Document:

exv4w5

Exhibit 4.3

THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 AS AMENDED, OR ANY STATE
SECURITIES LAWS. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, OR HYPOTHECATED IN THE ABSENCE OF
AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL (WHICH MAY BE COMPANY
COUNSEL) REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE
SECURITIES ACT OF 1933 ACT AS AMENDED, OR ANY APPLICABLE STATE SECURITIES LAWS.

WARRANT AGREEMENT

To Purchase Shares of the Series C Preferred Stock of

WATERFRONT MEDIA INC.

Dated as of March 22, 2007 (the “Effective Date”)

     WHEREAS, Waterfront Media Inc., a Delaware corporation (the “Company”), has entered
into a Senior Loan and Security Agreement of even date herewith (the “Loan Agreement”) with
Hercules Technology Growth Capital, Inc., a Maryland corporation (the “Warrantholder”);

     WHEREAS, the Company desires to grant to Warrantholder, in consideration for, among other
things, the financial accommodations provided for in the Loan Agreement, the right to purchase
shares of its Series C Preferred Stock pursuant to this Warrant Agreement (this
“Agreement”);

     NOW, THEREFORE, in consideration of the Warrantholder executing and delivering the
Loan Agreement and providing the financial accommodations contemplated therein, and in
consideration of the mutual covenants and agreements contained herein, the Company and
Warrantholder agree as follows:

SECTION 1. DEFINITIONS.

     As used herein, the following terms shall have the following meanings:

“Act” means the Securities Act of 1933, as amended.

“Charter” means the Company’s Articles of Incorporation, Certificate of
Incorporation or other constitutional document, as may be amended from time to time.

    
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“Common Stock” means the Company’s common stock, $0.01 par value per share;

“Exercise Price” means the price per share of $3.272192.

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

“Merger Event” means a merger or consolidation involving the Company in which
holders of the Company’s capital stock before the transaction beneficially own less than 50%
of the outstanding capital stock of the surviving entity after the transaction.

“Preferred Stock” means, collectively, the Series A Preferred Stock, the Series B
Preferred Stock, the Series C Preferred Stock and any class or series of preferred stock of
the Company issues subsequent to the date of this Agreement.

“Purchase Price” means, with respect to any exercise of this Agreement, an amount
equal to the Exercise Price as of the relevant time multiplied by the number of shares of
Series C Preferred Stock requested to be exercised under this Agreement pursuant to such
exercise.

“Rights Agreement” means that certain Second Amended and Restated Stockholder Rights
Agreement by and between the Company and certain of its shareholders dated February 24,
2006.

“Series A Preferred Stock” means the Series A Preferred Stock of the Company and any
other stock into or for which the Series A Preferred Stock may be converted or exchanged,
and upon and after the occurrence of an event which results in the automatic or voluntary
conversion, redemption or retirement of all (but not less than all) of the outstanding shares of such Series A Preferred Stock, including, without limitation, the consummation of
an Initial Public Offering of the Common Stock in which such a conversion occurs, then from
and after the date upon which such outstanding shares are so converted, redeemed or retired,
“Series A Preferred Stock” shall mean such Common Stock.

“Series B Preferred Stock” means the Series B Preferred Stock of the Company and any
other stock into or for which the Series B Preferred Stock may be converted or exchanged,
and upon and after the occurrence of an event which results in the automatic or voluntary
conversion, redemption or retirement of all (but not less than all) of the outstanding
shares of such Series B Preferred Stock, including, without limitation, the consummation of
an Initial Public Offering of the Common Stock in which such a conversion occurs, then from
and after the date upon which such outstanding shares are so converted, redeemed or retired,
“Series B Preferred Stock” shall mean such Common Stock.

“Series C Preferred Stock” means the Series C Preferred Stock of the Company and any
other stock into or for which the Series C Preferred Stock may be converted or exchanged,
and upon and after the occurrence of an event which results in the automatic

    
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or voluntary conversion, redemption or retirement of all (but not less than all) of the
outstanding shares of such Series C Preferred Stock, including, without limitation, the
consummation of an Initial Public Offering of the Common Stock in which such a conversion
occurs, then from and after the date upon which such outstanding shares are so converted,
redeemed or retired, “Series C Preferred Stock” shall mean such Common Stock.

“Stock Plan” shall have the meaning assigned to such term in Section 10(d)(ii) of
this Agreement.

SECTION 2. GRANT OF THE RIGHT TO PURCHASE PREFERRED STOCK.

     For value received, the Company hereby grants to the Warrantholder, and the Warrantholder is
entitled to subscribe for and purchase from the Company, upon the terms and subject to the
conditions hereinafter set forth, and subject to adjustment as provided in Section 9 hereof,
110,018 fully paid and non-assessable shares of the Series C Preferred Stock at a purchase price
equal to the Exercise Price.

SECTION 3. TERM OF THE AGREEMENT.

     Except as otherwise provided for herein, the term of this Agreement and the right to purchase
Series C Preferred Stock as granted herein (the “Warrant”) shall commence on the Effective
Date and shall be exercisable for a period ending upon the later to occur of (i) seven (7) years
from the Effective Date; or (ii) three (3) years after the Initial Public Offering.

SECTION 4. EXERCISE OF THE PURCHASE RIGHTS.

     (a) Exercise. The purchase rights set forth in this Agreement are exercisable by the
Warrantholder, in whole or in part, at any time, or from time to time, prior to the expiration of
the term set forth in Section 3, by tendering to the Company at its principal office a notice of
exercise in the form attached hereto as Exhibit I (the “Notice of Exercise”), duly
completed and executed. Promptly upon receipt of the Notice of Exercise and the payment of the
Purchase Price in accordance with the terms set forth below, and in no event later than seven (7)
days thereafter (except following an Initial Public Offering, in which case the issuance shall be
no later than three (3) days thereafter), the Company shall issue to the Warrantholder a
certificate for the number of shares of Series C Preferred Stock purchased and shall execute the
acknowledgment of exercise in the form attached hereto as Exhibit II (the “Acknowledgment of
Exercise”) indicating the number of shares which remain subject to future purchases, if any.

     The Purchase Price may be paid at the Warrantholder’s election either (i) by cash or check, or
(ii) by surrender of all or a portion of the Warrant for shares of Series C Preferred Stock to be
exercised under this Agreement and, if applicable, an amended Agreement representing the remaining
number of shares purchasable hereunder, as determined below (“Net Issuance”). If the
Warrantholder elects the Net Issuance method, the Company will issue Series C Preferred Stock in
accordance with the following formula:

    
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	Where:	 	X = the number of shares of Series C Preferred Stock to be issued
to the Warrantholder pursuant to the Net Issuance.

     Y = the number of shares of Series C Preferred
Stock that would have been issued under this
Agreement for cash in connection with such
exercise.

     A = the fair market value of one (1) share of
Series C Preferred Stock at the time of issuance
of such shares of Series C Preferred Stock.

			
	 	 	B = the Exercise Price.

     For purposes of the above calculation, current fair market value of Series C Preferred Stock
shall mean with respect to each share of Series C Preferred Stock:

     (i) if the exercise is in connection with an Initial Public Offering, and if the
Company’s Registration Statement relating to such Initial Public Offering has been declared
effective by the SEC, then the fair market value per share shall be the product of (x) the
initial “Price to Public” of the Common Stock specified in the final prospectus with respect
to the offering and (y) the number of shares of Common Stock into which each share of Series
C Preferred Stock is convertible at the time of such exercise;

     (ii) if the exercise is after, and not in connection with an Initial Public Offering,
and:

     (A) if the Common Stock is traded on a securities exchange, the fair market
value shall be deemed to be the product of (x) the average of the closing prices
over a ten (10) day period ending two (2) days before the day the current fair
market value of the securities is being determined and (y) the number of shares of
Common Stock into which each share of Series C Preferred Stock is convertible at the
time of such exercise; or

     (B) if the Common Stock is traded over-the-counter, the fair market value shall
be deemed to be the product of (x) the average of the closing bid and asked prices
quoted on the NASDAQ system (or similar system) over the ten (10) day period ending
two (2) days before the day the current fair market value of the securities is being
determined and (y) the number of shares of Common Stock into which each share of
Series C Preferred Stock is convertible at the time of such exercise;

     (iii) if at any time the Common Stock is not listed on any securities exchange or
quoted in the NASDAQ National Market or the over-the-counter market, the current fair market
value of Series C Preferred Stock shall be the product of (x) the highest price per share
which the Company could obtain from a willing buyer (not a current employee or director) for
shares of Common Stock sold by the Company, from authorized but

    
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unissued shares, as determined in good faith by its Board of Directors and (y) the
number of shares of Common Stock into which each share of Series C Preferred Stock is
convertible at the time of such exercise, unless the Company shall become subject to a
Merger Event, in which case the fair market value of Series C Preferred Stock shall be
deemed to be the per share value received by the holders of the Company’s Series C Preferred
Stock on a common equivalent basis pursuant to such Merger Event.

     Upon partial exercise by either cash or Net Issuance, the Company shall promptly issue an
amended Agreement representing the remaining number of shares purchasable hereunder. All other
terms and conditions of such amended Agreement shall be identical to those contained herein,
including, but not limited to the Effective Date hereof.

     (b) Exercise Prior to Expiration. To the extent this Agreement is not previously
exercised as to all Series C Preferred Stock subject hereto, and if the fair market value of one
share of the Series C Preferred Stock is greater than the Exercise Price then in effect, this
Agreement shall be deemed automatically exercised pursuant to Section 4(a) (even if not
surrendered) immediately before its expiration. For purposes of such automatic exercise, the fair
market value of one share of the Series C Preferred Stock upon such expiration shall be determined
pursuant to Section 4(a). To the extent this Agreement or any portion thereof is deemed
automatically exercised pursuant to this Section 4(b), the Company agrees to promptly notify the
Warrantholder of the number of shares of Series C Preferred Stock, if any, the Warrantholder is to
receive by reason of such automatic exercise.

SECTION 5. RESERVATION OF SHARES.

     During the term of this Agreement, the Company will at all times have authorized and reserved
a sufficient number of shares of its Series C Preferred Stock to provide for the exercise of the
rights to purchase Series C Preferred Stock as provided for herein, and shall have authorized and
reserved a sufficient number of shares of its Common Stock to provide for the conversion of the
Series C Preferred Stock available hereunder.

SECTION 6. NO FRACTIONAL SHARES OR SCRIP.

     No fractional shares or scrip representing fractional shares shall be issued upon the exercise
of this Agreement, but in lieu of such fractional shares the Company shall make a cash payment
therefor upon the basis of the Exercise Price then in effect.

SECTION 7. NO RIGHTS AS SHAREHOLDER/STOCKHOLDER.

     This Agreement does not entitle the Warrantholder to any voting rights or other rights as a
shareholder/stockholder of the Company prior to the exercise of this Agreement.

SECTION 8. WARRANTHOLDER REGISTRY.

     The Company shall maintain a registry showing the name and address of the registered holder of
this Agreement. Warrantholder’s initial address, for purposes of such registry, is set forth below
Warrantholder’s signature on this Agreement. Warrantholder may change such address by giving
written notice of such changed address to the Company.

    
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SECTION 9. ADJUSTMENT RIGHTS.

     The Exercise Price and the number of shares of Series C Preferred Stock purchasable hereunder
are subject to adjustment, as follows:

     (a) Merger Event. Warrantholder agrees that if there shall be a Merger Event, either
Warrantholder shall exercise its conversion or purchase right under this Agreement and such
exercise will be deemed effective immediately prior to the consummation of such Merger Event, or
(ii) if Warrantholder elects not to exercise this Agreement prior to the Merger Event, then, as a
part of such Merger Event, lawful provision shall be made so that Warrantholder shall thereafter be
entitled to receive, upon exercise of this Agreement, the number of shares of preferred stock or
other securities or property of the successor corporation resulting from such Merger Event that
would have been issuable if Warrantholder had exercised this Agreement immediately prior to the
Merger Event. In the case of (ii) above, appropriate adjustment (as determined in good faith by
the Company’s Board of Directors) shall be made in the application of the provisions of this
Agreement with respect to the rights and interests of the Warrantholder after the Merger Event to
the end that the provisions of this Agreement (including adjustments of the Exercise Price and
number of shares of Series C Preferred Stock purchasable) shall be applicable in their entirety,
and to the greatest extent possible, and in such case, upon the closing thereof, the successor or
surviving entity shall assume the obligations of this Agreement. In the case of (i) above, upon
Warrantholder’s written election to the Company, the Company shall cause this Agreement to be
exchanged for the consideration that Warrantholder would have received if Warrantholder chose to
exercise its right to have shares issued pursuant to the Net Issuance provisions of this Agreement
without actually exercising such right, acquiring such shares and exchanging such shares for such
consideration. Notwithstanding any of the foregoing, if there shall be a Merger Event in which the
outstanding capital stock of the Company is acquired for either cash and/or unrestricted,
freely-transferable shares of capital stock in a publicly-traded company, and Warrantholder elects
not to exercise this Agreement in accordance with (i) above, this Warrant will expire upon the
consummation of such Merger Event.

     (b) Reclassification of Shares. Except as set forth in Section 9(a), if the Company
at any time shall, by combination, reclassification, exchange or subdivision of securities or
otherwise, change any of the securities as to which purchase rights under this Agreement exist into
the same or a different number of securities of any other class or classes, this Agreement shall
thereafter represent the right to acquire such number and kind of securities as would have been
issuable as the result of such change with respect to the securities which were subject to the
purchase rights under this Agreement immediately prior to such combination, reclassification,
exchange, subdivision or other change.

     (c) Subdivision or Combination of Shares. If the Company at any time shall combine or
subdivide its Series C Preferred Stock, (i) in the case of a subdivision, the Exercise Price shall
be proportionately decreased, and the number of shares of Series C Preferred Stock issuable upon
exercise of this Agreement shall be proportionately increased, or (ii) in the case of a
combination, the Exercise Price shall be proportionately increased, and the number of shares of
Series C Preferred Stock issuable upon the exercise of this Agreement shall be proportionately
decreased.

    
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     (d) Stock Dividends. If the Company at any time while this Agreement is outstanding
and unexpired shall:

     (i) pay a dividend with respect to the Series C Preferred Stock payable in Series C
Preferred Stock, then the Exercise Price shall be adjusted, from and after the date of
determination of shareholders entitled to receive such dividend or distribution, to that
price determined by multiplying the Exercise Price in effect immediately prior to such date
of determination by a fraction (A) the numerator of which shall be the total number of
shares of Series C Preferred Stock outstanding immediately prior to such dividend or
distribution, and (B) the denominator of which shall be the total number of shares of Series
C Preferred Stock outstanding immediately after such dividend or distribution; or

     (ii) make any other distribution with respect to Series C Preferred Stock (or stock
into which the Series C Preferred Stock is convertible), except any distribution
specifically provided for in any other clause of this Section 9, then, in each such case,
provision shall be made by the Company such that the Warrantholder shall receive upon
exercise or conversion of this Warrant a proportionate share of any such distribution as
though it were the holder of the Series C Preferred Stock (or other stock for which the
Series C Preferred Stock is convertible) as of the record date fixed for the determination
of the shareholders of the Company entitled to receive such distribution.

     (e) Anti-dilution Rights. Additional anti-dilution rights applicable to the Series C
Preferred Stock purchasable hereunder are as set forth in the Company’s Charter and shall be
applicable with respect to the Series C Preferred Stock issuable hereunder. The Warrantholder
hereby recognizes that such anti-dilution rights may be amended or modified, at any time, so long
as such amendment or modification is effected in a manner consistent with the requirements of the
Charter, the Rights Agreement, any other stockholder agreement, and the Delaware General Corporate
Law as then in effect. Upon the written request of Warrantholder, the Company shall promptly
provide the Warrantholder with any restatement, amendment, modification or waiver of the Charter;
provided, that no such amendment, modification or waiver shall impair or reduce the anti-dilution
rights applicable to the Series C Preferred Stock as of the date hereof unless such amendment,
modification or waiver affects the rights of Warrantholder with respect to the Series C Preferred
Stock in the same manner as it affects all other holders of Series C Preferred Stock. The Company
shall provide Warrantholder with prior written notice of any issuance of its stock or other equity
security (other than options or other rights issued under the Stock Plan), and any other
information relating to the issuance of its stock (other than options or other rights issued under
the Stock Plan) that is provided to the holders of its Series C Preferred Stock after the Effective
Date of this Agreement, including (a) the price at which such stock or security is to be sold, (b)
the number of shares to be issued, and (c) such other information as is reasonably necessary for
Warrantholder to determine if a dilutive event has occurred. For the avoidance of doubt, there
shall be no duplicate anti-dilution adjustment pursuant to this subsection (e), the forgoing
subsection (d) and the Company’s Charter.

     (f) Notice of Adjustments. If: (i) the Company shall declare any dividend or
distribution upon its stock, whether in stock, cash, property or other securities; (ii) the Company
shall offer for subscription prorata to the holders of any class of its Preferred Stock or other

    
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convertible stock any additional shares of stock of any class or other rights; (iii) there
shall be any Merger Event; (iv) there shall be an Initial Public Offering; (v) the Company shall
sell, lease, license or otherwise transfer all or substantially all of its assets; or (vi) there
shall be any voluntary dissolution, liquidation or winding up of the Company; then, in connection
with each such event, the Company shall send to the Warrantholder: (A) at least thirty (30) days’
prior written notice (or such shorter period as is provided to the Company’s stockholders in a
manner consistent with its Charter and the Rights Agreement) of the date on which the books of the
Company shall close or a record shall be taken for such dividend, distribution, subscription rights
(specifying the date on which the holders of Series C Preferred Stock shall be entitled thereto) or
for determining rights to vote in respect of such Merger Event, dissolution, liquidation or winding
up; (B) in the case of any such Merger Event, sale, lease, license or other transfer of all or
substantially all assets, dissolution, liquidation or winding up, at least thirty (30) days’ prior
written notice (or such shorter period as is provided to the Company’s stockholders in a manner
consistent with its Charter and the Rights Agreement) of the date when the same shall take place
(and specifying the date on which the holders of Series C Preferred Stock shall be entitled to
exchange their Series C Preferred Stock for securities or other property deliverable upon such
Merger Event, dissolution, liquidation or winding up); and (C) in the case of an Initial Public
Offering, at least thirty (30) days’ written notice (or such shorter period as is provided to the
Company’s stockholders in a manner consistent with its Charter and the Rights Agreement) prior to
the effective date thereof.

     Each such written notice shall set forth, in reasonable detail, (i) the event requiring the
notice, and (ii) if any adjustment is required to be made, (A) the amount of such adjustment, (B)
the method by which such adjustment was calculated, (C) the adjusted Exercise Price (if the
Exercise Price has been adjusted), and (D) the number of shares subject to purchase hereunder after
giving effect to such adjustment, and shall be given by first class mail, postage prepaid, or by
reputable overnight courier with all charges prepaid, addressed to the Warrantholder at the address
for Warrantholder set forth in the registry referred to in Section 8.

SECTION 10. REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE COMPANY.

     (a) Reservation of Series C Preferred Stock. The Series C Preferred Stock issuable
upon exercise of the Warrantholder’s rights has been duly and validly reserved and, when issued in
accordance with the provisions of this Agreement, will be validly issued, fully paid and non-
assessable, and will be free of any taxes, liens, charges or encumbrances of any nature whatsoever;
provided, that the Series C Preferred Stock issuable pursuant to this Agreement may be subject to
restrictions on transfer under state and/or federal securities laws. The Company has made
available to the Warrantholder true, correct and complete copies of its Charter and current bylaws.
The issuance of certificates for shares of Series C Preferred Stock upon exercise of this
Agreement shall be made without charge to the Warrantholder for any issuance tax in respect
thereof, or other cost incurred by the Company in connection with such exercise and the related
issuance of shares of Series C Preferred Stock; provided, that the Company shall not be required to
pay any tax which may be payable in respect of any transfer and the issuance and delivery of any
certificate in a name other than that of the Warrantholder.

    
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     (b) Due Authority. The execution and delivery by the Company of this Agreement and
the performance of all obligations of the Company hereunder, including the issuance to
Warrantholder of the right to acquire the shares of Series C Preferred Stock and the Common Stock
into which it may be converted, have been duly authorized by all necessary corporate action on the
part of the Company. The Loan Agreement and this Agreement: (1) are not inconsistent with the
Company’s Charter or current bylaws; (2) do not contravene any law or governmental rule, regulation
or order applicable to it; and (3) do not and will not contravene any provision of, or constitute a
default under, any indenture, mortgage, contract or other instrument to which it is a party or by
which it is bound. The Loan Agreement and this Agreement constitute legal, valid and binding
agreements of the Company, enforceable in accordance with their respective terms.

     (c) Consents and Approvals. No consent or approval of, giving of notice to,
registration with, or taking of any other action in respect of any state, federal or other
governmental authority or agency is required with respect to the execution, delivery and
performance by the Company of its obligations under this Agreement, except for the filing of
notices pursuant to Regulation D under the Act and any filing required by applicable state
securities law, which filings will be effective by the time required thereby.

     (d) Issued Securities. All issued and outstanding shares of Common Stock, Series C
Preferred Stock or any other securities of the Company have been duly authorized and validly issued
and are fully paid and nonassessable. All outstanding shares of Common Stock, Series C Preferred
Stock and any other securities were issued in full compliance with all federal and state securities
laws. In addition, as of the date immediately preceding the date of this Agreement:

     (i) As of the date of this Agreement, the authorized capital of the Company consists of
(A) 17,000,000 shares of Common Stock, of which 6,405,987 shares are issued and outstanding,
(B) 3,450,000 shares of Series A Preferred Stock, of which all 3,450,000 shares are issued
and outstanding and are currently convertible into 3,450,000 shares of Common Stock, (C)
2,547,251 shares of Series B Preferred Stock, of which all 2,547,251 shares are issued and
outstanding and are currently convertible into 2,547,251 shares of Common Stock, and (D)
1,943,651 shares of Series C Preferred Stock, of which all 1,833,633 shares are issued and
outstanding and are currently convertible into 1,833,633 shares of Common Stock.

     (ii) As of the date of this Agreement, the Company has reserved 1,374,013 shares of
Common Stock for issuance under its 2003 Stock Option Plan (the “Stock Plan”) duly adopted
by the Board of Directors and approved by the Company stockholders, of which (i) no shares
have been issued pursuant to restricted stock purchase agreements, (ii) options to purchase
1,313,069 shares have been granted and are currently outstanding, and (iii) 60,944 shares of
Common Stock remain available for issuance to officers, directors, employees and consultants
pursuant to the Stock Plan. There are no other options, warrants, conversion privileges or
other rights presently outstanding to purchase or otherwise acquire any authorized but
unissued shares of the Company’s capital stock or other securities of the Company. The
Company has no outstanding loans to any employee, officer or director of the Company, and
the Company

    
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agrees not to enter into any such loan or otherwise guarantee the payment of any loan
made to an employee, officer or director by a third party.

(iii) No person or entity has preemptive rights to purchase new issuances of the
Company’s capital stock.

     (e) Insurance. The Company has in full force and effect business interruption as well
as fire and casualty policies with extended coverage, sufficient in amount (subject to reasonable
deductions) to allow the Company to replace any of its properties that might be damaged or
destroyed. The Company has in full force and effect a Directors and Officers’ insurance policy in
an amount of not less than $5,000,000.00. The Company is not in default with respect to its
obligations under any insurance policy maintained by it, and the Company has not been denied
insurance coverage.

     (f) Other Commitments to Register Securities. Except as set forth in the Rights
Agreement, the Company is not, pursuant to the terms of any other agreement currently in existence,
under any obligation to register under the Act any of its presently outstanding securities or any
of its securities which may hereafter be issued.

     (g) Exempt Transaction. Subject to the accuracy of the Warrantholder’s
representations in Section 11, the issuance of the Series C Preferred Stock upon exercise of this
Agreement, and the issuance of the Common Stock upon conversion of the Series C Preferred Stock,
will each constitute a transaction exempt from (i) the registration requirements of Section 5 of
the Act, in reliance upon Section 4(2) thereof, and (ii) the qualification requirements of the
applicable state securities laws.

     (h) Compliance with Rule 144. If the Warrantholder proposes to sell Series C
Preferred Stock issuable upon the exercise of this Agreement, or the Common Stock into which it is
convertible, in compliance with Rule 144 promulgated by the SEC, then, upon Warrantholder’s written
request to the Company, the Company shall furnish to the Warrantholder, within ten days after
receipt of such request, a written statement confirming the Company’s compliance with the filing
requirements of the SEC as set forth in such Rule, as such Rule may be amended from time to time.

     (i) Information Rights. During the term of this Warrant, Warrantholder shall be
entitled to the information rights contain in Section 7.1 of the Loan Agreement, and Section 7.1 of
the Loan Agreement is hereby incorporated into this Agreement by this reference as though fully set
forth herein, provided, however, that the Company shall not be required to deliver a Compliance
Certificate once all Indebtedness (as defined in the Loan Agreement) owed by the Company to
Warrantholder as been repaid. Notwithstanding anything to the contrary otherwise contained in this
Warrant, if (i) the Warrant has been fully exercised by the Warrantholder and (ii) the Common Stock
of the Company is listed on a securities exchange or quoted in the NASDAQ National Market such that
the Warrantholder can readily ascertain the value of the Company’s Common Stock, the Company shall
no longer be required to provide information rights to Warrantholder under this Agreement.

    
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SECTION 11. REPRESENTATIONS AND COVENANTS OF THE WARRANTHOLDER.

     This Agreement has been entered into by the Company in reliance upon the following
representations and covenants of the Warrantholder:

     (a) Investment Purpose. The right to acquire Series C Preferred Stock or the Series C
Preferred Stock issuable upon exercise of the Warrantholder’s rights contained herein will be
acquired for investment and not with a view to the sale or distribution of any part thereof; and
the Warrantholder has no present intention of selling or engaging in any public distribution of the
same except pursuant to a registration or exemption.

     (b) Private Issue. The Warrantholder understands (i) that the Series C Preferred
Stock issuable upon exercise of this Agreement is not registered under the Act or qualified under
applicable state securities laws on the ground that the issuance contemplated by this Agreement
will be exempt from the registration and qualifications requirements thereof, and (ii) that the
Company’s reliance on such exemption is predicated on the representations set forth in this Section
11.

     (c) Financial Risk. The Warrantholder has such knowledge and experience in financial
and business matters as to be capable of evaluating the merits and risks of its investment, and has
the ability to bear the economic risks of its investment.

     (d) Risk of No Registration. The Warrantholder understands that if the Company does
not register with the SEC pursuant to Section 12 of the Securities Exchange Act of 1934 (the “1934
Act”), or file reports pursuant to Section 15(d) of the 1934 Act, or if a registration statement
covering the securities under the Act is not in effect when it desires to sell (i) the rights to
purchase Series C Preferred Stock pursuant to this Agreement or (ii) the Series C Preferred Stock
issuable upon exercise of the right to purchase, it may be required to hold such securities for an
indefinite period. The Warrantholder also understands that any sale of (A) its rights hereunder to
purchase Series C Preferred Stock or (B) Series C Preferred Stock issued or issuable hereunder
which might be made by it in reliance upon Rule 144 under the Act may be made only in accordance
with the terms and conditions of that Rule.

     (e) Accredited Investor. Warrantholder is an “accredited investor” within the meaning
of the Securities and Exchange Rule 501 of Regulation D, as presently in effect.

     (f) Legends. This Warrant and all certificates representing the shares issued upon
exercise hereof shall bear a legend in substantially the following form (in addition to any other
legends required under federal or state laws):

THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR
ANY STATE SECURITIES LAWS. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, OR HYPOTHECATED
IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF
COUNSEL (WHICH MAY BE COMPANY COUNSEL) REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH

    
		11.

    
		

REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1993, AS AMENDED, OR ANY APPLICABLE
STATE SECURITIES LAWS.

SECTION 12. TRANSFERS.

     Subject to the terms and conditions contained in Section 10, and compliance with applicable
federal and state securities laws, this Agreement and all rights hereunder are transferable, in
whole or in part, without charge to the holder hereof (except for transfer taxes) upon surrender of
this Agreement properly endorsed. Each taker and holder of this Agreement, by taking or holding
the same, consents and agrees that this Agreement, when endorsed in blank, shall be deemed
negotiable, and that the holder hereof, when this Agreement shall have been so endorsed and its
transfer recorded on the Company’s books, shall be treated by the Company and all other persons
dealing with this Agreement as the absolute owner hereof for any purpose and as the person entitled
to exercise the rights represented by this Agreement. The transfer of this Agreement shall be
recorded on the books of the Company upon receipt by the Company of a notice of transfer in the
form attached hereto as Exhibit II: (the “Transfer Notice”), at its principal offices and the
payment to the Company of all transfer taxes and other governmental charges imposed on such
transfer. Until the Company receives such Transfer Notice, the Company may treat the registered
owner hereof as the owner for all purposes. Notwithstanding any term or condition contained in
this Warrant to the contrary, the Company may refuse to transfer this Warrant or issue shares
issuable upon conversion or exercise of this Warrant to any person (whether legal or natural) who
is reasonably determined in good faith by the Borrower’s Board of Directors to be an actual or
potential competitor of the Bo, rower (or who is an Affiliate of any person (whether legal or
natural) so deemed to be an actual or potential competitor of the Borrower).

SECTION 13. MISCELLANEOUS.

     (a) Effective Date. The provisions
of this Agreement shall be construed and shall be given effect in all respects as if it had been executed and delivered by the Company on the date
hereof. This Agreement shall be binding upon any Successor’s or assigns of the Company and the
Warrantholder.

     (b) Remedies. In the event of any default hereunder, the non-defaulting party may
proceed to protect and enforce its rights either by suit in equity and/or by action at law,
including but not limited to an action for damages as a result of any such default, and/or an
action for specific performance for any default where Warrantholder: will not have an adequate
remedy at law and where damages will not be readily ascertainable. The Company expressly agrees
that it shall not oppose an application by the Warrantholder or any other person entitled to the
benefit of this Agreement requiring specific performance of any or all provisions hereof or
enjoining the Company from continuing to commit any such breach of this Agreement.

     (c) No Impairment of Rights. The Company will not, by amendment of its Charter or
through any other means, avoid or seek to avoid the observance or performance of any of the terms
of this Agreement, but will at all times in good faith assist in the carrying out of all such terms
and in the taking of all such actions as may be necessary or appropriate in order to protect the
rights of the Warrantholder against impairment.

    
		12.

    
		

     (d) Additional Documents. The Company, upon execution of this Agreement, shall
provide the Warrantholder with certified resolutions with respect to the representations,
warranties and covenants set forth in Sections 10(a) through 10(d), 10(f) and 10(g). The Company
shall also supply such other documents as the Warrantholder may from time to time reasonably
request.

     (e) Attorney’s Fees. In any litigation, arbitration or court proceeding between the
Company and the Warrantholder relating hereto, the prevailing party shall be entitled to attorneys’
fees and expenses and all costs of proceedings incurred in enforcing this Agreement. For the
purposes of this Section 13(e), attorneys’ fees shall include without limitation fees incurred in
connection with the following: (i) contempt proceedings; (ii) discovery; (iii) any motion,
proceeding or other activity of any kind in connection with an insolvency proceeding; (iv)
garnishment, levy, and debtor and third party examinations; and (v) post-judgment motions and
proceedings of any kind, including without limitation any activity taken to collect or enforce any
judgment.

     (f) Severability. In the event any one or more of the provisions of this Agreement
shall for any reason be held invalid, illegal or unenforceable, the remaining provisions of this
Agreement shall be unimpaired, and the invalid, illegal or unenforceable provision shall be
replaced by a mutually acceptable valid, legal and enforceable provision, which comes closest to
the intention of the parties underlying the invalid, illegal or unenforceable provision.

     (g) Notices. Except as otherwise provided herein, any notice, demand, request,
consent, approval, declaration, service of process or other communication that is required,
contemplated, or permitted under this Agreement or with respect to the subject matter hereof shall
be in writing, and shall be deemed to have been validly served, given, delivered, and received upon
the earlier of (i) the first business day after transmission by facsimile or hand delivery or
deposit with an overnight express service or overnight ma:: delivery service; or (ii) the third
calendar day after deposit in the United States mails, with proper first class postage prepaid
(provided, that any Advance Request shall not be deemed received until Lender’s actual receipt
thereof), and shall be addressed to the party to be notified as follows:

     If to Warrantholder:

HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

Legal Department

Attention: Chief Legal Officer, Manuel Henriquez and Roy Liu

400 Hamilton Avenue, Suite 310

Palo Alto, CA 94301

Facsimile: 650.473.9194

Telephone: 650.289.3060

     With a copy to:

SEYFARTH SHAW LLP

Attention: Louis J. DiFronzo, Jr., Esq.

Two World Trade Center East,

    
		13.

    
		

Suite 300

Boston, Massachusetts 02210-2028

Facsimile: 617.946.4801

Telephone: 617.946.4870

     If to the Company:

WATERFRONT MEDIA INC.

Attention: Brian Cooper,

Chief Financial Officer

45 Main Street, Suite 800

Brooklyn, NY 11201

Facsimile:

Telephone:

     With a copy to:

PILLSBURY WINTHROP SHAW PITTMAN LLP

Attention: Bo Yaghmaie

1540 Broadway

New York, NY 10036

Facsimile: 212.858.1500

Telephone: 212.858.1228

     or to such other address as each party may designate for itself by like notice.

     (h) Entire Agreement: Amendments. This Agreement constitute the entire agreement and
understanding of the parties hereto in respect of the subject matter hereof, and supersedes and
replaces in their entirety any prior proposals, term sheets, letters, negotiations or other
documents or agreements, whether written or oral, with respect to the subject matter hereof
(including Lender’s proposal letter dated January 24, 2007). None of the terms of this Agreement
may be amended except by an instrument executed by each of the parties hereto.

     (i) Headings. The various headings in this Agreement are inserted for convenience
only and shall not affect the meaning or interpretation of this Agreement or any provisions hereof.

     (j) Advice of Counsel. Each of the parties represents to each other party hereto that
it has discussed (or had an opportunity to discuss) with its counsel this Agreement and,
specifically, the provisions of Sections 13(n), 13(o), 13(p). 13(q) and 13(r).

     (k) No Strict Construction. The parties hereto have participated jointly in the
negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or
interpretation arises, this Agreement shall be construed as if crafted, jointly by the parties
hereto and no presumption or burden of proof shall arise favoring or disfavoring any party by
virtue of the authorship of any provisions of this Agreement.

    
		14.

    
		

     (l) No Waiver. No omission or delay by Warrantholder at any time to enforce any right
or remedy reserved to it, or to require performance of any of the terms, covenants or provisions
hereof by the Company at any time designated, shall be a waiver of any such right or remedy to
which Warrantholder is entitled, nor shall it in any way affect the right of Warrantholder to
enforce such provisions thereafter.

     (m) Survival. All agreements, representations and warranties contained in this
Agreement or in any document delivered pursuant hereto shall be for the benefit of Warrantholder
and the Company, as applicable, and shall survive the execution and delivery of this Agreement and
the expiration or other termination of this Agreement.

     (n) Governing Law. This Agreement have been negotiated and delivered to Warrantholder
in the State of California, and shall have been accepted by Warrantholder in the State of
California. Delivery of Series C Preferred Stock to Warrantholder by the Company under this
Agreement is due in the State of California. This Agreement shall be governed by, and construed
and enforced in accordance with, the laws of the State of California, excluding conflict of laws
principles that would cause the application of laws of any other jurisdiction.

     (o) Consent to Jurisdiction and Venue. All judicial proceedings arising in or under
or related to this Agreement may be brought in any state or federal court of competent jurisdiction
located in the State of California. By execution and delivery of this Agreement, each party hereto
generally and unconditionally: (a) consents to personal jurisdiction in San Mateo County, State of
California; (b) waives any objection as to jurisdiction or venue in San Mateo County, State of
California; (c) agrees not to assert any defense based on lack of jurisdiction or venue in the
aforesaid courts; and (d) irrevocably agrees to be bound by ally judgment rendered thereby in
connection with this Agreement. Service of process on any party hereto in any action arising out
of or relating to this Agreement shall be effective if given in accordance with the requirements
for notice set forth in Section 13(g), and shall be deemed effective and received as set forth in
Section 13(g). Nothing herein shall affect the right to serve process in any other manner
permitted by law or shall limit the right of either party to bring proceedings in the courts of any
other jurisdiction.

     (p) Mutual Waiver of Jury Trial. Because disputes arising in connection with complex
financial transactions are most quickly and economically resolved by an experienced and expert
person and the parties wish applicable state and federal laws to apply (rather than arbitration
rules), the parties desire that their disputes be resolved by a judge applying such applicable
laws. EACH OF THE COMPANY AND WARRANTHOLDER SPECIFICALLY WAIVES ANY RIGHT IT MAY HAVE TO TRIAL BY
JURY OF ANY CAUSE OF ACTION, CLAIM, CROSS-CLAIM, COUNTERCLAIM, THIRD PARTY CLAIM OR ANY OTHER CLAIM
(COLLECTIVELY, “CLAIMS”) ASSERTED BY THE COMPANY AGAINST WARRANTHOLDER OR ITS ASSIGNEE OR BY
WARRANTHOLDER OR ITS ASSIGNEE AGAINST THE COMPANY. This waiver extends to all shareholder Claims,
including such Claims that involve Persons other than the Company and the Warrantholder; Claims
that arise out of or are in any way connected to the relationship between the Company and
Warrantholder; and any Claims for damages, breach of contract, specific performance, or L equitable
or legal relief of any kind, arising out of this Agreement.

    
		15.

    
		

     (q) Arbitration. If the Mutual Waiver of Jury Trial set forth in Section 13(p) is
ineffective or unenforceable, the parties agree that all claims shall be submitted to binding
arbitration in accordance with the commercial arbitration rules of JAMS (the “Rules”), such
arbitration to occur before one arbitrator, which arbitrator shall be a retired California state
judge or a retired Federal court judge. Such proceeding shall be c, .ducted in San Francisco
County, California, with California rules of evidence and discovery , applicable to such
arbitration. The decision of the arbitrator shall be binding on the parties, and ball be final and
nonappealable to the maximum extent permitted by law. Any judgment rendered by the arbitrator may
be entered in a court of competent jurisdiction and enforced by the prevailing party as a final
judgment of such court.

     (r) Pre-arbitration Relief. In the event Claims to be resolved by arbitration, either
party may seek from a court of competent jurisdiction, identified in Section 13(o), any prejudgment
order, writ or other relief and have such prejudgment order, writ or other relief enforced to the
fullest extent permitted by law notwithstanding that all Claims are otherwise subject to resolution
by binding arbitration.

     (s) Counterparts. This Agreement and any amendments, waivers, consents or supplements
hereto may be executed in any number of counterparts, and by different parties hereto in separate
counterparts, each of which when so delivered shall be deemed an original, but all of which
counterparts shall constitute but one and the same instrument.

     (t) Specific Performance. The parties hereto hereby declare that it is impossible to
measure in money the damages which will accrue to Warrantholder by reason of the Company’s failure
to perform any of the obligations under this Agreement and agree that the terms of this Agreement
shall be specifically enforceable by Warrantholder. If Warrantholder institutes any action or
proceeding to specifically enforce the provisions hereof, any person against whom such action or
proceeding is brought hereby waives the claim or defense therein that Warrantholder has an adequate
remedy at law, and such person shall not offer in any such action or proceeding the claim or
defense that such remedy at law exists.

[Remainder of Page Intentionally Left Blank]

    
		16.

    
		

     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by its
officers thereunto duly authorized as of the Effective Date.

	 	 	 	 	 	 	 
	COMPANY:	 	WATERFRONT MEDIA INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Benjamin Wolin
 

	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	Notice Address:

	 	Attn:	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 

	 	 
	 	 	 	 	Facsimile: (___) 

	 	 
	 
	 	 	 	 	 	 
	WARRANTHOLDER:	 	HERCULES TECHNOLOGY GROWTH CAPITAL, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ [Illegible]	 	 
	 

	 	 	 	 	 	 
	 	 	Title:    Chief Legal Officer	 	 
	 
	 	 	 	 	 	 
	Notice Address:	 	Hercules Technology Growth Capital, Inc.	 	 
	 	 	Attn: Manuel Henriquez	 	 
	 	 	Four Palo Alto Square	 	 
	 	 	3000 El Camino Real, Suite 200	 	 
	 	 	Palo Alto, CA 94306	 	 
	 	 	Facsimile: 650-813-6211	 	 
	 	 	Telephone: 650-813-6200	 	 
	cc:
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	Hercules Technology Growth Capital, Inc.	 	 
	 	 	Attn: Chief Legal Officer	 	 
	 	 	400 Hamilton Avenue, Suite 310	 	 
	 	 	Palo Alto, CA 94301	 	 
	 	 	Facsimile: 650-473-9194	 	 
	 	 	Telephone: 850-239-3060	 	 

    
		17exv4w6

Exhibit 4.4

THIS WARRANT AND THE SHARES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED, AND MAY NOT BE SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH
APPLICABLE LAW.

WARRANT TO PURCHASE STOCK

	 	 	 
	Corporation:

	 	WATERFRONT MEDIA INC., a Delaware corporation
	Number of Shares:

	 	47,285 
	Class of Stock:

	 	Series F Preferred Stock
	Initial Exercise Price:

	 	$7.6134 
	Issue Date:

	 	September 18, 2009
	Expiration Date:

	 	September 18, 2016

     This Warrant (this “Warrant”) Certifies That, for good and valuable consideration,
the receipt of which is hereby acknowledged, Square 1 Bank or its assignee (“Holder”) is
entitled to purchase the number of fully paid and nonassessable shares of the class of securities
(the “Shares”) of WATERFRONT MEDIA INC. (the “Company”) at the initial exercise price per
Share (the “Warrant Price”) all as set forth above and as adjusted pursuant to Article 2 of this
Warrant, subject to the provisions and upon the terms and conditions set forth in this Warrant.

ARTICLE 1

EXERCISE

     1.1 Method of Exercise. Holder may exercise this Warrant by delivering this warrant and a
duly executed Notice of Exercise in substantially the form attached as Appendix 1 to the principal
office of the Company. Unless Holder is exercising the conversion right set forth in Section 1.2,
Holder shall also deliver to the Company a check for the aggregate Warrant Price for the Shares
being purchased.

     1.2 Conversion Right. In lieu of exercising this Warrant as specified in Section 1.1, Holder
may from time to time convert this Warrant, in whole or in part, into a number of Shares determined
by dividing (a) the aggregate fair market value of the Shares or other securities otherwise
issuable upon exercise of this Warrant minus the aggregate Warrant Price of such Shares by (b) the
fair market value of one Share. The fair market value of the Shares shall be determined pursuant
to Section 1.4.

     1.3 Intentionally Omitted.

     1.4 Fair Market Value. If the Shares are traded regularly in a public market, the fair market
value of the Shares shall be the average of the closing bid and asked prices, or the average
closing price, of the Shares, as applicable, (or the average of the closing bid and asked prices,
or the average closing price, of the Company’s stock, as applicable, into which the Shares are
convertible) reported for the ten (10) day period immediately before Holder delivers its Notice of
Exercise to the Company. If the Shares are not regularly traded in a public market, the Board of
Directors of the Company shall determine fair market value in its reasonable good faith judgment.

     1.5 Delivery of Certificate and New Warrant. Promptly after Holder exercises or converts this
Warrant, the Company shall deliver to Holder certificates for the Shares acquired and, if this
Warrant

1.

 

has not been fully exercised or converted and has not expired, a new warrant representing the
Shares not so acquired.

     1.6 Replacement of Warrants. On receipt of evidence reasonably satisfactory to the Company of
the loss, theft, destruction or mutilation of this Warrant and, in the case of loss, theft or
destruction, on delivery of an indemnity agreement reasonably satisfactory in form and amount to
the Company or, in the case of mutilation, on surrender and cancellation of this Warrant, the
Company at its expense shall execute and deliver, in lieu of this warrant, a new Warrant of like
tenor.

     1.7 Repurchase on Sale, Merger, or Consolidation of the Company.

          1.7.1 “Acquisition.” For the purpose of this Warrant, “Acquisition” means (a) any sale,
license, or other disposition of all or substantially all of the assets (including intellectual
property) of the Company, (b) any sale or disposition of all or substantially all of the capital
stock of the Company, or (c) any reorganization, consolidation, merger or sale of the voting
securities of the Company or any other transaction where the holders of the Company’s securities
before the transaction beneficially own less than 50% of the outstanding voting securities of the
surviving entity after the transaction.

          1.7.2 Assumption of Warrant. If upon the closing of any Acquisition the successor entity
assumes the obligations of this Warrant, then this Warrant shall be exercisable for the same
securities, cash, and property as would be payable for the Shares issuable upon exercise of the
unexercised portion of this Warrant as if such Shares were outstanding on the record date for the
Acquisition and subsequent closing. The Warrant Price shall be adjusted accordingly. The Company
shall use reasonable efforts to cause the surviving corporation to assume the obligations of this
Warrant. Notwithstanding the foregoing, in the event of an Acquisition in which the outstanding
capital stock of the Company is acquired for cash and/or capital stock of a publicly-traded
acquirer, this Warrant shall be automatically deemed to be exercised and converted pursuant to
Section 1.2 above immediately prior to the consummation of the Acquisition.

          1.7.3 Nonassumption. If upon the closing of any Acquisition the successor entity does not
assume the obligations of this Warrant and Holder has not otherwise exercised this Warrant in full,
then this Warrant shall be deemed to have been automatically converted pursuant to Section 1.2 and
thereafter Holder shall participate in the Acquisition on the same terms as other holders of the
same class of securities of the Company.

ARTICLE 2

ADJUSTMENTS TO THE SHARES

     2.1 Stock Dividends, Splits, Etc. If the Company declares or pays a dividend on its common
stock payable in common stock, or other securities, or subdivides the outstanding common stock into
a greater amount of common stock, then upon exercise of this Warrant, for each Share acquired,
Holder shall receive, without cost to Holder, the total number and kind of securities to which
Holder would have been entitled had Holder owned the Shares of record as of the date the dividend
or subdivision occurred; provided that Holder shall not be entitled to receive any such securities
to the extent that the conversion price of the Shares is appropriately adjusted to provide for such
issuance upon the conversion of the Shares.

     2.2 Reclassification, Exchange or Substitution. Upon any reclassification, exchange,
substitution, or other event that results in a change of the number and/or class of the securities
issuable upon exercise or conversion of this Warrant, Holder shall be entitled to receive, upon
exercise or

2.

 

conversion of this Warrant, the number and kind of securities and property that Holder would
have received for the Shares if this Warrant had been exercised immediately before such
reclassification, exchange, substitution, or other event. Such an event shall include any
automatic conversion of the outstanding or issuable securities of the Company of the same class or
series as the Shares to common stock pursuant to the terms of the Company’s Certificate of
Incorporation upon the closing of a registered public offering of the Company’s common stock. The
Company or its successor shall promptly issue to Holder a new warrant for such new securities or
other property. The new warrant shall provide for adjustments which shall be as nearly equivalent
as may be practicable to the adjustments provided for in this Article 2 including, without
limitation, adjustments to the Warrant Price and to the number of securities or property issuable
upon exercise of the new warrant. The provisions of this Section 2.2 shall similarly apply to
successive reclassifications, exchanges, substitutions, or other events.

     2.3 Adjustments for Combinations, Etc. If the outstanding Shares are combined or
consolidated, by reclassification or otherwise, into a lesser number of shares, the Warrant Price
shall be proportionately increased. If the outstanding Shares are combined or consolidated, by
reclassification or otherwise, into a greater number of shares, the Warrant Price shall be
proportionately decreased.

     2.4 Adjustments for Diluting Issuances. In the event of the issuance (a “Diluting Issuance”)
by the Company after the Issue Date of securities at a price per share less than the Warrant Price,
then the number of shares of common stock issuable upon conversion of the Shares shall be adjusted
in accordance with those provisions of the Company’s Certificate of Incorporation that apply to
Diluting Issuances. The provisions set forth for the Shares in the Company’s Certificate of
Incorporation relating to the above in effect as of the Issue Date may not be amended, modified or
waived, without the prior written consent of Holder unless such amendment, modification or waiver
affects the rights associated with the Shares in the same manner as such amendment, modification or
waiver affects the rights associated with all other shares of the same series and class as the
Shares granted to Holder.

     2.5 Certificate as to Adjustments. Upon each adjustment of the Warrant Price, the Company at
its expense shall promptly compute such adjustment, and furnish Holder with a certificate of its
Chief Financial Officer setting forth such adjustment and the facts upon which such adjustment is
based. The Company shall, upon written request, furnish Holder a certificate setting forth the
Warrant Price in effect upon the date thereof and the series of adjustments leading to such Warrant
Price.

     2.6 Fractional Shares. No fractional Shares shall be issuable upon exercise or conversion of
the Warrant and the Number of Shares to be issued shall be rounded down to the nearest whole Share.
If a fractional share interest arises upon any exercise or conversion of the Warrant, the Company
shall eliminate such fractional share interest by paying Holder the amount computed by multiplying
the fractional interest by the fair market value of a full Share as determined pursuant to Section
1.4 above.

ARTICLE 3

REPRESENTATIONS AND COVENANTS OF THE COMPANY

     3.1 Representations and Warranties. The Company hereby represents and warrants to the Holder
as follows:

          (a) The initial Warrant Price referenced on the first page of this Warrant is the per share
price paid in Company’s most recent equity financing.

          (b) All Shares which may be issued upon the exercise of the purchase right represented by this
Warrant, and all securities, if any, issuable upon conversion of the Shares, shall, upon

3.

 

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 Company’s capitalization table attached to this Warrant is true and complete as of the
Issue Date.

     3.2 Notice of Certain Events. The Company shall provide Holder with not less than 10 days
prior written notice, including a description of the material facts surrounding, any of the
following events: (a) declaration of any dividend or distribution upon its common stock, whether
in cash, property, stock, or other securities and whether or not a regular cash dividend; (b)
offering for subscription pro rata to the holders of any class or series of its stock any
additional shares of stock of any class or series or other rights; (c) effecting any
reclassification or recapitalization of common stock; or (d) the merger or consolidation with or
into any other corporation, or sale, lease, license, or conveyance of all or substantially all of
its assets, or liquidation, dissolution or winding up.

     3.3 Information Rights. So long as the Holder holds this Warrant, the Company shall deliver
to the Holder (a) within one hundred eighty (180) days after the end of each fiscal year of the
Company, the annual audited financial statements of the Company certified by independent public
accountants of recognized standing and (b) within forty-five (45) days after the end of each of the
first three quarters of each fiscal year, the Company’s quarterly, unaudited financial statements.
Notwithstanding anything to the contrary otherwise contained in this Warrant, if (i) this Warrant
has been fully exercised by Holder and (ii) the Common Stock of the Company is listed on a
securities exchange or quoted in the NASDAQ National Market such that Holder can readily ascertain
the value of the Company’s Common Stock, the Company shall no longer be required to provide
information rights to Holder under this Warrant.

     3.4 Registration Under Securities Act of 1933, as amended. The Company agrees that the Shares
or, if the Shares are convertible into common stock of the Company, such common stock, shall be
“Registrable Securities”, and Holder shall be a “Holder” under the Fifth Amended and Restated
Stockholder Rights Agreement among the Company and other persons dated as of October 15, 2008.

ARTICLE 4

MISCELLANEOUS

     4.1 Term: Exercise Upon Expiration. This Warrant is exercisable in whole or in part, at any
time and from time to time on or before the Expiration Date set forth above; provided, however,
that if the Company completes its initial public offering within the three-year period immediately
prior to the Expiration Date, the Expiration Date shall automatically be extended until the third
anniversary of the effective date of the Company’s initial public offering. If this Warrant has
not been exercised prior to the Expiration Date, this Warrant shall be deemed to have been
automatically exercised on the Expiration Date by “cashless” conversion pursuant to Section 1.2.

     4.2 Legends. This Warrant and the Shares (and the securities issuable, directly or
indirectly, upon conversion of the Shares, if any) shall be imprinted with a legend in
substantially the following form as well as any additional legends that the Company and Holder
mutually agree upon with respect to such Shares:

4.

 

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE
SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH APPLICABLE LAW.

     4.3 Compliance with Securities Laws on Transfer. This Warrant and the Shares issuable upon
exercise of this Warrant (and the securities issuable, directly or indirectly, upon conversion of
the Shares, if any) may not be transferred or assigned in whole or in part without compliance with
applicable federal and state securities laws by the transferor and the transferee. The Company
shall not require Holder to provide an opinion of counsel if the transfer is to an affiliate of
Holder or if there is no material question as to the availability of current information as
referenced in Rule 144(c), Holder represents that it has complied with Rule 144 (d) and (e) in
reasonable detail, the selling broker represents that it has compiled with Rule 144(f), and the
Company is provided with a copy of Holder’s notice of proposed sale.

     4.4 Transfer Procedure. Subject to the provisions of Section 4.3, Holder may transfer all or
part of this Warrant or the Shares issuable upon exercise of this Warrant (or the securities
issuable, directly or indirectly, upon conversion of the Shares, if any) by giving the Company
notice of the portion of the Warrant being transferred setting forth the name, address and taxpayer
identification number of the transferee and surrendering this Warrant to the Company for reissuance
to the transferee(s) (and Holder, if applicable). No surrender or reissuance shall be required if
the transfer is to an affiliate of Holder. Notwithstanding any term or condition contained in this
Warrant to the contrary, the Company may refuse to transfer this Warrant or issue shares issuable
upon conversion or exercise of this Warrant to any person (whether legal or natural) who is
reasonably determined in good faith by the Company’s Board of Directors to be an actual competitor
of the Company (or who is an Affiliate of any person (whether legal or natural) so deemed to be an
actual competitor of the Company).

     4.5 “Market Stand-off” Agreement. The Holder hereby agrees that it will not, without the
prior written consent of the managing underwriter in an initial public offering of the Company,
during the period commencing on the date of the final prospectus relating to such initial public
offering and ending on the date specified by the Company and the managing underwriter (such period
not to exceed one hundred eighty (180) days or such longer period as is necessary to facilitate
compliance with NASD Rule 2711 or NYSE Member Rule 472 or any successor or similar rule or
regulation), (i) lend; offer; pledge; sell; contract to sell; sell any option or contract to
purchase; purchase any option or contract to sell; grant any option, right, or warrant to purchase;
or otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock or any
securities convertible into or exercisable or exchangeable for Common Stock held immediately before
the effective date of the registration statement for such offering or (ii) enter into any swap or
other arrangement that transfers to another, in whole or in part, any of the economic consequences
of ownership of the Common Stock, whether any such transaction described in clause (i) or (ii)
above is to be settled by delivery of Common Stock or other securities, in cash, or otherwise. The
foregoing provisions of this Section 4.5 shall apply only to an initial public offering of the
Company, shall not apply to the sale of any shares to an underwriter pursuant to an underwriting
agreement, and shall be applicable to the Holder only if all officers, directors, and stockholders
individually owning more than one percent (1%) of the Company’s outstanding Common Stock are
subject to the same restrictions. The underwriters in connection with an initial public offering
of the Company are intended third-party beneficiaries of this Section 4.5 and shall have the right,
power, and authority to enforce the provisions hereof as though they were a party hereto. The
Holder further agrees to execute such agreements as may be reasonably requested by the underwriters
an the initial public offering of the Company that are consistent with this Section 4.5 or that are
necessary to give further effect thereto. Any discretionary waiver or termination of the
restrictions of any or all of such agreements by the Company or the underwriters shall apply pro
rata to all holders subject to such agreements.

5.

 

     4.6 Notices. All notices and other communications from the Company to the Holder, or vice
versa, shall be deemed delivered and effective when given personally or mailed by first-class
registered or certified mail, postage prepaid, at such address as may have been furnished to the
Company or the Holder, as the case may be, in writing by the Company or such Holder from time to
time. All notices to the Holder shall be addressed as follows:

Square 1 Bank

Attn: Warrant Administrator

406 Blackwell Street, Suite 240

Crowe Building

Durham, NC 27701

     4.7 Amendments. This Warrant and any term hereof may be changed, waived, discharged or
terminated only by an instrument in writing signed by the party against which enforcement of such
change, waiver, discharge or termination is sought.

     4.8 Attorneys’ Fees. In the event of any dispute between the parties concerning the terms and
provisions of this Warrant, the party prevailing in such dispute shall be entitled to collect from
the other party all costs incurred in such dispute, including reasonable attorneys’ fees.

[Balance of Page Intentionally Left Blank]

6.

 

     4.9 Governing Law. This Warrant shall be governed by and construed in accordance with the
laws of the State of North Carolina, without giving effect to its principles regarding conflicts of
law.

	 	 	 	 	 
	 	WATERFRONT MEDIA INC.

 	 
	 	By: 	 /s/ Alan Shapiro
 	 
	 	Name:	Alan Shapiro 	 
	 	Title:	Senior Vice President and General Counsel

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