Document:

2012 Employee Stock Purchase Plan

 Exhibit 10.8 
 Adopted by the Board of Directors: January 17, 2012 
 Effective:
Upon the effectiveness of the registration      
 statement related to Company’s initial public
offering 
 BAZAARVOICE, INC. 
 2012 EMPLOYEE STOCK PURCHASE PLAN 
 1. Purpose. The purpose of the
Plan is to provide employees of the Company and its Designated Subsidiaries with an opportunity to purchase Common Stock through accumulated payroll deductions. The Company’s intention is to have the Plan qualify as an “employee stock
purchase plan” under Section 423 of the Code. The provisions of the Plan, accordingly, will be construed so as to extend and limit Plan participation in a uniform and nondiscriminatory basis consistent with the requirements of
Section 423 of the Code. 
 2. Definitions. 
 (a) “Administrator” means the Board or any Committee designated by the Board to administer the Plan pursuant to Section 14. 

(b) “Applicable Laws” means the requirements relating to the administration of equity-based awards under U.S. state
corporate laws, U.S. federal and state securities laws, the Code, any stock exchange or quotation system on which the Common Stock is listed or quoted and the applicable laws of any foreign country or jurisdiction where Awards are, or will be,
granted under the Plan. 
 (c) “Board” means the Board of Directors of the Company. 

(d) “Change in Control” means the occurrence of any of the following events: 

(i) A change in the ownership of the Company which occurs on the date that any one person, or more than one person acting as a group
(“Person”), acquires ownership of the stock of the Company that, together with the stock held by such Person, constitutes more than fifty percent (50%) of the total voting power of the stock of the Company; provided, however,
that for purposes of this subsection, the acquisition of additional stock by any one Person, who is considered to own more than fifty percent (50%) of the total voting power of the stock of the Company will not be considered a Change in
Control; or 
 (ii) A change in the effective control of the Company which occurs on the date that a majority of members of the
Board is replaced during any twelve (12) month period by Directors whose appointment or election is not endorsed by a majority of the members of the Board prior to the date of the appointment or election. For purposes of this clause, if any
Person is considered to be in effective control of the Company, the acquisition of additional control of the Company by the same Person will not be considered a Change in Control; or 

(iii) A change in the ownership of a substantial portion of the Company’s assets which occurs on the date that any Person acquires
(or has acquired during the twelve (12) month period ending on the date of the most recent acquisition by such person or persons) assets from the Company that have a total gross fair market value equal to or more than fifty percent
(50%) of the total gross fair market value of all of the assets of the Company immediately prior to such 

  
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acquisition or acquisitions; provided, however, that for purposes of this subsection, the following will not constitute a change in the ownership of a substantial portion of the Company’s
assets: (A) a transfer to an entity that is controlled by the Company’s stockholders immediately after the transfer, or (B) a transfer of assets by the Company to: (1) a stockholder of the Company (immediately before the asset
transfer) in exchange for or with respect to the Company’ s stock, (2) an entity, fifty percent (50%) or more of the total value or voting power of which is owned, directly or indirectly, by the Company, (3) a Person, that owns,
directly or indirectly, fifty percent (50%) or more of the total value or voting power of all the outstanding stock of the Company, or (4) an entity, at least fifty percent (50%) of the total value or voting power of which is owned,
directly or indirectly, by a Person described in this subsection (iii)(B)(3). For purposes of this subsection, gross fair market value means the value of the assets of the Company, or the value of the assets being disposed of, determined without
regard to any liabilities associated with such assets. 
 For purposes of this definition, persons will be considered to be
acting as a group if they are owners of a corporation that enters into a merger, consolidation, purchase or acquisition of stock, or similar business transaction with the Company. 

(e) “Code” means the Internal Revenue Code of 1986, as amended. Reference to a specific section of the Code or regulation
thereunder shall include such section or regulation, any valid regulation promulgated under such section, and any comparable provision of any future legislation or regulation amending, supplementing or superseding such section or regulation.

 (f) “Committee” means a committee of the Board appointed in accordance with Section 14 hereof.

 (g) “Common Stock” means the common stock of the Company. 

(h) “Company” means Bazaarvoice, Inc., a Delaware corporation. 

(i) “Compensation” means an Eligible Employee’s regular and recurring straight time gross earnings, payments for
overtime and shift premiums, but exclusive of payments for incentive compensation, bonuses and other similar compensation. The Administrator, in its discretion, may, on a uniform and nondiscriminatory basis, establish a different definition of
Compensation for a subsequent Offering Period. 
 (j) “Designated Subsidiary” means any Subsidiary that has been
designated by the Administrator from time to time in its sole discretion as eligible to participate in the Plan. 
 (k)
“Director” means a member of the Board. 
 (l) “Eligible Employee” means any individual who is
a common law employee of an Employer and is customarily employed for at least twenty (20) hours per week and more than five (5) months in any calendar year by the Employer. For purposes of the Plan, the employment relationship will be
treated as continuing intact while the individual is on sick leave or other leave of absence that the Employer approves. Where the period of leave exceeds three (3) months and the individual’s right to reemployment is not guaranteed either
by statute or by contract, the employment relationship will be deemed to have terminated three (3) months and one (1) day following the commencement of such leave. The Administrator, in its discretion, from time to time may, prior to

  
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an Offering Date for all options to be granted on such Offering Date, determine (on a uniform and nondiscriminatory basis) that the definition of Eligible Employee will or will not include an
individual if he or she: (i) has not completed at least two (2) years of service since his or her last hire date (or such lesser period of time as may be determined by the Administrator in its discretion), (ii) customarily works not
more than twenty (20) hours per week (or such lesser period of time as may be determined by the Administrator in its discretion), (iii) customarily works not more than five (5) months per calendar year (or such lesser period of time
as may be determined by the Administrator in its discretion), (iv) is an officer or other manager, or (v) is a highly compensated employee under Section 414(q) of the Code. 

(m) “Employer” means any one or all of the Company and its Designated Subsidiaries. With respect to a particular Eligible
Employee, Employer means the Company or Designated Subsidiary, as the case may be, that directly employs the Eligible Employee. 

(n) “Exchange Act” means the Securities Exchange Act of 1934, as amended, including the rules and regulations promulgated
thereunder. 
 (o) “Exercise Date” means the first Trading Day on or after March 20 and September 20
of each year. The first Exercise Date under the Plan will be March 20, 2012. 
 (p) “Fair Market Value”
means, as of any date and unless the Administrator determines otherwise, the value of Common Stock determined as follows: 
 (i)
If the Common Stock is listed on any established stock exchange or a national market system, including without limitation the New York Stock Exchange, the Nasdaq Global Select Market, the Nasdaq Global Market or the Nasdaq Capital Market of The
Nasdaq Stock Market, its Fair Market Value will be the closing sales price for such stock (or the closing bid, if no sales were reported) as quoted on such exchange or system on the date of determination, as reported in The Wall Street
Journal or such other source as the Administrator deems reliable; 
 (ii) If the Common Stock is regularly quoted by a
recognized securities dealer but selling prices are not reported, its Fair Market Value will be the mean of the closing bid and asked prices for the Common Stock on the date of determination, as reported in The Wall Street Journal or such
other source as the Administrator deems reliable; 
 (iii) In the absence of an established market for the Common Stock, the
Fair Market Value thereof will be determined in good faith by the Administrator; or 
 (iv) For purposes of the Offering Date of
the first Offering Period under the Plan, the Fair Market Value will be the initial price to the public as set forth in the final prospectus included within the registration statement on Form S-1 filed with the Securities and Exchange
Commission for the initial public offering of the Common Stock (the “Registration Statement”). 
 (q)
“Fiscal Year” means the fiscal year of the Company. 
 (r) “New Exercise Date” means a new
Exercise Date set by shortening any Offering Period then in progress. 

  
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 (s) “Offering Date” means the first Trading Day of each Offering Period.

 (t) “Offering Periods” means the periods of approximately six (6) months during which an option granted
pursuant to the Plan may be exercised, (i) commencing on the first Trading Day on or after March 20 of each year and terminating on the first Trading Day on or following September 20, approximately six (6) months later, and
(ii) commencing on the first Trading Day on or after September 20 of each year and terminating on the first Trading Day on or following March 20, approximately six (6) months later; provided, however, that the first Offering
Period under the Plan will commence with the first Trading Day on or after the date on which the Securities and Exchange Commission declares the Company’s Registration Statement effective and will end on March 20, 2012. The duration and
timing of Offering Periods may be changed pursuant to Sections 4 and 20. 
 (u) “Parent” means a
“parent corporation,” whether now or hereafter existing, as defined in Section 424(e) of the Code. 
 (v)
“Participant” means an Eligible Employee who participates in the Plan. 
 (w) “Plan” means this
Bazaarvoice, Inc. 2012 Employee Stock Purchase Plan. 
 (x) “Purchase Price” means an amount equal to
eighty-five percent (85%) of the Fair Market Value of a share of Common Stock on the Offering Date or on the Exercise Date, whichever is lower; provided however, that the Purchase Price may be determined for subsequent Offering Periods by the
Administrator, in its discretion, subject to compliance with Section 423 of the Code or pursuant to Section 20. 
 (y)
“Subsidiary” means a “subsidiary corporation,” whether now or hereafter existing, as defined in Section 424(f) of the Code. 
 (z) “Trading Day” means a day on which the national stock exchange upon which the Common Stock is listed is open for trading. 

3. Eligibility. 
 (a) First Offering Period. Any individual who is an Eligible Employee immediately prior to the first Offering Period will be automatically enrolled in the first Offering Period. 

(b) Subsequent Offering Periods. Any Eligible Employee on a given Offering Date subsequent to the first Offering Period will be
eligible to participate in the Plan, subject to the requirements of Section 5. 
 (c) Limitations. Any provisions of
the Plan to the contrary notwithstanding, no Eligible Employee will be granted an option under the Plan (i) to the extent that, immediately after the grant, such Eligible Employee (or any other person whose stock would be attributed to such
Eligible Employee pursuant to Section 424(d) of the Code) would own capital stock of the Company or any Parent or Subsidiary of the Company and/or hold outstanding options to purchase such stock possessing five percent (5%) or more of the
total combined voting power or value of all classes of 

  
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the capital stock of the Company or of any Parent or Subsidiary of the Company, or (ii) to the extent that his or her rights to purchase stock under all employee stock purchase plans (as
defined in Section 423 of the Code) of the Company or any Parent or Subsidiary of the Company accrues at a rate which exceeds twenty-five thousand dollars ($25,000) worth of stock (determined at the Fair Market Value of the stock at the
time such option is granted) for each calendar year in which such option is outstanding at any time. 
 4. Offering
Periods. The Plan will be implemented by consecutive Offering Periods with a new Offering Period commencing on the first Trading Day on or after March 20 and September 20 each year, or on such other date as the Administrator will
determine; provided, however, that the first Offering Period under the Plan will commence with the first Trading Day on or after the date upon which the Company’s Registration Statement is declared effective by the Securities and Exchange
Commission and end on March 20, 2012. The Administrator will have the power to change the duration of Offering Periods (including the commencement dates thereof) with respect to future offerings without stockholder approval if such change is
announced prior to the scheduled beginning of the first Offering Period to be affected thereafter. 
 5. Participation.

 (a) First Offering Period. An Eligible Employee will be entitled to continue to participate in the first Offering
Period pursuant to Section 3(a) only if such individual submits a subscription agreement authorizing payroll deductions in a form determined by the Administrator (which may be similar to the form attached hereto as Exhibit A) to the
Company’s designated plan administrator (i) no earlier than the effective date of the Form S-8 registration statement with respect to the issuance of Common Stock under this Plan and (ii) no later than ten (10) business days
following the effective date of such S-8 registration statement or such other period of time as the Administrator may determine (the “Enrollment Window”). An Eligible Employee’s failure to submit the subscription agreement
during the Enrollment Window will result in the automatic termination of such individual’s participation in the first Offering Period. 
 (b) Subsequent Offering Periods. An Eligible Employee may participate in the Plan pursuant to Section 3(b) by (i) submitting to the Company’s payroll office (or its designee), on or
before a date prescribed by the Administrator prior to an applicable Offering Date, a properly completed subscription agreement authorizing payroll deductions in the form provided by the Administrator for such purpose, or (ii) following an
electronic or other enrollment procedure prescribed by the Administrator. 
 6. Payroll Deductions. 

(a) At the time a Participant enrolls in the Plan pursuant to Section 5, he or she will elect to have payroll deductions made on each
pay day during the Offering Period in an amount not exceeding fifteen percent (15%) of the Compensation which he or she receives on each pay day during the Offering Period. A Participant’s subscription agreement will remain in effect for
successive Offering Periods unless terminated as provided in Section 10 hereof. 

  
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 (b) Payroll deductions for a Participant will commence on the first pay day following the
Offering Date and will end on the last pay day on or prior to the Exercise Date of such Offering Period to which such authorization is applicable, unless sooner terminated by the Participant as provided in Section 10 hereof; provided, however,
that for the first Offering Period, payroll deductions will commence on the first pay day for which it is administratively possible to process payroll deductions on or following the end of the Enrollment Window. 

(c) All payroll deductions made for a Participant will be credited to his or her account under the Plan and will be withheld in whole
percentages only. A Participant may not make any additional payments into such account. 
 (d) A Participant may discontinue his
or her participation in the Plan as provided in Section 10. If permitted by the Administrator, as determined in its sole discretion, for an Offering Period, a Participant may increase or decrease the rate of his or her payroll deductions during
the Offering Period by (i) properly completing and submitting to the Company’s payroll office (or its designee), on or before a date prescribed by the Administrator prior to an applicable Exercise Date, a new subscription agreement
authorizing the change in payroll deduction rate in the form provided by the Administrator for such purpose, or (ii) following an electronic or other procedure prescribed by the Administrator. If a Participant has not followed such procedures
to change the rate of payroll deductions, the rate of his or her payroll deductions will continue at the originally elected rate throughout the Offering Period and future Offering Periods (unless terminated as provided in Section 10). The
Administrator may, in its sole discretion, limit the nature and/or number of payroll deduction rate changes that may be made by Participants during any Offering Period. Any change in payroll deduction rate made pursuant to this Section 6(d)
will be effective as of the first full payroll period following five (5) business days after the date on which the change is made by the Participant (unless the Administrator, in its sole discretion, elects to process a given change in payroll
deduction rate more quickly). 
 (e) Notwithstanding the foregoing, to the extent necessary to comply with Section 423(b)(8)
of the Code and Section 3(c), a Participant’s payroll deductions may be decreased to zero percent (0%) at any time during an Offering Period. Subject to Section 423(b)(8) of the Code and Section 3(c) hereof, payroll
deductions will recommence at the rate originally elected by the Participant effective as of the beginning of the first Offering Period which is scheduled to end in the following calendar year, unless terminated by the Participant as provided in
Section 10. 
 (f) At the time the option is exercised, in whole or in part, or at the time some or all of the Common Stock
issued under the Plan is disposed of, the Participant must make adequate provision for the Company’s or Employer’s federal, state, or any other tax liability payable to any authority, national insurance, social security or other tax
withholding obligations, if any, which arise upon the exercise of the option or the disposition of the Common Stock. At any time, the Company or the Employer may, but will not be obligated to, withhold from the Participant’s compensation the
amount necessary for the Company or the Employer to meet applicable withholding obligations, including any withholding required to make available to the Company or the Employer any tax deductions or benefits attributable to sale or early disposition
of Common Stock by the Eligible Employee. 
 7. Grant of Option. On the Offering Date of each Offering Period, each
Eligible Employee participating in such Offering Period will be granted an option to purchase on each Exercise Date with respect to an Offering Period (at the applicable Purchase Price) up to a number of

  
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shares of Common Stock determined by dividing such Eligible Employee’s payroll deductions accumulated prior to such Exercise Date and retained in the Eligible Employee’s account as of
the Exercise Date by the applicable Purchase Price; provided that in no event will an Eligible Employee be permitted to purchase during each Offering Period more than [            ]1 shares of the Common Stock (subject to any adjustment pursuant to
Section 19), and provided further that such purchase will be subject to the limitations set forth in Sections 3(c) and 13. The Eligible Employee may accept the grant of such option with respect to the first Offering Period by submitting a
properly completed subscription agreement in accordance with the requirements of Section 5(a) on or before the last day of the Enrollment Window, and (ii) with respect to any future Offering Period under the Plan, by electing to
participate in the Plan in accordance with the requirements of Section 5(b). The Administrator may, for future Offering Periods, increase or decrease, in its absolute discretion, the maximum number of shares of Common Stock that an Eligible
Employee may purchase during each Offering Period. Exercise of the option will occur as provided in Section 8, unless the Participant has withdrawn pursuant to Section 10. The option will expire on the last day of the Offering Period.

  

	8.	Exercise of Option. 

 (a)
Unless a Participant withdraws from the Plan as provided in Section 10, his or her option for the purchase of shares of Common Stock will be exercised automatically on the Exercise Date, and the maximum number of full shares subject to the
option will be purchased for such Participant at the applicable Purchase Price with the accumulated payroll deductions in his or her account. No fractional shares of Common Stock will be purchased; any payroll deductions accumulated in a
Participant’s account, which are not sufficient to purchase a full share will be retained in the Participant’s account for the subsequent Offering Period, subject to earlier withdrawal by the Participant as provided in Section 10. Any
other funds left over in a Participant’s account after the Exercise Date will be returned to the Participant. During a Participant’s lifetime, a Participant’s option to purchase shares hereunder is exercisable only by him or her.

 (b) If the Administrator determines that, on a given Exercise Date, the number of shares of Common Stock with respect to which
options are to be exercised may exceed (i) the number of shares of Common Stock that were available for sale under the Plan on the Offering Date of the applicable Offering Period, or (ii) the number of shares of Common Stock available for
sale under the Plan on such Exercise Date, the Administrator may in its sole discretion provide that the Company will make a pro rata allocation of the shares of Common Stock available for purchase on such Offering Date or Exercise Date, as
applicable, in as uniform a manner as will be practicable and as it will determine in its sole discretion to be equitable among all Participants exercising options to purchase Common Stock on such Exercise Date, and continue all Offering Periods
then in effect or terminate all Offering Periods then in effect pursuant to Section 20. The Company may make a pro rata allocation of the shares available on the Offering Date of any applicable Offering Period pursuant to the preceding
sentence, notwithstanding any authorization of additional shares for issuance under the Plan by the Company’s stockholders subsequent to such Offering Date. 

 
  

	1 	 To be completed by the Compensation Committee of the Board of Directors. 

  
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 9. Delivery. As soon as reasonably practicable after each Exercise Date on which a
purchase of shares of Common Stock occurs, the Company will arrange the delivery to each Participant of the shares purchased upon exercise of his or her option in a form determined by the Administrator (in its sole discretion) and pursuant to rules
established by the Administrator. The Company may permit or require that shares be deposited directly with a broker designated by the Company or to a designated agent of the Company, and the Company may utilize electronic or automated methods of
share transfer. The Company may require that shares be retained with such broker or agent for a designated period of time and/or may establish other procedures to permit tracking of disqualifying dispositions of such shares. No Participant will have
any voting, dividend, or other stockholder rights with respect to shares of Common Stock subject to any option granted under the Plan until such shares have been purchased and delivered to the Participant as provided in this Section 9.

 10. Withdrawal. 
 (a) A Participant may withdraw all but not less than all the payroll deductions credited to his or her account and not yet used to exercise his or her option under the Plan at any time by
(i) submitting to the Company’s payroll office (or its designee) a written notice of withdrawal in the form prescribed by the Administrator for such purpose (which may be similar to the form attached hereto as Exhibit B), or
(ii) following an electronic or other withdrawal procedure prescribed by the Administrator. All of the Participant’s payroll deductions credited to his or her account will be paid to such Participant promptly after receipt of notice of
withdrawal and such Participant’s option for the Offering Period will be automatically terminated, and no further payroll deductions for the purchase of shares will be made for such Offering Period. If a Participant withdraws from an Offering
Period, payroll deductions will not resume at the beginning of the succeeding Offering Period, unless the Participant re-enrolls in the Plan in accordance with the provisions of Section 5. 

(b) A Participant’s withdrawal from an Offering Period will not have any effect upon his or her eligibility to participate in any
similar plan which may hereafter be adopted by the Company or in succeeding Offering Periods, which commence after the termination of the Offering Period from which the Participant withdraws. 

11. Termination of Employment. Upon a Participant’s ceasing to be an Eligible Employee, for any reason, he or she will be
deemed to have elected to withdraw from the Plan and the payroll deductions credited to such Participant’s account during the Offering Period but not yet used to purchase shares of Common Stock under the Plan will be returned to such
Participant or, in the case of his or her death, to the person or persons entitled thereto under Section 15, and such Participant’s option will be automatically terminated. 

12. Interest. No interest will accrue on the payroll deductions of a Participant in the Plan. 

13. Stock. 
 (a) Subject to adjustment upon changes in capitalization of the Company as provided in Section 19 hereof, the maximum number of shares of Common Stock which will be made available for sale under the
Plan will be 1,137,123 shares, plus an annual increase to be added 

  
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on the first day of each Fiscal Year beginning with the 2013 Fiscal Year, equal to the least of (i) 5,000,000 shares of Common Stock, (ii) one percent (1%) of the outstanding
shares of Common Stock on the last day of the immediately preceding fiscal year, or (iii) an amount determined by the Administrator. 
 (b) Until the shares are issued (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company), a Participant will only have the rights of an
unsecured creditor with respect to such shares, and no right to vote or receive dividends or any other rights as a stockholder will exist with respect to such shares. 
 (c) Shares of Common Stock to be delivered to a Participant under the Plan will be registered in the name of the Participant or in the name of the Participant and his or her spouse. 

14. Administration. The Plan will be administered by the Board or a Committee appointed by the Board, which Committee will be
constituted to comply with Applicable Laws. The Administrator will have full and exclusive discretionary authority to construe, interpret and apply the terms of the Plan, to determine eligibility and to adjudicate all disputed claims filed under the
Plan. Every finding, decision and determination made by the Administrator will, to the full extent permitted by law, be final and binding upon all parties. Notwithstanding any provision to the contrary in this Plan, the Administrator may adopt rules
or procedures relating to the operation and administration of the Plan to accommodate the specific requirements of local laws and procedures for jurisdictions outside of the United States. Without limiting the generality of the foregoing, the
Administrator is specifically authorized to adopt rules and procedures regarding eligibility to participate, the definition of Compensation, handling of payroll deductions, making of contributions to the Plan (including, without limitation, in forms
other than payroll deductions), establishment of bank or trust accounts to hold payroll deductions, payment of interest, conversion of local currency, obligations to pay payroll tax, determination of beneficiary designation requirements, withholding
procedures and handling of stock certificates which vary with local requirements. 
  

	15.	Designation of Beneficiary. 

 (a) A Participant may file a designation of a beneficiary who is to receive any shares of Common Stock and cash, if any, from the Participant’s account under the Plan in the event of such
Participant’s death subsequent to an Exercise Date on which the option is exercised but prior to delivery to such Participant of such shares and cash. In addition, a Participant may file a designation of a beneficiary who is to receive any cash
from the Participant’s account under the Plan in the event of such Participant’s death prior to exercise of the option. If a Participant is married and the designated beneficiary is not the spouse, spousal consent will be required for such
designation to be effective. 
 (b) Such designation of beneficiary may be changed by the Participant at any time by notice in a
form determined by the Administrator. In the event of the death of a Participant and in the absence of a beneficiary validly designated under the Plan who is living at the time of such Participant’s death, the Company will deliver such shares
and/or cash to the executor or administrator of the estate of the Participant, or if no such executor or administrator has been appointed (to the knowledge of the Company), the Company, in its discretion, may deliver such shares and/or cash to the
spouse or to any one or more dependents or relatives of the Participant, or if no spouse, dependent or relative is known to the Company, then to such other person as the Company may designate. 

  
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 (c) All beneficiary designations will be in such form and manner as the Administrator may
designate from time to time. 
 16. Transferability. Neither payroll deductions credited to a Participant’s account
nor any rights with regard to the exercise of an option or to receive shares of Common Stock under the Plan may be assigned, transferred, pledged or otherwise disposed of in any way (other than by will, the laws of descent and distribution or as
provided in Section 15 hereof) by the Participant. Any such attempt at assignment, transfer, pledge or other disposition will be without effect, except that the Company may treat such act as an election to withdraw funds from an Offering Period
in accordance with Section 10 hereof. 
 17. Use of Funds. The Company may use all payroll deductions received or
held by it under the Plan for any corporate purpose, and the Company will not be obligated to segregate such payroll deductions. Until shares of Common Stock are issued, Participants will only have the rights of an unsecured creditor with respect to
such shares. 
 18. Reports. Individual accounts will be maintained for each Participant in the Plan. Statements of
account will be given to participating Eligible Employees at least annually, which statements will set forth the amounts of payroll deductions, the Purchase Price, the number of shares of Common Stock purchased and the remaining cash balance, if
any. 
 19. Adjustments, Dissolution, Liquidation, Merger or Change in Control. 

(a) Adjustments. In the event that any dividend or other distribution (whether in the form of cash, Common Stock, other securities,
or other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase, or exchange of Common Stock or other securities of the Company, or other change in the
corporate structure of the Company affecting the Common Stock occurs, the Administrator, in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan, will, in such manner as it may
deem equitable, adjust the number and class of Common Stock that may be delivered under the Plan, the Purchase Price per share and the number of shares of Common Stock covered by each option under the Plan which has not yet been exercised, and the
numerical limits of Sections 7 and 13. 
 (b) Dissolution or Liquidation. In the event of the proposed dissolution or
liquidation of the Company, any Offering Period then in progress will be shortened by setting a New Exercise Date, and will terminate immediately prior to the consummation of such proposed dissolution or liquidation, unless provided otherwise by the
Administrator. The New Exercise Date will be before the date of the Company’s proposed dissolution or liquidation. The Administrator will notify each Participant in writing, at least ten (10) business days prior to the New Exercise Date,
that the Exercise Date for the Participant’s option has been changed to the New Exercise Date and that the Participant’s option will be exercised automatically on the New Exercise Date, unless prior to such date the Participant has
withdrawn from the Offering Period as provided in Section 10 hereof. 

  
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 (c) Merger or Change in Control. In the event of a merger or Change in Control, each
outstanding option will be assumed or an equivalent option substituted by the successor corporation or a Parent or Subsidiary of the successor corporation. In the event that the successor corporation refuses to assume or substitute for the option,
the Offering Period with respect to which such option relates will be shortened by setting a New Exercise Date and will end on the New Exercise Date. The New Exercise Date will occur before the date of the Company’s proposed merger or Change in
Control. The Administrator will notify each Participant in writing prior to the New Exercise Date, that the Exercise Date for the Participant’s option has been changed to the New Exercise Date and that the Participant’s option will be
exercised automatically on the New Exercise Date, unless prior to such date the Participant has withdrawn from the Offering Period as provided in Section 10 hereof. 
 20. Amendment or Termination. 
 (a) The Administrator, in its sole
discretion, may amend, suspend, or terminate the Plan, or any part thereof, at any time and for any reason. If the Plan is terminated, the Administrator, in its discretion, may elect to terminate all outstanding Offering Periods either immediately
or upon completion of the purchase of shares of Common Stock on the next Exercise Date (which may be sooner than originally scheduled, if determined by the Administrator in its discretion), or may elect to permit Offering Periods to expire in
accordance with their terms (and subject to any adjustment pursuant to Section 19). If the Offering Periods are terminated prior to expiration, all amounts then credited to Participants’ accounts which have not been used to purchase shares
of Common Stock will be returned to the Participants (without interest thereon, except as otherwise required under local laws) as soon as administratively practicable. 
 (b) Without stockholder consent and without limiting Section 20(a), the Administrator will be entitled to change the Offering Periods, limit the frequency and/or number of changes in the amount
withheld during an Offering Period, establish the exchange ratio applicable to amounts withheld in a currency other than U.S. dollars, permit payroll withholding in excess of the amount designated by a Participant in order to adjust for delays or
mistakes in the Company’s processing of properly completed withholding elections, establish reasonable waiting and adjustment periods and/or accounting and crediting procedures to ensure that amounts applied toward the purchase of Common Stock
for each Participant properly correspond with amounts withheld from the Participant’s Compensation, and establish such other limitations or procedures as the Administrator determines in its sole discretion advisable which are consistent with
the Plan. 
 (c) In the event the Administrator determines that the ongoing operation of the Plan may result in unfavorable
financial accounting consequences, the Administrator may, in its discretion and, to the extent necessary or desirable, modify, amend or terminate the Plan to reduce or eliminate such accounting consequence including, but not limited to: 

(i) amending the Plan to conform with the safe harbor definition under Financial Accounting Standards Board Accounting Standards
Codification Topic 718, including with respect to an Offering Period underway at the time; 
 (ii) altering the Purchase Price
for any Offering Period including an Offering Period underway at the time of the change in Purchase Price; 

  
 -11-

 (iii) shortening any Offering Period by setting a New Exercise Date, including an Offering
Period underway at the time of the Administrator action; 
 (iv) reducing the maximum percentage of Compensation a Participant
may elect to set aside as payroll deductions; and 
 (v) reducing the maximum number of Shares a Participant may purchase during
any Offering Period. 
 Such modifications or amendments will not require stockholder approval or the consent of any Plan
Participants. 
 21. Notices. All notices or other communications by a Participant to the Company under or in connection
with the Plan will be deemed to have been duly given when received in the form and manner specified by the Company at the location, or by the person, designated by the Company for the receipt thereof. 

22. Conditions Upon Issuance of Shares. Shares of Common Stock will not be issued with respect to an option unless the exercise of
such option and the issuance and delivery of such shares pursuant thereto will comply with all applicable provisions of law, domestic or foreign, including, without limitation, the Securities Act of 1933, as amended, the Exchange Act, the rules and
regulations promulgated thereunder, and the requirements of any stock exchange upon which the shares may then be listed, and will be further subject to the approval of counsel for the Company with respect to such compliance. 

As a condition to the exercise of an option, the Company may require the person exercising such option to represent and warrant at the
time of any such exercise that the shares are being purchased only for investment and without any present intention to sell or distribute such shares if, in the opinion of counsel for the Company, such a representation is required by any of the
aforementioned applicable provisions of law. 
 23. Term of Plan. The Plan will become effective upon the earlier to
occur of its adoption by the Board or its approval by the stockholders of the Company. It will continue in effect for a term of ten (10) years, unless sooner terminated under Section 20. 

24. Stockholder Approval. The Plan will be subject to approval by the stockholders of the Company within twelve (12) months
after the date the Plan is adopted by the Board. Such stockholder approval will be obtained in the manner and to the degree required under Applicable Laws. 

  
 -12-

 EXHIBIT A 

BAZAARVOICE, INC. 
 2012 EMPLOYEE STOCK PURCHASE PLAN 
 SUBSCRIPTION AGREEMENT 

 

	          Original Application 
	Offering
Date:                                        
   

          Change in Payroll Deduction Rate 

         Change of Beneficiary(ies) 

1.                     hereby elects
to participate in the Bazaarvoice, Inc. 2012 Employee Stock Purchase Plan (the “Plan”) and subscribes to purchase shares of the Company’s Common Stock in accordance with this Subscription Agreement and the Plan. 

2. I hereby authorize payroll deductions from each paycheck in the amount of
            % of my Compensation on each payday (from 0 to 10%) during the Offering Period in accordance with the Plan. (Please note that no fractional percentages are permitted.) For the
first Offering Period under the Plan, this will only apply to remaining paydays during the first Offering Period. 
 3. I
understand that said payroll deductions will be accumulated for the purchase of shares of Common Stock at the applicable Purchase Price determined in accordance with the Plan. I understand that if I do not withdraw from an Offering Period, any
accumulated payroll deductions will be used to automatically exercise my option and purchase Common Stock under the Plan. 
 4.
I have received a copy of the complete Plan and its accompanying prospectus. I understand that my participation in the Plan is in all respects subject to the terms of the Plan. 

5. Shares of Common Stock purchased for me under the Plan should be issued in the name(s) of
                     (Eligible Employee or Eligible Employee and Spouse only). 

6. I understand that if I dispose of any shares received by me pursuant to the Plan within two (2) years after the Offering Date
(the first day of the Offering Period during which I purchased such shares) or one (1) year after the Exercise Date, I will be treated for federal income tax purposes as having received ordinary income at the time of such disposition in an
amount equal to the excess of the fair market value of the shares at the time such shares were purchased by me over the price that I paid for the shares. I hereby agree to notify the Company in writing within thirty (30) days after the date
of any disposition of my shares and I will make adequate provision for Federal, state or other tax withholding obligations, if any, which arise upon the disposition of the Common Stock. The Company may, but will not be obligated to, withhold
from my compensation the amount necessary to meet any applicable withholding obligation including any withholding necessary to make available to the Company any tax deductions or benefits attributable to sale or early disposition of Common Stock by
me. If I dispose of such shares at any time after the expiration of the two (2)-year and one (1)-year holding periods, I understand that I will be treated for federal income tax purposes as having received income only at the time of such
disposition, and that such 

 
income will be taxed as ordinary income only to the extent of an amount equal to the lesser of (a) the excess of the fair market value of the shares at the time of such disposition over the
purchase price which I paid for the shares, or (b) 15% of the fair market value of the shares on the first day of the Offering Period. The remainder of the gain, if any, recognized on such disposition will be taxed as capital gain. 

7. I hereby agree to be bound by the terms of the Plan. The effectiveness of this Subscription Agreement is dependent upon my eligibility
to participate in the Plan. 
 8. In the event of my death, I hereby designate the following as my beneficiary(ies) to receive
all payments and shares due me under the Plan: 
  

							
	 NAME: (please print)
	  	 	  	 	  	 
		  	First                          
                      	  	Middle                          
                  	  	Last                          
                  

  

					
	Relationship	  		  	 
		  		  	
	Percentage Benefit                    
	  		  	 
		  		  	
		  		  	Address

 
							
	 NAME: (please print)
	  	 	  	 	  	 
		  	First                          
                      	  	Middle                          
                  	  	Last                          
                  

  

					
	Relationship	  		  	 
		  		  	
	Percentage Benefit                    
 	  		  	 
		  		  	
		  		  	Address

  
 -2-

  

					
	 Employee’s Social        
 Security Number:
	  		  	 
		  		  	
	Employee’s Address:                    	  		  	 
		  		  	
		  		  	 
		  		  	
		  		  	 

 I UNDERSTAND THAT THIS SUBSCRIPTION AGREEMENT WILL REMAIN IN EFFECT THROUGHOUT SUCCESSIVE OFFERING PERIODS UNLESS
TERMINATED BY ME. 
  

					
	
Dated:                 
                                     
	  		  	 
		  		  	Signature of Employee
		  		  	
	
Dated:                       
                       
	  		  	 
		  		  	Spouse’s Signature (If beneficiary other than spouse)

 EXHIBIT B 

BAZAARVOICE, INC. 
 2012 EMPLOYEE STOCK PURCHASE PLAN 
 NOTICE OF WITHDRAWAL 

The undersigned Participant in the Offering Period of the Bazaarvoice, Inc. 2012 Employee Stock Purchase Plan that began on
                    ,              (the “Offering Date”) hereby notifies
the Company that he or she hereby withdraws from the Offering Period. He or she hereby directs the Company to pay to the undersigned as promptly as practicable all the payroll deductions credited to his or her account with respect to such Offering
Period. The undersigned understands and agrees that his or her option for such Offering Period will be automatically terminated. The undersigned understands further that no further payroll deductions will be made for the purchase of shares in the
current Offering Period and the undersigned will be eligible to participate in succeeding Offering Periods only by delivering to the Company a new Subscription Agreement. 

 

	
	Name and Address of Participant:
	
	 
	
	 
	
	 
	
	Signature:
	
	 
	
	Date:Fifth Amendment to Loan and Security Agreement

 Exhibit 10.34.1 

FIFTH AMENDMENT 
 TO 
 LOAN AND SECURITY AGREEMENT 

This Fifth Amendment to Loan and Security Agreement (this “Amendment”) is entered into as of January 31, 2012,
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,
that certain Third Amendment to Loan and Security Agreement dated as of January 22, 2010, and that certain Fourth Amendment to Loan and Security Agreement dated as of September 27, 2010 (as amended, 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: 
 “‘Applicable Reporting Period’ means (i) at all times before the date of
Borrower’s initial public offering, 30 days, and (ii) on and after the date of Borrower’s initial public offering, 45 days.” 
 “‘Adjusted Revenue’ means, as of any date of determination, Borrower’s revenue for the twelve month period then ending, plus (or minus) the increase (or decrease) in Deferred Revenue
during such period, all as determined in accordance with GAAP.” 
 “‘Capital Expenditures’ means for any for
any period, with respect to any Person (without duplication), the aggregate of all expenditures incurred by such Person and its subsidiaries during such period for the acquisition or leasing (pursuant to a capitalized lease) of fixed or capital
assets or additions to equipment, plant and property that should be capitalized under GAAP on a consolidated balance sheet of such Person and its Subsidiaries, but excluding non-cash capitalized tenant improvements where the expenditure is incurred
by the landlord rather than Borrower but Borrower is required to capitalize such expenditures under GAAP and expenditures made in connection with the reinvestment of insurance proceeds, condemnation proceeds or the net cash proceeds of asset
sales.” 

 “‘Capitalized Software Expenses’ means capitalized software expenses, as
determined in accordance with GAAP.” 
 “‘Cash Burn’ shall mean as of any date of determination, EBITDA of
Borrower for the three month period ending on such date of determination, less any Capitalized Software Expenses made during such period, plus (or minus) the increase (or decrease) in Deferred Revenue during such period, all as determined in
accordance with GAAP. For the avoidance of doubt, if the result of the above formula is a positive number, Cash Burn shall be equal to zero.” 
 “‘Consolidated Net Income (or Deficit)’ means the consolidated net income (or deficit) of any Person and its Subsidiaries, after deduction of all expenses, taxes, and other proper charges,
determined in accordance with GAAP, after eliminating therefrom all extraordinary nonrecurring items of income.” 

“‘Covenant Test Period’ means any period before the Qualified IPO Event during which the sum of Advances outstanding under
the Revolving Line and amounts outstanding under the Letter of Credit/Credit Card Services Sublimit equals or exceeds Fifteen Million Dollars ($15,000,000.00).” 
 “‘Deferred Revenue’ means all amounts received in advance of performance and not yet recognized as revenue, as determined in accordance with GAAP.” 

“‘EBITDA’ means with respect to any fiscal period an amount equal to the sum of (a) Consolidated Net Income of a
Person and its Subsidiaries for such fiscal period, plus (b) in each case to the extent deducted in the calculation of such Person’s Consolidated Net Income and without duplication, (i) depreciation and amortization for such period,
plus (ii) income tax expense for such period, plus (iii) interest expense paid or accrued during such period, plus (iv) non-cash expense associated with incentive equity compensation and issuances of equity securities without
consideration, plus (v) non-cash expenses that are non-recurring, all as determined in accordance with GAAP.” 

“‘Fifth Amendment Date’ means January 31, 2012.” 

“‘Permitted Acquisition’ means the acquisition of all or substantially all of the capital stock or property of another
Person, provided that, (a) no Event of Default has occurred, is continuing or would exist after giving effect to such acquisition, (b) such acquisition does not result in a Change in Control, (c) such acquisition is of a business or
Person engaged in a line of business which is compatible with, or complementary to, the business of the Borrower, (d) Bank shall have received satisfactory evidence showing that the business or Person being acquired has positive EBITDA,
(e) Borrower’s board of directors has approved such acquisition, and (f) the board of directors (or other Person(s) exercising similar functions) of the seller of the assets or issuer of the capital stock being acquired shall not have
disapproved such transaction or recommended that such transaction be disapproved.” 

  
 -2-

 “‘Qualified IPO Event’ means the receipt by Borrower of not less than Fifty
Million Dollars ($50,000,000.00) of net proceeds from the sale of Borrower’s equity securities in Borrower’s initial public offering.” 
 “‘Renewal Rate Ratio’ means, as of any date of determination, the ratio equal to (i) the aggregate number of clients under service contracts (“Active Clients”) that were also
Active Clients at the start of the three month period ending on such date of determination, divided by (ii) the number of Active Clients at the start of such three month period.” 

“‘Revolving Line’ means, a Credit Extension (inclusive of any amounts outstanding under the Letter of Credit/Credit Card
Services Sublimit) of up to Thirty Million Dollars ($30,000,000.00).” 
 “‘Revolving Maturity Date’ means
January 31, 2015.” 
 “‘Shares’ means (i) sixty-five percent (65%) of the issued and
outstanding capital stock, membership units, partnership interests or other securities owned or held of record by Borrower in any material Subsidiary or Affiliate of Borrower which is not an entity organized under the laws of the United States or
any territory thereof, and (ii) one hundred percent (100%) of the issued and outstanding capital stock, membership units, partnership interest or other securities owned or held of record by Borrower in any material Subsidiary or Affiliate
of Borrower which is an entity organized under the laws of the United States or any territory thereof.” 
 2. The
definition of “Permitted Indebtedness” set forth in Exhibit A to the Agreement is amended and restated to read in its entirety as follows: 
 “‘Permitted Indebtedness’ means: 
 (a) Indebtedness of Borrower in
favor of Bank arising under this Agreement or any other Loan Document; 
 (b) Indebtedness existing on the Closing Date and
disclosed in the Schedule; 
 (c) Indebtedness not to exceed (i) $100,000 before the Qualified IPO Event and
(ii) $500,000 after the Qualified IPO Event, in the aggregate in any fiscal year of Borrower secured by a lien described in clause (c) of the defined term “Permitted Liens,” provided such Indebtedness does not exceed the lesser
of the cost or fair market value of the equipment financed with such Indebtedness; 
 (d) Subordinated Debt; 

(e) Indebtedness to trade creditors incurred in the ordinary course of business; 

  
 -3-

 (f) Extensions, refinancings and renewals of any items of Permitted Indebtedness, provided
that the principal amount is not increased or the terms modified to impose more burdensome terms upon Borrower or its Subsidiary, as the case may be; 
 (g) Indebtedness consisting of the endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary course of business; and 

(h) Indebtedness incurred in the ordinary course of business with respect to surety bonds and similar obligations arising in the ordinary
course of business.” 
 3. The definition of “Permitted Investment” set forth in Exhibit A to the Agreement
is amended and restated in its entirety to read as follows: 
 “‘Permitted Investment’ means: 

(a) Investments existing on the Closing Date disclosed in the Schedule; 

(b) (i) Marketable direct obligations issued or unconditionally guaranteed by the United States of America or any agency or any State
thereof maturing within one year from the date of acquisition thereof, (ii) commercial paper maturing no more than one year from the date of creation thereof and currently having rating of at least A-2 or P-2 from either Standard &
Poor’s Corporation or Moody’s Investors Service, (iii) Bank’s certificates of deposit maturing no more than one year from the date of investment therein, and (iv) Bank’s money market accounts; 

(c) Investments accepted in connection with Permitted Transfers; 
 (d) Investments of Subsidiaries in or to other Subsidiaries or Borrower and Investments by Borrower in Subsidiaries not to exceed (i) $100,000 before the Qualified IPO Event and (ii) $150,000
after the Qualified IPO Event, in the aggregate in any fiscal year; 
 (e) Investments not to exceed (i) $100,000 before the
Qualified IPO Event and (ii) $300,000 after the Qualified IPO Event, in the aggregate in any fiscal year consisting of (i) travel advances and employee relocation loans and other employee loans and advances in the ordinary course of
business, and (ii) loans to employees, officers or directors relating to the purchase of equity securities of Borrower or its Subsidiaries pursuant to employee stock purchase plan agreements approved by Borrower’s Board of Directors;

 (f) Investments (including debt obligations) received in connection with the bankruptcy or reorganization of customers or
suppliers and in settlement of delinquent obligations of, and other disputes with, customers or suppliers arising in the ordinary course of Borrower’s business; 
 (g) Investments consisting of notes receivable of, or prepaid royalties and other credit extensions, to customers and suppliers who are not Affiliates, in the ordinary course of business, provided that
this subparagraph (h) shall not apply to Investments of Borrower in any Subsidiary; 

  
 -4-

 (h) Joint ventures or strategic alliances in the ordinary course of Borrower’s business
consisting of the non-exclusive licensing of technology, the development of technology or the providing of technical support, provided that any cash Investments by Borrower do not exceed (i) $100,000 before the Qualified IPO Event and
(ii) $1,000,000 after the Qualified IPO Event; 
 (i) Investments pursuant to version 1 of Borrower’s investment policy
dated January 1, 2012 (the “2012 Policy”), and any amendment or supplement to or replacement of the 2012 Policy that has been approved by Borrower’s board of directors and approved by Bank in writing; and 

(j) Other Investments not to exceed (i) $100,000 before the Qualified IPO Event and (ii) $250,000 after the Qualified IPO
Event.” 
 4. The definition of “Permitted Liens” set forth in the Exhibit A of the Agreement is amended and
restated to read in its entirety as follows: 
 “‘Permitted Liens’ means the following: 

(a) Any Liens existing on the Closing Date and disclosed in the Schedule (excluding Liens to be satisfied with the proceeds of the
Advances) or arising under this Agreement or the other Loan Documents; 
 (b) Liens for taxes, fees, assessments or other
governmental charges or levies, either not delinquent or being contested in good faith by appropriate proceedings and for which Borrower maintains adequate reserves, provided the same have no priority over any of Bank’s security interests;

 (c) Liens not to exceed (i) $100,000 before the Qualified IPO Event and (ii) $500,000 after the Qualified IPO Event,
in the aggregate (i) upon or in any Equipment (other than Equipment financed by an Equipment Advance) acquired or held by Borrower or any of its Subsidiaries to secure the purchase price of such Equipment or indebtedness incurred solely for the
purpose of financing the acquisition or lease of such Equipment, or (ii) existing on such Equipment at the time of its acquisition, provided that the Lien is confined solely to the property so acquired and improvements thereon, and the proceeds
of such Equipment; 
 (d) Liens incurred in connection with the extension, renewal or refinancing of the indebtedness secured by
Liens of the type described in clauses (a) through (c) above, provided that any extension, renewal or replacement Lien shall be limited to the property encumbered by the existing Lien and the principal amount of the indebtedness being
extended, renewed or refinanced does not increase; 

  
 -5-

 (e) Liens arising from judgments, decrees or attachments in circumstances not constituting
an Event of Default under Sections 8.5 (attachment) or 8.9 (judgments); 
 (f) Non-exclusive licenses or sublicenses and
(ii) exclusive licenses set forth on the Schedule granted in the ordinary course of Borrower’s business and, with respect to any licenses where Borrower is the licensee, any interest or title of a licensor or under any such license or
sublicense; 
 (g) Carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s or other like Liens
arising in the ordinary course of business which are not overdue for a period of more than 30 days or which are being contested in good faith and by appropriate proceedings if adequate reserves with respect thereto are maintained on the books of the
applicable Person; 
 (h) Deposits to secure the performance of bids, trade contracts (other than for borrowed money), contracts
for the purchase of property, leases, statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature, in each case, incurred in the ordinary course of business and not representing an obligation for borrowed
money; and 
 (i) Liens in favor of other financial institutions arising in connection with Borrower’s investment accounts
held at such institutions to secure standard fees for deposit services charged by, but not financing made available by such institutions, provided that Bank has a perfected security interest in the amounts held in such investment accounts.”

 5. The definition of “Permitted Transfers” set forth in Exhibit A to the Agreement is amended and restated to
read in its entirety as follows: 
 “‘Permitted Transfer’ means the conveyance, sale, lease, transfer or
disposition by Borrower or any Subsidiary of: 
 (a) Inventory in the ordinary course of business; 

(b) licenses and similar arrangements for the use of the property of Borrower or its Subsidiaries in the ordinary course of business;

 (c) worn-out or obsolete Equipment not financed with the proceeds of Equipment Advances; 

(d) other assets of Borrower or its Subsidiaries that do not in the aggregate exceed (i) $100,000 before the Qualified IPO Event and
(ii) $500,000 after the Qualified IPO Event, during any fiscal year; or 
 (e) Transfers that constitute Permitted Liens and
Permitted Investments.” 

  
 -6-

 6. 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) [Intentionally Omitted]. 
 (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 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 

  
 -7-

 
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; provided, however, that if there are insufficient balances in such accounts to secure such obligations, Borrower shall immediately deposit such additional funds as are necessary to fully secure such obligations. 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 to the extent that such drafts or requests would result in insufficient balances to secure such obligations.” 
 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 Fifty Thousand Dollars ($50,000.00); 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 Fifty Thousand Dollars ($50,000.00), and payable: 
 (i) on the
Fifth Amendment Date; and 
 (ii) on the earlier to occur of (a) the date that is 365 days after the Fifth Amendment Date,
and (b) the date that this Agreement is terminated.” 

  
 -8-

 9. New Section 4.5 is added to the Agreement to read in its entirety as follows:

 “4.5 Shares. Borrower hereby pledges, assigns and grants to Bank a security interest in all the Shares, together
with all proceeds and substitutions thereof, all cash, stock and other moneys and property paid thereon, all rights to subscribe for securities declared or granted in connection therewith, and all other cash and noncash proceeds of the foregoing, as
security for the performance of the Obligations. The certificate or certificates for the Shares, if applicable, will be delivered to Bank within 14 days of the Fifth Amendment Date, accompanied by an instrument of assignment duly executed in blank
by Borrower. To the extent required by the terms and conditions governing the Shares, Borrower shall cause the books of each entity whose Shares are part of the Collateral and any transfer agent to reflect the pledge of the Shares. Upon the
occurrence and during the continuance of an Event of Default hereunder, Bank may effect the transfer of any securities included in the Collateral into the name of Bank and cause new certificates representing such securities to be issued in the name
of Bank or its transferee. Borrower will execute and deliver such documents, and take or cause to be taken such actions, as Bank may reasonably request to perfect or continue the perfection of Bank’s security interest in the Shares and
securities constituting Collateral. Unless an Event of Default shall have occurred and be continuing, Borrower shall be entitled to exercise any voting rights with respect to the Shares or other securities and to give consents, waivers and
ratifications in respect thereof, provided that no vote shall be cast or consent, waiver or ratification given or action taken which would be inconsistent with any of the terms of this Agreement or which would constitute or create any violation of
any of such terms. All such rights to vote and give consents, waivers and ratifications shall terminate upon the occurrence and continuance of an Event of Default.” 
 10. The second sentence of Section 5.3 of the Agreement is amended and restated to read in its entirety as follows: 
 “Except as permitted under Section 7.10, all Collateral is located solely in the Collateral States.” 
 11. Section 5.12 of the Agreement is amended and restated to read in its entirety as follows: 
 “5.12 Inbound Licenses. Except as disclosed on the Schedule, Borrower is not a party to, nor is bound by, any material inbound license agreement in which Borrower is a licensee that prohibits
or otherwise restricts Borrower from granting a security interest in Borrower’s interest in such license agreement.” 

12. New Section 5.14 is added to the Agreement to read in its entirety as follows: 

5.14 Shares. Borrower has full power and authority to create a first lien on the Shares and no disability or contractual obligation
exists that would prohibit Borrower from pledging the Shares pursuant to this Agreement. There are no subscriptions, warrants, rights of first refusal or other restrictions on, or options exercisable with respect to the Shares. The Shares have been
and will be duly authorized and validly issued, and are fully paid and non-assessable. To the best of Borrower’s knowledge, the Shares are not the subject of any present or threatened suit, action, arbitration, administrative or other
proceeding, and Borrower knows of no reasonable grounds for the institution of any such proceedings.” 

  
 -9-

 13. Section 6.2 of the Agreement is amended and restated to read in its entirety as
follows: 
 “6.2 Financial Statements, Reports, Certificates. Borrower shall deliver to Bank: (i) as soon as
available, but in any event within the Applicable Reporting Period after the end of each calendar month, a company prepared consolidated and consolidating balance sheet, income statement and statement of cash flows, prepared in accordance with GAAP,
consistently applied, covering Borrower’s operations during such period, in a form reasonably acceptable to Bank and certified by a Responsible Officer; (ii) as soon as available, but in any event within 150 days after the end of
Borrower’s fiscal year, audited consolidated and consolidating financial statements of Borrower prepared in accordance with GAAP, consistently applied, together with an opinion which is unqualified or otherwise consented to in writing by Bank
on such financial statements of an independent certified public accounting firm reasonably acceptable to Bank; (iii) if applicable, copies of all statements, reports and notices sent or made available generally by Borrower to its security
holders or to any holders of Subordinated Debt and all reports on Forms 10-K and 10-Q filed with the Securities and Exchange Commission; (iv) promptly upon receipt of notice thereof, a report of any legal actions pending or threatened against
Borrower or any Subsidiary that could result in damages or costs to Borrower or any Subsidiary of $100,000 or more; (v) promptly upon receipt, each management letter prepared by Borrower’s independent certified public accounting firm
regarding Borrower’s management control systems; (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 quarterly balance sheets,
quarterly income statements and quarterly 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), provided, that Borrower provides Bank with copies of the monthly balance sheets, income statements and cash flow statements upon which the quarterly projections are based;
(vii) 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; and (viii) upon Bank’s
request, within the Applicable Reporting Period after the last day of each fiscal quarter, a report signed by Borrower, in form reasonably acceptable to Bank, listing any applications or registrations that Borrower has made or filed in respect of
any Patents, Copyrights or Trademarks and the status of any outstanding applications or registrations, as well as any material change in Borrower’s Intellectual Property Collateral, including but not limited to any subsequent ownership right of
Borrower in or to any Trademark, Patent or Copyright not specified in Exhibits A, B, and C of any Intellectual Property Security Agreement delivered to Bank by Borrower in connection with this Agreement. 

(a) Within the Applicable Reporting Period after and as of the last day of each month, Borrower shall deliver to Bank a Borrowing Base
Certificate signed by a Responsible Officer in substantially the form of Exhibit D hereto, together with aged listings by invoice date of accounts receivable and accounts payable. 

  
 -10-

 (b) Within the Applicable Reporting Period after and as of the last day of each month,
Borrower shall deliver to Bank with the monthly financial statements, a Compliance Certificate certified as of the last day of the applicable month and signed by a Responsible Officer in substantially the form of Exhibit E hereto. 

(c) Within (i) the Applicable Reporting Period after and as of the last day of each quarter, Borrower shall deliver to Bank a
customer bookings report, detailing such quarter’s customer bookings, and (ii) the Applicable Reporting Period after and as of 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 limitation, the dollar value and the identity of the account debtor associated with each service
contract on such report. 
 (d) As soon as possible and in any event within 3 calendar days after becoming aware of the
occurrence or existence of an Event of Default hereunder, a written statement of a Responsible Officer setting forth details of the Event of Default, and the action which Borrower has taken or proposes to take with respect thereto. 

(e) Bank shall have a right from time to time hereafter to audit Borrower’s Accounts and appraise Collateral at Borrower’s
expense, provided that such audits will be conducted no more often than every 6 months (not including the initial audit) unless an Event of Default has occurred and is continuing. 

Borrower may deliver to Bank on an electronic basis any certificates, reports or information required pursuant to this Section 6.2,
and Bank shall be entitled to rely on the information contained in the electronic files, provided that Bank in good faith believes that the files were delivered by a Responsible Officer. If Borrower delivers this information electronically, it shall
also deliver to Bank by U.S. Mail, reputable overnight courier service, hand delivery, facsimile or .pdf file within 5 Business Days of submission of the unsigned electronic copy the certification of monthly financial statements, the intellectual
property report, the Borrowing Base Certificate and the Compliance Certificate, each bearing the physical signature of the Responsible Officer.” 
 14. Section 6.6 of the Agreement is amended and restated to read in its entirety as follows: 
 “6.6 Primary Depository. Borrower shall maintain all its U.S. dollar depository, operating and investment accounts held in the United States with Bank or Bank’s Affiliates governed by a
control agreement satisfactory to Bank. Notwithstanding the foregoing, after the Qualified IPO Event and if Borrower maintains investment accounts with Bank or Bank’s Affiliates with an aggregate balance of at least Thirty Million Dollars
($30,000,000), Borrower shall be permitted to maintain investment accounts with financial institutions other than Bank or Bank’s Affiliates, provided that such investment accounts are governed by control agreements in form and substance
acceptable to Bank.” 

  
 -11-

 15. 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 during any Covenant Test Period, the
following financial covenants, which shall be tested monthly: 
 (a) Adjusted Revenue. Adjusted Revenue of not less than
(i) Seventy Five Million Dollars ($75,000,000.00) until April 29, 2012, and (ii) One Hundred Million Dollars ($100,000,000.00) on April 30, 2012, and at all times thereafter. 

(b) Minimum Cash. As of any date of determination, a balance of Cash at Bank of not less than Cash Burn for the three month period
then ending.” 
 16. Section 6.9 of the Agreement is amended and restated to read in its entirety as follows:

 “6.9 Consent of Inbound Licensors. Prior to entering into or becoming bound by any material inbound license
agreement in which Borrower is a licensee, Borrower shall: (i) provide written notice to Bank of the material terms of such license agreement with a description of its likely impact on Borrower’s business or financial condition; and
(ii) in good faith use commercially reasonable efforts to obtain the consent of, or waiver by, any person whose consent or waiver is necessary for Borrower’s interest in such licenses or contract rights to be deemed Collateral and for Bank
to have a security interest in it that might otherwise be restricted by the terms of the applicable license agreement, whether now existing or entered into in the future, provided, however, that the failure to obtain any such consent or waiver shall
not constitute a default under this Agreement.” 
 17. New Section 6.12 is added to the Agreement to read in its
entirety as follows: 
 “6.12 Creation/Acquisition of Subsidiaries. In the event Borrower or any of its Subsidiaries
creates or acquires any Subsidiary after the Closing Date, Borrower shall, and shall cause each such Subsidiary to (a) promptly notify Bank of the creation or acquisition of such new Subsidiary, (b) if such new Subsidiary is a domestic
Subsidiary, take all such action as may be reasonably required by Bank to cause such domestic Subsidiary to (i) guaranty the Obligations and (ii) grant Bank a first priority perfected security interest in all of its assets to secure the
Obligations, and (c) grant and pledge to Bank a perfected security interest in the stock, units or other evidence of ownership of each such new Subsidiary (not to exceed 65% of the equity securities of any Subsidiary that is not a domestic
Subsidiary).” 
 18. 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 4 Business Days
written 

  
 -12-

 
notification to Bank after such replacement, provided, that if Borrower is required to publicly disclose the replacement of either such officer sooner than 4 Business Days after any replacement,
Bank shall get written notice of the replacement on the same date; 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; or have a Change in Control. 
 19. Section 7.3 of the Agreement is amended and
restated to read in its entirety as follows: 
 “7.3 Mergers or Acquisitions. Merge or consolidate, or permit any of
its Subsidiaries to merge or consolidate, with or into any other business organization (other than mergers or consolidations of a Subsidiary into another Subsidiary or into Borrower), or acquire, or permit any of its Subsidiaries to acquire, all or
substantially all of the capital stock or property of another Person, except for (i) at all times prior to the Qualified IPO Event, Permitted Acquisitions that do not in the aggregate exceed Five Million Dollars ($5,000,000.00) at any time
during the term of this Agreement, and (ii) at all times after the Qualified IPO Event, Permitted Acquisitions that do not in the aggregate exceed Twenty Five Million Dollars ($25,000,000.00) at any time during the term of this Agreement.”

 20. Section 7.6 of the Agreement is amended and restated to read in its entirety as follows: 

“7.6 Distributions. Pay any dividends or make any other distribution or payment on account of or in redemption, retirement or
purchase of any capital stock, except that Borrower may (i) repurchase the stock of former employees and service providers pursuant to stock repurchase agreements in an aggregate annual amount not to exceed (a) One Hundred Thousand Dollars
($100,000) prior to a Qualified IPO Event and (b) Five Hundred Thousand Dollars ($500,000) after the Qualified IPO Event, as long as an Event of Default does not exist prior to such repurchase or would not exist after giving effect to such
repurchase, (ii) pay dividends in common stock, (iii) make payments in lieu of the issuance of fractional shares; provided, that the aggregate amount of such payments made during a fiscal year, when added to the aggregate amount of
payments made under clause (i) above during such fiscal year, does not exceed (a) One Hundred Thousand Dollars ($100,000) prior to the Qualified IPO Event and (b) Five Hundred Thousand Dollars ($500,000) after the Qualified IPO Event,
and (iv) conversion of convertible securities pursuant to the terms of such securities or otherwise in exchange thereof.” 
 21. Section 7.8 of the Agreement is amended and restated to read in its entirety as follows: 
 “7.8 Transactions with Affiliates. Directly or indirectly enter into or permit to exist any material transaction with any Affiliate of Borrower except for (i) transactions that are in the
ordinary course of Borrower’s business, upon fair and reasonable terms that are no less favorable to Borrower than would be obtained in an arm’s length transaction with a non-affiliated Person, (ii) transactions with Subsidiaries that
are expressly permitted under this Agreement, 

  
 -13-

 
(iii) compensation arrangements and benefit plans with directors, officers and other employees of Borrower and its Subsidiaries entered into or maintained in the ordinary course of business,
and (iv) cash equity raises with Borrower’s existing investors.” 
 22. Section 7.10 of the Agreement is
amended and restated to read in its entirety as follows: 
 “7.10 Inventory and Equipment. Store the Inventory or the
Equipment having an aggregate book value in excess of One Hundred Thousand Dollars ($100,000) with a bailee, warehouseman, or similar third party unless the third party has been notified of Bank’s security interest and Bank (a) has
received an acknowledgment from the third party that it is holding or will hold the Inventory or Equipment for Bank’s benefit or (b) is in possession of the warehouse receipt, where negotiable, covering such Inventory or Equipment;
provided, however, that the aggregate book value of all Equipment and Inventory at all locations not subject to the foregoing requirements shall not exceed Five Hundred Thousand Dollars ($500,000) at any time. Except for Inventory sold in the
ordinary course of business and movable items of personal property such as laptop computers and except for such other locations as Bank may otherwise approve in writing, Borrower shall keep the Inventory and Equipment only at the location set forth
in Section 10 and such other locations of which Borrower gives Bank prior written notice and as to which Bank files a financing statement where needed to perfect its security interest. Notwithstanding anything to the contrary set forth herein,
Borrower shall deliver, or cause to be delivered, to Bank a fully executed landlord’s waiver for Borrower’s chief executive office location.” 
 23. New Section 7.12 is added to the Agreement to read in its entirety as follows: 
 “7.12 Expenditures. 
 (a) Make Capital Expenditures in an aggregate
amount in excess of (i) Three Million Dollars ($3,000,000.00) during each of Borrower’s 2012, 2013 and 2014 fiscal years and (ii) Five Million Dollars ($5,000,000) during Borrower’s 2015 fiscal year and any fiscal year
thereafter. 
 (b) Have Capitalized Software Expenses in an aggregate amount in excess of (i) Eight Million Dollars
($8,000,000.00) during each of Borrower’s 2012, 2013 and 2014 fiscal years and (ii) Ten Million Dollars ($10,000,000) during Borrower’s 2015 fiscal year and any fiscal year thereafter.” 

24. Section 8.2 of the Agreement is amended and restated to read in its entirety as follows: 

“8.2 Covenant Default. 
 (a) If Borrower fails to perform any obligation under Section 6.2, 6.4, 6.5, 6.6, 6.7, 6.11 or 6.12 or violates any of the covenants contained in Article 7 of this Agreement; 

  
 -14-

 (b) If Borrower fails or neglects to perform any obligation under Sections 6.1, 6.3,
6.8, 6.9 or 6.10 and has failed to cure such default within 10 days after Borrower receives notice thereof or any officer of Borrower becomes aware thereof; however during such cure period no Credit Extensions will be made; or 

(c) If Borrower fails or neglects to perform or observe any other material term, provision, condition, covenant contained in this
Agreement, in any of the Loan Documents, or in any other present or future agreement between Borrower and Bank and as to any default under such other term, provision, condition or covenant that can be cured, has failed to cure such default within
ten (10) days after Borrower receives notice thereof or any officer of Borrower becomes aware thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) day period or cannot after diligent attempts by
Borrower be cured within such ten (10) day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional reasonable period (which shall not without Bank’s consent exceed thirty
(30) days) to attempt to cure such default, so long as Borrower continues to diligently attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of Default but no
Credit Extensions will be made;” 
 25. Section 8.4 of the Agreement is amended and restated to read in its entirety
as follows: 
 “8.4 Defective Perfection. If Bank shall receive at any time following the Closing Date an SOS Report
indicating that except for Permitted Liens that are not required to be subordinate to Bank’s Liens, Bank’s security interest in the Collateral is not prior to all other security interests or Liens of record reflected in the report and,
with respect to erroneous filings only, Borrower shall fail to provide evidence satisfactory to Bank, within ten (10) days thereof, that, except for Permitted Liens that are not required to be subordinate to Bank’s Liens, Bank’s
security interest in the Collateral is prior to all other security interests or Liens of record;” 
 26. Section 8.7
of the Agreement is amended and restated to read in its entirety as follows: 
 “8.7 Other Agreements. If there is a
default or other failure to perform in any agreement to which Borrower is a party with a third party or parties resulting in a right by such third party or parties, whether or not exercised, to accelerate the maturity of any Indebtedness in an
amount in excess of (a) One Hundred Thousand Dollars ($100,000) prior to the Qualified IPO Event and (b) Two Hundred Fifty Thousand Dollars ($250,000) after the Qualified IPO Event or that would reasonably be expected to have a Material
Adverse Effect;” 
 27. Section 8.9 of the Agreement is amended and restated to read in its entirety as follows:

 “8.9 Judgments; Settlements. 

  
 -15-

 (a) If one or more (i) judgments, orders, decrees or arbitration awards requiring the
Borrower and/or its Subsidiaries to pay an aggregate amount of (i) One Hundred Thousand Dollars ($100,000) or greater prior to the Qualified IPO Event and (ii) Two Hundred Fifty Thousand Dollars ($250,000) or greater after the Qualified
IPO Event shall be rendered against Borrower and/or its Subsidiaries and the same shall not have been vacated or stayed within ten (10) days thereafter (provided that no Credit Extensions will be made prior to such matter being vacated or
stayed); or 
 (b)(i) If prior to the Qualified IPO Event, one or more settlements is agreed to by Borrower and/or its
Subsidiaries for the payment by Borrower and/or its Subsidiaries of an aggregate amount of One Hundred Thousand Dollars ($100,000) or greater and (ii) if after the Qualified IPO Event, any single settlement for the payment of money by Borrower
and/or its Subsidiaries is agreed to by Borrower and/or its Subsidiaries in an amount of Two Hundred Fifty Thousand Dollars ($250,000) or greater, provided, that the aggregate maximum amount of all such settlements may not exceed One Million Dollars
($1,000,000) during the term of this Agreement; or” 
 28. Exhibit D to the Agreement is hereby deleted and replaced
with Exhibit D attached hereto. 
 29. Exhibit E to the Agreement is hereby deleted and replaced with Exhibit E
attached hereto. 
 30. Exhibit F to the Agreement is hereby deleted and replaced with Exhibit F attached hereto.

 31. The Schedule of Exceptions is hereby deleted and replaced with the Schedule of Exceptions attached hereto. 

32. 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. 
 33. 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. 
 34. Borrower waives, discharges,
and forever releases Bank, Bank’s employees, officers, directors, attorneys, stockholders, and their successors and assigns, from and of any and all claims, causes of action, allegations or assertions that Borrower has or may have had at any
time up through 

  
 -16-

 
and including the date of this Amendment, against any or all of the foregoing, regardless of whether any such claims, causes of action, allegations or assertions are known to Borrower or whether
any such claims, causes of action, allegations or assertions arose as result of Bank’s actions or omissions in connection with the Loan Documents, or any amendments, extensions or modifications thereto, or Bank’s administration of the
Obligations or otherwise. BORROWER WAIVES THE PROVISIONS OF CALIFORNIA CIVIL CODE SECTION 1542, AS IT MAY BE AMENDED FROM TIME TO TIME, WHICH STATES: 
 A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY
AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR. 
 35. Borrower represents and warrants that the Representations and Warranties
contained in the Agreement are true and correct as of the date of this Amendment, and that no Event of Default has occurred and is continuing. 
 36. Within 14 days after the Fifth Amendment Date, Borrower shall deliver to Bank the certificate(s) for the Shares, together with two (2) original instruments of assignment with respect to each
certificate evidencing the Shares, duly executed in blank by Borrower. 
 37. Within 90 days after the Fifth Amendment Date,
Borrower shall deliver, or cause to be delivered to Bank, lessor’s acknowledgments and bailment agreements, as applicable, for all Collateral locations where Collateral with an aggregate book value in excess of $100,000 is located. 

38. 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) an Itemization of Amount Financed Disbursement Instructions (Revolver), executed by Borrower; 
 (d) a Certificate of the Secretary of Borrower with respect to incumbency and resolutions authorizing the execution and delivery of this Amendment; 

(e) the Fifty Thousand Dollar ($50,000.00) non-refundable commitment fee referenced in Section 2.5(d)(i) of the Agreement, which
may be debited from any of Borrower’s accounts; 

  
 -17-

 (f) all reasonable Bank Expenses incurred through the date of this Amendment, which may be
debited from any of Borrower’s accounts; and 
 (g) such other documents, and completion of such other matters, as Bank may
reasonably deem necessary or appropriate. 
 39. 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]

  
 -18-

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

			
	BAZAARVOICE, INC.
	
	By: /s/ Stephen
Collins                                        
         
	Name:	 	Stephen Collins
	Title:	 	CFO

  

			
	COMERICA BANK
	
	By: /s/ Stephen
Bitter                                        
           
	Name:	 	Stephen Bitter
	Title:	 	Vice President

  
 -19-

 EXHIBIT D 
 Form of Borrowing Base Certificate 
  

							
	 Borrower:

Commitment Amount:
	  	 BAZAARVOICE, INC.

$30,000,000.00
	  	 Bank:
	  	 Comerica Bank
 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
	  	$	30,000,000.00	  
	 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 

 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 St., Suite
1300
 Austin, TX 78701
 Fax:
(512) 427-7178

	From: BAZAARVOICE, INC.	  	Email: tlstxcompliance@comerica.com

  
 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 (45 days post-IPO)	  	  	 	YES	  	  	 	NO	  
				
	 Compliance Certificate
	  	Monthly, within 30 days (45 days post-IPO)	  	  	 	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
	  	Quarterly, within 30 days (45 days post-IPO)	  	  	 	YES	  	  	 	NO	  
				
	 Renewal Rate Report
	  	Quarterly, within 30 days (45 days post-IPO)	  	  	 	YES	  	  	 	NO	  
				
	 A/R Aging
	  	Monthly, within 30 days (45 days post-IPO)	  	  	 	YES	  	  	 	NO	  
				
	 A/P Aging
	  	Monthly, within 30 days (45 days post-IPO)	  	  	 	YES	  	  	 	NO	  
				
	 Borrowing Base Certificate
	  	Monthly, within 30 days (45 days post-IPO)	  	  	 	YES	  	  	 	NO	  
				
	 Intellectual Property Report
	  	Quarterly, within 30 days (45 days post-IPO)	  	  				  			
					
	 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	  
				
	 FINAICIAL COVENANTS
	  	 REQUIRED
	  	ACTUAL	 	  	COMPLIES	 
	 TO BE TESTED MONTHLY, DURING ANY COVENANT TEST PERIOD
	 
	 Adjusted Revenue
	  	 At all times before 4/30/12:

$75,000,000.00
  
 On 4/30/12 and thereafter:
 $100,000,000.00
	  	 	$                    	  	  	 	YES	  	  	 	NO	  
	 Cash at Bank
	  	See Section 6.7(b)	  	 	$                    	  	  	 	YES	  	  	 	NO	  
				
	 EXPENDITURE COVENANTS
	  	 REQUIRED
	  	ACTUAL	 	  	COMPLIES	 
					
	 Capital Expenditures
	  	< $3,000,000.00 annually	  	 	$                    	  	  	 	YES	  	  	 	NO	  
					
	 Capitalized Software Expenses
	  	< $10,000,000.00 annually	  	 	$                    	  	  	 	YES	  	  	 	NO	  

  
 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:	  	  

	  
	    		  	Date:	  	  

	 Name:
	    		  	Financial Compliance Status:         
                     YES/NO  

	  
	    		  	
	 Title:
	    		  		  	

  
 Exhibit E
— Page 2 

 EXHIBIT F 
 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
January 31, 2012, 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, 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%) 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. “Change in Law” means the occurrence, after the date hereof, of any of the following: (i) the adoption or introduction
of, or any change in any applicable law, treaty, rule or regulation (whether domestic or foreign) now or hereafter in effect and whether or not applicable to Bank on such date, or (ii) any change in interpretation, administration or
implementation thereof of any such law, treaty, rule or regulation by any Governmental Authority, or (iii) the issuance, making or implementation by any Governmental Authority of any interpretation, administration, request, regulation,
guideline, or directive (whether or not having the force of law), including any risk-based capital guidelines. For purposes of this definition, (x) a change in law, treaty, rule, regulation, interpretation, administration or implementation
shall include, without limitation, any change made or which becomes effective on the basis of a law, treaty, rule, regulation, interpretation administration or implementation then in force, the effective date of which change is delayed by the terms
of such law, treaty, rule, regulation, interpretation, administration or implementation, and (y) the Dodd-Frank Wall Street Reform and Consumer Protection Act (Pub. L. 111-203, H.R. 4173) and all requests, rules, regulations, guidelines,
interpretations or directives promulgated thereunder or issued in connection therewith shall be deemed to be a “Change in Law”, regardless of the date enacted, adopted, issued or promulgated, whether before or after the date hereof, and
(z) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States regulatory authorities, in each
case pursuant to Basel III, shall each be deemed to be a “Change in Law”, regardless of the date enacted, adopted, issued or implemented. 

  
 Exhibit F
— Page 1 

 d. “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 outstanding 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. 

e. “Governmental Authority” means the government of the United States of America or any other nation, or of any political
subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or
pertaining to government (including, without limitation, any supranational bodies such as the European Union or the European Central Bank). 
 f. “LIBOR Lending Office” means Bank’s office located in the Cayman Islands, British West Indies, or such other branch of Bank, domestic or foreign, as it may hereafter designate as its
LIBOR Lending Office by notice to Borrower. 

  
 Exhibit F
— Page 2 

 g. “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. 
 h. “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 Options. 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. 

  
 Exhibit F
— Page 3 

 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 any Change in Law shall: (a) 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 or its LIBOR Lending Office imposed by the jurisdiction in which Bank’s principal executive office or LIBOR Lending Office is located); or (b) 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; and the result of any of the foregoing is to increase the cost to Bank of maintaining any part of the Obligations or to reduce the amount of any sum received or
receivable by Bank under this Addendum by an amount deemed by 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 Change in Law 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, 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 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 Bank hereunder or to maintaining any Obligations. A certificate of Bank as to the amount of such
compensation, prepared in good faith and in reasonable detail by Bank and submitted by Bank to Borrower, shall be conclusive and binding for all purposes absent manifest error. 

  
 Exhibit F
— Page 4 

 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. 
 10. Amendment and Restatement. This
Addendum amends, restates and replaces in its entirety that certain Prime Referenced Rate Addendum to Loan and Security Agreement dated as of September 27, 2010 between Borrower and Bank. 

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/ Stephen Collins                     
                                         
  
	Name:	 	Stephen Bitter	 		 	Name:	 	Stephen Collins
	Title:	 	Vice President	 		 	Title:	 	CFO

  
 Exhibit F
— Page 5 

 SCHEDULE OF EXCEPTIONS 
 Permitted Indebtedness (Exhibit A) 
 [None.] 

Permitted Investments (Exhibit A) 

Subsidiaries 
 Bazaarvoice Ltd. (UK
company) 
 Bazaarvoice AB (Swedish company) 
 Bazaarvoice Sarl (French company) 
 Bazaarvoice Pte Limited (Singapore company) 

Bazaarvoice B.V. (Dutch company) 
 Bazaarvoice
GmbH (German company) 
 Permitted Liens (Exhibit A) 
 [None.] 
 Prior Names (Section 5.5) 
 None. 
 Litigation (Section 5.6) 
 [None.] 
 Inbound Licenses (Section 5.12) 

[None.] 

 COMERICA BANK 
 Member FDIC 
 ITEMIZATION OF AMOUNT FINANCED 

DISBURSEMENT INSTRUCTIONS 
 (Revolver) 
  

			
	Name: Bazaarvoice, Inc.	  	Date: January 31, 2012

  

					
	 	$30,000,000.00	  	  	credited to deposit account No. 1880965361 when Advances are requested or disbursed to Borrower by cashiers check or wire transfer
	
	 	Amounts paid to others on your behalf:
		
	 	$                      	  	  	to Comerica Bank for Loan Fee
	 	$                      	  	  	to Comerica Bank for Document Fee
	 	$                      	  	  	to Comerica Bank for accounts receivable audit (estimate)
	 	$                      	  	  	to Bank counsel fees and expenses
	 	$                      	  	  	to
                                         
   
	 	$                      	  	  	to
                                         
   
				  	TOTAL (AMOUNT FINANCED)

 Upon consummation of this transaction, this document will also serve as the authorization for Comerica
Bank to disburse the loan proceeds as stated above. 
  

			
	BAZAARVOICE, INC.
	
	By: /s/ Stephan
Collins                                        
         
	Name:	 	Stephen Collins
	Title:	 	CFO

  

Corporate Resolutions and Incumbency Certification 
 Authority to Procure Loans 
  
 I certify that I am the duly elected and qualified Secretary of BAZAARVOICE, INC., a Delaware corporation (the “Corporation”); that the following is a true and correct copy of resolutions duly
adopted by the Board of Directors of the Corporation in accordance with its bylaws and applicable statutes. 
 Copy of Resolutions:

 Be it Resolved, That: 
  

	1.	Any one (1) of the following CEO, CFO, General Counsel, VP Finance (insert title) of the Corporation are/is authorized, for, on behalf of, and in the name
of the Corporation to: 

  

	 	(a)	Negotiate and procure loans, letters of credit and other credit or financial accommodations from Comerica Bank (“Bank”), a Texas banking association under the
terms of that certain Loan and Security Agreement dated as of July 18, 2007, as it may be amended from time to time; 

  

	 	(b)	Discount with the Bank, commercial or other business paper belonging to the Corporation made or drawn by or upon third parties, without limit as to amount;

  

	 	(c)	Purchase, sell, exchange, assign, endorse for transfer and/or deliver certificates and/or instruments representing stocks, bonds, evidences of Indebtedness or other
securities owned by the Corporation, whether or not registered in the name of the Corporation; 

  

	 	(d)	Give security for any liabilities of the Corporation to the Bank by grant, security interest, assignment, lien, deed of trust or mortgage upon any real or personal
property, tangible or intangible of the Corporation; and 

  

	 	(e)	Execute and deliver in form and content as may be required by the Bank any and all notes, evidences of Indebtedness, applications for letters of credit, guaranties,
subordination agreements, loan and security agreements, financing statements, assignments, liens, deeds of trust, mortgages, trust receipts and other agreements, instruments or documents to carry out the purposes of these Resolutions, any or all of
which may relate to all or to substantially all of the Corporation’s property and assets. 

  

	2.	Said Bank be and it is authorized and directed to pay the proceeds of any such loans or discounts as directed by the persons so authorized to sign, whether so payable
to the order of any of said persons in their individual capacities or not, and whether such proceeds are deposited to the individual credit of any of said persons or not. 

 

	3.	Any and all agreements, instruments and documents previously executed and acts and things previously done to carry out the purposes of these Resolutions are ratified,
confirmed and approved as the act or acts of the Corporation. 

  

	4.	These Resolutions shall continue in force, and the Bank may consider the holders of said offices and their signatures to be and continue to be as set forth in a
certified copy of these Resolutions delivered to the Bank, until notice to the contrary in writing is duly served on the Bank (such notice to have no effect on any action previously taken by the Bank in reliance on these Resolutions).

  

	5.	Any person, corporation or other legal entity dealing with the Bank may rely upon a certificate signed by an officer of the Bank to the effect that these Resolutions
and any agreement, instrument or document executed pursuant to them are still in full force and effect and binding upon the Corporation. 

	6.	The Bank may consider the holders of the offices of the Corporation and their signatures, respectively, to be and continue to be as set forth in the Certificate of the
Secretary of the Corporation until notice to the contrary in writing is duly served on the Bank. 

 I further certify that the
above Resolutions are in full force and effect as of the date of this Certificate; that these Resolutions and any borrowings or financial accommodations under these Resolutions have been properly noted in the corporate books and records, and have
not been rescinded, annulled, revoked or modified; that neither the foregoing Resolutions nor any actions to be taken pursuant to them are or will be in contravention of any provision of the certificate of incorporation or bylaws of the Corporation
or of any agreement, indenture or other instrument to which the Corporation is a party or by which it is bound; and that neither the certificate of incorporation nor bylaws of the Corporation nor any agreement, indenture or other instrument to which
the Corporation is a party or by which it is bound require the vote or consent of shareholders of the Corporation to authorize any act, matter or thing described in the foregoing Resolutions. 
 I further certify that the following named persons have been duly elected to the offices set opposite their respective names, that they continue to hold these offices at the present time, and that the
signatures which appear below are the genuine, original signatures of each respectively: 
 (PLEASE SUPPLY GENUINE SIGNATURES
OF AUTHORIZED SIGNERS BELOW) 
  

					
	NAME (Type or Print)	  	TITLE	  	SIGNATURE
			
	Brett Hurt	  	 CEO
	  	 /s/ Brett Hurt

			
	Stephen Collins	  	 CFO
	  	 /s/ Stephen Collins

			
	Bryan Barksdale	  	 General Counsel
	  	 /s/ Bryan Barksdale

			
	Chris Lynch	  	 VP Finance
	  	 /s/ Chris Lynch

			
	 	  	  
	  	  

 In Witness Whereof, I have affixed my name as Secretary and have caused the corporate seal (where available) of said
Corporation to be affixed on January 31, 2012. 
  

			
	
		
		 	/s/ Bryan Barksdale
	Secretary

  

					
		
	The Above Statements are Correct.	  	 /s/ Chris Lynch

		  		 	 SIGNATURE OF OFFICER OR DIRECTOR OR, IF NONE. A SHAREHOLDER OTHER THAN SECRETARY WHEN SECRETARY IS AUTHORIZED TO SIGN ALONE.

 Failure to complete the above when the Secretary is authorized to sign alone shall constitute a certification by the
Secretary that the Secretary is the sole Shareholder, Director and Officer of the Corporation.

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