Document:

EX-10.1

 Exhibit 10.1 
 BOB EVANS FARMS, INC. 
 AMENDED AND RESTATED 2010 EQUITY AND CASH
INCENTIVE PLAN 
 Amended and Restated Effective August 21, 2013 

The purpose of the Plan is to promote the Company’s long-term financial success and increase stockholder value by motivating
performance through incentive compensation. The Plan also is intended to encourage Participants to acquire ownership interests in the Company, attract and retain talented employees, directors and consultants and enable Participants to participate in
the Company’s long-term growth and financial success. The Plan has been amended and restated by the Compensation Committee of the Board of Directors effective July 8, 2013, subject to approval by the Company’s stockholders on or about
August 21, 2013. 
 ARTICLE I 
 DEFINITIONS 
 When used in the Plan, the following capitalized words, terms
and phrases shall have the meanings set forth in this Article I. For purposes of the Plan, the form of any word, term or phrase shall include any and all of its other forms. 
 1.1 “Act” shall mean the Securities Exchange Act of 1934, as amended from time to time, or any successor thereto. 
 1.2 “Affiliate” shall mean any entity with whom the Company would be considered a single employer under Section 414(b) or (c) of the Code, but modified as permitted under
Treasury Regulations promulgated under any Code section relevant to the purpose for which the definition is applied. 
 1.3
“Award” shall mean any Nonqualified Stock Option, Incentive Stock Option, Stock Appreciation Right, Restricted Stock, Other Stock-Based Award or Cash-Based Award granted pursuant to the Plan. 

1.4 “Award Agreement” shall mean any written or electronic agreement between the Company and a Participant that describes
the terms and conditions of an Award. If there is a conflict between the terms of the Plan and the terms of an Award Agreement, the terms of the Plan shall govern. 
 1.5 “Board” shall mean the Board of Directors of the Company. 

1.6 “Cash-Based Award” shall mean a cash Award granted pursuant to Article IX of the Plan. 

1.7 “Cause” shall mean, unless otherwise provided in the related Award Agreement or in any employment agreement between
the Participant and the Company or any Affiliate or in any other agreement between the Participant and the Company or any Affiliate (but only within the context of the events contemplated by the employment agreement or other agreement, as
applicable), a Participant’s: (a) willful and continued failure to substantially perform assigned duties; (b) gross misconduct; (c) breach of any term of any agreement with the Company or any Affiliate, including the Plan and any
Award Agreement; (d) conviction of (or plea of no contest or nolo contendere to) (i) a felony or a misdemeanor that originally was charged as a felony but which was subsequently reduced to a misdemeanor through negotiation with the
charging entity or (ii) a crime other than a felony, which involves a breach of trust or fiduciary duty owed to the Company or any Affiliate; or (e) violation of the Company’s code of conduct or any other policy of the Company or any
Affiliate that applies to the Participant. Notwithstanding the foregoing, Cause will not arise solely because the Participant is absent from active employment during periods of vacation, consistent with the Company’s applicable vacation policy,
or other period of absence approved by the Company. 
 1.8 “Change in Control” shall mean, unless otherwise
provided in any employment agreement between the Participant and the Company or any Affiliate or in any other agreement between the Participant and the Company or any Affiliate (but only within the context of events contemplated by the employment
agreement or other agreement, as applicable), the occurrence of any of the following: 
 (a) the members of the Board on the
effective date of this Plan (the “Incumbent Directors”) cease for any reason other than death to constitute at least a majority of the members of the Board; provided however, that any

  
 A-1

 
individual becoming a director after the effective date of this Plan whose election, or nomination for election by the Company’s stockholders, was approved by a vote of at least a majority
of the then Incumbent Directors shall also be treated as an Incumbent Director, but excluding any individual whose initial assumption of office occurs as a result of a proxy contest or any agreement arising out of an actual or threatened proxy
contest; 
 (b) the acquisition by any person or group (within the meaning of Sections 13(d) and 14(d)(2) of the Act), other
than the Company, any Subsidiary or any employee benefit plan (or related trust) sponsored or maintained by the Company or any Subsidiary of the Company, of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Act), directly
or indirectly, of thirty percent (30%) or more of the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors of the Company; provided, however, that the
provisions of this paragraph (b) shall not include the acquisition of voting securities by any entity or person with respect to which that acquirer has filed SEC Schedule 13G (or any successor form or filing) indicating that the voting
securities were not acquired and are not held for the purpose of or with the effect of changing or influencing, directly or indirectly, the Company’s management or policies, unless and until that entity or person indicates that its intent has
changed by filing SEC Schedule 13D (or any successor form or filing); 
 (c) the consummation of a merger, consolidation or other
business combination of the Company with or into another entity, or the acquisition by the Company of assets or shares or equity interests of another entity, as a result of which the stockholders of the Company immediately prior to such merger,
consolidation, other business combination or acquisition, do not, immediately thereafter, beneficially own, directly or indirectly, more than fifty percent (50%) of the combined voting power of the then outstanding voting securities entitled to
vote generally in the election of directors of the entity resulting from such merger, consolidation or other business combination or the Company; 
 (d) the sale or other disposition of all or substantially all of the assets of the Company; or 
 (e) the liquidation or dissolution of the Company. 
 Notwithstanding the foregoing, with respect to
the payment, exercise or settlement of any Award that is subject to Section 409A of the Code (and for which no exception applies), a Change in Control shall be deemed not to have occurred unless the events or circumstances constituting a Change
in Control also constitute a “change in control event” within the meaning of Section 409A of the Code and the Treasury Regulations promulgated thereunder. 
 1.9 “Code” shall mean the Internal Revenue Code of 1986, as amended from time to time, or any successor thereto. 
 1.10 “Committee” shall mean the Compensation Committee of the Board, which will be comprised of at least two (2) directors, each of whom is an “outside director,” within
the meaning of Section 162(m) of the Code and the Treasury Regulations promulgated thereunder, a “non-employee” director within the meaning of Rule 16b-3 under the Act, and an “independent director” under the rules of the
exchange on which the Shares are listed. 
 1.11 “Company” shall mean Bob Evans Farms, Inc., a Delaware
corporation, and any successor thereto. 
 1.12 “Consultant” shall mean any person who renders services to the
Company or any of its Affiliates other than an Employee or a Director. 
 1.13 “Covered Employee” shall mean a
“covered employee” within the meaning of Section 162(m) of the Code and the Treasury Regulations promulgated thereunder. 
 1.14 “Director” shall mean a person who is a member of the Board, excluding any member who is an Employee. 
 1.15 “Disability” shall mean: 
 (a) with respect to an Incentive
Stock Option, “disability” as defined in Section 22(e)(3) of the Code; 
 (b) with respect to the payment,
exercise or settlement of any Award that is (or becomes) subject to Section 409A of the Code (and for which no exception applies), (i) the Participant is unable to engage in any 

  
 A-2

 
substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of
not less than twelve (12) months, (ii) the Participant is, by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than
twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months under an accident and health plan covering Employees of the Participant’s employer, or (iii) the Participant is determined
to be totally disabled by the Social Security Administration or Railroad Retirement Board; and 
 (c) with respect to a
Participant’s right to exercise or receive settlement of any Award or with respect to the payment, exercise or settlement of any Award not described in subsection (a) or (b) of this definition, a Participant’s inability
(established by an independent physician selected by the Committee and reasonably acceptable to the Participant or to the Participant’s legal representative) due to illness, accident or otherwise to perform his or her duties, which is expected
to be permanent or for an indefinite duration longer than twelve (12) months. 
 1.16 “Employee” shall mean
any person who is a common law employee of the Company or any Affiliate. A person who is classified as other than a common-law employee but who is subsequently reclassified as a common law employee of the Company or any Affiliate for any reason and
on any basis shall be treated as a common law employee only from the date that reclassification occurs and shall not retroactively be reclassified as an Employee for any purpose under the Plan. 

1.17 “Fair Market Value” shall mean the value of one Share on any relevant date, determined under the following rules:

 (a) If the Shares are traded on an exchange, the reported “closing price” on the relevant date if it is a trading
day, otherwise on the trading day immediately before the relevant date; 
 (b) If the Shares are traded over-the-counter with no
reported closing price, the mean between the lowest bid and the highest asked prices on that quotation system on the relevant date if it is a trading day, and if the relevant date is not a trading day, then on the trading day immediately before the
relevant date; or 
 (c) If neither (a) nor (b) applies, (i) with respect to Options, Stock Appreciation Rights
and any Award that is subject to Section 409A of the Code, the value as determined by the Committee through the reasonable application of a reasonable valuation method, taking into account all information material to the value of the Company,
within the meaning of Section 409A of the Code and the Treasury Regulations promulgated thereunder, and (ii) with respect to all other Awards, the fair market value as determined by the Committee in good faith. 

1.18 “Full Value Award” shall mean an Award that is settled by the issuance of Shares, other than an Incentive Stock
Option, a Nonqualified Stock Option or a Stock Appreciation Right. 
 1.19 “Incentive Stock Option” shall mean
an Option that is intended to meet the requirements of Section 422 of the Code. 
 1.20 “Nonqualified Stock
Option” shall mean an Option that is not intended to be an Incentive Stock Option. 
 1.21 “Option”
shall mean an option to purchase Shares which is granted pursuant to Article V of the Plan. An Option may be either an Incentive Stock Option or a Nonqualified Stock Option. 

1.22 “Other Stock-Based Award” shall mean an Award granted pursuant to Article VIII of the Plan. 

1.23 “Participant” shall mean an Employee, Director or Consultant who is granted an Award under the Plan. 

1.24 “Performance-Based Award” shall mean an Award described in Section 10.1 of the Plan. 

1.25 “Performance Criteria” shall mean (a) with respect to a Participant who is or is likely to be a Covered
Employee, the performance criteria described in Section 10.2(a) of the Plan, and (b) with respect to any other Participant, any performance criteria determined by the Committee in its sole discretion. 

  
 A-3

 1.26 “Plan” shall mean the Bob Evans Farms, Inc. Amended and Restated 2010
Equity and Cash Incentive Plan, as set forth herein and as may be amended from time to time. 
 1.27 “Preexisting
Plan” shall mean the Bob Evans Farms, Inc. 2010 Equity and Cash Incentive Plan. Upon approval by the Plan by the Company’s stockholders, no further awards will be issued under the Preexisting Plan, although the Preexisting Plan will
remain in effect after the Company’s stockholders approve the Plan for purposes of determining any grantee’s right to awards issued under the Preexisting Plan before that date 

1.28 “Restricted Stock” shall mean an Award granted pursuant to Article VII of the Plan under which a Participant is
issued Shares which are subject to specified restrictions on vesting and transferability. 
 1.29 “Retirement”
shall mean, unless otherwise provided in the related Award Agreement or in any employment agreement between the Participant and the Company or any Affiliate or in any other agreement between the Participant and the Company or any Affiliate (but only
within the context of the events contemplated by the employment agreement or other agreement, as applicable), a Participant’s voluntary termination of employment or Board service on or after the earlier of the date on which (a) an Employee
or Director attains age fifty-five (55) and has been credited with ten (10) or more years of service (whether in the capacity of an Employee or as a Director) with the Company or any Affiliate; or (b)(i) the sum of the Employee’s or
Director’s age (measured in whole years only) and years of service (whether in the capacity of an Employee or as a Director) with the Company or any Affiliate equals or exceeds 70 and (ii) the Employee or Director has been credited with at
least ten (10) years of service (whether in the capacity of an Employee or as a Director) with the Company or any Affiliate. 
 1.30 “Shares” shall mean the common shares, par value $0.01 per share, of the Company or any security of the Company issued in satisfaction, exchange or in place of these shares.

 1.31 “Stock Appreciation Right” shall mean an Award granted pursuant to Article VI of the Plan under which a
Participant is given the right to receive the difference between the Fair Market Value of a Share on the date of grant and the Fair Market Value of a Share on the date of exercise of the Award. 

1.32 “Subsidiary” shall mean: (a) with respect to an Incentive Stock Option, a “subsidiary corporation” as
defined under Section 424(f) of the Code; and (b) for all other purposes under the Plan, any corporation or other entity in which the Company owns, directly or indirectly, a proprietary interest of more than fifty (50%) by reason of
stock ownership or otherwise. 
 1.33 “Treasury Regulations” shall mean the regulations issued by the United
States Department of the Treasury with respect to the relevant section of the Code. 
 ARTICLE II 

SHARES SUBJECT TO THE PLAN 
 2.1 Number of Shares Available for Awards. Subject to this Article II, the aggregate number of Shares with respect to which Awards may be granted under the Plan shall be 2,600,000, plus the number
of Shares that, on the date the Plan is approved by the Company’s stockholders, are available to be granted under the Preexisting Plan but which are not then subject to outstanding awards under the Preexisting Plan. The Shares may consist, in
whole or in part, of treasury Shares, authorized but unissued Shares not reserved for any other purpose or Shares purchased by the Company or an independent agent in either a private transaction or in the open market. 

Subject to this Article II, (a) upon a grant of a Full Value Award, the number of Shares available for issuance under the Plan shall
be reduced by 2.63 Shares for each Share subject to such Full Value Award, and any Shares underlying such an Award that become available for future grant under the Plan pursuant to Section 2.2 shall be added back to the Plan in an amount equal
to 2.63 Shares for each Share subject to such an Award that becomes available for future grant under the Plan pursuant to Section 2.2 and (b) upon a grant of an Option or Stock Appreciation Right, the number of Shares available for
issuance under the Plan shall be reduced by an amount equal to the number of Shares subject to such Award, and any Shares underlying such an Award that become available for future grant under the Plan pursuant to Section 2.2 shall be added back
to the Plan in an 

  
 A-4

 
amount equal to the number of Shares subject to such an Award that become available for future grant under the Plan pursuant to Section 2.2. Without limiting the foregoing, with respect to
any Stock Appreciation Right that is settled in Shares, the full number of Shares subject to the Award shall count against the number of Shares available for Awards under the Plan regardless of the number of Shares used to settle the Stock
Appreciation Right upon exercise. 
 2.2 Share Usage. In addition to the number of Shares provided for in
Section 2.1, the following Shares shall be available for Awards under the Plan: (a) Shares covered by an Award that expires or is forfeited, canceled, surrendered or otherwise terminated without the issuance of such Shares; (b) Shares
covered by an Award that is settled only in cash; (c) Shares granted through the assumption of, or in substitution for, outstanding awards granted by a company to individuals who become Employees, Directors or Consultants as the result of a
merger, consolidation, acquisition or other corporate transaction involving such company and the Company or any of its Affiliates; (d) any Shares subject to outstanding awards under the Preexisting Plan as of the Effective Date that on or after
the Effective Date cease for any reason to be subject to such awards other than by reason of exercise or settlement of the awards to the extent they are exercised for or settled in vested and non-forfeitable Shares; and (e) any Shares from
awards exercised for or settled in vested and nonforfeitable Shares that are later returned to the Company pursuant to any compensation recoupment policy, provision or agreement. Nothing in the foregoing shall be construed as permitting any Shares
surrendered upon exercise of an Award as payment of the applicable exercise price or withheld to satisfy any applicable taxes to be again available for Awards under the Plan. 
 2.3 Fiscal Year Limits. Subject to Section 2.4 and unless and until the Committee determines that an Award to a Covered Employee shall not be designed as “qualified performance-based
compensation” under Section 162(m) of the Code, during any fiscal year of the Company, the Committee may not grant to any Participant (a) Options covering more than 2,400,000 Shares, (b) Stock Appreciation Rights covering
more than 2,400,000 Shares, (c) more than 1,000,000 Shares of Restricted Stock, (d) Other Stock-Based Awards covering more than 1,000,000 Shares, (e) Cash-Based Awards equal to more than $7,500,000, (f) Performance-Based
Awards that are to be settled in Shares covering more than 1,000,000 Shares, (g) Performance-Based Awards that are to be settled in cash equal to more than $7,500,000 and (h) Full Value Awards covering more than 1,000,000 Shares.

 2.4 Adjustments. In the event of any Share dividend, Share split, recapitalization (including payment of an
extraordinary dividend), merger, reorganization, consolidation, combination, spin-off, distribution of assets to stockholders, exchange of Shares or any other change affecting the Shares, the Committee shall make such substitutions and adjustments,
if any, as it deems equitable and appropriate to: (a) the aggregate number of Shares that may be issued under the Plan; (b) any Share-based limits imposed under the Plan; and (c) the exercise price, number of
Shares and other terms or limitations applicable to outstanding Awards. Notwithstanding the foregoing, an adjustment pursuant to this Section 2.4 shall be made only to the extent such adjustment complies, to the extent applicable, with
Section 409A of the Code. 
 2.5 Full Value Awards. Notwithstanding anything in the Plan to the contrary, the
Committee may grant Full Value Awards covering up to ten percent of the Shares without regard to the minimum vesting requirements of Sections 7.3(a) and 8.1 of the Plan. 
 ARTICLE III 
 ADMINISTRATION 

3.1 In General. The Plan shall be administered by the Committee. The Committee shall have full power and authority to:
(a) interpret the Plan and any Award Agreement; (b) establish, amend and rescind any rules and regulations relating to the Plan; (c) select Participants; (d) establish the terms and conditions of any Award consistent with the
terms and conditions of the Plan; and (e) make any other determinations that it deems necessary or desirable for the administration of the Plan. The Committee may correct any defect, supply any omission or reconcile any inconsistency in the
Plan or in any Award Agreement in the manner and to the extent the Committee deems necessary or desirable. Any decision of the Committee in the interpretation and administration of the Plan shall be made in the Committee’s sole and absolute
discretion and shall be final, conclusive and binding on all persons. 

  
 A-5

 3.2 Delegation of Duties. In its sole discretion, the Committee may delegate any
ministerial duties associated with the Plan to any person (including Employees) it deems appropriate; provided, however, that the Committee may not delegate (a) any duties that it is required to discharge to comply with Section 162(m) of
the Code or any other applicable law; (b) its authority to grant Awards to any Participant who is subject to Section 16 of the Act; and (c) its authority under any equity award granting policy of the Company that may be in effect from
time to time. 
 ARTICLE IV 
 ELIGIBILITY 
 Any Employee, Director or Consultant selected by the Committee
shall be eligible to be a Participant in the Plan; provided, however, that Incentive Stock Options shall only be granted to Employees who are employed by the Company or any of its Affiliates. 

ARTICLE V 

OPTIONS 

5.1 Grant of Options. Subject to the terms and conditions of the Plan, Options may be granted to Participants in such number, and
upon such terms and conditions, as shall be determined by the Committee in its sole discretion. 
 5.2 Award Agreement.
Each Option shall be evidenced by an Award Agreement that shall specify the exercise price, the term of the Option, the number of Shares covered by the Option, the conditions upon which the Option shall become vested and exercisable and such other
terms and conditions as the Committee shall determine and which are not inconsistent with the terms and conditions of the Plan. The Award Agreement also shall specify whether the Option is intended to be an Incentive Stock Option or a Nonqualified
Stock Option. 
 5.3 Exercise Price. The exercise price per Share of an Option shall be determined by the Committee at the
time the Option is granted and shall be specified in the related Award Agreement; provided, however, that in no event shall the exercise price per Share of any Option be less than one hundred percent (100%) of the Fair Market Value of a Share
on the date of grant. 
 5.4 Term. The term of an Option shall be determined by the Committee and set forth in the related
Award Agreement; provided, however, that in no event shall the term of any Option exceed ten (10) years from its date of grant. 
 5.5 Exercisability. Options shall become exercisable at such times and upon such terms and conditions as shall be determined by the Committee and set forth in the related Award Agreement. Such
terms and conditions may include, without limitation, the satisfaction of (a) performance goals based on one (1) or more Performance Criteria; and (b) time-based vesting requirements. 

5.6 Exercise of Options. Except as otherwise provided in the Plan or in a related Award Agreement, an Option may be exercised for
all or any portion of the Shares for which it is then exercisable. An Option shall be exercised by the delivery of a notice of exercise to the Company or its designee in a form specified by the Committee which sets forth the number of Shares with
respect to which the Option is to be exercised and full payment of the exercise price for such Shares. The exercise price of an Option may be paid: (a) in cash or its equivalent; (b) by tendering (either by actual delivery or attestation)
previously acquired Shares having an aggregate Fair Market Value at the time of exercise equal to the aggregate exercise price; provided that such Shares had been held for at least six (6) months or such other period required to obtain
favorable accounting treatment and to comply with the requirements of Section 16 of the Act; (c) by a cashless exercise (including by withholding Shares deliverable upon exercise and through a broker-assisted arrangement to the extent
permitted by applicable law); (d) by a combination of the methods described in clauses (a), (b) and/or (c); or (e) though any other method approved by the Committee in its sole discretion. As soon as practicable after receipt of the
notification of exercise and full payment of the exercise price, the Company shall cause the appropriate number of Shares to be issued to the Participant. 

  
 A-6

 5.7 Special Rules Applicable to Incentive Stock Options. Notwithstanding any other
provision in the Plan to the contrary: 
 (a) The terms and conditions of Incentive Stock Options shall be subject to and comply
with the requirements of Section 422 of the Code. 
 (b) The aggregate Fair Market Value of the Shares (determined as of the
date of grant) with respect to which Incentive Stock Options are exercisable for the first time by any Participant during any calendar year (under all plans of the Company and its Subsidiaries) may not be greater than $100,000 (or such other amount
specified in Section 422 of the Code), as calculated under Section 422 of the Code. 
 (c) No Incentive Stock Option
shall be granted to any Participant who, at the time the Incentive Stock Option is granted, owns stock possessing more than ten percent (10%) of the total combined voting power of all classes of stock of the Company or of any Subsidiary,
unless (i) the exercise price of such Incentive Stock Option is at least one hundred and ten percent (110%) of the Fair Market Value of a Share on the date the Incentive Stock Option is granted and (ii) the date on which such
Incentive Stock Option will expire is not later than five (5) years from the date the Incentive Stock Option is granted. 

ARTICLE VI 

STOCK APPRECIATION RIGHTS 
 6.1 Grant of Stock Appreciation Rights. Subject to the terms and conditions of the Plan, Stock Appreciation Rights may be granted to Participants in such number, and upon such terms and conditions,
as shall be determined by the Committee in its sole discretion. 
 6.2 Award Agreement. Each Stock Appreciation Right
shall be evidenced by an Award Agreement that shall specify the exercise price, the term of the Stock Appreciation Right, the number of Shares covered by the Stock Appreciation Right, the conditions upon which the Stock Appreciation Right shall
become vested and exercisable and such other terms and conditions as the Committee shall determine and which are not inconsistent with the terms and conditions of the Plan. 
 6.3 Exercise Price. The exercise price per Share of a Stock Appreciation Right shall be determined by the Committee at the time the Stock Appreciation Right is granted and shall be specified in the
related Award Agreement; provided, however, that in no event shall the exercise price per Share of any Stock Appreciation Right be less than one hundred percent (100%) of the Fair Market Value of a Share on the date of grant. 

6.4 Term. The term of a Stock Appreciation Right shall be determined by the Committee and set forth in the related Award Agreement;
provided however, that in no event shall the term of any Stock Appreciation Right exceed ten (10) years from its date of grant. 
 6.5 Exercisability of Stock Appreciation Rights. A Stock Appreciation Right shall become exercisable at such times and upon such terms and conditions as may be determined by the Committee and set
forth in the related Award Agreement. Such terms and conditions may include, without limitation, the satisfaction of (a) performance goals based on one (1) or more Performance Criteria; and (b) time-based vesting requirements.

 6.6 Exercise of Stock Appreciation Rights. Except as otherwise provided in the Plan or in a related Award Agreement, a
Stock Appreciation Right may be exercised for all or any portion of the Shares for which it is then exercisable. A Stock Appreciation Right shall be exercised by the delivery of a notice of exercise to the Company or its designee in a form specified
by the Committee which sets forth the number of Shares with respect to which the Stock Appreciation Right is to be exercised. Upon exercise, a Stock Appreciation Right shall entitle a Participant to an amount equal to (a) the excess of
(i) the Fair Market Value of a Share on the exercise date over (ii) the exercise price per Share, multiplied by (b) the number of Shares with respect to which the Stock Appreciation Right is exercised. A Stock Appreciation Right may
be settled in full Shares, cash or a combination thereof, as specified by the Committee in the related Award Agreement. 

  
 A-7

 ARTICLE VII 
 RESTRICTED STOCK 
 7.1 Grant of Restricted Stock. Subject to the
terms and conditions of the Plan, Shares of Restricted Stock may be granted to Participants in such number, and upon such terms and conditions, as shall be determined by the Committee in its sole discretion. 

7.2 Award Agreement. Each Restricted Stock Award shall be evidenced by an Award Agreement that shall specify the number of Shares
of Restricted Stock, the restricted period(s) applicable to the Shares of Restricted Stock, the conditions upon which the restrictions on the Shares of Restricted Stock will lapse and such other terms and conditions as the Committee shall determine
and which are not inconsistent with the terms and conditions of the Plan. 
 7.3 Terms, Conditions and Restrictions.

 (a) The Committee shall impose such other terms, conditions and/or restrictions on any Shares of Restricted Stock as it may
deem advisable, including, without limitation, a requirement that the Participant pay a purchase price for each Share of Restricted Stock, restrictions based on the achievement of specific performance goals (which may be based on one (1) or
more of the Performance Criteria), time-based restrictions or holding requirements or sale restrictions placed on the Shares by the Company upon vesting of such Restricted Stock. Notwithstanding the foregoing, subject to Sections 2.5 and Article XII
of the Plan or as described in the related Award Agreement in connection with a Participant’s death, termination due to Disability and/or Retirement, no condition on vesting of a Restricted Stock Award that is based upon achievement of
specified performance goals shall be based on performance over a period of less than one year and no condition on vesting of a Restricted Stock Award that is based upon continued employment or the passage of time shall provide for vesting in full of
the Restricted Stock Award more quickly than in pro rata installments over three (3) years from the date of grant of the Award. 
 (b) To the extent deemed appropriate by the Committee, the Company may retain the certificates representing Shares of Restricted Stock in the Company’s possession until such time as all terms,
conditions and/or restrictions applicable to such Shares have been satisfied or lapse. 
 (c) Unless otherwise provided in the
related Award Agreement or required by applicable law, the restrictions imposed on Shares of Restricted Stock shall lapse upon the expiration or termination of the applicable restricted period and the satisfaction of any other applicable terms and
conditions. 
 7.4 Rights Associated with Restricted Stock during Restricted Period. During any restricted period
applicable to Shares of Restricted Stock: 
 (a) Such Shares of Restricted Stock may not be sold, transferred, pledged, assigned
or otherwise alienated or hypothecated. 
 (b) Unless otherwise provided in the related Award Agreement, (i) the Participant
shall be entitled to exercise full voting rights associated with such Shares of Restricted Stock and (ii) the Participant shall be entitled to all dividends and other distributions paid with respect to such Shares of Restricted Stock during the
restricted period; provided, however, that receipt of any such dividends or other distributions will be subject to the same terms and conditions as the Shares of Restricted Stock with respect to which they are paid. 

ARTICLE VIII 
 OTHER STOCK-BASED AWARDS 
 8.1 Grant of Other Stock-Based Awards.
Subject to the terms and conditions of the Plan, Other Stock-Based Awards may be granted to Participants in such number, and upon such terms and conditions, as shall be determined by the Committee in its sole discretion. Other Stock-Based Awards are
Awards that are valued in whole or in part by reference to, or otherwise based on the Fair Market Value of, the Shares, and shall be in such form as the Committee shall determine, including without limitation, (a) unrestricted Shares or
(b) time-based or performance-based restricted stock units that are settled in Shares and/or cash. Notwithstanding the foregoing, subject to Sections 2.5 and Article XII of the Plan or as described in the related Award Agreement in connection

  
 A-8

 
with a Participant’s death, termination due to Disability and/or Retirement, no condition on vesting of an Other Stock-Based Award that is based upon achievement of specified performance
goals shall be based on performance over a period of less than one year and no condition on vesting of an Other Stock-Based Award that is based upon continued employment or the passage of time shall provide for vesting in full of the Other
Stock-Based Award more quickly than in pro rata installments over three (3) years from the date of grant of the Award. 

8.2 Award Agreement. Each Other Stock-Based Award shall be evidenced by an Award Agreement that shall specify the terms and
conditions upon which the Other Stock-Based Award shall become vested, if applicable, the time and method of settlement, the form of settlement and such other terms and conditions as the Committee shall determine and which are not inconsistent with
the terms and conditions of the Plan. 
 8.3 Form of Settlement. An Other Stock-Based Award may be settled in full Shares,
cash or a combination thereof, as specified by the Committee in the related Award Agreement. 
 8.4 Dividend Equivalents.
Awards of Other Stock-Based Awards may provide the Participant with dividend equivalents, as determined by the Committee in its sole discretion and set forth in the related Award Agreement, provided, however, that receipt of any such dividend
equivalents will be subject to the same terms and conditions as the Other Stock-Based Awards with respect to which they are paid. 
 ARTICLE IX 
 CASH-BASED AWARDS 

Subject to the terms and conditions of the Plan, Cash-Based Awards may be granted to Participants in such amounts and upon such other
terms and conditions as shall be determined by the Committee in its sole discretion. Each Cash-Based Award shall be evidenced by an Award Agreement that shall specify the payment amount or payment range, the time and method of settlement and the
other terms and conditions, as applicable, of such Award which may include, without limitation, performance objectives and that the Cash-Based Award is a Performance-Based Award under Article X. 

ARTICLE X 

PERFORMANCE-BASED AWARDS 
 10.1 In General. Notwithstanding anything in the Plan to the contrary, Cash-Based Awards, Shares of Restricted Stock and Other Stock-Based Awards may be granted in a manner which is deductible by
the Company under Section 162(m) of the Code (“Performance-Based Awards”). As determined by the Committee in its sole discretion, the grant, vesting, exercisability and/or settlement of any Performance-Based Award shall be conditioned
on the attainment of performance goals based upon one (1) or more Performance Criteria during a performance period established by the Committee. Any such Award must meet the requirements of this Article X. 

10.2 Performance Criteria. 
 (a) For purposes of the Plan, the “Performance Criteria” for Participants who are or are likely to be Covered Employees are as follows: 

 

	 	(i)	Gross revenues; 

  

	 	(ii)	Operating or net income; 

  

	 	(iii)	Gross or net sales; 

  

	 	(iv)	Margin improvement; 

  

	 	(v)	Cash flow; 

  

	 	(vi)	Earnings per share; 

  

	 	(vii)	Total stockholder return (“TSR”); 

  

	 	(viii)	New products and lines of revenue; 

  
 A-9

	 	(ix)	Customer satisfaction; 

  

	 	(x)	Market share; 

  

	 	(xi)	Employee turnover; 

  

	 	(xii)	Developing and managing relationships with regulatory and other governmental agencies; 

 

	 	(xiii)	Managing claims against the Company or any Affiliate, including litigation; 

 

	 	(xiv)	Improving efficiencies and productivity; 

  

	 	(xv)	Design and implementation of plans, programs, policies and systems of the Company and its Affiliates; 

 

	 	(xvi)	Management of rebuilding, replacement, relocation or retirement of restaurants; 

 

	 	(xvii)	The Company’s book value or the book value of any designated Affiliate or division; 

 

	 	(xviii)	The trading value of the Shares; 

  

	 	(xix)	Appreciation in price of the Shares; 

  

	 	(xx)	Completing assigned corporate transactions, such as mergers, acquisitions or divestitures; 

 

	 	(xxi)	Controlling expenses and implementing procedures for controlling expenses; 

 

	 	(xxii)	One or more of (A) Return on Equity (or “ROE”), (B) Return on Investment (or “ROI”), (C) Return on Assets (or
“ROA”); (D) Return on Invested Capital (or “ROIC”), (E) Economic Value Added (or “EVA”), (F) Stockholder Value Added (or “SVA”), (G) Cash Flow Return on Investment (or
“CFROI”) and (H) Net Operating Profit After Taxes (or “NOPAT”); 

  

	 	(xxiii)	Enhancing employee loyalty; 

  

	 	(xxiv)	Promoting same store sales; 

  

	 	(xxv)	Increasing total food products sold; 

  

	 	(xxvi)	Integrating systems of the Company and its Affiliates; 

  

	 	(xxvii)	Promoting regulatory compliance; and 

  

	 	(xxviii)	Brand development. 

 (b)
Performance Criteria may relate to the individual Participant, the Company, one (1) or more of its Affiliates or one (1) or more of their respective divisions or business units, or any combination of the foregoing, and may be applied on an
absolute basis and/or be relative to one (1) or more peer group companies or indices, or any combination thereof, in each case, as determined by the Committee in its sole discretion. 

10.3 Establishment of Performance Goals. With respect to Performance-Based Awards for Participants who are or are likely to be
Covered Employees, the Committee shall establish: (a) the applicable performance goals and performance period and (b) the formula for computing the Performance-Based Award. Such terms and conditions shall be established in writing while
the outcome of the applicable performance period is substantially uncertain, but in no event later than the earlier of: (i) ninety (90) days after the beginning of the applicable performance period; or (ii) the expiration of
twenty-five percent (25%) of the applicable performance period. 
 10.4 Certification of Performance. With respect to
Performance-Based Awards for Participants who are or are likely to be Covered Employees, the Committee shall certify by resolution in writing whether the applicable performance goals and other material terms imposed on such Performance-Based Awards
have been satisfied, and, if they have, ascertain the amount of the applicable Performance-Based Award. No such Performance-Based Award shall be granted, vested, exercisable and/or settled, as the case may be, until the Committee makes this
certification. 

  
 A-10

 10.5 Modifying Performance-Based Awards. To the extent consistent with
Section 162(m) of the Code, performance goals relating to such Performance-Based Awards may be calculated without regard to extraordinary items or adjusted, as the Committee deems equitable, in recognition of unusual or non-recurring events
affecting the Company and/or its Affiliates or changes in applicable tax laws or accounting principles. 
 10.6 Negative
Discretion. In the Committee’s sole discretion, the amount of a Performance-Based Award actually paid to a Participant may be less than the amount determined by the applicable performance goal formula. 

ARTICLE XI 

TERMINATION OF EMPLOYMENT OR SERVICE 
 With respect to each Award granted under the Plan, the Committee shall, subject to the terms and conditions of the Plan, determine the extent to which the Award shall vest and the extent to which the
Participant shall have the right to exercise and/or receive settlement of the Award on or following the Participant’s termination of employment or services with the Company and/or any of its Affiliates. Such provisions shall be determined in
the sole discretion of the Committee at any time prior to or after such termination, shall be included in the related Award Agreement or an amendment thereto, need not be uniform among all Awards granted under the Plan and may reflect distinctions
based on the reasons for termination. Except as otherwise provided in the Plan, the vesting conditions of an Award may only be accelerated upon the death, termination due to Disability, Retirement or involuntary termination without Cause of the
Participant. Notwithstanding the foregoing, in no event shall any Performance-Based Award granted to a Covered Employee that is intended to qualify as “performance-based compensation” under Section 162(m) of the Code, be settled or
become exercisable in full, upon the termination of employment of the Covered Employee without regard to the satisfaction of the related Performance Criteria. 
 ARTICLE XII 
 CHANGE IN CONTROL 

Except as otherwise provided in the related Award Agreement, in the event of a Change in Control, the Committee, in its sole discretion,
may take such actions, if any, as it deems necessary or desirable with respect to any Award that is outstanding as of the date of the consummation of the Change in Control. Such actions may include, without limitation: (a) the acceleration of
the vesting, settlement and/or exercisability of an Award; (b) the payment of a cash amount in exchange for the cancellation of an Award; and/or (c) the issuance of substitute Awards that substantially preserve the value, rights and
benefits of any affected Awards. Any action relating to an Award that is subject to Section 409A of the Code shall be consistent with the requirements thereof. 
 ARTICLE XIII 
 AMENDMENT OR TERMINATION OF THE PLAN 

13.1 In General. The Board or the Committee may amend or terminate the Plan at any time; provided, however, that no amendment or
termination shall be made without the approval of the Company’s stockholders to the extent that (a) the amendment materially increases the benefits accruing to Participants under the Plan, (b) the amendment materially increases the
aggregate number of Shares authorized for grant under the Plan (excluding an increase in the number of Shares that may be issued under the Plan as a result of Section 2.4), (c) the amendment materially modifies the requirements as to
eligibility for participation in the Plan, or (d) such approval is required by any law, regulation or stock exchange rule. 

13.2 Repricing. Except for adjustments made pursuant to Section 2.4 of the Plan, in no event may the Board or the Committee
amend the terms of an outstanding Award to reduce the exercise price of an outstanding Option or Stock Appreciation Right or cancel an outstanding Option or Stock Appreciation Right in exchange for cash, other Awards or Options or Stock Appreciation
Rights with an exercise price that is less than the exercise price of the original Option or Stock Appreciation Right without stockholder approval. 

  
 A-11

 ARTICLE XIV 
 TRANSFERABILITY 
 14.1 Except as described in Section 14.2 or as
provided in a related Award Agreement, an Award may not be sold, transferred, pledged, assigned or otherwise alienated or hypothecated, except by will or the laws of descent and distribution and, during a Participant’s lifetime, may be
exercised only by the Participant or the Participant’s guardian or legal representative. Notwithstanding any provision contained in this Article XIV, no Award may be transferred by a Participant for value or consideration. 

14.2 Unless otherwise specifically designated by the Participant in writing, a Participant’s beneficiary under the Plan shall be the
Participant’s spouse or, if no spouse survives the Participant, the Participant’s estate. 
 ARTICLE XV

 MISCELLANEOUS 
 15.1 No Right to Continued Service or to Awards; Liability of Company. The granting of an Award under the Plan shall impose no obligation on the Company or any Affiliate to continue the employment
or services of a Participant or interfere with or limit the right of the Company or any Affiliate to terminate the services of any Employee, Director or Consultant at any time. In addition, no Employee, Director or Consultant shall have any right to
be granted any Award, and there is no obligation for uniformity of treatment of Participants. The terms and conditions of Awards and the Committee’s interpretations and determinations with respect thereto need not be the same with respect to
each Participant. 
 The Company (or members of the Board or Committee) shall not be liable to a Participant or other persons as
to: (i) the non-issuance or sale of Shares as to which the Company has been unable to obtain from any regulatory body having jurisdiction the authority deemed by the Company’s counsel to be necessary to the lawful issuance and sale of any
Shares hereunder; and (ii) any unexpected or adverse tax consequence or any tax consequence expected, but not realized, by any Participant or other person due to the grant, receipt, exercise or settlement of any Award granted hereunder.

 15.2 Tax Withholding. 
 (a) The Company or an Affiliate, as applicable, shall have the power and the right to deduct, withhold or collect any amount required by law or regulation to be withheld with respect to any taxable event
arising with respect to an Award granted under the Plan. This amount may, as determined by the Committee in its sole discretion, be (i) withheld from other amounts due to the Participant, (ii) withheld from the value of any Award being
settled or any Shares being transferred in connection with the exercise or settlement of an Award, (iii) withheld from the vested portion of any Award (including the Shares transferable thereunder), whether or not being exercised or settled at
the time the taxable event arises, or (iv) collected directly from the Participant. 
 (b) Subject to the approval of the
Committee, a Participant may elect to satisfy the withholding requirement, in whole or in part, by having the Company or an Affiliate, as applicable, withhold Shares having a Fair Market Value on the date the tax is to be determined equal to the
minimum statutory total tax that could be imposed on the transaction; provided that such Shares would otherwise be distributable to the Participant at the time of the withholding and if such Shares are not otherwise distributable at the time of the
withholding, provided that the Participant has a vested right to distribution of such Shares at such time. All such elections shall be irrevocable and made in writing and shall be subject to any terms and conditions that the Committee, in its sole
discretion, deems appropriate. 
 15.3 Requirements of Law; Electronic Communications. The grant of Awards and the
issuance of Shares shall be subject to all applicable laws, rules and regulations (including applicable federal and state securities laws) and to all required approvals of any governmental agencies or national securities exchange, market or other
quotation system. Without limiting the foregoing, the Company shall have no obligation to issue Shares under the Plan prior to (a) receipt of any approvals from any governmental agencies or national securities exchange, market or quotation
system that the Committee deems necessary and (b) completion of registration or other qualification of the Shares under any applicable federal or state law or ruling of any governmental agency that the Committee

  
 A-12

 
deems necessary. Subject to compliance with applicable law and/or regulations, an Award agreement or other documentation or notices relating to the Plan and/or Awards may be communicated to
Participants by electronic media. 
 15.4 Legends. Certificates for Shares delivered under the Plan may be subject to such
stock transfer orders and other restrictions that the Committee deems advisable under the rules, regulations and other requirements of the Securities and Exchange Commission, any stock exchange or other recognized market or quotation system upon
which the Shares are then listed or traded, or any other applicable federal or state securities law. The Committee may cause a legend or legends to be placed on any certificates issued under the Plan to make appropriate reference to restrictions
within the scope of this Section 15.4. 
 15.5 Uncertificated Shares. To the extent that the Plan provides for the
issuance of certificates to reflect the transfer of Shares, the transfer of Shares may be effected on a noncertificated basis, to the extent not prohibited by applicable law or the applicable rules of any stock exchange. 

15.6 Governing Law. The Plan and all Award Agreements shall be governed by and construed in accordance with the laws of (other than
laws governing conflicts of laws) the State of Ohio, except to the extent that the laws of the state in which the Company is incorporated are mandatorily applicable. 
 15.7 No Impact on Benefits. Awards are not compensation for purposes of calculating a Participant’s rights under any employee benefit plan that does not specifically require the inclusion of
Awards in calculating benefits. 
 15.8 Rights as a Stockholder. Except as otherwise provided in the Plan or in a related
Award Agreement, a Participant shall have none of the rights of a stockholder with respect to Shares covered by an Award unless and until the Participant becomes the record holder of such Shares. 

15.9 Successors and Assigns. The Plan shall be binding on all successors and assigns of the Company and each Participant, including
without limitation, the estate of such Participant and the executor, administrator or trustee of such estate, or any receiver or trustee in bankruptcy or representative of the Participant’s creditors. 

15.10 Section 409A of the Code. 
 (a) Awards granted pursuant to the Plan that are subject to Section 409A of the Code, or that are subject to Section 409A but for which an exception from Section 409A of the Code
applies, are intended to comply with or be exempt from Section 409A of the Code and the Treasury Regulations promulgated thereunder, and the Plan shall be interpreted, administered and operated accordingly. 

(b) If a Participant is determined to be a “specified employee” (within the meaning of
Section 409A of the Code and as determined under the Company’s policy for determining specified employees), the Participant shall not be entitled to payment or to distribution of any portion of an Award that is subject to Section 409A
of the Code (and for which no exception applies) and is payable or distributable on account of the Participant’s “separation from service” (within the meaning of Section 409A of the Code) until the expiration of six
(6) months from the date of such separation from service (or, if earlier, the Participant’s death). Such Award, or portion thereof, shall be paid or distributed on the first (1st) business day of the seventh (7th) month following such separation from service. 

(c) Nothing in the Plan shall be construed as an entitlement to or guarantee of any particular tax treatment to a Participant, and none of
the Company, its Affiliates, the Board or the Committee shall have any liability with respect to any failure to comply with the requirements of Section 409A of the Code. 
 15.11 Foreign Employees. Without amending the Plan, the Committee may grant Awards to Participants who are foreign nationals on such terms and conditions different from those specified in the Plan
as may in the judgment of the Committee be necessary or desirable to foster and promote achievement of the purposes of the Plan, and, in furtherance of such purposes, the Committee may make such modifications, amendments, procedures, and the like as
may be necessary or advisable to comply with provisions of laws of other countries in which the Company or its Subsidiaries operate or have employees. 

  
 A-13

 15.12 Recoupment Policy. Notwithstanding any other provision of the Plan, all Awards
granted under this Plan shall be subject to the Company’s recoupment or like policy, whether in effect at the time or after the grant of such Award, and as may be amended from time to time to comply with the provisions of the Dodd-Frank Wall
Street Reform and Consumer Protection Act, or any other recoupment provision required by law or the listing standards of the NASDAQ Global Select Market. 
 15.13 Savings Clause. In the event that any provision of the Plan shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining provisions of the
Plan, and the Plan shall be construed and enforced as if the illegal or invalid provision had not been included. 
 ARTICLE
XVI 
 EFFECTIVE DATE AND TERM OF THE PLAN 
 The original effective date of the Pre-existing Plan was July 22, 2010. No Incentive Stock Options shall be granted under the Plan after July 21, 2020, and no other Awards shall be granted under
the Plan after the tenth anniversary of the effective date of the Plan or, if earlier, the date the Plan is terminated. Further, due to Code Section 162(m), the Committee may not issue any performance-based awards to covered employees after our
2018 annual meeting of stockholders. Notwithstanding the foregoing, the termination of the Plan shall not preclude the Company from complying with the terms of Awards outstanding on the date the Plan terminates. 

  
 A-14EX-4.1

 EXHIBIT 4.1 
 WARRANT 
 THIS WARRANT (“WARRANT”) WAS SOLD IN A PRIVATE TRANSACTION, WITHOUT
REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR THE SECURITIES LAWS OF ANY STATE, AND MAY BE OFFERED OR SOLD ONLY IF REGISTERED UNDER THE SECURITIES ACT AND SUCH LAWS OR IF AN EXEMPTION FROM REGISTRATION
UNDER THE SECURITIES ACT AND SUCH LAWS IS AVAILABLE. 
  

			
	 Company /Issuer:
	  	Mattersight Corporation (NasdaqGM:MATR)
	 Number of Shares:
	  	Number of Shares as up to $28,800 would purchase at the Exchange Price, subject to adjustment
	 Class of Shares:
	  	Common Stock, par value $0.01 / share
	 Exchange Price:
	  	Lower of $2.79 and 10-day VWAP at the Issue Date plus 6 months, subject to adjustment
	 Issue Date:
	  	August 19, 2013
	 Expiration Date:
	  	August 19, 2018

 The term “Holder” shall initially refer to PFG Equity Investors, LLC, a Delaware limited liability company,
which is the initial holder of this Warrant and shall further refer to any subsequent permitted holder of this Warrant from time to time. 

Mattersight Corporation, a Delaware corporation (the “Company”) does hereby certify and agree that, for the sum of $321 paid by Holder on the
date hereof, which the parties agree is fair consideration for this Warrant, Holder, or its permitted successors and assigns, hereby is entitled to Exercise or Exchange this Warrant (each as defined in Section 1.3(a) below) in the Company for
that number of duly authorized, validly issued, fully paid and non-assessable shares of its Common Stock, $0.01 par value per share as up to $28,800 would purchase at the Exchange Price, upon the terms and subject to the provisions of this Warrant.
The securities of the Company (the “Common Stock”) issuable upon Exercise or Exchange of this Warrant are referred to herein as the “Warrant Stock”. Capitalized terms used but not defined in this Warrant have their meanings as
set forth in that certain Loan and Security Agreement of even date herewith between the Company and Partners for Growth IV, L.P. (“PFG”), an affiliate of Holder (the “Loan Agreement”), regardless of whether the Loan Agreement is
then in effect. 
 Section 1 Term, Price, Exercise and Exchange of Warrant. 

 

	1.1	Term of Warrant. This Warrant shall be exercisable or exchangeable from the Issue Date until the Expiration Date. 

1.2 Exchange Price. The price per share at which the Warrant Stock is issuable upon Exercise or Exchange of this Warrant shall be the lower of:
(i) $2.79, and (ii) the ten (10) day volume-weighted average price per share (“VWAP”) of Common Stock on the next Business Day after six (6) months after the Issue Date, subject to Section 1.3 (a) hereof and
subject to adjustment from time to time as set forth herein (the “Exchange Price”). 
  

	1.3	Exercise of Warrant; Exchange of Warrant. 

 (a) This Warrant may be Exercised in whole or in part, upon surrenderof this Warrant to the Company at its then principal offices in the United States, together with the form of election to Exchange or
Exercise attached hereto as Exhibit A (the “Election”) duly completed and executed, and upon payment to the Company of the Exercise Price for the number of shares of Warrant Stock in respect of which this Warrant is then being exercised
(an “Exercise”). In whole or in part in lieu of an Exercise, Holder may exchange this Warrant by indicating so in the Election and proceeding in accordance with the remainder of this Section 1.3 (an “Exchange”). 

(b) Upon an Exchange, the Holder shall receive Warrant Stock such that, without the payment of any funds, the Holder shall surrender this
Warrant in exchange for the number of shares of Warrant Stock equal to “X” (as defined below), computed using the following formula: 
  

					
	X = 	  	 Y * (A-B)
	  	
	  	      A	  	

 Where 
 X = the number of shares of Warrant Stock to be issued to Holder 
 Y = the number
of shares of Warrant Stock to be exchanged under this Warrant 
 A = the Fair Market Value of one share of Warrant Stock

 B = the Exchange Price (as adjusted to the date of such calculations) 

* = multiplied by 
 (c) For purposes of this Warrant, the “Fair Market Value” of one share of Warrant Stock shall be (i) if the Common Stock is or becomes listed on a national stock exchange, the highest
closing sale price reported on such exchange during the ninety-day period prior to the date Holder delivers its Election to the Company, or (ii) if the Common Stock is traded over-the-counter, the highest sale price reported for the Common
Stock during the ninety-day period prior to the date Holder delivers its Election to the Company. If the Common Stock is not traded as contemplated in clauses (i) or (ii), above, the Fair Market Value of the Warrant Stock shall be the price per
share which the Company could obtain from a willing buyer for shares of Common Stock sold by the Company from its authorized but unissued shares, as the Board of Directors of the Company (“Board”) shall determine in its reasonable good
faith judgment, but shall in no event be less than the most recent price at which qualified employee stock options issued at such time are exercisable. In the event that Holder elects to convert the Warrant Stock through Exchange in connection with
a transaction in which the Warrant Stock is converted into or exchanged for another security, Holder may effect a Exchange directly into such other security. 
 (d) Upon surrender of this Warrant, and the duly completed and executed Election, and payment of the Exchange Price or conversion of this Warrant through Exchange, the Company shall issue and deliver
within three (3) business days to the Holder or such other person as the Holder may designate in writing a certificate or certificates for the number of shares of Warrant Stock issuable pursuant to the terms of this Warrant upon Exercise or
Exchange. Such certificate or certificates shall be deemed to have been issued and any person so designated to be named therein shall be deemed to have become a holder of record of such Warrant Stock as of the date of the surrender of this Warrant,
and the duly completed and executed Election, and payment of the Exchange Price in the case of an Exercise or conversion of this Warrant through Exchange; provided, that if the date of surrender of this Warrant and payment of the Exchange Price is
not a business day, the certificates for the Warrant Stock shall be deemed to have been issued as of the next business day (whether before or after the Expiration Date). If this Warrant is exchanged or exercised in part, a new warrant of the same
tenor and for the number of shares of Warrant Stock not exchanged or exercised shall be executed by the Company and delivered to Holder. 
 1.4
Fractional Interests. The Company shall not be required to issue fractions of shares of Warrant Stock upon the Exercise or Exchange of this Warrant. If any fraction of a share of Warrant Stock would be issuable upon the exchange of this
Warrant (or any portion thereof), the Company shall purchase such fraction for an amount in cash equal to the Fair Market Value of the Warrant Stock. 
 1.5 Automatic Conversion on Expiration Date. In the event that, on the Expiration Date, the Fair Market Value of one share of Common Stock (or other security issuable upon the Exercise or Exchange
hereof) as determined in accordance with Section 1.3(c) is greater than the Exchange Price in effect on such date, then this Warrant shall automatically be deemed on and as of such date to be Exchanged pursuant to Section 1.3 as to all
Warrant Stock (or such other securities) for which it shall not previously have been Exercised or Exchanged, and the Company shall promptly deliver a certificate representing the Warrant Stock (or such other securities) issued upon such conversion
to the Holder. 
  

	1.6	Treatment of Warrant Upon Acquisition of Company. 

 (a) “Acquisition”. For the purpose of this Warrant, “Acquisition” means any sale or other disposition of all or substantially all of the assets of the Company in whatever form,
or any reorganization, consolidation, merger of the Company or other such single transaction where the holders of the Company’s securities before the transaction beneficially own less than 50% of the outstanding voting securities of the
surviving entity after the transaction(s) (in each case, whether in a single transaction or multiple related transactions). 

(b) Treatment of Warrant at Acquisition. Upon the closing of any Acquisition, the surviving entity (if applicable in such
Acquisition) shall, as condition to such Acquisition, either: (i) assume the obligations of this Warrant, and this Warrant shall be exercisable for the same securities as would be payable for the Warrant Stock issuable upon exchange of the
unexchanged portion of this Warrant as if such Warrant Stock were outstanding on the record date for the Acquisition (and the Warrant Price and/or number of shares of Warrant Stock shall be adjusted accordingly) or (ii) purchase this Warrant at
its “Fair Value” (as described in clause (c) below, the “Purchase Price”). 

 (c) Purchase at Fair Value. For purposes of this Warrant, “Fair Value”
shall mean that value determined by the parties using a Black-Scholes Option-Pricing Model (the “Black-Scholes Calculation”) with the following assumptions: (A) a risk-free interest rate equal to the risk-free interest rate at the
time of the closing of the Acquisition (or as close thereto as practicable), (B) a contractual life of the Warrant equal to the remaining term of this Warrant as of the date of the announcement of the Acquisition, (C) an annual dividend
yield equal to dividends declared on the underlying Warrant Stock (including securities into which the Warrant Stock may be convertible) during the term of this Warrant (calculated on an annual basis), and (D) a volatility factor of the
expected market price of the Company’s Common Stock comprised of: (1) if the Company is publicly traded on a national securities exchange, its volatility over the one year period ending on the day prior to the announcement of the
Acquisition, (2) if the Common Stock is traded over-the-counter, its volatility over the one year period ending on the day prior to the announcement of the Acquisition, or (3) if the Company is a non-public company, the volatility, over
the one year period prior to the Acquisition, of an average of publicly-traded companies in the same or similar industry to the Company with such companies having similar revenues. The Purchase Price determined in accordance with the above shall be
paid upon the initial closing of the Acquisition and shall not be subject to any post-Acquisition closing contingencies or adjustments; provided, however, the parties may take such post-Acquisition closing contingencies or adjustments into account
in determining the Purchase Price, and if the parties take any post-Acquisition closing contingencies or adjustments into account, then upon the partial or complete removal of those post-Acquisition closing contingencies or adjustments, a new
Black-Scholes Calculation would be made using all of the same inputs except for the value of the Company’s Common Stock (as determined under subclause (D)), and any increase in Fair Value (and, correspondingly, Purchase Price), including,
without limitation, as a result of any earn-out or escrowed consideration, would be paid in full to Holder immediately after those post-Acquisition closing contingencies or adjustments can be determined or achieved. 

1.7 Warrant Put. Notwithstanding anything to the contrary set forth in this Warrant, in the event of any Acquisition, or maturity or termination
of the Loan Agreement, or upon expiry of this Warrant, Holder shall have the right (but not the obligation) to exchange this Warrant for the cash sum of $12,000 which is deemed earned and vested on the Issue Date (the “Exchange Put
Price”). Holder shall exercise such right by written notice as provided in this Warrant and the Expiration Date of this Warrant shall be deemed extended until such time as the Company has paid the Exchange Put Price to Holder. The Company shall
promptly (and in no event later than (five) 5 business days of Holder’s notice to the Company) pay the Exchange Put Price to Holder. 

Section 2. Exchange and Transfer of Warrant. 
 (a) This Warrant may be transferred, in whole or in part, without restriction, subject to (i) Holder’s compliance with applicable securities laws and delivery of an opinion of competent counsel
as to the same, and (ii) the transferee holder of the new Warrant assuming in writing the obligations of the Holder and making the representations and warranties set forth in this Warrant. Notwithstanding the foregoing and without the necessity
of delivering an opinion of counsel, Holder may at any time transfer this Warrant in whole or in part to any affiliate. By its acceptance of this Warrant, each such affiliate transferee will be deemed to have made to the Company each of the
representations and warranties set forth in Section 7 hereof and agrees to be bound by all of the terms and conditions of this Warrant as if the original Holder hereof. A transfer may be registered with the Company by submission to it of this
Warrant, together with the Assignment Form attached hereto as Exhibit B duly completed and executed. After the Company’s receipt of this Warrant and the Assignment Form so completed and executed, the Company will issue and deliver to the
transferee a new warrant (representing the portion of this Warrant so transferred) at the same Exchange Price per share and otherwise having the same terms and provisions as this Warrant, which the Company will register in the new holder’s
name. In the event of a partial transfer of this Warrant, the Company shall concurrently issue and deliver to the transferring holder a new warrant that entitles the transferring holder to purchase the balance of this Warrant not so transferred and
that otherwise is upon the same terms and conditions as this Warrant. Upon the due delivery of this Warrant for transfer, the transferee holder shall be deemed for all purposes to have become the holder of the new warrant issued for the portion of
this Warrant so transferred, effective immediately prior to the close of business on the date of such delivery, irrespective of the date of actual delivery of the new warrant representing the portion of this Warrant so transferred. 

 (b) In the event of the loss, theft or destruction of this Warrant, the Company shall
execute and deliver an identical new warrant to the Holder in substitution therefor upon the Company’s receipt of (i) evidence reasonably satisfactory to the Company of such event and (ii) if requested by the Company, an indemnity
agreement reasonably satisfactory in form and substance to the Company. In the event of the mutilation of or other damage to the Warrant, the Company shall execute and deliver an identical new warrant to the Holder in substitution therefor upon the
Company’s receipt of the mutilated or damaged warrant. 
 (c) The Company shall pay all reasonable costs and expenses
incurred in connection with the Exchange, Exercise, transfer or replacement of this Warrant (other than any applicable income or similar taxes payable by Holder), including, without limitation, the costs of preparation, execution and delivery of a
new warrant and of share certificates representing all Warrant Stock. 
 Section 3. Certain Covenants. 

(a) The Company shall at all times reserve for issuance and keep available out of its authorized and unissued Common Stock, solely for the
purpose of providing for the exchange of this Warrant, such number of shares of Common Stock as shall from time to time be sufficient therefor. 
 (b) The Company will not, by amendment or restatement of its Certificate of Incorporation or Bylaws or through reorganization, consolidation, merger, amalgamation, sale of assets or otherwise, avoid or
seek to avoid the observance or performance of any of the terms of this Warrant. Without limiting the foregoing, the Company will not increase the par value of any Warrant Stock receivable upon the exchange of this Warrant above the amount payable
therefor upon such exchange. 
 (c) So long as Holder holds this Warrant, the Company shall deliver to Holder such reports as it
provides to its stockholders generally, as and when delivered to such stockholders. Notwithstanding the foregoing, the Company shall provide Holder quarterly and annual financial statements upon request, if such statements are not publicly
available. The parties shall not treat the Warrant or the Warrant Stock as being granted or issued as property transferred in connection with the performance of services or otherwise as compensation for services rendered. 

Section 4. Adjustments to Exchange Price and Number of Shares of Warrant Stock. 
 4.1 Adjustments. The Exchange Price shall be subject to adjustment from time to time in accordance with this Section 4. Upon each adjustment of the Exchange Price pursuant to this
Section 4, the Holder shall thereafter be entitled to acquire upon exchange, at the Exchange Price resulting from such adjustment, the number of shares of Warrant Stock obtainable by multiplying the Exchange Price in effect immediately prior to
such adjustment by the number of shares of Warrant Stock acquirable immediately prior to such adjustment and dividing the product thereof by the new Exchange Price resulting from such adjustment. 

4.2 Subdivisions, Combinations and Stock Dividends. If the Company shall at any time subdivide by split-up or otherwise, its outstanding Common
Stock into a greater number of shares, or issue additional Common Stock as a dividend or otherwise with respect to any Common Stock, the Exchange Price in effect immediately prior to such subdivision or share dividend shall be proportionately
reduced and the number of shares acquirable upon Exercise or Exchange hereunder shall be proportionately increased. Conversely, in case the outstanding Common Stock of the Company shall be combined into a smaller number of shares, the Exchange Price
in effect immediately prior to such combination shall be proportionately increased. 
 4.3 Reclassification, Exchange, Substitutions,
Etc. Upon any reclassification, exchange, substitution, or other event that results in a change of the number and/or class of the securities issuable upon exchange or exercise of this Warrant, Holder shall be entitled to receive and the Company
shall promptly issue an amended warrant for the number and kind of securities and property that Holder would have received for the Warrant Stock if this Warrant had been Exercised or Exchanged immediately before such reclassification, exchange,
substitution, or other event. The amendment to this Warrant shall provide for adjustments (as determined in good faith by the Board) which shall be as nearly equivalent as may be practicable to the adjustments provided for in this Section 4.3,
without limitation, adjustments to the Warrant Price and to the number of securities or property issuable upon Exercise or Exchange of the new Warrant. The provisions of this Section 4.3 shall similarly apply to successive reclassifications,
exchanges, substitutions, or other similar events. 

	4.4.	Notices of Record Date, Etc. In the event that the Company shall: 

 (1) declare or propose to declare any dividend upon its Common Stock, whether payable in cash, property, stock or other securities and whether or not a regular cash dividend, or 

(2) offer for sale any additional shares of any class or series of the Company’s stock or securities exchangeable for or convertible
into such stock in any transaction that would give rise (regardless of waivers thereof) to pre-emptive rights of any class or series of stockholders, or 
 (3) effect or approve (by stockholder vote or otherwise) any reclassification, exchange, substitution or recapitalization of the capital stock of the Company, including any subdivision or combination of
its outstanding capital stock, or consolidation or merger of the Company with, or sale of all or substantially all of its assets to, another corporation, or to liquidate, dissolve or wind up (including an assignment for the benefit of creditors), or

 (4) offer holders of registration rights the opportunity to participate in any public offering of the Company’s
securities, 
 then, in connection with such event, the Company shall give to Holder: 

(i) at least ten (10) days prior written notice of the date on which the books of the Company shall close or a record shall be taken
for such a dividend or offer in respect of the matters referred to in (1) or (2) above; 
 (ii) in the case of the
matters referred to in (3) above, at least ten (10) days prior written notice of the date when the same shall take place; and 
 (iii) in the case of the matter referred to in (4) above, the same notice as is given or required to be given to the holders of such registration rights. 

Such notice in accordance with the foregoing clause (1) shall also specify, in the case of any such dividend, the date on which the holders of
capital stock shall be entitled thereto and the terms of such dividend, and such notice in accordance with clause (2) shall also specify the date on which the holders of capital stock shall be entitled to exchange their capital stock for
securities or other property deliverable upon such reorganization, reclassification, exchange, substitution, consolidation, merger or sale, as the case may be, and the terms of such exchange. Each such written notice shall be given by first class
mail, postage prepaid, addressed to the holder of this Warrant at the address of Holder. 
 4.5 Adjustment by Board. If any event occurs
as to which, in the opinion of the Board, the provisions of this Section 4 are not strictly applicable or if strictly applicable would not fairly protect the rights of the Holder in accordance with the essential intent and principles of such
provisions, then the Board shall make an adjustment in the application of such provisions, in accordance with such essential intent and principles, so as to protect such rights, but in no event shall any adjustment have the effect of increasing the
Exchange Price as otherwise determined pursuant to any of the provisions of this Section 4, except in the case of a combination of shares of a type contemplated in Section 4.2 and then in no event to an amount larger than the Exchange
Price as adjusted pursuant to Section 4.2. 
 4.6 Officers’ Statement as to Adjustments. Whenever the Exchange Price and/or
number of shares of Warrant Stock subject to the Warrant is required to be adjusted as provided in this Section 4, the Company shall forthwith file at its principal office with a copy to the Holder notice parties set forth in Section 9
hereof a statement, signed by the Chief Executive Officer or Chief Financial Officer of the Company, showing in reasonable detail the facts requiring such adjustment, the Exchange Price and number of issuable shares that will be effective after such
adjustment; provided, however, such statement shall not be required to the extent the information otherwise required by this Section 4.7 is available through the Company’s current reports filed with the Securities and Exchange Commission.

 4.7 Issue of Securities other than Common Stock. In the event that at any time, as a result of any adjustment made pursuant to this
Section 4, Holder thereafter shall become entitled to receive any securities of the Company, other than Common Stock, the number of such other shares so receivable upon Exercise or Exchange of this Warrant shall be subject to adjustment from
time to time in a manner and on terms as nearly equivalent as practicable to the provisions with respect to the Common Stock contained in this Section 4. 

 Section 5. Rights and Obligations of the Warrant Holder. 

Except as otherwise specified in this Warrant, this Warrant shall not entitle the Holder to any rights of a holder of Common Stock in the Company until
such time as this Warrant is exchanged or exercised. 
 Section 6. Representations, Warranties and Covenants of the Company. The
Company represents and warrants to, and covenants with, Holder that: 
 6.1 Corporate Power; Authorization. The Company has all requisite
corporate power and has taken all requisite corporate action to execute and deliver this Warrant, to sell and issue the Warrant and Warrant Stock and to carry out and perform all of its obligations hereunder. This Warrant has been duly authorized,
executed and delivered on behalf of the Company by the person executing this Warrant and constitutes the valid and binding agreement of the Company, enforceable in accordance with its terms, except (i) as limited by applicable bankruptcy,
insolvency, reorganization or similar laws relating to or affecting the enforcement of creditors’ rights generally and (ii) as limited by equitable principles generally. 
 6.2 Validity of Securities. The issuance and delivery of the Warrant is not subject to preemptive or any similar rights of the stockholders of the Company (which have not been duly waived) or any
liens or encumbrances except for restrictions on transfer provided for herein or under applicable federal and state securities laws; and when the Warrant Stock is issued upon Exercise or Exchange in accordance with the terms hereof, and this Warrant
is converted into Warrant Stock, such securities will be, at each such issuance, validly issued, fully paid and nonassessable, in compliance with all applicable securities laws and free of any liens or encumbrances except for restrictions on
transfer provided for herein or under applicable federal and state securities laws. 
 6.3 Capitalization. The authorized capital stock
of the Company consists of 50,000,000 shares of common stock, of which 17,132,750 shares were issued and outstanding on April 29, 2013, and 5,000,000 shares of Series B Stock, 1,649,078 of which were issued and outstanding on March 31,
2013. All such issued and outstanding shares have been duly authorized and validly issued and are fully paid and nonassessable. As of the date hereof, the Company has reserved a total of 3,765,872 shares of its common stock for issuance under its
employee stock plans, of which 2,179,238 shares are reserved for issuance upon exercise of outstanding options granted under such stock plans. In addition, as of the date hereof, the Company has reserved a total of 1,649,122 shares of its common
stock for issuance pursuant to exercise of issued and outstanding warrants and Series B Convertible Preferred Stock. Exhibit C hereto sets forth a capitalization table of the Company which is true, correct accurate and complete in all material
respects as of June 30, 2013. There has been no material change to the capitalization of the Company between such specified dates and the Issue Date. 
 6.4 No Conflict. The execution and delivery of this Warrant do not, and the consummation of the transactions contemplated hereby will not, conflict with, or result in any violation of, or default
(with or without notice or lapse of time, or both), or give rise to a right of termination, cancellation or acceleration of any obligation or to a loss of a material benefit, under, any provision of the Certificate of Incorporation or Bylaws of the
Company or any mortgage, indenture, lease or other agreement or instrument, permit, concession, franchise, license, judgment, order, decree, statute, law, ordinance, rule or regulation applicable to the Company, its properties or assets, in each
case, the effect of which would have a material adverse effect on the Company or materially impair or restrict its power to perform its obligations as contemplated hereby. 
 6.5 Governmental and other Consents. No consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any governmental authority or other
person or entity is required on the part of the Company in connection with the issuance, sale and delivery of the Warrant and the Warrant Stock, except such filings as shall have been made prior to and shall be effective on and as of the date
hereof. All stockholder consents required in connection with issuance of the Warrant and Warrant Stock have either been obtained by the Company or no such consents are required. 
 6.6 Exempt from Registration. Assuming the accuracy of the representations and warranties of Holder in Section 7 hereof, the offer, sale and issuance of the Warrant and the Warrant Stock will
be exempt from the registration requirements of the Securities Act pursuant to 506 of Regulation D under the Securities Act and from the registration and qualification requirements of applicable state securities laws. Neither the Company nor any
agent on its behalf has solicited or will solicit any offers to sell or has offered to sell or will offer to sell all or any part of Securities to any person or persons so as to bring the sale of such Shares by the Company within the registration
provisions of the Securities Act. 

 6.7 Reporting Obligations. The Company is and will remain subject to the reporting requirements of
Section 13 or 15(d) of the Exchange Act and (i) has filed and will file all required reports under Section 13 or 15(d) of the Exchange Act, as applicable, other than Form 8-K reports. Without limiting the foregoing, if the Company
ceases to timely file periodic reports under the Exchange Act, the Company shall from time to time promptly provide a copy of its most recent annual, quarterly and other interim reports to Holder. 

6.9 Non-Public Information. To the extent the Company provides any material nonpublic information to Holder, the Company shall cease doing so
during any period requested by Holder. To the extent required, the Company will publicly disclose the terms of this Agreement on Form 8-K under the Exchange Act (including it as an exhibit thereto if it deems it required under applicable law)
promptly following the date hereof. 
 6.10 Delivery of Information; Accuracy. The Company acknowledges its delivery of certain
Representations and Warranties deemed delivered as of the date of the Loan Agreement (the “Representation Letter”) to PFG, which Representations and Warranties form the basis for Holder purchasing the Warrant. The information contained
therein and in all documents, instruments and other information delivered to Holder in connection therewith are true, correct, accurate and complete in all material respects as of the Issue Date. 

6.11 Legends. The Company shall remove any restrictive securities legends on Warrant Stock resulting from Exercise or Exchange of the Warrant as
soon as permitted by applicable law. 
 Section 7. Representations and Warranties of Holder. Holder hereby represents and warrants
to the Company as of the Closing Date as follows: 
 7.1 Investment Experience. Holder is an “accredited investor” within the
meaning of Rule 501 under the Securities Act, and was not organized for the specific purpose of acquiring the Securities. Holder is aware of the Company’s business affairs and financial condition and has acquired sufficient information about
the Company to reach an informed and knowledgeable decision to acquire the Securities. Holder has such business and financial experience as is required to give it the capacity to protect its own interests in connection with the purchase of the
Securities. 
 7.2 Investment Intent. Holder is purchasing the Warrant for investment for its own account only and not with a view to, or
for resale in connection with, any “distribution” thereof within the meaning of the Securities Act. Holder understands that the Warrant has not been registered under the Securities Act or registered or qualified under any state securities
law in reliance on specific exemptions therefrom, which exemptions may depend upon, among other things, the bona fide nature of Holder’s investment intent as expressed herein. 
 7.3 Authorization. Holder has all requisite power and has taken all requisite action required of it to carry out and perform all of its obligations hereunder. The execution and delivery of this
Warrant has been duly authorized, executed and delivered on behalf of Holder and constitutes the valid and binding agreement of Holder, enforceable in accordance with its terms, except (i) as limited by applicable bankruptcy, insolvency,
reorganization or similar laws relating to or affecting the enforcement of creditors’ rights generally and (ii) as limited by equitable principles generally. The consummation of the transactions contemplated herein and the fulfillment of
the terms herein will not result in a breach of any of the terms or provisions of Holder’s constitutional documents or instruments. 

Section 8. Restricted Stock Legend. 

This Warrant and the Warrant Stock have not been registered under any securities laws. Accordingly, any share certificates issued pursuant to the Exercise
or Exchange of this Warrant shall (until receipt of an opinion of counsel in customary form that such legend is no longer necessary) bear the following legend: 
 THIS WARRANT AND THE WARRANT STOCK ISSUABLE UPON EXERCISE OR EXCHANGE HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “ACT”), AND HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT
WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH SALE OR DISTRIBUTION MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL IN CUSTOMARY FORM THAT SUCH REGISTRATION IS
NOT REQUIRED UNDER THE ACT. 

 Section 9. Notices. 
 Any notice or other communication required or permitted to be given here shall be in writing and shall be effective (a) upon hand delivery or delivery by e-mail or facsimile at the address or number
designated below (if delivered on a business day during normal business hours where such notice is to be received) or the first business day following such delivery (if delivered other than on a business day during normal business hours where such
notice is to be received), or (b) on the third business day following the date of mailing by express courier service, fully prepaid, addressed to such address, or upon actual receipt of such mailing, whichever shall first occur. The addresses
for such communication shall be: 
 if to Holder, at 
 PFG Equity Investors, LLC 
 150 Pacific Avenue 

San Francisco, California 94111 
 Attention: Chief Financial Officer 
 Fax: (415) 781-0510 

Email: notices@pfgrowth.com 
 with a copy (not constituting notice) to 
 Greenspan Law Office 

Attn: Benjamin Greenspan, Esq. 
 620 Laguna Road 
 Mill Valley, CA 94941 

Fax: (415) 738-5371 
 Email: ben@greenspan-law.com 
 with the original of this Warrant and any
replacement, restatement or reissue of this Warrant to be delivered to: 
 Robert W. Baird & Co., Inc. 

555 California Street, Suite 4900 
 San Francisco, CA 94104 
 ATTN: John Fitzgibbons 

Phone # 415-627-3225 
 Email: JFitzgibbons@rwbaird.com 
 or 

if to the Company, at 
 Mattersight Corporation 
 200 S Wacker Drive, Suite 820 

Chicago, IL 60606 

Attn: Kelley D. Conway 
 Fax: (775) 252-9987 
 Email: kelly.conway@mattersight.com 

with a copy (not constituting notice) to: 
 Winston & Strawn LLP 
 35 W. Wacker Drive 

Chicago, IL 60601-9703 
 T: (312) 558-5600 
 F: (312) 558-5700 

Attn: Steven J. Gavin, Esq. 
 Email: sgavin@winston.com 

 Each party hereto may from time to time change its address for notices under this Section 9 by giving
at least 10 calendar days’ notice of such changes address to the other party hereto. 
 Section 10. Amendments and Waivers.

 This Warrant and any term hereof may be changed, waived, discharged or terminated only by an instrument in writing signed by the party
against which enforcement of such change, waiver, discharge or termination is sought. This Warrant may only be amended by an instrument in writing signed by both parties. 
 Section 11. Applicable Law; Severability. 
 This Warrant shall be governed by and
construed and enforced in accordance with the laws of the State of Delaware. If any one or more of the provisions contained in this Warrant, or any application of any provision thereof, shall be invalid, illegal, or unenforceable in any respect, the
validity, legality and enforceability of the remaining provisions contained herein and all other applications of any provision thereof shall not in any way be affected or impaired thereby. 
 Section 12. Construction; Headings. 
 The terms “Exercise” and
“Exchange” may be used interchangeably from time to time in this Warrant, the only substantive difference being that the exercise of rights under this Warrant by Exercise will require payment of cash consideration per share equal to the
Exchange Price. The headings used in this Warrant are for the convenience of the parties only and shall not be used in construing the provisions hereof. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

 IN WITNESS WHEREOF, the Company has caused this Warrant to be duly executed on the day and year first above
written. 
  

									
	COMPANY:	 		 	ACKNOWLEDGED AND AGREED:
			
	Mattersight Corporation	 		 	HOLDER:
			
		 		 	PFG Equity Investors, LLC
					
	By:	 	/s/ MARK ISERLOTH	 		 	By:	 	/s/ LORRAINE NIELD
	Name:	 	Mark Iserloth	 		 		 	Lorraine Nield, Manager
	Title:	 	Chief Financial Officer	 		 		 	

 Exhibit A 
 To: 
 ELECTION TO EXCHANGE OR EXERCISE 

1. The undersigned hereby exercises its right to Exchange its Warrant for             
fully paid, validly issued and nonassessable shares of Warrant Stock in accordance with the terms thereof. 
 1. The undersigned hereby elects
to Exercise the attached Warrant for fully paid, validly issued and nonassessable shares of Warrant Stock by payment of $             as specified in the attached Warrant. This right
is exercised with respect to              of shares. 
 [Strike the paragraph
above that does not apply.] 
 The undersigned requests that certificates for such shares be issued in the name of, and delivered to:

  

							
		  	 	  		  	
				
		  	 	  		  	
				
		  	 	  		  	

 2. By its execution below and for the benefit of the Company, the undersigned hereby restates each of the representations
and warranties in Section 7 of the Warrant as of the date hereof. 
  

							
	Date:                     	 		 	[Holder]
				
		 		 	By	 	 
		 		 		 	Name:
		 		 		 	Title:

 Exhibit B 
 ASSIGNMENT FORM 
 To: 
 The undersigned hereby assigns and transfers this Warrant to 
  

									
	 	  		  	
	(Insert assignee’s social security or tax identification number)	  		  		  	
					
	 	  	 	  	 	  	 	  	
	(Print or type assignee’s name, address and postal code)	  		  		  	
				
	 	  	 	  	 	  	
				
	 	  	 	  	 	  	

 and irrevocably appoints
                                         
                                         
       to transfer this Warrant on the books of the Company. 
  

							
	Date:                     	 		 	PFG Equity Investors, LLC
				
		 		 	By	 	 
		 		 		 	Name:                    , Manager
		 		 		 	

 Exhibit C – Summary Capitalization Table 

Mattersight Corporation 
 Ownership
Table 
 as of June 1, 2013 
  

																																					
	 Name
	  	Common
Stock	 	  	Preferred
Stock	 	  	Subtotal	 	  	Percent of
Outstanding	 	 	Options
Vested @ 6-1-13	 	  	Options
Unvested
@6-1-13	 	  	Total
Options @ 6-1-13	 	  	Shares &
Options
Outstanding	 	  	Percent of
Shares &
Options
Outstanding	 
	 Tench Coxe and Various entities affiliated with SHV
	  	 	3,609,526	  	  	 	1,304,098	  	  	 	4,913,624	  	  	 	26.0	% 	 	 	76,100	  	  	 	17,500	  	  	 	93,600	  	  	 	5,007,224	  	  	 	23.7	% 
	 Investor Growth Capital, LLC & Philip Dur
	  	 	2,364,209	  	  	 	—  	  	  	 	2,364,209	  	  	 	12.5	% 	 	 	18,218	  	  	 	43,824	  	  	 	62,042	  	  	 	2,426,251	  	  	 	11.5	% 
	 Michael J. Murray
	  	 	273,049	  	  	 	23,243	  	  	 	296,292	  	  	 	1.6	% 	 	 	85,802	  	  	 	17,500	  	  	 	103,302	  	  	 	399,594	  	  	 	1.9	% 
	 John C. Staley
	  	 	64,518	  	  	 	—  	  	  	 	64,518	  	  	 	0.3	% 	 	 	76,100	  	  	 	17,500	  	  	 	93,600	  	  	 	158,118	  	  	 	0.7	% 
	 Henry J. Feinberg
	  	 	1,927	  	  	 	—  	  	  	 	1,927	  	  	 	0.0	% 	 	 	117,500	  	  	 	17,500	  	  	 	135,000	  	  	 	136,927	  	  	 	0.6	% 
	 John T. Kohler
	  	 	37,040	  	  	 	—  	  	  	 	37,040	  	  	 	0.2	% 	 	 	76,100	  	  	 	17,500	  	  	 	93,600	  	  	 	130,640	  	  	 	0.6	% 
	 David B. Mullen
	  	 	8,000	  	  	 	—  	  	  	 	8,000	  	  	 	0.0	% 	 	 	58,500	  	  	 	17,500	  	  	 	76,000	  	  	 	84,000	  	  	 	0.4	% 
	 Conway, Kelly
	  	 	1,025,823	  	  	 	3,862	  	  	 	1,029,685	  	  	 	5.4	% 	 	 	343,750	  	  	 	306,250	  	  	 	650,000	  	  	 	1,679,685	  	  	 	8.0	% 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  				 	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  			
	 Subtotal
	  	 	7,384 ,092	  	  	 	1,331,203	  	  	 	8,715,295	  	  	 	45.1	% 	 	 	852,070	  	  	 	455,074	  	  	 	1,307,144	  	  	 	10,022,439	  	  	 	47.5	% 
	 Other Major Holders
	  				  				  				  				 				  				  				  				  			
	 John A. Murphy and various entities affiliated with Alydar Partners, LLC
	  	 	1,093,089	  	  	 	—  	  	  	 	1,093,089	  	  	 	5.8	% 	 	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	1,093,089	  	  	 	5.2	% 
	 Peter Schleider, (RKB Capital LP)
	  	 	937,995	  	  	 	—  	  	  	 	937,995	  	  	 	5.0	% 	 	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	937,995	  	  	 	4.4	% 
	 Peninsula Capital Management, LP
	  				  				  				  				 				  				  				  				  			
	 Peninsula Master Fund, LTD , and Scott
	  				  				  				  				 				  				  				  				  			
	 Bedford
	  	 	878 ,165	  	  	 	—  	  	  	 	878 ,165	  	  	 	4.6	% 	 	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	878,165	  	  	 	4.2	% 
	 Other
	  	 	6,979,610	  	  	 	317,919	  	  	 	7,297,529	  	  	 	38.5	% 	 	 	289,078	  	  	 	583,016	  	  	 	872,094	  	  	 	8,169,623	  	  	 	38.7	% 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  				 	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  			
	 Total
	  	 	17,272,951	  	  	 	1,649,122	  	  	 	18,922,073	  	  	 	100.0	% 	 	 	1,141,148	  	  	 	1,038,090	  	  	 	2,179,238	  	  	 	21,101,311	  	  	 	100.0	%

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00220-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00220-of-00352.parquet"}]]