Document:

EX-4.2

 Exhibit 4.2 

 
  

 
 EXACTTARGET, INC.

 FOURTH AMENDED AND RESTATED STOCKHOLDERS’ AGREEMENT 

March 28, 2011 
  

 
  

 THIS FOURTH AMENDED AND RESTATED STOCKHOLDERS’ AGREEMENT, dated as of
March 28, 2011 (this “Agreement”), by and among EXACTTARGET, INC., a Delaware corporation (the “Corporation”), and the Stockholders identified on Annex I hereto. 

PREAMBLE 

WHEREAS, certain investors are purchasing shares of the Corporation’s Series G Preferred Stock, $0.001 par value per share (the
“Series G Preferred Stock”), pursuant to the terms and conditions of that certain Securities Purchase Agreement, dated as of the date hereof (the “Purchase Agreement”), and such purchase is conditioned on the
execution of this Agreement; 
 WHEREAS, the Stockholders believe it to be in the best interest of the Corporation and the
Stockholders to provide for the continued stability of the business and policies of the Corporation and its Subsidiaries, as the same may exist from time to time, and, to that end, the parties hereto set forth this Agreement; 

WHEREAS, the Corporation and certain of the Stockholders that were party to that certain Third Amended and Restated Stockholders’
Agreement, dated November 18, 2009, as amended by that certain First Amendment to Third Amended and Restated Stockholders’ Agreement, dated December 31, 2009 (collectively, the “Prior Agreement”), desire to amend the
Prior Agreement, which may not be amended or modified without the written consent of the Corporation and the holders of at least a majority of the Shares (as defined in the Prior Agreement) held by all Stockholders voting together as a single class
and on an as converted to Common Stock basis and, in certain cases, the Stockholders holding at least a majority of the outstanding shares of Series F Preferred Stock, the Stockholders holding at least a majority of the outstanding shares of Series
E Preferred Stock, and the Stockholders holding at least a majority of the outstanding shares of Series D Preferred Stock; and 

WHEREAS, in order to induce the investors purchasing Series G Preferred Stock to enter into the Purchase Agreement, the Corporation and
the Stockholders desire that this Agreement amend and restate the Prior Agreement in its entirety. 
 ACCORDINGLY, in
consideration of the mutual covenants and agreements contained in this Agreement, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree to amend and restate the Prior Agreement in its entirety as follows: 

ARTICLE I. 

DEFINITIONS; RULES OF CONSTRUCTION 
 The following terms have the following meanings: 
 “Acceptance
Notice” shall have the meaning set forth in Section 3.3(a)(ii). 

  
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 “Affiliate” means, with respect to any Person, any (a) director,
officer, limited or general partner, member or stockholder holding 5% or more of the outstanding capital stock or other equity interests of such Person, (b) spouse, parent, sibling or descendant of such Person (or a spouse, parent, sibling or
descendant of a Person specified in clause (a) above relating to such Person) and (c) other Person that, directly or indirectly, through one or more intermediaries, controls, or is controlled by, or is under common control or common
investment management with, such Person. The term “control” includes, without limitation, the possession, directly or indirectly, of the power to direct the management and policies of a Person, whether through the ownership of voting
securities, by contract or otherwise. 
 “Agreement” shall have the meaning set forth in the opening paragraph
of this Agreement. 
 “Approved Sale” shall have the meaning set forth in Section 3.6(a).

 “Battery Director” shall have the meaning set forth in Section 2.1(b)(ii)(A). 

“Board” means the Board of Directors of the Corporation. 

“Charter” means the Fifth Amended and Restated Certificate of Incorporation of the Corporation in effect as of the date
hereof, as the same may be amended, modified or supplemented after the date hereof. 
 “Common Stock” shall
mean the Common Stock of the Corporation, $0.001 par value per share. 
 “Common Stockholder Directors” shall
have the meaning set forth in Section 2.1(b)(iii). 
 “Co-Sale Notice” shall have the meaning set
forth in Section 3.4(a)(i). 
 “Co-Sale Offeree” shall have the meaning set forth in
Section 3.4(a). 
 “Co-Sale Offeror” shall have the meaning set forth in
Section 3.4(a). 
 “Co-Sale Rights Holder” shall have the meaning set forth in
Section 3.4(a)(i). 
 “Corporation” shall have the meaning set forth in the opening paragraph of
this Agreement. 
 “Director Indemnification Agreement” means the Director Indemnification Agreements,
between the Corporation and each of the directors of the Corporation, in the form approved by the Board. 

“Equity Securities” means all shares of capital stock of the Corporation, all securities convertible into or
exchangeable for shares of capital stock of the Corporation, and all options, warrants, and other rights to purchase or otherwise acquire from the Corporation shares of such capital stock, including any stock appreciation or similar rights,
contractual or otherwise, convertible debt or units of equity and debt. 

  
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 “Excluded Stock” shall have the meaning set forth in the Charter.

 “First Offer” shall have the meaning set forth in Section 3.3(a)(i). 

“First Offer Number” shall have the meaning set forth in Section 3.5(b). 

“First Offeror” shall have the meaning set forth in Section 3.3(a). 

“First Offer Period” shall have the meaning set forth in Section 3.5(a). 

“Full Allotment” shall have the meaning set forth in Section 3.3(a)(iii). 

“Fully-Diluted Basis” means the total issued and outstanding Common Stock of the Corporation assuming the exercise and
conversion of all exercisable and convertible Equity Securities and the issuance of all shares of the Corporation’s Common Stock reserved for issuance under the Corporation’s equity incentive programs. 

“Greenspring” means, collectively, Greenspring Global Partners I, L.P.; Greenspring Global Partners II, L.P.;
Greenspring Global Partners II-A, L.P.; Greenspring Global Partners II-B, L.P.; Greenspring Global Partners III, L.P.; Greenspring Global Partners III-A, L.P.; Greenspring Global Partners III-B, L.P.; Greenspring Global Partners IV-A, L.P.;
Greenspring Global Partners IV-B, L.P.; Greenspring Global Partners IV-C, L.P; and Greenspring Crossover Ventures I, L.P. 

“Group” means: 
 (a) in the case of any Stockholder who is an individual, (i) such Stockholder, (ii) the spouse or lineal descendants of such Stockholder (or any guardian, trustee or custodian for the benefit of
such Persons), (iii) all trusts for the benefit of such Stockholder, (iv) all Persons principally owned by and/or organized or operating for the benefit of any of the foregoing and (v) all Affiliates of such Stockholder; 

(b) in the case of any Stockholder that is a partnership, (i) such Stockholder, (ii) its current and former limited, special and
general partners, (iii) any Person to which such Stockholder shall Transfer all or substantially all of its assets, and (iv) all Affiliates and employees of and consultants to such Stockholder or any of its Affiliates; and 

(c) in the case of any Stockholder which is a corporation or a limited liability company, (i) such Stockholder, (ii) its
stockholders or members as the case may be, (iii) any Person to which such Stockholder shall Transfer all or substantially all of its assets, and (iv) all Affiliates of such Stockholder. 

“Joint Directors” shall have the meaning set forth in Section 2.1(b)(iv). 

“Liquidation” means any liquidation, dissolution or winding up of the Corporation, either voluntarily or involuntarily
or a Sale of the Corporation. 

  
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 “Majority Holders” shall mean the holders of a majority of the Equity
Securities of the Corporation, including (i) as long as at least 681,818 shares of Series G Preferred Stock (as adjusted for stock splits, dividends and the like) remain outstanding, the holders of at least a majority of the outstanding Series
G Investor Shares, (ii) as long as at least 356,012 shares of Series F Preferred Stock (as adjusted for stock splits, dividends and the like) remain outstanding, the holders of at least a majority of the outstanding Series F Investor Shares,
and (iii) as long as at least 681,597 shares of Series E Preferred Stock (as adjusted for stock splits, dividends and the like) remain outstanding, the holders of at least a majority of the outstanding Series E Investor Shares. 

“Management Stockholder” means Scott Dorsey, Robert Compton and the Peter D. McCormick Trust dated
August 13, 2009 (for purposes of this Agreement, “McCormick”). 
 “New Securities”
means all Equity Securities other than Excluded Stock and the Series G Preferred Stock issued under the Purchase Agreement. 

“Non-Competitor” means a Person that is not in the business of providing or selling any services or products which are
the same as, or substantially similar to, any services or products primarily provided or sold by the Corporation or otherwise engaged in a business that is primarily the same as, or substantially similar to, the business of the Corporation as
determined by the disinterested members of the Board. 
 “Offer” shall have the meaning set forth in
Section 3.5(a). 
 “Offered Shares” shall have the meaning set forth in
Section 3.3(a)(i). 
 “Person” shall be construed in the broadest sense and means and includes a
natural person, a partnership, a corporation, an association, a joint stock company, a limited liability company, a trust, a joint venture, an unincorporated organization and any other entity and any federal, state, municipal, foreign or other
government, governmental department, commission, board, bureau, agency or instrumentality, or any private or public court or tribunal. 
 “Preferred Stock” means the Series A Preferred Stock, the Series B Preferred Stock, the Series D Preferred Stock, the Series E Preferred Stock, the Series F Preferred Stock and the Series
G Preferred Stock. 
 “Prior Agreement” shall have the meaning set forth in the Preamble to this Agreement.

 “Pro Rata Amount” means, with respect to any Stockholder, the quotient obtained by dividing (i) the
number of shares of Common Stock held by such Stockholder by (ii) the aggregate number of shares of Common Stock held by all Stockholders or class of Stockholders (as applicable), assuming in each case the conversion or exchange of all Equity
Securities by their terms convertible into or exchangeable for Common Stock. 
 “Purchase Agreement” shall have
the meaning set forth in the Preamble to this Agreement. 
 “Purchase Notice” shall have the meaning set forth
in Section 3.5(b). 

  
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 “Registration Rights Agreement” shall have the meaning set forth in
Section 3.2(a). 
 “Rights Holder” shall mean, at the time of Transfer, (i) each Series G
Investor, (ii) each Series F Investor; (iii) each Series E Investor; (iv) each Series D Investor for so long as such Series D Investor holds at least twenty percent (20%) of the shares of Series D Preferred Stock purchased by
such Series D Investor pursuant to the November 2006 SPA, the May 2009 SPA or the November 2009 SPA (each as defined in the Charter); (v) each Management Stockholder; and (vi) each Stockholder (other than the Series G Investors, Series F
Investors, Series E Investors, Series D Investors and Management Stockholders) holding at least five percent (5%) of the Common Stock of the Corporation, on a Fully-Diluted Basis. 

“Sale of the Corporation” shall mean (i) any merger or consolidation of the Corporation into or with another entity
(except one in which the holders of the Equity Securities of the Corporation immediately prior to such merger or consolidation continue to hold at least a majority of the voting power of the equity securities of the surviving corporation in
substantially the same proportions and with substantially identical relative rights, preferences, privileges and restrictions), (ii) any sale, transfer, exclusive license or other disposition of all or substantially all of the assets of the
Corporation, (iii) any other transaction or series of transactions pursuant to, or as a result of, which a single Person (or group of affiliated Persons) acquires (from the Corporation or directly from the equity holders of the Corporation) or
holds Equity Securities of the Corporation representing a majority of the Corporation’s outstanding voting power or (iv) a sale, transfer, exclusive license or other disposition (in one or more transactions) of one or more Subsidiaries of
the Corporation (whether by way of merger, consolidation, reorganization or sale of all or substantially all assets or securities) which constitute all or substantially all of the consolidated assets of the Corporation. 

“Scale Director” shall have the meaning set forth in Section 2.1(b)(ii)(B). 

“Series A Preferred Stock” means the Series A Preferred Stock of the Corporation, par value $0.001 per share.

 “Series B Preferred Stock” means the Series B Preferred Stock of the Corporation, par value $0.001 per
share. 
 “Series D Investors” means the Persons designated on Annex I hereto as “Series D
Investors” and any Transferee of such Persons who or which agrees in writing to be treated as a Series D Investor hereunder and to be bound by the terms and comply with all applicable provisions hereof. 

“Series D Preferred Stock” means the Series D Preferred Stock of the Corporation, par value $0.001 per share.

 “Series E Investors” means the Persons designated on Annex I hereto as “Series E Investors”
and any Transferee of such Persons who or which agrees in writing to be treated as a Series E Investor hereunder and to be bound by the terms and comply with all applicable provisions hereof. 

  
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 “Series E Investor Shares” means all Equity Securities of the Corporation
held at any time during the term of this Agreement by the Series E Investors. 
 “Series E Preferred Stock”
means the Series E Preferred Stock of the Corporation, par value $0.001 per share. 
 “Series E/F/G Full
Allotment” shall have the meaning set forth in Section 3.3(a)(iv). 
 “Series F Investors”
means the Persons designated on Annex I hereto as “Series F Investors” and any Transferee of such Persons who or which agrees in writing to be treated as a Series F Investor hereunder and to be bound by the terms and comply with all
applicable provisions hereof. 
 “Series F Investor Shares” means all Equity Securities of the Corporation held
at any time during the term of this Agreement by the Series F Investors. 
 “Series F Preferred Stock” means
the Series F Preferred Stock of the Corporation, par value $0.001 per share. 
 “Series G Investors” means the
Persons designated on Annex I hereto as “Series G Investors” and any Transferee of such Persons who or which agrees in writing to be treated as a Series G Investor hereunder and to be bound by the terms and comply with all
applicable provisions hereof. 
 “Series G Investor Shares” means all Equity Securities of the Corporation held
at any time during the term of this Agreement by the Series G Investors. 
 “Series G Preferred Stock” shall
have the meaning set forth in the Preamble to this Agreement. 
 “Shares” means all Equity Securities held at
any time during the term of this Agreement by any Stockholder. Any reference to a number of “Shares” shall treat each share of Preferred Stock as the number of shares of Common Stock into which it is then convertible pursuant to the
Charter and any warrants or convertible securities as the number of shares of Preferred Stock or Common Stock for which it is then exercisable or convertible. 
 “Stockholders” means the stockholders identified on Annex I hereto, including without limitation the holders of Common Stock, holders of Series A Preferred Stock, holders of Series
B Preferred Stock, Series D Investors, Series E Investors, Series F Investors, Series G Investors and Management Stockholders, and includes any Transferee of any such Person who or which agrees in writing to be treated as a Stockholder hereunder
pursuant to Section 3.1 and to be bound by the terms and comply with all applicable provisions hereof. 

“Subsidiary” means, with respect to any Person, any other Person the majority of whose Equity Securities or voting
securities are directly or indirectly owned or controlled by such Person. 
 “Tag-Along Notice” shall have the
meaning set forth in Section 3.4(c). 

  
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 “TCV” means, collectively, TCV VII, L.P., TCV VII (A), L.P. and TCV Member
Fund, L.P. 
 “TCV Director” shall have the meaning set forth in Section 2.1(b)(i). 

“Termination Date” means the earlier to occur of: (i) immediately before the consummation of a firm commitment
underwritten public offering of the Common Stock under the Securities Act of 1933, as amended (the “Securities Act”), with gross proceeds to the Corporation of at least $75,000,000 (other than a registration relating solely to the
sale of securities of participants in a Corporation stock plan or a registration relating to a corporate reorganization or transaction under Rule 145 of the Securities Act) and (ii) the closing of a Liquidation. 

“Third Party” means, with respect to any Stockholder, any Person that is not (i) the Corporation or (ii) a
member of the Group of such Stockholder. 
 “Transfer” means to sell, transfer, assign, pledge, hypothecate or
otherwise dispose of Shares, either voluntarily or involuntarily and with or without consideration excluding any (i) transfers to the Corporation by employees, consultants or other service providers of the Corporation upon a termination of
employment or other consulting or similar engagement or (ii) transfers to the Corporation by any Stockholders. 

“Transferee” means any Person to whom a Stockholder shall Transfer Shares. 

“Transferor” means any Person who Transfers Shares. 

ARTICLE II. 

BOARD REPRESENTATION 
 2.1. Board Representation. 
 (a) The Corporation and the Stockholders
shall take such corporate actions as may be required to ensure that (i) the number of directors constituting the Board is at all times at least seven (7), and (ii) the presence of four directors (including one director nominated under
Section 2.1(b)(i) and one director nominated under Section 2.1(b)(ii)(A)) is required to constitute a quorum of the Board. 
 (b) Subject to Section 2.1(e) below and Section 6(b) of Article Fourth of the Charter, if applicable: 

(i) for so long as at least 356,012 shares of Series F Preferred Stock (as adjusted for stock splits, dividends and the
like) remain outstanding, the holders of a majority of the Series F Preferred Stock, voting as a separate class, shall be entitled (A) to elect one individual nominated by TCV to the Board to serve as director, who initially shall be David Yuan
(the “TCV Director”) until his respective successor is elected and qualified, (B) to elect each successor to the TCV Director as nominated by TCV, and (C)

  
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to direct the removal from the Board of any director nominated under the foregoing clauses (A) or (B); 

(ii) for so long as at least 681,597 shares of Series E Preferred Stock (as adjusted for stock splits, dividends and the
like) remain outstanding, the holders of a majority of the Series E Preferred Stock, voting as a separate class, shall be entitled to elect two (2) directors as follows: 

(A) Battery Ventures VIII, L.P. shall be entitled, for so long as such Stockholder and its Affiliates continue to own
beneficially at least fifty percent (50%) of the shares of Series E Preferred Stock purchased by such Stockholder on the Series E Original Issue Date (as defined in the Charter): (1) to nominate one individual to the Board to serve as
director, who initially shall be Michael Brown (the “Battery Director”) until his respective successor is elected and qualified, (2) to nominate the successor to the Battery Director, and (3) to direct the removal from the
Board of any director nominated under the foregoing clauses (1) or (2); and 
 (B) Scale Venture Partners
III, L.P. shall be entitled, for so long as such Stockholder and its Affiliates continue to own beneficially at least fifty percent (50%) of the shares of Series E Preferred Stock purchased by such Stockholder on the Series E Original Issue
Date: (1) to nominate one individual to the Board to serve as director, who initially shall be Rory O’Driscoll (the “Scale Director”) until his respective successor is elected and qualified, (2) to nominate the
successor to the Scale Director, and (3) to direct the removal from the Board of any director nominated under the foregoing clauses (1) or (2). 
 To the extent that either of clauses (A) and (B) above shall not be applicable, any director who would otherwise have been designated in accordance with the terms thereof shall instead be
nominated and elected by the holders of a majority of the shares of Series E Preferred Stock then outstanding. 

(iii) the holder(s) of a majority of all shares of Common Stock shall be entitled: (A) to nominate two individual(s)
to the Board to serve as directors, who initially shall be Scott Dorsey and Scott Maxwell (the “Common Stockholder Directors”) until their respective successors are elected and qualified, (B) to nominate each successor to the
Common Stockholder Directors, and (C) to direct the removal from the Board of any director nominated under the foregoing clauses (A) or (B); and 
 (iv) at each election of directors in which the holders of Common Stock and holders of Preferred Stock, voting together as a single class on an as-converted to Common Stock basis, are entitled to elect
directors of the Corporation, the Stockholders shall vote all of their respective Shares so as to elect individuals acceptable to and designated by mutual agreement of each of the other members then serving on the Corporation’s Board (the
“Joint Directors”). Initially, the Joint Directors shall be Timothy Maudlin and Matthew Ferguson. 

  
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 For the avoidance of doubt, the holders of Series A Preferred Stock and Series B Preferred
Stock shall not, as a single, separate class, be entitled to nominate an individual to the Board to serve as a director. 
 (c)
One authorized representative of Greenspring shall be entitled to attend each meeting of the Board as an observer and shall be given timely notice of the Board meeting in the same manner and at the same time that the directors of the Corporation are
given notice of such meeting; provided that the Board, acting in the best interest of the Corporation or upon the advice of corporate legal counsel, may, in its sole discretion, exclude any such observer from any meeting or portion thereof
(including, without limitation, in order to protect confidential information not known by the observer or to protect the attorney-client privilege). Such observer shall receive the same written information (including, without limitation, reports,
financial statements and notices, but excluding any written information that may breach or waive a privilege) as is provided to the directors in connection with such meeting; provided further that such observer shall enter into a
confidentiality and non-disclosure agreement acceptable to the Corporation if not already subject to such agreement. 
 (d) In
the event that (A) TCV and/or its Affiliates continues to own any Series F Investor Shares or Series G Investor Shares, (B) Battery Ventures VIII, L.P. and/or its Affiliates continues to own any Series E Investor Shares or Series G
Investor Shares, and/or (C) Scale Venture Partners III, L.P. and/or its Affiliates continues to own any Series E Investor Shares or Series G Investor Shares, but such Stockholder is no longer entitled to designate such director set forth above
in Section 2.1(b)(i) and/or (ii), as applicable, one authorized representative of such Stockholder shall be entitled to attend each meeting of the Board as an observer and shall be given timely notice of the Board meeting in the
same manner and at the same time that the directors of the Corporation are given notice of such meeting; provided that the Board, acting in the best interest of the Corporation or upon the advice of corporate legal counsel, may, in its sole
discretion, exclude any such observer from any meeting or portion thereof (including, without limitation, in order to protect confidential information not known by the observer or to protect the attorney-client privilege). Each such observer shall
receive the same written information (including, without limitation, reports, financial statements and notices, but excluding any written information that may breach or waive a privilege) as is provided to the directors in connection with such
meeting; provided further that each such observer shall enter into a confidentiality and non-disclosure agreement acceptable to the Corporation if not already subject to such agreement. 

(e) Each nomination or any proposal to remove from the Board any director shall be made by delivering to the Corporation a notice signed
by the party or parties entitled to such nomination or proposal. As promptly as practicable, but in any event within ten (10) days, after delivery of such notice, the Corporation shall take or cause to be taken such corporate actions as may be
reasonably required to cause the election or removal proposed in such notice. Such corporate actions may include calling a meeting or soliciting a written consent of the Board, or calling a meeting or soliciting a written consent of the
Stockholders. Any director of the Corporation may be removed from the Board in the manner allowed by law and the Charter and By-Laws of the Corporation, but with respect to any director nominated pursuant to this Section 2.1,
notwithstanding Section 141(k) of the General Corporation Law of the State of Delaware, such director shall be removed only upon a good faith determination that such director’s 

  
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continued service on the Board would not be in the best interests of the Corporation and its stockholders, and, provided further, that the Stockholders agree not to exercise their right to remove
such director solely as a result of such director’s nomination by a specific Stockholder. Notice of any proposal to remove a director from the Board pursuant to the preceding sentence shall be delivered to the director to be removed at least
two (2) business days prior to the taking of the corporate action to effect such removal. 
 (f) The Corporation shall
execute and deliver a Director Indemnification Agreement in favor of any other Persons who shall become directors after the date hereof. 
 2.2. Voting Agreement. Subject to Section 6(b) of Article Fourth of the Charter, each Stockholder shall vote all Shares held by such Stockholder for the election to the Board of
all individuals nominated in accordance with Section 2.1 and for the removal from the Board of all directors proposed to be removed in accordance with Section 2.1 and shall take all actions required on its behalf to give
effect to the agreements set forth in this Section 2.2. Each Stockholder agrees to vote, or cause to be voted, all Shares held by such Stockholder, or over which such Stockholder has voting control, from time to time and at all times, in
whatever manner as shall be necessary to ensure that at each annual or special meeting of stockholders at which an election of directors is held or pursuant to any written consent of the stockholders, the directors shall be elected in accordance
with Section 2.1. 
 2.3. Interim Director. The Corporation shall notify each Stockholder of
the occurrence of any vacancy in any seat of the Board. If the Stockholders entitled to nominate a successor to fill such vacancy fail to do so within fifteen (15) days after delivery of such notice, such vacancy may be filled in accordance
with the By-laws of the Corporation until a successor has been nominated and elected to the Board in accordance with Sections 2.1 and 2.2. 
 2.4. Committees; Subsidiaries. 
 (a) Each Stockholder shall use all
reasonable efforts to cause each director of the Corporation nominated by such Stockholder to take such corporate actions as may be reasonably required to ensure that (i) the Board has at all times a compensation committee and an audit
committee, (ii) one director nominated under Section 2.1(b)(i) shall have the right, but not the obligation, to be appointed to each such committee, and (iii) one director nominated under Section 2.1(b)(ii)(A) shall
be appointed to each such committee. The Compensation Committee shall approve all increases in executive compensation, executive bonuses and all option grants (including the vesting schedules with respect to such option grants). The Audit Committee
shall approve the engagement of the Corporation’s auditors and approve the audit prior to its issuance each year. 
 (b)
Upon the request of either TCV or Battery Ventures VIII, L.P., the Corporation and each Stockholder shall take, and each Stockholder shall use all reasonable efforts to cause each director of the Corporation nominated by such Stockholder to take,
such corporate actions as may be reasonably required to ensure that the composition of the board of directors of all direct and indirect Subsidiaries of the Corporation is identical to the composition of the Board. 

2.5. Meetings; Expenses; Compensation. 

  
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 (a) The Corporation shall convene meetings of the Board at least once every three
(3) months. Upon any failure by the Corporation to convene any meeting required by this Section 2.5(a), a director nominated under Section 2.1(b)(i) and/or Section 2.1(b)(ii)(A) shall be empowered to convene
such meeting. 
 (b) The Corporation shall reimburse each director and observer who is not an employee of the Corporation for his
or her reasonable out-of-pocket expenses (including travel) incurred in connection with the attendance of meetings of the Board or any committee thereof or the performance of his or her duties. 

2.6. Protective Provisions. 
 (a) For so long as either 681,597 shares of Series E Preferred Stock, 356,012 shares of Series F Preferred Stock or 681,818 shares of Series G Preferred Stock (each as adjusted for stock splits, dividends
and the like) remain outstanding, the Corporation shall not, without first obtaining the written approval of the holders of at least a majority of the then outstanding shares of Series E Preferred Stock, Series F Preferred Stock and Series G
Preferred Stock, voting together as a single class and on an as converted to Common Stock basis, take such actions as are described in Section 5(a) of Article Fourth of the Charter in accordance with Section 5(a) of
Article Fourth of the Charter. 
 (b) For so long as at least 681,597 shares of Series E Preferred Stock (as adjusted for
stock splits, dividends and the like) remain outstanding, the Corporation shall not, without first obtaining the approval of the holders of at least a majority of the then outstanding shares of Series E Preferred Stock, take such actions as are
described in Section 5(b) of Article Fourth of the Charter in accordance with Section 5(b) of Article Fourth of the Charter. 
 (c) For so long as at least 356,012 shares of Series F Preferred Stock (as adjusted for stock splits, dividends and the like) remain outstanding, the Corporation shall not, without first obtaining the
written approval of the holders of at least a majority of the then outstanding shares of Series F Preferred Stock, take such actions as are described in Section 5(c) of Article Fourth of the Charter in accordance with
Section 5(c) of Article Fourth of the Charter. 
 (d) For so long as at least 681,818 shares of Series G
Preferred Stock (as adjusted for stock splits, dividends and the like) remain outstanding, the Corporation shall not, without first obtaining the written approval of the holders of at least a majority of the then outstanding shares of Series G
Preferred Stock, take such actions as are described in Section 5(d) of Article Fourth of the Charter in accordance with Section 5(d) of Article Fourth of the Charter. 

2.7. Vote to Increase Authorized Common Stock. Each Stockholder agrees to vote or cause to be voted all Shares owned
by such Stockholder, or over which such Stockholder has voting control, from time to time and at all times, in whatever manner as shall be necessary to increase the number of authorized shares of Common Stock from time to time to ensure that there
will be sufficient shares of Common Stock available for conversion of all of the shares of Preferred Stock outstanding at any given time. 
 2.8. Grant of Proxy. Upon the failure of any Stockholder to vote its Shares in accordance with the terms of this Agreement, such Stockholder hereby grants to a stockholder

  
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designated by the Board a proxy coupled with an interest in all Shares owned by such Stockholder, which proxy shall be irrevocable until this Agreement terminates pursuant to its terms or this
Section 2.8 is amended to remove such grant of proxy in accordance with Section 4.6 hereof, to vote all such Shares in the manner provided in Section 2 and Section 3 hereof. 

2.9. No Liability for Election of Recommended Directors. Neither any party to this Agreement, nor any
officer, director, stockholder, partner, employee or agent of any such party, makes any representation or warranty as to the fitness or competence of the nominee of any party hereunder to serve on the Board by virtue of such party’s execution
of this Agreement or by the act of such party in voting for such nominee pursuant to this Agreement. 
 ARTICLE III.

 SHARES 
 3.1. Future Stockholders. The Corporation shall require each member of senior management of the Corporation that acquires Equity Securities after the date hereof and each Person that
acquires Equity Securities entitling them either directly or indirectly to hold (in the aggregate based on the total Equity Securities held by such Person in the aggregate at the time of such acquisition) more than two percent (2%) of the
Common Stock of the Corporation (on a Fully-Diluted Basis) after the date hereof, as a condition to the effectiveness of such acquisition, to execute a counterpart to this Agreement, agreeing to be treated as (a) a “Series G
Investor”, if such Person acquires Series G Preferred Stock or Equity Securities convertible, exchangeable or exercisable for Series G Preferred Stock from the Corporation or an existing Series G Investor hereunder; (b) a “Series F
Investor”, if such Person acquires Series F Preferred Stock or Equity Securities convertible, exchangeable or exercisable for Series F Preferred Stock from the Corporation or an existing Series F Investor hereunder; (c) a “Series E
Investor”, if such Person acquires Series E Preferred Stock or Equity Securities convertible, exchangeable or exercisable for Series E Preferred Stock from the Corporation or an existing Series E Investor hereunder; (d) a “Series D
Investor”, if such Person acquires Series D Preferred Stock or Equity Securities convertible, exchangeable or exercisable for Series D Preferred Stock from the Corporation or an existing Series D Investor hereunder; or (e) a
“Stockholder”, if such Person acquires Common Stock or any other series of Preferred Stock or Equity Securities convertible, exchangeable or exercisable for Common Stock or any other series of Preferred Stock from the Corporation or an
existing Stockholder hereunder, whereupon such Person shall be bound by, and entitled to the benefits of and the provisions of this Agreement relating to Series G Investors, Series F Investors, Series E Investors, Series D Investors, or
Stockholders, as the case may be. Notwithstanding anything to the contrary in this Section 3.1, no consent shall be necessary to add additional Persons as signatories to this Agreement. 

3.2. Limitations on Transfers. 
 (a) No Transfer of any Shares by any Stockholder shall become effective unless and until the Transferee (unless already subject to this Agreement) executes and delivers to the Corporation a counterpart to
this Agreement, agreeing to be treated in the same manner as the Transferring Stockholder. Upon such Transfer and such execution and delivery, the Transferee shall be bound by, and entitled to the benefits of, this Agreement with respect to the
Transferred 

  
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Shares in the same manner as the transferring Stockholder. Any Transfer of Shares by any Stockholder not in accordance with the terms and conditions of this Agreement shall be void. If not
otherwise a party to the Fourth Amended and Restated Registration Rights Agreement, dated as of the date hereof among the Corporation and the other parties thereto (as amended, modified or supplemented from time to time, the “Registration
Rights Agreement”), each Stockholder shall comply and be bound by Section 5 of the Registration Rights Agreement. 

(b) No Stockholder shall be permitted to Transfer any Shares in connection with a Liquidation or participate in any transaction
constituting a Liquidation unless all of the Stockholders receive the appropriate amounts that they are entitled to receive pursuant to the Charter in connection with such Liquidation. 

(c) Each Stockholder that is an entity that was formed for the sole purpose of directly or indirectly acquiring Shares or that has no
substantial assets other than Shares or direct or indirect interests in Shares agrees that (i) certificates for shares of its common stock or other instruments reflecting equity interests in such entity (and the certificates for shares of
common stock or other equity interests in any similar entities controlling such entity) will note the restrictions contained in this Agreement on the restrictions on transfer of shares as if such common stock or other equity interests were Shares
and (ii) no shares of such common stock or other equity interests may be transferred to any Person other than in accordance with the terms and provisions of this Agreement as if such common stock or other equity interests were Shares.

 3.3. Right of First Refusal. 
 (a) If any Stockholder (other than any Series E Investor, any Series F Investor or any Series G Investor proposing to Transfer Shares to a Non-Competitor) (a “First Offeror”) proposes to
Transfer any Shares to any Third Party, the First Offeror shall, before such Transfer: 
 (i) Deliver to the
Corporation and the Rights Holders (other than McCormick) an offer (the “First Offer”) to Transfer such Shares upon the terms set forth in this Section 3.3(a), including (A) the number of Shares to which the First
Offer relates (the “Offered Shares”) and the name of the First Offeror, (B) the name and address of the proposed offeree (the “First Offeree”), (C) the proposed amount and type of consideration (including,
if the consideration consists in whole or in part of non-cash consideration, such information available to the First Offeror as may be reasonably necessary for the Corporation and the Rights Holders to properly analyze the economic value and
investment risk of such non-cash consideration) and the terms and conditions of payment offered. 
 (ii) The
Corporation shall have the first right and option, for a period of eight (8) days after delivery of the First Offer by the First Offeror, to accept all (but not less than all) of the Offered Shares at the purchase price and on the terms stated
in the First Offer. To exercise its right under this Section 3.3(a)(ii), the Corporation must deliver a binding notice (the “Acceptance Notice”) to the First Offeror in writing within such eight (8) day period. If
the Corporation does not intend to exercise its first right and option with respect to the First Offer, the Corporation shall give notice (the “Rejection Notice”) to the First Offeror and the Rights Holders to that effect no later
than eight (8) days after 

  
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delivery of the First Offer by the First Offeror; provided, however, that failure by the Corporation to give either an Acceptance Notice or a Rejection Notice, as applicable, to the
First Offeror within eight (8) days after delivery of the First Offer by the First Offeror will be deemed an election by it not to exercise its first right and option pursuant to this Section 3.3(a)(ii). 

(iii) Subject to Section 3.3(a)(iv), the Rights Holders shall have the second right and option
(“Second Right”), for a period of sixteen (16) days after delivery of the Rejection Notice by the Corporation (or the deemed election by the Corporation not to exercise its first right and option due to the failure by the
Corporation to deliver such Rejection Notice within the time period specified in Section 3.3(a)(ii) above), to purchase all (but not less than all) of the Offered Shares, at the purchase price and on the terms stated in the First Offer,
that were not purchased by the Corporation as provided in Section 3.3(a)(ii). Any Rights Holder may exercise its Second Right and purchase its Pro Rata Amount (based on the number of Shares held by all Rights Holders (other than the
First Offeror)) of all Offered Shares not purchased by the Corporation (with respect to each Rights Holder, its “Full Allotment”) by delivering to the First Offeror an Acceptance Notice in writing within such sixteen (16) day
period; provided, however, that in the event that any Rights Holder elects not to purchase its Full Allotment (a “Declining Rights Holder”), all other Rights Holders so electing to purchase their Full Allotment (each,
an “Electing Rights Holder”) shall be obligated (in a manner to be mutually agreed upon by such Electing Rights Holders) to purchase the Shares not purchased by the Declining Rights Holder. In the event that the Electing Rights
Holders are unable to reach an agreement with respect to the purchase by the Electing Rights Holders of the Offered Shares not purchased by the Declining Rights Holder within the time period specified in Section 3.3(a)(ii) above) such
that all (but not less than all) of the Offered Shares are purchased pursuant the Second Right, such failure to agree by the Electing Rights Holders will be deemed an election by all of the Rights Holders not to exercise their Second Right pursuant
to this Section 3.3(a)(iii). Failure by any Rights Holder to give the Acceptance Notice to the First Offeror within such sixteen (16) day period after delivery of the Rejection Notice by the Corporation (or the deemed election by
the Corporation not to exercise its first right and option due to the failure by the Corporation to deliver such Rejection Notice within the time period specified in Section 3.3(a)(ii) above) will be deemed an election by such Rights
Holder not to exercise its Second Right pursuant to this Section 3.3(a)(iii). 
 (iv) Notwithstanding
the foregoing, in the event that the First Offeror is a Management Stockholder, the Series G Investors, the Series F Investors and the Series E Investors shall have the right and option before any other Rights Holders, for a period of eight
(8) days after delivery of the Rejection Notice by the Corporation, to purchase all or any portion of the Offered Shares, at the purchase price and on the terms stated in the First Offer, that were not purchased by the Corporation as provided
in Section 3.3(a)(ii). Any Series G Investor, Series F Investor or Series E Investor may exercise its right and purchase its Pro Rata Amount (based on the number of Shares held by all Series G Investors, Series F Investors and Series E
Investors) of all Offered Shares not purchased by the Corporation (with respect to each Series G Investor, Series F Investor and Series E Investor, its “Series E/F/G Full Allotment”) by delivering to the First Offeror an

  
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Acceptance Notice in writing within such eight (8) day period. Failure by any Series G Investor, any Series F Investor or any Series E Investor to give such Acceptance Notice to the First
Offeror within such time period will be deemed an election by such Series G Investor, Series F Investor or Series E Investor, as the case may be, not to exercise its right. If any Series G Investor, Series F Investor or Series E Investor does not
intend to exercise its right, such Series G Investor, Series F Investor or Series E Investor, as the case may be, shall give notice to the First Offeror, any other Series G Investor, any other Series F Investor, any other Series E Investor and the
Rights Holders (other than the Series G Investors, the Series F Investors and the Series E Investors) to that effect no later than eight (8) days after delivery of the Acceptance Notice or Rejection Notice, as applicable, by the Corporation.
Each Series G Investor, each Series F Investor and each Series E Investor purchasing its Series E/F/G Full Allotment may also purchase its Pro Rata Amount (based on the number of Shares held by all Series G Investors, Series F Investors and Series E
Investors) of any Shares not so purchased. For the avoidance of doubt, in the event that the First Offeror is a Management Stockholder and any Offered Shares are not purchased by the Series G Investors, the Series F Investors and the Series E
Investors as provided in this Section 3.3(a)(iv), such remaining Offered Shares may be purchased by the other Rights Holders in accordance with Section 3.3(a)(iii). 

(v) After the delivery of the Acceptance Notice pursuant to either Section 3.3(a)(ii), (iii) or
(iv), as applicable, the (A) First Offeror and (B) the Corporation or the Rights Holders, as applicable, shall, so long as such parties continue to work in good faith to consummate a Transfer on the terms set forth in the First
Offer, have twenty (20) days to consummate the Transfer. 
 (vi) The First Offeror may Transfer any or all
of the Offered Shares not purchased by the Corporation or the Rights Holders, on terms and conditions no more favorable to the First Offeree than are described in the First Offer, within 60 days after expiration of the applicable time periods
referred to in Section 3.3(a)(ii), (iii), (iv) and (v) above. If such Transfer is not made within such 60-day period, the restrictions provided for in this Section 3.3 shall again become
effective. 
 (b) For purposes of this Section 3.3, each Rights Holder may aggregate his, her or its Pro Rata Amount
among other Rights Holders in his, her or its Group to the extent that such other Rights Holders in his, her or its Group do not elect to purchase their respective Pro Rata Amounts. 

3.4. Co-Sale Rights. 
 (a) To the extent the Corporation and the Rights Holders do not exercise their respective rights of first refusal as to all of the Offered Shares pursuant to Section 3.3, then the First Offeror (a
“Co-Sale Offeree” for purposes of this Section 3.4) proposing to Transfer any Shares to any First Offeree (the “Co-Sale Offeror” for purposes of this Section 3.4) shall, at least 30 days
before such Transfer: 
 (i) Deliver a notice (the “Co-Sale Notice”) to the Rights Holders
(other than Scott Dorsey and McCormick) (collectively, the “Co-Sale Rights Holders” for purposes 

  
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of this Section 3.4) that sets forth substantially the same information as the First Offer in Section 3.3(a)(i) hereof; provided, however, that such Co-Sale Notice shall
indicate that the Co-Sale Offeror has been informed of the co-sale rights provided for in this Section 3.4 and has agreed to purchase Shares in accordance with the terms hereof. 

(ii) The Co-Sale Offeree shall not Transfer any Shares to the Co-Sale Offeror unless the Co-Sale Rights Holders are
permitted to Transfer their respective Pro Rata Amount (based upon the aggregate number of Shares of the Corporation outstanding at such time and held by all Co-Sale Rights Holders (other than the Co-Sale Offeror)) of the aggregate number of Shares
to which the Co-Sale Offer relates. 
 (b) The Co-Sale Offeree shall, in addition to complying with the provisions of this
Section 3.4, comply with the other provisions of this Article III (it being understood that the notice contemplated by Section 3.3(a)(i) and the Co-Sale Notice contemplated by this Section 3.4 may be
included in a single notice). 
 (c) Within 30 days after delivery of the Co-Sale Notice, each Co-Sale Rights Holder may elect to
participate in the proposed Transfer by delivering to such Co-Sale Offeree a notice (the “Tag-Along Notice”) specifying the number of Shares (up to his, her or its Pro Rata Amount (based upon the aggregate number of Shares of the
Corporation outstanding at such time and held by all Co-Sale Rights Holders (other than the Co-Sale Offeror)) with respect to which such Co-Sale Rights Holder shall exercise his, her or its rights under this Section 3.4. For purposes of
this Section 3.4, each Co-Sale Rights Holder may aggregate his, her or its Pro Rata Amount among other Co-Sale Rights Holders in his, her or its Group to the extent that such other Co-Sale Rights Holders in his, hers or its Group do not
elect to sell their respective Pro Rata Amounts. 
 (d) Any Shares requested to be included in any Co-Sale Notice shall be
Transferred on at least the same terms and conditions as are set forth in the Co-Sale Notice. 
 (e) The Co-Sale rights contained
in this Section 3.4 shall not apply to Transfers made to members of the Transferor’s Group, provided that the Transferee agrees to be bound by the restrictions of this Agreement. 

3.5. Preemptive Rights. 
 (a) If the Corporation proposes to offer New Securities to any Person, the Corporation shall, before such offer, deliver to the Rights Holders an offer (the “Offer”) to issue to the
Rights Holders such New Securities upon the terms set forth in this Section 3.5. The Offer shall state that the Corporation proposes to issue New Securities and specify their number and terms (including purchase price). The Offer shall
remain open and irrevocable for a period of 30 days (the “First Offer Period”) from the date of its delivery. 

(b) Each Rights Holder may accept the Offer by delivering to the Corporation a notice (the “Purchase Notice”) within the
First Offer Period. The Purchase Notice shall state the number (the “First Offer Number”) of New Securities such Rights Holder desires to purchase. If the sum of all First Offer Numbers exceeds the number of New Securities, the New
Securities shall be allocated among the Rights Holders that delivered a Purchase Notice in accordance with their respective Pro Rata Amount (based on the aggregate number of Shares of the Corporation

  
 - 16 -

 
outstanding at the time of the Offer and held by all Rights Holders). The Corporation shall promptly, in writing, inform each Rights Holder that elects to purchase all of the New Securities
available to it (a “Fully-Exercising Holder”) of any other Rights Holder’s failure to do likewise. During the 5 day period commencing after such information is given, each Fully-Exercising Holder may elect to purchase that
portion of the New Securities for which Rights Holders were entitled to subscribe, but which were not subscribed for by the Rights Holders (the “Unsubscribed Shares”), that is equal to the proportion that the number of Shares issued
and held by such Fully Exercising Holder bears to the total number of shares of Common Stock issued and held, or issuable upon conversion of the Preferred Stock then held, by all Fully-Exercising Holders who wish to purchase some of the Unsubscribed
Shares. 
 (c) The issuance of New Securities to the Rights Holders who delivered a Purchase Notice shall be made on a business
day, as designated by the Corporation, not less than 10 and not more than 30 days after expiration of the First Offer Period on those terms and conditions of the Offer not inconsistent with this Section 3.5. 

(d) If the number of New Securities exceeds the sum of all First Offer Numbers, the Corporation may issue such excess or any portion
thereof on the terms and conditions of the Offer to any Person within 90 days after expiration of the First Offer Period. If such issuance is not made within such 90-day period, the restrictions provided for in this Section 3.5 shall
again become effective. 
 (e) For purposes of this Section 3.5, each Rights Holder may aggregate his, her or its Pro
Rata Amount among other Rights Holders in his, her or its Group to the extent that other Rights Holders in his, her or its Group do not elect to purchase their respective Pro Rata Amounts. 

3.6. Approved Sale; Sale of the Corporation. 
 (a) At any time that the Majority Holders propose a Sale of the Corporation, such Majority Holders shall be entitled to deliver notice to the Corporation that such Majority Holders desire the Corporation
and/or the Stockholders to enter into agreements with one or more Persons that would result in a Sale of the Corporation (an “Approved Sale”), whereupon all Stockholders and the Corporation shall consent to and raise no objections
against the Approved Sale, and if the Approved Sale is structured as (A) a merger or consolidation of the Corporation, each Stockholder shall, and hereby agrees to, waive any dissenter’s rights, appraisal rights or similar rights in
connection with such merger or consolidation and instruct the Board to vote in favor of such Approved Sale, or (B) a sale of shares of capital stock, each Stockholder shall, and hereby agrees to, agree to sell their Shares on the terms and
conditions approved by such Majority Holders. All Stockholders and the Corporation shall take all necessary and desirable actions in connection with the consummation of the Approved Sale, including the execution of such agreements and such
instruments and other actions reasonably necessary to (1) subject to the provisions of Section 3.6(b), provide the representations, warranties, indemnities, covenants, conditions, escrow agreements and other provisions and
agreements relating to such Approved Sale and (2) to effectuate the allocation and distribution of the aggregate consideration upon the Approved Sale as set forth below. The Stockholders shall not be required to comply with, and shall have no
rights under, Section 3.1 through 3.5 in connection with any Approved Sale. 

  
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 (b) The Corporation shall provide the Stockholders with written notice of any Approved Sale
at least ten (10) days prior to the consummation thereof. Upon the consummation of the Approved Sale, each Stockholder shall receive the same portion of the aggregate consideration from such Approved Sale that such Stockholder would have
received if such aggregate consideration (in the case of an asset sale, after payment or provision for all liabilities) had been distributed by the Corporation in a Liquidation; and 

(i) if any Stockholders of a class of Shares are given an option as to the form and amount of consideration to be received
with respect to Shares in a class, all holders of Shares of such class will be given the same option; 
 (ii) no
Stockholder shall be obligated to pay more than his or its pro rata amount of reasonable expenses incurred (based on the proportion of the aggregate transaction consideration received) in connection with a consummated Approved Sale to the extent
such expenses are incurred for the benefit of all Stockholders and are not otherwise paid by the Corporation or the acquiring party (expenses incurred by or on behalf of a Stockholder for its or his sole benefit not being considered expenses
incurred for the benefit of all Stockholders); and 
 (iii) in the event that the Stockholders are required to
provide any representations, warranties or indemnities in connection with an Approved Sale (other than representations, warranties and indemnities on a several basis concerning each Stockholder’s valid ownership of his or its Shares, free of
all liens and encumbrances, enforceability and each Stockholder’s authority, power, and right to enter into and consummate agreements relating to such Approved Sale without violating applicable law or any other agreement), then each Stockholder
shall not be liable for more than his or its pro rata amount (based on the proportion of the aggregate transaction consideration received) of any liability for misrepresentation or indemnity (except in respect of such several representations and
warranties) and such liability shall not exceed the total purchase price received by such Stockholder (net of broker fees) from such purchaser for his or its Shares (including the exercise price thereof), and, to the extent that an indemnification
escrow has been established, such liability shall be satisfied solely out of any funds escrowed for such purpose prior to recourse against such Stockholder. 
 3.7. Delivery of Financial Statements. The Corporation shall deliver to (i) each Series E Investor, for so long as such Series E Investor holds any shares of Series E Preferred
Stock, (ii) each Series F Investor for so long as such Series F Investor holds any shares of Series F Preferred Stock, and (iii) each Series G Investor for so long as such Series G Investor holds any shares of Series G Preferred Stock, the
following financial information: 
 (a) as soon as practicable after the end of each fiscal year of the Corporation and in any
event within one hundred twenty (120) days thereafter, an income statement for such fiscal year, a balance sheet of the Corporation as of the end of such year, a statement of stockholder’s equity as of the end of such year and a statement
of cash flows for such fiscal year, such year-end financial reports to be in reasonable detail, prepared in accordance with generally accepted accounting principles (“GAAP”) (except as noted therein or as disclosed to the recipients

  
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thereof) and audited and certified by independent public accountants of nationally recognized standing selected by the Board; 

(b) as soon as practicable after the end of each fiscal quarter of the Corporation and in any event within forty-five (45) days
thereafter, an unaudited income statement, balance sheet and statement of cash flows for and as of the end of such quarter, such unaudited financial statements to be in reasonable detail and prepared in accordance with GAAP (except as noted therein
or as disclosed to the recipients thereof) with the exception that no notes need to be attached to such statements and year-end audit adjustments may not have been made; 
 (c) as soon as practicable after the end of each month, and in any event within thirty (30) days thereafter, an unaudited income statement, balance sheet and statement of cash flows for and as of the
end of such month, such unaudited financial statements to be in reasonable detail and prepared in accordance with GAAP (except as noted therein or as disclosed to the recipients thereof) with the exception that no notes need to be attached to such
statements and year-end audit adjustments may not have been made; 
 (d) as soon as practicable, but in any event at least thirty
(30) days prior to the end of each fiscal year, a budget and business plan (together with financial projections) for the next fiscal year detailed on a monthly basis and in a form reasonably acceptable to a majority of the Board (including the
Battery Director and the TCV Director); 
 (e) with respect to the financial statements called for in Section 3.7(a),
Section 3.7(b) and Section 3.7(c), an instrument executed by the chief financial officer and chief executive officer of the Corporation certifying that such financial statements were prepared in accordance with GAAP
consistently applied with prior practice for earlier periods (except as otherwise set forth in Section 3.7(a), Section 3.7(b) and Section 3.7(c)) and fairly present the financial condition of the Corporation and
its results of operation for the periods specified therein; and 
 (f) such other information relating to the financial
condition, business, prospects, or corporate affairs of the Corporation as any Series E Investor, Series F Investor or Series G Investor may from time to time reasonably request; provided, however, that the Corporation shall not be
obligated under this Section 3.7(f) to provide information that the Corporation reasonably determines in good faith to be a trade secret or confidential information (unless covered by an enforceable confidentiality agreement, in form
acceptable to the Corporation). 
 If, for any period, the Corporation has any Subsidiary whose accounts are consolidated with
those of the Corporation, then in respect of such period the financial statements delivered pursuant to the foregoing sections shall be the consolidated and consolidating financial statements of the Corporation and all such consolidated
Subsidiaries. 
 3.8. Inspection Rights/Maintenance of Records. The Corporation shall permit each Series G
Investor, each Series F Investor and each Series E Investor, at such Stockholder’s expense, to visit and inspect the Corporation’s properties, to examine its books of account and records and to discuss the Corporation’s affairs,
finances and accounts with its officers, all at such reasonable times and as often as may be reasonably requested by such Stockholder; provided, however, that the Corporation shall not be obligated under this Section 3.8 to
provide 

  
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access to any information that it reasonably deems in good faith to be a trade secret or similar confidential or proprietary information (unless covered by an enforceable confidentiality
agreement, in form acceptable to the Corporation). The Corporation will maintain true books and records of account in which full and correct entries will be made of all its business transactions pursuant to a system of accounting established and
administered in accordance with GAAP consistently applied (except as noted therein), and will set aside on its books all such proper accruals and reserves as shall be required under GAAP consistently applied. 

3.9. Confidentiality. Subject to Article Twelfth of the Charter, each Series G Investor, each Series F
Investor and each Series E Investor agrees that such Stockholder will keep confidential and will not disclose, divulge, or use for any purpose (other than in connection with its investment in the Corporation) any confidential information obtained
from the Corporation pursuant to the terms of this Agreement, unless such confidential information (a) is known or becomes known to the public in general (other than as a result of a breach of this Section 3.9 by such Stockholder),
(b) is or has been independently developed or conceived by such Stockholder, without use of the Corporation’s confidential information, or (c) is or has been made known or disclosed to such Stockholder by a third party without a
breach of any obligation of confidentiality such third party may have to the Corporation; provided, however, that a Series G Investor, a Series F Investor and a Series E Investor may disclose confidential information (i) to its
attorneys, accountants, consultants, and other professionals to the extent necessary to obtain their services in connection with its investment in the Corporation; (ii) to any existing Affiliate, partner, limited partner, general partner,
former partners or members who retained an economic interest in such Stockholder, current or prospective partner of the partnership or any subsequent partnership under common investment management, member or management company of such Stockholder
(or any employee or representative of any of the foregoing), stockholder, or wholly owned subsidiary of such Stockholder in the ordinary course of business, provided that such Stockholder informs such Person that such information is confidential and
directs such Person to maintain the confidentiality of such information; (iii) to a prospective Third Party purchaser of Series G Investor Shares, Series F Investor Shares or Series E Investor Shares, as the case may be, so long as such
prospective Third Party purchaser is a Non-Competitor and has executed a non-disclosure agreement in form and substance acceptable to the Corporation; or (iv) as may otherwise be required by law, provided that such Stockholder promptly notifies
the Corporation of such disclosure and takes reasonable steps to minimize the extent of any such required disclosure. 

3.10. Insurance. 
 (a) The Corporation will keep its insurable properties insured, upon reasonable business terms, against liability and the perils of casualty, fire, business interruption, and extended coverage in
commercially reasonable amounts of coverage to the extent customarily maintained by companies in the same or similar business, and of similar size, as the Corporation. The Corporation will also maintain with such insurers insurance against other
hazards and risks and liability to persons and property in commercially reasonable amounts and to the extent and in the manner customary for companies engaged in the same or similar business and of similar size, including errors and omissions
liability insurance. 

  
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 (b) The Corporation shall maintain sound and reputable Directors and Officers insurance in
an amount reasonably acceptable to a majority of the Board (including the TCV Director and the Battery Director). The Corporation will use its best efforts to cause such insurance policy to be maintained until such time as a majority of the Board
(including the TCV Director and the Battery Director) determines that such policy should be discontinued. Such policy shall name the Corporation as loss payee and shall not be cancelable by the Corporation without prior approval of a majority of the
Board (including the TCV Director and the Battery Director). 
 3.11. Holdback Agreement. In connection
with the Corporation’s initial registration of shares of its Common Stock pursuant to a registration statement filed under the Securities Act (an “IPO”), each Stockholder that is not otherwise a party to the Registration Rights
Agreement hereby agrees that he, she or it, shall not sell publicly, make any short sale of, or otherwise dispose publicly of, any shares of Common Stock held by such Stockholder (other than sales or dispositions to members of his, her or its Group
and other than with respect to those shares of Common Stock included in such registration) without the prior written consent of the Corporation, for a period (the “Lockup Period”) designated by the Corporation in writing to the
Stockholders, which period shall begin not more than 2 days prior to the date upon which the registration statement pursuant to an IPO shall have been declared effective (the “Registration Date”) and shall not last more than 180
days after the Registration Date; provided, however, that (a) the Lockup Period shall not apply to the sale of any shares to an underwriter pursuant to an underwriting agreement, (b) all executive officers, directors and
holders of one percent (1%) or more of the capital stock of the Corporation on a Fully-Diluted Basis must agree to a Lockup Period of at least the same duration and on substantially similar terms and (c) all parties subject to a Lockup
Period shall only be released early from their obligations thereunder on a pro rata basis (after giving effect to respective registration rights “cut-back” provisions, as applicable, set forth in the Registration Rights Agreement).
Notwithstanding the foregoing, if (i) during the last 17 days of the 180-day restricted period, the Corporation issues an earnings release or material news or a material event relating to the Corporation occurs; or (ii) prior to the
expiration of the 180-day restricted period, the Corporation announces that it will release earnings results during the 16-day period beginning on the last day of the 180-day period, the restrictions imposed by this Section 3.11 shall
continue to apply until the expiration of the 18-day period beginning on the issuance of the earnings release or the occurrence of the material news or material event. 
 ARTICLE IV. 
 MISCELLANEOUS 

4.1. Termination. This Agreement shall automatically terminate and be of no further force or effect as of the
Termination Date. 
 4.2. Legend on Stock Certificates. Each certificate representing shares of capital
stock that are subject to this Agreement shall bear a legend substantially in the following form: 
 “THE SALE, TRANSFER,
ASSIGNMENT, PLEDGE, OR ENCUMBRANCE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE AND THE RIGHTS OF THE HOLDER OF 

  
 - 21 -

 
SUCH SECURITIES IN RESPECT OF THE ELECTION OF DIRECTORS ARE SUBJECT TO A FOURTH AMENDED AND RESTATED STOCKHOLDERS’ AGREEMENT ENTERED INTO BY AND AMONG EXACTTARGET, INC. AND CERTAIN HOLDERS
OF ITS OUTSTANDING CAPITAL STOCK, AS THE SAME MAY BE AMENDED FROM TIME TO TIME. COPIES OF SUCH AGREEMENT MAY BE OBTAINED AT NO COST BY WRITTEN REQUEST MADE BY THE HOLDER OF RECORD OF THIS CERTIFICATE TO THE SECRETARY OF EXACTTARGET, INC.”

 4.3. Governing Law; Waiver of Jury Trial. This Agreement shall be governed by and construed in
accordance with the laws of the State of Delaware, without giving effect to any law or rule that would cause the laws of any jurisdiction other than the State of Delaware to be applied. 
 EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT. 

4.4. Severability. It is the desire and intent of the parties that the provisions of this Agreement be enforced to
the fullest extent permissible under the law and public policies applied in each jurisdiction in which enforcement is sought. Accordingly, in the event that any provision of this Agreement would be held in any jurisdiction to be invalid, prohibited
or unenforceable for any reason, such provision, as to such jurisdiction, shall be ineffective, without invalidating the remaining provisions of this Agreement or affecting the validity or enforceability of such provision in any other jurisdiction.
Notwithstanding the foregoing, if such provision could be more narrowly drawn so as not be invalid, prohibited or unenforceable in such jurisdiction, it shall, as to such jurisdiction, be so narrowly drawn, without invalidating the remaining
provisions of this Agreement or affecting the validity or enforceability of such provision in any other jurisdiction. 

4.5. Assignments; Successors and Assigns. Except in connection with any Transfer of Shares in accordance with this
Agreement, the rights of each party under this Agreement may not be assigned. This Agreement shall bind and inure to the benefit of the parties and their respective successors, permitted assigns, legal representatives and heirs. 

4.6. Amendments; Waivers. This Agreement may only be modified or amended, and, except as otherwise specifically set
forth herein, the observance of any term of this Agreement may only be waived (either generally or in a particular instance and either retroactively or prospectively), by an instrument in writing signed by (i) the Corporation, and (ii) the
holders of at least a majority of the Shares held by all Stockholders voting together as a single class and on an as converted to Common Stock basis; provided, however, that any modification, amendment or waiver that adversely affects
the rights or obligations of the Stockholders holding shares of Series G Preferred Stock in a manner adversely will require the separate approval of the Stockholders holding at least a majority of the outstanding shares of Series G Preferred Stock;
and provided, further, that any modification, amendment or waiver 

  
 - 22 -

 
that adversely affects the rights or obligations of the Stockholders holding shares of Series F Preferred Stock in a manner adversely will require the separate approval of the Stockholders
holding at least a majority of the outstanding shares of Series F Preferred Stock; and provided further, that any modification, amendment or waiver that adversely affects the rights or obligations of the Stockholders holding shares of Series
E Preferred Stock in a manner adversely will require the separate approval of the Stockholders holding at least a majority of the outstanding shares of Series E Preferred Stock; and provided further, that any modification, amendment or waiver
that adversely affects the rights or obligations of the Stockholders holding shares of Series D Preferred Stock in a manner adversely will require the separate approval of the Stockholders holding at least a majority of the outstanding shares of
Series D Preferred Stock. Any waiver of any provision of this Agreement requested by any party hereto must be granted in advance, in writing by the party granting such waiver. Notwithstanding the foregoing, (i) Section 2.1(b)(i),
Section 2.1(e), Section 2.2, Section 2.4, Section 3.6 and Section 4.6(i) of this Agreement shall not be amended or waived without the written consent of TCV (or its permitted assignees or
transferees, as applicable, pursuant to the terms of this Agreement) as long as TCV (or its permitted assignees or transferees, as applicable, pursuant to the terms of this Agreement) continues to own beneficially at least 356,012 shares of Series F
Preferred Stock (as adjusted for stock splits, dividends and the like), (ii) Section 2.1(b)(ii)(A), Section 2.1(e), Section 2.2, Section 2.4, Section 3.6 and
Section 4.6(ii) of this Agreement shall not be amended or waived without the written consent of Battery Ventures VIII, L.P. (or its permitted assignees or transferees, as applicable, pursuant to the terms of this Agreement) as long as
Battery Ventures VIII, L.P. (or its permitted assignees or transferees, as applicable, pursuant to the terms of this Agreement) continues to own beneficially at least fifty percent (50%) of the shares of Series E Preferred Stock purchased by
such Stockholder on the Series E Original Issue Date, and (iii) Section 2.1(b)(ii)(B), Section 2.2 and Section 4.6(iii) of this Agreement shall not be amended or waived without the written consent of Scale
Venture Partners III, L.P. (or its permitted assignees or transferees, as applicable, pursuant to the terms of this Agreement) as long as Scale Venture Partners III, L.P. (or its permitted assignees or transferees, as applicable, pursuant to the
terms of this Agreement) continues to own beneficially at least fifty percent (50%) of the shares of Series E Preferred Stock purchased by such Stockholder on the Series E Original Issue Date. Any amendment and restatement of this Agreement
made in accordance with this Section 4.6 shall be deemed adopted by, binding upon, and enforceable against each and every Stockholder, regardless of whether the Corporation obtains each such Stockholder’s signature to an amended and
restated agreement. 
 4.7. Specific Enforcement. It is agreed and understood that monetary damages would
not adequately compensate an injured party for the breach of this Agreement by any other party, that this Agreement shall be specifically enforceable, and that any breach or threatened breach of this Agreement shall be the proper subject of a
temporary or permanent injunction or restraining order. Further, each party hereto waives any claim or defense that there is an adequate remedy at law for such breach or threatened breach. 

4.8. Execution by the Corporation. The Corporation, by its execution in the space provided below, agrees that it
will cause the certificates evidencing the Shares issued after the date hereof to bear the legend required by Section 4.2 hereof, and it shall supply, free of charge, a copy of this Agreement to any holder of a certificate evidencing
shares of capital stock of the Corporation upon written request from such holder to the Corporation at its principal office. The 

  
 - 23 -

 
parties hereto do hereby agree that the failure to cause the certificates evidencing the Shares to bear the legend required by Section 4.2 hereof and/or failure of the Corporation to
supply, free of charge, a copy of this Agreement, as provided under this Section 4.9, shall not affect the validity or enforcement of this Agreement. 
 4.9. Notices. All notices, requests, consents and other communications hereunder to any party shall be deemed to be sufficient if contained in a written instrument delivered in person
or sent by telecopy, nationally-recognized overnight courier or first class registered or certified mail, return receipt requested, postage prepaid, addressed to such party at the address set forth below or such other address as may hereafter be
designated in writing by such party to the other parties: 
 (i) if to the Corporation, to: 

ExactTarget, Inc. 
 20 N. Meridian Street, Suite 200 
 Indianapolis, IN 46204

 Telephone: (317) 275-5440 

Facsimile: (317) 275-5440 
 Attention: Scott Dorsey 
 with a copy to: 

Ice Miller LLP 
 One American Square 
 Suite 2900 

Indianapolis, IN 46282 
 Telephone: (317) 236-2394 
 Facsimile: (317) 592-4675

 Attention: Steven K. Humke 

(ii) if to the Stockholders, to their respective addresses set forth on Annex I hereto, 

with a copy to: 
 Nixon Peabody LLP 
 100 Summer Street 

Boston, MA 02110 
 Telephone: (617) 345-1350 
 Facsimile: (866) 947-1550

 Attention: Christopher P. Keefe 

and: 
 Gunderson Dettmer Stough 
 Villeneuve Franklin &
Hachigian, LLP 
 850 Winter Street 

  
 - 24 -

 Waltham, MA 02451 

Telephone: (781) 795-3530 
 Facsimile: (877) 881-9317 
 Attention: Richard R. Hesp

 or to such other address as the party to whom notice is to be given may have furnished to the other parties in writing in accordance
herewith. All such notices, requests, consents and other communications shall be deemed to have been delivered (a) in the case of personal delivery or delivery by telecopy, on the date of such delivery, (b) in the case of dispatch by
nationally-recognized overnight courier, on the next business day following such dispatch and (c) in the case of mailing, on the third business day after the posting thereof. 

4.10. Headings. The headings of the sections of this Agreement have been inserted for convenience of reference only
and shall not be deemed to be a part of this Agreement. 
 4.11. Nouns and Pronouns. Whenever the context
may require, any pronouns used herein shall include the corresponding masculine, feminine or neuter forms, and the singular form of names and pronouns shall include the plural and vice versa. 

4.12. Entire Agreement. This Agreement contains the entire agreement among the parties with respect to the subject
matter hereof and supersedes all prior agreements and understandings with respect to such subject matter. The parties hereto represent and warrant that there are no other agreements or understandings regarding any of the subject matter hereof other
than as set forth herein and covenant not to enter into any such agreements or understandings after the date hereof except pursuant to an amendment, modification or waiver of the provisions of this Agreement. 

4.13. Counterparts. This Agreement may be executed in any number of original or facsimile counterparts, and each
such counterpart hereof shall be deemed to be an original instrument, but all such counterparts together shall constitute but one agreement. 
 4.14. Voting on “As Converted” Basis. Any provision hereof that entitles any holders of shares of Preferred Stock to consent or vote upon any matter, or take any action,
based upon an “as converted” or similar basis shall be determined without giving effect to any conversion in respect of declared but unpaid dividends thereon. 
 4.15. Amendment and Restatement of Prior Agreement. The Prior Agreement is hereby amended in its entirety and restated herein. All provisions of, rights granted and covenants made in
the Prior Agreement are hereby waived, released and superseded in their entirety and shall have no further force or effect, including, without limitation, all rights of first refusal and any notice period associated therewith otherwise applicable to
the transactions contemplated by the Purchase Agreement. 
 [SIGNATURE PAGES FOLLOW] 

  
 - 25 -

 IN WITNESS WHEREOF, the undersigned parties have executed this Fourth Amended and
Restated Stockholders’ Agreement to be effective as of the date first written above. 
  

			
	“CORPORATION”
	
	EXACTTARGET, INC.
		
	By:	 	/S/  SCOTT DORSEY
		 	Name:  Scott Dorsey
		 	Title:  CEO

 Signature Page to Fourth Amended and Restated Stockholders’ Agreement 

  
 S-1

 
			
	 “SERIES G INVESTORS”
  

TCV VII, L.P.
 a Cayman Islands exempted
limited partnership,
 acting by its general partner
  

Technology Crossover Management VII, L.P.

a Cayman Islands exempted limited partnership,

acting by its general partner
  

Technology Crossover Management VII, Ltd.

a Cayman Islands exempted company

		
	By: 	 	/S/  FREDERIC D. FENTON
		 	Name: Frederic D. Fenton
		 	Title: Attorney in Fact
	
	 TCV VII (A), L.P.
 a Cayman Islands exempted limited partnership,
 acting by its general partner

 
 Technology Crossover Management VII, L.P.

a Cayman Islands exempted limited partnership,

acting by its general partner
  

Technology Crossover Management VII, Ltd.

a Cayman Islands exempted company

		
	By: 	 	/S/  FREDERIC D. FENTON
		 	Name: Frederic D. Fenton
		 	Title: Attorney in Fact
	
	 TCV Member Fund, L.P.
 a Cayman Islands exempted limited partnership,
 acting by its general partner

 
 Technology Crossover Management VII, Ltd.

a Cayman Islands exempted company

		
	By: 	 	/S/  FREDERIC D. FENTON
		 	Name: Frederic D. Fenton
		 	Title: Attorney in Fact

 Signature Page to Fourth Amended and Restated Stockholders’ Agreement 

  
 S-2

 
			
	BATTERY VENTURES VIII, L.P.
		
	By: 	 	 Battery Partners VIII, LLC, its
 General Partner

		
	By: 	 	/S/  MICHAEL BROWN
	 Name: Michael Brown

Title: Member Manager

	
	BATTERY VENTURES VIII SIDE FUND, L.P.
		
	By: 	 	 Battery Partners VIII Side Fund, LLC, its
 General Partner

		
	By: 	 	/S/  MICHAEL BROWN
	 Name: Michael Brown

Title: Member Manager

 Signature Page to Fourth Amended and Restated Stockholders’ Agreement 

  
 S-3

 
			
	SCALE VENTURE PARTNERS III, L.P.
		
	By: 	 	Scale Venture Management III, LLC
	Its:	 	General Partner
		
	By: 	 	/s/ Rory O’Driscoll
	Name: Rory O’Driscoll
	Title: Managing Director

 Signature Page to Fourth Amended and Restated Stockholders’ Agreement 

  
 S-4

 
			
	GREENSPRING CROSSOVER VENTURES I, L.P.
		
	By: 	 	 Greenspring Crossover I GP, L.P., its General
 Partner

		
	By: 	 	 Greenspring Crossover I GP, LLC, its
 General Partner

		
	By: 	 	/s/ Jim Lim
		 	Name: Jim Lim
		 	Title: Managing Member
	
	 GREENSPRING GLOBAL PARTNERS II, L.P.
 GREENSPRING GLOBAL PARTNERS II-A, L.P.

GREENSPRING GLOBAL PARTNERS II-B, L.P.

		
	By: 	 	 Greenspring General Partner II, L.P., its
 General Partner

		
	By: 	 	Greenspring GP II, LLC, its General Partner
		
	By: 	 	/s/ Jim Lim
		 	 Name: Jim Lim
 Title:
Managing Member

	
	 GREENSPRING GLOBAL PARTNERS III, L.P.
 GREENSPRING GLOBAL PARTNERS III-A, L.P.

GREENSPRING GLOBAL PARTNERS III-B, L.P.

		
	By: 	 	 Greenspring Global Partners III, L.P., its
 General Partner

		
	By: 	 	 Greenspring Global Partners III, LLC, its
 General Partner

		
	By: 	 	/s/ Jim Lim
		 	Name: Jim Lim
		 	Title: Managing Member

 Signature Page to Fourth Amended and Restated Stockholders’ Agreement 

  
 S-5

 
			
	 GREENSPRING GLOBAL PARTNERS IV-A, L.P.
 GREENSPRING GLOBAL PARTNERS IV-B, L.P.
 GREENSPRING GLOBAL PARTNERS IV-C,
L.P.

		
	By: 	 	 Greenspring General Partner IV, L.P., its
 General Partner

		
	By: 	 	Greenspring GP IV, LLC, its General Partner
		
	By:	 	/s/ Jim Lim
		 	Name: Jim Lim
		 	Title: Managing Member

 Signature Page to Fourth Amended and Restated Stockholders’ Agreement 

  
 S-6

 
			
	 SAP VENTURES FUND I HOLDINGS, L.L.C.,
 a Delaware limited liability company

		
	By: 	 	 SAP Ventures Fund I, L.P.,
 a
Delaware limited partnership
 its sole member

		
	By: 	 	 SAP Ventures GPE(I), L.L.C.,
 a
Delaware limited liability company
 its general partner

		
	By:	 	/s/ Jayendra Das
		 	Name: Jayendra (Jai) Das
		 	Title: Managing Member
		
	By:	 	/s/ Nino Marakovic
		 	Name: Nino Marakovic
		 	Title: Managing Member

 Signature Page to Fourth Amended and Restated Stockholders’ Agreement 

  
 S-7EX-4.3

 Exhibit 4.3 

 
  

 
 EXACTTARGET, INC.

 FOURTH AMENDED AND RESTATED 
 REGISTRATION RIGHTS AGREEMENT 
 March 28, 2011 

 
  

 

 FOURTH AMENDED AND RESTATED 

REGISTRATION RIGHTS AGREEMENT 
 THIS FOURTH AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT (the “Agreement”) is effective as of March 28, 2011 by and among EXACTTARGET, INC., a Delaware corporation (the
“Corporation”), and the Investors listed on Annex I attached hereto and made a part hereof. 

RECITALS 
 WHEREAS, certain Investors are purchasing shares of the Corporation’s Series G Preferred Stock, $0.001 par value per share (the “Series G Preferred Stock”), pursuant to
the terms and conditions of that certain Securities Purchase Agreement, dated as of the date hereof (the “Purchase Agreement”), and such purchase is conditioned on the execution of this Agreement; 

WHEREAS, the Corporation and the Investors that were a party to that certain Third Amended and Restated Registration Rights
Agreement, dated November 18, 2009, as amended by that certain First Amendment to Third Amended and Restated Registration Rights Agreement, dated December 31, 2009 (collectively, the “Prior Agreement”), desire to
amend the Prior Agreement, which may not be amended or modified without the written consent of the Corporation and the Investors holding at least a majority of all Registrable Shares (as defined in the Prior Agreement) and, in certain cases, the
holders of at least a majority of the outstanding shares of Series F Preferred Stock, the holders of at least a majority of the outstanding shares of Series E Preferred Stock and the holders of at least a majority of the outstanding shares of Series
D Preferred Stock; and 
 WHEREAS, in order to induce the Investors purchasing Series G Preferred Stock to enter into the
Purchase Agreement, the Corporation and the Investors desire that this Agreement amend and restate the Prior Agreement in its entirety. 
 NOW, THEREFORE, in consideration of the premises which are incorporated into and made a part of this Agreement, and of the mutual representations, warranties, covenants, agreements and conditions
set forth herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree to amend and restate the Prior Agreement in its entirety as follows: 

AGREEMENT 
 Section 1. Definitions. 
 As used in this Agreement, the following terms
shall have the following meanings: 
 “Affiliate” means, with respect to any Person, any (a) director,
officer, limited or general partner, member or stockholder holding 5% or more of the outstanding capital stock or other equity interests of such Person, (b) spouse, parent, sibling or descendant of such Person (or a spouse, parent, sibling or
descendant of a Person specified in clause (a) above relating to such Person) and (c) other Person that, directly or indirectly, through one or more intermediaries, 

 
controls, or is controlled by, or is under common control or common investment management with, such Person. The term “control” includes, without limitation, the possession, directly or
indirectly, of the power to direct the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise. 
 “Agreement” has the meaning set forth in the Preamble to this Agreement. 
 “Board” means the Board of Directors of the Corporation. 

“Commission” means the Securities and Exchange Commission or any other agency at the time administering the Securities
Act. 
 “Common Stock” means the common stock of the Corporation, $0.001 par value per share. 

“Corporation” has the meaning set forth in the Preamble to this Agreement. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, or any successor statute, and the rules and
regulations of the Commission promulgated thereunder, all as the same shall be in effect from time to time. 

“FINRA” means the Financial Industry Regulation Authority. 

“Free Writing Prospectus” means a free writing prospectus as defined in Rule 405 under the Securities Act. 

“Fully-Diluted Basis” means the total issued and outstanding Common Stock of the Corporation assuming the exercise and
conversion of all exercisable and convertible securities and the issuance of all shares of the Corporation’s Common Stock reserved for issuance under the Corporation’s equity incentive programs. 

“Group” has the meaning ascribed to such term in the Fourth Amended and Restated Stockholders’ Agreement, dated as
of the date hereof, by and among the Corporation and the stockholders party thereto, as may be amended from time to time. 

“IPO” means the Corporation’s initial registration of shares of its Common Stock pursuant to a registration
statement filed under the Securities Act. 
 “Investors” means the holders of Restricted Shares identified on
Annex I hereto and includes any successor to, or assignee or transferee of, any such Person who or which agrees in writing to be treated as an Investor hereunder and to be bound by the terms and comply with all applicable provisions hereof.

 “Issuer Free Writing Prospectus” means an issuer free writing prospectus as defined in Rule 133 under the
Securities Act. 
 “Other Shares” means at any time those shares of Common Stock which do not constitute
Primary Shares or Registrable Shares hereunder. 

  
 - 2 -

 “Person” shall be construed in the broadest sense and means and includes a
natural person, a partnership, a corporation, an association, a joint stock company, a limited liability company, a trust, a joint venture, an unincorporated organization and any other entity and any federal, state, municipal, foreign or other
government, governmental department, commission, board, bureau, agency or instrumentality, or any private or public court or tribunal. 
 “Preferred Stock” means the Series A Preferred Stock, the Series B Preferred Stock, the Series D Preferred Stock, the Series E Preferred Stock, the Series F Preferred Stock and the Series
G Preferred Stock. 
 “Primary Shares” means at any time authorized but unissued shares of Common Stock.

 “Prior Agreement” has the meaning set forth in the Recitals. 

“Purchase Agreement” has the meaning set forth in the Recitals. 

“Registrable Shares” means the shares of Common Stock held by the Investors which constitute Restricted Shares, together
with the shares of Common Stock issuable upon conversion of Preferred Stock held by the Investors which constitute Restricted Shares. 
 “Registration Date” means the date upon which the registration statement pursuant to an IPO shall have been declared effective. 

“Restricted Shares” means shares of Common Stock held by any Investor and any other securities which by their terms are
exercisable or exchangeable for or convertible into Common Stock which are held by such Investor (including exercised or unexercised warrants for Preferred Stock or Common Stock or convertible debt securities). As to any particular Restricted
Shares, once issued, such Restricted Shares shall cease to be Restricted Shares when (i) they have been registered under the Securities Act, the registration statement in connection therewith has been declared effective and they have been
disposed of pursuant to such effective registration statement, (ii) they shall have ceased to be outstanding or (iii) the registration rights for such Restricted Shares have been terminated pursuant to Section 12 of this
Agreement. 
 “Rule 144” means Rule 144 promulgated under the Securities Act, as such Rule may be amended from
time to time, or any successor rule thereto or any complementary rule thereto (such as Rule 144A). 
 “Rule
144(b)(1)(i)” shall mean subsection (b)(1)(i) of Rule 144 as it applies to Persons who have held shares for more than 1 year. 
 “Securities Act” means the Securities Act of 1933, as amended, or any successor statute, and the rules and regulations of the Commission thereunder, all as the same shall be in effect
from time to time. 
 “Series A Preferred Stock” means the Series A Preferred Stock of the Corporation, $0.001
par value per share. 

  
 - 3 -

 “Series B Preferred Stock” means the Series B Preferred Stock of the
Corporation, $0.001 par value per share. 
 “Series D Preferred Stock” means the Series D Preferred Stock of
the Corporation, $0.001 par value per share. 
 “Series E Holders” means those Persons holding Series E
Preferred Stock and/or Series D Preferred Stock purchased pursuant to that certain Securities Purchase Agreement, dated as of May 1, 2009, and any securities issued upon the conversion or exchange thereof; provided, however,
solely for purposes of Section 2(a)(i), the term “Series E Holders” shall mean those Persons holding Series E Preferred Stock purchased pursuant to that certain Securities Purchase Agreement, dated as of
May 1, 2009. 
 “Series E Preferred Stock” means the Series E Preferred Stock of the Corporation, $0.001
par value per share. 
 “Series F Holders” means those Persons holding Series F Preferred Stock and/or Series D
Preferred Stock purchased pursuant to that certain Securities Purchase Agreement, dated as of November 18, 2009, or issued pursuant to that certain Stock Exchange Agreement, dated on or about December 31, 2009 (the “Exchange
Agreement”), and any securities issued upon the conversion or exchange thereof; provided, however, solely for purposes of Section 2(a)(i), the term “Series F Holders” shall mean those
Persons holding Series F Preferred Stock purchased pursuant to that certain Securities Purchase Agreement, dated as of November 18, 2009, or issued pursuant to the Exchange Agreement. 

“Series F Preferred Stock” means the Series F Preferred Stock of the Corporation, $0.001 par value per share.

 “Series G Holders” means those Persons holding Series G Preferred Stock purchased pursuant to the Purchase
Agreement and any securities issued upon the conversion or exchange thereof. 
 “Series G Preferred Stock” has
the meaning set forth in the Recitals. 
 Section 2. Required Registration. 

(a) At any time following the earlier to occur of (i) November 17, 2012 or (ii) six months following the effective date of
the Corporation’s IPO, if Series E Holders, Series F Holders and Series G Holders holding at least fifty percent (50%) of the then outstanding Registrable Shares held by the Series E Holders, Series F Holders and Series G Holders request
that the Corporation effect the registration of such Registrable Shares under the Securities Act, the Corporation shall promptly use its best efforts to effect the registration under the Securities Act of such Registrable Shares. 

  
 - 4 -

 (b) Notwithstanding anything contained in this Section 2 to the contrary, the
Corporation shall not be obligated to effect any registration under the Securities Act except in accordance with the following provisions: 
 (i) The Corporation shall not be obligated to file and cause to become effective more than two registration statements initiated pursuant to Section 2(a) above on Form S-l promulgated under
the Securities Act (or any successor form thereto). 
 (ii) The Corporation may delay the filing or effectiveness of any
registration statement for a period of up to 120 days after the date of a request for registration pursuant to Section 2(a) if at the time of such request the Board determines in good faith that such registration and offering would be
seriously detrimental to the Corporation, and the Chief Executive Officer of the Corporation promptly provides a signed certificate to such effect; provided, however, that the Corporation shall only be entitled to invoke its rights
under this Section 2(b)(ii) one time during any 18 month period; and provided, further, that the Corporation shall not register any securities for the account of itself or any other stockholder during such 120 day period
(other than a registration relating solely to the sale of securities of participants in a Corporation stock plan, a registration relating to a corporate reorganization or transaction under Rule 145 of the Securities Act, a registration on any form
that does not include substantially the same information as would be required to be included in a registration statement covering the sale of the Registrable Shares, or a registration in which the only Common Stock being registered is Common Stock
issuable upon conversion of debt securities that are also being registered). 
 (iii) With respect to any registration pursuant
to this Section 2, the Corporation shall give notice of such registration within 10 days after the date such request is given to the Investors who do not request registration hereunder and the Corporation may include in such registration
any Primary Shares or Other Shares; provided, however, that if the managing underwriter advises the Corporation that the inclusion of all Registrable Shares, Primary Shares and/or Other Shares proposed to be included in such
registration would interfere with the successful marketing (including pricing) of the Registrable Shares proposed to be included in such registration, then the number of Registrable Shares, Primary Shares and/or Other Shares proposed to be included
in such registration shall be included in the following order: 
 (A) first, the Registrable Shares held by the Series G
Holders, the Series F Holders and the Series E Holders, as determined on a pro rata basis (based upon the respective holdings of Registrable Shares by such Series G Holders, Series F Holders and Series E Holders); 

(B) second, the Registrable Shares held by the holders of Series A Preferred Stock, Series B Preferred Stock and Series D Preferred
Stock, as determined on a pro rata basis (based upon the respective holdings of Registrable Shares by such holders of Series A Preferred Stock, Series B Preferred Stock and Series D Preferred Stock); 

(C) third, the Primary Shares; and 
 (D) fourth, the Other Shares. 

  
 - 5 -

 In no event shall any Registrable Shares be excluded from such offering unless all other
stockholders’ securities have been first excluded. For purposes of Section 2(b)(i), a registration shall not be counted as “effective” if, as a result of an exercise of the underwriter’s cutback provisions in
Section 2(b)(iii), fewer than 50% of the total number of Registrable Shares that the Series E Holders, Series F Holders and Series G Holders have requested to be included in such registration statement are actually included. 

(iv) If the holders of the Registrable Shares requesting to be included in a registration pursuant to Section 2(a) so elect,
the offering of such Registrable Shares pursuant to such registration shall be in the form of an underwritten offering. The holders of Registrable Shares requesting such registration shall select one or more nationally recognized firms of investment
bankers reasonably acceptable to the Corporation to act as the lead managing underwriter or underwriters in connection with such offering. 
 (v) At any time before the registration statement covering such Registrable Shares becomes effective, the holders of the Registrable Shares initiating the request for the registration statement may
request the Corporation to withdraw or not to file the registration statement. In that event, unless such request of withdrawal was caused by, or made in response to, a material adverse effect or a similar event related to the business, assets
(including intangible assets), liabilities, properties, financial condition or results of operations of the Corporation not known (without imputing the knowledge of any other Person to such holders) by the holders initiating such request at the time
their request was made, or other material facts not known to such holders at the time their request was made, the holders shall be deemed to have used one of their registration rights under Section 2(a). 

Section 3. Piggyback Registration. If the Corporation at any time proposes for any reason to register Primary Shares or Other
Shares under the Securities Act (other than on Form S-4 or Form S-8 promulgated under the Securities Act (or any successor forms thereto)), it shall give written notice to the Investors of its intention to so register such Primary Shares or Other
Shares at least 30 days before the initial filing of the registration statement related thereto and, upon the request of the Investors, delivered to the Corporation within 20 days after delivery of any such notice by the Corporation, to include in
such registration Registrable Shares (which request shall specify the number of Registrable Shares proposed to be included in such registration), the Corporation shall use its best efforts to cause all such Registrable Shares to be included in such
registration on the same terms and conditions as the securities otherwise being sold in such registration; provided, however, that if the managing underwriter advises the Corporation that the inclusion of all Registrable Shares requested to be
included in such registration would interfere with the successful marketing (including pricing) of the Primary Shares or Other Shares proposed to be registered by the Corporation, then the number of Primary Shares, Registrable Shares and Other
Shares proposed to be included in such registration shall be included in the order set forth in Section 2(b)(iii); provided further, that for an offering other than an IPO, the shares of the Series G Preferred Stock, the
shares of the Series F Preferred Stock and the shares of Series E Preferred Stock may not be limited to less than twenty-five percent (25%) of the total offering. 
 Section 4. Registrations on Form S-3. Notwithstanding anything contained in Section 2 to the contrary, at such time as the Corporation shall have qualified for the use of Form S-3
promulgated under the Securities Act or any successor form thereto, the Series E Holders, the Series F Holders and the Series G Holders shall have the right to request registrations of their Registrable Shares, in each case, on Form S-3 (which may,
at such holders’ request, be shelf registrations pursuant to Rule 415 promulgated under the Securities Act) or its successor form, which request or requests shall (i) specify the number of such Registrable Shares intended to be sold or
disposed of and the holders thereof, (ii) state whether the intended method of disposition of such Registrable Shares is an underwritten offering or a shelf registration and (iii) relate to Registrable Shares having an aggregate offering
price of at least $1,000,000. A requested registration on Form S-3 (or its successor form) in compliance with this Section 4 shall not count as a registration statement initiated pursuant to Section 2(a). Notwithstanding the
foregoing, the Corporation shall not be obligated to effect, or to take any action to effect, any registration pursuant to this Section 4 if the Corporation has effected two registrations pursuant to this Section 4 within the twelve
(12) month period immediately preceding the date of such request. 

  
 - 6 -

 Section 5. Holdback Agreement. In connection with the IPO, each Investor agrees that
he, she or it, shall not sell publicly, make any short sale of, or otherwise dispose publicly of, any Restricted Shares (other than sales or dispositions to members of his, her or its Group and other than with respect to those shares of Common Stock
included in such registration) without the prior written consent of the Corporation, for a period (the “Lockup Period”) designated by the Corporation in writing to the Investors, which period shall begin not more than 2 days
prior to the Registration Date and shall not last more than 180 days after the Registration Date; provided, however, that (i) the Lockup Period shall not apply to the sale of any shares to an underwriter pursuant to an
underwriting agreement, (ii) all executive officers, directors and holders of one percent (1%) or more of the capital stock of the Corporation on a Fully-Diluted Basis must agree to a Lockup Period of at least the same duration and on
substantially similar terms and (iii) all parties subject to a Lockup Period shall only be released early from their obligations thereunder on a pro rata basis. Notwithstanding the foregoing, if (i) during the last 17 days of the 180-day
restricted period, the Corporation issues an earnings release or material news or a material event relating to the Corporation occurs; or (ii) prior to the expiration of the 180-day restricted period, the Corporation announces that it will
release earnings results during the 16-day period beginning on the last day of the 180-day period, the restrictions imposed by this Section 5 shall continue to apply until the expiration of the 18-day period beginning on the issuance of
the earnings release or the occurrence of the material news or material event. 
 Section 6. Preparation and Filing. If
and whenever the Corporation is under an obligation pursuant to the provisions of this Agreement to effect the registration of any Registrable Shares, the Corporation shall, as expeditiously as practicable: 

(a) use its best efforts to cause a registration statement that registers such Registrable Shares to become and remain effective until all
of such Registrable Shares have been disposed of; 

  
 - 7 -

 (b) furnish, at least 5 business days before filing a registration statement that registers
such Registrable Shares, a prospectus relating thereto or any amendments or supplements relating to such a registration statement or prospectus, to one counsel selected by the holders of a majority of the Preferred Stock requesting such registration
(the “Investors’ Counsel”), together with copies of all such documents proposed to be filed (it being understood that such five-business-day period need not apply to successive drafts of the same document proposed to be
filed so long as such successive drafts are supplied to the Investors’ Counsel in advance of the proposed filing by a period of time that is customary and reasonable under the circumstances); 

(c) prepare and file with the Commission such amendments and supplements to such registration statement and the prospectus used in
connection therewith as may be necessary to keep such registration statement effective until all of such Registrable Shares have been disposed of and to comply with the provisions of the Securities Act with respect to the sale or other disposition
of such Registrable Shares; 
 (d) notify in writing the Investors’ Counsel (i) of the receipt by the Corporation of
any notification with respect to any comments by the Commission with respect to such registration statement or prospectus or any amendment or supplement thereto or any request by the Commission for the amending or supplementing thereof or for
additional information with respect thereto, (ii) of the receipt by the Corporation of any notification with respect to the issuance by the Commission of any stop order suspending the effectiveness of such registration statement or prospectus
or any amendment or supplement thereto or the initiation or threatening of any proceeding for that purpose and (iii) of the receipt by the Corporation of any notification with respect to the suspension of the qualification of such Registrable
Shares for sale in any jurisdiction or the initiation or threatening of any proceeding for such purposes; 
 (e) use its best
efforts to register or qualify such Registrable Shares under such other securities or blue sky laws of such jurisdictions as the holders of Registrable Shares reasonably request and do any and all other acts and things which may be reasonably
necessary or advisable to enable the Investors to consummate the disposition in such jurisdictions of the Registrable Shares owned by the Investors; provided, however, that the Corporation will not be required to qualify generally to
do business, subject itself to general taxation or consent to general service of process in any jurisdiction where it would not otherwise be required to do so but for this paragraph (e); 

(f) furnish to the Investors such number of copies of a summary prospectus, if any, or other prospectus, including a preliminary
prospectus, in conformity with the requirements of the Securities Act, and such other documents as such Investors may reasonably request in order to facilitate the public sale or other disposition of such Registrable Shares; 

(g) without limiting, and subject to, subsection (e) above, use its best efforts to cause such Registrable Shares to be
registered with or approved by such other governmental agencies or authorities as may be necessary by virtue of the business and operations of the Corporation to enable the Investors holding such Registrable Shares to consummate the disposition of
such Registrable Shares; 

  
 - 8 -

 (h) notify the Investors holding such Registrable Shares on a prompt basis at any time when
a prospectus or Free Writing Prospectus (to the extent prepared by or on behalf of the Corporation) relating to such Registrable Shares or any document related thereto includes an untrue statement of a material fact or omits to state a material fact
required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing and, at the request of the Investors, prepare and furnish to such Investors a reasonable number of copies of a
supplement to or an amendment of such prospectus or Free Writing Prospectus (to the extent prepared by or on behalf of the Corporation) as may be necessary so that, as thereafter delivered to the offerees of such shares, such prospectus or Free
Writing Prospectus (to the extent prepared by or on behalf of the Corporation) shall not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not
misleading in light of the circumstances then existing; 
 (i) make available upon reasonable notice and during normal business
hours, for inspection by the Investors holding such Registrable Shares, any underwriter participating in any disposition pursuant to such registration statement and any attorney, accountant or other agent retained by the Investors or underwriter
(collectively, the “Inspectors”), all pertinent financial and other records, pertinent documents and properties of the Corporation (collectively, the “Records”), as shall be reasonably necessary to
enable such Inspectors to exercise their due diligence responsibilities, and cause the Corporation’s officers, directors and employees to supply all information (together with the Records, the “Information”) reasonably
requested by any such Inspector in connection with such registration statement. Any of the Information which the Corporation determines in good faith to be confidential, and of which determination the Inspectors are so notified, shall not be
disclosed by the Inspectors unless (i) the disclosure of such Information is necessary to avoid or correct a material misstatement or omission in the registration statement, (ii) the release of such Information is ordered pursuant to a
subpoena or other order from a court or governmental agency or authority of competent jurisdiction, (iii) such Information has been made generally available to the public through no breach of the nondisclosure obligations of the Inspectors or
their Affiliates, (iv) such disclosure is required to be made under applicable law, or (v) covered by an enforceable confidentiality agreement, in form acceptable to the Corporation; 

(j) use its best efforts to obtain from its independent certified public accountants “cold comfort” letters in customary form
and at customary times and covering matters of the type customarily covered by cold comfort letters; 
 (k) use its best efforts
to obtain from its counsel an opinion or opinions in customary form; 
 (l) provide a transfer agent and registrar (which may be
the same entity and which may be the Corporation) for such Registrable Shares and a CUSIP number for all such Registrable Shares, in each case not later than the effective date of such registration; 

(m) in the event of any underwritten public offering, enter into and perform its obligations under an underwriting agreement, in usual and
customary form, with the managing underwriter of such offering and promptly issue to any underwriter to which the Investors 

  
 - 9 -

 
holding such Registrable Shares may sell shares in such offering certificates evidencing such Registrable Shares; 
 (n) list such Registrable Shares on any national securities exchange on which any shares of the Common Stock are listed or such other national securities exchange as the holders of a majority of the
Preferred Stock requesting such registration shall reasonably request; 
 (o) otherwise use its best efforts to comply with all
applicable rules and regulations of the Commission and make available to its security holders, as soon as reasonably practicable, earnings statements covering a period of 12 months beginning within three months after the effective date of the
subject registration statement; and 
 (p) otherwise use its best efforts to take all other steps necessary to effect the
registration of such Registrable Shares contemplated hereby. 
 Each holder of the Registrable Shares, upon receipt of any
notice from the Corporation of any event of the kind described in Section 6(h) hereof, shall forthwith discontinue disposition of the Registrable Shares pursuant to the registration statement covering such Registrable Shares until such
holder’s receipt of the copies of the supplemented or amended prospectus contemplated by Section 6(h) hereof, and, if so directed by the Corporation, such holder shall deliver to the Corporation all copies, other than permanent file
copies then in such holder’s possession, of the prospectus covering such Registrable Shares at the time of receipt of such notice. 
 The Corporation shall not permit any officer, director, underwriter, broker or any other Person acting on behalf of the Corporation to use any Free Writing Prospectus in connection with the registration
statement covering Registrable Shares, without the prior written consent of a majority of the Registrable Shares held by the Series E Holders, the Series F Holders and the Series G Holders, voting together as a single class and on an as converted to
Common Stock basis, which consent shall not be unreasonably withheld or delayed. Any consent to the use of a Free Writing Prospectus included in an underwriting agreement to which the Series E Holders, the Series F Holders or the Series G Holders
are parties shall be deemed to satisfy the requirement of such consent. 
 Section 7. Expenses. All expenses incurred by
the Corporation and the Investors in complying with their obligations pursuant to this Agreement and in connection with the registration and disposition of Registrable Shares, including, without limitation, all registration and filing fees
(including all expenses incident to filing with FINRA (including, if applicable, the fees and expenses of any “qualified independent underwriter” and its counsel as may be required by the rules and regulations of FINRA)), fees and expenses
of complying with securities and blue sky laws, printing expenses, fees and expenses of the Corporation’s counsel and accountants and reasonable fees and expenses of the Investors’ Counsel shall be paid by the Corporation; provided,
however, that all underwriting fees, discounts, selling commissions and allowances applicable to the Registrable Shares and Other Shares shall be borne by the holders selling such 

  
 - 10 -

 
Registrable Shares and Other Shares in proportion to the number of Registrable Shares and Other Shares sold by each such holder. 

Section 8. Indemnification. 
 (a) In connection with any registration of any Registrable Shares under the Securities Act pursuant to this Agreement, the Corporation shall indemnify and hold harmless the holders of Registrable Shares,
each of such holder’s officers, directors, employees, members, partners, and advisors and their respective Affiliates, each underwriter, broker or any other Person acting on behalf of the holders of Registrable Shares and each other Person, if
any, who controls any of the foregoing Persons within the meaning of the Securities Act against any losses, claims, damages, liabilities, or actions joint or several (or actions in respect thereof), to which any of the foregoing Persons may become
subject under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon an untrue statement or allegedly untrue statement of a material fact contained in
the registration statement under which such Registrable Shares were registered under the Securities Act, any preliminary prospectus, Issuer Free Writing Prospectus or final prospectus contained therein or otherwise filed with the Commission, any
amendment or supplement thereto or any document incident to registration or qualification of any Registrable Shares, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or
necessary to make the statements therein not misleading or, with respect to any prospectus, necessary to make the statements therein in light of the circumstances under which they were made not misleading, or any violation by the Corporation of the
Securities Act or state securities or blue sky laws applicable to the Corporation or relating to action or inaction required of the Corporation in connection with such registration or qualification under such state securities or blue sky laws; and
shall promptly reimburse such Persons for any legal or other expenses reasonably incurred by any of them in connection with investigating or defending any such loss, claim, damage, liability or action; provided, however, that the
Corporation shall not be liable to a holder of Registrable Shares in any such case to the extent that any such loss, claim, damage, liability or action (including any legal or other expenses incurred) arises out of or is based upon an untrue
statement or allegedly untrue statement or omission or alleged omission made in said registration statement, preliminary prospectus, Issuer Free Writing Prospectus, final prospectus, amendment, supplement or document incident to registration or
qualification of any Registrable Shares in reliance upon and in conformity with written information furnished to the Corporation by such holder of Registrable Shares, underwriter, controlling Person or other aforementioned Person specifically for
use in the preparation thereof. 
 (b) In connection with any registration of Registrable Shares under the Securities Act
pursuant to this Agreement, each holder of Registrable Shares shall severally (based on the percentage of all Registrable, Primary and Other Shares included in such registration that were owned by such holder) and not jointly and severally indemnify
and hold harmless (in the same manner and to the same extent as set forth in Section 8(a)) the Corporation, each director of the Corporation, each officer of the Corporation who shall sign such registration statement, any other holder of
Registrable Shares selling securities in such registration statement, each underwriter, broker or other Person acting on behalf of the holders of Registrable Shares and each Person who 

  
 - 11 -

 
controls any of the foregoing Persons within the meaning of the Securities Act with respect to any statement or omission from such registration statement, any preliminary prospectus, Issuer Free
Writing Prospectus or final prospectus contained therein or otherwise filed with the Commission, any amendment or supplement thereto or any document incident to registration or qualification of any Registrable Shares, if such statement or omission
was made in reliance upon and in conformity with written information furnished to the Corporation or such underwriter by such holder of Registrable Shares specifically for use in connection with the preparation of such registration statement,
preliminary prospectus, Issuer Free Writing Prospectus, final prospectus, amendment, supplement or document; provided, however, that the indemnity agreement contained in this Section 8(b) shall not apply to amounts paid in
settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of such holder of Registrable Shares (which consent shall not be unreasonably withheld, conditioned or delayed); and provided,
further, that the maximum amount of liability in respect of such indemnification shall be limited, in the case of each holder of Registrable Shares, to an amount equal to the net proceeds actually received by such holder from the sale of
Registrable Shares effected pursuant to such registration. 
 (c) Promptly after receipt by an indemnified party of notice of the
commencement of any action involving a claim referred to in this Section 8, such indemnified party will, if a claim in respect thereof is made against an indemnifying party, give written notice to the latter of the commencement of such
action. The failure of any indemnified party to notify an indemnifying party of any such action shall not (unless such failure shall have a material adverse effect on the indemnifying party) relieve the indemnifying party from any liability in
respect of such action that it may have to such indemnified party hereunder. In case any such action is brought against an indemnified party, the indemnifying party will be entitled to participate in and to assume the defense thereof, jointly with
any other indemnifying party similarly notified to the extent that it may wish, with counsel reasonably satisfactory to such indemnified party, and after notice from the indemnifying party to such indemnified party of its election so to assume the
defense thereof, the indemnifying party shall not be responsible for any legal or other expenses subsequently incurred by the indemnified party in connection with the defense thereof; provided, however, that if any indemnified party
shall have reasonably concluded that there may be one or more legal or equitable defenses available to such indemnified party which are additional to or conflict with those available to the indemnifying party, or that such claim or litigation
involves or could have an effect upon matters beyond the scope of the indemnity agreement provided hereunder, the indemnifying party shall not have the right to assume the defense of such action on behalf of such indemnified party (but shall have
the right to participate therein with counsel of its choice) and such indemnifying party shall reimburse such indemnified party and any Person controlling such indemnified party for that portion of the fees and expenses of any counsel retained by
the indemnified party which is reasonably related to the matters covered by the indemnity agreement provided hereunder. If the indemnifying party is not entitled to, or elects not to, assume the defense of a claim, it will not be obligated to pay
the fees and expenses of more than one counsel with respect to such claim. 
 (d) If the indemnification provided for hereunder
is held by a court of competent jurisdiction to be unavailable to an indemnified party with respect to any loss, claim, damage, liability or action referred to herein, then the indemnifying party, in lieu of indemnifying such indemnified party
hereunder, shall contribute to the amounts paid or payable by such 

  
 - 12 -

 
indemnified party as a result of such loss, claim, damage, liability or action in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and of
the indemnified party on the other in connection with the statements or omissions which resulted in such loss, claim, damage, liability or action as well as any other relevant equitable considerations. The relative fault of the indemnifying party
and of the indemnified party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by
the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The parties agree that it would not be just and equitable if
contribution pursuant hereto were determined by pro rata allocation or by any other method or allocation which does not take account of the equitable considerations referred to herein. No Person guilty or liable of fraudulent misrepresentation shall
be entitled to contribution from any Person and no contribution by any holder of Registrable Shares, when combined with any amounts paid by such holder pursuant to Section 8(b), shall exceed the net proceeds from the offering received by
such holder. 
 Section 9. Information by Holder. The Investors shall furnish to the Corporation such written information
regarding the Investors and the distribution proposed by any Investors as the Corporation may reasonably request in writing and as shall be reasonably required in connection with any registration referred to in this Agreement. 

Section 10. Exchange Act Compliance. From the Registration Date or such earlier date as a registration statement filed by the
Corporation pursuant to the Exchange Act relating to any class of the Corporation’s securities shall have become effective, the Corporation shall comply with all of the reporting requirements of the Exchange Act applicable to it and shall
comply with all other public information reporting requirements of the Commission which are conditions to the availability of Rule 144. The Corporation shall cooperate with the Investors in supplying such information as may be necessary for the
Investors to complete and file any information reporting forms presently or hereafter required by the Commission as a condition to the availability of Rule 144. 
 Section 11. Limitations on Subsequent Registration Rights. From and after the date of this Agreement, the Corporation shall not, without the prior written consent of the Investors holding a
majority of the Registrable Shares then held by all Investors, enter into any agreement with any holder or prospective holder of any securities of the Corporation that would allow such holder or prospective holder (a) to include any of such
securities in any registration filed under Section 2, Section 3 or Section 4 hereof, unless under the terms of such agreement, such holder or prospective holder may include such securities in any such registration
only to the extent that the inclusion of such securities will not reduce the amount of the Registrable Shares of the Investors that are included or (b) to demand registration of their securities. 

  
 - 13 -

 Section 12. Termination. The rights contained herein shall terminate
upon the earlier to occur of (i) five (5) years after the IPO, or (ii) as to any holder of Registrable Shares, such earlier time after the IPO at which such holder (A) can sell all shares held by it in compliance with Rule
144(b)(1)(i) or (ii) holds 1% or less of the Corporation’s outstanding Common Stock and all Registrable Shares held by such holder (together with any Affiliate of the holder with whom such holder must aggregate its sales under Rule 144)
can be sold in any 3 month period without registration in compliance with Rule 144. 
 Section 13. Benefits of Agreement;
Third Party Beneficiaries. Except as provided herein, this Agreement shall bind and inure to the benefit of the Corporation, the Investors and subject to Section 14, the respective successors and assigns of the Corporation and the
Investors. The managing underwriter(s) of the IPO are intended third party beneficiaries of the agreements of the Investors contained in Section 5. 
 Section 14. Assignment. Each Investor may assign its rights hereunder to any purchaser or transferee of Registrable Shares; provided, however, that such purchaser or transferee shall,
as a condition to the effectiveness of such assignment, be required to execute a counterpart to this Agreement agreeing to be treated as an Investor whereupon such purchaser or transferee shall have the benefits of, and shall be subject to the
restrictions contained in, this Agreement as if such purchaser or transferee was originally included in the definition of an Investor herein and had originally been a party hereto. The Corporation may not assign any rights hereunder without the
consent of the Investors holding a majority of the Registrable Shares. 
 Section 15. Entire Agreement. This Agreement,
and the other writings referred to herein or delivered pursuant hereto, contain the entire agreement among the parties hereto with respect to the subject matter hereof and supersede all prior and contemporaneous arrangements or understandings with
respect thereto. 
 Section 16. Notices. All notices, requests, consents and other communications hereunder to any party
shall be deemed to be sufficient if contained in a written instrument delivered in person or sent by telecopy, nationally-recognized overnight courier or first-class registered or certified mail, return receipt requested, postage prepaid, addressed
to such party at the address set forth below or such other address as may hereafter be designated in writing by such party to the other parties: 
 if to the Corporation, to: 
 20 N. Meridian, Suite 200 

Indianapolis, IN 46204 
 Telephone: (317) 275-5440 

  
 - 14 -

 Facsimile: (317) 275-5440 

Attention: Scott Dorsey 
 with
a copy to: 
 Ice Miller LLP 
 One American Square 
 Suite 2900 

Indianapolis, IN 46282 
 Telephone: (317) 236-2394 
 Facsimile: (317) 592-4675 

Attention: Steven K. Humke 
 if
to the Investors, to their respective addresses set forth on Annex I hereto. 
 All such notices, requests, consents and
other communications shall be deemed to have been delivered (a) in the case of personal delivery or delivery by telecopy, on the date of such delivery, (b) in the case of dispatch by nationally-recognized overnight courier, on the next
business day following such dispatch and (c) in the case of mailing, on the third business day after the posting thereof. 

Section 17. Modifications; Amendments; Waivers. This Agreement may only be modified or amended, and, except as otherwise
specifically set forth herein, the observance of any term of this Agreement may only be waived (either generally or in a particular instance and either retroactively or prospectively), by an instrument in writing signed by (i) the Corporation,
and (ii) the Investors holding at least a majority of the Registrable Shares then outstanding; provided, however, that any modification, amendment or waiver that adversely affects the rights or obligations of the holders of shares
of Series G Preferred Stock in a manner adversely will require the separate approval of the holders of at least a majority of the outstanding shares of Series G Preferred Stock; provided, further, that any modification, amendment or
waiver that adversely affects the rights or obligations of the holders of shares of Series F Preferred Stock in a manner adversely will require the separate approval of the holders of at least a majority of the outstanding shares of Series F
Preferred Stock; provided, further, that any modification, amendment or waiver that adversely affects the rights or obligations of the holders of shares of Series E Preferred Stock in a manner adversely will require the separate
approval of the holders of at least a majority of the outstanding shares of Series E Preferred Stock; and provided further, that any modification, amendment or waiver that adversely affects the rights or obligations of the holders of shares
of Series D Preferred Stock in a manner adversely will require the separate approval of the holders of at least a majority of the outstanding shares of Series D Preferred Stock. Any amendment and restatement of this Agreement made in accordance with
this Section 17 shall be deemed adopted by, binding upon, and enforceable against each and every Investor, regardless of whether the Corporation obtains each such Investor’s signature to an amended and restated agreement. The
Corporation shall give prompt notice of any amendment or termination hereof or waiver hereunder to any party hereto that did not consent in writing to such amendment, termination, or waiver. 

  
 - 15 -

 Section 18. Voting on “As Converted” Basis. Any provision hereof that
entitles any holders of shares of Preferred Stock to consent or vote upon any matter, or take any action, based upon an “as converted to Common Stock” or similar basis shall be determined without giving effect to any conversion in respect
of declared but unpaid dividends thereon. 
 Section 19. Counterparts; Facsimile Signatures. This Agreement may be
executed in any number of original or facsimile counterparts, and each such counterpart hereof shall be deemed to be an original instrument, but all such counterparts together shall constitute but one agreement. 

Section 20. Headings. The headings of the various sections of this Agreement have been inserted for convenience of reference only
and shall not be deemed to be a part of this Agreement. 
 Section 21. Governing Law; Waiver of Jury Trial. This
Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without giving effect to any law or rule that would cause the laws of any jurisdiction other than the State of Delaware to be applied. 

EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING
TO THIS AGREEMENT. 
 Section 22. Severability. It is the desire and intent of the parties that the provisions of
this Agreement be enforced to the fullest extent permissible under the law and public policies applied in each jurisdiction in which enforcement is sought. Accordingly, in the event that any provision of this Agreement would be held in any
jurisdiction to be invalid, prohibited or unenforceable for any reason, such provision, as to such jurisdiction, shall be ineffective, without invalidating the remaining provisions of this Agreement or affecting the validity or enforceability of
such provision in any other jurisdiction. Notwithstanding the foregoing, if such provision could be more narrowly drawn so as not be invalid, prohibited or unenforceable in such jurisdiction, it shall, as to such jurisdiction, be so narrowly drawn,
without invalidating the remaining provisions of this Agreement or affecting the validity or enforceability of such provision in any other jurisdiction. 
 Section 23. Amendment and Restatement of Prior Agreement. The Prior Agreement is hereby amended in its entirety and restated herein. All provisions of, rights granted and covenants made in the
Prior Agreement are hereby waived, released and superseded in their entirety and shall have no further force or effect. 

[SIGNATURE PAGES FOLLOW] 

  
 - 16 -

 IN WITNESS WHEREOF, the undersigned parties have executed this Fourth Amended and
Restated Registration Rights Agreement to be effective as of the date first written above. 
  

			
	“CORPORATION”:
	
	EXACTTARGET, INC.
		
	By:	 	/S/    SCOTT
DORSEY        
		 	Scott Dorsey, President and CEO

 Signature Page to Fourth Amended and Restated Registration Rights Agreement 

  
 S-1

 
			
	 “SERIES G HOLDERS”:
  

TCV VII, L.P.
 a Cayman Islands exempted
limited partnership,
 acting by its general partner
  

Technology Crossover Management VII, L.P.

a Cayman Islands exempted limited partnership,

acting by its general partner
  

Technology Crossover Management VII, Ltd.

a Cayman Islands exempted company

		
	By: 	 	/S/    FREDERIC D.
FENTON        
		 	Name: Frederic D. Fenton
		 	Title: Attorney in Fact
	
	 TCV VII (A), L.P.
 a Cayman Islands exempted limited partnership,
 acting by its general partner

 
 Technology Crossover Management VII, L.P.

a Cayman Islands exempted limited partnership,

acting by its general partner
  

Technology Crossover Management VII, Ltd.

a Cayman Islands exempted company

		
	By:	 	/S/    FREDERIC D.
FENTON        
		 	Name: Frederic D. Fenton
		 	Title: Attorney in Fact
	
	 TCV Member Fund, L.P.
 a Cayman Islands exempted limited partnership,
 acting by its general partner

 
 Technology Crossover Management VII, Ltd.

a Cayman Islands exempted company

		
	By:	 	/S/    FREDERIC D.
FENTON        
		 	Name: Frederic D. Fenton
		 	Title: Attorney in Fact

 Signature Page to Fourth Amended and Restated Registration Rights Agreement 

  
 S-2

 
			
	BATTERY VENTURES VIII, L.P.
		
	By:	 	 Battery Partners VIII, LLC, its

General Partner

		
	By:	 	/s/ Michael Brown
	Name: Michael Brown
	Title:   Member Manager

  

			
	BATTERY VENTURES VIII SIDE FUND, L.P.
		
	By:	 	Battery Partners VIII Side Fund, LLC, its General Partner
	
		
	By:	 	/s/ Michael Brown
	Name: Michael Brown
	Title:   Member Manager

 Signature Page to Fourth Amended and Restated Registration Rights Agreement 

  
 S-3

 
			
	 SCALE VENTURE PARTNERS III, L.P.
  

By: Scale Venture Management III, LLC

Its:  General Partner

		
	By:	 	/s/ Rory O’Driscoll
	Name:	 	Rory O’Driscoll
	Title:	 	Managing Director

 Signature Page to Fourth Amended and Restated Registration Rights Agreement 

  
 S-4

 
			
	GREENSPRING CROSSOVER VENTURES I, L.P.
		
	By:	 	 Greenspring Crossover I GP, L.P., its
 General Partner

		
	By:	 	 Greenspring Crossover I GP, LLC, its
 General Partner

		
	By: 	 	/s/ Jim Lim
		 	Name: Jim Lim
		 	Title:   Managing Member

  

			
	 GREENSPRING GLOBAL PARTNERS II, L.P.
 GREENSPRING GLOBAL PARTNERS II-A, L.P.
 GREENSPRING GLOBAL PARTNERS II-B,
L.P.

		
	By:	 	 Greenspring General Partner II, L.P., its
 General Partner

		
	By:	 	Greenspring GP II, LLC, its General Partner
		
	By: 	 	/s/ Jim Lim
		 	Name: Jim Lim
		 	Title:   Managing Member

  

			
	 GREENSPRING GLOBAL PARTNERS III, L.P.
 GREENSPRING GLOBAL PARTNERS III-A, L.P.
 GREENSPRING GLOBAL PARTNERS III-B,
L.P.

		
	By:	 	 Greenspring Global Partners III, L.P., its
 General Partner

		
	By:	 	 Greenspring Global Partners III, LLC, its
 General Partner

		
	By: 	 	/s/ Jim Lim
		 	Name: Jim Lim
		 	Title:   Managing Member

 Signature Page to Fourth Amended and Restated Registration Rights Agreement 

  
 S-5

 
			
	 GREENSPRING GLOBAL PARTNERS IV-A, L.P.
 GREENSPRING GLOBAL PARTNERS IV-B, L.P.
 GREENSPRING GLOBAL PARTNERS IV-C,
L.P.

		
	By:	 	 Greenspring General Partner IV, L.P., its
 General Partner

		
	By:	 	Greenspring GP IV, LLC, its General Partner
		
	By: 	 	/s/ Jim Lim
		 	Name: Jim Lim
		 	Title:   Managing Member

 Signature Page to Fourth Amended and Restated Registration Rights Agreement 

  
 S-6

 
			
	 SAP VENTURES FUND I HOLDINGS, L.L.C.,
 a Delaware limited liability company

		
	By:	 	 SAP Ventures Fund I, L.P.,
 a
Delaware limited partnership
 its sole member

		
	By:	 	 SAP Ventures GPE(I), L.L.C.,
 a
Delaware limited liability company
 its general partner

		
	By: 	 	/s/ Jayendra Das
		 	Name:  Jayendra (Jai) Das
		 	Title:   Managing Member

  

			
	By:	 	/s/ Nino Marakovic
		 	Name:  Nino Marakovic
		 	Title:   Managing Member

 Signature Page to Fourth Amended and Restated Registration Rights Agreement 

  
 S-7

 
			
	GREENSPRING GLOBAL PARTNERS I, L.P.
		
	By:	 	Greenspring Associates, Inc.
		
	By: 	 	/s/ Jim Lim
		 	Name: Jim Lim
		 	Title:   General Partner

 Signature Page to Fourth Amended and Restated Registration Rights Agreement 

  
 S-8

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