Document:

Exhibit 10.3  

AMENDED AND RESTATED

REGISTRATION RIGHTS AGREEMENT  

        THIS AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT (the "Agreement") is effective as of November 8,
2006 by and among EXACTTARGET, INC., a Delaware corporation (the "Corporation"), and the Investors listed on Annex I attached hereto and made a
part hereof (the "Investors"). 

R E C I T A L S  

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

        WHEREAS, the Company, the Investors that were a party to that certain Registration Rights Agreement, dated July 15, 2004 (the
"Prior Agreement"), and the Investors purchasing Series D Preferred Stock desire to amend and restate the Prior Agreement to provide the
Investors purchasing Series D Preferred Stock with the rights and privileges as set forth herein; 

        NOW, THEREFORE, in consideration of the premises which are incorporated into and made a part of this Agreement, and of the mutual
representations, warranties, covenants, agreements and conditions set forth herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto agree to amend and restate the Prior Agreement in its entirety as follows: 

AGREEMENT  

        Section 1.    Definitions.    

        As
used in this Agreement, the following terms shall have the following meanings: 

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

        "Board" means the Board of Directors of the Corporation. 

        "Commission" means the Securities and Exchange Commission or any other agency at the time administering the Securities Act. 

        "Common Stock" means the common stock, $0.001 par value per share, of the Corporation. 

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

        "Group" has the meaning ascribed to such term in the Stockholders' Agreement, dated as of the date hereof among the Corporation and the
stockholders party thereto, as amended. 

        "IPO" means the Corporation's initial registration of shares of its Common Stock pursuant to a registration statement filed under the
Securities Act. 

 

        "Investors" means the holders of Restricted Shares identified on Annex I hereto and includes any successor to, or assignee or transferee
of, any such Person who or which agrees in writing to be treated as an Investor hereunder and to be bound by the terms and comply with all applicable provisions hereof. 

        "Other Shares" means at any time those shares of Common Stock which do not constitute Primary Shares or Registrable Shares hereunder. 

        "Person" shall be construed in the broadest sense and means and includes a natural person, a partnership, a corporation, an association, a
joint stock company, a limited liability company, a trust, a joint venture, an unincorporated organization and any other entity and any federal, state, municipal, foreign or other government,
governmental department, commission, board, bureau, agency or instrumentality, or any private or public court or tribunal. 

        "Preferred Stock" means the Series A Preferred Stock, the Series B Preferred Stock, the Series C Preferred Stock and
the Series D Preferred Stock. 

        "Primary Shares" means at any time authorized but unissued shares of Common Stock. 

        "Prior Agreement" has the meaning set forth in the Recitals. 

        "Registrable Shares" means the shares of Common Stock held by the Investors which constitute Restricted Shares. 

        "Registration Date" means the date upon which the registration statement pursuant to an IPO shall have been declared effective. 

        "Restricted Shares" means shares of Common Stock held by any Investor and any other securities which by their terms are exercisable or
exchangeable for or convertible into Common Stock which are held by such Investor (including exercised or uncxercised warrants for Preferred Stock or Common Stock or convertible debt securities). As
to any particular Restricted Shares, once issued, such Restricted Shares shall cease to be Restricted Shares when (i) they have been registered under the Securities Act, the registration
statement in connection therewith has been declared effective and they have been disposed of pursuant to such effective registration statement, (ii) they are eligible to be sold or distributed
pursuant to Rule 144 (including, without limitation, Rule 144(k)) in a single transaction by any Investor without limitation, or (iii) they shall have ceased to be outstanding. 

        "Rule 144" means Rule 144 promulgated under the Securities Act, as such Rule may be amended from time to time, or any
successor rule thereto or any complementary rule thereto (such as Rule 144A). 

        "Securities Act" means the Securities Act of 1933, as amended, or any successor statute, and the rules and regulations of the Commission
thereunder, all as the same shall be in effect from time to time. 

        "Series A Preferred Stock" means the Series A Preferred Stock of the Corporation, $.001 par value per share. 

        "Series B Preferred Stock" means the Series B Preferred Stock of the Corporation, $.001 par value per share. 

        "Series C Holders" means those persons holding Series C Preferred Stock. 

        "Series C Preferred Stock" means the Series C Preferred Stock of the Corporation, $.001 par value per share. 

        "Series D Preferred Stock" means the Series D Preferred Stock of the Corporation, $.001 par value per share. 

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        Section 2.    Required Registration.    

        (a)   At
any time following the earlier to occur of (i) three years following the date hereof or (ii) six months following the effective date of the
Corporation's IPO, if holders of at least 25% of the Registrable Shares then outstanding and held by the Series C Holders request that the Corporation effect the registration of such
Registrable Shares under the Securities Act, the Corporation shall promptly use its best efforts to effect the registration under the Securities Act of such Registrable Shares. 

        (b)   Notwithstanding
anything contained in this Section 2 to the contrary, the Corporation shall not be obligated to
effect any registration under the Securities Act except in accordance with the following provisions: 

        (i)    The
Corporation shall not be obligated to file and cause to become effective more than one registration statement initiated pursuant to  Section 2(a) above on Form S-1 promulgated under the
Securities Act (or any successor form thereto). 

        (ii)   The
Corporation may delay the filing or effectiveness of any registration statement for a period of up to 180 days after the date of a request for registration
pursuant to Section 2(a) if at the time of such request the Board determines in good faith that such registration and offering would be seriously
detrimental to the Corporation, and the Chief Executive Officer of the Corporation provides a signed certificate to such effect; provided, however, that
the Corporation shall only be entitled to invoke its rights under this Section 2(b)(ii) one time during any eighteen (18) month
period. 

        (iii)  With
respect to any registration pursuant to this Section 2 the Corporation shall give notice of such
registration to the Investors who do not request registration hereunder and the Corporation may include in such registration any Primary Shares or Other Shares; provided,
however, that if the managing underwriter advises the Corporation that the inclusion of all Registrable Shares, Primary Shares and/or Other Shares proposed to be included in
such registration would interfere with the successful marketing (including pricing) of the Registrable Shares proposed to be included in such registration, then the number of Registrable Shares,
Primary Shares and/or Other Shares proposed to be included in such registration shall be included in the following order: 

        (A)  first,
the Registrable Shares held by the Series C Holders, as determined on a pro rata basis (based upon the respective holdings of Registrable Shares by such
Series C Holders); and 

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

        (C)  third,
the Primary Shares; and 

        (D)  fourth,
the Other Shares. 

        (iv)  If
the holders of the Registrable Shares requesting to be included in a registration pursuant to Section 2(a) so
elect, the offering of such Registrable Shares pursuant to such registration shall be in the form of an underwritten offering. The holders of Registrable Shares requesting such registration shall
select one or more nationally recognized firms of investment bankers reasonably acceptable to the Corporation to act as the lead managing underwriter or underwriters in connection with such offering. 

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        (v)   At
any time before the registration statement covering such Registrable Shares becomes effective, holders of at least 25% of the Registrable Securities then outstanding
initiating the request for the registration statement may request the Corporation to withdraw or not to file the registration statement. In that event, unless such request of withdrawal was caused by,
or made in response to, a material adverse effect or a similar event related to the business, properties, condition, or operations of the Corporation not known (without imputing the knowledge of any
other Person to such holders) by the holders initiating such request at the time their request was made, or other material facts not known to such holders at the time their request was made, the
holders shall be deemed to have used one of their registration rights under Section 2(a). 

        Section 3.    Piggyback Registration.    

        If
the Corporation at any time proposes for any reason to register Primary Shares or Other Shares under the Securities Act (other than on Form S-4 or
Form S-8 promulgated under the Securities Act (or any successor forms thereto)), it shall give written notice to the Investors of its intention to so register such Primary Shares or
Other Shares at least 30 days before the initial filing of the registration statement related thereto and, upon the request of the Investors, delivered to the Corporation within 20 days
after delivery of any such notice by the Corporation, to include in such registration Registrable Shares (which request shall specify the number of Registrable Shares proposed to be included in such
registration), the Corporation shall use its best efforts to cause all such Registrable Shares to be included in such registration on the same terms and conditions as the securities otherwise being
sold in such registration; provided, however, that if the managing underwriter advises the Corporation that the inclusion of all Registrable Shares
requested to be included in such
registration would interfere with the successful marketing (including pricing) of the Primary Shares or Other Shares proposed to be registered by the Corporation, then the number of Primary Shares,
Registrable Shares and Other Shares proposed to be included in such registration shall be included in the order set forth in Section 2(b)(iii); provided further,  that for an offering other than an
IPO, the shares of Series C Preferred Stock may not be limited to less than twenty-five percent (25%) of the total
offering. 

        Section 4.    Registrations on Form S-3.    

        Anything
contained in Section 2 to the contrary notwithstanding, at such time as the Corporation shall have qualified for the use
of Form S-3 promulgated under the Securities Act or any successor form thereto, the Series C Holders shall have the right to request two registrations of their Registrable
Shares on Form S-3 (which may, at such holders' request, be shelf registrations pursuant to Rule 415 promulgated under the Securities Act) or its successor form, which
request or requests shall (i) specify the number of such Registrable Shares intended to be sold or disposed of and the holders thereof, (ii) state whether the intended method of
disposition of such Registrable Shares is an underwritten offering or a shelf registration and (iii) relate to Registrable Shares having an aggregate offering price of at least $1,000,000. A
requested registration on Form S-3 (or its successor form) in compliance with this Section 4 shall not count as a registration
statement initiated pursuant to Section 2(a), but shall otherwise be treated as a registration initiated pursuant to  Section 2(b) (including
Section 2(b)(iii)). 

        Section 5.    Holdback Agreement.    

        In
connection with the IPO, each Investor agrees that he, she or it, shall not sell publicly, make any short sale of, or otherwise dispose publicly of, any Restricted Shares (other than
sales or dispositions to members of his, her or its Group and other than with respect to those shares of Common Stock included in such registration) without the prior written consent of the
Corporation, for a period (the "Lockup Period"") designated by the Corporation in writing to the Investors, which period shall begin not more than
2 days prior to the Registration Date and shall not last more than 180 days after the Registration Date; provided, however, that
(i) all executive officers, directors and holders of one percent (1%) or more of the fully diluted capital stock of the Company must agree to a Lockup 

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Period
of at least the same duration and on substantially similar terms, and (ii) all parties subject to a Lockup Period shall only be released early from their obligations thereunder on a pro
rata basis. 

        Section 6.    Preparation and Filing.    

        If
and whenever the Corporation is under an obligation pursuant to the provisions of this Agreement to effect the registration of any Registrable Shares, the Corporation shall, as
expeditiously as practicable: 

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

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

        (c)   prepare
and file with the Commission such amendments and supplements to such registration statement and the prospectus used in connection therewith as may be necessary
to keep such registration statement effective until all of such Registrable Shares have been disposed of and to comply with the provisions of the Securities Act with respect to the sale or other
disposition of such Registrable Shares; 

        (d)   notify
in writing the Investors' Counsel (i) of the receipt by the Corporation of any notification with respect to any comments by the Commission with respect to
such registration statement or prospectus or any. amendment or supplement thereto or any request by the Commission for the amending or supplementing thereof or for additional information with respect
thereto, (ii) of the receipt by the Corporation of any notification with respect to the issuance by the Commission of any stop order suspending the effectiveness of such registration statement
or prospectus or any amendment or supplement thereto or the initiation or threatening of any proceeding for that purpose and (iii) of the receipt by the Corporation of any notification with
respect to the suspension of the qualification of such Registrable Shares for sale in any jurisdiction or the initiation or threatening of any proceeding for such purposes; 

        (e)   use
its best efforts to register or qualify such Registrable Shares under such other securities or blue sky laws of such jurisdictions as the holders of Registrable
Shares reasonably request and do any and all other acts and things which may be reasonably necessary or advisable to enable the Investors to consummate the disposition in such jurisdictions of the
Registrable Shares owned by the Investors; provided, however, that the Corporation will not be required to qualify generally to do business, subject
itself to general taxation or consent to general service of process in any jurisdiction where it would not otherwise be required to do so but for this paragraph (e); 

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

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

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enable
the Investors holding such Registrable Shares to consummate the disposition of such Registrable Shares; 

        (h)   notify
the Investors holding such Registrable Shares on a timely basis at any time when a prospectus relating to such Registrable Shares or any document related thereto
includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances
then existing and, at the request of the Investors prepare and furnish to such Investors a reasonable number of copies of a supplement to or an amendment of such prospectus as may be necessary so
that, as thereafter delivered to the offerees of such shares, such prospectus shall not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or
necessary to make the statements therein not misleading in light of the circumstances then existing; 

        (i)    make
available upon reasonable notice and during normal business hours, for inspection by the Investors holding such Registrable Shares, any underwriter participating in
any disposition pursuant to such registration statement and any attorney, accountant or other agent retained by the Investors or underwriter (collectively, the
"Inspectors"), all pertinent financial and other records, pertinent documents and properties of the Corporation (collectively, the
"Records"), as shall be reasonably necessary to enable them to exercise their due diligence responsibility, and cause the Corporation's officers,
directors and employees to supply all information (together with the Records, the "Information") reasonably requested by any such Inspector in
connection with such registration statement. Any of the Information which the Corporation determines in good faith to be confidential, and of which determination the Inspectors are so notified, shall
not be disclosed by the Inspectors unless (i) the disclosure of such Information is necessary to avoid or correct a material misstatement or omission in the registration statement,
(ii) the release of such Information is ordered pursuant to a subpoena or other order from a court or governmental agency or authority of competent jurisdiction, (iii) such Information
has been made generally available to the public through no breach of the nondisclosure obligations of the Inspectors or their Affiliates or (iv) such disclosure is required to be made under
applicable law; 

        (j)    use
its best efforts to obtain from its independent certified public accountants "cold comfort" letters in customary form and at customary times and covering matters of
the type customarily covered by cold comfort letters; 

        (k)   use
its best efforts to obtain from its counsel an opinion or opinions in customary form; 

        (l)    provide
a transfer agent and registrar (which may be the same entity and which may be the Corporation) for such Registrable Shares; 

        (m)  promptly
issue to any underwriter to which the Investors holding such Registrable Shares may sell shares in such offering certificates evidencing such Registrable
Shares; 

        (n)   list
such Registrable Shares on any national securities exchange on which any shares of the Common Stock are listed or, if the Common Stock is not listed on a national
securities exchange, use its best efforts to qualify such Registrable Shares for inclusion on the automated quotation system of the National Association of Securities Dealers, Inc. (the
"NASD"), or such other national securities exchange as a majority of the Series C Holders shall reasonably request; 

        (o)   otherwise
use its best efforts to comply with all applicable rules and regulations of the Commission and make available to its security holders, as soon as reasonably
practicable, earnings statements covering a period of 12 months beginning within three months after the effective date of the subject registration statement; and 

        (p)   otherwise
use its best efforts to take all other steps necessary to effect the registration of such Registrable Shares contemplated hereby. 

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        Each
holder of the Registrable Shares, upon receipt of any notice from the Corporation of any event of the kind described in Section 6(h)  hereof, shall forthwith discontinue disposition of the
Registrable Shares pursuant to the registration statement covering such Registrable Shares until such holder's receipt of
the copies of the supplemented or amended prospectus contemplated by Section 6(h) hereof, and, if so directed by the Corporation, such holder
shall deliver to the Corporation all copies, other than permanent file copies then in such holder's possession, of the prospectus covering such Registrable Shares at the time of receipt of such
notice. 

        Section 7.    Expenses.    

        All
expenses incurred by the Corporation and the Investors in complying with their obligations pursuant to this Agreement and in connection with the registration and disposition of
Registrable Shares, including, without limitation, all registration and filing fees (including all expenses incident to filing with the NASD), fees and expenses of complying with securities and blue
sky laws, printing expenses, fees and expenses of the Corporation's counsel and accountants and reasonable fees and expenses of the Investors' Counsel shall be paid by the Corporation;  provided, however, that all underwriting fees, discounts, selling commissions and allowances applicable to the Registrable Shares and Other Shares shall
be borne by the holders selling such Registrable Shares and Other Shares, in proportion to the number of Registrable Shares and Other Shares sold by each such holder. 

        Section 8.    Indemnification.    

        (a)   In
connection with any registration of any Registrable Shares under the Securities Act pursuant to this Agreement, the Corporation shall indemnify and hold harmless the
holders of Registrable Shares, each of such holder's officers, directors, employees, members, partners, and advisors and their respective Affiliates, each underwriter, broker or any other person
acting on behalf of the holders of Registrable Shares and each other Person, if any, who controls any of the foregoing Persons within the meaning of the Securities Act against any losses, claims,
damages, liabilities, or actions joint or several (or actions in respect thereof), to which any of the foregoing persons may become subject under the Securities Act or otherwise, insofar as such
losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon an untrue statement or allegedly untrue statement of a material fact contained in the registration
statement under which such Registrable Shares were registered under the Securities Act, any preliminary prospectus or final prospectus contained therein or otherwise filed with the Commission, any
amendment or supplement thereto or any document incident to registration or qualification of any Registrable Shares, or arise out of or are based upon the omission or alleged omission to state therein
a material fact required to be stated therein or necessary to make the statements therein not misleading or, with respect to any prospectus, necessary to make the statements therein in light of the
circumstances under which they were made not misleading, or any violation by the Corporation of the Securities Act or state securities or blue sky laws applicable to the Corporation or relating to
action or inaction required of the Corporation in connection with such registration or qualification under such state securities or blue sky laws; and shall reimburse such Persons for any legal or
other expenses reasonably incurred by any of them in connection with investigating or defending any such loss, claim, damage, liability or action; provided, however,  that the Corporation shall not be
liable in any such case to the extent that any such loss, claim, damage, liability or action (including any legal or other expenses incurred)
arises out of or is based upon an untrue statement or allegedly untrue statement or omission or alleged omission made in said registration statement, preliminary prospectus, final prospectus,
amendment, supplement or document incident to registration or qualification of any Registrable Shares in reliance upon and in conformity with written information furnished to the Corporation by the
holders of Registrable Shares specifically for use in the preparation thereof; provided further, however, that the foregoing indemnity agreement is
subject to the condition that, insofar as it relates to any untrue statement, allegedly untrue statement, omission or alleged omission made in any preliminary prospectus but eliminated 

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or
remedied in the final prospectus, such indemnity agreement shall not inure to the benefit of any of such Persons if a copy of such final prospectus had been made available to such Persons and such
final prospectus was not delivered to the purchaser of the Registrable Shares with or prior to the written confirmation of the sale of such Registrable Shares. 

        (b)   In
connection with any registration of Registrable Shares under the Securities Act pursuant to this Agreement, each holder of Registrable Shares shall severally (based
on the percentage of all Registrable, Primary and Other Shares included in such registration that were owned by such holder) and not jointly and severally indemnify and hold harmless (in the same
manner and to the same extent as set forth in Section 8(a)) the Corporation, each director of the Corporation, each officer of the Corporation
who shall sign such registration statement, each' underwriter, broker or other person acting on behalf of the holders of Registrable Shares and each person who controls any of the foregoing persons
within the meaning of the Securities Act with respect to any statement or omission from such registration statement, any preliminary prospectus or final prospectus contained therein or otherwise filed
with the Commission, any amendment or supplement thereto or any document incident to registration or qualification of any Registrable Shares, if such statement or omission was made in reliance upon
and in conformity with written information furnished to the Corporation or such
underwriter by such holder of Registrable Shares specifically for use in connection with the preparation of such registration statement, preliminary prospectus, final prospectus, amendment, supplement
or document; provided, however, that the maximum amount of liability in respect of such indemnification shall be limited, in the case of each holder of
Registrable Shares, to an amount equal to the net proceeds actually received by such holder from the sale of Registrable Shares effected pursuant to such registration. 

        (c)   Promptly
after receipt by an indemnified party of notice of the commencement of any action involving a claim referred to in this  Section 8, such indemnified party will, if a claim in respect thereof is made
against an indemnifying party, give written notice to the latter of
the commencement of such action. The failure of any indemnified party to notify an indemnifying party of any such action shall not (unless such failure shall have a material adverse effect on the
indemnifying party) relieve the indemnifying party from any liability in respect of such action that it may have to such indemnified party hereunder. In case any such action is brought against an
indemnified party, the indemnifying party will be entitled to participate in and to assume the defense thereof, jointly with any other indemnifying party similarly notified to the extent that it may
wish, with counsel reasonably satisfactory to such indemnified party, and after notice from the indemnifying party to such indemnified party of its election so to assume the defense thereof, the
indemnifying party shall not be responsible for any legal or other expenses subsequently incurred by the indemnified party in connection with the defense thereof; provided,
however, that if any indemnified party shall have reasonably concluded that there may be one or more legal or equitable defenses available to such indemnified party which are
additional to or conflict with those available to the indemnifying party, or that such claim or litigation involves or could have an effect upon matters beyond the scope of the indemnity agreement
provided hereunder, the indemnifying party shall not have the right to assume the defense of such action on behalf of such indemnified party (but shall have the right to participate therein with
counsel of its choice) and such indemnifying party shall reimburse such indemnified party and any Person controlling such indemnified party for that portion of the fees and expenses of any counsel
retained by the indemnified party which is reasonably related to the matters covered by the indemnity agreement provided hereunder. If the indemnifying party is not entitled to, or elects not to,
assume the defense of a claim, it will not be obligated to pay the fees and expenses of more than one counsel with respect to such claim. 

        (d)   If
the indemnification provided for hereunder is held by a court of competent jurisdiction to be unavailable to an indemnified party with respect to any loss, claim,
damage, liability or action 

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referred
to herein, then the indemnifying party, in lieu of indemnifying such indemnified party hereunder, shall contribute to the amounts paid or payable by such indemnified party as a result of such
loss, claim, damage, liability or action in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and of the indemnified party on the other in
connection with the statements or omissions which resulted in such loss, claim, damage, liability or action as well as any other relevant equitable considerations. The relative fault of the
indemnifying party and of the indemnified party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged
omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified party and the parties' relative intent, knowledge, access to information and
opportunity to correct or prevent such statement or omission. The parties agree that it would not be just and equitable if contribution pursuant hereto were determined by pro rata allocation or by any
other method or allocation which does not take account of the equitable considerations referred to herein. No person guilty or liable of fraudulent misrepresentation shall be entitled to contribution
from any person. 

        Section 9.    Information by Holder.    

        The
Investors shall furnish to the Corporation such written information regarding the Investors and the distribution proposed by any Investors as the Corporation may reasonably request
in writing and as shall be reasonably required in connection with any registration referred to in this Agreement. 

        Section 10.    Exchange Act Compliance.    

        From
the Registration Date or such earlier date as a registration statement filed by the Corporation pursuant to the Exchange Act relating to any class of the Corporation's securities
shall have become effective, the Corporation shall comply with all of the reporting requirements of the Exchange Act applicable to it and shall comply with all other public information reporting
requirements of the Commission which are conditions to the availability of Rule 144. The Corporation shall cooperate with the Investors in supplying such information as may be necessary for the
Investors to complete and file any information reporting forms presently or hereafter required by the Commission as a condition to the availability of Rule 144. 

        Section 11.    No Conflict of Rights; Future Rights.    

        The
Corporation shall not, after the date hereof, grant any registration rights which conflict with or impair the rights granted to the Investors hereby. If at any time following the
date hereof, the Corporation shall grant to any present or future stockholder of the Corporation rights to in any manner cause or participate in any registration statement of the Corporation that, in
the judgment of the Investors, are superior to or conflict with the rights granted to the Investors hereby, such grant shall be null, void and ultra vires. 

        Section 12.    Termination.    

        The
rights contained herein shall terminate upon the earlier to occur of (i) five (5) years after the IPO, or (ii) such date as a holder of Registrable Securities
may dispose of all of his, her or its Registrable Securities under rule 144(k) of the Securities Act within a ninety (90) day period. 

        Section 13.    Benefits of Agreement; Third Party Beneficiaries.    

        Except
as provided herein, this Agreement shall bind and inure to the benefit of the Corporation, the Investors and subject to Section 14,  the respective successors and assigns of the Corporation and the
Investors, The managing underwriter(s) of the IPO are intended third party beneficiaries of the agreements of
the Investors contained in Section 5.

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        Section 14.    Assignment.    

        Each
Investor may assign its rights hereunder to any purchaser or transferee of Registrable Shares; provided, however, that such purchaser
or transferee shall, as a condition to the effectiveness of such assignment, be required to execute a counterpart to this Agreement agreeing to be treated as an Investor whereupon such purchaser or
transferee shall have the benefits of, and shall be subject to the restrictions contained in, this Agreement as if such purchaser or transferee was originally included in the definition of an Investor
herein and had originally been a party hereto. The Corporation may not assign any rights hereunder without the consent of the Investors. 

        Section 15.    Entire Agreement.    

        This
Agreement, and the other writings referred to herein or delivered pursuant hereto, contain the entire agreement among the parties hereto with respect to the subject matter hereof
and supersede all prior and contemporaneous arrangements or understandings with respect thereto. 

        Section 16.    Notices.    

        All
notices, requests, consents and other communications hereunder to any party shall be deemed to be sufficient if contained in a written instrument delivered in person or sent by
telecopy, nationally-recognized overnight courier or first-class registered or certified mail, return receipt requested, postage prepaid, addressed to such party at the address set forth below or such
other address as may hereafter be designated in writing by such party to the -other parties: 

	 	 	(i)	 	if to the Corporation, to:

20 N. Meridian, Suite 200

Indianapolis, IN 46204

Telephone: (317) 275-5440

Facsimile: (317) 275-5440

Attention: Scott Dorsey
	

 	
 	

with a copy to:
	

 	
 	

 	
 	

Ice Miller

One American Square

P.O. Box 82001

Indianapolis, IN 46282

Telephone: (317) 236-2394

Attention: Steven K. Humke
	

 	
 	

(ii)	
 	

if to the Investors, to their respective addresses set forth on Annex I hereto.

        All such notices, requests, consents and other communications shall be deemed to have been delivered (a) in the case of personal delivery or delivery by
telecopy, on the date of such delivery, (b) in the case of dispatch by nationally-recognized overnight courier, on the next business day following such dispatch and (c) in the case of
mailing, on the third business day after the posting thereof. 

        Section 17.    Modifications; Amendments; Waivers.    

        The
terms and provisions of this Agreement may not be modified or amended except pursuant to a writing signed by the Corporation, Investors holding at least a majority of all Registrable
Securities and the Series C Holders holding a majority of the Registrable Shares held by all Series C Holders. Any waiver of any provision of this Agreement requested by any party hereto
must be granted in advance, in writing by the party granting such waiver. Any amendment and restatement of this Agreement made in accordance with this Section 17  shall be deemed adopted by, binding
upon, and 

10

 

enforceable
against each and every Investor, regardless of whether the Corporation obtains each such Investor's signature to an amended and restated agreement. 

        Section 18.    Voting on "As Converted" Basis.    

        Any
provision hereof that entitles any holders of shares of Preferred Stock to consent or vote upon any matter, or take any action, based upon an "as converted to Common Stock" or
similar basis shall be determined without giving effect to any conversion in respect of accrued and unpaid dividends thereon. 

        Section 19.    Counterparts; Facsimile Signatures.    

        This
Agreement may be executed in any number of original or facsimile counterparts, and each such counterpart hereof shall be deemed to be an original instrument, but all such
counterparts together shall constitute but one agreement. 

        Section 20.    Headings.    

        The
headings of the various sections of this Agreement have been inserted for convenience of reference only and shall not be deemed to be a part of this Agreement. 

        Section 21.    Governing Law; Consent to Jurisdiction and Venue; Waiver of Jury Trial.    

        This
Agreement shall be governed by and construed in accordance with the laws of the State of New York, without giving effect to any law or rule that would cause the laws of any
jurisdiction other than the State of New York to be applied. 

        ANY ACTION OR PROCEEDING AGAINST THE PARTIES RELATING IN ANY WAY TO THIS AGREEMENT MAY BE BROUGHT AND ENFORCED IN THE COURTS OF THE STATE OF NEW YORK OR THE
UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, TO THE EXTENT SUBJECT MATTER JURISDICTION EXISTS THEREFOR, AND THE PARTIES IRREVOCABLY SUBMIT TO THE JURISDICTION OF BOTH SUCH
COURTS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING. EACH OF THE PARTIES IRREVOCABLY WAIVE, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION THAT THEY MAY NOW OR HEREAFTER HAVE TO THE LAYING OF
VENUE OF ANY SUCH ACTION OR PROCEEDING IN THE COURTS OF THE STATE OF NEW YORK LOCATED IN NEW YORK COUNTY OR THE SOUTHERN DISTRICT OF NEW YORK AND ANY CLAIM THAT ANY SUCH ACTION OR PROCEEDING BROUGHT
IN ANY SUCH COURT HAS BEEN BROUGHT IN ANY INCONVENIENT FORUM. ANY JUDGMENT MAY BE ENTERED IN ANY COURT HAVING JURISDICTION THEREOF.  

        EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF
OR RELATING TO THIS AGREEMENT.

        Section 22.    Severability.    

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

[SIGNATURE PAGES FOLLOW]

11

 

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

	 	 	"COMPANY":
	

 	
 	

EXACTTARGET, INC.
	

 	
 	

By:	
 	

/s/  SCOTT DORSEY      
 Scott Dorsey, CEO

Counterpart Signature Page to Amended and Resignation Rights Agreement

12

 

	
 	
 	

"SERIES C HOLDERS":
	

 	
 	

INSIGHT VENTURE PARTNERS IV, L.P.
	

 	
 	

By:	
 	

Insight Venture Associates IV, L.L.C.

its General Partner
	

 	
 	

By:	
 	

/s/  JEFF HORING      
 Name: Jeff Horing

Title:
	
 	
 	

INSIGHT VENTURE PARTNERS (CAYMAN)

IV, L.P.
	

 	
 	

By:	
 	

Insight Venture Associates IV, L.L.C.

its Investment General Partner
	

 	
 	

By:	
 	

/s/  JEFF HORING      
 Name: Jeff Horing

Title:
	
 	
 	

INSIGHT VENTURE PARTNERS IV

(CO-INVESTORS), L.P. 
	

 	
 	

By:	
 	

Insight Venture Associates IV, L.L.C.,

its General Partner
	

 	
 	

By:	
 	

/s/  JEFF HORING      
 Name: Jeff Horing

Title:
	
 	
 	

INSIGHT VENTURE PARTNERS IV

(FUND B), L.P. 
	

 	
 	

By:	
 	

Insight Venture Associates IV, L.L.C.,

its General Partner
	

 	
 	

By:	
 	

/s/  JEFF HORING      
 Name: Jeff Horing

Title:

13

 

	 	 	"SERIES D HOLDERS":

MONTAGU NEWHALL GLOBAL PARTNERS II, L.P. 
	

 	
 	

By:	
 	

Montagu Newhall Global Partners II, L.P.,

its General Partner
	

 	
 	

By:	
 	

/s/  JIM LIM      
 Jim Lim, Managing Member
	
 	
 	

MONTAGU NEWHALL GLOBAL PARTNERS II-A, L.P. 
	

 	
 	

By: Montagu Newhall Global Partners II, L.P.,

its General Partner
	

 	
 	

By:	
 	

/s/  JIM LIM      
 Jim Lim, Managing Member
	
 	
 	

MONTAGU NEWHALL GLOBAL PARTNERS II-B, L.P. 
	

 	
 	

By:	
 	

Montagu Newhall Global Partners II, L.P.,

its General Partner
	

 	
 	

By:	
 	

/s/  JIM LIM      
 Jim Lim, Managing Member
	
 	
 	

MONTAGU NEWHALL GLOBAL PARTNERS III, L.P. 
	

 	
 	

By:	
 	

Montagu Newhall Global Partners III, L.P.,

its General Partner
	

 	
 	

By:	
 	

Montagu Newhall Global Partners III, L.L.C.,

its General Partner
	

 	
 	

By:	
 	

/s/  JIM LIM      
 Jim Lim, Managing Member

14

 

	
 	
 	

MONTAGU NEWHALL GLOBAL PARTNERS III-A, L.P. 
	

 	
 	

By:	
 	

Montagu Newhall Global Partners III, L.P.,

its General Partner
	

 	
 	

 	
 	

By:	
 	

Montagu Newhall Global Partners III, L.L.C.,

its General Partner
	

 	
 	

By:	
 	

/s/  JIM LIM      
 Jim Lim, Managing Member
	
 	
 	

MONTAGU NEWHALL GLOBAL PARTNERS III-B, L.P. 
	

 	
 	

By:	
 	

Montagu Newhall Global Partners III, L.P.,

its General Partner
	

 	
 	

 	
 	

By:	
 	

Montagu Newhall Global Partners III, L.L.C.,

its General Partner

	

 	
 	

By:	
 	

/s/  JIM LIM      
 Jim Lim, Managing Member

15

 

	 	 	MEMPHIS BAY POINT PARTNERS
	

 	
 	

By:	
 	

/s/  E. LEE GIOVANNETTI      

	 	 	 	 	Name:	 	E. Lee Giovannetti

	 	 	 	 	Title:	 	Managing Partner

	
 	
 	

REBECCA W. WILSON 
	

 	
 	

/s/  REBECCA W. WILSON      
 Rebecca W. Wilson
	

 	
 	
D. CANALE & COMPANY
	

 	
 	

By:	
 	

/s/  MICHAEL A. ROBINSON      

	

 	
 	

 	
 	

Name:	
 	

Michael A. Robinson

	

 	
 	

 	
 	

Title	
 	

President

16

 
Annex I  

        INVESTORS  

INSIGHT VENTURE PARTNERS IV, L.P.
  680 Fifth Avenue

New York, New York 10019

Telephone: 212-230-9200

Facsimile: 212-230-9272

Attn: Scott Maxwell

INSIGHT VENTURE PARTNERS

(CAYMAN) IV, L.P.
  680 Fifth Avenue

New York, New York 10019

Telephone: 212-230-9200

Facsimile: 212-230-9272

Attn: Scott Maxwell

INSIGHT VENTURE PARTNERS IV

(CO-INVESTORS), L.P.

680 Fifth Avenue

New York, New York 10019

Telephone: 212-230-9200

Facsimile: 212-230-9272

Attn: Scott Maxwell

INSIGHT VENTURE PARTNERS IV

(FUND B), L.P.

680 Fifth Avenue

New York, New York 10019

Telephone: 212-230-9200

Facsimile: 212-230-9272

Attn: Scott Maxwell

in
each case, with a copy to:

O'MELVENY & MYERS LLP
  Times Square Tower

7 Times Square

New York, New York 10036

Telephone: 212-326-2000

Facsimile: 212-326-2061

Attn: Ilan S. Nissan, Esq.

ROBERT A. COMPTON
  2847 Keasler Circle W.

Germantown, TN 38139 

IRONS FAMILY LIMITED PARTNERSHIP
  c/o J. Kevin Irons D.M.D.

4002 Kaywood Court

Bee Cave, Texas 78738 

 

17

 

JOE KUCHTA
  c/o Goble and Associates

800 S. Wells #200

Chicago, IL 60607 

MARK GOBLE
  c/o Goble and Associates

800 S. Wells #200

Chicago, IL 60607 

JOHN MICHAEL IRONS
  2802 W. 96th Street

Indianapolis, IN 46268 

SCOTT S. McCORKLE
  10078 Bent Tree Lane

Fishers, IN 46038 

MICHAEL J. ROBBINS
  11342 St. Andrews Lane

Carmel, IN 46032 

DAVID W. KNALL
  One American Square #2600

Indianapolis, IN 46282 

THOMAS J. BUCK
  510 E. 96th Street

Suite 500

Indianapolis, IN 46240 

BRIAN F. COOKE
  8888 Keystone Crossing

Suite 200

Indianapolis, IN 46240 

MARK DINWIDDIE
  1002 E. 81st Street

Indianapolis, IN 46240 

WILLIAM A. BONCOSKY
  3585 Bay Road North Drive

Indianapolis, IN 46240 

SKIP O'NEILL
  383 Winterthur Way

Highlands Ranch, CO 80129 

SAM B. SUTPHIN
  3603 E. Raymond Street

Indianapolis, IN 46203 

18

 

MONTAGU NEWHALL ASSOCIATES, INC.
  (c/o Montagu Newhall Global Partners II, L.P.; Montagu Newhall Global Partners II-A,L.P.;

Montagu Newhall Global Partners II-B, L.P.; Montagu Newhall Global Partners III, L.P.;

Montagu Newhall Global Partners III-A, L.P.; and Montagu Newhall Global Partners III-B, L.P.)

100 Painters Mill Road, Suite 700

Owings Mills, MD 21117

United States

Telephone: 410-363-2725

Facsimile: 410-363-9075

Attn: Matt Buckley 

in
each case, with a copy to:

 

DLA PIPER US LLP
  6225 Smith Avenue

Baltimore MD 21209-3600

Telephone: 410-580-4225

Facsimile: 410-580-3225

Attn: George Nemphos, Esq. 

MEMPHIS BAY POINT PARTNERS
  6075 Poplar Avenue, Suite 700

Memphis, TN 38119

Attn: Lee Giovannetti 

REBECCA W. WILSON
  4863 River Garden Cove

Memphis, TN 38119 

D. CANALE & COMPANY
  c/o Mr. Mike Robinson

39 South Main Street, Suite 2099

Memphis, TN 38102 

19Exhibit 10.5  

EXECUTION COPY 

FORM OF

DIRECTOR INDEMNIFICATION AGREEMENT  

        THIS DIRECTOR AND INDEMNIFICATION AGREEMENT (this "Agreement") is
made as of this 15th day of July 2004, by and between ExactTarget, Inc., a Delaware corporation (the
"Company") and                        (the "Indemnitee"). 

        WHEREAS, it is essential to the Company that it be able to retain and attract as directors the most capable persons available; 

        WHEREAS, increased corporate litigation has subjected directors to litigation risks and expenses, and the limitations on the availability
of director liability insurance have made it increasingly difficult for the Company to attract and retain such persons; 

        WHEREAS, the Company's governing documents require it to indemnify its directors to the fullest extent permitted by law and permit it to
make other indemnification arrangements and agreements; and 

        WHEREAS, the Company desires to provide the Indemnitee with specific contractual assurance of Indemnitee's rights to full indemnification
against litigation risks and expenses (regardless of any amendment to or revocation of the Company's bylaws or any change in the ownership of the Company or the composition of its Board of Directors). 

        NOW, THEREFORE, in consideration of the promises and the covenants contained herein, the Company and Indemnitee do hereby covenant and
agree as follows: 

        1.     Definitions. 

        (a)   "Corporate Status" describes the status of a person who is serving or has served (i) as a director of the Company,
(ii) in any capacity with respect to any employee benefit plan of the Company or (iii) as a director of any other Entity at the request of the Company. For purposes of subsection
(iii) of this Section 1(a), a director of the Company who is serving or has served as a director of a Subsidiary shall be deemed to be
serving as the request of the Company. 

        (b)   "Entity" shall mean any corporation, partnership, limited liability company, joint venture, company, foundation,
association, organization or other legal entity. 

        (c)   "Expenses" shall mean all fees, costs and expenses incurred in connection with any Proceeding, including, without
limitation, attorneys' fees, disbursements and retainers (including, without limitation, any fees, disbursements and retainers incurred by Indemnitee pursuant to  Section 10 of this Agreement), fees
and disbursements of expert witnesses, private investigators and professional advisors (including, without
limitation, accountants and investment bankers), court costs, transcript costs, fees of experts, travel expenses, duplicating, printing and binding costs, telephone and fax transmission charges,
postage, delivery services, secretarial services and other disbursements and expenses, and, in the case of each of the foregoing, to the extent such fees, costs and expenses are reasonable. 

        (d)   "Indemnifiable Expenses," "Indemnifiable Liabilities" and
"Indemnifiable Amounts" shall have the meanings ascribed to those terms in Section 3(a) below. 

        (e)   "Liabilities" shall mean judgments, damages, liabilities, losses, penalties, excise taxes, fines and amounts paid in
settlement. 

        (f)    "Proceeding" shall mean any threatened or pending claim, action, suit, arbitration, alternate dispute resolution process,
investigation, administrative hearing, appeal, or any other 

 

proceeding,
whether civil, criminal, administrative, arbitrative or investigative, whether formal or informal, including a proceeding initiated by Indemnitee pursuant to  Section 10 of this Agreement to enforce
Indemnitee's rights hereunder. 

        (g)   "Subsidiary" shall mean any Entity of which the Company owns (either directly or indirectly) either (i) a general
partner, managing member or other similar interest or (ii) (A) 50% or more of the voting power of the voting capital equity interests of such Entity, or (B) 50% or more of the
outstanding voting capital stock or other voting equity interests of such Entity. 

        2.     Services of Indemnitee. In consideration of the Company's covenants and commitments hereunder, Indemnitee agrees to serve
or continue to serve as a director on the board of directors of the Company. However, this Agreement shall not impose any obligation on Indemnitee or the Company to continue Indemnitee's service to
the Company beyond any period otherwise required by law or by other agreements or commitments of the parties, if any. 

        3.     Agreement to Indemnify. The Company agrees to indemnify Indemnitee as follows: 

        (a)   Subject
to the exceptions contained in Section 4(a) and  Section 6 below, if Indemnitee was or is a party or is threatened to be made a party to any
Proceeding (other than an action by or in the right
of the Company) by reason of Indemnitee's Corporate Status, Indemnitee shall be indemnified by the Company against all Expenses and Liabilities incurred or paid by Indemnitee in connection with such
Proceeding (referred to herein as "Indemnifiable Expenses" and "Indemnifiable Liabilities,"
respectively, and collectively as "Indemnifiable Amounts"). 

        (b)   Subject
to the exceptions contained in Section 4(b) and  Section 6 below, if Indemnitee was or is a party or is threatened to be made a party to any
Proceeding by or in the right of the Company to
procure a judgment in its favor by reason of Indemnitee's Corporate Status, Indemnitee shall be indemnified by the Company against all Indemnifiable Expenses. 

        4.     Exceptions to Indemnification. Indemnitee shall be entitled to indemnification under  Section 3(a) and Section 3(b) above in all circumstances other than the following:
 

        (a)   If
indemnification is requested under Section 3(a) and it has been adjudicated finally by a court of competent jurisdiction that, in connection with the subject
of the Proceeding out of which the claim for indemnification has arisen, Indemnitee failed to act (i) in good faith and (ii) in a manner Indemnitee reasonably believed to be in the best
interests of the Company, or, with respect to any criminal action or proceeding, Indemnitee had reasonable cause to believe that Indemnitee's conduct was unlawful, Indemnitee shall not be entitled to
payment of Indemnifiable Amounts hereunder. 

        (b)   If
indemnification is requested under Section 3(b) and 

          (i)  it
has been adjudicated finally by a court of competent jurisdiction that, in connection with the subject of the Proceeding out of which the claim for indemnification
has arisen, Indemnitee failed to act (A) in good faith and (B) in a manner Indemnitee believed to be in the best interests of the Company, Indemnitee shall not be entitled to payment of
Indemnifiable Expenses hereunder. 

         (ii)  it
has been adjudicated finally by a court of competent jurisdiction that Indemnitee is liable to the Company with respect to any claim, issue or matter involved in the
Proceeding out of which the claim for indemnification has arisen, no Indemnifiable Expenses shall be paid with respect to such claim, issue or matter unless the court of competent jurisdiction in
which such Proceeding was brought shall determine upon application that, despite the adjudication of liability, but in view of all the circumstances of the case, Indemnitee is fairly and reasonably
entitled to indemnity for such Indemnifiable Expenses which such court shall deem proper. 

2

 

        5.     Procedure for Payment of Indemnifiable Amounts. Indemnitee shall submit to the Company a written request specifying the
Indemnifiable Amounts for which Indemnitee seeks payment under Section 3 of this Agreement and a short description of the basis for the claim.
The Company shall pay such Indemnifiable Amounts to Indemnitee within ten (10) calendar days of receipt of the request. At the request of the Company, Indemnitee shall furnish such
documentation and information as are reasonably available to Indemnitee and necessary to establish that Indemnitee is entitled to indemnification hereunder. 

        6.     Indemnification for Expenses If Indemnitee is Wholly or Partly Successful. Notwithstanding anything contained in this
Agreement to the contrary, to the extent that Indemnitee is, by reason of Indemnitee's Corporate Status, a party to and is successful, on the merits or otherwise, in any Proceeding, Indemnitee shall
be indemnified against all Expenses reasonably incurred by Indemnitee or on Indemnitee's behalf in connection therewith. If Indemnitee is not wholly successful in such Proceeding but is successful, on
the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify Indemnitee against all Expenses reasonably incurred by Indemnitee
or on Indemnitee's behalf in connection with each successfully resolved claim, issue or matter. For purposes of this Agreement, the termination of any claim, issue or matter in such a Proceeding by
dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter. Notwithstanding any of the foregoing, nothing herein shall be construed to limit an
Indemnitee's right to indemnification which he or she would otherwise be entitled to pursuant to Section 3, and  Section 4 hereof, regardless of
the Indemnitee's success in a Proceeding. 

        7.     Effect of Certain Resolutions. Neither the settlement or termination of any Proceeding nor the failure of the Company to
award indemnification or to determine that indemnification is payable shall create an adverse presumption that Indemnitee is not entitled to indemnification hereunder. In addition, the termination of
any Proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent shall not create a presumption that Indemnitee did not act in good faith and in a manner
which Indemnitee reasonably believed to be in the best interests of the Company or, with respect to any criminal action or proceeding, had reasonable cause to believe that Indemnitee's action was
unlawful. 

        8.     Agreement to Advance Expenses; Conditions. The Company shall pay to Indemnitee all Indemnifiable Expenses incurred by
Indemnitee in connection with any Proceeding, including a Proceeding by or in the right of the Company, in advance of the final disposition of such Proceeding. Indemnitee hereby undertakes to repay
the amount of Indemnifiable Expenses paid to Indemnitee if it is finally determined by a court of competent jurisdiction that Indemnitee is not entitled under this Agreement to, or is prohibited by
applicable law from, indemnification with respect to such Expenses. 

        9.     Procedure for Advance Payment of Expenses. Indemnitee shall submit to the Company a written request specifying the
Indemnifiable Expenses for which Indemnitee seeks an advancement under Section 8 of this Agreement, together with documentation evidencing that
Indemnitee has incurred such Indemnifiable Expenses. Payment of Indemnifiable Expenses under Section 8, shall be made no later than ten
(10) calendar days after the Company's receipt of such request. 

        10.   Remedies of Indemnities. 

        (a)   Right to Petition Court. In the event that Indemnitee makes a request for payment of Indemnifiable Amounts under  Section 3 and Section 5 herein or a request for an advancement of Indemnifiable Expenses
under Sections 8 and Section 9 herein and the Company fails to make such payment or advancement
in a timely manner pursuant to the terms of this Agreement, Indemnitee may petition a court to enforce the Company's obligations under this Agreement. 

        (b)   Expenses. The Company agrees to reimburse Indemnitee in full for any Expenses incurred by Indemnitee in connection with
investigating, preparing for, litigating, defending or settling any 

3

 

action
brought by Indemnitee under Section 10(a) above; provided,  however, that if Indemnitee is unsuccessful,
on the merits in such action, then the Company shall have no obligation to Indemnitee under this  Section 10(b).
 

        (c)   Validity of Agreement. The Company shall be precluded from asserting in any Proceeding, including, without limitation, an
action under Section 10(a) above, that the provisions of this Agreement are not valid, binding and enforceable or that there is insufficient
consideration for this Agreement and shall stipulate in court that the Company is bound by all the provisions of this Agreement. 

        (d)   Failure to Act Not a Defense. The failure of the Company (including its Board of Directors or any committee thereof,
independent legal counsel, or stockholders) to make a determination concerning the permissibility of the payment of Indemnifiable Amounts or the advancement of Indemnifiable Expenses under this
Agreement shall not be a defense in any action brought under Section 10(a) above, and shall not create a presumption that such payment or
advancement is not permissible. 

        11.   Notice by Indemnitee. Indemnitee agrees to notify the Company promptly upon being served with any summons, citation,
subpoena, complaint, indictment, information, or other document relating to any Proceeding which may result in the payment of Indemnifiable Amounts or the advancement of Indemnifiable Expenses
hereunder; provided, however, that the failure to give any such notice shall not disqualify Indemnitee
from the right to receive payments of Indemnifiable Amounts or advancements of Indemnifiable Expenses, unless, and only to the extent that, the Company did not otherwise become aware of such
Proceeding and such failure results in forfeiture by the Company of substantial defenses, rights or insurance coverage. 

        12.   Representations and Warranties of the Company. The Company hereby represents and warrants to Indemnitee as follows: 

        (a)   Authority. The Company has all necessary power and authority to enter into, and be bound by the terms of, this Agreement,
and the execution, delivery and performance of the undertakings contemplated by this Agreement have been duly authorized by the Company. 

        (b)   Enforceability. This Agreement, when executed and delivered by the Company in accordance with the provisions hereof,
shall be a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except as such enforceability may be limited by equitable principles,
applicable bankruptcy, insolvency, moratorium, reorganization or similar laws affecting the enforcement of creditors' rights generally. 

        13.   Contract Rights Not Exclusive. The rights to payment of Indemnifiable Amounts and advancement of Indemnifiable Expenses
provided by this Agreement shall be in addition to, but not exclusive of, any other rights which Indemnitee may have at any time under applicable law, the Company's bylaws or certificate of
incorporation, or any other agreement, vote of stockholders or directors (or a committee of directors), or otherwise, both as to action in Indemnitee's official capacity and as to action in any other
capacity as a result of Indemnitee's serving as a director of the Company. 

        14.   No Duplication of Payments. The Company shall not be liable under this Agreement to make any payment to Indemnitee in
respect of any Indemnifiable Amounts to the extent Indemnitee has otherwise actually received payment with respect to such amounts under any insurance policy, the Company's certificate of
incorporation or bylaws, or any other indemnity agreement. 

        15.   Claims by Indemnitee Against Company. Notwithstanding any provision of this Agreement to the contrary, Indemnitee shall
not be entitled to indemnification pursuant to this Agreement in connection with any Proceeding initiated by Indemnitee against the Company or any director or officer of the Company or matters related
to the Company unless the Company has joined in or consented to 

4

 

the
initiation of such Proceeding, or unless (and to the extent that) such Indemnitee is successful in such Proceeding against the Company. 

        16.   Successors. This Agreement shall be (a) binding upon all successors and assigns of the Company (including any
transferee of all or a substantial portion of the business, stock and/or assets of the Company and any direct or indirect successor by merger or consolidation or otherwise by operation of law) and
(b) binding on and shall inure to the benefit of the heirs, personal representatives, executors and administrators of Indemnitee. This Agreement shall continue for the benefit of Indemnitee and
such heirs, personal representatives, executors and administrators after Indemnitee has ceased to have Corporate Status. 

        17.   Change in Law. To the extent that a change in Delaware law (whether by statute or judicial decision) shall permit broader
indemnification or advancement of expenses than is provided under the terms of the bylaws or certificate of incorporation of the Company and this Agreement, Indemnitee shall be entitled to such
broader indemnification and advancements, and this Agreement shall be deemed to be amended to such extent. 

        18.   Severability. Whenever possible, each provision of this Agreement shall be interpreted in such a manner as to be
effective and valid under applicable law, but if any provision of this Agreement, or any clause thereof, shall be determined by a court of competent jurisdiction to be illegal, invalid or
unenforceable, in whole or in part, such provision or clause shall be limited or modified in its application to the minimum extent necessary to make such provision or clause valid, legal and
enforceable, and the remaining provisions and clauses of this Agreement shall remain fully enforceable and binding on the parties. 

        19.   Modifications and Waiver. Except as provided in Section 15 above with respect to changes in Delaware law which
broaden the right of Indemnitee to be indemnified by the Company, no supplement, modification or amendment of this Agreement shall be binding unless executed in writing by each of the parties hereto.
No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions of this Agreement (whether or not similar), nor shall such waiver constitute a
continuing waiver. 

        20.   General Notices. All notices, requests, demands and other communications hereunder shall be in writing and shall be
deemed to have been duly given (a) when delivered by hand, (b) when transmitted by facsimile and receipt is acknowledged, or (c) if mailed by certified or registered mail with
postage prepaid, on the third business day after the date on which it is so mailed 

	(i)	    If to Indemnitee, to:

  

    Chris Baggott

    47 South Meridian, Suite 300

    Indianapolis, IN 46204

    Tel: 317-423-3928
	

(ii)	

    If to the Company, to:

  

    47 South Meridian, Suite 300

    Indianapolis, IN 46204

    Tel: 317-423-3928

or to such other address as may have been furnished in the same manner by any party to the others. 

        21.   Governing Law. This Agreement shall be governed by and construed and enforced under the laws of Delaware without giving
effect to the provisions thereof relating to conflicts of law. 

        22.   Consent to Jurisdiction. Each of the Company and Indemnitee hereby irrevocably and unconditionally consents to submit to
the sole and exclusive jurisdiction of any United States District Court of competent jurisdiction (the "Courts"), and agrees not to commence any
litigation relating thereto except in such Courts. Each of the Company and Indemnitee hereby irrevocably and unconditionally waives any objection to the laying of venue of any Proceeding arising out
of or relating to this Agreement in the Courts, and hereby irrevocably and unconditionally waives and agrees not to plead or claim that any such Proceeding brought in any such Court has been brought
in an inconvenient forum. 

5

        IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written. 

	

 	
 	
COMPANY:
	

 	
 	

EXACTTARGET, INC.
	

 	
 	

By:	
 	

	 	 	 	 	Name: Scott Dorsey
	 	 	 	 	Title: President
	

 	
 	
INDEMNITEE:
	

 	
 	

By:	
 	

	 	 	 	 	Name:

Signature page to the Director Indemnification Agreement

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