Document:

Loan and Security Agreement - Comerica Bank

 Exhibit 10.30 
 LOAN AND SECURITY AGREEMENT 
 BAZAARVOICE, INC. 

 LOAN AND SECURITY AGREEMENT 

This LOAN AND SECURITY AGREEMENT is entered into as of July 18, 2007, by and between Comerica Bank (“Bank”) and
Bazaarvoice, Inc. (“Borrower”). 
 RECITALS 

Borrower wishes to obtain credit from time to time from Bank, and Bank desires to extend credit to Borrower. This Agreement sets forth
the terms on which Bank will advance credit to Borrower, and Borrower 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. 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. Borrower promises 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 Borrower, 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) Borrower may request Advances in an aggregate outstanding 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. Notwithstanding the foregoing, the aggregate outstanding Advances shall not exceed $500,000 at any time until Bank has completed an audit of Borrower’s Accounts (which audit shall be at
Borrower’s expense and completed within 30 days of the Closing Date) and the results of such audit are satisfactory to Bank. Borrower may prepay any Advances without penalty or premium. Interest shall accrue from the date of each Advance at the
rate specified in Section 2.3(a). 
 (ii) Form of Request. Whenever Borrower desires an Advance,
Borrower will notify Bank by facsimile transmission or telephone no later than 3:00 p.m. Central time (1:00 p.m. Central time for wire transfers), on the Business Day that the Advance is to be made. Each such notification shall be promptly confirmed
by a Payment/Advance 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 

  
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necessary to meet Obligations which have become due and remain unpaid. Bank shall be entitled to rely on any telephonic notice given by a person who Bank reasonably believes to be a Responsible
Officer or a designee thereof, and Borrower shall indemnify and hold Bank harmless for any damages or loss suffered by Bank as a result of such reliance. Bank will credit the amount of Advances made under this Section 2.1(b) to Borrower’s
deposit account. 
  

	 	(c)	 Equipment Advances. 

 (i) Subject to and upon the terms and conditions of this Agreement, Bank agrees to make Equipment Advances to Borrower at any time from the date hereof through the Availability End Date. The aggregate
outstanding amount of Equipment Advances shall not exceed the Equipment Line. Each Equipment Advance shall not exceed 100% of the invoice amount of equipment and software approved by Bank from time to time (which Borrower shall, in any case, have
purchased within 90 days of the date of the corresponding Equipment Advance), excluding taxes, shipping, warranty charges, freight discounts and installation expense. Equipment Advances for software purchases shall not exceed 40% of the aggregate
outstanding amount of Equipment Advances at any time. 
 (ii) Interest shall accrue from the date of each
Equipment Advance at the rate specified in Section 2.3(a), and shall be payable in accordance with Section 2.3(c). Any Equipment Advances that are outstanding on the Availability End Date shall be payable in 30 equal monthly installments
of principal, plus all accrued interest, beginning on August 18, 2008 and continuing on the same day of each month thereafter through the Equipment Maturity Date, at which time all amounts due in connection with Equipment Advances made under
this Section 2.1(c) shall be immediately due and payable. Equipment Advances, once repaid, may not be reborrowed. Borrower may prepay any Equipment Advances without penalty or premium. 

(iii) When Borrower desires to obtain an Equipment Advance, Borrower shall notify Bank (which notice shall be
irrevocable) by facsimile transmission to be received no later than 3:00 p.m. Central time three Business Days before the day on which the Equipment Advance is to be made. Such notice shall be substantially in the form of Exhibit C. The notice
shall be signed by a Responsible Officer or its designee and include a copy of the invoice for any Equipment to be financed, which invoice shall be dated no later than 90 days from the date on which the corresponding Equipment Advance is to be made.

  

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

  

	 	2.3	 Interest Rates, Payments, and Calculations. 

 

	 	(a)	 Interest Rates. 

 (i) Advances. Except as set forth in Section 2.3(b), the Advances shall bear interest, on the outstanding daily balance thereof, at a variable rate equal to 0.50% above the Prime Rate.

 (ii) Equipment Advances. Except as set forth in Section 2.3(b), the Equipment Advances shall bear
interest, on the outstanding daily balance thereof, at a rate equal to 0.50% above the Prime Rate. 
  

	 	(b)	 Late Fee; Default Rate. If any payment is not made within 10 days after the date such payment is due, Borrower shall pay Bank a late fee
equal to the lesser of (i) 5% of the 

  
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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 hereunder shall be due and payable on the eighteenth 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 Borrower’s 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 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 Borrower specifies, except that to the extent Borrower uses the Advances to purchase Collateral, Borrower’s repayment of the Advances shall apply on a “first-in-first-out” basis so that
the portion of the Advances used to purchase a particular item of Collateral shall be paid in the chronological order the Borrower purchased the Collateral. After the occurrence 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 12:00
noon Central 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. Borrower shall pay to Bank the following: 

 

	 	(a)	 Facility Fee. On the Closing Date, a fee equal to $4,000, which shall be nonrefundable; 

 

	 	(b)	 Early Termination Fee. If this Agreement is terminated before the latest expiration date of any credit facility hereunder and the credit
facilities are not refinanced by Bank, Borrower shall pay an early termination fee equal to $10,000; and 

  

	 	(c)	 Bank Expenses. 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. Bank acknowledges receipt of a $4,000 deposit from Borrower, which deposit shall be applied toward Bank Expenses incurred through the Closing Date. 

 

	 	2.6	 Term. This Agreement shall become effective on the Closing Date and, subject to Section 13.7, 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

  
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this Agreement immediately and without notice upon the occurrence and during the continuance of an Event of Default. 

 

	3.	 CONDITIONS OF LOANS. 

  

	 	3.1	 Conditions Precedent to Initial Credit Extension. 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, the following: 

  

	 	(a)	 this Agreement; 

  

	 	(b)	 an officer’s certificate of Borrower with respect to incumbency and resolutions authorizing the execution and delivery of this Agreement;

  

	 	(c)	 a financing statement (Form UCC-1) naming Borrower as debtor; 

 

	 	(d)	 an intellectual property security agreement; 

  

	 	(e)	 agreement to provide insurance; 

  

	 	(f)	 payment of the fees and Bank Expenses then due specified in Section 2.5; 

 

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

  

	 	(h)	 as soon as possible, but in any event by August 31, 2007, a lessor’s acknowledgment and subordination for each leased location of
Borrower, together with a copy of each lease; 

  

	 	(i)	 current financial statements, including company prepared consolidated and consolidating annual financial statements for the fiscal year ended
April 30, 2007 and balance sheets and income statements for the month ended May 31, 2007 in accordance with Section 6.2, and such other updated financial information as Bank may reasonably request; and 

 

	 	(j)	 such other documents or certificates, and completion of such other matters, as Bank may reasonably deem necessary or appropriate.

  

	 	3.2	 Conditions Precedent to all Credit Extensions. The obligation of Bank to make each Credit Extension, including the initial Credit Extension,
is further subject to the following conditions: 

  

	 	(a)	 timely receipt by Bank of the Payment/Advance 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
Payment/Advance 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 Borrower on the date of such Credit Extension as to the accuracy of the facts referred to in this Section 3.2. 

  

	4.	 CREATION OF SECURITY INTEREST. 

  
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	 	4.1	 Grant of Security Interest. 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 Borrower of each of its covenants and duties under the Loan Documents. Except as set forth 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, Bank’s Lien on the Collateral shall remain in effect for so long as any
Obligations are outstanding. 

  

	 	4.2	 Perfection of Security Interest. 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 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 Borrower is an organization, the type of organization and any organizational identification number issued to Borrower, if applicable. Any such
financing statements may be signed by Bank on behalf of Borrower, as provided in the Code, and may be filed at any time in any jurisdiction whether or not Revised Article 9 of the Code is then in effect in that jurisdiction. Borrower shall from time
to time endorse and deliver to Bank, at the request of Bank, all Negotiable Collateral and other documents that Bank may reasonably request, in form satisfactory to Bank, to perfect and continue perfected Bank’s security interests in the
Collateral and in order to fully consummate all of the transactions contemplated under the Loan Documents. 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, Borrower shall take such steps as Bank reasonably requests for Bank to (i) obtain an
acknowledgment, in form and substance satisfactory to Bank, of the bailee that the bailee holds such Collateral for the benefit of Bank, (ii) obtain “control” of any Collateral consisting of investment property, 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. Borrower will not 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. Borrower from time
to time may deposit with Bank specific cash collateral to secure specific Obligations; Borrower authorizes Bank to hold such specific balances in pledge and to decline to honor any drafts thereon or any request by Borrower or any other Person to pay
or otherwise transfer any part of such balances for so long as the specific Obligations are outstanding. 

  

	 	4.3	 Right to Inspect. Bank (through any of its officers, employees, or agents) shall have the right, upon reasonable prior notice, from time to
time during Borrower’s usual business hours but no more than twice a year, excluding the initial audit (unless an Event of Default has occurred and is continuing), to inspect Borrower’s Books and to make copies thereof and to check, test,
and appraise the Collateral in order to verify Borrower’s financial condition or the amount, condition of, or any other matter relating to, the Collateral. 

 

	5.	 REPRESENTATIONS AND WARRANTIES. 

 Borrower represents and warrants as follows: 
  

	 	5.1	 Due Organization and Qualification. Borrower and each Subsidiary is a corporation duly existing under the laws of the state in which it is
incorporated 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 Borrower’s corporate powers,
have been duly authorized, and are not in 

  
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conflict with nor constitute a breach of any provision contained in Borrower’s Certificate of Incorporation or Bylaws, nor will they constitute an event of default under any material
agreement by which Borrower is bound. Borrower is not 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. Borrower has rights in or the power to transfer the Collateral, and its title to the Collateral is free and clear of Liens,
adverse claims, and restrictions on transfer or pledge except for Permitted Liens. All Collateral is located solely in the Collateral States. 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 Collateral consisting of Cash or investment property is maintained or invested with a Person other than Bank or Bank’s
Affiliates. 

  

	 	5.4	 Intellectual Property Collateral. Borrower is the sole owner of the Intellectual Property Collateral, except for licenses granted by Borrower
to its customers in the ordinary course of business. To the best of 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
unenforceable, in whole or in part, and no claim has been made to 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. Except as set forth in the Schedule, Borrower’s rights as a licensee of intellectual property do not give rise to more than 5% of its gross revenue in any given month, including without limitation revenue derived from
the sale, licensing, rendering or disposition of any product or service. 

  

	 	5.5	 Name; Location of Chief Executive Office. Except as disclosed in the Schedule (or as Bank is otherwise notified pursuant to
Section 7.2 hereof), Borrower has not 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 office of Borrower
is located in the Chief Executive Office State at the address indicated in Section 10 hereof. 

  

	 	5.6	 Litigation. Except as set forth in the Schedule, there are no actions or proceedings pending by or against 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 consolidating financial statements related to Borrower and any
Subsidiary that are delivered by Borrower to Bank fairly present in all material respects Borrower’s consolidated and consolidating financial condition as of the date thereof and 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 financial condition of Borrower since the date of the most recent of such financial statements submitted to Bank.

  

	 	5.8	 Solvency, Payment of Debts. Borrower is able to pay its debts (including trade debts) as they mature; the fair saleable value of
Borrower’s assets (including goodwill minus disposition costs) exceeds the fair value of its liabilities; and Borrower is not left with unreasonably small capital after the transactions contemplated by this Agreement.

  

	 	5.9	 Compliance with Laws and Regulations. 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 Borrower’s failure to comply with ERISA that is reasonably likely to result in Borrower’s incurring any liability that could have a Material Adverse Effect.
Borrower is not an “investment company” or a company “controlled” by an “investment company” within the meaning of the Investment Company Act of 1940. Borrower is not engaged principally, or as one of the 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 

  
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of Governors of the Federal Reserve System). Borrower has complied in all material respects with all the provisions of the Federal Fair Labor Standards Act. Borrower is in compliance with all
environmental laws, regulations and ordinances except where the failure to comply is not reasonably likely to have a Material Adverse Effect. Borrower has not violated any statutes, laws, ordinances or rules applicable to it, the violation of which
would reasonably be expected to have a Material Adverse Effect. 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. Borrower does not own any stock, partnership interest or other equity securities of any Person, except for Permitted
Investments. 

  

	 	5.11	 Government Consents. 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 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, Borrower is not a party to, nor is bound by, any license or other agreement that
prohibits or otherwise restricts Borrower from granting a security interest in Borrower’s interest in such license or agreement or any other property. 

 

	 	5.13	 Full Disclosure. No representation, warranty or other statement made by 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, it being recognized by Bank that the projections and forecasts provided by Borrower 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. 

 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, Borrower shall do all of the following:

  

	 	6.1	 Good Standing and Government Compliance. Borrower shall maintain its and each of its Subsidiaries’ corporate existence and good standing
in the Borrower State, 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 Borrower by the authorities of the state in which Borrower is organized, if applicable. 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. Borrower shall comply in all material respects with all applicable Environmental Laws, and maintain all material permits, licenses and approvals required thereunder where the failure to do so would reasonably
be expected to have a Material Adverse Effect. 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. Borrower 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 

  
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prepared consolidated and consolidating balance sheet, income statement and statement of cash flows, prepared in accordance with GAAP, consistently applied, covering Borrower’s 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 150 days after the end of Borrower’s fiscal year, audited consolidated and consolidating
financial statements of Borrower prepared in accordance with GAAP, consistently applied, together with an opinion which is unqualified or otherwise consented to in writing by Bank on such financial statements of an independent certified public
accounting firm reasonably acceptable to Bank; (iii) if applicable, copies of all statements, reports and notices sent or made available generally by Borrower to its security holders or to any holders of Subordinated Debt and all reports on
Forms 10-K and 10-Q filed with the Securities and Exchange Commission; (iv) promptly upon receipt of notice thereof, a report of any legal actions pending or threatened against Borrower or any Subsidiary that could result in damages or costs to
Borrower or any Subsidiary of $100,000 or more; (v) promptly upon receipt, each management letter prepared by Borrower’s independent certified public accounting firm regarding Borrower’s management control systems; (vi) as soon
as available, but in any event no later than January 31 of each year, board approved annual financial projections (which projections shall include monthly balance sheets, monthly income statements and monthly cash flow statements and be in form
reasonably acceptable to Bank) for the then current or next fiscal year of Borrower, as applicable (any board approved changes to Borrower’s projections shall be reported to Bank within 30 days of the date of any such approval), and such other
budgets, sales projections, operating plans or other financial information generally prepared by Borrower in the ordinary course of business as Bank may reasonably request from time to time; and (vii) upon Bank’s request, within 30 days of
the last day of each fiscal quarter, a report signed by Borrower, in form reasonably acceptable to Bank, listing any applications or registrations that 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 Borrower’s Intellectual Property Collateral, including but not limited to any subsequent ownership right of 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 Borrower in connection with this Agreement. 

  

	 	(a)	 Within 30 days after the last day of each month, Borrower 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. 

  

	 	(b)	 Within 30 days after the last day of each month, Borrower 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)	 Within 30 days after the last day of each month, Borrower shall deliver to Bank a customer bookings report, in form and substance acceptable to
Bank, detailing such month’s customer bookings. 

  

	 	(d)	 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 Borrower has taken or proposes to take with respect thereto. 

 

	 	(e)	 Bank shall have a right from time to time hereafter to audit Borrower’s Accounts and appraise Collateral at Borrower’s expense, provided
that such audits will be conducted no more often than every 6 months (not including the initial audit) unless an Event of Default has occurred and is continuing. 

Borrower 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, 

  
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provided that Bank in good faith believes that the files were delivered by a Responsible Officer. If Borrower delivers this information electronically, it shall also deliver to Bank by U.S. Mail,
reputable overnight courier service, hand delivery, facsimile or .pdf file within 5 Business Days of submission of the unsigned electronic copy the certification of monthly financial statements, the intellectual property report, the Borrowing Base
Certificate and the Compliance Certificate, each bearing the physical signature of the Responsible Officer. 
  

	 	6.3	 Inventory; Returns. Borrower shall keep all Inventory in good and merchantable condition, free from all material defects except for Inventory
for which adequate reserves have been made. Returns and allowances, if any, as between Borrower and its account debtors shall be on the same basis and in accordance with the usual customary practices of Borrower, as they exist on the Closing Date.
Borrower shall promptly notify Bank of all returns and recoveries and of all disputes and claims involving more than $100,000. 

  

	 	6.4	 Taxes. 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 Borrower or a Subsidiary has made such payments or deposits and any appropriate certificates attesting to the payment or deposit thereof; provided that 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 Borrower. 

  

	 	6.5	 Insurance. 

  

	 	(a)	 Borrower, at its expense, shall keep the Collateral insured against loss or damage by fire, theft, explosion, sprinklers, and all other hazards and
risks, and in such amounts, as ordinarily insured against by other owners in similar businesses conducted in the locations where Borrower’s business is conducted on the date hereof. Borrower shall also maintain liability and other insurance in
amounts and of a type that are customary to businesses similar to Borrower’s. 

  

	 	(b)	 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. Upon Bank’s request, Borrower shall deliver to Bank certified copies of the policies of insurance and evidence of all premium payments. If no Event of
Default has occurred and is continuing, proceeds payable under any casualty policy will, at Borrower’s option, be payable to 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. 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. Borrower shall maintain all its depository, operating and investment accounts with Bank or Bank’s Affiliates.

  

	 	6.7	 Reserved. 

  

	 	6.8	 Registration of Intellectual Property Rights. 

 

	 	(a)	 Borrower shall promptly register or cause to be promptly registered (to the extent not already registered) with the United States Patent and
Trademark Office or the United 

  
 9 

	 	 
States Copyright Office, as the case may be, those registrable material intellectual property rights now owned or hereafter developed or acquired by Borrower, to the extent that Borrower, in its
reasonable business judgment, deems it appropriate to so protect such intellectual property rights. 

  

	 	(b)	 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. 

  

	 	(c)	 Borrower shall (i) give Bank not less than 15 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 anticipated 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 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. 

  

	 	(d)	 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. 

  

	 	(e)	 Borrower shall (i) use commercially reasonable efforts to protect, defend and maintain the validity and enforceability of the trade secrets,
Trademarks, Patents and Copyrights, (ii) use commercially reasonable efforts to detect infringements of material 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. 

 

	 	(f)	 Bank may audit Borrower’s Intellectual Property Collateral to confirm compliance with this Section 6.8, provided such audit may not occur
more often than twice per year (excluding the initial audit), unless an Event of Default has occurred and is continuing. Bank shall have the right, but not the obligation, to take, at Borrower’s sole expense, any actions that Borrower is
required under this Section 6.8 to take but which Borrower fails to take, after 15 days’ notice to Borrower. Borrower 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 material license or agreement, 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 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 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 or agreement, 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.

  
 10 

	 	6.10	 Further Assurances. At any time and from time to time 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. 

  

	 	6.11	 Landlord’s Waiver. As soon as possible, but in any event by August 31, 2007, Borrower shall deliver to Bank a lessor’s
acknowledgment and subordination for each leased location of Borrower, together with a copy of each lease. 

  

	7.	 NEGATIVE COVENANTS. 

 Except as otherwise provided below, Borrower 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, Borrower will not do any of the following without Bank’s prior written consent, which consent shall not be unreasonably withheld, conditioned or delayed: 

 

	 	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 Borrower State or relocate its chief executive office without 15 Business Days prior written notification to Bank; replace its chief executive officer or chief financial officer without 15 calendar days prior written notification to
Bank; 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 Borrower; change its fiscal year end; have a 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 Subsidiary into another Subsidiary or into 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 (i) such transactions do not in the aggregate exceed $100,000 during any fiscal year, (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) Borrower is the surviving entity. 

  

	 	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 Borrower an obligation to prepay any Indebtedness, except Indebtedness to Bank. 

 

	 	7.5	 Encumbrances. Create, incur, assume or allow any Lien with respect to any of 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 that Borrower in the future will refrain from creating, incurring, assuming or allowing any Lien with
respect to any of 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 Borrower may repurchase the stock of former employees 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. 

  

	 	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 

  
 11 

	 	 
of its 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 Borrower. 

 

	 	7.8	 Transactions with Affiliates. Directly or indirectly enter into or permit to exist any material transaction with any Affiliate of Borrower
except for transactions that are in the ordinary course of Borrower’s business, upon fair and reasonable terms that are no less favorable to 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 with a bailee, warehouseman, or similar third party unless the third party has
been notified of Bank’s security interest and Bank (a) has received an acknowledgment from the third party that it is holding or will hold the Inventory or Equipment for Bank’s benefit or (b) 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 except for such other locations as Bank may approve in writing, Borrower shall keep the Inventory and Equipment only at
the location set forth in Section 10 and such other locations of which Borrower gives Bank prior written notice and as to which Bank files a financing statement where needed to perfect its security interest. 

 

	 	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 Borrower under this Agreement: 
  

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

 

	 	8.2	 Covenant Default. 

  

	 	(a)	 If Borrower fails to perform any obligation under Article 6 or violates any of the covenants contained in Article 7 of this Agreement; or

  

	 	(b)	 If 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 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 Borrower
receives notice thereof or any officer of 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 Borrower be cured within such 10 day period,
and such default is likely to be cured within a reasonable time, then Borrower shall have an additional reasonable period (which shall not in any case exceed 30 days) to attempt to cure such default, and within such

  
 12 

	 	 
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 a material adverse change in Borrower’s prospects, business or financial condition, or if there
is a material impairment in the prospect of repayment of any portion of the Obligations or a material impairment in the perfection, value (other than normal depreciation calculated in accordance with GAAP, consistently applied) or priority of
Bank’s security interests in the Collateral; 

  

	 	8.4	 Defective Perfection. If Bank shall receive at any time following the Closing Date an SOS Report indicating that except for Permitted Liens,
Bank’s security interest in the Collateral is not prior to all other security interests or Liens of record reflected in the report; 

  

	 	8.5	 Attachment. If any material portion of 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 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 Borrower’s
assets, or if a notice of lien, levy, or assessment is filed of record with respect to any of 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 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 Borrower (provided that no Credit Extensions will be made during such cure period); 

  

	 	8.6	 Insolvency. If Borrower becomes insolvent, or if an Insolvency Proceeding is commenced by Borrower, or if an Insolvency Proceeding is
commenced against 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); 

 

	 	8.7	 Other Agreements. If there is a default or other failure to perform in any agreement to which Borrower is 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 $100,000 or that would reasonably be expected to have a Material Adverse Effect;

  

	 	8.8	 Subordinated Debt. If Borrower makes any payment on account of Subordinated Debt, except to the extent the payment is allowed under any
subordination agreement entered into with Bank; 

  

	 	8.9	 Judgments. If a judgment or judgments for the payment of money in an amount, individually or in the aggregate, of at least $100,000 shall be
rendered against 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 

 

	 	8.10	 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 Borrower: 

  
 13 

	 	(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 8.6 (insolvency), all Obligations shall become immediately due and payable without any action by Bank); 

 

	 	(b)	 Demand that Borrower (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 Borrower shall promptly
deposit and pay such amounts; 

  

	 	(c)	 Cease advancing money or extending credit to or for the benefit of Borrower under this Agreement or under any other agreement between 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. Borrower agrees to
assemble the Collateral if Bank so requires, and to make the Collateral available to Bank as Bank may designate. Borrower authorizes 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 Borrower’s owned premises, 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; 

  

	 	(f)	 Set off and apply to the Obligations any and all (i) balances and deposits of Borrower held by Bank, and (ii) indebtedness at any time
owing to or for the credit or the account of 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, Borrower’s 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, Borrower’s 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 Borrower’s 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, Borrower 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 Borrower shall be credited with the proceeds of the sale; 

  
 14 

	 	(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 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 Borrower. 

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, Borrower hereby irrevocably appoints
Bank (and any of Bank’s designated officers, or employees) as 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 Borrower’s name on any checks or other forms of payment or security that may come into Bank’s possession; (c) sign 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 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 Borrower and Bank without first obtaining 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 Borrower after the execution hereof or to
delete any reference to any right, title or interest in any Copyrights, Patents or Trademarks in which 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 without the signature of Borrower where permitted by law; provided Bank may exercise such power of attorney to sign the name of 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 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. 

 

	 	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 Borrower of Bank’s security interest in such funds and verify the amount of such Account. Borrower shall collect all amounts owing to 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 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 Borrower: (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 

  
 15 

	 	 
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 Borrower. 

  

	 	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 Borrower. 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
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. 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, 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 Borrower or to Bank, as the case may be, at its addresses set forth below: 
  

			
	 If to Borrower:
	  	Bazaarvoice, Inc.
		  	6500 River Place Blvd.
		  	Building 1, Suite 350
		  	Austin, TX 78730
		  	Attn:
		  	FAX: (512) 732-9997
		
	 If to Bank:
	  	Comerica Bank
		  	M/C 4770
		  	75 E Trimble Road
		  	San Jose, CA 95131
		  	Attn: Manager
		  	FAX: (408) 556-5091
		
	 with a copy to:
	  	Comerica Bank
		  	300 W. 6th Street, Ste. 1300
		  	Austin, Texas 78701
		  	Attn: Stephen Bitter
		  	FAX: (512) 427-7178

  
 16 

 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 California,
without regard to principles of conflicts of law. Each of Borrower and Bank hereby submits to the exclusive jurisdiction of the state and Federal courts located in the County of Santa Clara, State of California. THE UNDERSIGNED ACKNOWLEDGE THAT THE
RIGHT TO TRIAL BY JURY IS A CONSTITUTIONAL ONE, BUT THAT IT MAY BE WAIVED UNDER CERTAIN CIRCUMSTANCES. TO THE EXTENT PERMITTED BY LAW, EACH PARTY, AFTER CONSULTING (OR HAVING HAD THE OPPORTUNITY TO CONSULT) WITH COUNSEL OF ITS CHOICE, KNOWINGLY AND
VOLUNTARILY, AND FOR THE MUTUAL BENEFIT OF ALL PARTIES, WAIVES ANY RIGHT TO TRIAL BY JURY IN THE EVENT OF LITIGATION 
 ARISING
OUT OF OR RELATED TO THIS AGREEMENT OR ANY OTHER DOCUMENT, INSTRUMENT OR AGREEMENT BETWEEN THE UNDERSIGNED PARTIES. 
  

	12.	 JUDICIAL REFERENCE PROVISION. 

  

	 	(a)	 In the event the Jury Trial Waiver set forth above is not enforceable, the parties elect to proceed under this Judicial Reference Provision.

  

	 	(b)	 With the exception of the items specified in clause (c), below, any controversy, dispute or claim (each, a “Claim”) between the parties
arising out of or relating to this Agreement or any other document, instrument or agreement between the undersigned parties (collectively in this Section, the “Comerica Documents), will be resolved by a reference proceeding in California in
accordance with the provisions of Sections 638 et seq. of the California Code of Civil Procedure (“CCP”), or their successor sections, which shall constitute the exclusive remedy for the resolution of any Claim, including whether the
Claim is subject to the reference proceeding. Except as otherwise provided in the Comerica Documents, venue for the reference proceeding will be in the state or federal court in the county or district where the real property involved in the action,
if any, is located or in the state or federal court in the county or district where venue is otherwise appropriate under applicable law (the “Court”). 

 

	 	(c)	 The matters that shall not be subject to a reference are the following: (i) nonjudicial foreclosure of any security interests in real or
personal property, (ii) exercise of self-help remedies (including, without limitation, set-off), (iii) appointment of a receiver and (iv) temporary, provisional or ancillary remedies (including, without limitation, writs of
attachment, writs of possession, temporary restraining orders or preliminary injunctions). This reference provision does not limit the right of any party to exercise or oppose any of the rights and remedies described in clauses (i) and
(ii) or to seek or oppose from a court of competent jurisdiction any of the items described in clauses (iii) and (iv). The exercise of, or opposition to, any of those items does not waive the right of any party to a reference pursuant to
this reference provision as provided herein. 

  

	 	(d)	 The referee shall be a retired judge or justice selected by mutual written agreement of the parties. If the parties do not agree within ten
(10) days of a written request to do so by any party, then, upon request of any party, the referee shall be selected by the Presiding Judge of the Court (or his or her representative). A request for appointment of a referee may be heard on an
ex parte or expedited basis, and the parties agree that irreparable harm would result if ex parte relief is not granted. Pursuant to CCP § 170.6, each party shall have one peremptory challenge to the referee selected by the Presiding Judge
of the Court (or his or her representative). 

  
 17 

	 	(e)	 The parties agree that time is of the essence in conducting the reference proceedings. Accordingly, the referee shall be requested, subject to
change in the time periods specified herein for good cause shown, to (i) set the matter for a status and trial-setting conference within fifteen (15) days after the date of selection of the referee, (ii) if practicable, try all issues
of law or fact within one hundred twenty (120) days after the date of the conference and (iii) report a statement of decision within twenty (20) days after the matter has been submitted for decision. 

 

	 	(f)	 The referee will have power to expand or limit the amount and duration of discovery. The referee may set or extend discovery deadlines or cutoffs
for good cause, including a party’s failure to provide requested discovery for any reason whatsoever. Unless otherwise ordered based upon good cause shown, no party shall be entitled to “priority” in conducting discovery, depositions
may be taken by either party upon seven (7) days written notice, and all other discovery shall be responded to within fifteen (15) days after service. All disputes relating to discovery which cannot be resolved by the parties shall be
submitted to the referee whose decision shall be final and binding. 

  

	 	(g)	 Except as expressly set forth herein, the referee shall determine the manner in which the reference proceeding is conducted including the time and
place of hearings, the order of presentation of evidence, and all other questions that arise with respect to the course of the reference proceeding. All proceedings and hearings conducted before the referee, except for trial, shall be conducted
without a court reporter, except that when any party so requests, a court reporter will be used at any hearing conducted before the referee, and the referee will be provided a courtesy copy of the transcript. The party making such a request shall
have the obligation to arrange for and pay the court reporter. Subject to the referee’s power to award costs to the prevailing party, the parties will equally share the cost of the referee and the court reporter at trial.

  

	 	(h)	 The referee shall be required to determine all issues in accordance with existing case law and the statutory laws of the State of California. The
rules of evidence applicable to proceedings at law in the State of California will be applicable to the reference proceeding. The referee shall be empowered to enter equitable as well as legal relief, enter equitable orders that will be binding on
the parties and rule on any motion which would be authorized in a court proceeding, including without limitation motions for summary judgment or summary adjudication. The referee shall issue a decision at the close of the reference proceeding which
disposes of all claims of the parties that are the subject of the reference. Pursuant to CCP § 644, such decision shall be entered by the Court as a judgment or an order in the same manner as if the action had been tried by the Court and
any such decision will be final, binding and conclusive. The parties reserve the right to appeal from the final judgment or order or from any appealable decision or order entered by the referee. The parties reserve the right to findings of fact,
conclusions of laws, a written statement of decision, and the right to move for a new trial or a different judgment, which new trial, if granted, is also to be a reference proceeding under this provision. 

 

	 	(i)	 If the enabling legislation which provides for appointment of a referee is repealed (and no successor statute is enacted), any dispute between the
parties that would otherwise be determined by reference procedure will be resolved and determined by arbitration. The arbitration will be conducted by a retired judge or justice, in accordance with the California Arbitration Act § 1280
through § 1294.2 of the CCP as amended from time to time. The limitations with respect to discovery set forth above shall apply to any such arbitration proceeding. 

 

	 	(j)	 THE PARTIES RECOGNIZE AND AGREE THAT ALL CONTROVERSIES, DISPUTES AND CLAIMS RESOLVED UNDER THIS REFERENCE PROVISION WILL BE DECIDED BY A REFEREE AND
NOT BY A JURY. AFTER 

  
 18 

	 	 
CONSULTING (OR HAVING HAD THE OPPORTUNITY TO CONSULT) WITH COUNSEL OF ITS OWN CHOICE, EACH PARTY KNOWINGLY AND VOLUNTARILY, AND FOR THE MUTUAL BENEFIT OF ALL PARTIES, AGREES THAT THIS REFERENCE
PROVISION WILL APPLY TO ANY CONTROVERSY, DISPUTE OR CLAIM BETWEEN OR AMONG THEM ARISING OUT OF OR IN ANY WAY RELATED TO, THIS AGREEMENT OR THE OTHER COMERICA DOCUMENTS. 

 

	13.	 GENERAL PROVISIONS. 

  

	 	13.1	 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 Borrower without Bank’s prior written consent, which consent may be
granted or withheld in Bank’s sole discretion. Bank shall have the right without the consent of or notice to Borrower to sell, transfer, negotiate, or grant participation in all or any part of, or any interest in, Bank’s obligations,
rights and benefits hereunder. 

  

	 	13.2	 Indemnification. 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 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. 

  

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

 

	 	13.4	 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. 

  

	 	13.5	 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. 

  

	 	13.6	 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. 

 

	 	13.7	 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 Borrower. The obligations of Borrower to indemnify Bank with respect to the expenses, damages, losses, costs and liabilities described in Section 13.2
shall survive until all applicable statute of limitations periods with respect to actions that may be brought against Bank have run. 

  

	 	13.8	 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 

  
 19 

	 	 
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 in connection with their present
or prospective business relations with Borrower, (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 Borrower and have
delivered a copy to Borrower, (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. 

  
 20 

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

			
	 BAZAARVOICE, INC.

			
		
	 By:
	 	 /s/ Bryan
Denney

			
		
	 Name:
	 	 Bryan
Denney

			
		
	 Title:
	 	 Director of
Finance

			
	
	 COMERICA BANK

			
		
	 By:
	 	 /s/ Stephen
Bitter

			
		
	 Name:
	 	 Stephen
Bitter

			
		
	 Title:
	 	 VP

  
 21 

 EXHIBIT A 
 DEFINITIONS 
 “Accounts” means all presently existing and hereafter
arising accounts, contract rights, payment intangibles and all other forms of obligations owing to Borrower 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 Borrower and any and all credit insurance, guaranties, and other security therefor, as well as all merchandise returned to or reclaimed by Borrower and Borrower’s 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 partners. 
 “Availability End Date” means July 18, 2008. 
 “Bank
Expenses” means all reasonable costs or expenses (including reasonable attorneys’ fees and expenses, whether generated in-house or by outside counsel) 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 State” means Delaware, the state under whose laws Borrower is organized. 
 “Borrower’s Books” means all of Borrower’s books and records including: ledgers; records concerning 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 100% of Eligible Monthly Service Fees, as determined by Bank with reference to the
most recent Borrowing Base Certificate delivered by Borrower. 
 “Business Day” means any day that is not a Saturday,
Sunday, or other day on which banks in the State of California are authorized or required to close. 
 “Cash” means
unrestricted cash and cash equivalents. 
 “Change in Control” shall mean a transaction 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 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 Borrower, who did not have such power before such transaction. 
 “Chief Executive
Office State” means Texas, where Borrower’s chief executive office is located. 
 “Closing Date” means the
date of this Agreement. 
 “Code” means the California 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 

  
 Exhibit A
— Page 1 

 
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, Sections 9406 and 9408 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, or (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. 
 “Collateral State” means the state where the Collateral is located, which is Texas.

 “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, Equipment Advance, or any other extension of credit by Bank to or for the benefit of
Borrower hereunder. 
 “Eligible Monthly Services Fees” means, as of any date of determination, Borrower’s three
month trailing recurring monthly service revenues received from account debtors that have executed a service contract with Borrower; provided, however, that upon giving five (5) days written notice to Borrower, Bank may exclude from the
calculation of Eligible Monthly Service Fees revenues associated with (a) any contracts that Bank reasonably determines may not be collectible, (b) any account debtor that is subject to any Insolvency Proceeding, or becomes insolvent, or
goes out of business, or (b) any contracts that are not performing acceptably to Bank (including, without limit those contracts that are not going to be renewed). 
 “Environmental Laws” means all laws, rules, regulations, orders and the like issued by any federal state, local foreign or other governmental or quasi-governmental authority or any agency
pertaining to the environment or to any hazardous materials or wastes, toxic substances, flammable, explosive or radioactive materials, asbestos or other similar materials. 
 “Equipment” means all present and future machinery, equipment, tenant improvements, furniture, fixtures, vehicles, tools, parts and attachments in which Borrower has any interest. 

“Equipment Advance(s)” means a cash advance or cash advances under the Equipment Line. 

“Equipment Line” means a Credit Extension of up to $250,000. 

“Equipment Maturity Date” means January 18, 2011. 

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

  
 Exhibit A
— Page 2 

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

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

“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. 
 “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 Borrower’s right, title, and interest in and to the following: 
  

	 	(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 Borrower now or hereafter existing, created, acquired or held; 

 

	 	(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
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 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 for the account of
Borrower. 
 “Lien” means any mortgage, lien, deed of trust, charge, pledge, security interest or other encumbrance.

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

  
 Exhibit A
— Page 3 

 “Material Adverse Effect” means a material adverse effect on (i) the business
operations, condition (financial or otherwise) or prospects of Borrower and its Subsidiaries taken as a whole, (ii) the ability of Borrower to repay the Obligations or otherwise perform its obligations under the Loan Documents,
(iii) Borrower’s interest in, or the value, perfection or priority of Bank’s security interest in the Collateral. 
 “Negotiable Collateral” means all of 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 Borrower’s Books relating to any of the foregoing. 
 “Obligations” means all debt,
principal, interest, Bank Expenses and other amounts owed to Bank by Borrower 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 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 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 Borrower and Bank. 

“Permitted Indebtedness” means: 
  

	 	(a)	 Indebtedness of Borrower 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 $100,000 in the aggregate in any fiscal year of Borrower secured by a lien described in clause (c) of the defined
term “Permitted Liens,” provided such Indebtedness does not exceed the lesser of the cost or fair market value of the equipment financed with such Indebtedness; 

 

	 	(d)	 Subordinated Debt; 

  

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

 

	 	(f)	 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 Borrower or its Subsidiary, as the case may be. 

“Permitted Investment” means: 
  

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

 

	 	(b)	 (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, and (iv) Bank’s money market accounts; 

  
 Exhibit A
— Page 4 

	 	(c)	 Repurchases of stock from former employees or directors of Borrower under the terms of applicable repurchase agreements (i) in an aggregate
amount not to exceed $100,000 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 to Borrower regardless of whether an Event of Default exists; 

  

	 	(d)	 Investments accepted in connection with Permitted Transfers; 

 

	 	(e)	 Investments of Subsidiaries in or to other Subsidiaries or Borrower and Investments by Borrower in Subsidiaries not to exceed $100,000 in the
aggregate in any fiscal year; 

  

	 	(f)	 Investments not to exceed $100,000 in the aggregate in any fiscal year 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 Borrower or its Subsidiaries pursuant to employee stock purchase plan
agreements approved by Borrower’s Board of Directors; 

  

	 	(g)	 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 Borrower’s business; 

  

	 	(h)	 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 Borrower in any Subsidiary; and 

  

	 	(i)	 Joint ventures or strategic alliances in the ordinary course of 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 Borrower do not exceed $100,000. 

 “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 Advances) or
arising under this Agreement or the other Loan Documents; 

  

	 	(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 Borrower maintains adequate reserves, provided the same have no priority over any of Bank’s security interests; 

  

	 	(c)	 Liens not to exceed $100,000 in the aggregate (i) upon or in any Equipment (other than Equipment financed by an Equipment Advance) acquired or
held by Borrower or any of its Subsidiaries 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, provided that the Lien is confined solely to the property so acquired and improvements thereon, and the proceeds of 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 (e) above, provided that any extension, renewal or replacement Lien shall be limited to the property 

  
 Exhibit A
— Page 5 

	 	 
encumbered by the existing Lien and the principal amount of the indebtedness being extended, renewed or refinanced does not increase; 

 

	 	(e)	 Liens arising from judgments, decrees or attachments in circumstances not constituting an Event of Default under Sections 8.5 (attachment) or
8.9 (judgments); 

  

	 	(f)	 Non-exclusive licenses or sublicenses and (ii) exclusive licenses set forth on the Schedule granted in the ordinary course of
Borrower’s business and, with respect to any licenses where Borrower is the licensee, any interest or title of a licensor or under any such license or sublicense; 

 

	 	(g)	 carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s or other like Liens arising in the ordinary course of
business which are not overdue for a period of more than 30 days or which are being contested in good faith and by appropriate proceedings if adequate reserves with respect thereto are maintained on the books of the applicable Person; and

  

	 	(h)	 deposits to secure the performance of bids, trade contracts (other than for borrowed money), contracts for the purchase of property, leases,
statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature, in each case, incurred in the ordinary course of business and not representing an obligation for borrowed money. 

“Permitted Transfer” means the conveyance, sale, lease, transfer or disposition by Borrower or any Subsidiary of: 

 

	 	(a)	 Inventory in the ordinary course of business; 

  

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

  

	 	(c)	 worn-out or obsolete Equipment not financed with the proceeds of Equipment Advances; or 

 

	 	(d)	 other assets of Borrower or its 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 and the Controller of Borrower. 
 “Revolving Line” means a Credit Extension of up to $2,000,000.

 “Revolving Maturity Date” means July 18, 2009. 

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

“SOS Reports” means the official reports from the Secretary of State of the Borrower State 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. 

  
 Exhibit A
— Page 6 

 “Subordinated Debt” means any debt incurred by Borrower that is subordinated in
writing to the debt owing by Borrower to Bank on terms reasonably acceptable to Bank (and identified as being such by Borrower and Bank). 
 “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 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 Borrower connected with and symbolized by such trademarks. 

  
 Exhibit A
— Page 7 

			
	DEBTOR:	  	 BAZAARVOICE, INC.

		
	SECURED PARTY:	  	 COMERICA BANK

 EXHIBIT B 
 COLLATERAL DESCRIPTION ATTACHMENT TO LOAN AND SECURITY AGREEMENT 
 All
personal property of 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), deposit accounts,
documents (including negotiable documents), equipment (including all accessions and additions thereto), general intangibles (including 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)	 all common law and statutory copyrights and copyright registrations, applications for registration, now existing or hereafter arising, in the United
States of America or in any foreign jurisdiction, obtained or to be obtained on or in connection with any of the forgoing, or any parts thereof or any underlying or component elements of any of the forgoing, together with the right to copyright and
all rights to renew or extend such copyrights and the right (but not the obligation) of Secured Party to sue in its own name and/or in the name of the Debtor for past, present and future infringements of copyright; 

 

	 	(c)	 all trademarks, service marks, trade names and service names and the goodwill associated therewith, together with the right to trademark and all
rights to renew or extend such trademarks and the right (but not the obligation) of Secured Party to sue in its own name and/or in the name of the Debtor for past, present and future infringements of trademark; 

 

	 	(d)	 all (i) patents and patent applications filed in the United States Patent and Trademark Office or any similar office of any foreign
jurisdiction, and interests under patent license agreements, including, without limitation, the inventions and improvements described and claimed therein, (ii) licenses pertaining to any patent whether Debtor is licensor or licensee,
(iii) income, royalties, damages, payments, accounts and accounts receivable now or hereafter due and/or payable under and with respect thereto, including, without limitation, damages and payments for past, present or future infringements
thereof, (iv) right (but not the obligation) to sue in the name of Debtor and/or in the name of Secured Party for past, present and future infringements thereof, (v) rights corresponding thereto throughout the world in all jurisdictions in
which such patents have been issued or applied for, and (vi) reissues, divisions, continuations, renewals, extensions and continuations-in-part with respect to any of the foregoing; and 

 

	 	(e)	 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 California Uniform Commercial Code, as amended or supplemented from time to time. 

  
 Exhibit B
— Page 1 

 EXHIBIT C 

Form of Payment/Advance Form 
 TECHNOLOGY & LIFE SCIENCES DIVISION 
 LOAN ANALYSIS

 LOAN ADVANCE/PAYDOWN REQUEST FORM 
 DEADLINE FOR SAME DAY PROCESSING IS 3:00* P.M., C.S.T. 
 DEADLINE FOR EQUIPMENT
ADVANCES IS 3:00 P.M., C.S.T.** 
 DEADLINE FOR WIRE TRANSFERS IS 1:30 P.M., C.S.T. 

*At month end and the day before a holiday, the cut off time is 1:30 P.M., C.S.T. 

*Subject to 3 day advance notice. 
  

					
	 TO: Loan Analysis
	 	 DATE:                    
	 	 TIME:                    

 FAX#: (512) 427-7178 
  

									
	 FROM:
	  	 BAZAARVOICE, INC.
	  		  	TELEPHONE REQUEST (For Bank Use Only):
		  	Borrower’s Name	  		  	  
 The following person is authorized to
request the loan payment transfer/loan advance on the designated account and is known to me.

	 FROM:
	  	  
	  		  
		  	Authorized Signer’s Name	  		  		  	
				
	 FROM:
	  	  
	  		  	  

		  	Authorized Signature (Borrower)	  		  	Authorized Requestor & Phone #
				
	 PHONE #:
	  	  
	  		  	
				
	 FROM ACCOUNT#:
	  	  
	  		  	  

	 (please include Note number, if applicable
	  		  	Received by (Bank) & Phone #
				
	 TO ACCOUNT#:
	  	  
	  		  	  

	 (please include Note number, if applicable
	  		  	Authorized Signature (Bank)

  

							
	 REQUESTED TRANSACTION TYPE
	  	REQUESTED DOLLAR	 		 	For Bank Use Only
	 AMOUNT
	  		 		 	Date Rec’d:
		  		 		 	Time:
	 PRINCIPAL INCREASE* (ADVANCE)
	  	$            	 		 	Comp. Status:      YES      NO
	 PRINCIPAL PAYMENT (ONLY)
	  	$            	 		 	Status Date:
		  		 		 	Time:
	 OTHER INSTRUCTIONS:
	 		 	Approval:
			
	  
	 		 	
	  
	 		 	
	  
	 		 	

 All representations and warranties of Borrower stated in the Loan Agreement are true, correct and
complete in all material respects as of the date of the telephone request for and advance confirmed by this Borrowing Certificate, including without limitation the representation that Borrower has paid for and owns the equipment financed by the
Bank; provided, however, that those representations and warranties the date expressly referring to another date shall be true, correct and complete in all material respects as of such date. 

  
 Exhibit C
— Page 1 

 *IS THERE A WIRE REQUEST TIED TO THIS LOAN ADVANCE? (PLEASE CIRCLE
ONE)    YES    NO 
 If YES, the Outgoing Wire Transfer Instructions must be completed
below. 
  

					
	 OUTGOING WIRE TRANSFER INSTRUCTIONS
	  	 Fed Reference Number
	  	 Bank Transfer Number

	
	The items marked with an asterisk (*) are required to be completed.
		
	 * Beneficiary Name
	  	
	 * Beneficiary Account Number
	  	
	 *Beneficiary Address
	  	
	 Currency Type
	  	US DOLLARS ONLY
	 * ABA Routing Number (9 Digits)
	  	
	 * Receiving Institution Name
	  	
	 *Receiving Institution Address
	  	
	 *Wire Amount
	  	$

  
 Exhibit C
— Page 2 

 EXHIBIT D 
 Form of Borrowing Base Certificate 
  

			
	 Borrower:             BAZAARVOICE
	 	
		 	Bank: Comerica Bank
	 Commitment Amount:             $2,000,000
	 	Technology & Life Sciences Division
		 	Loan Analysis Department
		 	300 W. Sixth Street, Suite 1300
		 	Austin, TX 78701
		 	Fax: (512)427-7178

 ELIGIBLE MONTHLY SERVICE FEES 
  

					
	 1.        TOTAL ELIGIBLE MONTHLY SERVICE FEES
	  	$	            	  

 BALANCES 
  

									
	 2.        Maximum Loan Amount
	  	 	$2,000,000	  	  			
	 3.        Total Funds Available (the lesser of #1 or #2)
	  				  	$	            	  
	 4.        Outstanding under Sublimits
(    )
	  				  	$	 	  
	 5.        Present balance outstanding on Line of Credit
	  				  	$	 	  
	 6.        Reserve Position (#3 minus #4 and #5)
	  				  	$	 	  

 The undersigned represents and warrants that the foregoing is true, complete and correct, and that the
information reflected in this Borrowing Base Certificate complies with the representations and warranties set forth in the Loan and Security Agreement between the undersigned and Comerica Bank. 

Comments: 
  

			
	BANK USE ONLY
		
	 Rec’d By:
	 	  

	 Date:
	 	  

	 Reviewed By:
	 	  

	 Date:
	 	  

  

	
	  

	 Authorized Signer

  
 Exhibit D
— Page 1 

 EXHIBIT E 
 Form of Compliance Certificate 
  

			
	 Please send all Required Reporting to:
	 	 Comerica Bank

		 	 Technology & Life Sciences Division

		 	 Loan Analysis Department

		 	 300 W. Sixth Street, Suite 1300

		 	 Austin, TX 78701

		 	 Fax: (512)427-7178

 FROM:             BAZAARVOICE, INC. 

The undersigned authorized Officer of Bazaarvoice, Inc. (“Borrower”), hereby certifies that in accordance with the terms and
conditions of the Loan and Security Agreement between Borrower and Bank (as amended from time to time, the “Agreement”), (i) Borrower is in complete compliance for the period ending
                     with all required covenants, including without limitation the ongoing registration of intellectual property rights in accordance
with Section 6.8, except as noted below and (ii) all representations and warranties of Borrower stated in the Agreement are true and correct in all material respects as of the date hereof. Attached herewith are the required documents
supporting the above certification. The Officer further certifies that these are prepared in accordance with Generally Accepted Accounting Principles (GAAP) and are consistently applied from one period to the next except as explained in an
accompanying letter or footnotes. 
 Please indicate compliance status by circling Yes/No under “Complies” column. 

 

							
	 REPORTING COVENANTS
	  	 REQUIRED
	  	COMPLIES

				
	 Company Prepared F/S
	  	Monthly, within 30 days	  	YES	  	NO
	 Compliance Certificate
	  	Monthly, within 30 days	  	YES	  	NO
	 CPA Audits, Unqualified F/S
	  	Annually, within 150 days of FYE	  	YES	  	NO
	 Board Approved Projections
	  	Annually, by 1/31 of each year	  	YES	  	NO
	 Bookings Report
	  	Monthly, within 30 days	  	YES	  	NO
	 A/R Aging
	  	Monthly, within 30 days	  	YES	  	NO
	 A/P Aging
	  	Monthly, within 30 days	  	YES	  	NO
	 Borrowing Base Certificate
	  	Monthly, within 30 days	  	YES	  	NO
				
	 If Public:
	  		  		  	
	 10-Q
	  	Quarterly, within 5 days of SEC filing (50 days)	  	YES	  	NO
	 10-K
	  	Annually, within 5 days of SEC filing (95 days)	  	YES	  	NO

 Please Enter Below Comments Regarding Covenant Violations: 

The Officer further acknowledges that at any time Borrower is not in compliance with all the terms set forth in the Agreement, including,
without limitation, the financial covenants, no credit extensions will be made. 

 

	
	 Very truly yours,

	
	  

	 Authorized Signer

	
	  

	 Name:

	
	  

	 Title:

			
	BANK USE ONLY
		
	 Rec’d By:
	  	  

	 Date:
	  	  

	 Reviewed By:
	  	  

	 Date:
	  	  

			
	 Financial Compliance Status:
	  	 YES/NO

 

  

  
 Exhibit E
— Page 1 

 SCHEDULE OF EXCEPTIONS 
 Permitted Indebtedness (Exhibit A) 
 None. 

Permitted Investments (Exhibit A) 

None. 
 Permitted Liens (Exhibit A)

 None. 
 Prior Names
(Section 5.5) 
 None. 

Litigation (Section 5.6) 
 None.

 Inbound Licenses (Section 5.12) 
 None.First Amendment to Loan and Security Agreement - Comerica Bank

 Exhibit 10.31 
 FIRST AMENDMENT 
 TO 

LOAN AND SECURITY AGREEMENT 
 This First Amendment to Loan and Security Agreement (this “Amendment”) is entered into as of November 30, 2008, by and between COMERICA BANK (“Bank”) and BAZAARVOICE, INC.
(“Borrower”). 
 RECITALS 

Borrower and Bank are parties to that certain Loan and Security Agreement dated as of July 18, 2007, as it may be
amended from time to time (as it may be amended from time to time, the “Agreement”). The parties desire to amend the Agreement in accordance with the terms of this Amendment. 

NOW, THEREFORE, the parties agree as follows; 

1. Exhibit A to the Agreement is hereby amended by adding or amending and restating the following defined terms to
read in their entirety as follows: 
 “‘Credit Card Services Sublimit’ means a sublimit for
corporate credit cards issued by Bank and e-commerce or merchant account services offered by Bank under the Revolving Line not to exceed $150,000.” 
 ‘“Eligible Monthly Services Fees’ means, as of any date of determination, the product of (i) the Renewal Rate Ratio multiplied by (ii) (a) from November 30, 2008 through
and including April 30, 2009, Borrower’s four month trailing recurring monthly service revenues received from account debtors that have executed a service contract with Borrower and (b) from May 1, 2009 and thereafter,
Borrower’s three month trailing recurring monthly service revenues received from account debtors that have executed a service contract with Borrower; provided, however, that (A) the service contract revenue of any account debtor
(1) whose contracts with Borrower the account debtor has failed to pay within 90 days of invoice date, (2) whose contracts are not going to be renewed or (3) that is subject to any Insolvency Proceeding, or becomes insolvent, or goes
out of business will be excluded from the calculation of Eligible Monthly Service Fees, and (B) upon giving five (5) days written notice to Borrower, Bank may exclude from the calculation of Eligible Monthly Service Fees revenues
associated with (y) any contracts that Bank reasonably determines may not be collectible or (z) any contracts that are not performing acceptably to Bank.” 

“‘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, (d) all Contingent Obligations, and (e) all obligations arising under the Credit Card Services Sublimit.” 
 “‘Renewal Rate Ratio’ means, as of any date of determination, the ratio of (i) the aggregate amount payable under service contracts that came up for renewal during the prior twelve
month period ending on such date of determination and were actually renewed by existing account debtors of Borrower during the twelve month period then ending, to (ii) the aggregate amount payable under all services contracts that came up for
renewal during the prior twelve month period then ending.” 
 “‘Revenue Amount’ shall
initially mean $1,000,000. On May 1, 2009, and at all times thereafter, ‘Revenue Amount’ shall mean $1,500,000.” 
 “‘Revolving Line’ means a Credit Extension (inclusive of any amounts outstanding under the Credit Card Services Sublimit) of up to $7,000,000.’” 

““Revolving Maturity Date’ means November 30, 2010.” 

2. Section 2.1(b)(i) of the Agreement is hereby amended and restated to read in its entirety as follows: 

 “(i) Amount. Subject to and upon the terms and conditions of
this Agreement (1) Borrower may request Advances in an aggregate outstanding amount not to exceed the lesser of (A) the Revolving Line or (B) the Borrowing Base, less any amounts outstanding under the Credit Card Services Sublimit,
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. Borrower may prepay any Advances without penalty or premium,” 
 3. New Sections 2.1(b)(iii)
and 2.1(b)(iv) are hereby added to the Agreement to read in their entirety as follows: 
 “(iii) Credit
Card Services Sublimit. Subject to the terms and conditions of this Agreement, Borrower may request corporate credit cards and standard and e-commerce merchant account services from Bank (collectively, the ‘Credit Card Services’). The
aggregate limit of the corporate credit cards and merchant credit card processing reserves shall not exceed the Credit Card Services Sublimit, provided that availability under the Revolving Line shall be reduced by the aggregate limits of the
corporate credit cards issued to Borrower and merchant credit card processing reserves. In addition, Bank may, in its sole discretion, charge as Advances any amounts that become due or owing to Bank in connection with the Credit Card Services. The
terms and conditions (including repayment and fees) of such Credit Card Services shall be subject to the terms and conditions of the Bank’s standard forms of application and agreement for the Credit Card Services, which Borrower hereby agrees
to execute. 
 (iv) Collateralization of Obligations Extending Beyond Maturity. If Borrower has not
secured to Bank’s satisfaction its obligations with respect to any Credit Card Services by the Revolving Maturity Date, then, effective as of such date, the balance in any deposit accounts held by Bank and the certificates of deposit or time
deposit accounts issued by Bank in Borrower’s name (and any interest paid thereon or proceeds thereof, including any amounts payable upon the maturity or liquidation of such certificates or accounts), shall automatically secure such obligations
to the extent of the then continuing or outstanding Credit Card Services. Borrower authorizes Bank to hold such balances in pledge and to decline to honor any drafts thereon or any requests by Borrower or any other Person to pay or otherwise
transfer any part of such balances for so long as the Credit Card Services are outstanding or continue.” 

4. Section 2.2 of the Agreement is hereby amended and restated to read in its entirety as follows: 

“2.2 Overadvances. If the aggregate amount of the outstanding Advances plus the aggregate amounts outstanding
under the Credit Card Services Sublimit exceeds the lesser of the Revolving Line or the Borrowing Base, at any time, Borrower shall immediately pay to Bank, in cash, the amount of such excess.’” 

5. Section 2.3(a)(i) of the Agreement is hereby amended and restated to read in its entirety as follows: 

*(i) Advances. Except as set forth in Section 2.3(b), the Advances shall bear interest, on the
outstanding daily balance thereof, as set forth in the Daily Adjusting LIBOR Addendum to Loan and Security Agreement attached as Exhibit F.” 
 6. Section 2.5(b) of the Agreement is hereby amended and restated to read in its entirety as follows: 
 “(c) Early Termination Fee. If this Agreement is terminated before the latest expiration date of any credit facility hereunder and the credit facilities are not refinanced by Bank, Borrower
shall pay an early termination fee equal to $35,000; and” 
 7. New Section 2.5(d) is added to the
Agreement, to read in its entirety as follows: 
 “(d) Commitment Fee. A commitment fee equal to
$14,000, payable annually on November 30, 2008, and on each November 30 thereafter, which shall be nonrefundable,” 

  
 2 

 8. New Section 4.4 is added to the Agreement, to read in its entirety
as follows: 
 “4.4 Lock Box Account. Borrower authorizes Bank to open and maintain in Bank’s
name an account (the ‘Lock Box Account’) with Bank into which all funds received by Borrower from any source shall immediately be deposited. Borrower shall direct all account debtors to mail or deliver all checks or other forms of payment
for amounts owing to Borrower to a post office box designated by Bank, over which Bank shall have exclusive and unrestricted access (the ‘Lock Box’). Bank shall collect the mail delivered to the Lock Box, open such mail, and endorse and
credit all items to the Lock Box Account. Borrower shall direct all account debtors or other persons owing money to Borrower who make payments by electronic transfer of funds to wire such funds directly to the Lock Box Account. Borrower shall hold
in trust for Bank all amounts that Borrower receives despite the directions to make payments to the Lock Box or Lock Box Account, and immediately deliver such payments to Bank in their original form as received from the account debtor, with proper
endorsements for deposit into the Lock Box Account. Borrower shall not establish or maintain any accounts with any Person other than Bank. Prior to the occurrence of an Event of Default, Bank shall transfer, on a daily basis, to Borrower’s
operating bank accounts maintained at Bank all amounts that have been deposited into the Lock Box Account or that Bank has otherwise received.” 
 9. Section 6.2(c) of the Agreement is hereby amended and restated to read in its entirety as follows: 
 “(c) Within 30 days after the last day of each month, Borrower shall deliver to Bank a customer bookings report and renewal rate report, in form and detail acceptable to Bank, detailing such
month’s customer bookings and service contract renewal rates. The renewal rate report shall include, without limitation, the dollar value and the identity of the account debtor associated with each service contract on such report.”

 10. Section 6.7 of the Agreement is hereby amended and restated to read in its entirety as follows:

 “6.7 Financial Covenants. Borrower shall maintain at all times, and tested monthly, the following
financial covenants: 
 (a) Minimum Cash. Borrower shall maintain at all times, and certify monthly, a
balance of Cash at Bank of not less then $1,000,000. 
 (b) Monthly Service Fees. Borrower shall receive,
as of the last day of each month, and for the month then ending, aggregate recurring monthly service revenues in an amount not less than the Revenue Amount from account debtors that have executed a service contract with Borrower. 

(c) Annual Covenant Reset. Commencing November 1, 2009, Bank shall have the right, but not the obligation, to
reset any financial covenant in this Section 6.7 (which reset financial covenant(s) shall be mutually agreed upon by Bank and Borrower) based on Borrower’s financial projections delivered to Bank in accordance with Section 6.2.”

 11. The notice address of Borrower in Section 10 of the Agreement is amended and restated to read in its
entirety as follows: 
  

			
	 “If to Borrower:
	  	 Bazaarvoice, Inc.

		  	 11921 N. Mo Pac Expressway, Suite 420

		  	 Austin, Texas 78759

		  	 Attn: Chad Denton

		  	 Fax: (512) 732-9997”

 12. Exhibit D to the Agreement is hereby deleted and replaced with Exhibit D
attached hereto. 
 13. Exhibit E to the Agreement is hereby deleted and replaced with Exhibit E
attached hereto. 
 14. Exhibit F is hereby added to the Agreement in the form of Exhibit F attached
hereto. 

  
 3 

 15. Borrower is a party to certain documents, instruments and/or agreements
(collectively, the “Documents”) with or between it and Comerica Bank, a Michigan banking corporation (the “Merged Bank”). The Merged Bank has been merged with and into Comerica Bank, a Texas banking association. Borrower hereby
acknowledges and agrees that any reference in the Documents to Comerica Bank, a Michigan banking corporation, shall mean Comerica Bank, a Texas banking association, as successor by merger to the Merged Bank. 

16. No course of dealing on the part of Bank or its officers, nor any failure or delay in the exercise of any right by
Bank, shall operate as a waiver thereof, and any single or partial exercise of any such right shall not preclude any later exercise of any such right. Bank’s failure at any time to require strict performance by Borrower of any provision shall
not affect any right of Bank thereafter to demand strict compliance and performance. Any suspension or waiver of a right must be in writing signed by an officer of Bank. 

17. Unless otherwise defined, all initially capitalized terms in this Amendment shall be as defined in the Agreement. The
Agreement, as amended hereby, shall be and remain in full force and effect in accordance with its respective terms and hereby is ratified and confirmed in all respects. Except as expressly set forth herein, the execution, delivery, and performance
of this Amendment shall not operate as a waiver of, or as an amendment of, any right, power, or remedy of Bank under the Agreement, as in effect prior to the date hereof. 

18. Borrower represents and warrants that the Representations and Warranties contained in the Agreement are true and
correct as of the date of this Amendment, and that, except as set forth in the waiver letter agreement between Borrower and Bank to be executed in connection with this Amendment, no Event of Default has occurred and is continuing. 

19. As a condition to the effectiveness of this Amendment, Bank shall have received, in form and substance satisfactory
to Bank, the following: 
 (a) this Amendment, duly executed by Borrower; 

(b) a Securities Account Control Agreement, duly executed by Borrower; 

(c) a Daily Adjusting LIBOR Addendum to Loan and Security Agreement; 

(d) a Certificate of the Secretary of Borrower with respect to incumbency and resolutions authorizing the execution and
delivery of this Amendment; 
 (e) a lessor’s acknowledgement and subordination, together with a copy the
signed leased for 11921 N. Mo Pac Expressway, Suite 420, Austin, Texas 78759; 
 (f) a nonrefundable commitment
fee in the amount of $14,000, which may be debited from any of Borrower’s accounts; 
 (g) all reasonable
Bank Expenses incurred through the date of this Amendment, which may be debited from any of Borrower’s accounts; and 
 (h) such other documents, and completion of such other matters, as Bank may reasonably deem necessary or appropriate. 

20. This Amendment may be executed in two or more counterparts, each of which shall be deemed an original, but all of
which together shall constitute one instrument. 
 [Remainder of Page Intentionally Left Blank] 

  
 4 

 IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the
first date above written. 
  

			
	 BAZAARVOICE, INC.

		
	 By:
	 	 /s/ Brett A. Hurt

		
	 Title:
	 	 President and CEO

	
	 COMERICA BANK

		
	 By:
	 	 /s/ Stephen Bitter

		
	 Title:
	 	 Vice President

 EXHIBIT D 
 Form of Borrowing Base Certificate 
  

					
	
Borrower:            BAZAARVO1CE, INC.
	  	 Bank:      Comerica Bank

	 Commitment Amount:
	  	 $7,000,000
	  	 Technology & Life Sciences Division

		  		  	 Loan Analysis Department

		  		  	 300 W. Sixth Street, Suite 1300

		  		  	 Austin, TX 78701

		  		  	 Fax: (512)427-7178

 ELIGIBLE MONTHLY SERVICE FEES 

															
							
		 	 1.
	 		 	 Total Monthly Recurring Service Fees
	 		  	 	$                    	  	  	
		 	 2.
	 		 	 Ineligible Monthly Recurring Service Fees
	 		  	 	$                    	  	  	
		 	 3.
	 		 	 TOTAL ELIGIBLE MONTHLY SERVICE FEES
	 		  				  	
		 		 		 	 (# 1 minus #2 multiplied by        %*)
	 		  				  	$                    
	
	BALANCES
		 	 4.
	 		 	 Maximum Loan Amount
	 		  	 	$7,000,000            	  	  	
		 	 5.
	 		 	 Total Funds Available (the lesser of #3 or #4)
	 		  				  	$                    
		 	 6.
	 		 	 Outstanding under Sublimits ()
	 		  				  	$                    
		 	 7.
	 		 	 Present balance outstanding on Line of Credit
	 		  				  	$                    
		 	 8.
	 		 	 Reserve Position (#5 minus #6 and #7)
	 		  				  	$                    

  

	*	 Insert applicable Renewal Rate Ratio 

 The undersigned represents and warrants that the foregoing is true, complete and correct, and that the information reflected in this Borrowing Base Certificate complies with the representations and
warranties set forth in the Loan and Security Agreement between the undersigned and Comerica Bank. 
 Comments: 

 

			
	BANK USE ONLY
		
	 Rec’d By:
	 	  

	 Date:
	 	  

	 Reviewed By:
	 	  

	 Date:
	 	  

  

	
	  

	 Authorized Signer

 EXHIBIT E 
 Form of Compliance Certificate 
  

			
	Please send all Required Reporting to:	 	 Comerica Bank

		 	 Technology & Life Sciences Division

		 	 Loan Analysis Department

		 	 300 W. Sixth Street, Suite 1300

		 	 Austin, TX 78701

		 	 Fax: (512) 427-7178

 FROM:         BAZAARVOICE, INC. 

The undersigned authorized Officer of Bazaarvoice, Inc. (“Borrower”), hereby certifies that in accordance with the terms and
conditions of the Loan and Security Agreement between Borrower and Bank (as amended from time to time, the “Agreement”), (i) Borrower is in complete compliance for the period ending
                                         with all
required covenants, including without limitation the ongoing registration of intellectual property rights in accordance with Section 6.8, except as noted below and (ii) all representations and warranties of Borrower stated in the Agreement
are true and correct in all material respects as of the date hereof. Attached herewith are the required documents supporting the above certification. The Officer further certifies that these are prepared in accordance with Generally Accepted
Accounting Principles (GAAP) and are consistently applied from one period to the next except as explained in an accompanying letter or footnotes. 
 Please indicate compliance status by circling Yes/No under “Complies” column. 
  

															
	 REPORTING COVENANTS
	  	 REQUIRED
	 	  	COMPLIES	 
				
	 Company Prepared F/S
	  	 Monthly, within 30 days
	  	  	 	YES	  	  	 	NO	  
	 Compliance Certificate
	  	 Monthly, within 30 days
	  	  	 	YES	  	  	 	NO	  
	 CPA Audits, Unqualified F/S
	  	 Annually, within 150 days of FYE
	  	  	 	YES	  	  	 	NO	  
	 Board Approved Projections
	  	 Annually, by 1/31 of each year
	  	  	 	YES	  	  	 	NO	  
	 Bookings Report
	  	 Monthly, within 30 days
	  	  	 	YES	  	  	 	NO	  
	 Renewal Rate Report
	  	 Monthly, within 30 days
	  	  	 	YES	  	  	 	NO	  
	 A/R Aging
	  	 Monthly, within 30 days
	  	  	 	YES	  	  	 	NO	  
	 A/P Aging
	  	 Monthly, within 30 days
	  	  	 	YES	  	  	 	NO	  
	 Borrowing Base Certificate
	  	 Monthly, within 30 days
	  	  	 	YES	  	  	 	NO	  
				
	 If Public:
	  			  				  			
	 10-Q
	  	 Quarterly, within 5 days of SEC filing (50 days)
	  	  	 	YES	  	  	 	NO	  
	 10-K
	  	 Annually, within 5 days of SEC filing (95 days)
	  	  	 	YES	  	  	 	NO	  
				
	 FINANCIAL COVENANTS
	  	 REQUIRED
	  	ACTUAL	 	  	COMPLIES	 
	
	 TO BE TESTED MONTHLY, UNLESS OTHERWISE NOTED:
	   

					
	 Minimum Cash
	  	 $1,000,000
	  	$	 	  	  	 	YES	  	  	 	NO	  
					
	 Service Fee Revenues
	  	3 $1,000,000 from 11/    /08 through 4/30/09; and 3 $1,500,000 from
April 1, 2009 and at all times thereafter	  	$	                     	  	  	 	YES	  	  	 
	NO
	  

 Please Enter Below Comments Regarding Covenant Violations: 

The Officer further acknowledges that at any time Borrower is not in compliance with all the terms set forth in the Agreement, including,
without limitation, the financial covenants, no credit extensions will be made. 

 

	
	 Very truly yours,

	
	  

	 Authorized Signer

	
	  

	 Name:

	
	  

	 Title:

					
	
	 BANK USE ONLY
  

	 Rec’d By:
	 	  

	 Date:
	 	  

	 Reviewed By:
	 	  

	 Date:
	 	  

	 Financial Compliance Status:
	 	         YES/NO

 

  
 Exhibit E
– Page 2 

 EXHIBIT F 
 Daily Adjusting LIBOR Addendum to Loan and Security Agreement 
 (see
attached) 

 Daily Adjusting LIBOR Addendum To Loan and Security Agreement 

This Daily Adjusting LIBOR Addendum to Loan and Security Agreement (this “Addendum”) is entered into as of
November 30, 2008, by and between Comerica Bank (“Bank”) and Bazaarvoice, Inc., a Delaware corporation (“Borrower”). This Addendum supplements the terms of the Loan and Security Agreement dated July 18, 2007 (as
amended from time to time, the “Agreement”). 
 1. Definitions. As used in this Addendum, the following terms
shall have the following meanings. Initially capitalized terms used and not defined in this Addendum shall have the meanings ascribed thereto in the Agreement. 
 (a) “Applicable Margin” means three and one quarter of one percent (3.25%) per annum; provided, however, if on the first day of any fiscal quarter the average collected deposit balance (as
determined by Bank) in Borrower’s accounts with Bank (excluding any accounts of Borrower at Affiliates of Bank) for the immediately preceding fiscal quarter is greater than Three Million Dollars ($3,000,000), the Applicable Margin shall be
three percent (3.00%) per annum for the period of time commencing on the first day of the current fiscal quarter through the last day of the current fiscal quarter only. 

(b) “Business Day” means any day, other than a Saturday, Sunday or any other day designated as a holiday under
Federal or applicable State statute or regulation, on which Bank is open for all or substantially all of its domestic and international business (including dealings in foreign exchange) in Detroit, Michigan and San Jose, California, and, in respect
of notices and determinations relating the Daily Adjusting LIBOR Rate, also a day on which dealings in dollar deposits are also carried on in the London interbank market and on which banks are open for business in London, England. 

(c) “Daily Adjusting LIBOR Rate” means, for any day, a per annum interest rate which is equal to the Applicable
Margin, plus the quotient of the following: 
  

	 	(1)	 for any day, the per annum rate of interest determined on the basis of the rate for deposits in United States Dollars for a period equal to one
(1) month appearing on Page BBAM of the Bloomberg Financial Markets Information Service as of 8:00 a.m. (California time) (or as soon thereafter as practical) on such day, or if such day is not a Business Day, on the immediately preceding
Business Day. In the event that such rate does not appear on Page BBAM of the Bloomberg Financial Markets Information Service (or otherwise on such Service) on any day, the “Daily Adjusting LIBOR Rate” for such day shall be determined by
reference to such other publicly available service for displaying eurodollar rates as may be reasonably selected by Bank, or in the absence of such other service, the “Daily Adjusting LIBOR Rate” for such day shall, instead, be determined
based upon the average of the rates at which Bank is offered dollar deposits at or about 8:00 a.m. (California time) (or as soon thereafter as practical), on such day, or if such day is not a Business Day, on the immediately preceding Business Day,
in the interbank eurodollar market in an amount comparable to the principal amount of the Indebtedness and for a period equal to one (1) month; 

divided by 
  

	 	(2)	 a percentage (expressed as a decimal) equal to 1.00 minus the maximum rate on such day at which Bank is required to maintain reserves on
“Euro-currency Liabilities” as defined in and pursuant to Regulation D of the Board of Governors of the Federal Reserve System or, if such regulation or definition is modified, and as long as Bank is required to maintain reserves
against a category of liabilities which includes eurodollar deposits or includes a category of assets which includes eurodollar loans, the rate at which such reserves are required to be maintained on such category. 

  
 Exhibit F
– Page 2 

 (d) “LIBOR Lending Office” means Bank’s office located in the
Cayman Islands, British West Indies, or such other branch of Bank, domestic or foreign, as it may hereafter designate as its LIBOR Lending Office by notice to Borrower. 

(e) “Prime Rate” means the per annum interest rate established by Bank as its prime rate for its borrowers, as
such rate may vary from time to time, which rate is not necessarily the lowest rate on loans made by Bank at any such time. 
 (f) “Prime-based Rate” means a per annum interest rate which is equal to the sum of the Applicable Margin plus the greater of (i) the Prime Rate; or (ii) the rate of interest
equal to the sum of (a) one percent (1%), and (b) the rate of interest equal to the average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers (the
“Overnight Rates”), as published by the Federal Reserve Bank of New York, or, if the Overnight Rates are not so published for any day, the average of the quotations for the Overnight Rates received by Bank from three (3) Federal funds
brokers of recognized standing selected by Bank, as the same may be changed from time to time. 
 2. Interest Rate
Options. Subject to the terms and conditions of this Addendum, the Indebtedness under the Agreement shall bear interest at the Daily Adjusting LIBOR Rate, except during any period of time during which, in accordance with the terms and conditions
of this Addendum, the indebtedness under the Agreement shall bear interest at the Prime-based Rate. 
 3. Payment of
Interest. Accrued and unpaid interest on the unpaid balance of the Indebtedness outstanding under the Agreement shall be payable monthly, in arrears, on the first Business Day of each month, until maturity (whether as stated herein, by
acceleration, or otherwise). In the event that any payment under this Addendum becomes due and payable on any day which is not a Business Day, the due date thereof shall be extended to the next succeeding Business Day, and, to the extent applicable,
interest shall continue to accrue and be payable thereon during such extension at the rates set forth in this Addendum. Interest accruing hereunder shall be computed on the basis of a year of 360 days, and shall be assessed for the actual number of
days elapsed, and in such computation, effect shall be given to any change in the applicable interest rate as a result of any change in the Daily Adjusting LIBOR Rate or, to the extent applicable, the Prime-based Rate on the date of each such
change. 
 4. Bank’s Records. The amount and date of each advance under the Agreement, its applicable interest rate,
and the amount and date of any repayment shall be noted on Bank’s records, which records shall be conclusive evidence thereof, absent manifest error; provided, however, any failure by Bank to make any such notation, or any error
in any such notation, shall not relieve Borrower of its obligations to repay Bank all amounts payable by Borrower to Bank under or pursuant to this Addendum and the Agreement, when due in accordance with the terms hereof. For any advance under the
Agreement bearing interest at the Daily Adjusting LIBOR Rate, if Bank shall designate a LIBOR Lending Office which maintains books separate from those of the rest of Bank, bank shall have the option of maintaining and carrying such advance on the
books of such LIBOR Lending Office. 
 5. Default Interest Rate. From and after the occurrence of any Event of Default,
and so long as any such Event of Default remains unremedied or uncured thereafter, the Indebtedness outstanding under the Agreement shall bear interest at a per annum rate of three percent (3%) above the otherwise applicable interest rate
hereunder, which interest shall be payable upon demand. In addition to the foregoing, a late payment charge equal to five percent (5%) of each late payment hereunder may be charged on any payment not received by Bank within ten
(10) calendar days after the payment due date therefor, but acceptance of payment of any such charge shall not constitute a waiver of any Event of Default under the Agreement. In no event shall the interest payable under this Addendum and the
Agreement at any time exceed the maximum rate permitted by law. 
 6. Prepayment. Borrower may prepay all or part of the
outstanding balance of any Indebtedness at any time without premium or penalty. Any prepayment hereunder shall also be accompanied by the payment of all accrued and unpaid interest on the amount so prepaid. Borrower hereby acknowledges and agrees
that the foregoing shall not, in any way whatsoever, limit, restrict, or otherwise affect Bank’s right to make demand for payment of all or any part of the Indebtedness under the Agreement due on a demand basis in Bank’s sole and absolute
discretion. 

  
 Exhibit E
– Page 3 

 7. Regulatory Developments or Other Circumstances Relating to the Daily Adjusting LIBOR
Rate. 
 (a) If, at any time, Bank determines that, (1) Bank is unable to determine or ascertain the
Daily Adjusting LIBOR Rate, or (2) by reason of circumstances affecting the foreign exchange and interbank markets generally, deposits in eurodollars in the applicable amounts or for the relative maturities are not being offered to Bank, or
(3) the Daily Adjusting LIBOR Rate will not accurately or fairly cover or reflect the cost to Bank of maintaining any of the Indebtedness under this Addendum at the Daily Adjusting LIBOR Rate, then Bank shall forthwith give notice thereof to
Borrower, Thereafter, until Bank notifies Borrower that such conditions or circumstances no longer exist, the Prime-based Rate shall be the applicable interest rate for all Indebtedness during such period of time. 

(b) If, after the date hereof, the introduction of, or any change in, any applicable law, rule or regulation or in the
interpretation or administration thereof by any governmental authority charged with the interpretation or administration thereof, or compliance by Bank (or its LIBOR Lending Office) with any request or directive (whether or not having the force of
law) of any such authority, shall make it unlawful or impossible for the Bank (or its LIBOR Lending Office) to make or maintain any Indebtedness under the Agreement with interest at the Daily Adjusting LIBOR Rate, Bank shall forthwith give notice
thereof to Borrower. Thereafter, until Bank notifies Borrower that such conditions or circumstances no longer exist, the Prime-based Rate shall be the applicable interest rate for all Indebtedness during such period of time. 

(c) Further, at any time upon prior written notice to the undersigned, Bank may, in its sole discretion based upon its
good faith belief that the Prime-based Rate is an appropriate basis for its floating rate loans, suspend use of the Daily Adjusting LIBOR Rate as the applicable interest rate hereunder, at which time, the Prime-based Rate shall thereafter be the
applicable interest rate for all Indebtedness outstanding under the Agreement, unless Bank, in its sole discretion based upon its good faith belief that the Prime-based Rate is no longer an appropriate basis for its floating rate loans, rescinds
such notice, in which case, the Daily Adjusting LIBOR Rate shall, upon written notice from Bank to the undersigned, again be the applicable interest rate for all indebtedness outstanding under the Agreement. 

(d) If the adoption after the date hereof, or any change after the date hereof in, any applicable law, rule or regulation
(whether domestic or foreign) of any governmental authority, central bank or comparable agency charged with the interpretation or administration thereof, or compliance by Bank (or its LIBOR Lending Office) with any request or directive (whether or
not having the force of law) made by any such authority, central bank or comparable agency after the date hereof: (a) shall subject Bank (or its LIBOR Lending Office) to any tax, duty or other charge with respect to this Addendum or any
Indebtedness under the Agreement, or shall change the basis of taxation of payments to Bank (or its LIBOR Lending Office) of the principal of or interest under this Addendum or any other amounts due under this Addendum in respect thereof (except for
changes in the rate of tax on the overall net income of Bank or its LIBOR Lending Office imposed by the jurisdiction in which Bank’s principal executive office or LIBOR Lending Office is located); or (b) shall impose, modify or deem
applicable any reserve (including, without limitation, any imposed by the Board of Governors of the Federal Reserve System), special deposit or similar requirement against assets of, deposits with or for the account of, or credit extended by Bank
(or its LIBOR Lending Office), or shall impose on Bank (or its LIBOR Lending Office) or the foreign exchange and interbank markets any other condition affecting this Addendum or the indebtedness; and the result of any of the foregoing is to increase
the cost to Bank of maintaining any part of the Indebtedness or to reduce the amount of any sum received or receivable by Bank under this Addendum by an amount deemed by the Bank to be material, then Borrower shall pay to Bank, within fifteen
(15) days of Borrower’s receipt of written notice from Bank demanding such compensation, such additional amount or amounts as will compensate Bank for such increased cost or reduction. A certificate of Bank, prepared in good faith and in
reasonable detail by Bank and submitted by Bank to Borrower, setting forth the basis for determining such additional amount or amounts necessary to compensate Bank shall be conclusive and binding for all purposes, absent manifest error. 

  
 Exhibit E
– Page 4 

 (e) In the event that any applicable law, treaty, rule or regulation
(whether domestic or foreign) now or hereafter in effect and whether or not presently applicable to Bank, or any interpretation or administration thereof by any governmental authority charged with the interpretation or administration thereof, or
compliance by Bank with any guideline, request or directive of any such authority (whether or not having the force of law), including any risk-based capital guidelines, affects or would affect the amount of capital required or expected to be
maintained by Bank (or any corporation controlling Bank), and Bank determines that the amount of such capital is increased by or based upon the existence of any obligations of Bank hereunder or the maintaining of any Indebtedness, and such increase
has the effect of reducing the rate of return on Bank’s (or such controlling corporation’s) capital as a consequence of such obligations or the maintaining of such Indebtedness to a level below that which Bank (or such controlling
corporation) could have achieved but for such circumstances (taking into consideration its policies with respect to capital adequacy), then Borrower shall pay to Bank, within fifteen (15) days of Borrower’s receipt of written notice from
Bank demanding such compensation, additional amounts as are sufficient to compensate Bank (or such controlling corporation) for any increase in the amount of capital and reduced rate of return which Bank reasonably determines to be allocable to the
existence of any obligations of the Bank hereunder or to maintaining any indebtedness. A certificate of Bank as to the amount of such compensation, prepared in good faith and in reasonable detail by the Bank and submitted by Bank to Borrower, shall
be conclusive and binding for all purposes absent manifest error. 
 8. Legal Effect. Except as specifically modified
hereby, all of the terms and conditions of the Agreement remain in full force and effect. 
 9. Conflicts. As to the
matters specifically the subject of this Addendum, in the event of any conflict between this Addendum and the Agreement, the terms of this Addendum shall control. 

IN WITNESS WHEREOF, the parties have agreed to the foregoing as of the date first set forth above. 

 

									
	 COMERICA BANK
	 	 BAZAARVOICE, INC.

				
	 By:
	 	 Stephen Bitter
	 	 By:
	 	 Brett A. Hurt

				
	 Title:
	 	 Vice President
	 	 Its:
	 	 President and CEO

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