Document:

Amendment No.1 to Investors' Rights Agreement

 Exhibit 4.2.1 

 
 AMENDMENT NO. 1 TO THE AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 
  
 THIS
AMENDMENT NO. 1 TO THE AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT is entered into as of February 9, 2012 (this “Amendment”), by and among Bazaarvoice, Inc., a Delaware corporation (the
“Company”), General Atlantic Partners 90, L.P., a Delaware limited partnership, GAP Coinvestments III, LLC, a Delaware limited liability company, GAP Coinvestments IV, LLC, a Delaware limited liability company, GAP Coinvestments
CDA, L.P., a Delaware limited partnership, GAPCO GmbH & Co. KG, a German limited partnership, and the individuals and entities listed on the signature pages hereto. Except as expressly set forth in this Amendment, all capitalized terms used
herein shall have the meanings ascribed to them in the Amended and Restated Investors’ Rights Agreement. 
  

WITNESSETH: 
  

WHEREAS, the Company, the Investors and the Founders have entered into that certain Amended and Restated Investors’ Rights
Agreement, dated as of February 9, 2010; 
  

WHEREAS, in accordance with Section 4.2 of the Amended and Restated Investors’ Rights Agreement, which provides
that, among other things, the Amended and Restated Investors’ Rights Agreement may be amended with the written consent of the Company and the Investors holding at least a majority of the then-outstanding Registrable Securities held by the
Investors, the parties hereto desire to enter into this Amendment to amend the Amended and Restated Investors’ Rights Agreement; and 
  

NOW, THEREFORE, in consideration of the mutual promises and covenants contained herein, and for other good and valuable
consideration, the receipt and adequacy of which are hereby acknowledged, the parties, intending to be legally bound, agree as follows: 
  

1.    Definitions. 

 
 (a)    Section 1.1 of the
Amended and Restated Investors’ Rights Agreement is hereby amended by adding the following defined term: 
  

“General Atlantic Stockholders” means General Atlantic Partners 90, L.P., GAP Coinvestments III, LLC, GAP Coinvestments
IV, LLC, GAP Coinvestments CDA, L.P., GAPCO GmbH & Co. KG and any affiliated investment fund that owns or acquires shares of Common Stock of the Company.” 

 
 (b)    Amendment of definition of
“Conversion Stock.” The definition of “Conversion Stock” in Section 1.1(c) of the Amended and Restated Investors’ Rights Agreement is hereby amended and restated to read as follows: 

 
 “Conversion Stock” means the shares of
Common Stock issued or issuable upon conversion of the Shares and the shares of Common Stock acquired by the General Atlantic Stockholders pursuant to that certain Stock Transfer Agreement dated as of February 8, 2012.” 

  
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 (c)    Amendment of definition of “Holder.” The
following sentence is hereby added to the end of the definition of “Holder” in Section 1.1(f) of the Amended and Restated Investors’ Rights Agreement: 

 
 “For the avoidance of doubt, it is agreed that the
General Atlantic Stockholders shall be Holders for all purposes of this Agreement.” 
  
 (d)    Amendment of definition of “Registrable Securities.” The following sentence is hereby added to the end of the definition of “Registrable Securities”
in Section 1.1(i) of the Amended and Restated Investors’ Rights Agreement: 
  
 “In addition, Registrable Securities shall include all shares of Common Stock owned by the General Atlantic Stockholders as of the closing date of the Company’s initial public offering of Common
Stock and any shares of Common Stock acquired by the General Atlantic Stockholders after such date.” 
  

2.    Amendment of Section 1.2(a). Section 1.2(a) of the Amended and Restated Investors’
Rights Agreement is hereby amended and restated to read as follows: 
  
 “(a)    Subject to the conditions of this Section 1.2, if the Company shall receive at any time after the earlier of (i) five (5) years from the date of this
Agreement or (ii) the effective date of the first registration statement for a public offering of securities of the Company (other than a registration statement relating solely to employee benefit or similar plans or a registration statement
relating to a Rule 145 transaction), a written request from the Holders of a majority of the Registrable Securities then outstanding or from the General Atlantic Stockholders that the Company effect a registration under the Securities Act
(including, without limitation, a shelf registration) with respect to at least a majority of the Registrable Securities then outstanding (or in the case of a registration initiated by the General Atlantic Stockholders, with respect to Registrable
Securities meeting the requirements of Section 1.2(d)(ii)), then the Company shall (i) give written notice of such request to all Holders within ten (10) calendar days of the date such request is given and (ii) use its best
efforts to effect as soon as practicable (and in any event within sixty (60) calendar days of the date such request is given) the registration under the Securities Act of all Registrable Securities that the Holders request to be registered
within twenty (20) calendar days of the date the Company’s notice referred to in this subsection 1.2(a) is given; provided, that the General Atlantic Stockholders may not request any registration pursuant to this Section 1.2(a)
until eighteen (18) months following the closing date of the Company’s initial public offering of Common Stock.” 
  

3.    Amendment of Section 1.2(d). Section 1.2(d)(i) of the Amended and Restated
Investors’ Rights Agreement is hereby amended and restated to read as follows: 
  
 “(i)(a) in the case of a registration initiated by the Holders of a majority of the shares of Registrable Securities, after the Company has effected two (2) registrations initiated by such
Holders pursuant to this Section 1.2 and such 

  
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registration has been declared or ordered effective, and (b) in the case of a registration initiated by the General Atlantic Stockholders, after the Company has effected one
(1) registration initiated by the General Atlantic Stockholders and such registration has been declared or ordered effective; provided, that a registration shall not count as one of the registrations pursuant to Section 1.2(a) or
(b) unless the holders of Registrable Securities are able to sell a majority of the Registrable Securities included in such registration;” 
  

4.    Amendment of Section 1.12(a). Section 1.12(a) of the Amended and Restated
Investors’ Rights Agreement is hereby amended and restated to read as follows: 
  
 “(a) Subject to the conditions of this Section 1.12, if the Company shall receive from the Holders of at least twenty-five percent (25%) of the Registrable Securities then outstanding or
from the General Atlantic Stockholders a written request that the Company effect a registration (including, without limitation, a shelf registration) on Form S-3 and any related qualification or compliance with respect to all or a part of the
Registrable Securities owned by such Holder(s), then the Company shall (a) promptly give written notice of the proposed registration, and any related qualification or compliance, to all other Holders and (b) use its commercially reasonable
efforts to effect, as soon as practicable, such registration and all such qualifications and compliances as may be so requested and as would permit or facilitate the sale and distribution of all or such portion of the Registrable Securities
specified in such request, together with all or such portion of the Registrable Securities of any other Holder joining in such request as are specified in a written request given within fifteen (15) calendar days of the date the Company’s
notice referred to in clause (a) of this sentence is given; provided, that the General Atlantic Stockholders may not request any registration pursuant to this Section 1.12(a) until eighteen (18) months following the closing
date of the Company’s initial public offering of Common Stock.” 
  
 5.    Amendment of Section 1.12(d)(ii). The following is hereby added to the end of Section 1.12(d)(ii) of the Amended and Restated Investors’ Rights
Agreement: 
  
 “(or $10,000,000 in the case of
a registration initiated by the General Atlantic Stockholders)” 
  
 6.    Amendment of Section 1.16. 
  

(a)    The following is hereby added to the beginning of clause (i) of Section 1.16 of the Amended and
Restated Investors’ Rights Agreement: 
  
 “other than in respect of the registration rights of the General Atlantic Stockholders,” 
  

(b) Clause (ii) of Section 1.16 of the Amended and Restated Investors’ Rights Agreement is hereby amended and
restated to read as follows: 

  
 3 

 “(ii) as to any Holder, such time, at which all Registrable Securities held by such
Holder can be sold immediately without registration in compliance with Rule 144 of the Securities Act without regard to any volume limitations under Rule 144.” 

 
 7.    Amendment of Section 4.2.
Section 4.2 of the Amended and Restated Investors’ Rights Agreement is hereby amended by adding the following proviso to the end of the first sentence of Section 4.2: 
  
 “provided further, however, that in the event such termination, amendment or waiver adversely
affects the rights or obligations of the General Atlantic Stockholders in a different manner than all of the other Holders or adversely affects any rights of the General Atlantic Stockholders that are not shared by other Holders or that are specific
to the General Atlantic Stockholders, then such termination, amendment or waiver of the rights of the General Atlantic Stockholders under this Agreement shall also require the consent of the General Atlantic Stockholders.” 

 
 8.    Effectiveness of
Amendments. This Amendment (and the amendments to the Amended and Restated Investors’ Rights Agreement contained herein) shall not take effect until the closing of the Company’s initial public offering of shares of Common Stock. If
that certain Stock Transfer Agreement, dated the date hereof, by and among the sellers identified on Schedule A thereto, the purchasers identified on Schedule B thereto and the Company is terminated pursuant to Section 5.01 thereof, this
Amendment (and the amendments to the Amended and Restated Investors’ Rights Agreement contained herein) shall have no effect and the Amended and Restated Investors’ Rights Agreement (and the provisions contained therein) in effect
immediately prior to the execution of this Amendment shall continue to remain in full force and effect. 
  

9.    Amendment. This Amendment may not be terminated and no term of this Amendment may be amended or waived
(generally or in a particular instance and either retroactively or prospectively) without the written consent of each party hereto. 
  

10.    No Other Amendments. Except as otherwise expressly amended or modified hereby, all of the terms and
conditions of the Amended and Restated Investors’ Rights Agreement shall continue in full force and effect. Each reference to “hereof”, “hereunder”, “herein” and “hereby” and each similar reference in the
Amended and Restated Investors’ Rights Agreement shall refer to the Amended and Restated Investors’ Rights Agreement as amended hereby. 

  
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 11.    Entire Agreement. This Amendment, the Amended and
Restated Investors’ Rights Agreement, including the exhibits attached thereto, and the other documents delivered pursuant to the Amended and Restated Investors’ Rights Agreement constitute the full and entire understanding and agreement
among the parties with regard to the subject matter hereof and thereof, and no party shall be liable or bound to any other party in any matter by any warranties, representations or covenants except as specifically set forth herein or therein.

  
 12.    Governing Law.
THIS AMENDMENT SHALL BE GOVERNED IN ALL RESPECTS BY THE INTERNAL LAWS OF THE STATE OF DELAWARE AS APPLIED TO AGREEMENTS ENTERED INTO AMONG DELAWARE RESIDENTS TO BE PERFORMED ENTIRELY WITHIN DELAWARE, WITHOUT REGARD TO CONFLICT OF LAWS RULES.

  
 13.    Severability.
In the event that any provision of this Amendment becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable or void, this Amendment shall continue to be in full force and effect without said provision, provided that no
such severability shall be effective if it materially changes the economic benefit of this Amendment to any party. 
  

14.    Counterparts. This Amendment may be executed in any number of counterparts, each of which shall be an
original, but all of which together shall constitute one instrument. 
  
 [Remainder of page intentionally left blank.] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed on the
date first written above. 
  

			
	Bazaarvoice, Inc.
		
	 By:
	 	 /s/ Brett A. Hurt

	 Name: Brett A. Hurt

Title: Chief Executive Officer

  
 Signature Page
to Amendment No. 1 to the Amended and Restated Investors’ Rights Agreement 

 
			
	General Atlantic Partners 90, L.P.
	
	 By: General Atlantic GenPar, L.P., its general partner

	
	 By: General Atlantic LLC, its general partner

		
	 By:
	 	 /s/ Thomas J. Murphy

	 Name: Thomas J. Murphy

Title: Managing Director

	
	GAP Coinvestments III, LLC
	
	 By: General Atlantic LLC, its managing member

		
	 By:
	 	 /s/ Thomas J. Murphy

	 Name: Thomas J. Murphy

Title: Managing Director

	
	GAP Coinvestments IV, LLC
	
	 By: General Atlantic LLC, its managing member

		
	 By:
	 	 /s/ Thomas J. Murphy

	 Name: Thomas J. Murphy

Title: Managing Director

	
	GAP Coinvestments CDA, L.P.
	
	 By: General Atlantic LLC, its general partner

		
	 By:
	 	 /s/ Thomas J. Murphy

	 Name: Thomas J. Murphy

Title: Managing Director

  
 Signature Page
to Amendment No. 1 to the Amended and Restated Investors’ Rights Agreement 

 
			
	GAPCO GmbH & Co. KG
	
	 By: GAPCO Management GmbH, its general partner

		
	 By:
	 	 /s/ Thomas J. Murphy

	 Name: Thomas J. Murphy

Title: Procuration Officer

  
 Signature Page
to Amendment No. 1 to the Amended and Restated Investors’ Rights Agreement 

 
			
	AUSTIN VENTURES VIII, L.P.
		
	 By:
	 	     AV Partners VIII, L.P.
     its general partner

		
	 By:
	 	 /s/ Chris Pacitti

		 	 Chris Pacitti,

General Partner

  
 Signature Page
to Amendment No. 1 to the Amended and Restated Investors’ Rights Agreement 

 
			
	BATTERY VENTURES VIII, L.P.
		
	 By:
	 	     Battery Partners VIII, L.L.C.
     its general partner

		
	 By:
	 	 /s/ Neeraj Agrawal

		 	 Neeraj Agrawal,
 Managing
Member

  
 Signature Page
to Amendment No. 1 to the Amended and Restated Investors’ Rights Agreement 

 
			
	EA PRIVATE INVESTMENTS, LLC
		
	 By:
	 	 /s/ Giles Eyre

	 Name:
	 	 Giles Eyre

	 Title:
	 	 Managing Member

	
	EA PRIVATE INVESTMENTS, LLC LIQUIDATING TRUST
	
	 By: Eastern Advisors Capital Group, LLC

Its: Trustee

		
	 By:
	 	 /s/ Giles Eyre

	 Name:
	 	 Giles Eyre

	 Title:
	 	 Managing Member

	
	EASTERN ADVISORS PRIVATE EQUITY FUND, LP
		
	 By:
	 	 /s/ Giles Eyre

	 Name:
	 	 Giles Eyre

	 Title:
	 	 Managing Member

	
	EASTERN ADVISORS PRIVATE EQUITY FUND QP, LP
		
	 By:
	 	 /s/ Giles Eyre

	 Name:
	 	 Giles Eyre

	 Title:
	 	 Managing Member

	
	EAPE HOLDINGS, LLC
	
	 By: Eastern Advisors Private Equity Fund, LP, its managing member

By: EA Private Fund GP, LP, its general partner
 By: EAGP Advisors LLC, its general partner

		
	 By:
	 	 /s/ Giles Eyre

	 Name:
	 	 Giles Eyre

	 Title:
	 	 Managing Member

	
	EAPEQ HOLDINGS, LLC
	
	 By: Eastern Advisors Private Equity Fund QP, LP, its managing member

By: EA Private Fund GP, LP, its general partner
 By: EAGP Advisors LLC, its general partner

		
	 By:
	 	 /s/ Giles Eyre

	 Name:
	 	 Giles Eyre

	 Title:
	 	 Managing Member

  
 Signature Page
to Amendment No. 1 to the Amended and Restated Investors’ Rights Agreement 

 
			
	BRETT A. HURT
		
	 By:
	 	 /s/ Brett A. Hurt

		 	 Brett A. Hurt

  
 Signature Page
to Amendment No. 1 to the Amended and Restated Investors’ Rights Agreement 

 
			
	BAH TRUST
		
	 By:
	 	 /s/ Debra Hurt

		 	 Debra Hurt,

Trustee

  
 Signature Page
to Amendment No. 1 to the Amended and Restated Investors’ Rights Agreement2005 Stock Plan as amended

 Exhibit 10.2 
 BAZAARVOICE, INC. 
 2005 STOCK PLAN 

(as amended August 15, 2005, August 15, 2007, September 5, 2007, November 19, 2008, July 16,
2009, September 17, 2009, February 10, 2010, May 20, 2010, September 16, 2010 and November 16, 2010; as amended and restated March 29, 2011; 

as amended August 16, 2011 and February 9, 2012) 

1. Purposes of the Plan. The purposes of this Plan are to attract and retain the best available personnel for
positions of substantial responsibility, to provide additional incentive to Employees, Directors and Consultants and to promote the success of the Company’s business. Options granted under the Plan may be Incentive Stock Options or Nonstatutory
Stock Options, as determined by the Administrator at the time of grant. Stock Purchase Rights may also be granted under the Plan. 
 2. Definitions. As used herein, the following definitions shall apply: 
 (a) “Administrator” means the Board or any of its Committees as shall be administering the Plan in accordance with Section 4 hereof. 

(b) “Applicable Laws” means the requirements relating to the administration of stock
option plans under U.S. state corporate laws, U.S. federal and state securities laws, the Code, any stock exchange or quotation system on which the Common Stock is listed or quoted and the applicable laws of any other country or jurisdiction where
Options or Stock Purchase Rights are granted under the Plan. 
 (c) “Board”
means the Board of Directors of the Company. 
 (d) “Change in Control” means
the occurrence of any of the following events: 
 (i) Any “person” (as such term is
used in Sections 13(d) and 14(d) of the Exchange Act) becomes the “beneficial owner” (as defined in Rule 13d-3 of the Exchange Act), directly or indirectly, of securities of the Company representing fifty percent (50%) or more of the
total voting power represented by the Company’s then outstanding voting securities, except that any change in the beneficial ownership of the securities of the Company as a result of a transaction undertaken primarily for capital-raising
purposes and that is approved by the Board, shall not be deemed to be a Change in Control; or 

(ii) The consummation of the sale or disposition by the Company of all or substantially all of the
Company’s assets; or 
 (iii) The consummation of a merger or consolidation of the Company
with any other corporation, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into
voting securities of the surviving entity or its parent) at least fifty percent (50%) of the total voting power represented by the voting securities of the Company or such surviving entity or its parent outstanding immediately after such merger
or consolidation. 

 (e) “Code” means the Internal Revenue Code
of 1986, as amended. Any reference to a section of the Code herein will be a reference to any successor or amended section of the Code. 
 (f) “Committee” means a committee of Directors or of other individuals satisfying Applicable Laws appointed by the Board in accordance with Section 4 hereof. 

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

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

(i) “Consultant” means any person who is engaged by the Company or any Parent or
Subsidiary to render consulting or advisory services to such entity. 
 (j)
“Director” means a member of the Board. 
 (k) “Disability”
means total and permanent disability as defined in Section 22(e)(3) of the Code. 
 (l)
“Employee” means any person, including officers and Directors, employed by the Company or any Parent or Subsidiary of the Company. Neither service as a Director nor payment of a director’s fee by the Company shall be sufficient
to constitute “employment” by the Company. 
 (m) “Exchange Act” means
the Securities Exchange Act of 1934, as amended. 
 (n) “Exchange Program” means
a program under which (a) outstanding Options are surrendered or cancelled in exchange for Options of the same type (which may have lower exercise prices and different terms), Options of a different type, and/or cash, and/or (b) the
exercise price of an outstanding Option is reduced. The terms and conditions of any Exchange Program will be determined by the Administrator in its sole discretion. 

(o) “Fair Market Value” means, as of any date, the value of Common Stock determined as
follows: 
 (i) If the Common Stock is listed on any established stock exchange or a national
market system, including without limitation the Nasdaq National Market or The Nasdaq SmallCap Market of The Nasdaq Stock Market, its Fair Market Value shall be the closing sales price for such stock (or the closing bid, if no sales were reported) as
quoted on such exchange or system on the day of determination, as reported in The Wall Street Journal or such other source as the Administrator deems reliable; 

(ii) If the Common Stock is regularly quoted by a recognized securities dealer but selling prices are not
reported, its Fair Market Value shall be the mean between the high bid and low asked prices for the Common Stock on the day of determination; or 
 (iii) In the absence of an established market for the Common Stock, the Fair Market Value thereof shall be determined in good faith by the Administrator. 

  
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 (p) “Incentive Stock Option” means an
Option intended to qualify as an incentive stock option within the meaning of Section 422 of the Code. 
 (q) “Nonstatutory Stock Option” means an Option not intended to qualify as an Incentive Stock Option. 

(r) “Option” means a stock option granted pursuant to the Plan. 

(s) “Option Agreement” means a written or electronic agreement between the Company and an
Optionee evidencing the terms and conditions of an individual Option grant. The Option Agreement is subject to the terms and conditions of the Plan. 

(t) “Optioned Stock” means the Common Stock subject to an Option or a Stock Purchase
Right. 
 (u) “Optionee” means the holder of an outstanding Option or Stock
Purchase Right granted under the Plan. 
 (v) “Parent” means a “parent
corporation,” whether now or hereafter existing, as defined in Section 424(e) of the Code. 
 (w) “Plan” means this 2005 Stock Plan, as amended from time to time. 
 (x) “Restricted Stock” means Shares issued pursuant to a Stock Purchase Right or Shares of restricted stock issued pursuant to an Option. 

(y) “Restricted Stock Purchase Agreement” means a written or electronic agreement between
the Company and the Optionee evidencing the terms and restrictions applying to Shares purchased under a Stock Purchase Right. The Restricted Stock Purchase Agreement is subject to the terms and conditions of the Plan and the notice of grant.

 (z) “Service Provider” means an Employee, Director or Consultant. 

(aa) “Share” means a share of the Common Stock, as adjusted in accordance with
Section 13 below. 
 (bb) “Stock Purchase Right” means a right to purchase
Common Stock pursuant to Section 11 below. 
 (cc) “Subsidiary” means a
“subsidiary corporation,” whether now or hereafter existing, as defined in Section 424(f) of the Code. 
 3. Stock Subject to the Plan. Subject to the provisions of Section 13 of the Plan, the maximum aggregate number of Shares that may be subject to Options or Stock Purchase Rights and sold under
the Plan is 17,494,048 Shares. The Shares may be authorized but unissued, or reacquired Common Stock. 

  
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 If an Option or Stock Purchase Right expires or becomes
unexercisable without having been exercised in full, or is surrendered pursuant to an Exchange Program, the unpurchased Shares that were subject thereto shall become available for future grant or sale under the Plan (unless the Plan has terminated).
However, Shares that have actually been issued under the Plan, upon exercise of either an Option or Stock Purchase Right, shall not be returned to the Plan and shall not become available for future distribution under the Plan, except that if
unvested Shares of Restricted Stock are repurchased by the Company at their original purchase price, such Shares shall become available for future grant under the Plan. 

4. Administration of the Plan. 

(a) Administrator. The Plan shall be administered by the Board or a Committee appointed by the
Board, which Committee shall be constituted to comply with Applicable Laws. 
 (b) Powers of
the Administrator. Subject to the provisions of the Plan and, in the case of a Committee, the specific duties delegated by the Board to such Committee, and subject to the approval of any relevant authorities, the Administrator shall have the
authority in its discretion: 
 (i) to determine the Fair Market Value; 

(ii) to select the Service Providers to whom Options and Stock Purchase Rights may from time to time be
granted hereunder; 
 (iii) to determine the number of Shares to be covered by each such award
granted hereunder; 
 (iv) to approve forms of agreement for use under the Plan; 

(v) to determine the terms and conditions of any Option or Stock Purchase Right granted hereunder. Such
terms and conditions include, but are not limited to, the exercise price, the time or times when Options or Stock Purchase Rights may be exercised (which may be based on performance criteria), any vesting acceleration or waiver of forfeiture
restrictions, and any restriction or limitation regarding any Option or Stock Purchase Right or the Common Stock relating thereto, based in each case on such factors as the Administrator, in its sole discretion, shall determine; 

(vi) to institute an Exchange Program; 

(vii) to prescribe, amend and rescind rules and regulations relating to the Plan, including rules and
regulations relating to sub-plans established for the purpose of satisfying applicable foreign laws; 
 (viii) to allow Optionees to satisfy withholding tax obligations by electing to have the Company withhold from the Shares to be issued upon exercise of an Option or Stock Purchase Right that number of
Shares having a Fair Market Value equal to the minimum amount required to be withheld. The Fair Market Value of the Shares to be withheld 

  
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shall be determined on the date that the amount of tax to be withheld is to be determined. All elections by Optionees to have Shares withheld for this purpose shall be made in such form and under
such conditions as the Administrator may deem necessary or advisable; and 
 (ix) to construe and
interpret the terms of the Plan and Options granted pursuant to the Plan. 
 (c) Effect of
Administrator’s Decision. All decisions, determinations and interpretations of the Administrator shall be final and binding on all Optionees. 
 5. Eligibility. Nonstatutory Stock Options and Stock Purchase Rights may be granted to Service Providers. Incentive Stock Options may be granted only to Employees. 

6. Limitations. 

(a) Incentive Stock Option Limit. Each Option shall be designated in the Option Agreement as either
an Incentive Stock Option or a Nonstatutory Stock Option. However, notwithstanding such designation, to the extent that the aggregate Fair Market Value of the Shares with respect to which Incentive Stock Options are exercisable for the first time by
the Optionee during any calendar year (under all plans of the Company and any Parent or Subsidiary) exceeds $100,000, such Options shall be treated as Nonstatutory Stock Options. For purposes of this Section 6(a), Incentive Stock Options shall
be taken into account in the order in which they were granted. The Fair Market Value of the Shares shall be determined as of the time the Option with respect to such Shares is granted. 

(b) At-Will Employment. Neither the Plan nor any Option or Stock Purchase Right shall confer upon
any Optionee any right with respect to continuing the Optionee’s relationship as a Service Provider with the Company, nor shall it interfere in any way with his or her right or the Company’s right to terminate such relationship at any
time, with or without cause, and with or without notice. 
 7. Term of Plan. Subject to stockholder
approval in accordance with Section 19, the Plan shall become effective upon its adoption by the Board. Unless sooner terminated under Section 15, it shall continue in effect for a term of ten (10) years from the later of (i) the
effective date of the Plan, or (ii) the earlier of the most recent Board or stockholder approval of an increase in the number of Shares reserved for issuance under the Plan. 

8. Term of Option. The term of each Option shall be stated in the Option Agreement; provided, however, that the
term shall be no more than ten (10) years from the date of grant thereof. In the case of an Incentive Stock Option granted to an Optionee who, at the time the Option is granted, owns stock representing more than ten percent (10%) of the
voting power of all classes of stock of the Company or any Parent or Subsidiary, the term of the Option shall be five (5) years from the date of grant or such shorter term as may be provided in the Option Agreement. 

  
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 9. Option Exercise Price and Consideration. 

(a) Exercise Price. The per share exercise price for the Shares to be issued upon exercise of an
Option shall be such price as is determined by the Administrator, but shall be subject to the following: 
 (i) In the case of an Incentive Stock Option 
 (A)
granted to an Employee who, at the time of grant of such Option, owns stock representing more than ten percent (10%) of the voting power of all classes of stock of the Company or any Parent or Subsidiary, the exercise price shall be no less
than 110% of the Fair Market Value per Share on the date of grant. 
 (B) granted to any other
Employee, the per Share exercise price shall be no less than 100% of the Fair Market Value per Share on the date of grant. 
 (ii) In the case of a Nonstatutory Stock Option, the per Share exercise price shall be determined by the Administrator. 

(iii) Notwithstanding the foregoing, Incentive Stock Options may be granted with a per Share exercise
price other than as required above in accordance with, and pursuant to, a transaction described in Section 424 of the Code. 
 (b) Forms of Consideration. The consideration to be paid for the Shares to be issued upon exercise of an Option, including the method of payment, shall be determined by the Administrator (and, in
the case of an Incentive Stock Option, shall be determined at the time of grant). Such consideration may consist of, without limitation, (1) cash, (2) check, (3) promissory note, (4) other Shares, provided Shares acquired
directly from the Company (x) have been owned by the Optionee, and not subject to a substantial risk of forfeiture, for more than six months on the date of surrender, and (y) have a Fair Market Value on the date of surrender equal to the
aggregate exercise price of the Shares as to which such Option shall be exercised, (5) consideration received by the Company under a cashless exercise program implemented by the Company in connection with the Plan, or (6) any combination
of the foregoing methods of payment. In making its determination as to the type of consideration to accept, the Administrator shall consider if acceptance of such consideration may be reasonably expected to benefit the Company. 

10. Exercise of Option. 

(a) Procedure for Exercise; Rights as a Stockholder. Any Option granted hereunder shall be
exercisable according to the terms hereof at such times and under such conditions as determined by the Administrator and set forth in the Option Agreement. An Option may not be exercised for a fraction of a Share. 

An Option shall be deemed exercised when the Company receives: (i) written or electronic notice of
exercise (in accordance with the Option Agreement) from the person entitled to exercise the Option, and (ii) full payment for the Shares with respect to which the Option is exercised. Full payment may consist of any consideration and method of
payment 

  
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authorized by the Administrator and permitted by the Option Agreement and the Plan. Shares issued upon exercise of an Option shall be issued in the name of the Optionee or, if requested by the
Optionee, in the name of the Optionee and his or her spouse. Until the Shares are issued (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company), no right to vote or receive dividends
or any other rights as a stockholder shall exist with respect to the Shares, notwithstanding the exercise of the Option. The Company shall issue (or cause to be issued) such Shares promptly after the Option is exercised. No adjustment will be made
for a dividend or other right for which the record date is prior to the date the Shares are issued, except as provided in Section 13 of the Plan. 

Exercise of an Option in any manner shall result in a decrease in the number of Shares thereafter
available, both for purposes of the Plan and for sale under the Option, by the number of Shares as to which the Option is exercised. 
 (b) Termination of Relationship as a Service Provider. If an Optionee ceases to be a Service Provider, such Optionee may exercise his or her Option within such period of time as is specified in the
Option Agreement to the extent that the Option is vested on the date of termination (but in no event later than the expiration of the term of the Option as set forth in the Option Agreement). In the absence of a specified time in the Option
Agreement, the Option shall remain exercisable for three (3) months following the Optionee’s termination. Unless the Administrator provides otherwise, if on the date of termination the Optionee is not vested as to his or her entire Option,
the Shares covered by the unvested portion of the Option shall revert to the Plan. If, after termination, the Optionee does not exercise his or her Option within the time specified by the Administrator, the Option shall terminate, and the Shares
covered by such Option shall revert to the Plan. 
 (c) Disability of Optionee. If an
Optionee ceases to be a Service Provider as a result of the Optionee’s Disability, the Optionee may exercise his or her Option within such period of time as is specified in the Option Agreement to the extent the Option is vested on the date of
termination (but in no event later than the expiration of the term of such Option as set forth in the Option Agreement). In the absence of a specified time in the Option Agreement, the Option shall remain exercisable for twelve (12) months
following the Optionee’s termination. Unless the Administrator provides otherwise, if on the date of termination the Optionee is not vested as to his or her entire Option, the Shares covered by the unvested portion of the Option shall revert to
the Plan. If, after termination, the Optionee does not exercise his or her Option within the time specified herein, the Option shall terminate, and the Shares covered by such Option shall revert to the Plan. 

(d) Death of Optionee. If an Optionee dies while a Service Provider, the Option may be exercised
within such period of time as is specified in the Option Agreement (but in no event later than the expiration of the term of such Option as set forth in the Option Agreement), by the Optionee’s designated beneficiary, provided such beneficiary
has been designated prior to Optionee’s death in a form acceptable to the Administrator. If no such beneficiary has been designated by the Optionee, then such Option may be exercised by the personal representative of the Optionee’s estate
or by the person(s) to whom the Option is transferred pursuant to the Optionee’s will or in accordance with the laws of descent and distribution. In the absence of a specified time in the Option Agreement, the Option shall remain

  
 -7-

 
exercisable for twelve (12) months following the Optionee’s termination. If, at the time of death, the Optionee is not vested as to his or her entire Option, the Shares covered by the
unvested portion of the Option shall immediately revert to the Plan. If the Option is not so exercised within the time specified herein, the Option shall terminate, and the Shares covered by such Option shall revert to the Plan. 

(e) Leaves of Absence. 

(i) Unless the Administrator provides otherwise, vesting of Options granted hereunder shall be suspended
during any unpaid leave of absence. 
 (ii) A Service Provider shall not cease to be an Employee
in the case of (A) any leave of absence approved by the Company or (B) transfers between locations of the Company or between the Company, its Parent, any Subsidiary, or any successor. 

(iii) For purposes of Incentive Stock Options, no such leave may exceed ninety
(90) days, unless reemployment upon expiration of such leave is guaranteed by statute or contract. If reemployment upon expiration of a leave of absence approved by the Company is not so guaranteed, then three (3) months following the
91st day of such leave, any Incentive Stock Option held by
the Optionee shall cease to be treated as an Incentive Stock Option and shall be treated for tax purposes as a Nonstatutory Stock Option. 
 11. Stock Purchase Rights. 
 (a) Rights
to Purchase. Stock Purchase Rights may be issued either alone, in addition to, or in tandem with other awards granted under the Plan and/or cash awards made outside of the Plan. After the Administrator determines that it will offer Stock
Purchase Rights under the Plan, it shall advise the offeree in writing or electronically of the terms, conditions and restrictions related to the offer, including the number of Shares that such person shall be entitled to purchase, the price to be
paid, and the time within which such person must accept such offer. The offer shall be accepted by execution of a Restricted Stock Purchase Agreement in the form determined by the Administrator. 

(b) Repurchase Option. Unless the Administrator determines otherwise, the Restricted Stock Purchase
Agreement shall grant the Company a repurchase option exercisable within 90 days of the voluntary or involuntary termination of the purchaser’s service with the Company for any reason (including death or disability). Unless the Administrator
provides otherwise, the purchase price for Shares repurchased pursuant to the Restricted Stock Purchase Agreement shall be the original price paid by the purchaser and may be paid by cancellation of any indebtedness of the purchaser to the Company.
The repurchase option shall lapse at such rate as the Administrator may determine. 
 (c)
Other Provisions. The Restricted Stock Purchase Agreement shall contain such other terms, provisions and conditions not inconsistent with the Plan as may be determined by the Administrator in its sole discretion. 

(d) Rights as a Stockholder. Once the Stock Purchase Right is exercised, the purchaser shall have
rights equivalent to those of a stockholder and shall be a stockholder when 

  
 -8-

 
his or her purchase is entered upon the records of the duly authorized transfer agent of the Company. No adjustment shall be made for a dividend or other right for which the record date is prior
to the date the Stock Purchase Right is exercised, except as provided in Section 13 of the Plan. 
 12.
Transferability of Options and Stock Purchase Rights. Unless determined otherwise by the Administrator, Options and Stock Purchase Rights may not be sold, pledged, assigned, hypothecated, transferred, or disposed of in any manner other than
by will or the laws of descent and distribution, and may be exercised during the lifetime of the Optionee, only by the Optionee. Further, until the Company becomes subject to the reporting requirements of Section 13 or 15(d) of the Exchange
Act, or after the Administrator determines that it is, will or may no longer be relying upon the exemption from registration under the Exchange Act as set forth in Rule 12h-1(f) promulgated under the Exchange Act, an Option, or prior to exercise,
the Shares subject to the Option, may not be pledged, hypothecated or otherwise transferred or disposed of, in any manner, including by entering into any short position, any “put equivalent position” or any “call equivalent
position” (as defined in Rule 16a-1(h) and Rule 16a-1(b) of the Exchange Act, respectively), other than to (i) persons who are “family members” (as defined in Rule 701(c)(3) of the Securities Act) through gifts or domestic
relations orders, or (ii) to an executor or guardian of the Optionee upon the death or disability of the Optionee. Notwithstanding the foregoing sentence, the Administrator, in its sole discretion, may determine to permit transfers to the
Company or in connection with a Change in Control or other acquisition transactions involving the Company to the extent permitted by Rule 12h-1(f). 
 13. Adjustments; Dissolution or Liquidation; Merger or Change in Control. 
 (a) Adjustments. In the event that any dividend or other distribution (whether in the form of cash, Shares, other securities, or other property), recapitalization, stock split, reverse stock split,
reorganization, merger, consolidation, split-up, spin-off, combination, repurchase, or exchange of Shares or other securities of the Company, or other change in the corporate structure of the Company affecting the Shares occurs, the Administrator,
in order to prevent diminution or enlargement of the benefits or potential benefits intended to be made available under the Plan, may (in its sole discretion) adjust the number and class of Shares that may be delivered under the Plan and/or the
number, class, and price of Shares covered by each outstanding Option or Stock Purchase Right. 

(b) Dissolution or Liquidation. In the event of the proposed dissolution or liquidation of the
Company, the Administrator shall notify each Optionee as soon as practicable prior to the effective date of such proposed transaction. To the extent it has not been previously exercised, an Option or Stock Purchase Right will terminate immediately
prior to the consummation of such proposed action. 
 (c) Merger or Change in Control. In
the event of a merger of the Company with or into another corporation, or a Change in Control, each outstanding Option and Stock Purchase Right shall be assumed or an equivalent option substituted by the successor corporation or a Parent or
Subsidiary of the successor corporation. In the event that the successor corporation in a merger or Change in Control refuses to assume or substitute for the Option or Stock Purchase Right, then the Optionee shall fully vest in and have the right to
exercise the 

  
 -9-

 
Option or Stock Purchase Right as to all of the Optioned Stock, including Shares as to which it would not otherwise be vested or exercisable. If an Option or Stock Purchase Right becomes fully
vested and exercisable in lieu of assumption or substitution in the event of a merger or Change in Control, the Administrator shall notify the Optionee in writing or electronically that the Option or Stock Purchase Right shall be fully exercisable
for a period of time as determined by the Administrator, and the Option or Stock Purchase Right shall terminate upon expiration of such period. For the purposes of this paragraph, the Option or Stock Purchase Right shall be considered assumed if,
following the merger or Change in Control, the option or right confers the right to purchase or receive, for each Share subject to the Option or Stock Purchase Right immediately prior to the merger or Change in Control, the consideration (whether
stock, cash, or other securities or property) received in the merger or Change in Control by holders of Common Stock for each Share held on the effective date of the transaction (and if holders were offered a choice of consideration, the type of
consideration chosen by the holders of a majority of the outstanding Shares); provided, however, that if such consideration received in the merger or Change in Control is not solely common stock of the successor corporation or its Parent, the
Administrator may, with the consent of the successor corporation, provide for the consideration to be received upon the exercise of the Option or Stock Purchase Right, for each Share subject to the Option or Stock Purchase Right, to be solely common
stock of the successor corporation or its Parent equal in fair market value to the per share consideration received by holders of common stock in the merger or Change in Control. 

14. Time of Granting Options and Stock Purchase Rights. The date of grant of an Option or Stock Purchase Right
shall, for all purposes, be the date on which the Administrator makes the determination granting such Option or Stock Purchase Right, or such later date as is determined by the Administrator. Notice of the determination shall be given to each
Service Provider to whom an Option or Stock Purchase Right is so granted within a reasonable time after the date of such grant. 
 15. Amendment and Termination of the Plan. 

(a) Amendment and Termination. The Board may at any time amend, alter, suspend or terminate the
Plan. 
 (b) Stockholder Approval. The Board shall obtain stockholder approval of any Plan
amendment to the extent necessary and desirable to comply with Applicable Laws. 
 (c) Effect
of Amendment or Termination. No amendment, alteration, suspension or termination of the Plan shall impair the rights of any Optionee, unless mutually agreed otherwise between the Optionee and the Administrator, which agreement must be in writing
and signed by the Optionee and the Company. Termination of the Plan shall not affect the Administrator’s ability to exercise the powers granted to it hereunder with respect to Options granted under the Plan prior to the date of such
termination. 
 16. Conditions Upon Issuance of Shares. 

(a) Legal Compliance. Shares shall not be issued pursuant to the exercise of an Option or Stock
Purchase Right unless the exercise of such Option or Stock Purchase Right 

  
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and the issuance and delivery of such Shares shall comply with Applicable Laws and shall be further subject to the approval of counsel for the Company with respect to such compliance. 

(b) Investment Representations. As a condition to the exercise of an Option or Stock Purchase
Right, the Administrator may require the person exercising such Option or Stock Purchase Right to represent and warrant at the time of any such exercise that the Shares are being purchased only for investment and without any present intention to
sell or distribute such Shares if, in the opinion of counsel for the Company, such a representation is required. 
 17. Inability to Obtain Authority. The inability of the Company to obtain authority from any regulatory body having jurisdiction, which authority is deemed by the Company’s counsel to be
necessary to the lawful issuance and sale of any Shares hereunder, shall relieve the Company of any liability in respect of the failure to issue or sell such Shares as to which such requisite authority shall not have been obtained. 

18. Reservation of Shares. The Company, during the term of this Plan, shall at all times reserve and keep
available such number of Shares as shall be sufficient to satisfy the requirements of the Plan. 
 19.
Stockholder Approval. The Plan shall be subject to approval by the stockholders of the Company within twelve (12) months after the date the Plan is adopted. Such stockholder approval shall be obtained in the degree and manner required
under Applicable Laws. 
 20. Information to Optionees. Beginning on the earlier of (i) the date
that the aggregate number of Optionees under this Plan is five hundred (500) or more and the Company is relying on the exemption provided by Rule 12h-1(f)(1) under the Exchange Act and (ii) the date that the Company is required to deliver
information to Optionees pursuant to Rule 701 under the Securities Act, and until such time as the Company becomes subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, is no longer relying on the exemption provided
by Rule 12h-1(f)(1) under the Exchange Act or is no longer required to deliver information to Optionees pursuant to Rule 701 under the Securities Act, the Company shall provide to each Optionee the information described in paragraphs (e)(3), (4),
and (5) of Rule 701 under the Securities Act not less frequently than every six (6) months with the financial statements being not more than 180 days old and with such information provided either by physical or electronic delivery to the
Optionees or by written notice to the Optionees of the availability of the information on an Internet site that may be password-protected and of any password needed to access the information. The Company may request that Optionees agree to keep the
information to be provided pursuant to this section confidential. If an Optionee does not agree to keep the information to be provided pursuant to this section confidential, then the Company will not be required to provide the information unless
otherwise required pursuant to Rule 12h-1(f)(1) under the Exchange Act or Rule 701 of the Securities Act. 

  
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 APPENDIX A 
 TO 
 BAZAARVOICE, INC. 

2005 STOCK PLAN 

California Residents Only. 
 This Appendix A to the Bazaarvoice, Inc. 2005 Stock Plan shall apply only to Optionees who are residents of the State of California and who are receiving Awards under the Plan. Capitalized terms
contained herein shall have the same meanings given to them in the Plan, unless otherwise provided by this Appendix A. Notwithstanding any provisions contained in the Plan to the contrary and to the extent required by Applicable Laws, the
following terms shall apply to all Awards granted to residents of the State of California, until such time as the Administrator amends this Appendix A. 

(a) Nonstatutory Stock Options granted to a person who, at the time of grant of such Option, owns stock
representing more than ten percent (10%) of the voting power of all classes of stock of the Company or any Parent or Subsidiary, shall have an exercise price not less than 110% of the Fair Market Value per Share on the date of grant.
Nonstatutory Stock Options granted to any other person shall have an exercise price that is not less than eighty-five percent (85%) of the Fair Market Value per Share on the date of grant. Notwithstanding the foregoing, Options may be granted
with a per Share exercise price other than as required above pursuant to a merger or other corporate transaction. 
 (b) The term of each Option shall be stated in the Option Agreement, provided, however, that the term shall be no more than ten (10) years from the date of grant thereof. The term of each Restricted
Stock Purchase Agreement shall be no more than ten (10) years from the date the agreement is entered into. 
 (c) Unless determined otherwise by the Administrator, Options or Stock Purchase Rights may not be sold, pledged, assigned, hypothecated, transferred, or disposed of in any manner other than by will or the
laws of descent and distribution, and may be exercised during the lifetime of the Optionee, only by the Optionee. If the Administrator in its sole discretion makes an Option or Stock Purchase Right transferable, such Option or Stock Purchase Right
may only be transferred (i) by will, (ii) by the laws of descent and distribution, or (iii) to family members (within the meaning of Rule 701 of the Securities Act of 1933, as amended) through gifts or domestic relations orders, as
permitted by Rule 701 of the Securities Act of 1933, as amended. 
 (d) Any Option granted
hereunder shall be exercisable according to the terms hereof at such times and under such conditions as determined by the Administrator and set forth in the Option Agreement. Except in the case of Options or Stock Purchase Rights granted to
officers, Directors and Consultants, Options or Stock Purchase Rights shall become exercisable 

  
 A-1

 
at a rate of no less than twenty percent (20%) per year over five (5) years from the date the Options are granted. 

(e) Unless employment or service is terminated for cause (as defined by the Administrator), the Optionee
may exercise his or her Option within thirty (30) days of termination, or such longer period of time as specified in the Option Agreement, to the extent that the Option is vested on the date of termination (but in no event later than the
expiration of the term of the Option as set forth in the Option Agreement). 
 (f) If
Optionee’s employment or service terminates as a result of the Optionee’s Disability, Optionee may exercise his or her Option within six (6) months of termination, or such longer period of time as specified in the Option Agreement, to
the extent the Option is vested on the date of termination (but in no event later than the expiration of the term of such Option as set forth in the Option Agreement). 

(g) If Optionee dies while a Service Provider, the Option may be exercised within six (6) months
following Optionee’s death, or such longer period of time as specified in the Option Agreement, to the extent the Option is vested on the date of termination (but in no event later than the expiration of the term of such Option as set forth in
the Option Agreement) by the Optionee’s designated beneficiary, personal representative, or by the person(s) to whom the Option is transferred pursuant to the Optionee’s will or in accordance with the laws of descent and distribution.

 (h) No Option or Stock Purchase Right shall be granted to a resident of California more than
ten (10) years after the earlier of the date of adoption of the Plan or the date the Plan is approved by the stockholders. 
 (i) The Company shall provide to each Optionee, not less frequently than annually during the period such Optionee has one or more Awards outstanding, copies of annual financial statements. The Company
shall not be required to provide such statements to key Employees whose duties in connection with the Company assure their access to equivalent information. 

(j) In the event that any dividend or other distribution (whether in the form of cash, Shares, other
securities, or other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase, or exchange of Shares or other securities of the Company, or other change in the
corporate structure of the Company affecting the Shares occurs, the Administrator, in order to prevent diminution or enlargement of the benefits or potential benefits intended to be made available under the Plan, may (in its sole discretion) adjust
the number and class of shares of common stock that may be delivered under the Plan and/or the number, class, and price of shares covered by each outstanding Option; provided, however, that the Administrator shall make such adjustments to the extent
required by Section 25102(o) of the California Corporations Code. 
 (k) The terms and
conditions of an offer under Section 11(a) of the Plan shall comply in all respects with Section 260.140.42 of Title 10 of the California Code of Regulations. 

  
 A-2

 (l) This Appendix A shall be deemed to be part of the
Plan and the Administrator shall have the authority to amend this Appendix A in accordance with Section 15 of the Plan. 

  
 A-3

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