Document:

EX-10.7

 Exhibit 10.7 

AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT 

TIDS AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT (this “Agreement”) dated as of February 28, 2019 (the
“Effective Date”) between SILICON VALLEY BANK, a California corporation (“Bank”), and PHREESIA, INC., a Delaware corporation (“Borrower”), provides the terms on which Bank shall lend
to Borrower and Borrower shall repay Bank. The parties agree as follows: 
 A.     Bank and Borrower have previously
entered into that certain Loan and Security Agreement dated as of June 6, 2012, between Borrower and Bank, as amended by a certain First Loan Modification Agreement dated as of April 24, 2013, as further amended by a certain Second Loan Modification
Agreement dated as of September 5, 2013, as further amended by a certain Third Loan Modification Agreement dated as of July 25, 2014, as further amended by a certain Fourth Loan Modification Agreement dated as of September 24, 2014, as further
amended by a certain Fifth Loan Modification Agreement dated as of October 22, 2015, as further amended by a certain Sixth Loan Modification Agreement dated as of November 7, 2016, and as further amended by a certain Seventh Loan Modification
Agreement dated as of March 30, 2018 (as amended, the “Prior Loan Agreement”). 
 B.     Borrower and
Bank have agreed to amend and restate, and replace, the Prior Loan Agreement in its entirety. Bank and Borrower hereby agree that the Prior Loan Agreement is amended and restated in its entirety as follows: 

 

	 	1	 ACCOUNTING AND OTHER TERMS 

Accounting terms not defined in this Agreement shall be construed following GAAP. Calculations and determinations must be made following GAAP.
Notwithstanding the foregoing, except as explicitly set forth herein, all financial covenant and other financial calculations shall be computed with respect to Borrower only, and not on a consolidated basis. Notwithstanding any terms in this
Agreement to the contrary, for purposes of any financial covenant and other financial calculations in this Agreement (other than for purposes of updating the Borrowing Base) which are made in whole or in part based upon the Availability Amount as of
the last day of a particular month, calculations relying on information from a Borrowing Base Report shall be derived from the Borrowing Base Report delivered within seven (7) days of month end pursuant to Section 6.2(a) (and not, for
clarity, any more recent Borrowing Base Report delivered after such period), and the actual delivery date of such Borrowing Base Report shall be deemed to be the last day of the applicable month. Capitalized terms not otherwise defined in this
Agreement shall have the meanings set forth in Section 13. All other terms contained in this Agreement, unless otherwise indicated, shall have the meaning provided by the Code to the extent such terms are defined therein. 

 

	 	2	 LOAN AND TERMS OF PAYMENT 

2.1    Promise to Pay. Borrower hereby unconditionally promises to pay Bank the outstanding principal amount of all
Credit Extensions made by Bank to Borrower hereunder and accrued and unpaid interest thereon as and when due in accordance with this Agreement. 

2.2    Revolving Line. 

(a)    Availability. Subject to the terms and conditions of this Agreement and to deduction of Reserves, Bank shall
make Advances not exceeding the Availability Amount. Borrower shall be required to request that Bank make an Advance on the Effective Date with a principal amount equal to (i) the total outstanding obligations and liabilities of Borrower owed
to ORIX Growth Capital, LLC and Escalate Capital Partners SBIC III, LP as of the date such Advance is to be made minus (ii) the principal amount of the Term Loan A Advance requested by Borrower to be made on the Effective Date, and Borrower
shall be required to use the proceeds of such Advance and the Term Loan A Advance to repay all obligations and liabilities owed to ORIX Growth Capital, LLC and Escalate Capital Partners SBIC III, LP in full. Bank may make the Advance referenced in
the preceding sentence without instructions from Borrower if Borrower fails to request such Advance on or prior to the Effective Date. Amounts borrowed under the Revolving Line may be repaid and, prior to the Revolving Line Maturity Date,
reborrowed, subject to the applicable terms and conditions precedent herein. 

 (b)    Termination; Repayment. The Revolving Line terminates on
the Revolving Line Maturity Date, when the principal amount of all Advances, the unpaid interest thereon, and all other Obligations relating to the Revolving Line shall be immediately due and payable. 

2.3     Term Loan. 

(a)    Availability. Subject to the terms and conditions of this Agreement, Borrower shall request on the Effective
Date and Bank shall, on or about the Effective Date, make, one (1) term loan advance available to Borrower in the original principal amount of Twenty Million Dollars ($20,000,000.00) (the “Term Loan A Advance”). Borrower shall
be required to use the proceeds of the Term Loan A Advance to pay in full all obligations and liabilities of Borrower to ORIX Growth Capital, LLC and Escalate Capital Partners SBIC III, LP and obligations and liabilities of Borrower to Bank in
connection with 2015 Term Loan Advances (including, without limitation, the 2015 Term Loan Final Payment), and Borrower hereby authorizes Bank to apply proceeds of the Term Loan A Advance to such obligations and liabilities in connection therewith
as part of the funding process (in the case of the 2015 Term Loan Advances, internally, without actually providing such funds to Borrower). Subject to the terms and conditions of this Agreement, upon Borrower’s request, during the Term Loan B
Draw Period, Bank shall make one (1) term loan advance available to Borrower in the original principal amount of Ten Million Dollars ($10,000,000.00) (the “Term Loan B Advance”). Subject to the terms and conditions of this
Agreement, upon Borrower’s request, during the Term Loan C Draw Period, Bank shall make one (1) term loan advance available to Borrower in the original principal amount of Fifteen Million Dollars ($15,000,000.00) (the “Term Loan C
Advance”). The Term Loan A Advance, the Term Loan B Advance and the Term Loan C Advance are each hereinafter referred to singly as a “Term Loan Advance” and collectively as the “Term Loan Advances”. After
repayment, no Term Loan Advance (or any portion thereof) may be reborrowed. 
 (b)    Interest Payments. With
respect to each Term Loan Advance, commencing on the first (1st) Payment Date of the month following the month in which the Funding Date of such Term Loan Advance occurs and continuing on each
Payment Date thereafter, Borrower shall make monthly payments of interest, in arrears, on the outstanding principal amount of such Term Loan Advance at the rate set forth in Section 2.5(a)(ii). 

(c)    Repayment. Commencing on the Term Loan Amortization Date and continuing on each Payment Date thereafter,
Borrower shall repay the Term Loan Advances in (i) thirty-six (36) equal monthly installments of principal, plus (ii) monthly payments of accrued interest at the rate set forth in
Section 2.5(a)(ii). All outstanding principal and accrued and unpaid interest under the Term Loan Advances, and all other outstanding Obligations with respect to the Term Loan Advances, are due and payable in full on the Term Loan Maturity
Date. 
 (d)    Permitted Prepayment. Borrower shall have the option at any time to prepay all, but not less than
all, of the Term Loan Advances, provided Borrower (i) delivers written notice to Bank of its election to prepay the Term Loan Advances at least five (5) Business Days prior to such prepayment, and (ii) pays, on the date of such
prepayment (A) the outstanding principal plus accrued and unpaid interest with respect to the Term Loan Advances, (B) the Term Loan Prepayment Fee, (C) the Term Loan Final Payment and (D) all other sums, if any, that shall have
become due and payable hereunder with respect to the Term Loan Advances, including interest at the Default Rate with respect to any past due amounts. 

(e)    Mandatory Prepayment Upon an Acceleration. If the Term Loan Advances are accelerated by Bank pursuant to
Section 9.1 following the occurrence and during the continuance of an Event of Default, Borrower shall immediately pay to Bank an amount equal to the sum of (i) all outstanding principal plus accrued and unpaid interest with respect to the
Term Loan Advances, (ii) the Term Loan Prepayment Fee, (iii) the Term Loan Final Payment and (iv) all other sums, if any, that shall have become due and payable hereunder with respect to the Term Loan Advances, including interest at
the Default Rate with respect to any past due amounts. 
 2.4    Overadvances. If, at any time, the
outstanding principal amount of any Advances exceeds the lesser of either the Revolving Line or the Borrowing Base, Borrower shall immediately pay to Bank in cash the amount of such excess (such excess, the “Overadvance”). Without
limiting Borrower’s obligation to repay Bank any Overadvance, Borrower agrees to pay Bank interest on the outstanding amount of any Overadvance, on demand, at a per annum rate equal to the rate that is otherwise applicable to Advances plus five
percent (5.0%). 

  
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 2.5    Payment of Interest on the Credit Extensions. 

(a)    Interest Rate. 

(i)    Advances. Subject to Section 2.5(b), the principal amount outstanding under the
Revolving Line shall accrue interest at a floating per annum rate equal to (A) at all times prior to the occurrence of the Adjusted EBITDA Event, the greater of (I) one-half of one percent (0.50%) below the Prime Rate and (2) five
percent (5.0%) and (B) at all times upon and after the occurrence of the Adjusted EBITDA Event, the greater of (I) three-quarters of one percent (0.75%) below the Prime Rate and (2) four and three-quarters of one percent (4.75%),
which interest shall be payable monthly in accordance with Section 2.5(d) below. 
 (ii)    Term
Loan Advances. Subject to Section 2.5(b), the principal amount outstanding under the Term Loan Advances shall accrue interest at a floating per annum rate equal to (A) at all times prior to the occurrence of the Adjusted EBITDA Event,
one and one-half of one percent (1.50%) above the Prime Rate and (B) at all times upon and after the occurrence of the Adjusted EBITDA Event, three-quarters of one percent (0.75%) above the Prime Rate,
which interest shall be payable monthly in accordance with Section 2.5(d) below. 
 (b)    Default Rate.
Immediately upon the occurrence and during the continuance of an Event of Default, Obligations shall bear interest at a rate per annum which is five percent (5.0%) above the rate that is otherwise applicable thereto (the “Default
Rate”) unless Bank otherwise elects from time to time in its sole discretion to impose a smaller increase. Fees and expenses which are required to be paid by Borrower pursuant to the Loan Documents (including, without limitation, Bank
Expenses) but are not paid when due shall bear interest until paid at a rate equal to the highest rate applicable to the Obligations. Payment or acceptance of the increased interest rate provided in this Section 2.5(b) is not a permitted
alternative to timely payment and shall not constitute a waiver of any Event of Default or otherwise prejudice or limit any rights or remedies of Bank. 

(c)    Adjustment to Interest Rate. Changes to the interest rate of any Credit Extension based on changes to the
Prime Rate shall be effective on the effective date of any change to the Prime Rate and to the extent of any such change. 

(d)    Payment; Interest Computation. Interest is payable monthly on the Payment Date of each month and shall be
computed on the basis of a 360-day year for the actual number of days elapsed. In computing interest, (i) all payments received after I :00 p.m. Eastern time on any day shall be deemed received at the
opening of business on the next Business Day, and (ii) the date of the making of any Credit Extension shall be included and the date of payment shall be excluded; provided, however, that if any Credit Extension is repaid on the same day on
which it is made, such day shall be included in computing interest on such Credit Extension. 
 2.6    Fees.
Borrower shall pay to Bank: 
 (a)    Anniversary Fee. For each one (1) year anniversary of the Effective
Date occurring prior to the Revolving Line Maturity Date, Borrower shall pay to Bank a fully earned, non-refundable anniversary fee of (i) with respect to the first (1st) through third (3rd) anniversaries of the Effective Date, One Hundred Thousand Dollars ($100,000.00) each and (ii) with respect to the
fourth (4th) anniversary of the Effective Date and each anniversary thereafter, Seventy Five Thousand Dollars ($75,000.00) each (each, an “Anniversary Fee” and, collectively, the
“Anniversary Fees”). Each Anniversary Fee shall be fully earned on the Effective Date but shall be due and payable on the earliest to occur of (i) such one (1) year anniversary of the Effective Date, (ii) the occurrence of
an Event of Default, and (iii) the termination of this Agreement; 
 (b)    Termination Fee. Upon
termination of this Agreement or the termination of the Revolving Line for any reason prior to the Revolving Line Maturity Date, in addition to the payment of any other amounts then-owing, a termination fee in an amount equal to one and one-half of one percent (1.50%) of the Revolving Line (the “Termination Fee”), provided that no termination fee shall be charged if the credit facility hereunder is replaced with a new facility from
Bank; 

  
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 (c)    Unused Revolving Line Facility Fee. Payable quarterly in
arrears on the last day of each calendar quarter occurring prior to the Revolving Line Maturity Date, and on the Revolving Line Maturity Date, a fee (the “Unused Revolving Line Facility Fee”) in an amount equal to fifteen-hundredths
of one percent (0.15%) per annum of the average unused portion of the Revolving Line, as determined by Bank, computed on the basis of a year with the applicable number of days as set forth in Section 2.5(d). The unused portion of the Revolving
Line, for purposes of this calculation, shall be calculated on a calendar year basis and shall equal the difference between (i) the Revolving Line, and (ii) the average for the period of the daily closing balance of the Revolving Line
outstanding; 
 (d)    Term Loan Prepayment Fee. The Term Loan Prepayment Fee, when due hereunder; 

(e)     Term Loan Final Payment. The Term Loan Final Payment, when due hereunder; 

(f)    Good Faith Deposit. Borrower has paid to Bank a deposit of Thirty Thousand Dollars ($30,000.00) (the
“Good Faith Deposit”), to initiate Bank’s due diligence review process. The Good Faith Deposit shall be utilized to pay Bank Expenses; and 

(g)    Bank Expenses. All Bank Expenses (including reasonable documented attorneys’ fees and expenses for
documentation and negotiation of this Agreement) incurred through and after the Effective Date, when due (or, if no stated due date, upon demand by Bank). 

Unless otherwise provided in this Agreement or in a separate writing by Bank, Borrower shall not be entitled to any credit, rebate, or
repayment of any fees earned by Bank pursuant to this Agreement notwithstanding any termination of this Agreement or the suspension or termination of Bank’s obligation to make loans and advances hereunder. Bank may deduct amounts owing by
Borrower under the clauses of this Section 2.6 pursuant to the terms of Section 2.7(c). Bank shall provide Borrower written notice of deductions made from the Designated Deposit Account pursuant to the terms of the clauses of this
Section 2.6. 
 2.7    Payments; Application of Payments; Debit of Accounts. 

(a)    All payments to be made by Borrower under any Loan Document shall be made in immediately available funds in
Dollars, without setoff or counterclaim, before 1:00 p.m. Eastern time on the date when due. Payments of principal and/or interest received after I :00 p.m. Eastern time are considered received at the opening of business on the next Business Day.
When a payment is due on a day that is not a Business Day, the payment shall be due the next Business Day, and additional fees or interest, as applicable, shall continue to accrue until paid. 

(b)    Bank has the exclusive right to determine the order and manner in which all payments with respect to the
Obligations may be applied. Borrower shall have no right to specify the order or the accounts to which Bank shall allocate or apply any payments required to be made by Borrower to Bank or otherwise received by Bank under this Agreement when any such
allocation or application is not specified elsewhere in this Agreement. 
 (c)    Bank may debit any of Borrower’s
deposit accounts, including the Designated Deposit Account, for principal and interest payments or any other amounts Borrower owes Bank when due. These debits shall not constitute a set-off. 

2.8     Withholding. Payments received by Bank from Borrower under this Agreement will be made free and
clear of and without deduction for any and all present or future taxes, levies, imposts, duties, deductions, withholdings, assessments, fees or other charges imposed by any Governmental Authority (including any interest, additions to tax or
penalties applicable thereto). Specifically, however, if at any time any Governmental Authority, applicable law, regulation or international agreement requires Borrower to make any withholding or deduction from any such payment or other sum payable
hereunder to Bank, Borrower hereby covenants and agrees that the amount 

  
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due from Borrower with respect to such payment or other sum payable hereunder will be increased to the extent necessary to ensure that, after the making of such required withholding or deduction,
Bank receives a net sum equal to the sum which it would have received had no withholding or deduction been required, and Borrower shall pay the full amount withheld or deducted to the relevant Governmental Authority, provided however that to the
extent Bank is refunded any portion of such excess, Bank shall remit such amount to Borrower. Borrower will, upon request, furnish Bank with proof reasonably satisfactory to Bank indicating that Borrower has made such withholding payment; provided,
however, that Borrower need not make any withholding payment if the amount or validity of such withholding payment is contested in good faith by appropriate and timely proceedings and as to which payment in full is bonded or reserved against by
Borrower. The agreements and obligations of Borrower contained in this Section 2.8 shall survive the termination of this Agreement. 

2.9     Application of Payments; Debit of Accounts. 

(a)    Notwithstanding any provision herein to the contrary, all payments received or collected by Bank (including
proceeds for the realization of Collateral) after the occurrence and during the continuance of an Event of Default or after any or all of the Obligations have been accelerated by Bank pursuant to Section 9.1 (so long as such acceleration has
not been rescinded) or upon the occurrence of an additional termination event (as defined under the respective Secured Rate Contract) with Borrower as the affected party (unless otherwise waived) or upon the designation of an early termination date
with respect to any Secured Rate Contract with Borrower as the defaulting or affected party, shall be applied as follows: 

(i)    First, to payment of costs and expenses, including Bank Expenses, of Bank payable or reimbursable by Borrower
under the Loan Documents; 
 (ii)    Second, to (X) the payment of all accrued unpaid interest on the
Obligations and fees owed to Bank, and (Y) the payment of any ordinary course settlement payments (including Unpaid Amounts) then due and payable to any Secured Swap Provider under its Secured Rate Contracts, after such ordinary course
settlement payments have been reduced by the amount of any cash collateral that has been made available to such Secured Swap Provider to secure the obligations under such Secured Rate Contract; 

(iii)    Third, to (i) the payment of principal of the Loan Obligations including, without limitation any
reimbursement obligations in respect of Letters of Credit that are then due and payable; (ii) the payment of all termination payments (but excluding Unpaid Amounts paid under clause “second” above) under the Secured Rate Contracts
then due and payable to any Secured Swap Provider, after such termination payments have been reduced by the amount of any cash collateral that has been made available to such Secured Swap Provider to secure the obligations under such Secured Rate
Contract; and (iii) the cash collateralization of one hundred ten percent (110.0%) of the Dollar Equivalent of the face amount of any unmatured Letters of Credit to the extent not then due and payable; and (iv) the cash collateralization
of any other unmatured Secured Swap Obligations in an amount necessary to secure the obligations of Borrower to any Secured Swap Provider under its Secured Rate Contracts; 

(iv)    Fourth, to payment of any other amounts owing constituting Obligations; and 

(v)    Fifth, any remainder shall be for the account of and paid to whomever may be lawfully entitled thereto. 

In carrying out the foregoing, (x) amounts received shall be applied in the numerical order provided above until exhausted prior to the
application to the next succeeding category and (y) Bank, each Secured Swap Provider and each other Persons entitled to payment shall receive an amount equal to its pro rata share of amounts available to be applied pursuant to clauses second,
third and fourth above. Borrower shall have no right to specify the order or the accounts to which Bank shall allocate or apply any payments required to be made by Borrower to Bank or otherwise received by Bank under this Agreement when any such
allocation or application is not specified elsewhere in this Agreement. 

  
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 (b)    Bank, for itself and as agent for the Secured Swap Providers, may
debit any of Borrower’s deposit accounts, including the Designated Deposit Account, for principal and interest payments or any other amounts Borrower owes Bank or any Secured Swap Provider when due. These debits shall not constitute a set-off. 
  

	 	3	 CONDITIONS OF LOANS 

3.1    Conditions Precedent to Initial Credit Extension. Bank’s obligation to make the initial Credit
Extension is subject to the condition precedent that Bank shall have received, in form and substance satisfactory to Bank, such documents, and completion of such other matters, as Bank shall have reasonably requested, including, without limitation:

 (a)    duly executed original signatures to the Loan Documents; 

(b)    duly executed original signature to the Warrant, together with a capitalization table for Borrower; 

(c)    (i) the Operating Documents and a long-form good standing certificate of Borrower certified by the Secretary of
State of Delaware (or equivalent agency) and (ii) a certificate of good standing/foreign qualification of Borrower certified by the Secretary of State (or equivalent agency) of New York, each as of a date no earlier than thirty (30) days
prior to the Effective Date; 
 (d)    a secretary’s corporate borrowing certificate of Borrower with respect to
Borrower’s Operating Documents, incumbency, specimen signatures and resolutions authorizing the execution and delivery of this Agreement and the other Loan Documents to which it is a party; 

(e)    duly executed original signatures to the completed Borrowing Resolutions for Borrower; 

(f)    duly executed signatures to a payoff letter from ORIX Growth Capital, LLC and Escalate Capital Partners SBIC III,
LP; 
 (g)    evidence that (i) the Liens securing Indebtedness owed by Borrower to ORIX Growth Capital, LLC and
Escalate Capital Partners SBIC III, LP will be terminated and (ii) the documents and/or filings evidencing the perfection of such Liens, including without limitation any financing statements and/or control agreements, have or will, concurrently
with the initial Credit Extension, be terminated; 
 (h)    certified copies, dated as of a recent date, of financing
statement searches, as Bank may request, accompanied by written evidence (including any UCC termination statements) that the Liens indicated in any such financing statements either constitute Permitted Liens or have been or, in connection with the
initial Credit Extension, will be terminated or released; 
 (i)     acknowledgment copies (from the Delaware Department
of State) of either (i) an amendment to each of (A) UCC filing no. 20182814503 in favor of DeLage Landen Financial Services, Inc., (B) UCC filing no. 20182910053 in favor of C T Corporation System, as Representative, (C) UCC filing
no. 20185907387 in favor of Vendor Services Center, (D) UCC filing no. 20185933136 in favor of Wells Fargo Vendor Financial Services, LLC and (E) UCC filing no. 20186496224 in favor of Hitachi Capital America Corp., in each case amending
the collateral description to refer only to specific financed or leased equipment or (ii) a filed termination of each of the foregoing financing statements; 

(j)    the Perfection Certificate of Borrower, together with the duly executed original signature thereto; 

(k)    a legal opinion (authority and enforceability) of Borrower’s counsel dated as of the Effective Date together
with the duly executed original signature thereto; 

  
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 (1)    evidence satisfactory to Bank that the insurance policies and
endorsements required by Section 6.7 hereof are in full force and effect; 
 (m)    the completion of the Initial
Audit; 
 (n)     with respect to the initial Advance, a completed Borrowing Base Report (and any schedules related
thereto and including any other information requested by Bank with respect to Borrower’s Accounts) and a completed Recurring Revenue Report; and 

(o)    payment of the fees and Bank Expenses then due as specified in Section 2.6 hereof. 

3.2    Conditions Precedent to all Credit Extensions. Bank’s obligations to make each Credit Extension,
including the initial Credit Extension, is subject to the following conditions precedent: 
 (a)    timely receipt of
(i) with respect to requests for Advances, the Credit Extension request and any materials and documents required by Section 3.4 and (ii) with respect to requests for Term Loan Advances, an executed Payment/Advance Form and any
materials and documents required by Section 3.4; 
 (b)    the representations and warranties in this Agreement
shall be true, accurate, and complete in all material respects on the date of the proposed Credit Extension and/or the Payment/Advance Form, as applicable, and on the Funding Date of each Credit Extension; provided, however, that such materiality
qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof; and provided, further that those representations and warranties expressly referring to a specific date
shall be true, accurate and complete in all material respects as of such date, and no Event of Default shall have occurred and be continuing or result from the Credit Extension. Each Credit Extension is Borrower’s representation and warranty on
that date that the representations and warranties in this Agreement are true, accurate, and complete in all material respects as of such date; provided, however, that such materiality qualifier shall not be applicable to any representations and
warranties that already are qualified or modified by materiality in the text thereof; and provided, further that those representations and warranties expressly referring to a specific date shall be true, accurate and complete in all material
respects as of such date; and 
 (c)    Bank determines to its satisfaction that there has not been any material
impairment in the general affairs, management, results of operation, financial condition or the prospect of repayment of the Obligations when due, nor any material adverse deviation by Borrower from the most recent business plan of Borrower
presented to and accepted by Bank. 
 3.3    Covenant to Deliver. Borrower agrees to deliver to Bank each item
required to be delivered to Bank under this Agreement as a condition precedent to any Credit Extension. Borrower expressly agrees that a Credit Extension made prior to the receipt by Bank of any such item shall not constitute a waiver by Bank of
Borrower’s obligation to deliver such item, and the making of any Credit Extension in the absence of a required item shall be in Bank’s sole discretion. 

3.4    Procedures for Borrowing. 

(a)    Advances. Subject to the prior satisfaction of all other applicable conditions to the making of an Advance
set forth in this Agreement, to obtain an Advance, Borrower (via an individual duly authorized by an Administrator) shall notify Bank (which notice shall be irrevocable) by electronic mail by 1:00 p.m. Eastern time on the Funding Date of the
Advance. Such notice shall be made by Borrower through Bank’s online banking program, provided, however, if Borrower is not utilizing Bank’s online banking program, then such notice shall be in a written format acceptable to Bank that is
executed by an Authorized Signer. Bank shall have received satisfactory evidence that the Board has approved that such Authorized Signer may provide such notices and request Advances. In connection with any such notification, Borrower must promptly
deliver to Bank by electronic mail or through Bank’s online banking program such reports and information, including without limitation, a Borrowing Base Report, sales journals, cash receipts journals, accounts receivable aging reports, as Bank
may request in its sole discretion. Bank shall credit proceeds of an Advance to the Designated Deposit Account. Bank may make Advances under this Agreement based on instructions from an Authorized Signer or without instructions if the Advances are
necessary to meet Obligations which have become due. 

  
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 (b)    Term Loan Advances. Subject to the prior satisfaction of
all other applicable conditions to the making of a Term Loan Advance set forth in this Agreement, to obtain a Term Loan Advance, Borrower (via an individual duly authorized by an Administrator) shall notify Bank (which notice shall be irrevocable)
by electronic mail by 1:00 p.m. Eastern time on the Funding Date of the Term Loan Advance. Such notice shall be made by Borrower through Bank’s online banking program, provided, however, if Borrower is not utilizing Bank’s online banking
program, then such notice shall be in a written format acceptable to Bank that is executed by an Authorized Signer. Bank shall have received satisfactory evidence that the Board has approved that such Authorized Signer may provide such notices and
request Term Loan Advances. In connection with such notification, Borrower must promptly deliver to Bank by electronic mail or through Bank’s online banking program a completed Payment/Advance Form executed by an Authorized Signer together with
such other reports and information, as Bank may request in its sole discretion. Bank shall credit proceeds of any Term Loan Advance to the Designated Deposit Account. Bank may make Term Loan Advances under this Agreement based on instructions from
an Authorized Signer or without instructions if the Term Loan Advances are necessary to meet Obligations which have become due. 
  

	 	4	 CREATION OF SECURITY INTEREST 

4.1    Grant of Security Interest. Borrower hereby grants Bank, for itself and as agent for each Secured Swap
Provider, to secure the payment and performance in full of all of the Obligations, a continuing security interest in, and pledges to Bank, for itself and as agent for each Secured Swap Provider, the Collateral, wherever located, whether now owned or
hereafter acquired or arising, and all proceeds and products thereof. 
 Borrower acknowledges that it previously has entered, and/or may in
the future enter, into Bank Services Agreements with Bank. Regardless of the terms of any Bank Services Agreement, Borrower agrees that any amounts Borrower owes Bank thereunder shall be deemed to be Obligations hereunder and that it is the intent
of Borrower and Bank to have all such Obligations secured by the first priority perfected security interest in the Collateral granted herein (subject only to Permitted Liens that are permitted pursuant to the terms of this Agreement to have superior
priority to Bank’s Lien in this Agreement). 
 If this Agreement is terminated, Bank’s Lien in the Collateral shall continue until
(i) the Obligations (other than inchoate indemnity obligations) are repaid in full in cash and (ii) any Contingent Obligations (other than inchoate indemnity obligations and Secured Rate Contracts) are secured with cash collateral in an
amount and on terms reasonably satisfactory to Bank and to each Secured Swap Provider. Upon payment in full in cash of the Obligations (other than inchoate indemnity obligations) and at such time as Bank’s obligation to make Credit Extensions
has terminated, Bank shall promptly, at the sole cost and expense of Borrower, release its Liens in the Collateral and all rights therein shall revert to Borrower. In the event (x) all Obligations (other than inchoate indemnity obligations),
except for Bank Services, are satisfied in full, and (y) this Agreement is terminated, Bank shall terminate the security interest granted herein upon Borrower providing cash collateral acceptable to Bank in its good faith business judgment
consistent with Bank’s then current practice for Bank Services, if any. In the event such Bank Services consist of outstanding Letters of Credit, Borrower shall provide to Bank cash collateral in an amount equal to (x) if such Letters of
Credit are denominated in Dollars, then at least one hundred percent (100.0%); and (y) if such Letters of Credit are denominated in a Foreign Currency, then at least one hundred five percent (105.0%), of the Dollar Equivalent of the face amount
of all such Letters of Credit plus all interest, fees, and costs due or to become due in connection therewith (as estimated by Bank in its business judgment), to secure all of the Obligations relating to such Letters of Credit. 

4.2    Priority of Security Interest. Borrower represents, warrants, and covenants that the security
interest granted herein is and shall at all times continue to be a first priority perfected security interest in the Collateral (subject only to Permitted Liens that are permitted pursuant to the terms of this Agreement to have superior priority to
Bank’s Lien under this Agreement and further subject to Bank perfecting it security interest in the Collateral). If Borrower shall acquire a commercial tort claim, Borrower shall promptly notify Bank in a writing signed by Borrower of the
general details thereof and grant to Bank, for itself and as agent for each Secured Swap Provider, in such writing a security interest therein and in the proceeds thereof, all upon the terms of this Agreement, with such writing to be in form and
substance reasonably satisfactory to Bank. 

  
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 4.3    Authorization to File Financing Statements.
Borrower hereby authorizes Bank, for itself and as agent for each Secured Swap Provider, to file financing statements, without notice to Borrower, with all appropriate jurisdictions to perfect or protect Bank’s interest or rights hereunder,
including a notice that any disposition of the Collateral, by either Borrower or any other Person, shall be deemed to violate the rights of Bank under the Code. Such financing statements may indicate the Collateral as “all assets of the
Debtor” or words of similar effect, or as being of an equal or lesser scope, or with greater detail, all in Bank’s discretion. 
  

	 	5	 REPRESENTATIONS AND WARRANTIES 

Borrower represents and warrants to Bank as follows: 

5.1    Due Organization, Authorization; Power and Authority. Borrower is duly existing and in good standing
as a Registered Organization in its jurisdiction of formation and is qualified and licensed to do business and is in good standing in any jurisdiction in which the conduct of its business or its ownership of property requires that it be qualified
except where the failure to do so could not reasonably be expected to have a material adverse effect on Borrower’s business. In connection with this Agreement, Borrower has delivered to Bank a completed certificate signed by Borrower entitled
“Perfection Certificate” (the “Perfection Certificate”). Borrower represents and warrants to Bank that (a) Borrower’s exact legal name is that indicated on the Perfection Certificate and on the signature page
hereof; (b) Borrower is an organization of the type and is organized in the jurisdiction set forth in the Perfection Certificate; (c) the Perfection Certificate accurately sets forth Borrower’s organizational identification number or
accurately states that Borrower has none; (d) the Perfection Certificate accurately sets forth Borrower’s place of business, or, if more than one, its chief executive office as well as Borrower’s mailing address (if different than its
chief executive office); (e) Borrower (and each of its predecessors) has not, in the past five (5) years, changed its jurisdiction of formation, organizational structure or type, or any organizational number assigned by its jurisdiction; and
(f) all other information set forth on the Perfection Certificate pertaining to Borrower and each of its Subsidiaries is accurate and complete in all material respects (it being understood and agreed that Borrower may from time to time update
certain information in the Perfection Certificate after the Effective Date to the extent permitted by one or more specific provisions in this Agreement). If Borrower is not now a Registered Organization but later becomes one, Borrower shall promptly
notify Bank of such occurrence and provide Bank with Borrower’s organizational identification number. 
 The execution, delivery and
performance by Borrower of the Loan Documents to which it is a party have been duly authorized, and do not (i) conflict with any of Borrower’s organizational documents, (ii) contravene, conflict with, constitute a default under or
violate any material Requirement of Law, (iii) contravene, conflict or violate any applicable order, writ, judgment, injunction, decree, determination or award of any Governmental Authority by which Borrower or any of its Subsidiaries or any of
their property or assets may be bound or affected, (iv) require any action by, filing, registration, or qualification with, or Governmental Approval from, any Governmental Authority (except such Governmental Approvals which have already been
obtained and are in full force and effect), or (v) conflict with, contravene, constitute a default or breach under, or result in or permit the termination or acceleration of, any material agreement by which Borrower is bound. Borrower is not in
default under any agreement to which it is a party or by which it is bound in which the default could reasonably be expected to have a material adverse effect on Borrower’s business. 

5.2     Collateral. Borrower has good title to, rights in, and the power to transfer each item of the
Collateral upon which it purports to grant a Lien hereunder, free and clear of any and all Liens except Permitted Liens. Borrower has no Collateral Accounts at or with any bank or financial institution other than Bank or Bank’s Affiliates
except for the Collateral Accounts described in the Perfection Certificate delivered to Bank in connection herewith and which Borrower has taken such actions as are necessary to give Bank a perfected security interest therein, pursuant to the terms
of Section 6.8(b). The Accounts are bona fide, existing obligations of the Account Debtors. 
 The Collateral is not in the possession
of any third party bailee (such as a warehouse) except as otherwise provided in the Perfection Certificate. None of the components of the Collateral (other than mobile equipment such as laptop computers in the possession of Borrower’s employees
or agents) shall be maintained at locations other than as provided in the Perfection Certificate or as permitted pursuant to Section 7.2. 

  
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 All Inventory is in all material respects of good and marketable quality, free from material
defects (normal wear and tear excluded). 
 Borrower is the sole owner of the Intellectual Property which it owns or purports to own except
for (a) non-exclusive licenses granted to its customers in the ordinary course of business, (b) over-the-counter software that is commercially available to the
public, and (c) material Intellectual Property licensed to Borrower and noted on the Perfection Certificate. Each Patent which it owns or purports to own and which is material to Borrower’s business is valid and enforceable, and no part of
the Intellectual Property which Borrower owns or purports to own and which is material to Borrower’s business has been judged invalid or unenforceable, in whole or in part. To Borrower’s knowledge, no claim has been made that any part of
the Intellectual Property violates the rights of any third party except to the extent such claim would not reasonably be expected to have a material adverse effect on Borrower’s business. 

Except as noted on the Perfection Certificate, Borrower is not a party to, nor is it bound by, any Restricted License. 

5.3    Accounts Receivable. 

(a)    For each Account with respect to which Advances are requested, on the date each Advance is requested and made, such
Account shall be an Eligible Account. 
 (b)    All statements made and all unpaid balances appearing in all invoices,
instruments and other documents evidencing the Eligible Accounts are and shall be true and correct and all such invoices, instruments and other documents, and all of Borrower’s Books are genuine and in all respects what they purport to be. All
sales and other transactions underlying or giving rise to each Eligible Account shall comply in all material respects with all applicable laws and governmental rules and regulations. Borrower has no knowledge of any actual or imminent Insolvency
Proceeding of any Account Debtor whose accounts are Eligible Accounts in any Borrowing Base Report. To Borrower’s knowledge, all signatures and endorsements on all documents, instruments, and agreements relating to all Eligible Accounts are
genuine, and all such documents, instruments and agreements are legally enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency and similar laws relating to creditors’ rights and to general equitable
principles.. 
 5.4     Customer Accounts. For any customer Account that
generates Recurring Revenue, all statements made and all unpaid balances appearing in all invoices, instruments and other documents evidencing such customer Accounts are and shall be true and correct and all such invoices, instruments and other
documents, and all of Borrower’s Books are genuine and in all respects what they purport to be. All sales and other transactions underlying or giving rise to each customer Account that generates Recurring Revenue shall comply in all material
respects with all applicable laws and governmental rules and regulations. Borrower has no knowledge of any actual or imminent Insolvency Proceeding of any Account Debtor whose accounts are customer Accounts that generate Recurring Revenue. To
Borrower’s knowledge, all signatures and endorsements on all documents, instruments, and agreements relating to all such customer Accounts are genuine, and all such documents, instruments and agreements are legally enforceable in accordance
with their terms, subject to applicable bankruptcy, insolvency and similar laws relating to creditors’ rights and to general equitable principles. Borrower is the owner of and has the legal right to sell, transfer, assign and encumber each such
customer Account, and, there are no defenses, offsets, counterclaims or agreements for which the Account Debtor may claim any deduction or discount. 

5.4     Litigation. There are no actions or proceedings pending or, to the
knowledge of any Responsible Officer, threatened in writing by or against Borrower or any of its Subsidiaries involving more than, individually or in the aggregate, Five Hundred Thousand Dollars ($500,000.00). 

5.5    Financial Statements; Financial Condition. All consolidated financial statements for Borrower and any
of its Subsidiaries delivered to Bank fairly present in all material respects Borrower’s consolidated financial condition as of the date thereof and Borrower’s consolidated results of operations for the period reported. There has not been
any material deterioration in Borrower’s consolidated financial condition since the date of the most recent financial statements of Borrower submitted to Bank. 

  
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 5.6    Solvency. The fair
salable value of Borrower’s consolidated assets (including goodwill minus disposition costs) exceeds the fair value of Borrower’s liabilities; and Borrower is able to pay its debts (including trade debts) as they mature. 

5.7    Regulatory Compliance. Borrower is not an “investment company” or a company
“controlled” by an “investment company” under the Investment Company Act of 1940, as amended. Borrower is not engaged as one of its important activities in extending credit for margin stock (under Regulations X, T and U of the
Federal Reserve Board of Governors). Borrower (a) has complied in all material respects with all Requirements of Law, and (b) has not violated any Requirements of Law the violation of which could reasonably be expected to have a material
adverse effect on its business. None of Borrower’s or any of its Subsidiaries’ properties or assets has been used by Borrower or any Subsidiary or, to Borrower’s knowledge, by previous Persons, in disposing, producing, storing,
treating, or transporting any hazardous substance other than legally. Borrower and each of its Subsidiaries have obtained all consents, approvals and authorizations of, made all declarations or filings with, and given all notices to, all
Governmental Authorities that are necessary to continue their respective businesses as currently conducted, except where the failure to do so could not reasonably be expected to have a material adverse effect on Borrower’s business or
operations. 
 5.8     Subsidiaries; Investments. Borrower does not own any stock, partnership, or other
ownership interest or other equity securities except for Permitted Investments. 
 5.9     Tax Returns and
Payments; Pension Contributions. Borrower has timely filed (or has obtained an extension to file) all required tax returns and reports, and Borrower has timely paid all foreign, federal, state and local taxes, assessments, deposits and
contributions owed by Borrower except (a) to the extent such taxes are being contested in good faith by appropriate proceedings promptly instituted and diligently conducted, so long as such reserve or other appropriate provision, if any, as
shall be required in conformity with GAAP shall have been made therefor, or (b) if such taxes, assessments, deposits and contributions do not, individually or in the aggregate, exceed Fifty Thousand Dollars ($50,000.00). 

To the extent Borrower defers payment of any contested taxes, Borrower shall (i) notify Bank in writing of the commencement of, and any
material development in, the proceedings, and (ii) post bonds or take any other steps required to prevent the Governmental Authority levying such contested taxes from obtaining a Lien upon any of the Collateral that is other than a
“Permitted Lien.” Borrower is unaware of any claims or adjustments proposed for any of Borrower’s prior tax years which could result in additional taxes becoming due and payable by Borrower in excess of Five Thousand Dollars
($5,000.00). Borrower has paid all amounts necessary to fund all present pension, profit sharing and deferred compensation plans in accordance with their terms, and Borrower has not withdrawn from participation in, and has not permitted partial or
complete termination of, or permitted the occurrence of any other event with respect to, any such plan which could reasonably be expected to result in any liability of Borrower, including any liability to the Pension Benefit Guaranty Corporation or
its successors or any other governmental agency. 
 5.10     Use of Proceeds. Borrower shall use
the proceeds of the Credit Extensions to repay Borrower’s outstanding obligations and liabilities to ORIX Growth Capital, LLC and Escalate Capital Partners SBIC III, LP, as working capital and to fund its general business requirements and not
for personal, family, household or agricultural purposes. 
 5.11     Full Disclosure. No written
representation, warranty or other statement of Borrower in any certificate or written statement given to Bank in connection with the Loan Documents or the transactions contemplated thereby, as of the date such representation, warranty, or other
statement was made, taken together with all such written certificates and written statements given to Bank in connection with the Loan Documents or the transactions contemplated thereby, contains any untrue statement of a material fact or omits to
state a material fact necessary to make the statements contained in the certificates or statements not misleading in light of the circumstances in which they were made (it being recognized by Bank that the projections and forecasts provided by
Borrower in good faith and based upon reasonable assumptions are not viewed as facts and that actual results during the period or periods covered by such projections and forecasts may differ from the projected or forecasted results). 

  
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 5.12     Definition of “Knowledge.” For purposes
of the Loan Documents, whenever a representation or warranty is made to Borrower’s knowledge or awareness, to the “best of” Borrower’s knowledge, or with a similar qualification, knowledge or awareness means the actual knowledge,
after reasonable investigation, of any Responsible Officer. 
 5.13    
Designation of Indebtedness under this Agreement as Senior Indebtedness. All principal of, interest (including all interest accruing after the commencement of any bankruptcy or similar proceeding, whether or not a claim for post-petition
interest is allowable as a claim in any such proceeding), and all fees, costs, expenses and other amounts accrued or due under this Agreement and under the Secured Rate Contracts shall constitute “Designated Senior Indebtedness” under the
terms of any Subordinated Debt documents. 
  

	 	6	 AFFIRMATIVE COVENANTS 

Borrower shall do all of the following (until payment in full of all outstanding Obligations (other than inchoate indemnity obligations) and
the termination of this Agreement): 
 6.1     Government Compliance. 

(a)     Maintain its and (except as permitted by Section 7.3) all its Subsidiaries’ legal existence and good
standing in their respective jurisdictions of formation and maintain qualification in each jurisdiction in which the failure to so qualify would reasonably be expected to have a material adverse effect on Borrower’s business or operations.
Borrower shall comply, and have each Subsidiary comply, in all material respects, with all applicable laws, ordinances and regulations to which it is subject. 

(b)     Obtain all of the Governmental Approvals necessary for the performance by Borrower of its obligations under the
Loan Documents to which it is a party and the grant of a security interest to Bank, for itself and as agent for each Secured Swap Provider, in all of the Collateral. Borrower shall promptly provide copies of any such obtained Governmental Approvals
to Bank. 
 6.2     Financial Statements, Reports, Certificates. Provide Bank with the following: 

(a)     a Borrowing Base Report (and any schedules related thereto and including any other information reasonably requested
by Bank with respect to Borrower’s Accounts) (i) with each request for an Advance and (ii) within thirty (30) days after the end of each month; 

(b)     within thirty (30) days after the end of each month, a Recurring Revenue report (and any schedules related
thereto and including any other information requested by Bank with respect to Borrower’s Accounts, including, without limitation, details of Borrower’s Recurring Revenue including, without limitation, total Recurring Revenue, total
customers, new subscriptions in process, the Revenue Advance Rate and the Provider Retention Percentage), each in a form reasonably acceptable to Bank (such report, the “Recurring Revenue Report”); 

(c)     within thirty (30) days after the end of each month (i) monthly accounts receivable agings, aged by
invoice date, (ii) monthly accounts payable agings, aged by invoice date, and outstanding or held check registers, if any, and (iii) monthly reconciliations of accounts receivable agings (aged by invoice date), transaction reports,
Deferred Revenue report, detailed Account Debtor listing and general ledger; 
 (d)     as soon as available, but no
later than thirty (30) days after the last day of each month, a company prepared consolidated balance sheet and income statement covering Borrower’s consolidated operations for such month in a form reasonably acceptable to Bank (the
“Monthly Financial Statements”); 
 (e)     within thirty (30) days after the last day of each
month and together with the Monthly Financial Statements, a duly completed Compliance Certificate signed by a Responsible Officer, certifying that as of the end of such month, Borrower was in full compliance with all of the terms and conditions of
this Agreement, and setting forth calculations showing compliance with the financial covenants set forth in this Agreement and such other information as Bank may reasonably request, including, without limitation, a statement that at the end of such
month there were no held checks; 

  
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 (f)     at least annually, as soon as available, and in any event no
later than the earlier to occur of (i) March 31st of each year and (ii) approval by the Board, and contemporaneously with any updates or amendments thereto, (A) annual operating
budgets (including income statements, balance sheets and cash flow statements, by month), and (B) annual financial projections (on a quarterly basis), in each case as approved by the Board, together with any related business forecasts used in
the preparation of such annual financial projections; 
 (g)     as soon as available, and in any event within one
hundred eighty (180) days following the end of Borrower’s fiscal year, audited consolidated financial statements prepared under GAAP, consistently applied (except for the absence of footnotes), together with an unqualified opinion on the
financial statements from an independent certified public accounting firm reasonably acceptable to Bank; 
 (h)     in
the event that Borrower becomes subject to the reporting requirements under the Exchange Act, within five (5) days of filing, copies of all periodic and other reports, proxy statements and other materials filed by Borrower and/or any Guarantor
with the SEC, any Governmental Authority succeeding to any or all of the functions of the SEC or with any national securities exchange, or distributed to its shareholders, as the case may be. Documents required to be delivered pursuant to the terms
hereof (to the extent any such documents are included in materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date on which Borrower posts such documents, or
provides a link thereto, on Borrower’s website on the internet at Borrower’s website address; provided, however, Borrower shall promptly notify Bank in writing (which may be by electronic mail) of the posting of any such documents; 

(i)     within five (5) days of delivery, copies of all statements, reports and notices made available to
Borrower’s security holders generally or to any holders of Subordinated Debt; 
 (j)    prompt written notice of
any changes to the beneficial ownership information set out in Section 14 of the Perfection Certificate. Borrower understands and acknowledges that Bank relies on such true, accurate and up-to-date beneficial ownership information to meet Bank’s regulatory obligations to obtain, verify and record information about the beneficial owners of its legal entity customers; 

(k)     prompt report of any legal actions pending or threatened in writing against Borrower or any of its Subsidiaries
that could reasonably be expected to result in damages or costs to Borrower or any of its Subsidiaries of, individually or in the aggregate, Five Hundred Thousand Dollars ($500,000.00) or more; and 

(1)    promptly, from time to time, such other information regarding Borrower or compliance with the terms of any Loan
Documents as reasonably requested by Bank in writing. 
 6.3     Accounts Receivable. 

(a)     Schedules and Documents Relating to Accounts. Borrower shall deliver to Bank transaction reports and
schedules of collections, as provided in Section 6.2, on Bank’s standard forms; provided, however, that Borrower’s failure to execute and deliver the same shall not affect or limit Bank’s Lien and other rights in all of
Borrower’s Accounts, nor shall Bank’s failure to advance or lend against a specific Account affect or limit Bank’s Lien and other rights therein. If requested by Bank, Borrower shall furnish Bank with copies (or, at Bank’s
reasonable request, originals) of all contracts, orders, invoices, and other similar documents, and all shipping instructions, delivery receipts, bills of lading, and other evidence of delivery, for any goods the sale or disposition of which gave
rise to such Accounts. In addition, Borrower shall deliver to Bank, on its reasonable request, the originals of all instruments, chattel paper, security agreements, guarantees and other documents and property evidencing or securing any Accounts, in
the same form as received, with all necessary indorsements, and copies of all credit memos. 
 (b)     Disputes.
Borrower shall promptly notify Bank of all disputes or claims relating to Accounts which, individually or in the aggregate, exceed Fifty Thousand Dollars ($50,000.00). Borrower may 

  
 13 

 
forgive (completely or partially), compromise, or settle any Account for less than payment in full, or agree to do any of the foregoing so long as (i) Borrower does so in good faith, in a
commercially reasonable manner, in the ordinary course of business in arm’s-length transactions, and reports the same to Bank in the regular reports provided to Bank; (ii) no Event of Default has
occurred and is continuing; and (iii) after taking into account all such discounts, settlements and forgiveness, the total outstanding Advances will not exceed the lesser of the Revolving Line or the Borrowing Base. 

(c)     Collection of Accounts. Borrower shall direct Account Debtors to deliver or transmit all proceeds of
Accounts into a lockbox account, or such other “blocked account” as specified by Bank (either such account, the “Cash Collateral Account”). Whether or not an Event of Default has occurred and is continuing, Borrower shall
immediately deliver all payments on and proceeds of Accounts to the Cash Collateral Account. Subject to Bank’s right to maintain a reserve pursuant to Section 6.3(d), all amounts received in the Cash Collateral Account shall be, so long as
no Event of Default exists, transferred on a daily basis to Borrower’s operating account with Bank. Borrower hereby authorizes Bank to transfer to the Cash Collateral Account any amounts that Bank reasonably determines are proceeds of the
Accounts (provided that Bank is under no obligation to do so and this allowance shall in no event relieve Borrower of its obligations hereunder). 

(d)     Reserves. Notwithstanding any terms in this Agreement to the contrary, at times when an Event of Default
exists, Bank may hold any proceeds of the Accounts and any amounts in the Cash Collateral Account that are not applied to the Obligations pursuant to Section 6.3(c) above (including amounts otherwise required to be transferred to
Borrower’s operating account with Bank) as a reserve to be applied to any Obligations regardless of whether such Obligations are then due and payable. 

(e)     Returns. Provided no Event of Default has occurred and is continuing, if any Account Debtor returns any
Inventory to Borrower with a value, individually or in the aggregate, of at least Fifty Thousand Dollars ($50,000.00), Borrower shall promptly (i) determine the reason for such return, (ii) issue a credit memorandum to the Account Debtor
in the appropriate amount, and (iii) provide a copy of such credit memorandum to Bank, upon request from Bank. In the event any attempted return occurs after the occurrence and during the continuance of any Event of Default, Borrower shall hold
the returned Inventory in trust for Bank, and immediately notify Bank of the return of the Inventory. 
 (f)
    Verifications; Confirmations; Credit Quality; Notifications. Bank may, from time to time, (i) verify and confirm directly with the respective Account Debtors the validity, amount and other matters relating to the
Accounts, either in the name of Borrower or Bank or such other name as Bank may choose, and notify any Account Debtor of Bank’s security interest in such Account and/or (ii) conduct a credit check of any Account Debtor to approve any such
Account Debtor’s credit. 
 (g)     No Liability. Bank shall not be responsible or liable for any shortage
or discrepancy in, damage to, or loss or destruction of, any goods, the sale or other disposition of which gives rise to an Account, or for any error, act, omission, or delay of any kind occurring in the settlement, failure to settle, collection or
failure to collect any Account, or for settling any Account in good faith for less than the full amount thereof, nor shall Bank be deemed to be responsible for any of Borrower’s obligations under any contract or agreement giving rise to an
Account. Nothing herein shall, however, relieve Bank from liability for its own gross negligence or willful misconduct. 
 6.4
    Remittance of Proceeds. Except as otherwise provided in Section 6.3(c), deliver, in kind, all proceeds arising from the disposition of any Collateral to Bank in the original form in which received by Borrower
not later than the following Business Day after receipt by Borrower, to be applied to the Obligations (a) prior to the occurrence and continuation of an Event of Default, pursuant to the terms of Section 6.3(c) hereof, and (b) after
the occurrence and during the continuance of an Event of Default, pursuant to the terms of Section 9.4 hereof; provided that, if no Event of Default has occurred and is continuing, Borrower shall not be obligated to remit to Bank the proceeds
of the sale of worn out or obsolete Equipment disposed of by Borrower in good faith in an arm’s length transaction for an aggregate purchase price of Fifty Thousand Dollars ($50,000.00) or less (for all such transactions in any fiscal year).
Borrower agrees that it will not commingle proceeds of Collateral with any of Borrower’s other funds or property, but will hold such proceeds separate and apart from such other funds and property and in an express trust for Bank. Nothing in
this Section 6.4 limits the restrictions on disposition of Collateral set forth elsewhere in this Agreement. 

  
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 6.5     Taxes; Pensions. Timely file, and require each of
its Subsidiaries to timely file, all required tax returns and reports and timely pay, and require each of its Subsidiaries to timely pay, all foreign, federal, state and local taxes, assessments, deposits and contributions owed by Borrower and each
of its Subsidiaries, except for deferred payment of any taxes contested pursuant to the terms of Section 5.10 hereof, and shall deliver to Bank, on demand, appropriate certificates attesting to such payments, and pay all amounts necessary to
fund all present pension, profit sharing and deferred compensation plans in accordance with their terms. 
 6.6
    Access to Collateral; Books and Records. At reasonable times, on one (1) Business Day’s notice (provided no notice is required if an Event of Default has occurred and is continuing), Bank, or its agents,
shall have the right to inspect the Collateral and the right to audit and copy Borrower’s Books. Such inspections and audits shall be conducted as frequently as Bank determines in its sole discretion that conditions warrant. The foregoing
inspections and audits shall be conducted at Borrower’s expense, and the charge therefor shall be One Thousand Dollars ($1,000.00) per person per day (or such higher amount as shall represent Bank’s then-current standard charge for the
same), plus reasonable out-of-pocket expenses. In the event Borrower and Bank schedule an audit more than eight (8) days in advance, and Borrower cancels or seeks
to or reschedules the audit with less than eight (8) days written notice to Bank, then (without limiting any of Bank’s rights or remedies) Borrower shall pay Bank a fee of Two Thousand Dollars ($2,000.00) plus any out-of-pocket expenses incurred by Bank to compensate Bank for the anticipated costs and expenses of the cancellation or rescheduling. 

6.7     Insurance. 

(a)     Keep its business and the Collateral insured for risks and in amounts standard for companies in Borrower’s
industry and location and as Bank may reasonably request. Insurance policies shall be in a form, with financially sound and reputable insurance companies that are not Affiliates of Borrower, and in amounts that are reasonably satisfactory to Bank.
All property policies shall have a lender’s loss payable endorsement showing Bank as the sole lender loss payee. All liability policies shall show, or have endorsements showing, Bank as an additional insured. Bank shall be named as lender loss
payee and/or additional insured with respect to any such insurance providing coverage in respect of any Collateral. 
 (b)
    Ensure that proceeds payable under any property policy are, at Bank’s option, payable to Bank on account of the Obligations. Notwithstanding the foregoing, (i) so long as no Event of Default has occurred and is
continuing, Borrower shall have the option of applying the proceeds of any casualty policy up to Two Hundred Fifty Thousand Dollars ($250,000.00) in the aggregate, toward the replacement or repair of destroyed or damaged property; provided that any
such replaced or repaired property (A) shall be of equal or like value as the replaced or repaired Collateral and (B) shall be deemed Collateral in which Bank has been granted a first priority security interest (subject only to Permitted
Liens that are permitted pursuant to the terms of this Agreement to have superior priority to Bank’s Lien in this Agreement), and (ii) after the occurrence and during the continuance of an Event of Default, all proceeds payable under such
casualty policy shall, at the option of Bank, be payable to Bank on account of the Obligations. 
 (c)     At
Bank’s request, Borrower shall deliver certified copies of insurance policies and evidence of all premium payments. Each provider of any such insurance required under this Section 6.7 shall agree, by endorsement upon the policy or policies
issued by it or by independent instruments furnished to Bank, that it will give Bank thirty (30) days prior written notice before any such policy or policies shall be materially altered or canceled. If Borrower fails to obtain insurance as
required under this Section 6.7 or to pay any amount or furnish any required proof of payment to third persons and Bank, Bank may make all or part of such payment or obtain such insurance policies required in this Section 6.7, and take any
action under the policies Bank deems prudent. 
 6.8     Accounts. 

(a)     Maintain its and all of its Subsidiaries’ operating and other deposit accounts, the Cash Collateral Account
and securities/investment accounts with Bank and Bank’s Affiliates; provided that Borrower may maintain an operating account with Royal Bank of Canada so long as (a) such account is used exclusively for the

  
 15 

 
payment of ordinary course payroll expenses and (b) the aggregate amount of all cash in such account does not exceed One Million Three Hundred Thousand Dollars ($1,300,000.00) at any time
(the “Permitted Account”). In addition to the foregoing, Borrower shall conduct all of its asset management, letters of credit and business credit card banking with Bank and Bank’s Affiliates. Any Guarantor shall maintain all
depository, operating and securities/investment accounts with Bank and Bank’s Affiliates. 
 (b)     In addition to
and without limiting the restrictions in (a), Borrower shall provide Bank five (5) days prior written notice before establishing any Collateral Account at or with any bank or financial institution other than Bank or Bank’s Affiliates. For
each Collateral Account (excluding the Permitted Account) that Borrower at any time maintains, Borrower shall cause the applicable bank or financial institution (other than Bank) at or with which any Collateral Account is maintained to execute and
deliver a Control Agreement or other appropriate instrument with respect to such Collateral Account to perfect Bank’s Lien in such Collateral Account in accordance with the terms hereunder which Control Agreement may not be terminated without
the prior written consent of Bank. The provisions of the previous sentence shall not apply to deposit accounts exclusively used for payroll, payroll taxes, and other employee wage and benefit payments to or for the benefit of Borrower’s
employees and identified to Bank by Borrower as such. 
 6.9     Financial Covenants. 

(a)     Revenue. Maintain at all times, to be tested as of the last day of each fiscal quarter, revenue for such
calendar quarter calculated on a consolidated basis with respect to Borrower and its Subsidiaries of at least (i) Twenty Two Million Two Hundred Sixty Six Thousand Dollars ($22,266,000.00) for the fiscal quarter ending January 31, 2019, (ii)
Twenty Four Million Nine Hundred Seventy Six Thousand Dollars ($24,976,000.00) for the fiscal quarter ending April 30, 2019, (iii) Twenty Six Million Nine Hundred Twenty Six Thousand Dollars ($26,926,000.00) for the fiscal quarter ending July 31,
2019, (iv) Twenty Seven Million Two Hundred Seventy Four Thousand Dollars ($27,274,000.00) for the fiscal quarter ending October 31, 2019 and (v) Twenty Seven Million Three Hundred Eighty Three Thousand Dollars ($27,383,000.00) for the fiscal
quarter ending January 31, 2020. 
 With respect to any period commencing on or after February 1, 2020, Bank will set the revenue covenant
levels for any such period in its sole discretion after consultation with Borrower based upon, among other factors, budgets, sales projections, operating plans and other financial information with respect to Borrower that Bank deems relevant,
including, without limitation, Borrower’s annual financial projections approved by Borrower’s board of directors. With respect thereto, Borrower’s failure to agree in writing (which agreement shall be set forth in a written amendment
to this Agreement) on or before March 31, 2020 to any covenant levels proposed by Bank as contemplated above with respect to periods commencing on or after February 1, 2020 shall result in an immediate Event of Default for which there shall be no
grace or cure period. 
 Without limiting the fact that covenant levels for periods commencing on or after February 1, 2020 will be set in
Bank’s sole discretion after consultation with Borrower in each instance, Borrower hereby acknowledges and agrees that the revenue covenant level for each such period shall be equal to at least the greater of (a) eighty-eight percent
(88.0%) of the projected revenue for such period based upon the most current financial projections delivered by Borrower and accepted by Bank in its reasonable discretion and (b) one hundred ten percent (110.0%) of Borrower’s actual
revenue for the same period in the prior calendar year. 
 Bank and Borrower shall mutually assess (x) the effect on Borrower’s
revenue of Borrower’s implementation of ASC 606 and (y) what revisions, if any, should be made to this Section 6.9(a) as a result thereof (the final determination of whether to make any such revisions being in Bank’s sole
discretion). 
 (b)     Liquidity. Maintain at all times, to be tested as of the last day of each month,
Liquidity of at least the greater of(i) an amount equal to Average Monthly Bum, expressed as a positive number, multiplied by six (6) and (ii) Five Million Dollars ($5,000,000.00). 

6.10     Protection of Intellectual Property Rights. 

(a)     (i) Use commercially reasonable efforts to protect, defend and maintain the validity and enforceability of its
Intellectual Property as appropriate, consistent with prudent business practices; (ii) promptly 

  
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advise Bank in writing of material infringements or any other event that could reasonably be expected to materially and adversely affect the value of its Intellectual Property that Borrower
becomes aware of; and (iii) not allow any Intellectual Property material to Borrower’s business to be abandoned, forfeited or dedicated to the public without Bank’s written consent. 

(b)     Provide written notice to Bank within thirty (30) days of entering or becoming bound by any Restricted
License (other than over-the-counter software that is commercially available to the public). Borrower shall take such steps as Bank reasonably requests to obtain the
consent of, or waiver by, any person whose consent or waiver is necessary for (i) any Restricted License to be deemed “Collateral” and for Bank to have a security interest in it that might otherwise be restricted or prohibited by law
or by the terms of any such Restricted License, whether now existing or entered into in the future, and (ii) Bank to have the ability in the event of a liquidation of any Collateral to dispose of such Collateral in accordance with Bank’s
rights and remedies under this Agreement and the other Loan Documents. 
 6.11     Litigation Cooperation.
From the date hereof and continuing through the termination of this Agreement, make available to Bank, without expense to Bank and upon one (1) Business Day’s notice (provided no notice is required if an Event of Default has occurred
and is continuing), Borrower and its officers, employees and agents and Borrower’s books and records, to the extent that Bank may deem them reasonably necessary to prosecute or defend any third-party suit or proceeding instituted by or against
Bank with respect to any Collateral or relating to Borrower. 
 6.12     Online Banking. 

(a)     Utilize Bank’s online banking platform for all matters requested by Bank which shall include, without
limitation (and without request by Bank for the following matters), uploading information pertaining to Accounts and Account Debtors, requesting approval for exceptions, requesting Credit Extensions, and uploading financial statements and other
reports required to be delivered by this Agreement (including, without limitation, those described in Section 6.2 of this Agreement). 

(b)     Comply in all material respects with the terms of Bank’s Online Banking Agreement as in effect from time to
time and ensure that all persons utilizing Bank’s online banking platform are duly authorized to do so by an Administrator. Bank shall be entitled to assume the authenticity, accuracy and completeness on any information, instruction or request
for a Credit Extension submitted via Bank’s online banking platform and to further assume that any submissions or requests made via Bank’s online banking platform have been duly authorized by an Administrator. 

6.13     Further Assurances. Execute any further instruments and take further action as Bank reasonably
requests to perfect or continue Bank’s Lien in the Collateral or to effect the purposes of this Agreement. Deliver to Bank, within five (5) days after the same are sent or received, copies of all correspondence, reports, documents and
other filings with any Governmental Authority regarding compliance with or maintenance of Governmental Approvals or Requirements of Law or that could reasonably be expected to have a material effect on any of the Governmental Approvals or otherwise
on the operations of Borrower or any of its Subsidiaries. 
 6.14     Designated
Senior Indebtedness. Borrower shall designate all principal of, interest (including all interest accruing after the commencement of any bankruptcy or similar proceeding, whether or not a claim for post-petition interest is allowable as a claim
in any such proceeding), and all fees, costs, expenses, termination payments and other amounts accrued or due under this Agreement and under any Secured Rate Contract as “Designated Senior Indebtedness”, or such similar term, in any future
Subordinated Debt incurred by Borrower after the date hereof, if such Subordinated Debt contains such term or similar term and if the effect of such designation is to grant to Bank and any Secured Swap Providers the same or similar rights as granted
to Bank and such Secured Swap Providers as a holder of “Designated Senior Indebtedness” under the Subordinated Debt documents. 

6.15     Interest Rate Protection. If Borrower enters into Rate Contracts to
hedge the interest rate with respect to the Advances and/or the Term Loan Advances, Borrower shall maintain at all times such Rate Contracts with one or more Secured Swap Providers selected by Bank in form and substance reasonably satisfactory to
Bank and such Secured Swap Providers, which Rate Contracts shall be Secured Rate Contracts hereunder, in an aggregate notional amount to at no time exceed one hundred percent (100.0%) of the outstanding principal amount of the Advances or the Term
Loan Advances, as applicable. 

  
 17 

 6.16     Post-Closing Requirements. Deliver to Bank, each in form
and substance satisfactory to Bank, within thirty (30) days of the Effective Date: (a) an endorsement to Borrower’s general liability insurance policy that names Bank as an additional insured; (b) an endorsement to
Borrower’s property insurance policy that names Bank as lender loss payee; and (c) endorsements to the general liability and property insurance policies of Borrower stating that the insurer will give Bank at least thirty (30) days
prior written notice before any such policy or policies shall be materially altered or canceled. 
  

	 	7	     NEGATIVE COVENANTS 

Until payment in full of all outstanding Obligations (other than inchoate indemnity obligations) and the termination of this Agreement,
Borrower shall not do any of the following without Bank’s prior written consent: 
 7.1     Dispositions.
Convey, sell, lease, transfer, assign, or otherwise dispose of (collectively, “Transfer”), or permit any of its Subsidiaries to Transfer, all or any part of its business or property, except for Transfers (a) of Inventory in the
ordinary course of business; (b) of worn-out, obsolete or surplus Equipment that is, in the reasonable judgment of Borrower, no longer economically practicable to maintain or useful in the ordinary course
of business of Borrower; (c) consisting of Permitted Liens and Permitted Investments; (d) of Equipment being leased to physician offices in the ordinary course of business of Borrower; (e) consisting of the sale or issuance of any
stock of Borrower permitted under Section 7.2 of this Agreement; (f) consisting of Borrower’s use or transfer of money or Cash Equivalents in a manner that is not prohibited by the terms of this Agreement or the other Loan Documents;
and (g) of non-exclusive licenses for the use of the property of Borrower or its Subsidiaries in the ordinary course of business. All of the foregoing are referred to as a “Permitted
Transfer”. 
 7.2     Changes in Business, Management, Control, or Business Locations. (a) Engage
in or permit any of its Subsidiaries to engage in any business other than the businesses currently engaged in by Borrower and such Subsidiary, as applicable, or reasonably related (or incidental) thereto; (b) liquidate or dissolve;
(c) fail to provide notice to Bank of any Key Person departing from or ceasing to be employed by Borrower within five (5) days after such Key Person’s departure from Borrower; or (d) permit or suffer any Change in Control. 

Borrower shall not, without at least ten (10) days prior written notice to Bank: (1) add any new offices or business locations,
including warehouses (unless each such new office or business location contains less than One Hundred Thousand Dollars ($100,000.00) in Borrower’s assets or property) or deliver any portion of the Collateral valued, individually or in the
aggregate, in excess of Two Hundred Fifty Thousand Dollars ($250,000.00) to a bailee at a location other than to a bailee and at a location already disclosed in the Perfection Certificate, (2) change its jurisdiction of organization,
(3) change its organizational structure or type, (4) change its legal name, or (5) change any organizational number (if any) assigned by its jurisdiction of organization. If Borrower intends to add any new offices or business
locations, including warehouses, containing in excess of Two Hundred Fifty Thousand Dollars ($250,000.00) of Borrower’s assets or property, then Borrower will first receive the written consent of Bank, and the landlord of any such new offices
or business locations, including warehouses, shall execute and deliver a landlord consent in form and substance satisfactory to Bank. If Borrower intends to deliver any portion of the Collateral valued, individually or in the aggregate, in excess of
Two Hundred Fifty Thousand Dollars ($250,000.00) to a bailee, and Bank and such bailee are not already parties to a bailee agreement governing both the Collateral and the location to which Borrower intends to deliver the Collateral, then Borrower
will first receive the written consent of Bank, and such bailee shall execute and deliver a bailee agreement in form and substance satisfactory to Bank. 

7.3     Mergers or Acquisitions. Merge or consolidate, or permit any of its Subsidiaries to merge or consolidate,
with any other Person, or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock or property of another Person (including, without limitation, by the formation of any Subsidiary) other than a Permitted
Investment. A Subsidiary may merge or consolidate into another Subsidiary or into Borrower. 
 7.4
    Indebtedness. Create, incur, assume, or be liable for any Indebtedness, or permit any Subsidiary to do so, other than Permitted Indebtedness. 

  
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 7.5     Encumbrance. Create, incur, allow, or suffer any Lien on
any of its property, or assign or convey any right to receive income, including the sale of any Accounts, or permit any of its Subsidiaries to do so, except for Permitted Liens, permit any Collateral not to be subject to the first priority security
interest granted herein, or enter into any agreement, document, instrument or other arrangement (except with or in favor of Bank) with any Person which directly or indirectly prohibits or has the effect of prohibiting Borrower or any Subsidiary from
assigning, mortgaging, pledging, granting a security interest in or upon, or encumbering any of Borrower’s or any Subsidiary’s Intellectual Property, except as is otherwise permitted in Section 7.1 hereof and the definition of
“Permitted Liens” herein. 
 7.6     Maintenance of Collateral Accounts. Maintain any Collateral
Account except pursuant to the terms of Section 6.8(b) hereof. 
 7.7     Distributions; Investments.
(a) Pay any cash dividends or make any distribution or payment or redeem, retire or purchase any capital stock, provided that Borrower may (i) convert any of its convertible securities into other securities pursuant to the terms of
such convertible securities or otherwise in exchange thereof, (ii) pay dividends solely in common stock and (iii) repurchase the stock of former employees or consultants pursuant to stock repurchase agreements so long as an Event of
Default does not exist at the time of any such repurchase and would not exist after giving effect to any such repurchase, provided that the aggregate amount of all such repurchases does not exceed in the aggregate One Hundred Thousand Dollars
($100,000.00) per fiscal year; or (b) directly or indirectly make any Investment (including, without limitation, by the formation of any Subsidiary) other than Permitted Investments, or permit any of its Subsidiaries to do so. 

7.8     Transactions with Affiliates. Directly or indirectly enter into or permit to exist any material
transaction with any Affiliate of Borrower, except for (a) transactions that are in the ordinary course of Borrower’s business, upon fair and reasonable terms that are no less favorable to Borrower than would be obtained in an arm’s
length transaction with a non-affiliated Person and (b) equity financings of Borrower that do not result in a Change in Control. 

7.9     Subordinated Debt. (a) Make or permit any payment on any Subordinated Debt, except under the
terms of the subordination, intercreditor, or other similar agreement to which such Subordinated Debt is subject, or (b) amend any provision in any document relating to the Subordinated Debt which would increase the amount thereof, provide for
earlier or greater principal, interest, or other payments thereon, or adversely affect the subordination thereof to Obligations owed to Bank. 

7.10     Compliance. Become an “investment company” or a company controlled by an “investment
company”, under the Investment Company Act of 1940, as amended, or undertake as one of its important activities extending credit to purchase or carry margin stock (as defined in Regulation U of the Board of Governors of the Federal Reserve
System), or use the proceeds of any Credit Extension for that purpose; fail to meet the minimum funding requirements of ERISA, permit a Reportable Event or Prohibited Transaction, as defined in ERISA, to occur; fail to comply with the applicable
provisions of the Federal Fair Labor Standards Act or violate any other law or regulation, if the violation could reasonably be expected to have a material adverse effect on Borrower’s business, or permit any of its Subsidiaries to do so;
withdraw or permit any Subsidiary to withdraw from participation in, permit partial or complete termination of, or permit the occurrence of any other event with respect to, any present pension, profit sharing and deferred compensation plan which
could reasonably be expected to result in any liability of Borrower, including any liability to the Pension Benefit Guaranty Corporation or its successors or any other governmental agency. 

8     EVENTS OF DEFAULT 

Any one of the following shall constitute an event of default (an “Event of Default”) under this Agreement: 

8.1     Payment Default. Borrower fails to (a) make any payment of principal or interest on any Credit
Extension when due, or (b) pay any other Obligations within three (3) Business Days after such Obligations are due and payable (which three (3) Business Day cure period shall not apply to payments due on the Revolving Line Maturity
Date or the Term Loan Maturity Date). During the cure period, the failure to make or pay any payment specified under clause (b) hereunder is not an Event of Default (but no Credit Extension will be made during the cure period); 

  
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 8.2     Covenant Default. 

(a)     Borrower fails or neglects to perform any obligation in Sections 6.2, 6.3, 6.4, 6.5, 6.6, 6.7, 6.8, 6.9, 6.10,
6.12, 6.14, 6.15, or 6.16 or violates any covenant in Section 7; or 
 (b)     Borrower fails or neglects to
perform, keep, or observe any other term, provision, condition, covenant or agreement contained in this Agreement or any Loan Documents, and as to any default (other than those specified in this Section 8) under such other term, provision,
condition, covenant or agreement that can be cured, has failed to cure the default within ten (10) days after the occurrence thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) day period or cannot
after diligent attempts by Borrower be cured within such ten (10) day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional period (which shall not in any case exceed thirty
(30) days) to attempt to cure such default, and within such reasonable time period the failure to cure the default shall not be deemed an Event of Default (but no Credit Extensions shall be made during such cure period). Cure periods provided
under this section shall not apply, among other things, to financial covenants or any other covenants set forth in clause (a) above; 

8.3     Material Adverse Change. A Material Adverse Change occurs; 

8.4     Attachment; Levy; Restraint on Business. 

(a)     (i) The service of process seeking to attach, by trustee or similar process, any funds of Borrower or of any
entity under the control of Borrower (including a Subsidiary), or (ii) a notice of lien or levy is filed against any of Borrower’s assets by any Governmental Authority, and the same under subclauses (i) and (ii) hereof are not, within
ten (10) days after the occurrence thereof, discharged or stayed (whether through the posting of a bond or otherwise); provided, however, no Credit Extensions shall be made during any ten (10) day cure period; or 

(b)     (i) any material portion of Borrower’s assets is attached, seized, levied on, or comes into possession of a
trustee or receiver, or (ii) any court order enjoins, restrains, or prevents Borrower from conducting all or any material part of its business; 

8.5     Insolvency. (a) Borrower or any of its Subsidiaries is unable to pay its debts (including trade debts)
as they become due or otherwise becomes insolvent; (b) Borrower or any of its Subsidiaries begins an Insolvency Proceeding; or (c) an Insolvency Proceeding is begun against Borrower or any of its Subsidiaries and is not dismissed or stayed
within forty-five (45) days (but no Credit Extensions shall be made while any of the conditions described in clause (a) exist and/or until any Insolvency Proceeding is dismissed); 

8.6     Other Agreements. There is, under any agreement to which Borrower or any Guarantor is a party with a third
party or parties, (a) any default resulting in a right by such third party or parties, whether or not exercised, to accelerate the maturity of any Indebtedness in an amount individually or in the aggregate in excess of Five Hundred Thousand
Dollars ($500,000.00); or (b) any breach or default by Borrower or Guarantor, the result of which could have a material adverse effect on Borrower’s or any Guarantor’s business; 

8.7     Judgments; Penalties. One or more fines, penalties or final judgments, orders or decrees for the payment of
money in an amount, individually or in the aggregate, of at least Five Hundred Thousand Dollars ($500,000.00) (not covered by independent third-party insurance as to which liability has been accepted by such insurance carrier) shall be rendered
against Borrower by any Governmental Authority, and the same are not, within ten (10) days after the entry, assessment or issuance thereof, discharged, satisfied, or paid, or after execution thereof, stayed or bonded pending appeal, or such
judgments are not discharged prior to the expiration of any such stay (provided that no Credit Extensions will be made prior to the satisfaction, payment, discharge, stay, or bonding of such fine, penalty, judgment, order or decree); 

  
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 8.8 Misrepresentations. Borrower or any Person acting for Borrower makes any
representation, warranty, or other statement now or later in this Agreement, any Loan Document or in any writing delivered to Bank or to induce Bank to enter this Agreement or any Loan Document, and such representation, warranty, or other statement
is incorrect in any material respect when made; 
 8.9 Subordinated Debt. Any document, instrument, or agreement evidencing
any Subordinated Debt shall for any reason be revoked or invalidated or otherwise cease to be in full force and effect, any Person shall be in breach thereof or contest in any manner the validity or enforceability thereof or deny that it has any
further liability or obligation thereunder, or the Obligations shall for any reason be subordinated or shall not have the priority contemplated by this Agreement or any applicable subordination or intercreditor agreement; 

8.10 Guaranty. (a) Any guaranty of any Obligations terminates or ceases for any reason to be in full force and effect;
(b) any Guarantor does not perform any obligation or covenant under any guaranty of the Obligations; (c) any circumstance described in Sections 8.3, 8.4, 8.5, 8.6, 8.7, or 8.8 of this Agreement occurs with respect to any Guarantor,
(d) the death, liquidation, winding up, or termination of existence of any Guarantor; or (e) (i) a material impairment in the perfection or priority of Bank’s Lien in the collateral provided by Guarantor or in the value of such
collateral or (ii) a material adverse change in the general affairs, management, results of operation, condition (financial or otherwise) or the prospect of repayment of the Obligations occurs with respect to any Guarantor; 

8.11 Governmental Approvals. Any Governmental Approval shall have been (a) revoked, rescinded, suspended, modified in an
adverse manner or not renewed in the ordinary course for a full term or (b) subject to any decision by a Governmental Authority that designates a hearing with respect to any applications for renewal of any of such Governmental Approval or that
could result in the Governmental Authority taking any of the actions described in clause (a) above, and such decision or such revocation, rescission, suspension, modification or non-renewal (i) causes, or could reasonably be expected to
cause, a Material Adverse Change, or (ii) adversely affects the legal qualifications of Borrower or any of its Subsidiaries to hold such Governmental Approval in any applicable jurisdiction and such revocation, rescission, suspension,
modification or non-renewal could reasonably be expected to affect the status of or legal qualifications of Borrower or any of its Subsidiaries to hold any Governmental Approval in any other jurisdiction; or

 8.12 Secured Rate Contracts. A default or an event of default occurs under any Secured Rate Contract. 

9 BANK’S RIGHTS AND REMEDIES 

9.1 Rights and Remedies. Upon the occurrence and during the continuance of an Event of Default, Bank, for itself and as agent
for each Secured Swap Provider, may, without notice or demand, do any or all of the following, to the extent not prohibited by applicable law: 

(a) declare all Obligations immediately due and payable (but if an Event of Default described in Section 8.5 occurs all Obligations are
immediately due and payable without any action by Bank); 
 (b) stop advancing money or extending credit for Borrower’s benefit under
this Agreement or under any other agreement between Borrower and Bank; 
 (c) demand that Borrower (i) deposit cash with Bank in an
amount equal to at least (A) one hundred percent (100.0%) of the Dollar Equivalent of the aggregate face amount of all Letters of Credit denominated in Dollars remaining undrawn, and (B) one hundred five percent (105.0%) of the Dollar
Equivalent of the aggregate face amount of all Letters of Credit denominated in a Foreign Currency remaining undrawn (plus, in each case, all interest, fees, and costs due or to become due in connection therewith (as estimated by Bank in its good
faith business judgment)), to secure all of the Obligations relating to such Letters of Credit, as collateral security for the repayment of any future drawings under such Letters of Credit, and Borrower shall forthwith deposit and pay such amounts,
(ii) pay in advance all letter of credit fees scheduled to be paid or payable over the remaining term of any Letters of Credit and (iii) deposit with Bank, to hold as agent for the Secured Swap Providers, cash

  
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collateral in an amount determined by Bank and/or the Secured Swap Providers to be necessary to secure the unmatured obligations of Borrower under the Secured Rate Contracts, and Borrower shall
forthwith deposit and pay such amounts; 
 (d) terminate any FX Contracts; 

(e) verify the amount of, demand payment of and performance under, and collect any Accounts and General Intangibles, settle or adjust disputes
and claims directly with Account Debtors for amounts on terms and in any order that Bank reasonably considers advisable, and notify any Person owing Borrower money of Bank’s security interest in such funds. Borrower shall collect all such
payments in trust for Bank and, if requested by Bank, immediately deliver the payments to Bank in the form received from the Account Debtor, with proper endorsements for deposit; 

(f) make any payments and do any acts it considers necessary and reasonable to protect the Collateral and/or its security interest in the
Collateral. Borrower shall assemble the Collateral if Bank requests and make it available as Bank designates at a location that is reasonably convenient to Bank and Borrower. Bank may peaceably enter premises where the Collateral is located, take
and maintain possession of any part of the Collateral, and pay, purchase, contest, or compromise any Lien which appears to be prior or superior to its security interest and pay all expenses reasonably incurred. Borrower grants Bank a license to
enter and occupy any of its premises, without charge by Borrower, to exercise any of Bank’s rights or remedies; 
 (g) set off and
apply to the Obligations then due any (i) balances and deposits of Borrower it holds, or (ii) amount held by Bank owing to or for the credit or the account of Borrower; 

(h) ship, reclaim, recover, store, finish, maintain, repair, prepare for sale, advertise for sale, and sell the Collateral. Bank is hereby
granted a non-exclusive, royalty-free license or other right to use, without charge, Borrower’s labels, Patents, Copyrights, mask works, rights of use of any name, trade secrets, trade names, Trademarks,
and advertising matter, or any similar property as it pertains to the Collateral, in completing production of, advertising for sale, and selling any Collateral and, in connection with Bank’s exercise of its rights under this Section 9.1,
Borrower’s rights under all licenses and all franchise agreements inure to Bank’s benefit; 
 (i) place a “hold” on any
account maintained with Bank and/or deliver a notice of exclusive control, any entitlement order, or other directions or instructions pursuant to any Control Agreement or similar agreements providing control of any Collateral; 

(j) demand and receive possession of Borrower’s Books; and 

(k) exercise all rights and remedies available to Bank under the Loan Documents or at law or equity, including all remedies provided under the
Code (including disposal of the Collateral pursuant to the terms thereof). 
 9.2 Power of Attorney. Borrower hereby
irrevocably appoints Bank as its lawful attorney-in-fact, exercisable following the occurrence and during the continuance of an Event of Default, to: (a) endorse
Borrower’s name on any checks, payment instruments, or other forms of payment or security; (b) sign Borrower’s name on any invoice or bill of lading for any Account or drafts against Account Debtors; (c) demand, collect, sue, and
give releases to any Account Debtor for monies due, settle and adjust disputes and claims about the Accounts directly with Account Debtors, and compromise, prosecute, or defend any action, claim, case, or proceeding about any Collateral (including
filing a claim or voting a claim in any bankruptcy case in Bank’s or Borrower’s name, as Bank chooses); (d) make, settle, and adjust all claims under Borrower’s insurance policies; (e) pay, contest or settle any Lien, charge,
encumbrance, security interest, or other claim in or to the Collateral, or any judgment based thereon, or otherwise take any action to terminate or discharge the same; and (f) transfer the Collateral into the name of Bank or a third party as
the Code permits. Borrower hereby appoints Bank as its lawful attorney-in-fact to sign Borrower’s name on any documents necessary to perfect or continue the
perfection of Bank’s security interest in the Collateral regardless of whether an Event of Default has occurred until all Obligations (other than inchoate indemnity obligations) have been satisfied in full and the Loan Documents have been
terminated. Bank’s foregoing 

  
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appointment as Borrower’s attorney in fact, and all of Bank’s rights and powers, coupled with an interest, are irrevocable until all Obligations (other than inchoate indemnity
obligations) have been fully repaid and performed and the Loan Documents have been terminated. 
 9.3 Protective Payments. If
Borrower fails to obtain the insurance called for by Section 6.7 or fails to pay any premium thereon or fails to pay any other amount which Borrower is obligated to pay under this Agreement or any other Loan Document or which may be required to
preserve the Collateral, Bank may obtain such insurance or make such payment, and all amounts so paid by Bank are Bank Expenses and immediately due and payable, bearing interest at the then highest rate applicable to the Obligations, and secured by
the Collateral. Bank will make reasonable efforts to provide Borrower with notice of Bank obtaining such insurance at the time it is obtained or within a reasonable time thereafter. No payments by Bank are deemed an agreement to make similar
payments in the future or Bank’s waiver of any Event of Default. 
 9.4 Application of Payments and Proceeds. If an Event
of Default has occurred and is continuing, Bank shall have the right to apply in any order any funds in its possession, whether from Borrower account balances, payments, proceeds realized as the result of any collection of Accounts or other
disposition of the Collateral, or otherwise (collectively, the “Proceeds of Collection”), to the Obligations. Bank shall pay any surplus to Borrower by credit to the Designated Deposit Account or to other Persons legally entitled
thereto; Borrower shall remain liable to Bank for any deficiency. If Bank, directly or indirectly, enters into a deferred payment or other credit transaction with any purchaser at any sale of Collateral, Bank shall have the option, exercisable at
any time, of either reducing the Obligations by the principal amount of the purchase price or deferring the reduction of the Obligations until the actual receipt by Bank of cash therefor. 

Notwithstanding anything to the contrary in this Agreement or the other Loan Documents, unless Bank determines otherwise in its sole and
absolute discretion, the Proceeds of Collection shall upon receipt by Bank be paid to and applied as follows: 

First, to the payment of then outstanding Bank Expenses, including all amounts expended by Bank to preserve the value of
the Collateral, of foreclosure or suit, if any, and of such sale and the exercise of any other rights or remedies, and of all proper fees, expenses, liability and advances; 

Second, to the payment of all accrued and unpaid interest owing to Bank on the Revolving Line;  

Third, to the payment of the outstanding principal owing to Bank on the Revolving Line; 

Fourth, to the payment of the premiums or early termination fees (if applicable) owing to Bank on the Revolving Line;

 Fifth, to the payment of all other outstanding and unpaid Obligations owing to Bank under the Revolving Line
(including indemnification claims not otherwise satisfied pursuant to the preceding clauses); 
 Sixth, to the payment
of all accrued and unpaid interest owing to Bank on the Term Loan Advances;  
 Seventh, to the payment of the
outstanding principal owing to Bank on the Term Loan Advances; 
 Eighth, to the payment of the outstanding premiums
(if any), the Term Loan Prepayment Fee and the Term Loan Final Payment, owing to Bank on the Term Loan Advances; 

Ninth, to the payment of all other outstanding and unpaid Obligations owing to Bank under the Term Loan Advances
(including indemnification claims not otherwise satisfied pursuant to the preceding clauses); 
 Tenth, to the payment
of all outstanding and unpaid Obligations owing to Bank under Bank Services Agreements (including indemnification claims not otherwise satisfied pursuant to the preceding clauses); 

  
 23 

 Eleventh, to the payment of all other outstanding and unpaid
Obligations owing to Bank (including indemnification claims not otherwise satisfied pursuant to the preceding clauses); and 

Twelfth, to Borrower, its successors and assigns, or to whomsoever may be lawfully entitled to receive the same. 

9.5 Bank’s Liability for Collateral. So long as Bank complies with reasonable banking practices and its obligations under
the Code, if any, regarding the safekeeping of the Collateral in the possession or under the control of Bank, Bank shall not be liable or responsible for: (a) the safekeeping of the Collateral; (b) any loss or damage to the Collateral;
(c) any diminution in the value of the Collateral; or (d) any act or default of any carrier, warehouseman, bailee, or other Person. Borrower bears all risk of loss, damage or destruction of the Collateral unless such loss, damage or
destruction is caused by Bank’s gross negligence or willful misconduct. 
 9.6 No Waiver; Remedies Cumulative.
Bank’s failure, at any time or times, to require strict performance by Borrower of any provision of this Agreement or any other Loan Document shall not waive, affect, or diminish any right of Bank thereafter to demand strict performance and
compliance herewith or therewith. No waiver hereunder shall be effective unless signed by the party granting the waiver and then is only effective for the specific instance and purpose for which it is given. Bank’s rights and remedies under
this Agreement and the other Loan Documents are cumulative. Bank has all rights and remedies provided under the Code, by law, or in equity. Bank’s exercise of one right or remedy is not an election and shall not preclude Bank from exercising
any other remedy under this Agreement or other remedy available at law or in equity, and Bank’s waiver of any Event of Default is not a continuing waiver. Bank’s delay in exercising any remedy is not a waiver, election, or acquiescence.

 9.7 Demand Waiver. Except as expressly provided in this Agreement, Borrower waives demand, notice of default or dishonor,
notice of payment and nonpayment, notice of any default, nonpayment at maturity, release, compromise, settlement, extension, or renewal of accounts, documents, instruments, chattel paper, and guarantees held by Bank on which Borrower is liable. 

10 NOTICES 
 All
notices, consents, requests, approvals, demands, or other communication by any party to this Agreement or any other Loan Document must be in writing and shall be deemed to have been validly served, given, or delivered: (a) upon the earlier of
actual receipt and three (3) Business Days after deposit in the U.S. mail, first class, registered or certified mail return receipt requested, with proper postage prepaid; (b) upon transmission, when sent by electronic mail or facsimile
transmission; (c) one (1) Business Day after deposit with a reputable overnight courier with all charges prepaid; or (d) when delivered, if hand-delivered by messenger, all of which shall be addressed to the party to be notified and sent
to the address, facsimile number, or email address indicated below. Bank or Borrower may change its mailing or electronic mail address or facsimile number by giving the other party written notice thereof in accordance with the terms of this
Section 10. 
  

			
	If to Borrower:	  	 Phreesia, Inc.
 432 Park Avenue South

12th Floor

New York, New York 10016
 Attn: Thomas Altier

Fax: (646) 607-1776

Email: taltier@phreesia.com

		
	with a copy to:	  	 Goodwin Procter LLP
 100 Northern Avenue

Boston, Massachusetts 02210
 Attn: Mark D. Smith

Fax: (617) 801-8835

Email: marksmith@goodwinlaw.com

  
 24 

			
	If to Bank:	  	 Silicon Valley Bank
 275 Grove Street, Suite 2-200
 Newton, Massachusetts 02466

Attn: Mr. Sam Subilia
 Fax:
(617)527-0177
 Email: SSubilia@svb.com

		
	with a copy to:	  	 Morrison & Foerster LLP
 200 Clarendon
Street
 Floor 20
 Boston, Massachusetts 02116

Attn: David A. Ephraim, Esquire
 Fax: (617) 648-4730
 Email: DEphraim@mofo.com

 11 CHOICE OF LAW, VENUE AND JURY TRIAL WAIVER 

Except as otherwise expressly provided in any of the Loan Documents, Massachusetts law governs the Loan Documents without regard to principles
of conflicts of law. Borrower and Bank each submit to the exclusive jurisdiction of the State and Federal courts in Boston, Massachusetts; provided, however, that nothing in this Agreement shall be deemed to operate to preclude Bank from bringing
suit or taking other legal action in any other jurisdiction to realize on the Collateral or any other security for the Obligations, or to enforce a judgment or other court order in favor of Bank. Borrower expressly submits and consents in advance to
such jurisdiction in any action or suit commenced in any such court, and Borrower hereby waives any objection that it may have based upon lack of personal jurisdiction, improper venue, or forum non conveniens and hereby consents to the granting of
such legal or equitable relief as is deemed appropriate by such court. Borrower hereby waives personal service of the summons, complaints, and other process issued in such action or suit and agrees that service of such summons, complaints, and other
process may be made by registered or certified mail addressed to Borrower at the address set forth in, or subsequently provided by Borrower in accordance with, Section 10 of this Agreement and that service so made shall be deemed completed upon
the earlier to occur of Borrower’s actual receipt thereof or three (3) days after deposit in the U.S. mails, proper postage prepaid. 

TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, BORROWER AND BANK EACH WAIVE THEIR RIGHT TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION
ARISING OUT OF OR BASED UPON THIS AGREEMENT, THE LOAN DOCUMENTS OR ANY CONTEMPLATED TRANSACTION, INCLUDING CONTRACT, TORT, BREACH OF DUTY AND ALL OTHER CLAIMS. THIS WAIVER IS A MATERIAL INDUCEMENT FOR BOTH PARTIES TO ENTER INTO THIS AGREEMENT. EACH
PARTY HAS REVIEWED THIS WAIVER WITH ITS COUNSEL. 
 This Section 11 shall survive the termination of this Agreement. 

12 GENERAL PROVISIONS 

12.1 Termination Prior to Maturity Date; Survival. All covenants, representations and warranties made in this Agreement shall
continue in full force until this Agreement has terminated pursuant to its terms and all Obligations (other than inchoate indemnity obligations, any other obligations which by their terms are to survive the termination of this Agreement, and any
Obligations under Bank Services Agreements that are cash collateralized in accordance with Section 4.1 of this Agreement) have been satisfied. So long as Borrower has satisfied the Obligations (other than inchoate indemnity obligations, and any
other obligations which, by their terms, are to survive the termination of this Agreement, and any Obligations under Bank Services Agreements that are cash collateralized in accordance with Section 4.1 of this Agreement), this Agreement may be
terminated prior to the Revolving Line Maturity Date and the Term Loan Maturity Date by Borrower, effective three (3) Business Days after written notice of termination is given to Bank. Those obligations that are expressly specified in this
Agreement as surviving this Agreement’s termination shall continue to survive notwithstanding this Agreement’s termination. 

  
 25 

 12.2 Successors and Assigns. This Agreement binds and is for the benefit of the
successors and permitted assigns of each party. Borrower may not assign this Agreement or any rights or obligations under it without Bank’s prior written consent (which may be granted or withheld in Bank’s discretion). Bank has the right,
without the consent of or notice to Borrower, to sell, transfer, assign, negotiate, or grant participation in all or any part of, or any interest in, Bank’s obligations, rights, and benefits under this Agreement and the other Loan Documents
(other than the Warrant, as to which assignment, transfer and other such actions are governed by the terms thereof). 
 12.3
Indemnification. Borrower agrees to indemnify, defend and hold Bank, any Secured Swap Provider, and their directors, officers, employees, agents, attorneys, or any other Person affiliated with or representing Bank or any Secured Swap Provider
(each, an “Indemnified Person”) harmless against: (i) all obligations, demands, claims, and liabilities (collectively, “Claims”) claimed or asserted by any other party in connection with the transactions
contemplated by the Loan Documents or any Secured Rate Contract; and (ii) all losses or expenses (including Bank Expenses) in any way suffered, incurred, or paid by such Indemnified Person as a result of, following from, consequential to, or
arising from transactions between Bank or Secured Swap Provider and Borrower (including reasonable attorneys’ fees and expenses), except for Claims and/or losses directly caused by such Indemnified Person’s gross negligence or willful
misconduct. 
 This Section 12.3 shall survive until all statutes of limitation with respect to the Claims, losses, and expenses for
which indemnity is given shall have run. 
 12.4 Time of Essence. Time is of the essence for the performance of all Obligations in
this Agreement and the Secured Rate Contracts. 
 12.5 Severability of Provisions. Each provision of this Agreement is severable from
every other provision in determining the enforceability of any provision. 
 12.6 Correction of Loan Documents. Bank may correct
patent errors and fill in any blanks in the Loan Documents consistent with the agreement of the parties so long as Bank provides Borrower with written notice of such correction and allows Borrower at least ten (10) days to object to such
correction. In the event of such objection, such correction shall not be made except by an amendment signed by both Bank and Borrower. 

12.7 Amendments in Writing; Waiver; Integration. No purported amendment or modification of any Loan Document, or waiver, discharge or
termination of any obligation under any Loan Document, shall be enforceable or admissible unless, and only to the extent, expressly set forth in a writing signed by the party against which enforcement or admission is sought. Without limiting the
generality of the foregoing, no oral promise or statement, nor any action, inaction, delay, failure to require performance or course of conduct shall operate as, or evidence, an amendment, supplement or waiver or have any other effect on any Loan
Document. Any waiver granted shall be limited to the specific circumstance expressly described in it, and shall not apply to any subsequent or other circumstance, whether similar or dissimilar, or give rise to, or evidence, any obligation or
commitment to grant any further waiver. The Loan Documents represent the entire agreement about this subject matter and supersede prior negotiations or agreements. All prior agreements, understandings, representations, warranties, and negotiations
between the parties about the subject matter of the Loan Documents merge into the Loan Documents. Notwithstanding anything to the contrary contained in this Agreement, no amendment, waiver or consent of this Agreement or any Loan Document
alternating the ratable treatment of the Secured Swap Obligations and resulting in such Secured Swap Obligations being junior in right of payment to principal on the Loan Obligations owing to Bank, or resulting in Secured Swap Obligations owing to
any Secured Swap Provider becoming unsecured (other than releases and modifications of Liens permitted in accordance with the terms hereof), in each manner adverse to any Secured Swap Provider, shall be effective without the written consent of such
Secured Swap Provider 
 12.8 Counterparts. This Agreement may be executed in any number of counterparts and by different parties on
separate counterparts, each of which, when executed and delivered, is an original, and all taken together, constitute one Agreement. 

12.9 Confidentiality. In handling any confidential information of Borrower, Bank shall exercise the same degree of care that it
exercises for its own proprietary information, but disclosure of information may be made: 

  
 26 

 
(a) to Bank’s Subsidiaries or Affiliates (such Subsidiaries and Affiliates, together with Bank, collectively, “Bank Entities”); (b) to prospective transferees or purchasers
of any interest in the Credit Extensions (provided, however, Bank shall use its best efforts to obtain any prospective transferee’s or purchaser’s agreement to the terms of this provision); (c) as required by law, regulation, subpoena, or
other order; (d) to Bank’s regulators or as otherwise required in connection with Bank’s examination or audit; (e) as Bank considers appropriate in exercising remedies under the Loan Documents; and (f) to third-party service
providers of Bank so long as such service providers have executed a confidentiality agreement with Bank with terms no less restrictive than those contained herein. Confidential information does not include information that is either: (i) in the
public domain or in Bank’s possession when disclosed to Bank, or becomes part of the public domain (other than as a result of its disclosure by Bank in violation of this Agreement) after disclosure to Bank; or (ii) disclosed to Bank by a
third party, if Bank does not know that the third party is prohibited from disclosing the information. 
 Bank Entities may use anonymous
forms of confidential information for aggregate datasets, for analyses or reporting, and for any other uses not expressly prohibited in writing by Borrower. The provisions of the immediately preceding sentence shall survive the termination of this
Agreement. 
 12.10 Electronic Execution of Documents. The words “execution,” “signed,” “signature” and
words of like import in any Loan Document shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity and enforceability as a manually executed signature or
the use of a paper-based recordkeeping systems, as the case may be, to the extent and as provided for in any applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions Act. 

12.11 Right of Setoff. Borrower hereby grants to Bank a Lien and a right of setoff as security for all Obligations to Bank, whether now
existing or hereafter arising upon and against all deposits, credits, collateral and property, now or hereafter in the possession, custody, safekeeping or control of Bank or any entity under the control of Bank (including a subsidiary of Bank) or in
transit to any of them. At any time after the occurrence and during the continuance of an Event of Default, without demand or notice, Bank may setoff the same or any part thereof and apply the same to any Obligations of Borrower then due and
regardless of the adequacy of any other collateral securing the Obligations. ANY AND ALL RIGHTS TO REQUIRE BANK TO EXERCISE ITS RIGHTS OR REMEDIES WITH RESPECT TO ANY OTHER COLLATERAL WHICH SECURES THE OBLIGATIONS, PRIOR TO EXERCISING ITS RIGHT OF
SETOFF WITH RESPECT TO SUCH DEPOSITS, CREDITS OR OTHER PROPERTY OF BORROWER, ARE HEREBY KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVED. 

12.12 Captions. The headings used in this Agreement are for convenience only and shall not affect the interpretation of this Agreement.

 12.13 Construction of Agreement. The parties mutually acknowledge that they and their attorneys have participated in the
preparation and negotiation of this Agreement. In cases of uncertainty this Agreement shall be construed without regard to which of the parties caused the uncertainty to exist. 

12.14 Relationship. The relationship of the parties to this Agreement is determined solely by the provisions of this Agreement. The
parties do not intend to create any agency, partnership, joint venture, trust, fiduciary or other relationship with duties or incidents different from those of parties to an arm’s-length contract. 

12.15 Third Parties. Nothing in this Agreement, whether express or implied, is intended to: (a) confer any benefits, rights or
remedies under or by reason of this Agreement on any persons other than the express parties to it and their respective permitted successors and assigns (except for any benefits, rights or remedies expressly granted herein to Secured Swap Providers);
(b) relieve or discharge the obligation or liability of any person not an express party to this Agreement; or (c) give any person not an express party to this Agreement any right of subrogation or action against any party to this Agreement.

 12.16 Amended and Restated Agreement. This Agreement amends and restates, in its entirety, and replaces, the Prior Loan Agreement.
This Agreement is not intended to, and does not, novate the Prior Loan Agreement and Borrower reaffirms that the existing security interests created by the Prior Loan Agreement are and remain in full force and effect. In addition, the amendment and
restatement of the Prior Loan Agreement pursuant to 

  
 27 

 
this Agreement is not intended to amend the existing terms of any other Loan Document delivered in connection with the Prior Loan Agreement nor to terminate any such Loan Document, and no
amendment or termination of any such Loan Document shall be deemed to have occurred unless set forth in a separate agreement or other document between Borrower and Bank. 

13 DEFINITIONS 

13.1 Definitions. As used in the Loan Documents, the word “shall” is mandatory, the word “may” is permissive, the
word “or” is not exclusive, the words “includes” and “including” are not limiting, the singular includes the plural, and numbers denoting amounts that are set off in brackets are negative. As used in this Agreement, the
following capitalized terms have the following meanings: 
 “Account” is, as to any Person, any “account”
of such Person as “account” is defined in the Code with such additions to such term as may hereafter be made, and includes, without limitation, all accounts receivable and other sums owing to such Person. 

“Account Debtor” is any “account debtor” as defined in the Code with such additions to such term as may
hereafter be made. 
 “Adjusted EBITDA” means (a) EBITDA, minus (b) (i) capital expenditures and
(ii) capitalized software expenses. 
 “Adjusted EBITDA Event” is confirmation in writing from Bank that Bank has
received from Borrower evidence satisfactory to Bank in its sole and absolute discretion, demonstrating that Borrower had Adjusted EBITDA in an aggregate amount of at least Ten Million Dollars ($10,000,000.00) for any twelve (12) month period
ending after the Effective Date. 
 “Administrator” is an individual that is named: 

(a) as an “Administrator” in the “SVB Online Services” form completed by Borrower with the authority to determine who will
be authorized to use SVB Online Services (as defined in Bank’s Online Banking Agreement as in effect from time to time) on behalf of Borrower; and 

(b) as an Authorized Signer of Borrower in an approval by the Board. 

“Advance” or “Advances” means a revolving credit loan (or revolving credit loans) under the Revolving Line.

 “Affiliate” is, with respect to any Person, each other Person that owns or controls directly or indirectly the Person,
any Person that controls or is controlled by or is under common control with the Person, and each of that Person’s senior executive officers, directors; partners and, for any Person that is a limited liability company, that Person’s
managers and members. For purposes of the definition of Eligible Accounts, Affiliate shall include a Specified Affiliate. 

“Agreement” is defined in the preamble hereof. 

“Anniversary Fee” and “Anniversary Fees” are each defined in Section 2.6(a). 

“Authorized Signer” is any individual listed in Borrower’s Borrowing Resolution who is authorized to execute the Loan
Documents, including making (and executing if applicable) any Credit Extension request, on behalf of Borrower. 
 “Availability
Amount” is (a) the lesser of (i) the Revolving Line or (ii) the amount available under the Borrowing Base, minus (b) the outstanding principal balance of any Advances. 

  
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 “Average Monthly Burn” means, as of any date of determination, (a) the
sum of the Adjusted EBITDA for each month in the three (3) month period ending on the last day of the immediately preceding month divided by (b) three (3). 

“Bank” is defined in the preamble hereof. 

“Bank Entities” is defined in Section 12.9. 

“Bank Expenses” are all actual audit fees and expenses, costs, and expenses (including reasonable documented attorneys’
fees and expenses) for preparing, amending, negotiating, administering, defending and enforcing the Loan Documents (including, without limitation, those incurred in connection with appeals or Insolvency Proceedings) or otherwise incurred with
respect to Borrower or any Guarantor. 
 “Bank Services” are any products, credit services, and/or financial accommodations
previously, now, or hereafter provided to Borrower or any of its Subsidiaries by Bank or any Bank Affiliate, including, without limitation, any letters of credit, cash management services (including, without limitation, merchant services, direct
deposit of payroll, business credit cards, and check cashing services), interest rate swap arrangements, and foreign exchange services as any such products or services may be identified in Bank’s various agreements related thereto (each, a
“Bank Services Agreement”). 
 “Bank Services Agreement” is defined in the definition of Bank Services. 

“Board” is Borrower’s board of directors. 

“Borrower” is defined in the preamble hereof. 

“Borrower’s Books” are all Borrower’s books and records including ledgers, federal and state tax returns, records
regarding Borrower’s assets or liabilities, the Collateral, business operations or financial condition, and all computer programs or storage or any equipment containing such information. 

“Borrowing Base” is (a) eighty percent (80.0%) of Eligible Accounts, as determined by Bank from Borrower’s most
recent Borrowing Base Report (and as may subsequently be updated by Bank based upon information received by Bank including, without limitation, Accounts that are paid and/or billed following the date of the Borrowing Base Report); provided, however,
that Bank has the right, after notice to Borrower, to decrease the foregoing percentage in its good faith business judgment to mitigate the impact of events, conditions, contingencies, or risks which may adversely affect the Collateral or its value
plus (b) the product of (i) Borrower’s Recurring Revenue for the most recent month, as determined by Bank from Borrower’s most recent Recurring Revenue Report and financial reporting multiplied by (ii) the Revenue Advance
Rate. 
 “Borrowing Base Report” is that certain report of the value of certain Collateral in the form specified by Bank to
Borrower from time to time. 
 “Borrowing Resolutions” are, with respect to any Person, those resolutions adopted by such
Person’s board of directors (and, if required under the terms of such Person’s Operating Documents, stockholders) and delivered by such Person to Bank approving the Loan Documents to which such Person is a party and the transactions
contemplated thereby, together with a certificate executed by its secretary on behalf of such Person certifying (a) such Person has the authority to execute, deliver, and perform its obligations under each of the Loan Documents and the Secured
Rate Contracts to which it is a party, (b) that set forth as a part of or attached as an exhibit to such certificate is a true, correct, and complete copy of the resolutions then in full force and effect authorizing and ratifying the execution,
delivery, and performance by such Person of the Loan Documents and the Secured Rate Contracts to which it is a party, (c) the name(s) of the Person(s) authorized to execute the Loan Documents and the Secured Rate Contracts, including making
(and executing if applicable) any Credit Extension request, on behalf of such Person, together with a sample of the true signature(s) of such Person(s), and (d) that Bank may conclusively rely on such certificate unless and until such Person
shall have delivered to Bank a further certificate canceling or amending such prior certificate. 

  
 29 

 “Business Day” is any day that is not a Saturday, Sunday or a day on which
Bank is closed. 
 “Cash Collateral Account” is defined in Section 6.3(c). 

“Cash Equivalents” means (a) marketable direct obligations issued or unconditionally guaranteed by the United States or
any agency or any State thereof having maturities of not more than one (1) year from the date of acquisition; (b) commercial paper maturing no more than one (1) year after its creation and having the highest rating from either
Standard & Poor’s Ratings Group or Moody’s Investors Service, Inc.; (c) Bank’s certificates of deposit issued maturing no more than one (1) year after issue; and (d) money market funds at least ninety-five percent
(95%) of the assets of which constitute Cash Equivalents of the kinds described in clauses (a) through (c) of this definition. 

“Change in Control” means (a) at any time, any “person” or “group” (as such terms are used in
Sections 13(d) and 14(d) of the Exchange Act), shall become, or obtain rights (whether by means of warrants, options or otherwise) to become, the “beneficial owner” (as defined in Rules 13(d)-3 and 13(d)-5 under the Exchange Act), directly or indirectly, of forty-nine percent (49.0%) or more of the ordinary voting power for the election of directors of Borrower (determined on a fully diluted basis) other than
by the sale of Borrower’s equity securities in a public offering or to venture capital or private equity investors so long as Borrower identifies to Bank the venture capital or private equity investors prior to or immediately following the
closing of the transaction and provides to Bank a description of the material terms of the transaction; (b) during any period of twelve (12) consecutive months, a majority of the members of the board of directors or other equivalent
governing body of Borrower cease to be composed of individuals (i) who were members of that board or equivalent governing body on the first day of such period, (ii) whose election or nomination to that board or equivalent governing body
was approved by individuals referred to in clause (i) above constituting at the time of such election or nomination at least a majority of that board or equivalent governing body or (iii) whose election or nomination to that board or other
equivalent governing body was approved by individuals referred to in clauses (i) and (ii) above constituting at the time of such election or nomination at least a majority of that board or equivalent governing body; or (c) at any time,
Borrower shall cease to own and control, of record and beneficially, directly or indirectly, one hundred percent (100.0%) of each class of outstanding capital stock of each Subsidiary of Borrower free and clear of all Liens (except Liens created by
this Agreement). 
 “Claims” is defined in Section 12.3. 

“Code” is the Uniform Commercial Code, as the same may, from time to time, be enacted and in effect in the Commonwealth of
Massachusetts; provided, that, to the extent that the Code is used to define any term herein or in any Loan Document and such term is defined differently in different Articles or Divisions of the Code, the definition of such term contained in
Article or Division 9 shall govern; provided further, that in the event that, by reason of mandatory provisions of law, any or all of the attachment, perfection, or priority of, or remedies with respect to, Bank’s Lien on any Collateral is
governed by the Uniform Commercial Code in effect in a jurisdiction other than the Commonwealth of Massachusetts, the term “Code” shall mean the Uniform Commercial Code as enacted and in effect in such other jurisdiction solely for
purposes of the provisions thereof relating to such attachment, perfection, priority, or remedies and for purposes of definitions relating to such provisions. 

“Collateral” is any and all properties, rights and assets of Borrower described on Exhibit A. 

“Collateral Account” is any Deposit Account, Securities Account, or Commodity Account. 

“Commodity Account” is any “commodity account” as defined in the Code with such additions to such term as may
hereafter be made. 
 “Compliance Certificate” is that certain certificate in the form attached hereto as Exhibit B. 

“Conditional Deferred Revenue” is Deferred Revenue for which payment is conditioned upon any impressions or views being
achieved. 
 “Contingent Obligation” is, for any Person, any direct or indirect liability, contingent or not, of that
Person for (a) any indebtedness, lease, dividend, letter of credit or other obligation of another such as an obligation, in each 

  
 30 

 
case, directly or indirectly guaranteed, endorsed, co made, discounted or sold with recourse by that Person, or for which that Person is directly or indirectly liable; (b) any obligations
for undrawn letters of credit for the account of that Person; and (c) all obligations from any interest rate, currency or commodity swap agreement, interest rate cap or collar agreement, or other agreement or arrangement designated to protect a
Person against fluctuation in interest rates, currency exchange rates or commodity prices; but “Contingent Obligation” does not include endorsements in the ordinary course of business. The amount of a Contingent Obligation is the stated or
determined amount of the primary obligation for which the Contingent Obligation is made or, if not determinable, the maximum reasonably anticipated liability for it determined by the Person in good faith; but the amount may not exceed the maximum of
the obligations under any guarantee or other support arrangement. 
 “Control Agreement” is any control agreement entered
into among the depository institution at which Borrower maintains a Deposit Account or the securities intermediary or commodity intermediary at which Borrower maintains a Securities Account or a Commodity Account, Borrower, and Bank pursuant to
which Bank obtains control (within the meaning of the Code) over such Deposit Account, Securities Account, or Commodity Account. 

“Copyrights” are any and all copyright rights, copyright applications, copyright registrations and like protections in each
work of authorship and derivative work thereof, whether published or unpublished and whether or not the same also constitutes a trade secret. 

“Credit Extension” is any Advance, any Term Loan Advance, any Overadvance, or any other extension of credit by Bank for
Borrower’s benefit. 
 “Currency” is coined money and such other banknotes or other paper money as are authorized by
law and circulate as a medium of exchange. 
 “Default Rate” is defined in Section 2.5(b). 

“Deferred Revenue” is all amounts received or invoiced in advance of performance under contracts and not yet recognized as
revenue. 
 “Deposit Account” is any “deposit account” as defined in the Code with such additions to such
term as may hereafter be made. 
 “Designated Deposit Account” is the account number ending 896 (last three digits)
maintained by Borrower with Bank (provided, however, if no such account number is included, then the Designated Deposit Account shall be any deposit account of Borrower maintained with Bank as chosen by Bank). 

“Dollars,” “dollars” or use of the sign”$” means only lawful money of the United States and not
any other currency, regardless of whether that currency uses the”$” sign to denote its currency or may be readily converted into lawful money of the United States. 

“Dollar Equivalent” is, at any time, (a) with respect to any amount denominated in Dollars, such amount, and
(b) with respect to any amount denominated in a Foreign Currency, the equivalent amount therefor in Dollars as determined by Bank at such time on the basis of the then-prevailing rate of exchange in San Francisco, California, for sales of the
Foreign Currency for transfer to the country issuing such Foreign Currency. 
 “EBITDA” means (a) Net Income, plus
(b) to the extent deducted in the calculation of Net Income, (i) Interest Expense, (ii) income tax expense, (iii) depreciation expense and amortization expense and (iv) non-cash
stock-based compensation expense. 
 “Effective Date” is defined in the preamble hereof. 

“Eligible Accounts” means Accounts owing to Borrower which arise in the ordinary course of Borrower’s business that
(a) arise directly from messaging, implementation or professional services of Borrower and (b) meet all Borrower’s representations and warranties in Section 5.3, that have been, at the option of Bank, confirmed in

  
 31 

 
accordance with Section 6.3(f) of this Agreement, and are due and owing from Account Debtors deemed creditworthy by Bank in its good faith business judgment. Bank reserves the right, upon
notice to Borrower, at any time after the Effective Date to adjust any of the criteria set forth below and to establish new criteria in its good faith business judgment. Unless Bank otherwise agrees in writing, Eligible Accounts shall not include:

 (a) Accounts (i) for which the Account Debtor is Borrower’s Affiliate, officer, employee, investor, or agent, or (ii) that
are intercompany Accounts; 
 (b) Accounts that the Account Debtor has not paid within one hundred twenty (120) days of invoice date
regardless of invoice payment period terms; 
 (c) Accounts with credit balances over one hundred twenty (120) days from invoice date;

 (d) Accounts owing from an Account Debtor if fifty percent (50%) or more of the Accounts owing from such Account Debtor have not
been paid within one hundred twenty (120) days of invoice date; 
 (e) Accounts owing from an Account Debtor (i) which does not
have its principal place of business in the United States or (ii) whose billing address (as set forth in the applicable invoice for such Account) is not in the United States, unless in the case of both (i) and (ii) such Accounts are
otherwise approved by Bank in writing on a case by case basis in its sole discretion; 
 (f) Accounts billed from and/or payable to Borrower
outside of the United States (sometimes called foreign invoiced accounts); 
 (g) Accounts in which Bank does not have a first priority,
perfected security interest under all applicable laws; 
 (h) Accounts billed and/or payable in a Currency other than Dollars; 

(i) Accounts owing from an Account Debtor to the extent that Borrower is indebted or obligated in any manner to the Account Debtor (as
creditor, lessor, supplier or otherwise – sometimes called “contra” accounts, accounts payable, customer deposits or credit accounts); 

(j) Accounts with or in respect of accruals for marketing allowances, incentive rebates, price protection, cooperative advertising and other
similar marketing credits, unless otherwise approved by Bank in writing; 
 (k) Accounts owing from an Account Debtor which is a United
States government entity or any department, agency, or instrumentality thereof unless Borrower has assigned its payment rights to Bank and the assignment has been acknowledged under the Federal Assignment of Claims Act of 1940, as amended; 

(l) Accounts with customer deposits and/or with respect to which Borrower has received an upfront payment, to the extent of such customer
deposit and/or upfront payment; 
 (m) Accounts for demonstration or promotional equipment, or in which goods are consigned, or sold on a
“sale guaranteed”, “sale or return”, “sale on approval”, or other terms if Account Debtor’s payment may be conditional; 

(n) Accounts owing from an Account Debtor where goods or services have not yet been rendered to the Account Debtor (sometimes called memo
billings or pre-billings); 
 (o) Accounts subject to contractual arrangements between Borrower and
an Account Debtor where payments shall be scheduled or due according to completion or fulfillment requirements (sometimes called contracts accounts receivable, progress billings, milestone billings, or fulfillment contracts); 

  
 32 

 (p) Accounts owing from an Account Debtor the amount of which may be subject to withholding
based on the Account Debtor’s satisfaction of Borrower’s complete performance (but only to the extent of the amount withheld; sometimes called retainage billings); 

(q) Accounts subject to trust provisions, subrogation rights of a bonding company, or a statutory trust; 

(r) Accounts owing from an Account Debtor that has been invoiced for goods that have not been shipped to the Account Debtor unless Bank,
Borrower, and the Account Debtor have entered into an agreement acceptable to Bank wherein the Account Debtor acknowledges that (i) it has title to and has ownership of the goods wherever located, (ii) a bona fide sale of the goods has
occurred, and (iii) it owes payment for such goods in accordance with invoices from Borrower (sometimes called “bill and hold” accounts); 

(s) Accounts for which the Account Debtor has not been invoiced; 

(t) Accounts that represent non-trade receivables or that are derived by means other than in the
ordinary course of Borrower’s business; 
 (u) Accounts for which Borrower has permitted Account Debtor’s payment to extend beyond
one hundred twenty (120) days (including Accounts with a due date that is more than one hundred twenty (120) days from invoice date); 

(v) Accounts arising from chargebacks, debit memos or other payment deductions taken by an Account Debtor; 

(w) Accounts arising from product returns and/or exchanges (sometimes called “warranty” or “RMA” accounts); 

(x) Accounts in which the Account Debtor disputes liability or makes any claim (but only up to the disputed or claimed amount), or if the
Account Debtor is subject to an Insolvency Proceeding (whether voluntary or involuntary), or becomes insolvent, or goes out of business; 

(y) Accounts owing from an Account Debtor with respect to which Borrower has received Conditional Deferred Revenue (but only to the extent of
such Conditional Deferred Revenue); and 
 (z) Accounts for which Bank has notified Borrower that Bank in its good faith business judgment
determines collection to be doubtful, including, without limitation, accounts represented by “refreshed” or “recycled” invoices. 

“Equipment” is all “equipment” as defined in the Code with such additions to such term as may hereafter be
made, and includes without limitation all machinery, fixtures, goods, vehicles (including motor vehicles and trailers), and any interest in any of the foregoing. 

“ERISA” is the Employee Retirement Income Security Act of 1974, and its regulations. 

“Event of Default” is defined in Section 8. 

“Exchange Act” is the Securities Exchange Act of 1934, as amended. 

“Foreign Currency” means lawful money of a country other than the United States. 

“Funding Date” is any date on which a Credit Extension is made to or for the account of Borrower which shall be a Business
Day. 

  
 33 

 “FX Contract” is any foreign exchange contract by and between Borrower and
Bank under which Borrower commits to purchase from or sell to Bank a specific amount of Foreign Currency on a specified date. 

“GAAP” is generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles
Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other Person as may be approved by a significant segment of the
accounting profession, which are applicable to the circumstances as of the date of determination. 
 “General Intangibles”
is all “general intangibles” as defined in the Code in effect on the date hereof with such additions to such term as may hereafter be made, and includes without limitation, all Intellectual Property, claims, income and other tax refunds,
security and other deposits, payment intangibles, contract rights, options to purchase or sell real or personal property, rights in all litigation presently or hereafter pending (whether in contract, tort or otherwise), insurance policies (including
without limitation key man, property damage, and business interruption insurance), payments of insurance and rights to payment of any kind. 

“Good Faith Deposit” is defined in Section 2.6(f). 

“Governmental Approval” is any consent, authorization, approval, order, license, franchise, permit, certificate,
accreditation, registration, filing or notice, of, issued by, from or to, or other act by or in respect of, any Governmental Authority. 

“Governmental Authority” is any nation or government, any state or other political subdivision thereof, any agency,
authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative functions of or pertaining to government, any securities exchange and any
self-regulatory organization. 
 “Guarantor” is any Person providing a Guaranty in favor of Bank. 

“Guaranty” is any guarantee of all or any part of the Obligations, as the same may from time to time be amended, restated,
modified or otherwise supplemented. 
 “Increase Approval” means the occurrence of all of the following on or prior to the
date that is one (1) year following the Effective Date: (a) Borrower has requested that Bank make the Term Loan C Advance available; (b) Bank has received all necessary internal and credit approvals for such term loan to become
available; (c) Borrower has delivered financial and other information required by Bank, which shall be satisfactory to Bank in its sole discretion; (d) Borrower has agreed to the terms of any new Loan Documents proposed by Bank in its sole
discretion and has executed such Loan Documents; (e) no Event of Default exists at the time the Term Loan C Advance is to be made or would exist as a result of the making of the Term Loan C Advance; and (f) Bank has provided written
approval in its sole discretion that the Term Loan C Advance is available. For clarity, upon satisfaction of each of the conditions in (a) through (f), the determination of whether to make the Term Loan C Advance shall be in Bank’s sole
discretion and shall in no event occur automatically. 
 “Indebtedness” is (a) indebtedness for borrowed money or the
deferred price of property or services, such as reimbursement and other obligations for surety bonds and letters of credit, (b) obligations evidenced by notes, bonds, debentures or similar instruments, (c) capital lease obligations, and
(d) Contingent Obligations. 
 “Indemnified Person” is defined in Section 12.3. 

“Initial Audit” is Bank’s inspection of Borrower’s Accounts, the Collateral, and Borrower’s Books, with
results satisfactory to Bank in its sole and absolute discretion. 
 “Insolvency Proceeding” is any proceeding by or
against any Person under the United States Bankruptcy Code, or any other bankruptcy or insolvency law, including assignments for the benefit of creditors, compositions, extensions generally with its creditors, or proceedings seeking reorganization,
arrangement, or other relief. 

  
 34 

 “Intellectual Property” means, with respect to any Person, all of such
Person’s right, title, and interest in and to the following: 
 (a) its Copyrights, Trademarks and Patents; 

(b) any and all trade secrets and trade secret rights, including, without limitation, any rights to unpatented inventions, know-how and operating manuals; 
 (c) any and all source code; 

(d) any and all design rights which may be available to such Person; 

(e) any and all claims for damages by way of past, present and future infringement of any of the foregoing, with the right, but not the
obligation, to sue for and collect such damages for said use or infringement of the Intellectual Property rights identified above; and 

(f) all amendments, renewals and extensions of any of the Copyrights, Trademarks or Patents. 

“Interest Expense” means for any fiscal period, interest expense (whether cash or
non-cash) determined in accordance with GAAP for the relevant period ending on such date, including, in any event, interest expense with respect to any Credit Extension and other Indebtedness of Borrower,
including, without limitation or duplication, all commissions, discounts, or related amortization and other fees and charges with respect to letters of credit and bankers’ acceptance financing and the net costs associated with interest rate
swap, cap, and similar arrangements, and the interest portion of any deferred payment obligation (including leases of all types). 

“Inventory” is all “inventory” as defined in the Code in effect on the date hereof with such additions to
such term as may hereafter be made, and includes without limitation all merchandise, raw materials, parts, supplies, packing and shipping materials, work in process and finished products, including without limitation such inventory as is temporarily
out of Borrower’s custody or possession or in transit and including any returned goods and any documents of title representing any of the above. 

“Investment” is any beneficial ownership interest in any Person (including stock, partnership interest or other securities),
and any loan, advance or capital contribution to any Person. 
 “ISDA Master Agreement” means, as modified or supplemented
from time to time, the 1992 or 2002 ISDA Master Agreement and related schedule thereto, as published by the International Swaps and Derivatives Association, Inc., as supplemented by any credit support annex and confirmation confirming any
transaction thereunder. 
 “Key Person” is each of Borrower’s Chief Executive Officer and Chief Financial Officer.

 “Letter of Credit” is a standby or commercial letter of credit issued by Bank upon request of Borrower based upon an
application, guarantee, indemnity, or similar agreement. 
 “Lien” is a claim, mortgage, deed of trust, levy, charge,
pledge, security interest or other encumbrance of any kind, whether voluntarily incurred or arising by operation of law or otherwise against any property. 

“Liquidity” is, at any time, the sum of (a) the aggregate amount of unrestricted and unencumbered cash maintained with
Bank plus (b) the Availability Amount. 
 “Loan Documents” are, collectively, this Agreement and any schedules,
exhibits, certificates, notices, and any other documents related to this Agreement, the Warrant, the Perfection Certificate, any Control Agreement, any Bank Services Agreement, any subordination agreement, any note, or notes or guaranties executed
by Borrower or any Guarantor, and any other present or future agreement by Borrower and/or any Guarantor with or for the benefit of Bank, all as amended, restated, or otherwise modified. 

  
 35 

 “Loan Obligations” are Borrower’s obligations to pay when due any
debts, principal, interest, fees, the Anniversary Fees, the Termination Fee, the Unused Revolving Line Facility Fee, the Term Loan Prepayment Fee, the Term Loan Final Payment, Bank Expenses, and other amounts Borrower owes Bank now or later, whether
under this Agreement, the other Loan Documents (other than the Warrant), or otherwise, including, without limitation, all obligations relating to Bank Services and interest accruing after Insolvency Proceedings begin and debts, liabilities, or
obligations of Borrower assigned to Bank, and to perform Borrower’s duties under the Loan Documents (other than the Warrant); provided, however, that the term “Obligations” shall not include any obligations under the Secured Swap
Obligations. 
 “Material Adverse Change” is (a) a material impairment in the perfection or priority of Bank’s
Lien in the Collateral or in the value of such Collateral; (b) a material adverse change in the business, operations, or condition (financial or otherwise) of Borrower; (c) a material impairment of the prospect of repayment of any portion
of the Obligations when due; or (d) Bank determines, based upon information available to it and in its reasonable judgment, that there is a substantial likelihood that Borrower shall fail to comply with one or more of the financial covenants in
Section 6 during the next succeeding financial reporting period. 
 “Measurement Period” is each twelve
(12) month period. 
 “Monthly Financial Statements” is defined in Section 6.2(c). 

“Net Income” means, for any period as at any date of determination, the net profit (or loss), after provision for taxes, of
Borrower for such period taken as a single accounting period. 
 “Obligations” means the Loan Obligations and the Secured
Swap Obligations. 
 “Operating Documents” are, for any Person, such Person’s formation documents, as certified by the
Secretary of State (or equivalent agency) of such Person’s jurisdiction of organization on a date that is no earlier than thirty (30) days prior to the Effective Date, and, (a) if such Person is a corporation, its bylaws in current
form, (b) if such Person is a limited liability company, its limited liability company agreement (or similar agreement), and (c) if such Person is a partnership, its partnership agreement (or similar agreement), each of the foregoing with
all current amendments or modifications thereto. 
 “Overadvance” is defined in Section 2.4. 

“Patents” means all patents, patent applications and like protections including without limitation improvements, divisions,
continuations, renewals, reissues, extensions and continuations-in-part of the same. 

“Payment/Advance Form” is that certain form in the form attached hereto as Exhibit C. 

“Payment Date” is (a) with respect to Term Loan Advances, the first
(1st) Business Day of each month and (b) with respect to Advances, the last calendar day of each month. 

“Perfection Certificate” is defined in Section 5.1. 

“Permitted Account” is defined in Section 6.8(a). 

“Permitted Indebtedness” is: 

(a) Borrower’s Indebtedness to Bank under this Agreement or any other Loan Documents; 

(b) Indebtedness existing on the Effective Date which is shown on the Perfection Certificate; 

(c) Indebtedness not to exceed Six Million Dollars ($6,000,000.00) in the aggregate secured by a lien described in clause (c) of the
defined term “Permitted Liens,” provided such Indebtedness does not exceed the lesser of the cost or fair market value of the equipment financed with such Indebtedness; 

  
 36 

 (d) Subordinated Debt; 

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

(f) endorsements for collection, deposit or negotiation and warranties of products or service, in each case incurred in the ordinary course of
business; 
 (g) Indebtedness secured by Liens permitted under clauses (a) and (c) of the definition of “Permitted Liens”
hereunder; 
 (h) Indebtedness incurred as a result of endorsing negotiable instruments received in the ordinary course of business; 

(i) extensions, refinancings, modifications, renewals, amendments and restatements of any items of Permitted Indebtedness (a) through
(h) above, provided that the principal amount thereof is not increased or the terms thereof are not modified to impose more burdensome terms upon Borrower or its Subsidiary, as the case maybe; and 

(j) Indebtedness under Secured Rate Contracts permitted under Section 6.15. 

“Permitted Investments” are: 

(a) Investments (including, without limitation, Subsidiaries) existing on the Effective Date which are shown on the Perfection Certificate;

 (b) Investments consisting of Cash Equivalents; 

(c) Investments accepted in connection with Permitted Transfers; 

(d) Investments of Subsidiaries in or to other Subsidiaries or Borrower and Investments by Borrower in Subsidiaries not to exceed Two Hundred
Fifty Thousand Dollars ($250,000.00) in the aggregate in any fiscal year; 
 (e) Investments consisting of (i) travel advances and
employee relocation loans and other employee loans and advances in the ordinary course of business, and (ii) loans to employees, officers or directors relating to the purchase of equity securities of Borrower or its Subsidiaries pursuant to
employee stock purchase plans or agreements approved by the Board not to exceed Two Hundred Fifty Thousand Dollars ($250,000.00) in the aggregate in any fiscal year; 

(f) Investments (including debt obligations) received in connection with the bankruptcy or reorganization of customers or suppliers and in
settlement of delinquent obligations of, and other disputes with, customers or suppliers arising in the ordinary course of business; 
 (g)
Investments consisting of notes receivable of, or prepaid royalties and other credit extensions, to customers and suppliers who are not Affiliates, in the ordinary course of business; provided that this paragraph (g) shall not apply to
Investments of Borrower in any Subsidiary; 
 (h) joint ventures or strategic alliances in the ordinary course of Borrower’s business
consisting of the non-exclusive licensing of technology, the development of technology or the providing of technical support, provided that any cash Investments by Borrower do not exceed Two Hundred Fifty
Thousand Dollars ($250,000.00) in the aggregate in any fiscal year; 
 (i) Investments consisting of Secured Rate Contracts permitted under
Section 6.15; 

  
 37 

 (j) Investments consisting of the endorsement of negotiable instruments for deposit or
collection or similar transactions in the ordinary course of Borrower; and 
 (k) Investments consisting of deposit accounts (but only to
the extent that Borrower is permitted to maintain such accounts pursuant to Section 6.8 of this Agreement) in which Bank has a first priority perfected security interest. 

“Permitted Liens” are: 

(a) Liens existing on the Effective Date which are shown on the Perfection Certificate or arising under this Agreement and the other Loan
Documents; 
 (b) Liens for taxes, fees, assessments or other government charges or levies, either (i) not due and payable or
(ii) being contested in good faith and for which Borrower maintains adequate reserves on its Books, provided that no notice of any such Lien has been filed or recorded under the Internal Revenue Code of 1986, as amended, and the Treasury
Regulations adopted thereunder; 
 (c) purchase money Liens or capital leases (i) on Equipment acquired or held by Borrower incurred
for financing the acquisition of the Equipment securing no more than Six Million Dollars ($6,000,000.00) in the aggregate amount outstanding, or (ii) existing on Equipment when acquired, if the Lien is confined to the property and
improvements and the proceeds of the Equipment; 
 (d) Liens incurred in the extension, renewal or refinancing of the indebtedness secured
by Liens described in (a) through (c), but any extension, renewal or replacement Lien must be limited to the property encumbered by the existing Lien and the principal amount of the indebtedness may not increase; 

(e) non-exclusive licenses of Intellectual Property granted to third parties in the ordinary course of
business; 
 (f) Liens of carriers, warehousemen, suppliers, or other Persons that are possessory in nature arising in the ordinary course
of business so long as such Liens attach only to Inventory and which are not delinquent or remain payable without penalty or which are being contested in good faith and by appropriate proceedings which proceedings have the effect of preventing the
forfeiture or sale of the property subject thereto; 
 (g) Liens arising from judgments, decrees or attachments in circumstances not
constituting an Event of Default under Sections 8.4 and 8.7; 
 (h) Liens consisting of pledges of cash, Cash Equivalents or government
securities to secure Secured Rate Contracts permitted under Section 6.15; 
 (i) Liens to secure payment of workers’ compensation,
employment insurance, old-age pensions, social security and other like obligations incurred in the ordinary course of business (other than Liens imposed by ERISA); and 

(j) Liens in favor of other financial institutions arising in connection with Borrower’s deposit and/or securities accounts held at such
institutions, provided that (i) Bank has a first priority perfected security interest in the amounts held in such deposit and/or securities accounts (ii) such accounts are permitted to be maintained pursuant to Section 6.8 of this
Agreement. 
 “Permitted Transfer” is defined in Section 7.1. 

“Person” is any individual, sole proprietorship, partnership, limited liability company, joint venture,
company, trust, unincorporated organization, association, corporation, institution, public benefit corporation, firm, joint stock company, estate, entity or government agency. 

  
 38 

 “Prime Rate” is the rate of interest per annum from time to time published
in the money rates section of The Wall Street Journal or any successor publication thereto as the “prime rate” then in effect; provided that, in the event such rate of interest is less than zero, such rate shall be deemed to be zero for
purposes of this Agreement; and provided further that if such rate of interest, as set forth from time to time in the money rates section of The Wall Street Journal, becomes unavailable for any reason as determined by Bank, the “Prime
Rate” shall mean the rate of interest per annum announced by Bank as its prime rate in effect at its principal office in the State of California (such Bank announced Prime Rate not being intended to be the lowest rate of interest charged by
Bank in connection with extensions of credit to debtors); provided that, in the event such rate of interest is less than zero, such rate shall be deemed to be zero for purposes of this Agreement. 

“Prior Loan Agreement” is defined in Recital A of this Agreement. 

“Proceeds of Collection” is defined in Section 9.4. 

“Provider Retention Percentage” is, as tested as of the last day of each fiscal quarter, (a) one hundred percent
(100.0%) minus (b) expressed as a percentage, (i) the amount of Recurring Revenue lost or not retained in a Measurement Period ending on the last day of such quarter (as determined by taking the Recurring Revenue for the previous
Measurement Period and determining which of that revenue has been lost or not retained in the current Measurement Period) (which amount cannot be less than zero (0)) divided by (ii) (1) the amount of Recurring Revenue during the
previous Measurement Period plus (2) the amount of new revenue (taking into account both new customers and increased usage for existing customers) in the Measurement Period. 

“Rate Contracts” mean any swap agreement (as such term is defined in Section 101 of the United States Bankruptcy Code)
and all other agreements or documents now existing or hereafter entered into by Borrower that provide for an interest rate, credit, commodity or equity swap, cap, floor, collar, forward foreign exchange transaction (other than FX Contracts),
currency swap, cross currency rate swap, currency option or any similar transaction, or any combination of, or option with respect to, these or similar transactions, for the purpose of hedging Borrower exposure to fluctuations in interest rates,
currency exchange rates, loan, credit exchange, security, or commodity prices. 
 “Recurring Revenue” is the amount (as
determined by Borrower, subject to Section 5.4 hereof) of transaction and subscription fees earned by Borrower and paid to Borrower pursuant to binding service contracts and subscriptions between Borrower and its customers and deemed acceptable by
Bank in its sole and absolute discretion, which amounts were not billed or invoiced by Borrower; provided, however, that such amount shall (i) specifically exclude any set-up fees and professional service
fees and (ii) be reduced by the amount of any discounts, credits, reserves for bad debts, customer adjustments and any other offsets as determined by Bank in its sole discretion. 

“Recurring Revenue Report” is defined in Section 6.2(b). 

“Registered Organization” is any “registered organization” as defined in the Code with such additions to such term
as may hereafter be made. 
 “Requirement of Law” is as to any Person, the organizational or governing documents of such
Person, and any law (statutory or common), treaty, rule or regulation or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its property or to which such Person
or any of its property is subject. 
 “Reserves” means, as of any date of determination, such amounts as Bank may from time
to time establish and revise in its good faith business judgment upon notice to Borrower, reducing the amount of Advances and other financial accommodations which would otherwise be available to Borrower (a) to reflect events, conditions,
contingencies or risks which, as determined by Bank in its good faith business judgment, do or may adversely affect (i) the Collateral or any other property which is security for the Obligations or its value (including without limitation any
increase in delinquencies of Accounts), (ii) the assets, business or prospects of Borrower or any Guarantor, or (iii) the security interests and other rights of Bank in the Collateral (including the enforceability, perfection and priority
thereof); or (b) to reflect Bank’s reasonable belief that any collateral report or financial information furnished by or on behalf of Borrower or any Guarantor to Bank is or may have been incomplete, inaccurate or misleading in any
material respect; or (c) in respect of any state of facts which Bank determines constitutes an Event of Default or may, with notice or passage of time or both, constitute an Event of Default. 

  
 39 

 “Responsible Officer” is any of the Chief Executive Officer,
President, Chief Financial Officer and Controller of Borrower. 
 “Restricted License” is any material
license or other similar material agreement with respect to which Borrower is the licensee (a) that prohibits or otherwise restricts Borrower from granting a security interest in Borrower’s interest in such license or agreement or any
other property, or (b) for which a default under or termination of could interfere with Bank’s right to sell any Collateral. 

“Revenue Advance Rate” is the product of (a) the Revenue Advance Rate Multiplier multiplied by
(b) the Provider Retention Percentage. Notwithstanding the foregoing, Bank may, in its sole discretion, change either of the Revenue Advance Rate or the Revenue Advance Rate Multiplier upon notice thereof to Borrower. 

“Revenue Advance Rate Multiplier” is three hundred percent (300.0%). 

“Revolving Line” is an aggregate principal amount equal to Twenty Five Million Dollars ($25,000,000.00). 

“Revolving Line Maturity Date” is five (5) years from the Effective Date. 

“SEC” shall mean the Securities and Exchange Commission, any successor thereto, and any analogous Governmental
Authority. 
 “Secured Rate Contract” means any Rate Contract entered into in writing under an ISDA Master
Agreement (a) between Borrower and a Secured Swap Provider, (b) that has been provided or arranged by Bank or its Affiliate; and (c) if the Secured Swap Provider is not Bank or its Affiliate at the time of execution and delivery of
such Rate Contract, Bank has acknowledged in writing such Rate Contract constitutes a “Secured Rate Contract” hereunder and Bank and such Secured Swap Provider have entered into an agency addendum to the ISDA Master Agreement in form and
substance satisfactory to Bank. 
 “Secured Swap Obligations” are Borrower’s obligations to pay when due
any and all amounts owed to any Secured Swap Provider, now or later, under any Secured Rate Contract, and including interest accruing after Insolvency Proceedings begin and all debts, liabilities, or obligations of Borrower assigned to any Secured
Swap Provider, including the obligation of each such entity to perform its duties under the Secured Rate Contracts. 

“Secured Swap Provider” means (a) Bank or an Affiliate of Bank (or a Person who was Bank or an Affiliate
of Bank at the time of execution and delivery of a Secured Rate Contract) who has entered into a Secured Rate Contract with Borrower, or (b) a Person with whom Borrower has entered into a Secured Rate Contract provided or arranged by Bank or an
Affiliate of Bank, and any assignee thereof. 
 “Securities Account” is any “securities
account” as defined in the Code with such additions to such term as may hereafter be made. 
 “Specified
Affiliate” is any Person (a) more than ten percent (10.0%) of whose aggregate issued and outstanding equity or ownership securities or interests, voting, non-voting or both, are owned or
held directly or indirectly, beneficially or of record, by Borrower, and/or (b) whose equity or ownership securities or interests representing more than ten percent (10.0%) of such Person’s total outstanding combined voting power are owned
or held directly or indirectly, beneficially or of record, by Borrower. 
 “Subordinated Debt” is
indebtedness incurred by Borrower subordinated to all of Borrower’s now or hereafter indebtedness to Bank (pursuant to a subordination, intercreditor, or other similar agreement in form and substance satisfactory to Bank entered into between
Bank and the other creditor), on terms acceptable to Bank. 

  
 40 

 “Subsidiary” is, as to any Person, a corporation, partnership, limited
liability company or other entity of which shares of stock or other ownership interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of the happening of a contingency) to elect a
majority of the board of directors or other managers of such corporation, partnership or other entity are at the time owned, or the management of which is otherwise controlled, directly or indirectly through one or more intermediaries, or both, by
such Person. Unless the context otherwise requires, each reference to a Subsidiary herein shall be a reference to a Subsidiary of Borrower or Guarantor. 

“Term Loan A Advance” is defined in Section 2.3 of this Agreement. 

“Term Loan Advance” and “Term Loan Advances” are each defined in Section 2.3 of this Agreement. 

“Term Loan Amortization Date” is the Payment Date of the twenty-fifth
(25th) month following the Effective Date. 
 “Term Loan B Advance” is
defined in Section 2.3 of this Agreement. 
 “Term Loan B Draw Period” is the period of time commencing on the
Effective Date and continuing through the earlier to occur of (a) the date that is one (1) year from the Effective Date and (b) the occurrence of an Event of Default. 

“Term Loan C Advance” is defined in Section 2.3 of this Agreement. 

“Term Loan C Draw Period” is the period of time commencing on the date on which the Increase Approval occurs and continuing
through the earlier to occur of (a) the date that is one (1) year from the Effective Date and (b) the occurrence of an Event of Default. 

“Term Loan Final Payment” is, with respect to the Term Loan Advances, a payment (in addition to and not a substitution for
the regular monthly payments of principal plus accrued interest) in an amount equal to two and three-quarters of one percent (2.75%) of the original principal amount of all Term Loan Advances made by Bank due on the earliest to occur of (a) the
Term Loan Maturity Date, (b) the payment in full of the Term Loan Advances, (c) as required pursuant to Section 2.3(d) or 2.3(e), or (d) the termination of this Agreement. 

“Term Loan Maturity Date” is the Payment Date of the thirty-fifth (35th)
month following the Term Loan Amortization Date. 
 “Term Loan Prepayment Fee” shall be, with respect any prepayment of the
Term Loan Advances (a) on or prior to the second (2nd) anniversary of the Effective Date, an additional fee payable to Bank in an amount equal to three percent (3.0%) of the principal amount
of the Term Loan Advances outstanding immediately prior to giving effect to such prepayment, (b) after the second (2nd) anniversary of the Effective Date but on or prior to the third (3rd) anniversary of the Effective Date, an additional fee payable to Bank in an amount equal to two percent (2.0%) of the principal amount of the Term Loan Advances outstanding immediately prior to
giving effect to such prepayment and (c) after the third (3rd) anniversary of the Effective Date, an additional fee payable to Bank in an amount equal to one percent (1.0%) of the principal
amount of the Term Loan Advances outstanding immediately prior to giving effect to such prepayment. Notwithstanding the foregoing, Bank agrees to waive fifty percent (50.0%) of the amount of the Term Loan Prepayment Fee if the Term Loan Advances are
prepaid in full in accordance with Section 2.3(d) in connection and simultaneously with the refinancing of the Term Loan Advances by Bank in Bank’s sole and absolute discretion. 

“Termination Fee” is defined in Section 2.6(b) of this Agreement. 

“Trademarks” means any trademark and servicemark rights, whether registered or not, applications to register and
registrations of the same and like protections, and the entire goodwill of the business of Borrower connected with and symbolized by such trademarks. 

  
 41 

 “Transfer” is defined in Section 7.1. 

“Unpaid Amounts” has the meaning given such term in the Secured Rate Contact. 

“Unused Revolving Line Facility Fee” is defined in Section 2.6(c). 

“Warrant” is, collectively, (a) that certain Warrant to Purchase Stock dated as of May 31, 2007 between
Borrower and Bank, (b) that certain Warrant to Purchase Stock dated as of September 16, 2008 between Borrower and Bank, (c) that certain Warrant to Purchase Stock dated as of October 22, 2015 between Borrower and Bank,
(d) that certain Warrant to Purchase Stock dated as of November 7, 2016 between Borrower and Bank, (e) that certain Warrant to Purchase Stock dated as of the Effective Date between Borrower and Bank and (f) that certain Warrant to
Purchase Stock dated as of the Effective Date between Borrower and WestRiver Innovation Lending Fund VIII, L.P., in each case as amended, modified, supplemented and/or restated from time to time. 

[Signature page follows.] 

  
 42 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as a
sealed instrument under the laws of the Commonwealth of Massachusetts as of the Effective Date. 
  

			
	BORROWER:
	
	PHREESIA, INC.
		
	By	 	 /s/ Thomas Altier

	Name:	 	 Thomas Altier

	Title:	 	 Chief Financial Officer

	
	BANK:
	
	SILICON VALLEY BANK
		
	By	 	 /s/ Sam Subilia

	Name:	 	 Sam Subilia

	Title:	 	 VP

 Signature Page to Amended and Restated Loan and Security Agreement 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as a
sealed instrument under the laws of the Commonwealth of Massachusetts as of the Effective Date. 
  

			
	BORROWER:
	
	PHREESIA, INC.
		
	By	 	 /s/ Thomas Altier

	Name:	 	 Thomas Altier

	Title:	 	 Chief Financial Officer

	
	BANK:
	
	SILICON VALLEY BANK
		
	By	 	 /s/ Sam Subilia

	Name:	 	 Sam Subilia

	Title:	 	 VP

 Signature Page to Amended and Restated Loan and Security Agreement 

 EXHIBIT A – COLLATERAL DESCRIPTION 

The Collateral consists of all of Borrower’s right, title and interest in and to the following personal property: 

All goods, Accounts (including health-care receivables), Equipment, Inventory, contract rights or rights to payment of money, leases, license
agreements, franchise agreements, General Intangibles (except as provided below), commercial tort claims, documents, instruments (including any promissory notes), chattel paper (whether tangible or electronic), cash, deposit accounts, certificates
of deposit, fixtures, letters of credit rights (whether or not the letter of credit is evidenced by a writing), securities, and all other investment property, supporting obligations, and financial assets, whether now owned or hereafter acquired,
wherever located; and 
 all Borrower’s Books relating to the foregoing, and any and all claims, rights and interests in any of the
above and all substitutions for, additions, attachments, accessories, accessions and improvements to and replacements, products, proceeds and insurance proceeds of any or all of the foregoing. 

Notwithstanding the foregoing, the Collateral does not include any Intellectual Property; provided, however, the Collateral
shall include all Accounts and all proceeds of Intellectual Property. If a judicial authority (including a U.S. Bankruptcy Court) would hold that a security interest in the underlying Intellectual Property is necessary to have a security interest in
such Accounts and such property that are proceeds of Intellectual Property, then the Collateral shall automatically, and effective as of the Effective Date, include the Intellectual Property to the extent necessary to permit perfection of
Bank’s security interest in such Accounts and such other property of Borrower that are proceeds of the Intellectual Property. 

Pursuant to the terms of a certain negative pledge arrangement with Bank, Borrower has agreed not to encumber any of its Intellectual Property
without Bank’s prior written consent. 

 EXHIBIT B 

COMPLIANCE CERTIFICATE 
  

							
	TO:	  	SILICON VALLEY BANK	  		  	                        Date:
                            
	FROM:	  	PHREESIA, INC.	  		  	

 The undersigned authorized officer of PHREESIA, INC. (“Borrower”) certifies that under the
terms and conditions of the Amended and Restated Loan and Security Agreement between Borrower and Bank (the “Agreement”), (1) Borrower is in compliance for the period ending
                     with all required covenants except as noted below, (2) there are no Events of Default, (3) all representations
and warranties in the Agreement are true and correct in all material respects on this date except as noted below; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that
already are qualified or modified by materiality in the text thereof; and provided, further that those representations and warranties expressly referring to a specific date shall be true, accurate and complete in all material respects
as of such date, (4) Borrower, and each of its Subsidiaries, has timely filed all required tax returns and reports, and Borrower has timely paid all foreign, federal, state and local taxes, assessments, deposits and contributions owed by
Borrower except as otherwise permitted pursuant to the terms of Section 5.10 of the Agreement, and (5) no Liens have been levied or claims made against Borrower or any of its Subsidiaries, if any, relating to unpaid employee payroll or
benefits of which Borrower has not previously provided written notification to Bank. Attached are the required documents supporting the certification. The undersigned certifies that these are prepared in accordance with GAAP consistently applied
from one period to the next except as explained in an accompanying letter or footnotes. The undersigned acknowledges that no borrowings may be requested at any time or date of determination that Borrower is not in compliance with any of the terms of
the Agreement, and that compliance is determined not just at the date this certificate is delivered. Capitalized terms used but not otherwise defined herein shall have the meanings given them in the Agreement. 

Please indicate compliance status by circling Yes/No under “Complies” column. 

 

					
	Reporting Covenants	  	Required	  	Complies
	 	  	 	  	 
	Monthly financial statements with Compliance Certificate	  	Monthly within 30 days	  	Yes   No
	Annual financial statements (CPA Audited)	  	FYE within 180 days	  	Yes   No
	10-Q, 10-K and 8-K	  	Within 5 days after filing with SEC	  	Yes   No
	A/R & A/P Agings, Deferred Revenue report and Account Debtor listing	  	Monthly within 30 days	  	Yes   No
	Borrowing Base Reports	  	(i) With each Advance request and (ii) monthly within 30 days	  	Yes   No
	Recurring Revenue reports	  	Monthly within 30 days	  	Yes   No
	Board-approved projections	  	Within the earlier of (a) March 31st of each year
and (b) Board approval, and as amended/updated	  	Yes   No

  

							
	 Financial
Covenants
	  	
Required
	 	
Actual
	  	
Complies

	 	  	 	 	 	  	 
	
Maintain as indicated:
	  	 	 	 	  	 
	 	 	 	 
	
Revenue (tested quarterly)
	  	3 $            *	 	$            	  	Yes   No
	 	 	 	 
	
Liquidity (tested monthly)
  
	  	 3
             **
  
	 	
              

 
	  	 Yes   No

 
  

  

	*	 As set forth in Section 6.9(a). 

	*	 As set forth in Section 6.9(b). 

The following financial covenant analyses and information set forth in Schedule 1 attached hereto are true and accurate as of the date of this
Certificate. 

 The following are the exceptions with respect to the certification above: (If no exceptions
exist, state “No exceptions to note.”) 
  
  

 
  

 

									
	PHREESIA, INC.	  		 	BANK USE ONLY	 		 	
				
		  		 	Received by:
                                         
                     	 	
					
	By:
                                         
                           	  		 		 	AUTHORIZED SIGNER	 	
				
	Name:
                                         
                      	  		 	Date:
                                         
                               	 	
				
	Title:
                                         
                        	  		 	Verified:
                                         
                         	 	
					
		  		 		 	AUTHORIZED SIGNER	 	
				
		  		 	Date:
                                         
                               	 	
				
		  		 	Compliance Status:             Yes             No	 	

 Schedule 1 to Compliance Certificate 

Financial Covenants of Borrower 

In the event of a conflict between this Schedule and the Agreement, the terms of the Agreement shall govern. 

Dated:                         
                
  

	I.	 Revenue (tested quarterly) (Section 6.9(a)) 

Required:
$                                * 

 

	*	 As set forth in Section 6.9(a) of the Agreement. 

Actual: 
  

					
	A.	  	Revenue for most recently ended fiscal quarter calculated on a consolidated basis with respect to Borrower and its Subsidiaries	  	$                    

 Is line A equal to or greater than the required amount set forth above? 

                          
   No, not in compliance
                                        
         Yes, in compliance 
  

	II.	 Minimum Liquidity (tested monthly) (Section 6.9(b)) 

Required:
$                                  (greater of (a) amount in line l.G of
following table and (b) $5,000,000) 
  

					
	I.A.	  	Net Income	  	$                    
			
	l.B.	  	To the extent included in the determination of Net Income	  	
			
		  	 I.   Interest Expense
	  	$                    
			
		  	 2.  Income Tax Expense
	  	$                    
			
		  	 3.  Depreciation
	  	$                    
			
		  	 4.  Amortization
	  	$                    
			
		  	 5.  Non-cash stock-based compensation
expense
	  	$                    
			
		  	 6.  The sum of lines 1 through 5
	  	$                    
			
	l.C	  	Capital expenditures	  	$                    
			
	l.D	  	Capitalized software expenses	  	$                    
			
	I.E	  	Sum of Adjusted EBITDA (line l.A plus line l.B.6 minus lines l.C and I.D) for each month in the three-month period ending on the last day of the immediately preceding month	  	$                    
			
	l.F	  	Average Monthly Burn (line I.E divided by 3)	  	$                    

					
	l.G.	  	Line l.F, expressed as a positive number, multiplied by 6	  	$                    

					
	
	
Actual:        $        
            

 
					
			
	2.A.	  	Aggregate value of Borrower’s unrestricted and unencumbered cash maintained with Bank	  	$                    
			
	2.B.	  	Availability Amount	  	$                    
			
	2.C.	  	Liquidity (line 2.A plus line 2.B)	  	$                    

 Is line 2.C equal to or greater than the required amount set forth above? 

                          
     No, not in compliance
                                        
         Yes, in compliance 

 EXHIBIT C 

LOAN PAYMENT/ADVANCE REQUEST FORM 

DEADLINE FOR SAME DAY PROCESSING IS
NOON EASTERN TIME 
 Fax To:
                                         
                                         
                                         
                             Date:
                                     

 

LOAN PAYMENT: 

PHREESIA, INC. 
  

			
	 From Account
#                                         
                       

                          
      (Deposit Account #)
	  	 To Account
#                                         
                                         
  
 (Loan Account #)

	Principal
$                                       
                                 	  	and/or Interest
$                                         
                                       
		
	Authorized
Signature:                                       
             	  	Phone Number:
                                         
           
	Print Name/Title:
                                         
                   	  	

  

 

			
	 LOAN ADVANCE:
  
	  	
	Complete Outgoing Wire Request section below if all or a portion of the funds from this loan advance are for an outgoing wire.
		
	From Account
#                                         
                   	  	To Account
#                                         
                                       
	                                (Loan Account #)	  	(Deposit Account #)
		
	Amount of Term Loan Advance
$                                         
           	  	
	
	 All Borrower’s representations and warranties in the Amended and Restated Loan and Security Agreement are true, correct and
complete in all material respects on the date of the request for an advance; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in
the text thereof; and provided, further that those representations and warranties expressly referring to a specific date shall be true, accurate and complete in all material respects as of such date:

 

	Authorized
Signature:                                       
         	  	Phone Number:
                                         
           
	Print Name/Title:
                                         
               

  

 

			
	OUTGOING WIRE REQUEST:	  	
	Complete only if all or a portion of funds from the loan advance above is to be wired.
	Deadline for same day processing is noon, Eastern Time
		
	Beneficiary Name:
                                         
           	  	Amount of Wire:
$                                         
                           
	Beneficiary Bank:
                                         
             	  	Account Number:
                                         
                            
	City and State:
                                         
             
		
	Beneficiary Bank Transit (ABA) #:                    	  	Beneficiary Bank Code (Swift, Sort, Chip, etc.):                     
		  	             (For International Wire Only)

 

	Intermediary Bank:
                                         
       	  	Transit (ABA) #:
                                         
                           
	For Further Credit to:
                                         
                                         
                                         
                                         
        
	
	Special Instruction:
                                         
                                         
                                         
                                         
            
	
	By signing below, I (we) acknowledge and agree that my (our) funds transfer request shall be processed in accordance with and subject to the terms and conditions set forth in the agreements(s) covering funds
transfer service(s), which agreements(s) were previously received and executed by me (us).

 

 
			
	  
 Authorized Signature:
                                         
                   
	  	2nd Signature (if required):
                                         
                   
		
	Print Name/Title:
                                         
                       	  	Print Name/Title:
                                         
                                 
		
	Telephone #:
                                         
                   	  	Telephone #:EX-10.8

 Exhibit 10.8 

AMENDED AND RESTATED EMPLOYMENT AGREEMENT 

This Amended and Restated Employment Agreement (“Agreement”) is made between Phreesia, Inc., a Delaware corporation (the
“Company”), and Chaim Indig (the “Executive”) and is effective immediately prior to the closing of the Company’s first underwritten public offering of its equity securities pursuant to an effective registration statement
under the Securities Act of 1933, as amended (the “Effective Date”). Except with respect to the Employee Confidentiality and Assignment Agreement and the Equity Documents (each as defined below), this Agreement supersedes in all respects
all prior agreements between the Executive and the Company regarding the subject matter herein, including without limitation (i) the offer letter between the Executive and the Company dated January 2008 (the “Prior Agreement”), and
(ii) any other offer letter, employment agreement or severance agreement. 
 WHEREAS, the Company desires to continue to employ the
Executive and the Executive desires to continue to be employed by the Company on the new terms and conditions contained herein. 
 NOW,
THEREFORE, in consideration of the mutual covenants and agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: 

1. Employment. 
 (a)
Term. The Company shall employ the Executive and the Executive shall be employed by the Company pursuant to this Agreement commencing as of the Effective Date and continuing until such employment is terminated in accordance with the
provisions hereof (the “Term”). The Executive’s employment with the Company will continue to be “at will,” meaning that the Executive’s employment may be terminated by the Company or the Executive at any time and for
any reason subject to the terms of this Agreement. 
 (b) Position and Duties. During the Term, the Executive shall serve as the
Chief Executive Officer of the Company and shall have such powers and duties as may from time to time be prescribed by the Board of Directors (the “Board”). The Executive shall devote the Executive’s full working time and efforts to
the business and affairs of the Company. Notwithstanding the foregoing, the Executive may serve on other boards of directors, with the approval of the Board, or engage in religious, charitable or other community activities as long as such services
and activities are disclosed to the Board and do not interfere with the Executive’s performance of the Executive’s duties to the Company. 

2. Compensation and Related Matters. 

(a) Base Salary. The Executive’s initial base salary shall be paid at the rate of $350,000 per year. The Executive’s base
salary shall be reviewed annually by the Board or the Compensation Committee of the Board (the “Compensation Committee”). The base salary in effect at any given time is referred to herein as “Base Salary.” The Base Salary shall
be payable in a manner that is consistent with the Company’s usual payroll practices for executive officers. 

 (b) Incentive Compensation. During the Term, the Executive shall be eligible to
receive cash incentive compensation as determined by the Board or the Compensation Committee from time to time. The Executive’s initial target annual incentive compensation shall be sixty percent of the Executive’s Base Salary (the
“Target Bonus”). The actual amount of the Executive’s annual incentive compensation, if any, shall be determined in the sole discretion of the Board or the Compensation Committee, subject to the terms of any applicable incentive
compensation plan that may be in effect from time to time. Except as otherwise provided herein, to earn incentive compensation, the Executive must be employed by the Company on the day such incentive compensation is paid. 

(c) Expenses. The Executive shall be entitled to receive prompt reimbursement for all reasonable expenses incurred by the Executive
during the Term in performing services hereunder, in accordance with the policies and procedures then in effect and established by the Company for its executive officers. 

(d) Other Benefits. During the Term, the Executive shall be eligible to participate in or receive benefits under the Company’s
employee benefit plans in effect from time to time, subject to the terms of such plans. 
 (e) Paid Time Off. During the Term, the
Executive shall be entitled to take paid time off in accordance with the Company’s applicable paid time off policy for executives, as may be in effect from time to time. The Executive shall also be entitled to all paid holidays given by the
Company to its executive officers. 
 (f) Equity. The equity awards held by the Executive shall continue to be governed by the terms
and conditions of the Company’s applicable equity incentive plan(s) and the applicable award agreement(s) governing the terms of such equity awards held by the Executive (collectively, the “Equity Documents”); provided, however, and
notwithstanding anything to the contrary in the Equity Documents, Section 6(a)(ii) of this Agreement shall apply in the event of a termination by the Company without Cause or by the Executive for Good Reason in either event within the Change in
Control Period (as such terms are defined below). 
 3. Termination. During the Term, the Executive’s employment hereunder may
be terminated without any breach of this Agreement under the following circumstances: 
 (a) Death. The Executive’s employment
hereunder shall terminate upon death. 
 (b) Disability. The Company may terminate the Executive’s employment if the Executive
is disabled and unable to perform the essential functions of the Executive’s then existing position or positions under this Agreement with or without reasonable accommodation for a period of 180 days (which need not be consecutive) in any 12-month period. If any question shall arise as to whether during any period the Executive is disabled so as to be unable to perform the essential functions of the Executive’s then existing position or
positions with or without reasonable accommodation, the Executive may, and at the request of the Company shall, submit to the Company a certification in reasonable detail by a physician selected by the Company to whom the Executive or the
Executive’s guardian has no reasonable objection as to 

  
 2 

 
whether the Executive is so disabled or how long such disability is expected to continue, and such certification shall for the purposes of this Agreement be conclusive of the issue. The Executive
shall cooperate with any reasonable request of the physician in connection with such certification. If such question shall arise and the Executive shall fail to submit such certification, the Company’s determination of such issue shall be
binding on the Executive. Nothing in this Section 3(b) shall be construed to waive the Executive’s rights, if any, under existing law including, without limitation, the Family and Medical Leave Act of 1993, 29 U.S.C. §2601 et
seq. and the Americans with Disabilities Act, 42 U.S.C. §12101 et seq.
 (c) Termination by Company for Cause. The
Company may terminate the Executive’s employment hereunder for Cause. For purposes of this Agreement, “Cause” shall mean any of the following: 

(i) conduct by the Executive constituting a material act of misconduct in connection with the performance of the Executive’s duties,
including, without limitation, (A) willful failure or refusal to perform material responsibilities that have been requested by the Board; (B) dishonesty to the Board with respect to any material matter; or (C) misappropriation of
funds or property of the Company or any of its subsidiaries or affiliates other than the occasional, customary and de minimis use of Company property for personal purposes; 

(ii) the commission by the Executive of acts satisfying the elements of (A) any felony or (B) a misdemeanor involving moral
turpitude, deceit, dishonesty or fraud; 
 (iii) any misconduct by the Executive, regardless of whether or not in the course of the
Executive’s employment, that would reasonably be expected to result in material injury or reputational harm to the Company or any of its subsidiaries or affiliates if the Executive were to continue to be employed in the same position; 

(iv) continued unsatisfactory performance or non-performance by the Executive of the Executive’s
duties hereunder (other than by reason of the Executive’s physical or mental illness, incapacity or disability) which has continued for more than 30 days following written notice of such unsatisfactory performance or non-performance from the Board; 
 (v) a breach by the Executive of any of the provisions contained in
Section 8 of this Agreement or the Restrictive Covenants Agreement (as defined below); 
 (vi) a material violation by the Executive
of any of the Company’s written employment policies; or 
 (vii) the Executive’s failure to cooperate with a bona fide internal
investigation or an investigation by regulatory or law enforcement authorities, after being instructed by the Company to cooperate, or the willful destruction or failure to preserve documents or other materials known to be relevant to such
investigation or the inducement of others to fail to cooperate or to produce documents or other materials in connection with such investigation. 

  
 3 

 (d) Termination without Cause. The Company may terminate the Executive’s
employment hereunder at any time without Cause. Any termination by the Company of the Executive’s employment under this Agreement which does not constitute a termination for Cause under Section 3(c) and does not result from the death or
disability of the Executive under Section 3(a) or (b) shall be deemed a termination without Cause. 
 (e) Termination by the
Executive. The Executive may terminate employment hereunder at any time for any reason. 
 If the Executive’s employment with the Company is
terminated for any reason, the Company shall pay or provide to the Executive (or to the Executive’s authorized representative or estate) (i) any Base Salary earned through the Date of Termination; (ii) unpaid expense
reimbursements (subject to, and in accordance with, Section 2(c) of this Agreement); and (iii) any vested benefits the Executive may have under any employee benefit plan of the Company through the Date of Termination, which vested benefits
shall be paid and/or provided in accordance with the terms of such employee benefit plans (collectively, the “Accrued Obligations”). 

4. Notice and Date of Termination. 

(a) Notice of Termination. Except for termination as specified in Section 3(a), any termination of the Executive’s employment
by the Company or any such termination by the Executive shall be communicated by written Notice of Termination to the other party hereto. For purposes of this Agreement, a “Notice of Termination” shall mean a notice which shall indicate
the specific termination provision in this Agreement relied upon. 
 (b) Date of Termination. “Date of Termination” shall
mean: (i) if the Executive’s employment is terminated by death, the date of death; (ii) if the Executive’s employment is terminated on account of disability under Section 3(b) or by the Company for Cause under
Section 3(c), the date on which Notice of Termination is given; (iii) if the Executive’s employment is terminated by the Company under Section 3(d), the date on which a Notice of Termination is given or the date otherwise
specified by the Company in the Notice of Termination; (iv) if the Executive’s employment is terminated by the Executive under Section 3(e) (other than as provided in 4(b)(v)), 30 days after the date on which a Notice of Termination is
given, and (v) if the Executive’s employment is terminated by the Executive under Section 3(e) for Good Reason (as defined below) during the Change in Control Period, the date on which a Notice of Termination is given after the end of the
Cure Period. For purposes of this Agreement, “Good Reason” shall mean that the Executive has completed all steps of the Good Reason Process (hereinafter defined) following the occurrence of any of the following events without the
Executive’s consent (each, a “Good Reason Condition”): (i) a material diminution in the Executive’s responsibilities, authority or duties; (ii) a material diminution in the Executive’s Base Salary except for across-the-board salary reductions based on the Company’s financial performance similarly affecting all or substantially all senior management employees of the Company;
(iii) a material change in the geographic location at which the Executive provides services to the Company, such that there is an increase of at least fifty (50) miles of driving distance to such location from the Executive’s
principal residence as of such change; or (iv) a material breach of this Agreement by the Company. The “Good Reason Process” consists of the following steps: (a) the Executive reasonably determines in good faith that a Good
Reason Condition has occurred; (b) the Executive notifies the Company in writing of the first occurrence of the Good Reason Condition within 60 days of the first occurrence of such condition; (d) the 

  
 4 

 
Executive cooperates in good faith with the Company’s efforts, for a period of not less than 30 days following such notice (the “Cure Period”), to remedy the Good Reason Condition;
(e) notwithstanding such efforts, the Good Reason Condition continues to exist; and the Executive terminates employment within 60 days after the end of the Cure Period. If the Company cures the Good Reason condition during the Cure Period, Good
Reason shall be deemed not to have occurred. Notwithstanding the foregoing, in the event that the Executive gives a Notice of Termination to the Company, the Company may unilaterally accelerate the Date of Termination and such acceleration shall not
result in a termination by the Company for purposes of this Agreement. 
 5. Severance Pay and Benefits Upon Termination by the Company
without Cause Outside the Change in Control Period. During the Term, if the Executive’s employment is terminated by the Company without Cause as provided in Section 3(d) outside of the Change in Control Period, then the Company shall
pay the Executive the Accrued Obligations. In addition, subject to (i) the Executive signing a separation agreement and release in a form and manner satisfactory to the Company, which shall include, without limitation, a general release
of claims against the Company and all related persons and entities, and a reaffirmation of all of the Executive’s Continuing Obligations (as defined below), and shall provide that if the Executive breaches any of the Continuing
Obligations, all payments of the Severance Amount shall immediately cease (the “Separation Agreement and Release”), and (ii) the Separation Agreement and Release becoming irrevocable, all within 60 days after the Date of Termination
(or such shorter period as set forth in the Separation Agreement and Release), which shall include a seven (7) business day revocation period: 

(a) the Company shall pay the Executive an amount equal to twelve (12) months of the Executive’s Base Salary (the “Severance
Amount”); and 
 (b) subject to the Executive’s copayment of premium amounts at the applicable active employees’ rate and the
Executive’s proper election to receive benefits under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), the Company shall pay to the group health plan provider, the COBRA provider or the
Executive a monthly payment equal to the monthly employer contribution that the Company would have made to provide health insurance to the Executive if the Executive had remained employed by the Company until the earliest of (A) the twelve
(12) month anniversary of the Date of Termination; (B) the Executive’s eligibility for group medical plan benefits under any other employer’s group medical plan; or (C) the cessation of the Executive’s continuation
rights under COBRA; provided, however, if the Company determines that it cannot pay such amounts to the group health plan provider or the COBRA provider (if applicable) without potentially violating applicable law (including, without limitation,
Section 2716 of the Public Health Service Act), then the Company shall convert such payments to payroll payments directly to the Executive for the time period specified above. Such payments shall be subject to
tax-related deductions and withholdings and paid on the Company’s regular payroll dates. For the avoidance of doubt, the taxable payments described above may be used for any purpose, including, but not
limited to, continuation coverage under COBRA. 

  
 5 

 The amounts payable under Section 5, to the extent taxable, shall be paid out in substantially equal
installments in accordance with the Company’s payroll practice over twelve (12) months commencing within 60 days after the Date of Termination; provided, however, that if the 60-day period
begins in one calendar year and ends in a second calendar year, the Severance Amount, to the extent it qualifies as “non-qualified deferred compensation” within the meaning of Section 409A of
the Internal Revenue Code of 1986, as amended (the “Code”), shall begin to be paid in the second calendar year by the last day of such 60-day period; provided, further, that the initial payment shall
include a catch-up payment to cover amounts retroactive to the day immediately following the Date of Termination. Each payment pursuant to this Agreement is intended to constitute a separate payment for
purposes of Treasury Regulation Section 1.409A-2(b)(2). 
 6. Severance Pay and Benefits
Upon Termination by the Company without Cause or by the Executive for Good Reason within the Change in Control Period. The provisions of this Section 6 shall apply in lieu of, and expressly supersede, the provisions of Section 5
regarding severance pay and benefits upon a termination by the Company without Cause or by the Executive for Good Reason if such termination of employment occurs within twenty-four (24) months after the occurrence of the first event
constituting a Change in Control (such period, the “Change in Control Period”). These provisions shall terminate and be of no further force or effect after the Change in Control Period. 

(a) Change in Control Period. During the Term, if during the Change in Control Period the Executive’s employment is terminated by
the Company without Cause as provided in Section 3(d) or the Executive terminates employment for Good Reason, then, subject to the signing of the Separation Agreement and Release by the Executive and the Separation Agreement and Release
becoming fully effective, all within the time frame set forth in the Separation Agreement and Release but in no event more than 60 days after the Date of Termination: 

(i) the Company shall pay the Executive a lump sum in cash in an amount equal to the sum of (A) an amount equal to
eighteen (18) months of the Executive’s then current Base Salary (or the Executive’s Base Salary in effect immediately prior to the Change in Control, if higher) plus (B) the pro rata portion of Executive’s Target Bonus
through the Termination Date for the then-current year (the “Change in Control Payment”); and 
 (ii)
notwithstanding anything to the contrary in any applicable option agreement or other stock-based award agreement, all time-based stock options and other stock-based awards subject to time-based vesting held by the Executive (the “Time-Based
Equity Awards”) shall immediately accelerate and become fully exercisable or nonforfeitable as of the later of (i) the Date of Termination or (ii) the Effective Date of the Separation Agreement and Release (the “Accelerated
Vesting Date”); provided that any termination or forfeiture of the unvested portion of such Time-Based Equity Awards that would otherwise occur on the Date of Termination in the absence of this Agreement will be delayed until the
Effective Date of the Separation Agreement and Release and will only occur if the vesting pursuant to this subsection does not occur due to the absence of the Separation Agreement and Release becoming fully effective within the time period set forth
therein. Notwithstanding the foregoing, no additional vesting of the Time-Based Equity Awards shall occur during the period between the Executive’s Date of Termination and the Accelerated Vesting Date; and 

  
 6 

 (iii) subject to the Executive’s copayment of premium amounts at the
applicable active employees’ rate and the Executive’s proper election to receive benefits under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), the Company shall pay to the group health
plan provider, the COBRA provider or the Executive a monthly payment equal to the monthly employer contribution that the Company would have made to provide health insurance to the Executive if the Executive had remained employed by the Company until
the earliest of (A) the eighteen (18) month anniversary of the Date of Termination; (B) the Executive’s eligibility for group medical plan benefits under any other employer’s group medical plan; or (C) the cessation of
the Executive’s continuation rights under COBRA; provided, however, if the Company determines that it cannot pay such amounts to the group health plan provider or the COBRA provider (if applicable) without potentially violating applicable law
(including, without limitation, Section 2716 of the Public Health Service Act), then the Company shall convert such payments to payroll payments directly to the Executive for the time period specified above. Such payments shall be subject to tax-related deductions and withholdings and paid on the Company’s regular payroll dates. For the avoidance of doubt, the taxable payments described above may be used for any purpose, including, but not limited
to, continuation coverage under COBRA. 
 The amounts payable under this Section 6(a), to the extent taxable, shall be paid or commence to be paid
within 60 days after the Date of Termination; provided, however, that if the 60-day period begins in one calendar year and ends in a second calendar year, such payments to the extent they qualify as “non-qualified deferred compensation” within the meaning of Section 409A of the Code, shall be paid or commence to be paid in the second calendar year by the last day of such
60-day period. 
 (b) Additional Limitation. 

(i) Anything in this Agreement to the contrary notwithstanding, in the event that the amount of any compensation, payment or
distribution by the Company to or for the benefit of the Executive, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise, calculated in a manner consistent with Section 280G of the Code,
and the applicable regulations thereunder (the “Aggregate Payments”), would be subject to the excise tax imposed by Section 4999 of the Code, then the Aggregate Payments shall be reduced (but not below zero) so that the sum of all of
the Aggregate Payments shall be $1.00 less than the amount at which the Executive becomes subject to the excise tax imposed by Section 4999 of the Code; provided that such reduction shall only occur if it would result in the Executive receiving
a higher After Tax Amount (as defined below) than the Executive would receive if the Aggregate Payments were not subject to such reduction. In such event, the Aggregate Payments shall be reduced in the following order, in each case, in reverse
chronological order beginning with the Aggregate Payments that are to be paid the furthest in time from consummation of the transaction that is subject to Section 280G of the Code: (1) cash payments not subject to Section 409A of the
Code; (2) cash payments subject to Section 409A of the Code; (3) equity-based payments and acceleration; and (4) non-cash forms of benefits; provided that in the case of all the foregoing
Aggregate Payments all amounts or payments that are not subject to calculation under Treas. Reg. §1.280G-1, Q&A-24(b) or (c) shall be reduced before any
amounts that are subject to calculation under Treas. Reg. §1.280G-1, Q&A-24(b) or (c). 

  
 7 

 (ii) For purposes of this Section 6(b), the “After Tax
Amount” means the amount of the Aggregate Payments less all federal, state, and local income, excise and employment taxes imposed on the Executive as a result of the Executive’s receipt of the Aggregate Payments. For purposes of
determining the After Tax Amount, the Executive shall be deemed to pay federal income taxes at the highest marginal rate of federal income taxation applicable to individuals for the calendar year in which the determination is to be made, and state
and local income taxes at the highest marginal rates of individual taxation in each applicable state and locality, net of the maximum reduction in federal income taxes which could be obtained from deduction of such state and local taxes. 

(iii) The determination as to whether a reduction in the Aggregate Payments shall be made pursuant to Section 6(b)(i)
shall be made by a nationally recognized accounting firm selected by the Company (the “Accounting Firm”), which shall provide detailed supporting calculations both to the Company and the Executive within 15 business days of the Date of
Termination, if applicable, or at such earlier time as is reasonably requested by the Company or the Executive. Any determination by the Accounting Firm shall be binding upon the Company and the Executive. 

(c) Definitions. For purposes of this Section 6, the following terms shall have the following meanings: 

“Change in Control” shall mean any of the following: 

(i) any “person,” as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended
(the “Act”) (other than the Company, any of its subsidiaries, or any trustee, fiduciary or other person or entity holding securities under any employee benefit plan or trust of the Company or any of its subsidiaries), together with all
“affiliates” and “associates” (as such terms are defined in Rule 12b-2 under the Act) of such person, shall become the “beneficial owner” (as such term is defined in Rule 13d-3 under the Act), directly or indirectly, of securities of the Company representing 50 percent or more of the combined voting power of the Company’s then outstanding securities having the right to vote
in an election of the Board (“Voting Securities”) (in such case other than as a result of an acquisition of securities directly from the Company); or 

(ii) the date a majority of the members of the Board is replaced during any 12-month
period by directors whose appointment or election is not endorsed by a majority of the members of the Board before the date of the appointment or election; or 

(iii) the consummation of (A) any consolidation or merger of the Company where the stockholders of the Company,
immediately prior to the consolidation or merger, would not, immediately after the consolidation or merger, beneficially own (as such term is defined in Rule 13d-3 under the Act), directly or indirectly,
shares representing in the aggregate more than 50 percent of the voting shares of the Company 

  
 8 

 
issuing cash or securities in the consolidation or merger (or of its ultimate parent corporation, if any), or (B) any sale or other transfer (in one transaction or a series of transactions
contemplated or arranged by any party as a single plan) of all or substantially all of the assets of the Company. 
 Notwithstanding the
foregoing, a “Change in Control” shall not be deemed to have occurred for purposes of the foregoing clause (i) solely as the result of an acquisition of securities by the Company which, by reducing the number of shares of Voting
Securities outstanding, increases the proportionate number of Voting Securities beneficially owned by any person to 50 percent or more of the combined voting power of all of the then outstanding Voting Securities; provided, however, that if any
person referred to in this sentence shall thereafter become the beneficial owner of any additional shares of Voting Securities (other than pursuant to a stock split, stock dividend, or similar transaction or as a result of an acquisition of
securities directly from the Company) and immediately thereafter beneficially owns 50 percent or more of the combined voting power of all of the then outstanding Voting Securities, then a “Change in Control” shall be deemed to have
occurred for purposes of the foregoing clause (i). 
 7. Section 409A. 

(a) Anything in this Agreement to the contrary notwithstanding, if at the time of the Executive’s separation from service within the
meaning of Section 409A of the Code, the Company determines that the Executive is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code, then to the extent any payment or benefit that the Executive becomes
entitled to under this Agreement or otherwise on account of the Executive’s separation from service would be considered deferred compensation otherwise subject to the 20 percent additional tax imposed pursuant to Section 409A(a) of
the Code as a result of the application of Section 409A(a)(2)(B)(i) of the Code, such payment shall not be payable and such benefit shall not be provided until the date that is the earlier of (A) six months and one day after the
Executive’s separation from service, or (B) the Executive’s death. If any such delayed cash payment is otherwise payable on an installment basis, the first payment shall include a catch-up
payment covering amounts that would otherwise have been paid during the six-month period but for the application of this provision, and the balance of the installments shall be payable in accordance with their
original schedule. 
 (b) All in-kind benefits provided and expenses eligible for reimbursement
under this Agreement shall be provided by the Company or incurred by the Executive during the time periods set forth in this Agreement. All reimbursements shall be paid as soon as administratively practicable, but in no event shall any reimbursement
be paid after the last day of the taxable year following the taxable year in which the expense was incurred. The amount of in-kind benefits provided or reimbursable expenses incurred in one taxable year shall
not affect the in-kind benefits to be provided or the expenses eligible for reimbursement in any other taxable year (except for any lifetime or other aggregate limitation applicable to medical expenses). Such
right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit. 

  
 9 

 (c) To the extent that any payment or benefit described in this Agreement constitutes “non-qualified deferred compensation” under Section 409A of the Code, and to the extent that such payment or benefit is payable upon the Executive’s termination of employment, then such payments
or benefits shall be payable only upon the Executive’s “separation from service.” The determination of whether and when a separation from service has occurred shall be made in accordance with the presumptions set forth in Treasury
Regulation Section 1.409A-1(h). 
 (d) The parties intend that this Agreement will be
administered in accordance with Section 409A of the Code. To the extent that any provision of this Agreement is ambiguous as to its compliance with Section 409A of the Code, the provision shall be read in such a manner so that all payments
hereunder comply with Section 409A of the Code. Each payment pursuant to this Agreement or the Restrictive Covenants Agreement is intended to constitute a separate payment for purposes of Treasury Regulation
Section 1.409A-2(b)(2). The parties agree that this Agreement may be amended, as reasonably requested by either party, and as may be necessary to fully comply with Section 409A of the Code and all
related rules and regulations in order to preserve the payments and benefits provided hereunder without additional cost to either party. 

(e) The Company makes no representation or warranty and shall have no liability to the Executive or any other person if any provisions of this
Agreement are determined to constitute deferred compensation subject to Section 409A of the Code but do not satisfy an exemption from, or the conditions of, such Section. 

8. Continuing Obligations. 

(a) Restrictive Covenants Agreement. The terms of the Employee Confidentiality and Assignment Agreement, dated January 2008 (the
“Restrictive Covenants Agreement”), between the Company and the Executive, attached hereto as Exhibit A, continue to be in full force and effect. For purposes of this Agreement, the obligations in this Section 8 and those that
arise in the Restrictive Covenants Agreement and any other agreement relating to confidentiality, assignment of inventions, or other restrictive covenants shall collectively be referred to as the “Continuing Obligations.” 

(b) Third-Party Agreements and Rights. The Executive hereby confirms that the Executive is not bound by the terms of any agreement with
any previous employer or other party which restricts in any way the Executive’s use or disclosure of information, other than confidentiality restrictions (if any), or the Executive’s engagement in any business. The Executive represents to
the Company that the Executive’s execution of this Agreement, the Executive’s employment with the Company and the performance of the Executive’s proposed duties for the Company will not violate any obligations the Executive may have
to any such previous employer or other party. In the Executive’s work for the Company, the Executive will not disclose or make use of any information in violation of any agreements with or rights of any such previous employer or other party,
and the Executive will not bring to the premises of the Company any copies or other tangible embodiments of non-public information belonging to or obtained from any such previous employment or other party.

  
 10 

 (c) Litigation and Regulatory Cooperation. During and after the Executive’s
employment, the Executive shall cooperate fully with the Company in (i) the defense or prosecution of any claims or actions now in existence or which may be brought in the future against or on behalf of the Company which relate to events or
occurrences that transpired while the Executive was employed by the Company, and (ii) the investigation, whether internal or external, of any matters about which the Company believes the Executive may have knowledge or information. The
Executive’s full cooperation in connection with such claims, actions or investigations shall include, but not be limited to, being available to meet with counsel to answer questions or to prepare for discovery or trial and to act as a witness
on behalf of the Company at mutually convenient times. During and after the Executive’s employment, the Executive also shall cooperate fully with the Company in connection with any investigation or review of any federal, state or local
regulatory authority as any such investigation or review relates to events or occurrences that transpired while the Executive was employed by the Company. The Company shall reimburse the Executive for any reasonable out-of-pocket expenses incurred in connection with the Executive’s performance of obligations pursuant to this Section 8(c). 

(d) Relief. The Executive agrees that it would be difficult to measure any damages caused to the Company which might result from any
breach by the Executive of the Continuing Obligations, and that in any event money damages would be an inadequate remedy for any such breach. Accordingly, the Executive agrees that if the Executive breaches, or proposes to breach, any portion
of the Continuing Obligations, the Company shall be entitled, in addition to all other remedies that it may have, to an injunction or other appropriate equitable relief to restrain any such breach without the posting of a bond and without showing or
proving any actual damage to the Company. 
 (e) Protected Disclosures and Other Protected Action. Nothing in this Agreement shall be
interpreted or applied to prohibit the Executive from making any good faith report to any governmental agency or other governmental entity (a “Government Agency”) concerning any act or omission that the Executive reasonably believes
constitutes a possible violation of federal or state law or making other disclosures that are protected under the anti-retaliation or whistleblower provisions of applicable federal or state law or regulation. In addition, nothing contained in this
Agreement limits the Executive’s ability to communicate with any Government Agency or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including the Executive’s ability to provide
documents or other information, without notice to the Company. In addition, for the avoidance of doubt, pursuant to the federal Defend Trade Secrets Act of 2016, the Executive shall not be held criminally or civilly liable under any federal or state
trade secret law or under this Agreement or the Restrictive Covenants Agreement for the disclosure of a trade secret that (a) is made (i) in confidence to a federal, state, or local government official, either directly or indirectly, or to
an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (b) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. 

9. Integration. This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and
supersedes all prior agreements between the parties concerning such subject matter, including the Prior Agreement, provided that the Restrictive Covenants Agreement and the Equity Documents remain in full force and effect. 

  
 11 

 10. Withholding; Tax Effect. All payments made by the Company to the Executive under
this Agreement shall be net of any tax or other amounts required to be withheld by the Company under applicable law. Nothing in this Agreement shall be construed to require the Company to make any payments to compensate the Executive for any adverse
tax effect associated with any payments or benefits or for any deduction or withholding from any payment or benefit. 
 11.
Assignment. Neither the Executive nor the Company may make any assignment of this Agreement or any interest in it, by operation of law or otherwise, without the prior written consent of the other; provided, however, that the Company may
assign its rights and obligations under this Agreement (including the Restrictive Covenants Agreement) without the Executive’s consent to any affiliate or to any person or entity with whom the Company shall hereafter effect a reorganization,
consolidate with, or merge into or to whom it transfers all or substantially all of its properties or assets; provided further that if the purchaser in any transaction involving the transfer of all or substantially all of the Company’s assets
assumes this Agreement and the Executive accepts a position with the purchaser that is equivalent or better to the Executive’s position immediately preceding such transaction, then the Executive shall not be entitled to any Severance Amount
pursuant to Section 5 or any Change in Control Payment pursuant to Section 6. This Agreement shall inure to the benefit of and be binding upon the Executive and the Company, and each of the Executive’s and the Company’s
respective successors, executors, administrators, heirs and permitted assigns. 
 12. Enforceability. If any portion or provision of
this Agreement (including, without limitation, any portion or provision of any section of this Agreement) shall to any extent be declared illegal or unenforceable by a court of competent jurisdiction, then the remainder of this Agreement, or the
application of such portion or provision in circumstances other than those as to which it is so declared illegal or unenforceable, shall not be affected thereby, and each portion and provision of this Agreement shall be valid and enforceable to the
fullest extent permitted by law. 
 13. Survival. The provisions of this Agreement shall survive the termination of this Agreement
and/or the termination of the Executive’s employment to the extent necessary to effectuate the terms contained herein. 
 14.
Waiver. No waiver of any provision hereof shall be effective unless made in writing and signed by the waiving party. The failure of any party to require the performance of any term or obligation of this Agreement, or the waiver by any party
of any breach of this Agreement, shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach. 

15. Notices. Any notices, requests, demands and other communications provided for by this Agreement shall be sufficient if in writing
and delivered in person or sent by a nationally recognized overnight courier service or by registered or certified mail, postage prepaid, return receipt requested, to the Executive at the last address the Executive has filed in writing with the
Company or, in the case of the Company, at its main offices, attention of the Board. 
 16. Amendment. This Agreement may be amended
or modified only by a written instrument signed by the Executive and by a duly authorized representative of the Company. 

  
 12 

 17. Effect on Other Plans and Agreements. An election by the Executive to resign for
Good Reason under the provisions of this Agreement shall not be deemed a voluntary termination of employment by the Executive for the purpose of interpreting the provisions of any of the Company’s benefit plans, programs or policies. Nothing in
this Agreement shall be construed to limit the rights of the Executive under the Company’s benefit plans, programs or policies except as otherwise provided in Section 8 hereof, and except that the Executive shall have no rights to any
severance benefits under any Company severance pay plan, offer letter or otherwise. In the event that the Executive is party to an agreement with the Company providing for payments or benefits under such agreement and this Agreement, the terms of
this Agreement shall govern and the Executive may receive payment under this Agreement only and not both. Further, Section 5 and Section 6 of this Agreement are mutually exclusive and in no event shall the Executive be entitled to payments
or benefits pursuant to both Section 5 and Section 6 of this Agreement. 
 18. Governing Law. This is a New York contract
and shall be construed under and be governed in all respects by the laws of the State of New York, without giving effect to the conflict of laws principles thereof. With respect to any disputes concerning federal law, such disputes shall be
determined in accordance with the law as it would be interpreted and applied by the United States Court of Appeals for the Second Circuit. 

19. Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be
taken to be an original; but such counterparts shall together constitute one and the same document. 
 IN WITNESS WHEREOF, the parties have
executed this Agreement effective on the “Effective Date.” 
  

			
	PHREESIA, INC.
		
	By: 	 	/s/ Michael Weintraub
	Its:	 	Chairman, Board of Directors

  

			
	EXECUTIVE
	
	/s/ Chaim Indig
	Chaim Indig

  
 13 

 Exhibit A 

Restrictive Covenants Agreement 

 PHREESIA, INC. 

Employee Confidentiality and Assignment Agreement 

In consideration and as a condition of my employment or continued employment by Phreesia, Inc. (the “Company”), I agree as follows:

 1. Proprietary Information. I agree that all information, whether or not in writing, concerning the Company’s business, technology,
business relationships or financial affairs which the Company has not released to the general public (collectively, “Proprietary Information”) is and will be the exclusive property of the Company. By way of illustration, Proprietary
Information may include information or material which has not been made generally available to the public, such as: (a) corporate information, including plans, strategies, methods, policies, resolutions, negotiations or litigation;
(b) marketing information, including strategies, methods, customer identities or other information about customers, prospect identities or other information about prospects, or market analyses or projections; (c) financial
information, including cost and performance data, debt arrangements, equity structure, investors and holdings, purchasing and sales data and price lists; and (d) operational and technological information, including plans,
specifications, manuals, forms, templates, software, designs, methods, procedures, formulas, discoveries, inventions, improvements, concepts and ideas; and (e) personnel information, including personnel lists, reporting or organizational
structure, resumes, personnel data, compensation structure, performance evaluations and termination arrangements or documents. Proprietary Information also includes information received in confidence by the Company from its customers or suppliers or
other third parties. 
 2. Recognition of Company’s Rights. I will not, at any time, without the Company’s prior written permission,
either during or after my employment, disclose any Proprietary Information to anyone outside of the Company, or use or permit to be used any Proprietary Information for any purpose other than the performance of my duties as an employee of the
Company. I will cooperate with the Company and use my best efforts to prevent the unauthorized disclosure of all Proprietary Information. I will deliver to the Company all copies of Proprietary Information in my possession or control upon the
earlier of a request by the Company or termination of my employment. 
 3. Rights of Others. I understand that the Company is now and may
hereafter be subject to non-disclosure or confidentiality agreements with third persons which require the Company to protect or refrain from use of Proprietary Information. I agree to be bound by the terms of
such agreements in the event I have access to such Proprietary Information. 
 4. Commitment to Company; Avoidance of Conflict of Interest.
While an employee of the Company, I will devote my full-time efforts to the Company’s business and I will not engage in any other business activity that conflicts with my duties to the Company. I will advise the president of the Company or his
or her nominee at such time as any activity of either the Company or another business presents me with a conflict of interest or the appearance of a conflict of interest as an employee of the Company. I will take whatever action is requested of me
by the Company to resolve any conflict or appearance of conflict which it finds to exist. 
 5. Developments. I will make full and prompt
disclosure to the Company of all inventions, discoveries, designs, developments, methods, modifications, improvements, processes, algorithms, databases, computer programs, formulae, techniques, trade secrets, graphics or images, and audio or visual
works and other works of authorship (collectively “Developments”), whether or not patentable or copyrightable, that are created, made, conceived or reduced to practice by me (alone or jointly with others) or under my direction during the
period of my employment. I acknowledge that all work performed by me is on a “work for hire” basis, and I hereby do assign and transfer and, to the extent any such assignment cannot be made at present, will assign and transfer, to the
Company and its successors and assigns all my right, title and interest in all Developments that (a) relate to the business of the Company or any customer of or supplier to the Company or any of the products or services being researched,
developed, manufactured or sold by the Company or which may be used with such products or services; or (b) result from tasks assigned to me by the Company; or (c) result from the use of premises or personal property (whether tangible or
intangible) owned, leased or contracted for by the Company (“Company-Related Developments”), and all related patents, patent applications, trademarks and trademark applications, copyrights and copyright applications, and other intellectual
property rights in all countries and territories worldwide and under any international conventions (“Intellectual Property Rights”). 
 This
Agreement does not obligate me to assign to the Company any Development which, in the sole judgment of the Company, reasonably exercised, is developed entirely on my own time and does not relate to the business efforts or research and development
efforts in which, during the period of my employment, the Company actually is engaged or reasonably would be engaged, and does not result from the use of premises or equipment owned or leased by the Company. However, I will also promptly disclose to
the Company any such Developments for the purpose of determining whether they qualify for such exclusion. I understand that to the extent this Agreement is required to be construed in accordance with the laws of any state which precludes a
requirement in an employee agreement to assign certain classes of inventions made by an employee, this paragraph 5 will be interpreted not to apply to any invention which a court rules and/or the Company agrees falls within such classes. I also
hereby waive all claims to any moral rights or other special rights which I may have or accrue in any Company-Related Developments. 

 6. Documents and Other Materials. I will keep and maintain adequate and current records of all
Proprietary Information and Company-Related Developments developed by me during my employment, which records will be available to and remain the sole property of the Company at all times. All files, letters, notes, memoranda, reports, records, data,
sketches, drawings, notebooks, layouts, charts, quotations and proposals, specification sheets, or other written, photographic or other tangible material containing Proprietary Information, whether created by me or others, which come into my custody
or possession, are the exclusive property of the Company to be used by me only in the performance of my duties for the Company. Any property situated on the Company’s premises and owned by the Company, including without limitation computers,
disks and other storage media, filing cabinets or other work areas, is subject to inspection by the Company at any time with or without notice. In the event of the termination of my employment for any reason, I will deliver to the Company all files,
letters, notes, memoranda, reports, records, data, sketches, drawings, notebooks, layouts, charts, quotations and proposals, specification sheets, or other written, photographic or other tangible material containing Proprietary Information, and
other materials of any nature pertaining to the Proprietary Information of the Company and to my work, and will not take or keep in my possession any of the foregoing or any copies. 

7. Enforcement of Intellectual Property Rights. I will cooperate fully with the Company, both during and after my employment with the Company,
with respect to the procurement, maintenance and enforcement of Intellectual Property Rights in Company-Related Developments. I will sign, both during and after the term of this Agreement, all papers, including without limitation copyright
applications, patent applications, declarations, oaths, assignments of priority rights, and powers of attorney, which the Company may deem necessary or desirable in order to protect its rights and interests in any Company-Related Development. If the
Company is unable, after reasonable effort, to secure my signature on any such papers, I hereby irrevocably designate and appoint each officer of the Company as my agent and
attorney-in-fact to execute any such papers on my behalf, and to take any and all actions as the Company may deem necessary or desirable in order to protect its rights
and interests in any Company-Related Development. 
 8. Non-Competition and
Non-Solicitation. In order to protect the Company’s Proprietary Information and good will, during my employment and for a period of [twelve (12)] months following the termination of my
employment for any reason (the “Restricted Period”), I will not directly or indirectly, whether as owner, partner, shareholder, director, consultant, agent, employee, co-venturer or otherwise,
engage, participate or invest in any business activity anywhere in the United States that develops, manufactures or markets any products, or performs any services, that are otherwise competitive with or similar to the products or services of the
Company, or products or services that the Company has under development or that are the subject of active planning at any time during my employment; provided that this shall not prohibit any possible investment in publicly traded stock of a company
representing less than one percent of the stock of such company. In addition, during the Restricted Period, I will not, directly or indirectly, in any manner, other than for the benefit of the Company, (a) call upon, solicit, divert or take
away any of the customers, business or prospective customers of the Company or any of its suppliers, and/or (b) solicit, entice or attempt to persuade any other employee or consultant of the Company to leave the services of the Company for any
reason. I acknowledge and agree that if I violate any of the provisions of this paragraph 8, the running of the Restricted Period will be extended by the time during which I engage in such violation(s). 

9. Prior Agreements. I hereby represent that, except as I have fully disclosed previously in writing to the Company, I am not bound by the terms
of any agreement with any previous employer or other party to refrain from using or disclosing any trade secret or confidential or proprietary information in the course of my employment with the Company or to refrain from competing, directly or
indirectly, with the business of such previous employer or any other party. I further represent that my performance of all the terms of this Agreement as an employee of the Company does not and will not breach any agreement to keep in confidence
proprietary information, knowledge or data acquired by me in confidence or in trust prior to my employment with the Company. I will not disclose to the Company or induce the Company to use any confidential or proprietary information or material
belonging to any previous employer or others. 
 10. Remedies Upon Breach. I understand that the restrictions contained in this Agreement are
necessary for the protection of the business and goodwill of the Company and I consider them to be reasonable for such purpose. Any breach of this Agreement is likely to cause the Company substantial and irrevocable damage and therefore, in the
event of such breach, the Company, in addition to such other remedies which may be available, will be entitled to specific performance and other injunctive relief. 

11. Publications and Public Statements. I will obtain the Company’s written approval before publishing or submitting for publication any
material that relates to my work at the Company and/or incorporates any Proprietary Information. To ensure that the Company delivers a consistent message about its products, services and operations to the public, and further in recognition that even
positive statements may have a detrimental effect on the Company in certain securities transactions and other contexts, any statement about the Company which I create, publish or post during my period of employment and for six (6) months
thereafter, on any media accessible by the public, including but not limited to electronic bulletin boards and Internet-based chat rooms, must first be reviewed and approved by an officer of the Company before it is released in the public domain.

 12. No Employment Obligation. I understand that this Agreement does not create an obligation on the Company or any other person to continue
my employment. I acknowledge that, unless otherwise agreed in a formal written employment agreement signed on behalf of the Company by an authorized officer, my employment with the Company is at will and therefore may be terminated by the Company or
me at any time and for any reason. 

  
 2 

 13. Survival and Assignment by the Company. I understand that my obligations under this
Agreement will continue in accordance with its express terms regardless of any changes in my title, position, duties, salary, compensation or benefits or other terms and conditions of employment. I further understand that my obligations under this
Agreement will continue following the termination of my employment regardless of the manner of such termination and will be binding upon my heirs, executors and administrators. The Company will have the right to assign this Agreement to its
affiliates, successors and assigns. I expressly consent to be bound by the provisions of this Agreement for the benefit of the Company or any parent, subsidiary or affiliate to whose employ I may be transferred without the necessity that this
Agreement be resigned at the time of such transfer. 
 14. Disclosure to Future Employers. I will provide a copy of this Agreement to any
prospective employer, partner or coventurer prior to entering into an employment, partnership or other business relationship with such person or entity. 

15. Severability. In case any provisions (or portions thereof) contained in this Agreement shall, for any reason, be held invalid, illegal or
unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect the other provisions of this Agreement, and this Agreement shall be construed as if such invalid, illegal or unenforceable provision had never been
contained herein. If, moreover, any one or more of the provisions contained in this Agreement shall for any reason be held to be excessively broad as to duration, geographical scope, activity or subject, it shall be construed by limiting and
reducing it, so as to be enforceable to the extent compatible with the applicable law as it shall then appear. 
 16. Interpretation. This
Agreement will be deemed to be made and entered into in the State of New York, and will in all respects be interpreted, enforced and governed under the laws of the State of New York. I hereby agree to consent to personal jurisdiction of the state
and federal courts situated within the State of New York for purposes of enforcing this Agreement, and waive any objection that I might have to personal jurisdiction or venue in those courts. 

I UNDERSTAND THAT THIS AGREEMENT AFFECTS IMPORTANT RIGHTS. BY SIGNING BELOW, I CERTIFY THAT I HAVE READ IT CAREFULLY AND AM SATISFIED THAT
I UNDERSTAND IT COMPLETELY. 
 IN WITNESS WHEREOF, the undersigned has executed this agreement as a sealed instrument as of the date set
forth below. 
  

							
	Signed: 	 	/s/ Chaim Indig	 		 	  

							
		 	(Employee’s full name)	 		 	

  

									
	Type or print name: Chaim Indig	  		  		  	

									
	Social Security Number: 	  	 	  	Date:	  	 	  	

  
 3

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