Document:

Exhibit 4.3

 

FOUNDER STOCK PURCHASE
AGREEMENT

 

This Founder Stock Purchase Agreement (this “Agreement”) dated as of December
28, 2005 (the “Effective Date”) is entered into by and between DeMarseCo,
Inc., a Delaware corporation (the “Company”), and David Lack (“Founder,” which term includes his or her heirs, personal
representatives, successors, and assigns).

 

In consideration of the mutual promises and covenants contained in this
Agreement, the parties agree as follows:

 

Section
1.                SALE
OF SHARES; CLOSING.

 

1.1                   Sale of Shares. Subject to the
terms and conditions of this Agreement, at the Closing (as defined below), the
Company shall issue and sell to Founder, and Founder shall purchase, 202,548
shares of the Company’s common stock, par value $0.001 per share (the “Common Stock”), at the purchase price of
$0.001 per share. The shares of Common Stock being sold and purchased under
this Agreement are referred to as the “Shares.”

 

1.2                   Closing. The closing of the
issuance, sale, and purchase of the Shares (the “Closing”) shall take place at the
offices of Vinson & Elkins L.L.P., The Terrace 7, 2801 Via Fortuna, Suite
100, Austin, Texas at 10:00 a.m., local time, on the Effective Date or at such
other place or such other time as the Company and Founder may agree. At the
Closing, the Company shall deliver to Founder a certificate representing the
Shares being purchased by Founder, registered in the name of Founder, against
payment to the Company of the purchase price for such Shares by wire transfer,
check, or other method acceptable to the Company.

 

Section
2.                DEFINITIONS.

 

For purposes of this Agreement:

 

“Act” means the Securities Act of 1933, as amended.

 

“Austin Ventures” or “AV” means Austin Ventures VIII,
L.P.

 

“Cause” means “cause” as defined in Founder’s
employment or service agreement or in the absence of such an agreement or such
a definition, “Cause” shall mean a
determination by the Company’s board of directors that Founder (a) has engaged
in personal dishonesty, willful violation of any law, rule, or regulation
(other than minor traffic violations or similar offenses), or breach of
fiduciary duty involving personal profit, (b) is unable to satisfactorily
perform or has failed to satisfactorily perform Founder’s duties and
responsibilities for the Company or any affiliate, (c) has been convicted of,
or plead nolo contendere to, any
felony or a crime involving moral turpitude, (d) has engaged in negligence or
willful misconduct in the performance of his or her duties, including but not
limited to willfully refusing without proper legal reason to perform Founder’s
duties and responsibilities, (e) has materially breached any corporate policy
or code of conduct established by the Company or any affiliate as such policies
or codes may be adopted from time to time, (f) any violation by Founder of the
terms of the Proprietary Information and Inventions Agreement or any other
agreement between Founder and the Company related to Founder’s employment or
other service with the Company, or (g) has engaged in conduct that is

 

 

likely
to have a deleterious effect on the Company or any affiliate or their
legitimate business interests, including but not limited to their goodwill and
public image.

 

“Code” means the Internal Revenue Code of 1986, as amended.

 

“Corporate Transaction” means either (i) the Company shall not be the
surviving entity in any merger, share exchange, or consolidation (or survives
only as a subsidiary of an entity), (ii) the Company sells, leases, or
exchanges, or agrees to sell, lease, or exchange, all or substantially all of
its assets to any other person or entity, (iii) the Company is to be dissolved
and liquidated, (iv) any person or entity, including a “group” as contemplated by Section 13(d)(3)
of the Securities Exchange Act of 1934, acquires or gains ownership or control
(including, without limitation, power to vote) of more than 50% of the
outstanding shares of the Company’s voting stock (based upon voting power), or
(v) at such time as the Company becomes a reporting company under the
Securities Exchange Act of 1934, as a result of or in connection with a
contested election of directors, the persons who were directors of the Company
before such election shall cease to constitute a majority of the board of
directors; provided that a Corporate Transaction shall not include (A)
any reorganization, merger, consolidation, sale, lease, exchange, or similar
transaction, which involves solely the Company and one or more entities
wholly-owned, directly or indirectly, by the Company immediately prior to such
event or (B) the consummation of any transaction or series of integrated
transactions immediately following which the record holders of the voting stock
of the Company immediately prior to such transaction or series of transactions
continue to hold 50% or more of the voting stock (based upon voting power) of
(1) any entity that owns, directly or indirectly, the stock of the Company, (2)
any entity with which the Company has merged, or (3) any entity that owns an
entity with which the Company has merged.

 

“Lien” means any lien, security interest, pledge, mortgage, deed of trust,
charge, or encumbrance in real, personal, or mixed property, tangible or
intangible, and wherever located.

 

“Qualified Financing” means the issuance or sale of any preferred
stock, common stock or other stock or similar securities of the Company or any
security convertible or exchangeable into or for preferred stock, common stock
or other stock or similar securities of the Company for cash in a single
transaction or series of related transactions for which Austin Ventures serves
as the lead investor and in which the outstanding indebtedness of the Company
to Austin Ventures is converted into such equity securities.

 

“Termination of Founder’s Service” means (i) the termination of Founder’s
employment or other service with the Company for any reason, with or without
cause, voluntarily or involuntarily, and (ii) Founder no longer continues to
serve as a consultant, officer, employee or other capacity approved by the
board of directors of the Company.

 

“Unvested Shares” means Shares that are not Vested Shares (as
defined below). On the Effective Date, all Shares are Unvested Shares.

 

“Vested Shares” means Shares that have vested in accordance
with the provisions of Section 3.3. On the Effective Date, no Shares are
Vested Shares.

 

2

 

Section 3.     RESTRICTIONS
ON SHARES.

 

3.1                   Transfer Restrictions.

 

(a)                      Founder shall not sell, assign, transfer,
pledge, encumber, or otherwise dispose of (each, a “transfer”) any Shares or any interest in any Shares, except
as provided in this Agreement.

 

(b)                     Any attempted transfer of Shares other than in
accordance with this Agreement and any Transfer Restriction Agreements (as
defined below) shall be null and void, and the Company shall refuse to
recognize any such transfer and shall not reflect on its records any change in
record ownership of Shares pursuant to any such transfer.

 

(c)                      Founder acknowledges that the Shares may be
subjected to further transfer restrictions, including, but not limited to,
rights of first refusal and co-sale in connection with one or more transactions
in which the Company issues shares of its preferred stock, par value $0.001 per
share, and Founder agrees to execute such agreements (“Transfer Restriction Agreements”)
evidencing such restrictions as the Company may reasonably request.

 

3.2                   Repurchase Option. The Company shall have a right and option
(the “Repurchase Option”) to
purchase Unvested Shares from Founder in accordance with the following
provisions:

 

(a)                      The Company may exercise the Repurchase Option
at any time during the 45-day period following the Termination of Founder’s
Service. Failure of the Company to exercise its Repurchase Option within such
45-day period shall be deemed to constitute a notification to Founder of the
Company’s decision not to exercise its Repurchase Option.

 

(b)                     The purchase price for Unvested Shares
purchased upon exercise of the Repurchase Option shall be $0.001 per share.

 

(c)                      The Repurchase Option shall be exercisable by
the Company by written notice delivered to Founder or his or her personal
representative prior to the expiration of the 45-day period specified in Subsection
3.2(a). Such notice shall indicate the number of Unvested Shares to be
purchased and the date (not later than 10 days after the date of expiration of
the Repurchase Option) on which the purchase is to be effected. To the extent
one or more certificates representing Unvested Shares may have been previously
delivered out of escrow to Founder, Founder, prior to the close of business on
the date specified for the repurchase, shall deliver to the Company the
certificate(s) representing the Unvested Shares to be purchased, each
certificate to be properly endorsed for transfer and free and clear of any
restrictions (other than the restrictions imposed under this Agreement and any
Transfer Restriction Agreements), Liens, or claims, against payment of the
purchase price for the Unvested Shares by check payable to the order of
Founder.

 

(d)                     If the Company shall make available, at the
time and place and in the amount and form provided in this Agreement, the
consideration for the Unvested Shares to be repurchased in accordance with the
provisions of this Agreement, then from and after such time,

 

3

 

Founder
shall no longer have any rights as a holder of such Unvested Shares (other than
the right to receive payment of such consideration in accordance with this
Agreement), and such Unvested Shares shall be deemed purchased in accordance
with the applicable provisions of this Agreement and the Company shall be
deemed the owner and holder of such shares, whether or not the certificates for
such shares have been delivered as required by this Agreement.

 

(e)                      In the event of any stock dividend, stock
split, recapitalization, or other change affecting the outstanding Common Stock
as a class effected without consideration, then any new, substituted, or
additional securities or other property (including money paid other than as a
regular cash dividend) that is by reason of any such transaction distributed
with respect to the Unvested Shares shall be immediately subject to the
Repurchase Option to the extent the Unvested Shares are at the time covered by
such Repurchase Option. Appropriate adjustments to reflect the distribution of
such securities or property shall be made to the number of Unvested Shares
under this Agreement and to the price per share to be paid upon the exercise of
the Repurchase Option in order to reflect the effect of any such transaction
upon the Company’s capital structure.

 

3.3                   Vesting; Termination of Repurchase Option.

 

(a)                      Unvested Shares shall vest in cumulative
increments according to the following schedule: 50% of all Unvested Shares (i.e.,
101,274 shares) shall vest upon the closing of the Qualified Financing, and the
remaining 50% shall vest over the following 60 months at the rate of 1,688
shares per month. In addition, all Unvested Shares shall immediately vest upon
the consummation of any Corporate Transaction that occurs following the
Qualified Financing.

 

(b)                     Notwithstanding anything in this Agreement to
the contrary, the Unvested Shares shall cease to vest immediately upon
Termination of Founder’s Service.

 

(c)                      Upon the vesting of Unvested Shares, the
Repurchase Option shall automatically terminate with respect to such Shares,
and such Shares shall become Vested Shares and shall no longer be subject to
the Repurchase Option, but shall nevertheless remain subject to the other provisions
of this Agreement and to any Transfer Restriction Agreements.

 

3.4                   Company’s Right of First Refusal.

 

(a)                      Except for
the Company’s Repurchase Option set forth in Section 3.2, Founder shall
not transfer any Unvested Shares. Founder agrees that if Founder intends to
transfer any or all of the Vested Shares, Founder will first give the Company
notice in writing of such proposed transfer. Such notice (the “Notice”) will contain (1) the name and
address of Founder and the proposed transferee, (2) the terms and conditions of
such transfer, including, in the event that any third party offer has been
received by Founder and Founder intends to accept such offer, the purchase
price, and if such price is to be paid in whole or in part in consideration
other than cash, a full and complete description of such non-cash
consideration, and (3) an offer (the “Required
Offer”) to sell such Vested Shares to the Company at a price per
share equal to the proposed consideration for the transfer of such Vested
Shares. The board of directors of the Company will determine the fair cash
equivalent of any proposed consideration that is other than

 

4

 

cash.
At any time during the 30-day period immediately following the delivery of the
Notice to the Company, the Company will have the exclusive right and option,
but not the obligation, to accept the Required Offer and proceed with the
purchase of such Vested Shares pursuant to such Required Offer. In the event
the Company does not exercise its rights as set forth in this Section, Founder
will be free to transfer such Vested Shares under the terms and conditions
stated in the Notice; provided, however, that if such transfer
does not take place within 60 days following the delivery of the Notice to the
Company, the terms of this Section must once again be followed prior to the
transfer of the Vested Shares. Any Vested Shares that are transferred pursuant
to the preceding provisions of this Section will continue to be subject to the
right of first refusal set forth in this Section subsequent to any such
transfer. If at any time a proposed transfer by Founder applies to less than
all of the Vested Shares of Founder, the right of first refusal granted in this
Agreement to the Company will remain in full force and effect as to the
remainder of such Vested Shares, regardless of whether it is exercised with
respect to such initial portion. Founder may not pledge or otherwise encumber
any of the Vested Shares without the written consent of the Company.

 

(b)                     The right of first refusal stated in this
Agreement will survive the termination of this Agreement. The Company also has
the right to assign the right of first refusal stated in this Agreement. The
right of first refusal stated in this Agreement will not apply to transfers of
Vested Shares pursuant to the laws of descent and distribution; provided,
however, that any such Vested Shares will be subject to the right of
first refusal set forth in this Section subsequent to any such transfer. The
right of first refusal stated in this Agreement will not apply to the exchange
of Vested Shares pursuant to a plan of merger, consolidation, recapitalization,
or reorganization of the Company, but any stock, securities or other property
received in exchange therefor will be subject to the right of first refusal set
forth in this Agreement; provided, however, that any such stock
or securities received in any such merger, consolidation, recapitalization, or
reorganization will not be subject to the right of first refusal set forth in
this Section if the stock or securities received in such merger, consolidation,
recapitalization, or reorganization are registered under the Securities
Exchange Act of 1934. A dissolution or liquidation of the Company will not
trigger the right of first refusal set forth in this Agreement; provided,
however, that a dissolution or a liquidation of the Company within one
year following the sale of all or substantially all of the assets of the
Company in exchange for stock or securities will be considered a reorganization
of the Company. The right of first refusal set forth in this Section will
terminate upon the consummation by the Company of a public offering of Common
Stock pursuant to an effective registration statement under the Act.

 

Section 4.                ESCROW.

 

4.1                   Deposit.
Certificates representing the Unvested Shares shall be deposited in escrow with
the Company to be held in accordance with the provisions of this Section. Each
deposited certificate shall be accompanied by a duly executed assignment
separate from certificate in the form attached as Exhibit A. The
deposited certificates, together with any other assets or securities from time
to time deposited with the Company pursuant to the requirements of this
Agreement, shall remain in escrow until such time or times as the certificates
(or other assets and securities) are to be released or otherwise surrendered
for cancellation in accordance with Section 4.3. Upon delivery of the
certificates (or other assets and securities) to the

 

5

 

Company,
the holder shall be issued a deposit receipt acknowledging the number of
Unvested Shares or other assets and securities delivered in escrow to the
Company.

 

4.2                   Recapitalization. Any cash dividends on the Unvested Shares (or
other securities at the time held in escrow) shall be paid directly to the
holder and shall not be held in escrow. However, in the event of any stock
dividend, stock split, recapitalization, or other change affecting the Company’s
outstanding Common Stock as a class effected without consideration, any new,
substituted, or additional securities or other property that by reason of such
transaction is distributed with respect to the Unvested Shares shall be
immediately delivered to the Company to be held in escrow under Section 4,
but only to the extent the Unvested Shares are at the time subject to the
escrow requirements of Section 4.1.

 

4.3                   Release; Surrender.

 

(a)                      If the Company exercises the Repurchase Option
with respect to any Unvested Shares, then the escrowed certificates for such
Unvested Shares or the certificates representing such Unvested Shares (together
with any other assets or securities issued with respect to such Unvested
Shares) shall be delivered to the Company for cancellation, concurrently with
the payment to Founder of the amount provided for in Section 3.2(a)
above, as applicable, and Founder shall cease to have any further rights or
claims with respect to such Unvested Shares (or other assets or securities).

 

(b)                     When the Unvested Shares (or any other assets
or securities issued with respect to such Unvested Shares) vest in accordance
with Section 3.3, the certificates for such Vested Shares shall, at
Founder’s request, no more than once in any six month period be promptly
released from escrow and delivered to Founder.

 

(c)                      All shares released from escrow in accordance
with the provisions of Section 4.3(b) nevertheless remain subject to the
other provisions of this Agreement and to any Transfer Restriction Agreements.

 

Section 5.                LEGENDS; STOP TRANSFER.

 

5.1                   Restrictive Legends. In order to reflect the restrictions on the
transfer of the Shares set forth or referred to in this Agreement, the
certificates representing Shares shall be endorsed with legends to the
following effect:

 

“THE
SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, OR ANY APPLICABLE STATE SECURITIES LAWS AND
MAY NOT BE SOLD OR TRANSFERRED WITHOUT COMPLIANCE WITH THE REGISTRATION OR
QUALIFICATION PROVISIONS OF APPLICABLE FEDERAL AND STATE SECURITIES LAWS OR
APPLICABLE EXEMPTIONS THEREFROM.”

 

“THE
SHARES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD, ASSIGNED, TRANSFERRED,
ENCUMBERED, OR IN ANY MANNER DISPOSED OF, EXCEPT IN COMPLIANCE WITH THE TERMS

 

6

 

OF
A FOUNDER STOCK PURCHASE AGREEMENT BETWEEN THE COMPANY AND THE INITIAL HOLDER
OF THE SHARES. THE FOUNDER STOCK PURCHASE AGREEMENT GRANTS CERTAIN PURCHASE
OPTIONS TO THE COMPANY AND IMPOSES RESTRICTIONS ON THE TRANSFER OF THESE
SHARES. A COPY OF THE FOUNDER STOCK PURCHASE AGREEMENT IS ON DEPOSIT AT THE
PRINCIPAL OFFICE OF THE COMPANY AND WILL BE FURNISHED BY THE COMPANY TO THE
REGISTERED HOLDER HEREOF UPON WRITTEN REQUEST.”

 

5.2                   Enforcement; Stop Transfer. No Shares shall be transferred on the books
of the Company nor shall any attempted sale, transfer, assignment, pledge, or
other disposition of any Shares be effective unless and until the terms and
provisions of this Agreement and any Transfer Restriction Agreements are first
complied with. Any attempted sale, transfer, assignment, pledge, or other
disposition of any Shares that does not comply with the provisions of this
Agreement and Transfer Restriction Agreements shall be invalid and of no effect.

 

Section 6.                GENERAL PROVISIONS.

 

6.1                   Exemption from Registration. The Shares have not been registered under the
Act or the securities laws of any state and are being issued to Founder in
reliance upon exemptions from such registration under the Act or the securities
laws of any state. Founder understands and agrees that the Shares may not be
resold or transferred without registration under the Act and applicable state
securities laws unless an exemption from such registration is available.
Accordingly, Founder acknowledges that he or she is prepared to hold the Shares
for an indefinite period and that he or she is aware that Rule 144 of the
Securities and Exchange Commission under the Act is not currently available to
exempt the sale of the Shares from the registration requirements of the Act and
may not be available at the time Founder wishes to sell the Shares. Prior to
acquiring the Shares, Founder obtained sufficient information about the Company
to reach an informed decision to acquire the Shares. Founder has such knowledge
and experience in financial and business matters as to make him or her capable
of utilizing such information to evaluate the risks of the prospective
investment and to make an informed investment decision. Founder is able to bear
the economic risk of his or her investment in the Shares.

 

6.2                   Stockholder Rights. For so long as Founder holds shares, Founder
shall have all the rights of a stockholder (including voting and dividend
rights) with respect to the Shares, subject in all respects to the provisions
of any Transfer Restriction Agreement.

 

6.3                   Market Stand-Off. In connection with any underwritten public
offering by the Company of its equity securities pursuant to an effective
registration statement filed under the Act, including the Company’s initial
public offering, Founder shall not sell, make any short sale of, loan, pledge,
grant any option for the purchase of, or otherwise dispose or transfer for
value or otherwise agree to engage in any of the foregoing transactions with
respect to, any shares of Common Stock without the prior written consent of the
Company or its underwriters,

 

7

 

for
such period of time (not to exceed 180 days) from and after the effective date
of such registration statement as may be requested by the Company or such
underwriters.

 

6.4                   Section 83(b) Election. Founder understands that, under Section 83 of
the Code, the difference between the purchase price paid for the Shares and its
fair market value at the time any forfeiture restrictions applicable to such
shares lapse may be reportable as ordinary income at that time. For this
purpose, the term “forfeiture restrictions”
includes the right of the Company to repurchase the Shares pursuant to its
Repurchase Option. Founder understands that he or she may elect to be taxed at
the time the Shares are acquired under this Agreement to the extent the fair
market value of the Shares differs from the purchase price, rather than when
and as such Shares cease to be subject to such forfeiture restrictions, by
filing an election under Section 83(b) of the Code with the Internal Revenue
Service within 30 days after the Effective Date. If the fair market value of
the Shares at the time of purchase equals the purchase price paid or if it is
likely that the fair market value of the Shares at the time any forfeiture
restrictions lapse shall exceed the fair market value of the time of purchase,
the election may avoid adverse tax consequences in the future. A form for
making this election is attached as Exhibit B. Founder understands that
the failure to make this filing within said 30-day period shall result in the
recognition of ordinary income by Founder (in the event the fair market value
of the Shares increases after the date of purchase) as the forfeiture
restrictions lapse. Founder acknowledges that
it is his or her sole responsibility, and not the Company’s, to file a timely
election under Section 83(b), even if Founder requests the Company or its
representative to make this filing on his or her behalf.

 

6.5                   Company Counsel. Founder acknowledges that Vinson & Elkins
L.L.P., counsel for the Company, represented the Company in the transaction
contemplated by this Agreement, including the formation and initial
capitalization of the Company, and has not represented the Founder or any
individual shareholder or employee of the Company in connection with such
transactions.

 

6.6                   Assignment. The
Company may assign its Repurchase Option to any person, including, without
limitation, one or more stockholders of the Company.

 

6.7                   No Employment Contract. Nothing in this Agreement shall confer upon
Founder any right to continue in the employment of the Company for any period
of time or interfere with or restrict in any way the rights of the Company or
Founder, which rights are hereby expressly reserved by each, to terminate the
employment of Founder at any time for any reason whatsoever, with or without
cause.

 

6.8                   Notices. All
notices, requests, consents, and other communications under this Agreement
shall be in writing and shall be deemed effectively given when delivered
personally or by facsimile transmission or by overnight delivery service or 72
hours after having been mailed by first class certified or registered mail,
return receipt requested, postage prepaid:

 

If to the Company, at 300 West 6th Street, Suite 2300, Austin, Texas
78701, Attention: President (fax (512) 476-3952), or at such other address or
addresses as may have been furnished in writing by the Company to Founder, with
a copy to Vinson & Elkins

 

8

 

L.L.P.,
The Terrace 7, 2801 Via Fortuna, Suite 100, Austin, Texas 78746, Attention:
Kyle K. Fox, Esq. (fax (512) 236-3340).

 

If to Founder, at the address set forth on the signature page below or
at such other address as may have been furnished in writing by Founder to the
Company.

 

6.9                   No Waiver. The
failure of the Company to exercise any Repurchase Option shall not constitute a
waiver of any other Repurchase Option or similar rights that may subsequently
arise under the provisions of this Agreement. No waiver of any breach or
condition of this Agreement shall be deemed to be a waiver of any other or
subsequent breach or condition, whether of like or different nature.

 

6.10            Entire Agreement. This
Agreement constitutes the entire contract between the parties to this Agreement
with regard to the subject matter of this Agreement.

 

6.11            GOVERNING LAW.
THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
INTERNAL LAWS, AND NOT THE LAW OF CONFLICTS, OF THE STATE OF DELAWARE.

 

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

 

6.13            Successors and Assigns. The provisions of this Agreement shall inure
to the benefit of and be binding upon the Company and its respective successors
and assigns, and Founder and his or her legal representatives, heirs, legatees,
distributees, assigns, and transferees by operation of law, whether or not any
such person shall have become a party to this Agreement.

 

[Signature
Pages Follow]

 

9

 

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

 

	
   

  	
  DEMARSECO,
  INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
     /s/ Elisabeth
  DeMarse

  	
   

  
	
   

  	
   

  	
     Elisabeth
  DeMarse

  	
   

  
	
   

  	
   

  	
     President
  and Chief Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  FOUNDER:

  
	
   

  	
   

  
	
   

  	
  /s/ David Lack

  	
   

  
	
   

  	
  David Lack

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Address:

  	
   

  
	
   

  	
  Austin Ventures, 

  	
   

  
	
   

  	
  300 W. 6th  St.

  	
   

  
	
   

  	
  Austin, TX 78701

  	
   

  
	
   

  	
  Fax

  	
  (512) 651 - 8583

  	
   

  
						

 

 

Signature Page to Founder Stock Purchase Agreement

 

 

EXHIBIT A

 

Assignment Separate from
Certificate

 

David Lack assigns and transfers to DEMARSECO,
INC. (the “Company”)                       
shares of the Common Stock, par value $0.001 per share, of the Company standing
in his or her name on the books of the Company and represented by certificate
number(s)                         
and irrevocably appoints                                             
agent to transfer such shares on the books of the Company. The agent may
substitute another to act for him or her.

 

	
  Dated:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  /s/ David Lack

  	
   

  
	
   

  	
  David
  Lack

  

 

 

Instructions: Please do
not fill in any blanks other than the signature line. Please sign exactly as
you would like your name to appear on the issued stock certificate. The purpose
of this assignment is to enable the Company to exercise the Repurchase Option
without requiring additional signatures on the part of Founder.

 

A-1

 

EXHIBIT B

 

Section 83(b) Election

 

This statement is made
under Section 83(b) of the Internal Revenue Code of 1986, as amended, pursuant
to Treasury Regulations Section 1.83-2.

 

(1)                     The taxpayer
who performed the services is:

 

	
  Name:

  	
  David Lack

  
	
  Address:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Social Security No.:

  	
   

  	
   

  
				

 

(2)                     The property
with respect to which the election is made is 202,548 shares of the common
stock of DEMARSECO, INC.

 

(3)                     The property
was transferred on December 28, 2005.

 

(4)                     The taxable
year for which the election is made is the calendar year 2005.

 

(5)                     The property
is subject to a repurchase right pursuant to which the issuer has the right to
acquire the property at the original purchase price if for any reason taxpayer’s
service with the issuer is terminated. The issuer’s repurchase right lapses in
a series of installments over a five-year period following the closing of the
Company’s next issuance of preferred stock.

 

(6)                     The fair
market value of such property at the time of transfer (determined without
regard to any restriction other than a restriction that, by its terms, shall
never lapse) is $.001 per share.

 

(7)                     The amount
paid for such property is 0.001 per share.

 

(8)                     A copy of
this statement was furnished to DEMARSECO,
INC., for whom taxpayer rendered the services underlying the
transfer of such property.

 

(9)                     This
statement is executed on December 28, 2005.

 

	
   

  	
   

  
	
  /s/ Spouse

  	
   

  	
  /s/ David Lack

  	
   

  
	
  Signature
  of Spouse (if any)

  	
   

  	
  Signature
  of Taxpayer

  	
   

  

 

Within 30 days after the date of purchase,
this election must be filed with the Internal Revenue Service Center where the
Purchaser files his or her federal Income tax returns. The filing should be
made by registered or certified mail, return receipt requested. The Purchaser
must (a) file a copy of the completed form with his or her federal tax return
for the current tax year and (b) deliver an additional copy to the Company.

 

B-1

 

FIRST AMENDMENT TO FOUNDER STOCK PURCHASE AGREEMENT

 

This FIRST AMENDMENT (this “Amendment”)
to that certain Founder Stock Purchase Agreement (the “Agreement”), dated as of December 28,
2005, by and between DeMarseCo, Inc., a Delaware corporation (the “Company”), and David Lack (“Founder,”
which term includes his or her heirs, personal representatives, successors and
assigns) is entered into as of September 20, 2006.

 

The Company has determined that it is in the best interests of the
Company and the stockholders of the Company that the Company effect a
2.01598140-for-l stock split (the “Stock
Split”) with respect to shares of its common stock, par value $0.001
per share (“Common Stock”), such
that the number of Shares (as defined in the Agreement) subject to the
Agreement will be 408,333 after giving effect to the Stock Split; and

 

In connection with the Stock Split and a restructuring of the Company,
the Company and Founder desire to amend the Agreement to modify the vesting
provisions applicable to the Shares.

 

For and in consideration of the premises and the mutual benefits to the
parties arising out of this Amendment, the receipt and sufficiency of which are
hereby acknowledged by the parties’ execution and delivery hereof, the parties
hereto agree as follows:

 

Section 1.                DEFINITIONS. Capitalized terms used in this Amendment and
not defined in this Amendment have the meanings assigned them in the Agreement.

 

Section 2.                AMENDMENT TO SECTION 3.3(a)
OF THE AGREEMENT. Effective
upon the consummation of the Stock Split (at which time 408,333 shares of
Common Stock will be subject to the Agreement), Section 3.3(a) of the Agreement
is amended and restated in its entirety as follows:

 

“(a)                Unvested
Shares shall vest in cumulative increments according to the following schedule:
(i) 50% of all Unvested Shares (i.e., 204,166 shares) shall vest upon the
closing of the Qualified Financing, (ii) 25% of the then remaining Unvested
Shares (i.e., 51,041 shares) shall vest upon the first anniversary of the
closing of the Qualified Financing (the “Qualified
Financing Anniversary”), and (iii) 1/36 of the then remaining
Unvested Shares (i.e., 4,253 shares) shall vest on the last day of the first
month following the Qualified Financing Anniversary and monthly thereafter
until the last day of the 36th month following the Qualified Financing
Anniversary when all remaining Unvested Shares shall vest. In addition, all
Unvested Shares shall immediately vest upon the consummation of any Corporate
Transaction that occurs following the Qualified Financing (other than any
Corporate Transaction entered into in connection with such Qualified
Financing).”

 

Section 3.                WAIVER. In connection with the Stock Split, Founder
hereby forfeits any fractional shares to which such Founder may be entitled as
a result of such Stock Split and waives the right to receive payment of the
fair value of such fractional shares in lieu of such fractional shares.

 

1

 

Section 4.                NO OTHER CHANGES/PROMISES. Except as specifically set forth in this
Amendment, the terms and provisions of the Agreement shall remain unmodified
and the Agreement is hereby confirmed by the parties as being in full force and
effect as amended herein. This Amendment and the Agreement constitute the
entire understanding of the parties with respect to the subject matter thereof,
and no other covenants have been made by either party to the to the other.

 

Section 5.                COUNTERPARTS. This Amendment may be executed in one or more
counterparts, all of which shall be considered one and the same agreement and
shall become effective when one or more counterparts have been signed by each
of the parries and delivered to the other parties, it being understood that all
parties need not sign the same counterpart.

 

[Signature Page Follows]

 

2

 

IN WITNESS WHEREOF, the parties
have caused this Amendment to the Agreement to be executed and delivered by
their respective officers thereunto duly authorized, all as of the date first
above written.

 

	
   

  	
   

  	
  COMPANY:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  DEMARSECO, INC.

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Elisabeth DeMarse

  	
   

  
	
   

  	
   

  	
   

  	
  Elisabeth DeMarse

  	
   

  
	
   

  	
   

  	
   

  	
  President and Chief Executive Officer

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  FOUNDER:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ David Lack

  	
   

  
	
   

  	
   

  	
  David Lack

  	
   

  

 

SIGNATURE PAGE TO

DAVID LACK’S

FIRST AMENDMENT TO FOUNDER STOCK
PURCHASE AGREEMENTExhibit 4.4

 

FOUNDER STOCK PURCHASE
AGREEMENT

 

This Founder Stock Purchase Agreement (this “Agreement”) dated as of December 28, 2005 (the “Effective Date”) is entered into by and
between DeMarseCo, Inc., a Delaware corporation (the “Company”), and Brett Shobe (“Founder,” which term includes his or her
heirs, personal representatives, successors, and assigns).

 

In consideration of the mutual promises and covenants contained in this
Agreement, the parties agree as follows:

 

Section 1.     SALE OF SHARES; CLOSING.

 

1.1      Sale of Shares.
Subject to the terms and conditions of this Agreement, at the Closing (as
defined below), the Company shall issue and sell to Founder, and Founder shall
purchase, 8,267 shares of the Company’s common stock, par value $0.001 per
share (the “Common Stock”), at the
purchase price of $0.001 per share. The shares of Common Stock being sold and
purchased under this Agreement are referred to as the “Shares.”

 

1.2      Closing. The
closing of the issuance, sale, and purchase of the Shares (the “Closing”) shall take place at the offices
of Vinson & Elkins L.L.P., The Terrace 7, 2801 Via Fortuna, Suite 100,
Austin, Texas at 10:00 a.m., local time, on the Effective Date or at such other
place or such other time as the Company and Founder may agree. At the Closing,
the Company shall deliver to Founder a certificate representing the Shares
being purchased by Founder, registered in the name of Founder, against payment
to the Company of the purchase price for such Shares by wire transfer, check,
or other method acceptable to the Company.

 

Section 2.     DEFINITIONS.

 

For purposes of this Agreement:

 

“Act” means the Securities Act of 1933, as amended.

 

“Austin Ventures” or “AV”
means Austin Ventures VIII, L.P.

 

“Cause” means “cause” as defined
in Founder’s employment or service agreement or in the absence of such an
agreement or such a definition, “Cause” shall mean a determination
by the Company’s board of directors that Founder (a) has engaged in personal
dishonesty, willful violation of any law, rule, or regulation (other than minor
traffic violations or similar offenses), or breach of fiduciary duty involving
personal profit, (b) is unable to satisfactorily perform or has failed to
satisfactorily perform Founder’s duties and responsibilities for the Company or
any affiliate, (c) has been convicted of, or plead nolo contendere to, any felony or a crime involving moral
turpitude, (d) has engaged in negligence or willful misconduct in the
performance of his or her duties, including but not limited to willfully refusing
without proper legal reason to perform Founder’s duties and responsibilities,
(e) has materially breached any corporate policy or code of conduct established
by the Company or any affiliate as such policies or codes may be adopted from
time to time, (f) any violation by Founder of the terms of the Proprietary
Information and Inventions Agreement or any other agreement between Founder and
the Company related to Founder’s employment or other service with the Company,
or (g) has engaged in conduct that is

 

 

likely
to have a deleterious effect on the Company or any affiliate or their
legitimate business interests, including but not limited to their goodwill and
public image.

 

“Code” means the Internal Revenue Code of 1986, as amended.

 

“Corporate Transaction” means either (i) the Company shall not be the
surviving entity in any merger, share exchange, or consolidation (or survives
only as a subsidiary of an entity), (ii) the Company sells, leases, or
exchanges, or agrees to sell, lease, or exchange, all or substantially all of
its assets to any other person or entity, (iii) the Company is to be dissolved
and liquidated, (iv) any person or entity, including a “group” as contemplated by Section 13(d)(3)
of the Securities Exchange Act of 1934, acquires or gains ownership or control
(including, without limitation, power to vote) of more than 50% of the
outstanding shares of the Company’s voting stock (based upon voting power), or
(v) at such time as the Company becomes a reporting company under the
Securities Exchange Act of 1934, as a result of or in connection with a
contested election of directors, the persons who were directors of the Company
before such election shall cease to constitute a majority of the board of
directors; provided that a Corporate Transaction shall not include (A)
any reorganization, merger, consolidation, sale, lease, exchange, or similar
transaction, which involves solely the Company and one or more entities
wholly-owned, directly or indirectly, by the Company immediately prior to such event
or (B) the consummation of any transaction or series of integrated transactions
immediately following which the record holders of the voting stock of the
Company immediately prior to such transaction or series of transactions
continue to hold 50% or more of the voting stock (based upon voting power) of
(1) any entity that owns, directly or indirectly, the stock of the Company, (2)
any entity with which the Company has merged, or (3) any entity that owns an
entity with which the Company has merged.

 

“Lien” means any lien, security interest, pledge, mortgage, deed of trust,
charge, or encumbrance in real, personal, or mixed property, tangible or
intangible, and wherever located.

 

“Qualified Financing” means the issuance or sale of any preferred
stock, common stock or other stock or similar securities of the Company or any
security convertible or exchangeable into or for preferred stock, common stock
or other stock or similar securities of the Company for cash in a single
transaction or series of related transactions for which Austin Ventures serves
as the lead investor and in which the outstanding indebtedness of the Company
to Austin Ventures is converted into such equity securities.

 

“Termination of Founder’s Service” means (i) the termination of Founder’s
employment or other service with the Company for any reason, with or without
cause, voluntarily or involuntarily, and (ii) Founder no longer continues to
serve as a consultant, officer, employee or other capacity approved by the
board of directors of the Company.

 

“Unvested Shares” means Shares that are not Vested Shares (as
defined below). On the Effective Date, all Shares are Unvested Shares.

 

“Vested Shares” means Shares that have vested in accordance
with the provisions of Section 3.3. On the Effective Date, no Shares are
Vested Shares.

 

2

 

Section 3.     RESTRICTIONS ON SHARES.

 

3.1      Transfer Restrictions.

 

(a)        Founder shall not sell, assign, transfer,
pledge, encumber, or otherwise dispose of (each, a “transfer”) any Shares or any interest in any Shares, except
as provided in this Agreement.

 

(b)        Any attempted transfer of Shares other than
in accordance with this Agreement and any Transfer Restriction Agreements (as
defined below) shall be null and void, and the Company shall refuse to
recognize any such transfer and shall not reflect on its records any change in
record ownership of Shares pursuant to any such transfer.

 

(c)        Founder acknowledges that the Shares may be
subjected to further transfer restrictions, including, but not limited to,
rights of first refusal and co-sale in connection with one or more transactions
in which the Company issues shares of its preferred stock, par value $0.001 per
share, and Founder agrees to execute such agreements (“Transfer Restriction Agreements”)
evidencing such restrictions as the Company may reasonably request.

 

3.2      Repurchase Option. The
Company shall have a right and option (the “Repurchase
Option”) to purchase Unvested Shares from Founder in accordance with
the following provisions:

 

(a)        The Company may exercise the Repurchase
Option at any time during the 45-day period following the Termination of
Founder’s Service. Failure of the Company to exercise its Repurchase Option
within such 45-day period shall be deemed to constitute a notification to
Founder of the Company’s decision not to exercise its Repurchase Option.

 

(b)        The purchase price for Unvested Shares
purchased upon exercise of the Repurchase Option shall be $0.001 per share.

 

(c)        The Repurchase Option shall be exercisable by
the Company by written notice delivered to Founder or his or her personal
representative prior to the expiration of the 45-day period specified in 

Subsection 3.2(a). Such notice shall indicate the number of Unvested
Shares to be purchased and the date (not later than 10 days after the date of
expiration of the Repurchase Option) on which the purchase is to be effected.
To the extent one or more certificates representing Unvested Shares may have
been previously delivered out of escrow to Founder, Founder, prior to the close
of business on the date specified for the repurchase, shall deliver to the
Company the certificate(s) representing the Unvested Shares to be purchased,
each certificate to be properly endorsed for transfer and free and clear of any
restrictions (other than the restrictions imposed under this Agreement and any
Transfer Restriction Agreements), Liens, or claims, against payment of the
purchase price for the Unvested Shares by check payable to the order of
Founder.

 

(d)        If the Company shall make available, at the
time and place and in the amount and form provided in this Agreement, the
consideration for the Unvested Shares to be repurchased in accordance with the
provisions of this Agreement, then from and after such time,

 

3

 

Founder
shall no longer have any rights as a holder of such Unvested Shares (other than
the right to receive payment of such consideration in accordance with this
Agreement), and such Unvested Shares shall be deemed purchased in accordance
with the applicable provisions of this Agreement and the Company shall be
deemed the owner and holder of such shares, whether or not the certificates for
such shares have been delivered as required by this Agreement.

 

(e)        In the event of any stock dividend, stock
split, recapitalization, or other change affecting the outstanding Common Stock
as a class effected without consideration, then any new, substituted, or
additional securities or other property (including money paid other than as a
regular cash dividend) that is by reason of any such transaction distributed
with respect to the Unvested Shares shall be immediately subject to the
Repurchase Option to the extent the Unvested Shares are at the time covered by
such Repurchase Option. Appropriate adjustments to reflect the distribution of
such securities or property shall be made to the number of Unvested Shares
under this Agreement and to the price per share to be paid upon the exercise of
the Repurchase Option in order to reflect the effect of any such transaction
upon the Company’s capital structure.

 

3.3      Vesting; Termination of Repurchase Option.

 

(a)        Unvested Shares shall vest in cumulative
increments according to the following schedule: 50% of all Unvested Shares
(i.e., 4,134 shares) shall vest upon the closing of the Qualified Financing,
and the remaining 50% shall vest over the following 60 months at the rate of 69
shares per month. In addition, all Unvested Shares shall immediately vest upon
the consummation of any Corporate Transaction that occurs following the
Qualified Financing.

 

(b)        Notwithstanding anything in this Agreement to
the contrary, the Unvested Shares shall cease to vest immediately upon
Termination of Founder’s Service.

 

(c)        Upon the vesting of Unvested Shares, the
Repurchase Option shall automatically terminate with respect to such Shares,
and such Shares shall become Vested Shares and shall no longer be subject to
the Repurchase Option, but shall nevertheless remain subject to the other provisions
of this Agreement and to any Transfer Restriction Agreements.

 

3.4      Company’s Right of First Refusal.

 

(a)        Except for the Company’s Repurchase Option
set forth in Section 3.2, Founder shall not transfer any Unvested
Shares. Founder agrees that if Founder intends to transfer any or all of the
Vested Shares, Founder will first give the Company notice in writing of such
proposed transfer. Such notice (the “Notice”)
will contain (1) the name and address of Founder and the proposed transferee,
(2) the terms and conditions of such transfer, including, in the event that any
third party offer has been received by Founder and Founder intends to accept
such offer, the purchase price, and if such price is to be paid in whole or in
part in consideration other than cash, a full and complete description of such
non-cash consideration, and (3) an offer (the “Required
Offer”) to sell such Vested Shares to the Company at a price per
share equal to the proposed consideration for the transfer of such Vested
Shares. The board of directors of the Company will determine the fair cash
equivalent of any proposed consideration that is other than

 

4

 

cash.
At any time during the 30-day period immediately following the delivery of the
Notice to the Company, the Company will have the exclusive right and option,
but not the obligation, to accept the Required Offer and proceed with the
purchase of such Vested Shares pursuant to such Required Offer. In the event
the Company does not exercise its rights as set forth in this Section, Founder
will be free to transfer such Vested Shares under the terms and conditions
stated in the Notice; provided, however, that if such transfer
does not take place within 60 days following the delivery of the Notice to the
Company, the terms of this Section must once again be followed prior to the
transfer of the Vested Shares. Any Vested Shares that are transferred pursuant
to the preceding provisions of this Section will continue to be subject to the
right of first refusal set forth in this Section subsequent to any such
transfer. If at any time a proposed transfer by Founder applies to less than
all of the Vested Shares of Founder, the right of first refusal granted in this
Agreement to the Company will remain in full force and effect as to the
remainder of such Vested Shares, regardless of whether it is exercised with
respect to such initial portion. Founder may not pledge or otherwise encumber
any of the Vested Shares without the written consent of the Company.

 

(b)        The right of first refusal stated in this
Agreement will survive the termination of this Agreement. The Company also has
the right to assign the right of first refusal stated in this Agreement. The
right of first refusal stated in this Agreement will not apply to transfers of
Vested Shares pursuant to the laws of descent and distribution; provided,
however, that any such Vested Shares will be subject to the right of
first refusal set forth in this Section subsequent to any such transfer. The right
of first refusal stated in this Agreement will not apply to the exchange of
Vested Shares pursuant to a plan of merger, consolidation, recapitalization, or
reorganization of the Company, but any stock, securities or other property
received in exchange therefor will be subject to the right of first refusal set
forth in this Agreement; provided, however, that any such stock
or securities received in any such merger, consolidation, recapitalization, or
reorganization will not be subject to the right of first refusal set forth in
this Section if the stock or securities received in such merger, consolidation,
recapitalization, or reorganization are registered under the Securities
Exchange Act of 1934. A dissolution or liquidation of the Company will not trigger
the right of first refusal set forth in this Agreement; provided, however,
that a dissolution or a liquidation of the Company within one year following
the sale of all or substantially all of the assets of the Company in exchange
for stock or securities will be considered a reorganization of the Company. The
right of first refusal set forth in this Section will terminate upon the
consummation by the Company of a public offering of Common Stock pursuant to an
effective registration statement under the Act.

 

Section 4.     ESCROW.

 

4.1      Deposit.
Certificates representing the Unvested Shares shall be deposited in escrow with
the Company to be held in accordance with the provisions of this Section. Each
deposited certificate shall be accompanied by a duly executed assignment
separate from certificate in the form attached as Exhibit A. The
deposited certificates, together with any other assets or securities from time
to time deposited with the Company pursuant to the requirements of this
Agreement, shall remain in escrow until such time or times as the certificates
(or other assets and securities) are to be released or otherwise surrendered
for cancellation in accordance with Section 4.3. Upon delivery of the
certificates (or other assets and securities) to the

 

5

 

Company,
the holder shall be issued a deposit receipt acknowledging the number of
Unvested Shares or other
assets and securities delivered in escrow to the Company.

 

4.2      Recapitalization. Any
cash dividends on the Unvested Shares (or other securities at the time held in
escrow) shall be paid directly to the holder and shall not be held in escrow.
However, in the event of any stock dividend, stock split, recapitalization, or
other change affecting the Company’s outstanding Common Stock as a class
effected without consideration, any new, substituted, or additional securities
or other property that by reason of such transaction is distributed with
respect to the Unvested Shares shall be immediately delivered to the Company to
be held in escrow under Section 4, but only to the extent the Unvested
Shares are at the time subject to the escrow requirements of Section 4.1.

 

4.3      Release; Surrender.

 

(a)        If the Company exercises the Repurchase
Option with respect to any Unvested Shares, then the escrowed certificates for
such Unvested Shares or the certificates representing such Unvested Shares
(together with any other assets or securities issued with respect to such
Unvested Shares) shall be delivered to the Company for cancellation,
concurrently with the payment to Founder of the amount provided for in Section
3.2(a) above, as applicable, and Founder shall cease to have any further
rights or claims with respect to such Unvested Shares (or other assets or
securities).

 

(b)        When the Unvested Shares (or any other assets
or securities issued with respect to such Unvested Shares) vest in accordance
with Section 3.3, the certificates for such Vested Shares shall, at
Founder’s request, no more than once in any six month period be promptly
released from escrow and delivered to Founder.

 

(c)        All shares released from escrow in accordance
with the provisions of Section 4.3(b) nevertheless remain subject to the
other provisions of this Agreement and to any Transfer Restriction Agreements.

 

Section 5.     LEGENDS; STOP TRANSFER.

 

5.1      Restrictive Legends. In
order to reflect the restrictions on the transfer of the Shares set forth or
referred to in this Agreement, the certificates representing Shares shall be
endorsed with legends to the following effect:

 

“THE
SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, OR ANY APPLICABLE STATE SECURITIES LAWS AND
MAY NOT BE SOLD OR TRANSFERRED WITHOUT COMPLIANCE WITH THE REGISTRATION OR QUALIFICATION
PROVISIONS OF APPLICABLE FEDERAL AND STATE SECURITIES LAWS OR APPLICABLE
EXEMPTIONS THEREFROM.”

 

“THE
SHARES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD, ASSIGNED, TRANSFERRED,
ENCUMBERED, OR IN ANY MANNER DISPOSED OF, EXCEPT IN COMPLIANCE WITH THE TERMS

 

6

 

OF
A FOUNDER STOCK PURCHASE AGREEMENT BETWEEN THE COMPANY AND THE INITIAL HOLDER
OF THE SHARES. THE FOUNDER STOCK PURCHASE AGREEMENT GRANTS CERTAIN PURCHASE
OPTIONS TO THE COMPANY AND IMPOSES RESTRICTIONS ON THE TRANSFER OF THESE
SHARES. A COPY OF THE FOUNDER STOCK PURCHASE AGREEMENT IS ON DEPOSIT AT THE
PRINCIPAL OFFICE OF THE COMPANY AND WILL BE FURNISHED BY THE COMPANY TO THE
REGISTERED HOLDER HEREOF UPON WRITTEN REQUEST.”

 

5.2      Enforcement; Stop Transfer. No Shares shall be transferred on the books
of the Company nor shall any attempted sale, transfer, assignment, pledge, or
other disposition of any Shares be effective unless and until the terms and
provisions of this Agreement and any Transfer Restriction Agreements are first
complied with. Any attempted sale, transfer, assignment, pledge, or other
disposition of any Shares that does not comply with the provisions of this
Agreement and Transfer Restriction Agreements shall be invalid and of no
effect.

 

Section 6.     GENERAL PROVISIONS.

 

6.1      Exemption from Registration. The Shares have not been registered under the
Act or the securities laws of any state and are being issued to Founder in
reliance upon exemptions from such registration under the Act or the securities
laws of any state. Founder understands and agrees that the Shares may not be
resold or transferred without registration under the Act and applicable state
securities laws unless an exemption from such registration is available. Accordingly,
Founder acknowledges that he or she is prepared to hold the Shares for an
indefinite period and that he or she is aware that Rule 144 of the Securities
and Exchange Commission under the Act is not currently available to exempt the
sale of the Shares from the registration requirements of the Act and may not be
available at the time Founder wishes to sell the Shares. Prior to acquiring the
Shares, Founder obtained sufficient information about the Company to reach an
informed decision to acquire the Shares. Founder has such knowledge and
experience in financial and business matters as to make him or her capable of
utilizing such information to evaluate the risks of the prospective investment
and to make an informed investment decision. Founder is able to bear the
economic risk of his or her investment in the Shares.

 

6.2      Stockholder Rights. For
so long as Founder holds shares, Founder shall have all the rights of a
stockholder (including voting and dividend rights) with respect to the Shares,
subject in all respects to the provisions of any Transfer Restriction
Agreement.

 

6.3      Market Stand-Off. In
connection with any underwritten public offering by the Company of its equity
securities pursuant to an effective registration statement filed under the Act,
including the Company’s initial public offering, Founder shall not sell, make
any short sale of, loan, pledge, grant any option for the purchase of, or
otherwise dispose or transfer for value or otherwise agree to engage in any of
the foregoing transactions with respect to, any shares of Common Stock without
the prior written consent of the Company or its underwriters,

 

7

 

for
such period of time (not to exceed 180 days) from and after the effective date
of such registration statement as may be requested by the Company or such
underwriters.

 

6.4      Section 83(b) Election. Founder understands that, under Section 83 of
the Code, the difference between the purchase price paid for the Shares and its
fair market value at the time any forfeiture restrictions applicable to such
shares lapse may be reportable as ordinary income at that time. For this
purpose, the term “forfeiture restrictions” includes
the right of the Company to repurchase the Shares pursuant to its Repurchase
Option. Founder understands that he or she may elect to be taxed at the time
the Shares are acquired under this Agreement to the extent the fair market
value of the Shares differs from the purchase price, rather than when and as
such Shares cease to be subject to such forfeiture restrictions, by filing an
election under Section 83(b) of the Code with the Internal Revenue Service
within 30 days after the Effective Date. If the fair market value of the Shares
at the time of purchase equals the purchase price paid or if it is likely that
the fair market value of the Shares at the time any forfeiture restrictions
lapse shall exceed the fair market value of the time of purchase, the election
may avoid adverse tax consequences in the future. A form for making this
election is attached as Exhibit B. Founder understands that the failure
to make this filing within said 30-day period shall result in the recognition
of ordinary income by Founder (in the event the fair market value of the Shares
increases after the date of purchase) as the forfeiture restrictions lapse. Founder acknowledges that it is his or her sole
responsibility, and not the Company’s, to file a timely election under Section
83(b), even if Founder requests the Company or its representative to make this
filing on his or her behalf.

 

6.5      Company Counsel. Founder
acknowledges that Vinson & Elkins L.L.P., counsel for the Company,
represented the Company in the transaction contemplated by this Agreement,
including the formation and initial capitalization of the Company, and has not
represented the Founder or any individual shareholder or employee of the
Company in connection with such transactions.

 

6.6      Assignment. The
Company may assign its Repurchase Option to any person, including, without
limitation, one or more stockholders of the Company.

 

6.7      No Employment Contract. Nothing in this Agreement shall confer upon
Founder any right to continue in the employment of the Company for any period
of time or interfere with or restrict in any way the rights of the Company or
Founder, which rights are hereby expressly reserved by each, to terminate the
employment of Founder at any time for any reason whatsoever, with or without
cause.

 

6.8      Notices. All
notices, requests, consents, and other communications under this Agreement
shall be in writing and shall be deemed effectively given when delivered
personally or by facsimile transmission or by overnight delivery service or 72
hours after having been mailed by first class certified or registered mail,
return receipt requested, postage prepaid:

 

If to the Company, at 300 West 6th Street, Suite 2300, Austin, Texas
78701, Attention: President (fax (512) 476-3952), or at such other address or
addresses as may have been furnished in writing by the Company to Founder, with
a copy to Vinson & Elkins

 

8

 

L.L.P.,
The Terrace 7, 2801 Via Fortuna, Suite 100, Austin, Texas 78746, Attention:
Kyle K. Fox, Esq. (fax (512) 236-3340).

 

If to Founder, at the address set forth on the signature page below or
at such other address as may have been furnished in writing by Founder to the
Company.

 

6.9      No Waiver. The
failure of the Company to exercise any Repurchase Option shall not constitute a
waiver of any other Repurchase Option or similar rights that may subsequently
arise under the provisions of this Agreement. No waiver of any breach or
condition of this Agreement shall be deemed to be a waiver of any other or
subsequent breach or condition, whether of like or different nature.

 

6.10    Entire Agreement.
This Agreement constitutes the entire contract between the parties to this
Agreement with regard to the subject matter of this Agreement.

 

6.11    GOVERNING LAW.
THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
INTERNAL LAWS, AND NOT THE LAW OF CONFLICTS, OF THE STATE OF DELAWARE.

 

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

 

6.13    Successors and Assigns. The provisions of this Agreement shall inure
to the benefit of and be binding upon the Company and its respective successors
and assigns, and Founder and his or her legal representatives, heirs, legatees,
distributees, assigns, and transferees by operation of law, whether or not any
such person shall have become a party to this Agreement.

 

[Signature Pages Follow]

 

9

 

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

 

	
   

  	
   

  	
  DEMARSECO,
  INC.

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
    /s/
  Elisabeth DeMarse

  	
   

  
	
   

  	
   

  	
   

  	
    Elisabeth
  DeMarse 

    President and Chief Executive Officer

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  FOUNDER:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/
  Brett Shobe

  	
   

  
	
   

  	
   

  	
  Brett Shobe

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Work

  	
   

  
	
   

  	
   

  	
  300 W. 6th
  St. Suite 2300 

  	
   

  
	
   

  	
   

  	
  Austin, TX 78701

  	
   

  

 

 

Signature Page to Founder Stock Purchase Agreement

 

 

EXHIBIT A

 

Assignment Separate from
Certificate

 

Brett Shobe
assigns and transfers to DEMARSECO, INC.
(the “Company”)                           
shares of the Common Stock, par value $0.001 per share, of the Company standing
in his or her name on the books of the Company and represented by certificate
number(s)                       
and irrevocably appoints                             
agent to transfer such shares on the books of the Company. The agent may
substitute another to act for him or her.

 

	
  Dated:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/
  Brett Shobe

  
	
   

  	
   

  	
  Brett Shobe

  

 

Instructions: Please do
not fill in any blanks other than the signature line. Please sign exactly as
you would like your name to appear on the issued stock certificate. The purpose
of this assignment is to enable the Company to exercise the Repurchase Option
without requiring additional signatures on the part of Founder.

 

A-1

 

EXHIBIT B

 

Section 83(b) Election

 

This statement is made
under Section 83(b) of the Internal Revenue Code of 1986, as amended, pursuant
to Treasury Regulations Section 1.83-2.

 

(1)                     The taxpayer
who performed the services is:

 

(2)                     The property
with respect to which the election is made is 8,267 shares of the common stock
of DEMARSECO, INC.

 

	
  Name:

  	
  Brett Shobe

  
	
  Address:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Social Security No.:

  	
   

  	
   

  
				

 

(3)                     The property
was transferred on December 28, 2005.

 

(4)                     The taxable
year for which the election is made is the calendar year 2005.

 

(5)                     The property
is subject to a repurchase right pursuant to which the issuer has the right to
acquire the property at the original purchase price if for any reason taxpayer’s
service with the issuer is terminated. The issuer’s repurchase right lapses in
a series of installments over a five-year period following the closing of the
Company’s next issuance of preferred stock.

 

(6)                     The fair
market value of such property at the time of transfer (determined without
regard to any restriction other than a restriction that, by its terms, shall
never lapse) is $.001 per share.

 

(7)                     The amount
paid for such property is 0.001 per share.

 

(8)                     A copy of
this statement was furnished to DEMARSECO,
INC., for whom
taxpayer rendered the services underlying the transfer of such property.

 

(9)                     This
statement is executed on December 28, 2005.

 

 

	
   

  	
   

  	
  /s/
  Brett Shobe

  
	
  Signature
  of Spouse (if any)

  	
   

  	
  Signature
  of Taxpayer

  

 

Within 30 days after the date of purchase,
this election must be filed with the Internal Revenue Service Center where the
Purchaser files his or her federal income tax returns. The filing should be
made by registered or certified mail, return receipt requested. The Purchaser
must (a) file a copy of the completed form with his or her federal tax return
for the current tax year and (b) deliver an additional copy to the Company.

 

B-1

 

FIRST AMENDMENT TO FOUNDER STOCK PURCHASE AGREEMENT

 

This FIRST AMENDMENT (this “Amendment”)
to that certain Founder Stock Purchase Agreement (the “Agreement”), dated as of December 28,
2005, by and between DeMarseCo, Inc., a Delaware corporation (the “Company”), and Brett Shobe (“Founder,” which term
includes his or her heirs, personal representatives, successors and assigns) is
entered into as of September 20, 2006.

 

The Company has determined that it is in the best interests of the
Company and the stockholders of the Company that the Company effect a
2.01598140-for-1 stock split (the “Stock
Split”) with respect to shares of its common stock, par value $0.001
per share (“Common Stock”), such
that the number of Shares (as defined in the Agreement) subject to the
Agreement will be 16,667 after giving effect to the Stock Split and the grant
of an additional share of Common Stock as set forth in Section 3 below;
and

 

In connection with the Stock Split and a restructuring of the Company,
the Company and Founder desire to amend the Agreement to modify the vesting
provisions applicable to the Shares.

 

For and in consideration of the premises and the mutual benefits to the
parties arising out of this Amendment, the receipt and sufficiency of which are
hereby acknowledged by the parties’ execution and delivery hereof, the parties
hereto agree as follows:

 

Section 1.     DEFINITIONS.
Capitalized terms used in this Amendment and not defined in this Amendment have
the meanings assigned them in the Agreement.

 

Section 2.     AMENDMENT TO SECTION 3.3(a) OF THE AGREEMENT. Effective upon the consummation of the Stock
Split (at which time 16,667 shares of Common Stock will be subject to the
Agreement), Section 3.3(a) of the Agreement is amended and restated in its
entirety as follows:

 

“(a) All Unvested Shares (i.e., 16,667 shares) shall
vest upon the closing of the Qualified Financing.”

 

Section 3.     WAIVER. In
connection with the Stock Split, Founder hereby forfeits any fractional shares
to which such Founder may be entitled as a result of such Stock Split and
waives the right to receive payment of the fair value of such fractional shares
in lieu of such fractional shares. In consideration for such waiver Company
hereby grants Founder an additional share of Common Stock such that the number
of Shares (as defined in the Agreement) subject to the Agreement will be 16,667
after giving effect to the Stock Split and such grant.

 

Section 4.     NO OTHER CHANGES/PROMISES. Except as specifically set forth in this Amendment, the terms and
provisions of the Agreement shall remain unmodified and the Agreement is hereby
confirmed by the parties as being in full force and effect as amended herein.
This Amendment and the Agreement constitute the entire understanding of the
parties with respect to the subject matter thereof, and no other covenants have
been made by either party to the to the other.

 

1

 

Section 5.     COUNTERPARTS. This Amendment may be executed in one or
more counterparts, all of which shall be considered one and the same agreement
and shall become effective when one or more counterparts have been signed by
each of the parties and delivered to the other parties, it being understood
that all parties need not sign the same counterpart.

 

[Signature
Page Follows]

 

2

 

IN WITNESS WHEREOF, the parties have caused this Amendment to the
Agreement to be executed and delivered by their respective officers thereunto
duly authorized, all as of the date first above written.

 

	
   

  	
   

  	
  COMPANY:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  DEMARSECO,
  INC.

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Elisabeth
  DeMarse

  	
   

  
	
   

  	
   

  	
   

  	
  Elisabeth
  DeMarse 

  	
   

  
	
   

  	
   

  	
   

  	
  President
  and Chief Executive Officer

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  FOUNDER:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Brett Shobe

  	
   

  
	
   

  	
   

  	
  Brett
  Shobe

  	
   

  

 

 

SIGNATURE PAGE TO

BRETT
SHOBE’S

FIRST AMENDMENT TO FOUNDER STOCK PURCHASE AGREEMENT

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