Document:

EX-10.14

 Exhibit 10.14 

CONNECTURE, INC. 
 2014
EMPLOYEE STOCK PURCHASE PLAN 

 TABLE OF CONTENTS 

 

									
	 	  	 	  	 	  	Page	 
			
	 1.
	  	Establishment, Purpose and Term of Plan	  	 	1	  
				
		  	1.1	  	Establishment	  	 	1	  
				
		  	1.2	  	Purpose	  	 	1	  
				
		  	1.3	  	Term of Plan	  	 	1	  
			
	 2.
	  	Definitions and Construction	  	 	1	  
				
		  	2.1	  	Definitions	  	 	1	  
				
		  	2.2	  	Construction	  	 	5	  
			
	 3.
	  	Administration	  	 	5	  
				
		  	3.1	  	Administration by the Committee	  	 	5	  
				
		  	3.2	  	Authority of Officers	  	 	6	  
				
		  	3.3	  	Power to Adopt Sub-Plans or Varying Terms with Respect to Non-U.S. Employees	  	 	6	  
				
		  	3.4	  	Power to Establish Separate Offerings with Varying Terms	  	 	6	  
				
		  	3.5	  	Policies and Procedures Established by the Company	  	 	6	  
				
		  	3.6	  	Indemnification	  	 	7	  
			
	 4.
	  	Shares Subject to Plan	  	 	7	  
				
		  	4.1	  	Maximum Number of Shares Issuable	  	 	7	  
				
		  	4.2	  	Annual Increase in Maximum Number of Shares Issuable	  	 	7	  
				
		  	4.3	  	Adjustments for Changes in Capital Structure	  	 	7	  
			
	 5.
	  	Eligibility	  	 	8	  
				
		  	5.1	  	Employees Eligible to Participate	  	 	8	  
				
		  	5.2	  	Exclusion of Certain Stockholders	  	 	8	  
				
		  	5.3	  	Determination by Company	  	 	8	  
			
	 6.
	  	Offerings	  	 	9	  
			
	 7.
	  	Participation in the Plan	  	 	9	  
				
		  	7.1	  	Initial Participation	  	 	9	  
				
		  	7.2	  	Continued Participation	  	 	10	  
			
	 8.
	  	Right to Purchase Shares	  	 	10	  
				
		  	8.1	  	Grant of Purchase Right	  	 	10	  
				
		  	  8.2	  	Calendar Year Purchase Limitation	  	 	10	  

  
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 TABLE OF CONTENTS 

(continued) 
  

									
	 	  	 	  	 	  	Page	 
			
	 9.
	  	Purchase Price	  	 	11	  
			
	 10.
	  	Accumulation of Purchase Price through Payroll Deduction	  	 	11	  
				
		  	 10.1
	  	Amount of Payroll Deductions	  	 	11	  
				
		  	 10.2
	  	Commencement of Payroll Deductions	  	 	11	  
				
		  	 10.3
	  	Election to Decrease or Stop Payroll Deductions	  	 	11	  
				
		  	 10.4
	  	Administrative Suspension of Payroll Deductions	  	 	12	  
				
		  	 10.5
	  	Participant Accounts	  	 	12	  
				
		  	 10.6
	  	No Interest Paid	  	 	12	  
			
	 11.
	  	Purchase of Shares	  	 	12	  
				
		  	 11.1
	  	Exercise of Purchase Right	  	 	12	  
				
		  	 11.2
	  	Pro Rata Allocation of Shares	  	 	13	  
				
		  	 11.3
	  	Delivery of Title to Shares	  	 	13	  
				
		  	 11.4
	  	Return of Plan Account Balance	  	 	13	  
				
		  	 11.5
	  	Tax Withholding	  	 	13	  
				
		  	 11.6
	  	Expiration of Purchase Right	  	 	14	  
				
		  	 11.7
	  	Provision of Reports and Stockholder Information to Participants	  	 	14	  
			
	 12.
	  	Withdrawal from Plan	  	 	14	  
				
		  	 12.1
	  	Voluntary Withdrawal from the Plan	  	 	14	  
				
		  	 12.2
	  	Return of Plan Account Balance	  	 	14	  
			
	 13.
	  	Termination of Employment or Eligibility	  	 	14	  
			
	 14.
	  	Effect of Change in Control on Purchase Rights	  	 	15	  
			
	 15.
	  	Nontransferability of Purchase Rights	  	 	15	  
			
	 16.
	  	Compliance with Securities Law	  	 	15	  
			
	 17.
	  	Rights as a Stockholder and Employee	  	 	16	  
			
	 18.
	  	Notification of Disposition of Shares	  	 	16	  
			
	 19.
	  	Legends	  	 	16	  
			
	 20.
	  	Designation of Beneficiary	  	 	17	  
				
		  	 20.1
	  	Designation Procedure	  	 	17	  
				
		  	 20.2
	  	Absence of Beneficiary Designation	  	 	17	  
			
	 21.
	  	Notices	  	 	17	  
			
	 22.
	  	Amendment or Termination of the Plan	  	 	17	  

  
 -ii- 

 Connecture, Inc. 

2014 Employee Stock Purchase Plan 

1. ESTABLISHMENT, PURPOSE AND TERM OF
PLAN. 
 1.1 Establishment. The Connecture, Inc. 2014 Employee Stock Purchase Plan (the
“Plan”) is hereby established effective as of the effective date of the initial registration by the Company of its Stock under Section 12 of the Securities Exchange Act of 1934, as amended (the
“Effective Date”). 
 1.2 Purpose. The purpose of the Plan is to advance the interests of the
Company and its stockholders by providing an incentive to attract, retain and reward Eligible Employees of the Participating Company Group and by motivating such persons to contribute to the growth and profitability of the Participating Company
Group. The Plan provides such Eligible Employees with an opportunity to acquire a proprietary interest in the Company through the purchase of Stock. The Company intends that the Plan qualify as an “employee stock purchase plan” under
Section 423 of the Code (including any amendments or replacements of such section), and the Plan shall be so construed. 
 1.3 Term
of Plan. The Plan shall continue in effect until its termination by the Committee. 
 2. DEFINITIONS
AND CONSTRUCTION. 
 2.1 Definitions. Any term not expressly defined in the Plan
but defined for purposes of Section 423 of the Code shall have the same definition herein. Whenever used herein, the following terms shall have their respective meanings set forth below: 

(a) “Board” means the Board of Directors of the Company. 

(b) “Change in Control” means the occurrence of any one or a combination of the following: 

(i) any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) becomes the “beneficial
owner” (as such term is defined in Rule 13d-3 promulgated under the Exchange Act), directly or indirectly, of securities of the Company representing more than fifty percent (50%) of the total
Fair Market Value or total combined voting power of the Company’s then-outstanding securities entitled to vote generally in the election of Directors; provided, however, that a Change in Control shall not be deemed to have occurred if such
degree of beneficial ownership results from any of the following: (A) an acquisition by any person who on the Effective Date is the beneficial owner of more than fifty percent (50%) of such voting power, (B) any acquisition directly
from the Company, including, without limitation, pursuant to or in connection with a public offering of securities, (C) any acquisition by the Company, (D) any acquisition by a trustee or other fiduciary under an employee benefit plan of a
Participating Company or (E) any acquisition by an entity owned directly or indirectly by the stockholders of the Company in substantially the same proportions as their ownership of the voting securities of the Company; or 

 (ii) an Ownership Change Event or series of related Ownership Change Events (collectively, a
“Transaction”) in which the stockholders of the Company immediately before the Transaction do not retain immediately after the Transaction direct or indirect beneficial ownership of more than fifty percent
(50%) of the total combined voting power of the outstanding securities entitled to vote generally in the election of Directors or, in the case of an Ownership Change Event described in Section 2.1(r)(iii), the entity to which the assets of
the Company were transferred (the “Transferee”), as the case may be; or 
 (iii) a date specified by
the Committee following approval by the stockholders of a plan of complete liquidation or dissolution of the Company; 
 provided, however, that a Change in
Control shall be deemed not to include a transaction described in subsections (i) or (ii) of this Section 2.1(b) in which a majority of the members of the board of directors of the continuing, surviving or successor entity, or parent
thereof, immediately after such transaction is comprised of Incumbent Directors. 
 For purposes of the preceding sentence, indirect
beneficial ownership shall include, without limitation, an interest resulting from ownership of the voting securities of one or more corporations or other business entities which own the Company or the Transferee, as the case may be, either directly
or through one or more subsidiary corporations or other business entities. The Committee shall determine whether multiple events described in subsections (i), (ii) and (iii) of this Section 2.1(b) are related and to be treated in the
aggregate as a single Change in Control, and its determination shall be final, binding and conclusive. 
 (c)
“Code” means the Internal Revenue Code of 1986, as amended, and any applicable regulations promulgated thereunder. 

(d) “Committee” means the Compensation Committee and such other committee or subcommittee of the Board,
if any, duly appointed to administer the Plan and having such powers in each instance as shall be specified by the Board. If, at any time, there is no committee of the Board then authorized or properly constituted to administer the Plan, the Board
shall exercise all of the powers of the Committee granted herein, and, in any event, the Board may in its discretion exercise any or all of such powers. 

(e) “Company” means Connecture, Inc., a Delaware corporation, or any successor corporation thereto.

 (f) “Compensation” means, with respect to any Offering Period, regular base wages or salary,
overtime payments, shift premiums and payments for paid time off, calculated before deduction of (i) any income or employment tax withholdings or (ii) any amounts deferred pursuant to Section 401(k) or Section 125 of the Code.
Compensation shall be limited to such amounts actually payable in cash or deferred during the Offering Period. Compensation shall not include (i) sign-on bonuses, annual or other incentive bonuses, commissions, profit-sharing distributions or
other incentive-type payments, (ii) any contributions made by a Participating Company on the Participant’s behalf to any employee benefit or welfare 

  
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plan now or hereafter established (other than amounts deferred pursuant to Section 401(k) or Section 125 of the Code), (iii) payments in lieu of notice, payments pursuant to a
severance agreement, termination pay, moving allowances, relocation payments, or (iv) any amounts directly or indirectly paid pursuant to the Plan or any other stock purchase, stock option or other stock-based compensation plan, or any other
compensation not expressly included by this Section. 
 (g) “Eligible Employee” means an Employee who
meets the requirements set forth in Section 5 for eligibility to participate in the Plan. 
 (h)
“Employee” means a person treated as an employee of a Participating Company for purposes of Section 423 of the Code. A Participant shall be deemed to have ceased to be an Employee either upon an actual
termination of employment or upon the corporation employing the Participant ceasing to be a Participating Company. For purposes of the Plan, an individual shall not be deemed to have ceased to be an Employee while on any military leave, sick leave,
or other bona fide leave of absence approved by the Company of ninety (90) days or less. If an individual’s leave of absence exceeds ninety (90) days, the individual shall be deemed to have ceased to be an Employee on the ninety-first
(91st) day of such leave unless the individual’s right to reemployment with the Participating Company Group is guaranteed either by statute or by contract. 

(i) “Fair Market Value” means, as of any date: 

(i) If, on such date, the Stock is listed or quoted on a national or regional securities exchange or quotation system, the closing price of a
share of Stock as quoted on the national or regional securities exchange or quotation system constituting the primary market for the Stock, as reported in The Wall Street Journal or such other source as the Company deems reliable. If the
relevant date does not fall on a day on which the Stock has traded on such securities exchange or quotation system, the date on which the Fair Market Value is established shall be the last day on which the Stock was so traded or quoted prior to the
relevant date, or such other appropriate day as determined by the Committee, in its discretion. 
 (ii) If, on the relevant date, the Stock
is not then listed on a national or regional securities exchange or quotation system, the Fair Market Value of a share of Stock shall be as determined in good faith by the Committee. 

(j) “Incumbent Director” means a director who either (i) is a member of the Board as of the
Effective Date or (ii) is elected, or nominated for election, to the Board with the affirmative votes of at least a majority of the Incumbent Directors at the time of such election or nomination (but excluding a director who was elected or
nominated in connection with an actual or threatened proxy contest relating to the election of directors of the Company). 
 (k)
“Non-United States Offering” means a separate Offering covering Eligible Employees of one or more Participating Companies whose Eligible Employees are subject to a prohibition under applicable law on payroll
deductions, as described in Section 11.1(b). 

  
 3 

 (l) “Offering” means an offering of Stock pursuant to the
Plan, as provided in Section 6. 
 (m) “Offering Date” means, for any Offering Period, the first
day of such Offering Period. 
 (n) “Offering Period” means a period, established by the Committee in
accordance with Section 6, during which an Offering is outstanding. 
 (o) “Officer” means any
person designated by the Board as an officer of the Company. 
 (p) “Ownership Change Event” means
the occurrence of any of the following with respect to the Company: (i) the direct or indirect sale or exchange in a single or series of related transactions by the stockholders of the Company of securities of the Company representing more than
fifty percent (50%) of the total combined voting power of the Company’s then outstanding securities entitled to vote generally in the election of Directors; (ii) a merger or consolidation in which the Company is a party; or
(iii) the sale, exchange, or transfer of all or substantially all of the assets of the Company (other than a sale, exchange or transfer to one or more subsidiaries of the Company). 

(q) “Parent Corporation” means any present or future “parent corporation” of the Company, as
defined in Section 424(e) of the Code. 
 (r) “Participant” means an Eligible Employee who has
become a participant in an Offering Period in accordance with Section 7 and remains a participant in accordance with the Plan. 
 (s)
“Participating Company” means the Company and any Parent Corporation or Subsidiary Corporation designated by the Committee as a corporation the Employees of which may, if Eligible Employees, participate in the
Plan. The Committee shall have the discretion to determine from time to time which Parent Corporations or Subsidiary Corporations shall be Participating Companies. The Committee shall designate from time to time and set forth in Appendix A to this
Plan those Participating Companies whose Eligible Employees may participate in the Plan. 
 (t) “Participating Company
Group” means, at any point in time, the Company and all other corporations collectively which are then Participating Companies. 

(u) “Purchase Date” means, for any Offering Period, the last day of such Offering Period, or, if so
determined by the Committee, the last day of each Purchase Period occurring within such Offering Period. 
 (v) “Purchase
Period” means a period, established by the Committee in accordance with Section 6, included within an Offering Period and on the final date of which outstanding Purchase Rights are exercised. 

  
 4 

 (w) “Purchase Price” means the price at which a share of
Stock may be purchased under the Plan, as determined in accordance with Section 9. 
 (x) “Purchase
Right” means an option granted to a Participant pursuant to the Plan to purchase such shares of Stock as provided in Section 8, which the Participant may or may not exercise during the Offering Period in which such option is
outstanding. Such option arises from the right of a Participant to withdraw any payroll deductions or other funds accumulated on behalf of the Participant and not previously applied to the purchase of Stock under the Plan, and to terminate
participation in the Plan at any time during an Offering Period. 
 (y) “Registration Date” means the
effective date of the registration on Form S-8 of shares of Stock issuable pursuant to the Plan. 
 (z) “Securities
Act” means the Securities Act of 1933, as amended. 
 (aa) “Stock” means the
common stock of the Company, as adjusted from time to time in accordance with Section 4.3. 
 (bb) “Subscription
Agreement” means a written or electronic agreement, in such form as is specified by the Company, stating an Employee’s election to participate in the Plan and authorizing payroll deductions under the Plan from the
Employee’s Compensation or other method of payment authorized by the Committee pursuant to Section 11.1(b). 
 (cc)
“Subscription Date” means the last business day prior to the Offering Date of an Offering Period or such earlier date as the Company shall establish. 

(dd) “Subsidiary Corporation” means any present or future “subsidiary corporation” of the
Company, as defined in Section 424(f) of the Code. 
 2.2 Construction. Captions and titles contained herein are for convenience
only and shall not affect the meaning or interpretation of any provision of the Plan. Except when otherwise indicated by the context, the singular shall include the plural and the plural shall include the singular. Use of the term “or” is
not intended to be exclusive, unless the context clearly requires otherwise. 
 3.
ADMINISTRATION. 
 3.1 Administration by the Committee. The Plan shall be administered by
the Committee. All questions of interpretation of the Plan, of any form of agreement or other document employed by the Company in the administration of the Plan, or of any Purchase Right shall be determined by the Committee, and such determinations
shall be final, binding and conclusive upon all persons having an interest in the Plan or the Purchase Right, unless fraudulent or made in bad faith. Subject to the provisions of the Plan, the Committee shall determine all of the relevant terms and
conditions of Purchase Rights; provided, however, that all Participants granted Purchase Rights pursuant to an Offering shall have the same rights and privileges within the meaning of Section 423(b)(5) of the Code. Any and all actions,
decisions 

  
 5 

 
and determinations taken or made by the Committee in the exercise of its discretion pursuant to the Plan or any agreement thereunder (other than determining questions of interpretation pursuant
to the second sentence of this Section 3.1) shall be final, binding and conclusive upon all persons having an interest therein. All expenses incurred in connection with the administration of the Plan shall be paid by the Company. 

3.2 Authority of Officers. Any Officer shall have the authority to act on behalf of the Company with respect to any matter, right,
obligation, determination or election that is the responsibility of or that is allocated to the Company herein, provided that the Officer has apparent authority with respect to such matter, right, obligation, determination or election. 

3.3 Power to Adopt Sub-Plans or Varying Terms with Respect to Non-U.S. Employees. The Committee shall have the power, in its
discretion, to adopt one or more sub-plans of the Plan as the Committee deems necessary or desirable to comply with the laws or regulations, tax policy, accounting principles or custom of foreign jurisdictions applicable to employees of a subsidiary
business entity of the Company, provided that any such sub-plan shall not be within the scope of an “employee stock purchase plan” within the meaning of Section 423 of the Code. Any of the provisions of any such sub-plan may supersede
the provisions of this Plan, other than Section 4. Except as superseded by the provisions of a sub-plan, the provisions of this Plan shall govern such sub-plan. Alternatively and in order to comply with the laws of a foreign jurisdiction, the
Committee shall have the power, in its discretion, to grant Purchase Rights in an Offering to citizens or residents of a non-U.S. jurisdiction (without regard to whether they are also citizens of the United States or resident aliens) that provide
terms which are less favorable than the terms of Purchase Rights granted under the same Offering to Employees resident in the United States. 

3.4 Power to Establish Separate Offerings with Varying Terms. The Committee shall have the power, in its discretion, to establish
separate, simultaneous or overlapping Offerings having different terms and conditions and to designate the Participating Company or Companies that may participate in a particular Offering, provided that each Offering shall individually comply with
the terms of the Plan and the requirements of Section 423(b)(5) of the Code that all Participants granted Purchase Rights pursuant to such Offering shall have the same rights and privileges within the meaning of such section. 

3.5 Policies and Procedures Established by the Company. Without regard to whether any Participant’s Purchase Right may be
considered adversely affected, the Company may, from time to time, consistent with the Plan and the requirements of Section 423 of the Code, establish, change or terminate such rules, guidelines, policies, procedures, limitations, or
adjustments as deemed advisable by the Company, in its discretion, for the proper administration of the Plan, including, without limitation, (a) a minimum payroll deduction amount required for participation in an Offering, (b) a limitation
on the frequency or number of changes permitted in the rate of payroll deduction during an Offering, (c) an exchange ratio applicable to amounts withheld or paid in a currency other than United States dollars, (d) a payroll deduction
greater than or less than the amount designated by a Participant in order to adjust for the Company’s delay or mistake in processing a Subscription Agreement or in otherwise effecting a Participant’s election under the Plan or as advisable
to comply with the requirements of Section 423 of the Code, and (e) determination of the date and manner by which the Fair Market Value of a share of 

  
 6 

 
Stock is determined for purposes of administration of the Plan. All such actions by the Company shall be taken consistent with the requirements under Section 423(b)(5) of the Code that all
Participants granted Purchase Rights pursuant to an Offering shall have the same rights and privileges within the meaning of such section, except as otherwise permitted by Section 3.3 and the regulations under Section 423 of the Code. 

3.6 Indemnification. In addition to such other rights of indemnification as they may have as members of the Board or the Committee or
as officers or employees of the Participating Company Group, to the extent permitted by applicable law, members of the Board or the Committee and any officers or employees of the Participating Company Group to whom authority to act for the Board,
the Committee or the Company is delegated shall be indemnified by the Company against all reasonable expenses, including attorneys’ fees, actually and necessarily incurred in connection with the defense of any action, suit or proceeding, or in
connection with any appeal therein, to which they or any of them may be a party by reason of any action taken or failure to act under or in connection with the Plan, or any right granted hereunder, and against all amounts paid by them in settlement
thereof (provided such settlement is approved by independent legal counsel selected by the Company) or paid by them in satisfaction of a judgment in any such action, suit or proceeding, except in relation to matters as to which it shall be adjudged
in such action, suit or proceeding that such person is liable for gross negligence, bad faith or intentional misconduct in duties; provided, however, that within sixty (60) days after the institution of such action, suit or proceeding, such
person shall offer to the Company, in writing, the opportunity at its own expense to handle and defend the same. 
 4.
SHARES SUBJECT TO PLAN. 
 4.1 Maximum Number of
Shares Issuable. Subject to adjustment as provided in Sections 4.2 and 4.3, the maximum aggregate number of shares of Stock that may be issued under the Plan shall be two hundred and forty thousand (240,000) and shall consist of
authorized but unissued or reacquired shares of Stock, or any combination thereof. If an outstanding Purchase Right for any reason expires or is terminated or canceled, the shares of Stock allocable to the unexercised portion of that Purchase Right
shall again be available for issuance under the Plan. 
 4.2 Annual Increase in Maximum Number of Shares Issuable. Subject to
adjustment as provided in Section 4.3, the maximum aggregate number of shares of Stock that may be issued under the Plan as set forth in Section 4.1 shall be cumulatively increased automatically on January 1, 2015 and on each
subsequent January 1, through and including January 1, 2024, by a number of shares (the “Annual Increase”) equal to the smallest of (a) 0.25% of the number of shares of Stock issued and
outstanding on the immediately preceding December 31, (b) 100,000 shares, or (c) an amount determined by the Board. 
 4.3
Adjustments for Changes in Capital Structure. Subject to any required action by the stockholders of the Company and the requirements of Section 424 of the Code to the extent applicable, in the event of any change in the Stock effected
without receipt of consideration by the Company, whether through merger, consolidation, reorganization, reincorporation, recapitalization, reclassification, stock dividend, stock split, reverse stock split, split-up, split-off, spin-off, combination
of shares, exchange of shares, or similar change in the 

  
 7 

 
capital structure of the Company, or in the event of payment of a dividend or distribution to the stockholders of the Company in a form other than Stock (excepting regular, periodic cash
dividends) that has a material effect on the Fair Market Value of shares of Stock, appropriate and proportionate adjustments shall be made in the number and kind of shares subject to the Plan, the Annual Increase, the limit on the shares which may
be purchased by any Participant during an Offering (as described in Sections 8.1 and 8.2) and each Purchase Right, and in the Purchase Price in order to prevent dilution or enlargement of Participants’ rights under the Plan. For purposes
of the foregoing, conversion of any convertible securities of the Company shall not be treated as “effected without receipt of consideration by the Company.” If a majority of the shares which are of the same class as the shares that are
subject to outstanding Purchase Rights are exchanged for, converted into, or otherwise become (whether or not pursuant to an Ownership Change Event) shares of another corporation (the “New Shares”), the
Committee may unilaterally amend the outstanding Purchase Rights to provide that such Purchase Rights are for New Shares. In the event of any such amendment, the number of shares subject to, and the exercise price per share of, the outstanding
Purchase Rights shall be adjusted in a fair and equitable manner as determined by the Committee, in its discretion. Any fractional share resulting from an adjustment pursuant to this Section shall be rounded down to the nearest whole number, and in
no event may the Purchase Price be decreased to an amount less than the par value, if any, of the stock subject to the Purchase Right. The adjustments determined by the Committee pursuant to this Section 4.3 shall be final, binding and
conclusive. 
 5. ELIGIBILITY. 

5.1 Employees Eligible to Participate. Each Employee of a Participating Company is eligible to participate in the Plan and shall be
deemed an Eligible Employee, except the following: 
 (a) Any Employee who is customarily employed by the Participating Company Group for
twenty (20) hours or less per week; or 
 (b) Any Employee who is customarily employed by the Participating Company Group for not more
than five (5) months in any calendar year. 
 5.2 Exclusion of Certain Stockholders. Notwithstanding any provision of the Plan
to the contrary, no Employee shall be treated as an Eligible Employee and granted a Purchase Right under the Plan if, immediately after such grant, the Employee would own, or hold options to purchase, stock of the Company or of any Parent
Corporation or Subsidiary Corporation possessing five percent (5%) or more of the total combined voting power or value of all classes of stock of such corporation, as determined in accordance with Section 423(b)(3) of the Code. For
purposes of this Section 5.2, the attribution rules of Section 424(d) of the Code shall apply in determining the stock ownership of such Employee. 

5.3 Determination by Company. The Company shall determine in good faith and in the exercise of its discretion whether an individual has
become or has ceased to be an Employee or an Eligible Employee and the effective date of such individual’s attainment or termination of such status, as the case may be. For purposes of an individual’s participation in or other rights, if
any, under the Plan as of the time of the Company’s determination of whether or 

  
 8 

 
not the individual is an Employee, all such determinations by the Company shall be final, binding and conclusive as to such rights, if any, notwithstanding that the Company or any court of law or
governmental agency subsequently makes a contrary determination as to such individual’s status as an Employee. 
 6.
OFFERINGS. 
 The Plan shall be implemented by sequential Offerings of approximately six (6) months’
duration or such other duration as the Committee shall determine. Offering Periods shall commence on or about the sixteenth (16th) days of May and November of each year, immediately following the exercise of Purchase Rights in the immediately
preceding Offering Period, and shall end on or about the fifteenth (15th) days of the next November and May, respectively, occurring thereafter. Notwithstanding the foregoing, the Committee may establish additional or alternative concurrent,
sequential or overlapping Offering Periods, a different duration for one or more Offering Periods or different commencing or ending dates for such Offering Periods; provided, however, that no Offering Period may have a duration exceeding
twenty-seven (27) months. The Offering Date and duration of the initial Offering Period shall be established by the Committee, provided that enrollment in the initial Offering Period shall not commence prior to the Registration Date. If the
Committee shall so determine in its discretion, each Offering Period may consist of two (2) or more consecutive Purchase Periods having such duration as the Committee shall specify, and the last day of each such Purchase Period shall be a
Purchase Date. If the first or last day of an Offering Period or a Purchase Period is not a day on which the principal stock exchange or quotation system on which the Stock is then listed is open for trading, the Company shall specify the trading
day that will be deemed the first or last day, as the case may be, of the Offering Period or Purchase Period. 
 7.
PARTICIPATION IN THE PLAN. 
 7.1 Initial
Participation. 
 (a) Generally. Enrollment in the initial Offering Period under the Plan shall not commence, and no
Subscription Agreement shall be accepted, prior to the Registration Date. An Eligible Employee may become a Participant in an Offering Period by delivering a properly completed written or electronic Subscription Agreement to the Company office or
representative designated by the Company (including a third-party administrator designated by the Company) not later than the close of business on the Subscription Date established by the Company for that Offering Period. An Eligible Employee who
does not deliver a properly completed Subscription Agreement in the manner permitted or required on or before the Subscription Date for an Offering Period shall not participate in the Plan for that Offering Period or for any subsequent Offering
Period unless the Eligible Employee subsequently delivers a properly completed Subscription Agreement to the appropriate Company office or representative on or before the Subscription Date for such subsequent Offering Period. An Employee who becomes
an Eligible Employee after the Offering Date of an Offering Period shall not be eligible to participate in that Offering Period but may participate in any subsequent Offering Period provided the Employee is still an Eligible Employee as of the
Offering Date of such subsequent Offering Period. 

  
 9 

 7.2 Continued Participation. A Participant shall automatically participate in the next
Offering Period commencing immediately after the final Purchase Date of each Offering Period in which the Participant participates provided that the Participant remains an Eligible Employee on the Offering Date of the new Offering Period and has not
either (a) withdrawn from the Plan pursuant to Section 12.1, or (b) terminated employment or otherwise ceased to be an Eligible Employee as provided in Section 13. A Participant who may automatically participate in a subsequent
Offering Period, as provided in this Section, is not required to deliver any additional Subscription Agreement for the subsequent Offering Period in order to continue participation in the Plan. However, a Participant may deliver a new Subscription
Agreement for a subsequent Offering Period in accordance with the procedures set forth in Section 7.1 if the Participant desires to change any of the elections contained in the Participant’s then effective Subscription Agreement. 

8. RIGHT TO PURCHASE SHARES. 

8.1 Grant of Purchase Right. Except as otherwise provided below, on the Offering Date of each Offering Period, each Participant in such
Offering Period shall be granted automatically a Purchase Right consisting of an option to purchase the lesser of (a) that number of whole shares of Stock determined by dividing the Dollar Limit (determined as provided below) by the Fair Market
Value of a share of Stock on such Offering Date or (b) the Share Limit (determined as provided below). The Committee may, in its discretion and prior to the Offering Date of any Offering Period, (i) change the method of, or any of the
foregoing factors in, determining the number of shares of Stock subject to Purchase Rights to be granted on such Offering Date, or (ii) specify a maximum aggregate number of shares that may be purchased by all Participants in an Offering or on
any Purchase Date within an Offering Period. No Purchase Right shall be granted on an Offering Date to any person who is not, on such Offering Date, an Eligible Employee. For the purposes of this Section, the “Dollar
Limit” shall be determined by multiplying $2,083.33 by the number of months (rounded to the nearest whole month) in the Offering Period and rounding to the nearest whole dollar, and the “Share
Limit” shall be determined by multiplying two hundred (200) shares by the number of months (rounded to the nearest whole month) in the Offering Period and rounding to the nearest whole share. 

8.2 Calendar Year Purchase Limitation. Notwithstanding any provision of the Plan to the contrary, no Participant shall be granted a
Purchase Right which permits his or her right to purchase shares of Stock under the Plan to accrue at a rate which, when aggregated with such Participant’s rights to purchase shares under all other employee stock purchase plans of a
Participating Company intended to meet the requirements of Section 423 of the Code, exceeds Twenty-Five Thousand Dollars ($25,000) in Fair Market Value (or such other limit, if any, as may be imposed by the Code) for each calendar year in which
such Purchase Right is outstanding at any time. For purposes of the preceding sentence, the Fair Market Value of shares purchased during a given Offering Period shall be determined as of the Offering Date for such Offering Period. The limitation
described in this Section shall be applied in conformance with Section 423(b)(8) of the Code or any successor thereto and the regulations thereunder. 

  
 10 

 9. PURCHASE PRICE. 

The Purchase Price at which each share of Stock may be acquired in an Offering Period upon the exercise of all or any portion of a Purchase
Right shall be established by the Committee; provided, however, that the Purchase Price on each Purchase Date shall not be less than eighty-five percent (85%) of the lesser of (a) the Fair Market
Value of a share of Stock on the Offering Date of the Offering Period or (b) the Fair Market Value of a share of Stock on the Purchase Date. Subject to adjustment as provided by the Plan and unless otherwise provided by the Committee, the
Purchase Price for each Offering Period shall be ninety percent (90%) of the lesser of (a) the Fair Market Value of a share of Stock on the Offering Date of the Offering Period or (b) the Fair Market Value of a share of Stock on the
Purchase Date. 
 10. ACCUMULATION OF PURCHASE PRICE
THROUGH PAYROLL DEDUCTION. 
 Except as provided in Section 11.1(c)
with respect to a Non-United States Offering, shares of Stock acquired pursuant to the exercise of all or any portion of a Purchase Right may be paid for only by means of payroll deductions from the Participant’s Compensation accumulated during
the Offering Period for which such Purchase Right was granted, subject to the following: 
 10.1 Amount of Payroll Deductions. Except
as otherwise provided herein, the amount to be deducted under the Plan from a Participant’s Compensation on each pay day during an Offering Period shall be determined by the Participant’s Subscription Agreement. The Subscription Agreement
shall set forth the percentage of the Participant’s Compensation to be deducted on each pay day during an Offering Period in whole percentages of not less than one percent (1%) (except as a result of an election pursuant to
Section 10.3 to stop payroll deductions effective following the first pay day during an Offering) or more than twenty percent (20%). The Committee may change the foregoing limits on payroll deductions effective as of any Offering Date. 

10.2 Commencement of Payroll Deductions. Payroll deductions shall commence on the first pay day following the Offering Date and shall
continue to the end of the Offering Period unless sooner altered or terminated as provided herein. 
 10.3 Election to Decrease or Stop
Payroll Deductions. During an Offering Period, a Participant may elect to decrease the rate of or to stop deductions from his or her Compensation by delivering to the Company office or representative designated by the Company (including a
third-party administrator designated by the Company) an amended Subscription Agreement authorizing such change on or before the “Change Notice Date.” The “Change Notice Date” shall be a date prior to
the beginning of the first pay period for which such election is to be effective as established by the Company from time to time and announced to the Participants. A Participant who elects, effective following the first pay day of an Offering
Period, to decrease the rate of his or her payroll deductions to zero percent (0%) shall nevertheless remain a Participant in such Offering Period unless the Participant withdraws from the Plan as provided in Section 12.1. 

  
 11 

 10.4 Administrative Suspension of Payroll Deductions. The Company may, in its discretion,
suspend a Participant’s payroll deductions under the Plan as the Company deems advisable to avoid accumulating payroll deductions in excess of the amount that could reasonably be anticipated to purchase the maximum number of shares of Stock
permitted (a) under the Participant’s Purchase Right, or (b) during a calendar year under the limit set forth in Section 8.2. Unless the Participant has either withdrawn from the Plan as provided in Section 12.1 or has
ceased to be an Eligible Employee, suspended payroll deductions shall be resumed at the rate specified in the Participant’s then effective Subscription Agreement either (i) at the beginning of the next Offering Period if the reason for
suspension was clause (a) in the preceding sentence, or (ii) at the beginning of the next Offering Period having a first Purchase Date that falls within the subsequent calendar year if the reason for suspension was clause (b) in the
preceding sentence. 
 10.5 Participant Accounts. Individual bookkeeping accounts shall be maintained for each Participant. All
payroll deductions from a Participant’s Compensation (and other amounts received from a non-United States Participant pursuant to Section 11.1(b)) shall be credited to such Participant’s Plan account and shall be deposited with the
general funds of the Company. All such amounts received or held by the Company may be used by the Company for any corporate purpose. 
 10.6
No Interest Paid. Interest shall not be paid on sums deducted from a Participant’s Compensation pursuant to the Plan or otherwise credited to the Participant’s Plan account. 

11. PURCHASE OF SHARES. 

11.1 Exercise of Purchase Right. 

(a) Generally. Except as provided in Section 11.1(b) and Section 11.1(c), on each Purchase Date of an Offering Period, each
Participant who has not withdrawn from the Plan and whose participation in the Offering has not otherwise terminated before such Purchase Date shall automatically acquire pursuant to the exercise of the Participant’s Purchase Right the number
of whole shares of Stock determined by dividing (a) the total amount of the Participant’s payroll deductions accumulated in the Participant’s Plan account during the Offering Period and not previously applied toward the purchase of
Stock by (b) the Purchase Price. However, in no event shall the number of shares purchased by the Participant during an Offering Period exceed the number of shares subject to the Participant’s Purchase Right. No shares of Stock shall be
purchased on a Purchase Date on behalf of a Participant whose participation in the Offering or the Plan has terminated before such Purchase Date. 

(b) Purchase by Non-United States Participants for Whom Payroll Deductions Are Prohibited by Applicable Law. Notwithstanding
Section 11.1(a), where payroll deductions on behalf of Participants who are citizens or residents of countries other than the United States (without regard to whether they are also citizens of the United States or resident aliens) are
prohibited by applicable law, the Committee may establish a separate Offering (a “Non-United States Offering”) covering all Eligible Employees of one or more 

  
 12 

 
Participating Companies subject to such prohibition on payroll deductions. The Non-United States Offering shall provide another method for payment of the Purchase Price with such terms and
conditions as shall be administratively convenient and comply with applicable law. On each Purchase Date of the Offering Period applicable to a Non-United States Offering, each Participant who has not withdrawn from the Plan and whose participation
in such Offering Period has not otherwise terminated before such Purchase Date shall automatically acquire pursuant to the exercise of the Participant’s Purchase Right a number of whole shares of Stock determined in accordance with
Section 11.1(a) to the extent of the total amount of the Participant’s Plan account balance accumulated during the Offering Period in accordance with the method established by the Committee and not previously applied toward the purchase of
Stock. However, in no event shall the number of shares purchased by a Participant during such Offering Period exceed the number of shares subject to the Participant’s Purchase Right. The Company shall refund to a Participant in a Non-United
States Offering in accordance with Section 11.4 any excess Purchase Price payment received from such Participant. 
 11.2 Pro Rata
Allocation of Shares. If the number of shares of Stock which might be purchased by all Participants on a Purchase Date exceeds the number of shares of Stock remaining available for issuance under the Plan or the maximum aggregate number of
shares of Stock that may be purchased on such Purchase Date pursuant to a limit established by the Committee pursuant to Section 8.1, the Company shall make a pro rata allocation of the shares available in as uniform a manner as practicable and
as the Company determines to be equitable. Any fractional share resulting from such pro rata allocation to any Participant shall be disregarded. 

11.3 Delivery of Title to Shares. Subject to any governing rules or regulations, as soon as practicable after each Purchase Date, the
Company shall issue or cause to be issued to or for the benefit of each Participant the shares of Stock acquired by the Participant on such Purchase Date by means of one or more of the following: (a) by delivering to the Participant evidence of
book entry shares of Stock credited to the account of the Participant, (b) by depositing such shares of Stock for the benefit of the Participant with any broker with which the Participant has an account relationship, or (c) by delivering
such shares of Stock to the Participant in certificate form. 
 11.4 Return of Plan Account Balance. Any cash balance remaining in a
Participant’s Plan account following any Purchase Date shall be refunded to the Participant as soon as practicable after such Purchase Date. However, if the cash balance to be returned to a Participant pursuant to the preceding sentence is less
than the amount that would have been necessary to purchase an additional whole share of Stock on such Purchase Date, the Company may retain the cash balance in the Participant’s Plan account to be applied toward the purchase of shares of Stock
in the subsequent Purchase Period or Offering Period. 
 11.5 Tax Withholding. At the time a Participant’s Purchase Right is
exercised, in whole or in part, or at the time a Participant disposes of some or all of the shares of Stock he or she acquires under the Plan, the Participant shall make adequate provision for the federal, state, local and foreign taxes (including
social insurance), if any, required to be withheld by any Participating Company upon exercise of the Purchase Right or upon such disposition of shares, respectively. A Participating Company may, but shall not be obligated to, withhold from the
Participant’s compensation the amount necessary to meet such withholding obligations. 

  
 13 

 11.6 Expiration of Purchase Right. Any portion of a Participant’s Purchase Right
remaining unexercised after the end of the Offering Period to which the Purchase Right relates shall expire immediately upon the end of the Offering Period. 

11.7 Provision of Reports and Stockholder Information to Participants. Each Participant who has exercised all or part of his or her
Purchase Right shall receive, as soon as practicable after the Purchase Date, a report of such Participant’s Plan account setting forth the total amount credited to his or her Plan account prior to such exercise, the number of shares of Stock
purchased, the Purchase Price for such shares, the date of purchase and the cash balance, if any, remaining immediately after such purchase that is to be refunded or retained in the Participant’s Plan account pursuant to Section 11.4. The
report required by this Section may be delivered or made available in such form and by such means, including by electronic transmission, as the Company may determine. In addition, each Participant shall be provided information concerning the Company
equivalent to that information provided generally to the Company’s common stockholders. 
 12. WITHDRAWAL
FROM PLAN. 
 12.1 Voluntary Withdrawal from the Plan. A Participant may
withdraw from the Plan by signing and delivering to the Company office or representative designated by the Company (including a third-party administrator designated by the Company) a written or electronic notice of withdrawal on a form provided by
the Company for this purpose. Such withdrawal may be elected at any time prior to the end of an Offering Period; provided, however, that if a Participant withdraws from the Plan after a Purchase Date, the withdrawal shall not affect shares of Stock
acquired by the Participant on such Purchase Date. A Participant who voluntarily withdraws from the Plan is prohibited from resuming participation in the Plan in the same Offering from which he or she withdrew, but may participate in any subsequent
Offering by again satisfying the requirements of Sections 5 and 7.1. The Company may impose, from time to time, a requirement that the notice of withdrawal from the Plan be on file with the Company office or representative designated by the
Company for a reasonable period prior to the effectiveness of the Participant’s withdrawal. 
 12.2 Return of Plan Account
Balance. Upon a Participant’s voluntary withdrawal from the Plan pursuant to Section 12.1, the Participant’s accumulated Plan account balance which has not been applied toward the purchase of shares of Stock shall be refunded to
the Participant as soon as practicable after the withdrawal, without the payment of any interest, and the Participant’s interest in the Plan and the Offering shall terminate. Such amounts to be refunded in accordance with this Section may not
be applied to any other Offering under the Plan. 
 13. TERMINATION OF EMPLOYMENT
OR ELIGIBILITY. 
 Upon a Participant’s ceasing, prior to a Purchase Date, to be
an Employee of the Participating Company Group for any reason, including retirement, disability or death, or upon 

  
 14 

 
the failure of a Participant to remain an Eligible Employee, the Participant’s participation in the Plan shall terminate immediately. In such event, the Participant’s Plan account
balance which has not been applied toward the purchase of shares of Stock shall, as soon as practicable, be returned to the Participant or, in the case of the Participant’s death, to the Participant’s beneficiary designated in accordance
with Section 20, if any, or legal representative, and all of the Participant’s rights under the Plan shall terminate. Interest shall not be paid on sums returned pursuant to this Section 13. A Participant whose participation has been
so terminated may again become eligible to participate in the Plan by satisfying the requirements of Sections 5 and 7.1. 
 14.
EFFECT OF CHANGE IN CONTROL ON PURCHASE RIGHTS. 

In the event of a Change in Control, the surviving, continuing, successor, or purchasing corporation or parent thereof, as the case may be
(the “Acquiring Corporation”), may, without the consent of any Participant, assume or continue the Company’s rights and obligations under outstanding Purchase Rights or substitute substantially equivalent
purchase rights for the Acquiring Corporation’s stock. If the Acquiring Corporation elects not to assume, continue or substitute for the outstanding Purchase Rights, the Purchase Date of the then current Offering Period shall be accelerated to
a date before the date of the Change in Control specified by the Committee, but the number of shares of Stock subject to outstanding Purchase Rights shall not be adjusted. All Purchase Rights which are neither assumed or continued by the Acquiring
Corporation in connection with the Change in Control nor exercised as of the date of the Change in Control shall terminate and cease to be outstanding effective as of the date of the Change in Control. 

15. NONTRANSFERABILITY OF PURCHASE RIGHTS. 

Neither payroll deductions or other amounts credited to a Participant’s Plan account nor a Participant’s Purchase Right may be
assigned, transferred, pledged or otherwise disposed of in any manner other than as provided by the Plan or by will or the laws of descent and distribution. (A beneficiary designation pursuant to Section 20 shall not be treated as a disposition
for this purpose.) Any such attempted assignment, transfer, pledge or other disposition shall be without effect, except that the Company may treat such act as an election to withdraw from the Plan as provided in Section 12.1. A Purchase Right
shall be exercisable during the lifetime of the Participant only by the Participant. 
 16. COMPLIANCE
WITH SECURITIES LAW. 
 The issuance of shares under the Plan shall be
subject to compliance with all applicable requirements of federal, state and foreign law with respect to such securities. A Purchase Right may not be exercised if the issuance of shares upon such exercise would constitute a violation of any
applicable federal, state or foreign securities laws or other law or regulations or the requirements of any securities exchange or market system upon which the Stock may then be listed. In addition, no Purchase Right may be exercised unless
(a) a registration statement under the Securities Act shall at the time of exercise of the Purchase Right be in effect with respect to the shares issuable upon exercise of the Purchase Right, or (b) in the opinion of legal counsel to the
Company, the shares issuable upon exercise of the Purchase Right may be issued in accordance with the terms of an applicable exemption from the registration 

  
 15 

 
requirements of the Securities Act. The inability of the Company to obtain from any regulatory body having jurisdiction the authority, if any, deemed by the Company’s legal counsel to be
necessary to the lawful issuance and sale of any shares under the Plan shall relieve the Company of any liability in respect of the failure to issue or sell such shares as to which such requisite authority shall not have been obtained. As a
condition to the exercise of a Purchase Right, the Company may require the Participant to satisfy any qualifications that may be necessary or appropriate, to evidence compliance with any applicable law or regulation, and to make any representation
or warranty with respect thereto as may be requested by the Company. 
 17. RIGHTS AS A
STOCKHOLDER AND EMPLOYEE. 
 A Participant shall have no rights as a
stockholder by virtue of the Participant’s participation in the Plan until the date of the issuance of the shares of Stock purchased pursuant to the exercise of the Participant’s Purchase Right (as evidenced by the appropriate entry on the
books of the Company or of a duly authorized transfer agent of the Company). No adjustment shall be made for dividends, distributions or other rights for which the record date is prior to the date such shares are issued, except as provided in
Section 4.3. Nothing herein shall confer upon a Participant any right to continue in the employ of the Participating Company Group or interfere in any way with any right of the Participating Company Group to terminate the Participant’s
employment at any time. 
 18. NOTIFICATION OF DISPOSITION OF
SHARES. 
 The Company may require the Participant to give the Company prompt notice of any
disposition of shares of Stock acquired by exercise of a Purchase Right. The Company may require that until such time as a Participant disposes of shares of Stock acquired upon exercise of a Purchase Right, the Participant shall hold all such shares
in the Participant’s name until the later of two years after the date of grant of such Purchase Right or one year after the date of exercise of such Purchase Right. The Company may direct that the certificates evidencing shares of Stock
acquired by exercise of a Purchase Right refer to such requirement to give prompt notice of disposition. 
 19.
LEGENDS. 
 The Company may at any time place legends or other identifying symbols referencing
any applicable federal, state or foreign securities law restrictions or any provision convenient in the administration of the Plan on some or all of the certificates representing shares of Stock issued under the Plan. The Participant shall, at the
request of the Company, promptly present to the Company any and all certificates representing shares acquired pursuant to a Purchase Right in the possession of the Participant in order to carry out the provisions of this Section. Unless otherwise
specified by the Company, legends placed on such certificates may include but shall not be limited to the following: 
 “THE SHARES EVIDENCED BY THIS
CERTIFICATE WERE ISSUED BY THE CORPORATION TO THE REGISTERED HOLDER UPON THE PURCHASE OF SHARES UNDER AN EMPLOYEE STOCK PURCHASE PLAN AS DEFINED IN SECTION 423 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED. THE TRANSFER AGENT

  
 16 

 
FOR THE SHARES EVIDENCED HEREBY SHALL NOTIFY THE CORPORATION IMMEDIATELY OF ANY TRANSFER OF THE SHARES BY THE REGISTERED HOLDER HEREOF. THE REGISTERED HOLDER SHALL HOLD ALL SHARES PURCHASED UNDER
THE PLAN IN THE REGISTERED HOLDER’S NAME (AND NOT IN THE NAME OF ANY NOMINEE).” 
 20. DESIGNATION
OF BENEFICIARY. 
 20.1 Designation Procedure. Subject to local laws and
procedures, a Participant may file a written designation of a beneficiary who is to receive (a) shares and cash, if any, from the Participant’s Plan account if the Participant dies subsequent to a Purchase Date but prior to delivery to the
Participant of such shares and cash, or (b) cash, if any, from the Participant’s Plan account if the Participant dies prior to the exercise of the Participant’s Purchase Right. If a married Participant designates a beneficiary other
than the Participant’s spouse, the effectiveness of such designation may be subject to the consent of the Participant’s spouse. A Participant may change his or her beneficiary designation at any time by written notice to the Company. 

20.2 Absence of Beneficiary Designation. If a Participant dies without an effective designation pursuant to Section 20.1 of a
beneficiary who is living at the time of the Participant’s death, the Company shall deliver any shares or cash credited to the Participant’s Plan account to the Participant’s legal representative or as otherwise required by applicable
law. 
 21. NOTICES. 

All notices or other communications by a Participant to the Company under or in connection with the Plan shall be deemed to have been duly
given when received in the form specified by the Company at the location, or by the person, designated by the Company for the receipt thereof. 

22. AMENDMENT OR TERMINATION OF THE
PLAN. 
 The Committee may at any time amend, suspend or terminate the Plan, except that (a) no
such amendment, suspension or termination shall affect Purchase Rights previously granted under the Plan unless expressly provided by the Committee, and (b) no such amendment, suspension or termination may adversely affect a Purchase Right
previously granted under the Plan without the consent of the Participant, except to the extent permitted by the Plan or as may be necessary to qualify the Plan as an employee stock purchase plan pursuant to Section 423 of the Code or to comply
with any applicable law, regulation or rule. In addition, an amendment to the Plan must be approved by the stockholders of the Company within twelve (12) months of the adoption of such amendment if such amendment would authorize the sale of
more shares than are then authorized for issuance under the Plan or would change the definition of the corporations that may be designated by the Committee as Participating Companies. Notwithstanding the foregoing, in the event that the Committee
determines that continuation of the Plan or an Offering would result in unfavorable financial accounting consequences to the Company, the Committee may, in its discretion and without the consent of any Participant, including with respect to an
Offering Period then in progress: (i) terminate the Plan or any 

  
 17 

 
Offering Period, (ii) accelerate the Purchase Date of any Offering Period, (iii) reduce the discount or the method of determining the Purchase Price in any Offering Period (e.g., by
determining the Purchase Price solely on the basis of the Fair Market Value on the Purchase Date), (iv) reduce the maximum number of shares of Stock that may be purchased in any Offering Period, or (v) take any combination of the foregoing
actions. 
 23. No Representations with Respect to Tax Qualification. 

Although the Company may endeavor to (a) qualify Purchase Rights for favorable tax treatment under the laws of the United States or
jurisdictions outside of the United States (e.g., options granted under Section 423 of the Code) or (b) avoid adverse tax treatment (e.g., under Section 409A of the Code), the Company makes no representation to that effect and
expressly disavows any covenant to maintain favorable or avoid unfavorable tax treatment, anything to the contrary in this Plan. The Company shall be unconstrained in its corporate activities without regard to the potential negative tax impact on
Participants under the Plan. 
 24. Choice of Law. 

Except to the extent governed by applicable federal law, the validity, interpretation, construction and performance of the Plan and each
Subscription Agreement shall be governed by the laws of the State of Delaware, without regard to its conflict of law rules. 
 IN WITNESS
WHEREOF, the undersigned Secretary of the Company certifies that the foregoing sets forth the Connecture, Inc. 2014 Employee Stock Purchase Plan as duly adopted by the Board on November 21, 2014. 

 

	
	 /s/ James P. Purko

	James P. Purko, Secretary

  
 18 

 APPENDIX A 

Participating Companies 
 Connecture, Inc.EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 

AGREEMENT 
 This
Agreement, dated as of November 24, 2014 (this “Agreement”), is by and among Destination Maternity Corporation, a Delaware corporation (the “Company”), J. Daniel Plants, an individual resident of California
(“Plants”), Voce Catalyst Partners LP, a Delaware limited partnership (“Voce Catalyst”), and Voce Capital Management LLC, a California limited liability company (together with Plants and Voce Catalyst,
“Voce”). The Company and Voce are referred to herein as the “Parties.” 
 WHEREAS, the Company and Voce
have engaged in discussions and communications concerning the Company’s business, financial performance and strategic plans; 

WHEREAS, the Company and Voce have determined to come to an agreement with respect to the appointment of Plants to the Company’s Board
and the election of Plants at the 2015 annual meeting of stockholders of the Company (the “2015 Annual Meeting”), and certain other matters, as provided in this Agreement. 

WHEREAS, the Company and Voce have agreed to each take and refrain from taking certain actions on the terms and conditions set forth in this
Agreement. 
 NOW, THEREFORE, in consideration of the foregoing premises and the respective representations, warranties, covenants,
agreements and conditions hereinafter set forth, and intending to be legally bound hereby, the Parties hereto hereby agree as follows: 
 1.
Definitions. For purposes of this Agreement: 
 (a) The terms “Affiliate” and “Associate” have the
respective meanings set forth in Rule 12b-2 promulgated by the Securities and Exchange Commission (the “SEC”) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and shall include persons who
become Affiliates or Associates of any person subsequent to the date of this Agreement, provided that neither “Affiliate” nor “Associate” shall include (i) any person that is a publicly held concern and is otherwise an
Affiliate or Associate solely by reason of the fact that a principal or representative of Voce serves as a member of the board of directors or similar governing body of such concern, provided that Voce does not control such concern, (ii) such
principal or representative in its capacity as a member of the board of directors or other similar governing body of such concern or (iii) any entity which is an Associate solely by reason of clause (a) of the definition of Associate in
Rule 12b-2 and is not an Affiliate. 
 (b) The terms “beneficial owner” and “beneficial ownership” shall
have the respective meanings as set forth in Rule 13d-3 promulgated by the SEC under the Exchange Act. 
 (c) “Board” means
the Board of Directors of the Company. 
 (d) “Common Stock” means the common stock of the Company, par value $0.01 per
share. 
 (e) The terms “person” or “persons” shall mean any individual, corporation (including
not-for-profit), general or limited partnership, limited liability company, joint venture, estate, trust, association, organization or other entity of any kind or nature, including any governmental authority. 

 

 (f) “Standstill Period” means the period commencing on the date hereof and
ending on the date that is the earlier of: 
 (i) thirty (30) days prior to the Timely Deadline for the Annual Meeting to be held in
2016; and 
 (ii) such date, if any, of a breach by the Company in any material respect of any of its representations, warranties,
commitments or obligations set forth in Section 2, 4, 5, 6, 12, 13, 14, 15 or 16 of this Agreement if such breach has not been cured within thirty (30) days following written notice of such breach (provided that (i) a failure to take
the actions set forth in Section 4(a)(i) and (ii), (ii) a failure to make the nomination required under Section 4(b)(i) and (ii), and (iii) a failure to provide the notice of nomination required under Section 4(e) cannot be
cured); and 
 (g) “Timely Deadline” means, with respect to any Annual Meeting, the last date upon which a notice to the
Secretary of the Company of nominations of persons for election to the Board at such Annual Meeting or the proposal of business at such Annual Meeting would be considered “timely” under the Company’s Restated Certificate of
Incorporation and Bylaws (the “Bylaws”) in effect at that time. 
 2. Representations and Warranties of the Company. The
Company represents and warrants as follows as of the date hereof: 
 (a) The Company has the corporate power and authority to execute,
deliver and carry out the terms and provisions of this Agreement and to consummate the transactions contemplated hereby. 
 (b) This
Agreement has been duly and validly authorized, executed and delivered by the Company, constitutes a valid and binding obligation and agreement of the Company and is enforceable against the Company in accordance with its terms, except as enforcement
thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or similar laws affecting the rights of creditors and subject to general equity principles. 

(c) The execution, delivery and performance of this Agreement by the Company does not and will not (i) violate or conflict with any law,
rule, regulation, order, judgment or decree, in each case that is applicable to the Company, or (ii) result in any material breach or material violation of, or constitute a material default (or an event which with notice or lapse of time or
both could become a material default) under or pursuant to, or result in the loss of a material benefit under, or give any right of termination, amendment, acceleration or cancellation of (A) any organizational document of the Company or
(B) any agreement, contract, commitment, understanding or arrangement, in each case to which the Company is a Party or by which it is bound and which is material to the Company’s business or operations. 

3. Representations and Warranties of Voce. Voce represents and warrants with respect to itself as follows as of the date hereof: 

(a) Voce has the power and authority to execute, deliver and carry out the terms and provisions of this Agreement and to consummate the
transactions contemplated hereby. Voce has the power and authority, as applicable, to execute, deliver and carry out the terms and provisions of this Agreement and to consummate the transactions contemplated hereby. 

(b) This Agreement has been duly and validly authorized, executed, and delivered by Voce, constitutes a valid and binding obligation and
agreement of Voce and is enforceable against Voce in accordance with its terms, except as enforcement thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or similar laws affecting the rights
of creditors and subject to general equity principles. 

  
 2 

 (c) The execution, delivery and performance of this Agreement by Voce does not and will not
(i) violate or conflict with any law, rule, regulation, order, judgment or decree applicable to Voce, or (ii) result in any material breach or material violation of, or constitute a material default (or an event which with notice or lapse
of time or both could become a material default) under or pursuant to, or result in the loss of a material benefit under, or give any right of termination, amendment, acceleration or cancellation of, (A) any organizational document, if an
entity, or (B) any agreement, contract, commitment, understanding or arrangement, in each case to which Voce is a Party or by which Voce is bound. 

(d) As of the date hereof, Voce and its Affiliates and Associates beneficially own in the aggregate 252,025 shares of Common Stock. 

(e) Voce does not currently have, and does not currently have any right to acquire, any interest in any other securities of the Company (or
any rights, options or other securities convertible into or exercisable or exchangeable (whether or not convertible, exercisable or exchangeable immediately or only after the passage of time or the occurrence of a specified event) for such
securities or any obligations measured by the price or value of any securities of the Company or any of its Affiliates, including any swaps or other derivative arrangements designed to produce economic benefits and risks that correspond to the
ownership of Common Stock, whether or not any of the foregoing would give rise to beneficial ownership (as determined under Rule 13d-3 promulgated under the Exchange Act), and whether or not to be settled by delivery of Common Stock, payment of cash
or by other consideration, and without regard to any short position under any such contract or arrangement). 
 4. Directors; Related
Matters. 
 (a) On the date hereof, the Board shall, in accordance with the Company’s governance documents, adopt a resolution to:

 (i) appoint Plants to the Board, as a director, effective as of the date hereof; and 

(ii) appoint Plants, within two (2) business days of the date hereof, to the Audit Committee and Nominating and Corporate Governance
Committee of the Board. 
 (b) In connection with the 2015 Annual Meeting to be held in 2015, the Company shall take all action necessary to
effect the following: 
 (i) the Board and the Nominating and Corporate Governance Committee shall nominate Plants for election to the Board
as a director at the 2015 Annual Meeting; 
 (ii) the Company shall recommend that the Company’s stockholders vote, and shall solicit
proxies, in favor of the election of Plants at the 2015 Annual Meeting and otherwise support Plants for election in a manner no less rigorous and favorable than the manner in which the Company supports its other nominees; and 

(c) Upon execution of this Agreement, Voce hereby agrees not to (i) nominate any person for election at the 2015 Annual Meeting,
(ii) submit any proposal for consideration at, or bring any other business before, the 2015 Annual Meeting, directly or indirectly, or (iii) initiate, encourage or participate in any “withhold” or similar campaign with respect to
the 2015 Annual Meeting, directly or indirectly, and shall not permit any of its Affiliates or Associates to do any of the items in this Section 4(c). Voce shall not publicly or privately encourage or facilitate any other shareholder to take
any of the actions described in this Section 4(c). 

  
 3 

 (d) At the 2015 Annual Meeting, Voce agrees to appear in person or by proxy and vote all shares
of Common Stock beneficially owned by it or its respective Affiliates or Associates as of the record date for such meeting (i) in favor of each of the persons nominated by the Company for election as a director at the 2015 Annual Meeting, and
(ii) in accordance with the Board’s recommendation with respect to each other proposal to come before the 2015 Annual Meeting. 

(e) The Company agrees that at least thirty (30) days prior to the Timely Deadline for the Annual Meeting to be held in 2016 (the
“2016 Annual Meeting”), the Company will notify Voce whether it has resolved to recommend Plants for election as director at the 2016 Annual Meeting. 

5. Replacement Director. If, at any time prior to the conclusion of the Standstill Period, Plants is unable or unwilling to serve as a
director of the Company, and at such time Voce, together with all Affiliates and Associates, shall not have disposed of shares resulting in Voce ceasing to beneficially own at least 1% (the “Minimum Threshold”) of the outstanding shares
(subject to adjustment for stock splits, reclassifications, combinations and similar adjustments) of Common Stock (determined in accordance with Rule 
13d-3 under the Securities Exchange Act of 1934, as amended), then Voce and the Board shall
appoint a mutually agreeable replacement within ninety (90) days of Plants validly tendering his resignation from the Board (in which case all references in this Agreement to “Plants” with respect to such director’s rights and
obligations as a director shall refer to such replacement, as applicable, provided that references in this Agreement to “Voce” will not include such person unless such person is otherwise already a member). If following Plants’
resignation and prior to the appointment of any replacement director under this Section 5, Voce, together with all Affiliates and Associates, disposes of shares resulting in Voce ceasing to beneficially own the Minimum Threshold, then the
Company shall not be obligated to appoint any such replacement director under this Section 5. 
 6. Bylaw Amendment. Upon
execution of this Agreement, the Company hereby agrees that the Board, at a duly convened meeting of directors, shall take all actions necessary to amend the Bylaws to provide for a majority voting standard in the election of directors, to become
effective as of the conclusion of the 2015 Annual Meeting. 
 7. Voting. During the Standstill Period, Voce shall cause all shares of
Common Stock owned of record or beneficially owned by it or its respective Affiliates or Associates to be present for quorum purposes and to be voted (i) in favor of all directors nominated by the Board for election at any stockholder meeting
where such matters will be voted on; provided that such directors were not nominated in contravention of this Agreement, and (ii) in favor of each of the other proposals to be presented by the Company at any stockholder meeting where such
matters will be voted on. 
 8. Standstill. Voce agrees that, during the Standstill Period it will not, and it will cause its
respective Affiliates, Associates and agents and any other persons acting on his or its behalf not to, directly or indirectly: 
 (a) engage
in any solicitation of proxies or consents or become a “participant” in a “solicitation” as such terms are defined in Regulation 14A under the Exchange Act of proxies or consents (including, without limitation, any solicitation
of consents that seeks to call a special meeting of stockholders), in each case, with respect to securities of the Company, other than a “solicitation” or acting as a “participant” in support of all of the nominees of the Board
at any stockholder meeting; 
 (b) submit any shareholder proposal (pursuant to Rule 14a-8 promulgated by the SEC under the Exchange Act or
otherwise) or any notice of nomination or other business for consideration, or nominate any candidate for election to the Board or oppose the directors nominated by the Board, other than as expressly permitted by this Agreement; 

  
 4 

 (c) encourage any person to submit nominations in furtherance of a “contested
solicitation” for the election or removal of directors with respect to the Company; 
 (d) form, join in or in any other way
participate in a “partnership, limited partnership, syndicate or other group” within the meaning of Section 13(d)(3) of the Exchange Act with respect to the Common Stock or deposit any shares of Common Stock in a voting trust or
similar arrangement or subject any shares of Common Stock to any voting agreement or pooling arrangement, other than with other members of Voce or one or more of its Affiliates or to the extent such a group may be deemed to result with the Company
or any of their respective Affiliates as a result of this Agreement; 
 (e) engage in discussions with other stockholders of the Company,
solicit proxies or written consents of stockholders or otherwise conduct any nonbinding referendum with respect to the Common Stock, or make, or in any way encourage, influence or participate in, any “solicitation” of any “proxy”
within the meaning of Rule 14a-1 promulgated by the SEC under the Exchange Act to vote, or advise, encourage or influence any person with respect to voting or tendering, any shares of Common Stock with respect to any matter, including, without
limitation, any Sale Transaction (as defined below) that is not approved by a majority of the Board; 
 (f) call, seek to call, or to
request the calling of, a special meeting of the stockholders of the Company, or seek to make, or make, a shareholder proposal at any meeting of the stockholders of the Company; 

(g) effect or seek to effect (including, without limitation, by entering into any discussions, negotiations, agreements or understandings with
any third person), offer or propose (whether publicly or otherwise) to effect, or cause or participate in, or in any way assist, solicit, encourage or facilitate any other person to effect or seek, offer or propose (whether publicly or otherwise) to
effect or cause or participate in (including by tendering or selling into) (i) any acquisition of any material assets or businesses of the Company or any of its subsidiaries, (ii) any transfer or acquisition of shares of Common Stock or
other securities of the Company or any securities of any Affiliate of the Company if, after completion of such transfer or acquisition or proposed transfer or acquisition, a person or group (other than Voce and its Affiliates) would beneficially
own, or have the right to acquire beneficial ownership of, more than 9.9% of the outstanding shares of Common Stock (based on the latest annual or quarterly report of the Company filed with the SEC pursuant to Section 13 or 15(d) of the
Exchange Act), provided that open market sales of securities through a broker by Voce which are not actually known by Voce to result in any transferee acquiring beneficial ownership of more than 9.9% of the outstanding shares of Common Stock
shall not be included in this clause (ii) or constitute a breach of this Section 8, (iii) any tender offer or exchange offer, merger, change of control, acquisition or other business combination involving the Company or any of
its subsidiaries or (iv) any recapitalization, restructuring, liquidation, dissolution or other extraordinary transaction with respect to the Company or any of its subsidiaries (any of the transactions or events described in (i) through
(iv) above are referred to as a “Sale Transaction”), unless such Sale Transaction has been approved by a majority of the Board and has been announced by the Company; provided, that this paragraph shall not require Voce
to vote in favor of a Sale Transaction that was approved by the Board; 
 (h) publicly disclose, or cause or facilitate the public
disclosure (including, without limitation, the filing of any document or report with the SEC or any other governmental agency or any disclosure to any journalist, member of the media or securities analyst) of, any intent, purpose, plan or proposal
to obtain any waiver, or consent under, or any amendment of, any of the provisions of Section 7 hereof or this Section 8, or otherwise seek (in any manner that would require public disclosure by Voce or its Affiliates or
Associates) to obtain any waiver, consent under, or amendment of any provision of this Agreement; 

  
 5 

 (i) enter into any arrangements, understandings or agreements (whether written or oral) with, or
advise, finance, assist or encourage any other person that engages, or offers or proposes to engage, in any of the foregoing; or 
 (j) take
or cause or induce or assist others to take any action inconsistent with any of the foregoing; 
 provided, that, notwithstanding the foregoing, it is
understood and agreed that this Agreement shall not be deemed to prohibit (x) Plants from engaging in any lawful act in his capacity as a director of the Company that is either expressly approved by the Board or required in order to comply with
his fiduciary duties as a director of the Company or (y) solely with respect to any Sale Transaction that has been approved by a majority of the Board and has been announced by the Company, Voce from making public statements, engaging in
discussions with other shareholders, soliciting proxies or voting any shares or proxies. 
 9. Resignation. As a condition to
commencement of a term on the Board (or nomination therefor), Plants shall provide to the Company an irrevocable letter of resignation in substantially the form attached hereto as Exhibit A which shall become effective the date on which Voce,
together with all Affiliates and Associates, disposes of shares resulting in Voce ceasing to beneficially own at least 1% of the outstanding shares (subject to adjustment for stock splits, reclassifications, combinations and similar adjustments) of
Common Stock (determined in accordance with Rule 13d-3 under the Securities Exchange Act of 1934, as amended). 
 10. Support. During
the Standstill Period, Plants, in his capacity as a director of the Company, will use reasonable efforts to support, at the Company’s sole cost and expense, the Company’s slate of directors in a manner generally consistent with the support
provided by the other directors of the Company, provided that such slate of directors is consistent with the terms and conditions of this Agreement. 

11. Policies. By the time of his appointment to the Board, Plants will have reviewed the Company’s policies, procedures, and
guidelines applicable to members of the Board and agrees to abide by the provisions thereof during his service as a director of the Company, including, without limitation, the Company’s Corporate Governance Principals, Code of Business Conduct
and Ethics, Destination Maternity Corporation Stock Ownership Guidelines and Non-Employee Director Compensation Policy. Voce acknowledges that it is aware that United States securities law prohibits any person who has material non-public information
about a company from purchasing or selling any securities of such company, or from communicating such information to any other person under circumstances in which it is reasonably foreseeable that such person is likely to purchase or sell such
securities. 
 12. Compensation. Plants shall be compensated for his service as a director and shall be reimbursed for his expenses
on the same basis as all other non-employee directors of the Company and shall be eligible to be granted equity-based compensation on the same basis as all other non-employee directors of the Company. 

13. Indemnification and Insurance. Plants shall be entitled to the same rights of indemnification and directors’ and
officers’ liability insurance coverage as the other non-employee directors of the Company as such rights may exist from time to time. 

14. Expenses. The Company shall promptly reimburse Voce for its reasonable, documented out-of-pocket fees and expenses (including legal
expenses) incurred in connection with the matters related to the 2015 Annual Meeting and the negotiation and execution of this Agreement, provided that such reimbursement shall not exceed twenty thousand dollars ($20,000) in the aggregate. 

  
 6 

 15. Mutual Non-Disparagement. Subject to applicable law, each of the Parties covenants and
agrees that, during the Standstill Period, or if earlier, until such time as the other Party or any of its agents, subsidiaries, affiliates, successors, assigns, officers, key employees or directors shall have breached this Section, neither it nor
any of its respective agents, subsidiaries, affiliates, successors, assigns, officers, key employees or directors, shall in any way publicly disparage, call into disrepute, or otherwise defame or slander the other Parties or such other Parties’
subsidiaries, affiliates, successors, assigns, officers (including any current officer of a Party or a Parties’ subsidiaries who no longer serves in such capacity following the execution of this Agreement), directors (including any current
director of a Party or a Parties’ subsidiaries who no longer serves in such capacity following the execution of this Agreement), employees, stockholders, agents, attorneys or representatives, or any of their products or services, in any manner
that would damage the business or reputation of such other Parties, their products or services or their subsidiaries, affiliates, successors, assigns, officers (or former officers), directors (or former directors), employees, stockholders, agents,
attorneys or representatives. 
 16. Press Release; Form 8-K. The Company shall issues a press release in the form attached hereto as
Exhibit B. The Company shall provide to Voce a reasonable opportunity to review and comment on any Form 8-K with respect to the execution and delivery of this Agreement by the Parties hereto in advance of its filing, and shall consider in
good faith the reasonable and timely comments of Voce. Neither Voce nor the Company shall make (and they will cause their Affiliates and Associates not to make) any public statements with respect to the matters covered by this Agreement (including
in any filing with the SEC, any other regulatory or governmental agency, or any stock exchange, or in any materials that would reasonably be expected to be filed with the SEC, including pursuant to Exchange Act Rules 14a-6 or 14a-12) that are
inconsistent with, or otherwise contrary to, this Agreement or the statements in such press release or Form 8-K filing. 
 17. Specific
Performance. Each Party hereto acknowledges and agrees, on behalf of itself and its Affiliates, that irreparable harm would occur in the event any of the provisions of this Agreement were not performed in accordance with their specific terms or
were otherwise breached. It is accordingly agreed that the Parties will be entitled to specific relief hereunder, including, without limitation, an injunction or injunctions to prevent and enjoin breaches of the provisions of this Agreement and to
enforce specifically the terms and provisions hereof in any state or federal court located in the State of Delaware, in addition to any other remedy to which they may be entitled at law or in equity. Any requirements for the securing or posting of
any bond with such remedy are hereby waived. 
 18. Jurisdiction. Each Party hereto agrees, on behalf of itself and its Affiliates,
that any actions, suits or proceedings arising out of or relating to this Agreement or the transactions contemplated hereby will be brought solely and exclusively in the Court of Chancery of the State of Delaware and any state appellate court
therefrom within the State of Delaware (or, if the Court of Chancery of the State of Delaware declines to accept jurisdiction over a particular matter, any federal court within the State of Delaware) (and the Parties agree on behalf of themselves
and their respective Affiliates not to commence any action, suit or proceeding relating thereto except in such courts), and further agrees that service of any process, summons, notice or document by U.S. registered mail to the respective addresses
set forth in Section 22 hereof will be effective service of process for any such action, suit or proceeding brought against any Party in any such court. Each Party, on behalf of itself and its Affiliates, agrees and consents to the
personal jurisdiction of the state and federal courts located in the State of Delaware, and irrevocably and unconditionally waives any objection to the laying of venue of any action, suit or proceeding arising out of this Agreement or the
transactions contemplated hereby, in the state or federal courts located in the State of Delaware, and hereby further irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such action, suit or proceeding
brought in any such court has been brought in an improper or inconvenient forum. 

  
 7 

 19. Applicable Law. This Agreement shall be governed in all respects, including validity,
interpretation and effect, by the laws of the State of Delaware applicable to contracts executed and to be performed wholly within such state, without giving effect to the choice of law principles of such state. Each Party hereto agrees to
irrevocably waive any right to trial by jury. 
 20. Counterparts; Facsimile or Electronic Signatures. This Agreement may be executed
in two or more counterparts which together shall constitute a single agreement. Facsimile or electronic (i.e., PDF) signatures shall be as effective as original signatures. 

21. Entire Agreement; Amendment and Waiver; Successors and Assigns. This Agreement contains the entire understanding of the Parties
hereto with respect to, and supersedes all prior agreements relating to, its subject matter. There are no restrictions, agreements, promises, representations, warranties, covenants or undertakings between the Parties other than those expressly set
forth herein. This Agreement may be amended only by a written instrument duly executed by the Parties hereto or their respective successors or assigns. No failure on the part of any Party to exercise, and no delay in exercising, any right, power or
remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of such right, power or remedy by such Party preclude any other or further exercise thereof or the exercise of any other right, power or remedy. All
remedies hereunder are cumulative and are not exclusive of any other remedies provided by law. The terms and conditions of this Agreement shall be binding upon, inure to the benefit of, and be enforceable by the Parties hereto and their respective
successors, heirs, executors, legal representatives and assigns. No Party hereto may assign or otherwise transfer either this Agreement or any of its rights, interests or obligations hereunder without the prior written consent of the other Parties
hereto. Any purported transfer without such consent shall be void. 
 22. Notices. All notices, consents, requests, instructions,
approvals and other communications provided for herein and all legal process in regard hereto shall be in writing and shall be deemed validly given, made or served (a) if given by facsimile, when such facsimile is transmitted to the facsimile
number set forth below, or to such other facsimile number as is provided by a Party to this Agreement to the other Parties pursuant to notice given in accordance with the provisions of this Section 22, and the appropriate confirmation is
received, or (b) if given by any other means, when actually received during normal business hours at the address specified in this Section 22, or at such other address as is provided by a Party to this Agreement to the other Parties
pursuant to notice given in accordance with the provisions of this Section 22: 
 if to the Company: 

Destination Maternity Corporation 

456 North Fifth Street 

Philadelphia, Pennsylvania 19123 

Facsimile: (215) 645-0420 

Attention: Chairman of the Board 

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

Olshan Frome Wolosky LLP 

Park Avenue Tower 

65 East 55th Street 

New York, New York 10022 

Facsimile: (212) 451-2222 

Attention: Andrew Freedman, Esq. 

  
 8 

 if to Voce: 

Voce Capital Management LLC 

600 Montgomery Street, Suite 210 

San Francisco, California 94111 

Facsimile: (415) 489-2610 

Attention: General Counsel 

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

Crowell & Moring LLP 

275 Battery Street, 23rd Floor 

San Francisco, California 94111 

Facsimile: (415) 986-2827 

Attention: Murray A. Indick, Esq. 

23. No Third-Party Beneficiaries. Nothing in this Agreement is intended to confer on any person other than the Parties hereto or their
respective successors and assigns, and their respective Affiliates to the extent provided herein, any rights, remedies, obligations or liabilities under or by reason of this Agreement. 

24. Unenforceability. If any provision of this Agreement is held invalid or unenforceable by any court of competent jurisdiction, then
the other provisions of this Agreement shall remain in full force and effect. Any provision of this Agreement held invalid or unenforceable only in part or degree shall remain in full force and effect to the extent not held invalid or unenforceable.
The Parties hereto further agree to replace such invalid or unenforceable provision of this Agreement with a valid and enforceable provision that will achieve, to the extent possible, the purposes of such invalid or unenforceable provision. 

25. Construction. Each of the Parties hereto acknowledges that it has been represented by counsel of its choice throughout all
negotiations that have preceded the execution of this Agreement, and that it has executed this Agreement with the advice of such counsel. Each Party hereto and its counsel cooperated and participated in the drafting and preparation of this
Agreement, and any and all drafts relating thereto exchanged among the Parties shall be deemed the work product of all of the Parties and may not be construed against any Party by reason of its drafting or preparation. Accordingly, any rule of law
or any legal decision that would require interpretation of any ambiguities in this Agreement against any Party hereto that drafted or prepared it is of no application and is hereby expressly waived by each of the Parties, and any controversy over
interpretations of this Agreement shall be decided without regard to events of drafting or preparation. 
 [Signature page follows]

  
 9 

 IN WITNESS WHEREOF, this Agreement has been duly executed and delivered by the duly authorized
signatories of the Parties as of the date first written above. 
  

															
		  		  		  		 	 COMPANY:

					
		  		  		  		 	 DESTINATION MATERNITY CORPORATION

						
		  		  		  		 	By:	 	 /s/ Ronald J. Masciantonio

		  		  		  		 		 	Name:	 	Ronald J. Masciantonio
		  		  		  		 		 	Title:	 	Executive Vice President &
Chief Administrative Officer

  

															
				
	VOCE CATALYST PARTNERS LP	  		 		 	VOCE CAPITAL MANAGEMENT LLC
						
	By: Voce Capital LLC, its General Partner	  		 		 		 		 	
						
	By:	  	 /s/ J. Daniel Plants
	  		 		 	By:	 	 /s/ J. Daniel Plants

		  	Name:	  	 J. Daniel Plants
	  		 		 		 	Name:	 	J. Daniel Plants
		  	Title:	  	Managing Member	  		 		 		 	Title:	 	Managing Member
						
		  		  		  		 		 	 /s/ J. Daniel Plants

		  		  		  		 		 	J. DANIEL PLANTS

 EXHIBIT A 

Form of Irrevocable Resignation 

November 24, 2014 
 Attention: Board of Directors 

Reference is made to the Agreement, dated as of November 24, 2014 (the “Agreement”), by and among Destination Maternity
Corporation (the “Company”) and the other Parties listed on the signature page thereto. Capitalized terms used but not defined herein shall have the meanings assigned to such terms in the Agreement. 

In accordance with Section 9 of the Agreement, I hereby tender my conditional resignation as a director of the Board and any committees
of the Board on which I am then serving, provided that this resignation shall be effective upon the date on which Voce, together with all Affiliates and Associates, disposes of shares resulting in Voce ceasing collectively to beneficially own the
Minimum Threshold. I hereby acknowledge that this conditional resignation as a director of the Board is as a result of the terms and conditions of the Agreement. 

This resignation may not be withdrawn by me at any time during which it is effective. 

 

	
	Very truly yours,
	   

	J. Daniel Plants

  
 11 

 EXHIBIT B 

Press Release 
 For Immediate
Release 
 DESTINATION MATERNITY APPOINTS J. DANIEL PLANTS TO BOARD OF DIRECTORS 

PHILADELPHIA, Nov. 26, 2014 /PRNewswire/ — Destination Maternity Corporation (NasdaqGS: DEST), the world’s leading maternity apparel retailer, today
announced that J. Daniel Plants, Managing Partner of Voce Capital Management LLC (“Voce Capital”), has been appointed to the Company’s Board of Directors. 

Anthony M. Romano, Chief Executive Officer of Destination Maternity, commented, “We are pleased to have Dan Plants join our Board, and we look forward to
the positive contributions he will make to our Company.” 
 J. Daniel Plants, Voce Capital’s Managing Partner, stated, “As a long-term
investor in Destination Maternity, we look forward to bringing additional shareholder perspective to the Board and continuing to work constructively with the Company to help enhance its value.” 

The Company and Voce Capital have entered into an agreement in connection with today’s announcement. Under the agreement, Voce Capital has agreed, among
other things, to vote all of its shares in favor of each of the Board’s nominees at the Company’s 2015 Annual Meeting of Stockholders. In addition, Voce Capital has agreed to certain other customary standstill provisions. The complete
agreement between Destination Maternity and Voce Capital will be included as an exhibit to a Current Report on Form 8-K, which will be filed with the Securities and Exchange Commission in the ordinary course. 

ABOUT DESTINATION MATERNITY 
 Destination Maternity
Corporation is the world’s largest designer and retailer of maternity apparel. In the United States and Canada, as of September 30, 2014, Destination Maternity operates 1,894 retail locations, including 568 stores, predominantly under the
tradenames Motherhood Maternity®, A Pea in the Pod®, and Destination Maternity®, and 1,326 leased department locations, and sells on the web through its DestinationMaternity.com and brand-specific websites. Destination Maternity also
distributes its Oh Baby by Motherhood® collection through a licensed arrangement at Kohl’s® stores throughout the United States and on Kohls.com. In addition, Destination Maternity has international store franchise and product supply
relationships in the Middle East, South Korea, Mexico and Israel. As of September 30, 2014, Destination Maternity has 78 international franchised locations, including 19 Destination Maternity branded stores and 59 shop-in-shop locations.
Destination Maternity expects its first franchised locations in Israel to open in Spring 2015, pursuant to its franchise agreement with H&O Fashion Ltd., one of Israel’s largest and dominant fashion-retail chains. 

ABOUT VOCE CAPITAL MANAGEMENT 
 Voce Capital Management is
a governance-focused, value-driven investor. It is an employee-owned investment manager and the advisor to Voce Catalyst Partners LP, a private investment partnership. Voce Capital is headquartered in San Francisco, California. 

  
 12 

 FORWARD-LOOKING STATEMENTS 

The Company cautions that any forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) contained in this
press release or made from time to time by management of the Company, including those regarding results of operations, liquidity and financial condition, and various business initiatives, involve risks and uncertainties, and are subject to change
based on various important factors. The following factors, among others, in some cases have affected and in the future could affect the Company’s financial performance and actual results and could cause actual results to differ materially from
those expressed or implied in any such forward-looking statements: the continuation of the economic recovery of the retail industry in general and of apparel purchases in particular, our ability to successfully manage our various business
initiatives, our ability to successfully pursue, complete and manage any acquisitions and related matters, adverse effects on the market price of our common stock and on our operating results because of a failure to complete any proposed
acquisition, failure to realize any benefits of any proposed acquisition, the success of our international business and its expansion, our ability to successfully manage and retain our leased department and licensed relationships and marketing
partnerships, future sales trends in our existing retail locations and through the Internet, unusual weather patterns, changes in consumer spending patterns, raw material price increases, overall economic conditions and other factors affecting
consumer confidence, demographics and other macroeconomic factors that may impact the level of spending for apparel, expense savings initiatives, our ability to anticipate and respond to fashion trends and consumer preferences, unanticipated
fluctuations in our operating results, the impact of competition and fluctuations in the price, availability and quality of raw materials and contracted products, availability of suitable store locations, continued availability of capital and
financing, our ability to hire and develop senior management and sales associates, our ability to develop and source merchandise, our ability to receive production from foreign sources on a timely basis, potential stock repurchases, our ability to
continue our regular quarterly cash dividend, the trading liquidity of our common stock, changes in market interest rates, our ability to successfully manage and accomplish our planned relocations of our headquarters and distribution operations with
minimal disruption to our overall operations, war or acts of terrorism and other factors set forth in the Company’s periodic filings with the U.S. Securities and Exchange Commission (the “SEC”), or in materials incorporated therein by
reference. Although it is believed that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct and persons reading this announcement are
therefore cautioned not to place undue reliance on these forward-looking statements which speak only as at the date of this announcement. The Company assumes no obligation to update or revise the information contained in this announcement (whether
as a result of new information, future events or otherwise), except as required by applicable law. 
 SOURCE: Destination Maternity Corporation 

CONTACT: 
 Judd P. Tirnauer 

Executive Vice President & Chief Financial Officer 

(215) 873-2278 

  
 13

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