Document:

Second Amended and Restated Investors' Rights Agreement

 Exhibit 4.02 
 REACHLOCAL, INC. 
 SECOND AMENDED AND RESTATED 

 INVESTORS’ RIGHTS AGREEMENT 
 This Second Amended and Restated Investors’ Rights Agreement (the “Agreement”) is made and entered into as of September 17, 2007 by and among ReachLocal, Inc., a Delaware
corporation (the “Company”), the holders of Series A Preferred Stock of the Company (the “Series A Holders”) listed on Exhibit A to this Agreement, the holders of Series B-1 Preferred Stock and Series B-2
Preferred Stock of the Company (collectively, the “Series B Holders”) listed on Exhibit B to this Agreement, the holders of Series C Preferred Stock of the Company (the “Series C Holders”) listed on
Exhibit C to this Agreement, the holders of Series D Preferred Stock of the Company (the “Series D Holders”) listed on Exhibit D to this Agreement (together with the Series A Holders, the Series B Holders and the
Series C Holders, the “Investors”), and the holders of Common Stock of the Company (the “Founders”) listed on Exhibit E to this Agreement. 
 RECITALS 
 A. The Company, the Founders, the
Series A Holders, the Series B Holders, and the Series C Holders have previously entered into an Amended and Restated Investors’ Rights Agreement (the “Prior Agreement”) dated as of June 1, 2006, pursuant to which the
Company granted the Series A Holders, the Series B Holders, the Series C Holders, and the Founders certain rights. 
 B. The
Company and the Series D Holders have entered into a Series D Preferred Stock Purchase Agreement (the “Purchase Agreement”) dated as of the date hereof pursuant to which the Company desires to sell to the Series D Holders and the
Series D Holders desire to purchase from the Company shares of the Company’s Series D Preferred Stock. 
 C. A condition to
the Series D Holders’ obligations under the Purchase Agreement is that the Company, the Founders and the Investors enter into this Agreement in order to provide the Investors and the Founders with (i) certain rights to register shares of
the Company’s Common Stock issued to the Founders or issuable upon conversion of the Preferred Stock held by the Investors, (ii) certain rights to receive or inspect information pertaining to the Company, and (iii) a right of first
offer with respect to certain issuances by the Company of its securities. 
 D. The Company, the Series A Holders, the Series B
Holders, the Series C Holders and the Founders each desire to amend and restate the Prior Agreement in its entirety as set forth herein. 

 AGREEMENT 
 The parties hereby agree as follows: 
 1. Registration Rights. The Company and the Investors covenant and agree as follows: 
 1.1 Definitions. For purposes of this Section 1: 
 (a)
The term “Exchange Act” means the Securities Exchange Act of 1934, as amended (and any successor thereto) and the rules and regulations promulgated thereunder; 
 (b) The term “Form S-3” means such form under the Securities Act as in effect on the date hereof or any successor form under the Securities Act that permits significant incorporation by
reference of the Company’s subsequent public filings under the Exchange Act; 
 (c) The term “Holder” means any
person owning or having the right to acquire Registrable Securities or any assignee thereof in accordance with Section 1.12 of this Agreement; 
 (d) The term “Liquidation Transaction” has the meaning ascribed to it in Section (B)(2)(f)(i) of Article IV of the Restated Certificate; 
 (e) The term “Major Investor” shall mean any person who holds at least 1,000,000 shares of the Series A Preferred Stock, Series B
Preferred Stock, Series C Preferred Stock or Series D Preferred Stock, or the Common Stock issued upon conversion thereof (subject to adjustment for stock splits, stock dividends, reclassifications or the like); 
 (f) The term “Preferred Stock” shall mean the shares of the Series A Preferred Stock, Series B Preferred Stock, Series C
Preferred Stock and Series D Preferred Stock; 
 (g) The term “Qualified IPO” means a firm commitment underwritten
public offering by the Company of shares of its Common Stock in connection with which all the then-outstanding shares of Preferred Stock are converted into shares of Common Stock pursuant to the Restated Certificate; 
 (h) The terms “register,” “registered,” and “registration” refer to a registration effected by preparing and
filing a registration statement or similar document in compliance with the Securities Act, and the declaration or ordering of effectiveness of such registration statement or document; 
 (i) The term “Registrable Securities” means (i) the shares of Common Stock issuable or issued upon conversion of Series A
Preferred Stock, Series B Preferred Stock, Series C Preferred Stock or Series D Preferred Stock, other than shares for which registration rights have terminated pursuant to Section 1.15 hereof, (ii) the shares of Common Stock held by the
Founders as of the date hereof other than shares for which registration rights have terminated pursuant to Section 1.15 provided, however, that for the purposes of Section 1.2, 1.4, 1.13 and Section 2, the Founders’
Stock shall not be deemed Registrable Securities and the Founders shall not be deemed Holders, and (iii) any other shares of Common Stock of the Company issued as (or issuable upon the conversion or exercise of any warrant, right or other
security which is issued as) a dividend or other distribution with respect to, or in exchange for or in replacement of, the shares listed in (i) and (ii); provided, however, that the foregoing definition shall exclude

  

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in all cases any Registrable Securities sold by a person in a transaction in which his or her rights under this Agreement are not assigned. Notwithstanding the foregoing, Common Stock or other
securities shall only be treated as Registrable Securities if and so long as (A) they have not been sold to or through a broker or dealer or underwriter in a public distribution or a public securities transaction, (B) they have not been
sold in a transaction exempt from the registration and prospectus delivery requirements of the Securities Act under Section 4(1) thereof so that all transfer restrictions, and restrictive legends with respect thereto, if any, are removed upon
the consummation of such sale, or (C) the Holder thereof is not precluded from exercising the rights provided in Section 1 in accordance with Section 1.15 below; 
 (j) The number of shares of “Registrable Securities then outstanding” shall be determined by the number of shares of Common Stock
outstanding which are, and the number of shares of Common Stock issuable pursuant to then exercisable or convertible securities which are, Registrable Securities; 
 (k) The term “Restated Certificate” shall mean the Company’s Fourth Restated Certificate of Incorporation as such Fourth Restated Certificate of Incorporation may be amended or restated
from time to time; 
 (1) The term “Rho” means Rho Ventures V, L.P. or any Affiliated Fund (as defined below)
thereof. 
 (m) The term “SEC” means the Securities and Exchange Commission; 
 (n) The term “Securities Act” means the Securities Act of 1933, as amended (and any successor thereto) and the rules and
regulations promulgated thereunder; 
 (o) The term “Series B Directors” shall mean the two Series B Directors of the
Company elected by the holders of Series B Preferred Stock in accordance with the terms of the Restated Certificate; 
 (p) The
term “Series D Director” shall mean the single Series D Director of the Company elected by the holders of Series D Preferred Stock in accordance with the terms of the Restated Certificate; 
 (q) The term “VantagePoint Group” means VantagePoint Venture Partners III(Q), L.P. or any Affiliated Fund (as defined below)
thereof; and 
 (r) Terms not otherwise defined herein shall have the meaning ascribed to them in the Purchase Agreement.

 1.2 Request for Registration. 
 (a) If the Company shall receive at any time after the earlier of (i) June 1, 2009, or (ii) six months after the effective date of the first registration statement for a public offering of
securities of the Company (other than a registration statement relating either to the sale of securities to employees of the Company pursuant to a stock option, stock purchase or similar plan or an SEC Rule 145 transaction), a written request from
the Holders of a majority of

  

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the Registrable Securities then outstanding that the Company file a registration statement under the Securities Act covering the registration of at least 40% of the Registrable Securities then
outstanding (or a lesser percent if the anticipated aggregate offering price, net of underwriting discounts and commissions, would exceed $10,000,000), then the Company shall, within 10 days of the receipt thereof, give written notice of such
request to all Holders and shall, subject to the limitations of subsection 1.2(b), use its best efforts to file as soon as practicable, and in any event within 90 days of the receipt of such request, a registration statement under the Securities Act
covering all Registrable Securities which the Holders request to be registered within 20 days of the mailing of such notice by the Company. 
 (b) If the Holders initiating the registration request hereunder (“Initiating Holders”) intend to distribute the Registrable Securities covered by their request by means of an
underwriting, they shall so advise the Company as a part of their request made pursuant to this Section 1.2 and the Company shall include such information in the written notice referred to in subsection 1.2(a). The underwriter will be selected
by a majority in interest of the Initiating Holders and shall be reasonably acceptable to the Company. In such event, the right of any Holder to include his Registrable Securities in such registration shall be conditioned upon such Holder’s
participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting (unless otherwise mutually agreed by a majority in interest of the Initiating Holders and such Holder) to the extent provided
herein. All Holders proposing to distribute their securities through such underwriting shall (together with the Company as provided in subsection 1.5(e)) enter into an underwriting agreement in customary form with the underwriter or underwriters
selected for such underwriting. Notwithstanding any other provision of this Section 1.2, if the underwriter advises the Initiating Holders in writing that marketing factors require a limitation of the number of shares to be underwritten, then
the Initiating Holders shall so advise all Holders of Registrable Securities which would otherwise be underwritten pursuant hereto, and the number of shares of Registrable Securities that may be included in the underwriting shall be allocated among
all participating Holders thereof, including the Initiating Holders, in proportion (as nearly as practicable) to the amount of Registrable Securities of the Company owned by each participating Holder; provided, however, that the number of shares of
Registrable Securities to be included in such underwriting shall not be reduced unless all other securities are first entirely excluded from the underwriting; provided, further, that the number of shares of Registrable Securities held by Investors
to be included in such underwriting shall not be reduced unless all shares of Registrable Securities held by Founders are first entirely excluded from the underwriting. 
 (c) Notwithstanding the foregoing, if the Company shall furnish to Holders requesting a registration statement pursuant to this Section 1.2 a certificate signed by the President of the Company
stating that, in the good faith judgment of the Board of Directors of the Company, it would be seriously detrimental to the Company and its stockholders for such registration statement to be filed and it is therefore essential to defer the filing of
such registration statement, the Company shall have the right to defer such filing for a period of not more than 120 days after receipt of the request of the Initiating Holders; provided, however, that the Company may not utilize this right more
than once in any twelve-month period. 
 (d) In addition, the Company shall not be obligated to effect, or to take any action
to effect, any registration pursuant to this Section 1.2: 
 (i) After the Company has effected two (2) registrations
pursuant to this Section 1.2 and such registrations have been declared or ordered effective; 
  

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 (ii) During the period starting with the date 90 days prior to the Company’s good
faith estimate of the date of filing of, and ending on a date 90 days after the effective date of, a registration subject to Section 1.3 hereof unless such offering is the initial public offering of the Company’s securities, in which case,
ending on a date 180 days after the effective date of such registration subject to Section 1.3 hereof; provided that the Company is actively employing in good faith all reasonable efforts to cause such registration statement to become
effective; or 
 (iii) If the Initiating Holders are able to request a registration on Form S-3 pursuant to a request made
pursuant to Section 1.4 below. 
 1.3 Company Registration. If (but without any obligation to do so)
the Company proposes to register (including for this purpose a registration effected by the Company for stockholders other than the Holders and any registration pursuant to Sections 1.2 or 1.4 hereof) any of its stock under the Securities Act in
connection with the public offering of such securities solely for cash (other than a registration relating solely to the sale of securities to participants in a Company stock plan or a transaction covered by Rule 145 under the Securities Act, a
registration in which the only stock being registered is Common Stock issuable upon conversion of debt securities which are also being registered, or any registration on any form which does not include substantially the same information as would be
required to be included in a registration statement covering the sale of the Registrable Securities), the Company shall, at such time, promptly give each Holder written notice of such registration. Upon the written request of each Holder given
within 20 days after mailing of such notice by the Company in accordance with Section 3.5, the Company shall, subject to the provisions of Section 1.8, cause to be registered under the Securities Act all of the Registrable Securities that
each such Holder has requested to be registered. 
 1.4 Form S-3 Registration. In case the Company shall
receive from any Holder or Holders of Registrable Securities then outstanding a written request or requests that the Company effect a registration on Form S-3 and any related qualification or compliance with respect to all or a part of the
Registrable Securities owned by such Holder or Holders, the Company will: 
 (a) promptly give written notice of the proposed
registration, and any related qualification or compliance, to all other Holders; and 
 (b) as soon as practicable, effect such
registration and all such qualifications and compliances as may be so requested and as would permit or facilitate the sale and distribution of all or such portion of such Holder’s or Holders’ Registrable Securities as are specified in such
request, together with all or such portion of the Registrable Securities of any other Holder or Holders joining in such request as are specified in a written request given within 15 days after receipt of such written notice from the Company;
provided, however, that the Company shall not be obligated to effect any such registration, qualification or compliance, pursuant to this Section 1.4: (i) if Form S-3 is not available for such offering by the Holders;

  

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(ii) if the Holders, together with the holders of any other securities of the Company entitled to inclusion in such registration, propose to sell Registrable Securities and such other securities
(if any) at an aggregate price to the public (net of any underwriters’ discounts or commissions) of less than $1,000,000; (iii) if the Company shall furnish to the Holders a certificate signed by the President of the Company stating that
in the good faith judgment of the Board of Directors of the Company it would be seriously detrimental to the Company and its stockholders for such Form S-3 registration to be effected at such time, in which event the Company shall have the right to
defer the filing of the Form S-3 registration statement for a period of not more than 120 days after receipt of the request of the Holder or Holders under this Section 1.4; provided, however, that the Company shall not utilize this right more
than once in any 12-month period; (iv) if the Company has, within the 12-month period preceding the date of such request, already effected two registrations on Form S-3 for the Holders pursuant to this Section 1.4; (v) in any
particular jurisdiction in which the Company would be required to qualify to do business or to execute a general consent to service of process in effecting such registration, qualification or compliance; or (vi) during the period ending 180
days after the effective date of a registration statement subject to Section 1.3. 
 (c) Subject to the foregoing, the
Company shall file a registration statement covering the Registrable Securities and other securities so requested to be registered as soon as practicable after receipt of the request or requests of the Holders. Registrations effected pursuant to
this Section 1.4 shall not be counted as demands for registration or registrations effected pursuant to Sections 1.2 or 1.3, respectively. 
 1.5 Obligations of the Company. Whenever required under this Section 1 to effect the registration of any Registrable Securities, the Company shall, as expeditiously as reasonably
possible: 
 (a) Prepare and file with the SEC a registration statement with respect to such Registrable Securities and use its
best efforts to cause such registration statement to become effective, and, upon the request of the Holders of a majority of the Registrable Securities registered thereunder, keep such registration statement effective for up to 120 days, or until
the distribution described in such registration statement is completed, if earlier. 
 (b) Prepare and file with the SEC such
amendments and supplements to such registration statement and the prospectus used in connection with such registration statement as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all
securities covered by such registration statement for up to 120 days, or until the distribution described in such registration statement is completed, if earlier. 
 (c) Furnish to the Holders such numbers of copies of a prospectus, including a preliminary prospectus, in conformity with the requirements of the Securities Act, and such other documents as they may
reasonably request in order to facilitate the disposition of Registrable Securities owned by them. 
 (d) Use its best efforts
to register and qualify the securities covered by such registration statement under such other securities or Blue Sky laws of such jurisdictions as shall be reasonably requested by the Holders, provided that the Company shall not be required in

  

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connection therewith or as a condition thereto to qualify to do business or to file a general consent to service of process in any such states or jurisdictions. 
 (e) In the event of any underwritten public offering, enter into and perform its obligations under an underwriting agreement, in usual and
customary form, with the managing underwriter of such offering. Each Holder participating in such underwriting shall also enter into and perform its obligations under such an agreement. 
 (f) Notify each Holder of Registrable Securities covered by such registration statement at any time when a prospectus relating thereto is
required to be delivered under the Securities Act of the happening of any event as a result of which the prospectus included in such registration statement, as then in effect, includes an untrue statement of a material fact or omits to state a
material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing, such obligation to continue for 120 days. 
 (g) Cause all such Registrable Securities registered pursuant hereunder to be listed on each securities exchange on which similar
securities issued by the Company are then listed. 
 (h) Provide a transfer agent and registrar for all Registrable Securities
registered pursuant hereunder and a CUSIP number for all such Registrable Securities, in each case not later than the effective date of such registration. 
 (i) Use commercially reasonable efforts to furnish, at the request of any Holder requesting registration of Registrable Securities pursuant to this Section 1, on the date that such Registrable
Securities are delivered to the underwriters for sale in connection with a registration pursuant to this Section 1, if such securities are being sold through underwriters, (i) an opinion, dated such date, of the counsel representing the
Company for the purposes of such registration, in form and substance as is customarily given to underwriters in an underwritten public offering, addressed to the underwriters and (ii) a letter dated such date, from the independent certified
public accountants of the Company, in form and substance as is customarily given by independent certified public accountants to underwriters in an underwritten public offering, addressed to the underwriters. 
 1.6 Furnish Information. It shall be a condition precedent to the obligations of the Company to take any action pursuant to
this Section 1 with respect to the Registrable Securities of any selling Holder that such Holder shall furnish to the Company such information regarding itself, the Registrable Securities held by it, and the intended method of disposition of
such securities as shall be required to effect the registration of such Holder’s Registrable Securities. The Company shall have no obligation with respect to any registration requested pursuant to Section 1.2 or Section 1.4 of this
Agreement if, as a result of the application of the preceding sentence, the number of shares or the anticipated aggregate offering price of the Registrable Securities to be included in the registration does not equal or exceed the number of shares
or the anticipated aggregate offering price required to originally trigger the Company’s obligation to initiate such registration as specified in subsection 1.2(a) or subsection 1.4(b)(2), whichever is applicable. 
  

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 1.7 Expenses of Registration. 
 (a) Demand Registration. All expenses other than underwriting discounts and commissions incurred in connection with
registrations, filings or qualifications pursuant to Section 1.2, including (without limitation) all registration, filing and qualification fees, printers’ and accounting fees, fees and disbursements of counsel for the Company, and the
reasonable fees and disbursements of one counsel for the selling Holders selected by them with the approval of the Company, which approval shall not be unreasonably withheld, shall be borne by the Company; provided, however, that the
Company shall not be required to pay for any expenses of any registration proceeding begun pursuant to Section 1.2 if the registration request is subsequently withdrawn at the request of the Holders of a majority of the Registrable Securities
to be registered (in which case all participating Holders shall bear such expenses), unless the Holders of a majority of the Registrable Securities agree to forfeit their right to one demand registration pursuant to Section 1.2; provided
further, however, that if at the time of such withdrawal, the Holders (i) have learned of a material adverse change in the condition, business, or prospects of the Company that was not known to the Holders at the time of their
request and (ii) have withdrawn the request with reasonable promptness following disclosure by the Company of such material adverse change, then the Holders shall not be required to pay any of such expenses and shall not forfeit their rights
pursuant to Section 1.2. 
 (b) Company Registration. All expenses other than underwriting discounts and
commissions incurred in connection with registrations, filings or qualifications of Registrable Securities pursuant to Section 1.3 for each Holder (which right may be assigned as provided in Section 1.12), including (without limitation)
all registration, filing, and qualification fees, printers’ and accounting fees, fees and disbursements of counsel for the Company and the reasonable fees and disbursements of one counsel for the selling Holder or Holders selected by them with
the approval of the Company, which approval shall not be unreasonably withheld, shall be borne by the Company. 
 (c)
Registration on Form S-3. All expenses incurred in connection with a registration requested pursuant to Section 1.4, including (without limitation) all registration, filing, qualification, printers’ and accounting fees and
the reasonable fees and disbursements of one counsel for the selling Holder or Holders selected by them with the approval of the Company, which approval shall not be unreasonably withheld, and counsel for the Company, shall be borne by the Company,
and any underwriters’ discounts or commissions associated with Registrable Securities, shall be borne pro rata by the Holder or Holders participating in the Form S-3 registration. 
 1.8 Underwriting Requirements. In connection with any offering involving an underwriting of shares of the Company’s
capital stock, the Company shall not be required under Section 1.3 to include any of the Holders’ securities in such underwriting unless they accept the terms of the underwriting as agreed upon between the Company and the underwriters
selected by it (or by other persons entitled to select the underwriters), and then only in such quantity as the underwriters determine in their sole discretion will not jeopardize the success of the offering by the Company. If the total amount of
securities, including Registrable Securities, requested by stockholders to be included in such offering exceeds the amount of securities sold other than by the Company that the underwriters determine in their sole discretion is compatible

  

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with the success of the offering, then the Company shall be required to include in the offering only that number of such securities, including Registrable Securities, which the underwriters
determine in their sole discretion will not jeopardize the success of the offering (the securities so included to be apportioned pro rata among the selling stockholders according to the total amount of securities entitled to be included therein
owned by each selling stockholder or in such other proportions as shall mutually be agreed to by such selling stockholders) but in no event shall (i) the amount of securities of the selling Holders included in the offering be reduced below 30%
of the total amount of securities included in such offering, unless such offering is the initial public offering of the Company’s securities, in which case, the selling stockholders may be excluded if the underwriters make the determination
described above and advise the Company of this in writing and no other stockholder’s securities are included or (ii) any securities held by a Founder be included if any securities held by any selling Holder are excluded. For purposes of
the preceding parenthetical concerning apportionment, for any selling stockholder which is a holder of Registrable Securities and which is a partnership or corporation, the partners, retired partners and stockholders of such holder, or the estates
and family members of any such partners and retired partners and any trusts for the benefit of any of the foregoing persons shall be deemed to be a single “selling stockholder,” and any pro-rata reduction with respect to such “selling
stockholder” shall be based upon the aggregate amount of shares carrying registration rights owned by all entities and individuals included in such “selling stockholder,” as defined in this sentence. 
 1.9 Delay of Registration. No Holder shall have any right to obtain or seek an injunction restraining or otherwise delaying
any such registration as the result of any controversy that might arise with respect to the interpretation or implementation of this Section 1. 
 1.10 Indemnification. In the event any Registrable Securities are included in a registration statement under this Section 1: 
 (a) To the extent permitted by law, the Company will indemnify and hold harmless each Holder, the partners, members, officers, directors,
stockholders, legal counsel and accountants of each such Holder, and any underwriter (as defined in the Securities Act) for such Holder and each person, if any, who controls such Holder or underwriter within the meaning of the Securities Act or the
Exchange Act, against any losses, claims, damages, or liabilities (joint or several) to which they may become subject under the Securities Act, the Exchange Act or other federal or state law, insofar as such losses, claims, damages, or liabilities
(or actions in respect thereof) arise out of or are based upon any of the following statements, omissions or violations (collectively a “Violation”): (i) any untrue statement or alleged untrue statement of a material fact
contained in such registration statement, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto, (ii) the omission or alleged omission to state therein a material fact required to be
stated therein, or necessary to make the statements therein not misleading, or (iii) any violation or alleged violation by the Company of the Securities Act, the Exchange Act, any state securities law or any rule or regulation promulgated under
the Securities Act, the Exchange Act or any state securities law; and the Company will pay to each such Holder, underwriter or controlling person, as incurred, any legal or other expenses reasonably incurred by them in connection with investigating
or defending any such loss, claim, damage, liability, or action; provided, however,

  

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that the indemnity agreement contained in this subsection 1.10(a) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability, or action if such settlement is
effected without the consent of the Company (which consent shall not be unreasonably withheld), nor shall the Company be liable to any Holder, underwriter or controlling person for any such loss, claim, damage, liability, or action to the extent
that it arises out of or is based upon a Violation which occurs in reliance upon and in conformity with written information furnished expressly for use in connection with such registration statement by any such Holder, underwriter or controlling
person. 
 (b) To the extent permitted by law, each selling Holder will indemnify and hold harmless the Company, each of its
directors, each of its officers who has signed the registration statement, each person, if any, who controls the Company within the meaning of the Securities Act, any underwriter, any other Holder selling securities in such registration statement
and any controlling person of any such underwriter or other Holder, against any losses, claims, damages, or liabilities (joint or several) to which any of the foregoing persons may become subject, under the Securities Act, the Exchange Act or other
federal or state law, insofar as such losses, claims, damages, or liabilities (or actions in respect thereto) arise out of or are based upon any Violation, in each case to the extent (and only to the extent) that such Violation occurs in reliance
upon and in conformity with written information furnished by such Holder expressly for use in connection with such registration statement; and each such Holder will pay, as incurred, any legal or other expenses reasonably incurred by any person
intended to be indemnified pursuant to this subsection 1.10(b), in connection with investigating or defending any such loss, claim, damage, liability, or action; provided, however, that the indemnity agreement contained in this subsection 1.10(b)
shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Holder, which consent shall not be unreasonably withheld; provided, that in no event shall
any indemnity under this subsection 1.10(b) exceed the net proceeds from the offering received by such Holder, except in the case of willful fraud by such Holder. 
 (c) Promptly after receipt by an indemnified party under this Section 1.10 of notice of the commencement of any action (including any governmental action), such indemnified party will, if a claim in
respect thereof is to be made against any indemnifying party under this Section 1.10, deliver to the indemnifying party a written notice of the commencement thereof and the indemnifying party shall have the right to participate in, and, to the
extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume the defense thereof with counsel mutually satisfactory to the parties; provided, however, that an indemnified party (together with all
other indemnified parties which may be represented without conflict by one counsel) shall have the right to retain one separate counsel, with the reasonable fees and expenses to be paid by the indemnifying party, if representation of such
indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential differing interests between such indemnified party and any other party represented by such counsel in such proceeding. The failure
to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action, if prejudicial to its ability to defend such action, shall relieve such indemnifying party of any liability to the indemnified party
under this Section 1.10, but the omission so to deliver written notice to the indemnifying party will not relieve it of any liability that it may have to any indemnified party otherwise than under this Section 1.10. 
  

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 (d) If the indemnification provided for in this Section 1.10 is held by a court of
competent jurisdiction to be unavailable to an indemnified party with respect to any loss, liability, claim, damage or expense referred to therein, then the indemnifying party, in lieu of indemnifying such indemnified party hereunder, shall
contribute to the amount paid or payable by such indemnified party as a result of such loss, liability, claim, damage, or expense in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and of the
indemnified party on the other in connection with the statements or omissions that resulted in such loss, liability, claim, damage or expense as well as any other relevant equitable considerations; provided, that in no event shall any contribution
by a Holder under this subsection 1.10(d) exceed the net proceeds from the offering received by such Holder, except in the case of willful fraud by such Holder. The relative fault of the indemnifying party and of the indemnified party shall be
determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified party and the
parties’ relative intent, knowledge, access to information, and opportunity to correct or prevent such statement or omission. 
 (e) Notwithstanding the foregoing, to the extent that the provisions on indemnification and contribution contained in the underwriting agreement entered into in connection with the underwritten public offering are in conflict with the
foregoing provisions, the provisions in the underwriting agreement shall control. 
 (f) The obligations of the Company and
Holders under this Section 1.10 shall survive the completion of any offering of Registrable Securities in a registration statement under this Section 1, and otherwise. 
 1.11 Reports Under the Exchange Act. With a view to making available to the Holders the benefits of Rule 144 promulgated under
the Securities Act and any other rule or regulation of the SEC that may at any time permit a Holder to sell securities of the Company to the public without registration or pursuant to a registration on Form S-3, the Company agrees to: 
 (a) make and keep public information available, as those terms are understood and defined in SEC Rule 144, at all times after 90 days after
the effective date of the first registration statement filed by the Company for the offering of its securities to the general public so long as the Company remains subject to the periodic reporting requirements under Sections 13 or 15(d) of the
Exchange Act; 
 (b) take such action, including the voluntary registration of its Common Stock under Section 12 of the
Exchange Act, as is necessary to enable the Holders to utilize Form S-3 for the sale of their Registrable Securities, such action to be taken as soon as practicable after the end of the fiscal year in which the first registration statement filed by
the Company for the offering of its securities to the general public is declared effective; 
 (c) file with the SEC in a
timely manner all reports and other documents required of the Company under the Securities Act and the Exchange Act; and 
  

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 (d) furnish to any Holder, so long as the Holder owns any Registrable Securities, forthwith
upon request (i) a written statement by the Company that it has complied with the reporting requirements of SEC Rule 144 (at any time after 90 days after the effective date of the first registration statement filed by the Company), the
Securities Act and the Exchange Act (at any time after it has become subject to such reporting requirements), or that it qualifies as a registrant whose securities may be resold pursuant to Form S-3 (at any time after it so qualifies), (ii) a
copy of the most recent annual or quarterly report of the Company and such other reports and documents so filed by the Company, and (iii) such other information as may be reasonably requested in availing any Holder of any rule or regulation of
the SEC which permits the selling of any such securities without registration or pursuant to such form. 
 1.12 Assignment
of Registration Rights. The rights to cause the Company to register Registrable Securities pursuant to this Section 1 may be assigned (but only with all related obligations) by a Holder to a transferee or assignee (i) of at least
500,000 shares of such securities (subject to adjustment for stock splits, stock dividends, reclassification or the like) (or if the transferring Holder owns less than 500,000 shares of such securities, then all Registrable Securities held by the
transferring Holder), (ii) that is a subsidiary, parent, partner, limited partner, retired partner, member, retired member or stockholder of a Holder, (iii) that is an affiliated fund or entity of the Holder, which means with respect to a
limited liability company or a limited liability partnership, a fund or entity managed by the same manager or managing member or general partner or management company or by an entity controlling, controlled by, or under common control with such
manager or managing member or general partner or management company (such a fund or entity, an “Affiliated Fund”), (iv) who is a Holder’s child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling,
mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law (such a relation, a Holder’s “Immediate Family Member”, which term shall include adoptive relationships), or (v) that is a trust
for the benefit of an individual Holder or such Holder’s immediate Family Member, provided the Company is, within a reasonable time after such transfer, furnished with written notice of the name and address of such transferee or assignee and
the securities with respect to which such registration rights are being assigned; and provided, further, that such assignment shall be effective only if the transferee agrees to be bound by this Agreement and immediately following such transfer the
further disposition of such securities by the transferee or assignee is restricted under the Securities Act. For the purposes of determining the number of shares of Registrable Securities held by a transferee or assignee, the holdings of transferees
and assignees of (x) a partnership who are partners or retired partners of such partnership or (y) a limited liability company who are members or retired members of such limited liability company (including Immediate Family Members of such
partners or members who acquire Registrable Securities by gift, will or intestate succession) shall be aggregated together and with the partnership or limited liability company; provided that all assignees and transferees who would not qualify
individually for assignment of registration rights shall have a single attorney-in-fact for the purpose of exercising any rights, receiving notices or taking any action under Section 1. 
 1.13 Limitations on Subsequent Registration Rights. From and after the date of this Agreement, the Company shall not, without
the prior written consent of the Holders of a majority of the outstanding Registrable Securities, enter into any agreement with any holder or prospective holder of any securities of the Company which would allow such holder or prospective holder
(a) to include such securities in any registration filed under Section 1.2

  

 -12- 

 
hereof, unless under the terms of such agreement, such holder or prospective holder may include such securities in any such registration only to the extent that the inclusion of his securities
will not reduce the amount of the Registrable Securities of the Holders which is included or (b) to make a demand registration which could result in such registration statement being declared effective prior to the earlier of either of the
dates set forth in subsection 1.2(a) or within 120 days of the effective date of any registration effected pursuant to Section 1.2. 
 1.14 Lock-Up Agreement. 
 (a) Lock-Up Period;
Agreement. In connection with the initial public offering of the Company’s securities and upon request of the Company or the underwriters managing such offering of the Company’s securities, each Holder 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, however or whenever acquired (other than those included in the registration) without the prior written consent of the Company or such
underwriters, as the case may be, for such period of time (not to exceed 180 days) from the effective date of such registration as may be requested by the Company or such 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. Notwithstanding the foregoing, if the Company agrees to any early release of the lock-up by any similarly bound securityholder, such early release from
the lock-up shall be apportioned pro rata among all securityholders bound by the lock up period, and the Company shall use its best efforts to include in any agreement required by any managing underwriter a similar early release provision.

 (b) Limitations. The obligations described in Section 1.14(a) shall apply only if all officers and
directors of the Company and all two percent security holders enter into similar agreements, and 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 Securities Act. 
 (c) Stop-Transfer Instructions. In order to enforce the foregoing covenants, the
Company may impose stop-transfer instructions with respect to the securities of each Holder (and the securities of every other person subject to the restrictions in Section 1.14(a)). 
 (d) Transferees Bound. Each Holder agrees that prior to the Company’s initial public offering it will not transfer
securities of the Company unless each transferee agrees in writing to be bound by all of the provisions of this Section 1.14. 
 (e) Future Purchasers. The Company shall use its best efforts to have each future holder of capital stock of the Company agree to be bound by similar restrictions on transfer as set forth in this Section 1.14. 

1.15 Termination of Registration Rights. No Holder shall be entitled to exercise any right provided for in this
Section 1 after the earlier of (i) five (5) years following the consummation of a Qualified IPO, (ii) such time as Rule 144 or another similar exemption under the Securities Act is available for the sale of all of such
Holder’s shares during a three-month period without registration or volume limitations, or (iii) upon termination of the Agreement, as provided in Section 3.1. 
  

 -13- 

 2. Covenants of the Company. 
 2.1 Delivery of Financial Statements. The Company shall deliver to each Major Investor (other than a Holder reasonably deemed
by the Company to be a competitor of the Company): 
 (a) as soon as practicable, but in any event within 90 days after the end
of each fiscal year of the Company, an income statement for such fiscal year, a balance sheet of the Company and statement of stockholder’s equity as of the end of such year, and a statement of cash flows for such year, such year-end financial
reports to be in reasonable detail, prepared in accordance with generally accepted accounting principles (“GAAP”) and audited and certified by an independent public accounting firm of nationally recognized standing selected by the
Company; provided, however, that for the year ending December 31, 2007 the Company may instead provide such year-end financial reports in an unaudited form upon the prior approval of a Qualified Board Majority (as defined in the
Company’s Restated Certificate); 
 (b) as soon as practicable, but in any event within 45 days after the end of each of
the first three quarters of each fiscal year of the Company, an unaudited profit or loss statement, a statement of cash flows for such fiscal quarter and an unaudited balance sheet as of the end of such fiscal quarter; 
 (c) within 45 days of the end of each month, an unaudited income statement and a statement of cash flows and balance sheet for and as of
the end of such month, in reasonable detail and the monthly portfolio company tracking report in a form acceptable to the VantagePoint Group and Rho; 
 (d) as soon as practicable, but in any event 30 days prior to the end of each fiscal year, a budget and business plan for the next fiscal year, prepared on a monthly basis and approved by the Board of
Directors, an updated list of all stockholders of the Company that includes the name of each stockholder and the number and class of shares held by each stockholder, and, as soon as prepared, any other budgets or revised budgets prepared by the
Company; and 
 (e) with respect to the financial statements called for in subsections (b) and (c) of this
Section 2.1, an instrument executed by the Chief Financial Officer or President of the Company and certifying that such financials were prepared in accordance with GAAP consistently applied with prior practice for earlier periods (with the
exception of footnotes that may be required by GAAP) and fairly present the financial condition of the Company and its results of operation for the period specified, subject to year-end audit adjustment, provided that the foregoing shall not
restrict the right of the Company to change its accounting principles consistent with GAAP, if a Qualified Board Majority determines that it is in the best interest of the Company to do so. 
 2.2 Inspection; Observer Rights. (a) The Company shall permit each Major Investor (except for a Holder reasonably deemed
by the Company to be a competitor of

  

 -14- 

 
the Company), at such Holder’s expense, to visit and inspect the Company’s properties, to examine its books of account and records and to discuss the Company’s affairs, finances
and accounts with its officers, all at such reasonable times as may be requested by the Investor. 
 (b) The Company shall
invite a representative of Rho and any other Investor purchasing at least 1,625,840 shares of Series D Preferred Stock pursuant to the Purchase Agreement to attend all meetings of its Board of Directors in a nonvoting observer capacity and, in this
respect, shall give such representative copies of all notices, minutes, consents, and other materials that it provides to its directors at the same time and in the same manner as provided to such directors; provided, however, that such
representative shall agree to hold in confidence and trust and to act in a fiduciary manner with respect to all information so provided; and provided further, that the Company reserves the right to withhold any information and to exclude such
representative from any meeting or portion thereof if access to such information or attendance at such meeting could adversely affect the attorney-client privilege between the Company and its counsel or result in disclosure of trade secrets or a
conflict of interest, or if such Investor or its representative is a competitor of the Company or a shareholder or director of a competitor of the Company. 
 2.3 Right of First Offer. Subject to the terms and conditions specified in this Section 2.3, the Company hereby grants to each Major Investor a right of first offer with respect to
future sales by the Company of its Shares (as hereinafter defined). For purposes of this Section 2.3, a “Major Investor” shall also include any general partners, managing members and affiliates of a Major Investor, including
Affiliated Funds. A Major Investor who chooses to exercise the right of first offer may designate as purchasers under such right itself or its partners or affiliates, including Affiliated Funds, in such proportions as it deems appropriate.

 Each time the Company proposes to offer any shares of, or securities convertible into or exercisable for any shares of, any
class of its capital stock (“Shares”), the Company shall first make an offering of such Shares to each Major Investor in accordance with the following provisions: 
 (a) The Company shall deliver a notice (the “RFO Notice”) to the Major Investors stating (i) its bona fide intention
to offer such Shares, (ii) the number of such Shares to be offered, and (iii) the price and terms, if any, upon which it proposes to offer such Shares. 
 (b) Within 15 calendar days after delivery of the RFO Notice, the Major Investor may elect to purchase or obtain, at the price and on the terms specified in the RFO Notice, up to that portion of such
Shares which equals the proportion that the number of shares of Common Stock issued and held, or issuable upon conversion and exercise of all convertible or exercisable securities then held, by such Major Investor bears to the sum of (A) the total
number of shares of Common Stock then outstanding (assuming full conversion and exercise of all convertible or exercisable securities) and (B) shares of Common Stock issuable to employees, consultants or directors pursuant to a stock option
plan, restricted stock plan, or other stock plan approved by a Qualified Board Majority. Such purchase shall be completed at the same closing as that of any third party purchasers or at an additional closing thereunder. The Company shall promptly,
in writing, inform each Major Investor that purchases all the shares

  

 -15- 

 
available to it (each, a “Fully-Exercising Investor”) of any other Major Investor’s failure to do likewise. During the 10-day period commencing after receipt of such
information, each Fully-Exercising Investor shall be entitled to obtain that portion of the Shares for which Major Investors were entitled to subscribe but which were not subscribed for by the Major Investors that is equal to the proportion that the
number of shares of Common Stock issued and held, or issuable upon conversion and exercise of all convertible or exercisable securities then held, by such Fully-Exercising Investor bears to the total number of shares of Common Stock then outstanding
(assuming full conversion and exercise of all convertible or exercisable securities). 
 (c) The Company may, during the 45-day
period following the expiration of the period provided in subsection 2.3(b) hereof, offer the remaining unsubscribed portion of the Shares to any person or persons at a price not less than, and upon terms no more favorable to the offeree than, those
specified in the RFO Notice. If the Company does not enter into an agreement for the sale of the Shares within such period, or if such agreement is not consummated within 60 days of the execution thereof, the right provided hereunder shall be deemed
to be revived and such Shares shall not be offered unless first reoffered to the Major Investors in accordance herewith. 
 (d)
The rights of the holders of Preferred Stock provided in subsection 2.3 hereof may be waived or terminated by the holders of at least a majority of the then outstanding shares of Preferred Stock, voting together as a single class, and at least
sixty-five percent (65%) of the then outstanding shares of Series D Preferred Stock, voting as a separate class. 
 (e)
The right of first offer in this Section 2.3 shall not be applicable to the following: 
 (i) the issuance of securities
pursuant to stock dividends, stock splits or similar transactions under Article IV 4(d)(i) of the Company’s Restated Certificate; 
 (ii) up to 1,348,160 shares of Common Stock issued or issuable to employees, consultants or directors of the Corporation directly or pursuant to a stock option plan or restricted stock plan approved by a
Qualified Board Majority; 
 (iii) capital stock, or options or warrants to purchase capital stock, issued to financial
institutions or lessors in connection with commercial credit arrangements, equipment financings, commercial property lease transactions or similar transactions approved by a Qualified Board Majority; 
 (iv) capital stock, or warrants or options to purchase capital stock, issued in connection with bona fide acquisitions, mergers or similar
transactions, the terms of which are approved by a Qualified Board Majority; 
 (v) the issuance of securities to an entity as
a component of any business relationship with such entity primarily for the purpose of (A) joint venture, technology licensing or development activities, (B) distribution, supply or manufacture of the Company’s products or services or
(C) any other arrangements involving corporate partners that are primarily for purposes other than raising capital, the terms of which business relationship with such entity are approved by a Qualified Board Majority; 
  

 -16- 

 (vi) Securities issuable upon exercise of currently outstanding warrants, notes, or other
rights to acquire securities of the Company; 
 (vii) Shares of Common Stock issued or issuable upon conversion of the
Preferred Stock, including Preferred Stock issued upon the exercise or conversion of outstanding options, warrants or other rights; or 
 (viii) Shares of Common Stock issued in a Qualified IPO. 
 In addition to the foregoing, the right
of first offer in this Section 2.3 shall not be applicable with respect to any Major Investor and any subsequent securities issuance, if (i) at the time of such subsequent securities issuance, the Major Investor is not an “accredited
investor,” as that term is then defined in Rule 501(a) under the Securities Act, and (ii) such subsequent securities issuance is otherwise being offered only to accredited investors; provided, that if an exemption under Regulation S under
the Securities Act is available with respect to such Major Investor, the foregoing limitation shall not be applicable to such Major Investor. 
 2.4 Use of Proceeds. The Company shall use the net proceeds from the sale of the Series D Preferred Stock solely for (i) the Company’s working capital needs consistent with
financial budgets approved by the Board of Directors from time to time, and (ii) to fund the redemption of Common Stock and Series C Preferred Stock by the Company from the Founders and the Series C Holders pursuant to the terms of the Purchase
Agreement. 
 2.5 Directors’ Liability Insurance. Within 90 days from the date hereof, the Company
will obtain, from financially sound and reputable insurers, directors and officers insurance with coverage customary for companies similarly situated to the Company (but not less than $1,000,000). The Company shall, immediately prior to the closing
of the first registration of the Company’s securities, increase the amount of coverage under such policy to at least $10,000,000, except as otherwise decided in accordance with policies adopted by the Company’s Board of Directors,
including the approval of a Qualified Board Majority. The Company will cause to be maintained the directors and officers insurance required by this Section 2.5, except as otherwise decided in accordance with policies adopted by the
Company’s Board of Directors, including the approval of a Qualified Board Majority. Such policy shall not be cancelable by the Company without prior approval of a Qualified Board Majority. 
 2.6 Agreements of Officers and Employees. The Company shall cause each employee of the Company or any of its subsidiaries as
now or hereafter employed and all consultants of the Company or any of its subsidiary to execute and deliver a non-disclosure and proprietary rights agreement (a “Confidentiality and Invention Assignment Agreement”) in form and
substance reasonably satisfactory to the Board of Directors of the Company, and the Company shall not amend or waive any of the provisions of any such Confidentiality and Invention Assignment Agreement in any material respect without the approval of
the Board of Directors. 
  

 -17- 

 2.7 Directors’ Compensation. The Company shall promptly reimburse in full
the Series D Director and the Series B Directors for all reasonable out-of-pocket expenses incurred in attending each meeting of Board of Directors of the Company or any committee thereof. The Series D Director and the Series B Directors shall be
compensated (including without limitation, expense reimbursement, stock options or grants, benefits, and fees) in a manner at least as favorable as any other directors of the Company going forward. 
 2.8 Keeping of Records and Books of Account. The Company shall keep, and cause each of its subsidiaries to keep, adequate
records and books of account, in which complete entries will be made in accordance with generally accepted accounting principles consistently applied, reflecting all financial transactions of the Company and such of its subsidiaries, and in which,
for each fiscal year, all proper reserves for depreciation, depletion, obsolescence, amortization, taxes, bad debts and other purposes in connection with its business shall be made. 
 2.9 Controls. The Company currently maintains and will maintain a system of internal accounting controls sufficient to provide
reasonable assurances that (i) transactions are executed in accordance with management’s general or specific authorizations; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with
generally accepted accounting principles and to maintain accountability for assets; (iii) access to assets is permitted only in accordance with management’s general or specific authorization; and (iv) the recorded accountability for
assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect to any differences. 
 2.10 Employee Stock. Unless otherwise approved by a Qualified Board Majority, the Company shall cause each employee, director and consultant of the Company who is issued any stock, options or other stock equivalents
(collectively, “Employee Stock”) after the date hereof, to enter into an agreement that provides (i) for vesting of such Employee Stock over forty-eight (48) months, with no Employee Stock being vested for twelve
(12) months from the date of issuance or grant, as the case may be, at which time 25% of such Employee Stock shall be vested, and the remaining Employee Stock shall vest in equal monthly installments over the next 36 months; (ii) for the
Company’s right of repurchase of the unvested portion of such Employee Stock at cost in the event the holder’s employment with or service to the Company terminates with or without cause; (iii) for the holder to agree to a market
standoff requested by the Company or the underwriters of any public offering of the Company’s securities, substantially as set forth in Section 1.14; (iv) for the Company’s right of first refusal to repurchase such Employee Stock
in the event of any proposed transfer or sale of such Employee Stock. In addition, unless a Qualified Board Majority agree otherwise, the Employee Stock shall not contain any acceleration upon the occurrence of any event. 
 2.11 Committees. The Series D Director and at least one of the Series B Directors shall have the right to be a member of each
committee established by the Board of Directors. 
  

 -18- 

 2.12 Termination of Covenants. 
 (a) The covenants set forth in Sections 2.1 through Section 2.11 shall terminate as to each Holder and be of no further force or effect
(i) immediately prior to the consummation of a Qualified IPO, or (ii) upon termination of the Agreement, as provided in Section 3.1. 
 (b) The covenants set forth in Sections 2.1 and 2.2 shall terminate as to each Holder and be of no further force or effect when the Company first becomes subject to the periodic reporting requirements of
Sections 13 or 15(d) of the Exchange Act, if this occurs earlier than the events described in Section 2.12(a) above. 
 3.
Miscellaneous. 
 3.1 Termination. This Agreement shall terminate, and have no further force and
effect, when the Company consummates a Liquidation Transaction. 
 3.2 Entire Agreement. This Agreement
constitutes the entire agreement between the parties hereto pertaining to the subject matter hereof, and any and all other written or oral agreements relating to the subject matter hereof existing between the parties hereto are expressly canceled.

 3.3 Successors and Assigns. Except as otherwise provided in this Agreement, the terms and conditions of this
Agreement shall inure to the benefit of and be binding upon the respective permitted successors and assigns of the parties (including transferees of any of the Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock, or any
Common Stock issued upon conversion thereof). Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and assigns any rights, remedies, obligations, or
liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. 
 3.4 Amendments and
Waivers. Any term of this Agreement may be amended or waived only with the written consent of the Company and the holders of a majority of the Registrable Securities then outstanding and a Qualified Board Majority; provided however that
(A) any amendment or waiver relating to Section 2.3(d) above shall require the prescribed consent of holders of the Preferred Stock as set forth therein and (B) if any amendment or waiver which would or which would be reasonably
likely to affect a party hereto disproportionately or directly or indirectly take away or alter the rights of such party, then such party’s consent shall also be required to effect any such amendment or waiver; provided, further, that if such
amendment or waiver has the effect of affecting the Founders’ Stock (i) in a manner different than securities issued to the Investors and (ii) in a manner adverse to the interests of the holders of the Founders’ Stock, then such
amendment shall require the consent of the holder or holders of a majority of the Founders’ Stock. Any amendment or waiver effected in accordance with this paragraph shall be binding upon each party to the Agreement, whether or not such party
has signed such amendment or waiver, each future holder of all such Registrable Securities, and the Company. 
 3.5
Notices. Unless otherwise provided, any notice required or permitted by this Agreement shall be in writing and shall be deemed sufficient upon delivery, when delivered

  

 -19- 

 
personally or by overnight courier or sent by facsimile, or 48 hours after being deposited in the U.S. mail, as certified or registered mail, with postage prepaid, and addressed to the party to
be notified at such party’s address or facsimile number as set forth on the Exhibits hereto or as subsequently modified by written notice. 
 3.6 Severability. If one or more provisions of this Agreement are held to be unenforceable under applicable law, the parties agree to renegotiate such provision in good faith. In the event
that the parties cannot reach a mutually agreeable and enforceable replacement for such provision, then (a) such provision shall be excluded from this Agreement, (b) the balance of the Agreement shall be interpreted as if such provision
were so excluded and (c) the balance of the Agreement shall be enforceable in accordance with its terms. 
 3.7
Governing Law. This Agreement and any controversy arising out of or relating to this Agreement shall be governed by and construed in accordance with the General Corporation Law of the State of Delaware as to matters within the scope
thereof, and as to all other matters shall be governed by and construed in accordance with the internal laws of the State of California, without regard to conflict of law principles that would result in the application of any law other than the law
of the State of California. 
 3.8 Counterparts. This Agreement may be executed in two or more counterparts, each
of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
 3.9
Titles and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement. 
 3.10 Aggregation of Stock. All shares of the Preferred Stock held or acquired by affiliated entities or persons shall be
aggregated together for the purpose of determining the availability of any rights under this Agreement. 
 3.11 Dispute
Resolution. In the event of any dispute arising out of or relating to this Agreement, such dispute shall be resolved solely and exclusively by confidential binding arbitration with the Los Angeles branch of JAMS (“JAMS”) to
be governed by JAMS’ Commercial Rules of Arbitration then applicable (the “JAMS Rules”) and heard before one arbitrator. The parties shall attempt to mutually select the arbitrator. In the event they are unable to mutually
agree, the arbitrator shall be selected by the procedures prescribed by the JAMS Rules. Each party shall bear its own attorneys’ fees, expert witness fees, and costs incurred in connection with any arbitration. 
 3.12 Waiver of Jury Trial. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY
LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY AND AGREES TO THE ARBITRATION PROVISION CONTAINED IN SECTION 3.11. 
 3.13 Amendment of Prior Agreement. Effective and contingent upon execution of this Agreement by the Company and holders of at least a majority of the Registrable

  

 -20- 

 
Securities outstanding (as defined in the Prior Agreement), and upon closing of the transactions contemplated by the Purchase Agreement, the Prior Agreement is hereby amended and restated in its
entirety to read as set forth in this Agreement, and the Company, the Founders and the Investors hereby agree to be bound by the provisions hereof as the sole agreement of the Company, the Founders and the Investors with respect to the matters set
forth herein. 
 [Signature Page Follows] 
  

 -21- 

 The parties have executed this Second Amended and Restated Investors’ Rights Agreement
as of the date first above written. 
  

			
	COMPANY:
	
	REACHLOCAL, INC.

			
		
	By:	 	 /s/ Zorik Gordon

			
	Name:	 	Zorik Gordon
	Title:	 	President
	
	INVESTORS:
	
	RHO VENTURES V, L.P.
	By:	 	RMV V, L.L.C., its General Partner
	By:	 	Rho Capital Partners LLC, its Managing Member

			
		
	By:	 	  

			
	Name:	 	
	Title:	 	
	
	RHO VENTURES V AFFILIATES, L.L.C.
	By:	 	RMV V, L.L.C., its General Partner
	By:	 	Rho Capital Partners LLC, its Managing Member

			
		
	By:	 	  

			
	Name:	 	
	Title:	 	
	
	EUROPEAN FOUNDERS FUND GMBH

			
		
	By:	 	  

			
	Name:	 	
	Title:	 	

 INVESTOR RIGHTS AGREEMENT 

 The parties have executed this Second Amended and Restated Investors’ Rights Agreement
as of the date first above written. 
  

			
	COMPANY:
	
	REACHLOCAL, INC.

			
		
	By:	 	  

			
	Name:	 	Zorik Gordon
	Title:	 	President
	
	INVESTORS:
	
	RHO VENTURES V, L.P.
	By:	 	RMV V, L.L.C., its General Partner
	By:	 	Rho Capital Partners LLC, its Managing Member

			
		
	By:	 	 /s/ Jeffrey I. Martin

			
	Name:	 	Jeffrey I. Martin
	Title:	 	Attorney-In-Fact
	
	RHO VENTURES V AFFILIATES, L.L.C.
	By:	 	RMV V, L.L.C., its General Partner
	By:	 	Rho Capital Partners LLC, its Managing Member

			
		
	By:	 	 /s/ Jeffrey I. Martin

			
	Name:	 	Jeffrey I. Martin
	Title:	 	Attorney-In-Fact
	
	EUROPEAN FOUNDERS FUND GMBH

			
		
	By:	 	  

			
	Name:	 	
	Title:	 	

 INVESTOR RIGHTS AGREEMENT 

 The parties have executed this Second Amended and Restated Investors’ Rights Agreement
as of the date first above written. 
  

			
	COMPANY:
	
	REACHLOCAL, INC.

			
		
	By:	 	  

			
	Name:	 	Zorik Gordon
	Title:	 	President
	
	INVESTORS:
	
	RHO VENTURES V, L.P.
	By:	 	RMV V, L.L.C., its General Partner
	By:	 	Rho Capital Partners LLC, its Managing Member

			
		
	By:	 	  

			
	Name:	 	
	Title:	 	
	
	RHO VENTURES V AFFILIATES, L.L.C.
	By:	 	RMV V, L.L.C., its General Partner
	By:	 	Rho Capital Partners LLC, its Managing Member

			
		
	By:	 	  

			
	Name:	 	
	Title:	 	
	
	EUROPEAN FOUNDERS FUND GMBH

			
		
	By:	 	 /s/ Oliver Samwer

			
	Name:	 	Oliver Samwer
	Title:	 	MANAGING DIRECTOR
		 	EUROPEAN FOUNDERS FUND GMBH

 INVESTOR RIGHTS AGREEMENT 

			
	 INVESTORS (cont.):
  
 VANTAGEPOINT VENTURE PARTNERS III (Q), L.P.

	
	By: VantagePoint Venture Associates III, L.L.C., its General Partner
		
	By:	 	 /s/ Alan E. Salzman

	Name:	 	Alan E. Salzman
	Title:	 	Managing Member
	
	VANTAGEPOINT VENTURE PARTNERS III, L.P.
	
	By: VantagePoint Venture Associates III, L.L.C., its General Partner
		
	By:	 	 /s/ Alan E. Salzman

	Name:	 	Alan E. Salzman
	Title:	 	Managing Member
	
	VANTAGEPOINT VENTURE PARTNERS IV (Q), L.P.
	
	By: VantagePoint Venture Associates IV, L.L.C., its General Partner
		
	By:	 	 /s/ Alan E. Salzman

	Name:	 	Alan E. Salzman
	Title:	 	Managing Member
	
	VANTAGEPOINT VENTURE PARTNERS IV, L.P.
	
	By: VantagePoint Venture Associates IV, L.L.C., its General Partner
		
	By:	 	 /s/ Alan E. Salzman

	Name:	 	Alan E. Salzman
	Title:	 	Managing Member

 INVESTOR RIGHTS AGREEMENT 

  

			
	INVESTORS (cont.):
	
	VANTAGEPOINT VENTURE PARTNERS IV PRINCIPALS FUND, L.P.
	
	By: VantagePoint Venture Associates IV, L.L.C., its General Partner
		
	By:	 	 /s/ Alan E. Salzman

	Name:	 	Alan E. Salzman
	Title:	 	Managing Member
	
	GALLEON SPECIAL OPPORTUNITIES FUND, SPC LTD., GALLEON CROSSOVER PORTFOLIO
	
	By: Galleon Special Opportunities Master, LLC
		
	By:	 	  

	Name	 	Raj Rajaratnam
	Title:	 	Managing Member
	
	AVTZIM LLC
		
	By:	 	  

	Name:	 	
	Title:	 	Managing Member

 INVESTOR RIGHTS AGREEMENT 

  

			
	INVESTORS (cont.):
	
	 VANTAGEPOINT VENTURE PARTNERS IV
 PRINCIPALS FUND, L.P.

	
	By: VantagePoint Venture Associates IV, L.L.C., its General Partner
		
	By:	 	  

	Name:	 	
	Title:	 	Managing Member
	
	GALLEON SPECIAL OPPORTUNITIES FUND, SPC LTD., GALLEON CROSSOVER PORTFOLIO
	
	By: Galleon Special Opportunities Master, LLC
		
	By:	 	 /s/ Raj Rajaratnam

	Name	 	Raj Rajaratnam
	Title:	 	Managing Member
	
	AVTZIM LLC
		
	By:	 	  

	Name:	 	
	Title:	 	Managing Member

 INVESTOR RIGHTS AGREEMENT 

			
	INVESTORS (cont.):
	
	VANTAGEPOINT VENTURE PARTNERS IV PRINCIPALS FUND, L.P.
	
	By: VantagePoint Venture Associates IV, L.L.C., its General Partner
		
	By:	 	  

	Name:	 	
	Title:	 	Managing Member
	
	GALLEON SPECIAL OPPORTUNITIES FUND, SPC LTD., GALLEON CROSSOVER PORTFOLIO
	
	By: Galleon Special Opportunities Master, LLC
		
	By:	 	 /s/ Raj Rajaratnam

	Name	 	Raj Rajaratnam
	Title:	 	Managing Member
	
	AVTZIM LLC
		
	By:	 	 /s/ Elisha Gilboa

	Name:	 	Elisha Gilboa
	Title:	 	Managing Member

 INVESTOR RIGHTS AGREEMENT 

			
	FOUNDERS:
	
	 /s/ Michael Kline

	Michael Kline
	
	 /s/ Robert Wright

	Robert Wright
	
	 /s/ Robert Spitz

	Robert Spitz
	
	GORDON FAMILY REVOCABLE TRUST
		
	By:	 	 /s/ Zorik Gordon

	Name:	 	Zorik Gordon
	Title:	 	Trutee
		
	By:	 	 /s/ Ilana P. Gordon

	Name:	 	Ilana P. Gordon
	Title:	 	Trustee

 INVESTOR RIGHTS AGREEMENT 

			
	FOUNDERS:
	
	  

	Michael Kline
	
	  

	Robert Wright
	
	  

	Robert Spitz
	
	GORDON FAMILY REVOCABLE TRUST
		
	By:	 	  

	Name:	 	Zorik Gordon
	Title:	 	Trutee
		
	By:	 	 /s/ Ilana P. Gordon

	Name:	 	Ilana P. Gordon
	Title:	 	Trustee

 INVESTOR RIGHTS AGREEMENT 

 EXHIBIT A 
 Name and Address of 
 Series A Holders

 AVTZIM LLC 
 11022 Santa Monica Blvd., Suite 360 
 Los Angeles, CA 90025 

 EXHIBIT B 
 Name and Address of 
 Series B Holders

 VantagePoint Venture Partners III(Q), L.P. 
 c/o VantagePoint Venture Partners 
 1001 Bayhill Drive, Suite 300 
 San Bruno, CA 94066 
 VantagePoint Venture Partners III, L.P. 
 c/o VantagePoint Venture Partners 
 1001 Bayhill Drive, Suite 300 
 San Bruno, CA 94066 
 VantagePoint Venture Partners IV(Q), L.P. 
 c/o VantagePoint Venture Partners 
 1001 Bayhill Drive, Suite
300 
 San Bruno, CA 94066 
 VantagePoint Venture Partners IV, L.P. 
 c/o VantagePoint Venture Partners

 1001 Bayhill Drive, Suite 300 
 San Bruno, CA 94066 
 VantagePoint Venture Partners IV Principals Fund, L.P.

 c/o VantagePoint Venture Partners 
 1001 Bayhill Drive, Suite 300 
 San Bruno, CA 94066 
  

 EXHIBIT C 
 Name and Address of 
 Series C Holders

 European Founders Fund GmbH 
 Lindenallee 45, 
 50968 Cologne, Germany 
 (with a copy to: 
 European Founders Fund GmbH, 
 Seeuferstrasse 25, 
 82541 Ambach, Germany) 
 VantagePoint Venture Partners III(Q),
L.P. 
 c/o VantagePoint Venture Partners 
 1001 Bayhill Drive, Suite 300 
 San Bruno, CA 94066 
 VantagePoint Venture Partners III, L.P. 
 c/o VantagePoint Venture Partners 
 1001 Bayhill Drive, Suite 300 
 San Bruno, CA 94066 
 VantagePoint Venture Partners IV(Q), L.P. 
 c/o VantagePoint Venture Partners 
 1001 Bayhill Drive, Suite 300 
 San Bruno, CA 94066 
 VantagePoint Venture Partners IV, L.P. 
 c/o VantagePoint Venture Partners 
 1001 Bayhill Drive, Suite
300 
 San Bruno, CA 94066 
 VantagePoint Venture Partners IV Principals Fund, L.P. 
 c/o VantagePoint Venture
Partners 
 1001 Bayhill Drive, Suite 300 
 San Bruno, CA 94066 

 EXHIBIT D 
 Name and Address of 
 Series D Holders

 Rho Ventures V, L.P. 
 c/o Rho Capital Partners, Inc. 
 152 West 57th Street, 23rd Floor 
 New York, NY 100019 
 Rho Ventures V Affiliates, L.L.C. 
 c/o Rho Capital Partners, Inc. 
 152 West 57th Street, 23rd Floor 
 New York, NY 100019 
 VantagePoint Venture Partners III(Q), L.P. 
 c/o VantagePoint Venture Partners 
 1001 Bayhill Drive, Suite 300 
 San Bruno, CA 94066 
 VantagePoint Venture Partners III, L.P. 
 c/o VantagePoint Venture Partners 
 1001 Bayhill Drive, Suite 300 
 San Bruno, CA 94066 
 VantagePoint Venture Partners IV(Q), L.P. 
 c/o VantagePoint Venture Partners 
 1001 Bayhill Drive, Suite 300 
 San Bruno, CA 94066 
 VantagePoint Venture Partners IV, L.P. 
 c/o VantagePoint Venture Partners 
 1001 Bayhill Drive, Suite
300 
 San Bruno, CA 94066 
 VantagePoint Venture Partners IV Principals Fund, L.P. 
 c/o VantagePoint Venture
Partners 
 1001 Bayhill Drive, Suite 300 
 San Bruno, CA 94066 
 Galleon Special Opportunities Fund, SPC Ltd., Galleon
Crossover Portfolio 
 590 Madison Ave., 34th Flr. 
 New York, NY 10022 
 Attention: Jeffery S. Kim 

 EXHIBIT E 
 Name and Address of 
 Founders 
 Gordon Family Revocable Trust 
 4243 Louise Avenue 
 Encino, CA 91316 
 Attention: Zorik & Ilana P. Gordon, Trustees 
 Michael Kline 
 c/o ReachLocal, Inc. 
 17835 Ventura Blvd. 
 Encino, CA 91316 
 Robert Wright 
 c/o ReachLocal, Inc. 
 17835 Ventura Blvd. 
 Encino, CA 91316 
 Robert Spitz 
 c/o ReachLocal, Inc. 
 17835 Ventura Blvd. 
 Encino, CA 91316 

 FIRST AMENDMENT TO 
 SECOND AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 
 This FIRST AMENDMENT TO SECOND AMENDED AND RESTATED INVESTORS’ RlGHTS AGREEMENT (this “Amendment”) is made as of May    , 2008, by and among ReachLocal, Inc., a
Delaware corporation (the “Corporation”), the holders of the Corporation’s Series A Referred Stock (the “Series A Holders”) listed on Exhibit A to this Amendment, the holders of Corporation’s Series
B-1 Preferred Stock and Series B-2 Preferred Stock (collectively, the “Series B Holders”) listed on Exhibit B to this Amendment, the holders of the Corporation’s Series C Preferred Stock (the “Series C
Holders”) listed on Exhibit C to this Amendment, the holders of the Corporation’s Series D Preferred Stock (the “Series D Holders”) listed on Exhibit D to this Amendment, and the holders
of the Corporation’s Common Stock (the “Founders”) listed on Exhibit E to this Amendment (together the Series A Holders, the Series B Holders, the Series C Holders, the Series D Holders and the Founders are referred to
as the “Consenting Holders”). This Amendment amends that certain Second Amended and Restated Investors’ Rights Agreement, dated as of September 17, 2007 (the “Agreement”), among the Corporation, the Investors
party thereto and the Founders, including the Consenting Holders. Unless otherwise expressly set forth in this Amendment, all terms and conditions of the Agreement shall remain in full force and effect and all defined terms used herein shall, unless
otherwise provided, have the meanings given to such terms in the Agreement. 
 RECITALS 
 WHEREAS, the Corporation, the Founders and the Investors entered into the Agreement in order to provide the Corporation, the
Investors and the Founders with certain rights and obligations in respect of one another; 
 WHEREAS, the Corporation
desires to amend the Agreement to increase the maximum numbers of shares of Common Stock that can be made subject to stock options or issued as restricted stock under to an approved stock incentive plan without triggering the right of first offer
contained in the Agreement; 
 WHEREAS, Section 3.4 of the Agreement provides that the Agreement may be amended upon
the written consent of the Corporation and the holders of a majority of the Registrable Securities then outstanding and the approval of a Qualified Board Majority; 
 WHEREAS, a Qualified Board Majority has approved this Amendment and the Consenting Holders hold an aggregate of [            ] shares of
the Registrable Securities, which represents a majority of the Registrable Securities. 
 NOW, THEREFORE, in
consideration of the mutual promises and covenants hereinafter set forth, the Corporation and the Consenting Holders hereby agree as follows. 
 AGREEMENTS 
 1. The reference to “1,348,160” in Section
2.3(e)(ii) of the Agreement is hereby deleted and replaced by “2,671,350.” 

 2. All terms of and rights under this Amendment shall be governed by and construed in
accordance with the General Corporation Law of the State of Delaware as to matters within the scope thereof, and as to all other matters shall be governed by and construed in accordance with the internal laws of the State of California, without
regard to conflict of law principles that would result in the application of any law other than the law of the State of California. 
 3. This Amendment may be executed by facsimile signature and in two or more counterparts, each of which shall constitute an original, but all of which, when taken together, shall constitute but one instrument. This Amendment shall become
effective when one or more counterparts have been signed by each party hereto and delivered to the other parties. 
 [Remainder of this page intentionally left blank; signature pages follow] 
  

 2 

 IN WITNESS WHEREOF, this Agreement is entered into as of the date first above written.

  

			
	CORPORATION:
	
	REACHLOCAL, INC.
		
	By:	 	 /s/ Zorik Gordon

	Name:	 	Zorik Gordon
	Title:	 	President

 FIRST AMENDMENT TO SECOND AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT

			
	 CONSENTING HOLDERS:
  
 RHO VENTURES V, L.P.

		
	By:	 	RMV V, L.L.C., its General Partner
	By:	 	Rho Capital Partners LLC, its Managing Member
		
	By:	 	 /s/ Habib Kairouz

	Name:	 	Habib Kairouz
	Title:	 	Managing Member
	
	RHO VENTURES V AFFILIATES, L.L.C.
		
	By:	 	RMV V, L.L.C., its General Partner
	By:	 	Rho Capital Partners LLC, its Managing Member
		
	By:	 	 /s/ Habib Kairouz

	Name:	 	Habib Kairouz
	Title:	 	Managing Member
	
	EUROPEAN FOUNDERS FUND GMBH
		
	By:	 	  

	Name:	 	
	Title:	 	

 FIRST AMENDMENT TO SECOND AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT

			
	CONSENTING HOLDERS (cont.):
	
	VANTAGEPOINT VENTURE PARTNERS III (Q), L.P.
		
	By:	 	VantagePoint Venture Associates III, L.L.C.,
		 	its General Partner
		
	By:	 	 /s/ Alan E. Salzman

	Name:	 	Alan E. Salzman
	Title:	 	Managing Member
	
	VANTAGEPOINT VENTURE PARTNERS III, L.P.
		
	By:	 	VantagePoint Venture Associates III, L.L.C.,
		 	its General Partner
		
	By:	 	 /s/ Alan E. Salzman

	Name:	 	Alan E. Salzman
	Title:	 	Managing Member
	
	VANTAGEPOINT VENTURE PARTNERS IV (Q), L.P.
		
	By:	 	VantagePoint Venture Associates IV, L.L.C.,
		 	its General Partner
		
	By:	 	 /s/ Alan E. Salzman

	Name:	 	Alan E. Salzman
	Title:	 	Managing Member
	
	VANTAGEPOINT VENTURE PARTNERS IV, L.P.
		
	By:	 	VantagePoint Venture Associates IV, L.L.C.,
		 	its General Partner
		
	By:	 	 /s/ Alan E. Salzman

	Name:	 	Alan E. Salzman
	Title:	 	Managing Member

 FIRST AMENDMENT TO SECOND AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT

			
	CONSENTING HOLDERS (cont.):
	
	VANTAGEPOINT VENTURE PARTNERS IV
	PRINCIPAL FUND, L.P.
		
	By:	 	VantagePoint Venture Associates IV, L.L.C.,
		 	its General Partner
		
	By:	 	 /s/ Alan E. Salzman

	Name:	 	Alan E. Salzman
	Title:	 	Manager Member

 FIRST AMENDMENT TO SECOND AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT

			
	CONSENTING HOLDERS (cont.):
	
	GALLEON SPECIAL OPPORTUNITIES FUND,
	SPC LTD., GALLEON CROSSOVER PORTFOLIO
		
	By:	 	Galleon Special Opportunities Master, LLC
		
	By:	 	  

	Name:	 	Raj Rajaratnam
	Title:	 	Managing Member
	
	AVTZIM LLC
		
	By:	 	  

	Name:	 	
	Title:	 	Managing Member

 FIRST AMENDMENT TO SECOND AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT

  

			
	FOUNDERS:
	
	 /s/ Michael Kline

	Michael Kline
	
	 /s/ Robert Wright

	Robert Wright
	
	 /s/ Robert Spitz

	Robert Spitz
	
	GORDON FAMILY REVOCABLE TRUST
		
	By:	 	 /s/ Zorik Gordon

	Name:	 	Zorik Gordon
	Title:	 	Trustee
		
	By:	 	 /s/ Ilana P. Gordon

	Name:	 	Ilana P. Gordon
	Title:	 	Trustee

 FIRST AMENDMENT TO SECOND AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT

 REACHLOCAL, INC. 
 SECOND AMENDMENT TO 
 SECOND AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 
 This Second Amendment to Second Amended and Restated Investors’ Rights
Agreement (this “Amendment”) is hereby is made and entered into as of April [    ], 2009 by and among ReachLocal, Inc., a Delaware corporation (the “Company”), the holders of Series A Preferred
Stock of the Company (the “Series A Holders”) listed on Exhibit A to this Amendment, the holders of Series B-l Preferred Stock and Series B-2 Preferred Stock of the Company (collectively, the “Series B
Holders”) listed on Exhibit B to this Amendment, the holders of Series C Preferred Stock of the Company or Common Stock issued upon conversion of Series C Preferred Stock of the Company (the “Series C Holders”)
listed on Exhibit C to this Amendment, the holders of Series D Preferred Stock of the Company (the “Series D Holders”) listed on Exhibit D to this Amendment (together with the Series A Holders, the Series B Holders and
the Series C Holders, the “Investors”) and the holders of Common Stock of the Company (the “Founders”) listed on Exhibit E to this Amendment. Capitalized terms used herein and not otherwise defined shall have
the meanings ascribed to such terms in the Agreement (as defined below). 
 RECITALS 
  

	 	A.	Reference is made to that certain Second Amended and Restated Investors’ Rights Agreement, dated as of September 17, 2007 (as amended, restated or otherwise
modified, the “Agreement”) by and among the Company, the Founders and the Investors, as amended by that certain First Amendment, dated as of July 11, 2008. 

  

	 	B.	The Company desires to amend the Agreement to increase the maximum number of shares of Common Stock that can be made subject to stock options or issued as restricted
stock under to an approved stock incentive plan without triggering the right of first offer contained in the Agreement. 

  

	 	C.	In accordance with Section 3.4 of the Agreement, a Qualified Board Majority, has approved this Amendment. 

  

	 	D.	Each of the parties hereto desires to amend the Agreement in as set forth herein. 

 AGREEMENTS 
 In consideration of the mutual promises herein
contained, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: 
  

	 	1.	Amendment of Section 2.3(e)(ii) – “Right of First Offer”. Section 2.3(e)(ii) of the Agreement is hereby amended and restated in
its entirety as follows: 

 “(ii) up to the sum of (x) 3,371,350 shares of Common
Stock (the “Cap,”) and (y) any shares of
Common Stock subject to awards under the ReachLocal, Inc. 2004 Stock Plan which, on or after July 11, 2008, terminate, expire, lapse for any reason to the holder thereof (in the case of clauses (x) and (y), subject to appropriate
adjustment in the event of any stock dividend, stock split, subdivision or similar recapitalization affecting such shares), issued or issuable to employees, consultants or directors of the Corporation directly or pursuant to a stock option plan or
restricted stock plan approved by a Qualified Board Majority (provided that the Cap shall not preclude the re-issuance of Common Stock available as the result of (a) any options that expire or terminate unexercised or (b) any restricted
stock repurchased by the Company at cost);” 

	 	2.	No Amendment. Except to the extent specifically amended or modified hereby, the provisions of the Agreement shall not be amended, modified, impaired or otherwise
affected hereby, and the Agreement is hereby ratified and confirmed in all respects and shall remain in full force and effect, as amended hereby. 

  

	 	3.	Governing Law. This Amendment and any controversy arising out of or relating to this Amendment shall be governed by and construed in accordance with the General
Corporation Law of the State of Delaware as to matters within the scope thereof, and as to all other matters shall be governed by and construed in accordance with the internal laws of the State of California, without regard to conflict of law
principles that would result in the application of any law other than the law of the State of California. 

  

	 	4.	Counterparts. This Amendment may be executed in two or more counterparts, each of which shall be deemed an original and all of which together shall constitute
one instrument. 

  

	 	5.	Severability. If any provision of this Amendment shall be deemed to be invalid, void or illegal, such provision shall be construed and amended in a manner which
would permit its enforcement, but in no event shall such provision affect, impair or invalidate any other provision hereof. 

 [Signature Page Follows] 

 The parties have executed this Second Amendment to the Second Amended and Restated
Investors’ Rights Agreement as of the date first above written. 
  

			
	 COMPANY:

	
	REACHLOCAL, INC.
		
	By:	 	 /s/ Zorik Gordon

	Name:	 	Zorik Gordon
	Title:	 	President
	
	 INVESTORS:

	
	RHO VENTURES V, L.P.
	By:	 	RMV V, L.L.C., its General Partner
	By:	 	Rho Capital Partners LLC, its Managing Member
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	RHO VENTURES V AFFILIATES, L.L.C.
	By:	 	RMV V, L.L.C., its General Partner
	By:	 	Rho Capital Partners LLC, its Managing Member
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	EUROPEAN FOUNDERS FUND GMBH
		
	By:	 	  

	Name:	 	
	Title:	 	

 SECOND AMENDMENT TO SECOND AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT

 The parties have executed this Second Amendment to the Second Amended and Restated
Investors’ Rights Agreement as of the date first above written. 
  

			
	COMPANY:
	
	REACHLOCAL, INC.
		
	By:	 	  

	Name:	 	Zorik Gordon
	Title:	 	President
	
	INVESTORS:
	
	RHO VENTURES V, L.P.
	By:	 	RMV V, L.L.C., its General Partner
	By:	 	Rho Capital Partners LLC, its Managing Member
		
	By:	 	 /s/ Jeffrey I. Martin

	Name:	 	Jeffrey I. Martin
	Title:	 	Attorney-In-Fact
	
	RHO VENTURES V AFFILIATES, L.L.C.
	By:	 	RMV V, L.L.C., its General Partner
	By:	 	Rho Capital Partners LLC, its Managing Member
		
	By:	 	 /s/ Jeffrey I. Martin

	Name:	 	Jeffrey I. Martin
	Title:	 	Attorney-In-Fact
	
	EUROPEAN FOUNDERS FUND GMBH
		
	By:	 	  

	Name:	 	
	Title:	 	

 SECOND AMENDMENT TO SECOND AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT

 The parties have executed this Second Amendment to the Second Amended and Restated
Investors’ Rights Agreement as of the date first above written. 
  

			
	 COMPANY:
  
 REACHLOCAL, INC.

		
	By:	 	 
	 Name:
 Title:
	 	 Zorik Gordon
 President

  

			
	 INVESTORS:
  
 RHO VENTURES V, L.P.
 By: RMV V, L.L.C., its General
Partner
 By: Rho Capital Partners LLC, its Managing Member

		
	By:	 	 
	 Name:
 Title:
	 	

  

			
	 RHO VENTURES V AFFILIATES, L.L.C.
 By: RMV V, L.L.C., its General Partner
 By: Rho Capital Partners LLC, its Managing
Member

		
	By:	 	 
	 Name:
 Title:
	 	

  

			
	 EUROPEAN FOUNDERS FUND GMBH

		
	By:	 	/s/ Oliver Samwer
	 Name:
 Title:
	 	 Oliver Samwer
 Managing
Director

  
 SECOND AMENDMENT TO SECOND AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT 

			
	 INVESTORS (cont.):

	
	VANTAGEPOINT VENTURE PARTNERS III (Q), L.P.
	
	 By: VantagePoint Venture Associates III, L.L.C., its
 General Partner

		
	By:	 	 /s/ Alan E. Salzman

	Name:	 	Alan E. Salzman
	Title:	 	Managing Member
	
	VANTAGEPOINT VENTURE PARTNERS III, L.P.
	
	 By: VantagePoint Venture Associates III, L.L.C., its
 General Partner

		
	By:	 	 /s/ Alan E. Salzman

	Name:	 	Alan E. Salzman
	Title:	 	Managing Member
	
	VANTAGEPOINT VENTURE PARTNERS IV (Q), L.P.
	
	 By: VantagePoint Venture Associates IV, L.L.C., its
 General Partner

		
	By:	 	 /s/ Alan E. Salzman

	Name:	 	Alan E. Salzman
	Title:	 	Managing Member
	
	VANTAGEPOINT VENTURE PARTNERS IV, L.P.
	
	 By: VantagePoint Venture Associates IV, L.L.C., its
 General Partner

		
	By:	 	 /s/ Alan E. Salzman

	Name:	 	Alan E. Salzman
	Title:	 	Managing Member

 SECOND AMENDMENT TO SECOND AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT

			
	INVESTORS (cont.):
	
	VANTAGEPOINT VENTURE PARTNERS IV PRINCIPALS FUND, L.P.
	
	 By: VantagePoint Venture Associates IV, L.L.C,
 its General Partner

		
	By:	 	 /s/ Alan E. Salzman

	Name:	 	Alan E. Salzman
	Title:	 	Managing Member
	
	GALLEON SPECIAL OPPORTUNITIES FUND, SPC LTD., GALLEON CROSSOVER PORTFOLIO
	
	By: Galleon Special Opportunities Master, LLC
		
	By:	 	  

	Name:	 	Raj Rajaratnam
	Title:	 	Managing Member
	
	AVTZIM LLC
		
	By:	 	  

	Name:	 	
	Title:	 	Managing Member

 SECOND AMENDMENT TO SECOND AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT

			
	INVESTORS (cont.):
	
	VANTAGEPOINT VENTURE PARTNERS IV PRINCIPALS FUND, L.P.
	
	 By: VantagePoint Venture Associates IV, L.L.C,
 its General Partner

		
	By:	 	  

	Name:	 	
	Title:	 	Managing Member
	
	GALLEON SPECIAL OPPORTUNITIES FUND, SPC LTD., GALLEON CROSSOVER PORTFOLIO
	
	By: Galleon Special Opportunities Master, LLC
		
	By:	 	 /s/ Kris Chellam

	Name:	 	Kris Chellam
	Title:	 	Managing Member
	
	AVTZIM LLC
		
	By:	 	  

	Name:	 	
	Title:	 	Managing Member

 SECOND AMENDMENT TO SECOND AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT

			
	FOUNDERS:
	
	 /s/ Michael Kline

	Michael Kline
	
	 /s/ Robert Wright

	Robert Wright
	
	 /s/ Robert Spitz

	Robert Spitz
	
	GORDON FAMILY REVOCABLE TRUST
		
	By:	 	 /s/ Zorik Gordon

	Name:	 	Zorik Gordon
	Title:	 	Trustee
		
	By:	 	 /s/ Ilana P. Gordon

	Name:	 	Ilana P. Gordon
	Title:	 	Trustee

 SECOND AMENDMENT TO SECOND AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT

 EXHIBIT A 
 Name and Address of 
 Series A Holders

 AVTZIM LLC 
 11022 Santa Monica Blvd., Suite 360 
 Los Angeles, CA 90025 

 EXHIBIT B 
 Name and Address of 
 Series B Holders

 VantagePoint Venture Partners III(Q), L.P. 
 c/o VantagePoint Venture Partners 
 1001 Bayhill Drive, Suite 300 
 San Bruno, CA 94066 
 VantagePoint Venture Partners III, L.P. 
 c/o VantagePoint Venture Partners 
 1001 Bayhill Drive, Suite 300 
 San Bruno, CA 94066 
 VantagePoint Venture Partners IV(Q), L.P. 
 c/o VantagePoint Venture Partners 
 1001 Bayhill Drive, Suite
300 
 San Bruno, CA 94066 
 VantagePoint Venture Partners IV, L.P. 
 c/o VantagePoint Venture Partners

 1001 Bayhill Drive, Suite 300 
 San Bruno, CA 94066 
 VantagePoint Venture Partners IV Principals Fund, L.P.

 c/o VantagePoint Venture Partners 
 1001 Bayhill Drive, Suite 300 
 San Bruno, CA 94066 

 EXHIBIT C 
 Name and Address of 
 Series C Holders

 European Founders Fund GmbH 
 Lindenallee 45, 
 50968 Cologne, Germany 
 (with a copy to: 
 European Founders Fund GmbH, 
 Seeuferstrasse 25, 
 82541 Ambach, Germany) 
 VantagePoint Venture Partners III(Q),
L.P. 
 c/o VantagePoint Venture Partners 
 1001 Bayhill Drive, Suite 300 
 San Bruno, CA 94066 
 VantagePoint Venture Partners III, L.P. 
 c/o VantagePoint Venture Partners 
 1001 Bayhill Drive, Suite 300 
 San Bruno, CA 94066 
 VantagePoint Venture Partners IV(Q), L.P. 
 c/o VantagePoint Venture Partners 
 1001 Bayhill Drive, Suite 300 
 San Bruno, CA 94066 
 VantagePoint Venture Partners IV, L.P. 
 c/o VantagePoint Venture Partners 
 1001 Bayhill Drive, Suite
300 
 San Bruno, CA 94066 
 VantagePoint Venture Partners IV Principals Fund, L.P. 
 c/o VantagePoint Venture
Partners 
 1001 Bayhill Drive, Suite 300 
 San Bruno, CA 94066 

 EXHIBIT D 
 Name and Address of 
 Series D Holders

 Rho Ventures V, L.P. 
 c/o Rho Capital Partners, Inc. 
 152 West 57th Street, 23rd Floor 
 New York, NY 100019 
 Rho Ventures V Affiliates, L.L.C. 
 c/o Rho Capital Partners, Inc. 
 152 West 57th Street, 23rd Floor 
 New York, NY 100019 
 VantagePoint Venture Partners III(Q), L.P. 
 c/o VantagePoint Venture Partners 
 1001 Bayhill Drive, Suite 300 
 San Bruno, CA 94066 
 VantagePoint Venture Partners III, L.P. 
 c/o VantagePoint Venture Partners 
 1001 Bayhill Drive, Suite 300 
 San Bruno, CA 94066 
 VantagePoint Venture Partners IV(Q), L.P. 
 c/o VantagePoint Venture Partners 
 1001 Bayhill Drive, Suite 300 
 San Bruno, CA 94066 
 VantagePoint Venture Partners IV, L.P. 
 c/o VantagePoint Venture Partners 
 1001 Bayhill Drive, Suite
300 
 San Bruno, CA 94066 
 VantagePoint Venture Partners IV Principals Fund, L.P. 
 c/o VantagePoint Venture
Partners 
 1001 Bayhill Drive, Suite 300 
 San Bruno, CA 94066 
 Galleon Special Opportunities Fund, SPC Ltd., Galleon
Crossover Portfolio 
 590 Madison Ave., 34th Flr. 
 New York, NY 10022 
 Attention: Jeffery S. Kim 

 EXHIBIT E 
 Name and Address of 
 Founders 
 Gordon Family Revocable Trust 
 4243 Louise Avenue 
 Encino, CA 91316 
 Attention: Zorik & Ilana P. Gordon, Trustees 
 Michael Kline 
 21700 Oxnard Street 
 Suite 1600 
 Woodland
Hills, CA 91367 
 Robert Wright 
 21700 Oxnard Street 
 Suite 1600 
 Woodland Hills, CA 91367 
 Robert Spitz 
 21700 Oxnard Street 
 Suite 1600 
 Woodland Hills, CA 91367 

 Execution Copy 
 REACHLOCAL, INC. 
 THIRD AMENDMENT TO 
 SECOND AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 
 This Third Amendment to Second Amended and Restated Investors’ Rights Agreement (this “Amendment”) is hereby is made
and entered into as of May 18, 2009 by and among ReachLocal, Inc., a Delaware corporation (the “Company”), the holders of Series A Preferred Stock of the Company (the “Series A Holders”) listed on Exhibit
A to this Amendment, the holders of Series B-1 Preferred Stock and Series B-2 Preferred Stock of the Company (collectively, the “Series B Holders”) listed on Exhibit B to this Amendment, the holders of Series C Preferred
Stock of the Company or Common Stock issued upon conversion of Series C Preferred Stock of the Company (the “Series C Holders”) listed on Exhibit C to this Amendment, the holders of Series D Preferred Stock of the Company
(the “Series D Holders”) listed on Exhibit D to this Amendment (together with the Series A Holders, the Series B Holders and the Series C Holders, the “Investors”), the holders of Common Stock of the Company
(the “Founders”) listed on Exhibit E to this Amendment and certain other holders of Common Stock of the Company (the “Additional Investors”) listed on Exhibit F to this Amendment. Capitalized terms
used herein and not otherwise defined shall have the meanings ascribed to such terms in the Agreement (as defined below). 
 RECITALS 
  

	 	A.	Reference is made to that certain Second Amended and Restated Investors’ Rights Agreement, dated as of September 17, 2007 (as amended, restated or otherwise
modified, the “Agreement”) by and among the Company, the Founders and the Investors, as amended by that certain First Amendment, dated as of July 1, 2008, as further amended by that certain Second Amendment, dated as of
May 14, 2009. 

  

	 	B.	Each of the Additional Investors is a transferee of Common Stock of the Company and desires to become a party to the Agreement as an Investor and to be fully bound by,
and subject to, all of the covenants, terms and conditions set forth in the Agreement as though an original party thereto. 

  

	 	C.	The Company desires to amend the Agreement to revise the definition of “Registrable Securities” to include shares of Common Stock held by the Investors that
were not issued in connection with the conversion of Preferred Stock held by the Investors. 

  

	 	D.	The Company desires to amend the Agreement to increase the maximum number of shares of Common Stock that can be made subject to stock options or issued as restricted
stock under to an approved stock incentive plan without triggering the right of first offer contained in the Agreement. 

  

	 	E.	In accordance with Section 3.4 of the Agreement, a Qualified Board Majority, has approved this Amendment. 

	 	F.	Each of the parties hereto desires to amend the Agreement in as set forth herein. 

 AGREEMENTS 
 In consideration of the mutual promises herein
contained, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: 
  

	 	1.	Addition of Additional Investors. As of the date hereof, (a) the Agreement shall be amended to include the Additional Investors as “Investors”
thereunder, (b) all references to “Investors,” “party” or “parties” contained in the Agreement shall include references to the Additional Investors, (c) each of the Additional Investors agrees for the benefit
of the Company, the Founders and the Investors that are parties to the Agreement to be fully bound by, and subject to, all of the covenants, terms and conditions set forth in the Agreement as though an original party thereto, including without
limitation, the provisions of Section 1.14 and (d) each of the Additional Investors acknowledges that for purposes of Section 3.5 of the Agreement, all notices or other communications to the undersigned may be directed
to the address and/or facsimile set forth on Exhibit F attached hereto. 

  

	 	2.	Amendment of Section 1.1(e) – “Major Investor”. Section 1.1(e) of the Agreement is hereby amended and restated in its entirety
and replaced as follows: 

 The term “Major Investor” shall mean any Investor that, individually or
together with any such Investor’s Affiliated Funds (as defined below), holds at least 1,000,000 shares of Registrable Securities (subject to adjustment for stock splits, stock dividends, reclassifications or the like). 
  

	 	3.	Amendment of Section 1.1(i) – “Registrable Securities”. Section 1.1(i) of the Agreement is hereby amended and restated in its entirety and
replaced as follows: 

 “The term “Registrable Securities” means (i) the shares of Common
Stock issuable or issued upon conversion of Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock or Series D Preferred Stock, other than shares for which registration rights have terminated pursuant to
Section 1.15 hereof, (ii) the shares of Common Stock held by the Founders as of the date hereof other than shares for which registration rights have terminated pursuant to Section 1.15 provided, however, that for the
purposes of Section 1.2, 1.4, 1.13 and Section 2, the Founders’ Stock shall not be deemed Registrable Securities and the Founders shall not be deemed Holders, (iii) notwithstanding any limitations set
forth in clause (ii) above, the shares of Common Stock purchased by certain Investors pursuant to the stock purchase agreements listed on Schedule 1.1 attached hereto and (iv) any other shares of Common Stock of the Company issued
as (or issuable upon the conversion or exercise of any warrant, right or other security which is issued as) a dividend or other distribution with respect to, or in exchange for or in replacement of, the shares listed in (i),

 
(ii) and (iii); provided, however, that the foregoing definition shall exclude in all cases any Registrable Securities sold by a person in a transaction in which his or her rights
under this Agreement are not assigned. Notwithstanding the foregoing, Common Stock or other securities shall only be treated as Registrable Securities if and so long as (A) they have not been sold to or through a broker or dealer or underwriter
in a public distribution or a public securities transaction, (B) they have not been sold in a transaction exempt from the registration and prospectus delivery requirements of the Securities Act under Section 4(1) thereof so that all
transfer restrictions, and restrictive legends with respect thereto, if any, are removed upon the consummation of such sale, or (C) the Holder thereof is not precluded from exercising the rights provided in Section 1 in accordance
with Section 1.15 below;” 
  

	 	4.	Amendment of Section 2.3(d) – “Right of First Offer”. Section 2.3(d) of the Agreement is hereby deleted and replaced with the
following: 

 “[Intentionally Omitted]” 
  

	 	5.	Amendment of Section 3.4 – “Amendments and Waivers”. Section 3.4 of the Agreement is hereby amended and restated in its entirety
as follows: 

 “Amendments and Waivers. Any term of this Agreement may be amended or waived
only with the written consent of the Company and the holders of a majority of the Registrable Securities then outstanding and a Qualified Board Majority; provided, however that (A) any amendment to Section 2.3 or this
clause (A) or clause (B) below shall also require the written consent of at least a majority of the then outstanding shares of Preferred Stock, voting together as a single class, and at least sixty-five percent (65%) of the then
outstanding shares of Series D Preferred Stock, voting as a separate class, (B) any waiver or termination of the rights of the holders Preferred Stock provided in Section 2.3, shall require the stockholder consents specified in
clause (A) immediately above, but shall not require written consent of the Company or of a Qualified Board Majority and (C) if any amendment or waiver which would or which would be reasonably likely to affect a party hereto
disproportionately or directly or indirectly take away or alter the rights of such party, then such party’s consent shall also be required to effect any such amendment or waiver; provided, further, that if such amendment or waiver has the
effect of affecting the Founders’ Stock (i) in a manner different than securities issued to the Investors and (ii) in a manner adverse to the interests of the holders of the Founders’ Stock, then such amendment shall require the
consent of the holder or holders of a majority of the Founders’ Stock. Any amendment or waiver effected in accordance with this paragraph shall be binding upon each party to the Agreement, whether or not such party has signed such amendment or
waiver, each future holder of all such Registrable Securities, and the Company.” 

	 	6.	Addition of Schedule 1.1. As of the date hereof, the Agreement shall be amended to include Schedule 1.1 attached hereto immediately following Exhibit
E. 

  

	 	7.	No Amendment. Except to the extent specifically amended or modified hereby, the provisions of the Agreement shall not be amended, modified, impaired or otherwise
affected hereby, and the Agreement is hereby ratified and confirmed in all respects and shall remain in full force and effect, as amended hereby. 

  

	 	8.	Governing Law. This Amendment and any controversy arising out of or relating to this Amendment shall be governed by and construed in accordance with the General
Corporation Law of the State of Delaware as to matters within the scope thereof, and as to all other matters shall be governed by and construed in accordance with the internal laws of the State of California, without regard to conflict of law
principles that would result in the application of any law other than the law of the State of California. 

  

	 	9.	Counterparts. This Amendment may be executed in two or more counterparts, each of which shall be deemed an original and all of which together shall constitute
one instrument. 

  

	 	10.	Severability. If any provision of this Amendment shall be deemed to be invalid, void or illegal, such provision shall be construed and amended in a manner which
would permit its enforcement, but in no event shall such provision affect, impair or invalidate any other provision hereof. 

 [Signature Page Follows] 

 The parties have executed this Third Amendment to the Second Amended and Restated
Investors’ Rights Agreement as of the date first above written. 
  

			
	COMPANY:
	
	REACHLOCAL, INC.
		
	By:	 	 /s/ Zorik Gordon

	Name:	 	Zorik Gordon
	Title:	 	President
	
	INVESTORS:
	
	RHO VENTURES V, L.P.
	By:	 	RMV V, L.L.C., its General Partner
	By:	 	Rho Capital Partners LLC, its Managing Member
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	RHO VENTURES V AFFILIATES, L.L.C.
	By:	 	RMV V, L.L.C., its General Partner
	By:	 	Rho Capital Partners LLC, its Managing Member
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	EUROPEAN FOUNDERS FUND GMBH
		
	By:	 	  

	Name:	 	
	Title:	 	

 THIRD AMENDMENT TO SECOND AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT

 The parties have executed this Third Amendment to the Second Amended and Restated
Investors’ Rights Agreement as of the date first above written. 
  

			
	 COMPANY:

	
	 REACHLOCAL, INC.

		
	 By:
	 	  

	 Name:
	 	Zorik Gordon
	 Title:
	 	President
	
	 INVESTORS:

	
	 RHO VENTURES V, L.P.

		
	 By:
	 	RMV V, L.L.C., its General Partner
	 By:
	 	Rho Capital Partners LLC, its Managing Member
		
	 By:
	 	 /s/ Jeffrey I. Martin

	 Name:
	 	Jeffrey I. Martin
	 Title:
	 	Attorney-In-Fact
	
	 RHO VENTURES V AFFILIATES, L.L.C.

		
	 By:
	 	RMV V, L.L.C., its General Partner
	 By:
	 	Rho Capital Partners LLC, its Managing Member
		
	 By:
	 	 /s/ Jeffrey I. Martin

	 Name:
	 	Jeffrey I. Martin
	 Title:
	 	Attorney-In-Fact
	
	 EUROPEAN FOUNDERS FUND GMBH

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

 THIRD AMENDMENT TO SECOND AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT

 The parties have executed this Third Amendment to Second Amended and Restated
Investors’ Rights Agreement as of the date first above written. 
  

			
	 COMPANY:

	
	 REACHLOCAL, INC.

		
	 By:
	 	  

	 Name:
	 	Zorik Gordon
	 Title:
	 	President
	
	 INVESTORS:

	
	 RHO VENTURES V, L.P.

		
	 By:
	 	RMV V, L.L.C., its General Partner
	 By:
	 	Rho Capital Partners LLC, its Managing Member
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	
	
	 RHO VENTURES V AFFILIATES, L.L.C.

		
	 By:
	 	RMV V, L.L.C., its General Partner
	 By:
	 	Rho Capital Partners LLC, its Managing Member
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	
	
	 EUROPEAN FOUNDERS FUND GMBH

		
	 By:
	 	 /s/ Oliver Samwer

	 Name:
	 	Oliver Samwer
	 Title:
	 	Managing Director

 THIRD AMENDMENT TO SECOND AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT

			
	 INVESTORS (cont.):

	
	VANTAGEPOINT VENTURE PARTNERS III (Q), L.P.
		
	 By:
	 	 VantagePoint Venture Associates III, L.L.C.,
 its General Partner

		
	 By:
	 	 /s/ Alan Salzman

	 Name:
	 	Alan Salzman
	 Title:
	 	Managing Member
	
	VANTAGEPOINT VENTURE PARTNERS III, L.P.
		
	 By:
	 	 VantagePoint Venture Associates III, L.L.C.,
 its General Partner

		
	 By:
	 	 /s/ Alan Salzman

	 Name:
	 	Alan Salzman
	 Title:
	 	Managing Member
	
	VANTAGEPOINT VENTURE PARTNERS IV (Q), L.P.
		
	 By:
	 	 VantagePoint Venture Associates IV, L.L.C.,
 its General Partner

		
	 By:
	 	 /s/ Alan Salzman

	 Name:
	 	Alan Salzman
	 Title:
	 	Managing Member
	
	VANTAGEPOINT VENTURE PARTNERS IV, L.P.
		
	 By:
	 	 VantagePoint Venture Associates IV, L.L.C.,
 its General Partner

		
	 By:
	 	 /s/ Alan Salzman

	 Name:
	 	Alan Salzman
	 Title:
	 	Managing Member

 THIRD AMENDMENT TO SECOND AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT

			
	 INVESTORS (cont.):

	
	 VANTAGEPOINT VENTURE PARTNERS IV
 PRINCIPALS FUND, L.P.

		
	 By:
	 	 VantagePoint Venture Associates IV, L.L.C.,
 its General Partner

		
	 By:
	 	 /s/ Alan Salzman

	 Name:
	 	Alan Salzman
	 Title:
	 	Managing Member
	
	GALLEON SPECIAL OPPORTUNITIES FUND, SPC LTD., GALLEON CROSSOVER PORTFOLIO
		
	 By:
	 	Galleon Special Opportunities Master, LLC
		
	 By:
	 	  

	 Name:
	 	Raj Rajaratnam
	 Title:
	 	Managing Member
	
	 AVTZIM LLC

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	Managing Member

 THIRD AMENDMENT TO SECOND AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT

			
	 INVESTORS (cont.):

	
	 VANTAGEPOINT VENTURE PARTNERS IV
 PRINCIPALS FUND, L.P.

		
	 By:
	 	 VantagePoint Venture Associates IV, L.L.C.,
 its General Partner

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	Managing Member
	
	GALLEON SPECIAL OPPORTUNITIES FUND, SPC LTD., GALLEON CROSSOVER PORTFOLIO
		
	 By:
	 	Galleon Special Opportunities Master, LLC
		
	 By:
	 	 /s/ Kris Chellam

	 Name:
	 	Kris Chellam
	 Title:
	 	Managing Member
	
	 AVTZIM LLC

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	Managing Member

 THIRD AMENDMENT TO SECOND AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT

			
	 FOUNDERS:

	
	 /s/ Michael Kline

	Michael Kline
	
	 /s/ Robert Wright

	Robert Wright
	
	  

	Robert Spitz
	
	 GORDON FAMILY REVOCABLE TRUST

		
	By:	 	 /s/ Zorik Gordon

	Name:	 	Zorik Gordon
	Title:	 	Trustee
		
	By:	 	 /s/ Ilana P. Gordon

	Name:	 	Ilana P. Gordon
	Title:	 	Trustee

 THIRD AMENDMENT TO SECOND AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT

			
	 FOUNDERS:

	
	  

	Michael Kline
	
	  

	Robert Wright
	
	 /s/ Robert Spitz

	Robert Spitz
	
	 GORDON FAMILY REVOCABLE TRUST

		
	By:	 	  

	Name:	 	Zorik Gordon
	Title:	 	Trustee
		
	By:	 	  

	Name:	 	Ilana P. Gordon
	Title:	 	Trustee

 THIRD AMENDMENT TO SECOND AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT

			
	ADDITIONAL INVESTORS:
	
	 VANTAGEPOINT VENTURE PARTNERS
 2006 (Q), L.P.

		
	By:	 	 VantagePoint Venture Associates 2006, L.L.C.,
 its General Partner

		
	By:	 	 /s/ Alan Salzman

	Name:	 	Alan Salzman
	Title:	 	Managing Member

 THIRD AMENDMENT TO SECOND AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT

 EXHIBIT A 
 Name and Address of 
 Series A Holders

 AVTZIM LLC 
 11022 Santa Monica Blvd., Suite 360 
 Los Angeles, CA 90025 

 EXHIBIT B 
 Name and Address of 
 Series B Holders

 VantagePoint Venture Partners III(Q), L.P. 
 c/o VantagePoint Venture Partners 
 1001 Bayhill Drive, Suite 300 
 San Bruno, CA 94066 
 VantagePoint Venture Partners III, L.P. 
 c/o VantagePoint Venture Partners 
 1001 Bayhill Drive, Suite 300 
 San Bruno, CA 94066 
 VantagePoint Venture Partners IV(Q), L.P. 
 c/o VantagePoint Venture Partners 
 1001 Bayhill Drive, Suite
300 
 San Bruno, CA 94066 
 VantagePoint Venture Partners IV, L.P. 
 c/o VantagePoint Venture Partners

 1001 Bayhill Drive, Suite 300 
 San Bruno, CA 94066 
 VantagePoint Venture Partners IV Principals Fund, L.P.

 c/o VantagePoint Venture Partners 
 1001 Bayhill Drive, Suite 300 
 San Bruno, CA 94066 

 EXHIBIT C 
 Name and Address of 
 Series C Holders

 European Founders Fund GmbH 
 Lindenallee 45, 
 50968 Cologne, Germany 
 (with a copy to: 
 European Founders Fund GmbH, 
 Seeuferstrasse 25, 
 82541 Ambach, Germany) 
 VantagePoint Venture Partners III(Q),
L.P. 
 c/o VantagePoint Venture Partners 
 1001 Bayhill Drive, Suite 300 
 San Bruno, CA 94066 
 VantagePoint Venture Partners III, L.P. 
 c/o VantagePoint Venture Partners 
 1001 Bayhill Drive, Suite 300 
 San Bruno, CA 94066 
 VantagePoint Venture Partners IV(Q), L.P. 
 c/o VantagePoint Venture Partners 
 1001 Bayhill Drive, Suite 300 
 San Bruno, CA 94066 
 VantagePoint Venture Partners IV, L.P. 
 c/o VantagePoint Venture Partners 
 1001 Bayhill Drive, Suite
300 
 San Bruno, CA 94066 
 VantagePoint Venture Partners IV Principals Fund, L.P. 
 c/o VantagePoint Venture
Partners 
 1001 Bayhill Drive, Suite 300 
 San Bruno, CA 94066 

 EXHIBIT D 
 Name and Address of 
 Series D Holders

 Rho Ventures V, L.P. 
 c/o Rho Capital Partners, Inc. 
 152 West 57th Street, 23rd Floor 
 New York, NY 100019 
 Rho Ventures V Affiliates, L.L.C. 
 c/o Rho Capital Partners, Inc. 
 152 West 57th Street, 23rd Floor 
 New York, NY 100019 
 VantagePoint Venture Partners III(Q), L.P. 
 c/o VantagePoint Venture Partners 
 1001 Bayhill Drive, Suite 300 
 San Bruno, CA 94066 
 VantagePoint Venture Partners III, L.P. 
 c/o VantagePoint Venture Partners 
 1001 Bayhill Drive, Suite 300 
 San Bruno, CA 94066 
 VantagePoint Venture Partners IV(Q), L.P. 
 c/o VantagePoint Venture Partners 
 1001 Bayhill Drive, Suite 300 
 San Bruno, CA 94066 
 VantagePoint Venture Partners IV, L.P. 
 c/o VantagePoint Venture Partners 
 1001 Bayhill Drive, Suite
300 
 San Bruno, CA 94066 
 VantagePoint Venture Partners IV Principals Fund, L.P. 
 c/o VantagePoint Venture
Partners 
 1001 Bayhill Drive, Suite 300 
 San Bruno, CA 94066 
 Galleon Special Opportunities Fund, SPC Ltd., Galleon
Crossover Portfolio 
 590 Madison Ave., 34th Flr. 
 New York, NY 10022 
 Attention: Jeffery S. Kim 

 EXHIBIT E 
 Name and Address of 
 Founders 
 Gordon Family Revocable Trust 
 4243 Louise Avenue 
 Encino, CA 91316 
 Attention: Zorik & Ilana P. Gordon, Trustees 
 Michael Kline 
 21700 Oxnard Street 
 Suite 1600 
 Woodland
Hills, CA 91367 
 Robert Wright 
 21700 Oxnard Street 
 Suite 1600 
 Woodland Hills, CA 91367 
 Robert Spitz 
 21700 Oxnard Street 
 Suite 1600 
 Woodland Hills, CA 91367 

 EXHIBIT F 
 Name and Address of 
 Additional Investors

 VantagePoint Venture Partners 2006(Q), L.P. 
 c/o VantagePoint Venture Partners 
 1001 Bayhill Drive, Suite 300 
 San Bruno, CA 94066 

 SCHEDULE 1.1 
 Stock Purchase Agreements 
 Stock Purchase Agreement, dated
May 18, 2009, by and among the Purchasers listed on Exhibit A thereto, European Founders Fund GmbH and ReachLocal, Inc. 
 Stock Purchase
Agreement, dated May 18, 2009, by and among the Purchasers listed on Exhibit A thereto, the Sellers listed on Exhibit B thereto and ReachLocal, Inc.Stockholders Agreement by and between ReachLocal, Inc. and NetUs

 Exhibit 4.03 
 Execution Copy 
  
  
 STOCKHOLDERS
AGREEMENT 
 by and between 
 REACHLOCAL, INC., 
 and 
 NETUS PTY LIMITED ACN 117 674 030 
  
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
		
	 ARTICLE I REGISTRATION RIGHTS
	  	1
			
	   1.1
	  	   Company Registration
	  	1
	   1.2
	  	   Initial Public Offering
	  	2
	   1.3
	  	   Obligations of the Company
	  	2
	   1.4
	  	   Furnish Information
	  	3
	   1.5
	  	   Expenses of Registration
	  	3
	   1.6
	  	   Underwriting Requirements
	  	3
	   1.7
	  	   Delay of Registration
	  	4
	   1.8
	  	   Indemnification
	  	4
	   1.9
	  	   Reports Under the Exchange Act
	  	6
	   1.10
	  	   Assignment of Registration Rights
	  	6
	   1.11
	  	   Lock-Up Agreement
	  	7
	   1.12
	  	   Termination of Registration Rights
	  	7
		
	ARTICLE II COMPANY SALE	  	7
			
	   2.1
	  	   Drag Along Rights
	  	7
	   2.2
	  	   Proxy and Other Matters
	  	8
	   2.3
	  	   Payment
	  	9
	   2.4
	  	   Expiration
	  	9
	   2.5
	  	   Legends
	  	9
	   2.6
	  	   No Revocation
	  	10
	   2.7
	  	   Termination of Rights
	  	10
		
	ARTICLE III CO-SALE RIGHT	  	10
			
	   3.1
	  	   Notice of Sales
	  	10
	   3.2
	  	   Co-Sale Right
	  	10
	   3.3
	  	   Transfer
	  	10
	   3.4
	  	   No Adverse Effect
	  	11
	   3.5
	  	   Permitted Transactions
	  	11
	   3.6
	  	   Assignment of Rights
	  	11
	   3.7
	  	   Termination of Rights
	  	11
		
	ARTICLE IV DEFINITIONS	  	12
		
	ARTICLE V MISCELLANEOUS	  	14
			
	   5.1
	  	   Termination
	  	14
	   5.2
	  	   Entire Agreement
	  	14
	   5.3
	  	   Successors and Assigns
	  	14
	   5.4
	  	   Amendments and Waivers
	  	14
	   5.5
	  	   Notices
	  	15

  

 i 

					
	   5.6
	  	   Severability
	  	15
	   5.7
	  	   Governing Law
	  	15
	   5.8
	  	   Consent to Jurisdiction
	  	15
	   5.9
	  	   Counterparts
	  	16
	   5.10
	  	   Titles and Subtitles
	  	16
	   5.11
	  	   Specific Enforcement
	  	16
	   5.12
	  	   Dispute Resolution
	  	16
	   5.13
	  	   Waiver of Jury Trial
	  	17
			
	Exhibit A	  	   Notice Addresses
	  	

  

 ii 

 STOCKHOLDERS AGREEMENT 
 THIS STOCKHOLDERS AGREEMENT (the “Agreement”) is made and entered into as of September 11, 2009 by and between
ReachLocal, Inc., a Delaware corporation (the “Company”) and NetUs Pty Limited ACN 117 674 030 (the “Stockholder”) and acknowledged and agreed to by the Founders (as defined below) with respect to Article III
hereof. 
 RECITALS 
 A. The Company and the persons listed on Annex A attached thereto (including the Stockholder) have entered into a Stock Purchase Agreement (the “Purchase Agreement”) dated as of the date
hereof pursuant to which, among other things, the Company shall issue to the Stockholder shares of the Company’s common stock (the “Common Stock”) as partial consideration for the sale of the Stockholder’s equity interests
in ReachLocal Australia Pty Ltd. (“RLA”). 
 B. In connection with the execution and delivery of the Purchase
Agreement, the Company and the Stockholder desire to enter into this Agreement in order to (i) provide the Stockholder with (a) certain rights to register shares of the Common Stock issued to the Stockholder, (b) the right to
participate, upon the terms and conditions set forth in this Agreement, in subsequent sales by the holders of shares of the Company’s capital stock, and (ii) require the Stockholder to agree to sell and/or vote its shares of Common Stock
in connection with certain transactions in a certain manner and to take certain other actions as described by the terms and conditions set forth in this Agreement. 
 C. Section 1.13 of that certain Second Amended and Restated Investors’ Rights Agreement, dated as of September 17, 2007 (as amended, restated or otherwise modified, the “Company
IRA”) by and among the Company and certain holders of its capital stock provides that the Company must obtain the prior written consent of the holders of a majority of the outstanding Registrable Securities (for purposes of this recital
only, as such term is defined in the Company IRA) (the “Requisite Holders”) in order to enter into any agreement with any holder of any securities of the Company which would allow such holder to include such securities in certain
registrations of the Company’s securities. 
 D. The Company has obtained the prior written consent of the Requisite
Holders with respect to the rights to register shares of the Common Stock issued to the Stockholder that are granted hereunder. 
 AGREEMENT 
 The parties hereby agree as follows: 
 ARTICLE I 
 REGISTRATION RIGHTS 
 The Company and the Stockholder covenant and agree as follows: 
 1.1 Company Registration. After consummation of the initial public offering of Common Stock, if (but without any obligation to do so)
the Company proposes to register (including for this purpose a registration effected by the Company for stockholders other than the Holder) any of its stock under the Securities Act in connection with a public offering of such securities solely for
cash (other than a registration relating solely to the sale of securities to participants in a Company stock plan or a transaction covered by Rule 145 under the Securities Act, a registration in which the only stock being

 
registered is Common Stock issuable upon conversion of debt securities which are also being registered, or any registration on any form which does not include substantially the same information
as would be required to be included in a registration statement covering the sale of the Registrable Securities), the Company shall, at such time, promptly give the Holder written notice of such registration. Upon the written request of the Holder
given within 20 days after mailing of such notice by the Company in accordance with Section 5.5, the Company shall, subject to the provisions of Section 1.6, cause to be registered under the Securities Act all of the
Registrable Securities that the Holder has requested to be registered. 
 1.2 Initial Public Offering. If the Company
proposes to register (including for this purpose a registration effected by the Company for stockholders other than the Holder) any of its stock under the Securities Act in connection with the initial public offering of Common Stock and Rho and
VantagePoint Group are permitted and elect to sell shares of Common Stock in such offering, then the Company shall, at such time, promptly give the Holder written notice of such registration. Upon the written request of the Holder given within 20
days after mailing of such notice by the Company in accordance with Section 5.5, the Company shall, subject to the provisions of Section 1.6, cause to be registered under the Securities Act in connection with such offering
the number of Registrable Securities for the Holder proportional to the number of shares of Common Stock owned by Rho and VantagePoint Group that are included in such offering or in such other proportions as shall be mutually agreed to by the
Holder, Rho and VantagePoint Group. 
 1.3 Obligations of the Company. Whenever required under this Article I to
effect the registration of any Registrable Securities, the Company shall, as expeditiously as reasonably possible: 
 (a)
Prepare and file with the SEC a registration statement with respect to such Registrable Securities and use its commercially reasonable efforts to cause such registration statement to become effective, and, upon the request of the holders of a
majority of the Registrable Securities registered thereunder, keep such registration statement effective for up to 120 days, or until the distribution described in such registration statement is completed, if earlier. 
 (b) Prepare and file with the SEC such amendments and supplements to such registration statement and the prospectus used in connection with
such registration statement as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement for up to 120 days, or until the distribution described in
such registration statement is completed, if earlier. 
 (c) Furnish to the Holder such numbers of copies of a prospectus,
including a preliminary prospectus, in conformity with the requirements of the Securities Act, and such other documents as it may reasonably request in order to facilitate the disposition of Registrable Securities owned by it. 
 (d) Use its commercially reasonable efforts to register and qualify the securities covered by such registration statement under such other
securities or Blue Sky laws of such jurisdictions as shall be reasonably requested by the Holder, provided that the Company shall not be required in connection therewith or as a condition thereto to qualify to do business or to file a general
consent to service of process in any such states or jurisdictions. 
 (e) In the event of any underwritten public offering,
enter into and perform its obligations under an underwriting agreement, in usual and customary form, with the managing underwriter of such offering. The Holder participating in such underwriting shall also enter into and perform its obligations
under such an agreement. 
  

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 (f) Notify the Holder of Registrable Securities covered by such registration statement at
any time when a prospectus relating thereto is required to be delivered under the Securities Act of the happening of any event as a result of which the prospectus included in such registration statement, as then in effect, includes an untrue
statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing, such obligation to continue for 120 days.

 (g) Cause all such Registrable Securities registered pursuant hereunder to be listed on each securities exchange on which
similar securities issued by the Company are then listed. 
 (h) Provide a transfer agent and registrar for all Registrable
Securities registered pursuant hereunder and a CUSIP number for all such Registrable Securities, in each case not later than the effective date of such registration. 
 (i) Use commercially reasonable efforts to furnish, at the request of the Holder requesting registration of Registrable Securities pursuant to this Article I, on the date that such Registrable
Securities are delivered to the underwriters for sale in connection with a registration pursuant to this Article I, if such securities are being sold through underwriters, (i) an opinion, dated such date, of the counsel representing the
Company for the purposes of such registration, in form and substance as is customarily given to underwriters in an underwritten public offering, addressed to the underwriters and (ii) a letter dated such date, from the independent certified
public accountants of the Company, in form and substance as is customarily given by independent certified public accountants to underwriters in an underwritten public offering, addressed to the underwriters. 
 1.4 Furnish Information. It shall be a condition precedent to the obligations of the Company to take any action pursuant to this
Article I with respect to the Registrable Securities of the selling Holder that the Holder shall furnish to the Company such information regarding itself, the Registrable Securities held by it, and the intended method of disposition of such
securities as shall be required to effect the registration of the Holder’s Registrable Securities. 
 1.5 Expenses of
Registration. All expenses other than underwriting discounts and commissions incurred in connection with registrations, filings or qualifications of Registrable Securities pursuant to Article I for the Holder (which right may be assigned
as provided in Section 1.10), including (without limitation) all registration, filing, and qualification fees, printers’ and accounting fees, fees and disbursements of counsel for the Company and the reasonable fees and
disbursements of one counsel for all holders of Common Stock who are selling shares of Common Stock, including the Holder, selected by such selling holders (including the Holder) with the approval of the Company, which approval shall not be
unreasonably withheld, shall be borne by the Company. 
 1.6 Underwriting Requirements. In connection with any offering
involving an underwriting of shares of the Company’s capital stock, the Company shall not be required under Article I to include the Holder’s securities in such underwriting unless it accepts the terms of the underwriting as agreed
upon between the Company and the underwriters selected by it (or by other persons entitled to select the underwriters), and then only in such quantity as the underwriters determine in their sole discretion will not jeopardize the success of the
offering by the Company. If the total amount of securities, including Registrable Securities, requested by stockholders to be included in such offering exceeds the amount of securities sold other than by the Company that the underwriters determine
in their sole discretion is compatible with the success of the offering, then the Company shall be required to include in the offering only that number of such securities, including Registrable Securities, which the underwriters determine in their
sole discretion will not jeopardize the success of the offering (subject to the Company’s compliance with its obligations under then-existing agreements, the securities so included

  

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to be apportioned pro rata among the selling stockholders according to the total amount of securities entitled to be included therein owned by each selling stockholder or in such other
proportions as shall mutually be agreed to by such selling stockholders). For purposes of the preceding parenthetical concerning apportionment, for any selling Holder which is a partnership, corporation or limited liability company, the partners,
retired partners, members and stockholders of such holder, or the estates and Immediate Family Members of any such partners, retired partners and members and any trusts for the benefit of any of the foregoing persons shall be deemed to be a single
“selling stockholder,” and any pro-rata reduction with respect to such “selling stockholder” shall be based upon the aggregate amount of shares carrying registration rights owned by all entities and individuals included in such
“selling stockholder,” as defined in this sentence. 
 1.7 Delay of Registration. The Holder shall not have any
right to obtain or seek an injunction restraining or otherwise delaying any such registration as the result of any controversy that might arise with respect to the interpretation or implementation of this Article I. 
 1.8 Indemnification. In the event any Registrable Securities are included in a registration statement under this Article I:

 (a) To the extent permitted by law, the Company will indemnify and hold harmless the Holder, the partners, members, officers,
directors, stockholders, legal counsel and accountants of the Holder, and any underwriter (as defined in the Securities Act) for the Holder and each person, if any, who controls the Holder or underwriter within the meaning of the Securities Act or
the Exchange Act, against any losses, claims, damages, or liabilities (joint or several) to which they may become subject under the Securities Act, the Exchange Act or other federal or state law, insofar as such losses, claims, damages, or
liabilities (or actions in respect thereof) arise out of or are based upon any of the following statements, omissions or violations (collectively a “Violation”): (i) any untrue statement or alleged untrue statement of a
material fact contained in such registration statement, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto, (ii) the omission or alleged omission to state therein a material fact
required to be stated therein, or necessary to make the statements therein not misleading, or (iii) any Violation or alleged Violation by the Company of the Securities Act, the Exchange Act, any state securities law or any rule or regulation
promulgated under the Securities Act, the Exchange Act or any state securities law; and the Company will pay to the Holder, or each such underwriter or controlling person, as incurred, any legal or other expenses reasonably incurred by them in
connection with investigating or defending any such loss, claim, damage, liability, or action; provided, however, that the indemnity agreement contained in this subsection 1.8(a) shall not apply to amounts paid in settlement of any such loss,
claim, damage, liability, or action if such settlement is effected without the consent of the Company (which consent shall not be unreasonably withheld), nor shall the Company be liable to the Holder, or any underwriter or controlling person for any
such loss, claim, damage, liability, or action to the extent that it arises out of or is based upon a Violation which occurs in reliance upon and in conformity with written information furnished expressly for use in connection with such registration
statement by the Holder, or any such underwriter or controlling person. 
 (b) To the extent permitted by law, the Holder will
indemnify and hold harmless the Company, each of its directors, each of its officers who has signed the registration statement, each person, if any, who controls the Company within the meaning of the Securities Act, any underwriter, any other holder
of Common Stock selling securities in such registration statement and any controlling person of any such underwriter or other holder, against any losses, claims, damages, or liabilities (joint or several) to which any of the foregoing persons may
become subject, under the Securities Act, the Exchange Act or other federal or state law, insofar as such losses, claims, damages, or liabilities (or actions in respect thereto) arise out of or are based upon any Violation, in each case to the
extent (and only to the extent) that such Violation occurs in reliance upon and in conformity with written information furnished by the

  

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Holder expressly for use in connection with such registration statement; and the Holder will pay, as incurred, any legal or other expenses reasonably incurred by any person intended to be
indemnified pursuant to this subsection 1.8(b), in connection with investigating or defending any such loss, claim, damage, liability, or action; provided, however, that the indemnity agreement contained in this subsection 1.8(b) shall
not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Holder, which consent shall not be unreasonably withheld; provided, that in no event shall any
indemnity under this subsection 1.8(b) exceed the net proceeds from the offering received by the Holder, except in the case of willful fraud by the Holder. 
 (c) Promptly after receipt by an indemnified party under this Section 1.8 of notice of the commencement of any action (including any governmental action), such indemnified party will, if a
claim in respect thereof is to be made against any indemnifying party under this Section 1.8, deliver to the indemnifying party a written notice of the commencement thereof and the indemnifying party shall have the right to participate
in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume the defense thereof with counsel mutually satisfactory to the parties; provided, however, that an indemnified party
(together with all other indemnified parties which may be represented without conflict by one counsel) shall have the right to retain one separate counsel, with the reasonable fees and expenses to be paid by the indemnifying party, if representation
of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential differing interests between such indemnified party and any other party represented by such counsel in such proceeding. The
failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action, if prejudicial to its ability to defend such action, shall relieve such indemnifying party of any liability to the
indemnified party under this Section 1.8, but the omission so to deliver written notice to the indemnifying party will not relieve it of any liability that it may have to any indemnified party otherwise than under this
Section 1.8. 
 (d) If the indemnification provided for in this Section 1.8 is held by a court of
competent jurisdiction to be unavailable to an indemnified party with respect to any loss, liability, claim, damage or expense referred to therein, then the indemnifying party, in lieu of indemnifying such indemnified party hereunder, shall
contribute to the amount paid or payable by such indemnified party as a result of such loss, liability, claim, damage, or expense in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and of the
indemnified party on the other in connection with the statements or omissions that resulted in such loss, liability, claim, damage or expense as well as any other relevant equitable considerations; provided, that in no event shall any contribution
by the Holder under this subsection 1.8(d) exceed the net proceeds from the offering received by the Holder, except in the case of willful fraud by the Holder. The relative fault of the indemnifying party and of the indemnified party shall be
determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified party and the
parties’ relative intent, knowledge, access to information, and opportunity to correct or prevent such statement or omission. 
 (e) Notwithstanding the foregoing, to the extent that the provisions on indemnification and contribution contained in the underwriting agreement entered into in connection with the underwritten public offering are in conflict with the
foregoing provisions, the provisions in the underwriting agreement shall control. 
 (f) The obligations of the Company and the
Holder under this Section 1.8 shall survive the completion of any offering of Registrable Securities in a registration statement under this Article I, and otherwise. 
  

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 1.9 Reports Under the Exchange Act. With a view to making available to the Holder the
benefits of Rule 144 promulgated under the Securities Act and any other rule or regulation of the SEC that may at any time permit the Holder to sell securities of the Company to the public without registration or pursuant to a registration on Form
S-3, the Company agrees to: 
 (a) make and keep public information available, as those terms are understood and defined in SEC
Rule 144, at all times after 90 days after the effective date of the first registration statement filed by the Company for the offering of its securities to the general public so long as the Company remains subject to the periodic reporting
requirements under Sections 13 or 15(d) of the Exchange Act; 
 (b) take such action, including the voluntary registration of
its Common Stock under Section 12 of the Exchange Act, as is necessary to enable the Holder to utilize Form S-3 for the sale of its Registrable Securities, such action to be taken as soon as practicable after the end of the fiscal year in which
the first registration statement filed by the Company for the offering of its securities to the general public is declared effective; 
 (c) file with the SEC in a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange Act; and 
 (d) furnish to the Holder, so long as the Holder owns any Registrable Securities, forthwith upon request (i) a written statement by the Company that it has complied with the reporting requirements of
SEC Rule 144 (at any time after 90 days after the effective date of the first registration statement filed by the Company), the Securities Act and the Exchange Act (at any time after it has become subject to such reporting requirements), or that it
qualifies as a registrant whose securities may be resold pursuant to Form S-3 (at any time after it so qualifies), (ii) a copy of the most recent annual or quarterly report of the Company and such other reports and documents so filed by the
Company, and (iii) such other information as may be reasonably requested in availing the Holder of any rule or regulation of the SEC which permits the selling of any such securities without registration or pursuant to such form. 
 1.10 Assignment of Registration Rights. The rights to cause the Company to register Registrable Securities pursuant to this
Article I may be assigned (but only with all related obligations) by the Holder to a transferee or assignee (a “Permitted Assignee”) of (i) all Registrable Securities held by the Holder, (ii) that is a subsidiary,
parent, subsidiary of parent, partner, limited partner, retired partner, member, retired member or stockholder of the Holder, (iii) that is an Affiliated Fund of the Holder, (iv) who is the Holder’s child, stepchild, grandchild,
parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law (such a relation, the Holder’s “Immediate Family Member”, which term shall include
adoptive relationships), or (v) that is a trust for the benefit of an individual Holder or the Holder’s Immediate Family Member, provided the Company is, within a reasonable time after such transfer, furnished with written notice of the
name and address of such transferee or assignee and the securities with respect to which such registration rights are being assigned; provided, that, that such assignment shall be effective only if the transferee agrees to be bound by
this Agreement and immediately following such transfer the further disposition of such securities by the Permitted Assignee is restricted under the Securities Act. Except in accordance with the foregoing provisions of this Section 1.10,
the rights to cause the Company to register Registrable Securities pursuant to this Article I may not be assigned. 
  

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 1.11 Lock-Up Agreement. 
 (a) Lock-Up Period; Agreement. In connection with the initial public offering of Common Stock and upon request of the Company or the
underwriters managing such offering of the Company’s securities, the Holder 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, however or whenever
acquired (other than those included in the registration) without the prior written consent of the Company or such underwriters, as the case may be, for such period of time (not to exceed 180 days) from the effective date of such registration as may
be requested by the Company or such managing underwriters and to execute an agreement reflecting the foregoing as may be requested by the underwriters at the time of the initial public offering of Common Stock. Notwithstanding the foregoing, if the
Company agrees to any early release of the lock-up by any similarly bound securityholder, such early release from the lock-up shall be apportioned pro rata among all securityholders bound by the lockup period, and the Company shall use its
commercially reasonable efforts to include in any agreement required by any managing underwriter a similar early release provision. Notwithstanding the foregoing, in the event that, in connection with the initial public offering of Common Stock,
either of VantagePoint Group or Rho enters into a market standoff agreement or underwriter’s lock-up agreement that, in either case, is broader in scope or longer in duration with respect to securities of the Company than this
Section 1.11(a), the Holder agrees to execute a substantially identical agreement in the form provided by the underwriter. 
 (b) Limitations. The obligations described in Section 1.11(a) 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 Securities Act. 
 (c) Stop-Transfer Instructions. In order to enforce the foregoing covenants, the Company may
impose stop-transfer instructions with respect to the securities of the Holder. 
 (d) Transferees Bound. The Holder
agrees that prior to the Company’s initial public offering it will not transfer securities of the Company unless the transferee agrees in writing to be bound by all of the provisions of this Section 1.11. 
 1.12 Termination of Registration Rights. The Holder shall not be entitled to exercise any right provided for in this Article I
after the earlier of (i) five (5) years following the consummation of the initial public offering of Common Stock, (ii) such time as Rule 144 or another similar exemption under the Securities Act is available for the sale of all of
the Holder’s shares during a three-month period without registration or volume limitations, or (iii) upon termination of the Agreement, as provided in Section 5.1. 
 ARTICLE II 
 COMPANY SALE 
 2.1 Drag Along Rights. If there is a Liquidation Transaction in which the Stockholder receives an amount in consideration with an
aggregate value in excess of US$ 13.95 per share (as adjusted for stock splits, stock dividends, reclassifications or the like but otherwise as determined in the reasonable discretion of the Company’s board of directors) and the Company
provides the Stockholder with notice (a “Drag Along Notice”) of the Liquidation Transaction, then upon receipt of such notice the Stockholder agrees that it will, with respect to all shares of capital stock of the Company which it
owns or with respect to which it otherwise exercises voting or dispositive authority or may in the future own or otherwise exercise voting or dispositive authority over, do the following: 
 (a) in the event such Liquidation Transaction is to be brought to a vote at a stockholder meeting, after receiving proper notice of any
meeting of stockholders of the Company to vote on the approval of the Liquidation Transaction, be present, in person or by proxy, as a holder of shares of voting securities, at all such meetings and be counted for the purposes of determining the
presence of a quorum at such meetings; 
  

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 (b) vote (in person, by proxy or by action by written consent, as applicable) all shares of
the capital stock of the Company as to which it has beneficial ownership in favor of the Liquidation Transaction and in opposition of any and all other proposals that could reasonably be expected to delay or impair the ability of the Company to
consummate the Liquidation Transaction; 
 (c) if such Liquidation Transaction is a sale of shares of capital stock of the
Company representing more than fifty percent (50%) of the outstanding voting power of the Company, to sell the same proportion of shares of capital stock of the Company beneficially held by the Stockholder as is being sold by similarly situated
holders of capital stock of the Company in such transaction to the person(s) to whom and/or entities to which such selling holders propose to sell their shares of capital stock, on the same terms and conditions as such similarly situated holders of
capital stock of the Company; 
 (d) refrain from exercising any dissenters’ rights or rights of appraisal under applicable
law at any time with respect to the Liquidation Transaction; 
 (e) if the consideration to be paid in exchange for the shares
of Common Stock or other securities of the Company pursuant to this Article II includes any securities and due receipt thereof by the Stockholder would require under applicable law (x) the registration or qualification of such securities
or of any person as a broker or dealer or agent with respect to such securities or (y) the provision to the Stockholder of any information other than such information as a prudent issuer would generally furnish in an offering made solely to
“accredited investors” as defined in Regulation D promulgated under the Securities Act or as required under Regulation S promulgated under the Securities Act, the Company may cause to be paid to the Stockholder in lieu thereof, against
surrender of its capital stock or other securities of the Company which would have otherwise been sold by the Stockholder, an amount in cash equal to the fair value (as determined in good faith by the Company) of the securities which the Stockholder
would otherwise receive as of the date of the issuance of such securities in exchange for its capital stock and other securities of the Company; and 
 (f) execute and deliver all certificates representing its shares of capital stock of the Company and all related documentation and take such other action in support of the Liquidation Transaction as shall
reasonably be requested by the Company. 
 2.2 Proxy and Other Matters. Upon the failure of any party to deposit or sell
his, her or its shares of capital stock of the Company in accordance with the terms of this Article II, such party hereby grants to a stockholder to be designated by the Company’s board of directors a proxy coupled with an interest in
all capital stock of the Company owned by such party, which proxy shall be irrevocable until this Agreement terminates pursuant to its terms or this Article II is amended to remove such grant of proxy in accordance with
Section 5.4 hereof, to vote all such shares of capital stock of the Company in the manner provided in this Article II. Notwithstanding the foregoing, no party to this Agreement shall be bound by the obligations of
Section 2.1 and no proxy shall be delivered pursuant to this Section 2.2 with respect to any Liquidation Transaction unless (i) any representations and warranties to be made by such party in connection with such
Liquidation Transaction shall be limited to those representations and warranties made by other similarly situated holders of capital stock of the Company, (ii) such party shall not be liable for the inaccuracy of any representation or warranty
made by any other person other than the

  

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Company, (iii) the liability for indemnification, if any, of such party for the inaccuracy of any representations and warranties made by the Company is proportional with any other person,
(iv) liability shall be limited to such party’s pro rata share of a negotiated indemnification amount that in no event exceeds the amount of consideration actually paid to such party in the Liquidation Transaction, (v) upon the
consummation of the Liquidation Transaction and except to the extent necessary to accommodate any “roll over” of equity by employees and management at the request of the purchasers, each such party will receive the same form of
consideration for their shares of such class or series as is received by other holders in respect of their shares of such same class or series of stock, (vi) unless the holders of at least  2/3 of the Preferred Stock elect otherwise by written notice given to
the Company at least 10 days prior to the effective date of any such Liquidation Transaction, the aggregate consideration receivable by all holders of the Preferred Stock and Common Stock shall be allocated among the holders of Preferred Stock and
Common Stock on the basis of the relative liquidation preferences to which the holders of each respective series of Preferred Stock and the holders of Common Stock are entitled in a Liquidation Transaction in accordance with the Restated Certificate
in effect immediately prior to the Liquidation Transaction and (vii) subject to clause (v) above (and except to the extent necessary to accommodate any “roll over” of equity by employees and management at the request of the
purchasers), requiring the same form of consideration to be available to the holders of any single class or series of capital stock, if any holders of any capital stock of the Company are given an option as to the form and amount of consideration to
be received as a result of the Liquidation Transaction, all holders of such capital stock will be given the same option. 
 2.3 Payment. Promptly upon the consummation of any Liquidation Transaction, the Holder shall be provided with the proceeds resulting from the sale of his, her or its shares of capital stock of the Company sold as part of the
Liquidation Transaction (after deduction of his, her or its proportionate share, based on the number of shares of capital stock of the Company sold, of the reasonable out-of-pocket expenses associated with such Liquidation Transaction). 

2.4 Expiration. Notwithstanding anything herein to the contrary, the Company shall have 120 days from the date of receipt of any
Drag Along Notice during which to consummate the Liquidation Transaction to which such Drag Along Notice relates. If, at the end of such 120 day period, the Company has not consummated the Liquidation Transaction, all certificates representing
shares of Common Stock delivered by a Stockholder to the Company for sale or other disposition as part of such Liquidation Transaction shall be returned to such Stockholder, and the transaction contemplated by the Liquidation Transaction shall be
deemed to be a new Liquidation Transaction and shall again be subject to the provisions of this Article II. 
 2.5
Legends. Each certificate representing shares of the Company’s capital stock held by the Stockholder or any assignee of the Stockholder shall bear the following legend: 
 (a) “THE SHARES EVIDENCED HEREBY ARE SUBJECT TO A VOTING AGREEMENT BY AND AMONG THE COMPANY AND CERTAIN STOCKHOLDERS OF THE COMPANY (A
COPY OF WHICH MAY BE OBTAINED FROM THE COMPANY), AND BY ACCEPTING ANY INTEREST IN SUCH SHARES THE PERSON ACCEPTING SUCH INTEREST SHALL BE DEEMED TO AGREE TO AND SHALL BECOME BOUND BY ALL THE PROVISIONS OF SAID VOTING AGREEMENT.” 
 (b) At any time after the termination of this Agreement in accordance with Section 5.1, any holder of a stock certificate
legended pursuant to Section 2.5 may surrender such certificate to the Company for removal of such legend, and the Company will duly reissue a new certificate without the legend. 
  

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 2.6 No Revocation. The voting agreements contained herein are coupled with an
interest and may not be revoked during the term of this Agreement. 
 2.7 Termination of Rights. The covenants set forth
in Article II shall terminate as to the Stockholder and be of no further force or effect upon the earliest to occur of the following: (i) immediately prior to the consummation of the initial public offering of Common Stock,
(ii) when the Company first becomes subject to the periodic reporting requirements of Sections 13 or 15(d) of the Exchange Act, or (iii) upon termination of the Agreement, as provided in Section 5.1. 
 ARTICLE III 
 CO-SALE
RIGHT 
 3.1 Notice of Sales. Should any Founder (or a Permitted Transferee, as defined below) propose to accept one or
more bona fide offers (collectively, a “Purchase Offer”) from any persons to purchase any Founder Shares from such Founder (other than as set forth in Section 3.5 of this Agreement) and neither the Company (or its
assignee) nor other stockholders exercise their rights to purchase such shares pursuant to the terms of any agreements then in effect, then the Company will provide notice (a “Co-Sale Notice”) of the proposed sale to the
Stockholder, which Co-Sale Notice will state the terms and conditions of such Purchase Offer including, without limitation, the number of Founder Shares proposed to be sold or transferred, the nature of such sale or transfer, the consideration to be
paid, and the name and address of each prospective purchaser or transferee. 
 3.2 Co-Sale Right. Upon receipt of the
Co-Sale Notice, the Stockholder shall have the right (the “Co-Sale Right”), exercisable upon written notice to the Company within fifteen (15) business days thereafter to participate in such Founder’s sale of Founder
Shares pursuant to the specified terms and conditions of such Purchase Offer. To the extent the Stockholder exercises such Co-Sale Right in accordance with the terms and conditions set forth below, the number of Founder Shares which such Founder may
sell pursuant to such Purchase Offer shall be correspondingly reduced. The Co-Sale Right of the Stockholder shall be subject to the following terms and conditions: 
 (a) Calculation of Shares. The Stockholder may sell all or any part of that number of shares of Common Stock issued to the Stockholder pursuant to the Purchase Agreement but including any other
shares of Common Stock issued as (or issuable upon the conversion or exercise of any warrant, right or other security which is issued as) a dividend or other distribution with respect to, or in exchange for or in replacement of, such shares of
Common Stock or in connection with a stock split of such shares (“Co-Sale Shares”) equal to the product obtained by multiplying (i) the aggregate number of Founders Shares covered by the Purchase Offer by (ii) a fraction,
the numerator of which is the number of Co-Sale Shares at the time owned by the Stockholder and the denominator of which is the sum of (A) the total number of shares of Common Stock, including shares of Common Stock issued or issuable upon
conversion of Preferred Stock and Common Stock received in connection with any stock dividend, stock split or other reclassification thereof at the time owned by all stockholders of the Company (including the Stockholder) participating in such sale
plus (B) the total number of Founder Shares at the time owned by such Founder, including shares transferred by such Founder to Permitted Transferees in accordance with this Agreement. 
 (b) Delivery of Certificates. The Stockholder may effect its participation in the sale by delivering to the selling Founder for
transfer to the prospective purchaser one or more certificates, properly endorsed for transfer, which represent the Co-Sale Shares which the Stockholder elects to sell. 
 3.3 Transfer. The stock certificate or certificates which the Stockholder delivers to the selling Founder pursuant to Section 3.2 shall be delivered by such Founder to the prospective
purchaser in consummation of the sale pursuant to the terms and conditions specified in the Co-Sale

  

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Notice, and such Founder shall promptly thereafter remit to the Stockholder that portion of the sale proceeds to which the Stockholder is entitled by reason of its participation in such sale. To
the extent that any prospective purchaser or purchasers prohibits such assignment or otherwise refuses to purchase the Co-Sale Shares from the Stockholder exercising its Co-Sale Right hereunder, the selling Founder or Founders shall not sell to such
prospective purchaser or purchasers any Founder Shares unless and until, simultaneously with such sale, the selling Founder or Founders shall purchase such Co-Sale Shares from the Stockholder for the same consideration and on the same terms and
conditions as the proposed transfer described in the Co-Sale Notice (which terms and conditions shall be no less favorable than those governing the sale to the purchaser by the Founder or Founders). 
 3.4 No Adverse Effect. The exercise or non-exercise of the rights of the Stockholder hereunder to participate in one or more sales of
Founder Shares made by a Founder shall not adversely affect its rights to participate in subsequent sales of Founder Shares by a Founder. 
 3.5 Permitted Transactions. The provisions of Article III of this Agreement shall not pertain or apply to: 
 (a) Any pledge of the Company’s capital stock made by a Founder pursuant to a bona fide loan transaction which creates a mere security interest, provided that such pledge be approved by a majority of
the Board of Directors; 
 (b) Any repurchase of Common Stock by the Company; 
 (c) Any bona fide gift; 
 (d) Any transfer to a Founder’s Immediate Family Member; 
 (e) a trust
for the benefit of a Founder or such Founder’s Immediate Family Member; or 
 (f) any sale or transfer by a Founder of up
to 1% of the total number of shares of Common Stock held by such Founder on the date of this Agreement in any twelve-month period, provided that no Founder may sell or transfer more than 5% of the total number of shares of Common Stock held
by such Founder on the date of this Agreement; 
 provided, in each case, that (i) the Founder(s) shall inform the Stockholder of
such pledge, transfer or gift prior to effecting it, and (ii) the pledgee, transferee or donee (each a “Permitted Transferee”) shall furnish the Stockholder with a written agreement to be bound by and comply with all provisions
of this Agreement applicable to the Founders. 
 3.6 Assignment of Rights. The rights of the Stockholder set forth in
this Article III may be assigned (but only with all related obligations) only to a Permitted Assignee, provided that (a) the Company is, within a reasonable time after such transfer, furnished with written notice of the
name and address of such Permitted Assignee and the securities with respect to which such rights are being assigned, (b) such Permitted Assignee agrees in writing to be bound by the provisions of this Agreement, and (c) such Permitted
Assignee is not an actual or potential competitor of the Company, as determined in good faith by the Company’s board of directors. 
 3.7 Termination of Rights. The covenants set forth in Article III shall terminate as to the Stockholder and be of no further force or effect upon the earliest to occur of the following:
(i) immediately prior to the consummation of the initial public offering of Common Stock, (ii) when the

  

 11 

 
Company first becomes subject to the periodic reporting requirements of Sections 13 or 15(d) of the Exchange Act, or (iii) upon termination of the Agreement, as provided in
Section 5.1. 
 ARTICLE IV 
 DEFINITIONS For purposes of this Agreement: 
 “Affiliated Fund”
means with respect to a limited liability company or a limited liability partnership, a fund or entity managed by the same manager or managing member or general partner or management company or by an entity controlling, controlled by, or under
common control with such manager or managing member or general partner or management company; 
 “Arbitrator”
has the meaning ascribed to such term in Section 5.12(a); 
 “Business Day” means each day of the week
except Saturdays, Sundays and days on which banking institutions are authorized by Law to close in the State of Delaware; 
 “Co-Sale Notice” has the meaning ascribed to such term in Section 3.1; 
 “Co-Sale
Right” has the meaning ascribed to such term in Section 3.2; 
 “Co-Sale Shares” has the
meaning ascribed to such term in Section 3.2(a); 
 “Dispute Notice” has the meaning ascribed to
such term in Section 5.12(a); 
 “Disputes” has the meaning ascribed to such term in
Section 5.12; 
 “Drag Along Notice” has the meaning ascribed to such term in
Section 2.1; 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended (and any
successor thereto) and the rules and regulations promulgated thereunder; 
 “Founder” means each of Zorik
Gordon (on behalf of himself and the Gordon Family Revocable Trust), Michael Kline, Robert Wright and Robert Spitz; 
 “Founder Shares” means any shares of Common Stock or Preferred Stock now owned or subsequently acquired by a Founder by gift, purchase, dividend, option exercise or any other means and shall also mean options and warrants
to purchase common stock or preferred stock, whether or not such securities are only registered in a Founder’s name or beneficially or legally owned by such Founder, including any interest of a spouse in any of such securities, whether that
interest is asserted pursuant to marital property laws or otherwise; 
 “Governmental Entity” means any
(a) province, region, state, county, city, town, village, district or other jurisdiction; (b) federal, provincial, regional, state, local, municipal, foreign or other government; (c) governmental or quasi governmental authority of any
nature (including any governmental agency, branch, bureau, department or other entity and any court or other tribunal); (d) multinational organization; (e) body exercising, or entitled to exercise any administrative, executive, judicial,
legislative, police, regulatory or taxing authority or power of any nature; or (f) official of any of the foregoing; 
 “Holder” means the Stockholder or any assignee thereof in accordance with Section 1.10 of this Agreement; 
 “Immediate Family Member” has the meaning ascribed to such term in Section 1.10; 
  

 12 

 “JAMS” has the meaning ascribed to such term in Section 5.12(b);

 “Law” means any requirement arising under any constitution, law, statute, code, treaty, decree, rule,
ordinance or regulation or any determination or direction of any arbitrator or any Governmental Entity, including any of the foregoing that relate to data use, privacy or protection; 
 “Liquidation Transaction” means (a) the closing of the sale, transfer, exclusive license or other disposition, in a single
transaction or a series of related transactions, of a majority of the assets of the Company and its subsidiaries, taken as a whole, including without limitation the Company’s or any subsidiary’s intellectual property rights, (b) the
consummation of the merger or consolidation of the Company with or into another entity (except a merger or consolidation in which the holders of capital stock of the Company immediately prior to such merger or consolidation continue to hold at least
fifty percent (50%) of the voting power of the capital stock of the Company or the surviving or acquiring entity), (c) the closing of the transfer or sale (whether by merger, consolidation or otherwise), in one transaction or a series of related
transactions, to a person or group of affiliated persons (other than an underwriter of the Company’s securities), of the Company’s securities if, after such closing such person or group of affiliated persons would hold at least fifty-one
percent (51%) or more of the outstanding voting stock of the Company (or the surviving or acquiring entity), or (d) a liquidation, dissolution, or winding up of the Company; 
 “Permitted Assignee” has the meaning ascribed to such term in Section 1.10; 
 “Permitted Transferee” has the meaning ascribed to such term in Section 3.5; 
 “Preferred Stock” shall mean the shares of the Preferred Stock of the Company; 
 “Purchase Offer” has the meaning ascribed to such term in Section 3.1; 
 “register,” “registered,” and “registration” refer to a registration effected by
preparing and filing a registration statement or similar document in compliance with the Securities Act, and the declaration or ordering of effectiveness of such registration statement or document; 
 “Registrable Securities” means (i) the shares of Common Stock issued to the Stockholder pursuant to the Purchase Agreement,
other than shares of Common Stock for which registration rights have terminated pursuant to Section 1.12 hereof, and (ii) any other shares of Common Stock issued as (or issuable upon the conversion or exercise of any warrant, right or other
security which is issued as) a dividend or other distribution with respect to, or in exchange for or in replacement of, the shares listed in (i) or in connection with a stock split of such shares; provided, however, that the foregoing
definition shall exclude in all cases any Registrable Securities sold by a person in a transaction in which his or her rights under this Agreement are not assigned. Notwithstanding the foregoing, Common Stock or other securities shall only be
treated as Registrable Securities if and so long as (A) they have not been sold to or through a broker or dealer or underwriter in a public distribution or a public securities transaction, (B) they have not been sold in a transaction exempt from the
registration and prospectus delivery requirements of the Securities Act under Section 4(1) thereof so that all transfer restrictions, and restrictive legends with respect thereto, if any, are removed upon the consummation of such sale, or (C) the
Holder thereof is not precluded from exercising the rights provided in Article I in accordance with Section 1.12; 
 “Restated Certificate” shall mean the Company’s Fifth Restated Certificate of Incorporation as such Fifth Restated Certificate of Incorporation may be amended or restated from time to time; 
  

 13 

 “Rho” means Rho Ventures V, L.P. or any Affiliated Fund thereof;

 “SEC” means the Securities and Exchange Commission; 
 “Securities Act” means the Securities Act of 1933, as amended (and any successor thereto) and the rules and regulations
promulgated thereunder; 
 “VantagePoint Group” means VantagePoint Venture Partners III(Q), L.P. or any
Affiliated Fund thereof; 
 “Violation” shall have the meaning ascribed to such term in
Section 1.8; and 
 Terms not otherwise defined herein shall have the meaning ascribed to them in the Purchase
Agreement. 
 ARTICLE V 
 MISCELLANEOUS 
 5.1 Termination. This Agreement shall terminate, and have
no further force and effect, when the Company consummates a Liquidation Transaction. 
 5.2 Entire Agreement. This
Agreement, including the exhibits hereto, constitute the entire agreement between the parties hereto and supersede any prior understandings, agreements or representations by or between such parties, written or oral, that may have related in any way
to the subject matter hereto. 
 5.3 Successors and Assigns. Except as otherwise provided in this Agreement, the terms
and conditions of this Agreement shall inure to the benefit of and be binding upon the respective permitted successors and assigns of the parties (including transferees of any of shares of Common Stock issued to the Stockholder pursuant to the
Purchase Agreement or any other shares of Common Stock issued as (or issuable upon the conversion or exercise of any warrant, right or other security which is issued as) a dividend or other distribution with respect to, or in exchange for or in
replacement of, the shares of Common Stock issued pursuant to the Purchase Agreement or in connection with a stock split of such shares), provided, that such assignment shall be effective only if the transferee agrees to be bound by
all of the provisions of this Agreement. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities
under or by reason of this Agreement, except as expressly provided in this Agreement. 
 5.4 Amendments and Waivers. Any
term of this Agreement may be amended or waived only with the written consent of the Company and the holders of a majority of the Registrable Securities then outstanding; provided, however that if any amendment or waiver would or would
be reasonably likely to affect a party hereto disproportionately or directly or indirectly take away or alter the rights of such party, then such party’s consent shall also be required to effect any such amendment or waiver. Any amendment or
waiver effected in accordance with this paragraph shall be binding upon each party to the Agreement, whether or not such party has signed such amendment or waiver, each future holder of all such Registrable Securities, and the Company. 

 

 14 

 5.5 Notices. 
 (a) All notices, requests, demands, claims and other communications which are required or may be given under this Agreement shall be in
writing and shall be deemed to have been duly given when received if personally delivered; when transmitted if transmitted by facsimile (with written confirmation of transmission); when transmitted if transmitted by electronic mail (provided no
notice of non-delivery is received); the Business Day after it is sent, if sent for next day delivery to a domestic address by recognized overnight delivery service (e.g., Federal Express); three Business Days after it is sent, if sent for next day
delivery to an overseas address by recognized courier (e.g., Federal Express); and five business days after the date mailed by certified or registered mail, postage prepaid, if sent by certified or registered mail, return receipt requested. In each
case notice shall be sent to such party’s address, e-mail address or facsimile number as set forth on the Exhibit A hereto. 
 (b) Any party hereto may send any notice, request, demand, claim or other communication hereunder to the intended recipient at the address set forth above using any other means, but no such notice, request, demand, claim or other
communication shall be deemed to have been duly given unless and until it actually is received by the intended recipient. Any party hereto may change the address or facsimile number to which notices, requests, demands, claims, and other
communications hereunder are to be delivered by giving each other party notice in the manner herein set forth 
 5.6
Severability. If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced as a result of any rule of Law or public policy, all other terms and other provisions of this Agreement shall nevertheless
remain in full force and effect so long as the economic or legal substance of the transactions contemplated by this Agreement is not affected in any manner materially adverse to any party. Upon such determination that any term or other provision is
invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner to the end that the
transactions contemplated by this Agreement are fulfilled to the greatest extent possible. 
 5.7 Governing Law. This
Agreement (and any claim or controversy arising out of or relating to this Agreement) shall be governed by and construed in accordance with the domestic Laws of the State of Delaware without giving effect to any choice or conflict of Law provision
or rule that would cause the application of the Laws of any jurisdiction other than the State of Delaware. 
 5.8 Consent to
Jurisdiction. Subject to Section 5.12, each party hereto hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of any California state court, or federal court of the United States
of America, sitting in Los Angeles County, California, and any appellate court thereof, in any action or proceeding arising out of or relating to this Agreement or the transactions contemplated thereby or for recognition or enforcement of any
judgment relating thereto, and each party hereto hereby irrevocably and unconditionally (a) agrees not to commence any such action or proceeding except in such courts; (b) agrees that any claim in respect of any such action or proceeding
may be heard and determined in such California state court or, to the extent permitted by Law, in such federal court; (c) waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to
the laying of venue of any such action or proceeding in any such California state or federal court; and (d) waives, to the fullest extent permitted by Law, the defense of an inconvenient forum to the maintenance of such action or proceeding in
any such California state or federal court. Each party hereto irrevocably consents to service of process in the manner provided for notices in Section 5.5. Nothing in this Agreement will affect the right of any party hereto to serve
process in any other manner permitted by Law 
  

 15 

 5.9 Counterparts. This Agreement may be executed in two or more counterparts, each of
which shall be deemed an original but all of which together shall constitute one and the same instrument. 
 5.10 Titles and
Subtitles. The titles, captions or headings of the Sections and subsections herein are inserted for convenience of reference only and are not intended to be a part of or to affect the meaning or interpretation of this Agreement. 
 5.11 Specific Enforcement. Each party hereto agrees that its obligations hereunder are necessary and reasonable in order to protect
the other parties to this Agreement, and each party expressly agrees and understands that monetary damages would inadequately compensate an injured party for the breach of this Agreement by any party, that this Agreement shall be specifically
enforceable, and that, in addition to any other remedies that may be available at law, in equity or otherwise, any breach or threatened breach of this Agreement shall be the proper subject of a temporary or permanent injunction or restraining order,
without the necessity of proving actual damages. Further, each party hereto waives any claim or defense that there is an adequate remedy at law for such breach or threatened breach. 
 5.12 Dispute Resolution. The parties hereto understand and agree that any and all claims, grievances, demands, controversies, causes
of action or disputes of any nature whatsoever (including, but not limited to, tort and Contract claims, and claims upon any Law, statute, order, or regulation) (hereinafter “Disputes”), arising out of, in connection with, or in
relation to (i) this Agreement, or (ii) questions of arbitrability under this Agreement, shall be resolved by final, binding, nonjudicial arbitration in accordance with the Federal Arbitration Act, 9 U.S.C. Section 1, et seq. pursuant
to the following procedures: 
 (a) Any party may send another party or parties written notice identifying the matter in dispute
and invoking the procedures of this Section (the “Dispute Notice”). Within 14 days from delivery of the Dispute Notice, each party involved in the dispute shall meet at a mutually agreed location in Los Angeles, California, for the
purpose of determining whether they can resolve the dispute themselves by written agreement, and, if not, whether they can agree upon an impartial third-party arbitrator (the “Arbitrator”) to whom to submit the matter in dispute for
final and binding arbitration. 
 (b) If such parties fail to resolve the dispute by written agreement or agree on the
Arbitrator within the later of 14 days from any such initial meeting or within 30 days from the delivery of the Dispute Notice, any such party may make written application to the Judicial Arbitration and Mediation Services (“JAMS”),
in Los Angeles, California for the appointment of a single Arbitrator to resolve the dispute by arbitration. At the request of JAMS the parties involved in the dispute shall meet with JAMS at its offices within 10 calendar days of such request to
discuss the dispute and the qualifications and experience which each party respectively believes the Arbitrator should have; provided, however, that the selection of the Arbitrator shall be the exclusive decision of JAMS and shall be
made within 30 days of the written application to JAMS. 
 (c) Within 30 days of the selection of the Arbitrator, the parties
involved in the dispute shall meet in Los Angeles, California with such Arbitrator at a place and time designated by such Arbitrator after consultation with such parties and present their respective positions on the dispute. Each party shall have no
longer than one day to present its position, the entire proceedings before the Arbitrator shall be no more than three consecutive days, and the decision of the Arbitrator shall be made in writing no more than 30 days following the end of the
proceeding. Such an award shall be a final and binding determination of the dispute and shall be fully enforceable as an arbitration decision in any court having jurisdiction and venue over such parties. The prevailing party or parties (as
determined by the Arbitrator) shall in addition be awarded by the Arbitrator such party’s or parties’ own legal fees and expenses in

  

 16 

 
connection with such proceeding. The non-prevailing party or parties (as determined by the Arbitrator) shall pay the Arbitrator’s fees and expenses. 
 5.13 Waiver of Jury Trial. EACH PARTY TO THIS AGREEMENT ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS
AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE IT HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING
TO THIS AGREEMENT AND ANY OF THE AGREEMENTS DELIVERED IN CONNECTION HEREWITH OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. EACH PARTY TO THIS AGREEMENT CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER
PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE EITHER OF SUCH WAIVERS; (B) IT UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF SUCH WAIVERS; (C) IT MAKES SUCH
WAIVERS VOLUNTARILY; AND (D) IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 5.13. 
 * * * 
  

 17 

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

			
	COMPANY:
	
	REACHLOCAL, INC.
		
	By:	 	 /s/ Zorik Gordon

	Name:	 	Zorik Gordon
	Its:	 	President
	
	STOCKHOLDER:
	
	NETUS PTY LIMITED ACN 117 674 030
		
	By:	 	  

	Name:	 	
	Its:	 	

  

 STOCKHOLDERS AGREEMENT 

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

			
	COMPANY:
	
	REACHLOCAL, INC.
		
	By:	 	  

	Name:	 	Zorik Gordon
	Its:	 	President
	
	STOCKHOLDER:
	
	NETUS PTY LIMITED ACN 117 674 030
		
	By:	 	 /s/ Daniel Petre

	Name:	 	 Daniel Petre

	Its:	 	Exec. Chairman

  

 STOCKHOLDERS AGREEMENT 

 ACKNOWLEDGED AND AGREED WITH RESPECT TO ARTICLE IV: 
  

			
	FOUNDERS:
	
	 /s/ Michael Kline

	Michael Kline
	
	 /s/ Robert Wright

	Robert Wright
	
	  

	Robert Spitz
	
	GORDON FAMILY REVOCABLE TRUST
		
	By:	 	 /s/ Zorik Gordon

	Name:	 	Zorik Gordon
	Title:	 	Trustee
		
	By:	 	 /s/ Ilana P. Gordon

	Name:	 	Ilana P. Gordon
	Title:	 	Trustee

  

 STOCKHOLDERS AGREEMENT 

 ACKNOWLEDGED AND AGREED WITH RESPECT TO ARTICLE IV: 
  

			
	FOUNDERS:
	
	  

	Michael Kline
	
	  

	Robert Wright
	
	 /s/ Robert Spitz

	Robert Spitz
	
	GORDON FAMILY REVOCABLE TRUST
		
	By:	 	  

	Name:	 	Zorik Gordon
	Title:	 	Trustee
		
	By:	 	  

	Name:	 	Ilana P. Gordon
	Title:	 	Trustee

  

 STOCKHOLDERS AGREEMENT 

 Exhibit A 
 Notice Addresses 
 ReachLocal, Inc. 
 21700 Oxnard Street, Suite 1600 
 Woodland Hills, CA
91367 
 Attn: General Counsel 
 Fax:
818.337.7109 
 E-mail: awergeles@reachlocal.com 
 Netus Pty Limited 
 Level 10, 52 Alfred Street 
 Milsons Point, NSW 2061 Australia 
 Attn: Daniel
Petre 
 Fax: +61 2 8912 5999

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