Document:

EX-4.2

 Exhibit 4.2 

EXECUTION VERSION 
  

PHREESIA, INC. 
 FIFTH AMENDED
AND RESTATED INVESTOR RIGHTS AGREEMENT 
 October 27, 2017 
  

 TABLE OF CONTENTS 

 

									
	 	 	 	  	 	  	Page	 
			
	 1.
	 	 Certain Definitions
	  	 	1	 
			
	 2.
	 	 Registration Rights
	  	 	5	 
		 	 2.1
	  	 Required Registrations
	  	 	5	 
		 	 2.2
	  	 Incidental Registration
	  	 	6	 
		 	 2.3
	  	 Registration Procedures
	  	 	7	 
		 	 2.4
	  	 Allocation of Expenses
	  	 	9	 
		 	 2.5
	  	 Indemnification and Contribution
	  	 	9	 
		 	 2.6
	  	 Other Matters with Respect to Underwritten Offerings
	  	 	12	 
		 	 2.7
	  	 Information by Holder
	  	 	12	 
		 	 2.8
	  	 “Lock-Up” Agreement; Confidentiality of Notices
	  	 	12	 
		 	 2.9
	  	 Limitations on Subsequent Registration Rights
	  	 	13	 
		 	 2.10
	  	 Rule 144 Requirements
	  	 	13	 
		 	 2.11
	  	 Termination
	  	 	13	 
			
	 3.
	 	 Right of First Refusal
	  	 	13	 
		 	 3.1
	  	 Rights of Purchasers to Acquire Offered Securities
	  	 	14	 
		 	 3.2
	  	 Termination
	  	 	16	 
			
	 4.
	 	 Covenants
	  	 	16	 
		 	 4.1
	  	 Affirmative Covenants
	  	 	16	 
		 	 4.2
	  	 Inspection and Observation
	  	 	17	 
		 	 4.3
	  	 Financial Statements and Other Information
	  	 	17	 
		 	 4.4
	  	 Material Changes and Litigation
	  	 	18	 
		 	 4.5
	  	 BCBS Notification Rights
	  	 	19	 
		 	 4.6
	  	 Key Man Insurance
	  	 	19	 
		 	 4.7
	  	 Agreements with Employees; Options
	  	 	19	 
		 	 4.8
	  	 Board of Directors
	  	 	20	 
		 	 4.9
	  	 Related Party Transactions
	  	 	20	 
		 	 4.10
	  	 Reservation of Common Stock
	  	 	21	 
		 	 4.11
	  	 International Investment and Trade in Services Survey Act
	  	 	21	 
		 	 4.12
	  	 Additional Covenants
	  	 	21	 
		 	 4.13
	  	 Reserved
	  	 	21	 
		 	 4.14
	  	 Termination of Covenants
	  	 	21	 
			
	 5.
	 	 Confidentiality
	  	 	22	 
			
	 6.
	 	 Transfers of Rights; Calculation of Share Numbers
	  	 	22	 
		 	 6.1
	  	 Transfer of Rights
	  	 	22	 
		 	 6.2
	  	 Calculation of Share Numbers
	  	 	22	 
			
	 7.      
	 	 General
	  	 	22	 

  
 -i- 

									
	 	 	 	  	 	  	Page	 
				
	         
	 	 7.1
	  	 Severability
	  	 	22	 
		 	 7.2
	  	 Specific Performance
	  	 	22	 
		 	 7.3
	  	 Governing Law
	  	 	23	 
		 	 7.4
	  	 Notices
	  	 	23	 
		 	 7.5
	  	 Complete Agreement
	  	 	23	 
		 	 7.6
	  	 Amendments and Waivers
	  	 	23	 
		 	 7.7
	  	 Pronouns
	  	 	24	 
		 	 7.8
	  	 Counterparts; Facsimile Signatures
	  	 	24	 
		 	 7.9
	  	 Section Headings and References
	  	 	24	 
		 	 7.10
	  	 Termination
	  	 	24	 

  
 -ii- 

 PHREESIA, INC. 

FIFTH AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT 

This Agreement, dated as of October 27, 2017 is entered into by and among Phreesia, Inc., a Delaware corporation (the
“Company”), and the individuals and entities listed on Exhibit A attached hereto (the “Purchasers”). 

Recitals 

WHEREAS, the Company and certain of the Purchasers are parties to a certain Fourth Amended and Restated Investor Rights
Agreement, dated as of October 14, 2014, by and among the Company and the parties set forth therein (as amended, the “Prior Agreement”), which provided, among other things, for certain arrangements with respect to (i) the
registration of shares of capital stock of the Company under the Securities Act (as defined below), (ii) certain Purchasers’ right of first refusal with respect to certain issuances of securities of the Company, and (iii) certain
covenants of the Company; 
 WHEREAS, the Company and certain of the Purchasers have entered into a Senior B Convertible
Preferred Stock Purchase Agreement of even date herewith (the “Purchase Agreement”) pursuant to which such Purchasers have agreed to purchase certain shares of Senior B Convertible Preferred Stock, par value $0.01 per share, of the
Company (the “Senior B Preferred Stock,” and together with the Company’s Senior A Convertible Preferred Stock, par value $0.01 per share (the “Senior A Preferred Stock”), the “Senior
Preferred”), the Company’s Junior Convertible Preferred Stock, par value $0.01 per share (the “Junior Preferred Stock”) and the Company’s Redeemable Preferred Stock, par value $0.01 per share (the
“Redeemable Preferred Stock”), the “Preferred Stock”) from the Company, and pursuant to Section 6.2(b) of the Purchase Agreement, the Company may issue the Purchasers shares of the Company’s Common Stock
from the Company (the “Purchase Agreement Common Stock”); and 
 WHEREAS, such Purchasers have made it a
condition to their agreement to purchase shares of Senior B Preferred Stock under the Purchase Agreement that the Prior Agreement be amended and restated as herein provided. 

NOW, THEREFORE, in consideration of the mutual promises and covenants contained in this Agreement and the consummation of the
sale and purchase of shares of capital stock of the Company pursuant to the Purchase Agreement, the parties hereto agree that the Prior Agreement shall be amended and restated to read in its entirety as follows: 

1.         Certain Definitions As used in this Agreement, the following terms
shall have the following respective meanings: 
 “Affiliated Party” means, with respect to any Purchaser,
any person or entity which, directly or indirectly, controls, is controlled by or is under common control with such Purchaser, including, without limitation, any general partner, officer or director of such Purchaser and any venture capital fund now
or hereafter existing which is controlled by one or more general partners or managing members of, or shares the same management company (or member thereof) with, such Purchaser. 

 “Available Undersubscription Amount” means the difference
between the total of all of the Basic Amounts available for purchase by Qualified Purchasers pursuant to Section 3.1 and the Basic Amounts subscribed for pursuant to Section 3.1. 

“Basic Amount” means, with respect to a Qualified Purchaser, its pro rata portion of the Offered Securities
determined by multiplying the number of Offered Securities by a fraction, the numerator of which is the Purchase Agreement Common Stock then held by such Qualified Purchaser plus the aggregate number of shares of Common Stock issuable upon
conversion of all Preferred Shares then held by such Qualified Purchaser, and the denominator of which is the total number of shares of Common Stock then outstanding (giving effect to the conversion into Common Stock of all outstanding shares of
convertible preferred stock and the exercise of all outstanding options to purchase Common Stock). 

“Code” means the Internal Revenue Code of 1986, as amended. 

“Commission” means the Securities and Exchange Commission, or any other federal agency at the time
administering the Securities Act. 
 “Common Stock” has the meaning set forth in the recitals. 

“Company” has the meaning ascribed to it in the introductory paragraph hereto. 

“Company Sale” means: (a) a merger or consolidation in which (i) the Company is a constituent
party, or (ii) a Company Subsidiary is a constituent party and the Company issues shares of its capital stock pursuant to such merger or consolidation, except in the case of either clause (i) or (ii) any such merger or consolidation
involving the Company or a Company Subsidiary in which the shares of capital stock of the Company outstanding immediately prior to such merger or consolidation continue to represent, or are converted into or exchanged for shares of capital stock
which represent, immediately following such merger or consolidation, more than 50% by voting power of the capital stock of (A) the surviving or resulting corporation or (B) if the surviving or resulting corporation is a wholly owned
subsidiary of another corporation immediately following such merger or consolidation, the parent corporation of such surviving or resulting corporation; (b) the sale, lease, transfer, exclusive license or other disposition, in a single
transaction or series of related transactions, by the Company or a Company Subsidiary of all or substantially all the assets of the Company and the Company Subsidiaries taken as a whole (except where such sale, lease, transfer, exclusive license or
other disposition is to a wholly owned Company Subsidiary); or (c) the sale or transfer, in a single transaction or series of related transactions, by the stockholders of the Company of more than 75% by voting power of the then-outstanding
capital stock of the Company to any person or entity or group of affiliated persons or entities. 
 “Company
Subsidiary” means any corporation, partnership, trust, limited liability company or other non-corporate business enterprise in which the Company (or another Company Subsidiary) holds stock or other ownership interests representing
(a) more than 50% of the voting power of all outstanding stock or ownership interests of such entity or (b) the right to receive more than 50% of the net assets of such entity available for distribution to the holders of outstanding stock
or ownership interests upon a liquidation or dissolution of such entity. 

  
 2 

 “Confidential Information” means any information that is
labeled as confidential, proprietary or secret which a Purchaser obtains from the Company pursuant to financial statements, reports and other materials provided by the Company to such Purchaser pursuant to this Agreement or pursuant to visitation or
inspection rights granted hereunder. 
 “Exchange Act” means the Securities Exchange Act of 1934, as
amended, or any successor federal statute, and the rules and regulations of the Commission issued under such Act, as they each may, from time to time, be in effect. 

“Indemnified Party” means a party entitled to indemnification pursuant to Section 2.5. 

“Indemnifying Party” means a party obligated to provide indemnification pursuant to Section 2.5. 

“Initial Public Offering” means the initial underwritten public offering of shares of Common Stock pursuant
to an effective Registration Statement. 
 “Initiating Holders” means the Purchasers initiating a request
for registration pursuant to Section 2.1(a) or 2.1(b), as the case may be. 
 “Notice of Acceptance”
means a written notice from a Purchaser to the Company containing the information specified in Section 3.1(b). 

“Offer” means a written notice of any proposed or intended issuance, sale or exchange of Offered Securities
containing the information specified in Section 3.1(a). 
 “Offered Securities” means (a) any
shares of its Common Stock, (b) any other equity securities of the Company, including, without limitation, shares of preferred stock, (c) any option, warrant or other right to subscribe for, purchase or otherwise acquire any equity
securities of the Company, or (d) any debt securities convertible into capital stock of the Company. 
 “Other
Holders” means holders of securities of the Company (other than Purchasers) who are entitled, by contract with the Company, to have securities included in a Registration Statement. 

“Preferred Shares” means shares of Senior A Preferred Stock, Senior B Preferred Stock and Junior Preferred
Stock. 
 “Prospectus” means the prospectus included in any Registration Statement, as amended or
supplemented by an amendment or prospectus supplement, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference in such Prospectus. 

“Purchase Agreement” has the meaning ascribed to it in the recitals hereto. 

  
 3 

 “Purchaser” has the meaning ascribed to it in the introductory
paragraph hereto provided, however, that each of Silicon Valley Bank and Allen & Company LLC shall be deemed a Purchaser solely for purposes of Sections 2, 6 and 7 below; provided, that for purposes of Section 2.1(a), Silicon Valley
Bank and Allen & Company LLC shall not be entitled to be an Initiating Holder. Silicon Valley Bank and Allen & Company LLC shall not be deemed a Purchaser for any other provision of this Agreement. 

“Qualified Purchaser” means a Purchaser that is an “accredited investor” within the meaning of Rule 501(a) under
the Securities Act. 
 “Refused Securities” means those Offered Securities as to which a Notice of
Acceptance has not been given by the Qualified Purchasers pursuant to Section 3.1. 
 “Registrable
Shares” means (a) the shares of the Purchase Agreement Common Stock, (b) the shares of Common Stock issued or issuable upon conversion of the Shares, (c) any other shares of Common Stock, and any shares of Common Stock issued
or issuable upon the conversion or exercise of any other securities, acquired by the Purchasers and (d) any other shares of Common Stock issued in respect of such shares (because of stock splits, stock dividends, reclassifications,
recapitalizations or similar events); provided, however, that shares of Common Stock which are Registrable Shares shall cease to be Registrable Shares upon any sale pursuant to a Registration Statement or Rule 144 under the Securities
Act. Wherever reference is made in this Agreement to a request or consent of holders of a certain percentage of Registrable Shares, the determination of such percentage shall include shares of Common Stock issuable upon conversion of the Preferred
Shares even if such conversion shall not yet have been effected. 
 “Registration Expenses” means all
expenses incurred by the Company in complying with the provisions of Section 2, including, without limitation, all registration and filing fees, exchange listing fees, printing expenses, fees and expenses of counsel for the Company and the
reasonable fees and expenses of one counsel selected by the Selling Stockholders to represent the Selling Stockholders, state Blue Sky fees and expenses, and the expense of any special audits incident to or required by any such registration, but
excluding underwriting discounts, selling commissions and the fees and expenses of Selling Stockholders’ own counsel (other than the counsel selected to represent all Selling Stockholders). 

“Registration Statement” means a registration statement filed by the Company with the Commission for a
public offering and sale of securities of the Company (other than a registration statement on Form S-8 or Form S-4, or their successors, or any other form for a similar limited purpose, or any registration statement covering only securities proposed
to be issued in exchange for securities or assets of another corporation). 
 “Restated Charter” means the
Company’s Sixth Amended and Restated Certificate of Incorporation (as amended, restated or otherwise modified). 

“Securities Act” means the Securities Act of 1933, as amended, or any successor federal statute, and the
rules and regulations of the Commission issued under such Act, as they each may, from time to time, be in effect. 

  
 4 

 “Selling Stockholder” means any Purchaser owning Registrable
Shares included in a Registration Statement. 
 “Shares” means shares of Purchase Agreement Common Stock,
and shares of Senior A Preferred Stock, Senior B Preferred Stock and Junior Preferred Stock. 
 “Undersubscription
Amount” means, with respect to a Qualified Purchaser, any additional portion of the Offered Securities attributable to the Basic Amounts of other Qualified Purchasers as such Qualified Purchaser indicates it will purchase or acquire should
the other Qualified Purchasers subscribe for less than their Basic Amounts. 
 2.
        Registration Rights. 
 2.1
        Required Registrations. 
 (a)
        Subject to Subsection 3.4 of Article FOURTH B of the Restated Charter, at any time after the earlier of (i) three (3) years after the date of this Agreement or (ii) six (6) months
after the closing of the Initial Public Offering, a Purchaser or Purchasers holding in the aggregate at least a majority of the Registrable Shares then outstanding may request, in writing, that the Company effect the registration on Form S-1 (or any
successor form) of Registrable Shares owned by such Purchaser or Purchasers having an aggregate value of at least $10,000,000 (based on the market price or fair value on the date of such request). 

(b)         At any time after the Company becomes eligible to file a Registration
Statement on Form S-3 (or any successor form relating to secondary offerings), a Purchaser or Purchasers holding Registrable Shares may request, in writing, that the Company effect the registration on Form S-3 (or such successor form), of
Registrable Shares having an aggregate value of at least $5,000,000 (based on the public market price on the date of such request). 

(c)         Upon receipt of any request for registration pursuant to this
Section 2, the Company shall promptly give written notice of such proposed registration to all other Purchasers. Such Purchasers shall have the right, by giving written notice to the Company within 30 days after the Company provides its notice,
to elect to have included in such registration such of their Registrable Shares as such Purchasers may request in such notice of election, subject in the case of an underwritten offering to the terms of Section 2.1(d). Thereupon, the Company
shall, as expeditiously as possible, use commercially reasonable efforts to effect the registration on an appropriate registration form of all Registrable Shares which the Company has been requested to so register; provided, however, that in the
case of a registration requested under Section 2.1(b), the Company will only be obligated to effect such registration on Form S-3 (or any successor form). 

(d)         If the Initiating Holders intend to distribute the Registrable Shares
covered by their request by means of an underwriting, they shall so advise the Company as a part of their request made pursuant to Section 2.1(a) or (b), as the case may be, and the Company shall include such information in its written notice
referred to in Section 2.1(c). In such event, (i) the right of any other Purchaser to include its Registrable Shares in such registration pursuant to 

  
 5 

 Section 2.1(a) or (b), as the case may be, shall be conditioned upon such other
Purchaser’s participation in such underwriting on the terms set forth herein, and (ii) all Purchasers, including Registrable Shares in such registration shall enter into an underwriting agreement upon customary terms with the underwriter
or underwriters managing the offering; provided that such underwriting agreement shall not provide for indemnification or contribution obligations on the part of the Purchasers materially greater than the obligations of the Purchasers pursuant to
Section 2.5. The Initiating Holders shall have the right to select the managing underwriter(s) for any underwritten offering requested pursuant to Section 2.1(a) or (b), subject to the approval of the Company, which approval will not be
unreasonably withheld, conditioned or delayed. If any Purchaser who has requested inclusion of its Registrable Shares in such registration as provided above disapproves of the terms of the underwriting, such Purchaser may elect, by written notice to
the Company, to withdraw its Registrable Shares from such Registration Statement and underwriting. If the managing underwriter advises the Company in writing that marketing factors require a limitation on the number of shares to be underwritten,
then all securities held by other parties shall first be excluded, and thereafter the number of Registrable Shares to be included in the Registration Statement and underwriting shall be allocated among all Purchasers requesting registration in
proportion, as nearly as practicable, to the respective number of Registrable Shares which they have requested to be so registered. 

(e)         The Company shall not be required to effect, or to take any action to
effect, more than three (3) registrations pursuant to Section 2.1(a), and shall not be required to effect, or take any action to effect, more than two (2) registrations in any twelve (12) month period pursuant to
Section 2.1(b). In addition, the Company shall not be required to effect, or to take any action to effect, any registration pursuant to Section 2.1(a) or Section 2.1(b) during the period that is sixty (60) days before the
Company’s good faith estimate of the date of filing of, and ending on a date that is one hundred eight (180) days after the effective date of, a Company-initiated registration, provided, that the Company is actively employing in
good faith commercially reasonable efforts to cause such registration statement to become effective. For purposes of this Section 2.1(e), a Registration Statement shall not be counted until such time as such Registration Statement has been
declared effective by the Commission (unless the Initiating Holders withdraw their request for such registration (other than as a result of information concerning the business or financial condition of the Company which is made known to the
Purchasers after the date on which such registration was requested) and elect not to pay the Registration Expenses therefor pursuant to Section 2.4). For purposes of this Section 2.1(e), a Registration Statement shall not be counted if, as
a result of an exercise of the underwriter’s cutback provisions, less than 50% of the total number of Registrable Shares that Purchasers have requested to be included in such Registration Statement are so included. 

2.2         Incidental Registration. 

(a)         Whenever the Company proposes to file a Registration Statement (other
than a Registration Statement filed pursuant to Section 2.1) at any time and from time to time, it will, prior to such filing, give written notice to all Purchasers of its intention to do so. Upon the written request of a Purchaser or
Purchasers given within 20 days after the Company provides such notice (which request shall state the intended method of disposition of such Registrable Shares), the Company shall use commercially reasonable efforts to cause all

  
 6 

 Registrable Shares which the Company has been requested by such Purchaser or Purchasers to
register to be registered under the Securities Act to the extent necessary to permit their sale or other disposition in accordance with the intended methods of distribution specified in the request of such Purchaser or Purchasers; provided that the
Company shall have the right to postpone or withdraw any registration effected pursuant to this Section 2.2 without obligation to any Purchaser. 

(b)        If the registration for which the Company gives notice pursuant to
Section 2.2(a) is a registered public offering involving an underwriting, the Company shall so advise the Purchasers as a part of the written notice given pursuant to Section 2.2(a). In such event, (i) the right of any Purchaser to
include its Registrable Shares in such registration pursuant to this Section 2.2 shall be conditioned upon such Purchaser’s participation in such underwriting on the terms set forth herein and (ii) all Purchasers including Registrable
Shares in such registration shall enter into an underwriting agreement upon customary terms with the underwriter or underwriters selected for the underwriting by the Company; provided that such underwriting agreement shall not provide for
indemnification or contribution obligations on the part of Purchasers materially greater than the obligations of the Purchasers pursuant to Section 2.5. If any Purchaser who has requested inclusion of its Registrable Shares in such registration
as provided above disapproves of the terms of the underwriting, such person may elect, by written notice to the Company, to withdraw its shares from such Registration Statement and underwriting. If the managing underwriter advises the Company in
writing that marketing factors require a limitation on the number of shares to be underwritten, the shares held by holders of securities of the Company other than Purchasers and Other Holders shall be excluded from such Registration Statement and
underwriting to the extent deemed advisable by the managing underwriter, and, if a further reduction of the number of shares is required, the number of shares that may be included in such Registration Statement and underwriting shall be allocated
among all Purchasers and Other Holders requesting registration in proportion, as nearly as practicable, to the respective number of shares of Common Stock (on an as-converted basis) held by them on the date the Company gives the notice specified in
Section 2.2(a); provided that, unless such registration is in connection with the Company’s Initial Public Offering, the number of Registrable Shares permitted to be included therein shall in any event be at least 25% of the
securities included therein (based on aggregate market values). If any Purchaser or Other Holder would thus be entitled to include more shares than such holder requested to be registered, the excess shall be allocated among other requesting
Purchasers and Other Holders pro rata in the manner described in the preceding sentence. 

2.3        Registration Procedures. 

(a)         If and whenever the Company is required by the provisions of this
Agreement to use commercially reasonable efforts to effect the registration of any Registrable Shares under the Securities Act, the Company shall: 

(i)         file with the Commission a Registration Statement with respect to such
Registrable Shares and use commercially reasonable efforts to cause that Registration Statement to become effective as soon as possible; 

  
 7 

 (ii)        as expeditiously as possible
prepare and file with the Commission any amendments and supplements to the Registration Statement and the prospectus included in the Registration Statement as may be necessary to comply with the provisions of the Securities Act (including the
anti-fraud provisions thereof) and to keep the Registration Statement effective for 12 months from the effective date or such lesser period until all such Registrable Shares are sold; 

(iii)        as expeditiously as possible furnish to each Selling Stockholder such
reasonable numbers of copies of the Prospectus, including any preliminary Prospectus, in conformity with the requirements of the Securities Act, and such other documents as such Selling Stockholder may reasonably request in order to facilitate the
public sale or other disposition of the Registrable Shares owned by such Selling Stockholder; 

(iv)        as expeditiously as possible use commercially reasonable efforts to
register or qualify the Registrable Shares covered by the Registration Statement under the securities or Blue Sky laws of such states as the Selling Stockholders shall reasonably request, and do any and all other acts and things that may be
necessary or desirable to enable the Selling Stockholders to consummate the public sale or other disposition in such states of the Registrable Shares owned by the Selling Stockholders; provided, however, that the Company shall not be required in
connection with this paragraph (iv) to qualify as a foreign corporation or to execute a general consent to service of process in any jurisdiction or to amend its Certificate of Incorporation or By-laws in a manner that the Board of Directors of
the Company determines is inadvisable; 
 (v)        as expeditiously as possible,
cause all such Registrable Shares to be listed on each securities exchange or automated quotation system on which similar securities issued by the Company are then listed; 

(vi)        promptly provide a transfer agent and registrar for all such Registrable
Shares not later than the effective date of such Registration Statement; 

(vii)        promptly make available for inspection by the Selling Stockholders, any
managing underwriter participating in any disposition pursuant to such Registration Statement, and any attorney or accountant or other agent retained by any such underwriter or selected by the Selling Stockholders, all financial and other records,
pertinent corporate documents and properties of the Company and cause the Company’s officers, directors, employees and independent accountants to supply all information reasonably requested by any such seller, underwriter, attorney, accountant
or agent in connection with such Registration Statement; 
 (viii)        notify
each Selling Stockholder, promptly after it shall receive notice thereof, of the time when such Registration Statement has become effective or a supplement to any Prospectus forming a part of such Registration Statement has been filed; and 

(ix)        as expeditiously as possible following the effectiveness of such
Registration Statement, notify each Selling Stockholder of any request by the Commission for the amending or supplementing of such Registration Statement or Prospectus. 

  
 8 

 (b)        If the Company has delivered
a Prospectus to the Selling Stockholders and after having done so the Prospectus is amended to comply with the requirements of the Securities Act, the Company shall promptly notify the Selling Stockholders and, if requested, the Selling Stockholders
shall immediately cease making offers of Registrable Shares and return all Prospectuses to the Company. The Company shall promptly provide the Selling Stockholders with revised Prospectuses and, following receipt of the revised Prospectuses, the
Selling Stockholders shall be free to resume making offers of the Registrable Shares. 

(c)        In the event that, in the good faith judgment of the Board of Directors of
the Company, it is advisable to suspend use of a Prospectus included in a Registration Statement due to pending material developments or other events that have not yet been publicly disclosed and as to which the Company, in the good faith judgment
of the Board of Directors, reasonably believes public disclosure would be detrimental to the Company, the Company shall notify all Selling Stockholders to such effect, and, upon receipt of such notice, each such Selling Stockholder shall immediately
discontinue any sales of Registrable Shares pursuant to such Registration Statement until such Selling Stockholder has received copies of a supplemented or amended Prospectus or until such Selling Stockholder is advised in writing by the Company
that the then current Prospectus may be used and has received copies of any additional or supplemental filings that are incorporated or deemed incorporated by reference in such Prospectus. Notwithstanding anything to the contrary herein, the Company
shall not exercise its rights under this Section 2.3(c) to suspend sales of Registrable Shares for a period in excess of 30 days consecutively or 60 days in any 365-day period. 

2.4        Allocation of Expenses. The Company will pay all Registration
Expenses for all registrations under this Agreement; provided, however, that if a registration under Section 2.1 is withdrawn at the request of the Initiating Holders (other than as a result of information concerning the business
or financial condition of the Company which is made known to the Selling Stockholders after the date on which such registration was requested) and if the Initiating Holders elect not to have such registration counted as a registration requested
under Section 2.1, the Selling Stockholders shall pay the Registration Expenses of such registration pro rata in accordance with the number of their Registrable Shares included in such registration. 

2.5        Indemnification and Contribution. 

(a)        In the event of any registration of any of the Registrable Shares under
the Securities Act pursuant to this Agreement, the Company will indemnify and hold harmless each Selling Stockholder, each underwriter of such Registrable Shares, and each other person, if any, who controls such Selling Stockholder or underwriter
within the meaning of the Securities Act or the Exchange Act against any losses, claims, damages or liabilities, joint or several, to which such Selling Stockholder, underwriter or controlling person may become subject under the Securities Act, the
Exchange Act, state securities or Blue Sky laws or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon (i) any untrue statement or alleged untrue statement of any
material fact contained in any Registration Statement under which such Registrable Shares were registered under the Securities Act, any preliminary prospectus or final prospectus contained in 

  
 9 

 the Registration Statement, or any amendment or supplement to such Registration Statement,
(ii) the omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading, or (iii) any violation or alleged violation by the Company of the Securities Act, the
Exchange Act, any state securities law or any rule or regulation promulgated under the Securities Act, the Exchange Act or any state securities law in connection with the Registration Statement or the offering contemplated thereby; and the Company
will reimburse such Selling Stockholder, underwriter and each such controlling person for any legal or any other expenses reasonably incurred by such Selling Stockholder, underwriter or controlling person in connection with investigating or
defending any such loss, claim, damage, liability or action; provided, however, that the Company will not be liable in any such case to the extent that any such loss, claim, damage or liability arises out of or is based upon any untrue
statement or omission made in such Registration Statement, preliminary prospectus or prospectus, or any such amendment or supplement, in reliance upon and in conformity with information furnished to the Company, in writing, by or on behalf of such
Selling Stockholder, underwriter or controlling person specifically for use in the preparation thereof. 

(b)        In the event of any registration of any of the Registrable Shares under
the Securities Act pursuant to this Agreement, each Selling Stockholder, severally and not jointly, will indemnify and hold harmless the Company, each of its directors and officers and each underwriter (if any) and each person, if any, who controls
the Company or any such underwriter within the meaning of the Securities Act or the Exchange Act, against any losses, claims, damages or liabilities, joint or several, to which the Company, such directors and officers, underwriter or controlling
person may become subject under the Securities Act, Exchange Act, state securities or Blue Sky laws or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon (i) any
untrue statement or alleged untrue statement of a material fact contained in any Registration Statement under which such Registrable Shares were registered under the Securities Act, any preliminary prospectus or final prospectus contained in the
Registration Statement, or any amendment or supplement to the Registration Statement, or (ii) any omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading, if
and to the extent (and only to the extent) that the statement or omission was made in reliance upon and in conformity with information relating to such Selling Stockholder furnished in writing to the Company by such Selling Stockholder specifically
for use in connection with the preparation of such Registration Statement, prospectus, amendment or supplement; provided, however, that the obligations of a Selling Stockholder hereunder shall be limited to an amount equal to the net
proceeds to such Selling Stockholder of Registrable Shares sold in connection with such registration. 

(c)        Each Indemnified Party shall give notice to the Indemnifying Party
promptly after such Indemnified Party has actual knowledge of any claim as to which indemnity may be sought, and shall permit the Indemnifying Party to assume the defense of any such claim or any litigation resulting therefrom; provided, that
counsel for the Indemnifying Party, who shall conduct the defense of such claim or litigation, shall be approved by the Indemnified Party (whose approval shall not be unreasonably withheld, conditioned or delayed); and, provided,
further, that the failure of any Indemnified Party to give notice as provided herein shall not relieve the Indemnifying Party of its obligations under this Section 2.5 unless and except to the

  
 10 

 extent that the Indemnifying Party is adversely affected by such failure. The Indemnified Party
may participate in such defense at such party’s expense; provided, however, that the Indemnifying Party shall pay such expense if the Indemnified Party reasonably concludes that representation of such Indemnified Party by the
counsel retained by the Indemnifying Party would be inappropriate due to actual or potential differing interests between the Indemnified Party and any other party represented by such counsel in such proceeding; provided further that in
no event shall the Indemnifying Party be required to pay the expenses of more than one law firm per jurisdiction as counsel for the Indemnified Party. The Indemnifying Party also shall be responsible for the expenses of such defense if the
Indemnifying Party does not elect to assume such defense. No Indemnifying Party, in the defense of any such claim or litigation shall, except with the consent of each Indemnified Party, consent to entry of any judgment or enter into any settlement
which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Party of a release from all liability in respect of such claim or litigation, and no Indemnified Party shall consent to entry of any
judgment or settle such claim or litigation without the prior written consent of the Indemnifying Party, which consent shall not be unreasonably withheld, conditioned or delayed. 

(d)        In order to provide for just and equitable contribution in circumstances
in which the indemnification provided for in this Section 2.5 is due in accordance with its terms but for any reason is held to be unavailable to an Indemnified Party in respect to any losses, claims, damages and liabilities referred to herein,
then the Indemnifying Party shall, in lieu of indemnifying such Indemnified Party, contribute to the amount paid or payable by such Indemnified Party as a result of such losses, claims, damages or liabilities to which such party may be subject in
such proportion as is appropriate to reflect the relative fault of the Company on the one hand and the Selling Stockholders on the other in connection with the statements or omissions which resulted in such losses, claims, damages or liabilities, as
well as any other relevant equitable considerations. The relative fault of the Company and the Selling Stockholders shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of material fact related to
information supplied by the Company or the Selling Stockholders and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The Company and the Selling Stockholders agree
that it would not be just and equitable if contribution pursuant to this Section 2.5(d) were determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to above.
Notwithstanding the provisions of this Section 2.5(d), (i) in no case shall any one Selling Stockholder be liable or responsible for any amount in excess of the net proceeds received by such Selling Stockholder from the offering of
Registrable Shares and (ii) the Company shall be liable and responsible for any amount in excess of such proceeds; provided, however, that no person guilty of fraudulent misrepresentation (within the meaning of Section 11(f)
of the Securities Act) shall be entitled to contribution from any person who is not guilty of such fraudulent misrepresentation. Any party entitled to contribution will, promptly after receipt of notice of commencement of any action, suit or
proceeding against such party in respect of which a claim for contribution may be made against another party or parties under this Section 2.5(d), notify such party or parties from whom contribution may be sought, but the omission so to notify
such party or parties from whom contribution may be sought shall not relieve such party from any other obligation it or they may have thereunder or otherwise under this Section 2.5(d). No party shall be liable for contribution

  
 11 

 with respect to any action, suit, proceeding or claim settled without its prior written consent,
which consent shall not be unreasonably withheld, conditioned or delayed. 

(e)        The rights and obligations of the Company and the Selling Stockholders
under this Section 2.5 shall survive the termination of this Agreement. 

2.6        Other Matters with Respect to Underwritten Offerings. In the event
that Registrable Shares are sold pursuant to a Registration Statement in an underwritten offering pursuant to Section 2.1, the Company agrees to (a) enter into an underwriting agreement containing customary representations and warranties
with respect to the business and operations of the Company and customary covenants and agreements to be performed by the Company, including without limitation customary provisions with respect to indemnification by the Company of the underwriters of
such offering; (b) use commercially reasonable efforts to cause its legal counsel to render customary opinions to the underwriters and the Selling Stockholders with respect to the Registration Statement; and (c) use commercially reasonable
efforts to cause its independent public accounting firm to issue customary “cold comfort letters” to the underwriters and the Selling Stockholders with respect to the Registration Statement. 

2.7        Information by Holder. Each holder of Registrable Shares included
in any registration shall furnish to the Company such information regarding such holder and the distribution proposed by such holder as the Company may reasonably request in writing and as shall be required in connection with any registration,
qualification or compliance referred to in this Agreement. 

2.8        “Lock-Up” Agreement; Confidentiality of Notices. Each
Purchaser, if requested by the Company and the managing underwriter of the Initial Public Offering, shall not sell or otherwise transfer or dispose of any Registrable Shares or other securities of the Company (excluding securities acquired in the
Initial Public Offering or in the public market after such offering) held by such Purchaser for a period of 180 days following the effective date of the Registration Statement for the Initial Public Offering; provided, that all stockholders
of the Company then holding at least 1% of the outstanding Common Stock (on an as-converted basis) and all officers and directors of the Company enter into similar agreements; and provided further, that such agreement shall not apply
to securities acquired in an open market transaction after such Registration Statement is declared effective. 
 The Company
may impose stop-transfer instructions with respect to the Registrable Shares or other securities subject to the foregoing restriction until the end of such 180-day period. 

As a condition to the obligation of the Purchasers under this Section 2.8, the Company agrees to use commercially
reasonable efforts to ensure that the “lock-up” obligation of the Purchasers under this Section 2.8, and any agreement entered into by the Purchasers as a result of their obligations under this Section 2.8, shall (i) allow
for periodic early releases of portions of the securities subject to such “lock-up” obligations, which may be conditioned upon the trading price of the Company’s Common Stock and (ii) provide that all Purchasers will participate
on a pro-rata basis in any early release of any stockholder. 

  
 12 

 Any Purchaser receiving any written notice from the Company regarding the
Company’s plans to file a Registration Statement shall treat such notice confidentially and shall not disclose such information to any person other than as necessary to exercise its rights under this Agreement. 

2.9        Limitations on Subsequent Registration Rights. The Company shall
not, without the prior written consent of Purchasers holding at least a majority of the Registrable Shares then held by all Purchasers and the Purchasers holding at least a majority of the Senior A Preferred Stock or Senior B Preferred Stock, enter
into any agreement (other than this Agreement) with any holder or prospective holder of any securities of the Company which grants such holder or prospective holder rights to include securities of the Company in any Registration Statement, unless
(a) such rights to include securities in a registration initiated by the Company or by Purchasers are not more favorable than the rights granted to Other Holders under Section 2.2, and (b) no rights are granted to initiate a
registration, other than registration pursuant to a registration statement on Form S-3 (or its successor) in which Purchasers are entitled to include Registrable Shares on a pro rata basis with such holders based on the number of shares of Common
Stock (on an as-converted basis) owned by Purchasers and such holders. 

2.10        Rule 144 Requirements. After the earliest of (i) the closing
of the sale of securities of the Company pursuant to a Registration Statement, (ii) the registration by the Company of a class of securities under Section 12 of the Exchange Act, or (iii) the issuance by the Company of an offering
circular pursuant to Regulation A under the Securities Act, the Company agrees to: 

(a)        make and keep current public information about the Company available, as
those terms are understood and defined in Rule 144; 
 (b)        use commercially
reasonable efforts to file with the Commission in a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange Act (at any time after it has become subject to such reporting requirements); and

 (c)        furnish to any holder of Registrable Shares upon request (i) a
written statement by the Company as to its compliance with the reporting requirements of Rule 144 and of the Securities Act and the Exchange Act (at any time after it has become subject to such reporting requirements), (ii) a copy of the most
recent annual or quarterly report of the Company, and (iii) such other reports and documents of the Company as such holder may reasonably request to avail itself of any similar rule or regulation of the Commission allowing it to sell any such
securities without registration. 
 2.11        Termination. All of the
Company’s obligations to register Registrable Shares under Sections 2.1 and 2.2 shall terminate upon the earliest of (a) five years after the closing of the Initial Public Offering, (b) the date on which no Purchaser holds any
Registrable Shares or (c) a Company Sale. 
 3.        Right of First
Refusal. 

  
 13 

 3.1        Rights of Purchasers to
Acquire Offered Securities. 
 (a)        The Company shall not issue, sell or
exchange, agree to issue, sell or exchange, or reserve or set aside for issuance, sale or exchange, any Offered Securities, unless in each such case the Company shall have first complied with this Section 3.1. The Company shall deliver to each
Qualified Purchaser an Offer, which shall (i) identify and describe the Offered Securities, (ii) describe the price and other terms upon which they are to be issued, sold or exchanged, and the number or amount of the Offered Securities to
be issued, sold or exchanged, (iii) identify the persons or entities (if known) to which or with which the Offered Securities are to be offered, issued, sold or exchanged, and (iv) offer to issue and sell to or exchange with such Purchaser
that is a Qualified Purchaser (A) such Qualified Purchaser’s Basic Amount and (B) such Qualified Purchaser’s Undersubscription Amount. 

(b)        To accept an Offer, in whole or in part, a Qualified Purchaser must
deliver to the Company, on or prior to the date 30 days after the date of delivery of the Offer, a Notice of Acceptance providing a representation letter certifying that such Qualified Purchaser is an accredited investor within the meaning of Rule
501 under the Securities Act and indicating the portion of the Qualified Purchaser’s Basic Amount that such Qualified Purchaser elects to purchase and, if such Qualified Purchaser shall elect to purchase all of its Basic Amount, the
Undersubscription Amount (if any) that such Qualified Purchaser elects to purchase. If the Basic Amounts subscribed for by all Qualified Purchasers are less than the total of all of the Basic Amounts available for purchase, then each Qualified
Purchaser who has set forth an Undersubscription Amount in its Notice of Acceptance shall be entitled to purchase, in addition to the Basic Amounts subscribed for, the Undersubscription Amount it has subscribed for; provided, however,
that if the Undersubscription Amounts subscribed for exceed the Available Undersubscription Amount, each Qualified Purchaser who has subscribed for any Undersubscription Amount shall be entitled to purchase only that portion of the Available
Undersubscription Amount as the Undersubscription Amount subscribed for by such Qualified Purchaser bears to the total Undersubscription Amounts subscribed for by all Purchasers, subject to rounding by the Board of Directors to the extent it deems
reasonably necessary. 
 (c)        The Company shall have 90 days from the
expiration of the period set forth in Section 3.1(b) to issue, sell or exchange all or any part of the Refused Securities, but only to the offerees or purchasers described in the Offer (if so described therein) and only upon terms and
conditions (including, without limitation, unit prices and interest rates) which are not more favorable, in the aggregate, to the acquiring person or persons or less favorable to the Company than those set forth in the Offer. 

(d)        In the event the Company shall propose to sell less than all the Refused
Securities, then each Qualified Purchaser may, at its sole option and in its sole discretion, reduce the number or amount of the Offered Securities specified in its Notice of Acceptance to an amount that shall be not less than the number or amount
of the Offered Securities that the Qualified Purchaser elected to purchase pursuant to Section 3.1(b) multiplied by a fraction, (i) the numerator of which shall be the number or amount of Offered Securities the Company actually proposes to
issue, sell or exchange (including Offered Securities to be issued or sold to Qualified Purchasers pursuant to Section 3.1(b) prior to such reduction) and (ii) the 

  
 14 

 denominator of which shall be the original amount of the Offered Securities. In the event that
any Qualified Purchaser so elects to reduce the number or amount of Offered Securities specified in its Notice of Acceptance, the Company may not issue, sell or exchange more than the reduced number or amount of the Offered Securities unless and
until such securities have again been offered to the Qualified Purchasers in accordance with Section 3.1(a). 

(e)        Upon (i) the closing of the issuance, sale or exchange of all or less
than all of the Refused Securities or (ii) such other date agreed to by the Company and Qualified Purchasers who have subscribed for over 67.0 % of the Offered Securities subscribed for by the Qualified Purchasers, such Qualified Purchaser
or Purchasers shall acquire from the Company and the Company shall issue to such Qualified Purchaser or Purchasers, the number or amount of Offered Securities specified in the Notices of Acceptance, as reduced pursuant to Section 3.1(d) if any
of the Qualified Purchasers has so elected, upon the terms and conditions specified in the Offer. 

(f)        The purchase by the Qualified Purchasers of any Offered Securities is
subject in all cases to the preparation, execution and delivery by the Company and the Qualified Purchasers of a purchase agreement relating to such Offered Securities which is consistent with the terms set forth in the Offer and is otherwise
reasonably satisfactory in form and substance to the Qualified Purchasers and their respective counsel. 

(g)        Any Offered Securities not acquired by the Qualified Purchasers or other
persons in accordance with Section 3.1(c) may not be issued, sold or exchanged until they are again offered to the Qualified Purchasers under the procedures specified in this Agreement. 

(h)        The rights of the Qualified Purchasers under this Section 3.1 shall
not apply to: 
 (i)        the issuance of any shares of Common Stock as a stock
dividend to holders of Common Stock or upon any subdivision or combination of shares of Common Stock; 

(ii)        the issuance of any shares of Common Stock upon conversion of shares of
convertible preferred stock currently outstanding or issued after the date hereof pursuant to the Purchase Agreement; 

(iii)        the issuance of shares of Common Stock or options with respect thereto
(subject in either case to appropriate adjustment for stock splits, stock dividends, recapitalizations and similar events occurring after the date of this Agreement), issued or issuable to employees, directors or officers of, or consultants to, the
Company or any Company Subsidiary pursuant to any plan, agreement or arrangement approved by the Board of Directors of the Company; 

(iv)        the issuance of securities solely in consideration for the acquisition
(whether by merger or otherwise) by the Company or any Company Subsidiary of all or substantially all of the stock or assets of any other entity, or to financial institutions in 

  
 15 

 connection with commercial credit arrangements approved by the Board of Directors of the Company;

 (v)        the issuance of shares of Common Stock by the Company in a
firm-commitment underwritten public offering pursuant to an effective registration statement under the Securities Act; 

(vi)        the issuance of any shares of Senior B Preferred Stock or Purchase
Agreement Common Stock pursuant to the Purchase Agreement; or 
 (vii)        the
issuance of any Exempted Securities (as defined in the Restated Charter). 

3.2        Termination. This Section 3 shall terminate upon the earlier
of the closing of a Company Sale or the closing of an Initial Public Offering. 

4.        Covenants. 

4.1        Affirmative Covenants. So long as at least 20% of the Shares are
outstanding, the Company covenants and agrees that it will perform and observe the following covenants and provisions and will cause each Company Subsidiary to perform and observe such of the following covenants and provisions as are applicable to
such Company Subsidiary: 
 (a)        Payment of Taxes and Trade Debt. Pay
and discharge when due all taxes, assessments and governmental charges or levies imposed upon it or upon its income or profits or business, or upon any properties belonging to it, prior to the date on which penalties attach thereto, and all lawful
claims, which, if unpaid, might become a lien or charge upon any properties of the Company or a Company Subsidiary, other than those which are being contested in good faith if the Company shall have set aside on its books and shall have provided, in
accordance with generally accepted accounting principles, adequate reserves with respect thereto; and pay in conformity with customary trade terms, all lease obligations, all trade debt, and all other indebtedness incident to its operations, except
such as are being contested in good faith if the Company shall have set aside on its books and shall have provided, in accordance with generally accepted accounting principles, appropriate reserves with respect thereto. 

(b)        Maintenance of Insurance. Maintain with responsible and reputable
insurance companies or associations, insurance in such amounts and covering such risks as the Company reasonably deems advisable, subject, with respect to Directors’ and Officers’ liability insurance, to the requirements of
Section 4.9. 
 (c)        Preservation of Corporate Existence.
Preserve and maintain its corporate existence, rights, franchises and privileges in the jurisdiction of its incorporation, and qualify and remain qualified as a foreign corporation in each jurisdiction in which such qualification is required, unless
the failure to so qualify does not and will not have a material and adverse effect on the business, operations or financial condition of the Company; and preserve and maintain all material licenses and other rights to use patents, processes,
licenses, trademarks, 

  
 16 

 trade names, inventions, intellectual property rights or copyrights owned or possessed by it as
are reasonably necessary or advisable for it to conduct its business. 

(d)        Compliance with Laws. Comply with all applicable laws, rules,
regulations and orders of any governmental authority, noncompliance with which could materially adversely affect its business or condition, financial or otherwise, except non-compliance being contested in good faith through appropriate proceedings
so long as the Company shall have set up and funded sufficient reserves, if any, required under generally accepted accounting principles with respect to such items. 

(e)        Keeping of Records and Books of Account. Keep adequate records and
books of account, in which complete entries will be made in accordance with generally accepted accounting principles consistently applied, reflecting all financial transactions of the Company, and in which, for each fiscal year, all proper reserves
for depreciation, depletion, obsolescence, amortization, taxes, bad debts and other purposes in connection within its business shall be made. 

(f)        Maintenance of Properties, etc. Maintain and preserve all of its
properties that the Company reasonably deems necessary or useful in the proper conduct of its business in good repair, working order and condition, ordinary wear and tear excepted, and from time to time make all necessary and proper repairs,
renewals, replacements, additions and improvements thereto; and comply with the provisions of all material leases to which it is a party or under which it occupies property so as to prevent any material loss or forfeiture thereof or thereunder. 

4.2        Inspection and Observation. So long as at least 20% of the Shares
issued from time to time (determined on an as-if converted basis and including in such number the shares of Common Stock issued upon conversion of the Preferred Shares) are outstanding, the Company shall permit each Purchaser who continues to hold
at least 20% of the Shares issued to such Purchaser (determined on an as-if converted basis and including in such number the shares of Common Stock issued upon conversion of the Preferred Shares), or any authorized representative thereof, to visit
and inspect the properties of the Company, including its corporate and financial records, and to discuss its business and finances with officers of the Company, during normal business hours following reasonable notice and as often as may be
reasonably requested. 
 4.3        Financial Statements and Other
Information. 
 (a)        So long as at least 20% of the Shares issued from
time to time (determined on an as-if converted basis and including in such number the shares of Common Stock issued upon conversion of the Preferred Shares) are outstanding, the Company shall deliver to each Purchaser who continues to hold at least
1,000,000 Shares, subject to equitable adjustment in the event of any stock split, stock dividend, reverse-split, recapitalization or other similar transaction (on an as-if converted basis and including in such number the shares of Common Stock
issued upon conversion of the Preferred Shares): 

  
 17 

 (i)        within 90 days after the end
of each fiscal year of the Company, an audited balance sheet of the Company as at the end of such year and audited statements of income and of cash flows of the Company for such year, certified by certified public accountants of established national
reputation selected by the Company and reasonably acceptable to LLR Equity Partners, and prepared in accordance with generally accepted accounting principles consistently applied; and 

(ii)        within 45 days after the end of each fiscal quarter of the Company (other
than the fourth quarter), an unaudited balance sheet of the Company as at the end of such quarter, and unaudited statements of income and of cash flows of the Company for such fiscal quarter and for the current fiscal year to the end of such fiscal
quarter. 
 (iii)        within 30 days after the end of each month (other than the
last month of any fiscal quarter), an unaudited balance sheet of the Company as at the end of such month and unaudited statements of income and of cash flows of the Company for such month and for the current fiscal year to the end of such month,
setting forth in comparative form the Company’s projected financial statements for the corresponding periods for the current fiscal year; 

(iv)        as soon as available, but in any event prior to the commencement of each
new fiscal year, a business plan and projected financial statements for such fiscal year containing an operating plan with a monthly forecast of results and a narrative explanation, which shall be approved by the Board of Directors at the first
meeting of the new fiscal year; 
 (v)        such other notices, information and
data with respect to the Company as the Company delivers to the holders of its capital stock at the same time it delivers such items to such holders 

(vi)        copies of all management letters from auditors and Company responses to
same; and 
 (vii)        with reasonable promptness, such other information and
data as such Purchaser may from time to time reasonably request. 
 (b)        The
foregoing financial statements shall be prepared on a consolidated basis if the Company then has any subsidiaries. The financial statements delivered pursuant to clauses (ii) and (iii) of paragraph (a) shall be accompanied by a
certificate of the chief financial officer of the Company stating that such statements have been prepared in accordance with generally accepted accounting principles consistently applied (except as noted) and fairly present the financial condition
and results of operations of the Company at the date thereof and for the periods covered thereby, and shall be accompanied by a descriptive narrative of the results including a comparison between the actual, projected and comparable figures for the
prior year. 
 4.4        Material Changes and Litigation. The Company shall
promptly notify the Purchasers of any material adverse change in the business, assets or financial condition of the 

  
 18 

 Company and of any litigation or governmental proceeding or investigation brought or, to the best
of the Company’s knowledge, threatened against the Company, or against any Founder (as defined in the Purchase Agreement), officer, director, key employee or principal stockholder of the Company which, if adversely determined, would have a
material adverse effect on the business, prospects, assets or condition (financial or otherwise) of the Company. 

4.5        BCBS Notification Rights. Upon the Company’s receipt of a bona
fide offer or proposal in writing for a transaction that would constitute a Company Sale from any person, the Company shall notify BlueCross BlueShield Venture Partners, L.P. (“BCBS”) in writing of such proposal, provided that the
Company is not obligated to identify the name of the requesting or offering party or any of the terms of any proposed acquisition. For the avoidance of doubt, the Company shall not be required to provide notice to BCBS in connection with any offer
made to the stockholders of the Company in respect of a Company Sale described in clause (c) of the definition of “Company Sale” in Section 1 above unless and until the Company receives a bona fide written offer with respect to such
proposed Company Sale. The rights described in this Section 4.5 shall terminate and be of no further force or effect upon the earliest of (a) the consummation of the sale of the Company’s securities pursuant to a registration
statement filed by the Company under the Securities Act of 1933, as amended, (b) the consummation of a Company Sale or (c) such time as BCBS together with its affiliates (including, but not limited to, for purpose of this Section 4.5,
Sandbox Co-Investment Fund I, L.P., a Delaware limited partnership) no longer hold at least fifty percent (50%) of the shares of Preferred Stock purchased by BCBS pursuant to that certain Series D Convertible Purchase Agreement, dated as of
April 15, 2010, and that certain Series C Convertible Preferred Stock Purchase Agreement, dated as of February 2, 2009, by and among the Company and certain of the Purchasers (or securities converted therefrom or exchanged therefor). 

4.6        Key Man Insurance The Company shall maintain term life insurance
upon the lives of Chaim Indig and Evan Roberts in the amount of $1,000,000 each, with the proceeds payable to the Company, for so long as each such person is engaged as an officer of the Company. 

4.7        Agreements with Employees; Options. 

(a)        The Company shall require (i) all persons now or hereafter employed
by the Company and (ii) all independent contractors utilized by the Company who have access to confidential or proprietary information of the Company to enter into non-disclosure and assignment of inventions agreements substantially in the form
of Exhibit K-1 or Exhibit K-2 to the Purchase Agreement and shall require all persons now or hereafter employed by the Company to enter into non-competition and non-solicitation agreements substantially in the form of Exhibit L
to the Purchase Agreement, or such other form as may be approved by the Board of Directors of the Company. 
 (b) In the
event that after the date of this Agreement, the Company enters into an agreement with any Person to issue shares of capital stock to such Person, following which such Person shall hold shares of capital stock of the Company constituting one percent
(1%) or more of the Company’s then outstanding capital stock (treating for this purpose 

  
 19 

 all shares of Common Stock issuable upon exercise of or conversion of outstanding options,
warrants or convertible securities, as if exercised and/or converted or exchanged), then, the Company shall cause such Person, as a condition precedent to entering into such agreement, to (i) become a party to the Fifth Amended and Restated
Stockholders’ Voting Agreement (the “Amended and Restated Voting Agreement”) and the Fifth Amended and Restated Right of First Refusal and Co-Sale Agreement, each of even date herewith, and (ii) enter into a lock-up agreement of
the type described in Section 2.8. 
 (c)        The Company agrees that it
will not, without the prior written consent of the holders of a majority of the members of the Board of Directors, terminate, amend or waive any rights under any inventions, confidentiality, non-competition or restricted stock agreement between the
Company and any Founder (as defined in the Purchase Agreement). 

(d)        Except as may otherwise be determined by the Compensation Committee of the
Board of Directors, all options or restricted stock granted or issued by the Company shall become exercisable at the rate of 25% on the first anniversary of grant or issue and 6.25% per quarter thereafter over the subsequent three years so long
as the holder continues to be an employee or consultant of the Company. 

4.8        Board of Directors. 

(a)        The Company shall promptly reimburse in full each director of the Company
who is not an employee of the Company for all of his or her reasonable travel and other out-of-pocket expenses incurred in connection with attending each meeting of the Board of Directors of the Company or any committee thereof or otherwise in
connection with his or her services as a member of the Board of Directors or member of a committee thereof. 

(b)        The Board of Directors shall meet on at least a monthly basis, unless
otherwise agreed by a majority of the members of the Board of Directors who are not employees of the Company or a Company Subsidiary. 

(c)        The Restated Charter shall at all times provide for the indemnification of
the members of the Board of Directors to the fullest extent provided by the law of the jurisdiction in which the Company is organized. In the event that the Company or any of its successors or assigns (i) consolidates with or merges into any
other entity and shall not be the continuing or surviving corporation in such consolidation or merger or (ii) transfers or conveys all or substantially all of its properties and assets to any entity, then, and in each such case, to the extent
necessary, proper provision shall be made so that the successors and assigns of the Company assume the obligations of the Company with respect to indemnification of members of the Board of Directors as contained in the Restated Charter. 

(d)        The Company shall obtain and maintain Directors’ and Officers’
liability insurance in an amount and on such terms as are approved by the Board of Directors. 

4.9        Related Party Transactions. The Company shall not enter into any
agreement with any stockholder, officer or director of the Company, or any “affiliate” of such persons (as such term is defined in the rules and regulations promulgated under the Securities

  
 20 

 Act), including without limitation any agreement or other arrangement providing for the
furnishing of services by, rental of real or personal property from, or otherwise requiring payments to, any such person or entity, without the consent of a majority of the members of the Company’s Board of Directors having no interest in such
agreement or arrangement; provided, however, that no entity that directly or indirectly holds a primary license agreement issued by Blue Cross Blue Shield Association, an Illinois not-for-profit membership corporation, permitting such entity to use
the Blue Cross Blue Shield brands shall be considered an “affiliate” for purposes of this Section 4.9. 

4.10        Reservation of Common Stock. The Company shall reserve and
maintain a sufficient number of shares of Common Stock for issuance upon conversion of all of the outstanding Preferred Shares. 

4.11        International Investment and Trade in Services Survey Act. The
Company shall use commercially reasonable efforts to file on a timely basis all reports required to be filed by it under 22 U.S.C. Section 3104, or any similar statute, relating to a foreign person’s direct or indirect investment in the
Company. 
 4.12        Additional Covenants. The Company hereby covenants
and agrees that it shall not, without approval of a majority of the Board of Directors, including, until such time as the Company has achieved $40 million or more in annual revenue and has EBITDA of greater than zero for a full auditable calendar
year, at least three (3) of the Preferred Stock Directors: 

(a)        approve the Company’s annual operating budget; 

(b)        incur any aggregate indebtedness in excess of $500,000 that is not already
included in a budget approved by the Board of Directors, other than trade credit incurred in the ordinary course of business; or 

(c)        unless with approval of the Compensation Committee of the Board of
Directors pursuant to the Amended and Restated Voting Agreement, hire, terminate, or change the compensation of the CEO or CFO of the Company, including approving any option grants or stock awards to such executive officers. 

4.13        Reserved.Termination of Covenants. All covenants of the
Company contained in this Section 4 shall terminate upon the earlier of the closing of a Company Sale or the closing of an Initial Public Offering. 

  
 21 

 5.        Confidentiality. Each
Purchaser agrees that he, she or it will keep confidential and will not disclose, divulge or use for any purpose, other than to monitor its investment in the Company, any Confidential Information, 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 5 by such Purchaser), (b) is or has been independently developed or conceived by the Purchaser without use of the Company’s
Confidential Information or (c) is or has been made known or disclosed to the Purchaser by a third party without a breach of any obligation of confidentiality such third party may have to the Company; provided, however, that a
Purchaser may disclose Confidential Information (i) to its attorneys, accountants, consultants, and other professionals to the extent necessary to obtain their services in connection with monitoring its investment in the Company, (ii) to
any prospective purchaser of any Shares from such Purchaser as long as such prospective purchaser agrees to be bound by the provisions of this Section 5, (iii) to any Affiliated Party of such Purchaser, or (iv) as may otherwise be
required by law, provided that the Purchaser takes reasonable steps to minimize the extent of any such required disclosure. Notwithstanding the foregoing, such information shall not be deemed confidential for the purpose of enforcing this Agreement.

 6.        Transfers of Rights; Calculation of Share Numbers. 

6.1        Transfer of Rights. This Agreement, and the rights and obligations
of each Purchaser hereunder, may be assigned by such Purchaser to (a) any person or entity to which at least 5% of the Shares issued to such Purchaser are transferred by such Purchaser, or (b) to any Affiliated Party of such Purchaser,
and, in each case, such transferee shall be deemed a “Purchaser” for purposes of this Agreement; provided that such assignment of rights shall be contingent upon the transferee providing a written instrument to the Company notifying the
Company of such transfer and assignment and agreeing in writing to be bound by the terms of this Agreement; provided, however, that in no event may a Purchaser transfer such Shares to a competitor of the Company, as determined in good faith
by the Board of Directors of the Company. 
 6.2        Calculation of Share
Numbers. In determining the number of Shares owned by a Purchaser for purposes of exercising rights under this Agreement, (a) Shares owned by a Purchaser shall be deemed to include Preferred Shares which have been converted into Common
Stock so long as such Common Stock is owned by such Purchaser and (b) all Shares held by affiliated entities or persons shall be aggregated together (provided that no shares shall be attributed to more than one entity or person within any such
group of affiliated entities or persons). 
 7.        General. 

7.1        Severability. The provisions of this Agreement are severable, so
that the invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other term or provision of this Agreement, which shall remain in full force and effect. 

7.2        Specific Performance. In addition to any and all other remedies
that may be available at law in the event of any breach of this Agreement, each Purchaser shall be entitled to 

  
 22 

 specific performance of the agreements and obligations of the Company hereunder and to such other
injunctive or other equitable relief as may be granted by a court of competent jurisdiction. 

7.3        Governing Law. This Agreement shall be governed by and construed in
accordance with the General Corporation Law of the State of Delaware, as to matters within the scope thereof, and the internal laws of the State of New York (without reference to the conflicts of law provisions thereof), as to all other matters.

 7.4        Notices. All notices, requests, consents and other
communications under this Agreement shall be in writing and shall be deemed delivered (i) three business days after being sent by registered or certified mail, return receipt requested, postage prepaid or (ii) one business day after being
sent via a reputable nationwide overnight courier service guaranteeing next business day delivery, in each case to the intended recipient as set forth below: 

If to the Company, at 432 Park Avenue South, 12th Floor, New York, New
York 10016, Attention: President, or at such other address as may have been furnished in writing by the Company to the other parties hereto, with a copy to Goodwin Procter LLP, 100 Northern Avenue, Boston, Massachusetts 02210, Attention: John J.
Egan III, Esq.; or 
 If to a Purchaser, at its address set forth on Exhibit A, or at such other address as may have
been furnished in writing by such Purchaser to the other parties hereto, with a copy to Steven Hull, Stoel Rives LLP, 760 SW Ninth Avenue, Suite 3000, Portland, Oregon 97205-2586. 

Any party may give any notice, request, consent or other communication under this Agreement using any other means (including,
without limitation, personal delivery, messenger service, telecopy, first class mail or electronic mail), but no such notice, request, consent or other communication shall be deemed to have been duly given unless and until it is actually received by
the party for whom it is intended. Any party may change the address to which notices, requests, consents or other communications hereunder are to be delivered by giving the other parties notice in the manner set forth in this Section 7.4. 

7.5        Complete Agreement. This Agreement constitutes the entire agreement
and understanding of the parties hereto with respect to the subject matter hereof and supersedes all prior agreements and understandings relating to such subject matter. Upon the effectiveness of this Agreement, the Prior Agreement shall be deemed
amended and restated, and superseded and replaced in its entirety by this Agreement and shall be of no further force or effect. 

7.6        Amendments and Waivers. This Agreement may be amended or terminated
and the observance of any term of this Agreement may be waived with respect to all parties to this Agreement (either generally or in a particular instance and either retroactively or prospectively), with the written consent of the Company and
Purchasers holding Shares representing at least a majority of the voting power of all Shares then held by Purchasers; provided that (i) any amendment, termination or waiver to the terms of Section 2 (or a defined term used therein) that
occurs after the closing of the Initial Public Offering shall instead require the written consent of the Company and Purchasers holding Registrable Shares representing at least a majority of the voting power of all Registrable Shares then held by
all Purchasers, (ii) any 

  
 23 

 amendment, termination or waiver of any term of this Agreement which alters the rights or
obligations of the Senior A Preferred Stock in a different or disproportionate, and adverse manner than the rights or obligations of the Senior B Preferred Stock, the Junior Preferred Stock and the Redeemable Preferred Stock taken together shall
require the written consent of at least a majority of the then outstanding shares of Senior A Preferred Stock, (iii) any amendment, termination or waiver of any term of this Agreement which alters the rights or obligations of the Senior B
Preferred Stock in a different or disproportionate, and adverse manner than the rights or obligations of the Senior A Preferred Stock, the Junior Preferred Stock and the Redeemable Preferred Stock taken together shall require the written consent of
at least a majority of the then outstanding shares of Senior B Preferred Stock, and (iv) any amendment, termination or waiver of any term of this Agreement which alters the rights or obligations of the Junior Preferred Stock in a different or
disproportionate, and adverse manner than the rights or obligations of the Senior A Preferred Stock and the Senior B Preferred Stock taken together shall require the written consent of at least a majority of the then outstanding shares of Junior
Preferred Stock. Notwithstanding the foregoing, this Agreement may not be amended or terminated and the observance of any term hereunder may not be waived with respect to any Purchaser without the written consent of such Purchaser unless such
amendment, termination or waiver applies to all Purchasers in the same fashion (it being agreed that a waiver of the provisions of Section 3 with respect to a particular transaction shall be deemed to apply to all Qualified Purchasers in the
same fashion if such waiver does so by its terms, notwithstanding the fact that certain Qualified Purchasers may nonetheless, by agreement with the Company, purchase securities in such transaction). The Company shall give prompt written 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. Any amendment, termination or waiver effected in accordance with this Section 7.6 shall be
binding on all parties hereto, even if they do not execute such consent. No waivers of or exceptions to any term, condition or provision of this Agreement, in any one or more instances, shall be deemed to be, or construed as, a further or continuing
waiver of any such term, condition or provision. 
 7.7        Pronouns.
Whenever the context may require, any pronouns used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns and pronouns shall include the plural, and vice versa. 

7.8        Counterparts; Facsimile Signatures. This Agreement may be executed
in any number of counterparts (including, in the case of the Purchasers, Financing Signature Pages (as defined in the Purchase Agreement)), each of which shall be deemed to be an original, and all of which together shall constitute one and the same
document. This Agreement (including the Financing Signature Pages) may be executed by facsimile signatures. 

7.9        Section Headings and References. The section headings are for the
convenience of the parties and in no way alter, modify, amend, limit or restrict the contractual obligations of the parties. Any reference in this agreement to a particular section or subsection shall refer to a section or subsection of this
Agreement, unless specified otherwise. 
 7.10        Termination.
Notwithstanding anything herein to the contrary, this Agreement shall terminate upon the closing of a Company Sale. 

  
 24 

 [Remainder of page intentionally left blank] 

  
 25 

 IN WITNESS WHEREOF, this Fifth Amended and Restated Investor Rights Agreement has
been executed by the parties as of the date first written above. 
  

					
	 COMPANY:

	
	 PHREESIA, INC.

		
	 By:
	 	 /s/ Chaim
Indig                                      

		 	 Name:
	 	 Chaim Indig

		 	 Title:
	 	President and Chief Executive Officer

 SIGNATURE PAGE TO FIFTH
AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, this Fifth Amended and Restated ,Investor Rights Agreement
has been executed by the parties as of the date first written above. 
  

			
		 	STOCKHOLDERS:
		
		 	 /s/ Chaim
Indig                              

		 	 Chaim Indig

		
		 	 Address: 432 Park Avenue South, 12th Floor

		
		 	 New York, NY
10016                    

		
		 	 /s/ Evan Roberts
                            

		 	 Evan Roberts

		
		 	 Address: 432 Park Avenue South, 12th Floor

		
		 	 New York, NY
10016                   

		
		 	 /s/ Michael Weintraub
                  

		 	 Michael Weintraub

		
		 	 Address: 432 Park Avenue South, 12th Floor

		
		 	 New York, NY
10016                   

		
		 	 /s/ David Linetsky
                        

		 	 David Linetsky

		
		 	 Address: 432 Park Avenue South, 12th Floor

		
		 	 New York, NY
10016                   

 SIGNATURE PAGE TO FIFTH AMENDED
AND RESTATED 
 INVESTOR RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, this Fifth Amended and Restated Investor Rights Agreement has
been executed by the parties as of the date first written above. 
  

			
	 ECHO HEALTH VENTURES, LLC

		
	 By:
	 	 /s/ Robert M. Coppedge        

	 Name:
	 	 Robert M. Coppedge

	 Title:
	 	 Chief Executive Officer

 SIGNATURE PAGE TO FIFTH AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, this Fifth Amended and Restated Investor Rights Agreement has
been executed by the parties as of the date first written above. 
  

			
	LLR EQUITY PARTNERS IV, L.P.
	
	By: LLR Capital IV, L.P., its general partner
	
	By: LLR Capital IV, LLC, its general partner
		
	By:	 	 /s/ Scott Perricelli

		 	Name: Scott Perricelli
		 	Title:  Partner
	
	LLR EQUITY PARTNERS PARALLEL IV, L.P.

	
	By: LLR Capital IV, L.P., its general partner
	
	By: LLR Capital IV, LLC, its general partner
		
	By:	 	 /s/ Scott Perricelli

		 	Name: Scott Perricelli
		 	Title:  Partner

  

  
 SIGNATURE
PAGE TO FIFTH AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, this Fifth Amended and Restated Investor Rights Agreement has
been executed by the parties as of the date first written above. 
  

			
	CHV II, L.P.
	
	By: Ascension Health Ventures II, LLC,
	its General Partner
		
	By	 	 /s/ Matthew I. Hermann

		 	Name: Matthew I. Hermann
		 	Title:   Senior Managing Director

  

  
 SIGNATURE
PAGE TO FIFTH AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, this Fifth Amended and Restated Investor Rights Agreement has
been executed by the parties as of the date first written above. 
  

			
	HLM VENTURE PARTNERS II, L.P.
	
	 By: HLM Venture Associates II, LLC,

its General Partner

		
	By:	 	 /s/ Edward L. Cahill

		 	Name: Edward L. Cahill
		 	Title:   Managing Partner

  
 SIGNATURE PAGE TO FIFTH
AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, this Fifth Amended and Restated Investor Rights Agreement has
been executed by the parties as of the date first written above. 
  

			
	POLARIS VENTURE PARTNERS V, L.P.
	
	 By: Polaris Venture Management Co. V,

L.L.C., its General Manager

		
	By:	 	 /s/ Max Eisenberg

		 	Name: Max Eisenberg
		 	Title:   Attorney-in-Fact
	
	POLARIS VENTURE PARTNERS
	ENTREPRENEURS’ FUND V, L.P.
	
	 By: Polaris Venture Management Co. V,

L.L.C., its General Manager

		
	By:	 	 /s/ Max Eisenberg

		 	Name: Max Eisenberg
		 	Title:   Attorney-in-Fact
	
	POLARIS VENTURE PARTNERS
	FOUNDERS’ FUND V, L.P.
	
	 By: Polaris Venture Management Co. V,

L.L.C., its General Manager

		
	By:	 	 /s/ Max Eisenberg

		 	Name: Max Eisenberg
		 	Title:   Attorney-in-Fact
	
	 POLARIS VENTURE PARTNERS

SPECIAL FOUNDERS’ FUND V, L.P.

	
	By: Polaris Venture Management Co. V, L.L.C., its General Manager
		
	By:	 	 /s/ Max Eisenberg

		 	Name: Max Eisenberg
		 	Title:   Attorney-in-Fact

  
 SIGNATURE
PAGE TO FIFTH AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, this Fifth Amended and Restated Investor Rights Agreement has
been executed by the parties as of the date first written above. 
  

			
	LONG RIVER VENTURES II, L.P.
	
	 By: Long River Capital Partners II, LLC,

its General Partner

	
	By: Long River Capital Management, LLC, its Manager
		
	By:	 	 /s/ William R Cowen

		 	Name: William R Cowen
		 	Title:   General Partner

  
 SIGNATURE
PAGE TO FIFTH AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, this Fifth Amended and Restated Investor Rights Agreement has
been executed by the parties as of the date first written above. 
  

					
	BLUECROSS BLUESHIELD VENTURE
	PARTNERS, L.P.
	
	 By: Bluecross Blueshield Ventures, Inc.,

its General Partner

			
	By:	 		 	 /s/ John Banta

		 		 	Name: John Banta
		 		 	Title:   MD Venture Funds
	
	SANDBOX CO-INVESTMENT FUND I, L.P.
	
	 By: Sandbox Co-Investment, LLC,
 its
General Partner

	
	 By: Sandbox Industries, LLC,
 its
Sole Member

	
	 By: Sandbox Industries Manager, LLC,

its Sole Manager

			
	By:	 		 	 /s/ Matt Downs

		 		 	Name: Matt Downs
		 		 	Title:   Managing Director

  
 SIGNATURE
PAGE TO FIFTH AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT 

 EXHIBIT A 

List of Purchasers 
  

Name and Address 
 of
Purchasers 
 Echo Health Ventures LLC 

100 SW Market Street, M/S WW3-30 

Portland, OR 97201 

CHV II, LP 

101 South Hanley Road, Suite 200 

St. Louis, MO 63105 

Polaris Venture Partners V, L.P. 

1000 Winter Street, Suite 3350 

Waltham, MA 02451-1215 

Polaris Venture Partners Entrepreneurs’ Fund V, L.P. 

1000 Winter Street, Suite 3350 

Waltham, MA 02451-1215 

Polaris Venture Partners Founders’ Fund V, L.P. 

1000 Winter Street, Suite 3350 

Waltham, MA 02451-1215 

Polaris Venture Partners Special Founders’ Fund V, L.P. 

1000 Winter Street, Suite 3350 

Waltham, MA 02451-1215 

HLM Venture Partners II, L.P. 

222 Berkeley Street, 21st Floor 

Boston, MA 02116 

Long River Ventures, L.P. 

100 Venture Way, Suite 4 

Hadley, MA 01035 

Long River Ventures II, L.P. 

100 Venture Way, Suite 4 

Hadley, MA 01035 

Village Ventures Fund II, L.P. 

430 Main St., Suite 1 

Williamstown, MA 01267 

Village Ventures Fund II-B, L.P. 

430 Main St., Suite 1 

Williamstown, MA 01267 

Worcester Venture Fund, L.P. 

100 Venture Way, Suite 4 

Hadley, MA 01035 

BlueCross BlueShield Venture Partners, L.P. 

  

 225 N. Michigan Avenue 

Chicago, IL 60601 

Sandbox Co-Investment Fund I, L.P. 

213 N. Racine Ave. Suite 201 

Chicago, IL 60607 

VP New York Venture Partners, L.P. 

1001 Bayhill Dr., 

Suite 300, San Bruno, CA 94066 

VantagePoint Venture Partners 2006 (Q), L.P. 

1001 Bayhill Dr., Suite 300, 

San Bruno, CA 94066 

LLR Equity Partners IV, L.P. 

Cira Centre, 2929 Arch Street 

Philadelphia, PA 19104 

LLR Equity Partners Parallel IV, L.P. 

Cira Centre, 2929 Arch Street 

Philadelphia, PA 19104EX-4.3

 Exhibit 4.3 

THIS WARRANT, AND THE SHARES ISSUABLE UPON EXERCISE OF THIS WARRANT, HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“ACT”), OR THE APPLICABLE SECURITIES LAWS OF ANY STATE, AND MAY NOT BE PLEDGED, SOLD, ASSIGNED OR OTHERWISE TRANSFERRED UNLESS REGISTERED UNDER THE ACT AND UNDER APPLICABLE STATE SECURITIES LAWS, OR UNLESS AN OPINION OF COUNSEL, REASONABLY
SATISFACTORY TO THE CORPORATION, IS OBTAINED TO THE EFFECT THAT SUCH PLEDGE, SALE, ASSIGNMENT OR TRANSFER IS EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE ACT AND SUCH STATE SECURITIES LAWS. 

 

			
	Void After October 14, 2021	  	Right to Purchase 116,232 (subject to the qualifications set forth herein) Shares of Senior Convertible Preferred Stock of Phreesia, Inc.

 PHREESIA, INC. 

Senior Convertible Preferred Stock Purchase Warrant 

Phreesia, Inc., a Delaware corporation (the “Corporation”), hereby certifies that for value received Baird Financial
Corporation, or permitted assigns, is entitled to purchase, subject to the terms and conditions hereinafter set forth, an aggregate of One Hundred Sixteen Thousand Two Hundred Thirty-Two (116,232) shares of
the Senior Convertible Preferred Stock of the Corporation (subject to adjustment as hereinafter provided) at a purchase price of $2.1939 per share (subject to adjustment as hereinafter provided), payable as hereinafter provided. 

1.        Definitions. As used herein, the following terms shall have the following meanings,
unless the context otherwise requires: 
 (a)        “Warrant Stock” shall mean the
Corporation’s Senior Convertible Preferred Stock, $0.01 par value per share, or other securities for which this Warrant shall become exercisable pursuant to the terms hereof. 

(b)        “Stated Purchase Price” shall mean the purchase price to be paid upon
exercise of this Warrant in accordance with the terms hereof, which price initially shall be $2.1939 per share of Warrant Stock. The Stated Purchase Price shall be subject to adjustment from time to time pursuant to the provisions hereof. 

(c)        “Warrant Expiration Date” shall mean the earlier of (i) 5:00 p.m., Eastern
Time, on October 14, 2021; provided that if such date shall in New York, New York be a holiday or a day on which banks are authorized to close, then 5:00 p.m., Eastern Time, on the next following day which in New York, New York is not a holiday
or a day on which banks are authorized to close, (ii) the date of the Initial Public Offering or (iii) the date of an Extraordinary Event (as defined below). 

(d)        “Initial Public Offering” means the initial underwritten public offering
of the Corporation’s Common Stock pursuant to a registration statement under the Securities Act of 1933, which public offering has been declared effective by the Securities and Exchange Commission. 

  

 2.        Notice. In case at any time:
(a) the Corporation shall pay any dividend or make any distribution (other than regular cash dividends from earnings or earned surplus paid at an established rate) to the holders of its capital stock; (b) the Corporation shall offer
for subscription pro rata to the holders of its capital stock any additional shares of stock of any class or other rights; (c) there shall be any capital reorganization or reclassification of the capital stock of the Corporation or
consolidation or merger of the Corporation with or sale of all or substantially all of its assets to another corporation; (d) there shall be any change to the certificate of incorporation or bylaws of the Corporation that affects the
rights, preferences, privileges or terms of the Warrant Stock; or (e) there shall be a voluntary or involuntary dissolution, liquidation or winding-up of the Corporation; then, in any one or more
of such cases, the Corporation shall give written notice, by first class mail, postage prepaid, addressed to the registered holder hereof at the address of such registered holder as shown on the books of the Corporation of the date on which
(i) the books of the Corporation shall close or a record date shall be fixed for determining the shareholders entitled to such dividend, distribution or subscription rights, or (ii) such reorganization, reclassification,
consolidation, merger, sale, dissolution, liquidation, winding-up, conversion, redemption or other event shall take place, as the case may be. Such notice shall also provide reasonable details of the proposed transaction and specify the date as of
which the holders of capital stock of record shall participate in such dividend, distribution or subscription rights, or shall be entitled to exchange their capital stock for securities or other property deliverable upon such reorganization,
reclassification, consolidation, merger, sale, dissolution, liquidation, winding-up, conversion, redemption or other event, as the case may be. Such written notice shall be given at least 15 days prior to the
action in question and not less than 15 days prior to the record date or the date on which the Corporation’s transfer books are closed in respect thereto. 

3.        Exercise. 

(a)        Manner of Exercise. This Warrant may be exercised at any time or from time to time,
on any day which is not a Saturday, Sunday or holiday under the laws of The State of New York, for all or any part of the number of shares of Warrant Stock purchasable upon its exercise; provided, however, that this Warrant shall be void and all
rights represented hereby shall cease unless exercised before the Warrant Expiration Date. In order to exercise this Warrant, in whole or in part, the holder hereof shall deliver to the Corporation at its office at 432 Park Ave South, 12 Floor, New
York, New York or at such other office as the Corporation may designate by notice in writing, (i) this Warrant, (ii) a written notice of such holder’s election to exercise its Warrant substantially in the form of
Exhibit A attached hereto, and (iii) payment to the Corporation by check made payable to the order of the Corporation or by wire transfer of funds to a bank account designated by the Corporation an amount equal to the aggregate
purchase price for all shares of Warrant Stock as to which this Warrant is exercised. In lieu of such exercise of this Warrant, the holder may from time to time convert this Warrant, in whole or in part, into a number of shares of Warrant Stock
determined by using the following formula: 
 X=(P)(Y)(A-B)/A 

where 

  
 - 2 - 

					
		 	X =	  	the number of shares of Warrant Stock to be issued to the holder for the portion of this Warrant being exercised;
		 	P =	  	the percentage of this Warrant being exercised;
		 	Y =	  	the total number of shares of Warrant Stock issuable upon exercise of this Warrant in full;
		 	A =	  	the fair market value of one share of Warrant Stock as of the exercise date; and
		 	B =	  	the Stated Purchase Price as in effect on the exercise date.

 Any portion of this Warrant that is exercised shall be immediately canceled. The fair market value of the Warrant Stock shall
be determined pursuant to Section 10 hereof. 
 (b)        Issuance of Warrant Stock.
Upon receipt of the documents and payments described in Section 3(a), the Corporation shall, as promptly as practicable, and in any event within 30 days thereafter, execute or cause to be executed, and deliver to such holder a certificate or
certificates representing the aggregate number of full shares of Warrant Stock issuable upon such exercise, together with an amount in cash in lieu of any fraction of a share, as hereinafter provided. The stock certificate or certificates so
delivered shall be in the denomination specified in said notice and shall be registered in the name of the holder hereof. This Warrant shall be deemed to have been exercised and a certificate or certificates for shares of Warrant Stock shall be
deemed to have been issued, and the holder hereof or any other person so designated to be named therein shall be deemed to have become a holder of record of such shares for all purposes as of the date of said notice, together with this Warrant and
the documents and payments described in Section 3(a), are received by the Corporation as aforesaid. If this Warrant shall have been exercised in part, the Corporation shall, at the time of delivery of said certificate or certificates,
deliver to the holder hereof a new Warrant evidencing the rights of such holder to purchase the unpurchased shares of Warrant Stock called for by this Warrant, which new Warrant shall in all other respects be identical with this Warrant. 

(c)        Automatic Exercise. In the event of termination of this Warrant, to the extent that
this Warrant is then exercisable and such exercise would result in the issuance of shares of Warrant Stock to the holder hereof, this Warrant shall be deemed automatically exercised under Section 3(a) above immediately prior to the time at
which it would otherwise terminate. 
 4.        Reservation of Shares; State Securities
Laws. 
 (a)        The Corporation covenants that it will at all times until the Warrant
Expiration Date reserve and keep available out of its authorized and unissued capital stock, solely for the purpose of issue upon exercise of this Warrant or conversion of Warrant Stock issued upon such exercise, such number of shares of Warrant
Stock as shall then be issuable upon the exercise of this Warrant and such number of shares of capital stock as shall then be issuable upon conversion of such Warrant Stock. 

(b)        If any securities to be reserved for the purpose of exercise of this Warrant require
approvals or registrations under applicable state “blue sky” or federal securities laws, the Corporation will use its reasonable efforts to obtain such approvals or registrations as may be appropriate. 

  
 - 3 - 

 5.        Loss or Mutilation. Upon receipt of
evidence satisfactory to the Corporation of the loss, theft, destruction or mutilation of this Warrant (including a reasonably detailed affidavit with respect to the circumstances of any loss, theft or destruction of such Warrant) and, if requested
in the case of any such loss, theft or destruction, upon delivery of an indemnity agreement reasonably satisfactory to the Corporation, or, in the case of any such mutilation, upon surrender and cancellation of this Warrant, the Corporation at its
expense will execute and deliver, in lieu hereof, a new Warrant of like tenor. 

6.        Subdivision or Combination of Warrant Stock. If the Corporation at any time
subdivides (by any stock split, stock dividend, recapitalization or otherwise) its outstanding shares of Warrant Stock into a greater number of shares, the Stated Purchase Price in effect immediately prior to such subdivision will be proportionately
reduced and the number of shares issuable upon exercise of this Warrant will be proportionately increased, and if the Corporation at any time combines (by reverse stock split, recapitalization or otherwise) its outstanding shares of Warrant Stock
into a smaller number of shares, the Stated Purchase Price in effect immediately prior to such combination will be proportionately increased and the number of shares issuable upon exercise of this Warrant will be proportionately decreased. 

7.        Reclassification, Reorganization and Consolidation. In case of any reclassification,
capital reorganization, or change in shares of any class of equity securities that may be acquired upon exercise of this Warrant (other than as a result of a subdivision, combination, or stock dividend provided for in Section 6), then, as a
condition of such reclassification, reorganization, or change, lawful provision shall be made, and duly executed documents evidencing the same from the Company or its successor shall be delivered to the holder of this Warrant, so that the holder of
this Warrant shall have the right at any time prior to the expiration of this Warrant to purchase, at a total price equal to that payable upon the exercise of this Warrant, the kind and amount of shares of stock and other securities and property
receivable in connection with such reclassification, reorganization, or change by a holder of the same number of shares of securities as were purchasable by the holder of this Warrant immediately prior to such reclassification, reorganization, or
change. In any such case appropriate provisions shall be made with respect to the rights and interest of the holder of this Warrant so that the provisions hereof shall thereafter be applicable with respect to any shares of stock or other securities
and property deliverable upon exercise hereof, and appropriate adjustments shall be made to the Stated Purchase Price per share of Warrant Stock, provided the aggregate Stated Purchase Price shall remain the same. 

8.        Consolidation, Merger, etc. If any consolidation or merger of the Corporation with
another corporation that involves a transfer of more than 50% of the voting power of the Corporation, any transfer of shares representing more than 50% of the voting power of the Corporation are transferred to any person that is not, on the date
hereof, a holder of stock of any class or preference of the Corporation or the sale of all or substantially all of the Corporation’s assets to another entity (each an “Extraordinary Event”) shall be effected, then, as a
condition of such Extraordinary Event, the Corporation shall cause lawful and adequate provision to be made whereby the registered holder of this Warrant shall thereafter have the right to purchase and receive, upon exercise hereof and the payment
of the aggregate exercise price hereunder, in lieu of the shares of Warrant Stock of the Corporation immediately theretofore purchasable and receivable upon the exercise of this Warrant, such shares of stock, securities or property

  
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(including cash) as may be issued or payable with respect to or in exchange for a number of shares of Warrant Stock of the Corporation immediately theretofore purchasable and receivable upon the
exercise of this Warrant had such Extraordinary Event not taken place, and in any such case appropriate provision shall be made with respect to the rights and interests of the holder of this Warrant to the end that the provisions hereof (including,
without limitation, provisions for adjustments of the Stated Purchase Price and of the number of shares purchasable upon the exercise of this Warrant) shall thereafter be applicable, as nearly as may be, in relation to any shares of stock,
securities or property thereafter deliverable upon the exercise hereof. The foregoing provisions shall similarly apply to successive Extraordinary Events. 

9.        Notice of Adjustment of Stated Purchase Price. Upon any adjustment or other change
relating to the Stated Purchase Price or the securities purchasable upon the exercise of this Warrant, then, and in each such case, the Corporation shall give written notice thereof, by first class mail, postage prepaid, addressed to the registered
holder at the address of such registered holder as shown on the books of the Corporation, which notice shall state the Stated Purchase Price resulting from such adjustment and the increase or decrease in the number or other denominations of
securities purchasable at such price upon the exercise of this Warrant setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based. 

10.        Fractional Shares. If the number of shares of Warrant Stock purchasable upon the
exercise of this Warrant is adjusted pursuant to the terms hereof, the Corporation shall nevertheless not be required to issue fractions of shares, upon exercise of this Warrant or otherwise, or to distribute certificates that evidence fractional
shares. With respect to any fraction of a share called for upon any exercise hereof, such fraction shall neither be issued nor extinguished until the final exercise of this Warrant, in which event if a fraction is issuable, the Corporation shall pay
to the holder hereof an amount in cash equal to such fraction multiplied by the current fair market value of the capital stock into which such fractional share is convertible, determined as follows: 

(a)        If the capital stock is listed on a national securities exchange, the current fair market
value shall be the last reported sale price of the capital stock on such exchange or market system on the last business day prior to the date of exercise of this Warrant or, if no such sale is made on such day, the average closing bid and asked
price for such day on such exchange or market system; or 
 (b)        If the capital stock is not
so listed, the current fair market value shall be an amount reasonably determined in good faith by the Board of Directors of the Corporation. 

11.        Representations and Warranties of the Corporation. 

(a)        The Corporation is a corporation duly organized, validly existing and in good standing
under the laws of the State of Delaware and has all requisite corporate power and authority to carry out its obligations under this Warrant. 

(b)        The Corporation has all requisite corporate power and authority to enter into this Warrant;
and carry out and perform its obligations under the terms of this Warrant. The 

  
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execution, delivery and performance by the Corporation of this Warrant has been duly authorized by all requisite corporate action. The Corporation has duly authorized, executed and delivered this
Warrant, and this Warrant constitutes the valid and binding obligation of the Corporation, enforceable in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, moratorium and other laws of general
application affecting the rights and remedies of creditors generally, the exercise of judicial or administrative discretion in accordance with general equitable principles, or public policy. All Warrant Stock that may be issued upon the exercise of
this Warrant and all securities, if any, issuable upon conversion of the Warrant Stock, shall, upon issuance, be duly authorized, validly issued, fully paid and nonassessable, and free of any liens and encumbrances except for restrictions on
transfer provided for herein or under applicable federal and state securities laws. 

(c)        The execution, delivery and performance of this Warrant, the issuance, sale and delivery of
the Warrant Stock, and compliance with the provisions hereof and thereof by the Corporation do not and will not, with or without the passage of time or the giving of notice or both, violate, conflict with or result in any breach of any of the terms,
conditions or provisions of, or constitute a default (or give rise to any right of termination, cancellation or acceleration), or result in the creation of any lien, security interest, charge or encumbrance upon any of the properties or assets of
the Corporation, under: (a) the provisions of any note, bond, mortgage, indenture, loan, license, agreement, lease or other instrument or obligation that is binding on the Corporation or any of its assets, (b) the Certificate of
Incorporation or the By-Laws of the Corporation, or (c) any provision of law, statute, rule or regulation or any ruling, writ, injunction, order, judgment or decree of any court, administrative agency or other governmental body. The
issuance of neither the Warrant nor the Warrant Stock is subject to preemptive or other similar statutory or contractual rights, which have not been duly and effectively waived. 

(d)        No authorization, consent, approval or other order of, declaration to, or filing with, any
governmental agency or body is required to be made or obtained by the Corporation for or in connection with the valid and lawful authorization, execution and delivery by the Corporation of this Warrant or for or in connection with the valid and
lawful authorization, issuance, sale and delivery of the Warrant Stock. 
 (e)        Subject to the
accuracy of the representations and warranties of the original holder of this Warrant set forth herein, the provisions of Section 5 of the Act are inapplicable to the offering, issuance, sale and delivery of this Warrant, and no consent,
approval, qualification or registration or filing under any state securities laws is required in connection therewith, except such exemptive filings which are not required to be made until after the issuance hereof. 

(f)        The Corporation is acquiring the Warrants or Warrant Stock for its own account, for
investment and not for, with a view to, or in connection with, any distribution or public offering thereof within the meaning of the Act. 

(g)        The Corporation understands that the Warrants and Warrant Stock have not been, and will not
be, registered under the Act or any state securities law, by reason of their issuance in a transaction exempt from the registration requirements of the Act and such laws, that the Warrants and Warrant Stock must be held indefinitely unless they are
subsequently registered under the Act and such laws or a subsequent disposition thereof is exempt from registration, that 

  
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the Warrants and Warrant Stock shall bear a legend to such effect, and that appropriate transfer instructions may be issued. The Corporation further understands that such exemption depends upon,
among other things, the bona fide nature of the Corporation’s investment intent expressed herein. 

(h)        The Corporation has not been formed for the specific purpose of acquiring the Warrants or
the Warrant Stock. The Corporation understands the term “accredited investor” as used in Regulation D promulgated under the Act and represents and warrants to the Corporation that the Corporation is an “accredited investor” for
purposes of acquiring the Warrants or Warrant Stock being acquired by it hereunder. 

(i)        The Corporation has sufficient knowledge and experience in business and financial matters
and with respect to investment in securities of privately held companies so as to enable it to analyze and evaluate the merits and risks of the investment contemplated hereby and is capable of protecting its interest in connection with this
transaction. The Corporation is able to bear the economic risk of such investment, including a complete loss of the investment. 

(j)        The Corporation acknowledges that the Corporation and its representatives have had the
opportunity to ask questions and receive answers from officers and representatives of the Corporation concerning the transactions contemplated by this Warrant, and to obtain any additional information which the Corporation possesses or can acquire
that is necessary to verify the accuracy of the information regarding the Corporation herein set forth or otherwise desired in connection with its purchase of the Warrants or Warrant Stock being acquired by it hereunder; provided, however, that no
investigation made heretofore or hereafter by or on behalf of such Corporation shall have any effect on the representations and warranties of the Corporation hereunder, each of which will survive any such investigation. 

(k)        The Corporation understands that the exemption from registration afforded by Rule 144 (the
provisions of which are known to Corporation) promulgated by the Securities and Exchange Commission under the Act depends upon the satisfaction of various conditions and that such exemption is not currently available. 

12.        Warrant Holder Not Deemed Stockholder. 

(a)        The holder of this Warrant shall not, as such, be entitled to vote or to receive dividends
or be deemed the holder of Warrant Stock that may at any time be issuable upon exercise of this Warrant for any purpose whatsoever, nor shall anything contained herein be construed to confer upon the holder of this Warrant, as such, any of the
rights of a stockholder of the Corporation or any right to vote for the election of directors or upon any matter submitted to stockholders at any meeting thereof, or to receive dividends or subscription rights, until such holder shall have exercised
this Warrant and been issued shares of Warrant Stock in accordance with the provisions hereof. 

(b)        As a condition to issuing this Warrant to the holder, the holder shall execute and deliver
counterpart signatures to that certain Fourth Amended and Restated Investor Rights Agreement, the Fourth Amended and Restated Right of First Refusal and Co-Sale Agreement and the Fourth Amended and Restated
Stockholders’ Voting Agreement of the Corporation, 

  
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pursuant to which the holder of this Warrant, this Warrant and any Warrant Stock issued pursuant to an exercise of this Warrant shall be subject to certain restrictions, and the holder of this
Warrant will be granted certain rights (including, without limitation, certain piggy-back registration rights) following its exercise of this Warrant. 

13.        Transfer Restrictions. This Warrant may not be pledged, sold, assigned or otherwise
transferred unless the proposed disposition is the subject of a currently effective registration statement under the Act, or unless the Corporation has received an opinion of counsel reasonably satisfactory in form and scope to the Corporation that
such registration is not required if the Corporation believes such transfer will violate any applicable securities laws. Upon surrender of this Warrant to the Corporation, together with the assignment hereof (substantially in the form of Exhibit
B hereto) properly endorsed, for transfer of this Warrant as an entirety by the holder, the Corporation shall issue a new warrant of the same denomination to such permitted assignee. Upon surrender of this Warrant to the Corporation, together
with the assignment hereof (substantially in the form of Exhibit B hereto) properly endorsed, by the holder for transfer with respect to a portion of the shares of Warrant Stock purchasable hereunder, as the case may be, the Corporation shall
issue a new warrant to such permitted assignee, in such denomination as shall be requested by the holder hereof, and shall issue to such holder a new warrant covering the number of shares in respect of which this Warrant shall not have been
transferred. 
 14.        Rights of Action; Remedies. All rights of action with respect to
this Warrant are vested in the holder of this Warrant, and the holder may enforce against the Corporation its right to exercise this Warrant for the purchase of shares of Warrant Stock in the manner provided in this Warrant. The Corporation
stipulates that the remedies at law of the holder of this Warrant in the event of any default or threatened default by the Corporation in the performance of or compliance with any of the terms of this Warrant are not and will not be adequate, and
that such terms may be specifically enforced by a decree for the specific performance of any agreement contained herein or by an injunction against a violation of any of the terms hereof or otherwise. 

15.        Modification of Warrant. This Warrant shall not be modified, supplemented or altered
in any respect except with the consent in writing of the holder hereof and the Corporation. 

16.    Miscellaneous. This Warrant shall be governed by, and construed and enforced in accordance with, the laws of
The Commonwealth of Massachusetts, without regard to its principles of conflicts of laws. The headings in this Warrant are for purposes of reference only, and shall not limit or otherwise affect any of the terms hereof. This Warrant is being
executed as an instrument under seal. The invalidity or unenforceability of any provision hereof shall in no way affect the validity or enforceability of any other provision. 

  
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 IN WITNESS WHEREOF, the Corporation has caused this Warrant to be duly executed as of
October 14, 2014. 
  

			
	PHREESIA, INC.
		
	By:    	 	 /s/ Chaim Indig

		 	Name: Chaim Indig
		 	Title: President

 Acknowledged and Agreed: 
  

			
	BAIRD FINANCIAL CORPORATION
		
	By:	 	 /s/ Paul L. Schultz

		 	Name: Paul L. Schultz
		 	Title: Secretary

 [Signature Page to Senior Convertible Preferred Warrant] 

  

 EXHIBIT A 

EXERCISE FORM 
 (To be signed only
on exercise of Warrant) 
 Phreesia, Inc. 
 432 Park Ave South,
12 Floor 
 New York, New York 
 Attn: President 

The undersigned hereby irrevocably elects to exercise the right to purchase represented by the within Warrant for, and to purchase thereunder,
             shares of the stock provided for therein, and requests that certificates for such shares be issued in the name of: 

 
  
  

(Please print name, address, and social security number) 
  

 
  

and, if said number of shares shall not be all the shares purchasable thereunder, that a new Warrant for the balance remaining of the shares purchasable under
the within Warrant be registered in the name of the undersigned holder of the within Warrant or his Assignee as below indicated and delivered to the address stated below. 

NAME OF HOLDER OR ASSIGNEE:
                                        
                                         
            
 (Please print) 

ADDRESS OF HOLDER 

OR ASSIGNEE:                       
                                         
                                         
                                         
    

SIGNATURE OF HOLDER:                     
                                         
                                         
                           

DATED:
                                        

 Note: The above signature must correspond with the name exactly as written upon the face of the within Warrant in every particular, without alteration or
enlargement or any change whatever, unless the within Warrant has been assigned. 

  
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 EXHIBIT B 

FORM OF ASSIGNMENT 
 (To be signed
only on transfer of Warrant) 
 For value received, the undersigned hereby sells, assigns, and transfers unto
                                 the right represented by the within Warrant to
purchase                                  shares of
                                 Stock of Phreesia, Inc. to which the within
Warrant relates, and appoints                                  attorney to
transfer such rights on the books of Phreesia, Inc. with full power of substitution in the premises. 
 NAME OF HOLDER:
                                         
                                         
                                    

(Please print) 
 ADDRESS:
                                         
                                         
                                         
                                  

SIGNATURE OF HOLDER:                     
                                         
                                         
                           

DATED:
                             

Note: The above signature must correspond with the name exactly as written upon the face of the within Warrant in every particular, without alteration or
enlargement or any change whatever, unless the within Warrant has been assigned. 
 SIGNED IN THE PRESENCE OF: 

                         
                                

  
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