Document:

EX-4.3

 Exhibit 4.3 

THIS WARRANT AND THE SECURITIES ISSUABLE UPON THE EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THEY MAY NOT BE SOLD,
OFFERED FOR SALE, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT REGISTRATION IS NOT
REQUIRED. 
 FIVE9, INC. 

WARRANT TO PURCHASE SHARES 

This warrant (the “Warrant”) is issued as of February 26, 2008, to
                         (the “Investor”) by Five9, Inc., a Delaware corporation (the
“Company”), pursuant to the terms of that certain Convertible Secured Promissory Note and Warrant Purchase Agreement, dated as of February             , 2008, as such
agreement may be amended, modified or supplemented from time to time (the “Purchase Agreement”), in connection with the Investor’s commitment to purchase certain Notes (as defined in the Purchase Agreement). 

1. Purchase of Shares. Subject to the terms and conditions hereinafter set forth and set forth in the Purchase Agreement, the holder of
this Warrant is entitled, upon surrender of this Warrant at the principal office of the Company (or at such other place as the Company shall notify the holder hereof in writing), to purchase from the Company up to the number of fully paid and
nonassessable shares of Series A-2 Preferred Stock (the “Shares”), that equals the quotient obtained by dividing (a) the Warrant Coverage Amount (as defined below) by (b) the Exercise Price (as defined below). 

2. Definitions. 
 (a)
Exercise Price. The exercise price for the Shares shall be $0.163 per share (as adjusted for stock splits, stock dividends, recapitalizations, reclassifications, combinations and the like) (the “Exercise Price”). 

(b) Exercise Period. This Warrant shall be exercisable, in whole or in part, until the earliest to occur of (i) the seven (7)-year
anniversary of the date hereof; or (ii) the issuance and sale of shares of the Company’s common stock in the Company’s first underwritten public offering pursuant to an effective registration statement under the Securities Act of
1933, as amended (the “Exercise Period”). 
 (c) Warrant Coverage Amount. The term “Warrant Coverage
Amount” means an amount equal to Eleven Thousand Four Hundred Forty-Seven Dollars and Ninety-Eight Cents ($11,447.98). 
 (d)
Shares. The term “Shares” means shares of the Company’s Series A-2 Preferred Stock. 
 3. Method of
Exercise. While this Warrant remains outstanding and exercisable in accordance with Section 2(b) above, the holder may exercise, in whole or in part, the purchase rights evidenced hereby. Such exercise shall be effected by: 

(i) the surrender of the Warrant, together with delivery of an executed notice of Exercise in the form attached as Exhibit A to the Secretary
of the Company at its principal offices; and 

 (ii) the payment to the Company in cash, check or wire transfer of an amount equal to the
aggregate Exercise Price for the number of Shares being purchased. 
 4. Net Exercise. In lieu of cash exercising this Warrant
pursuant to Section 3 above, the holder of this Warrant may elect to receive Shares equal to the value of this Warrant (or the portion thereof being canceled) by surrender of this Warrant at the principal office of the Company together with
notice of such election, in which event the Company shall issue to the holder hereof a number of Shares computed using the following formula: 
  

					
		 	Y (A - B)	 	
	 X =
	 	        A	 	

 Where 
  

	 	X —	The number of Shares to be issued to the holder of this Warrant. 

  

	 	Y —	The number of Shares purchasable under this Warrant. 

  

	 	A —	The fair market value of one Share. 

  

	 	B —	The Exercise Price (as adjusted to the date of such calculations). 

 For purposes of this
Section 4, the fair market value of a Share shall mean the average of the closing bid and asked prices of Shares, or common stock issuable upon the conversion thereof, as applicable, quoted in the over-the-counter market in which the Shares, or
common stock issuable upon the conversion thereof, as applicable, are traded or the closing price quoted on any exchange on which the Shares, or common stock issuable upon the conversion thereof, as applicable, are listed or the Nasdaq Global
Market, whichever is applicable, as published in the Western Edition of The Wall Street Journal for the ten (10) trading days prior to the date of determination of fair market value (or such shorter period of time during which such stock
was traded over-the-counter or on such exchange or the Nasdaq Global Market). If the Shares, or common stock issuable upon the conversion thereof, as applicable, are not traded on the over-the-counter market or on an exchange or the Nasdaq Global
Market, the fair market value shall be the price per Share that the Company could obtain from a willing buyer for Shares sold by the Company from authorized but unissued Shares, as such prices shall be determined in good faith by the Company’s
Board of Directors, or, if this Warrant is exercised in connection with and contingent upon an initial public offering of the Company’s capital stock, the fair market value shall be the price per share at which shares of the Company’s
stock are sold to the public as set forth in the final prospectus in connection with such offering. 
 5. Certificates for Shares.
Upon the exercise of the purchase rights evidenced by this Warrant, one or more certificates for the number of Shares so purchased and, if this Warrant has not been fully exercised and has not expired, a new warrant representing the Shares not so
purchased, shall be issued as soon as practicable thereafter, and in any event within thirty (30) days of the delivery of the subscription notice. 

6. Issuance of Shares. The Company covenants that the Shares, when issued pursuant to the exercise of this Warrant, will be duly and
validly issued, fully paid and nonassessable, free from all taxes, liens and charges with respect to the issuance thereof and issued in compliance with all applicable federal and State securities laws. 

  
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 7. Adjustment of Exercise Price and Number of Shares. The number of and kind of securities
purchasable upon exercise of this Warrant and the Exercise Price shall be subject to adjustment from time to time as follows: 
 (a)
Subdivisions, Combinations and Other Issuances. If the Company shall at any time prior to the expiration of this Warrant subdivide the Shares, by split-up or otherwise, or combine the Shares, or issue additional Shares as a dividend, the
number of Shares issuable on the exercise of this Warrant shall forthwith be proportionately increased in the case of a subdivision or stock dividend, or proportionately decreased in the case of a combination. Appropriate adjustments shall also be
made to the Exercise Price, but the aggregate Exercise Price payable for the total number of Shares purchasable under this Warrant (as adjusted) shall remain the same. Any adjustment under this Section 7(a) shall become effective at the close
of business on the date the subdivision or combination becomes effective, or as of the record date of such dividend, or in the event that no record date is fixed, upon the making of such dividend. 

(b) Reclassification, Reorganization and Consolidation. In case of any reclassification, capital reorganization or change in the capital
stock of the Company (other than as a result of a subdivision, combination or stock dividend provided for in Section 7(a) above), then the Company shall make appropriate provision so that the holder of this Warrant shall have the right at any
time prior to the expiration of this Warrant to purchase, at an aggregate Exercise Price equal to that payable upon the exercise of this Warrant, the kind and amount of shares of stock and other securities and property receivable in connection with
such reclassification, reorganization or change by a holder of the same number of Shares as were purchasable by the holder of this Warrant immediately prior to such reclassification, reorganization or change. In any such case, appropriate provisions
shall be made with respect to the rights and interest of the holder of this Warrant so that the provisions hereof shall thereafter be applicable with respect to any shares of stock or other securities and property deliverable upon exercise hereof,
and appropriate adjustments shall be made to the Exercise Price per Share payable hereunder, provided the aggregate Exercise Price shall remain the same. 

(c) Conversion. If all of the Company’s outstanding Series A-2 Preferred Stock is redeemed or converted into shares of Common
Stock, then this Warrant shall automatically become exercisable for that number of shares of Common Stock that would have been received if this Warrant had been exercised in full and the Shares received thereupon had been simultaneously converted
into shares of Common Stock, in each case immediately prior to such redemption or conversion. Appropriate provisions shall be made with respect to the rights and interests of the holder of this Warrant so that the provisions hereof shall thereafter
be applicable with respect to any shares of Common Stock deliverable upon exercise hereof, and appropriate adjustments shall also be made to the purchase price payable per share, but the aggregate purchase price payable for the total number of
shares of Common Stock purchasable under this Warrant (as adjusted) shall remain the same. 
 (d) Adjustments for Diluting Issuances.
In the event of the issuance (a “Diluting Issuance”) by the Company, after the date this Warrant was issued, of securities other than “Excluded Stock” (as defined in the Company’s Fifth Amended and Restated Certificate of
Incorporation, as amended from time to time (the “Certificate of Incorporation”) at a price per share less than the Warrant Price, then the number of shares of common stock issuable upon conversion of the Shares shall be adjusted in
accordance with the Company’s Certificate of Incorporation. 

  
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 (e) Notice of Adjustment. When any adjustment is required to be made in the number or kind
of Shares purchasable upon exercise of the Warrant, or in the Exercise Price, the Company shall promptly notify the holder of such event and of the number of Shares or other securities or property thereafter purchasable upon exercise of this
Warrant. 
 (f) Assumption of Warrant. 

If upon the closing of any Change of Control (as defined in the Notes) the successor entity assumes the obligations of this Warrant, then this
Warrant shall be exercisable for the same securities, cash, and property as would be payable for the Shares issuable upon exercise of the unexercised portion of this Warrant as if such Shares were outstanding on the record date for the Change of
Control. The Exercise Price shall be adjusted accordingly. The Company shall uses reasonable efforts to cause the surviving corporation to assume the obligations of this Warrant. 

If upon the closing of any Change of Control the successor entity does not assume the obligations of this Warrant and Investor has not
otherwise exercised this Warrant in full, then this Warrant shall be deemed to have been automatically converted pursuant to this Section 7(f) and thereafter Investor shall participate in the Change of Control on the same terms as other holders
of the same class of securities of the Company. 
 8. No Fractional Shares or Scrip. No fractional Shares or scrip representing
fractional Shares shall be issued upon the exercise of this Warrant, but in lieu of such fractional Shares of the Company shall make a cash payment therefor on the basis of the Exercise Price then in effect. 

9. Representations of the Company. The Company represents that all corporate actions on the part of the Company, its officers, directors
and stockholders necessary for the sale and issuance of this Warrant have been taken. 
 10. Restrictive Legend. 

The Shares (unless registered under the Securities Act of 1933, as amended (the “Act”)) shall be stamped or imprinted with a
legend in substantially the following form: 
 THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE “ACT”). SUCH SHARES MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION THEREFROM UNDER THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS. COPIES OF THE AGREEMENT COVERING THE PURCHASE
OF THESE SHARES AND RESTRICTING THEIR TRANSFER MAY BE OBTAINED AT NO COST BY WRITTEN REQUEST MADE BY THE HOLDER OF RECORD OF THIS CERTIFICATE TO THE SECRETARY OF THE COMPANY AT THE PRINCIPAL EXECUTIVE OFFICES OF THE COMPANY. 

11. Warrants Transferable. Subject to compliance with the terms and conditions of this Section 11, this Warrant and all rights
hereunder are transferable, in whole or in part, without charge to the holder hereof (except for transfer taxes), upon surrender of this Warrant properly endorsed or accompanied by written instructions of transfer (including the Form of Transfer
attached hereto at Exhibit B). With respect to any 

  
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offer, sale or other disposition of this Warrant or any Shares acquired pursuant to the exercise of this Warrant prior to registration of such Warrant or Shares, the holder hereof agrees not to
make any sale or other disposition of all or a portion of this Warrant or the Shares unless and until the transferee has agreed in writing for the benefit of the Company to be bound by the terms of this Warrant, including, without limitations, this
Seciton 11, and the holder gives written notice to the Company prior thereto, describing briefly the manner of such sale or disposition, together with a written opinion of counsel reasonably satisfactory to the Company, or other evidence, if
requested by the Company, to the effect that such offer, sale or other disposition may be effected without registration or qualification (under the Act as then in effect or any federal or state securities law then in effect) of this Warrant or the
Shares and indicating whether or not under the Act certificates for this Warrant or the Shares to be sold or otherwise disposed of require any restrictive legend as to applicable restrictions on transferability in order to ensure compliance with
such law; provided, however, that the Company will not require a written opinion of such holder’s counsel or any other evidence relating to registration or qualification for any transfers by the holder to any of the Investors (as
such term is defined in the Purchase Agreement) or their Affiliates (as such term is defined in the Purchase Agreement). Upon receiving such written notice and satisfactory opinion or other evidence, if so required, the Company, as promptly as
practicable, shall notify such holder that such holder may sell or otherwise dispose of this Warrant or such Shares, all in accordance with the terms of the notice delivered to the Company. If a determination has been made pursuant to this
Section 11 that the opinion of counsel or other evidence is not reasonably satisfactory to the Company, the Company shall so notify the holder promptly with details thereof after such determination has been made. Each certificate representing
this Warrant or the Shares transferred in accordance with this Section 11 shall bear a legend as to the applicable restrictions on transferability in order to ensure compliance with such laws, unless in the opinion of counsel for the Company,
such legend is not required in order to ensure compliance with such laws. The Company may issue stop transfer instructions to its transfer agent in connection with such restrictions. 

12. Rights of Stockholders. No holder of this Warrant shall be entitled, as a Warrant holder, to vote or receive dividends or be deemed
the holder of the Shares or any other securities of the Company which may at any time be issuable on the exercise hereof for any purpose, nor shall anything contained herein be construed to confer upon the holder of this Warrant, as such, any of the
rights of a stockholder of the Company or any right to vote for the election of directors or upon any matter submitted to stockholders at any meeting thereof, or to give or withhold consent to any corporate action (whether upon any recapitalization,
issuance of stock, reclassification of stock, change of par value, consolidation, merger, conveyance or other otherwise) or to receive notice of meetings, or to receive dividends or subscription rights or otherwise until the Warrant shall have been
duly exercised and the Shares purchasable upon the exercise hereof shall have become deliverable, as provided herein. 
 13. Notice of
Certain Events. If the Company proposes at any time (a) to declare any dividend or distribution upon its stock, whether in cash, property, stock, or other securities and whether or not a regular cash dividend (b) to offer for
subscription pro rata to the holders of any class or series of its stock any additional shares of stock of any class or series or other rights; (c) to effect any reclassification or recapitalization of stock; or (d) to merge or consolidate
with or into any other corporation, or sell, lease, license, or convey all or substantially all of its assets, or to liquidate, dissolve or wind up, then, in connection with each such event, the Company shall give holder (1) at least twenty
(20) days prior written notice of the date on which a record will be taken for such dividend, distribution, or subscription rights (and specifying the date on which the holders of stock will be entitled thereto) or for determining rights to
vote, if any, in respect of the matters referred to in (a) and (b) above; and (2) in the case of the matters referred to in (c) and (d) above at least twenty (20) days prior written notice of the date when the same will
take place (and specifying the date on which the holders of stock will be entitled to exchange their stock for securities or other property deliverable upon the occurrence of such event). 

  
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 14. Reservation of Stock. The Company covenants that during the term this Warrant is
exercisable, the Company will reserve from its authorized and unissued Series A-2 Preferred Stock a sufficient number of shares to provide for the issuance of Series A-2 Preferred Stock upon the exercise of this Warrant (and shares of its Common
Stock for issuance on conversion of such Series A-2 Preferred Stock) and, from time to time, will take all steps necessary to amend its Certificate of Incorporation to provide sufficient reserves of shares of Series A-2 Preferred Stock issuable upon
exercise of the Warrant (and shares of its Common Stock for issuance on conversion of such Series A-2 Preferred Stock). The Company agrees that, upon exercise of this Warrant, the Company’s officers who are charged with the duty of executing
stock certificates will have full authority to execute and issue the necessary certificates for shares of Series A-2 Preferred Stock upon the exercises of this Warrant. 

15. Notices. All notices and other communications required or permitted hereunder shall be in writing, shall be effective when given,
and shall in any event be deemed to be given upon receipt or, if earlier, (a) give (5) days after deposit with the U.S. Postal Service or other applicable postal service, if delivered by first class mail, postage prepaid; (b) upon
delivery, if delivered by hand; (c) one business day after the business day of deposit with Federal Express or similar overnight courier, freight prepaid; or (d) one business day after the business day of facsimile transmission, if
delivered by facsimile transmission with copy by first class mail, postage prepaid, and shall be addressed (i) if to the holder, at the holder’s address as set forth on the signature page to the Purchase Agreement and (ii) if to the
Company, at the address of its principal corporate offices (attention: Chief Executive Officer) or at such other address as a party may designate by ten (10) days advance written notice to the other party pursuant to the provisions above. 

16. “Market Stand-Off” Agreement. 

(a) In connection with the initial public offering of the Company’s securities, the holder of this Warrant agrees not to sell, make any
short sale of, loan, grant any option for the purchase of, or otherwise dispose of any securities of the Company (other than those included in the registration) without the prior written consent of such underwriters, for such period of time (not to
exceed one hundred eighty (180) days or such other period, not to exceed thirty (30) days after the expiration of the market stand-off period, as may be requested by the Company or an underwriter to accommodate regulatory restrictions on
(i) the publication or other distribution of research reports and (ii) analyst recommendation and opinions, including, but not limited to, the restrictions contained in NASD Rule 2711(f)(4) or NYSE Rule 472(f)(4) (or any successor
provisions or amendments thereto from the effective date of such registration as may be requested by the Company or the managing underwriters and to execute an agreement reflecting the foregoing as may be requested by the underwriters at the time of
the Company’s initial public offering, provided that all then officers of the Company, directors of the Company and any person who owns or has the right to acquire shares of the Company’s securities which, in the aggregate, are at least
One Percent (1%) of the outstanding securities of the Company enter into similar agreements. 
 (b) The obligations described in this
Section 14 shall not apply to a registration relating solely to employee benefit plans, or to a registration relating solely to a transaction pursuant to Rule 145 under the Act. 

(c) In order to enforce the foregoing covenants, the Company may impose stop-transfer instructions with respect to the securities of the
holder. 

  
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 17. Governing Law. This Warrant and all actions arising out of or in connection with this
Agreement shall be governed by and construed in accordance with the laws of the State of California, without regard to the conflicts of law provisions of the State of California or of any other state. 

18. Further Assurances: No Impairment. The Company agrees to fully cooperate with the holder of this Warrant to perform all additional
acts reasonably requested by such holder to effect the purposes of the foregoing and the rights granted to such holder hereunder. The Company will not, by any voluntary action, avoid or seek to avoid the observance or performance of any of the terms
to be observed or performed hereunder by the Company, but will at all times in good faith assist in the carrying out of all the provisions of this Warrant and in the taking of all such action as may be necessary or appropriate in order to protect
the rights of the holder of this Warrant against impairment. 
 19. Replacement of Warrants. In the case of loss, theft or destruction
of this Warrant, on delivery of an indemnity agreement reasonably satisfactory in form and amount to the Company or, in the case of mutilation, on surrender and cancellation of this Warrant, the Company at its expense shall execute and deliver, in
lieu of this Warrant, a new warrant of like tenor. 
 20. Attorneys’ Fees. In the event of any dispute between the parties
concerning the terms and provisions of this Warrant, the party prevailing in such dispute shall be entitled to collect from the other party all costs incurred in such dispute, including reasonable attorneys’ fees. 

21. Waivers; Amendments. This Warrant is one of a series of warrants issued pursuant to the Purchase Agreement of like tenor and effect.
Any term, covenant, agreement or condition of this Warrant may be amended or waived if such amendment or waiver is in writing and is signed by the Company and the holders of a majority of the aggregate Warrant Coverage Amounts of all Warrants issued
pursuant to the Purchase Agreement. No failure or delay by a holder in exercising any right hereunder shall operate as a waiver thereof or of any other right nor shall any single or partial exercise of any such right preclude any other further
exercise thereof or of any other right. A waiver or consent given hereunder shall be effective only if in writing and in the specific instance and for the specific purpose for which given. Any amendment, waiver or consent effected in accordance with
this Section 17 shall be binding upon the Company, each holder of a Warrant issued pursuant to the Purchase Agreement that is then outstanding, and each future holder of such a Warrant and their respective successors and assigns whether or not
such party, assignee or other holder entered into or approved such amendment, waiver or consent. 
 [Remainder of page intentionally left
blank] 

  
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 IN WITNESS WHEREOF, this Warrant is executed as of the date first referenced above. 

 

			
	 COMPANY:

	
	 FIVE9, INC.,

a Delaware corporation

		
	 By:
	 	 
	 Name:
	 	 
	 Title:
	 	 

  
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 IN WITNESS WHEREOF, this Warrant is executed as of the date first referenced above. 

 

			
	 INVESTOR:

		
	 By:
	 	 

  
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 EXHIBIT A 

NOTICE OF EXERCISE 
  

					
	TO:	 	 FIVE9INC.
	 	
			
		 	  
	 	
			
		 	  
	 	
		 	Attention: Chief Executive Officer	 	

 1. The undersigned hereby elects to purchase
            Shares of             pursuant to the terms of the attached Warrant. 

2. By signing below, the undersigned, if not currently a party to the Third Amended and Restated Stockholders’ Agreement among Five9,
Inc. and the other parties that are signatories thereto, as amended, modified or supplemented from time to time, (the “Stockholders’ Agreement”), shall become a party to the Stockholders’ Agreement and the signature of the
undersigned on this Notice of Exercise shall constitute an agreement to be bound by the Stockholders’ Agreement as if the undersigned were an original signatory thereto as a “Holder” under the Stockholders’ Agreement. The
undersigned represents and warrants to the Company that he, she or it has been provided a copy of the Stockholders’ Agreement and agrees to the foregoing. 

3. Method of Exercise (Please initial the applicable blank): 
  

	 	•	 	The undersigned elects to exercise the attached Warrant by means of a cash payment, and tenders herewith payment in full for the purchase price of the shares being purchased, together with all applicable transfer taxes,
if any. 

  

	 	•	 	The undersigned elects to exercise the attached Warrant by means of the net exercise provisions of Section 4 of the Warrant. 

4. Please issue a certificate or certificates representing said Shares in the name of the undersigned or in such other name as is specified
below: 
  

			
		 	 
		 	 (Name)

		 	 
		 	 
		 	 (Address)

  

					
		  		 	 
		  		 	 (Holder)

		  		 	 
		  		 	 (Signature)

		  		 	 
		  		 	 (Name)

	 	  		 	 
	(Date)	  		 	(Title)

 EXHIBIT B 

FORM OF TRANSFER 

(To be signed only upon transfer of Warrant) 

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto
                                         
       the right represented by the attached Warrant to purchase up to the number of Shares (as defined in the attached Warrant) of Five9, Inc. that equals the quotient obtained by dividing (a) the Warrant
Coverage Amount (as defined in the attached Warrant and reduced by any amount with respect to which the attached Warrant has been partially exercised) by (b) the Exercise Price (as defined in the attached Warrant), and appoints
            attorney to transfer such right on the books of Five9, Inc. with full power of substitution in the premises. 

Dated:
                                        

  

			
	 
	(Signature must conform in all respects to name of
	 Holder as specified on the face of the Warrant)

		
	 Address:EX-4.4

 Exhibit 4.4 

THIS WARRANT AND THE SHARES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES
LAWS OF ANY STATE AND, EXCEPT AS SET FORTH IN SECTIONS 5.3 AND 5.4 BELOW, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND LAWS OR IN THE OPINION OF LEGAL COUNSEL IN FORM AND SUBSTANCE
SATISFACTORY TO THE COMPANY, SUCH OFFER, SALE, PLEDGE OR OTHER TRANSFER IS EXEMPT FROM SUCH REGISTRATION. 
 WARRANT TO PURCHASE STOCK 

 

			
	Company:	  	Five9, Inc.
	Number of Shares:	  	52,054
	Type/Series of Stock:	  	Series D-2 Preferred Stock
	Warrant Price:	  	$1.4408 per share
	Issue Date:	  	October 18, 2013
	Expiration Date:	  	October 18, 2023 (subject to Section 5.1 below)
		
	Credit Facility:	  	This Warrant to Purchase Stock (“Warrant”) is issued in connection with that certain Loan and Security Agreement of even date herewith between City National Bank and Five9, Inc. (the “Company”).

 THIS WARRANT CERTIFIES THAT, for good and valuable consideration, CITY NATIONAL BANK (together with any
successor or permitted assignee or transferee of this Warrant or of any shares issued upon exercise hereof, “Holder”) is entitled to purchase the number of fully paid and non-assessable shares (the “Shares”) of the above-stated
Type/Series of Stock (the “Class”) of the Company at the above-stated Warrant Price, all as set forth above and as adjusted pursuant to Section 2 of this Warrant, subject to the provisions and upon the terms and conditions set forth
in this Warrant. Reference is made to Section 5.4 of this Warrant whereby City National Bank shall transfer this Warrant to its parent company, City National Corporation. 

SECTION 1. EXERCISE. 
 1.1 Method of
Exercise. Holder may at any time and from time to time exercise this Warrant, in whole or in part, by delivering to the Company the original of this Warrant together with a duly executed Notice of Exercise in substantially the form attached
hereto as Appendix 1 and, unless Holder is exercising this Warrant pursuant to a cashless exercise set forth in Section 1.2, a check, wire transfer of same-day funds (to an account designated by the Company), or other form of payment acceptable
to the Company for the aggregate Warrant Price for the Shares being purchased. 
 1.2 Cashless Exercise. On any exercise of this
Warrant, in lieu of payment of the aggregate Warrant Price in the manner as specified in Section 1.1 above, but otherwise in accordance with the requirements of Section 1.1, Holder may elect to receive Shares equal to the value of this
Warrant, or portion hereof as to which this Warrant is being exercised. Thereupon, the Company shall issue to Holder such number of fully paid and non-assessable Shares as are computed using the following formula: 

X = Y(A-B)/A 
 where: 

 

	 	X =	the number of Shares to be issued to Holder; 

  

	 	Y =	the number of Shares with respect to which this Warrant is being exercised (inclusive of the Shares surrendered to the Company in payment of the aggregate Warrant Price); 

  
 1 

	 	A =	the Fair Market Value (as determined pursuant to Section 1.3 below) of one Share; and 

  

	 	B =	the Warrant Price. 

 1.3 Fair Market Value. If the Company’s common stock is then
traded or quoted on a nationally recognized securities exchange, inter-dealer quotation system or over-the-counter market (a “Trading Market”) and the Class is common stock, the fair market value of a Share shall be the closing price or
last sale price of a share of common stock reported for the Business Day immediately before the date on which Holder delivers this Warrant together with its Notice of Exercise to the Company. If the Company’s common stock is then traded in a
Trading Market and the Class is a series of the Company’s convertible preferred stock, the fair market value of a Share shall be the closing price or last sale price of a share of the Company’s common stock reported for the Business Day
immediately before the date on which Holder delivers this Warrant together with its Notice of Exercise to the Company multiplied by the number of shares of the Company’s common stock into which a Share is then convertible. If the Company’s
common stock is not traded in a Trading Market, the Board of Directors of the Company shall determine the fair market value of a Share in its reasonable good faith judgment. 

1.4 Delivery of Certificate and New Warrant. Within a reasonable time after Holder exercises this Warrant in the manner set forth in
Section 1.1 or 1.2 above, the Company shall deliver to Holder a certificate representing the Shares issued to Holder upon such exercise and, if this Warrant has not been fully exercised and has not expired, a new warrant of like tenor
representing the Shares not so acquired. 
 1.5 Replacement of Warrant. On receipt of evidence reasonably satisfactory to the Company
of the loss, theft, destruction or mutilation of this Warrant and, in the case of loss, theft or destruction, on delivery of an indemnity agreement reasonably satisfactory in form, substance and amount to the Company or, in the case of mutilation,
on surrender of this Warrant to the Company for cancellation, the Company shall, within a reasonable time, execute and deliver to Holder, in lieu of this Warrant, a new warrant of like tenor and amount. 

SECTION 2. ADJUSTMENTS TO THE SHARES AND WARRANT PRICE. 

2.1 Stock Dividends, Splits, Etc. If the Company declares or pays a dividend or distribution on the outstanding shares of the Class
payable in common stock or other securities or property (other than cash), then upon exercise of this Warrant, for each Share acquired, Holder shall receive, without additional cost to Holder, the total number and kind of securities and property
which Holder would have received had Holder owned the Shares of record as of the date the dividend or distribution occurred. If the Company subdivides the outstanding shares of the Class by reclassification or otherwise into a greater number of
shares, the number of Shares purchasable hereunder shall be proportionately increased and the Warrant Price shall be proportionately decreased. If the outstanding shares of the Class are combined or consolidated, by reclassification or otherwise,
into a lesser number of shares, the Warrant Price shall be proportionately increased and the number of Shares shall be proportionately decreased. 

2.2 Reclassification, Exchange, Combinations or Substitution. Upon any reclassification, exchange, substitution, or other event that
results in a change of the number and/or class of the securities issuable upon exercise or conversion of this Warrant, Holder shall be entitled to receive, upon exercise or conversion of this Warrant, the number and kind of securities and property
that Holder would have received for the Shares if this Warrant had been exercised immediately before such reclassification, exchange, substitution, or other event. Such an event shall include any automatic conversion of the outstanding or issuable
securities of the Company of the same class or series as the Shares to common stock pursuant to the terms of the Company’s certificate of incorporation upon the closing of a registered public offering of the Company’s common stock. Upon
the closing of an Acquisition (as defined below), and subject to Section 5.1 hereof, the successor entity shall assume the obligations of this Warrant, and this Warrant thereafter shall be exercisable for the same securities, cash, and property
as would be payable for the Shares issuable upon exercise of the unexercised portion of this Warrant as if such Shares were outstanding on the record date for the Acquisition and subsequent closing. The Company or its successor shall promptly issue
to Holder a new Warrant for such new securities or other property. The new Warrant shall provide for adjustments which shall be as nearly equivalent as may be practicable to the adjustments provided for in this Article 2 including, without
limitation, adjustments to the Warrant Price and to the number of securities or property issuable upon exercise of the new Warrant. The provisions of this Section 2.2 shall similarly apply to successive reclassifications, exchanges,
substitutions, or other events. 

  
 2 

 2.3 Conversion of Preferred Stock. If the Class is a class and series of the
Company’s convertible preferred stock, in the event that all outstanding shares of the Class are converted, automatically or by action of Holders thereof, into common stock pursuant to the provisions of the Company’s certificate of
incorporation, including, without limitation, in connection with the Company’s initial, underwritten public offering and sale of its common stock pursuant to an effective registration statement under the Act (the “IPO”), then from and
after the date on which all outstanding shares of the Class have been so converted, this Warrant shall be exercisable for such number of shares of common stock into which the Shares would have been converted had the Shares been outstanding on the
date of such conversion, and the Warrant Price shall equal the Warrant Price in effect as of immediately prior to such conversion divided by the number of shares of common stock into which one Share would have been converted, all subject to further
adjustment thereafter from time to time in accordance with the provisions of this Warrant. 
 2.4 Adjustments for Diluting Issuances.
Without duplication of any adjustment otherwise provided for in this Section 2, the number of shares of common stock issuable upon conversion of the Shares shall be subject to anti-dilution adjustment from time to time in the manner set forth
in the Company’s certificate of incorporation as if the Shares were issued and outstanding on and as of the date of any such required adjustment. 

2.5 No Fractional Share. No fractional Share shall be issuable upon exercise of this Warrant and the number of Shares to be issued shall
be rounded down to the nearest whole Share. If a fractional Share interest arises upon any exercise of the Warrant, the Company shall eliminate such fractional Share interest by paying Holder in cash the amount computed by multiplying the fractional
interest by (i) the fair market value (as determined in accordance with Section 1.3 above) of a full Share, less (ii) the then-effective Warrant Price. 

2.6 Notice/Certificate as to Adjustments. Upon each adjustment of the Warrant Price, Class and/or number of Shares, the Company, at the
Company’s expense, shall notify Holder in writing within a reasonable time setting forth the adjustments to the Warrant Price, Class and/or number of Shares and facts upon which such adjustment is based. The Company shall, upon written request
from Holder, furnish Holder with a certificate of its Chief Financial Officer, including computations of such adjustment and the Warrant Price, Class and number of Shares in effect upon the date of such adjustment. 

SECTION 3. REPRESENTATIONS AND COVENANTS OF THE COMPANY. 

3.1 Representations and Warranties. The Company represents and warrants to, and agrees with, Holder as follows: 

(a) The initial Warrant Price referenced on the first page of this Warrant is not greater than the price per share at which shares of the Class
were last sold and issued prior to the Issue Date hereof in an arms-length transaction in which at least $500,000 of such shares were sold. 

(b) All Shares which may be issued upon the exercise of this Warrant, and all securities, if any, issuable upon conversion of the Shares,
shall, upon issuance, be duly authorized, validly issued, fully paid and non-assessable, and free of any liens and encumbrances except for restrictions on transfer provided for herein or under applicable federal and state securities laws. The
Company covenants that it shall at all times cause to be reserved and kept available out of its authorized and unissued capital stock such number of shares of the Class, common stock and other securities as will be sufficient to permit the exercise
in full of this Warrant and the conversion of the Shares into common stock or such other securities. 
 (c) The Company’s capitalization
table attached hereto as Schedule 1 is true and complete, in all material respects, as of the Issue Date. 

  
 3 

 3.2 Notice of Certain Events. If the Company proposes at any time to: 

(a) declare any dividend or distribution upon the outstanding shares of the Class or common stock, whether in cash, property, stock, or other
securities and whether or not a regular cash dividend; 
 (b) offer for subscription or sale pro rata to holders of the outstanding shares of
the Class any additional shares of any class or series of the Company’s stock (other than pursuant to contractual pre-emptive rights); 

(c) effect any reclassification, exchange, combination, substitution, reorganization or recapitalization of the outstanding shares of the
Class; or 
 (d) effect an Acquisition (as defined below) or to liquidate, dissolve or wind up; 

then, in connection with each such event, the Company shall give Holder: 

(1) at least seven (7) Business Days prior written notice of the date on which a record will be taken for such dividend, distribution, or
subscription rights (and specifying the date on which Holders of outstanding shares of the Class will be entitled thereto) or for determining rights to vote, if any, in respect of the matters referred to in (a) and (b) above; and 

(2) in the case of the matters referred to in (c) and (d) above at least seven (7) Business Days prior written notice of the
date when the same will take place (and specifying the date on which holders of outstanding shares of the Class will be entitled to exchange their shares for the securities or other property deliverable upon the occurrence of such event). 

This Warrant will be deemed to be exercised pursuant to Section 1.2 hereof if the Company does not give written notice to Holder of a cash/public
Acquisition as required by the terms hereof. Company will also provide information requested by Holder that is reasonably necessary to enable Holder to comply with Holder’s accounting or reporting requirements. 

3.3 Registration Rights. The common stock into which the Shares are convertible, shall at the option of Holder, be “Registrable
Securities”, and Holder shall have the rights and obligations of a “Holder” under the Company’s Seventh Amended and Restated Stockholders’ Agreement dated as of April 26, 2013 among the Company and the holders named
therein (the “Rights Agreement”). Simultaneously with the execution of this Warrant, the Holder shall execute and deliver to the Company a joinder to the Rights Agreement, thereby agreeing to be bound by all obligations and receive all
rights to the Rights Agreement, to be held in escrow until the exercise of this Warrant. All shares of common stock issued upon exercise of this Warrant shall include any legends required under the Rights Agreement. 

3.4 Information Rights. So long as the Holder holds this Warrant and/or any of the Shares, the Company shall deliver to the Holder
(a) within one hundred eighty (180) days after the end of each fiscal year of the Company, the annual audited financial statements of the Company and (b) within thirty (30) days after the end of each of the first three quarters
of each fiscal year, the Company’s quarterly, unaudited financial statements, provided the Company need not provide such information for any period in which the Company has filed a periodic report on Form 10-K or Form 10-Q (as applicable) with
the Securities and Exchange Commission. 
 SECTION 4. REPRESENTATIONS AND WARRANTIES OF HOLDER. 

Holder represents and warrants to the Company as follows: 

4.1 Purchase for Own Account. This Warrant and the securities to be acquired upon exercise of this Warrant by Holder are being acquired
for investment for Holder’s account, not as a nominee or agent, and not with a view to the public resale or distribution within the meaning of the Act. Holder also represents that it has not been formed for the specific purpose of acquiring
this Warrant or the Shares. 

  
 4 

 4.2 Disclosure of Information. Holder is aware of the Company’s business affairs and
financial condition and has received or has had full access to all the information it considers necessary or appropriate to make an informed investment decision with respect to the acquisition of this Warrant and its underlying securities. Holder
further has had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the offering of this Warrant and its underlying securities and to obtain additional information (to the extent the Company
possessed such information or could acquire it without unreasonable effort or expense) necessary to verify any information furnished to Holder or to which Holder has access. 

4.3 Investment Experience. Holder understands that the purchase of this Warrant and its underlying securities involves substantial risk.
Holder has experience as an investor in securities of companies in the development stage and acknowledges that Holder can bear the economic risk of such Holder’s investment in this Warrant and its underlying securities and has such knowledge
and experience in financial or business matters that Holder is capable of evaluating the merits and risks of its investment in this Warrant and its underlying securities and/or has a preexisting personal or business relationship with the Company and
certain of its officers, directors or controlling persons of a nature and duration that enables Holder to be aware of the character, business acumen and financial circumstances of such persons. 

4.4 Accredited Investor Status. Holder is an “accredited investor” within the meaning of Regulation D promulgated under the
Act. 
 4.5 The Act. Holder understands that this Warrant and the Shares issuable upon exercise hereof have not been registered under
the Act in reliance upon a specific exemption therefrom, which exemption depends upon, among other things, the bona fide nature of Holder’s investment intent as expressed herein. Holder understands that this Warrant and the Shares issued upon
any exercise hereof must be held indefinitely unless subsequently registered under the Act and qualified under applicable state securities laws, or unless exemption from such registration and qualification are otherwise available. Holder is aware of
the provisions of Rule 144 promulgated under the Act. 
 4.6 No Voting Rights. Holder, as a Holder of this Warrant, will not have any
voting rights until the exercise of this Warrant. 
 SECTION 5. MISCELLANEOUS. 

5.1 Term and Automatic Conversion. 

(a) Term. Subject to the provisions of this Section 5, this Warrant is exercisable in whole or in part at any time and from time to
time on or before 6:00 PM, Pacific Time, on the Expiration Date and shall be void thereafter. 
 (b) Automatic Cashless Exercise upon
Expiration. In the event that, upon the Expiration Date, the fair market value of one Share (or other security issuable upon the exercise hereof) as determined in accordance with Section 1.3 above is greater than the Warrant Price in effect
on such date, then this Warrant shall automatically be deemed on and as of such date to be exercised pursuant to Section 1.2 above as to all Shares (or such other securities) for which it shall not previously have been exercised, and the
Company shall, within a reasonable time, deliver a certificate representing the Shares (or such other securities) issued upon such exercise to Holder. 

(c) Acquisitions. For the purpose of this Warrant, “Acquisition” means any sale, license, or other disposition of all or
substantially all of the assets of the Company, or any reorganization, consolidation, or merger of the Company where the holders of the Company’s securities before the transaction beneficially own less than 50% of the outstanding voting
securities of the surviving entity after the transaction. In the event of an Acquisition in which the consideration is solely cash and/or marketable securities, then this Warrant shall be deemed exercised in accordance with the provisions of
Section 1.2 immediately prior to the closing of the Acquisition; otherwise, this Warrant shall terminate. 

  
 5 

 5.2 Legends. The Shares (and the securities issuable, directly or indirectly, upon
conversion of the Shares, if any) shall be imprinted with a legend in substantially the following form: 
 THE SHARES EVIDENCED BY THIS
CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY STATE AND, EXCEPT AS SET FORTH IN THAT CERTAIN WARRANT TO PURCHASE STOCK ISSUED BY THE ISSUER TO CITY NATIONAL
BANK DATED OCTOBER 18, 2013, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND LAWS OR IN THE OPINION OF LEGAL COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER, SUCH OFFER, SALE, PLEDGE
OR OTHER TRANSFER IS EXEMPT FROM SUCH REGISTRATION. 
 5.3 Compliance with Securities Laws on Transfer. This Warrant and the Shares
issuable upon exercise of this Warrant (and the securities issuable, directly or indirectly, upon conversion of the Shares, if any) may not be transferred or assigned in whole or in part except in compliance with applicable federal and state
securities laws by the transferor and the transferee. The Company shall not require Holder to provide an opinion of counsel if the transfer is to City National Corporation (City National Bank’s parent company) or any other affiliate of Holder,
provided that any such transferee is an “accredited investor” as defined in Regulation D promulgated under the Act. Additionally, the Company shall also not require an opinion of counsel if there is no material question as to the
availability of Rule 144 promulgated under the Act. 
 5.4 Transfer Procedure. After receipt by City National Bank of the executed
Warrant, City National Bank will transfer this Warrant to its parent company, City National Corporation. By its acceptance of this Warrant, City National Corporation hereby makes to the Company each of the representations and warranties set forth in
Section 4 hereof and agrees to be bound by all of the terms and conditions of this Warrant as if the original Holder hereof. Subject to the provisions of Section 5.3, City National Corporation and any subsequent Holder may transfer all or
part of this Warrant or the Shares issuable upon exercise of this Warrant (or the securities issuable directly or indirectly, upon conversion of the Shares, if any) to any transferee, provided, however, in connection with any such transfer, City
National Corporation or any subsequent Holder will give the Company notice of the portion of the Warrant being transferred with the name, address and taxpayer identification number of the transferee and Holder will surrender this Warrant to the
Company for reissuance to the transferee(s) (and Holder if applicable); and provided further, that any subsequent transferee other than City National Corporation shall agree in writing with the Company to be bound by all of the terms and conditions
of this Warrant. 
 5.5 Notices. All notices and other communications hereunder from the Company to Holder, or vice versa, shall be
deemed delivered and effective (i) when given personally, (ii) on the third (3rd) Business Day after being mailed by first-class registered or certified mail, postage prepaid, (iii) upon actual receipt if given by facsimile or
electronic mail and such receipt is confirmed in writing by the recipient, or (iv) on the first Business Day following delivery to a reliable overnight courier service, courier fee prepaid, in any case at such address as may have been furnished
to the Company or Holder, as the case may be, in writing by the Company or such Holder from time to time in accordance with the provisions of this Section 5.5. All notices to Holder shall be addressed as follows until the Company receives
notice of a change of address in connection with a transfer or otherwise: 
 City National Bank, Technology and Venture Capital Banking 

Attn: Rod Werner, Managing Director 

150 California Street, 13th Floor 

San Francisco, CA 94111 

Telephone: 415-576-2715 

Facsimile: 415-576-2811 
 Email:
rod.werner@cnb.com 

  
 6 

 With a copy to: 

City National Bank, Legal Department 

Attn: Managing Counsel, Credit Unit 

555 S. Flower Street, 18th Floor 

Los Angeles, California 90071 

Notice to the Company shall be addressed as follows until Holder receives notice of a change in address: 

Five9, Inc. 
 Bishop Ranch 8

 4000 Executive Parkway, Suite 400 

San Ramon, Ca 94583 
 Attn:
David Hill 
 Facsimile: (925) 397-3460 

Email: dhill@five9.com 
 5.6
Waiver. This Warrant and any term hereof may be changed, waived, discharged or terminated (either generally or in a particular instance and either retroactively or prospectively) only by an instrument in writing signed by the party against
which enforcement of such change, waiver, discharge or termination is sought. 
 5.7 Attorney’s Fees. In the event of any dispute
between the parties concerning the terms and provisions of this Warrant, the party prevailing in such dispute shall be entitled to collect from the other party all costs incurred in such dispute, including reasonable attorneys’ fees. 

5.8 Counterparts; Facsimile/Electronic Signatures. This Warrant may be executed in counterparts, all of which together shall constitute
one and the same agreement. Any signature page delivered electronically or by facsimile shall be binding to the same extent as an original signature page with regards to any agreement subject to the terms hereof or any amendment thereto. 

5.9 Governing Law. This Warrant shall be governed by and construed in accordance with the laws of the State of California, without
giving effect to its principles regarding conflicts of law. 
 5.10 “Market Stand-Off” Agreement. The Holder shall not sell
or otherwise transfer, make any short sale of, grant any option for the purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale, of any common stock (or other securities) of the Company held by the
Holder (other than those included in the registration) during the one hundred eighty (180) day period following the effective date of the Initial Registration (as defined in the Rights Agreement) (or such other period as may be requested by the
Company or an underwriter to accommodate regulatory restrictions on (i) the publication or other distribution of research reports and (ii) analyst recommendations and opinions, including but not limited to, the restrictions contained in
NASD Rule 2711(f)(4) or NYSE Rule 472(f)(4), or any successor provisions or amendments thereto); provided, however, that all officers and directors of the Company and holders of at least one percent (1%) of the Company’s voting securities
are bound by and have entered into similar agreements. In order to enforce the foregoing, the Company may impose stop-transfer instructions with respect to the Registrable Securities of the Holder (and the shares or securities of every other person
subject to the foregoing restriction) until the end of such period. 
 5.11 Headings. The headings in this Warrant are for purposes of
reference only and shall not limit or otherwise affect the meaning of any provision of this Warrant. 
 5.12 Business Days.
“Business Day” is any day that is not a Saturday, Sunday or a day on which City National Bank is closed. 

  
 7 

 [Balance of Page Intentionally Left Blank] 

  
 8 

 IN WITNESS WHEREOF, the parties have caused this Warrant to Purchase Stock to be executed by
their duly authorized representatives effective as of the Issue Date written above. 
  

			
	“COMPANY”
	
	FIVE9, INC.
		
	By:	 	 /s/ David Hill

	Name:	 	 David Hill

		 	(Print)
	Title:	 	VP - Finance
	
	“HOLDER”
	
	CITY NATIONAL BANK
		
	By:	 	 /s/ Larry Sherman

	Name:	 	 Larry Sherman

		 	(Print)
	Title:	 	Vice President

 APPENDIX 1 

NOTICE OF EXERCISE 
 1.
The undersigned Holder hereby exercises its right to purchase             shares of the Common/Series D-2 Preferred [circle one] Stock of Five9, Inc. (the “Company”) in accordance
with the attached Warrant To Purchase Stock, and tenders payment of the aggregate Warrant Price for such shares as follows: 
  

	 	[    ]	check in the amount of $            payable to order of the Company enclosed herewith 

 

	 	[    ]	Wire transfer of immediately available funds to the Company’s account 

  

	 	[    ]	Cashless Exercise pursuant to Section 1.2 of the Warrant 

  

	 	[    ]	Other [Describe]
                                         
                                         
                           

2. Please issue a certificate or certificates representing the Shares in the name specified below: 

 

			
	  
	  	
	Holder’s Name	  	
		
	  
	  	
		
	  
	  	
	(Address)	  	

 3. By its execution below and for the benefit of the Company, Holder hereby restates each of the
representations and warranties in Section 4 of the Warrant to Purchase Stock as of the date hereof. 
  

			
	HOLDER:
	
	  

		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

		
	Date:	 	  

 SCHEDULE 1 

COMPANY CAPITALIZATION TABLE 

  
 1

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