Document:

EXHIBIT 10.1 Amendment Number Three to Credit Agreement

EXHIBIT 10.1
AMENDMENT NUMBER THREE TO CREDIT AGREEMENT
This Amendment Number Three to Credit Agreement (this “Amendment”) is entered into as of July 30, 2015, by and among, on the one hand, the lenders identified on the signature pages hereof (such lenders, together with their respective successors and permitted assigns, are referred to hereinafter each individually as a “Lender” and collectively as the “Lenders”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as administrative agent for each member of the Lender Group and the Bank Product Providers (in such capacity, together with its successors and assigns in such capacity, “Agent”) and Q2 Holdings, Inc., a Delaware corporation (“Parent”) and Q2 Software, Inc., a Delaware corporation (“Borrower”), on the other hand, in light of the following:
A.    Parent, Borrower, Agent and Lenders are parties to that certain Credit Agreement, dated as of April 11, 2013 (as amended and modified, from time to time, the “Agreement”).
C.    Borrower, Agent and Lenders desire to amend the Agreement as provided for and on the conditions herein.
NOW, THEREFORE, the parties hereby amend and supplement the Agreement as follows:
1.DEFINITIONS.  All initially capitalized terms used in this Amendment shall have the meanings given to them in the Agreement unless specifically defined herein.
2.    AMENDMENTS.
2.1    The definition of “Permitted Indebtedness” in Schedule 1.1 to the Agreement is hereby amended by deleting the “and” at the end of clause “(o)”, re-lettering clause “(p)” as clause “(q)” and adding the following clause “(p)” immediately after clause “(o)”: 
“(o) unsecured Indebtedness of Borrower in respect of the Centrix Bonus Plan owing to sellers of Equity Interests to Borrower in respect of the Centrix Acquisition in accordance with the Centrix Acquisition Documents and in an amount not to exceed $9,000,000, and”
2.2    Schedule 1.1 to the Agreement is hereby amended by adding the following new definitions in the appropriate alphabetical order:
“Centrix” has the meaning specified therefor in the Third Amendment.
“Centrix Aquisition” has the meaning specified therefor in the Third Amendment.
“Centrix Acquisition Agreement” has the meaning specified therefor in the Third Amendment.
“Centrix Acquisition Documents” has the meaning specified therefor in the Third Amendment.

1

“Centrix Bonus Plan” means that certain Centrix Bonus Plan, adopted by Borrower and effective as of the  Third Amendment Effective Date.
“Third Amendment” means that certain Amendment Number Three to Credit Agreement, dated as of the Third Amendment Effective Date.
“Third Amendment Effective Date” means July 30, 2015.
3.    CONSENT TO CENTRIX ACQUISITION.  Centrix Solutions Inc., a Nebraska corporation (“Centrix”) and Borrower have entered into discussions regarding the acquisition by Borrower (or a Subsidiary of Borrower) of all the stock of Centrix (the “Centrix Acquisition”) pursuant to that certain Stock Purchase Agreement, dated as of the Third Amendment Effective Date, by and among, Borrower, Centrix, all shareholders of Centrix (the “Centrix Shareholders”), and Timothy Schnell, as agent (in such capacity the “Centrix Agent”) to the Centrix Shareholders  (the “Centrix Acquisition Agreement” and collectively with each of the documents, instruments and agreements executed by  Centrix, Borrower, the Centrix Shareholders, and Centrix Agent in connection with the transactions contemplated by the Acquisition Agreement, the “Centrix Acquisition Documents”).
The Acquisition does not qualify as a Permitted Acquisition under the Agreement due to the fact that: (i) the purchase consideration payable in respect of  the Centrix Acquisition exceeds the limitation of $20,000,000 for any single Acquisition as set forth in clause (k) of the definition of “Permitted Acquisitions,” (ii) in respect of the condition set forth in clause (c)(i) of the definition of “Permitted Acquisition,” Borrower will only provide evidence that was in compliance with the financial covenants for the four fiscal quarters period ending December 31, 2014 and not for the 4 fiscal quarter period ended immediately prior to the date of consummation of such Centrix Acquisition, (iii) in respect of the condition set forth in clause (d) of the definition of “Permitted Acquisition,” Borrower will only provide the profit and loss statement of Centrix and not the forecasted balance sheets and cash flow statements of Centrix.  
The Lender Group hereby consents to the Centrix Acquisition subject to the satisfaction of each of the following conditions:
		
	(1)
	Borrower complies with clauses (a), (b), (c) (other than (c)(i)) and (e) through (j) of the definition of “Permitted Acquisition,” 

		
	(2)
	In respect of clause (c)(i) and (d) of the definition of “Permitted Acquisition,” Borrower will deliver evidence of compliance with financial covenants as of December 31, 2014 and Centrix’s profit and loss statement,  

		
	(3)
	concurrently with the Closing (as such term is defined in the Centrix Acquisition Agreement), the receipt by Agent of a certificate from an Authorized Person, in the form attached hereto as Exhibit A (the “Certificate”), together with all accompanying documents and deliverables required thereby; and 

		
	(4)
	within 20 calendar days of the Closing, the receipt by Agent of:

(a)     updated schedules to the Agreement and the Guaranty and Security Agreement reflecting, inter alia, the Centrix Acquisition, duly certified by an Authorized Person and in form and substance reasonably satisfactory to Agent;

2

(b)    Such  supplements, and additional Loan Documents as are necessary to perfect Agent’s security interest in all of Centrix’s assets, and to carry out fully the terms and conditions of Sections 5.10 and 5.11 of the Agreement; and
		
	(5)
	Upon its consummation in compliance with the terms of this Section 3, the Acquisition shall be deemed a Permitted Acquisition under the Agreement and the other Loan Documents but will reduce the basket set forth in clause (k) of the definition of “Permitted Acquisitions” by the total amount of consideration paid in respect of the Centrix Acquisition.

		
	(6)
	The limited consent and amendment set forth herein shall be limited precisely as written and shall not be deemed to be (a) a waiver, consent or modification of any other term or condition of the Agreement or (b) prejudice any right or remedy which Agent may now or in the future have under or in connection with the Agreement.

4.    REPRESENTATIONS AND WARRANTIES.  Parent and Borrower hereby affirm to Agent, for the benefit of the Lender Group, that, giving effect to this Amendment, all of their representations and warranties set forth in the Agreement are true, complete and accurate in all material respects as of the date hereof (except those which specifically relate to an earlier date).
5.    RELEASE.  
5.1    In consideration of the agreements of Agent and Lenders contained herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, each of Parent and Borrower, on behalf of itself, and its successors, assigns and other legal representatives (Parent and Borrower and all such other persons being hereinafter referred to collectively as “Releasors” and individually as a “Releasor”), hereby absolutely, unconditionally and irrevocably releases, remises and forever discharges Agent, each Lender, and its successors and assigns, and its present and former shareholders, affiliates, subsidiaries, divisions, predecessors, directors, officers, attorneys, employees, agents and other representatives (Agent, each Lender and all such other persons being hereinafter referred to collectively as “Releasees” and individually as a “Releasee”), of and from all demands, actions, causes of action, suits, covenants, contracts, controversies, agreements, promises, sums of money, accounts, bills, reckonings, damages and any and all other claims, counterclaims, defenses, rights of set off, demands and liabilities whatsoever (individually, an “Indemnified Claim” and collectively, “Indemnified Claims”) of every name and nature, known or unknown, suspected or unsuspected, both at law and in equity, which Releasors may now or hereafter own, hold, have or claim to have against Releasees or any of them for, upon, or by reason of any circumstance, action, cause or thing whatsoever which arises at any time on or prior to the day and date of this Amendment, for or on account of, or in relation to, or in any way in connection with any of the Agreement or any of the other Loan Documents or transactions thereunder or related thereto.
5.2    It is the intention of Parent and Borrower that this Amendment and the release set forth above shall constitute a full and final accord and satisfaction of all claims that may have or hereafter be deemed to have against Releasees as set forth herein.  In furtherance of this intention, each of Parent and Borrower, on behalf of itself and each other Releasor, expressly waives any statutory or common law provision that would otherwise prevent the release set forth above from extending to claims that are not currently known or suspected to exist in any Releasor’s favor at the time of executing this Amendment and which, if known by Releasors, might have materially affected the agreement as provided for hereunder.  Each of Parent and Borrower, on behalf of itself and each other Releasor, acknowledges that it is familiar with Section 1542 of California Civil Code:

3

A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.
Each of Parent and Borrower, on behalf of itself and each other Releasor, waives and releases any rights or benefits that they may have under Section 1542 to the full extent that they may lawfully waive such rights and benefits, and each of Parent and Borrower, on behalf of itself and each other Releasor, acknowledges that it understands the significance and consequences of the waiver of the provisions of Section 1542 and that it has been advised by counsel as to the significance and consequences of this waiver. 
5.3    Parent and Borrower understand, acknowledge and agree that the release set forth above may be pleaded as a full and complete defense and may be used as a basis for an injunction against any action, suit or other proceeding which may be instituted, prosecuted or attempted in breach of the provisions of such release. 
5.4    Parent and Borrower agree that no fact, event, circumstance, evidence or transaction which could now be asserted or which may hereafter be discovered shall affect in any manner the final, absolute and unconditional nature of the release set forth above.
6.    COVENANT NOT TO SUE.  Each of Parent and Borrower, on behalf of itself and its successors, assigns and other legal representatives, hereby absolutely, unconditionally and irrevocably, covenants and agrees with and in favor of each Releasee that it will not sue (at law, in equity, in any regulatory proceeding or otherwise) any Releasee on the basis of any claim released, remised and discharged by Parent and Borrower pursuant to Section 4 above.  If either Parent or Borrower or any of their successors, assigns or other legal representations violates the foregoing covenant, each of Parent and Borrower, for itself and each other Releasor, agrees to pay, in addition to such other damages as any Releasee may sustain as a result of such violation, all attorneys’ fees and costs incurred by any Releasee as a result of such violation.
7.    NO DEFAULTS.  Parent and Borrower hereby affirm to the Lender Group that, giving effect to this Amendment, no Event of Default has occurred and is continuing as of the date hereof.
8.    CONDITIONS PRECEDENT.  The effectiveness of this Amendment is expressly conditioned on (a) receipt by Agent of a copy of this Amendment duly executed by Parent, Borrower, Lenders and Agent, and (b) receipt by Agent of a closing fee in the amount of $12,500, which fee shall be fully earned, due and payable on the date hereof.
9.    COSTS AND EXPENSES.  Borrower shall pay to Agent all of Agent’s documented out-of-pocket costs and expenses (including, without limitation, the reasonable fees and expenses of their counsel, which counsel may include any local counsel deemed necessary, search fees, filing and recording fees, documentation fees, appraisal fees, travel expenses, and other reasonable fees) arising in connection with the preparation, execution, and delivery of this Amendment and all related documents.
10.    COUNTERPARTS; EFFECTIVENESS.  This Amendment may be executed in any number of counterparts and by different parties on separate counterparts, each of which when so executed and delivered shall be deemed to be an original.  All such counterparts, taken together, shall constitute but one and the same Amendment.  This Amendment shall become effective upon the execution of a counterpart of this Amendment by each of the parties hereto and satisfaction of the conditions set forth in Section 7 

4

hereof.  Delivery of an executed counterpart of this Amendment by telefacsimile or electronic mail shall be equally as effective as delivery of an original executed counterpart of this Amendment.  Any party delivering an executed counterpart of this Amendment by telefacsimile or electronic mail also shall deliver an original executed counterpart of this Amendment, but the failure to deliver an original executed counterpart shall not affect the validity, enforceability, and binding effect of this Amendment.
11.    FURTHER ASSURANCES.  Parent and Borrower shall execute and deliver all agreements, documents and instruments, in form and substance reasonably satisfactory to Agent, and take all actions as Agent may reasonably request from time to time to perfect and maintain the perfection and priority of the security interests of Agent in the Collateral and to consummate fully the transactions contemplated under this Amendment and the other Loan Documents.
12.    EFFECT ON LOAN DOCUMENTS.
12.1    The Agreement, as amended hereby, and each of the other Loan Documents, as amended as of the date hereof, shall be and remain in full force and effect in accordance with their respective terms and hereby are ratified and confirmed in all respects.  The execution, delivery, and performance of this Amendment shall not operate, except as expressly set forth herein, as a waiver of, consent to, or a modification or amendment of, any right, power, or remedy of Agent or any Lender under the Agreement or any other Loan Document.  Except for the amendments to the Agreement expressly set forth herein, the Agreement and the other Loan Documents shall remain unchanged and in full force and effect.  The consents, waivers and modifications set forth herein are limited to the specifics hereof, shall not apply with respect to any facts or occurrences other than those on which the same are based, shall neither excuse future non-compliance with the Loan Documents nor operate as a waiver of any Default or Event of Default, shall not operate as a consent to any further or other matter under the Loan Documents and shall not be construed as an indication that any future waiver of covenants or any other provision of the Agreement will be agreed to, it being understood that the granting or denying of any waiver which may hereafter be requested by any Loan Party remains in the sole and absolute discretion of the Agent and the Lenders.
12.2    Upon and after the effectiveness of this Amendment, each reference in the Agreement to “this Agreement”, “hereunder”, “herein”, “hereof” or words of like import referring to the Agreement, and each reference in the other Loan Documents to “the Agreement”, “thereunder”, “therein”, “thereof” or words of like import referring to the Agreement, shall mean and be a reference to the Agreement as modified and amended hereby.
12.3    To the extent that any of the terms and conditions in any of the Loan Documents shall contradict or be in conflict with any of the terms or conditions of the Agreement, after giving effect to this Amendment, such terms and conditions are hereby deemed modified or amended accordingly to reflect the terms and conditions of the Agreement as modified or amended hereby.
12.4    This Amendment is a Loan Document.
12.5    Headings and numbers have been set forth herein for convenience only.  Unless the contrary is compelled by the context, everything contained in each Section applies equally to this entire Amendment.
12.6    Neither this Amendment nor any uncertainty or ambiguity herein shall be construed against Agent, any member of the Lender Group, the Bank Product Providers or any Loan Party, whether under any rule of construction or otherwise.  This Amendment has been reviewed by all parties and shall be 

5

construed and interpreted according to the ordinary meaning of the words used so as to accomplish fairly the purposes and intentions of all parties hereto.
12.7    The pronouns used herein shall include, when appropriate, either gender and both singular and plural, and the grammatical construction of sentences shall conform thereto.
12.8    Unless the context of this Amendment clearly requires otherwise, references to the plural include the singular, references to the singular include the plural, the terms “includes” and  “including” are not limiting, and the term “or” has, except where otherwise indicated, the inclusive meaning represented by the phrase “and/or”.  The words “hereof”, “herein”, “hereby”, “hereunder”, and similar terms in this Amendment refer to this Amendment as a whole and not to any particular provision of this Amendment.  Section, subsection, clause, schedule, and exhibit references herein are to this Amendment unless otherwise specified.  Any reference in this Amendment to any agreement, instrument, or document shall include all alterations, amendments, changes, extensions, modifications, renewals, replacements, substitutions, joinders, and supplements, thereto and thereof, as applicable (subject to any restrictions on such alterations, amendments, changes, extensions, modifications, renewals, replacements, substitutions, joinders, and supplements set forth herein).  The words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts, and contract rights.  Any reference herein or in any other Loan Document to the satisfaction or repayment in full of the Obligations shall mean the repayment in full in cash or immediately available funds (or, in the case of Letters of Credit or Bank Products, providing Letter of Credit Collateralization or Bank Product Collateralization, as applicable) of all Obligations other than unasserted contingent indemnification Obligations and other than any Bank Product Obligations that, at such time, are allowed by the applicable Bank Product Provider to remain outstanding and that are not required by the provisions of this Agreement to be repaid or cash collateralized.  Any reference herein to any Person shall be construed to include such Person’s successors and assigns.  Any requirement of a writing contained herein shall be satisfied by the transmission of a Record.
12.9    All of the annexes, schedules and exhibits attached to this Amendment shall be deemed incorporated herein by reference.
13.    ENTIRE AGREEMENT.  This Amendment, and the terms and provisions hereof, the Agreement and the other Loan Documents constitute the entire understanding and agreement between the parties hereto with respect to the subject matter hereof and supersede any and all prior or contemporaneous amendments or understandings with respect to the subject matter hereof, whether express or implied, oral or written.
14.    REAFFIRMATION OF OBLIGATIONS.  Each of Parent and Borrower hereby (a) acknowledges and reaffirms its obligations owing to Agent, the Bank Product Providers, and each other member of the Lender Group under each Loan Document to which it is a party, and (b) agrees that each of the Loan Documents to which it is a party is and shall remain in full force and effect.  Each of Parent and Borrower hereby (i) further ratifies and reaffirms the validity and enforceability of all of the Liens and security interests heretofore granted, pursuant to and in connection with the Guaranty and Security Agreement or any other Loan Document, to Agent, on behalf and for the benefit of the Lender Group and the Bank Product Providers, as collateral security for the obligations under the Loan Documents in accordance with their respective terms, and (ii) acknowledges that all of such Liens and security interests, and all Collateral heretofore pledged as security for such obligations, continue to be and remain collateral for such obligations from and after the date hereof (including, without limitation, from after giving effect to this Amendment).  Each Guarantor hereby reaffirms, acknowledges, agrees and confirms that it has granted a perfected security 

6

interest in the Collateral pursuant to and in connection with the Guaranty and Security Agreement to Agent in order to secure all of its present and future Guarantied Obligations (as defined in the Guaranty and Security Agreement).
15.    RATIFICATION.  Each of Parent and Borrower hereby restates, ratifies and reaffirms each and every term and condition set forth in the Agreement and the Loan Documents effective as of the date hereof and as amended hereby.  All Obligations (including the Guarantied Obligations, as applicable) owing by each of Parent and Borrower are unconditionally owing by Parent and Borrower, as applicable,  to Agent and the Lenders, without offset, defense, withholding, counterclaim or deduction of any kind, nature or description whatsoever.
16.    SEVERABILITY.  In case any provision in this Amendment shall be invalid, illegal or unenforceable, such provision shall be severable from the remainder of this Amendment and the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.
17.    GUARANTORS.  Each Guarantor hereby consents to the amendment of the Agreement as set forth in this Amendment and any waivers granted herein.  Although each Guarantor has been informed of the matters set forth herein and has agreed to the same, such Guarantor understands that none of Agent or any Lender has any obligation to inform it of such matters in the future or to seek its acknowledgment or agreement to future amendments, and nothing herein shall create such a duty.
[The remainder of this page left blank intentionally, signatures to follow]

7

IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date first set forth above.
	
		
	PARENT:
	Q2 HOLDINGS, INC.,
a Delaware corporation

By:   /s/ Jennifer Harris            
Name:  Jennifer Harris
Title:  Chief Financial Officer

	
		
	BORROWER:
	Q2 SOFTWARE, INC.,
a Delaware corporation

By:   /s/ Jennifer Harris            
Name:  Jennifer Harris
Title:  Chief Financial Officer

Amendment Number Three to Credit Agreement

	
		
	 
	WELLS FARGO BANK, 
NATIONAL ASSOCIATION,
as Agent and a Lender

By:   /s/ Nichol Shuart            
Name:   Nichol Shuart               
Title:   Director               

Amendment Number Three to Credit AgreementEX-10.2

 Exhibit 10.2 

CONTRIBUTION AGREEMENT 

This Contribution Agreement (the “Agreement”), made and entered into as of June 30, 2015 (the “Effective
Date”), is by and between HealthStream, Inc., a Tennessee corporation (“HealthStream”), and Robert A. Frist, Jr., an individual resident of the State of Tennessee (“Frist”). 

WHEREAS, Frist desires to contribute to HealthStream, and HealthStream desires to accept from Frist (the
“Contribution”), 54,241 shares of common stock, no par value (“Common Stock”), of HealthStream (collectively, the “Contributed Shares”); 

WHEREAS, pursuant to the terms and conditions of this Agreement and the HealthStream, Inc. 2010 Stock Incentive Plan (the
“Plan”), HealthStream desires to grant 49,310 shares of Common Stock (the “Grant Shares”) to the individuals and in the amounts set forth on the attached spreadsheet as Exhibit A (such individuals, the
“Recipients”); and 
 WHEREAS, HealthStream and Frist desire to memorialize in writing the terms, provisions and
conditions of the Contribution and the share grant; 
 NOW, THEREFORE, in consideration of the foregoing, and the representations,
warranties, covenants and conditions set forth below, the parties hereto, intending to be legally bound, hereby agree as follows: 

Section 1. Contribution; Share Grant. 

(a) Contribution. Subject to the terms and conditions of this Agreement and without any compensation paid by HealthStream to Frist, at
the Closing (as defined below), Frist hereby contributes the Contributed Shares to HealthStream, and HealthStream hereby accepts such contribution. Frist shall execute stock powers or other evidence of transfer evidencing such contribution and
transfer as may reasonably be requested by HealthStream, and shall deliver to HealthStream stock certificates (as applicable) representing all of the Contributed Shares. 

(b) Closing. The closing of the Contribution (the “Closing”) will take place at the offices of HealthStream at 209 10th Avenue South, Suite 450, Nashville, Tennessee 37203 at 10:00 a.m. (local time) on the Effective Date concurrently with the execution and delivery hereof. 

(c) Share Grant. HealthStream hereby agrees to grant the Grant Shares to the Recipients pursuant to the Plan in the amounts set forth
on Exhibit A hereto as Other Stock-Based Awards (as defined in the Plan), which grants have been approved by the Compensation Committee of HealthStream. Such grants will be subject to the terms of the waiver reflected in that certain letter
agreement dated as of June 30, 2015, entered into by and among the Company, Frist, and William Blair & Company, L.L.C., for itself and the other several underwriters (the “Lock-Up Waiver Letter”). It is anticipated
that the Grant Shares will be issued to the Recipients on or about August 24, 2015, and such Grant Shares will not be subject to any vesting conditions. 

  
 1 

 Section 2. Representations and Warranties of Frist. Frist represents and warrants as
of the Closing to HealthStream as follows: 
 (a) Authority. This Agreement constitutes the valid and binding obligation of Frist,
enforceable against Frist in accordance with its terms. Frist has all requisite power, authority and capacity to execute and deliver this Agreement and to consummate the transactions contemplated hereby. 

(b) No Conflict. Neither the execution and delivery of this Agreement by Frist nor the consummation of the transactions contemplated
hereby will, directly or indirectly (with or without notice or lapse of time): (i) conflict with any legal requirement or order of any court or governmental authority to which Frist is subject, or (ii) breach any provision of any material
contract to which Frist is a party. 
 (c) No Consent. Except for the waiver reflected in the Lock-Up Waiver Letter, Frist is not
required to give any notice to or obtain any consent or approval from any person in connection with the execution and delivery of this Agreement by Frist or the consummation of the transactions contemplated hereby. 

(d) Legal Proceedings; Orders. There are no legal proceedings or actions pending or, to the knowledge of Frist, threatened, against
Frist that challenge, or that may have the effect of preventing, delaying, making illegal or otherwise interfering with, any of the transactions contemplated hereby. 

(e) Ownership of Contributed Shares. Frist has good and valid title to the Contributed Shares, free and clear of all liens and
encumbrances. 
 Section 3. Representations and Warranties of HealthStream. HealthStream represents and warrants as of the
Closing to Frist as follows: 
 (a) Authority. This Agreement constitutes the valid and binding obligation of HealthStream,
enforceable against HealthStream in accordance with its terms. HealthStream has all requisite corporate power and authority to execute and deliver this Agreement and to consummate the transactions contemplated hereby. The execution and delivery of
this Agreement by HealthStream and the consummation of the transactions contemplated hereby have been duly and validly authorized and approved by HealthStream. 

(b) No Conflict. Neither the execution and delivery of this Agreement by HealthStream nor the consummation of the transactions
contemplated hereby will, directly or indirectly (with or without notice or lapse of time): (i) conflict with any legal requirement or order of any court or governmental authority to which HealthStream is subject, or (ii) breach any
provision of any material contract to which HealthStream is a party. 
 (c) No Consent. Except for the waiver reflected in the
Lock-Up Waiver Letter, HealthStream is not required to give any notice to or obtain any consent or approval from any person in connection with the execution and delivery of this Agreement or the consummation of the transactions contemplated hereby.

  
 2 

 (d) Legal Proceedings; Orders. There are no legal proceedings or actions pending or, to
the knowledge of HealthStream, threatened, against HealthStream that challenge, or that may have the effect of preventing, delaying, making illegal or otherwise interfering with, any of the transactions contemplated hereby. 

Section 4. Miscellaneous. 

(a) Waiver. No failure to exercise, and no delay in exercising, on the part of either party, any privilege, any power or any right
hereunder will operate as a waiver thereof, nor will any single or partial exercise of any privilege, right or power hereunder preclude further exercise of any other privilege, right or power hereunder. 

(b) Entire Agreement and Modification. This Agreement constitutes the entire agreement between the parties with respect to the subject
matter of this agreement and supersedes all prior agreements between the parties with respect to its subject matter. This Agreement may not be amended except by a written agreement signed by the party to be charged with the amendment. 

(c) Assignment; Binding Effect. This Agreement may not be assigned by either party without the prior written consent of the other
party. Subject to the foregoing, this Agreement will be binding upon and shall inure to the benefit of the parties hereto and their permitted successors and assigns. 

(d) Severability. If any provision of this Agreement is held invalid or unenforceable by any court of competent jurisdiction, the other
provisions of this Agreement will remain in full force and effect. Any invalid or unenforceable provision shall be replaced by HealthStream and Frist with a valid provision which most closely approximates the intent and economic effect of the
invalid or unenforceable provision. 
 (e) Governing Law. This Agreement will be governed by and construed in accordance with the
laws of the State of Tennessee, without regard to the conflict of law provisions thereof. 
 (f) Construction. The language used in
the Agreement will be construed, in all cases, according to its fair meaning, and not for or against any party hereto. The parties acknowledge that each party has reviewed this Agreement and that rules of construction to the effect that any
ambiguities are to be resolved against the drafting party will not be available in the interpretation of this Agreement. 
 (g) Execution
of Agreement; Counterparts. This Agreement may be executed in one or more counterparts, each of which will be deemed to be an original copy of this Agreement and all of which, when taken together, will be deemed to constitute one and the same
agreement. 
 [remainder of page intentionally left blank] 

  
 3 

 IN WITNESS WHEREOF, Frist and HealthStream have executed this Agreement as of the Effective Date.

  

			
	Robert A. Frist, Jr.
		
	Sign Name:	 	/s/ Robert A. Frist, Jr.
	Date:	 	June 30, 2015

  

			
	 ACCEPTED AND AGREED:
  

HealthStream, Inc.

		
	By:	 	/s/ Gerard M. Hayden
	Name:	 	Gerard M. Hayden
	Its:	 	Chief Financial Officer

  
 4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00247-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00247-of-00352.parquet"}]]