agreement or the Investors’ Rights Agreement may be limited by applicable laws and principles of public policy. 

2.4 Valid Issuance of Shares. The Shares, when issued, sold and delivered in accordance with the terms of
this Agreement for the consideration expressed herein, will be duly authorized, validly issued, fully paid and nonassessable, and will be free and clear of all liens, charges, restrictions, claims and encumbrances imposed by or through the Company
(except as set forth in the Ancillary Agreements) and will be free of restrictions on transfer other than restrictions on transfer under this Agreement and the Ancillary Agreements and under applicable state and federal securities laws. The Common
Stock issuable upon conversion of the Shares has been duly authorized, validly reserved for issuance and, upon issuance in accordance with the terms of the Restated Certificate, will be validly issued, fully paid and nonassessable, and will be free
and clear of all liens, charges, restrictions, claims and encumbrances imposed by or through the Company (except as set forth in the Ancillary Agreements) and will be free of restrictions on transfer other than restrictions on transfer under this
Agreement and the Ancillary Agreements and under applicable state and federal securities laws. 
 2.5
Capitalization and Voting Rights.
 (a) The authorized capital of the Company consists, or will consist
immediately prior to the Closing, of: 
 (i) Preferred Stock. 27,897,031 shares of Preferred Stock, par
value $0.0001, of which 17,511,618 have been designated Series A Preferred Stock, all of which are issued 

  
 -2-

 
and outstanding, of which 2,566,938 have been designated Series B Preferred Stock, all of which are issued and outstanding, of which 4,013,619 have been designated Series C Preferred Stock, all
of which are issued and outstanding, of which 3,078,464 have been designated as Series D Preferred Stock, all of which are issued and outstanding, and of which 726,392 have been designated Series E Preferred Stock, none of which are issued and
outstanding. The relative rights, privileges and preferences of the Series E Preferred Stock will be as stated in the Restated Certificate. 
 (ii) Common Stock. 59,000,000 shares of Common Stock, par value $0.0001 (“Common Stock”), 17,045,048 of which shares are issued and outstanding. 

(b) The outstanding shares of Common Stock have been duly authorized and validly issued, are fully paid and
nonassessable, and were issued in accordance with the registration or qualification provisions of the Securities Act of 1933, as amended (the “Securities Act”), and any applicable state securities laws or pursuant to valid
exemptions therefrom. 
 (c) Except for (i) the conversion privileges of the Preferred Stock,
(ii) the rights provided in the Investors’ Rights Agreement, and (iii) 12,851,508 shares of Common Stock issued or reserved for issuance pursuant to the Company’s 2005 Stock Plan (the “Option Plan”), there are no
outstanding options, warrants, rights (including conversion or preemptive rights) or agreements for the purchase or acquisition from the Company of any of its securities. No stock plan, stock purchase, stock option or other agreement or
understanding between the Company and any holder of any of the Company’s equity securities or rights to purchase the Company’s equity securities provides for acceleration or other changes in the vesting provisions or other terms of such
securities, as the result of any termination with or without cause, merger, sale of stock or assets, change in control or other similar transaction by the Company. The Company is not a party or subject to any agreement or understanding, and, to the
Company’s knowledge, there is no agreement or understanding between any persons that affects or relates to the voting or giving of written consents with respect to any security or the voting by a director of the Company. 

2.6 Subsidiaries. The Company does not own or control, directly or indirectly, any interest in any
corporation, partnership, limited liability company, association or other business entity. The Company is not a participant in any joint venture, partnership or similar arrangement. 

2.7 Compliance with Other Instruments. The Company is not in violation or default in any respect of any
provision of its charter or bylaws (both as amended to date) or in any material respect of any provision of any mortgage, indenture, agreement, instrument or contract to which it is a party or by which it is bound or, to its knowledge, of any
federal or state judgment, order, writ, decree, statute, rule or regulation applicable to the Company. The execution, delivery and performance by the Company of this Agreement and the Ancillary Agreements, and the consummation of the transactions
contemplated hereby and thereby, will not result in any such violation or be in material conflict with or constitute, with or without the passage of time or giving of notice, either a default under any such provision or an event that results in the
creation of any material lien, charge or encumbrance upon any assets of the Company or the suspension, revocation, impairment, forfeiture or nonrenewal of any 

  
 -3-

 
material permit, license, authorization or approval applicable to the Company, its business or operations or any of its assets or properties. 

2.8 Governmental Consent, etc. No consent, approval, qualification, order or authorization of, or
filing with, any federal, state or local governmental authority on the part of the Company is required in connection with the Company’s execution, delivery or performance of this Agreement, the offer, sale or issuance of the Shares or the
issuance of the Common Stock issuable upon conversion of the Shares, except (i) filing of the Restated Certificate with the Delaware Secretary of State, which filing shall have been made prior to and shall be effective as of the Closing, and
(ii) such filings as have been made prior to the Closing, except any notices of sale required to be filed with the Securities and Exchange Commission under Regulation D of the Securities Act, or such post-Closing filings as may be required
under applicable state securities laws, which will be timely filed within the applicable periods therefor. 

2.9 Offering. Subject in part to the truth and accuracy of each of the Investor’s representations set
forth in Section 2.1 of this Agreement, the offer, sale and issuance of the Shares as contemplated by this Agreement are exempt from the registration requirements of Section 5 of the Securities Act, and all applicable state securities
laws, and neither the Company nor any authorized agent acting on its behalf will take any action hereafter that would cause the loss of such exemption. 
 2.10 Agreements; Action.
 (a) Except for agreements
explicitly contemplated by this Agreement or the Ancillary Agreements, there are no contracts, agreements, instruments, leases, commitments, understandings or proposed transactions between the Company and any of its officers, directors,
stockholders, employees, affiliates, or any affiliate thereof. 
 (b) Except as set forth in the Schedule of
Exceptions, there are no contracts, agreements, instruments, leases, commitments, understandings, proposed transactions, judgments, orders, writs or decrees to which the Company is a party or by which it is bound that may involve
(i) obligations (contingent or otherwise) of the Company in excess of $200,000 or (ii) provisions restricting or affecting the development, manufacture or distribution of the Company’s products or services. The Schedule of Exceptions
sets forth a list of the ten largest customers of the Company based on annual service fees as of January 31, 2010. 
 (c) The Company has not (i) declared or paid any dividends or authorized or made any distribution upon or with respect to any class or series of its capital stock, (ii) incurred any indebtedness
for money borrowed or any other liabilities individually in excess of $200,000 or, in the case of indebtedness and/or liabilities individually less than $200,000, in excess of $400,000 in the aggregate, (iii) made any loans or advances to any
person, other than ordinary advances for travel expenses, or (iv) sold, exchanged or otherwise disposed of any of its assets or rights, other than the sale of its products or services in the ordinary course of business. 

(d) For the purposes of subsections (b) and (c) above, all indebtedness, liabilities, agreements,
understandings, instruments, contracts and proposed transactions involving the 

  
 -4-

 
same person or entity (including persons or entities the Company has reason to believe are affiliated therewith) shall be aggregated for the purpose of meeting the individual minimum dollar
amounts of such subsections. 
 (e) All of the contracts, agreements, instruments and leases described in
subsections (a) and (b) above and in Section 2.13 are valid, binding and in full force and effect, except as limited (i) by applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application
affecting the enforcement of creditors’ rights generally or (ii) by laws relating to the specific performance, injunctive relief or other equitable remedies. 

(f) The Company is not in violation or default in any material respect of any provision of any (i) Application
Service Provider Agreement (including any amendments thereto) with any material customer, (ii) Master Services Agreement (including any amendments thereto) with any material customer, (iii) Service Level Agreement with any material
customer or (iv) other written agreement pursuant to which the Company provides products, services, maintenance or support to any material customer (collectively, “Customer Agreements”). The Company has not received written
notice from any Significant Customer as of the date of this Agreement that such Significant Customer intends to terminate or not to renew its Customer Agreements with the Company and that has not been reflected in the Financial Statements.
“Significant Customer” shall mean a customer of the Company who is obligated pursuant to its Customer Agreements to pay an annual service fee to the Company in excess of $200,000 per year. 

2.11 Obligations to Related Parties. No employee, officer or director of the Company or member of his or her
immediate family is indebted to the Company, nor is the Company indebted (or committed to make loans or extend or guarantee credit) to any of them other than (i) for payment of salary for services rendered for the most recent bi-weekly payroll
period, (ii) reimbursement for reasonable expenses incurred on behalf of the Company of less than $10,000 in the aggregate, (iii) relocation allowances of less than $30,000 and (iv) unpaid commissions or bonuses in the ordinary course
of business. To the Company’s knowledge, none of such persons has any direct or indirect ownership interest in any firm or corporation with which the Company is affiliated or with which the Company has a business relationship, or any firm or
corporation that competes with the Company, except that employees, officers or directors of the Company and members of their immediate families may own stock in publicly traded companies that may compete with the Company. No employee, officer or
director, or any member of their immediate families, is, directly or indirectly, interested in any material contract with the Company (other than such contracts as relate to any such person’s ownership of capital stock or other securities of
the Company). 
 2.12 Title to Properties and Assets. The Company has good and marketable title to
its tangible property and assets free and clear of all mortgages, liens, claims, and encumbrances other than (i) for liens for current taxes not yet delinquent and reflected in the Financial Statements, (ii) for liens imposed by law and
incurred in the ordinary course of business for obligations not past due to carriers, warehousemen, laborers, materialmen and the like, (iii) for liens in respect of pledges or deposits under workers’ compensation laws or similar
legislation or (iv) for minor defects in title, none of which, individually or in the aggregate, materially interferes with the use of such property. With respect to the 

  
 -5-

 
tangible property and assets it leases, the Company is in compliance with such leases and, to its knowledge, holds a valid leasehold interest free of any liens, claims, or encumbrances, subject
to clauses (i)-(iv) above. 
 2.13 Intellectual Property.

(a) For purposes of this Section 2.13, the following terms shall have the definitions ascribed to them below:

 (i) “Company Intellectual Property” means any Technology and Intellectual Property Rights
(A) in and to any products developed, manufactured or sold in connection with the conduct of the Company’s business, to which Company claims ownership and/or (B) that are necessary for the conduct of the Company’s business,
including the Company Registered Intellectual Property Rights, that are owned by or exclusively licensed to Company. 
 (ii) “Intellectual Property Rights” means any or all of the following and all rights in, arising out of, or associated therewith: (A) all United States and foreign patents and
utility models and applications therefor and all reissues, divisions, reexaminations, renewals, extensions, provisionals, continuations and continuations in part thereof, and equivalent or similar rights anywhere in the world in inventions and
discoveries including without limitation invention disclosures (“Patents”); (B) all trade secrets and other rights in know-how and confidential or proprietary information; (C) all copyrights, copyrights registrations and
applications therefor and all other rights corresponding thereto throughout the world (“Copyrights”); (D) all mask works, mask work registrations and applications therefor, and any equivalent or similar rights in semiconductor
masks, layouts, architectures or topology (“Maskworks”); (E) all industrial designs and any registrations and applications therefor throughout the world; (F) all World Wide Web addresses and domain names and applications
and registrations therefor, all trade names, logos, common law trademarks and service marks, trademark and service mark registrations and applications therefor and all goodwill associated therewith throughout the world
(“Trademarks”); and (G) any similar, corresponding or equivalent rights to any of the foregoing anywhere in the world. 
 (iii) “Technology” means all information and all tangible or intangible copies and embodiments in any media of, technology, including all know how, show how, techniques, trade secrets,
inventions and discoveries (whether or not patented or patentable), algorithms, routines, software, files, databases, works of authorship or processes. 
 (iv) “Registered Intellectual Property Rights” means all United States, international and foreign: (A) Patents, including applications therefor; (B) registered Trademarks,
applications to register Trademarks, including intent-to-use applications, or other registrations or applications related to Trademarks; (C) Copyright registrations and applications to register Copyrights; (D) Mask Work registrations and
applications to register Mask Works; and (E) any other Technology that is the subject of an application, certificate, filing, registration or other document issued by, filed with, or recorded by, any state, government or other public legal
authority at any time. 

  
 -6-

 (b) To the Company’s knowledge, the Company is the sole owner of or
possesses sufficient legal rights to all Company Intellectual Property. 
 (c) The Schedule of Exceptions
contains a complete list of all Registered Intellectual Property Rights owned by, filed in the name of, or applied for by Company in connection with the conduct of the Company’s business (the “Company Registered Intellectual
Property”) and lists a summary of the current status of such Company Registered Intellectual Property Rights. 
 (d) Except as set forth in the Schedule of Exceptions, each item of Company Registered Intellectual Property is subsisting and, to the Company’s knowledge, valid. All necessary registration,
maintenance and renewal fees in connection with the Company Registered Intellectual Property have been paid and all necessary documents and certificates in connection with such Company Registered Intellectual Property have been filed with the
relevant patent, copyright, trademark or other authorities in the United States or foreign jurisdictions, as the case may be, for the purposes of maintaining such Registered Intellectual Property Rights. In each case in which the Company has
acquired ownership of any Technology or Intellectual Property Rights from any third party, the Company has obtained a valid and enforceable assignment sufficient to irrevocably transfer all rights in such Technology and the associated Intellectual
Property Rights (including the right to seek future damages with respect thereto) to the Company and except as set forth in the Schedule of Exceptions, to the maximum extent provided for by, and in accordance with, applicable laws and regulations,
the Company has recorded each such assignment with the relevant governmental entity, including the PTO, the U.S. Copyright Office, or their respective equivalents in any relevant foreign jurisdiction, as the case may be, where such assignment
concerned Registered Intellectual Property Rights. 
 (e) Except for standard end-user license agreements,
nondisclosure agreements or as set forth on the Schedule of Exceptions, the Company is not a party to or bound by outstanding options, licenses (as licensor or licensee) or agreements of any kind relating to any Technology or Intellectual Property
Rights. 
 (f) To the Company’s knowledge, the Company’s business, as currently conducted or
currently proposed to be conducted, including the design, development, use, import, branding, advertising, promotion, marketing, manufacture and sale of the Company’s products, Technology or services does not infringe, misappropriate or violate
any Intellectual Property Rights of any other Person, violate any right of any person (including any right to privacy or publicity), or constitute unfair competition or trade practices under the laws of any jurisdiction. The Company has not received
any written communications alleging that the Company has infringed or misappropriated any Intellectual Property Rights of any other Person or engaged in unfair competition or trade practices under the laws of any jurisdiction (nor does the Company
have knowledge of any basis therefor). Except where the Company has already acquired ownership or license rights, the Company does not believe that it will be necessary to use any inventions or works of authorship of its past or present employees or
consultants made prior to their employment by, or consulting relationship with, the Company. 

  
 -7-

 (g) To the Company’s knowledge, no person is infringing or
misappropriating, or has infringed or misappropriated any Company Intellectual Property. The Company has not brought any action, suit or proceeding for infringement of any Company Intellectual Property or breach of any license or agreement involving
Intellectual Property Rights against any third party. 
 (h) The Company has taken reasonable steps to protect
its rights in its trade secret information in the Company Intellectual Property. 
 (i) To the extent that any
Technology included in the Company’s products has been developed or created by any person other than the Company or jointly with any person other than the Company, the Company has a written agreement with such person with respect thereto, and
thereby has irrevocably obtained worldwide, perpetual ownership of, or has license rights to all such Technology included in the Company’s products and, to the Company’s knowledge, Intellectual Property Rights therein. Each current and
former employee or independent contractor has entered into a valid and binding written agreement with the Company sufficient to vest title in the Company of all Technology and Intellectual Property Rights included in the Company’s products
created by such employee or independent contractor in the scope of his or her employment with or service to the Company. 
 (j) Except as set forth in the Schedule of Exceptions, there are no contracts, licenses or agreements between the Company and any other person with respect to Company Intellectual Property under which
there is any asserted dispute regarding the scope of such agreement or performance under such agreement including with respect to any payments to be made or received by the Company thereunder. 

(k) To the Company’s knowledge, no Company Intellectual Property is subject to any proceeding or outstanding
decree, order, judgment or settlement agreement or stipulation that restricts in any manner the use, transfer or licensing thereof by the Company or may affect the validity, use or enforceability of the foregoing. 

(l) Except as set forth in the Schedule of Exceptions, the Company’s software products licensed by the Company to
third parties do not contain any Public Software. “Public Software” means any software that contains, includes, incorporates, or has instantiated therein, or is derived in any manner (in whole or in part) from, any software that is
distributed pursuant to a license that (1) requires the licensee to distribute or provide access to the source code of such software or any portion thereof when the object code is distributed, (2) requires the licensee to distribute the
software or any portion thereof for free or at some reduced price, or (3) requires that other software or any portion thereof combined with, linked to, or based upon such software (“Combined Software”) be licensed pursuant to
the same license or requires the distribution of all or any portion of such Combined Software for free or at some reduced price or otherwise adversely affects the Company’s exclusive ownership of such Combined Software. The term “Public
Software” includes, without limitation, software licensed or distributed under any of the following licenses or distribution models, or licenses or distribution models similar to any of the following: (i) GNU’s General Public License
(GPL) or Lesser/Library GPL (LGPL); (ii) the Artistic License (e.g., PERL); (iii) the Mozilla Public License; (iv) the Netscape Public 

  
 -8-

 
License; (iv) the Sun Community Source License (SCSL); (vi) the Sun Industry Standards License (SISL); (vii) the BSD License; and (viii) the Apache License. 

(m) The Company is not aware that any of its employees is obligated under any contract (including licenses, covenants or
commitments of any nature) or other agreement that would interfere with the use of his or her best efforts to promote the interests of the Company or that would conflict with the Company’s business as presently conducted. Neither the execution
nor delivery of this Agreement or the Ancillary Agreements, nor the carrying on of the Company’s business by the employees of the Company, nor the conduct of the Company’s business as presently conducted, will, to the Company’s
knowledge, conflict with or result in a breach of the terms, conditions or provisions of, or constitute a default under, any contract, covenant or instrument under which any of such employees is now obligated. 

2.14 Reserved. 
 2.15 Proprietary Information and Inventions Assignment Agreement. Each current or former employee of the Company has executed a proprietary information and inventions assignment agreement in
the form presented to counsel to the Investors. No such employee has excluded works or inventions made prior to his or her employment with the Company from his or her assignment of inventions pursuant to such employee’s proprietary information
and inventions assignment agreement. Each current or former consultant of the Company that assists or assisted with the development of the Company’s Intellectual Property or has or had access to the Company’s Intellectual Property has
executed an agreement containing confidentiality and invention assignment provisions in the form presented counsel to the Investors. The Company is not aware that any of its current or former employees or consultants are in violation of such
agreements. 
 2.16 Reserved.

2.17 Litigation. There is no action, suit, proceeding or investigation pending or, to the Company’s
knowledge, currently threatened against the Company. To the Company’s knowledge, there is no legitimate basis for or threat of an action, suit, proceeding or investigation against that Company that could reasonably be expected to have a
material adverse effect on the Company’s business, properties or financial condition. The Company is not a party to or, to its knowledge, named in or subject to any order, writ, injunction, judgment or decree of any court, government agency or
instrumentality. There is no action, suit, proceeding or investigation by the Company currently pending or that the Company currently intends to initiate. 
 2.18 Registration Rights. Except as set forth in the Investors’ Rights Agreement, the Company is presently not under any obligation and has not granted any rights to register under
the Securities Act any of its presently outstanding securities or any of its securities that may hereafter be issued. 
 2.19 Brokers or Finders; Other Offers. The Company has not incurred, and will not incur, directly or indirectly, as a result of any action taken by the Company, any liability for brokerage or
finders’ fees or agents’ commissions or any similar charges in connection with this Agreement. 

  
 -9-

 2.20 Permits. The Company has all franchises, permits, licenses
and any similar authority necessary for the conduct of its business as presently conducted by it, the lack of which would have a material adverse effect on the Company’s business, properties or financial condition, and the Company believes it
can obtain, without undue burden or expense, any similar authority for the conduct of its business as presently proposed to be conducted. The Company is not in default in any material respect under any of such franchises, permits, licenses or other
similar authority. 
 2.21 Financial Statements. The Company has delivered to the Investors its
audited financial statements (balance sheet, profit and loss statement and statement of cash flows, including notes thereto) as at and for the one-year period ended April 30, 2009 and its unaudited financial statements (balance sheet, profit
and loss statement and statement of cash flows) as at and for the nine-month period ended January 31, 2010 (the “Financial Statements”). The Financial Statements fairly present the financial condition and operating results of
the Company as of the dates, and for the periods, indicated therein. The audited Financial Statements have been prepared in accordance with United States generally accepted accounting principles (“US GAAP”) applied on a consistent
basis throughout the period indicated, except as disclosed therein. The unaudited Financial Statements do not contain additional financial statements and footnotes required under US GAAP, and are subject to normal year-end adjustments. Except
as set forth in the Financial Statements, the Company has no material liabilities, contingent or otherwise, other than (i) liabilities incurred in the ordinary course of business subsequent to January 31, 2010 and (ii) obligations
under contracts and commitments incurred in the ordinary course of business and not required under US GAAP to be reflected in the Financial Statements, which, in both cases, individually or in the aggregate, are not material to the financial
condition or operating results of the Company. Except as disclosed in the Financial Statements, the Company is not a guarantor or indemnitor of any indebtedness of any other person or entity. The Company maintains and will continue to maintain a
standard system of accounting established and administered in accordance with US GAAP. 
 2.22
Changes. Since January 31, 2010, there has not been: 
 (a) any change in the assets,
liabilities, financial condition or operating results of the Company from that reflected in the Financial Statements, except changes in the ordinary course of business that have not been, in the aggregate, materially adverse; 

(b) any damage, destruction or loss, whether or not covered by insurance, that would have a material adverse effect on
the Company’s business, financial condition or properties; 
 (c) any intentional waiver by the Company of
a valuable right or of a material debt owed to it; 
 (d) any satisfaction or discharge of any lien, claim or
encumbrance or payment of any obligation by the Company, except in the ordinary course of business and that is not material to the Company’s business, financial condition or properties; 

(e) any material change or amendment to a material contract or arrangement by which the Company or any of its assets or
properties is bound or subject; 

  
 -10-

 (f) any material change in any compensation arrangement or agreement with
any employee; 
 (g) any sale, assignment or transfer of any patents, trademarks, copyrights, trade secrets or
other intangible assets; 
 (h) any resignation or termination of employment of any officer or key employee of
the Company; and the Company, to its knowledge, does not know of the impending resignation or termination of employment of any officer or key employee; 
 (i) receipt of notice that there has been a loss of, or material order cancellation by, any major customer of the Company; 

(j) any mortgage, pledge, transfer of a security interest in, or lien, created by the Company, with respect to any of
its material properties or assets, except liens for taxes not yet due or payable; 
 (k) any loans or
guarantees made by the Company to or for the benefit of its employees, officers or directors, or any members of their immediate families, other than travel advances and other advances made in the ordinary course of its business; 

(l) any declaration, setting aside or payment or other distribution in respect of any of the Company’s capital
stock, or any direct or indirect redemption, purchase or other acquisition of any of such stock by the Company; 
 (m) to its knowledge, any other event or condition of any character that would have a material adverse effect on the Company’s business, financial condition or properties; or 

(n) any agreement or commitment by the Company to do any of the things described in this Section 2.22. 

2.23 Tax Returns, Payments and Elections. The Company has filed all tax returns and reports as required by
law. These returns and reports are true and correct in all material respects. The Company has paid all taxes and other assessments due, except those contested by it in good faith that are listed in the Schedule of Exceptions. The provision for taxes
of the Company as shown in the Financial Statements is adequate for taxes due or accrued as of the date thereof. The Company is a Subchapter C corporation. The Company has not elected pursuant to the Internal Revenue Code of 1986, as amended (the
“Code”), to be treated as a Subchapter S corporation or a collapsible corporation pursuant to Section 1362(a) or Section 341(f) of the Code, nor has it made any other elections pursuant to the Code (other than elections
that relate solely to methods of accounting, depreciation or amortization). 
 2.24 Reserved.

2.25 Reserved.

  
 -11-

 2.26 Section 83(b) Elections. To its knowledge, all
individuals who have purchased shares of the Company’s Common Stock under agreements that provide for the vesting of such shares have timely filed elections under Section 83(b) of the Code and any analogous provisions of applicable state
tax laws. 
 2.27 Qualified Small Business Stock. As of the date of this Agreement, the Shares
constitute “qualified small business stock” within the meaning of Section 1202 of the Internal Revenue Code of 1986, as amended.
 2.28 Environmental and Safety Laws. To its knowledge, the Company is not in violation of any applicable statute, law or regulation relating to the environment or occupational health and
safety, and to its knowledge, no material expenditures are or will be required in order to comply with any such existing statute, law or regulation. 
 2.29 Real Property Holding Company. The Company is not a real property holding company within the meaning of Section 897 of the Code. 

2.30 Disclosure. To the Company’s knowledge, neither this Agreement, the Ancillary Agreements, nor any other
written statements or certificates made or delivered in connection herewith, when taken as a whole, contains any untrue statement of a material fact or omits to state a material fact necessary to make the statements contained herein or therein not
misleading in light of the circumstances under which they were made. 
 3. Representations, Warranties and
Covenants of the Investors. Each Investor hereby, severally and not jointly, represents, warrants and covenants to the Company as follows: 
 3.1 Power; Authorization. Such Investor has all requisite power and authority to execute and deliver this Agreement and the Ancillary Agreements. This Agreement and the Ancillary Agreements,
when executed and delivered by such Investor, will constitute valid and legally binding obligations of such Investor, enforceable in accordance with their respective terms, except (i) as limited by applicable bankruptcy, insolvency,
reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable
remedies and (iii) to the extent the indemnification provisions contained in the Investors’ Rights Agreement may be limited by applicable laws and principles of public policy. 

3.2 Purchase Entirely for Own Account. This Agreement is made with such Investor in reliance upon such
Investor’s representation to the Company, which by such Investor’s execution of this Agreement such Investor hereby confirms, that the Shares and the Common Stock issuable upon conversion thereof will be acquired for investment for such
Investor’s own account, not as a nominee or agent, and not with a view to the resale or distribution of any part thereof, and that such Investor has no present intention of selling, granting any participation in, or otherwise distributing the
same. By executing this Agreement, such Investor further represents that such Investor does not have any contract, undertaking, agreement or arrangement with any person to sell, transfer or grant participations to such

  
 -12-

 
person or to any third person with respect to any of the Shares and the Common Stock issuable upon conversion thereof. 

3.3 Reliance upon Investors’ Representations. Such Investor understands that the Shares are not, and any
Common Stock acquired on conversion thereof at the time of issuance may not be, registered under the Securities Act on the ground that the sale provided for in this Agreement and the issuance of the Shares hereunder is exempt from registration under
the Securities Act pursuant to Section 4(2) thereof, and that the Company’s reliance on such exemption is predicated on the Investors’ representations set forth herein. 

3.4 Disclosure of Information. Such Investor has had an opportunity to ask questions and receive answers from the
Company regarding the terms and conditions of the offering of the Shares and the Company’s business, financial condition, properties and prospects and to obtain additional information (to the extent the Company possessed such information or
could acquire it without unreasonable effort or expense) necessary to verify the accuracy of any information furnished to such Investor or to which such Investor had access. The foregoing, however, does not limit or modify the representations and
warranties of the Company in Section 2 of this Agreement or the right of such Investor to rely thereon. 

3.5 Investment Experience; Economic Risk. Such Investor understands that the Company has a limited financial
and operating history and that an investment in the Company involves substantial risks. Such Investor is experienced in evaluating and investing in private placement transactions of securities of companies in a similar stage of development to that
of the Company and acknowledges that such Investor is able to fend for himself, herself or itself. Such Investor has such knowledge and experience in financial and business matters that such Investor is capable of evaluating the merits and risks of
the investment in the Shares. Such Investor can bear the economic risk of such Investor’s investment and is able, without impairing such Investor’s financial condition, to hold the Shares and the Common Stock issuable upon conversion
thereof for an indefinite period of time and to suffer a complete loss of such Investor’s investment. 

3.6 Accredited Investor Status.

(a) Such Investor represents to the Company that such Investor is an Accredited Investor (as defined below). If other
than an individual, such Investor also represents that such Investor has not been organized for the purpose of acquiring the Shares. 
 (b) The term “Accredited Investor” as used herein refers to: 
 (i) A person who is a director or executive officer of the Company; 
 (ii) Any natural person whose individual net worth, or joint net worth with that person’s spouse, at the time of the purchase exceeds $1,000,000; 

(iii) Any natural person who had an individual income in excess of $200,000 in each of the two most recent years or
joint income with that person’s spouse in excess of 

  
 -13-

 
$300,000 in each of those years and has a reasonable expectation of reaching the same income level in the current year; 

(iv) Any bank as defined in Section 3(a)(2) of the Securities Act, or any savings and loan association or other
institution as defined in Section 3(a)(5)(A) of the Securities Act whether acting in its individual or fiduciary capacity; any broker or dealer registered pursuant to Section 15 of the Securities Exchange Act of 1934; any insurance company
as defined in Section 2(13) of the Securities Act; any investment company registered under the Investment Company Act of 1940 or a business development company as defined in Section 2(a)(48) of that Act; any Small Business Investment
Company licensed by the U.S. Small Business Administration under Section 301(c) or (d) of the Small Business Investment Act of 1958; any plan established and maintained by a state, its political subdivisions, or any agency or
instrumentality of a state or its political subdivisions for the benefit of its employees, if such plan has total assets in excess of $5,000,000; any employee benefit plan within the meaning of the Employee Retirement Income Security Act of 1974 if
the investment decision is made by a plan fiduciary, as defined in Section 3(21) of such Act, which is either a bank, savings and loan association, insurance company, or registered investment adviser, or if the employee benefit plan has total
assets in excess of $5,000,000 or, if a self-directed plan, with investment decisions made solely by persons that are Accredited Investors; 
 (v) Any private business development company as defined in Section 202(a)(22) of the Investment Advisers Act of 1940; 

(vi) Any organization described in Section 501(c)(3) of the Internal Revenue Code, corporation, Massachusetts or
similar business trust, or partnership, not formed for the specific purpose of acquiring the securities offered, with total assets in excess of $5,000,000; 
 (vii) Any trust, with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring the securities offered, whose purchase is directed by a person who has such knowledge and
experience in financial and business matters that he or she is capable of evaluating the merits and risks of the prospective investment; or 
 (viii) Any entity in which all of the equity owners are Accredited Investors. 
 As
used in this Section 3.6, the term “net worth” means the excess of total assets over total liabilities. For the purpose of determining a person’s net worth, the principal residence owned by an individual should be valued at fair
market value, including the cost of improvements, net of current encumbrances. As used in this Section 3.6, “income” means actual economic income, which may differ from adjusted gross income for income tax purposes. Accordingly, such
Investor should consider whether such Investor should add any or all of the following items to such Investor’s adjusted gross income for income tax purposes in order to reflect more accurately such Investor’s actual economic income: any
amounts attributable to tax-exempt income received, losses claimed as a limited partner in any limited partnership, deductions claimed for depletion, contributions to an IRA or Keogh retirement plan and alimony payments. 

  
 -14-

 3.7 Residency. In the case of an Investor who is an individual,
the state of such Investor’s residency, or, in the case of an Investor that is a corporation, partnership or other entity, the state of such Investor’s principal place of business, is correctly set forth on the Schedule of Investors.

 3.8 Restricted Securities. Such Investor understands that the Shares and the Common Stock
issuable upon conversion thereof are characterized as “restricted securities” under the federal securities laws inasmuch as they are being acquired from the Company in a transaction not involving a public offering and that under such
federal securities laws and applicable regulations such Shares and the Common Stock issuable upon conversion thereof may be resold without registration under the Securities Act only in certain limited circumstances. In this connection, such Investor
represents that it is aware of the provisions of Rule 144 promulgated under the Securities Act which permit limited resale of shares purchased in a private placement subject to the satisfaction of certain conditions, including, among other things,
the existence of a public market for the shares, the availability of certain current public information about the Company, the resale occurring not less than one year after a party has purchased and paid for the security to be sold, the sale being
effected through a “broker’s transaction” or in transactions directly with a “market maker” and the number of shares being sold during any three-month period not exceeding specified limitations. 

3.9 Brokers or Finders. The Company has not, and will not, incur, directly or indirectly, as a result of any
action taken by such Investor, any liability for brokerage or finders’ fees or agents’ commissions or any similar charges in connection with this Agreement. 

3.10 Tax Liability. Such Investor has reviewed with its own tax advisors the federal, state, local and
foreign tax consequences of this investment and the transactions contemplated by this Agreement. Such Investor relies solely on such advisors and not on any statements or representations of the Company, the Company’s counsel, or any of the
Company’s agents. Such Investor understands that it (and not the Company) shall be responsible for its own tax liability that may arise as a result of this investment or the transactions contemplated by this Agreement. 

3.11 Further Limitations on Disposition. Without in any way limiting the representations set forth above,
such Investor further agrees not to make any disposition of all or any portion of the Shares and the Common Stock issuable upon conversion thereof unless and until (X) 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 (Y) such Investor 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 if reasonably requested by the Company, such Investor shall have furnished the Company with an opinion of counsel, reasonably satisfactory to the Company, that such disposition
will be exempt from registration under the Securities Act. 
 3.12 Legends. Such Investor
understands and agrees that the certificates evidencing the Shares and any Common Stock issuable upon conversion thereof shall bear the following legend (in addition to any legend required by the Ancillary Agreements or under applicable state
securities laws): 

  
 -15-

 THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE, AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER SUCH ACT AND/OR APPLICABLE STATE SECURITIES LAWS, OR UNLESS THE
CORPORATION HAS RECEIVED AN OPINION OF COUNSEL OR OTHER EVIDENCE, REASONABLY SATISFACTORY TO THE CORPORATION AND ITS COUNSEL, THAT SUCH REGISTRATION IS NOT REQUIRED. 

4. Conditions to Closing of Investors. The obligations of each Investor under Section 1.1(c)
of this Agreement are subject to the fulfillment on or before the Closing of each of the following conditions, the waiver of which shall not be effective against any Investor who does not consent thereto: 

4.1 Representations and Warranties Correct. The representations and warranties of the Company contained in
Section 2 shall be true and correct on and as of the Closing with the same effect as though such representations and warranties had been made on and as of the date of the Closing. 

4.2 Covenants. All covenants, agreements and conditions contained in this Agreement to be performed by the
Company on or prior to the Closing shall have been performed or complied with in all material respects. 
 4.3
Blue Sky. The Company shall have obtained all necessary Blue Sky law permits and qualifications, or have the availability of exemptions therefrom, required by any state for the offer and sale of the Shares and the Common Stock issuable
upon conversion thereof. 
 4.4 Proceedings and Documents. All corporate and other proceedings in
connection with the transactions contemplated at the Closing and all documents incident thereto shall be reasonably satisfactory in form and substance to the Investors. Each Investor shall have received all such counterpart original and certified or
other copies of such documents as such Investor may reasonably request. 
 4.5 Restated
Certificate. The Restated Certificate shall have been filed with and certified by the Delaware Secretary of State. 
 4.6 Investors’ Rights Agreement. The Company and the Founders (as defined in the Investors’ Rights Agreement) shall have executed and delivered the Investors’ Rights Agreement.

 4.7 Co-Sale Agreement. The Company and the Founders (as defined in the Co-Sale Agreement) shall
have executed and delivered the Co-Sale Agreement. 
 4.8 Voting Agreement. The Company and the
Founders (as defined in the Voting Agreement) shall have executed and delivered the Voting Agreement. 

  
 -16-

 4.9 Other Closing Deliverables. The Company shall have delivered
to each Investor at the Closing the following: 
 (a) a certificate executed by the Company’s Chief
Executive Officer or President on behalf of the Company certifying that the conditions specified in Sections 4.1 and 4.2 have been satisfied. 
 (b) a certificate of the Delaware Secretary of State, a certificate of the Texas Secretary of State and a certificate of account status from the Texas Comptroller of Public Accounts, each dated as of a
date within seven (7) days of the date of the Closing, with respect to the good standing of the Company. 

(c) a certificate of the Company executed by the Company’s Secretary attaching and certifying to the truth and
correctness of (1) the Restated Certificate, (2) the Bylaws and (3) the board and stockholder resolutions adopted in connection with the transactions contemplated by this Agreement. 

5. Conditions to Closing of Company. The obligations of the Company to each Investor under this
Agreement are subject to fulfillment on or before the Closing of each of the following conditions by that Investor: 
 5.1 Representations and Warranties Correct. The representations and warranties of each Investor contained in Section 2.1 shall be true and correct on and as of the Closing with the same
effect as though such representations and warranties had been made on and as of the date of the Closing. 
 5.2
Blue Sky. The Company shall have obtained all necessary Blue Sky law permits and qualifications, or have the availability of exemptions therefrom, required by any state for the offer and sale of the Shares and the Common Stock issuable
upon conversion thereof. 
 5.3 Restated Certificate. The Restated Certificate shall have been filed
with and certified by the Delaware Secretary of State. 
 5.4 Investors’ Rights Agreement. The
Investors and Founders (as defined in the Investors’ Rights Agreement) shall have executed and delivered the Investors’ Rights Agreement. 
 5.5 Co-Sale Agreement. The Investors and the Founders (as defined in the Co-Sale Agreement) shall have executed and delivered the Co-Sale Agreement. 

5.6 Voting Agreement. The Investors and Founders (as defined in the Voting Agreement) shall have executed and
delivered the Voting Agreement. 
 6. Miscellaneous.

6.1 Governing Law. THIS AGREEMENT SHALL BE GOVERNED IN ALL RESPECTS BY THE INTERNAL LAWS OF THE STATE OF
DELAWARE AS APPLIED TO 

  
 -17-

 
AGREEMENTS ENTERED INTO AMONG DELAWARE RESIDENTS TO BE PERFORMED ENTIRELY WITHIN DELAWARE, WITHOUT REGARD TO CONFLICT OF LAWS RULES. 

6.2 Survival of Warranties. The representations, warranties and covenants of the Company and the Investors
contained herein or made pursuant to this Agreement shall survive the execution and delivery of the Agreement and the Closing. 
 6.3 Successors and Assigns. Except as otherwise provided herein, the provisions of this Agreement shall inure to the benefit of, and be binding upon, the respective successors, assigns, heirs,
executors and administrators of the parties to this Agreement. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties to this Agreement or their respective successors and assigns any rights,
remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. 
 6.4 Entire Agreement. This Agreement, including the exhibits attached to this Agreement, and the other documents delivered pursuant to this Agreement constitute the full and entire
understanding and agreement among the parties with regard to the subject matter hereof and thereof, and no party shall be liable or bound to any other party in any manner by any warranties, representations or covenants except as specifically set
forth herein or therein. 
 6.5 Amendment. Except as expressly provided herein, neither this
Agreement nor any term of this Agreement may be amended, waived, discharged or terminated other than by a written instrument signed by the party against whom enforcement of any such amendment, waiver, discharge or termination is sought; provided,
however, that Investors holding at least a majority of the shares of Common Stock issuable upon conversion of the Shares sold pursuant to this Agreement may, with the Company’s prior written consent, amend, waive, discharge or terminate on
behalf of all the Investors, any term of this Agreement. 
 6.6 Notices. All notices and other
communications required or permitted under this Agreement shall be in writing and shall be delivered personally by hand or by courier, mailed by certified United States mail, postage prepaid, return receipt requested, sent by facsimile or sent by
electronic mail directed (a) if to an Investor, at such Investor’s address, facsimile number or electronic mail address set forth on the Schedule of Investors or on such Investor’s signature page to this Agreement, or at such other
address, facsimile number or electronic mail address as such Investor may designate by ten (10) days’ advance written notice to the Company or (b) if to the Company, to its address, facsimile number or electronic mail address set
forth on its signature page to this Agreement and directed to the attention of the President, or at such other address, facsimile number or electronic mail address as the Company may designate by ten (10) days’ advance written notice to
each Investor. All such notices and other communications shall be effective or deemed given upon personal delivery, five days after mailing, upon confirmation of facsimile transfer or upon confirmation of electronic mail delivery. With respect to
any notice given by the Company under any provision of the Delaware General Corporation Law or the Company’s charter or bylaws, each Investor agrees that such notice may given by facsimile or by electronic mail. 

  
 -18-

 6.7 Delays or Omissions. Except as expressly provided
herein, no delay or omission to exercise any right, power or remedy accruing to any Investor, upon any breach or default of the Company under this Agreement, shall impair any such right, power or remedy of such Investor nor shall it be construed to
be a waiver of any such breach or default, or an acquiescence therein, or of any similar breach or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or
thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part of any Investor of any breach or default under this Agreement, or any waiver on the part of any Investor 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 or by law or otherwise afforded to any Investor, shall be cumulative and not alternative.

 6.8 Finder’s Fees. With respect to any finder’s fees arising out of the purchase of the
Shares pursuant to this Agreement: 
 (a) The Company hereby agrees to indemnify and to hold the Investors
harmless of and from any liability for any commission or compensation in the nature of a finder’s fee to any broker or other person or firm (and the costs and expenses of defending against such liability or asserted liability) for which the
Company or any of its employees or representatives are responsible. 
 (b) Each Investor hereby agrees to
indemnify and to hold the Company harmless of and from any liability for any commission or compensation in the nature of a finder’s fee to any broker or other person or firm (and the costs and expenses of defending against such liability or
asserted liability) for which such Investor or any of its employees or representatives are responsible. 
 6.9
Expenses. The Company and the Investors shall each pay their own expenses in connection with the transactions contemplated by this Agreement; provided, however, that if the Closing is effected, the Company shall reimburse the actual
reasonable fees and expenses of Nixon Peabody LLP, counsel for Eastern Advisors, in an amount not to exceed $5,000. 
 6.10 Attorney’s Fees. If any action at law or in equity is necessary to enforce or interpret the terms of this Agreement, the Ancillary Agreements or the Restated Certificate, the
prevailing party shall be entitled to reasonable attorney’s fees, costs and necessary disbursements in addition to any other relief to which such party may be entitled. 

6.11 Severability. In the event that any provision of this Agreement becomes or is declared by a court of
competent jurisdiction to be illegal, unenforceable or void, this Agreement shall continue in full force and effect without said provision, provided that no such severability shall be effective if it materially changes the economic benefit of this
Agreement to any party. 
 6.12 Interpretation. The words “include,” “includes”
and “including” when used herein shall be deemed in each case to be followed by the words “without limitation.” The titles and subtitles used in this Agreement are used for convenience only and are not considered in construing or
interpreting this Agreement. 

  
 -19-

 6.13 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. 

6.14 Telecopy Execution and Delivery. A facsimile, telecopy or other reproduction of this Agreement may be
executed by one or more parties to this Agreement, and an executed copy of this Agreement may be delivered by one or more parties to this Agreement by facsimile or similar electronic transmission device pursuant to which the signature of or on
behalf of such party can be seen, and such execution and delivery shall be considered valid, binding and effective for all purposes. At the request of any party to this Agreement, all parties to this Agreement agree to execute an original of this
Agreement as well as any facsimile, telecopy or other reproduction of this Agreement. 
 6.15
Indemnification. The Company, without limitation as to time, assumes liability for and agrees to indemnify, defend and hold harmless each Investor and its officers, directors, stockholders, partners, employees, agents and Affiliates
(collectively, “Indemnified Persons”) from and against, all losses, claims, damages, liabilities, obligations, fines, penalties, judgments, settlements, costs, expenses and disbursements (including attorneys’ fees and expenses)
(collectively, “Losses”) (i) arising out of or related to any breach or inaccuracy of any representation or warranty of the Company contained in this Agreement; (ii) any non-fulfillment or breach of any covenant or
agreement of the Company contained in this Agreement or any Ancillary Agreement; or (iii) incurred in connection with any action or proceeding against the Company or any Indemnified Person arising out of or in connection with this Agreement,
any Ancillary Agreement (or any other document or instrument executed pursuant hereto or thereto), or the transactions contemplated herein or therein, other than (a) Losses resulting that are finally determined in such action or proceeding to
be primarily and directly a result of (1) the gross negligence of such Indemnified Person, (2) a breach of a fiduciary duty, if any, owed by such Indemnified Person to the Company, (3) the intentional misconduct or a knowing violation
of applicable law by such Indemnified Person, or (4) a transaction from which such Indemnified Person received an improper personal benefit, or (b) Losses that are the subject of the indemnification agreement entered into by the Company
and such Indemnified Person pursuant to the Investors’ Rights Agreement, as to which Losses such indemnification agreement, rather than this Section 6.15, shall apply. The Company agrees to reimburse each Indemnified Person promptly for
all such Losses as they are incurred by such Indemnified Person if the Company receives a written undertaking by or on behalf of such Indemnified Person to reimburse the Company for any payments made by the Company to such Indemnified Person if it
is finally determined in such action or proceeding that such Indemnified Person is not entitled to indemnification pursuant to clause (iii) above. The obligations of the Company to each Indemnified Person under this Section 6.15 will be
separate and distinct obligations and will survive any transfer of securities by any Investor and the expiration or termination of this Agreement or any Ancillary Agreement. THE COMPANY AND THE INVESTORS INTEND THAT THE INDEMNIFIED PERSONS BE
INDEMNIFIED FROM LIABILITY FOR THEIR OWN NEGLIGENCE PURSUANT TO THIS SECTION 6.15. To the extent permitted by law, if the indemnification provided for herein is held by a court of competent jurisdiction (by the entry of a final judgment or
decree by such court and the expiration of time to appeal or the denial of the last right of appeal) to be unavailable to an Indemnified Person with respect to any Losses referred to herein, then the Company shall contribute to the amount paid or
payable by such Indemnified Person as a result of 

  
 -20-

 
such Losses in such proportion as is appropriate to reflect the relative fault of the Company, on the one hand, and of such Indemnified Person. 

6.16 Exculpation Among Investors. Each Investor acknowledges that it is not relying upon any other Investor,
or any officer, director, stockholder, employee, agent, partner or Affiliate of any such other Investor, in making its investment or decision to invest in the Company or in monitoring such investment. Each Investor agrees that no other Investor nor
any officer, director, stockholder, employee, agent, partner or Affiliate of any other Investor shall be liable for any action heretofore or hereafter taken or omitted to be taken by any of them relating to or in connection with the Company or the
Shares, or both. Without limiting the foregoing, no Investor, nor any of its officers, directors, stockholders, partners, employees or agents of Affiliates, or other holder of any Shares shall have any obligation, liability or responsibility
whatsoever for the accuracy, completeness or fairness of any or all information about the Company or any subsidiary or their respective properties, business or financial and other affairs, acquired by such Investor or holder from the Company or any
subsidiary or the respective officers, directors, employees, agents, representatives, counsel or auditors of either, and in turn provided to another Investor or holder of Shares, nor shall any such Investor or other Person have any obligation or
responsibility whatsoever to provide any such information to any other Investor or holder of Shares or to continue to provide any such information if any information is provided. 

6.17 Waiver of Potential Conflicts of Interest. Each of the Investors and the Company acknowledges that
Wilson Sonsini Goodrich & Rosati, Professional Corporation (“WSGR”), may have represented and may currently represent certain of the Investors. In the course of such representation, WSGR may have come into possession
of confidential information relating to such Investors. Each of the Investors and the Company acknowledges that WSGR is representing only the Company in this transaction and that WSGR is not representing any Investor. Each of the Investors and the
Company understands that an affiliate of WSGR has previously purchased shares of the Company’s capital stock. By executing this Agreement, each of the Investors and the Company hereby waives any actual or potential conflict of interest which
may arise as a result of WSGR’s representation of such persons and entities and WSGR’s possession of such confidential information. Each of the Investors and the Company represents that it has had the opportunity to consult with
independent counsel concerning the giving of this waiver. 
 6.18 Rights of Investors. Each
Investor, in its sole and absolute discretion, may exercise or refrain from exercising any rights or privileges that such Investor may have pursuant to this Agreement, the Ancillary Agreements, the Restated Certificate, the Bylaws or at law or in
equity, and such Investor shall not incur or be subject to any liability or obligation to the Company, any other Investor or holder of Shares, any other stockholder or securityholder of the Company or any other person, by reason of exercising or
refraining from exercising any such rights or privileges. 
 6.19 No Commitment for Additional
Financing. The Company acknowledges and agrees that no Investor has made any representation, undertaking, commitment or agreement to provide or assist the Company in obtaining any financing, investment or other assistance, other than the
purchase of the Shares as set forth in Section 1.1 and subject to the conditions set forth in Section 4. Each Investor shall have the right, in its sole and absolute discretion, to refuse or decline to participate in any

  
 -21-

 
other financing of or investment in the Company, and shall have no obligation to assist or cooperate with the Company in obtaining any financing, investment or other assistance. 

6.20 Joint Product. This Agreement and the Ancillary Agreements are the joint product of the Company and the
Investors, and each provision hereof and thereof has been the subject of mutual consultation, negotiation and agreement of the Company and the Investors and shall not be construed against any party hereto. 

[Signature page follows.] 

  
 -22-

 IN WITNESS WHEREOF, the parties have executed this Agreement on the day,
month and year first set forth above. 
  

			
	BAZAARVOICE, INC.
		
	 By:
	 	 /s/ Brett A. Hurt

		 	 Brett A. Hurt,

		 	 President

	
	 Address:

	 3900 N. Capital of Texas Highway, Suite 300

	 Austin, TX 78746

	 Fax: 512-732-9997

  

BAZAARVOICE, INC. 
 SIGNATURE PAGE TO SERIES E PREFERRED STOCK PURCHASE AGREEMENT 

 
			
	“Investor”
	
	EA PRIVATE INVESTMENTS, LLC

			
		
	 By:
	 	 /s/ Scott
Booth

			
	 Name:
	 	 Scott
Booth

			
	 Title:
	 	 Managing Partner

  

BAZAARVOICE, INC. 
 SIGNATURE PAGE TO SERIES E PREFERRED STOCK PURCHASE AGREEMENT 

 SCHEDULE A 

Schedule of Investors 
 Closing: February 9, 2010 
  

									
	 Investor’s Name and Address
	  	No. of Shares of Series E
Preferred Stock	 	  	Aggregate Purchase Price
of Series E Preferred
Stock	 
	 EA Private Investments, LLC

101 Park Avenue, 33/F

New York, NY 10178

Fax: 212-984-2331

Attn: Mitchell Green

          Scott Booth

mitchell@easternadvisors.com
	  	 	726,392	  	  	$	2,999,998.96	  
		  	  
	  
	 	  	  
	  
	 
	 Totals:
	  	 	726,392	  	  	$	2,999,998.96	  
		  	  
	  
	 	  	  
	  
	 

  
 A-1

 SCHEDULE B 

Schedule of Exceptions 

 EXHIBIT A 

Form of Sixth Amended and Restated Certificate of Incorporation 

 EXHIBIT B 

Form of Amended and Restated Investors’ Rights Agreement 

 EXHIBIT C 

Form of Amended and Restated Right of First Refusal and Co-Sale Agreement 

 EXHIBIT D 

Amended and Restated Voting Agreement

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