Document:

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                                                                    Exhibit 10.4

                              EMPLOYMENT AGREEMENT

     This agreement made and entered into this 24th day of June 2005, between
1st Georgia Banking Company, located in Franklin, Heard County, Georgia, ("the
Bank") and Greg Akins ("employee");

     WHEREAS, the Bank is a state bank, regulated by the Georgia Department of
Banking and Finance, insured by the Federal Deposit Insurance Corporation, and
located in Franklin, Heard County; and

     WHEREAS, the Bank wants to employ employee as Executive Vice-President and
Senior Credit Officer of the Bank; and

     WHEREAS, the parties desire to enter into this agreement setting forth the
terms and conditions of the employment relationship of the Bank and the
employee:

     NOW, THEREFORE, it is AGREED as follows:

                    I. RELATIONSHIPS ESTABLISHED AND DUTIES

     1.   The Bank hereby will employ the employee as EVP, Senior Credit Officer
          to perform such services and duties as the Board of Directors may,
          from time to time, designate during the term hereof. Subject to the
          terms and conditions hereof, employee will perform such duties and
          exercise such authority as are customarily performed and exercised by
          persons holding such office, subject to the general direction of the
          Board of Directors of the Bank, exercised in good faith in accordance
          with standards of reasonable business judgment.

     2.   Employee accepts such employment and shall devote his full time,
          attention, and efforts to the diligent performance of his duties
          herein specified and as an officer of the Bank and will not accept
          employment with any other individual, corporation, partnership,
          governmental authority, or any other entity, or engage in any other
          venture for profit, which the Bank may consider to be in conflict with
          his or its best interest or to be in competition with the Bank's
          business, or which may interfere in any way with the employee's
          performance of his duties hereunder. Any exception to this must be
          made by notification and approval of the Board.

                            II. TERMS OF EMPLOYMENT

     1.   The initial term of employment under this Agreement shall continue for
          5 (five) years unless such is terminated pursuant to the terms hereof
          or by the first to occur of the conditions to be stated hereinafter.
          This Agreement will be automatically extended each year after the
          initial term unless either party gives 90 (ninety) days contrary
          written notice to the other. The term previously stated
          notwithstanding this contract shall be terminated by the earlier to
          occur if any of the following:

          a.   The death of the employee;

          b.   The complete disability of employee. "Complete disability" as
               used herein shall mean the inability of employee, due to illness,
               accident or other physical or mental incapacity to perform the
               services provided for hereunder for an aggregate of sixty days
               within any period of 120 consecutive days during the term hereof;
               provided, however, disability shall not constitute a basis for
               discharge for cause;

          c.   The discharge of employee by the Bank for cause. "Cause" as used
               herein shall mean:

               1)   Such negligence or misconduct as shall constitute, as a
                    matter of law, a breach of the covenants and obligations of
                    employee hereunder;

               2)   Failure or refusal of employee to comply with the provisions
                    of this agreement;

               3)   Employee being convicted of any duly constituted court with
                    competent jurisdiction of a crime involving moral turpitude;
                    or

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               4)   At the discretion of the Board, this contract may be
                    terminated if there are acts the Board feels are moral
                    turpitude.

     Termination of employee's employment shall constitute a tender by employee
of his resignation as an officer of the Bank In the event of termination by the
Bank other than for cause, then the employee is entitled to severance pay equal
to twelve (12) months salary.

                               III. COMPENSATION

     For all services which employees may render to the Bank during the terms
hereof, the Bank shall pay to employee, subject to such deductions as may be
required by law;

     1.   Base Salary.

               An annual salary of $120,000 payable in bi-monthly installments
          and subject to such deductions as may be required by law, for the next
          12 months. Thereafter, annual increase reviews will be done during the
          month of December for a January 1 effective increase date during the
          terms of this Agreement so that for the 12 months beginning on each
          such anniversary date, the employee's salary increases will take
          effect. The annual increase will be not less than the cost of living
          index. The Board has sole discretion as to the amount of employee's
          compensation.

     2.   Performance Bonus.

               Employee shall be entitled, in an equitable manner based on the
          terms of any bonus and incentive plans that have been approved or may,
          from time to time, be approved by the Board of Directors to the Bank's
          key management employees, to such incentives and discretionary bonus
          that may be authorized, declared and paid by the Board of Directors.

     3.   Stock Options.

               At the close of the initial sale of stock, employee will be
          awarded stock options exercisable for 20,000 shares of stock. These
          options shall vest over a 3-year period and expire upon the earlier of
          (i) the tenth anniversary of the date of grant or (ii) three months
          after employee's termination of employment. The vesting period shall
          accelerate in the case of a change in control transaction or in the
          event of employee's death. The stock option grant shall be evidenced
          by a separate grant agreement between employee and the Bank. In the
          event that there is a conflict between this agreement and the stock
          option grant agreement, the terms of the stock option grant agreement
          shall control.

                               IV. OTHER BENEFITS

     1.   The employee shall be entitled to participate in any plan of the Bank,
          relating to stock options, stock purchases, profit sharing, group life
          insurance, medical coverage, education, or other retirement or
          employee benefits that the Bank may adopt for the benefit of its
          employees. The employee shall be entitled to a comprehensive annual
          physical paid by the bank. The employee shall be entitled to family
          medical, dental and vision insurance and the bank agrees to pay the
          premium for each stated benefit. The bank agrees to pay the STD, LTD
          and Life insurance premiums.

     2.   The employee shall be entitled to receive an allowance to offset the
          cost associated with operating his personal vehicle in connection with
          his employment relationship with the Bank. This car allowance of
          $1,000 per month, shall be paid to employee on the Bank's normal pay
          cycle.

     3.   The employee shall be eligible to participate in any other benefits
          which may be or become applicable to the Bank's executive employees, a
          reasonable expense account, the payment of reasonable expenses for
          attending annual and periodic meetings of trade associations, and any
          other benefits which are commensurate with the responsibilities and
          functions to be performed by the employee under this Agreement.
          Employer also agrees to pay all reasonable expenses in

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          connection with the attendance and participation at said trade
          association meetings by employee's spouse.

     4.   At such reasonable times as the Board of Directors shall in its
          discretion permit, the employee shall be entitled, without loss of
          pay, to absent himself voluntarily from the performance of his
          employment under this Agreement, all such voluntary absences shall
          count as vacation time, provided that:

          a.   The employee shall be entitled to an annual vacation of 4 (four)
               weeks per year.

          b.   The timing of vacations shall be scheduled in a reasonable manner
               by the employee. The employees shall not be entitled to receive
               any additional compensation from the Bank on account of his
               failure to take a vacation; nor shall he be entitled to
               accumulate unused vacation time from one calendar year to the
               next.

          c.   In addition to the aforesaid paid vacations, the employee shall
               be entitled, without loss or pay to absent himself voluntarily
               from the performance of his employment with the Bank for such
               additional periods of time and for such valid and legitimate
               reasons as the Board of Directors in its discretion may
               determine. Further, the Board of Directors shall be entitled to
               grant to the employee a leave or leaves of absence with or
               without pay at such time or times and upon such terms and
               conditions as the Board, in its discretion, may determine.

     5.   In the event of any attempt by a former employer or employee to enjoin
          or seeks damages for employee's employment with the Bank whether by
          written demand or by legal action, including but not limited to
          actions related to restrictive covenants, trade secrets, and
          interference with business relations, the Bank agrees to indemnify
          employee in the amount of any judgment, attorney's fees, or costs
          incurred by or against employee arising out of such action.

                              V. CHANGE OF CONTROL

     1.   If during the term of this Agreement and within one (1) year after a
          change in control (as defined in 3 below) the Bank shall terminate
          employee without cause (as defined in Section II, paragraph 1, c.) or
          employee shall terminate employment for "good reason" (as defined in 4
          below), then the employee shall be entitled to receive his salary
          through the last day of the calendar month of the termination, or
          payment in lieu of the notice period. In addition, the terminated
          employee shall receive an amount equal to two (2) times his then
          existing annual base salary (the "Severance Payment"). The Severance
          Payment shall be in addition to any amount otherwise owed to the
          employee pursuant to this Agreement. Employee may also notify Bank (or
          its successor) within 90 days after a change of control that he is
          terminating his employment, in which case employee shall be entitled
          to the Severance Payment.

     2.   The following items are automatically considered due and payable in
          the event that change of control occurs:

          a.   Non-forfeitable deferred compensation shall be paid out in full.

          b.   Long-term performance plan objective payments as described in
               Section III, 2, shall be declared accomplished and earned based
               upon performance up to date of the COC.

          c.   In the event that the employee is a participant in a restricted
               stock plan, or share option plan, and such plan is terminated
               involuntarily as a result of the COC, all stock and options shall
               be declared 100% vested and distributed.

     3.   The term "control" shall refer to the acquisition of 25 percent or
          more of the voting securities of the Bank by any person, or persons
          acting as a group within the meaning of Section 13(d) of the
          Securities Exchange Act of 1934 or to such acquisition of a percentage
          between 10 percent and 25

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          percent if the Board of Directors of the Bank or the Comptroller of
          the Currency, the FDIC, or the Federal Reserve Bank have made a
          determination that such acquisition constitutes or will constitute
          control of the Bank. However, a reorganization of the Bank into a
          holding company structure where the Bank's shareholders become
          shareholders of the holding company in a pro rata fashion shall not
          constitute a change in control. The term "person" refers to an
          individual, corporation, Bank, bank holding company, or other entity.

     4.   The term "good reason" shall mean any of the following:

          a.   without the written consent of employee, a change in employee's
               status, title, position or responsibilities (including reporting
               responsibilities) which represents an adverse change from his
               status, title, position or responsibilities as in effect at the
               date of this agreement or, if greater, at any time thereafter;
               the assignment to employee of any duties or responsibilities
               which, in employee's reasonable judgment, are inconsistent with
               his status, title, position or responsibilities as in effect at
               the date of this agreement or, if greater, at any time
               thereafter; or any other change in condition or circumstances
               that in employee's reasonable judgment makes it materially more
               difficult for employee to carry out the duties and
               responsibilities of his then-existing office; provided that good
               reason under this subparagraph (i) excludes an isolated,
               insubstantial and inadvertent action not taken in bad faith and
               which is remedied by the Bank promptly after receipt of notice
               thereof given by employee;

          b.   a reduction, without the written consent of employee, in
               employee's base salary as in effect on the date of this agreement
               or as the same may be increased from time to time, or any failure
               to pay employee any compensation or benefits to which he is
               entitled within five (5) days of the date due;

          c.   the failure by the Bank (a) to continue in effect (without
               reduction in benefit level and/or reward opportunities) any
               compensation or employee benefit plan in which employee
               participated as of the date of this agreement, or at any time
               thereafter, that is material to employee's total compensation,
               unless an equitable arrangement (embodied in an ongoing
               substitute or alternative plan) has been made with respect to
               such plan, or (b) to continue employee's participation therein
               (or in such substitute or alternative plan) on a basis not
               materially less favorable, both in terms of the amount of
               benefits provided and the level of employee's participation
               therein relative to other participants;

          d.   the Bank's requiring. employee, without his consent, to be. based
               at any office or location other than in Heard County, Georgia;

          e.   the insolvency or the filing by any party, including the Bank or
               any of its subsidiaries, of a petition for bankruptcy of the Bank
               or any such subsidiary, which petition is not dismissed within
               sixty (60) days;

          f.   any purported termination by the Bank of employee's employment
               otherwise than as expressly permitted by this agreement; or

          g.   the material breach by the Bank of any provision of this
               agreement.

     Employee's continued employment shall not constitute consent to, or a
waiver of rights with respect to, any circumstance constituting good reason
hereunder.

                         VI. POST TERMINATION COVENANTS

     1.   If during the term hereof employee shall cease employment hereunder
          for any reason, then employee agrees that for one year following such
          termination he will not, without the prior written consent of the
          Bank:

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          a.   Directly or indirectly seek or obtain employment with any entity
               engaged in the business of banking where employee's duties would
               be the same or similar to those services actually performed by
               employee for the Bank, provided that the foregoing restriction
               shall only apply to the area that falls within a 20-mile radius
               of the Bank's primary location in Franklin, Georgia; or

          b.   Furnish anyone with the name of, or any list or list of customers
               of the Bank or utilize such list or information himself for
               banking purposes; or

          c.   Furnish, use, or divulge to anyone any information acquired by
               his from the Bank relating to the Bank's methods of doing
               business; or

          d.   Contact directly or indirectly any customer of the Bank with whom
               employee had material contact during the 12 months immediately
               preceding the termination of employment for banking solicitation
               purposes; or

          e.   Hire for any other Bank or employer (including himself) any
               employee of the Bank or directly or indirectly cause such
               employees to leave his or her employment to work for another.

     2.   It is understood and agreed by the parties hereto that the provisions
          of this section are independent of each other, and the invalidity of
          any such provision or portion thereof shall not affect the validity or
          enforceability of any other provisions of this agreement. It is
          further agreed that, in the event employee breaches, or threatens to
          commit a breach of, any of the provisions of the restrictive covenants
          set forth in this Section VI, the Bank shall have the right and remedy
          to enjoin, preliminarily and permanently, employee from violating or
          threatening to violate the restrictive covenants and to have the
          restrictive covenants specifically enforced by any court of competent
          jurisdiction, it being agreed that any breach or threatened breach of
          the restrictive covenants would cause irreparable injury to the Bank
          and that money damages would not provide an adequate remedy to the
          Bank. Such right and remedy shall be in addition to, and not in lieu
          of, any other rights and remedies available to the Bank in law or in
          equity.

                           VII. WAIVER OF PROVISIONS

     Failure of any of the parties to insist, in one or more instances, on
performance by the others in strict accordance with the terms and conditions of
this agreement shall not be deemed a waiver or relinquishment of any right
granted hereunder of the future performance of any such term or condition or of
any other term or condition of this agreement, unless such waiver is contained
in a writing signed by or on behalf of all the parties.

                              VIII. GOVERNING LAW

     This agreement shall be governed by and construed and enforced in
accordance with the laws of the State of Georgia. If for any reason any
provision of this agreement shall be held by a court of competent jurisdiction
to void or unenforceable, the same shall not affect the remaining provisions
thereof.

                         IX. MODIFICATION AND AMENDMENT

     This agreement contains the sole and entire agreement among the parties
hereto and supersedes all prior discussions and agreements among the parties,
and any such prior Agreements shall, from and after the date hereof, be null and
void. This agreement shall not be modified or amended except by an instrument in
writing signed by or on behalf of the parties hereto.

                          X. COUNTERPARTS AND HEADINGS

     This agreement may be executed simultaneously in any number of
counterparts, each of which shall be deemed an original but all of which shall
constitute one and the same instrument. The headings set out herein are for
convenience of reference and shall not be deemed a part of this agreement.

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                          XI. CONTRACT NON-ASSIGNABLE

     This agreement may not be assigned or transferred by any party hereto, in
whole or in part, without the prior written consent of the other except that the
Bank may assign this agreement to a successor in interest provided that such
assignee assumes the Bank's obligations hereunder.

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

                                        1st GEORGIA BANKING COMPANY

                                        By: /s/ Jackie L. Reed
                                            ------------------------------------
                                        Name: Jackie L. Reed
                                        Title: CEO

                                        /s/ Greg S. Akins
                                        ----------------------------------------
                                        Greg Akinsexv4w02

 

Exhibit 4.02

FIFTH AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT

     THIS FIFTH AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT is made as of November 11, 2005,
by and among Shutterfly, Inc., a Delaware corporation (the “Company”), and the investors listed on
Schedule A hereto, each of which is herein referred to as an “Investor.”

RECITALS

     WHEREAS, certain of the Investors (the “Prior Investors”) possess registration and other
rights granted pursuant to that certain Fourth Amended and Restated Investors’ Rights Agreement,
dated October 11, 2002, by and between the Company and the persons listed on the Schedule of
Investors attached thereto (the “Prior Agreement”);

     WHEREAS, certain of the Investors (the “Series F Investors”) are parties to the Series F
Preferred Stock Purchase Agreement of even date herewith as such agreement may be amended from time
to time (the “Series F Agreement”) among the Company and the persons listed on the Schedule of
Investors attached thereto, pursuant to which the Series F Investors are purchasing shares of
Series F Preferred Stock of the Company (the “Financing”); and

     WHEREAS, in order to induce the Company to approve the issuance of the Series F Preferred
Stock and to induce the Series F Investors to invest funds in the Company pursuant to the Series F
Agreement, the Prior Investors, representing a majority of the Holders of Registrable Securities
(as defined hereinafter) outstanding prior to the issuance of the Series F Preferred Stock, hereby
agree to waive their rights under the Prior Agreement including (without limitation) any Right of
First Offer with respect to the sale and issuance of Series F Preferred Stock, and the Investors
and the Company hereby agree that this Agreement shall govern the rights of the Investors to cause
the Company to register shares of Common Stock issued or issuable to them and certain other matters
as set forth herein;

     NOW, THEREFORE, THE PARTIES HEREBY AGREE AS FOLLOWS:

     1. Registration Rights. The Company covenants and agrees as follows:

          1.1 Definitions. For purposes of this Section 1:

               (a) The term “Act” means the Securities Act of 1933, as amended.

               (b) The term “Form S-3” means such form under the Act as in effect on the date hereof and as
may be amended from time to time, or any similar successor registration form under the Act
subsequently adopted by the SEC that permits inclusion or incorporation of substantial information
by reference to other documents filed by the Company with the SEC.

               (c) The term “Holder” means any person owning or having the right to acquire Registrable
Securities or any assignee thereof in accordance with Section 1.11 hereof.

 

 

               (d) The term “Initial Offering” means the Company’s first firm commitment underwritten public
offering of its Common Stock under the Act.

               (e) The term “1934 Act” means the Securities Exchange Act of 1934, as amended.

               (f) The term “register,” “registered,” and “registration” refer to a registration effected by
preparing and filing a registration statement or similar document in compliance with the Act and
applicable rules and regulations thereunder, and the declaration or ordering of effectiveness of
such registration statement or document.

               (g) The term “Registrable Securities” means (i) the Common Stock issuable or issued upon
conversion of the Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock,
Series D Preferred Stock, Series E Preferred Stock and Series F Preferred Stock held by the Holders
and (ii) any Common Stock of the Company issued as (or issuable upon the conversion or exercise of
any warrant, right or other security that is issued as) a dividend or other distribution with
respect to, or in exchange for, or in replacement of, the shares referenced in (i) above, excluding
in all cases, however, any Registrable Securities sold by a person in a transaction in which his
rights under this Section 1 are not assigned in accordance with Section 1.11 hereof.

               (h) The number of shares of “Registrable Securities” outstanding shall be determined by the
number of shares of Common Stock outstanding that are, and the number of shares of Common Stock
issuable pursuant to then exercisable or convertible securities that are, Registrable Securities.

               (i) The term “SEC” shall mean the Securities and Exchange Commission or any other federal
agency at the time administering the Act.

          1.2 Request for Registration.

               (a) Subject to the conditions of this Section 1.2, if the Company shall receive at any time
after the earlier of (i) three (3) years after the date of this Agreement or (ii) six (6) months
after the effective date of the Initial Offering, a written request from any Holder or Holders who
in the aggregate hold forty percent (40%) or more of the Registrable Securities then outstanding
(the “Initiating Holders”) that the Company file a registration statement under the Act covering
the registration of Registrable Securities with an anticipated aggregate offering price of at least
$7,500,000, then the Company shall, within twenty (20) days of the receipt thereof, give written
notice of such request to all Holders, and subject to the limitations of this Section 1.2, use its
best efforts to effect, as soon as practicable, the registration under the Act (including, without
limitation, filing post-effective amendments, appropriate qualifications under applicable blue sky
or other state securities laws, and appropriate compliance with the Act) and as would permit or
facilitate the sale and distribution of all Registrable Securities that the Holders request to be
registered in a written request received by the Company within twenty (20) days of the mailing of
the Company’s notice pursuant to this Section 1.2(a).

               (b) If the Initiating Holders intend to distribute the Registrable Securities covered by their
request by means of an underwriting, they shall so advise the Company as a part of their request
made pursuant to this Section 1.2 and the Company shall

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include such information in the written notice referred to in Section 1.2(a). In such event
the right of any Holder to include its Registrable Securities in such registration shall be
conditioned upon such Holder’s participation in such underwriting and the inclusion of such
Holder’s Registrable Securities in the underwriting (unless otherwise mutually agreed by a majority
in interest of the Initiating Holders and such Holder) to the extent provided herein. All Holders
proposing to distribute their securities through such underwriting shall enter into an underwriting
agreement in customary form with the underwriter or underwriters selected for such underwriting by
the Initiating Holders (which underwriter or underwriters shall be reasonably acceptable to the
Company). Notwithstanding any other provision of this Section 1.2, if the underwriter advises the
Company that marketing factors require a limitation of the number of securities underwritten
(including Registrable Securities), then the Company shall so advise all Holders of Registrable
Securities that would otherwise be underwritten pursuant hereto, and the number of shares that may
be included in the underwriting shall be allocated to the Holders of such Registrable Securities on
a pro rata basis based on the number of Registrable Securities held by all such Holders (including
the Initiating Holders); provided, however, that the number of shares of Registrable Securities to
be included in such underwriting and registration shall not be reduced unless all other securities
of the Company are first entirely excluded from the underwriting and registration. Any Registrable
Securities excluded or withdrawn from such underwriting shall be withdrawn from the registration.

               (c) The Company shall not be required to effect a registration pursuant to this Section 1.2:

                    (i) in any particular jurisdiction in which the Company would be required to execute a general
consent to service of process in effecting such registration, unless the Company is already subject
to service in such jurisdiction and except as may be required under the Act; or

                    (ii) after the Company has effected three (3) registrations pursuant to this Section 1.2, and
such registrations have been declared or ordered effective; or

                    (iii) during the period starting with the date sixty (60) days prior to the Company’s good
faith estimate of the date of the filing of, and ending on a date one hundred eighty (180) days
following the effective date of, a Company-initiated registration subject to Section 1.3 below
(other than a registration relating solely to the sale of securities to participants in a Company
stock plan, a registration relating to a corporate reorganization or other transaction under Rule
145 of the Act, or a registration on any form that does not include substantially the same
information as would be required to be included in a registration statement covering the sale of
the Registrable Securities), provided that the Company is actively employing in good faith its best
efforts to cause such registration statement to become effective; or

                    (iv) if the Initiating Holders propose to dispose of Registrable Securities that may be
immediately registered on Form S-3 pursuant to a request made under Section 1.4 hereof; or

                    (v) if the Company shall furnish to Holders requesting a registration statement pursuant to
this Section 1.2, a certificate signed by the Company’s Chief Executive Officer or Chairman of the
Board stating that in the good faith judgment of the Board of Directors of the Company, it would be
seriously detrimental to the Company and its

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stockholders for such registration statement to be effected at such time, in which event the
Company shall have the right to defer such filing for a period of not more than one hundred twenty
(120) days after receipt of the request of the Initiating Holders, provided that such right to
delay a request shall be exercised by the Company not more than once in any twelve (12)-month
period.

          1.3 Company Registration.

               (a) If (but without any obligation to do so) the Company proposes to register (including for
this purpose a registration effected by the Company for stockholders other than the Holders) any of
its stock or other securities under the Act in connection with the public offering of such
securities (other than a registration relating solely to the sale of securities to participants in
a Company stock plan, a registration relating to a corporate reorganization or other transaction
under Rule 145 of the Act, or a registration on any form that does not include substantially the
same information as would be required to be included in a registration statement covering the sale
of the Registrable Securities), the Company shall, at such time, promptly give each Holder written
notice of such registration. Upon the written request of each Holder given within twenty (20) days
after mailing of such notice by the Company in accordance with Section 3.5, the Company shall,
subject to the provisions of Section 1.3(c), use its best efforts to cause to be registered under
the Act all of the Registrable Securities that each such Holder has requested to be registered.
Such written request by each Holder may specify all or a part of that Holder’s Registrable
Securities.

               (b) Right to Terminate Registration. The Company shall have the right to terminate or
withdraw any registration initiated by it under this Section 1.3 prior to the effectiveness of such
registration whether or not any Holder has elected to include securities in such registration. The
expenses of such withdrawn registration shall be borne by the Company in accordance with Section
1.7 hereof.

               (c) Underwriting Requirements. In connection with any offering involving an
underwriting of shares of the Company’s capital stock, the Company shall not be required under this
Section 1.3 to include any of the Holders’ securities in such underwriting unless they accept the
terms of the underwriting as agreed upon between the Company and the underwriters selected by it
(or by other persons entitled to select the underwriters) and enter into an underwriting agreement
in customary form with an underwriter or underwriters selected by the Company, and then only in
such quantity as the underwriters determine in their sole discretion will not jeopardize the
success of the offering by the Company. If the total amount of securities, including Registrable
Securities, requested by stockholders to be included in such offering exceeds the amount of
securities sold other than by the Company that the underwriters determine in their sole discretion
is compatible with the success of the offering, then the Company shall be required to include in
the offering only that number of Registrable Securities, that the underwriters determine in their
sole discretion will not jeopardize the success of the offering (the Registrable Securities so
included to be apportioned pro rata among the selling Holders according to the total amount of
securities entitled to be included therein owned by each selling Holder or in such other
proportions as shall mutually be agreed to by such selling Holders), but in no event shall (i) the
amount of securities of the selling Holders included in the offering be reduced below thirty-five
percent (35%) of the total amount of securities included in such offering, unless such offering is
the Initial Offering of the Company’s securities, in which case the selling Holders may be excluded
if the underwriters make the determination described

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above and no other stockholder’s securities are included, or (ii) notwithstanding (i) above,
any shares being sold by a Holder exercising a demand registration right granted in Section 1.2 be
excluded from such offering. In no event will shares of any other selling stockholder be included
in such registration that would reduce the number of shares which may be included by Holders
without the written consent of Holders of not less than a majority of the Registrable Securities
proposed to be sold in the offering. For purposes of the preceding parenthetical concerning
apportionment, for any selling stockholder that is a Holder of Registrable Securities and that is a
partnership or corporation, the partners, retired partners and stockholders of such Holder, or the
estates and family members of any such partners and retired partners and any trusts for the benefit
of any of the foregoing persons shall be deemed to be a single “selling Holder,” and any pro rata
reduction with respect to such “selling Holder” shall be based upon the aggregate amount of
Registrable Securities owned by all such related entities and individuals.

          1.4 Form S-3 Registration. In case the Company shall receive from any Holder or
Holders who in the aggregate hold at least ten percent (10%) of the Registrable Securities then
outstanding a written request or requests that the Company effect a registration on Form S-3 and
any related qualification or compliance with respect to all or a part of the Registrable Securities
owned by such Holder or Holders, the Company shall:

               (a) promptly give written notice of the proposed registration, and any related qualification
or compliance, to all other Holders; and

               (b) use its best efforts to effect, as soon as practicable, such registration and all such
qualifications and compliances as may be so requested and as would permit or facilitate the sale
and distribution of all or such portion of such Holders’ Registrable Securities as are specified in
such request, together with all or such portion of the Registrable Securities of any other Holders
joining in such request as are specified in a written request given within fifteen (15) days after
receipt of such written notice from the Company, provided, however, that the Company shall not be
obligated to effect any such registration, qualification or compliance, pursuant to this section
1.4:

                    (i) if Form S-3 is not available for such offering by the Holders; provided, however, that
after its Initial Offering the Company shall use its best efforts to qualify for registration on
Form S-3 in accordance with Section 1.10 below;

                    (ii) if the Holders, together with the holders, of any other securities of the Company
entitled to inclusion in such registration, propose to sell Registrable Securities and such other
securities (if any) at an aggregate price to the public (net of any underwriters’ discounts or
commissions) of less than $1,000,000;

                    (iii) if the Company shall furnish to the Holders a certificate signed by the Chief Executive
Officer or Chairman of the Board of the Company stating that in the good faith judgment of the
Board of Directors of the Company, it would be seriously detrimental to the Company and its
stockholders for such Form S-3 Registration to be effected at such time, in which event the Company
shall have the right to defer the filing of the Form S-3 registration statement for a period of not
more than ninety (90) days after receipt of the request of the Holder or Holders under this Section
1.4; provided, however, that the Company shall not utilize this right more than once in any twelve
month period;

5

 

                    (iv) if the Company has, within the twelve (12) month period preceding the date of such
request, already effected two registrations on Form S-3 for the Holders pursuant to this Section
1.4; or

                    (v) in any particular jurisdiction in which the Company would be required to qualify to do
business or to execute a general consent to service of process in effecting such registration,
qualification or compliance.

               (c) Subject to the foregoing, the Company shall file a registration statement covering the
Registrable Securities and other securities so requested to be registered as soon as practicable
after receipt of the request or requests of the Holders. Registrations effected pursuant to this
Section 1.4 shall not be counted as requests for registration effected pursuant to Sections 1.2.

          1.5 Obligations of the Company. Whenever required under this Section 1 to effect the
registration of any Registrable Securities, the Company shall, as expeditiously as reasonably
possible:

               (a) prepare and file with the SEC a registration statement with respect to such Registrable
Securities and use its best efforts to cause such registration statement to become effective, and,
upon the request of the Holders of a majority of the Registrable Securities registered thereunder,
keep such registration statement effective for a period of up to one hundred twenty (120) days or,
if earlier, until the distribution contemplated in the Registration Statement has been completed;
provided, however, that such 120-day period shall be extended for a period of time equal to the
period the Holder refrains from selling any securities included in such registration at the request
of the Company or an underwriter;

               (b) prepare and file with the SEC such amendments and supplements to such registration
statement and the prospectus used in connection with such registration statement as may be
necessary to comply with the provisions of the Act with respect to the disposition of all
securities covered by such registration statement;

               (c) furnish to the Holders such numbers of copies of a prospectus, including a preliminary
prospectus, in conformity with the requirements of the Act, and such other documents as they may
reasonably request in order to facilitate the disposition of Registrable Securities owned by them;

               (d) use its best efforts to register and qualify the securities covered by such registration
statement under such other securities or Blue Sky laws of such jurisdictions as shall be reasonably
requested by the Holders, provided that the Company shall not be required in connection therewith
or as a condition thereto to qualify to do business or to file a general consent to service of
process in any such states or jurisdictions;

               (e) in the event of any underwritten public offering, enter into and perform its obligations
under an underwriting agreement, in usual and customary form, with the managing underwriter of such
offering;

               (f) notify each Holder of Registrable Securities covered by such registration statement at any
time when a prospectus relating thereto is required to be delivered

6

 

under the Act or the happening of any event as a result of which the prospectus included in
such registration statement, as then in effect, includes an untrue statement of a material fact or
omits to state a material fact required to be stated therein or necessary to make the statements
therein not misleading in the light of the circumstances then existing;

               (g) cause all such Registrable Securities registered pursuant hereunder to be listed on each
securities exchange or market on which similar securities issued by the Company are then listed;
and

               (h) provide a transfer agent and registrar for all Registrable Securities registered pursuant
hereunder and a CUSIP number for all such Registrable Securities, in each case not later than the
effective date of such registration.

          1.6 Information from Holder. It shall be a condition precedent to the obligations of
the Company to take any action pursuant to this Section 1 with respect to the Registrable
Securities of any selling Holder that such Holder shall furnish to the Company such information
regarding itself, the Registrable Securities held by it, and the intended method of disposition of
such securities as shall be required to effect the registration of such Holder’s Registrable
Securities.

          1.7 Expenses of Registration. All expenses, other than underwriting discounts and
commissions, incurred in connection with registrations, filings or qualifications pursuant to
Sections 1.2, 1.3 and 1.4, including (without limitation) all registration, filing and
qualification fees, printers’ and accounting fees, fees and disbursements of counsel for the
Company and the reasonable fees and disbursements of one special counsel for the selling Holders,
shall be borne by the Company. Notwithstanding the foregoing, the Company shall not be required to
pay for any expenses of any registration proceeding begun pursuant to Section 1.2 or Section 1.4 if
the registration request is subsequently withdrawn at the request of the Holders of a majority of
the Registrable Securities to be registered (in which case all participating Holders shall bear
such expenses pro rata based upon the number of Registrable Securities that were to be requested in
the withdrawn registration); provided, however, that if at the time of such withdrawal, the Holders
have learned of a material adverse change in the condition, business, or prospects of the Company
from that known to the Holders at the time of their request and have withdrawn the request with
reasonable promptness following disclosure by the Company of such material adverse change, then the
Holders shall not be required to pay any of such expenses.

          1.8 Delay of Registration. No Holder shall have any right to obtain or seek an
injunction restraining or otherwise delaying any such registration as the result of any controversy
that might arise with respect to the interpretation or implementation of this Section 1.

          1.9 Indemnification. In the event any Registrable Securities are included in a
registration statement under this Section 1:

               (a) To the extent permitted by law, the Company will indemnify and hold harmless each Holder,
the partners, members or officers, directors and stockholders of each Holder, legal counsel and
accountants for each Holder, any underwriter (as defined in the Act) for such Holder and each
person, if any, who controls such Holder or underwriter within the meaning of the Act or the 1934
Act (each an “Indemnified Party” and collectively the “Indemnified Parties”), against any expenses,
losses, claims, damages or liabilities (joint or

7

 

several) (or actions, proceedings, or settlements in respect thereof) to which they may become
subject under the Act, the 1934 Act or any state securities laws, insofar as such losses, claims,
damages, or liabilities (or actions, proceedings, or settlements in respect thereof) arise out of
or are based upon any of the following statements, omissions or violations (collectively a
“Violation”): (i) any untrue statement or alleged untrue statement of a material fact contained in
such registration statement, including any preliminary prospectus or final prospectus contained
therein or any amendments or supplements thereto, (ii) the omission or alleged omission therein of
a material fact required to be stated therein, or necessary to make the statements therein not
misleading, or (iii) any violation or alleged violation by the Company of the Act, the 1934 Act,
any state securities laws or any rule or regulation promulgated under the Act, the 1934 Act or any
state securities laws; and the Company will reimburse each such Indemnified Party for any legal or
other expenses reasonably incurred by them in connection with investigating or defending or
settling any such loss, claim, damage, liability or action; provided, however, that the indemnity
agreement contained in this subsection 1.9(a) shall not apply to amounts paid in settlement of any
such loss, claim, damage, liability or action if such settlement is effected without the consent of
the Company (which consent shall not be unreasonably withheld), nor shall the Company be liable in
any such case for any such loss, claim, damage, liability or action to the extent that it arises
out of or is based upon a Violation that occurs in reliance upon and in conformity with written
information furnished expressly for use in connection with such registration by any such
Indemnified Party; provided further, however, that the foregoing indemnity agreement with respect
to any preliminary prospectus shall not inure to the benefit of any Holder or underwriter, or any
person controlling such Holder or underwriter, from whom the person asserting any such losses,
claims, damages or liabilities purchased shares in the offering, if a copy of the prospectus (as
then amended or supplemented if the Company shall have furnished any amendments or supplements
thereto) was not sent or given by or on behalf of such Holder or underwriter to such person, if
required by law so to have been delivered, at or prior to the written confirmation of the sale of
the shares to such person, and if the prospectus (as so amended or supplemented) would have cured
the defect giving rise to such loss, claim, damage or liability.

               (b) To the extent permitted by law, each selling Holder will indemnify and hold harmless the
Company, each of its directors, each of its officers who has signed the registration statement,
each person, if any, who controls the Company within the meaning of the Act, legal counsel and
accountants for the Company, any underwriter, any other Holder selling securities in such
registration statement and any controlling person of any such underwriter or other Holder, against
any expenses, losses, claims, damages or liabilities (joint or several) (or actions, proceedings,
or settlements in respect thereof) to which any of the foregoing persons may become subject, under
the Act, the 1934 Act or any state securities laws, insofar as such expenses, losses, claims,
damages or liabilities (or actions, proceedings, or settlements in respect thereto) arise out of or
are based upon any Violation, in each case to the extent (and only to the extent) that such
Violation occurs in reliance upon and in conformity with written information furnished to the
Company by such Holder expressly for use in connection with such registration; and each such Holder
will reimburse any person intended to be indemnified pursuant to this subsection 1.9(b), for any
legal or other expenses reasonably incurred by such person in connection with investigating or
defending or settling any such loss, claim, damage, liability or action; provided, however, that
the indemnity agreement contained in this subsection 1.9(b) shall not apply to amounts paid in
settlement of any such loss, claim, damage, liability or action if such settlement is effected
without the consent of the Holder (which consent shall not be

8

 

unreasonably withheld), provided that in no event shall any indemnity under this subsection
1.9(b) exceed the net proceeds from the offering received by such Holder.

               (c) Promptly after receipt by an indemnified party under this Section 1.9 of notice of the
commencement of any action (including any governmental action), such indemnified party will, if a
claim in respect thereof is to be made against any indemnifying party under this Section 1.9,
deliver to the indemnifying party a written notice of the commencement thereof and the indemnifying
party shall have the right to participate in, and, to the extent the indemnifying party so desires,
jointly with any other indemnifying party similarly noticed, to assume the defense thereof with
counsel mutually satisfactory to the parties; provided, however, that an indemnified party
(together with all other indemnified parties that may be represented without conflict by one
counsel) shall have the right to retain one separate counsel, with the fees and expenses to be paid
by the indemnifying party, if representation of such indemnified party by the counsel retained by
the indemnifying party would be inappropriate due to actual or potential differing interests
between such indemnified party and any other party represented by such counsel in such proceeding.
The failure to deliver written notice to the indemnifying party within a reasonable time of the
commencement of any such action, if prejudicial to its ability to defend such action, shall relieve
such indemnifying party of any liability to the indemnified party under this Section 1.9, but the
omission so to deliver written notice to the indemnifying party will not relieve it of any
liability that it may have to any indemnified party otherwise than under this Section 1.9.

               (d) If the indemnification provided for in this Section 1.9 is held by a court of competent
jurisdiction to be unavailable to an indemnified party with respect to any loss, liability, claim,
damage or expense referred to herein, then the indemnifying party, in lieu of indemnifying such
indemnified party hereunder, shall contribute to the amount paid or payable by such indemnified
party as a result of such loss, liability, claim, damage or expense in such proportion as is
appropriate to reflect the relative fault of the indemnifying party on the one hand and of the
indemnified party on the other in connection with the statements or omissions that resulted in such
loss, liability, claim, damage or expense, as well as any other relevant equitable considerations.
The relative fault of the indemnifying party and of the indemnified party shall be determined by
reference to, among other things, whether the untrue or alleged untrue statement of a material fact
or the omission to state a material fact relates to information supplied by the indemnifying party
or by the indemnified party and the parties’ relative intent, knowledge, access to information, and
opportunity to correct or prevent such statement or omission; provided, that in no event shall any
contribution by a Holder hereunder exceed the net proceeds from the offering received by such
Holder.

               (e) Notwithstanding the foregoing, to the extent that the provisions on indemnification and
contribution contained in the underwriting agreement entered into in connection with the
underwritten public offering are in conflict with the foregoing provisions, the provisions in the
underwriting agreement shall control; provided, however, that the failure of the underwriting
agreement to address a provision addressed in this Agreement shall not be such a conflict.

               (f) The obligations of the Company and Holders under this Section 1.9 shall survive the
completion of any offering of Registrable Securities in a registration statement under this Section
1, and otherwise.

9

 

          1.10 Reports Under Securities Exchange Act of 1934. With a view to making available to
the Holders the benefits of Rule 144 promulgated under the Act and any other rule or regulation of
the SEC that may at any time permit a Holder to sell securities of the Company to the public
without registration or pursuant to a registration on Form S-3, the Company agrees to:

               (a) make and keep public information available, as those terms are understood and defined in
Rule 144, at all times after ninety (90) days after the effective date of the Initial Offering;

               (b) file with the SEC in a timely manner all reports and other documents required of the
Company under the Act and the 1934 Act; and

               (c) furnish to any Holder, so long as the Holder owns any Registrable Securities, forthwith
upon request (i) a written statement by the Company that it has complied with the reporting
requirements of Rule 144 (at any time after ninety (90) days after the effective date of the first
registration statement filed by the Company), the Act and the 1934 Act (at any time after it has
become subject to such reporting requirements), or that it qualifies as a registrant whose
securities may be resold pursuant to Form S-3 (at any time after it so qualifies), (ii) a copy of
the most recent annual or quarterly report of the Company and such other reports and documents so
filed by the Company, and (iii) such other information as may be reasonably requested in availing
any Holder of any rule or regulation of the SEC that permits the selling of any such securities
without registration or pursuant to such form.

          1.11 Assignment of Registration Rights. The rights to cause the Company to register
Registrable Securities pursuant to this Section 1 may be assigned (but only with all related
obligations) by a Holder to a transferee or assignee of such securities that (i) is a subsidiary,
affiliate, parent, partner, limited partner, retired partner, member or retired member or
stockholder of a Holder, (ii) is a Holder’s family member or trust for the benefit of an individual
Holder, or (iii) acquires at least 50,000 shares of the original purchaser’s Registrable Securities
(or, if the transferring holder owns less 50,000 shares, all of the transferring holder’s
securities), subject to appropriate adjustment for stock splits, stock dividends, combinations and
other recapitalizations, provided: (a) the Company is, within a reasonable time after such
transfer, furnished with written notice of the name and address of such transferee or assignee and
the securities with respect to which such registration rights are being assigned; (b) such
transferee or assignee agrees in writing to be bound by and subject to the terms and conditions of
this Agreement, including without limitation the provisions of Section 1.12 below; and (c) such
assignment shall be effective only if immediately following such transfer the further disposition
of such securities by the transferee or assignee is restricted under the Act.

          1.12 “Market Stand-Off’ Agreement. In connection with the Company’s Initial Offering
and if requested by the Company or managing underwriter of such offering, each Holder hereby agrees
that it will not, without the prior written consent of the managing underwriter, during the period
commencing on the date of the final prospectus relating to the Company’s Initial Offering and
ending on the date specified by the Company and the managing underwriter (such period not to exceed
one hundred eighty (180) days) (i) lend, offer, pledge, sell, contract to sell, sell any option or
contract to purchase, purchase any option or contract to sell, grant any option, right or warrant
to purchase, or otherwise transfer or dispose of, directly or indirectly, any shares of Common
Stock or any securities convertible into or exercisable or exchangeable for Common Stock (whether
such shares or any such securities are then owned by

10

 

the Holder or are thereafter acquired except shares acquired in the public resale market), or
(ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any
of the economic consequences of ownership of the Common Stock, whether any such transaction
described in clause (i) or (ii) above is to be settled by delivery of Common Stock or such other
securities, in cash or otherwise; provided, however, that all executive officers, directors and
five-percent (5%) security holders of the Company enter into similar agreements. The underwriters
in connection with the Company’s Initial Offering are intended third party beneficiaries of this
Section 1.12 and shall have the right, power and authority to enforce the provisions hereof as
though they were a party hereto.

          In order to enforce the foregoing covenant, the Company may impose stop-transfer instructions
with respect to the Registrable Securities of each Holder (and the shares or securities of every
other person subject to the foregoing restriction) until the end of such period.

          1.13 Termination of Registration Rights. No Holder shall be entitled to exercise any
right provided for in this Section 1 after the earlier of (i) five (5) years following the
consummation of the Initial Offering or (ii) as to any Holder, at such time as (A) all Registrable
Securities held by such Holder (and any affiliate of the Holder with whom such Holder must
aggregate its sales under Rule 144) can be sold in any three (3)-month period without registration
in compliance with Rule 144 of the Act, (B) the Company has completed its Initial Offering,
and (C) such Holder holds Registrable Securities constituting less than two percent (2%) of
the outstanding voting stock of the Company.

          1.14 Limitation on Subsequent Registration Rights. From and after the date of this
Agreement, the Company shall not, without the prior written consent of the holders of a majority of
the Registrable Securities then outstanding, enter into any agreement with any holder or
prospective holder of any securities of the Company giving such holder or prospective holder any
registration rights the terms of which are more favorable than the registration rights granted to
the Holders hereunder.

     2. Covenants of the Company.

          2.1 Delivery of Financial Statements. The Company shall deliver to each Investor that
holds at least (i) 200,000 shares of Series A Preferred Stock or Series B Preferred Stock; (ii) at
least 25,000 shares of Series C Preferred Stock; or (iii) 200,000 shares of Series F Preferred
Stock (or the Common Stock issued upon conversion thereof and each as adjusted for any future stock
split, stock dividend, recapitalization or the like):

               (a) as soon as practicable, but in any event within ninety (90) days after the end of each
fiscal year of the Company, an income statement for such fiscal year, a balance sheet of the
Company and statement of stockholder’s equity as of the end of such year, and a statement of cash
flows for such year, such year-end financial reports to be in reasonable detail, prepared in
accordance with generally accepted accounting principles (“GAAP”), and audited and certified by
independent public accountants of nationally recognized standing selected by the Company;

               (b) as soon as practicable, but in any event within forty-five (45) days after the end of each
of the first three (3) quarters of each fiscal year of the Company, an unaudited income statement,
statement of cash flows for such fiscal quarter and an unaudited

11

 

balance sheet as of the end of such fiscal quarter prepared in accordance with GAAP
consistently applied (except as noted therein), with the exception that no notes need be attached
to such statements and year-end audit adjustments may not have been made;

               (c) within thirty (30) days of the end of each month, an unaudited income statement and
statement of cash flows and balance sheet for and as of the end of such month, in reasonable detail
prepared in accordance with GAAP consistently applied (except as noted therein), with the exception
that no notes need be attached to such statements and year-end audit adjustments may not have been
made;

               (d) as soon as practicable, but in any event at least thirty (30) days prior to the end of
each fiscal year, a budget for the next fiscal year, prepared on a monthly basis, including balance
sheets, income statements and statements of cash flows for such months and, as soon as prepared,
any other budgets or revised budgets prepared by the Company; and

               (e) such other information relating to the financial condition, business, prospects or
corporate affairs of the Company as the Investor or any assignee of the Investor may from time to
time request, provided, however, that the Company shall not be obligated under this subsection (f)
or any other subsection of Section 2.1 to provide information that the Board of Directors of the
Company deems in good faith to be a trade secret or similar confidential information.

          2.2 Inspection. The Company shall permit each Investor that holds at least (i) 200,000
shares of Series A Preferred Stock or Series B Preferred Stock; (ii) at least 25,000 shares of
Series C Preferred Stock; or (iii) 200,000 shares of Series F Preferred Stock (or the Common Stock
issued upon conversion thereof and each as adjusted for any future stock split, stock dividend,
recapitalization or the like), at such Investor’s expense, to visit and inspect the Company’s
properties, to examine its books of account and records and to discuss the Company’s affairs,
finances and accounts with its officers, all at such reasonable times as may be requested by the
Investor, provided, however, that the Company shall not be obligated pursuant to this Section 2.2
to provide access to any information that it reasonably considers to be a trade secret or similar
confidential information.

          2.3 True Books and Records. The Company will maintain true books and records of
account in which full and correct entries will be made of all its business transactions pursuant to
a system of accounting established and administered in accordance with GAAP consistently applied
(except as noted therein), and will set aside on its books all such proper accruals and reserves as
shall be required under GAAP consistently applied.

          2.4 Reservation of Common Stock. The Company will at all times reserve and keep
available, solely for issuance and delivery upon the conversion of the Preferred Stock, all Common
Stock issuable from time to time upon such conversion.

          2.5 Proprietary Information and Inventions Agreement. The Company shall require all
employees and consultants to execute and deliver a Proprietary Information and Inventions Agreement
substantially in a form approved by the Company’s counsel or Board of Directors.

12

 

          2.6 Certain Right of First Refusal Matters. For a period of six (6) months from the
date of this Agreement, in the event the Company elects not to exercise any right of first refusal
or right of first offer the Company may have on a proposed transfer of any of the Company’s
outstanding capital stock pursuant to the Company’s charter documents, by contract or otherwise,
the Company shall, to the extent it may do so, assign such right of first refusal or right of first
offer to Sutter Hill Ventures or its affiliates. For a period of six (6) months from the date of
this Agreement, in the event that the Company becomes aware that any preferred stockholder proposes
to sell any of its shares of preferred stock during such period, the Company will use its good
faith commercial efforts to cause such stockholder to offer Sutter Hill Ventures or its affiliates
a right of first offer in respect of such shares that such preferred stockholder proposes to sell.

          2.7 Directors’ Liability and Indemnification. The Company’s Certificate of
Incorporation and Bylaws shall provide (a) for elimination of the liability of director to the
maximum extent permitted by law and (b) for indemnification of directors for acts on behalf of the
Company to the maximum extent permitted by law.

          2.8 Termination of Information Covenant. The covenants set forth in Sections 2.1, 2.2,
2.4, 2.5 and 2.6 shall terminate as to Investors and be of no further force or effect when the sale
of securities pursuant to a registration statement filed by the Company under the Act in connection
with the firm commitment underwritten offering of its securities to the general public is
consummated.

          2.9 Right of First Offer. Subject to the terms and conditions specified in this
paragraph 2.9, the Company hereby grants to each Major Investor (as hereinafter defined) a right of
first offer with respect to future sales by the Company of its Shares (as hereinafter defined). For
purposes of this Section 2.4, a Major Investor shall mean any Investor or transferee that holds (i)
at least 200,000 shares of Series A Preferred Stock or Series B Preferred Stock; (ii) at least
25,000 shares of Series C Preferred Stock; (iii) at least 280,899 shares of Series D Preferred
Stock; or (iv) 200,000 shares of Series F Preferred Stock (or the Common Stock issued upon
conversion thereof and each as adjusted for any future stock split, stock dividend,
recapitalization or the like). For purposes of this Section 2.4, Investor includes any general
partners and affiliates of an Investor. An Investor shall be entitled to apportion the right of
first offer hereby granted it among itself and its partners and affiliates in such proportions as
it deems appropriate.

          Each time the Company proposes to offer any shares of, or securities convertible into or
exchangeable or exercisable for any shares of, any class of its capital stock (“Shares”), the
Company shall first make an offering of such Shares to each Major Investor in accordance with the
following provisions.

               (a) The Company shall deliver a notice in accordance with Section 3.5 (“Notice”) to the Major
Investors stating (i) its bona fide intention to offer such Shares, (ii) the number of such Shares
to be offered, and (iii) the price and terms upon which it proposes to offer such Shares.

               (b) By written notification received by the Company, within twenty (20) calendar days after
receipt of the Notice, each Major Investor may elect to purchase or obtain, at the price and on the
terms specified in the Notice, up to that portion of such Shares that

13

 

equals the proportion that the number of shares of Common Stock issued and held, or issuable
upon conversion of the Series A Preferred Stock, Series B Preferred Stock, Series C Preferred
Stock, Series D Preferred Stock, Series E Preferred Stock or Series F Preferred Stock and any other
securities of the Company then held, by such Major Investor bears to the total number of shares of
Common Stock of the Company then outstanding (assuming full conversion of all convertible
securities). The Company shall promptly, in writing, inform each Major Investor which purchases all
the shares available to it (a “Fully-Exercising Investor”) of any other Major Investor’s failure to
do likewise. During the ten (10) day period commencing after the receipt of such information, each
Fully-Exercising Investor shall be entitled to obtain that portion of the Shares not subscribed for
by the Major Investors which is equal to the proportion that the number of shares of common stock
issued and held, or issuable upon conversion of the Preferred Stock and any other securities of the
Company then held, by such Fully-Exercising Investor bears to the total number of shares of common
stock issued and held, or issuable upon the conversion of the Preferred Stock then held, by all
Fully-Exercising Investors who wish to purchase some of the unsubscribed shares.

               (c) If all Shares that Major Investors are entitled to obtain pursuant to subsection 2.4(b)
are not elected to be obtained as provided in subsection 2.9(b) hereof, the Company may, during the
sixty (60) day period following the expiration of the period provided in subsection 2.4(b) hereof,
offer the remaining unsubscribed portion of such Shares to any person or persons at a price not
less than, and upon terms no more favorable to the offeree than those specified in the Notice. If
the Company does not enter into an agreement for the sale of the Shares within such period, or if
such agreement is not consummated within sixty (60) days of the execution thereof, the right
provided hereunder shall be deemed to be revived and such Shares shall not be offered unless first
reoffered to the Major Investors in accordance herewith.

               (d) The right of first offer in this paragraph 2.4 shall not be applicable to (i) the issuance
or sale of shares of capital stock to employees, consultants, service providers, officers or
directors of the Company pursuant to stock purchase or stock option plans or agreements approved by
the Board (including options granted and outstanding prior to the Financing) (or such higher number
of shares approved by the Board, including at least one representative of the Investors); (ii) the
issuance of securities pursuant to a bona fide, firmly underwritten public offering of shares of
Common Stock resulting in proceeds to the Company of at least $20,000,000 in the aggregate; (iii)
the issuance of securities pursuant to the conversion or exercise of convertible or exercisable
securities outstanding as of the date of this Agreement; (iv) the issuance of securities in
connection with a bona fide business acquisition of or by the Company, whether by merger,
consolidation, sale of assets, sale or exchange of stock or otherwise approved by the Board of
Directors of the Company; (v) the issuance of securities to financial institutions or lessors in
connection with commercial credit arrangements, equipment financing or similar transactions, in
each case where the primary purpose of such transaction is not equity financing approved by the
Board of Directors of the Company; (vi) the issuance of securities pursuant to currently
outstanding options, warrants, notes, or other rights to acquire securities of the Company; (vii)
stock splits, stock dividends or like transactions; (viii) shares of Common Stock or convertible
securities issued pursuant to any OEM, technology license, marketing, or strategic partnership
agreements approved by the Board of Directors; or (ix) the issuance and sale of Series F Preferred
Stock pursuant to the Series F Agreement (and the common stock issuable upon conversion of the
Series F Preferred Stock).

14

 

          2.10 Termination of Certain Covenants. The covenants set forth in Section 2.9 shall
terminate and be of no further force or effect upon the earlier of (i) the consummation of the sale
of securities pursuant to a bona fide, firmly underwritten public offering of shares of Common
Stock, or (ii) the acquisition of the Company by another entity by means of any transaction or
series of related transactions (including, without limitation, any reorganization, merger or
consolidation) that results in the transfer of fifty percent (50%) or more of the outstanding
voting power of the Company.

          2.11 Vesting Schedule for Employee Stock. Unless otherwise approved by the Board, all
stock and option grants to employees of the Company shall vest with respect to 25% of the shares
after 12 months of service, and the balance in equal monthly installments over the next 36 months
of service.

     3. Miscellaneous.

          3.1 Successors and Assigns. Except as otherwise provided herein, the terms and
conditions of this Agreement shall inure to the benefit of and be binding upon the respective
successors and assigns of the parties (including transferees of any shares of Registrable
Securities). Nothing in this Agreement, express or implied, is intended to confer upon any party
other than the parties hereto or their respective successors and assigns any rights, remedies,
obligations, or liabilities under or by reason of this Agreement, except as expressly provided in
this Agreement.

          3.2 Governing Law. This Agreement shall be governed by and construed under the laws of
the State of California as applied to agreements among California residents entered into and to be
performed entirely within California.

          3.3 Counterparts. This Agreement may be executed in two or more counterparts, each of
which shall be deemed an original, but all of which together shall constitute one and the same
instrument.

          3.4 Titles and Subtitles. The titles and subtitles used in this Agreement are used for
convenience only and are not to be considered in construing or interpreting this Agreement.

          3.5 Notices. Unless otherwise provided, any notice required or permitted under this
Agreement shall be given in writing and shall be deemed effectively given upon personal delivery to
the party to be notified or upon delivery by confirmed facsimile transmission, nationally
recognized overnight courier service, or upon deposit with the United States Post Office, by
registered or certified mail, postage prepaid and addressed to the party to be notified at the
address indicated for such party on Schedule A hereof, or at such other address as such
party may designate by seven (7) days’ advance written notice to the other parties.

          3.6 Expenses. If any action at law or in equity is necessary to enforce or interpret
the terms of this Agreement, the prevailing party shall be entitled to reasonable attorneys’ fees,
costs and necessary disbursements in addition to any other relief to which such party may be
entitled.

15

 

          3.7 Entire Agreement: Amendments and Waivers. This Agreement (including the Exhibits
hereto, if any) constitutes the full and entire understanding and agreement among the parties with
regard to the subjects hereof and thereof. Any term of this Agreement may be amended and the
observance of any term of this Agreement may be waived (either generally or in a particular
instance and either retroactively or prospectively), only with the written consent of the Company
and the holders of a majority of the Registrable Securities then outstanding. Any amendment or
waiver effected in accordance with this paragraph shall be binding upon each holder of any
Registrable Securities, each future holder of all such Registrable Securities, and the Company.

          3.8 New Investors. Notwithstanding anything herein to the contrary, if pursuant to
Section 2.2 of the Series F Agreement, additional parties may purchase shares of Series F Stock as
“New Investors” thereunder, then each such New Investor shall become a party to this Agreement as
an “Investor” hereunder, without the need any consent, approval or signature of any Investor when
such New Investor has both: (a) purchased shares of Series F Stock under the Series F Agreement
and paid the Company all consideration payable for such shares and (b) executed one or more
counterpart signature pages to this Agreement as an “Investor,” with the Company’s consent.
Immediately after a New Investor becomes a party hereto in accordance with the provisions of this
Section 3.8, Schedule A to this Agreement will be amended to list such New Investor as an
“Investor” hereunder.

          3.9 Severability. If one or more provisions of this Agreement are held to be
unenforceable under applicable law, such provision shall be excluded from this Agreement and the
balance of the Agreement shall be interpreted as if such provision were so excluded and shall be
enforceable in accordance with its terms.

          3.10 Aggregation of Stock. All shares of Registrable Securities held or acquired by
affiliated entities or persons shall be aggregated together for the purpose of determining the
availability of any rights under this Agreement.

          3.11 Prior Agreement. The Prior Agreement is hereby superseded in its entirety and
shall be of no further force or effect.

          3.12 Waiver of Right of First Offer. On behalf of such Investor and all other
Investors, each existing Investor executing this Agreement hereby waives any right of notice or
right of first offer with respect to the sale of the Series F Preferred Stock (and the common stock
issuable upon conversion thereof pursuant to the terms of the Series F Agreement) to which such
existing Investor and all other Investors may be entitled pursuant to Section 2.4 of the Prior
Agreement. Such waiver shall be binding upon all parties to the Prior Agreement.

[Signature Pages Follow]

16

 

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

	 	 	 	 	 
	 	 	COMPANY
	 
	 	 	 	 
	 	 	SHUTTERFLY, INC.
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Stephen E. Recht
	 

	 	 	 	 
	 

	 	 	 	Stephen E. Recht
	 

	 	 	 	Chief Financial Officer
	 
	 	 	 	 
	 

	 	Address:
	 	2800 Bridge Parkway, Suite 101
	 

	 	 	 	Redwood City, CA 94065

[Signature Page to Shutterfly, Inc. Fifth Amended and Restated Investors’ Rights Agreement]

 

 

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

	 	 	 	 	 
	 	 	INVESTORS:
	 
	 	 	 	 
	 	 	Sutter Hill Ventures,
a California Limited Partnership
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Jim White
	 

	 	 	 	 
	 

	 	Its:
	 	 
	 

	 	 	 	 
	 

	 	 	 	Managing Director of the General Partner

[Signature Page to Shutterfly, Inc. Fifth Amended and Restated Investors’ Rights Agreement]

 

 

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

	 	 	 	 	 
	 	 	INVESTORS:
	 
	 	 	 	 
	 	 	David L. Anderson, Trustee of The Anderson
Living Trust U/A/D 1/22/98
	 
	 	 	 	 
	 

	 	By:
	 	/s/ David L. Anderson
	 

	 	 	 	 
	 

	 	 	 	David L. Anderson, Trustee
	 
	 	 	 	 
	 	 	Anvest, L.P.
	 
	 	 	 	 
	 

	 	By:
	 	/s/ David L. Anderson
	 

	 	 	 	 
	 

	 	 	 	David L. Anderson, General Partner

[Signature Page to Shutterfly, Inc. Fifth Amended and Restated Investors’ Rights Agreement]

 

 

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

	 	 	 	 	 
	 	 	INVESTORS:
	 
	 	 	 	 
	 	 	G. Leonard Baker, Jr. and Mary Anne Baker, Co-Trustees of The Baker Revocable Trust U/A/D 2/3/03
	 
	 	 	 	 
	 

	 	By:
	 	/s/ G. Leonard Baker, Jr.
	 

	 	 	 	 
	 

	 	 	 	G. Leonard Baker, Jr., Trustee
	 
	 	 	 	 
	 	 	Saunders Holdings, L.P.
	 
	 	 	 	 
	 

	 	By:
	 	/s/ G. Leonard Baker, Jr.
	 

	 	 	 	 
	 

	 	 	 	G. Leonard Baker, Jr., General Partner

[Signature Page to Shutterfly, Inc. Fifth Amended and Restated Investors’ Rights Agreement]

 

 

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

	 	 	 	 	 
	 	 	INVESTORS:
	 
	 	 	 	 
	 	 	William H. Younger, Jr. and Lauren L. Younger, Co-Trustees of The Younger Living Trust U/A/D 1/20/95
	 
	 	 	 	 
	 

	 	By:
	 	/s/ William H. Younger, Jr.
	 

	 	 	 	 
	 

	 	 	 	William H. Younger, Jr., Trustee

[Signature Page to Shutterfly, Inc. Fifth Amended and Restated Investors’ Rights Agreement]

 

 

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

	 	 	 	 	 
	 	 	INVESTORS:
	 
	 	 	 	 
	 	 	Tench Coxe and Simone Otus Coxe, Co-Trustees of The Coxe Revocable Trust U/A/D 4/23/98
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Tench Coxe
	 

	 	 	 	 
	 

	 	 	 	Tench Coxe, Trustee
	 
	 	 	 	 
	 	 	Tench Coxe, Trustee of The Tamerlane Charitable Remainder Unitrust
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Tench Coxe
	 

	 	 	 	 
	 

	 	 	 	Tench Coxe, Trustee

[Signature Page to Shutterfly, Inc. Fifth Amended and Restated Investors’ Rights Agreement]

 

 

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

	 	 	 
	 

	 	INVESTORS:
	 
	 	 
	 

	 	/s/ James C. Gaither
	 

	 	 
	 

	 	James C. Gaither

[Signature Page to Shutterfly, Inc. Fifth Amended and Restated Investors’ Rights Agreement]

 

 

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

	 	 	 	 	 
	 	 	INVESTORS:
	 
	 	 	 	 
	 	 	Jeffrey W. Bird and Christina R. Bird as Trustees of Jeffrey W. and Christina R. Bird Trust Agreement Dated 10/31/00
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Jeffrey W. Bird
	 

	 	 	 	 
	 

	 	 	 	Jeffrey W. Bird, Trustee

[Signature Page to Shutterfly, Inc. Fifth Amended and Restated Investors’ Rights Agreement]

 

 

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

	 	 	 	 	 
	 	 	INVESTORS:
	 
	 	 	 	 
	 	 	David E. Sweet and Robin T. Sweet as Trustees of The David and Robin Sweet Living Trust Dated 7/6/04
	 
	 	 	 	 
	 

	 	By:
	 	/s/ David E. Sweet
	 

	 	 	 	 
	 

	 	 	 	David E. Sweet, Trustee

[Signature Page to Shutterfly, Inc. Fifth Amended and Restated Investors’ Rights Agreement]

 

 

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

	 	 	 
	 

	 	INVESTORS:
	 
	 	 
	 

	 	/s/ Lynne M. Brown
	 

	 	 
	 

	 	Lynne M. Brown

[Signature Page to Shutterfly, Inc. Fifth Amended and Restated Investors’ Rights Agreement]

 

 

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

	 	 	 
	 

	 	INVESTORS:
	 
	 	 
	 

	 	/s/ Patricia Tom
	 

	 	 
	 

	 	Patricia Tom

[Signature Page to Shutterfly, Inc. Fifth Amended and Restated Investors’ Rights Agreement]

 

 

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

	 	 	 	 	 
	 	 	INVESTORS:
	 
	 	 	 	 
	 	 	Robert Yin and Lily Yin as Trustees of Yin Family Trust Dated March 1, 1997
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Robert Yin
	 

	 	 	 	 
	 

	 	 	 	Robert Yin, Trustee

[Signature Page to Shutterfly, Inc. Fifth Amended and Restated Investors’ Rights Agreement]

 

 

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

	 	 	 	 	 
	 	 	INVESTORS:
	 
	 	 	 	 
	 	 	Wells Fargo Bank, N.A. FBO
SHV Profit Sharing Plan FBO Sherryl W. Hossack
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Vicki Bandel
	 

	 	 	 	 
	 

	 	Its:
	 	Asst. V.P. & Trust Officer
	 

	 	 	 	 
	 
	 	 	 	 
	 	 	Wells Fargo Bank, N.A. FBO
SHV Profit Sharing Plan FBO David L. Anderson
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Vicki Bandel
	 

	 	 	 	 
	 

	 	Its:
	 	Asst. V.P. & Trust Officer
	 

	 	 	 	 
	 
	 	 	 	 
	 	 	Wells Fargo Bank, N.A. FBO
SHV Profit Sharing Plan FBO William H. Younger, Jr.
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Vicki Bandel
	 

	 	 	 	 
	 

	 	Its:
	 	Asst. V.P. & Trust Officer
	 

	 	 	 	 
	 
	 	 	 	 
	 	 	Wells Fargo Bank, N.A. FBO
SHV Profit Sharing Plan FBO Tench Coxe
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Vicki Bandel
	 

	 	 	 	 
	 

	 	Its:
	 	Asst. V.P. & Trust Officer
	 

	 	 	 	 
	 
	 	 	 	 
	 	 	Wells Fargo Bank, N.A. FBO
SHV Profit Sharing Plan FBO James N. White
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Vicki Bandel
	 

	 	 	 	 
	 

	 	Its:
	 	Asst. V.P. & Trust Officer
	 

	 	 	 	 

[Signature Page to Shutterfly, Inc. Fifth Amended and Restated Investors’ Rights Agreement]

 

 

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

	 	 	 	 	 
	 	 	INVESTORS:
	 
	 	 	 	 
	 	 	Wells Fargo Bank, N.A. FBO
SHV Profit Sharing Plan FBO Jeffrey W. Bird
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Vicki Bandel
	 

	 	 	 	 
	 

	 	Its:
	 	Asst. V.P. & Trust Officer
	 

	 	 	 	 
	 
	 	 	 	 
	 	 	Wells Fargo Bank, N.A. FBO
SHV Profit Sharing Plan FBO David E. Sweet (Rollover)
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Vicki Bandel
	 

	 	 	 	 
	 

	 	Its:
	 	Asst. V.P. & Trust Officer
	 

	 	 	 	 
	 
	 	 	 	 
	 	 	Wells Fargo Bank, N.A. FBO
SHV Profit Sharing Plan FBO Lynne M. Brown
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Vicki Bandel
	 

	 	 	 	 
	 

	 	Its:
	 	Asst. V.P. & Trust Officer
	 

	 	 	 	 
	 
	 	 	 	 
	 	 	Wells Fargo Bank, N.A. FBO
SHV Profit Sharing Plan FBO Lynne M. Brown (Rollover)
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Vicki Bandel
	 

	 	 	 	 
	 

	 	Its:
	 	Asst. V.P. & Trust Officer
	 

	 	 	 	 
	 
	 	 	 	 
	 	 	Wells Fargo Bank, N.A. FBO
SHV Profit Sharing Plan FBO Patricia Tom (Post)
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Vicki Bandel
	 

	 	 	 	 
	 

	 	Its:
	 	Asst. V.P. & Trust Officer
	 

	 	 	 	 

[Signature Page to Shutterfly, Inc. Fifth Amended and Restated Investors’ Rights Agreement]

 

 

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

	 	 	 	 	 	 	 
	INVESTORS:	 	 
	 	 	 	 	 
	Monaco Partners L.P.,
a Nevada Limited Partnership	 	Woodside Ventures Limited Partnership
	 	 	 	 	 	 	 
	By:	 	/s/ Harvey Armstrong	 	By:	 	/s/ Harvey Armstrong
	 	 	 	 	 	 	 
	Name:	 	Harvey Armstrong	 	Name:	 	Harvey Armstrong
	 	 	 	 	 	 	 
	Title:
	 	Sec. of G.P.	 	Title:
	 	Sec. of G.P.
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	JHC Investments, LLC	 	Atherton Properties Partnership, L.P.
	 	 	 	 	 	 	 
	By:
	 	/s/ Harvey Armstrong	 	By:
	 	/s/ Harvey Armstrong
	 	 	 	 	 	 	 
	Name:	 	Harvey Armstrong	 	Name:	 	Harvey Armstrong
	 	 	 	 	 	 	 
	Title:
	 	Secretary	 	Title:
	 	Sec. of G.P.
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	JHC Investments 2000, LLC	 	Mountain Wood Properties, LLC
	 	 	 	 	 	 	 
	By:	 	/s/ Harvey Armstrong	 	By:	 	/s/ Harvey Armstrong
	 	 	 	 	 	 	 
	Name:	 	Harvey Armstrong	 	Name:	 	Harvey Armstrong
	 	 	 	 	 	 	 
	Title:
	 	Secretary	 	Title:
	 	Manager
	 	 	 	 	 	 	 
	 	 	 	 	 

[Signature Page to Shutterfly, Inc. Fifth Amended and Restated Investors’ Rights Agreement]

 

 

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

	 	 	 	 	 
	 	INVESTORS

Mohr, Davidow Ventures V, L.P.

By:  Fifth MDV Partners, L.L.C., General Partner

 	 
	 	By:  	/s/ Nancy Schoendorf	 
	 	 	Nancy Schoendorf, Member 	 
	 	 	 	 
	 
	 	Mohr, Davidow Ventures V-L, L.P.

By:  Fifth MDV Partners, L.L.C., General Partner

 	 
	 	By:  	/s/ Nancy Schoendorf	 
	 	 	Nancy Schoendorf, Member 	 
	 	 	 	 
	 
	 	Mohr, Davidow Ventures V, L.P.
   as nominee for

MDV Entrepreneurs’ Network Fund II (A), L.P. and

MDV Entrepreneurs’ Network Fund II (B), L.P.

By:  Fifth MDV Partners, L.L.C., General Partner

 	 
	 	By:  	/s/ Nancy Schoendorf	 
	 	 	Nancy Schoendorf, Member 	 
	 	 	 	 
	 

[Signature
Page to Shutterfly, Inc. Fifth Amended and Restated Investors’
Rights Agreement]

 

 

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

	 	 	 	 	 
	 	 	INVESTORS:
 

T&G Partners Limited Partnership

	 

	 	By:	 	/s/ TJG
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	 	 	 
	 

	 	Title:	 	 
	 

	 	 	 	 

[Signature Page to Shutterfly, Inc. Fifth Amended and Restated Investors’ Rights Agreement]

 

 

Schedule A

Schedule of Investors

	 
	Sutter Hill Ventures, a California Limited Partnership

	c/o Sutter Hill Ventures

	Attn: Jim White

	755 Page Mill Road, Suite A-200

	Palo Alto, CA 94304-1005

	Fax (650) 858-1854

	 

	David L. Anderson, Trustee of

	The Anderson Living Trust U/A/D 1/22/98

	c/o Sutter Hill Ventures

	Attn: Jim White

	755 Page Mill Road, Suite A-200

	Palo Alto, CA 94304-1005

	Fax (650) 858-1854

	 

	David L. Anderson, General Partner

	Anvest, L.P.

	c/o Sutter Hill Ventures

	Attn: Jim White

	755 Page Mill Road, Suite A-200

	Palo Alto, CA 94304-1005

	Fax (650) 858-1854

	 

	G. Leonard Baker, Jr. and Mary Anne Baker, Co-Trustees of

	The Baker Revocable Trust U/A/D 2/3/03

	c/o Sutter Hill Ventures

	Attn: Jim White

	755 Page Mill Road, Suite A-200

	Palo Alto, CA 94304-1005

	Fax (650) 858-1854

	 

	G. Leonard Baker, Jr., General Partner

	Saunders Holdings, L.P.

	c/o Sutter Hill Ventures

	Attn: Jim White

	755 Page Mill Road, Suite A-200

	Palo Alto, CA 94304-1005

	Fax (650) 858-1854

	 

	William H. Younger, Jr. and Lauren L. Younger, Co-Trustees of

	The Younger Living Trust U/A/D 1/20/95

	c/o Sutter Hill Ventures

	Attn: Jim White

	755 Page Mill Road, Suite A-200

	Palo Alto, CA 94304-1005

	Fax (650) 858-1854

 

 

Schedule A (continued)

Schedule of Investors

     

	 
	Tench Coxe and Simone Otus Coxe, Co-Trustees of

	The Coxe Revocable Trust U/A/D 4/23/98

	c/o Sutter Hill Ventures

	Attn: Jim White

	755 Page Mill Road, Suite A-200

	Palo Alto, CA 94304-1005

	Fax (650) 858-1854

	 

	Tench Coxe, Trustee

	The Tamerlane Charitable Remainder Unitrust

	c/o Sutter Hill Ventures

	Attn: Jim White

	755 Page Mill Road, Suite A-200

	Palo Alto, CA 94304-1005

	Fax (650) 858-1854

	 

	James C. Gaither

	c/o Sutter Hill Ventures

	Attn: Jim White

	755 Page Mill Road, Suite A-200

	Palo Alto, CA 94304-1005

	Fax (650) 858-1854

	 

	Jeffrey W. Bird and Christina R. Bird as Trustees of

	Jeffrey W. and Christina R. Bird Trust Agreement Dated 10/31/00

	c/o Sutter Hill Ventures

	Attn: Jim White

	755 Page Mill Road, Suite A-200

	Palo Alto, CA 94304-1005

	Fax (650) 858-1854

	 

	David E. Sweet and Robin T. Sweet as Trustees of

	The David and Robin Sweet Living Trust Dated 7/6/04

	c/o Sutter Hill Ventures

	Attn: Jim White

	755 Page Mill Road, Suite A-200

	Palo Alto, CA 94304-1005

	Fax (650) 858-1854

	 

	Lynne M. Brown

	c/o Sutter Hill Ventures

	Attn: Jim White

	755 Page Mill Road, Suite A-200

	Palo Alto, CA 94304-1005

	Fax (650) 858-1854

A-2

 

Schedule A (continued)

Schedule of Investors

     

	 
	Patricia Tom

	c/o Sutter Hill Ventures

	Attn: Jim White

	755 Page Mill Road, Suite A-200

	Palo Alto, CA 94304-1005

	Fax (650) 858-1854

	 

	Robert Yin and Lily Yin as Trustees of

	Yin Family Trust Dated March 1, 1997

	c/o Sutter Hill Ventures

	Attn: Jim White

	755 Page Mill Road, Suite A-200

	Palo Alto, CA 94304-1005

	Fax (650) 858-1854

	 

	SHV Profit Sharing Plan FBO Sherryl W. Hossack

	c/o Wells Fargo Bank, N.A., Trustee

	Attention: Vicki Bandel

	420 Montgomery Street, 2nd Floor

	San Francisco, CA 94104

	Fax (415) 956-9362

	 

	SHV Profit Sharing Plan FBO David L. Anderson

	c/o Wells Fargo Bank, N.A., Trustee

	Attention: Vicki Bandel

	420 Montgomery Street, 2nd Floor

	San Francisco, CA 94104

	Fax (415) 956-9362

	 

	SHV Profit Sharing Plan FBO William H. Younger, Jr.

	c/o Wells Fargo Bank, N.A., Trustee

	Attention: Vicki Bandel

	420 Montgomery Street, 2nd Floor

	San Francisco, CA 94104

	Fax (415) 956-9362

	 

	SHV Profit Sharing Plan FBO Tench Coxe

	c/o Wells Fargo Bank, N.A., Trustee

	Attention: Vicki Bandel

	420 Montgomery Street, 2nd Floor

	San Francisco, CA 94104

	Fax (415) 956-9362

A-3

 

Schedule A (continued)

Schedule of Investors

     

	 
	SHV Profit Sharing Plan FBO James N. White

	c/o Wells Fargo Bank, N.A., Trustee

	Attention: Vicki Bandel

	420 Montgomery Street, 2nd Floor

	San Francisco, CA 94104

	Fax (415) 956-9362

	 

	SHV Profit Sharing Plan FBO Jeffrey W. Bird

	c/o Wells Fargo Bank, N.A., Trustee

	Attention: Vicki Bandel

	420 Montgomery Street, 2nd Floor

	San Francisco, CA 94104

	Fax (415) 956-9362

	 

	SHV Profit Sharing Plan FBO David E Sweet (Rollover)

	c/o Wells Fargo Bank, N.A., Trustee

	Attention: Vicki Bandel

	420 Montgomery Street, 2nd Floor

	San Francisco, CA 94104

	Fax (415) 956-9362

	 

	SHV Profit Sharing Plan FBO Lynne M. Brown

	c/o Wells Fargo Bank, N.A., Trustee

	Attention: Vicki Bandel

	420 Montgomery Street, 2nd Floor

	San Francisco, CA 94104

	Fax (415) 956-9362

	 

	SHV Profit Sharing Plan FBO Lynne M. Brown (Rollover)

	c/o Wells Fargo Bank, N.A., Trustee

	Attention: Vicki Bandel

	420 Montgomery Street, 2nd Floor

	San Francisco, CA 94104

	Fax (415) 956-9362

	 

	SHV Profit Sharing Plan FBO Patricia Tom (Post)

	c/o Wells Fargo Bank, N.A., Trustee

	Attention: Vicki Bandel

	420 Montgomery Street, 2nd Floor

	San Francisco, CA 94104

	Fax (415) 956-9362

	 

	Monaco Partners L.P., a Nevada Limited Partnership

	1700 Seaport Blvd., 4th Floor

	Redwood City, CA 94087

	Fax (650) 210-5010

A-4

 

Schedule A (continued)

Schedule of Investors

     

	 
	JHC Investments, LLC

	1700 Seaport Blvd., 4th Floor

	Redwood City, CA 94087

	Fax (650) 210-5010

	 

	JHC Investments 2000, LLC

	1700 Seaport Blvd., 4th Floor

	Redwood City, CA 94087

	Fax (650) 210-5010

	 

	Woodside Ventures Limited Partnership

	1700 Seaport Blvd., 4th Floor

	Redwood City, CA 94087

	Fax (650) 210-5010

	 

	Atherton Properties Partnership, L.P.

	1700 Seaport Blvd., 4th Floor

	Redwood City, CA 94087

	Fax (650) 210-5010

	 

	Mountain Wood Properties, LLC

	1700 Seaport Blvd., 4th Floor

	Redwood City, CA 94087

	Fax (650) 854-7365

	 

	Mohr, Davidow V-L, L.P.

	2775 Sand Hill Rd., Suite 240

	Menlo Park, CA 94025

	Fax (650) 854-7365

	 

	Mohr, Davidow V, L.P.

	2775 Sand Hill Rd., Suite 240

	Menlo Park, CA 94025

	Fax (650) 854-7365

	 

	Mohr, Davidow Ventures V, L.P. as nominee for

	MDV Entrepreneurs’ Network Fund II (A), L.P.

	and MDV Entrepreneurs’ Network Fund II (B), L.P.

	2775 Sand Hill Rd., Suite 240

	Menlo Park, CA 94025

	Fax: (650) 854-7365

	 

	T&G Partners Limited Partnership

	52 Monte Vista Ave.

	Atherton, CA 94027

A-5

 

Schedule A (continued)

Schedule of Investors

     

	 
	Adobe Ventures III, L.P.

	H&Q Venture Associates, LLC

	1 Bush Street

	San Francisco, CA 94104

	 

	Adobe Ventures IV, L.P.

	1 Bush Street

	San Francisco, CA 94104

	 

	GV Shutterfly Investors, L.P.

	1 Bush Street

	San Francisco, CA 94104

	 

	TI Ventures III, L.P.

	1 Bush Street

	San Francisco, CA 94104

	 

	The Goldman Sachs Group, Inc.

	85 Broad St., 10th Floor

	NY, NY 10009

	Fax (212) 357-5505

	 

	The Charles Schwab Corporation

	120 Kearny St., 30th Fl.

	San Francisco, CA 94018

	Fax (415) 636-5273

	 

	TD Waterhouse Group, Inc.

	100 Wall Street

	New York, New York 10005

	Fax (212) 908-7242

	 

	Michiel Lyppens

	Van Eeghenstraat 80

	1071 GK Amsterdam Holland

	 

	Harvey Armstrong

	94 La Loma Drive

	Menlo Park, CA 94025

	 

	Gina Kirkpatrick

	PO Box 403844

	Miami Beach, FL 33140

	 

	Alison Henderson

	1314 East Las Olas Blvd.

	Apt 1063

	Fort Lauderdale, FL 33301

A-6

 

Schedule A (continued)

Schedule of Investors

     

	 
	Nigel Whitton

	1314 East Las Olas Blvd.

	Apt 1063

	Fort Lauderdale, FL 33301

	 

	WS Investment Company, LLC

	650 Page Mill Road

	Palo Alto, California 94304-1050

	 

	WS Investment Company, 2000B

	650 Page Mill Road

	Palo Alto, California 94304-1050

	 

	G&H Partners

	155 Constitution Drive

	Menlo Park, CA 94025

	 

	Ram Shriram

	21510 Saratoga Heights Drive

	Saratoga, CA 95070

	 

	Steve Blank

	216 Marmona Drive

	Menlo Park, CA 94025

	 

	Big Basin Partners, L.P.

	14585 Big Basin Way

	Saratoga, CA 95070

	 

	Comdisco, Inc.

	6111 North River Road

	Rosemont, IL 60018

	 

	Claire Bienen

	300 East 93rd Street, Apt. 63B

	New York, NY 10128

	 

	Danny Loh

	34350 Eucalyptus Terrace

	Fremont, CA 94555

	 

	Daniel Baum

	685 San Mateo Drive

	Menlo Park, CA 94025

A-7

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