Document:

Amended and Restated Investor Rights Agreement

 Exhibit 4.02 
 AMENDED AND RESTATED 
 INVESTORS’ RIGHTS AGREEMENT 

December 12, 2003 

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
		
	 1. Registration Rights
	  	 	1	  
	 1.1 Definitions
	  	 	1	  
	 1.2 Request for Registration
	  	 	2	  
	 1.3 Company Registration
	  	 	4	  
	 1.4 Form S-3 Registration
	  	 	5	  
	 1.5 Obligations of the Company
	  	 	6	  
	 1.6 Information from Holder
	  	 	7	  
	 1.7 Expenses of Registration
	  	 	7	  
	 1.8 Delay of Registration
	  	 	7	  
	 1.9 Indemnification
	  	 	7	  
	 1.10 Reports Under Securities Exchange Act of 1934
	  	 	9	  
	 1.11 Assignment of Registration Rights
	  	 	10	  
	 1.12 “Market Stand-Off” Agreement
	  	 	10	  
	 1.13 Termination of Registration Rights
	  	 	11	  
		
	 2. Covenants of the Company
	  	 	11	  
	 2.1 Delivery of Financial Statements
	  	 	11	  
	 2.2 Inspection
	  	 	12	  
	 2.3 Termination of Information and Inspection Covenants
	  	 	12	  
	 2.4 Right of First Offer
	  	 	12	  
	 2.5 Qualified Small Business Stock Status
	  	 	13	  
	 2.6 Observer Rights
	  	 	14	  
	 2.7 Termination of Certain Covenants
	  	 	14	  
		
	 3. Miscellaneous
	  	 	14	  
	 3.1 Successors and Assigns
	  	 	14	  
	 3.2 Governing Law
	  	 	14	  
	 3.3 Counterparts
	  	 	14	  
	 3.4 Titles and Subtitles
	  	 	14	  
	 3.5 Notices
	  	 	15	  
	 3.6 Expenses
	  	 	15	  
	 3.7 Entire Agreement: Amendments and Waivers
	  	 	15	  
	 3.8 Severability
	  	 	15	  
	 3.9 Aggregation of Stock
	  	 	15	  

  
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 AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

THIS AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT is made as of the 12th day of December, 2003, by and among Model N, Inc., a Delaware
corporation (the “Company”), and the investors listed on Schedule A hereto, each of which is herein referred to as an “Investor.” 
 RECITALS 
 WHEREAS, certain of the Investors (the “Existing
Investors”) hold shares of the Company’s Series B Preferred Stock and/or shares of Common Stock issued upon conversion thereof (the “Series B Preferred Stock”) and possess registration rights, information rights, rights of first
offer, and other rights pursuant to an Investors’ Rights Agreement dated as of June 14, 2000 among the Company, and such Existing Investors (the “Prior Agreement”); and 

WHEREAS, the Existing Investors are holders of at least a majority of the “Registrable Securities” of the Company (as defined
in the Prior Agreement), and desire to amend and restate the Prior Agreement and to accept the rights created pursuant hereto in lieu of the rights granted to them under the Prior Agreement; and 

WHEREAS, certain Investors are parties to the Series C Preferred Stock Purchase Agreement of even date herewith among the Company and
certain of the Investors (the “Series C Agreement”), which provides that as a condition to the closing of the sale of the Series C Preferred Stock of the Company (the “Series C Preferred Stock” and together with the Series B
Preferred Stock, the “Preferred Stock”), this Agreement must be executed and delivered by such Investors, Existing Investors holding at least a majority of the “Registrable Securities” of the Company (as defined in the Prior
Agreement) and the Company. 
 NOW, THEREFORE, in consideration of the mutual promises and covenants set forth herein, the
Company and the Existing Investors hereby agree that the Prior Agreement shall be superseded and replaced in its entirety by this Agreement, and the parties hereto further agree as follows: 

1. Registration Rights. The Company covenants and agrees as follows: 

1.1 Definitions. For purposes of this Section 1: 
 (a) The term “Act” means the Securities Act of 1933, as amended. 
 (b)
The term “Form S-3” means such form under the Act as in effect on the date hereof or any registration form under the Act subsequently adopted by the SEC that permits inclusion or incorporation of substantial information by reference to
other documents filed by the Company with the SEC. 

 (c) The term “Holder” means any person owning or having the right to acquire
Registrable Securities or any assignee thereof in accordance with Section 1.11 hereof 
 (d) The term “Initial
Offering” means the Company’s first firm commitment underwritten public offering of its Common Stock under the Act. 

(e) The term “1934 Act” means the Securities Exchange Act of 1934, as amended. 

(f) The term “register,” “registered,” and “registration” refer to a registration effected by preparing
and filing a registration statement or similar document in compliance with the Act, and the declaration or ordering of effectiveness of such registration statement or document. 

(g) The term “Registrable Securities” means (i) the Common Stock issuable or issued upon conversion of the Preferred
Stock, and (ii) any Common Stock of the Company issued as (or issuable upon the conversion or exercise of any warrant, right or other security that is issued as) a dividend or other distribution with respect to, or in exchange for, or in
replacement of, the shares referenced in (i) above, excluding in all cases, however, any Registrable Securities sold by a person in a transaction in which his rights under this Section 1 are not assigned. 

(h) The number of shares of “Registrable Securities” outstanding shall be determined by the number of shares of Common Stock
outstanding that are, and the number of shares of Common Stock issuable pursuant to then exercisable or convertible securities that are, Registrable Securities. 
 (i) The term “SEC” shall mean the Securities and Exchange Commission. 

1.2 Request for Registration. 
 (a) Subject to the conditions of this Section 1.2, if the Company shall receive at any time after the earlier of (i) five (5) years after the date of this Agreement or (ii) three
(3) months after the effective date of the Initial Offering, a written request from the Holders of thirty percent (30%) or more of the Registrable Securities then outstanding (the “Initiating Holders”) that the Company file a
registration statement under the Act covering the registration of Registrable Securities with an anticipated aggregate offering price of at least $10,000,000, then the Company shall, within twenty (20) days of the receipt thereof, give written
notice of such request to all Holders, and subject to the limitations of this Section 1.2, use all reasonable efforts to effect, as soon as practicable, the registration under the Act of all Registrable Securities that the Holders request to be
registered in a written request received by the Company within twenty (20) days of the mailing of the Company’s notice pursuant to this Section 1.2(a). 
 (b) If the Initiating Holders intend to distribute the Registrable Securities covered by their request by means of an underwriting, they shall so advise the

  
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Company as a part of their request made pursuant to this Section 1.2 and the Company shall include such information in the written notice referred to in Section 1.2(a). In such event
the right of any Holder to include its Registrable Securities in such registration shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting
(unless otherwise mutually agreed by a majority in interest of the Initiating Holders and such Holder) to the extent provided herein. All Holders proposing to distribute their securities through such underwriting shall enter into an underwriting
agreement in customary form with the underwriter or underwriters selected for such underwriting by the Company (which underwriter or underwriters shall be reasonably acceptable to a majority in interest of the Initiating Holders). Notwithstanding
any other provision of this Section 1.2, if the underwriter advises the Company that marketing factors require a limitation of the number of securities underwritten (including Registrable Securities), then the Company shall so advise all
Holders of Registrable Securities that would otherwise be underwritten pursuant hereto, and the number of shares that may be included in the underwriting shall be allocated to the Holders of such Registrable Securities on a pro rata basis based on
the number of Registrable Securities held by all such Holders (including the Initiating Holders). Any Registrable Securities excluded or withdrawn from such underwriting shall be withdrawn from the registration. 

(c) The Company shall not be required to effect a registration pursuant to this Section 1.2: 

(i) in any particular jurisdiction in which the Company would be required to execute a general consent to service of process in
effecting such registration, unless the Company is already subject to service in such jurisdiction and except as may be required under the Act; or 
 (ii) after the Company has effected two (2) registrations pursuant to this Section 1.2, and such registrations have been declared or ordered effective; or 

(iii) during the period starting with the date sixty (60) days prior to the Company’s good faith estimate of the date of the
filing of, and ending on a date one hundred eighty (180) days following the effective date of, a Company-initiated registration subject to Section 1.3 below, provided that the Company is actively employing in good faith all reasonable
efforts to cause such registration statement to become effective; or 
 (iv) if the Initiating Holders propose to dispose of
Registrable Securities that may be registered on Form S-3 pursuant to Section 1.4 hereof; or 
 (v) if the Company shall
furnish to Holders requesting a registration statement pursuant to this Section 1.2, a certificate signed by the Company’s Chief Executive Officer or Chairman of the Board stating that in the good faith judgment of the Board of Directors
of the Company, it would be seriously detrimental to the Company and its stockholders for such registration statement to be effected at such time, in which event the Company shall have the right to defer such filing for a period of not more than one
hundred twenty (120) days after receipt of the request of the Initiating Holders, provided that such right to delay a request shall be exercised by the Company not more than once in any twelve (12)-month period. 

  
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 1.3 Company Registration. 

(a) If (but without any obligation to do so) the Company proposes to register (including for this purpose a registration effected by the
Company for stockholders other than the Holders) any of its stock or other securities under the Act in connection with the public offering of such securities (other than a registration relating solely to the sale of securities to participants in a
Company stock plan, a registration relating to a corporate reorganization or other transaction under Rule 145 of the Act, a registration on any form that does not include substantially the same information as would be required to be included in a
registration statement covering the sale of the Registrable Securities, or a registration in which the only Common Stock being registered is Common Stock issuable upon conversion of debt securities that are also being registered), the Company shall,
at such time, promptly give each Holder written notice of such registration. Upon the written request of each Holder given within twenty (20) days after mailing of such notice by the Company, in accordance with Section 3.5, the Company
shall, subject to the provisions of Section 1.3(c), use all reasonable efforts to cause to be registered under the Act all of the Registrable Securities that each such Holder has requested to be registered. 

(b) Right to Terminate Registration. The Company shall have the right to terminate or withdraw any registration initiated by it
under this Section 1.3 prior to the effectiveness of such registration whether or not any Holder has elected to include securities in such registration. The expenses of such withdrawn registration shall be borne by the Company in accordance
with Section 1.7 hereof. 
 (c) Underwriting Requirements. In connection with any offering involving an
underwriting of shares of the Company’s capital stock, the Company shall not be required under this Section 1.3 to include any of the Holders’ securities in such underwriting unless they accept the terms of the underwriting as agreed
upon between the Company and the underwriters selected by it (or by other persons entitled to select the underwriters) and enter into an underwriting agreement in customary form with an underwriter or underwriters selected by the Company, and then
only in such quantity as the underwriters determine in their sole discretion will not jeopardize the success of the offering by the Company. If the total amount of securities, including Registrable Securities, requested by stockholders to be
included in such offering exceeds the amount of securities sold other than by the Company that the underwriters determine in their sole discretion is compatible with the success of the offering, then the Company shall be required to include in the
offering only that number of such securities, including Registrable Securities, that the underwriters determine in their sole discretion will not jeopardize the success of the offering (the securities so included to be apportioned pro rata among the
selling Holders according to the total amount of securities entitled to be included therein owned by each selling Holder or in such other proportions as shall mutually be agreed to by such selling Holders), but in no event shall (i) the amount
of securities of the selling Holders included in the offering be reduced below twenty-five percent (25%) of the total amount of securities included in such offering, unless such offering is the Company’s Initial Offering, in which case the
selling Holders may be excluded if the underwriters make the determination described above and no other stockholder’s securities are included, or (ii) notwithstanding (i) above, any shares being sold by a stockholder exercising a
demand registration right similar to that granted in Section 1.2 be excluded from such offering. For purposes of the preceding 

  
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parenthetical concerning apportionment, for any selling stockholder that is a Holder of Registrable Securities and that is a partnership or corporation, the partners, retired partners and
stockholders of such Holder, or the estates and family members of any such partners and retired partners and any trusts for the benefit of any of the foregoing persons shall be deemed to be a single “selling Holder,” and any pro rata
reduction with respect to such “selling Holder” shall be based upon the aggregate amount of Registrable Securities owned by all such related entities and individuals. 

1.4 Form S-3 Registration. In case the Company shall receive from the Holders of at least thirty percent (30%) of the
Registrable Securities a written request or requests that the Company effect a registration on Form S-3 and any related qualification or compliance with respect to all or a part of the Registrable Securities owned by such Holder or Holders, the
Company shall: 
 (a) promptly give written notice of the proposed registration, and any related qualification or compliance,
to all other Holders; and 
 (b) use all reasonable efforts to effect, as soon as practicable, such registration and all such
qualifications and compliances as may be so requested and as would permit or facilitate the sale and distribution of all or such portion of such Holders’ Registrable Securities as are specified in such request, together with all or such portion
of the Registrable Securities of any other Holders joining in such request as are specified in a written request given within fifteen (15) days after receipt of such written notice from the Company, provided, however, that the Company shall not
be obligated to effect any such registration, qualification or compliance, pursuant to this section 1.4: 
 (i) if Form S-3 is
not available for such offering by the Holders; 
 (ii) if the Holders, together with the holders of any other securities of
the Company entitled to inclusion in such registration, propose to sell Registrable Securities and such other securities (if any) at an aggregate price to the public (net of any underwriters’ discounts or commissions) of less than $1,000,000;

 (iii) if the Company shall furnish to the Holders a certificate signed by the Chief Executive Officer or Chairman of the
Board of the Company stating that in the good faith judgment of the Board of Directors of the Company, it would be seriously detrimental to the Company and its stockholders for such Form S-3 Registration to be effected at such time, in which event
the Company shall have the right to defer the filing of the Form S-3 registration statement for a period of not more than one hundred twenty (120) days after receipt of the request of the Holder or Holders under this Section 1.4; provided,
however, that the Company shall not utilize this right more than once in any twelve month period; 
 (iv) if the Company has,
within the twelve (12) month period preceding the date of such request, already effected two registration on Form S-3 for the Holders pursuant to this Section 1.4; or 

  
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 (v) in any particular jurisdiction in which the Company would be required to qualify to do
business or to execute a general consent to service of process in effecting such registration, qualification or compliance. 

(c) Subject to the foregoing, the Company shall file a registration statement covering the Registrable Securities and other securities
so requested to be registered as soon as practicable after receipt of the request or requests of the Holders. Registrations effected pursuant to this Section 1.4 shall not be counted as requests for registration effected pursuant to Sections
1.2. 
 1.5 Obligations of the Company. Whenever required under this Section 1 to effect the registration of any
Registrable Securities, the Company shall, as expeditiously as reasonably possible: 
 (a) prepare and file with the SEC a
registration statement with respect to such Registrable Securities and use all reasonable efforts to cause such registration statement to become effective, and, upon the request of the Holders of a majority of the Registrable Securities registered
thereunder, keep such registration statement effective for a period of up to one hundred twenty (120) days or, if earlier, until the distribution contemplated in the Registration Statement has been completed; 

(b) prepare and file with the SEC such amendments and supplements to such registration statement and the prospectus used in connection
with such registration statement as may be necessary to comply with the provisions of the Act with respect to the disposition of all securities covered by such registration statement; 

(c) furnish to the Holders such numbers of copies of a prospectus, including a preliminary prospectus, in conformity with the
requirements of the Act, and such other documents as they may reasonably request in order to facilitate the disposition of Registrable Securities owned by them; 
 (d) use all reasonable efforts to register and qualify the securities covered by such registration statement under such other securities or Blue Sky laws of such jurisdictions as shall be reasonably
requested by the Holders, provided that the Company shall not be required in connection therewith or as a condition thereto to qualify to do business or to file a general consent to service of process in any such states or jurisdictions; 

(e) in the event of any underwritten public offering, enter into and perform its obligations under an underwriting agreement, in usual
and customary form, with the managing underwriter of such offering; 
 (f) notify each Holder of Registrable Securities covered
by such registration statement at any time when a prospectus relating thereto is required to be delivered under the Act or the happening of any event as a result of which the prospectus included in such registration statement, as then in effect,
includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing; 

  
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 (g) cause all such Registrable Securities registered pursuant hereunder to be listed on
each securities exchange on which similar securities issued by the Company are then listed; and 
 (h) provide a transfer agent
and registrar for all Registrable Securities registered pursuant hereunder and a CUSIP number for all such Registrable Securities, in each case not later than the effective date of such registration. 

1.6 Information from Holder. It shall be a condition precedent to the obligations of the Company to take any action pursuant to
this Section 1 with respect to the Registrable Securities of any selling Holder that such Holder shall furnish to the Company such information regarding itself, the Registrable Securities held by it, and the intended method of disposition of
such securities as shall be required to effect the registration of such Holder’s Registrable Securities. 
 1.7 Expenses
of Registration. All expenses other than underwriting discounts and commissions incurred in connection with registrations, filings or qualifications pursuant to Sections 1.2, 1.3 and 1.4, including (without limitation) all registration, filing
and qualification fees, printers’ and accounting fees, fees and disbursements of counsel for the Company shall be borne by the Company. Notwithstanding the foregoing, the Company shall not be required to pay for any expenses of any registration
proceeding begun pursuant to Section 1.2 or Section 1.4 if the registration request is subsequently withdrawn at the request of the Holders of a majority of the Registrable Securities to be registered (in which case all participating Holders
shall bear such expenses pro rata based upon the number of Registrable Securities that were to be requested in the withdrawn registration) unless in the case of a registration requested under Section 1.2, the Holders of a majority of the
Registrable Securities agree to forfeit their right to one demand registration pursuant to Section 1.2, provided however, that if at the time of such withdrawal, the Holders have learned of a material adverse change in the condition, business
or prospects of the Company from that known to the Holders at the time of their request and have withdrawn the request with reasonable promptness following disclosure by the Company of such material adverse change, then the Holders shall not be
required to pay any of such expenses and shall retain their rights pursuant to Section 1.2 or 1.4. 
 1.8 Delay of
Registration. No Holder shall have any right to obtain or seek an injunction restraining or otherwise delaying any such registration as the result of any controversy that might arise with respect to the interpretation or implementation of this
Section 1. 
 1.9 Indemnification. In the event any Registrable Securities are included in a registration statement
under this Section 1: 
 (a) To the extent permitted by law, the Company will indemnify and hold harmless each Holder, the
partners or officers, directors and stockholders of each Holder, legal counsel and accountants for each Holder, any underwriter (as defined in the Act) for such Holder and each person, if any, who controls such Holder or underwriter within the
meaning of the Act or the 1934 Act, against any losses, claims, damages or liabilities (joint or several) to which they may become subject under the Act, the 1934 Act or any state securities 

  
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laws, insofar as such losses, claims, damages, or liabilities (or actions in respect thereof) arise out of or are based upon any of the following statements, omissions or violations (collectively
a “Violation”): (i) any untrue statement or alleged untrue statement of a material fact contained in such registration statement, including any preliminary prospectus or final prospectus contained therein or any amendments or
supplements thereto, (ii) the omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements therein not misleading, or (iii) any violation or alleged violation by the
Company of the Act, the 1934 Act, any state securities laws or any rule or regulation promulgated under the Act, the 1934 Act or any state securities laws; and the Company will reimburse each such Holder, underwriter or controlling person for any
legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability or action; provided, however, that the indemnity agreement contained in this subsection 1.9(a) shall not apply
to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Company (which consent shall not be unreasonably withheld), nor shall the Company be liable in any such case
for any such loss, claim, damage, liability or action to the extent that it arises out of or is based upon a Violation that occurs in reliance upon and in conformity with written information furnished expressly for use in connection with such
registration by any such Holder, underwriter or controlling person; provided further, however, that the foregoing indemnity agreement with respect to any preliminary prospectus shall not inure to the benefit of any Holder or underwriter, or any
person controlling such Holder or underwriter, from whom the person asserting any such losses, claims, damages or liabilities purchased shares in the offering, if a copy of the prospectus (as then amended or supplemented if the Company shall have
furnished any amendments or supplements thereto) was not sent or given by or on behalf of such Holder or underwriter to such person, if required by law so to have been delivered, at or prior to the written confirmation of the sale of the shares to
such person, and if the prospectus (as so amended or supplemented) would have cured the defect giving rise to such loss, claim, damage or liability. 
 (b) To the extent permitted by law, each selling Holder will indemnify and hold harmless the Company, each of its directors, each of its officers who has signed the registration statement, each person, if
any, who controls the Company within the meaning of the Act, legal counsel and accountants for the Company, any underwriter, any other Holder selling securities in such registration statement and any controlling person of any such underwriter or
other Holder, against any losses, claims, damages or liabilities (joint or several) to which any of the foregoing persons may become subject, under the Act, the 1934 Act or any state securities laws, insofar as such losses, claims, damages or
liabilities (or actions in respect thereto) arise out of or are based upon any Violation, in each case to the extent (and only to the extent) that such Violation occurs in reliance upon and in conformity with written information furnished by such
Holder expressly for use in connection with such registration; and each such Holder will reimburse any person intended to be indemnified pursuant to this subsection 1.9(b), for any legal or other expenses reasonably incurred by such person in
connection with investigating or defending any such loss, claim, damage, liability or action; provided, however, that the indemnity agreement contained in this subsection 1.9(b) shall not apply to amounts paid in settlement of any such loss, claim,
damage, liability or action if such settlement is effected without the consent of the Holder (which consent shall not be unreasonably withheld), provided that in no event shall any indemnity under this subsection 1.9(b) exceed the gross proceeds
from the offering received by such Holder. 

  
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 (c) Promptly after receipt by an indemnified party under this Section 1.9 of notice of
the commencement of any action (including any governmental action), such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Section 1.9, deliver to the indemnifying party a written
notice of the commencement thereof and the indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume the defense thereof
with counsel mutually satisfactory to the parties; provided, however, that an indemnified party (together with all other indemnified parties that may be represented without conflict by one counsel) shall have the right to retain one separate
counsel, with the fees and expenses to be paid by the indemnifying party, if representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential differing interests between
such indemnified party and any other party represented by such counsel in such proceeding. The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action, if prejudicial to its ability
to defend such action, shall relieve such indemnifying party of any liability to the indemnified party under this Section 1.9, but the omission so to deliver written notice to the indemnifying party will not relieve it of any liability that it
may have to any indemnified party otherwise than under this Section 1.9. 
 (d) If the indemnification provided for in
this Section 1.9 is held by a court of competent jurisdiction to be unavailable to an indemnified party with respect to any loss, liability, claim, damage or expense referred to herein, then the indemnifying party, in lieu of indemnifying such
indemnified party hereunder, shall contribute to the amount paid or payable by such indemnified party as a result of such loss, liability, claim, damage or expense in such proportion as is appropriate to reflect the relative fault of the
indemnifying party on the one hand and of the indemnified party on the other in connection with the statements or omissions that resulted in such loss, liability, claim, damage or expense, as well as any other relevant equitable considerations. The
relative fault of the indemnifying party and of the indemnified party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to state a material fact relates to
information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information, and opportunity to correct or prevent such statement or omission. 

(e) Notwithstanding the foregoing, to the extent that the provisions on indemnification and contribution contained in the underwriting
agreement entered into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall control. 

(f) The obligations of the Company and Holders under this Section 1.9 shall survive the completion of any offering of Registrable
Securities in a registration statement under this Section 1, and otherwise. 
 1.10 Reports Under Securities Exchange
Act of 1934. With a view to making available to the Holders the benefits of Rule 144 promulgated under the Act and any other rule or regulation of the SEC that may at any time permit a Holder to sell securities of the

  
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Company to the public without registration or pursuant to a registration on Form S-3, the Company agrees to: 
 (a) make and keep public information available, as those terms are understood and defined in SEC Rule 144, at all times after ninety (90) days after the effective date of the Initial Offering;

 (b) file with the SEC in a timely manner all reports and other documents required of the Company under the Act and the 1934
Act; and 
 (c) furnish to any Holder, so long as the Holder owns any Registrable Securities, forthwith upon request (i) a
written statement by the Company that it has complied with the reporting requirements of SEC Rule 144 (at any time after ninety (90) days after the effective date of the first registration statement filed by the Company), the Act and the 1934
Act (at any time after it has become subject to such reporting requirements), or that it qualifies as a registrant whose securities may be resold pursuant to Form S-3 (at any time after it so qualifies), (ii) a copy of the most recent annual or
quarterly report of the Company and such other reports and documents so filed by the Company, and (iii) such other information as may be reasonably requested in availing any Holder of any rule or regulation of the SEC that permits the selling
of any such securities without registration or pursuant to such form. 
 1.11 Assignment of Registration Rights. The
rights to cause the Company to register Registrable Securities pursuant to this Section 1 may be assigned (but only with all related obligations) by a Holder to a transferee or assignee of such securities that (i) is a subsidiary, parent,
partner, limited partner, retired partner or stockholder of a Holder, (ii) is a Holder’s family member or trust for the benefit of an individual Holder, or (iii) after such assignment or transfer, holds at least 400,000 shares of
Registrable Securities (subject to appropriate adjustment for stock splits, stock dividends, combinations and other recapitalizations), provided: (a) the Company is, within a reasonable time after such transfer, furnished with written notice of
the name and address of such transferee or assignee and the securities with respect to which such registration rights are being assigned; (b) such transferee or assignee agrees in writing to be bound by and subject to the terms and conditions
of this Agreement, including without limitation the provisions of Section 1.13 below; and (c) such assignment shall be effective only if immediately following such transfer the further disposition of such securities by the transferee or
assignee is restricted under the Act. 
 1.12 “Market Stand-Off” Agreement. Each Holder hereby agrees that it
will not, without the prior written consent of the managing underwriter, during the period commencing on the date of the final prospectus relating to the Company’s Initial Offering and ending on the date specified by the Company and the
managing underwriter (such period not to exceed one hundred eighty (180) days) (i) lend, offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or
warrant to purchase, or otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock (whether such shares or any such securities are then
owned by the Holder or are thereafter acquired), or (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the Common Stock, whether any

  
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such transaction described in clause (i) or (ii) above is to be settled by delivery of Common Stock or such other securities, in cash or otherwise. The foregoing provisions of this
Section 1.12 shall apply only to the Company’s Initial Offering, shall not apply to the sale of any shares to an underwriter pursuant to an underwriting agreement, and shall only be applicable to the Holders if all officers, directors and
greater than one percent (1%) stockholders of the Company enter into similar agreements. The underwriters in connection with the Company’s public offerings are intended third party beneficiaries of this Section 1.13 and shall have the
right, power and authority to enforce the provisions hereof as though they were a party hereto. 
 In order to enforce the
foregoing covenant, the Company may impose stop-transfer instructions with respect to the Registrable Securities of each Holder (and the shares or securities of every other person subject to the foregoing restriction) until the end of such period.

 1.13 Termination of Registration Rights. No Holder shall be entitled to exercise any right provided for in this
Section 1 after five (5) years following the consummation of the Initial Offering or, as to any Holder, such earlier time at which all Registrable Securities held by such Holder (and any affiliate of the Holder with whom such Holder must
aggregate its sales under Rule 144) can be sold in any three (3)-month period without registration in compliance with Rule 144 of the Act. 
 2. Covenants of the Company. 
 2.1 Delivery of Financial Statements.
The Company shall deliver to each Investor that holds 400,000 shares of Preferred Stock (and/or Common Stock issued upon conversion thereof) (as adjusted for stock splits, stock dividends, combinations and other recapitalizations ) (a “Major
Investor”), 
 (a) as soon as practicable, but in any event within ninety (90) days after the end of each fiscal year
of the Company, an income statement for such fiscal year, a balance sheet of the Company and statement of stockholder’s equity as of the end of such year, and a statement of cash flows for such year, such year-end financial reports to be in
reasonable detail, prepared in accordance with generally accepted accounting principles (“GAAP”), and audited and certified by independent public accountants of nationally recognized standing selected by the Company; 

(b) as soon as practicable, but in any event within forty-five (45) days after the end of each of the first three (3) quarters
of each fiscal year of the Company, an unaudited income statement, statement of cash flows for such fiscal quarter and an unaudited balance sheet as of the end of such fiscal quarter; and 

(c) as soon as practicable, but in any event at least thirty (30) days prior to the end of each fiscal year, a budget and business
plan for the next fiscal year, prepared on a monthly basis, including balance sheets, income statements and statements of cash flows for such months and, as soon as prepared, any other budgets or revised budgets prepared by the Company. 

  
 11 

 2.2 Inspection. The Company shall permit each Major Investor at such Investor’s
expense, to visit and inspect the Company’s properties, to examine its books of account and records and to discuss the Company’s affairs, finances and accounts with its officers, all at such reasonable times as may be requested by the
Major Investor; provided, however, that the Company shall not be obligated pursuant to this Section 2.2 to provide access to any information that it reasonably considers to be a trade secret or similar confidential information. 

2.3 Termination of Information and Inspection Covenants. The covenants set forth in Sections 2.1 and 2.2 shall terminate as to
Investors and be of no further force or effect when the sale of securities pursuant to a registration statement filed by the Company under the Act in connection with the firm commitment underwritten offering of its securities to the general public
is consummated or when the Company first becomes subject to the periodic reporting requirements of Sections 12(g) or 15(d) of the 1934 Act, whichever event shall first occur. 
 2.4 Right of First Offer. Subject to the terms and conditions specified in this paragraph 2.4, the Company hereby grants to each Major Investor a right of first offer with respect to future sales
by the Company of its Shares. For purposes of this Section 2.4, a Major Investor includes any general partners and affiliates of a Major Investor. A Major Investor shall be entitled to apportion the right of first offer hereby granted it among
itself and its partners and affiliates in such proportions as it deems appropriate. 
 Each time the Company proposes to offer
any shares of, or securities convertible into or exchangeable or exercisable for any shares of, any class of its capital stock (“Shares”), the Company shall first make an offering of such Shares to each Major Investor in accordance with
the following provisions. 
 (a) The Company shall deliver a notice in accordance with Section 3.5 (“Notice”) to
the Major Investors stating (i) its bona fide intention to offer such Shares, (ii) the number of such Shares to be offered, and (iii) the price and terms upon which it proposes to offer such Shares. 

(b) By written notification received by the Company, within twenty (20) calendar days after receipt of the Notice, the Major
Investor may elect to purchase or obtain, at the price and on the terms specified in the Notice, up to that portion of such Shares that equals the proportion that the number of shares of Common Stock issued and held, or issuable upon conversion of
the Preferred Stock then held, by such Major Investor bears to the total number of shares of Common Stock of the Company then outstanding (assuming full conversion of all convertible securities). The Company shall promptly, in writing, inform each
Major Investor that elects to purchase all the shares available to it (a “Fully-Exercising Investor”) of any other Major Investor’s failure to do likewise. During the ten (10) day period commencing after such information is
given, each Fully-Exercising Investor may elect to purchase that portion of the Shares for which Major Investors were entitled to subscribe but which were not subscribed for by the Major Investors that is equal to the proportion that the number of
shares of Common Stock issued and held, or issuable upon conversion of Preferred Stock then held, by such Fully-Exercising Investor bears to the total number of shares of Common Stock issued and held,

  
 12 

 
or issuable upon conversion of the Preferred Stock then held, by all Fully-Exercising Investors who wish to purchase some of the unsubscribed shares. 

(c) If all Shares that Investors are entitled to obtain pursuant to subsection 2.4(b) are not elected to be obtained as provided in
subsection 2.4(b) hereof, the Company may, during the ninety (90) day period following the expiration of the period provided in subsection 2.4(b) hereof, offer the remaining unsubscribed portion of such Shares to any person or persons at a
price not less than, and upon terms no more favorable to the offeree than those specified in the Notice. If the Company does not enter into an agreement for the sale of the Shares within such period, or if such agreement is not consummated within
ninety (30) days of the execution thereof, the right provided hereunder shall be deemed to be revived and such Shares shall not be offered unless first reoffered to the Major Investors in accordance herewith. 

(d) The right of first offer in this paragraph 2.4 shall not be applicable to (i) the issuance or sale of shares of Common Stock
(or options therefor) to employees, directors and consultants for the primary purpose of soliciting or retaining their services; (ii) the issuance of securities pursuant to a bona fide, firmly underwritten public offering of shares of Common
Stock, registered under the Act resulting in proceeds to the Company of at least $25,000,000 in the aggregate, (iii) the issuance of securities pursuant to the conversion or exercise of convertible or exercisable securities, (iv) the
issuance of securities in connection with a bona fide business acquisition of or by the Company, whether by merger, consolidation, sale of assets, sale or exchange of stock or otherwise, (v) the issuance of stock, warrants or other securities
or rights to persons or entities with which the Company has business relationships provided such issuances are for other than primarily equity financing purposes or (vi) the issuance and sale of Series C Preferred Stock pursuant to the Series C
Agreement. 
 2.5 Qualified Small Business Stock Status. In the event that the Company proposes to take an action or
engage in a transaction that would reasonably be expected to result in the Shares no longer being “qualified small business stock” within the meaning of Section 1202(c) of the Internal Revenue Code of 1986, as amended (the
“Code”), the Company shall notify the Investors and consult in good faith to attempt to devise a mutually agreeable and reasonable alternative course of action or transaction structure that would preserve such status; provided, however,
that after such consultation, the Company shall, in its sole discretion, determine whether to engage in such a transaction. The Company shall submit to the Investors and to the Internal Revenue Service any reports that may be required under
Section 1202(d)(1)(C) of the Code and any related Treasury Regulations. In addition, within ten (10) days after any Investor has delivered to the Company a written request therefor, the Company shall deliver to such Investor a written
statement informing the Investor whether, in the Company’s good-faith judgment after a reasonable investigation, such Investor’s interest in the Company constitutes “qualified small business stock” as defined in
Section 1202(c) of the Code, or would constitute “qualified small business stock,” if determination of whether stock constitutes “qualified small business stock” were made by taking into account the modifications set forth
in Section 1045(b)(4) of the Code. The Company’s obligation to furnish a written statement pursuant to this Section 2.5 shall continue notwithstanding the fact that a class of the Company’s stock may be traded on an established
securities market. 

  
 13 

 2.6 Observer Rights. As long as Meritech Capital Partners II, L.P.
(“Meritech”) owns not less than twenty-five percent (25%) of the shares of the Series C Preferred Stock it is purchasing under the Series C Agreement (or an equivalent amount of Common Stock issued upon conversion thereof), the
Company shall invite a representative of Meritech to attend all meetings of its Board of Directors in a nonvoting observer capacity and, in this respect, shall give such representative copies of all notices, minutes, consents, and other materials
that it provides to its directors; provided, however, that such representative shall agree to hold in confidence and trust and to act in a fiduciary manner with respect to all information so provided; and, provided further, that the Company reserves
the right to withhold any information and to exclude such representative from any meeting or portion thereof if access to such information or attendance at such meeting could adversely affect the attorney-client privilege between the Company and its
counsel or would result in disclosure of trade secrets to such representative or if such Investor or its representative is a direct competitor of the Company. 
 2.7 Termination of Certain Covenants. The covenants set forth in Sections 2.4 and 2.6, shall terminate and be of no further force or effect upon the consummation of the Company’s Initial
Offering the price of which is not less than (A) $2.31 per share if the Initial Offering is consummated within the eighteen months after the date of this Agreement or (B) $3.46 per share if the Initial Offering is consummated thereafter
(each such fixed dollar amount as adjusted for any stock splits, stock dividends, recapitalizations of the like) and which in the case of both clause (A) and clause (B) results in gross aggregate cash proceeds to this corporation of not
less than $40,000,000 (before deducting underwriting discounts and commissions). 
 3. Miscellaneous. 

3.1 Successors and Assigns. Except as otherwise provided herein, the terms and conditions of this Agreement shall inure to the
benefit of and be binding upon the respective successors and assigns of the parties (including transferees of any shares of Registrable Securities). Nothing in this Agreement, express or implied, is intended to confer upon any party other than the
parties hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. 

3.2 Governing Law. This Agreement shall be governed by and construed under the laws of the State of California as applied to
agreements among California residents entered into and to be performed entirely within California. 
 3.3 Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
 3.4 Titles and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement. 

  
 14 

 3.5 Notices. Unless otherwise provided, any notice required or permitted under this
Agreement shall be given in writing and shall be deemed effectively given upon personal delivery to the party to be notified or upon delivery by confirmed facsimile transmission, nationally recognized overnight courier service, or five (5) days
after deposit with the United States Post Office, by registered or certified mail, postage prepaid and addressed to the party to be notified at the address indicated for such party on the signature page hereof, or at such other address as such party
may designate by ten (10) days’ advance written notice to the other parties. 
 3.6 Expenses. If any action at
law or in equity is necessary to enforce or interpret the terms of this Agreement, the prevailing party shall be entitled to reasonable attorneys’ fees, costs and necessary disbursements in addition to any other relief to which such party may
be entitled. 
 3.7 Entire Agreement: Amendments and Waivers. This Agreement (including the Exhibits hereto, if any)
constitutes the full and entire understanding and agreement among the parties with regard to the subjects hereof and thereof. Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived (either generally
or in a particular instance and either retroactively or prospectively), only with the written consent of the Company and the holders of a majority of the Registrable Securities. Any amendment or waiver effected in accordance with this paragraph
shall be binding upon each holder of any Registrable Securities each future holder of all such Registrable Securities, and the Company. The Prior Agreement is hereby amended and restated in its entirety and shall be of no further force or effect.
Such amendment and restatement is effective upon the execution of the Agreement by the Company and the holders of a majority of the Registrable Securities outstanding as of the date of this Agreement. Upon such execution, all provisions of, rights
granted and covenants made in the Prior Agreement are hereby waived, released and superseded in their entirety and shall have no further force or effect, including, without limitation, all rights of first refusal and any notice period associated
therewith otherwise applicable to the transactions contemplated by the Series C Agreement. 
 3.8 Severability. If one or
more provisions of this Agreement are held to be unenforceable under applicable law, such provision shall be excluded from this Agreement and the balance of the Agreement shall be interpreted as if such provision were so excluded and shall be
enforceable in accordance with its terms. 
 3.9 Aggregation of Stock. All shares of Registrable Securities held or
acquired by affiliated entities or persons shall be aggregated together for the purpose of determining the availability of any rights under this Agreement. 

  
 15 

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

			
	MODEL N, INC.
		
	By:	 	 /s/ Zack Rinat

		 	Zack Rinat
	Its:	 	Chairman and Chief Executive Officer

  
 SIGNATURE
PAGE TO MODEL N, INC. 
 AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

 
					
	 INVESTORS:

	
	ACCEL VIII L.P.
	By:	 	Accel VIII Associates L.L.C.
		 	Its General Partner
			
		 	By:	 	 /s/ illegible

		 		 	ATTORNEY-IN-FACT
	
	ACCEL INTERNET FUND IV L.P.
	By:	 	Accel VIII Associates L.L.C.
		 	Its General Partner
			
		 	By:	 	 /s/ illegible

		 		 	ATTORNEY-IN-FACT
	
	ACCEL INVESTORS 2000 L.L.C.
		
	By:	 	 /s/ illegible

		 	ATTORNEY-IN-FACT
	
	 c/o ACCEL PARTNERS
 428 UNIVERSITY AVENUE
 PALO ALTO, CA 94301

  
 SIGNATURE
PAGE TO MODEL N, INC. 
 AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

 
					
	INVESTORS:
		
		 	Accel-KKR Company L.L.C.
			
		 	By:	 	 /s/ illegible

			
		 	Its:	 	  

	
	Address:
		
		 	2500 Sandhill Rd.
		 	Menlo Park, CA 94025

  
 SIGNATURE
PAGE TO MODEL N, INC. 
 AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

 
			
	INVESTORS
	
	MERITECH CAPITAL PARTNERS II L.P.
		
	By:	 	Meritech Capital Associates II L.L.C
		 	its General Partner
		
	By:	 	Meritech Management Associates II L.L.C.
		 	a managing member
		
	By:	 	 /s/ Paul Madera

		 	Paul Madera, a managing member
	
	MERITECH CAPITAL AFFILIATES II L.P.
		
	By:	 	Meritech Capital Associates II L.L.C.
		 	its General Partner
		
	By:	 	Meritech Management Associates II L.L.C.
		 	a managing member
		
	By:	 	 /s/ Paul Madera

		 	Paul Madera, a managing member
	
	MCP ENTREPRENEUR PARTNERS II L.P.
		
	By:	 	Meritech Capital Associates II L.L.C.
		 	its General Partner
		
	By:	 	Meritech Management Associates II L.L.C
		 	a managing member
		
	By:	 	 /s/ Paul Madera

		 	Paul Madera, a managing member

  
 SIGNATURE
PAGE TO MODEL N, INC. 
 AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

 
			
	INVESTORS
	
	LESLIE FAMILY TRUST U/A 2/7/96
		
	By:	 	 /s/ Mark Leslie

	Mark Leslie, Trustee

  
 SIGNATURE
PAGE TO MODEL N, INC. 
 AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

 SCHEDULE A 
 LIST OF INVESTORS 
 Zack Rinat 

Accel-KKR Company L.L.C. 
 Accel VIII L.P. 
 Accel Internet Fund IV L.P 

Accel Investors 2000 L.L.C. 
 Meritech Capital Partners II L.P 
 Meritech Capital Affiliates II L.P. 

MCP Entrepreneur Partners II L.P. 
 Leslie Family Trust U/A 2/7/96 
 Andrew J. Harman Revocable Trust 

G. Kirk Raab 
 Elk
Partners 
 Robert and Susan Green, Life Tenants 
 Andreessen 1996 Living Trust Marc L Andreessen and Michael Mohr trustees 

International Capital Holdings LLC 
 Maltan Holdings 
 Achidim Investments 2 Ltd 

Isabella Trust, Petri Vainio, trustee 
 Schmidt Family Living Trust 
 AJ and Tony Bamert 

Cary Berman and Roy Hamm 
 Mark Berman 
 Martin and Jacqueline Berman 

David S. Koz, Trustee of the Edler Trust Dated as of 7/29/99 
 Michael Kretchmar 
 George Pastor 

Paul Goldstein 

Mark Tebbe 
 David
Hayden 
 Lighthouse Capital Partners IV, L.P. 
 Reflection Advances Sciences Ltd 
 Gahl Rinat Trust 

Danielle Rinat Trust 

  
 SIGNATURE
PAGE TO MODEL N, INC. 
 AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENTWarrant to purchase shares of Series C preferred stock

 Exhibit 4.03 
 THIS WARRANT AND THE SHARES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY STATE AND, EXCEPT AND PURSUANT TO
THE PROVISIONS OF ARTICLE 5 BELOW, MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND APPLICABLE STATE SECURITIES LAW OR, IN THE OPINION OF LEGAL COUNSEL IN FORM AND SUBSTANCE
SATISFACTORY TO THE ISSUER OF THESE SECURITIES, SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION IS EXEMPT FROM REGISTRATION. 
 WARRANT TO PURCHASE STOCK 
  

			
	Company:	  	MODEL N, INC., a Delaware corporation
	Number of Shares:	  	That number of shares equal to $300,000 divided by the Warrant Price
	Class of Stock:	  	Series C Preferred
	Warrant Price:	  	$1.154 per share
	Issue Date:	  	October 19, 2010
	Expiration Date:	  	The 10th anniversary after the Issue Date
	Credit Facility:	  	This Warrant is issued in connection with the Second Amended and Restated Loan and Security Agreement between Company and Silicon Valley Bank dated October 19,
2010.

 THIS WARRANT CERTIFIES THAT, for good and valuable consideration, SILICON VALLEY BANK (Silicon Valley
Bank, together with any registered holder from time to time of this Warrant or any holder of the shares issuable or issued upon exercise of this Warrant, “Holder”) is entitled to purchase the number of fully paid and nonassessable shares
of the class of securities (the “Shares”) of the Company at the Warrant Price, all as set forth above and as adjusted pursuant to Article 2 of this Warrant, subject to the provisions and upon the terms and conditions set forth in this
Warrant. 
 ARTICLE 1 
 EXERCISE 
 1.1 Method of Exercise. Holder may exercise this Warrant
by delivering a duly executed Notice of Exercise in substantially the form attached as Appendix 1 to the principal office of the Company. Unless Holder is exercising the conversion right set forth in Article 1.2, Holder shall also deliver to the
Company a check, wire transfer (to an account designated by the Company), or other form of payment acceptable to the Company for the aggregate Warrant Price for the Shares being purchased. 

1.2 Conversion Right. In lieu of exercising this Warrant as specified in Article 1.1, Holder may from time to time convert this
Warrant, in whole or in part, into a number of Shares determined by dividing (a) the aggregate fair market value of the number of Shares being converted (or other securities otherwise issuable upon exercise of this Warrant) minus the aggregate
Warrant Price of such Shares by (b) the fair market value of one Share. The fair market value of the Shares shall be determined pursuant to Article 1.3. 
 1.3 Fair Market Value. If the Company’s common stock is traded in a public market and the Shares are common stock, the fair market value of each Share shall be the closing price of a Share
reported for the business day immediately before Holder delivers its Notice of Exercise to the Company (or in the instance where the Warrant is exercised 

 
immediately prior to the effectiveness of the Company’s initial public offering, the “price to public” per share price specified in the final prospectus relating to such offering).
If the Company’s common stock is traded in a public market and the Shares are preferred stock, the fair market value of a Share shall be the closing price of a share of the Company’s common stock reported for the business day immediately
before Holder delivers its Notice of Exercise to the Company (or, in the instance where the Warrant is exercised immediately prior to the effectiveness of the Company’s initial public offering, the initial “price to public” per share
price specified in the final prospectus relating to such offering), in both cases, multiplied by the number of shares of the Company’s common stock into which a Share is convertible. If the Company’s common stock is not traded in a public
market, the Board of Directors of the Company shall determine fair market value in its reasonable good faith judgment. 
 1.4
Delivery of Certificate and New Warrant. Promptly after Holder exercises or converts this Warrant and, if applicable, the Company receives payment of the aggregate Warrant Price, the Company shall deliver to Holder certificates for the Shares
acquired and, if this Warrant has not been fully exercised or converted and has not expired, a new Warrant representing the Shares not so acquired. 
 1.5 Replacement of Warrants. On receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant and, in the case of loss, theft or
destruction, on delivery of an indemnity agreement reasonably satisfactory in form and amount to the Company or, in the case of mutilation or surrender and cancellation of this Warrant, the Company shall execute and deliver, in lieu of this Warrant,
a new warrant of like tenor. 
 1.6 Treatment of Warrant Upon Acquisition of Company. 

1.6.1 “Acquisition”. For the purpose of this Warrant, “Acquisition” means any sale, license, or other
disposition of all or substantially all of the assets of the Company, or any reorganization, consolidation, or merger of the Company where the holders of the Company’s securities before the transaction beneficially own less than 50% of the
outstanding voting securities of the surviving entity after the transaction. 
 1.6.2 Treatment of Warrant at
Acquisition. 
 (A) Upon the written request of the Company, Holder agrees that, in the event of an Acquisition that is not
an asset sale and in which the sole consideration is cash, either (a) Holder shall exercise its conversion or purchase right under this Warrant and such exercise will be deemed effective immediately prior to the consummation of such Acquisition
or (b) if Holder elects not to exercise the Warrant, this Warrant will expire upon the consummation of such Acquisition. The Company shall provide Holder with written notice of its request relating to the foregoing (together with such
reasonable information as Holder may request in connection with such contemplated Acquisition giving rise to such notice), which is to be delivered to Holder not less than ten (10) days prior to the closing of the proposed Acquisition.

 (B) Upon the written request of the Company, Holder agrees that, in the event of an Acquisition that is an “arms
length” sale of all or substantially all of the Company’s assets (and only its assets) to a third party that is not an Affiliate (as defined below) of the Company (a “True Asset Sale”), either (a) Holder shall exercise its
conversion or purchase right under this Warrant and such exercise will be deemed effective immediately prior to the consummation of such Acquisition or (b) if Holder elects not to exercise the Warrant, this

  
 2 

 
Warrant will continue until the Expiration Date if the Company continues as a going concern following the closing of any such True Asset Sale. The Company shall provide Holder with written notice
of its request relating to the foregoing (together with such reasonable information as Holder may request in connection with such contemplated Acquisition giving rise to such notice), which is to be delivered to Holder not less than ten
(10) days prior to the closing of the proposed Acquisition. 
 (C) Upon the written request of the Company, Holder agrees
that, in the event of a stock for stock Acquisition of the Company by a publicly traded acquirer, the Company may require the Warrant to be deemed automatically exercised and the Holder shall participate in the Acquisition as a holder of the Shares
(or other securities issuable upon exercise of the Warrant) on the same terms as other holders of the same class of securities of the Company. 
 (D) Upon the closing of any Acquisition other than those particularly described in subsections (A), (B) and (C) above, the successor entity shall assume the obligations of this Warrant, and this
Warrant shall be exercisable for the same securities, cash, and property as would be payable for the Shares issuable upon exercise of the unexercised portion of this Warrant as if such Shares were outstanding on the record date for the Acquisition
and subsequent closing. The Warrant Price and/or number of Shares shall be adjusted accordingly. 
 As used herein “Affiliate” shall
mean any person or entity that owns or controls directly or indirectly ten (10) percent or more of the stock of Company, any person or entity that controls or is controlled by or is under common control with such persons or entities, and each
of such person’s or entity’s officers, directors, joint venturers or partners, as applicable. 
 ARTICLE 2 

ADJUSTMENTS TO THE SHARES 
 2.1 Stock Dividends, Splits, Etc. If the Company declares or pays a dividend on the Shares payable in common stock, or other securities, then upon exercise of this Warrant, for each Share acquired,
Holder shall receive, without cost to Holder, the total number and kind of securities to which Holder would have been entitled had Holder owned the Shares of record as of the date the dividend occurred. If the Company subdivides the Shares by
reclassification or otherwise into a greater number of shares or takes any other action which increases the amount of stock into which the Shares are convertible, the number of shares purchasable hereunder shall be proportionately increased and the
Warrant Price shall be proportionately decreased. If the outstanding shares are combined or consolidated, by reclassification or otherwise, into a lesser number of shares, the Warrant Price shall be proportionately increased and the number of Shares
shall be proportionately decreased. 
 2.2 Reclassification, Exchange, Combinations or Substitution. Upon any
reclassification, exchange, substitution, or other event that results in a change of the number and/or class of the securities issuable upon exercise or conversion of this Warrant, Holder shall be entitled to receive, upon exercise or conversion of
this Warrant, the number and kind of securities and property that Holder would have received for the Shares if this Warrant had been exercised immediately before such reclassification, exchange, substitution, or other event. Such an event shall
include any automatic conversion of the outstanding or issuable securities of the Company of the same class or series as the Shares to common stock pursuant to the terms of the Company’s Articles or Certificate (as applicable) of Incorporation
upon the closing 

  
 3 

 
of a registered public offering of the Company’s common stock. The Company or its successor shall promptly issue to Holder an amendment to this Warrant setting forth the number and kind of
such new securities or other property issuable upon exercise or conversion of this Warrant as a result of such reclassification, exchange, substitution or other event that results in a change of the number and/or class of securities issuable upon
exercise or conversion of this Warrant. The amendment to this Warrant shall provide for adjustments which shall be as nearly equivalent as may be practicable to the adjustments provided for in this Article 2 including, without limitation,
adjustments to the Warrant Price and to the number of securities or property issuable upon exercise of the new Warrant. The provisions of this Article 2.2 shall similarly apply to successive reclassifications, exchanges, substitutions, or other
events. 
 2.3 Adjustments for Diluting Issuances. The Warrant Price and the number of Shares issuable upon exercise of
this Warrant or, if the Shares are preferred stock, the number of shares of common stock issuable upon conversion of the Shares, shall be subject to adjustment, from time to time in the manner set forth in the Company’s Articles or Certificate
of Incorporation as if the Shares were issued and outstanding on and as of the date of any such required adjustment. The provisions set forth for the Shares in the Company’s Articles or Certificate (as applicable) of Incorporation relating to
the above in effect as of the Issue Date may not be amended, modified or waived, without the prior written consent of Holder unless such amendment, modification or waiver affects the rights associated with the Shares in the same manner as such
amendment, modification or waiver affects the rights associated with all other shares of the same series and class as the Shares granted to Holder. 
 2.4 No Impairment. The Company shall not, by amendment of its Articles or Certificate (as applicable) of Incorporation or through a reorganization, transfer of assets, consolidation, merger,
dissolution, issue, or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed under this Warrant by the Company, but shall at all times in good faith
assist in carrying out of all the provisions of this Article 2 and in taking all such action as may be necessary or appropriate to protect Holder’s rights under this Article against impairment. 

2.5 Fractional Shares. No fractional Shares shall be issuable upon exercise or conversion of this Warrant and the number of Shares
to be issued shall be rounded down to the nearest whole Share. If a fractional share interest arises upon any exercise or conversion of the Warrant, the Company shall eliminate such fractional share interest by paying Holder the amount computed by
multiplying the fractional interest by the fair market value of a full Share. 
 2.6 Certificate as to Adjustments. Upon
each adjustment of the Warrant Price, the Company shall promptly notify Holder in writing, and, at the Company’s expense, promptly compute such adjustment, and furnish Holder with a certificate of its Chief Financial Officer setting forth such
adjustment and the facts upon which such adjustment is based. The Company shall, upon written request, furnish Holder a certificate setting forth the Warrant Price in effect upon the date thereof and the series of adjustments leading to such Warrant
Price. 
 ARTICLE 3 
 REPRESENTATIONS AND COVENANTS OF THE COMPANY 
 3.1 Representations and
Warranties. The Company represents and warrants to Holder as follows: 

  
 4 

 (a) The initial Warrant Price referenced on the first page of this Warrant is not greater
than the price per share at which the Shares were last issued in an arms-length transaction in which at least $500,000 of the Shares were sold. 
 (b) All Shares which may be issued upon the exercise of the purchase right represented by this Warrant, and all securities, if any, issuable upon conversion of the Shares, shall, upon issuance, be duly
authorized, validly issued, fully paid and nonassessable, and free of any liens and encumbrances except for restrictions on transfer provided for herein or under applicable federal and state securities laws. 

(c) The Company’s capitalization table attached hereto as Schedule 1 is true and complete as of the Issue Date. 

3.2 Notice of Certain Events. If the Company proposes at any time (a) to declare any dividend or distribution upon any of its
stock, whether in cash, property, stock, or other securities and whether or not a regular cash dividend; (b) to offer for sale any shares of the Company’s capital stock (or other securities convertible into such capital stock), other than
(i) pursuant to the Company’s stock option or other compensatory plans, (ii) in connection with commercial credit arrangements or equipment financings, or (iii) in connection with strategic transactions for purposes other than
capital raising; (c) to effect any reclassification or recapitalization of any of its stock; (d) to merge or consolidate with or into any other corporation, or sell, lease, license, or convey all or substantially all of its assets, or to
liquidate, dissolve or wind up; or (e) offer holders of registration rights the opportunity to participate in an underwritten public offering of the Company’s securities for cash, then, in connection with each such event, the Company shall
give Holder: (1) at least 10 days prior written notice of the date on which a record will be taken for such dividend, distribution, or subscription rights (and specifying the date on which the holders of common stock will be entitled thereto)
or for determining rights to vote, if any, in respect of the matters referred to in (a) and (b) above; (2) in the case of the matters referred to in (c) and (d) above at least 10 days prior written notice of the date when
the same will take place (and specifying the date on which the holders of common stock will be entitled to exchange their common stock for securities or other property deliverable upon the occurrence of such event); and (3) in the case of the
matter referred to in (e) above, the same notice as is given to the holders of such registration rights. Company will also provide information requested by Holder reasonably necessary to enable Holder to comply with Holder’s accounting or
reporting requirements. 
 3.3 Registration Under Securities Act of 1933, as amended. The Company agrees that the Shares
or, if the Shares are convertible into common stock of the Company, such common stock, shall have certain “piggyback” and S-3 registration rights pursuant to and as set forth in the Company’s investor Rights Agreement or similar
agreement. The provisions set forth in the Company’s Investors’ Right Agreement or similar agreement relating to the above in effect as of the Issue Date may not be amended, modified or waived without the prior written consent of Holder
unless such amendment, modification or waiver affects the rights associated with the Shares in the same manner as such amendment, modification, or waiver affects the rights associated with all other shares of the same series and class as the Shares
granted to Holder. 
 3.4 No Shareholder Rights. Except as provided in this Warrant, Holder will not have any rights as a
shareholder of the Company until the exercise of this Warrant. 

  
 5 

 
ARTICLE 4 
 REPRESENTATIONS, WARRANTIES OF HOLDER 

Holder represents and warrants to the Company as follows: 
 4.1 Purchase for Own Account. This Warrant and the securities to be acquired upon exercise of this Warrant by Holder will be acquired for investment for Holder’s account, not as a nominee or
agent, and not with a view to the public resale or distribution within the meaning of the Act, Holder also represents that Holder has not been formed for the specific purpose of acquiring this Warrant or the Shares. 

4.2 Disclosure of Information. Holder has received or has had full access to all the information it considers necessary or
appropriate to make an informed investment decision with respect to the acquisition of this Warrant and its underlying securities. Holder further has had an opportunity to ask questions and receive answers from the Company regarding the terms and
conditions of the offering of this Warrant and its underlying securities and to obtain additional information (to the extent the Company possessed such information or could acquire it without unreasonable effort or expense) necessary to verify any
information furnished to Holder or to which Holder has access. 
 4.3 Investment Experience. Holder understands that the
purchase of this Warrant and its underlying securities involves substantial risk. Holder has experience as an investor in securities of companies in the development stage and acknowledges that Holder can bear the economic risk of such Holder’s
investment in this Warrant and its underlying securities and has such knowledge and experience in financial or business matters that Holder is capable of evaluating the merits and risks of its investment in this Warrant and its underlying securities
and/or has a preexisting personal or business relationship with the Company and certain of its officers, directors or controlling persons of a nature and duration that enables Holder to be aware of the character, business acumen and financial
circumstances of such persons. 
 4.4 Accredited Investor Status. Holder is an “accredited investor” within the
meaning of Regulation D promulgated under the Act. 
 4.5 The Act. Holder understands that this Warrant and the Shares
issuable upon exercise or conversion hereof have not been registered under the Act in reliance upon a specific exemption therefrom, which exemption depends upon, among other things, the bona fide nature of Holder’s investment intent as
expressed herein, Holder understands that this Warrant and the Shares issued upon any exercise or conversion hereof must be held indefinitely unless subsequently registered under the Act and qualified under applicable state securities laws, or
unless exemption from such registration and qualification are otherwise available. 
 ARTICLE 5 

MISCELLANEOUS 
 5.1 Term. This Warrant is exercisable in whole or in part at any time and from time to time on or before the Expiration Date. 

5.2 Legends. This Warrant and the Shares (and the securities issuable, directly or indirectly, upon conversion of the Shares, if
any) shall be imprinted with a legend in substantially the following form: 

  
 6 

 THIS WARRANT AND THE SHARES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY STATE AND, EXCEPT AND PURSUANT TO THE PROVISIONS OF ARTICLE 5 BELOW, MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED
UNDER SAID ACT AND APPLICABLE STATE SECURITIES LAW OR, IN THE OPINION OF LEGAL COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER OF THESE SECURITIES, SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION IS EXEMPT FROM REGISTRATION.

 5.3 Compliance with Securities Laws on Transfer. This Warrant and the Shares issuable upon exercise of this Warrant
(and the securities issuable, directly or indirectly, upon conversion of the Shares, if any) may not be transferred or assigned in whole or in part without compliance with applicable federal and state securities laws by the transferor and the
transferee (including, without limitation, the delivery of investment representation letters and legal opinions reasonably satisfactory to the Company, as reasonably requested by the Company) and unless transferee makes each of the representations
and warranties set forth in Article 4 of this Warrant and agrees to be bound by all other provisions of this Warrant. The Company shall not require Silicon Valley Bank (“Bank”) to provide an opinion of counsel if the transfer is to
Bank’s parent company, SVB Financial Group (formerly Silicon Valley Bancshares), or any other affiliate of Bank. Additionally, the Company shall also not require an opinion of counsel if there is no material question as to the availability of
current information as referenced in Rule 144(c), Holder represents that it has complied with Rule 144(d) and (e) in reasonable detail, the selling broker represents that it has complied with Rule 144(f), and the Company is provided with a copy
of Holder’s notice of proposed sale. 
 5.4 Transfer Procedure. After receipt by Bank of the executed Warrant, Bank
will transfer all of this Warrant to SVB Financial Group by execution of an Assignment substantially in the form of Appendix 2. Subject to the provisions of Article 5.3 and upon providing the Company with written notice, SVB Financial Group and any
subsequent Holder may transfer all or part of this Warrant or the Shares issuable upon exercise of this Warrant (or the Shares issuable directly or indirectly, upon conversion of the Shares, if any) to any transferee, provided, however, in
connection with any such transfer, SVB Financial Group or any subsequent Holder will give the Company notice of the portion of the Warrant being transferred with the name, address and taxpayer identification number of the transferee and Holder will
surrender this Warrant to the Company for reissuance to the transferee(s) (and Holder if applicable). The Company may refuse to transfer this Warrant or the Shares to any person who directly competes with the Company, unless, in either case, the
stock of the Company is publicly traded. 
 5.5 Notices. All notices and other communications from the Company to Holder,
or vice versa, shall be deemed delivered and effective when given personally or mailed by first-class registered or certified mail, postage prepaid, at such address as may have been furnished to the Company or Holder, as the case may (or on the
first business day after transmission by facsimile) be, in writing by the Company or such Holder from time to time. Effective upon receipt of the fully executed Warrant and the initial transfer described in Article 5.4 above, all notices to Holder
shall be addressed as follows until the Company receives notice of a change of address in connection with a transfer or otherwise: 
 SVB Financial Group 
 Attn: Treasury Department 

3003 Tasman Drive, HA 200 
 Santa Clara, California 95054 
 Telephone: 408-654-7400 

Facsimile: 408-496-2405 

  
 7 

 Notice to the Company shall be addressed as follows until Holder receives notice of a change in address:

  

					
	Model N, Inc.
	1800 Bridge Parkway
	Redwood Shores, California 94065
	Attn: 	 	  
	 	
	Telephone:	 	
                    
                         
	 	
	Facsimile: 	 	  
	 	

 5.6 Waiver. This Warrant and any term hereof may be changed, waived, discharged or terminated only
by an instrument in writing signed by the party against which enforcement of such change, waiver, discharge or termination is sought. 
 5.7 Attorneys’ Fees. In the event of any dispute between the parties concerning the terms and provisions of this Warrant, the party prevailing in such dispute shall be entitled to collect from
the other party all costs incurred in such dispute, including reasonable attorneys’ fees. 
 5.8 Automatic Conversion
upon Expiration. In the event that, upon the Expiration Date, the fair market value of one Share (or other security issuable upon the exercise hereof) as determined in accordance with Section 1.3 above is greater than the Warrant Price in
effect on such date, then this Warrant shall automatically be deemed on and as of such date to be converted pursuant to Section 1.2 above as to ail Shares (or such other securities) for which it shall not previously have been exercised or
converted, and the Company shall promptly deliver a certificate representing the Shares (or such other securities) issued upon such conversion to Holder. 
 5.9 Counterparts. This Warrant may be executed in counterparts, all of which together shall constitute one and the same agreement. 

5.10 Market Stand-Off Provision. Holder hereby agrees to be bound by the “Market Stand-Off” provision (the “Market
Stand Off Provision”) in Section 1.12 of Company’s Amended and Restated Investors’ Rights Agreement dated December 12, 2003 (the “Rights Agreement”). The Market Stand-Off Provision set forth in the Rights Agreement
may not be amended, modified or waived without the prior written consent of Holder unless such amendment, modification or waiver affects the rights associated with all other shares of the same series and class as the Shares granted pursuant to this
Warrant. 
 5.11 Governing Law. This Warrant shall be governed by and construed in accordance with the laws of the State
of California, without giving effect to its principles regarding conflicts of law. 
 [Signature page follows.] 

  
 8 

			
	“COMPANY”
	
	MODEL N, INC.
		
	By:	 	 /s/ Marianne Zhen

		
	Name:	 	 Marianne Zhen

		
	Title:	 	 Corporate Controller

	
	“HOLDER”
	
	SILICON VALLEY BANK
		
	By:	 	 /s/ Mike Meier

		
	Name:	 	 Mike Meier

		
	Title:	 	 Relationship Manager

 SCHEDULE 1 
 CAPITALIZATION TABLE 
 Model N, Inc. 

Summary Capitalization Table 
  

																									
	 	  	Authorized
(as of 12/11/09)	 	  	Shares
as Issued	 	  	Conversion
Ratio	 	  	Shares
as Converted	 	  	% As Issued	 	 	% As Converted	 
							
	 Common Stock

(par value $0.00005):
	  	 	100,000,000	  	  	 	21,178,681	  	  	 	1.000000	  	  	 	21,178,681	  	  	 	38.76	% 	 	 	37.62	% 
							
	 Preferred Stock

(par value $0.00005):
	  				  				  				  				  				 			
	 Series A
	  	 	2,000,000	  	  	 	2,000,000	  	  	 	1.000000	  	  	 	2,000,000	  	  	 	3.66	% 	 	 	3.55	% 
	 Series B
	  	 	8,571,428	  	  	 	8,571,428	  	  	 	1.192095	  	  	 	10,217,960	  	  	 	15.69	% 	 	 	18.15	% 
	 Series C
	  	 	10,000,000	  	  	 	9,532,063	  	  	 	1.000000	  	  	 	9,532,063	  	  	 	17.44	% 	 	 	16.93	% 
							
	 Warrant:
	  				  				  				  				  				 			
	 Series C
	  				  	 	259,965	  	  	 	1.000000	  	  	 	259,965	  	  	 	0.48	% 	 	 	0.46	% 
							
	 2000 Stock Plan:
	  				  				  				  				  				 			
	 Outstanding
	  				  	 	10,537,143	  	  	 	1.000000	  	  	 	10,537,143	  	  	 	19.28	% 	 	 	18.72	% 
							
	 2010 Equity Incentive Plan:
	  				  				  				  				  				 			
	 Outstanding
	  				  	 	2,469,532	  	  	 	1.000000	  	  	 	2,469,532	  	  	 	4.52	% 	 	 	4.39	% 
	 Available for Grant
	  				  	 	94,529	  	  	 	1.000000	  	  	 	94,529	  	  	 	0.17	% 	 	 	0.17	% 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	 	  
	  
	 
							
	 Totals:
	  				  	 	54,643,341	  	  				  	 	56,289,873	  	  	 	100.00	% 	 	 	100.00	% 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	 	  
	  
	 

 APPENDIX 1 
 NOTICE OF EXERCISE 
 1. Holder elects to purchase
                 shares of the Common/Series                  Preferred
[strike one] Stock of Model N, Inc. pursuant to the terms of the attached Warrant, and tenders payment of the purchase price of the shares in full. 
 [or] 
 1. Holder elects to convert the attached Warrant into Shares/cash [strike
one] in the manner specified in the Warrant. This conversion is exercised for                      of the Shares covered by the Warrant.

 [Strike paragraph that does not apply.] 
 2. Please issue a certificate or certificates representing the shares in the name specified below: 
  

	
	  

	 Holders Name

	
	  

	
	  

	 (Address)

 3. By its execution below and for the benefit of the Company, Holder hereby restates each of the
representations and warranties in Article 4 of the Warrant as the date hereof and agrees to be bound by all other provisions of this Warrant. 
  

			
	HOLDER:
	
	  

		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

		
	(Date):	 	  

 APPENDIX 2 
 ASSIGNMENT 
 For value received, Silicon Valley Bank hereby sells,
assigns and transfers unto 
  

			
	Name:	  	SVB Financial Group
	Address:	  	3003 Tasman Drive (HA-200)
		  	Santa Clara, CA 95054
	Tax ID:	  	91-1962278

 that certain Warrant to Purchase Stock issued by Model N, Inc. (the “Company”), on October 15, 2010 (the
“Warrant”) together with all rights, title and interest therein. 
  

			
	SILICON VALLEY BANK
		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	Date:	 	  

 By its execution below, and for the benefit of the Company, SVB Financial Group makes each of the
representations and warranties set forth in Article 4 of the Warrant and agrees to all other provisions of the Warrant as of the date hereof. 
  

			
	SVB FINANCIAL GROUP
		
	By:	 	  

	Name:	 	  

	Title:

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