Document:

exv10w6

EXHIBIT 10.6

WATERFRONT MEDIA INC.

REVOLUTION HEALTH GROUP LLC

CAREPAGES, INC.

LOAN AND SECURITY AGREEMENT

 

 

     This LOAN AND SECURITY AGREEMENT (the “Agreement”) is entered into as of September 18, 2009,
by and between SQUARE 1 BANK (“Bank”) and WATERFRONT MEDIA INC. (“Parent”), REVOLUTION HEALTH GROUP
LLC (“RHG”) and CAREPAGES, INC. (“Carepages” and, together with Parent and RHG, each a “Borrower”
and collectively, “Borrowers”).

RECITALS

Borrowers wish to obtain credit from time to time from Bank, and Bank desires to extend credit to
Borrowers. This Agreement sets forth the terms on which Bank will advance credit to Borrowers, and
Borrowers will repay the amounts owing to Bank.

AGREEMENT

     The parties agree as follows:

     1. DEFINITIONS AND CONSTRUCTION.

          1.1 Definitions. As used in this Agreement, all capitalized terms shall have the definitions
set forth on Exhibit A. Any term used in the Code and not defined herein shall have the meaning
given to the term in the Code.

          1.2 Accounting Terms. Any accounting term not specifically defined on Exhibit A shall be
construed in accordance with GAAP and all calculations shall be made in accordance with GAAP
(except for non-compliance with FAS 123R in monthly reporting). The term “financial statements”
shall include the accompanying notes and schedules.

     2. LOAN AND TERMS OF PAYMENT.

          2.1 Credit Extensions.

               (a) Promise to Pay. Borrowers promise to pay to Bank, in lawful money of the United States of
America, the aggregate unpaid principal amount of all Credit Extensions made by Bank to Borrowers,
together with interest on the unpaid principal amount of such Credit Extensions at rates in
accordance with the terms hereof.

               (b) Advances Under Revolving Line.

                    (i) Amount. Subject to and upon the terms and conditions of this Agreement (1) Parent may
request Advances in an aggregate outstanding principal amount not to exceed the lesser of (A) the
Revolving Line or (B) the Borrowing Base, and (2) amounts borrowed pursuant to this Section 2.1(b)
may be repaid and reborrowed at any time prior to the Revolving Maturity Date, at which time all
Advances under this Section 2.1(b) shall be immediately due and payable. Borrowers may prepay any
Advances without penalty or premium.

                    (ii) Form of Request. Whenever Borrowers desire an Advance, Parent will notify Bank by
facsimile transmission, telephone or email no later than 5:30 p.m. Eastern time (4:30 p.m. Eastern
time for wire transfers), on the Business Day that the Advance is to be made. Each such
notification shall be promptly confirmed by a Loan Advance/Paydown Request Form in substantially
the form of Exhibit C. Bank is authorized to make Advances under this Agreement, based upon
instructions received from a Responsible Officer or a designee of a Responsible Officer, or without
instructions if in Bank’s discretion such Advances are necessary to meet Obligations which have
become due and remain unpaid. Bank shall be entitled to rely on any telephonic or email notice
given by a person whom Bank reasonably believes to be a Responsible Officer or a designee thereof,
and Borrowers shall indemnify and hold Bank harmless for any damages, loss, costs and expenses
suffered by Bank as a result of such reliance. Bank will credit the amount of Advances made under
this Section 2.1(b) to Parent’s

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deposit account with Bank promptly upon receipt of the relevant Loan Advance/Paydown Request
Form or as otherwise contemplated hereunder.

               (c) Committed Line Advances.

                    (i) Amount. Subject to and upon the terms and conditions of this Agreement (1) Parent may
request Committed Line Advances in an aggregate outstanding principal amount not to exceed the
Committed Line, and (2) amounts borrowed pursuant to this Section 2.1(c) may be repaid and
reborrowed at any time prior to the Committed Line Maturity Date, at which time all Advances
outstanding under this Section 2.1(c), if any, shall be immediately due and payable. Borrowers may
prepay any Committed Line Advances without penalty or premium.

                    (ii) Form of Request. Whenever Borrowers desire a Committed Line Advance, Parent will notify
Bank by facsimile transmission, telephone or email no later than 5:30 p.m. Eastern time (4:30 p.m.
Eastern time for wire transfers), on the Business Day that the Advance is to be made. Each such
notification shall be promptly confirmed by a Loan Advance/Paydown Request Form in substantially
the form of Exhibit C. Bank is authorized to make Committed Line Advances under this Agreement,
based upon instructions received from a Responsible Officer or a designee of a Responsible Officer,
or without instructions if in Bank’s discretion such Committed Line Advances are necessary to meet
Obligations which have become due and remain unpaid. Bank shall be entitled to rely on any
telephonic or email notice given by a person whom Bank reasonably believes to be a Responsible
Officer or a designee thereof, and Borrowers shall indemnify and hold Bank harmless for any
damages, loss, costs and expenses suffered by Bank as a result of such reliance. Bank will credit
the amount of Advances made under this Section 2.1(c) to Parent’s deposit account with Bank
promptly upon receipt of the relevant Loan Advance/Paydown Request Form or as otherwise
contemplated hereunder.

          2.2 Overadvances. If the aggregate amount of the outstanding Advances under the Revolving Line
exceeds the lesser of the Revolving Line or the Borrowing Base at any time, Borrowers shall
immediately upon notice, pay to Bank, in cash, the amount of such excess.

          2.3 Interest Rates, Payments, and Calculations.

               (a) Interest Rates.

                    (i) Advances under Revolving Line. Except as set forth in Section 2.3(b), the Advances under
the Revolving Line shall bear interest, on the outstanding daily balance thereof, at a variable
annual rate equal to (A) from the Closing Date through December 31, 2009, the greater of (x) 4.75%
above the Prime Rate then in effect, or (y) 8.00%; and (B) thereafter, the greater of (x) 4.25%
above the Prime Rate then in effect, or (y) 7.50%.

                    (ii) Advances under Committed Line. Except as set forth in Section 2.3(b), the Committed Line
Advances shall bear interest, on the outstanding daily balance thereof, at a variable annual rate
equal to (A) from the Closing Date through December 31, 2009, the greater of (x) 5.75% above the
Prime Rate then in effect, or (y) 9.00%; and (B) thereafter, the greater of (x) 5.25% above the
Prime Rate then in effect, or (y) 8.50%.

               (b) Late Fee; Default Rate. If any payment is not made within 15 days after the date such
payment is due, Borrowers shall pay Bank a late fee equal to the lesser of (i) 5% of the amount of
such unpaid amount or (ii) the maximum amount permitted to be charged under applicable law. All
Obligations shall bear interest, from and after the occurrence and during the continuance of an
Event of Default, at a rate equal to 5 percentage points above the interest rate applicable
immediately prior to the occurrence of the Event of Default.

               (c) Payments. Interest under the Revolving Line shall be due and payable on the 18th calendar
day of each month during the term hereof. Bank shall, at its option, charge such interest, all Bank
Expenses, and all Periodic Payments against any of Borrowers’ deposit accounts or against the
Revolving Line, in which case those amounts shall thereafter accrue interest at the rate then
applicable hereunder. Any interest not paid

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when due shall be compounded by becoming a part of the Obligations, and such interest shall
thereafter accrue interest at the rate then applicable hereunder.

               (d) Computation. In the event the Prime Rate is changed from time to time hereafter, the
applicable rate of interest hereunder shall be increased or decreased, effective as of the day the
Prime Rate is changed, by an amount equal to such change in the Prime Rate. All interest chargeable
under the Loan Documents shall be computed on the basis of a 360 day year for the actual number of
days elapsed.

          2.4 Crediting Payments. Prior to the occurrence of an Event of Default, Bank shall credit a
wire transfer of funds, check or other item of payment to such deposit account or Obligation as
Parent specifies. After the occurrence and during the continuance of an Event of Default, Bank
shall have the right, in its sole discretion, to immediately apply any wire transfer of funds,
check, or other item of payment Bank may receive to conditionally reduce Obligations, but such
applications of funds shall not be considered a payment on account unless such payment is of
immediately available federal funds or unless and until such check or other item of payment is
honored when presented for payment. Notwithstanding anything to the contrary contained herein, any
wire transfer or payment received by Bank after 5:30 p.m. Eastern time shall be deemed to have been
received by Bank as of the opening of business on the immediately following Business Day. Whenever
any payment to Bank under the Loan Documents would otherwise be due (except by reason of
acceleration) on a date that is not a Business Day, such payment shall instead be due on the next
Business Day, and additional fees or interest, as the case may be, shall accrue and be payable for
the period of such extension.

          2.5 Fees. Borrowers shall pay to Bank the following:

               (a) Facility Fee. On the Closing Date, a fee equal to $30,000, which shall be nonrefundable;

               (b) Unused Fee. An unused fee equal to 0.75% of the difference between (i) Twelve Million
Dollars ($12,000,000), and (ii) the average daily balance outstanding under the Revolving Line and
the Committed Line during the relevant quarter, which fee shall be payable in arrears within 5 days
after the last day of each such quarter and shall be nonrefundable;

               (c) Security Trustee Fees and Expenses. As an when incurred, one half of the fees and expenses
incurred by or on behalf of the Bank with respect to the Security Trustee and the Security Trustee
Agreement. Notwithstanding the foregoing, Bank and Borrower will share, on a “50:50” basis, (1) the
upfront legal fees and costs associated with documenting the Security Trustee Agreement and the
perfection of the security interest in the Shares of Everyday Health, and (2) the expense
associated with perfection and maintenance of perfection of Bank’s security interest in the Shares
of Everyday Health (including but not limited to the fees and expenses of the Security Trustee);
and

               (d) Bank Expenses. Without limiting (c), above, on the Closing Date, all Bank Expenses
incurred through the Closing Date, and, after the Closing Date, all Bank Expenses, as and when they
become due.

          2.6 Term. This Agreement shall become effective on the Closing Date and, subject to Section
12.7, shall continue in full force and effect for so long as any Obligations remain outstanding or
Bank has any obligation to make Credit Extensions under this Agreement. Notwithstanding the
foregoing, Bank shall have the right to terminate its obligation to make Credit Extensions under
this Agreement immediately and without notice upon the occurrence and during the continuance of an
Event of Default.

          2.7 Optional Prepayment. Borrower may prepay the outstanding Advances made under the Revolving
Line or the Committed Line at any time, without penalty or premium, by paying to Bank all principal
and accrued and unpaid interest together with all other amounts due under this Agreement upon not
less than 10 days prior written notice, at which time, subject to indefeasible payment in full of
the Obligations, the availability under the Revolving Line and the Committed Line shall terminate
and the parties shall have no further obligations hereunder.

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     3. CONDITIONS OF LOANS.

          3.1 Conditions Precedent to Closing. The obligation of Bank to make the initial Credit
Extension is subject to the condition precedent that Bank shall have received, in form and
substance satisfactory to Bank, each of the following items and completed each of the following
requirements:

               (a) this Agreement;

               (b) a certificate of each Borrower with respect to incumbency and resolutions authorizing the
execution and delivery of this Agreement;

               (c) a financing statement (Form UCC-1) with respect to each Borrower;

               (d) an intellectual property security agreement, duly executed by each Borrower;

               (e) an Equipment Holder’s Acknowledgement, to the extent required and obtained in accordance
with Section 7.10;

               (f) the certificate(s) for the Shares (except with respect to Everyday Health), together with
Assignment(s) Separate from Certificate, duly executed by the pledgor in blank;

               (g) payment of the fees and Bank Expenses then due specified in Section 2.5, which may be
debited from any of Borrowers’ accounts with Bank;

               (h) current SOS Reports indicating that except for Permitted Liens, there are no other
security interests or Liens of record in the Collateral;

               (i) current financial statements, consisting of company prepared consolidated balance sheets
and income statements for the most recently ended fiscal year and month in accordance with Section
6.2, and such other updated financial information as Bank may reasonably request;

               (j) current Compliance Certificate in accordance with Section 6.2;

               (k) a Warrant in form and substance satisfactory to Bank;

               (l) a Borrower Information Certificate for each Borrower; and

               (m) such other documents or certificates, and completion of such other matters, as Bank may
reasonably request.

          3.2 Conditions Precedent to all Credit Extensions. The obligation of Bank to make each Credit
Extension, including the initial Credit Extension, is contingent upon the Borrowers’ compliance
with Section 3.1 above, and is further subject to the following conditions:

               (a) timely receipt by Bank of the Loan Advance/Paydown Request Form as provided in Section
2.1; and

               (b) the representations and warranties contained in Section 5 shall be true and correct in all
material respects on and as of the date of such Loan Advance/Paydown Request Form and on the
effective date of each Credit Extension as though made at and as of each such date, and no Event of
Default shall have occurred and be continuing, or would exist after giving effect to such Credit
Extension (provided, however, that those representations and warranties expressly referring to
another date shall be true, correct and complete in all material respects as of such date). The
making of each Credit Extension shall be deemed to be a representation and warranty by Borrowers on
the date of such Credit Extension as to the accuracy of the facts referred to in this Section 3.2.

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          3.3 Conditions Subsequent. As soon as possible, but in any event not more than 10 Business
Days after the Closing Date, Parent shall deliver the following to Bank (each in form and content
reasonably acceptable to Bank):

               (a) evidence that Parent has requested the approval of the Reserve Bank of India to the grant
to Bank (or the Security Trustee for and on behalf of Bank) of a security interest in the Shares of
Everyday Health;

               (b) the Security Trustee Agreement, duly executed by Parent, Everyday Health, and the Security
Trustee;

               (c) a share pledge agreement in a form acceptable to the Security Trustee, duly executed by
Parent and the Security Trustee, under which the pledge sought to be created on the shares of
Everyday Health shall be effective on the date of the approval of the Reserve Bank of India.

     4. CREATION OF SECURITY INTEREST.

          4.1 Grant of Security Interest. Each Borrower grants and pledges to Bank a continuing security
interest in the Collateral to secure prompt repayment of any and all Obligations and to secure
prompt performance by Borrowers of each of its covenants and duties under the Loan Documents.
Except for Permitted Liens or as disclosed in the Schedule, such security interest constitutes a
valid, first priority security interest in the presently existing Collateral, and will constitute a
valid, first priority security interest in later-acquired Collateral. Notwithstanding any
termination of this Agreement or of any filings undertaken related to Bank’s rights under the Code,
Bank’s Lien on the Collateral shall remain in effect for so long as any Obligations are
outstanding.

          4.2 Perfection of Security Interest. Each Borrower authorizes Bank to file at any time
financing statements, continuation statements, and amendments thereto that (i) either specifically
describe the Collateral or describe the Collateral as all assets of such Borrower of the kind
pledged hereunder, and (ii) contain any other information required by the Code for the sufficiency
of filing office acceptance of any financing statement, continuation statement, or amendment,
including whether such Borrower is an organization, the type of organization and any organizational
identification number issued to such Borrower, if applicable. Each Borrower shall have possession
of the Collateral, except where expressly otherwise provided in this Agreement or where Bank
chooses to perfect its security interest by possession in addition to the filing of a financing
statement. Where Collateral is in possession of a third party bailee, each Borrower shall take such
steps as Bank reasonably requests for Bank to (i) subject to Section 7.10 below, obtain an
acknowledgment, in form and substance satisfactory to Bank, of the bailee that the bailee holds
such Collateral for the benefit of Bank, and (ii) obtain “control” of any Collateral consisting of
investment property, domestic deposit accounts, letter-of-credit rights or electronic chattel paper
(as such items and the term “control” are defined in Revised Article 9 of the Code) by causing the
securities intermediary or depositary institution or issuing bank to execute a control agreement in
form and substance satisfactory to Bank. No Borrower will create any chattel paper without placing
a legend on the chattel paper acceptable to Bank indicating that Bank has a security interest in
the chattel paper. Each Borrower from time to time may deposit with Bank specific cash collateral
to secure specific Obligations; each Borrower authorizes Bank to hold such specific balances in
pledge and to decline to honor any drafts thereon or any request by a Borrower or any other Person
to pay or otherwise transfer any part of such balances for so long as the specific Obligations are
outstanding. Each Borrower shall take such other actions as Bank requests to perfect its security
interests granted under this Agreement.

          4.3 Pledge of Collateral. Each Borrower hereby pledges, assigns and grants to Bank a security
interest in all the Shares (except with respect to Everyday Health, which shall be deemed pledged
after the Closing Date, on and from the date of the approval of the Reserve Bank of India, in
accordance with the provisions of the share pledge agreement referred to in Clause 3.1(i) above),
together with all proceeds and substitutions thereof, all cash, stock and other moneys and property
paid thereon, all rights to subscribe for securities declared or granted in connection therewith,
and all other cash and noncash proceeds of the foregoing, as security for the performance of the
Obligations. On the Closing Date, the certificate or certificates for the Shares (except with
respect to Everyday Health, which shall be delivered after the Closing Date in accordance with the
provisions of the share pledge agreement referred to in Clause 3.1(i) above) will be delivered to
Bank, accompanied by an instrument

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of assignment duly governing the Shares, the relevant Borrower shall cause the books of each
entity whose Shares are part of the Collateral and any transfer agent to reflect the pledge of the
Shares. Upon the occurrence of an Event of Default hereunder, Bank may effect the transfer of any
securities included in the Collateral (including but not limited to the Shares) into the name of
Bank and cause new certificates representing such securities to be issued in the name of Bank or
its transferee. Unless an Event of Default shall have occurred and be continuing, each Borrower
shall be entitled to exercise any voting rights with respect to the Shares and to give consents,
waivers and ratifications in respect thereof, provided that no vote shall be cast or consent,
waiver or ratification given or action taken which would be inconsistent with any of the terms of
this Agreement or which would constitute or create any violation of any of such terms. All such
rights to vote and give consents, waivers and ratifications shall terminate upon the occurrence and
continuance of an Event of Default. Bank reserves the right to take all appropriate steps to cause
the Shares of Everyday Health to be pledged to Bank.

          4.4 Partial Release. In connection with any Permitted Transfers as to which Bank’s Lien is to
be terminated or otherwise satisfied in accordance with the terms of this Agreement, Bank shall, at
Borrower’s sole cost and expense, execute and deliver to Borrower such documents, in form and
substance reasonably acceptable to Bank, as Borrower shall reasonably request in writing that
evidence the partial release of such Permitted Transfers from the security interest granted hereby.

          4.5 Release Upon Satisfaction of Obligations. Upon Borrower’s indefeasible payment in full and
satisfaction of the Obligations, and the termination of availability under the Revolving Line and
the Committed Line, Bank shall, at Borrower’s sole cost and expense, execute and deliver to
Borrower such documents, in form and substance reasonably acceptable to Bank, that evidence the
termination and expiration of the Revolving Line and the Committed Line and the release of the
security interest granted by Borrower hereby in the Collateral.

     5. REPRESENTATIONS AND WARRANTIES.

     Each Borrower represents and warrants as follows:

          5.1 Due Organization and Qualification. Each Borrower and each Subsidiary is an entity duly
existing under the laws of the state in which it is organized and qualified and licensed to do
business in any state in which the conduct of its business or its ownership of property requires
that it be so qualified, except where the failure to do so would not reasonably be expected to
cause a Material Adverse Effect.

          5.2 Due Authorization; No Conflict. The execution, delivery, and performance of the Loan
Documents are within each Borrower’s powers, have been duly authorized, and are not in conflict
with nor constitute a breach of any provision contained in such Borrower’s Articles (or
Certificate, as applicable) of Incorporation or Bylaws (or Operating Agreement, as applicable), nor
will they constitute an event of default under any material agreement by which such Borrower is
bound. No Borrower is in default under any agreement by which it is bound, except to the extent
such default would not reasonably be expected to cause a Material Adverse Effect.

          5.3 Collateral. Each Borrower has rights in or the power to transfer its Collateral, and its
title to the Collateral in which it has an interest is free and clear of Liens, adverse claims, and
restrictions on transfer or pledge except for Permitted Liens. Other than movable items of personal
property such as laptop computers, all Collateral having an aggregate book value in excess of
$250,000 is located solely in the Collateral States. The Eligible Accounts are bona fide existing
obligations. The property or services giving rise to such Eligible Accounts has been delivered or
rendered to the account debtor or its agent for immediate shipment to and unconditional acceptance
by the account debtor. Borrowers have not received notice of actual or imminent Insolvency
Proceeding of any account debtor whose accounts are included in any Borrowing Base Certificate as
an Eligible Account. All Inventory is in all material respects of good and merchantable quality,
free from all material defects, except for Inventory for which adequate reserves have been made.
Except as set forth in the Schedule, none of the Borrowers’ Cash is maintained or invested with a
Person other than Bank or Bank’s affiliates.

          5.4 Intellectual Property Collateral. Each Borrower is the sole owner of its Intellectual
Property Collateral, except for licenses granted by such Borrower to its customers in the ordinary
course of business and other Permitted Transfers. To the best of each Borrower’s knowledge, each of
the Copyrights, Trademarks and Patents is valid and enforceable, and no part of the Intellectual
Property Collateral has been judged invalid or

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unenforceable, in whole or in part, and no claim has been made to such Borrower that any part
of the Intellectual Property Collateral violates the rights of any third party except to the extent
such claim would not reasonably be expected to cause a Material Adverse Effect.

          5.5 Name; Location of Chief Executive Office. Except as disclosed in the Schedule, no Borrower
has done business under any name other than that specified on the signature page hereof, and its
exact legal name is as set forth in the first paragraph of this Agreement. The chief executive
offices of Borrowers are located at the addresses indicated in Section 10 hereof and in the
Schedule.

          5.6 Litigation. Except as set forth in the Schedule, there are no actions or proceedings
pending by or against any Borrower or any Subsidiary before any court or administrative agency in
which a likely adverse decision would reasonably be expected to have a Material Adverse Effect.

          5.7 No Material Adverse Change in Financial Statements. All consolidated and (as and when
prepared by Borrower in the ordinary course) consolidating financial statements related to a
Borrower and any Subsidiary that are delivered by such Borrower to Bank fairly present in all
material respects such Borrower’s consolidated and (as and when prepared by Borrower in the
ordinary course) consolidating financial condition as of the date thereof and such Borrower’s
consolidated and consolidating results of operations for the period then ended. There has not been
a material adverse change in the consolidated or in the consolidating (when financials are prepared
on a consolidating basis) financial condition of any Borrower since the date of the most recent of
such financial statements submitted to Bank.

          5.8 Solvency, Payment of Debts. Each Borrower is able to pay its debts (including trade debts)
as they mature; the fair saleable value of each Borrower’s assets (including goodwill minus
disposition costs) exceeds the fair value of its liabilities; and no Borrower is left with
unreasonably small capital after the transactions contemplated by this Agreement.

          5.9 Compliance with Laws and Regulations. Each Borrower and each Subsidiary have met the
minimum funding requirements of ERISA with respect to any employee benefit plans subject to ERISA.
No event has occurred resulting from a Borrower’s failure to comply with ERISA that is reasonably
likely to result in such Borrower’s incurring any liability that could have a Material Adverse
Effect. No Borrower is an “investment company” or a company “controlled” by an “investment company”
within the meaning of the Investment Company Act of 1940. No Borrower is engaged principally, or as
one of its important activities, in the business of extending credit for the purpose of purchasing
or carrying margin stock (within the meaning of Regulations T and U of the Board of Governors of
the Federal Reserve System). No Borrower has violated any statutes, laws, ordinances or rules
applicable to it, the violation of which would reasonably be expected to have a Material Adverse
Effect. Each Borrower and each Subsidiary have filed or caused to be filed all tax returns required
to be filed, and have paid, or have made adequate provision for the payment of, all taxes reflected
therein except those being contested in good faith with adequate reserves under GAAP or where the
failure to file such returns or pay such taxes would not reasonably be expected to have a Material
Adverse Effect.

          5.10 Subsidiaries. Borrowers do not own any stock, partnership interest or other equity
securities of any Person, except for Permitted Investments.

          5.11 Government Consents. Each Borrower and each Subsidiary have obtained all consents,
approvals and authorizations of, made all declarations or filings with, and given all notices to,
all governmental authorities that are necessary for the continued operation of such Borrower’s
business as currently conducted, except where the failure to do so would not reasonably be expected
to cause a Material Adverse Effect.

          5.12 Inbound Licenses. Except as disclosed on the Schedule, no Borrower is a party to, nor is
bound by, any material license important for the conduct of such Borrower’s business that prohibits
or otherwise restricts such Borrower from granting a security interest in such Borrower’s interest
in such license important for the conduct of such Borrower’s business, other than this Agreement or
the other Loan Documents.

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          5.13 Shares. Each Borrower has full power and authority to create a first lien on the Shares
and no disability or contractual obligation exists that would prohibit such Borrower from pledging
the Shares pursuant to this Agreement. To each Borrower’s knowledge, there are no subscriptions,
warrants, rights of first refusal or other restrictions on transfer relative to, or options
exercisable with respect to the Shares. The Shares have been and will remain duly authorized and
validly issued, and are fully paid and non-assessable. To each Borrower’s knowledge, the Shares are
not the subject of any present or threatened suit, action, arbitration, administrative or other
proceeding, and such Borrower knows of no reasonable grounds for the institution of any such
proceedings.

          5.14 Full Disclosure. No representation, warranty or other statement made by a Borrower in any
certificate or written statement furnished to Bank taken together with all such certificates and
written statements furnished to Bank contains any untrue statement of a material fact or omits to
state a material fact necessary in order to make the statements contained in such certificates or
statements not misleading in light of the circumstances in which they were made, it being
recognized by Bank that the projections and forecasts provided by Borrowers in good faith and based
upon reasonable assumptions are not to be viewed as facts and that actual results during the period
or periods covered by any such projections and forecasts may differ from the projected or
forecasted results.

     6. AFFIRMATIVE COVENANTS.

     Each Borrower covenants that, until payment in full of all outstanding Obligations, and for so
long as Bank may have any commitment to make a Credit Extension hereunder, such Borrower shall do
all of the following:

          6.1 Good Standing and Government Compliance. Each Borrower shall maintain its and each of its
Subsidiaries’ existence and good standing in the respective states of formation, shall maintain
qualification and good standing in each other jurisdiction in which the failure to so qualify would
reasonably be expected to have a Material Adverse Effect, and shall furnish to Bank the
organizational identification number issued to such Borrower by the authorities of the state in
which such Borrower is organized, if applicable. Each Borrower shall meet, and shall cause each
Subsidiary to meet, the minimum funding requirements of ERISA with respect to any employee benefit
plans subject to ERISA. Each Borrower shall comply, and shall cause each Subsidiary to comply, with
all statutes, laws, ordinances and government rules and regulations to which it is subject, and
shall maintain, and shall cause each of its Subsidiaries to maintain, in force all licenses,
approvals and agreements, the loss of which or failure to comply with which would reasonably be
expected to have a Material Adverse Effect.

          6.2 Financial Statements, Reports, Certificates. Parent shall deliver to Bank: (i) as soon as
available, but in any event within 30 days after the end of each calendar month, a company prepared
consolidated and (as and when prepared by Borrower in the ordinary course) consolidating balance
sheet and income statement covering Borrowers’ operations during such period, in a form reasonably
acceptable to Bank and certified by a Responsible Officer; (ii) as soon as available, but in any
event within 180 days after the end of Borrowers’ fiscal year, audited consolidated and (as and
when prepared by Borrower in the ordinary course) consolidating financial statements of Borrowers
prepared in accordance with GAAP, consistently applied, together with an opinion which is either
unqualified, qualified only for going concern so long as Borrowers’ investors provide additional
equity as needed or otherwise consented to in writing by Bank on such financial statements of an
independent certified public accounting firm reasonably acceptable to Bank; (iii) annual budget
approved by Borrowers’ Board of Directors as soon as available but not later than 60 days after the
beginning of the applicable fiscal year; (iv) if applicable, copies of all statements, reports and
notices sent or made available generally by a Borrower to any holders of Subordinated Debt, and all
reports on Forms 10-K and 10-Q filed with the Securities and Exchange Commission; (v) promptly upon
receipt of notice thereof, a report of any legal actions pending or threatened against a Borrower
or any Subsidiary that could reasonably be expected to result in damages or costs to a Borrower or
any Subsidiary of $250,000 or more; (vi) promptly upon receipt, each management letter prepared by
a Borrower’s independent certified public accounting firm regarding such Borrower’s management
control systems; (vii) such budgets, sales projections, operating plans or other financial
information generally prepared by a Borrower in the ordinary course of business as Bank may
reasonably request from time to time; provided that Parent shall deliver to Bank by no later than
December 15, 2009, Borrowers’ 2010 Board of Directors’ approved operating plan; and (viii) within
30 days of the last day of each fiscal quarter, a report signed by Parent, in form reasonably
acceptable to Bank, listing any applications or registrations that a Borrower has made or filed in
respect of any Patents, Copyrights or Trademarks and the status of any outstanding applications or
registrations, as well as any material change in Borrowers’

9.

 

Intellectual Property Collateral, including but not limited to any subsequent ownership right
of a Borrower in or to any Trademark, Patent or Copyright not specified in Exhibits A, B, and C of
any Intellectual Property Security Agreement delivered to Bank by such Borrower in connection with
this Agreement.

               (a) Within 30 days after the last day of each month, Parent shall deliver to Bank a Borrowing
Base Certificate signed by a Responsible Officer in substantially the form of Exhibit D hereto,
together with aged listings by invoice date of accounts receivable and accounts payable, and a
monthly deferred revenue schedule.

               (b) Within 30 days after the last day of each month, Parent shall deliver to Bank with the
monthly financial statements a Compliance Certificate certified as of the last day of the
applicable month and signed by a Responsible Officer in substantially the form of Exhibit E hereto.

               (c) As soon as possible and in any event within 3 calendar days after becoming aware of the
occurrence or existence of an Event of Default hereunder, a written statement of a Responsible
Officer setting forth details of the Event of Default, and the action which Borrowers have taken or
propose to take with respect thereto.

               (d) Bank (through any of its officers, employees or agents) shall have the right, upon
reasonable prior notice, from time to time during each Borrower’s usual business hours but no more
than twice a year (unless an Event of Default has occurred and is continuing), to inspect each
Borrower’s Books and to make copies thereof and to check, test, inspect, audit and appraise the
Collateral at Borrowers’ expense (not to exceed $3,000 per audit, unless an Event of Default has
occurred and is continuing) in order to verify such Borrower’s financial condition or the amount,
condition of, or any other matter relating to, the Collateral.

     Parent may deliver to Bank on an electronic basis any certificates, reports or information
required pursuant to this Section 6.2, and Bank shall be entitled to rely on the information
contained in the electronic files, provided that Bank in good faith believes that the files were
delivered by a Responsible Officer. Parent shall include a submission date on any certificates and
reports to be delivered electronically.

          6.3 Inventory and Equipment; Returns. Borrowers shall keep all Inventory and Equipment in good
and merchantable condition, free from all material defects except for Inventory and Equipment (i)
sold in the ordinary course of business, and (ii) for which adequate reserves have been made, in
all cases in the United States and such other locations as to which Borrowers give prior written
notice. Returns and allowances for Inventory and Equipment, if any, as between a Borrower and its
account debtors shall be on the same basis and in accordance with the usual customary practices of
such Borrower, as they exist on the Closing Date. Borrowers shall promptly notify Bank of all
returns and recoveries and of all disputes and claims involving inventory having a book value of
more than $100,000.

          6.4 Taxes. Each Borrower shall make, and cause each Subsidiary to make, due and timely payment
or deposit of all material federal, state, and local taxes, assessments, or contributions required
of it by law, including, but not limited to, those laws concerning income taxes, F.I.C.A., F.U.T.A.
and state disability, and will execute and deliver to Bank, on demand, proof satisfactory to Bank
indicating that such Borrower or a Subsidiary has made such payments or deposits and any
appropriate certificates attesting to the payment or deposit thereof; provided that such Borrower
or a Subsidiary need not make any payment if the amount or validity of such payment is contested in
good faith by appropriate proceedings and is reserved against (to the extent required by GAAP) by
such Borrower or such Subsidiary.

          6.5 Insurance. Each Borrower, at its expense, shall (i) keep the Collateral insured against
loss or damage, and (ii) maintain liability and other insurance, in each case in as ordinarily
insured against by other owners in businesses similar to such Borrower’s. All such policies of
insurance shall be in such form, with such companies, and in such amounts as reasonably
satisfactory to Bank. All policies of property insurance shall contain a lender’s loss payable
endorsement, in a form satisfactory to Bank, showing Bank as an additional loss payee, and all
liability insurance policies shall show Bank as an additional insured and specify that the insurer
must give at least 20 days notice to Bank before canceling its policy for any reason. Within 30
days of the Closing Date, each Borrower shall cause to be furnished to Bank a copy of its policies
or certificate of insurance including any

10.

 

endorsements covering Bank or showing Bank as an additional insured. Upon Bank’s request, each
Borrower shall deliver to Bank certified copies of the policies of insurance and evidence of all
premium payments. Proceeds payable under any casualty policy will, at the relevant Borrower’s
option, be payable to such Borrower to replace the property subject to the claim, provided that any
such replacement property shall be deemed Collateral in which Bank has been granted a first
priority security interest, provided that if an Event of Default has occurred and is continuing,
all proceeds payable under any such policy shall, at Bank’s option, be payable to Bank to be
applied on account of the Obligations.

          6.6 Primary Depository. Each Borrower shall within 45 days of the Closing Date cause to be
transferred and at all times thereafter maintained all of its depository and operating accounts
with Bank and its primary investment accounts with Bank or Bank’s affiliates; provided that
Borrowers may maintain depository and operating accounts outside Bank (x) for a security deposit
for Paymentech not to exceed $2,200,000 without Bank’s prior written consent, not to be
unreasonably withheld; (y) up to $1,100,000 for a security deposit (to secure a letter of credit)
to support Parent’s leasing of office space in New York, NY; and (z) up to $150,000 (on a rolling
basis) to support Everyday Health; provided that any domestic accounts maintained outside Bank
shall be subject to account control agreements in favor of, and in form and substance reasonably
acceptable to, Bank.

          6.7 Financial Covenants. Parent, on a consolidated basis, shall at all times, except as
otherwise indicated, maintain the following financial ratios and covenants:

               (a) Minimum EBITDA. An EBITDA, measured quarterly commencing with the quarter ending September
30, 2009, of at least (x) $1,550,000 for the quarter ending September 30, 2009 and (y) $3,900,000
for the quarter ending December 31, 2009. Parent’s consolidated EBITDA (x) for the first quarter of
2010 shall be at a loss of no greater than $3,000,000, (y) for the second, third and fourth
quarters of 2010 shall be greater than $0.00 and (z) for each quarter of the year ending December
31, 2011, shall be greater than $0.00. Notwithstanding the foregoing, Parent’s consolidated EBITDA
(x) for the year ending December 31, 2010 shall be at least $5,000,000, and (y) for the year ending
December 31, 2011 shall be at least $10,000,000.

               (b) Liquidity Ratio. A Liquidity Ratio of at least (x) 1.75 to 1.00 from the Closing Date
through December 31, 2009; and (y) 1.50 to 1.00 at all times thereafter.

               (c) Minimum Cash. At all times while any Committed Line Advances are outstanding, a balance of
Cash at Bank of not less than the then-outstanding amount of the Committed Line Advances, monitored
on a daily basis.

          6.8 Registration of Intellectual Property Rights.

               (a) Each Borrower shall promptly give Bank written notice of any applications or registrations
of intellectual property rights filed with the United States Patent and Trademark Office, including
the date of such filing and the registration or application numbers, if any.

               (b) Each Borrower shall (i) give Bank not less than 20 days prior written notice of the filing
of any applications or registrations with the United States Copyright Office, including the title
of such intellectual property rights to be registered, as such title will appear on such
applications or registrations, and the date such applications or registrations will be filed; (ii)
prior to the filing of any such applications or registrations, execute such documents as Bank may
reasonably request for Bank to maintain its perfection in such intellectual property rights to be
registered by such Borrower; (iii) upon the request of Bank, either deliver to Bank or file such
documents simultaneously with the filing of any such applications or registrations; (iv) upon
filing any such applications or registrations, promptly provide Bank with a copy of such
applications or registrations together with any exhibits, evidence of the filing of any documents
requested by Bank to be filed for Bank to maintain the perfection and priority of its security
interest in such intellectual property rights, and the date of such filing.

               (c) Each Borrower shall execute and deliver such additional instruments and documents from
time to time as Bank shall reasonably request to perfect and maintain the perfection and priority
of Bank’s security interest in the Intellectual Property Collateral.

11.

 

               (d) Each Borrower shall use commercially reasonable efforts to (i) protect, defend and
maintain the validity and enforceability of the trade secrets, Trademarks, Patents and Copyrights,
(ii) detect infringements of the Trademarks, Patents and Copyrights and promptly advise Bank in
writing of material infringements detected and (iii) not allow any material Trademarks, Patents or
Copyrights to be abandoned, forfeited or dedicated to the public without the written consent of
Bank, which shall not be unreasonably withheld.

               (e) Bank shall have the right, but not the obligation, to take, at Borrowers’ sole expense,
any actions that a Borrower is required under this Section 6.8 to take but which such Borrower
fails to take, after 15 days’ notice to such Borrower. Borrowers shall reimburse and indemnify Bank
for all reasonable costs and reasonable expenses incurred in the reasonable exercise of its rights
under this Section 6.8.

          6.9 Consent of Inbound Licensors. Prior to entering into or becoming bound by any inbound
license, the failure, breach or termination of which could reasonably be expected to have a
Material Adverse Effect, each Borrower shall: (i) provide written notice to Bank of the material
terms of such license or agreement with a description of its likely impact on such Borrower’s
business or financial condition; and (ii) in good faith use commercially reasonable efforts to
obtain the consent of, or waiver by, any person whose consent or waiver is necessary for such
Borrower’s interest in such licenses or contract rights to be deemed Collateral and for Bank to
have a security interest in it that might otherwise be restricted by the terms of the applicable
license, whether now existing or entered into in the future, provided, however, that the failure to
obtain any such consent or waiver shall not constitute a default under this Agreement.

          6.10 Everyday Health. Parent shall use its best efforts to cause the Reserve Bank of India to
approve the grant to Bank of a security interest in the Shares of Everyday Health.

          6.11 Further Assurances. At any time and from time to time each Borrower shall execute and
deliver such further instruments and take such further action as may reasonably be requested by
Bank to effect the purposes of this Agreement.

     7. NEGATIVE COVENANTS.

     Each Borrower (except as otherwise indicated) covenants and agrees that, so long as any credit
hereunder shall be available and until the outstanding Obligations are paid in full or for so long
as Bank may have any commitment to make any Credit Extensions, such Borrower will not do any of the
following without Bank’s prior written consent, which shall not be unreasonably withheld:

          7.1 Dispositions. Convey, sell, lease, license, transfer or otherwise dispose of
(collectively, to “Transfer”), or permit any of its Subsidiaries to Transfer, all or any part of
its business or property, or move cash balances on deposit with Bank to accounts opened at another
financial institution, other than Permitted Transfers.

          7.2 Change in Name, Location, Executive Office, or Executive Management; Change in Business;
Change in Fiscal Year; Change in Control. Change its name or the state of such Borrower’s formation
or relocate its chief executive office without 30 days prior written notification to Bank; in the
case of Parent, replace or suffer the departure of its chief executive officer or chief financial
officer without delivering written notification to Bank within 10 days; in the case of Parent, fail
to appoint an interim replacement or fill a vacancy in the position of chief executive officer or
chief financial officer for more than 30 consecutive days; in the case of Parent, suffer a change
on its Board of Directors (so that it does not at all times include at least one Managing Director
of each of Rho Ventures and Scale Ventures or their Affiliates), without the prior written consent
of Bank which may be withheld in Bank’s sole discretion; take action to liquidate, wind up, or
otherwise cease to conduct business in the ordinary course; engage in any business, or permit any
of its Subsidiaries to engage in any business, other than or reasonably related or incidental to
the businesses currently engaged in by such Borrower; change its fiscal year end; have a Change in
Control (unless the Obligations are indefeasibly repaid in full, in cash in connection with such
Change in Control).

          7.3 Mergers or Acquisitions. Merge or consolidate, or permit any of its Subsidiaries to merge
or consolidate, with or into any other business organization (other than mergers or consolidations
of a

12.

 

Subsidiary into another Subsidiary or into such Borrower), or acquire, or permit any of its
Subsidiaries to acquire, all or substantially all of the capital stock or property of another
Person except where (a) each of the following conditions is applicable: (i) the consideration paid
in connection with such transactions (including assumption of liabilities) does not in the
aggregate exceed $2,000,000 in any calendar year during the term hereof, (ii) no Event of Default
has occurred, is continuing or would exist after giving effect to such transactions, (iii) such
transactions do not result in a Change in Control, and (iv) such Borrower is the surviving entity;
or (b) the Obligations are repaid in full concurrently with the closing of any merger or
consolidation of such Borrower in which such Borrower is not the surviving entity; provided
however, that Parent shall notify Bank in writing prior to entering into any transaction of the
type described above, regardless of the amount of consideration.

          7.4 Indebtedness. Create, incur, assume, guarantee or be or remain liable with respect to any
Indebtedness, or permit any Subsidiary so to do, other than Permitted Indebtedness, or prepay any
Indebtedness or take any actions which impose on any Borrower an obligation to prepay any
Indebtedness, except Indebtedness to Bank.

          7.5 Encumbrances. Create, incur, assume or allow any Lien with respect to its property, or
assign or otherwise convey any right to receive income, including the sale of any Accounts, or
permit any of its Subsidiaries so to do, except for Permitted Liens, or covenant to any other
Person (other than (i) the licensors of in- licensed property with respect to such property or (ii)
the lessors of specific equipment or lenders financing specific equipment with respect to such
leased or financed equipment) that such Borrower in the future will refrain from creating,
incurring, assuming or allowing any Lien with respect to any of such Borrower’s property.

          7.6 Distributions. Pay any dividends or make any other distribution or payment on account of
or in redemption, retirement or purchase of any capital stock, except that such Borrower may (i)
repurchase the stock of former officers, directors, employees, and consultants pursuant to stock
repurchase agreements as long as an Event of Default does not exist prior to such repurchase or
would not exist after giving effect to such repurchase, and (ii) repurchase the stock of former
officers, directors, employees, and consultants pursuant to stock repurchase agreements by the
cancellation of indebtedness owed by such former officers, directors, employees, and consultants to
such Borrower regardless of whether an Event of Default exists.

          7.7 Investments. Directly or indirectly acquire or own, or make any Investment in or to any
Person, or permit any of its Subsidiaries so to do, other than Permitted Investments, or maintain
or invest any of its Investment Property with a Person other than Bank or Bank’s Affiliates or
permit any Subsidiary to do so unless such Person has entered into a control agreement with Bank,
in form and substance satisfactory to Bank, or suffer or permit any Subsidiary to be a party to, or
be bound by, an agreement that restricts such Subsidiary from paying dividends or otherwise
distributing property to such Borrower.

          7.8 Transactions with Affiliates. Directly or indirectly enter into or permit to exist any
material transaction with any Affiliate of such Borrower except for transactions that are in the
ordinary course of such Borrower’s business, upon fair and reasonable terms that are no less
favorable to such Borrower than would be obtained in an arm’s length transaction with a
non-affiliated Person.

          7.9 Subordinated Debt. Make any payment in respect of any Subordinated Debt, or permit any of
its Subsidiaries to make any such payment, except in compliance with the terms of such Subordinated
Debt, or amend any provision affecting Bank’s rights contained in any documentation relating to the
Subordinated Debt without Bank’s prior written consent.

          7.10 Inventory and Equipment. Store the Inventory or the Equipment of a book value in excess
of $250,000 with a bailee, warehouseman, collocation facility or similar third party unless the
third party has been notified of Bank’s security interest and (a) Borrower has used commercially
reasonable efforts to obtain an acknowledgement from the third party that it is holding or will
hold the Inventory or Equipment for Bank’s benefit or (b) Bank is in possession of the warehouse
receipt, where negotiable, covering such Inventory or Equipment. Except for Inventory sold in the
ordinary course of business and for movable items of personal property having an aggregate book
value not in excess of $250,000, and except for such other locations as Bank may approve in
writing, each Borrower shall keep the Inventory and Equipment only at the locations set forth in
Section 10 and such other locations of which such Borrower gives Bank prior written notice and as
to which Bank is able to take such

13.

 

actions as may be necessary to perfect its security interest or to obtain a bailee’s
acknowledgment of Bank’s rights in the Collateral.

          7.11 No Investment Company; Margin Regulation. Become or be controlled by an “investment
company,” within the meaning of the Investment Company Act of 1940, or become principally engaged
in, or undertake as one of its important activities, the business of extending credit for the
purpose of purchasing or carrying margin stock, or use the proceeds of any Credit Extension for
such purpose.

     8. EVENTS OF DEFAULT.

     Any one or more of the following events shall constitute an Event of Default by Borrowers
under this Agreement:

          8.1 Payment Default. If a Borrower fails to pay any of the Obligations when due;

          8.2 Covenant Default.

               (a) If a Borrower fails to perform any obligation under Sections 6.2 (financial reporting),
6.4 (taxes), 6.5 (insurance), 6.6 (primary accounts) or 6.7 (financial covenants), or violates any
of the covenants contained in Article 7 of this Agreement;

               (b) If a Borrower fails or neglects to perform or observe any other material term, provision,
condition, covenant contained in this Agreement, in any of the Loan Documents, or in any other
present or future agreement between a Borrower and Bank and as to any default under such other
term, provision, condition or covenant that can be cured, has failed to cure such default within 10
days after a Borrower receives notice thereof or any officer of a Borrower becomes aware thereof;
provided, however, that if the default cannot by its nature be cured within the 10 day period or
cannot after diligent attempts by Borrowers be cured within such 10 day period, and such default is
likely to be cured within a reasonable time, then Borrowers shall have an additional reasonable
period (which shall not in any case exceed 30 days) to attempt to cure such default, and within
such reasonable time period the failure to have cured such default shall not be deemed an Event of
Default but no Credit Extensions will be made;

          8.3 Material Adverse Change. If there occurs any circumstance or any circumstances which would
reasonably be expected to have a Material Adverse Effect;

          8.4 Attachment. If any material portion of a Borrower’s assets is attached, seized, subjected
to a writ or distress warrant, or is levied upon, or comes into the possession of any trustee,
receiver or person acting in a similar capacity and such attachment, seizure, writ or distress
warrant or levy has not been removed, discharged or rescinded within 10 days, or if a Borrower is
enjoined, restrained, or in any way prevented by court order from continuing to conduct all or any
material part of its business affairs, or if a judgment or other claim becomes a lien or
encumbrance upon any material portion of a Borrower’s assets, or if a notice of lien, levy, or
assessment is filed of record with respect to any material portion of a Borrower’s assets by the
United States Government, or any department, agency, or instrumentality thereof, or by any state,
county, municipal, or governmental agency, and the same is not paid within ten days after such
Borrower receives notice thereof, provided that none of the foregoing shall constitute an Event of
Default where such action or event is stayed or an adequate bond has been posted pending a good
faith contest by such Borrower (provided that no Credit Extensions will be made during such cure
period);

          8.5 Insolvency. If a Borrower becomes insolvent, or if an Insolvency Proceeding is commenced
by a Borrower, or if an Insolvency Proceeding is commenced against a Borrower and is not dismissed
or stayed within 30 days (provided that no Credit Extensions will be made prior to the dismissal of
such Insolvency Proceeding);

          8.6 Other Agreements. If there is a default or other failure to perform in any agreement to
which a Borrower is a party with a third party or parties resulting in a right by such third party
or parties, whether or

14.

 

not exercised, to accelerate the maturity of any Indebtedness in an amount in excess of
$250,000 or that would reasonably be expected to have a Material Adverse Effect; provided, however,
that the Event of Default under this Section 8.6 caused by the occurrence of a default under such
other agreement shall be cured or waived for purposes of this Agreement upon Bank receiving written
notice from the party asserting such default of such cure or waiver of the default under such other
agreement, if at the time of such cure or waiver under such other agreement (x) Bank has not
declared an Event of Default under this Agreement and/or exercised any rights with respect thereto;
(y) any such cure or waiver does not result in an Event of Default under any other provision of
this Agreement or any Loan Document; and (z) in connection with any such cure or waiver under such
other agreement, the terms of any agreement with such third party are not modified or amended in
any manner which could in the good faith judgment of Bank be materially less advantageous to
Borrower.

          8.7 Judgments. If a final, uninsured judgment or judgments for the payment of money in an
amount, individually or in the aggregate, of at least $250,000 shall be rendered against a Borrower
and shall remain unsatisfied and unstayed for a period of 10 days (provided that no Credit
Extensions will be made prior to the satisfaction or stay of the judgment); or

          8.8 Misrepresentations. If any material misrepresentation or material misstatement exists now
or hereafter in any warranty or representation set forth herein or in any certificate delivered to
Bank by any Responsible Officer pursuant to this Agreement or to induce Bank to enter into this
Agreement or any other Loan Document.

     9. BANK’S RIGHTS AND REMEDIES.

          9.1 Rights and Remedies. Upon the occurrence and during the continuance of an Event of
Default, Bank may, at its election, without notice of its election and without demand, do any one
or more of the following, all of which are authorized by Borrowers:

               (a) Declare all Obligations, whether evidenced by this Agreement, by any of the other Loan
Documents, or otherwise, immediately due and payable (provided that upon the occurrence of an Event
of Default described in Section 8.5 (insolvency), all Obligations shall become immediately due and
payable without any action by Bank);

               (b) Demand that Borrowers (i) deposit cash with Bank in an amount equal to the amount of any
Letters of Credit remaining undrawn, as collateral security for the repayment of any future
drawings under such Letters of Credit, and (ii) pay in advance all Letter of Credit fees scheduled
to be paid or payable over the remaining term of the Letters of Credit, and Borrowers shall
promptly deposit and pay such amounts;

               (c) Cease advancing money or extending credit to or for the benefit of Borrowers under this
Agreement or under any other agreement between a Borrower and Bank;

               (d) Settle or adjust disputes and claims directly with account debtors for amounts, upon terms
and in whatever order that Bank reasonably considers advisable;

               (e) Make such payments and do such acts as Bank considers necessary or reasonable to protect
its security interest in the Collateral. Borrowers agree to assemble the Collateral if Bank so
requires, and to make the Collateral available to Bank as Bank may designate. Borrowers authorize
Bank to enter the premises where the Collateral is located, to take and maintain possession of the
Collateral, or any part of it, and to pay, purchase, contest, or compromise any encumbrance,
charge, or lien which in Bank’s determination appears to be prior or superior to its security
interest and to pay all expenses incurred in connection therewith. With respect to any of a
Borrower’s owned premises, such Borrower hereby grants Bank a license to enter into possession of
such premises and to occupy the same, without charge, in order to exercise any of Bank’s rights or
remedies provided herein, at law, in equity, or otherwise;

15.

 

               (f) Set off and apply to the Obligations any and all (i) balances and deposits of any Borrower
held by Bank, and (ii) indebtedness at any time owing to or for the credit or the account of any
Borrower held by Bank;

               (g) Ship, reclaim, recover, store, finish, maintain, repair, prepare for sale, advertise for
sale, and sell (in the manner provided for herein) the Collateral. Bank is hereby granted a license
or other right, solely pursuant to the provisions of this Section 9.1, to use, without charge,
Borrowers’ labels, patents, copyrights, rights of use of any name, trade secrets, trade names,
trademarks, service marks, and advertising matter, or any property of a similar nature, as it
pertains to the Collateral, in completing production of, advertising for sale, and selling any
Collateral and, in connection with Bank’s exercise of its rights under this Section 9.1, Borrowers’
rights under all licenses and all franchise agreements shall inure to Bank’s benefit;

               (h) Sell the Collateral at either a public or private sale, or both, by way of one or more
contracts or transactions, for cash or on terms, in such manner and at such places (including
Borrowers’ premises) as Bank determines is commercially reasonable, and apply any proceeds to the
Obligations in whatever manner or order Bank deems appropriate. Bank may sell the Collateral
without giving any warranties as to the Collateral. Bank may specifically disclaim any warranties
of title or the like. This procedure will not be considered adversely to affect the commercial
reasonableness of any sale of the Collateral. If Bank sells any of the Collateral upon credit,
Borrowers will be credited only with payments actually made by the purchaser, received by Bank, and
applied to the indebtedness of the purchaser. If the purchaser fails to pay for the Collateral,
Bank may resell the Collateral and Borrowers shall be credited with the proceeds of the sale;

               (i) Bank may credit bid and purchase at any public sale;

               (j) Apply for the appointment of a receiver, trustee, liquidator or conservator of the
Collateral, without notice and without regard to the adequacy of the security for the Obligations
and without regard to the solvency of any Borrower, any guarantor or any other Person liable for
any of the Obligations; and

               (k) Any deficiency that exists after disposition of the Collateral as provided above will be
paid immediately by Borrowers.

Bank may comply with any applicable state or federal law requirements in connection with a
disposition of the Collateral and compliance will not be considered adversely to affect the
commercial reasonableness of any sale of the Collateral.

          9.2 Power of Attorney. Effective only upon the occurrence and during the continuance of an
Event of Default, Borrowers hereby irrevocably appoint Bank (and any of Bank’s designated officers,
or employees) as each Borrower’s true and lawful attorney to: (a) send requests for verification of
Accounts or notify account debtors of Bank’s security interest in the Accounts; (b) endorse each
Borrower’s name on any checks or other forms of payment or security that may come into Bank’s
possession; (c) sign each Borrower’s name on any invoice or bill of lading relating to any Account,
drafts against account debtors, schedules and assignments of Accounts, verifications of Accounts,
and notices to account debtors; (d) dispose of any Collateral; (e) make, settle, and adjust all
claims under and decisions with respect to a Borrower’s policies of insurance; (f) settle and
adjust disputes and claims respecting the accounts directly with account debtors, for amounts and
upon terms which Bank determines to be reasonable; (g) enter into a short-form intellectual
property security agreement consistent with the terms of this Agreement for recording purposes only
or modify, in its sole discretion, any intellectual property security agreement entered into
between a Borrower and Bank without first obtaining such Borrower’s approval of or signature to
such modification by amending Exhibits A, B, and C, thereof, as appropriate, to include reference
to any right, title or interest in any Copyrights, Patents or Trademarks acquired by a Borrower
after the execution hereof or to delete any reference to any right, title or interest in any
Copyrights, Patents or Trademarks in which a Borrower no longer has or claims to have any right,
title or interest; and (h) file, in its sole discretion, one or more financing or continuation
statements and amendments thereto, relative to any of the Collateral; provided Bank may exercise
such power of attorney to sign the name of a Borrower on any of the documents described in clauses
(g) and (h) above, regardless of whether an Event of Default has occurred. The appointment of Bank
as each Borrower’s attorney in fact, and each and every one of Bank’s rights and powers, being
coupled with an interest, is irrevocable until all of the Obligations have been fully repaid and
performed and Bank’s obligation to provide advances hereunder is terminated.

16.

 

          9.3 Accounts Collection. At any time after the occurrence and during the continuation of an
Event of Default, Bank may notify any Person owing funds to a Borrower of Bank’s security interest
in such funds and verify the amount of such Account. Borrowers shall collect all amounts owing to
any Borrower for Bank, receive in trust all payments as Bank’s trustee, and immediately deliver
such payments to Bank in their original form as received from the account debtor, with proper
endorsements for deposit.

          9.4 Bank Expenses. If a Borrower fails to pay any amounts or furnish any required proof of
payment due to third persons or entities, as required under the terms of this Agreement, then Bank
may do any or all of the following after reasonable notice to Borrowers: (a) make payment of the
same or any part thereof; (b) set up such reserves under the Revolving Line as Bank deems necessary
to protect Bank from the exposure created by such failure; or (c) obtain and maintain insurance
policies of the type discussed in Section 6.5 of this Agreement, and take any action with respect
to such policies as Bank deems prudent. Any amounts so paid or deposited by Bank shall constitute
Bank Expenses, shall be immediately due and payable, and shall bear interest at the then applicable
rate hereinabove provided, and shall be secured by the Collateral. Any payments made by Bank shall
not constitute an agreement by Bank to make similar payments in the future or a waiver by Bank of
any Event of Default under this Agreement.

          9.5 Bank’s Liability for Collateral. Bank has no obligation to clean up or otherwise prepare
the Collateral for sale. All risk of loss, damage or destruction of the Collateral shall be borne
by Borrowers.

          9.6 No Obligation to Pursue Others. Bank has no obligation to attempt to satisfy the
Obligations by collecting them from any other person liable for them and Bank may release, modify
or waive any collateral provided by any other Person to secure any of the Obligations, all without
affecting Bank’s rights against Borrowers. Each Borrower waives any right it may have to require
Bank to pursue any other Person for any of the Obligations.

          9.7 Remedies Cumulative. Bank’s rights and remedies under this Agreement, the Loan Documents,
and all other agreements shall be cumulative. Bank shall have all other rights and remedies not
inconsistent herewith as provided under the Code, by law, or in equity. No exercise by Bank of one
right or remedy shall be deemed an election, and no waiver by Bank of any Event of Default on a
Borrower’s part shall be deemed a continuing waiver. No delay by Bank shall constitute a waiver,
election, or acquiescence by it. No waiver by Bank shall be effective unless made in a written
document signed on behalf of Bank and then shall be effective only in the specific instance and for
the specific purpose for which it was given. Each Borrower expressly agrees that this Section 9.7
may not be waived or modified by Bank by course of performance, conduct, estoppel or otherwise.

          9.8 Demand; Protest. Except as otherwise provided in this Agreement, each Borrower waives
demand, protest, notice of protest, notice of default or dishonor, notice of payment and nonpayment
and any other notices relating to the Obligations.

     10. NOTICES.

     Unless otherwise provided in this Agreement, all notices or demands by any party relating to
this Agreement or any other agreement entered into in connection herewith shall be in writing and
(except for financial statements and other informational documents which may be sent by first-class
mail, postage prepaid) shall be personally delivered or sent by a recognized overnight delivery
service, certified mail, postage prepaid, return receipt requested, or by telefacsimile to
Borrowers or to Bank, as the case may be, at its addresses set forth below:

			
	          If to Borrowers:	 	c/o WATERFRONT MEDIA INC.

45 Main Street, Suite 800

Brooklyn, NY 11201

Attn: Chief Financial Officer

FAX: (718) 797-0582

17.

 

	 	 	 
	          If to Bank:	 	Square 1 Bank

406 Blackwell Street, Suite 240

Durham, North Carolina 27701

Attn: Loan Operations Manager

FAX: (919) 314-3080

			
	          with a copy to:	 	Square 1 Bank

890 Winter Street, Suite 220

Waltham, MA 02451

Attn: Bob Foley

FAX: (781) 547-0858

     The parties hereto may change the address at which they are to receive notices hereunder, by
notice in writing in the foregoing manner given to the other.

	 11.	 	CHOICE OF LAW AND VENUE; JURY TRIAL WAIVER.

     This Agreement shall be governed by, and construed in accordance with, the internal laws of
the State of North Carolina, without regard to principles of conflicts of law. Jurisdiction shall
lie in the State of North Carolina. All disputes, controversies, claims, actions and similar
proceedings arising with respect to Borrowers’ accounts or any related agreement or transaction
shall be brought in the General Court of Justice of North Carolina sitting in Durham County, North
Carolina or the United States District Court for the Middle District of North Carolina, except as
provided below with respect to arbitration of such matters. BANK AND EACH BORROWER EACH ACKNOWLEDGE
THAT THE RIGHT TO TRIAL BY JURY IS A CONSTITUTIONAL ONE, BUT THAT IT MAY BE WAIVED. EACH OF THEM,
AFTER CONSULTING OR HAVING HAD THE OPPORTUNITY TO CONSULT, WITH COUNSEL OF THEIR CHOICE, KNOWINGLY,
VOLUNTARILY AND INTENTIONALLY WAIVES ANY RIGHT ANY OF THEM MAY HAVE TO A TRIAL BY JURY IN ANY
LITIGATION BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY RELATED INSTRUMENT OR LOAN DOCUMENT
OR ANY OF THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT OR ANY COURSE OF CONDUCT, DEALING,
STATEMENTS (WHETHER ORAL OR WRITTEN), OR ACTION OF ANY OF THEM. THESE PROVISIONS SHALL NOT BE
DEEMED TO HAVE BEEN MODIFIED IN ANY RESPECT OR RELINQUISHED BY BANK OR ANY BORROWER, EXCEPT BY A
WRITTEN INSTRUMENT EXECUTED BY EACH OF THEM. If the jury waiver set forth in this Section 11 is not
enforceable, then any dispute, controversy, claim, action or similar proceeding arising out of or
relating to this Agreement, the Loan Documents or any of the transactions contemplated therein
shall be settled by final and binding arbitration held in Durham County, North Carolina in
accordance with the then current Commercial Arbitration Rules of the American Arbitration
Association by one arbitrator appointed in accordance with those rules. The arbitrator shall apply
North Carolina law to the resolution of any dispute, without reference to rules of conflicts of law
or rules of statutory arbitration. Judgment upon any award resulting from arbitration may be
entered into and enforced by any state or federal court having jurisdiction thereof.
Notwithstanding the foregoing, the parties may apply to any court of competent jurisdiction for
preliminary or interim equitable relief, or to compel arbitration in accordance with this Section.
The costs and expenses of the arbitration, including without limitation, the arbitrator’s fees and
expert witness fees, and reasonable attorneys’ fees, incurred by the parties to the arbitration may
be awarded to the prevailing party, in the discretion of the arbitrator, or may be apportioned
between the parties in any manner deemed appropriate by the arbitrator. Unless and until the
arbitrator decides that one party is to pay for all (or a share) of such costs and expenses, both
parties shall share equally in the payment of the arbitrator’s fees as and when billed by the
arbitrator.

     12. GENERAL PROVISIONS.

          12.1 Successors and Assigns. This Agreement shall bind and inure to the benefit of the
respective successors and permitted assigns of each of the parties and shall bind all persons who
become bound as a debtor to this Agreement; provided, however, that neither this Agreement nor any
rights hereunder may be assigned by any Borrower without Bank’s prior written consent, which
consent may be granted or withheld in Bank’s sole

18.

 

discretion. Bank shall have the right without the consent of or notice to Borrowers to sell,
assign, transfer, negotiate, or grant participation in all or any part of, or any interest in,
Bank’s obligations, rights and benefits hereunder.

          12.2 Indemnification. Each Borrower shall defend, indemnify and hold harmless Bank and its
officers, employees, and agents against: (a) all obligations, demands, claims, and liabilities
claimed or asserted by any other party in connection with the transactions contemplated by this
Agreement; and (b) all losses or Bank Expenses in any way suffered, incurred, or paid by Bank, its
officers, employees and agents as a result of or in any way arising out of, following, or
consequential to transactions between Bank and a Borrower whether under this Agreement, or
otherwise (including without limitation reasonable attorneys fees and expenses), except for losses
caused by Bank’s gross negligence or willful misconduct.

          12.3 Time of Essence. Time is of the essence for the performance of all obligations set forth
in this Agreement.

          12.4 Severability of Provisions. Each provision of this Agreement shall be severable from
every other provision of this Agreement for the purpose of determining the legal enforceability of
any specific provision.

          12.5 Amendments in Writing, Integration. All amendments to or terminations of this Agreement
or the other Loan Documents must be in writing. All prior agreements, understandings,
representations, warranties, and negotiations between the parties hereto with respect to the
subject matter of this Agreement and the other Loan Documents, if any, are merged into this
Agreement and the Loan Documents.

          12.6 Counterparts. This Agreement may be executed in any number of counterparts and by
different parties on separate counterparts, each of which, when executed and delivered, shall be
deemed to be an original, and all of which, when taken together, shall constitute but one and the
same Agreement. Executed copies of the signature pages of this Agreement sent by facsimile or
transmitted electronically in Portable Document Format (“PDF”), or any similar format, shall be
treated as originals, fully binding and with full legal force and effect, and the parties waive any
rights they may have to object to such treatment.

          12.7 Survival. All covenants, representations and warranties made in this Agreement shall
continue in full force and effect so long as any Obligations remain outstanding or Bank has any
obligation to make any Credit Extension to a Borrower. The obligations of Borrowers to indemnify
Bank with respect to the expenses, damages, losses, costs and liabilities described in Section 12.2
shall survive until all applicable statute of limitations periods with respect to actions that may
be brought against Bank have run.

          12.8 Confidentiality. In handling any confidential information, Bank and all employees and
agents of Bank shall exercise the same degree of care that Bank exercises with respect to its own
proprietary information of the same types to maintain the confidentiality of any non-public
information thereby received or received pursuant to this Agreement except that disclosure of such
information may be made (i) to the subsidiaries or Affiliates of Bank or any Borrower in connection
with their present or prospective business relations with Borrowers, (ii) to prospective
transferees or purchasers of any interest in the Credit Extensions, provided that they have entered
into a comparable confidentiality agreement in favor of Borrowers and have delivered a copy to
Borrowers, (iii) as required by law, regulations, rule or order, subpoena, judicial order or
similar order, (iv) as may be required in connection with the examination, audit or similar
investigation of Bank and (v) as Bank may determine in connection with the enforcement of any
remedies hereunder. Confidential information hereunder shall not include information that either:
(a) is in the public domain or in the knowledge or possession of Bank when disclosed to Bank, or
becomes part of the public domain after disclosure to Bank through no fault of Bank; or (b) is
disclosed to Bank by a third party, provided Bank does not have actual knowledge that such third
party is prohibited from disclosing such information.

     13. CO-BORROWER PROVISIONS.

          13.1 Primary Obligation. This Agreement is a primary and original obligation of each Borrower
and shall, unless earlier terminated, remain in effect notwithstanding future changes in
conditions,

19.

 

including any change of law or any invalidity or irregularity in the creation or acquisition
of any Obligations or in the execution or delivery of any agreement between Bank and any Borrower.
Each Borrower shall be liable for existing and future Obligations as fully as if all of all Credit
Extensions were advanced to such Borrower. Bank may rely on any certificate or representation made
by any Borrower as made on behalf of, and binding on, all Borrowers, including without limitation
Disbursement Request Forms, Borrowing Base Certificates and Compliance Certificates.

          13.2 Enforcement of Rights. Borrowers are jointly and severally liable for the Obligations and
Bank may proceed against one or more of the Borrowers to enforce the Obligations without waiving
its right to proceed against any of the other Borrowers.

          13.3 Borrowers as Agents. Each Borrower appoints the other Borrower as its agent with all
necessary power and authority to give and receive notices, certificates or demands for and on
behalf of both Borrowers, to act as disbursing agent for receipt of any Credit Extensions on behalf
of each Borrower and to apply to Bank on behalf of each Borrower for Credit Extensions, any waivers
and any consents. This authorization cannot be revoked, and Bank need not inquire as to each
Borrower’s authority to act for or on behalf of another Borrower.

          13.4 Subrogation and Similar Rights. Notwithstanding any other provision of this Agreement or
any other Loan Document, each Borrower irrevocably waives all rights that it may have at law or in
equity (including, without limitation, any law subrogating the Borrower to the rights of Bank under
the Loan Documents) to seek contribution, indemnification, or any other form of reimbursement from
any other Borrower, or any other Person now or hereafter primarily or secondarily liable for any of
the Obligations, for any payment made by the Borrower with respect to the Obligations in connection
with the Loan Documents or otherwise and all rights that it might have to benefit from, or to
participate in, any security for the Obligations as a result of any payment made by the Borrower
with respect to the Obligations in connection with the Loan Documents or otherwise. Any agreement
providing for indemnification, reimbursement or any other arrangement prohibited under this Section
14.4 shall be null and void. If any payment is made to a Borrower in contravention of this Section
14.4, such Borrower shall hold such payment in trust for Bank and such payment shall be promptly
delivered to Bank for application to the Obligations, whether matured or unmatured.

          13.5 Waivers of Notice. Except as otherwise provided in this Agreement, each Borrower waives
notice of acceptance hereof; notice of the existence, creation or acquisition of any of the
Obligations; notice of an Event of Default; notice of the amount of the Obligations outstanding at
any time; notice of intent to accelerate; notice of acceleration; notice of any adverse change in
the financial condition of any other Borrower or of any other fact that might increase the
Borrower’s risk; presentment for payment; demand; protest and notice thereof as to any instrument;
default; and all other notices and demands to which the Borrower would otherwise be entitled. Each
Borrower waives any defense arising from any defense of any other Borrower, or by reason of the
cessation from any cause whatsoever of the liability of any other Borrower. Bank’s failure at any
time to require strict performance by any Borrower of any provision of the Loan Documents shall not
waive, alter or diminish any right of Bank thereafter to demand strict compliance and performance
therewith. Nothing contained herein shall prevent Bank from foreclosing on the Lien of any deed of
trust, mortgage or other security instrument, or exercising any rights available thereunder, and
the exercise of any such rights shall not constitute a legal or equitable discharge of any
Borrower. Each Borrower also waives any defense arising from any act or omission of Bank that
changes the scope of the Borrower’s risks hereunder.

          13.6 Subrogation Defenses. Each Borrower hereby waives any defense based on impairment or
destruction of its subrogation or other rights against any other Borrower and waives all benefits
which might otherwise be available to it under any statutory or common law suretyship defenses or
marshalling rights, now and hereafter in effect.

          13.7 Right to Settle, Release.

               (a) The liability of Borrowers hereunder shall not be diminished by (i) any agreement,
understanding or representation that any of the Obligations is or was to be guaranteed by another
Person or secured by other property, or (ii) any release or unenforceability, whether partial or
total, of rights, if any, which

20.

 

Bank may now or hereafter have against any other Person, including another Borrower, or
property with respect to any of the Obligations.

               (b) Without affecting the liability of any Borrower hereunder, Bank may (i) compromise,
settle, renew, extend the time for payment, change the manner or terms of payment, discharge the
performance of, decline to enforce, or release all or any of the Obligations with respect to a
Borrower, (ii) grant other indulgences to a Borrower in respect of the Obligations, (iii) modify in
any manner any documents relating to the Obligations with respect to a Borrower, (iv) release,
surrender or exchange any deposits or other property securing the Obligations, whether pledged by a
Borrower or any other Person, or (v) compromise, settle, renew, or extend the time for payment,
discharge the performance of, decline to enforce, or release all or any obligations of any
guarantor, endorser or other Person who is now or may hereafter be liable with respect to any of
the Obligations.

          13.8 Subordination. All indebtedness of a Borrower now or hereafter arising held by another
Borrower is subordinated to the Obligations and the Borrower holding the indebtedness shall take
all actions reasonably requested by Lender to effect, to enforce and to give notice of such
subordination.

[Balance of Page Intentionally Left Blank]

21.

 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the date
first above written.

	 	 	 	 	 	 	 
	 	 	WATERFRONT MEDIA INC.
	 
	 	 	 	 	 	 
	 

	 	By:

Title:
	 	/s/ Alan Shapiro
 

Senior Vice President and General Counsel
	 	 
	 
	 	 	 	 	 	 
	 	 	REVOLUTION HEALTH GROUP LLC
	 	 	By: Waterfront Media Inc.
	 	 	Its: Sole Member
	 
	 	 	 	 	 	 
	 

	 	By:

Title:
	 	/s/ Alan Shapiro
 

Senior Vice President and General Counsel
	 	 
	 
	 	 	 	 	 	 
	 	 	CAREPAGES, INC.
	 
	 	 	 	 	 	 
	 

	 	By:

Title:
	 	/s/ Alan Shapiro
 

President
	 	 
	 
	 	 	 	 	 	 
	 	 	SQUARE 1 BANK
	 
	 	 	 	 	 	 
	 

	 	By:

Title:
	 	[Illegible]
 

SVP
	 	 

 

EXHIBIT A

DEFINITIONS

“Accounts” means all presently existing and hereafter arising accounts, contract rights, payment
intangibles and all other forms of obligations owing to Borrowers arising out of the sale or lease
of goods (including, without limitation, the licensing of software and other technology) or the
rendering of services by Borrowers and any and all credit insurance, guaranties, and other security
therefor, as well as all merchandise returned to or reclaimed by Borrowers and Borrowers’ Books
relating to any of the foregoing.

“Advance” or “Advances” means a cash advance or cash advances under the Revolving Line.

“Affiliate” means, with respect to any Person, any Person that owns or controls directly or
indirectly such Person, any Person that controls or is controlled by or is under common control
with such Person, and each of such Person’s senior executive officers, directors, and general
partners.

“Bank Expenses” means all reasonable out of pocket costs or expenses (including reasonable
attorneys’ fees and expenses) incurred in connection with the preparation, negotiation,
administration, and enforcement of the Loan Documents; reasonable Collateral audit fees; and Bank’s
reasonable attorneys’ fees and expenses (whether generated in-house or by outside counsel) incurred
in amending, enforcing or defending the Loan Documents (including fees and expenses of appeal),
incurred before, during and after an Insolvency Proceeding, whether or not suit is brought.

“Borrower’s Books” means all of a Borrower’s books and records including: ledgers; records
concerning such Borrower’s assets or liabilities, the Collateral, business operations or financial
condition; and all computer programs, or tape files, and the equipment, containing such
information.

“Borrowing Base” means an amount equal to 80% (the “Advance Rate”) of Eligible Accounts, as
determined by Bank with reference to the most recent Borrowing Base Certificate delivered by Parent
or a Borrower; provided that Advances on account of the Permitted Accounts aged more than 120 days
shall not exceed $1,000,000 at any time; provided further that Bank may decrease the Advance Rate
in its good faith business judgment based on events, conditions, contingencies, or risks which, as
determined by Bank, may adversely affect the Accounts, including but not limited to Dilution in
excess of 5% with respect to any individual Account including in the Borrowing Base (as determined
by an audit of the Collateral).

“Business Day” means any day that is not a Saturday, Sunday, or other day on which banks in the
State of North Carolina are authorized or required to close.

“Capital Expenditures” means all expenditures of any Person in respect of the purchase or other
acquisition, construction or improvement of any fixed or capital assets (excluding any amount
representing capitalized interest) that are required to be capitalized under GAAP on a balance
sheet as property, plant, equipment or other fixed assets or intangibles; provided that Capital
Expenditures shall in any event exclude (a) normal replacements and maintenance that are properly
charged to current operations, (b) amounts expended with the proceeds of insurance, and (c)
expenditures for any internal web development and internally developed software costs.

“Cash” means unrestricted cash and cash equivalents.

“Change in Control” shall mean a transaction other than a bona fide equity financing or series of
financings on terms and from investors reasonably acceptable to Bank in which any “person” or
“group” (within the meaning of Section 13(d) and 14(d)(2) of the Securities Exchange Act of 1934)
becomes the “beneficial owner” (as defined in Rule 13d-3 under the Securities Exchange Act of
1934), directly or indirectly, of a sufficient number of shares of all classes of stock then
outstanding of a Borrower ordinarily entitled to vote in the election of directors, empowering such
“person” or “group” to elect a majority of the Board of Directors of a Borrower, who did not have
such power before such transaction.

 

“Closing Date” means the date of this Agreement.

“Code” means the North Carolina Uniform Commercial Code as amended or supplemented from time to
time.

“Collateral” means the property described on Exhibit B attached hereto and all Negotiable
Collateral and Intellectual Property Collateral to the extent not described on Exhibit B, except to
the extent any such property (i) is nonassignable by its terms without the consent of the licensor
thereof or another party (but only to the extent such prohibition on transfer is enforceable under
applicable law, including, without limitation, §25-9-406 and §25-9-408 of the Code), (ii) the
granting of a security interest therein is contrary to applicable law, provided that upon the
cessation of any such restriction or prohibition, such property shall automatically become part of
the Collateral, (iii) constitutes the capital stock of a controlled foreign corporation (as defined
in the IRC), in excess of 65% of the voting power of all classes of capital stock of such
controlled foreign corporations entitled to vote, or (iv) property (including any attachments,
accessions or replacements) that is subject to a Lien that is permitted pursuant to clause (c) of
the definition of Permitted Liens, if the grant of a security interest with respect to such
property pursuant to this Agreement would be prohibited by the agreement creating such Permitted
Lien or would otherwise constitute a default thereunder, provided, that such property will be
deemed “Collateral” hereunder upon the termination and release of such Permitted Lien.

“Collateral State” means the state or states where the Collateral is located, which are
Massachusetts, New York, New Jersey, the District of Columbia, Virginia and Missouri.

“Committed Line” means a Credit Extension of up to (i) from the Closing Date through January 31,
2010, $4,000,000; (ii) from February 1, 2010 through March 31, 2010, $3,000,000; (iii) from April
1, 2010 through May 31, 2010, $2,000,000; (iv) from June 1, 2010 through July 31, 2010, $1,000,000;
and (v) thereafter, $0; provided that the aggregate amount of Committed Line Advances and Advances
under the Revolving Line shall not exceed $12,000,000.

“Committed Line Advance” or “Committed Line Advances” means a cash advance or cash advances under
the Committed Line.

“Committed Line Maturity Date” means September 18, 2010.

“Contingent Obligation” means, as applied to any Person, any direct or indirect liability,
contingent or otherwise, of that Person with respect to (i) any indebtedness, lease, dividend,
letter of credit or other obligation of another, including, without limitation, any such obligation
directly or indirectly guaranteed, endorsed, co-made or discounted or sold with recourse by that
Person, or in respect of which that Person is otherwise directly or indirectly liable; (ii) any
obligations with respect to undrawn letters of credit, corporate credit cards or merchant services
issued for the account of that Person; and (iii) all obligations arising under any interest rate,
currency or commodity swap agreement, interest rate cap agreement, interest rate collar agreement,
or other agreement or arrangement designated to protect a Person against fluctuation in interest
rates, currency exchange rates or commodity prices; provided, however, that the term “Contingent
Obligation” shall not include endorsements for collection or deposit in the ordinary course of
business. The amount of any Contingent Obligation shall be deemed to be an amount equal to the
stated or determined amount of the primary obligation in respect of which such Contingent
Obligation is made or, if not stated or determinable, the maximum reasonably anticipated liability
in respect thereof as determined by such Person in good faith; provided, however, that such amount
shall not in any event exceed the maximum amount of the obligations under the guarantee or other
support arrangement.

“Copyrights” means any and all copyright rights, copyright applications, copyright registrations
and like protections in each work or authorship and derivative work thereof, whether published or
unpublished and whether or not the same also constitutes a trade secret, now or hereafter existing,
created, acquired or held.

“Credit Extension” means each Advance, or any other extension of credit by Bank, to or for the
benefit of a Borrower hereunder.

2.

 

“Dilution” is any non-cash reduction to Accounts receivable, including but not limited to credit
memos, discounts allowed, contras, returns, write-offs for bad debt, reductions by rebill, etc.).

“EBITDA” means earnings before (i) interest, (ii) taxes, (iii) depreciation and amortization,
(iv) stock-based compensation and other non-cash charges, (v) earn-out payments made as a result of
Parent’s 2008 acquisition of Nurture Media LLC and (vi) all expenses incurred by Parent in
connection with preparing for the initial public offering of Parent; in each case as determined in
accordance with GAAP.

“Eligible Accounts” means those Accounts that arise in the ordinary course of Borrowers’ business
that comply with all of Borrowers’ representations and warranties to Bank set forth in Section 5.3;
provided, that Bank may upon 30 days’ prior written notice change the standards of eligibility in
its good faith business judgment based on events, conditions, contingencies, or risks which, as
determined by Bank, may adversely affect the Accounts, including but not limited to Dilution in
excess of 5% with respect to any individual Account including in the Borrowing Base (as determined
by an audit of the Collateral). Unless otherwise agreed to by Bank, Eligible Accounts shall not
include the following:

(a) Account balances, other than the Permitted Accounts, that the account debtor has failed to pay
in full within 120 days of invoice date; and Account balances of the Permitted Accounts, to the
extent the account debtor has failed to pay in full within 180 days of invoice date;

(b) Account credit balances greater than 90 days from invoice date;

(c) Accounts, other than Permitted Accounts, with respect to an account debtor, 25% of whose
Accounts the account debtor has failed to pay within 120 days of invoice date; and Permitted
Accounts, with respect to an account debtor, 25% of whose Accounts the account debtor has failed to
pay within 180 days of invoice date;

(d) Accounts with respect to an account debtor, including the account debtor’s subsidiaries and
Affiliates, whose total obligations to a Borrower exceed 25% of all Accounts, to the extent such
obligations exceed the aforementioned percentage, except as approved in writing by Bank;

(e) Accounts with respect to which the account debtor does not have its principal place of business
in the United States, except for Eligible Foreign Accounts;

(f) Accounts with respect to which the account debtor is the United States or any department,
agency, or instrumentality of the United States, except for Accounts of the United States if the
payee has assigned its payment rights to Bank and the assignment has been acknowledged under the
Assignment of Claims Act of 1940 (31 U.S.C. 3727);

(g) Accounts with respect to which a Borrower is liable to the account debtor for goods sold or
services rendered by the account debtor to a Borrower, but only to the extent of any amounts owing
to the account debtor against amounts owed to a Borrower;

(h) Accounts with respect to which the account debtor is an officer, employee, agent, Subsidiary or
Affiliate of a Borrower;

(i) Accounts with respect to which goods are placed on consignment, guaranteed sale, sale or
return, sale on approval, bill and hold, demo or promotional, or other terms by reason of which the
payment by the account debtor may be conditional;

(j) “Advanced Billings,” i.e., accounts that have not yet been billed to the account debtor or that
relate to deposits (such as good faith deposits) or other property of the account debtor held by a
Borrower for the performance of services or delivery of goods which such Borrower has not yet
performed or delivered; provided that advanced billings of CarePages, Inc. shall be “Eligible
Accounts” provided they are supported by a non-cancelable agreement with the relevant account
debtor;

3.

 

(k) Accounts with respect to which the account debtor disputes liability or makes any claim with
respect thereto as to which Bank believes, in its sole discretion, that there may be a basis for
dispute (but only to the extent of the amount subject to such dispute or claim), or is subject to
any Insolvency Proceeding, or becomes insolvent, or goes out of business;

(l) Accounts the collection of which Bank reasonably determines after inquiry and consultation with
a Borrower to be doubtful;

(m) Retentions and hold-backs; and

(n) “Progress Billings,” i.e., accounts that are billed based on project milestones and not on an
actual time and materials basis unless supported by a non-cancelable agreement with such account
debtor.

“Eligible Foreign Accounts” means Accounts with respect to which the account debtor does not have
its principal place of business in the United States and that are (i) supported by one or more
letters of credit in an amount and of a tenor, and issued by a financial institution, acceptable to
Bank, (ii) insured by the Export Import Bank of the United States, (iii) generated by an account
debtor with its principal place of business in Canada, provided that the Bank has perfected its
security interest in the appropriate Canadian province, or (iv) approved by Bank on a case-by-case
basis. All Eligible Foreign Accounts must be calculated in U.S. Dollars.

“Equipment” means all present and future machinery, equipment, tenant improvements, furniture,
fixtures, vehicles, tools, parts and attachments in which a Borrower has any interest.

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended, and the regulations
thereunder.

“Event of Default” has the meaning assigned in Article 8.

“Everyday Health” means Everyday Health India Private Limited, an entity organized under the laws
of India and a wholly-owned Subsidiary of Parent.

“GAAP” means generally accepted accounting principles, consistently applied, as in effect from time
to time in the United States.

“Indebtedness” means (a) all indebtedness for borrowed money or the deferred purchase price of
property or services, including without limitation reimbursement and other obligations with respect
to surety bonds and letters of credit, (b) all obligations evidenced by notes, bonds, debentures or
similar instruments, (c) all capital lease obligations, and (d) all Contingent Obligations,
including but not limited to any sublimit contained herein.

“Insolvency Proceeding” means any proceeding commenced by or against any Person or entity under any
provision of the United States Bankruptcy Code, as amended, or under any other bankruptcy or
insolvency law, including assignments for the benefit of creditors, formal or informal moratoria,
compositions, extension generally with its creditors, or proceedings seeking reorganization,
arrangement, or other relief

“Intellectual Property Collateral” means all of a Borrower’s right, title, and interest in and to
the following types of assets in which any Borrower has any interest:

(a) Copyrights, Trademarks and Patents;

(b) Any and all trade secrets, and any and all intellectual property rights in computer software
and computer software products now or hereafter existing, created, acquired or held;

(c) Any and all design rights which may be available to a Borrower now or hereafter existing,
created, acquired or held;

4.

 

(d) Any and all claims for damages by way of past, present and future infringement of any of the
rights included above, with the right, but not the obligation, to sue for and collect such damages
for said use or infringement of the intellectual property rights identified above;

(e) All licenses or other rights to use any of the Copyrights, Patents or Trademarks, and all
license fees and royalties arising from such use to the extent permitted by such license or rights;

(f) All amendments, renewals and extensions of any of the Copyrights, Trademarks or Patents; and

(g) All proceeds and products of the foregoing, including without limitation all payments under
insurance or any indemnity or warranty payable in respect of any of the foregoing.

“Inventory” means all present and future inventory in which a Borrower has any interest.

“Investment” means any beneficial ownership of (including stock, partnership or limited liability
company interest or other securities) any Person, or any loan, advance, present and future security
deposits or capital contribution to any Person.

“IRC” means the Internal Revenue Code of 1986, as amended, and the regulations thereunder.

“Letter of Credit” means a commercial or standby letter of credit or similar undertaking issued by
Bank at Parent’s (or any Borrower’s) request.

“Lien” means any mortgage, lien, deed of trust, charge, pledge, security interest or other
encumbrance. “Liquidity” means the sum of Cash in Bank plus the most recently reported Borrowing
Base. “Liquidity Ratio” means the ratio of Liquidity to all Indebtedness to Bank.

“Loan Documents” means, collectively, this Agreement, any note or notes executed by a Borrower, and
any other document, instrument or agreement entered into in connection with this Agreement, all as
amended or extended from time to time.

“Material Adverse Effect” means a material adverse effect on (i) the operations, business or
financial condition of Parent and its Subsidiaries taken as a whole, (ii) the ability of Borrowers
to repay the Obligations or otherwise perform their obligations under the Loan Documents, or (iii)
a Borrower’s interest in, or the value, perfection or priority of Bank’s security interest in the
Collateral.

“Negotiable Collateral” means all of a Borrower’s present and future letters of credit of which it
is a beneficiary, drafts, instruments (including promissory notes), securities, documents of title,
and chattel paper, and a Borrower’s Books relating to any of the foregoing.

“Obligations” means all debt, principal, interest, Bank Expenses and other amounts owed to Bank by
Borrowers pursuant to this Agreement or any other agreement, whether absolute or contingent, due or
to become due, now existing or hereafter arising, including any interest that accrues after the
commencement of an Insolvency Proceeding and including any debt, liability, or obligation owing
from a Borrower to others that Bank may have obtained by assignment or otherwise.

“Patents” means all patents, patent applications and like protections including without limitation
improvements, divisions, continuations, renewals, reissues, extensions and continuations-in-part of
the same.

“Periodic Payments” means all installments or similar recurring payments that a Borrower may now or
hereafter become obligated to pay to Bank pursuant to the terms and provisions of any instrument,
or agreement now or hereafter in existence between Borrowers and Bank.

5.

 

“Permitted Accounts” means Accounts of those Account debtors listed on Annex I hereto or other
Accounts of similar caliber from time to time approved in writing by Bank in Bank’s sole and
absolute discretion, provided that no such Account shall be an Eligible Account if it remains
unpaid more than 180 days from invoice date.

“Permitted Indebtedness” means:

(a) Indebtedness of Borrowers in favor of Bank arising under this Agreement or any other Loan
Document;

(b) Indebtedness existing on the Closing Date and disclosed in the Schedule;

(c) Indebtedness not to exceed $250,000 in the aggregate in any fiscal year of Borrowers secured by
a lien described in clause (c) of the defined term “Permitted Liens,” provided such Indebtedness
does not exceed at the time it is incurred the lesser of the cost or fair market value of the
property financed with such Indebtedness;

(d) Subordinated Debt;

(e) Reimbursement obligations under corporate credit cards, not to exceed $350,000 in the aggregate
at any time; and cash-collateralized letters of credit not to exceed $750,000 in the aggregate at
any time;

(f) Other unsecured Indebtedness in an amount not to exceed $250,000 at any time outstanding;

(g) Indebtedness to trade creditors incurred in the ordinary course of business; and

(h) Extensions, refinancings and renewals of any items of Permitted Indebtedness, provided that the
principal amount is not increased or the terms modified to impose more burdensome terms upon a
Borrower or its Subsidiary, as the case may be.

“Permitted Investment” means:

(a) Investments existing on the Closing Date disclosed in the Schedule;

(b) Without duplication with clause (e) of the defined term “Permitted Indebtedness,” security
deposits made in connection with all current and future leases of real property of a Borrower,
incurred in the ordinary course of business, not to exceed $200,000 in the aggregate at any time;

(c) (i) Marketable direct obligations issued or unconditionally guaranteed by the United States of
America or any agency or any State thereof maturing within one year from the date of acquisition
thereof, (ii) commercial paper maturing no more than one year from the date of creation thereof and
currently having rating of at least A-2 or P-2 from either Standard & Poor’s Corporation or Moody’s
Investors Service, (iii) Bank’s certificates of deposit maturing no more than one year from the
date of investment therein, (iv) Bank’s money market accounts, (v) Investments in regular deposit
or checking accounts held with Bank or subject to a control agreement in favor of Bank, and (vi)
Investments consistent with any investment policy adopted by Parent’s board of directors;

(d) Repurchases of stock from former employees, officers, directors or consultants of a Borrower
under the terms of applicable repurchase agreements (i) in an aggregate amount not to exceed
$250,000 in any fiscal year, provided that no Event of Default has occurred, is continuing or would
exist after giving effect to the repurchases, or (ii) in any amount where the consideration for the
repurchase is the cancellation of indebtedness owed by such former employees, officers, directors
or consultants to such Borrower regardless of whether an Event of Default exists;

(e) Investments accepted in connection with Permitted Transfers;

(f) Investments of Subsidiaries in or to other Subsidiaries (other than the Wondir Entities) or a
Borrower, (ii) Investments by Parent in RHG and Carepages, (iii) Investments by a Borrower in
Subsidiaries (other than the

6.

 

Wondir Entities, Everyday Health, RHG or Carepages) not to exceed $50,000 in the aggregate in any
fiscal year, and (iv) Investments by Borrowers in Everyday Health not to exceed $150,000 per month
in the aggregate;

(g) Investments not to exceed $250,000 outstanding in the aggregate at any time consisting of (i)
travel advances and employee relocation loans and other employee loans and advances in the ordinary
course of business, and (ii) loans to employees, officers or directors relating to the purchase of
equity securities of a Borrower or its Subsidiaries pursuant to employee stock purchase plan
agreements approved by a Borrower’s Board of Directors;

(h) Investments in nonfinanced Capital Expenditures in any fiscal year, not to exceed $2,000,000;

(i) Investments (including debt obligations) received in connection with the bankruptcy or
reorganization of customers or suppliers and in settlement of delinquent obligations of, and other
disputes with, customers or suppliers arising in the ordinary course of a Borrower’s business;

(j) Investments consisting of notes receivable of, or prepaid royalties and other credit
extensions, to customers and suppliers who are not Affiliates, in the ordinary course of business,
provided that this subparagraph (h) shall not apply to Investments of a Borrower in any Subsidiary;

(k) Joint ventures or strategic alliances in the ordinary course of a Borrower’s business
consisting of the non-exclusive licensing of technology, the development of technology or the
providing of technical support, provided that any cash Investments by Borrowers do not exceed
$250,000 in the aggregate in any fiscal year; and

(l) Investments permitted under Section 7.3.

“Permitted Liens” means the following:

(a) Any Liens existing on the Closing Date and disclosed in the Schedule (excluding Liens to be
satisfied with the proceeds of the Credit Extensions) or arising under this Agreement, the other
Loan Documents, or any other agreement in favor of Bank;

(b) Liens for taxes, fees, assessments or other governmental charges or levies, either not
delinquent or being contested in good faith by appropriate proceedings and for which the relevant
Borrower maintains adequate reserves;

(c) Liens not to exceed $250,000 in the aggregate (i) upon or in any Equipment (other than
Equipment financed by a Credit Extension) acquired or held by a Borrower or any of its Subsidiaries
(other than the Wondir Entities) to secure the purchase price of such Equipment or indebtedness
incurred solely for the purpose of financing the acquisition or lease of such Equipment, or (ii)
existing on such Equipment at the time of its acquisition, in each case provided that the Lien is
confined solely to the property so acquired and improvements thereon, and the proceeds of such
Equipment, and any such Lien may be superior in priority to Bank’s Lien in such Equipment;

(d) Liens incurred in connection with the extension, renewal or refinancing of the indebtedness
secured by Liens of the type described in clauses (a) through (c) above, provided that any
extension, renewal or replacement Lien shall be limited to the property encumbered by the existing
Lien and the principal amount of the indebtedness being extended, renewed or refinanced does not
increase;

(e) Liens securing Subordinated Debt; and

(f) Liens arising from judgments, decrees or attachments in circumstances not constituting an Event
of Default under Sections 8.4 (attachment) or 8.7 (judgments);

“Permitted Transfer” means the conveyance, sale, lease, transfer or disposition by a Borrower or
any Subsidiary (other than by or to the Wondir Entities) of:

(a) Inventory in the ordinary course of business;

7.

 

(b) licenses and similar arrangements for the use of the property of a Borrower or its Subsidiaries
in the ordinary course of business;

(c) exclusive licenses of intellectual property with respect to limited geographic locations
outside of the United States, field of use or customized products for specific customers of
Borrower;

(d) worn-out, surplus or obsolete Equipment not financed with the proceeds of Credit Extensions;

(e) grants of security interests and other Liens that constitute Permitted Liens;

(f) transfers of Collateral for fair consideration and consistent with sound business practices, so
long as Bank has a first-priority perfected lien in the proceeds of such consideration and provided
that such transfers do not exceed $100,000 in any fiscal year without Bank’s prior written consent,
not to be unreasonably withheld;

(g) transfers of funds into deposit accounts with institutions other than Bank, as expressly
permitted under Section 6.6; and

(h) other assets of Borrowers or their Subsidiaries that do not in the aggregate exceed $100,000
during any fiscal year.

“Person” means any individual, sole proprietorship, partnership, limited liability company, joint
venture, trust, unincorporated organization, association, corporation, institution, public benefit
corporation, firm, joint stock company, estate, entity or governmental agency.

“Prime Rate” means the variable rate of interest, per annum, most recently announced by Bank, as
its “prime rate,” whether or not such announced rate is the lowest rate available from Bank.

“Responsible Officer” means each of the Chief Executive Officer, the Chief Operating Officer, the
Chief Financial Officer, Vice President of Finance and the Controller of a Borrower, as well as any
other officer or employee identified as an Authorized Officer in the corporate resolution delivered
by Borrower to Bank in connection with this Agreement.

“Revolution Acquisition” means the acquisition by Parent of substantially all the membership
interests of Borrower Revolution Health Group LLC.

“Revolving Line” means a Credit Extension of up to $12,000,000; provided that the aggregate amount
of Advances under the Revolving Line and Committed Line Advances shall not exceed $12,000,000.

“Revolving Maturity Date” means September 18, 2011.

“Schedule” means the schedule of exceptions attached hereto and approved by Bank, if any.

“Security Trustee means that certain Security Trustee to be appointed by Bank, in its sole
discretion, with respect to the Security Trustee Agreement.”

“Security Trustee Agreement” means that certain Security Trustee Agreement, with respect to the
Shares of Everyday Health, by an among Parent, the Security Trustee and Bank, in form and content
reasonably acceptable to Bank.”

“Shares” means (i) sixty-five percent (65%) of the issued and outstanding capital stock, membership
units or other securities owned or held of record by a Borrower in any Subsidiary of such Borrower
which is not an entity organized under the laws of the United States or territory thereof, and (ii)
one hundred percent (100%) of the issued and outstanding capital stock, membership units or other
securities owned or held of record by a Borrower in any Subsidiary of such Borrower which is an
entity organized under the laws of the United States or any territory thereof

8.

 

“SOS Reports” means the official reports from the Secretaries of State of each Collateral State,
each state where a Borrower’s chief executive office is located, each state of a Borrower’s
formation and other applicable federal, state or local government offices identifying all current
security interests filed in the Collateral and Liens of record as of the date of such report.

“Subordinated Debt” means any debt incurred by a Borrower that is subordinated in writing to the
debt owing by such Borrower to Bank on terms reasonably acceptable to Bank (and identified as being
such by the Borrower and Bank) (including Indebtedness which consists of unsecured bridge loans
which are convertible into the Borrower’s next round of equity financing and which do not otherwise
mature prior to the Indebtedness evidenced by this Agreement).

“Subsidiary” means any corporation, partnership or limited liability company or joint venture in
which (i) any general partnership interest or (ii) more than 50% of the stock, limited liability
company interest or joint venture of which by the terms thereof ordinary voting power to elect the
Board of Directors, managers or trustees of the entity, at the time as of which any determination
is being made, is owned by a Borrower, either directly or through an Affiliate.

“Trademarks” means any trademark and servicemark rights, whether registered or not, applications to
register and registrations of the same and like protections, and the entire goodwill of the
business of a Borrower connected with and symbolized by such trademarks.

“Wondir Entities” means, collectively, Wondir Health LLC, a Delaware limited liability company and
wholly- owned Subsidiary of RHG, and Wondir General, Inc., a Delaware corporation, 75% of the
Shares of which are owned by RHG.

9.

 

	 	 	 
	DEBTOR

	 	WATERFRONT MEDIA INC.
	 
	 	 
	SECURED PARTY:

	 	SQUARE 1 BANK

EXHIBIT B

COLLATERAL DESCRIPTION ATTACHMENT TO LOAN AND SECURITY AGREEMENT

All personal property of Borrower (herein referred to as “Borrower” or “Debtor”) whether presently
existing or hereafter created or acquired, and wherever located, including, but not limited to:

(a) all accounts (including health-care-insurance receivables), chattel paper (including tangible
and electronic chattel paper), domestic deposit accounts, documents (including negotiable
documents), equipment (including all accessions and additions thereto), financial assets, general
intangibles (including patents, trademarks, copyrights, goodwill, payment intangibles and
software), goods (including fixtures), instruments (including promissory notes), inventory
(including all goods held for sale or lease or to be furnished under a contract of service, and
including returns and repossessions), investment property (including securities and securities
entitlements), letter of credit rights, money, and all of Debtor’s books and records with respect
to any of the foregoing, and the computers and equipment containing said books and records;

(b) any and all cash proceeds and/or noncash proceeds of any of the foregoing, including, without
limitation, insurance proceeds, and all supporting obligations and the security therefor or for any
right to payment. All terms above have the meanings given to them in the North Carolina Uniform
Commercial Code, as amended or supplemented from time to time, including revised Division 9 of the
Uniform Commercial Code-Secured Transactions.

 

 

	 	 	 
	DEBTOR

	 	REVOLUTION HEALTH GROUP LLC
	 
	 	 
	SECURED PARTY:

	 	SQUARE 1 BANK

EXHIBIT B

COLLATERAL DESCRIPTION ATTACHMENT TO LOAN AND SECURITY AGREEMENT

All personal property of Borrower (herein referred to as “Borrower” or “Debtor”) whether presently
existing or hereafter created or acquired, and wherever located, including, but not limited to:

(c) all accounts (including health-care-insurance receivables), chattel paper (including tangible
and electronic chattel paper), domestic deposit accounts, documents (including negotiable
documents), equipment (including all accessions and additions thereto), financial assets, general
intangibles (including patents, trademarks, copyrights, goodwill, payment intangibles and
software), goods (including fixtures), instruments (including promissory notes), inventory
(including all goods held for sale or lease or to be furnished under a contract of service, and
including returns and repossessions), investment property (including securities and securities
entitlements), letter of credit rights, money, and all of Debtor’s books and records with respect
to any of the foregoing, and the computers and equipment containing said books and records;

(d) any and all cash proceeds and/or noncash proceeds of any of the foregoing, including, without
limitation, insurance proceeds, and all supporting obligations and the security therefor or for any
right to payment. All terms above have the meanings given to them in the North Carolina Uniform
Commercial Code, as amended or supplemented from time to time, including revised Division 9 of the
Uniform Commercial Code-Secured Transactions.

 

 

	 	 	 
	DEBTOR

	 	CAREPAGES, INC.
	 
	 	 
	SECURED PARTY:

	 	SQUARE 1 BANK

EXHIBIT B

COLLATERAL DESCRIPTION ATTACHMENT TO LOAN AND SECURITY AGREEMENT

All personal property of Borrower (herein referred to as “Borrower” or “Debtor”) whether presently
existing or hereafter created or acquired, and wherever located, including, but not limited to:

(a) all accounts (including health-care-insurance receivables), chattel paper (including tangible
and electronic chattel paper), domestic deposit accounts, documents (including negotiable
documents), equipment (including all accessions and additions thereto), financial assets, general
intangibles (including patents, trademarks, copyrights, goodwill, payment intangibles and
software), goods (including fixtures), instruments (including promissory notes), inventory
(including all goods held for sale or lease or to be furnished under a contract of service, and
including returns and repossessions), investment property (including securities and securities
entitlements), letter of credit rights, money, and all of Debtor’s books and records with respect
to any of the foregoing, and the computers and equipment containing said books and records;

(b) any and all cash proceeds and/or noncash proceeds of any of the foregoing, including, without
limitation, insurance proceeds, and all supporting obligations and the security therefor or for any
right to payment. All terms above have the meanings given to them in the North Carolina Uniform
Commercial Code, as amended or supplemented from time to time, including revised Division 9 of the
Uniform Commercial Code-Secured Transactions.

 

 

EXHIBIT C

LOAN ADVANCE/PAYDOWN REQUEST FORM

 

 

EXHIBIT D

BORROWING BASE CERTIFICATE

 

 

EXHIBIT
E

COMPLIANCE CERTIFICATE

 

 

ANNEX I

(Permitted Accounts)

 

 

SCHEDULE OF EXCEPTIONS

 

 

BORROWING RESOLUTIONS / INCUMBENCY CERTIFICATESexv10w7

Exhibit 10.7

VENTURE LOAN AND SECURITY AGREEMENT

Dated as of October 8, 2009

by and between

COMPASS HORIZON FUNDING COMPANY LLC,

a Delaware limited liability company

76 Batterson Park Road

Farmington, CT 06032

as Lender

And

WATERFRONT MEDIA INC.,

a Delaware corporation

45 Main Street

Brooklyn, New York 11201

REVOLUTION HEALTH GROUP LLC

a Delaware limited liability company

45 Main Street

Brooklyn, New York 11201

CAREPAGES,

a Delaware corporation

45 Main Street

Brooklyn, New York 11201

as Borrowers

COMMITMENT AMOUNT: $5,000,000

Commitment Termination Date: October 15, 2009

 

 

The Lender and Borrowers hereby agree as follows:

AGREEMENT

     1. Definitions and Construction.

          1.1 Definitions. As used in this Agreement, the following capitalized terms shall
have the following meanings:

     “Account Control Agreement” means an agreement acceptable to Lender which perfects via
control Lender’s security interest in Borrowers’ deposit accounts and/or accounts holding
securities.

     “Accounts” means all presently existing and hereafter arising accounts, contract
rights, payment intangibles and all other forms of obligations owing to Borrowers arising out of
the sale or lease of goods (including, without limitation, the licensing of software and other
technology) or the rendering of services by Borrowers and any and all credit insurance, guaranties,
and other security therefor, as well as all merchandise returned to or reclaimed by Borrowers and
Borrowers’ books and related relating to any of the foregoing.

     “Affiliate” means any Person that owns or controls directly or indirectly ten percent
(10%) or more of the stock of another entity, any Person that controls or is controlled by or is
under common control with such Persons or any Affiliate of such Persons and each of such Person’s
officers, directors, joint venturers or partners.

     “Agreement” means this certain Venture Loan and Security Agreement by and between
Borrowers and Lender dated as of the date on the cover page hereto (as it may from time to time be
amended or supplemented in writing signed by the Borrowers and Lender).

     “Borrower” means each of the Borrowers as set forth on the cover page of this
Agreement and, collectively, “Borrowers” means the Borrowers as set forth on the cover page
of this Agreement.

     “Business Day” means any day that is not a Saturday, Sunday, or other day on which
banking institutions are authorized or required to close in Connecticut or New York.

     “Carepages” means Carepages, Inc., a Delaware corporation.

     “Change in Control” shall mean a transaction other than a bona fide equity financing
or series of financings on terms and from investors reasonably acceptable to Lenders in which any
“person” or “group” (within the meaning of Section 13(d) and 14(d)(2) of the Securities Exchange
Act of 1934) becomes the “beneficial owner” (as defined in Rule 13d-3 under the Securities Exchange
Act of 1934), directly or indirectly, of a sufficient number of shares of all classes of stock then
outstanding of a Borrower ordinarily entitled to vote in the election of directors, empowering such
“person” or “group” to elect a majority of the Board of Directors of a Borrower, who did not have
such power before such transaction.

1.

 

     “Claim” has the meaning given such term in Section 10.3 of this Agreement

     “Code” means the Uniform Commercial Code as adopted and in effect in the State of
Connecticut, as amended from time to time; provided that if by reason of mandatory
provisions of law, the creation and/or perfection or the effect of perfection or non-perfection of
the security interest in any Collateral is governed by the Uniform Commercial Code as in effect in
a jurisdiction other than Connecticut, the term “Code” shall also mean the Uniform Commercial Code
as in effect from time to time in such jurisdiction for purposes of the provisions hereof relating
to such creation, perfection or effect of perfection or non-perfection.

     “Collateral” has the meaning given such term in Section 4.1 of this Agreement.

     “Collateral State” means the state or states where the Collateral is located, which
are Massachusetts, New York, New Jersey, the District of Columbia, Virginia and Missouri.

     “Commitment Amount” has the meaning as set forth on the cover page of this Agreement.

     “Commitment Fee” has the meaning given such term in Section 2.6(c) of this
Agreement.

     “Commitment Termination Date” has the meaning as set forth on the cover page of this
Agreement.

     “Default” means any event which with the passing of time or the giving of notice or
both would become an Event of Default hereunder.

     “Default Rate” means the per annum rate of interest equal to five percent (5%) over
the Loan Rate, but such rate shall in no event be more than the highest rate permitted by
applicable law to be charged on commercial loans in a default situation.

     “Disclosure Schedule” means Exhibit A attached hereto.

     “Environmental Laws” means all foreign, federal, state or local laws, statutes, common
law duties, rules, regulations, ordinances and codes, together with all administrative orders,
directed duties, requests, licenses, authorizations and permits of, and agreements with, any
Governmental Authorities, in each case relating to environmental, health, safety and land use
matters, including the Comprehensive Environmental Response, Compensation and Liability Act of
1980, the Clean Air Act, the Federal Water Pollution Control Act of 1972, the Solid Waste Disposal
Act, the Federal Resource Conservation and Recovery Act, the Toxic Substances Control Act and the
Emergency Planning and Community Right-to-Know Act.

     “Equity Securities” of any Person means (a) all common stock, preferred stock,
participations, shares, partnership interests, membership interests or other equity interests in
and of such Person (regardless of how designated and whether or not voting or non-voting) and (b)
all warrants, options and other rights to acquire any of the foregoing.

     “ERISA” has the meaning given to such term in Section 7.9 of this Agreement.

2.

 

     “Event of Default” has the meaning given to such term in Section 8 of this
Agreement.

     “Everyday Health India” means Everyday Health India Private Limited, an entity
organized under the laws of India and a wholly-owned subsidiary of Parent.

     “Funding Certificate” means a certificate executed by a Responsible Officer of
Borrowers substantially in the form of Exhibit B or such other form as Lender may agree to
accept.

     “Funding Date” means the date on which the Loan is made to or on account of Borrowers
under this Agreement

     “GAAP” means generally accepted accounting principles as in effect in the United
States of America from time to time, consistently applied.

     “Good Faith Deposit” has the meaning given such term in Section 2.6(a) of this
Agreement.

     “Governmental Authority” means (a) any federal, state, county, municipal or foreign
government, or political subdivision thereof, (b) any governmental or quasi-governmental agency,
authority, board, bureau, commission, department, instrumentality or public body, any court or
administrative tribunal, or (d) with respect to any Person, any arbitration tribunal or other
non-governmental authority to whose jurisdiction that Person has consented.

     “Hazardous Materials” means all those substances which are regulated by, or which may
form the basis of liability under, any Environmental Law, including all substances identified under
any Environmental Law as a pollutant, contaminant, hazardous waste, hazardous constituent, special
waste, hazardous substance, hazardous material, or toxic substance, or petroleum or petroleum
derived substance or waste.

     “Indebtedness” means, with respect to Borrowers or any Subsidiary, the aggregate
amount of, without duplication, (a) all obligations of such Person for borrowed money, (b) all
obligations of such Person evidenced by bonds, debentures, notes or other similar instruments, (c)
all obligations of such Person to pay the deferred purchase price of property or services
(excluding trade payables aged less than one hundred eighty (180) days), (d) all capital lease
obligations of such Person, (e) all obligations or liabilities of others secured by a Lien on any
asset of such Person, whether or not such obligation or liability is assumed, (f) all obligations
or liabilities of others guaranteed by such Person, and (g) any other obligations or liabilities
which are required by GAAP to be shown as debt on the balance sheet of such Person. Unless
otherwise indicated, the term “Indebtedness” shall include all Indebtedness of Borrowers
and the Subsidiaries.

     “Indemnified Person” has the meaning given such term in Section 10.3 of this
Agreement.

     “Intellectual Property” means all of each Borrower’s right, title and interest in and
to patents, patent rights (and applications and registrations therefor and divisions,
continuations, renewals, reissues, extensions and continuations-in-part of the same), trademarks
and service

3.

 

marks (and applications and registrations therefor and the goodwill associated therewith),
inventions, copyrights (including applications and registrations therefor and like protections in
each work or authorship and derivative work thereof), mask works (and applications and
registrations therefor), trade names, trade styles, software and computer programs, source code,
object code, trade secrets, methods, processes, know how, drawings, specifications, descriptions,
and all memoranda, notes, and records with respect to any research and development, all whether now
owned or subsequently acquired or developed by any Borrower and whether in tangible or intangible
form or contained on magnetic media readable by machine together with all such magnetic media (but
not including embedded computer programs and supporting information included within the definition
of “goods” under the Code).

     “Investment” means the purchase or acquisition of any capital stock, equity interest,
or any obligations or other securities of, or any interest in, any Person, or the extension of any
advance, loan, extension of credit or capital contribution to, or any other investment in, or
deposit with, any Person.

     “Landlord Agreement” means an agreement substantially in the form provided by Lender
to Borrowers or such other form as Lender may agree to accept.

     “Lender” means the Lender as set forth on the cover page of this Agreement.

     “Lender’s Expenses” means all reasonable costs or expenses (including reasonable
attorneys’ fees not to exceed fifteen thousand dollars ($15,000) plus any and all out of pocket
expenses) incurred in connection with the preparation, negotiation, documentation, administration
and funding of the Loan Documents; and Lender’s reasonable attorneys’ fees, costs and expenses
incurred in amending, modifying, enforcing or defending the Loan Documents (including fees and
expenses of appeal or review), including the exercise of any rights or remedies afforded hereunder
or under applicable law, whether or not suit is brought, whether before or after bankruptcy or
insolvency, including without limitation all fees and costs incurred by Lender in connection with
Lender’s enforcement of its rights in a bankruptcy or insolvency proceeding filed by or against any
Borrower or its Property.

     “Lien” means any voluntary or involuntary security interest, pledge, bailment, lease,
mortgage, hypothecation, conditional sales and title retention agreement, encumbrance or other lien
with respect to any Property in favor of any Person.

     “Loan” means the advance of credit by Lender to any Borrower under this Agreement.

     “Loan Documents” means, collectively, this Agreement, the Note, the Warrant, any
Landlord Agreement, any Account Control Agreement and all other documents, instruments and
agreements entered into in connection with this Agreement, all as amended or extended from time to
time.

     “Loan Rate” means, with respect to the Loan, the per annum rate of interest (based on
a year of twelve 30-day months) equal to the greater of (a) 13.0% or (b) 13.0% plus the
difference between (i) the one month LIBOR Rate (rounded to the nearest one hundredth percent), as
reported in the Wall Street Journal, on the date which is five (5) Business Days before the

4.

 

Funding Date for such Loan (or, if the Wall Street Journal is not published on such
date, the next earlier date on which it is published) and (ii) 2.76%.

     “Material Adverse Effect” means a material adverse effect on (i) the operations,
business or financial condition of Parent and its Subsidiaries taken as a whole, (ii) the ability
of Borrowers to repay the Obligations or otherwise perform their obligations under the Loan
Documents, or (iii) a Borrower’s interest in, or the value, perfection or priority of Lender’s
security interest in the Collateral.

     “Maturity Date” means, May 1, 2013, or if earlier, the date of acceleration of the
Loan following an Event of Default or the date of prepayment, whichever is applicable.

     “Note” means the promissory note executed in connection with the Loan in substantially
the form of Exhibit C attached hereto.

     “Obligations” means all debt, principal, interest, fees, charges, expenses and
attorneys’ fees and costs and other amounts, obligations, covenants, and duties owing by Borrowers
to Lender of any kind and description (whether pursuant to or evidenced by the Loan Documents
(other than the Warrant), or by any other agreement between Lender and any Borrower, and whether or
not for the payment of money), whether direct or indirect, absolute or contingent, due or to become
due, now existing or hereafter arising, including all Lender’s Expenses.

     “Officer’s Certificate” means a certificate executed by a Responsible Officer
substantially in the form of Exhibit E or such other form as Lender may agree to accept.

     “Organizational Documents” means, (a) with respect to any corporation, the certificate
or articles of incorporation and the bylaws (or equivalent or comparable constitutive documents
with respect to any non-U.S. jurisdiction); (b) with respect to any limited liability company, the
certificate or articles of formation or organization and operating agreement; and (c) with respect
to any partnership, joint venture, trust or other form of business entity, the partnership, joint
venture or other applicable agreement of formation or organization and any agreement, instrument,
filing or notice with respect thereto filed in connection with its formation or organization with
the applicable Governmental Authority in the jurisdiction of its formation or organization and, if
applicable, any certificate or articles of formation or organization of such entity.

     “Parent” means Waterfront Media Inc., a Delaware corporation.

     “Payment Date” has the meaning given such term in Section 2.2(a) of this
Agreement.

     “Permitted Indebtedness” means and includes:

               (a) Indebtedness of Borrowers in favor of Lender arising under this Agreement or any other
Loan Document;

               (b) Indebtedness existing on the Funding Date and disclosed in the Disclosure Schedule;

5.

 

               (c) Indebtedness not to exceed two hundred fifty thousand dollars ($250,000) in the aggregate
in any fiscal year of Borrowers secured by a lien described in clause (c) of the defined term
“Permitted Liens,” provided such Indebtedness does not exceed at the time it is incurred the lesser
of the cost or fair market value of the property financed with such Indebtedness;

               (d) reimbursement obligations under corporate credit cards, not to exceed three hundred fifty
thousand dollars ($350,000) in the aggregate at any time; and cash-collateralized letters of credit
not to exceed seven hundred fifty thousand dollars ($750,000) in the aggregate at any time;

               (e) the Senior Debt and any Subordinated Debt;

               (f) other unsecured Indebtedness in an amount not to exceed $250,000 at any time outstanding;

               (g) Indebtedness to trade creditors incurred in the ordinary course of business; and

               (h) extensions, refinancings and renewals of any items of Permitted Indebtedness, provided
that the principal amount is not increased or the terms modified to impose more burdensome terms
upon a Borrower or its Subsidiary, as the case may be.

     “Permitted Investments” means and includes any of the following Investments as to
which Lender has a perfected security interest:

               (a) Investments existing on the Funding Date disclosed in the Disclosure Schedule;

               (b) security deposits made in connection with all current and future leases of real property
of a Borrower, incurred in the ordinary course of business, not to exceed two hundred thousand
dollars ($200,000) in the aggregate at any time;

               (c) (i) marketable direct obligations issued or unconditionally guaranteed by the United
States of America or any agency or any State thereof maturing within one year from the date of
acquisition thereof, (ii) commercial paper maturing no more than one year from the date of creation
thereof and currently having rating of at least A-2 or P-2 from either Standard & Poor’s
Corporation or Moody’s Investors Service, (iii) certificates of deposit maturing no more than one
(1) year from the date of investment therein, (iv) money market accounts, (v) Investments in
regular deposit or checking accounts held with Square 1 Bank or subject to an Account Control
Agreement, and (vi) Investments consistent with any investment policy adopted by Parent’s board of
directors;

               (d) repurchases of stock from former employees, officers, directors or consultants of a
Borrower under the terms of applicable repurchase agreements (i) in an aggregate amount not to
exceed two hundred fifty thousand dollars ($250,000) in any fiscal year, provided that no Event of
Default has occurred, is continuing or would exist after giving effect to the repurchases, or (ii)
in any amount where the consideration for the repurchase is the

6.

 

cancellation of indebtedness owed by such former employees, officers, directors or consultants
to such Borrower regardless of whether an Event of Default exists;

               (e) Investments accepted in connection with Permitted Transfers;

               (f) (i) Investments of Subsidiaries (other than RHG and CarePages) in or to other
Subsidiaries
(other than the Wondir Entities) or a Borrower, (ii) Investments by Parent in RHG and Carepages,
(iii) Investments by any Borrower in Subsidiaries (other than Investments in the Wondir Entities,
Everyday Health India, RHG or Carepages) not to exceed fifty thousand dollars ($50,000) in the
aggregate in any fiscal year, and (iv) Investments by Borrowers in Everyday Health India not to
exceed one hundred fifty thousand dollars ($150,000) per month in the aggregate;

               (g) Investments not to exceed two hundred fifty thousand dollars ($250,000) outstanding in the
aggregate at any time consisting of (i) travel advances and employee relocation loans and other
employee loans and advances in the ordinary course of business, and (ii) non-cash loans to
employees, officers or directors relating to the purchase of equity securities of a Borrower or its
Subsidiaries pursuant to employee stock purchase plan agreements approved by a Borrower’s Board of
Directors;

               (h) Investments in nonfinanced capital expenditures in any fiscal year, not to exceed two
million dollars ($2,000,000);

               (i) Investments (including debt obligations) received in connection with the bankruptcy or
reorganization of customers or suppliers and in settlement of delinquent obligations of, and other
disputes with, customers or suppliers arising in the ordinary course of a Borrower’s business;

               (j) Investments consisting of notes receivable of, or prepaid royalties and other the Loan, to
customers and suppliers who are not Affiliates, in the ordinary course of business,
provided that this subparagraph (j) shall not apply to Investments of a Borrower in any
Subsidiary;

               (k) Joint ventures or strategic alliances in the ordinary course of a Borrower’s business
consisting of the non-exclusive licensing of technology, the development of technology or the
providing of technical support, provided that any cash Investments by Borrowers do not exceed two
hundred fifty thousand dollars ($250,000) in the aggregate in any fiscal year; and

          (l) Investments permitted under Section 7.5.

     “Permitted Liens” means and includes:

               (a) any Liens existing on the Funding Date and disclosed in the Disclosure Schedule or arising
under this Agreement, the other Loan Documents, or any other agreement in favor of Lender;

7.

 

               (b) Liens for taxes, fees, assessments or other governmental charges or levies, either not
delinquent or being contested in good faith by appropriate proceedings and for which the relevant
Borrower maintains adequate reserves;

               (c) Liens not to exceed two hundred fifty thousand dollars ($250,000) in the aggregate (i)
upon or in any equipment acquired or held by a Borrower or any of its Subsidiaries (other than the
Wondir Entities) to secure the purchase price of such equipment or indebtedness incurred solely for
the purpose of financing the acquisition or lease of such equipment, or (ii) existing on such
equipment at the time of its acquisition, in each case provided that the Lien is confined solely to
the property so acquired and improvements thereon, and the proceeds of such equipment, and any such
Lien may be superior in priority to Lender’s Lien in such equipment;

               (d) Liens incurred in connection with the extension, renewal or refinancing of the
indebtedness secured by Liens of the type described in clauses (a) through (b) above, provided that
any extension, renewal or replacement Lien shall be limited to the property encumbered by the
existing Lien and the principal amount of the indebtedness being extended, renewed or refinanced
does not increase;

               (e) carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s
or other similar Liens
arising in the ordinary course of business and which are not delinquent or remain payable without
penalty or which are being contested in good faith and by appropriate proceedings (provided
that such appropriate proceedings do not involve any substantial danger of the sale,
forfeiture or loss of any material item of Collateral or Collateral which in the aggregate is
material to Borrowers and that Borrowers have adequately bonded such Lien or reserves sufficient to
discharge such Lien have been provided on the books of Borrowers);

               (f) Liens securing the Senior Debt and any Subordinated Debt; and

               (g) Liens arising from judgments, decrees or attachments in circumstances not constituting an
Event of Default under Section 8.5 (Seizure of Assets) or Section 8.7 (Judgments);

     “Permitted Transfer” means the conveyance, sale, lease, transfer or disposition by a
Borrower or any Subsidiary (other than by or to the Wondir Entities) of:

               (a) inventory in the ordinary course of business;

               (b) licenses and similar arrangements for the use of the property of a Borrower or its
Subsidiaries in the ordinary course of business;

               (c) exclusive licenses of intellectual property with respect to limited geographic locations
outside of the United States, field of use or customized products for specific customers of
Borrower;

               (d) worn-out, surplus or obsolete equipment not financed with the proceeds of the Loan;

8.

 

               (e) grants of security interests and other Liens that constitute Permitted Liens;

               (f) transfers of Collateral for fair consideration and consistent with sound business
practices, so long as Lender has a perfected lien in the proceeds of such consideration and
provided that such transfers do not exceed one hundred thousand dollars ($100,000) in any fiscal
year without Lender’s prior written consent, not to be unreasonably withheld;

               (g) transfers of funds into deposit accounts with institutions other than Lender, as expressly
permitted under Section 7.10; and

               (h) other assets of Borrowers or their Subsidiaries that do not in the aggregate exceed one
hundred thousand dollars ($100,000) during any fiscal year.

     “Person” means and includes any individual, any partnership, any corporation, any
business trust, any joint stock company, any limited liability company, any unincorporated
association or any other entity and any domestic or foreign national, state or local government,
any political subdivision thereof, and any department, agency, authority or bureau of any of the
foregoing.

     “Property” means any interest in any kind of property or asset, whether real, personal
or mixed, whether tangible or intangible.

     “Responsible Officer” has the meaning given such term in Section 6.3 of this
Agreement.

     “RHG” means Revolution Health Group LLC, a Delaware limited liability company.

     “Scheduled Payments” has the meaning given such term in Section 2.2(a) of this
Agreement.

     “Senior Debt” means debt incurred by Borrowers pursuant to that certain Loan and
Security Agreement dated as of September 18, 2009 by and between Square 1 Bank, as lender, and the
Borrowers, provided that such debt is in an aggregate principal amount not exceeding Twelve Million
Dollars ($12,000,000), and consists of a revolving credit facility in which the loans are limited
to not more than Eighty Percent (80%) of Borrowers’ outstanding accounts receivable (the
“Borrowing Base”), provided that, (i) from the date hereof through January 31, 2010, such
debt may consist of a revolving credit facility in which the loans are limited to the Borrowing
Base plus Four Million Dollars ($4,000,000), (ii) from February 1, 2010 through March 31, 2010,
such debt may consist of a revolving credit facility in which the loans are limited to the
Borrowing Base plus Three Million Dollars ($3,000,000); (iii) from April 1, 2010 through May 31,
2010, such debt may consist of a revolving credit facility in which the loans are limited to the
Borrowing Base plus Two Million Dollars ($2,000,000); (iv) from June 1, 2010 through July 31, 2010,
such debt may consist of a revolving credit facility in which the loans are limited to the
Borrowing Base plus One Million Dollars ($1,000,000); and (v) thereafter, such debt may consist of
a revolving credit facility in which the loans are limited to the Borrowing Base plus $0; provided,
in all instances, that the outstanding aggregate principal amount of such

9.

 

debt shall not exceed Twelve Million Dollars ($12,000,000) at any time during the term of the
Loan.

     “Subordinated Debt” means any debt incurred by a Borrower that (i) is subordinated in
writing to the debt owing by such Borrower to Lender on terms acceptable to Lender in its sole and
absolute discretion (and identified as being such by the Borrower and Lender) (including
Indebtedness which consists of unsecured bridge loans which are convertible into the Borrower’s
next round of equity financing and which do not otherwise mature prior to the Indebtedness
evidenced by this Agreement) and (ii) any security for such debt is subordinated to the security
interest of Lender granted hereunder.

     “Subordination Agreement” means that certain Subordination Agreement dated on or about
the date hereof entered into by and between Lender and Square 1 Bank, as lender under the Senior
Debt.

     “Subsidiary” means any corporation or other entity of which a majority of the
outstanding Equity Securities entitled to vote for the election of directors or other governing
body (otherwise than as the result of a default) is owned by any Borrower directly or indirectly
through any Subsidiary, and “Subsidiaries” means collectively, each and every Subsidiary.

     “Third Party Equipment” has the meaning given such term in Section 4.8 of this
Agreement.

     “Transfer” has the meaning given such term in Section 7.3 of this Agreement.

     “Warrant” means the separate warrant or warrants dated on or about the date hereof in
favor of the Lender or its designees to purchase securities of Parent.

     “Wondir Entities” means, collectively, Wondir Health LLC, a Delaware limited liability
company and Wondir General, Inc., a Delaware corporation.

          1.2 Construction. References in this Agreement to “Articles,” “Sections,” “Exhibits,”
“Schedules” and “Annexes” are to recitals, articles, sections, exhibits, schedules and annexes
herein and hereto unless otherwise indicated. References in this Agreement and each of the other
Loan Documents to any document, instrument or agreement shall include (a) all exhibits, schedules,
annexes and other attachments thereto, (b) all documents, instruments or agreements issued or
executed in replacement thereof, and (c) such document, instrument or agreement, or replacement or
predecessor thereto, as amended, modified and supplemented from time to time and in effect at any
given time. The words “hereof,” “herein” and “hereunder” and words of similar import when used in
this Agreement or any other Loan Document shall refer to this Agreement or such other Loan
Document, as the case may be, as a whole and not to any particular provision of this Agreement or
such other Loan Document, as the case may be. The words “include” and “including” and words of
similar import when used in this Agreement or any other Loan Document shall not be construed to be
limiting or exclusive. Unless otherwise indicated in this Agreement or any other Loan Document,
all accounting terms used in this Agreement or any other Loan Document shall be construed, and all
accounting and financial computations hereunder or thereunder shall be computed, in accordance with
GAAP, and all

10.

 

terms describing Collateral shall be construed in accordance with the Code. The terms and
information set forth on the cover page of this Agreement are incorporated into this Agreement.

     2. Loan; Repayment.

          2.1 Commitment.

               (a) The Commitment Amount. Subject to the terms and conditions of this Agreement and
relying upon the representations and warranties herein set forth as and when made or deemed to be
made, Lender agrees to lend to Borrowers on the Funding Date, the Loan. The Loan made on the
Funding Date shall be in the amount of the Commitment Amount.

               (b) The Loan and the Subordinated Note. The joint and several obligations of
Borrowers to repay the unpaid principal amount of and interest on the Loan shall be evidenced by a
Note issued to Lender.

               (c) Use of Proceeds. The proceeds of the Loan shall be used solely for working
capital or general corporate purposes of Borrowers.

               (d) Termination of Commitment to Lend. Notwithstanding anything in the Loan
Documents, Lender’s obligation to lend the undisbursed portion of the Commitment Amount to
Borrowers hereunder shall terminate on the earlier of (i) at Lender’s sole election, the occurrence
of any Default or Event of Default hereunder, and (ii) the Commitment Termination Date.
Notwithstanding the foregoing, Lender’s obligation to lend the undisbursed portion of the
Commitment Amount to Borrowers shall terminate if, in Lender’s sole judgment, there has been a
material adverse change in the general affairs, management, results of operations, condition
(financial or otherwise) or prospects of Borrowers, whether or not arising from transactions in the
ordinary course of business, or there has been any material adverse deviation by Borrowers from the
business plan of Borrowers presented to Lender on or before the date of this Agreement.

          2.2 Payments.

               (a) Scheduled Payments. Borrowers shall make payment of accrued interest only on the
outstanding principal amount of the Loan on the first twelve (12) Payment Dates specified in the
Subordinated Note and an equal payment of principal plus accrued interest on the outstanding
principal amount of the Loan on the next thirty (30) Payment Dates as set forth in the Subordinated
Note (collectively, the “Scheduled Payments”). Borrowers shall make such Scheduled
Payments commencing on the date set forth in the Subordinated Note and continuing thereafter on the
first Business Day of each calendar month (each a “Payment Date”) through the Maturity
Date. In any event, all unpaid principal and accrued interest shall be due and payable in full on
the Maturity Date.

               (b) Interim Payment. Unless the Funding Date for the Loan is the first day of a
calendar month, Borrowers shall pay the per diem interest (accruing at the Loan Rate from the
Funding Date through the last day of that month) payable with respect to the Loan on the first
Business Day of the next calendar month.

11.

 

               (c) Payment of Interest. Borrowers shall pay interest on the Loan at a per annum rate
of interest equal to the Loan Rate. All computations of interest (including interest at the
Default Rate, if applicable) shall be based on a year of twelve 30-day months.

Notwithstanding any other provision hereof, the amount of interest payable hereunder shall not in
any event exceed the maximum amount permitted by the law applicable to interest charged on
commercial loans.

               (d) Application of Payments. All payments received by Lender prior to an Event of
Default shall be applied as follows: (1) first, to Lender’s Expenses then due and owing; and (2)
second to all Scheduled Payments then due and owing (provided, however, if such
payments are not sufficient to pay the whole amount then due, such payments shall be applied first
to unpaid interest at the Loan Rate, then to the remaining amount then due). After an Event of
Default, all payments and application of proceeds shall be made as set forth in
Section 9.7.

               (e) Late Payment Fee. Borrowers shall pay to Lender a late payment fee equal to five
percent (5%) of any Scheduled Payment not paid when due.

               (f) Default Rate. Borrowers shall pay interest at a per annum rate equal to the
Default Rate on any amounts required to be paid by Borrowers under this Agreement or the other Loan
Documents (including Scheduled Payments), payable with respect to the Loan, accrued and unpaid
interest, and any fees or other amounts which remain unpaid after such amounts are due. If an
Event of Default has occurred and the Obligations have been accelerated (whether automatically or
by Lender’s election), Borrowers shall pay interest on the aggregate, outstanding accelerated
balance hereunder from the date of the Event of Default until all Events of Default are cured, at a
per annum rate equal to the Default Rate.

          2.3 Prepayments.

               (a) Mandatory Prepayment Upon an Acceleration. If the Loan is accelerated following
the occurrence of an Event of Default pursuant to Section 9.1(a). hereof, then Borrowers,
in addition to any other amounts which may be due and owing hereunder, shall immediately pay to
Lender the amount set forth in Section 2.3(b) below, as if the Borrowers had opted to
prepay on the date of such acceleration.

               (b) Voluntary Prepayment. Upon ten (10) Business Days’ prior written notice to
Lender, Borrowers may, at their option, at any time, prepay all of the Loan by paying to Lender an
amount equal to (i) any accrued and unpaid interest on the outstanding principal balance of the
Loan; (ii) an amount equal to (A) if the Loan is prepaid within twelve (12) months from the Funding
Date thereof, three (3%) percent of the then outstanding principal balance of the Loan, or (B) if
the Loan is prepaid more than twelve (12) months from the Funding Date thereof, two (2%) percent of
the then outstanding principal balance of the Loan; (iii) the outstanding principal balance of the
Loan and (iv) all other sums, if any, that shall have become due and payable hereunder.

12.

 

          2.4 Other Payment Terms.

               (a) Place and Manner. Borrowers shall make all payments due to Lender in lawful money
of the United States. All payments of principal, interest, fees and other amounts payable by
Borrowers hereunder shall be made, in immediately available funds, not later than 2:00 p.m.
Connecticut time, on the date on which such payment is due. Borrowers shall make such payments to
Lender via wire transfer as follows:

	 	 	 	 	 
	 
	 	Payment via wire transfer to	 	 
	 
	 	Compass Horizon:	 	 
	 
	 	Credit:	 	Compass Horizon Funding Company LLC/
	 
	 	 	 	Horizon Credit I LLC
	 
	 	Bank Name:	 	U.S. Bank National Association
	 
	 	Bank Address:	 	P.O. Box 643857 
	 
	 	 	 	Cincinnati OH 45264-3857 
	 
	 	Account No.:	 	Lockbox No.:  153910632600 
	 
	 	ABA Routing No.:	 	123000848 
	 
	 	Reference:	 	Waterfront Invoice #

               (b) Date. Whenever any payment is due hereunder on a day other than a Business Day,
such payment shall be made on the next succeeding Business Day, and such extension of time shall be
included in the computation of interest or fees, as the case may be.

          2.5 Procedure for Making the Loan.

               (a) Notice. Borrowers shall notify Lender of the date on which Borrowers desire
Lender to make the Loan at least five (5) Business Days in advance of the desired Funding Date,
unless Lender elects at its sole discretion to allow the Funding Date to be within five (5)
Business Days of Borrowers’ notice. Borrowers’ execution and delivery to Lender of a Note shall be
Borrowers’ agreement to the terms and calculations thereunder with respect to the Loan. Lender’s
obligation to make the Loan shall be expressly subject to the satisfaction of the conditions set
forth in Section 3.

               (b) Loan Rate Calculation. Prior to the Funding Date, Lender shall establish the Loan
Rate with respect to the Loan, which shall be set forth in the Note to be executed by Borrowers
with respect to the Loan and shall be conclusive in the absence of a manifest error.

               (c) Disbursement. Lender shall disburse the proceeds of the Loan by wire transfer to
Borrowers at the account specified in the Funding Certificate for the Loan.

          2.6 Good Faith Deposit; Legal and Closing Expenses; and Commitment Fee.

               (a) Good Faith Deposit. Parent has delivered to Lender a good faith deposit in the
amount of Twenty Five Thousand Dollars ($25,000) (the “Good Faith Deposit”). The Good
Faith Deposit will be credited to the Commitment Fee. If the Funding Date does not

13.

 

occur, Lender shall retain the Good Faith Deposit as compensation for its time, expenses and
opportunity cost.

               (b) Legal, Due Diligence and Documentation Expenses. Concurrently with their
execution and delivery of this Agreement, Borrowers shall pay Lender’s legal fees in connection
with the negotiation and documentation of this Agreement and the Loan Documents in an amount not to
exceed Fifteen Thousand Dollars ($15,000), plus any and all out of pocket expenses in connection
with conducting legal due diligence and perfecting on the Collateral.

               (c) Commitment Fee. Borrowers shall pay Lender concurrently with their execution and
delivery of this Agreement a commitment fee in the amount of Fifty Thousand Dollars ($50,000) (the
“Commitment Fee”). The Commitment Fee shall be retained by Lender and be deemed fully
earned upon receipt.

     3. Conditions of Loan.

          3.1 Conditions Precedent to Closing. At the time of the execution and delivery of
this Agreement, Lender shall have received, in form and substance reasonably satisfactory to
Lender, all of the following (unless Lender has agreed to waive such condition or document, in
which case such condition or document shall be a condition precedent to the making of the Loan and
shall be deemed added to Section 3.2):

               (a) Loan Agreement. This Agreement duly executed by Borrowers and Lender.

               (b) Warrant. The Warrant duly executed by Borrowers.

               (c) Secretary’s Certificate. A certificate of the secretary or assistant secretary
of
each Borrower with copies of the following documents attached: (i) each Organizational Document of
Borrowers certified by Borrowers as being complete and in full force and effect on the date
thereof, (ii) incumbency and specimen signatures of each Responsible Officer executing any Loan
Document or any other document delivered in connection herewith on behalf of Borrowers, and (iii)
resolutions authorizing the execution and delivery of this Agreement and each of the other Loan
Documents.

               (d) Good Standing Certificates. A good standing certificate from the Secretary of
State of the state of each Borrower’s organization, dated as of a recent date.

               (e) Certificate of Insurance. Evidence of the insurance coverage required by
Section 6.8 of this Agreement.

               (f) Consents. All necessary consents of shareholders and other third parties with
respect to the execution, delivery and performance of this Agreement, the Warrant and the other
Loan Documents.

               (g) Legal Opinion. A legal opinion of Borrowers’ counsel substantially in the form
set forth in Exhibit D hereto.

14.

 

               (h) Account Control Agreements. Account Control Agreements for all of Borrowers’
deposit accounts and accounts holding securities duly executed by all of the parties thereto, in
the forms provided by or reasonably acceptable to Lender.

               (i) Grants of Security Interests in Intellectual Property. Grants of security
interests in any U.S. federally registered Intellectual Property, in the forms provided by Lender.

               (j) Other Documents. Such other documents and completion of such other matters, as
Lender may reasonably deem necessary or appropriate.

          3.2 Conditions Precedent to Making the Loan. The obligation of Lender to make the
Loan is further subject to the following conditions:

               (a) No Default. No Default or Event of Default shall have occurred and be continuing.

               (b) Note. Borrowers shall have duly executed and delivered to Lender a Note in the
amount of the Loan.

               (c) UCC Financing Statements. Lender shall have received such documents, instruments
and agreements, including UCC financing statements or amendments to UCC financing statements, as
Lender shall reasonably request to evidence the perfection and priority of the security interests
granted to Lender pursuant to Section 4. Borrowers authorize Lender to file any UCC
financing statements, continuations of or amendments to UCC financing statements it deems necessary
to perfect its security interest in the Collateral.

               (d) Funding Certificate. Borrowers shall have duly executed and delivered to Lender a
Funding Certificate for Loan.

               (e) Subordination Agreement. The Subordination Agreement shall have been executed and
delivered by the parties thereto.

               (f) Other Documents. Such other documents and completion of such other matters, as
Lender may reasonably deem necessary or appropriate.

          3.3 Covenant to Deliver. Borrowers agree (not as a condition but as a covenant) to
deliver to Lender each item required to be delivered to Lender as a condition to the Loan, if the
Loan is advanced. Borrowers expressly agree that the extension of the Loan prior to the receipt by
Lender of any such item shall not constitute a waiver by Lender of Borrowers’ obligation to deliver
such item, and any such extension in the absence of a required item shall be in Lender’s sole
discretion.

     4. Creation of Security Interest.

          4.1 Grant of Security Interest. Each Borrower grants to Lender a valid, continuing
security interest in all presently existing and hereafter acquired or arising Collateral in order
to secure prompt, full and complete payment of any and all Obligations and in order to

15.

 

secure prompt, full and complete performance by each Borrower of each of its covenants and
duties under each of the Loan Documents (other than the Warrant). The “Collateral” shall
mean and include all right, title, interest, claims and demands of Borrowers in and to all personal
property of each Borrower, including without limitation, all of the following:

               (a) All goods (and embedded computer programs and supporting information included within the
definition of “goods” under the Code) and equipment now owned or hereafter acquired, including,
without limitation, all laboratory equipment, computer equipment, office equipment, machinery,
fixtures, vehicles (including motor vehicles and trailers), and any interest in any of the
foregoing, and all attachments, accessories, accessions, replacements, substitutions, additions,
and improvements to any of the foregoing, wherever located;

               (b) All inventory now owned or hereafter acquired, including, without limitation, all
merchandise, raw materials, parts, supplies, packing and shipping materials, work in process and
finished products including such inventory as is temporarily out of any Borrower’s custody or
possession or in transit and including any returns upon any accounts or other proceeds, including
insurance proceeds, resulting from the sale or disposition of any of the foregoing and any
documents of title representing any of the above, and each Borrower’s books relating to any of the
foregoing;

               (c) All contract rights and general intangibles (including Intellectual Property), now owned
or hereafter acquired, including, without limitation, goodwill, license agreements, franchise
agreements, blueprints, drawings, purchase orders, customer lists, route lists, infringements,
claims, software, computer programs, computer disks, computer tapes, literature, reports, catalogs,
design rights, income tax refunds, payment intangibles, commercial tort claims, payments of
insurance and rights to payment of any kind;

               (d) All now existing and hereafter arising accounts, contract rights, royalties, license
rights, license fees and all other forms of obligations owing to any of the Borrowers arising out
of the sale or lease of goods, the licensing of technology or the rendering of services by any of
the Borrowers (subject, in each case, to the contractual rights of third parties to require funds
received by any of the Borrowers to be expended in a particular manner), whether or not earned by
performance, and any and all credit insurance, guaranties, and other security therefor, as well as
all merchandise returned to or reclaimed by any of the Borrowers and any of Borrowers’ books
relating to any of the foregoing;

               (e) All documents, cash, deposit accounts, letters of credit (whether or not the letter of
credit is evidenced by a writing), certificates of deposit, instruments, promissory notes, chattel
paper (whether tangible or electronic) and investment property, including, without limitation, all
securities, whether certificated or uncertificated, security entitlements, securities accounts,
commodity contracts and commodity accounts, and all financial assets held in any securities account
or otherwise, wherever located, now owned or hereafter acquired and any of the Borrowers’ books
relating to the foregoing; and

               (f) Any and all claims, rights and interests in any of the above and all substitutions for,
additions and accessions to and proceeds thereof, including, without limitation,

16.

 

insurance, condemnation, requisition or similar payments and proceeds of the sale or licensing
of Intellectual Property.

          4.2 After-Acquired Property. If any Borrower shall at any time acquire a commercial
tort claim, as defined in the Code, such Borrower shall immediately notify Lender in writing signed
by such Borrower of the brief details thereof and grant to Lender in such writing a security
interest therein and in the proceeds thereof, all upon the terms of this Agreement, with such
writing to be in form and substance satisfactory to Lender.

          4.3 Duration of Security Interest. Lender’s security interest in the Collateral shall
continue until the payment in full and the satisfaction of all Obligations and termination of
Lender’s commitment to fund the Loan, whereupon such security interest shall terminate. Lender
shall, at Borrowers’ sole cost and expense, execute such further documents and take such further
actions as may be reasonably necessary to make effective the release contemplated by this
Section 4.3, including duly authorizing and delivering termination statements for filing in
all relevant jurisdictions under the Code.

          4.4 Location and Possession of Collateral. The Collateral is in the possession of
Borrowers at their locations listed on the cover page hereof or as set forth in the Disclosure
Schedule. Borrowers shall remain in full possession, enjoyment and control of the Collateral
(except only as may be otherwise required by Lender for perfection of its security interest
therein) and so long as no Event of Default has occurred, shall be entitled to manage, operate and
use the same and each part thereof with the rights and franchises appertaining thereto; provided
that the possession, enjoyment, control and use of the Collateral shall at all time be subject to
the observance and performance of the terms of this Agreement.

          4.5 Delivery of Additional Documentation Required. Borrowers shall from time to time
execute and deliver to Lender, at the request of Lender, all financing statements and other
documents Lender may reasonably request, in form satisfactory to Lender, to perfect and continue
Lender’s perfected security interests in the Collateral and in order to consummate fully all of the
transactions contemplated under the Loan Documents.

          4.6 Right to Inspect. Lender (through any of its officers, employees, or agents)
shall have the right, upon reasonable prior notice, from time to time during Borrowers’ usual
business hours, to inspect Borrowers’ books and records and to make copies thereof and to inspect,
test, and appraise the Collateral in order to verify Borrowers’ financial condition or the amount,
condition of, or any other matter relating to, the Collateral.

          4.7 Intellectual Property.

               (a) Registration of Existing and Future Copyrights. At Lender’s request, Borrowers
shall register or cause to be registered with the United States Copyright Office (i) any software
(material to the business of any Borrower) developed or acquired by any Borrower in connection with
any product developed or acquired for sale or licensing (ii) any software (material to the business
of any Borrower) developed or acquired by any Borrower hereafter from time to time in connection
with any product developed or acquired for sale or

17.

 

licensing, and (iii) any major revisions or upgrades to any software that has previously been
registered by or on behalf of any Borrower with the United States Copyright Office.

               (b) Additional Intellectual Property. Borrowers shall promptly notify Lender on or
before the federal registration or filing by any Borrower of any patent or patent application, or
trademark or trademark application, or copyright or copyright application and shall promptly
execute and deliver to Lender any grants of security interests in same, in form acceptable to
Lender, to file with the United States Patent and Trademark Office or the United States Copyright
Office, as applicable.

               (c) Protection of Intellectual Property. Borrowers shall (i) protect, defend and
maintain the validity and enforceability of their Intellectual Property and promptly advise Lender
in writing of material infringements, and (ii) not allow any Intellectual Property material to any
Borrower’s business to be abandoned, forfeited or dedicated to the public without Lender’s written
consent.

          4.8 Lien Subordination. Lender agrees that the Liens granted to it hereunder shall be
subordinate to the Liens to secure the Senior Debt pursuant to the Subordination Agreement. Lender
agrees that the Liens granted to it hereunder in Third Party Equipment shall be subordinate to the
Liens of future lenders providing equipment financing and equipment lessors for equipment and other
personal property acquired by Borrower after the date hereof (“Third Party Equipment”);
provided that in the case of equipment financings and leasing such Liens are
confined solely to the equipment so financed and the proceeds thereof and are Permitted Liens.
Notwithstanding the foregoing, the Obligations hereunder shall not be subordinate in right of
payment to any obligations to other equipment lenders or equipment lessors and Lender’s rights and
remedies hereunder shall not in any way be subordinate to the rights and remedies of any such
lenders or equipment lessors. So long as no Event of Default has occurred, Lender agrees to
execute and deliver such agreements and documents as may be reasonably requested by Borrowers from
time to time which set forth the lien subordination described in this Section 4.8 and are
reasonably acceptable to Lender. Lender shall have no obligation to execute any agreement or
document which would impose obligations, restrictions or lien priority on Lender which are less
favorable to Lender than those described in this Section 4.8.

     5. Representations and Warranties. Except as set forth in the Disclosure Schedule,
each Borrower represents and warrants as follows:

          5.1 Organization and Qualification. Each Borrower is duly organized and validly
existing under the laws of its state of organization or incorporation and qualified and licensed to
do business in, and is in good standing in, any state in which the conduct of its business or its
ownership of Property requires that it be so qualified or in which the Collateral is located,
except for such states as to which any failure to so qualify would not have a Material Adverse
Effect.

          5.2 Authority. Borrowers have all necessary power and authority to execute, deliver,
and perform in accordance with the terms thereof, the Loan Documents to which they are a party.
Borrowers have all requisite power and authority to own and operate their Property

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and to carry on their businesses as now conducted. Borrowers have obtained all licenses,
permits, approvals and other authorizations necessary for the operation of their business.

          5.3 Conflict with Other Instruments, etc. Neither the execution and delivery of any
Loan Document to which any Borrower is a party nor the consummation of the transactions therein
contemplated nor compliance with the terms, conditions and provisions thereof will conflict with or
result in a breach of any of the terms, conditions or provisions of the Organizational Documents of
any Borrower or any law or any regulation, order, writ, injunction or decree of any court or
governmental instrumentality or any material agreement or instrument to which any Borrowers is a
party or by which any Borrower or any of its Property is bound or to which any Borrower or any of
its Property is subject, or constitute a default thereunder or result in the creation or imposition
of any Lien, other than Permitted Liens.

          5.4 Authorization; Enforceability. No authorization, consent, approval, license or
exemption of, and no registration, qualification, designation, declaration or filing with, or
notice to, any Person is, was or will be necessary to (i) the valid execution and delivery of any
Loan Document to which any Borrower is a party, (ii) the performance of Borrowers’ obligations
under any Loan Document, or (iii) the granting of the security interest in the Collateral, except
for filings in connection with the perfection of the security interest in any of the Collateral or
the issuance of the Warrant. The Loan Documents have been duly executed and delivered and
constitute legal, valid and binding obligations of Borrowers, enforceable in accordance with their
respective terms, except as the enforceability thereof may be limited by bankruptcy, insolvency or
other similar laws of general application relating to or affecting the enforcement of creditors’
rights or by general principles of equity.

          5.5 Collateral. Each Borrower has rights in or the power to transfer its Collateral,
and its title to the Collateral in which it has an interest is free and clear of Liens, adverse
claims, and restrictions on transfer or pledge except for Permitted Liens. Other than movable
items of personal property such as laptop computers, all Collateral having an aggregate book value
in excess of two hundred fifty thousand dollars ($250,000) is located solely in the Collateral
States. Borrowers have not received any communications alleging that Borrowers have violated, or
by conducting its business as proposed, would violate any proprietary rights of any other Person.
Borrowers have no knowledge of any infringement or violation by them of the intellectual property
rights of any third party and has no knowledge of any violation or infringement by a third party of
any of their Intellectual Property. The Collateral and the Intellectual Property constitute
substantially all of the assets and property of Borrowers.

          5.6 Name; Location of Chief Executive Office, Principal Place of Business and
Collateral. Except as disclosed in the Disclosure Schedule, Borrowers have not done business
under any name other than those specified on the signature page hereof. Borrowers’ jurisdiction of
incorporation or organization, chief executive office, principal place of business, and the place
where each Borrower maintains its records concerning its owned Collateral are presently located in
the state and at the address set forth on the cover page of this Agreement. The Collateral is
presently located at the address set forth on the cover page hereof or as set forth in the
Disclosure Schedule.

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          5.7 Litigation. Except as set forth in the Disclosure Schedule, there are no actions
or proceedings pending by or against any Borrower or any Subsidiary before any court or
administrative agency in which a likely adverse decision would reasonably be expected to have a
Material Adverse Effect.

          5.8 No Material Adverse Change in Financial Statements. All consolidated and (as and
when prepared by Borrower in the ordinary course) consolidating financial statements related to a
Borrower and any Subsidiary that are delivered by such Borrower to Lender fairly present in all
material respects such Borrower’s consolidated and (as and when prepared by Borrower in the
ordinary course) consolidating financial condition as of the date thereof and such Borrower’s
consolidated and consolidating results of operations for the period then ended. There has not been
a material adverse change in the consolidated or in the consolidating (when financials are prepared
on a consolidating basis) financial condition of any Borrower since the date of the most recent of
such financial statements submitted to Lender.

          5.9 No Material Adverse Effect. No Material Adverse Effect has occurred since
December 31, 2008.

          5.10 Full Disclosure. No representation, warranty or other statement made by a
Borrower in any certificate or written statement furnished to Lender taken together with all such
certificates and written statements furnished to Lender contains any untrue statement of a material
fact or omits to state a material fact necessary in order to make the statements contained in such
certificates or statements not misleading in light of the circumstances in which they were made, it
being recognized by Lender that the projections and forecasts provided by Borrowers in good faith
and based upon reasonable assumptions are not to be viewed as facts and that actual results during
the period or periods covered by any such projections and forecasts may differ from the projected
or forecasted results.

          5.11 Solvency; Payment of Debts. Each Borrower is able to pay its debts (including
trade debts) as they mature; the fair saleable value of each Borrower’s assets (including goodwill
minus disposition costs) exceeds the fair value of its liabilities; and no Borrower is left with
unreasonably small capital after the transactions contemplated by this Agreement.

          5.12 Subsidiaries. Borrowers have no Subsidiaries, except those set forth on the
Disclosure Schedule.

          5.13 Catastrophic Events; Labor Disputes. None of the Borrowers nor any of their
properties is or has been affected by any fire, explosion, accident, strike, lockout or other labor
dispute, drought, storm, hail, earthquake, embargo, act of God or other casualty that could
reasonably be expected to have a Material Adverse Effect. There are no disputes presently subject
to grievance procedure, arbitration or litigation under any of the collective bargaining
agreements, employment contracts or employee welfare or incentive plans to which any of the
Borrowers are party, and there are no strikes, lockouts, work stoppages or slowdowns, or, to the
knowledge of any of the Borrowers, jurisdictional disputes or organizing activity occurring or
threatened which could reasonably be expected to have a Material Adverse Effect.

20.

 

     6. Affirmative Covenants. Each of the Borrowers, until the full and complete payment
of the Obligations, covenants and agrees that:

          6.1 Good Standing. Each Borrower shall maintain its corporate existence and good
standing in its jurisdiction of incorporation or organization and maintain qualification in each
jurisdiction in which the failure to so qualify could reasonably be expected to have a material
adverse effect on the financial condition, operations or business of any of the Borrowers. Each
Borrower shall maintain in force all licenses, approvals and agreements, the loss of which could
reasonably be expected to have a material adverse effect on any Borrowers’ financial condition,
operations or business.

          6.2 Government Compliance. Each Borrower shall comply with all statutes, laws,
ordinances and government rules and regulations to which it is subject, noncompliance with which
could reasonably be expected to materially adversely affect the financial condition, operations or
business of any of the Borrowers.

          6.3 Financial Statements, Reports. Certificates. Parent shall deliver to Lender:
(a) as soon as available, but in any event within thirty (30) days after the end of each calendar
month, a company prepared consolidated and (as and when prepared by Borrower in the ordinary
course) consolidating balance sheet and income statement covering Borrowers’ operations during such
period, in a form reasonably acceptable to Lender and certified by a Responsible Officer; (b) as
soon as available, but in any event within one hundred eighty (180) days after the end of
Borrowers’ fiscal year, audited consolidated and (as and when prepared by Borrower in the ordinary
course) consolidating financial statements of Borrowers prepared in accordance with GAAP,
consistently applied, together with an opinion which is either unqualified, qualified only for
going concern so long as Borrowers’ investors provide additional equity as needed or otherwise
consented to in writing by Lender on such financial statements of an independent certified public
accounting firm reasonably acceptable to Lender; (c) annual budget approved by Borrowers’ Board of
Directors as soon as available but not later than sixty (60) days after the beginning of the
applicable fiscal year; (d) if applicable, copies of all statements, reports and notices sent or
made available generally by a Borrower to any holders of Subordinated Debt, and all reports on
Forms 10-K and 10-Q filed with the Securities and Exchange Commission; and (e) promptly upon
receipt of notice thereof, a report of any material legal actions pending or threatened against a
Borrower or any Subsidiary that could reasonably be expected to result in damages or costs to a
Borrower or any Subsidiary of two hundred fifty thousand dollars ($250,000) or more.

          6.4 Certificates of Compliance. Each time financial statements are furnished pursuant
to Section 6.3 above, Borrowers shall deliver to Lender an Officer’s Certificate signed by
a Responsible Officer in the form of, and certifying to the matters set forth in Exhibit E
hereto.

          6.5 Notice of Defaults. As soon as possible and in any event within three (3)
calendar days after becoming aware of the occurrence or existence of an Event of Default hereunder,
a written statement of a Responsible Officer setting forth details of the Event of Default, and the
action which Borrowers have taken or propose to take with respect thereto.

21.

 

          6.6 Taxes. Each Borrower shall make, and cause each Subsidiary to make, due and
timely payment or deposit of all material federal, state, and local taxes, assessments, or
contributions required of it by law, including, but not limited to, those laws concerning income
taxes, F.I.C.A., F.U.T.A. and state disability, and will execute and deliver to Lender, on demand,
proof satisfactory to Lender indicating that such Borrower or a Subsidiary has made such payments
or deposits and any appropriate certificates attesting to the payment or deposit thereof; provided
that such Borrower or a Subsidiary need not make any payment if the amount or validity of such
payment is contested in good faith by appropriate proceedings and is reserved against (to the
extent required by GAAP) by such Borrower or such Subsidiary.

          6.7 Use; Maintenance. Borrowers shall keep and maintain all items of equipment and
other similar types of personal property that form any significant portion or portions of the
Collateral in good and merchantable condition, free from all material defects except for equipment
and other similar types of personal property that form any significant portion or portions of the
Collateral (i) sold in the ordinary course of business, and (ii) for which adequate reserves have
been made, in all cases in the United States and such other locations as to which Borrowers give
prior written notice.

          6.8 Insurance. Each Borrower, at its expense, shall (i) keep the Collateral insured
against loss or damage, and (ii) maintain liability and other insurance, in each case in as
ordinarily insured against by other owners in businesses similar to such Borrower’s. All such
policies of insurance shall be in such form, with such companies, and in such amounts as reasonably
satisfactory to Lender. All policies of property insurance shall contain a lender’s loss payable
endorsement, in a form satisfactory to Lender, showing Horizon Technology Finance Management LLC,
its agent as an additional loss payee, and all liability insurance policies shall show Horizon
Technology Finance Management LLC, its agent as an additional insured and specify that the insurer
must give at least twenty (20) days notice to Horizon Technology Finance Management LLC before
canceling its policy for any reason. Within thirty (30) days of the Funding Date, each Borrower
shall cause to be furnished to Lender a copy of its policies or certificate of insurance including
any endorsements covering Lender or showing Horizon Technology Finance Management LLC, Lender’s
agent as an additional insured. Upon Lender’s request, each Borrower shall deliver to Lender
certified copies of the policies of insurance and evidence of all premium payments. Proceeds
payable under any casualty policy will, at the relevant Borrower’s option, be payable to such
Borrower to replace the property subject to the claim, provided that any such replacement property
shall be deemed Collateral in which Lender has been granted a security interest, provided that if
an Event of Default has occurred and is continuing, all proceeds payable under any such policy
shall, at Lender’s option, be payable as directed by Horizon Technology Finance Management LLC to
be applied on account of the Obligations.

          6.9 Further Assurances. At any time and from time to time each Borrower shall execute
and deliver such further instruments and take such further action as may reasonably be requested by
Lender to effect the purposes of this Agreement, including without limitation, the continued
perfection and priority of Lender’s security interest in the Collateral.

          6.10 Subsidiaries. Borrowers, upon Lender’s request, shall cause any Subsidiary of
any of the Borrowers to provide Lender with a guaranty of the Obligations and a

22.

 

security interest in the personal property of such Subsidiary to secure such guaranty, subject
the prior security interest of the Senior Debt.

     7. Negative Covenants. Each Borrower, until the full and complete payment of the
Obligations, covenants and agrees that such Borrower shall not:

          7.1 Chief Executive Office. Change its name, jurisdiction of incorporation or
organization, chief executive office, principal place of business or any of the items set forth in
Section 1 of the Disclosure Schedule without thirty (30) days prior written notice to Lender.

          7.2 Liens. Create, incur, assume or allow any Lien with respect to its property, or
assign or otherwise convey any right to receive income, including the sale of any Accounts, or
permit any of its Subsidiaries so to do, except for Permitted Liens, or covenant to any other
Person (other than (i) the licensors of in-licensed property with respect to such property or (ii)
the lessors of specific equipment or lenders financing specific equipment with respect to such
leased or financed equipment) that such Borrower in the future will refrain from creating,
incurring, assuming or allowing any Lien with respect to any of such Borrower’s property.

          7.3 Dispositions of Collateral. Convey, sell, lease, license, transfer or otherwise
dispose of (collectively, to “Transfer”), or permit any of its Subsidiaries to Transfer,
all or any part of its business or property, other than Permitted Transfers.

          7.4 Distributions. Pay any dividends or make any other distribution or payment on
account of or in redemption, retirement or purchase of any capital stock, except that such Borrower
may (i) repurchase the stock of former officers, directors, employees, and consultants pursuant to
stock repurchase agreements as long as (x) the aggregate amount of cash used to repurchase such
stock does not exceed in the aggregate Two Hundred Fifty Thousand Dollars ($250,000) in any fiscal
year and (y) an Event of Default does not exist prior to such repurchase or would not exist after
giving effect to such repurchase, and (ii) repurchase the stock of former officers, directors,
employees, and consultants pursuant to stock repurchase agreements by the cancellation of
indebtedness owed by such former officers, directors, employees, and consultants to such Borrower
regardless of whether an Event of Default exists.

          7.5 Mergers or Acquisitions. Merge or consolidate, or permit any of its Subsidiaries
to merge or consolidate, with or into any other business organization (other than mergers or
consolidations of a Subsidiary into another Subsidiary or into a Borrower), or acquire, or permit
any of their Subsidiaries to acquire, all or substantially all of the capital stock or property of
another Person except where (a) each of the following conditions is applicable: (i) the
consideration paid in connection with such transactions (including assumption of liabilities) does
not in the aggregate exceed Two Million Dollars ($2,000,000) in any calendar year during the term
hereof, (ii) no Event of Default has occurred, is continuing or would exist after giving effect to
such transactions, (iii) such transactions do not result in a Change in Control, and (iv) such
Borrower is the surviving entity; or (b) the Obligations are repaid in full concurrently with the
closing of any merger or consolidation of such Borrower in which such Borrower is not the surviving
entity; provided however, that Parent shall notify Lender in writing

23.

 

prior to entering into any transaction of the type described above, regardless of the amount
of consideration.

          7.6 Transactions With Affiliates/Subsidiaries. Directly or indirectly enter into or
permit to exist any material transaction with any Affiliate of such Borrower except for
transactions that are in the ordinary course of such Borrower’s business, upon fair and reasonable
terms that are no less favorable to such Borrower than would be obtained in an arm’s length
transaction with a non-affiliated Person.

          7.7 Indebtedness. Create, incur, assume, guarantee or be or remain liable with
respect to any Indebtedness, or permit any Subsidiary so to do, other than Permitted Indebtedness,
or prepay any Indebtedness or take any actions which impose on any Borrower an obligation to prepay
any Indebtedness, except Indebtedness to Lender.

          7.8 Investments. Directly or indirectly acquire or own, or make any Investment in or
to any Person, or permit any of its Subsidiaries so to do, other than Permitted Investments.

          7.9 Compliance. Become an “investment company” or a company controlled by an
“investment company” under the Investment Company Act of 1940 or undertake as one of its important
activities extending credit to purchase or carry margin stock, or use the proceeds of any Loan for
that purpose; fail to meet the minimum funding requirements of the Employment Retirement Income
Security Act of 1974, and its regulations, as amended from time to time (“ERISA”), permit a
Reportable Event or Prohibited Transaction, as defined in ERISA, to occur; fail to comply with the
Federal Fair Labor Standards Act or violate any other law or regulation, if the violation could
reasonably be expected to have a material adverse effect on Borrowers’ business or operations or
could reasonably be expected to cause a material adverse change, or permit any of its Subsidiaries
to do so.

          7.10 Accounts. Maintain any deposit account or account holding securities owned by
any of the Borrowers except accounts with respect to which Lender is able to take such actions as
it deems necessary to obtain a perfected security interest in such accounts through one or more
Account Control Agreements; provided, that Borrowers may maintain depository and operating
accounts outside of Square 1 Bank, or where a security interest has not been granted by Borrowers
in favor of Lender (x) for a security deposit for Paymentech not to exceed Two Million Two Hundred
Thousand Dollars ($2,200,000) without Lender’s prior written consent, not to be unreasonably
withheld; (y) up to One Million One Hundred Thousand Dollars ($1,100,000) for a security deposit
(to secure a letter of credit) to support Parent’s leasing of office space in New York, NY; and (z)
up to one hundred fifty thousand dollars ($150,000) (on a rolling basis) to support Everyday Health
India.

          7.11 Subordinated Debt. Make any payment in respect of any Subordinated Debt, or
permit any of its Subsidiaries to make any such payment, except in compliance with the terms of any
subordination agreement entered into in connection with such subordinated debt, or amend any
provision affecting Lender’s rights contained in any documentation relating to the Subordinated
Debt without Lender’s prior written consent.

24.

 

          7.12 Equipment and Personal Property. Store all items of equipment and other similar
types of personal property that form any significant portion or portions of the Collateral of a
book value in excess of two hundred fifty thousand ($250,000) with a bailee, warehouseman,
collocation facility or similar third party unless the third party has been notified of Lender’s
security interest and (a) Borrower has used commercially reasonable efforts to obtain a Landlord
Agreement for each location where Borrowers’ books and records and the Collateral is located
(unless Borrowers are the fee owners of such location), subject to the Subordination Agreement or
(b) Lender is in possession of the warehouse receipt, where negotiable, covering such Collateral.
Except for inventory sold in the ordinary course of business and for movable items of personal
property having an aggregate book value not in excess of two hundred fifty thousand ($250,000), and
except for such other locations as Lender may approve in writing, each Borrower shall keep such
Collateral only at the location of Borrowers set forth on the cover page hereto or in the
Disclosure Schedule and such other locations of which such Borrower gives Lender prior written
notice and as to which Lender is able to take such actions as may be necessary to perfect its
security interest or to obtain a bailee’s acknowledgment of Lender’s rights in the Collateral.

     8. Events of Default. Any one or more of the following events shall constitute an
“Event of Default” by Borrowers under this Agreement:

          8.1 Failure to Pay. If Borrowers fail to pay when due and payable or when declared
due and payable in accordance with the Loan Documents: (i) any Scheduled Payment within three (3)
Business Days after the relevant Payment Date or the Maturity Date or (ii) any other portion of the
Obligations within five (5) days after receipt of written notice from Lender that such payment is
due.

          8.2 Certain Covenant Defaults. If any of the Borrowers fail to perform any obligation
under Section 6.8 or violate any of the covenants contained in Section 7 of this
Agreement.

          8.3 Other Covenant Defaults. If any Borrower fails or neglects to perform, keep, or
observe any other material term, provision, condition, covenant, or agreement contained in this
Agreement, in any of the other Loan Documents and Borrowers have failed to cure such default within
fifteen (15) days after a Borrower receives notice, or any officer of a Borrower becomes aware, of
such default; provided, however, that if the default cannot by its nature be cured
within the fifteen (15) day period or cannot after diligent attempts by Borrowers be cured within
such fifteen (15) day period, and such default is likely to be cured within a reasonable time, then
Borrowers shall have an additional reasonable period (which shall not in any case exceed thirty
(30) days) to attempt to cure such default, and within such reasonable time period the failure to
have cured such default shall not be deemed an Event of Default.

          8.4 Intentionally Omitted.

          8.5 Seizure of Assets, Etc. If any material portion of any of the Borrowers’ assets
is attached, seized, subjected to a writ or distress warrant, or is levied upon, or comes into the
possession of any trustee, receiver or Person acting in a similar capacity and such attachment,
seizure, writ or distress warrant or levy has not been removed, discharged or rescinded within ten

25.

 

(10) days, or if any of the Borrowers are enjoined, restrained, or in any way prevented by
court order from continuing to conduct all or any material part of its business affairs, or if a
judgment or other claim becomes a lien or encumbrance upon any material portion of any of the
Borrowers’ assets, or if a notice of lien, levy, or assessment is filed of record with respect to
any of the Borrowers’ assets by the United States Government, or any department, agency, or
instrumentality thereof, or by any state, county, municipal, or governmental agency, and the same
is not paid within ten (10) days after any of the Borrowers receive notice thereof; provided that
none of the foregoing shall constitute an Event of Default where such action or event is stayed or
an adequate bond has been posted pending a good faith contest by any of the Borrowers.

          8.6 Default on Indebtedness. If there is a default or other failure to perform in any
agreement to which any of the Borrowers are a party with a third party or parties resulting in a
right by such third party or parties, whether or not exercised, to accelerate the maturity of any
Indebtedness in an amount in excess of $250,000 or that would reasonably be expected to have a
Material Adverse Effect; provided, however, that the Event of Default under this
Section 8.6 caused by the occurrence of a default under such other agreement shall be cured
or waived for purposes of this Agreement upon Lender receiving written notice from the party
asserting such default of such cure or waiver of the default under such other agreement, if at the
time of such cure or waiver under such other agreement (a) Lender has not declared an Event of
Default under this Agreement and/or exercised any rights with respect thereto; (b) any such cure or
waiver does not result in an Event of Default under any other provision of this Agreement or any
Loan Document; and (c) in connection with any such cure or waiver under such other agreement, the
terms of any agreement with such third party are not modified or amended in any manner which could
in the good faith judgment of Lender be materially less advantageous to Borrowers.

          8.7 Judgments. If a judgment or judgments for the payment of money in an amount,
individually or in the aggregate, of at least Two Hundred Fifty Thousand Dollars ($250,000) shall
be rendered against any of the Borrowers and shall remain unsatisfied and unstayed for a period of
ten (10) days or more.

          8.8 Misrepresentations. If any material misrepresentation or material misstatement
exists now or hereafter in any warranty, representation, statement, certification, or report made
to Lender by any of the Borrowers or any officer, employee, agent, or director of any of the
Borrowers.

          8.9 Unenforceable Loan Document. If any Loan Document shall in any material respect
cease to be, or any of the Borrowers shall assert that any Loan Document are not, a legal, valid
and binding obligation of the Borrowers enforceable in accordance with its terms.

          8.10 Involuntary Insolvency Proceeding. If a proceeding shall have been instituted in
a court having jurisdiction in the premises seeking a decree or order for relief in respect of any
of the Borrowers in an involuntary case under any applicable bankruptcy, insolvency or other
similar law now or hereafter in effect, or for the appointment of a receiver, liquidator, assignee,
custodian, trustee (or similar official) of any of the Borrowers or for any substantial part of any
of their Property, or for the winding-up or liquidation of their affairs, and

26.

 

such proceeding shall remain undismissed or unstayed and in effect for a period of thirty (30)
consecutive days or such court shall enter a decree or order granting the relief sought in such
proceeding.

          8.11 Voluntary Insolvency Proceeding. If any of the Borrowers shall commence a
voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in
effect, shall consent to the entry of an order for relief in an involuntary case under any such
law, or shall consent to the appointment of or taking possession by a receiver, liquidator,
assignee, trustee, custodian (or other similar official) of any of the Borrowers or for any
substantial part of any of their Property, or shall make a general assignment for the benefit of
creditors, or shall fail generally to pay its debts as they become due, or shall take any corporate
action in furtherance of any of the foregoing.

     9. Lender’s Rights and Remedies.

          9.1 Rights and Remedies. Upon the occurrence of any Default or Event of Default,
Lender shall not have any further obligation to advance money or extend credit to or for the
benefit of Borrowers. Subject to the rights of Square 1 Bank, if any, under the Subordination
Agreement, upon the occurrence of an Event of Default, Lender shall have the rights, options,
duties and remedies of a secured party as permitted by law and, in addition to and without
limitation of the foregoing, Lender may, at its election, without notice of election and without
demand, do any one or more of the following, all of which are authorized by Borrowers:

               (a) Acceleration of Obligations. Declare all Obligations, whether evidenced by this
Agreement, by any of the other Loan Documents, or otherwise, including (i) any accrued and unpaid
interest, (ii) the amounts which would have otherwise come due under Section 2.3(b)(ii) if
the Loan had been voluntarily prepaid, (iii) the unpaid principal balance of the Loan and (iv) all
other sums, if any, that shall have become due and payable hereunder, immediately due and payable
(provided, that upon the occurrence of an Event of Default described in
Section 8.10 or Section 8.11 all Obligations shall become immediately due and
payable without any action by Lender);

               (b) Protection of Collateral. Make such payments and do such acts as Lender considers
necessary or reasonable to protect Lender’s security interest in the Collateral. Borrowers agree
to assemble the Collateral if Lender so requires and to make the Collateral available to Lender as
Lender may designate. Borrowers authorize Lender and its designees and agents to enter the
premises where the Collateral is located, to take and maintain possession of the Collateral, or any
part of it, and to pay, purchase, contest, or compromise any Lien which in Lender’s determination
appears or is claimed to be prior or superior to its security interest and to pay all expenses
incurred in connection therewith. With respect to any of the Borrowers’ owned premises, each
Borrower hereby grants Lender a license to enter into possession of such premises and to occupy the
same, without charge, for up to one hundred twenty (120) days in order to exercise any of Lender’s
rights or remedies provided herein, at law, in equity, or otherwise;

               (c) Preparation of Collateral for Sale. Ship, reclaim, recover, store, finish,
maintain, repair, prepare for sale, advertise for sale, and sell (in the manner provided for

27.

 

herein) the Collateral. Lender and its agents and any purchasers at or after foreclosure are
hereby granted a non-exclusive, irrevocable, perpetual, fully paid, royalty-free license or other
right, solely pursuant to the provisions of this Section 9.1, to use, without charge, any
of the Borrowers’ Intellectual Property, including without limitation, labels, patents, copyrights,
rights of use of any name, trade secrets, trade names, trademarks, service marks, and advertising
matter, or any Property of a similar nature, now or at any time hereafter owned or acquired by any
of the Borrowers or in which any of the Borrowers now or at any time hereafter has any rights;
provided that such license shall only be exercisable in connection with the disposition of
Collateral upon Lender’s exercise of its remedies hereunder;

               (d) Sale of Collateral. Sell the Collateral at either a public or private sale, or
both, by way of one or more contracts or transactions, for cash or on terms, in such manner and at
such places (including any of the Borrowers’ premises) as Lender determines are commercially
reasonable; and

               (e) Purchase of Collateral. Credit bid and purchase all or any portion of the
Collateral at any public sale.

Any deficiency that exists after disposition of the Collateral as provided above will be paid
immediately by Borrowers.

          9.2 Set Off Right. Lender may set off and apply to the Obligations any and all
indebtedness at any time owing to or for the credit or the account of any of the Borrowers or any
other assets of Borrowers in Lender’s possession or control.

          9.3 Effect of Sale. Upon the occurrence of an Event of Default, to the extent
permitted by law, each Borrower covenants that it will not at any time insist upon or plead, or in
any manner whatsoever claim or take any benefit or advantage of, any stay or extension law now or
at any time hereafter in force, nor claim, take nor insist upon any benefit or advantage of or from
any law now or hereafter in force providing for the valuation or appraisement of the Collateral or
any part thereof prior to any sale or sales thereof to be made pursuant to any provision herein
contained, or to the decree, judgment or order of any court of competent jurisdiction; nor, after
such sale or sales, claim or exercise any right under any statute now or hereafter made or enacted
by any state or otherwise to redeem the property so sold or any part thereof, and, to the full
extent legally permitted, except as to rights expressly provided herein, hereby expressly waives
for themselves and on behalf of each and every Person, except decree or judgment creditors of
Borrowers, acquiring any interest in or title to the Collateral or any part thereof subsequent to
the date of this Agreement, all benefit and advantage of any such law or laws, and covenants that
they will not invoke or utilize any such law or laws or otherwise hinder, delay or impede the
execution of any power herein granted and delegated to Lender, but will suffer and permit the
execution of every such power as though no such power, law or laws had been made or enacted. Any
sale, whether under any power of sale hereby given or by virtue of judicial proceedings, shall
operate to divest all right, title, interest, claim and demand whatsoever, either at law or in
equity, of Borrowers in and to the Property sold, and shall be a perpetual bar, both at law and in
equity, against Borrowers, their successors and assigns, and against any and all Persons claiming
the Property sold or any part thereof under, by or through Borrowers, their successors or assigns.

28.

 

          9.4 Power of Attorney in Respect of the Collateral. Subject to the rights of Square 1
Bank, if any, under the Subordination Agreement, each Borrower does hereby irrevocably appoint
Lender (which appointment is coupled with an interest), the true and lawful attorney in fact of
Borrowers with full power of substitution, for them and in their name to file any notices of
security interests, financing statements and continuations and amendments thereof pursuant to the
Code or federal law, as may be necessary to perfect, or to continue the perfection of Lender’s
security interests in the Collateral. Borrowers do hereby irrevocably appoint Lender (which
appointment is coupled with an interest) on the occurrence of an Event of Default, the true and
lawful attorney in fact of Borrowers with full power of substitution, for them and in their name:
(a) to ask, demand, collect, receive, receipt for, sue for, compound and give acquittance for any
and all rents, issues, profits, avails, distributions, income, payment draws and other sums in
which a security interest is granted under Section 4 with full power to settle, adjust or
compromise any claim thereunder as fully as if Lender were Borrowers themselves; (b) to receive
payment of and to endorse the name of Borrowers to any items of Collateral (including checks,
drafts and other orders for the payment of money) that come into Lender’s possession or under
Lender’s control; (c) to make all demands, consents and waivers, or take any other action with
respect to, the Collateral; (d) in Lender’s discretion to file any claim or take any other action
or proceedings, either in its own name or in the name of Borrowers or otherwise, which Lender may
reasonably deem necessary or appropriate to protect and preserve the right, title and interest of
Lender in and to the Collateral; (e) endorse Borrowers’ names on any checks or other forms of
payment or security; (f) sign Borrowers’ name on any invoice or bill of lading for any account or
drafts against account debtors; (g) make, settle, and adjust all claims under Borrowers’ insurance
policies; (h) settle and adjust disputes and claims about the accounts directly with account
debtors, for amounts and on terms Lender determines reasonable; (i) transfer the Collateral into
the name of Lender or a third party as the Code permits; and (j) to otherwise act with respect
thereto as though Lender were the outright owner of the Collateral.

          9.5 Lender’s Expenses. If Borrowers fail to pay any amounts or furnish any required
proof of payment due to third persons or entities, as required under the terms of this Agreement,
then Lender may do any or all of the following: (a) make payment of the same or any part thereof;
or (b) obtain and maintain insurance policies of the type discussed in Section 6.8 of this
Agreement, and take any action with respect to such policies as Lender deems prudent. Any amounts
paid or deposited by Lender shall constitute Lender’s Expenses, shall be immediately due and
payable, shall bear interest at the Default Rate and shall be secured by the Collateral. Any
payments made by Lender shall not constitute an agreement by Lender to make similar payments in the
future or a waiver by Lender of any Event of Default under this Agreement. Borrowers shall pay all
reasonable fees and expenses, including without limitation, Lender’s Expenses, incurred by Lender
in the enforcement or attempt to enforce any of the Obligations hereunder not performed when due.

          9.6 Remedies Cumulative. Lender’s rights and remedies under this Agreement, the Loan
Documents, and all other agreements shall be cumulative. Subject to the rights of Square 1 Bank,
if any, under the Subordination Agreement, Lender shall have all other rights and remedies not
inconsistent herewith as provided under the Code, by law, or in equity. No exercise by Lender of
one right or remedy shall be deemed an election, and no waiver by Lender of any Event of Default on
Borrowers’ part shall be deemed a continuing waiver. No delay by Lender shall constitute a waiver,
election, or acquiescence by it.

29.

 

          9.7 Application of Collateral Proceeds. Subject to the rights of Square 1 Bank, if
any, under the Subordination Agreement,, the proceeds and/or avails of the Collateral, or any part
thereof, and the proceeds and the avails of any remedy hereunder (as well as any other amounts of
any kind held by Lender, at the time of or received by Lender after the occurrence of an Event of
Default hereunder) shall be paid to and applied as follows:

               (a) First, to the payment of out-of-pocket costs and expenses, including all amounts
expended to preserve the value of the Collateral, of foreclosure or suit, if any, and of such sale
and the exercise of any other rights or remedies, and of all proper fees, expenses, liability and
advances, including reasonable legal expenses and attorneys’ fees, incurred or made hereunder by
Lender, including, without limitation, Lender’s Expenses;

               (b) Second, to the payment to Lender of the amount then owing or unpaid on the Loan
for any accrued and unpaid interest, the amounts which would have otherwise come due under
Section 2.3(b)(ii), if the Loan has been voluntarily prepaid, the principal balance of the
Loan, and all other Obligations with respect to the Loan (provided, however, if
such proceeds shall be insufficient to pay in full the whole amount so due, owing or unpaid upon
the Loan, then to the unpaid interest thereon, then to the amounts which would have otherwise come
due under Section 2.3(b)(ii), if the Loan had been voluntarily prepaid, then to the
principal balance of the Loan, and then to the payment of other amounts then payable to Lender
under any of the Loan Documents); and

               (c) Third, to the payment of the surplus, if any, to Borrowers, their successors and
assigns, or to the Person lawfully entitled to receive the same.

          9.8 Reinstatement of Rights. If Lender shall have proceeded to enforce any right
under this Agreement or any other Loan Document by foreclosure, sale, entry or otherwise, and such
proceedings shall have been discontinued or abandoned for any reason or shall have been determined
adversely, then and in every such case (unless otherwise ordered by a court of competent
jurisdiction), Lender shall be restored to its former position and rights hereunder with respect to
the Property subject to the security interest created under this Agreement.

     10. Waivers; Indemnification.

          10.1 Demand; Protest. Borrowers waive demand, protest, notice of protest, notice of
default or dishonor, notice of payment and nonpayment, notice of any default, nonpayment at
maturity, release, compromise, settlement, extension, or renewal of accounts, documents,
instruments, chattel paper, and guarantees at any time held by Lender on which Borrowers may in any
way be liable.

          10.2 Lender’s Liability for Collateral. So long as Lender complies with its
obligations, if any, under the Code, Lender shall not in any way or manner be liable or responsible
for: (a) the safekeeping of the Collateral; (b) any loss or damage thereto occurring or arising in
any manner or fashion from any cause other than Lender’s gross negligence or willful misconduct;
(c) any diminution in the value thereof; or (d) any act or default of any carrier, warehouseman,
bailee, forwarding agency, or other Person whomsoever. All risk of loss, damage or destruction of
the Collateral shall be borne by Borrowers.

30.

 

          10.3 Indemnification and Waiver. Whether or not the transactions contemplated hereby
shall be consummated:

               (a) General Indemnity. Borrowers agree upon demand to pay or reimburse Lender for all
liabilities, obligations and out-of-pocket expenses, including Lender’s Expenses and reasonable
fees and expenses of counsel for Lender from time to time arising in connection with the
enforcement or collection of sums due under the Loan Documents, and in connection with any
amendment or modification of the Loan Documents or any “work-out” in connection with the Loan
Documents. Borrowers shall indemnify, reimburse and hold Lender, and each of its respective
successors, assigns, agents, attorneys, officers, directors, equity holders, servants, agents and
employees (each an “Indemnified Person”) harmless from and against all liabilities, losses,
damages, actions, suits, demands, claims of any kind and nature (including claims relating to
environmental discharge, cleanup or compliance), all costs and expenses whatsoever to the extent
they may be incurred or suffered by such Indemnified Person in connection therewith (including
reasonable attorneys’ fees and expenses), fines, penalties (and other charges of any applicable
Governmental Authority), licensing fees relating to any item of Collateral, damage to or loss of
use of property (including consequential or special damages to third parties or damages to
Borrowers’ property), or bodily injury to or death of any person (including any agent or employee
of Borrowers) (each, a “Claim”), directly or indirectly relating to or arising out of the
use of the proceeds of the Loan or otherwise, the falsity of any representation or warranty of
Borrowers or Borrowers’ failure to comply with the terms of this Agreement or any other Loan
Document. The foregoing indemnity shall cover, without limitation, (i) any Claim in connection
with a design or other defect (latent or patent) in any item of equipment or product included in
the Collateral, (ii) any Claim for infringement of any patent, copyright, trademark or other
intellectual property right, (iii) any Claim resulting from the presence on or under or the escape,
seepage, leakage, spillage, discharge, emission or release of any Hazardous Materials on the
premises owned, occupied or leased by Borrowers, including any Claims asserted or arising under any
Environmental Law, (iv) any Claim for negligence or strict or absolute liability in tort, or (v)
any Claim asserted as to or arising under any Account Control Agreement or any Landlord Agreement;
provided, however, Borrowers shall not indemnify any Indemnified Person for any
liability incurred as a direct result of Lender’s gross negligence or willful misconduct. Such
indemnities shall continue in full force and effect, notwithstanding the expiration or termination
of this Agreement. Upon Lender’s written demand, Borrowers shall assume and diligently conduct, at
their sole cost and expense, the entire defense of Lender, each of its members, partners, and each
of their respective, agents, employees, directors, officers, equity holders, successors and assigns
against any indemnified Claim described in this Section 10.3(a). Borrowers shall not
settle or compromise any Claim against or involving Lender without first obtaining Lender’s written
consent thereto, which consent shall not be unreasonably withheld.

               (b) Waiver. NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED IN THIS AGREEMENT OR
ANYWHERE ELSE, BORROWERS AGREE THAT THEY SHALL NOT SEEK FROM LENDER UNDER ANY THEORY OF LIABILITY
(INCLUDING ANY THEORY IN TORTS), ANY SPECIAL, INDIRECT, CONSEQUENTIAL OR PUNITIVE DAMAGES.

31.

 

               (c) Survival; Defense. The obligations in this Section 10.3 shall survive
payment of all other Obligations pursuant to Section 12.8. At the election of any
Indemnified Person, Borrowers shall defend such Indemnified Person using legal counsel satisfactory
to such Indemnified Person in such Person’s reasonable discretion, at the sole cost and expense of
Borrowers. All amounts owing under this Section 10.3 shall be paid within thirty (30) days
after written demand.

     11. Notices. Unless otherwise provided in this Agreement, all notices or demands by
any party relating to this Agreement or any other agreement entered into in connection herewith
shall be in writing and (except for consolidated financial statements and other informational
documents which may be sent by first-class mail, postage prepaid) shall be personally delivered or
sent by certified mail, postage prepaid, return receipt requested, by prepaid nationally recognized
overnight courier, or by prepaid facsimile to Borrower or to Lender, as the case may be, at their
respective addresses set forth below:

	 	 	 	 	 
	 

	 	If to Borrowers:
	 	Waterfront Media Inc.
	 

	 	 	 	Revolution Health Group LLC
	 

	 	 	 	Carepages, Inc.
	 

	 	 	 	45 Main Street
	 

	 	 	 	Brooklyn, New York 11201
	 

	 	 	 	Attention: Alan Shapiro, Senior Vice President & General Counsel
	 

	 	 	 	Fax: (718) 797-0582
	 

	 	 	 	Ph: (718) 249-2837
	 
	 	 	 	 
	 

	 	If to Lender:
	 	Compass Horizon Funding Company LLC
	 

	 	 	 	76 Batterson Park Road
	 

	 	 	 	Farmington, CT 06032
	 

	 	 	 	Attention: Legal Department
	 

	 	 	 	Fax: (860) 676-8655
	 

	 	 	 	Ph: (860) 676-8654

     The parties hereto may change the address at which they are to receive notices hereunder, by
notice in writing in the foregoing manner given to the other.

     12. General Provisions.

          12.1 Successors and Assigns. This Agreement and the Loan Documents shall bind and
inure to the benefit of the respective successors and permitted assigns of each of the parties;
provided, however, neither this Agreement nor any rights hereunder may be assigned
by Borrowers without Lender’s prior written consent, which consent may be granted or withheld in
Lender’s sole discretion. Lender shall have the right without the consent of or notice to
Borrowers to sell, transfer, assign, negotiate, or grant participations in all or any part of, or
any interest in Lender’s rights and benefits hereunder. Lender may disclose the Loan Documents and
any other financial or other information relating to Borrowers or any Subsidiary to any potential
participant or assignee of any of the Loan; provided further, that such participant
or assignee agrees to protect the confidentiality of such documents and information using the same
measures

32.

 

that it uses to protect its own confidential information. Borrowers hereby authorize and
direct Lender, for and on behalf of the Borrowers, to maintain a record of ownership of the Note
and any interest therein, which record, or “book-entry system”, shall identify the owner or owners
of the Notes and any interests therein. Notwithstanding any other provision of this Agreement or
the Loan Documents, the right to the principal of, and stated interest on, the Note may be
transferred only through such book-entry system.

          12.2 Time of Essence. Time is of the essence for the performance of all obligations
set forth in this Agreement.

          12.3 Severability of Provisions. Each provision of this Agreement shall be severable
from every other provision of this Agreement for the purpose of determining the legal
enforceability of any specific provision.

          12.4 Entire Agreement; Construction; Amendments and Waivers.

               (a) Entire Agreement. This Agreement and each of the other Loan Documents dated as of
the date hereof, taken together, constitute and contain the entire agreement between Borrowers and
Lender and supersede any and all prior agreements, negotiations, correspondence, understandings and
communications between the parties, whether written or oral, respecting the subject matter hereof.
Borrowers acknowledge that they are not relying on any representation or agreement made by Lender
or any employee, attorney or agent thereof, other than the specific agreements set forth in this
Agreement and the Loan Documents.

               (b) Construction. This Agreement is the result of negotiations between and has been
reviewed by each of the Borrowers and Lender as of the date hereof and their respective counsel;
accordingly, this Agreement shall be deemed to be the product of the parties hereto, and no
ambiguity shall be construed in favor of or against Borrowers or Lender. Borrowers and Lender
agree that they intend the literal words of this Agreement and the other Loan Documents and that no
parol evidence shall be necessary or appropriate to establish Borrowers’ or Lender’s actual
intentions.

               (c) Amendments and Waivers. Any and all discharges or waivers of, or consents to any
departures from any provision of this Agreement or of any of the other Loan Documents shall not be
effective without the written consent of Lender. Any and all amendments and modifications of this
Agreement or of any of the other Loan Documents shall not be effective without the written consent
of Lender and Borrowers. Any waiver or consent with respect to any provision of the Loan Documents
shall be effective only in the specific instance and for the specific purpose for which it was
given. No notice to or demand on Borrowers in any case shall entitle Borrowers to any other or
further notice or demand in similar or other circumstances. Any amendment, modification, waiver or
consent affected in accordance with this Section 12.4 shall be binding upon Lender and on
Borrowers.

          12.5 Reliance by Lender. All covenants, agreements, representations and warranties
made herein by any of the Borrowers shall be deemed to be material to and to have been relied upon
by Lender, notwithstanding any investigation by Lender.

33.

 

          12.6 No Set-Offs by Borrowers. All sums payable by any of the Borrowers pursuant to
this Agreement or any of the other Loan Documents shall be payable without notice or demand and
shall be payable in United States Dollars without set-off or reduction of any manner whatsoever.

          12.7 Counterparts. This Agreement may be executed in any number of counterparts and
by different parties on separate counterparts (including signatures delivered by facsimile or other
electronic means), each of which, when executed and delivered, shall be deemed to be an original,
and all of which, when taken together, shall constitute but one and the same Agreement. Executed
copies of the signature pages of this Agreement sent by facsimile or transmitted electronically in
Portable Document Format (“PDF”), or any similar format, shall be treated as originals, fully
binding and with full legal force and effect, and the parties waive any rights they may have to
object to such treatment.

          12.8 Survival. All covenants, representations and warranties made in this Agreement
shall continue in full force and effect so long as any Obligations or commitment to fund remain
outstanding. The obligations of Borrowers to indemnify Lender with respect to the expenses,
damages, losses, costs and liabilities described in Section 10.3 shall survive until all
applicable statute of limitations periods with respect to actions that may be brought against
Lender have run.

     13. Relationship of Parties. Borrowers and Lender acknowledge, understand and agree
that the relationship between Borrowers, on the one hand, and Lender, on the other, is, and at all
time shall remain solely that of borrowers and lender. Lender shall not under any circumstances be
construed to be a partner or a joint venturer of Borrowers or any of their Affiliates; nor shall
Lender under any circumstances be deemed to be in a relationship of confidence or trust or a
fiduciary relationship with Borrowers or any of their Affiliates, or to owe any fiduciary duty to
Borrowers or any of their Affiliates. Lender does not undertake or assume any responsibility or
duty to Borrowers or any of their Affiliates to select, review, inspect, supervise, pass judgment
upon or otherwise inform Borrowers or any of their Affiliates of any matter in connection with its
or their Property, any Collateral held by Lender or the operations of Borrowers or any of their
Affiliates. Borrowers and each of their Affiliates shall rely entirely on their own judgment with
respect to such matters, and any review, inspection, supervision, exercise of judgment or supply of
information undertaken or assumed by Lender in connection with such matters is solely for the
protection of Lender and neither Borrowers nor any Affiliate is entitled to rely thereon.

     14. Confidentiality. All information (other than periodic reports filed by Borrowers
with the Securities and Exchange Commission) disclosed by Borrowers to Lender in writing or through
inspection pursuant to this Agreement that is marked confidential shall be considered confidential.
Lender agrees to use the same degree of care to safeguard and prevent disclosure of such
confidential information as Lender uses with its own confidential information, but in any event no
less than a reasonable degree of care. Lender shall not disclose such information to any third
party (other than to Lender’s members, partners, attorneys, governmental regulators, or auditors,
or to Lender’s subsidiaries and affiliates and prospective transferees and purchasers of the Loan,
all subject to the same confidentiality obligation set forth herein or as required by law,
regulation, subpoena or other order to be disclosed) and shall use such information only for

34.

 

purposes of evaluation of its investment in Borrowers and the exercise of Lender’s rights and
the enforcement of its remedies under this Agreement and the other Loan Documents. The obligations
of confidentiality shall not apply to any information that (a) was known to the public prior to
disclosure by Borrowers under this Agreement, (b) becomes known to the public through no fault of
Lender, (c) is disclosed to Lender by a third party having a legal right to make such disclosure,
or (d) is independently developed by Lender. Notwithstanding the foregoing, Lender’s agreement of
confidentiality shall not apply if Lender has acquired indefeasible title to any Collateral or in
connection with any enforcement or exercise of Lender’s rights and remedies under this Agreement
following an Event of Default, including the enforcement of Lender’s security interest in the
Collateral.

     15. Co-Borrower Provisions.

          15.1 Primary Obligation. This Agreement is a primary and original obligation of each
Borrower and shall, unless earlier terminated, remain in effect notwithstanding future changes in
conditions, including any change of law or any invalidity or irregularity in the creation or
acquisition of any Obligations or in the execution or delivery of any agreement between Lender and
any Borrower. Each Borrower shall be liable for existing and future Obligations as fully as if the
Loan or Obligations were advanced to such Borrower. Lender may rely on any certificate or
representation made by any Borrower as made on behalf of, and binding on, all Borrowers.

          15.2 Enforcement of Rights. Borrowers are jointly and severally liable for the
Obligations and Lender may proceed against one or more of the Borrowers to enforce the Obligations
without waiving its right to proceed against any of the other Borrowers.

          15.3 Borrowers as Agents. Each Borrower appoints the other Borrower as its agent with
all necessary power and authority to give and receive notices, certificates or demands for and on
behalf of both Borrowers, to act as disbursing agent for receipt of the Loan on behalf of each
Borrower and to apply to Lender on behalf of each Borrower for funding of the Loan, any waivers and
any consents. This authorization cannot be revoked, and Lender need not inquire as to each
Borrower’s authority to act for or on behalf of another Borrower.

          15.4 Subrogation and Similar Rights. Notwithstanding any other provision of this
Agreement or any other Loan Document, each Borrower irrevocably waives all rights that it may have
at law or in equity (including, without limitation, any law subrogating the Borrower to the rights
of Lender under the Loan Documents) to seek contribution, indemnification, or any other form of
reimbursement from any other Borrower, or any other Person now or hereafter primarily or
secondarily liable for any of the Obligations, for any payment made by the Borrower with respect to
the Obligations in connection with the Loan Documents or otherwise and all rights that it might
have to benefit from, or to participate in, any security for the Obligations as a result of any
payment made by the Borrower with respect to the Obligations in connection with the Loan Documents
or otherwise. Any agreement providing for indemnification, reimbursement or any other arrangement
prohibited under this Section 15.4 shall be null and void. If any payment is made to a
Borrower in contravention of this Section 15.4 such Borrower shall hold such payment in
trust for Lender and such payment shall be promptly delivered to Lender for application to the
Obligations, whether matured or unmatured.

35.

 

          15.5 Subrogation Defenses. Each Borrower hereby waives any defense based on
impairment or destruction of its subrogation or other rights against any other Borrower and waives
all benefits which might otherwise be available to it under any statutory or common law suretyship
defenses or marshalling rights, now and hereafter in effect.

          15.6 Right to Settle, Release.

               (a) The liability of Borrowers hereunder shall not be diminished by (i) any agreement,
understanding or representation that any of the Obligations is or was to be guaranteed by another
Person or secured by other property, or (ii) any release or unenforceability, whether partial or
total, of rights, if any, which Lender may now or hereafter have against any other Person,
including another Borrower, or property with respect to any of the Obligations.

               (b) Without affecting the liability of any Borrower hereunder, Lender may (i) compromise,
settle, renew, extend the time for payment, change the manner or terms of payment, discharge the
performance of, decline to enforce, or release all or any of the Obligations with respect to a
Borrower, (ii) grant other indulgences to a Borrower in respect of the Obligations, (iii) modify in
any manner any documents relating to the Obligations with respect to a Borrower, (iv) release,
surrender or exchange any deposits or other property securing the Obligations, whether pledged by a
Borrower or any other Person, or (v) compromise, settle, renew, or extend the time for payment,
discharge the performance of, decline to enforce, or release all or any obligations of any
guarantor, endorser or other Person who is now or may hereafter be liable with respect to any of
the Obligations.

          15.7 Subordination. Except for the Senior Debt, all indebtedness of a Borrower now or
hereafter arising held by another Borrower is subordinated to the Obligations and the Borrower
holding the indebtedness shall take all actions reasonably requested by Lender to effect, to
enforce and to give notice of such subordination.

     16. CHOICE OF LAW AND VENUE; JURY TRIAL WAIVER. THIS AGREEMENT SHALL BE GOVERNED BY,
AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF CONNECTICUT,
WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS. EACH OF THE BORROWERS AND LENDER HEREBY SUBMITS
TO THE NON-EXCLUSIVE JURISDICTION OF THE STATE AND FEDERAL COURTS LOCATED IN THE STATE OF
CONNECTICUT. BORROWERS AND LENDER HEREBY WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY
CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF ANY OF THE LOAN DOCUMENTS OR ANY OF THE
TRANSACTIONS CONTEMPLATED THEREIN, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS,
AND ALL OTHER COMMON LAW OR STATUTORY CLAIMS.

[Remainder of page intentionally left blank.]

36.

 

     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the
date first above written.

	 	 	 	 	 	 	 
	 	 	BORROWERS:	 	 
	 	 	WATERFRONT MEDIA INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Alan Shapiro
 

Alan Shapiro
	 	 
	 

	 	Title:
	 	Senior Vice President and General
Counsel	 	 
	 
	 	 	 	 	 	 
	 	 	REVOLUTION HEALTH GROUP LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	Waterfront Media Inc.	 	 
	 
	 

	 	Its:
	 	Sole Member	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Alan Shapiro	 	 
	 

	 	Name:
	 	 

Alan Shapiro
	 	 
	 

	 	Title:
	 	Senior Vice President and General
Counsel	 	 
	 
	 	 	 	 	 	 
	 	 	CAREPAGES, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Alan Shapiro
 

Alan Shapiro
	 	 
	 

	 	Title:
	 	President	 	 

37.

 

	 	 	 	 	 	 	 
	 	 	LENDER:	 	 
	 
	 	 	 	 	 	 
	 	 	COMPASS HORIZON FUNDING COMPANY LLC	 	 
	 	 	By: Horizon Technology Finance Management

LLC, its adviser	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Gerald A. Michaud
 

Gerald A. Michaud
	 	 
	 

	 	Title:
	 	President	 	 

38.

 

LIST OF EXHIBITS AND SCHEDULES

	 	 	 
	Exhibit A

	 	Disclosure Schedule
	Exhibit B

	 	Funding Certificate
	Exhibit C

	 	Form of Note
	Exhibit D

	 	Form of Opinion from Borrower’s Counsel
	Exhibit E

	 	Form of Officer’s Certificate

39.

 

EXHIBIT A

DISCLOSURE SCHEDULE

 

 

EXHIBIT B

FUNDING CERTIFICATE

The undersigned, being the duly elected and acting                                         
of WATERFRONT MEDIA INC., a Delaware corporation (“Parent”), REVOLUTION HEALTH GROUP LLC, a
Delaware limited liability company (“RHG”) and CAREPAGES, INC., a Delaware corporation (“Carepages”
and, together with Parent and RHG, each a “Borrower” and collectively, “Borrowers”), do hereby
certify to COMPASS HORIZON FUNDING COMPANY LLC (the “Lender”) in connection with that certain
Venture Loan and Security Agreement dated as of October ___, 2009 by and between Borrowers and
Lender (the “Loan Agreement”) with other capitalized terms used below having the meanings ascribed
thereto in the Loan Agreement) that:

     1. The representations and warranties made by Borrowers in Section 5 of the Loan
Agreement and in the other Loan Documents are true and correct as of the date hereof.

     2. No event or condition has occurred that would constitute a Default or an Event of Default
under the Loan Agreement or any other Loan Document.

     3. Borrowers are in compliance with the covenants and requirements contained in Sections
4, 6 and 7 of the Loan Agreement.

     4. All conditions referred to in Section 3 of the Loan Agreement to the making of the
Loan to be made on or about the date hereof have been satisfied.

     5. No material adverse change in the general affairs, management, results of operations,
condition (financial or otherwise) or prospects of Borrowers, whether or not arising from
transactions in the ordinary course of business, has occurred.

     6. The proceeds for the Loan shall be disbursed as follows:

	 	 	 	 	 
	Disbursement from Lender:
	 	 	 	 
	Loan Amount
	 	$	5,000,000	 
	Less:
	 	 	 	 
	Legal Fees
	 	$	 	 
	Balance of Commitment Fee
	 	$	25,000	 
	Net Proceeds due from Lender:
	 	$	 	 

2

 

 

			
	7.	 	The aggregate net proceeds of the Loan in the amount of $                     shall be
transferred to Borrower’s account as follows:

	 	 	 	 
	 	Account Name:
	 	Waterfront Media Inc
	 	Bank Name:
	 	Square 1 Bank
	 	Bank Address:
	 	406 Blackwell Street
	 	 
	 	Durham, NC  27701
	 	Account Number:
	 	103645 
	 	ABA Number:
	 	053112615 

	 	 	 	 	 	 	 
	Dated: October ___, 2009
	 	 	 	 	 	 
	 	 	BORROWERS:

WATERFRONT MEDIA INC.
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 

	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 	 	REVOLUTION HEALTH GROUP LLC
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 

	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 	 	CAREPAGES, INC.
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 

	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 

	 	 

3

 

EXHIBIT C

Payment of the principal of and interest on this note and all other rights, hereunder and under
any agreement relating to or under which this note is issued, are, as provided therein,
subordinated, pursuant to a certain Subordination Agreement, dated on or about the date hereof (the
“Subordination Agreement”) between Square 1 Bank and Compass Horizon Funding Company LLC,
to the prior payment in full of the Senior Debt (as defined in the Loan Agreement (as defined
below)), whether now or hereafter outstanding. Each Person that is not a party to, or otherwise
bound by, the Subordination Agreement, and who is entitled to assert any right hereunder, by
asserting such right, agrees to be a subordinated creditor, subject to the terms of the
Subordination Agreement.

SUBORDINATED SECURED PROMISSORY NOTE

	 	 	 
	$5,000,000

	 	Dated: October ___, 2009

     FOR VALUE RECEIVED, the undersigned, WATERFRONT MEDIA INC., a Delaware corporation (“Parent”),
REVOLUTION HEALTH GROUP LLC, a Delaware limited liability company (“RHG”) and CAREPAGES, INC., a
Delaware corporation (“Carepages” and, together with Parent and RHG, each a “Borrower” and
collectively, “Borrowers”), HEREBY JOINTLY AND SEVERALLY PROMISE TO PAY to COMPASS HORIZON FUNDING
COMPANY LLC, a Delaware limited liability company (“Lender”) the principal amount of Five
Million Dollars ($5,000,000) or such lesser amount as shall equal the outstanding principal balance
of the Loan (the “Loan”) made to Borrowers by Lender pursuant to the Loan Agreement, and to
pay all other amounts due with respect to the Loan on the dates and in the amounts set forth in the
Loan Agreement.

     Interest on the principal amount of this Note from the date of this Note shall accrue at the Loan
Rate or, if applicable, the Default Rate. The Loan Rate for this Note is ___% per annum based on a
year of twelve 30-day months. If the Funding Date is not the first day of the month, interim
interest accruing from the Funding Date through the last day of that month shall be paid on the
first calendar day of the next calendar month. Commencing December 1, 2009, through and including
November 1, 2010, on the first day of each month (each an “Interest Payment Date”)
Borrowers shall make payments of accrued interest only on the outstanding principal amount of the
Loan in the amount of                      Dollars ($                    ). Commencing on December 1, 2010, and continuing
on the first day of each month thereafter through and including May 1, 2013 (each a “Principal
and Interest Payment Date” and, collectively with each Interest Payment Date, each a
“Payment Date”), Borrowers shall make to Lender an equal payment of principal plus accrued
interest on the then outstanding principal amount due hereunder each in the amount of                     
Dollars ($                    ). If not sooner paid, all outstanding amounts hereunder and under the Loan
Agreement shall become due and payable on May 1, 2013.

     Principal, interest and all other amounts due with respect to the Loan, are payable in lawful money
of the United States of America to Lender as set forth in the Loan Agreement. The principal

 1.

 

amount of this Note and the interest rate applicable thereto, and all payments made with
respect thereto, shall be recorded by Lender and, prior to any transfer hereof, endorsed on the
grid attached hereto which is part of this Note.

     This Note is referred to in, and is entitled to the benefits of, the Venture Loan and Security
Agreement dated as of the date hereof by and among Borrowers and Lender (the “Loan Agreement”).
The Loan Agreement, among other things, (a) provides for the making of a secured Loan to Borrowers,
and (b) contains provisions for acceleration of the maturity hereof upon the happening of certain
stated events, subject to the terms of the Subordination Agreement.

     This Note may not be prepaid, except as set forth in Section 2.3 of the Loan
Agreement.

     This Note and the obligation of Borrowers to repay the unpaid principal amount of the Loan,
interest on the Loan and all other amounts due Lender under the Loan Agreement is secured under the
Loan Agreement.

     Presentment for payment, demand, notice of protest and all other demands and notices of any
kind in connection with the execution, delivery, performance and enforcement of this Note are
hereby waived.

     This Note may not be assigned in whole or in part by Lender to any Person, unless such
assignment is made expressly subject to the Subordination Agreement and the assignee agrees, in a
manner in form and substance satisfactory to Square 1 Bank in its sole and absolute discretion, to
be bound by the Subordination Agreement

     Borrowers shall pay all reasonable fees and expenses, including, without limitation,
reasonable attorneys’ fees and costs, incurred by Lender in the enforcement or attempt to enforce
any of Borrowers’ obligations hereunder not performed when due. This Note shall be governed by,
and construed and interpreted in accordance with, the laws of the State of Connecticut.

     IN WITNESS WHEREOF, Borrowers has caused this Note to be duly executed by one of its officers
thereunto duly authorized on the date hereof.

	 	 	 	 	 	 	 
	 	 	BORROWERS:
WATERFRONT MEDIA INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 	 	REVOLUTION HEALTH GROUP LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 	 	CAREPAGES, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 

2

 

EXHIBIT D

FORM OF OPINION

October 8, 2009

			
	To:	 	Compass Horizon Funding Company LLC

76 Batterson Park Road

Farmington, CT 06032

Ladies and Gentlemen:

     We have acted as counsel to Waterfront Media, Inc., a Delaware corporation (“Waterfront”),
Revolution Health Group LLC, a Delaware limited liability company (“RHG”) and Carepages, Inc., a
Delaware corporation (“Carepages” and, together with Waterfront and RHG, collectively, the
"Borrowers”) in connection with (i) the Venture Loan and Security Agreement dated as of the date
hereof (the “Loan Agreement”) by and between the Borrowers and Compass Horizon Funding Company LLC
(the “Lender”), (ii) the Warrant to Purchase Shares of Series F Preferred Stock dated as of the
date hereof by Waterfront in favor of the Lender (the “Warrant”), (iii) the Subordinated Secured
Promissory Note dated as of the date hereof and (iv) the Deposit Account Control Agreement dated as
of the date hereof, between Waterfront, the Lender and Square 1 Bank (the “Control Agreement” and,
together with the documents referred to in (i) through (iii) above, collectively, the “Transaction
Agreements”).

     We are providing this opinion to the Lender at the request of the Borrowers pursuant to
Section 3.1(g) of the Loan Agreement. Capitalized terms used herein and not otherwise
defined herein are used with the meanings ascribed to such terms in the Loan Agreement.

     In our capacity as such counsel, we have examined originals, or copies of originals certified,
conformed or otherwise identified to our satisfaction, of such agreements, documents and records as
we have considered relevant and necessary as a basis for this opinion. We have, without
independent verification, relied, with respect to factual matters, statements and conclusions, on
certificates and statements of governmental officials and officials of the Borrowers and on the
representations made by the Borrowers in the Transaction Agreements. In addition, we have obtained
and relied upon those certificates of public officials we considered appropriate.

     We have assumed the accuracy and completeness of all, and the authenticity of all original,
certificates, agreements, documents, records and other materials submitted to us, the conformity
with the originals of any copies submitted to us, the genuineness of all signatures and the legal
capacity of all natural persons. We have assumed that the Transaction Agreements constitute the
valid, legally binding and enforceable agreements of the parties thereto under all applicable law.

 

Page 2 

     On the basis of such examination, our reliance upon the assumptions in this opinion and our
consideration of those questions of law we considered relevant, and subject to the limitations and
qualifications in this opinion, we are of the opinion that:

     1. Each of Waterfront and Carepages is a corporation validly existing and in good standing
under the laws of the State of Delaware and Waterfront is qualified to do business in the State of
New York.

     2. RHG is a limited liability company validly existing and in good standing under the laws of
the State of Delaware and qualified to do business in the State of New York.

     3. Each Borrower has the corporate power to execute and deliver, and to perform its
obligations under, the Transaction Agreements to which it is a party. The execution, delivery and
performance of the Transaction Agreements have been duly authorized by all necessary corporate
action on the part of each Borrower, and the Transaction Agreements have been duly executed and
delivered by each Borrower.

     4. The shares of Series F Preferred Stock to be initially issuable by Waterfront upon exercise
of the Warrant (the “Shares”) have been duly authorized by all necessary corporate action on the
part of Waterfront and, if issued upon such exercise on the date hereof in accordance with the
terms of the Warrant, would be validly issued, fully paid and non-assessable. The shares of common
stock of Waterfront initially issuable upon conversion of the Shares have been duly authorized and
reserved for issuance by all necessary corporate action on the part of Waterfront and, if issued
and delivered upon such conversion of the Shares in accordance with the Organizational Documents of
Waterfront on the date hereof, would be validly issued, fully paid and non-assessable.

     5. The execution and delivery by the Borrowers of, and the performance of their obligations
under, the Transaction Agreements do not violate or conflict with (i) the Organizational Documents
of the Borrowers or (ii) the laws of the State of New York and the current Delaware General
Corporation Law.

     In addition to the foregoing, we inform you, based on a polling of the attorneys at our firm
who have logged time to the Borrowers from January 2, 2006 through the date hereof, that, to our
knowledge, we are not representing any Borrower in any action, suit or proceeding in which the
pleadings request as relief that any of the obligations of such Borrower, or any of the rights of
the Lender, under the Transaction Agreements be declared invalid or subordinated or their
performance be enjoined.

     Our opinions in paragraphs 1 and 2 above are based solely upon (A) certificates of good
standing issued by the Secretary of State of the State of Delaware on October 1, 2009, copies of
which are attached hereto as Annex 2 and (B) certificates of qualification to do business issued by
the Department of State of the State of New York on October 2, 2009, as copies of which are
attached hereto as Annex 3.

 

Page 3 

     Our opinion is subject to and limited by rules of law that limit on statutory or public policy
grounds waivers of (i) broadly or vaguely stated rights, (ii) the benefits of statutory, regulatory
or constitutional rights, (iii) unknown future defenses or (iv) rights to defenses.

     We express no opinion as to any provision of the Transaction Agreements insofar as it purports
to grant a right of setoff in respect of any loan party’s assets to any person other than a
creditor of such loan party.

     We express no opinion regarding the enforceability of any of the Transaction Agreements.

     We express no opinion as to any provision of the Transaction Agreements requiring written
amendments or waivers of the Transaction Agreements insofar as it suggests that oral or other
modifications, amendments or waivers could not be effectively agreed upon by the parties or that
the doctrine of promissory estoppel might not apply.

     We express no opinion concerning: (i) federal or state securities laws or regulations; (ii)
federal or state antitrust, unfair competition or trade practice laws or regulations; (iii) pension
and employee benefit laws and regulations; (iv) compliance with fiduciary requirements; (v) federal
or state environmental laws and regulations; (vi) federal or state land use or subdivision laws or
regulations; (vii) federal or state laws and regulations concerning filing requirements; or (viii)
the attachment, perfection or priority of any liens or security interests.

     We assume that you know of no agreements, understandings or negotiations between the parties
not set forth in the Transaction Agreements that would modify the terms or rights and obligations
of the parties thereunder.

     We express no opinion as to the laws of any jurisdiction other than the law of the State of
New York, the current Delaware General Corporation Law and, to the extent expressly set forth
herein, the federal law of the United States of America, in each case as in effect on the date
hereof, that a New York lawyer exercising customary professional diligence would reasonably be
expected to recognize as being applicable to transactions of the type reflected in the Transaction
Agreements entered into by general business entities, and not including any law that is part of a
regulatory regime applicable to specific assets or business of any party to any of the Transaction
Agreements.

     This opinion is furnished by us as counsel for the Borrowers and may be relied upon by you
only in connection with the Transaction Agreements. It may not be used or relied upon by you for
any other purpose or by any other person, nor may copies be delivered to any other person, without
in each instance our prior written consent. This opinion is expressly limited to the matters set
forth above, and we render no opinion, whether by implication or otherwise, as to any other
matters. This letter speaks only as of the date hereof and we assume no obligation to update or
supplement this opinion to reflect any facts or circumstances that arise after the date of this
opinion and come to our attention, or any future changes in laws.

Respectfully submitted,

 

  

Annex 1

GOOD STANDING CERTIFICATES

 

 

Annex 2

QUALIFICATIONS TO DO BUSINESS IN NEW YORK

 

 

EXHIBIT E

FORM OF OFFICER’S CERTIFICATE

     TO: COMPASS HORIZON FUNDING COMPANY LLC

     Reference is made to the Venture Loan and Security Agreement dated as of October ___, 2009 (as
it may be amended from time to time, the “Loan Agreement”) by and among WATERFRONT MEDIA
INC. (“Parent”), REVOLUTION HEALTH GROUP LLC, a Delaware limited liability company (“RHG”) and
CAREPAGES, INC., a Delaware corporation (“Carepages” and, together with Parent and RHG, each a
“Borrower” and collectively, “Borrowers”) and COMPASS HORIZON FUNDING COMPANY LLC
(“Lender”). Unless otherwise defined herein, capitalized terms have the meanings given
such terms in the Loan Agreement.

     The undersigned Responsible Officers of Borrowers hereby certify to Lender that:

1. No Event of Default or Default has occurred under the Loan Agreement. (If a Default or Event of
Default has occurred, specify the nature and extent thereof and the action Borrowers propose to
take with respect thereto.)

2. The information provided in Section 1 of the Disclosure Schedule is currently true and accurate,
except as noted below.

3. The Disclosure Schedule accurately lists all of Borrowers’ Intellectual Property as to which
Borrowers have made filings, applications or registrations with the United States Copyright Office
or the United States Patent and Trademark Office except as noted below.

4. Borrowers are in compliance with the provisions of Sections 4, 6 and 7 of the Loan
Agreement, except as noted below.

5. Attached herewith are the [monthly consolidated financial statements pursuant to Section 6.3(a)
of the Loan Agreement/annual audited consolidated financial statements pursuant to Section 6.3(b)
of the Loan Agreement]. These have been prepared in accordance with GAAP and are consistent from
one period to the next except as noted below.

NOTES TO ABOVE CERTIFICATIONS:

	 	 	 	 	 	 	 
	 	 	BORROWERS:	 	 
	 	 	WATERFRONT MEDIA INC.	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	REVOLUTION HEALTH GROUP LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 

3.

 

	 	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	CAREPAGES, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 

2.

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