Document:

EX-4.6

 Exhibit 4.6 

THIS WARRANT AND THE SHARES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“ACT”), OR THE SECURITIES LAWS OF ANY STATE AND, EXCEPT AS SET FORTH IN SECTIONS 5.3 AND 5.4 BELOW, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND LAWS OR, IN THE
OPINION OF LEGAL COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER, SUCH OFFER, SALE, PLEDGE OR OTHER TRANSFER IS EXEMPT FROM SUCH REGISTRATION. 

WARRANT TO PURCHASE STOCK 

Company: Phreesia, Inc., a Delaware corporation  

Number of Shares: 196,570, subject to adjustment  

Type/Series of Stock: Common Stock, $0.01 par value per share  

Warrant Price: $1.59 per Share, subject to adjustment  

Issue Date: November 7, 2016 

Expiration Date: November 6, 2026 See also Section 5.1(b). 

Credit Facility: This Warrant to Purchase Stock (“Warrant”) is issued in connection with that
certain Sixth Loan Modification Agreement, of even date herewith, to that certain Loan and Security Agreement dated June 6, 2012, between Silicon Valley Bank and the Company, as amended (collectively, and as may be further amended and/or
modified and in effect from time to time, the “Loan Agreement”). 
 THIS WARRANT CERTIFIES THAT, for
good and valuable consideration, SILICON VALLEY BANK (together with any successor or permitted assignee or transferee of this Warrant or of any shares issued upon exercise hereof, “Holder”) is entitled to purchase the number
of fully paid and non-assessable shares (the “Shares”) of the above-stated Type/Series of Stock (the “Class”) of the above-named company (the
“Company”), at the above-stated Warrant Price, all as set forth above, subject to the provisions and upon the terms and conditions set forth in this Warrant. Reference is made to Section 5.4 of this Warrant whereby
Silicon Valley Bank shall transfer this Warrant to its parent company, SVB Financial Group. 
 SECTION 1. EXERCISE. 

1.1        Method of Exercise. Holder may at any time and from time to time
exercise this Warrant, in whole or in part, by delivering to the Company the original of this Warrant together with a duly executed Notice of Exercise in substantially the form attached hereto as Appendix 1 and, unless Holder is exercising this
Warrant pursuant to a cashless exercise set forth in Section 1.2, a check, wire transfer of same-day funds (to an account designated by the Company), or other form of payment acceptable to the Company for
the aggregate Warrant Price for the Shares being purchased. 

1.2        Cashless Exercise. On any exercise of this Warrant, in lieu of
payment of the aggregate Warrant Price in the manner as specified in Section 1.1 above, but otherwise in accordance with the requirements of Section 1.1, Holder may elect to receive Shares equal to the value of this Warrant, or portion
hereof as to which this Warrant is being exercised. Thereupon, the Company shall issue to the Holder such number of fully paid and non-assessable Shares as are computed using the following formula: 

  

					
		  	 X = Y(A-B)/A

	 where:
	  		  	
			
		  	 X =
	  	 the number of Shares to be issued to the Holder;

			
		  	 Y =
	  	 the number of Shares with respect to which this Warrant is being exercised (inclusive of the Shares surrendered to the
Company in payment of the aggregate Warrant Price);

			
		  	 A =
	  	 the Fair Market Value (as determined pursuant to Section 1.3 below) of one Share; and

			
		  	 B =
	  	 the Warrant Price.

 1.3        Fair Market Value. If shares of the
Class are then traded or quoted on a nationally recognized securities exchange, inter-dealer quotation system or over-the-counter market (a “Trading
Market”), the fair market value of a Share shall be the closing price or last sale price of a share of the Class reported for the Business Day immediately before the date on which Holder delivers this Warrant together with its
Notice of Exercise to the Company. If shares of the Class are not then traded in a Trading Market, the Board of Directors of the Company shall determine the fair market value of a Share in its reasonable good faith judgment. 

1.4        Delivery of Certificate and New Warrant. Within a reasonable time
after Holder exercises this Warrant in the manner set forth in Section 1.1 or 1.2 above, the Company shall deliver to Holder a certificate representing the Shares issued to Holder upon such exercise and, if this Warrant has not been fully
exercised and has not expired, a new warrant of like tenor representing the Shares not so acquired. 

1.5        Replacement of Warrant. On receipt of evidence reasonably
satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant and, in the case of loss, theft or destruction, on delivery of an indemnity agreement reasonably satisfactory in form, substance and amount to the Company or,
in the case of mutilation, on surrender of this Warrant to the Company for cancellation, the Company shall, within a reasonable time, execute and deliver to Holder, in lieu of this Warrant, a new warrant of like tenor and amount. 

1.6        Treatment of Warrant Upon Acquisition of Company. 

(a)        Acquisition. For the purpose of this Warrant,
“Acquisition” means any transaction or series of related transactions involving: (i) the sale, lease, exclusive license, or other disposition of all or substantially all of the assets of the Company; (ii) any merger
or consolidation of the Company into or with another person or entity (other than a merger or consolidation effected exclusively to change the Company’s domicile), or any other corporate reorganization, in which the stockholders of the Company
in their capacity as such immediately prior to such merger, consolidation or reorganization, own less than a majority of the Company’s (or the surviving or successor entity’s) outstanding voting power immediately after such merger,
consolidation or reorganization (or, if such Company stockholders beneficially own a majority of the outstanding voting power of the surviving or successor entity as of immediately after such merger, consolidation or reorganization, such surviving
or successor entity is not the Company); or (iii) any sale or other transfer by the stockholders of the 

  
 2 

 Company of shares representing at least a majority of the Company’s then-total outstanding
combined voting power. 
 (b)        Treatment of Warrant at Acquisition. In
the event of an Acquisition in which the consideration to be received by the Company’s stockholders consists solely of cash, solely of Marketable Securities or a combination of cash and Marketable Securities (a “Cash/Public
Acquisition”), and the fair market value of one Share as determined in accordance with Section 1.3 above would be greater than the Warrant Price in effect on such date immediately prior to such Cash/Public Acquisition, and Holder
has not exercised this Warrant pursuant to Section 1.1 above as to all Shares, then this Warrant shall automatically be deemed to be Cashless Exercised pursuant to Section 1.2 above as to all Shares effective immediately prior to and
contingent upon the consummation of a Cash/Public Acquisition. In connection with such Cashless Exercise, Holder shall be deemed to have restated each of the representations and warranties in Section 4 of the Warrant as of the date thereof and
the Company shall promptly notify the Holder of the number of Shares (or such other securities) issued upon exercise. In the event of a Cash/Public Acquisition where the fair market value of one Share as determined in accordance with
Section 1.3 above would be less than the Warrant Price in effect immediately prior to such Cash/Public Acquisition, then this Warrant will expire immediately prior to the consummation of such Cash/Public Acquisition. 

(c)        Upon the closing of any Acquisition other than a Cash/Public Acquisition,
the acquiring, surviving or successor entity shall assume the obligations of this Warrant, and this Warrant shall thereafter be exercisable for the same securities and/or other property as would have been paid for the Shares issuable upon exercise
of the unexercised portion of this Warrant as if such Shares were outstanding on and as of the closing of such Acquisition, subject to further adjustment from time to time in accordance with the provisions of this Warrant. 

(d)        As used in this Warrant, “Marketable Securities”
means securities meeting all of the following requirements: (i) the issuer thereof is then subject to the reporting requirements of Section 13 or Section 15(d) of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”), and is then current in its filing of all required reports and other information under the Act and the Exchange Act; (ii) the class and series of shares or other security of the issuer that would be
received by Holder in connection with the Acquisition were Holder to exercise this Warrant on or prior to the closing thereof is then traded in a Trading Market, and (iii) following the closing of such Acquisition, Holder would not be
restricted from publicly re-selling all of the issuer’s shares and/or other securities that would be received by Holder in such Acquisition were Holder to exercise this Warrant in full on or prior to the
closing of such Acquisition, except to the extent that any such restriction (x) arises solely under federal or state securities laws, rules or regulations, and (y) does not extend beyond six (6) months from the closing of such
Acquisition. 
 1.7        Certain Agreements. Upon any exercise of this
Warrant, Holder shall, solely with respect to the Shares issued upon such exercise or conversion, join and become a “Purchaser” party to (a) that certain the Fourth Amended and Restated Right of First Refusal and Co-Sale Agreement dated as of October 14, 2014, as amended and in effect from time to time (the “ROFR Agreement”), (b) that certain Fourth Amended and Restated Stockholders’ Voting
Agreement dated as of October 14, 2014, as amended and in effect from time to time (the “Voting Agreement”), and (c) that certain Fourth Amended and Restated Investor Rights Agreement dated as of October 14,
2014, as amended and in effect from time to time (the “Investor Rights Agreement,” and collectively with the ROFR Agreement and the Voting Agreement, the “Investor Agreements”), to the extent that such
agreements are then by their terms still in force and effect. 

  
 3 

 SECTION 2. ADJUSTMENTS TO THE SHARES AND WARRANT PRICE. 

2.1        Stock Dividends, Splits, Etc. If the Company declares or pays a
dividend or distribution on the outstanding shares of the Class payable in additional shares of the Class or other securities or property (other than cash), then upon exercise of this Warrant, for each Share acquired, Holder shall receive,
without additional cost to Holder, the total number and kind of securities and property which Holder would have received had Holder owned the Shares of record as of the date the dividend or distribution occurred. If the Company subdivides the
outstanding shares of the Class by reclassification or otherwise into a greater number of shares, the number of Shares purchasable hereunder shall be proportionately increased and the Warrant Price shall be proportionately decreased. If the
outstanding shares of the Class are combined or consolidated, by reclassification or otherwise, into a lesser number of shares, the Warrant Price shall be proportionately increased and the number of Shares shall be proportionately decreased.

 2.2        Reclassification, Exchange, Combinations or Substitution. Upon
any event whereby all of the outstanding shares of the Class are reclassified, exchanged, combined, substituted, or replaced for, into, with or by Company securities of a different class and/or series, then from and after the consummation of
such event, this Warrant will be exercisable for the number, class and series of Company securities that Holder would have received had the Shares been outstanding on and as of the consummation of such event, and subject to further adjustment
thereafter from time to time in accordance with the provisions of this Warrant. The provisions of this Section 2.2 shall similarly apply to successive reclassifications, exchanges, combinations, substitutions, replacements or other similar
events. 
 2.3        No Fractional Share. No fractional Share shall be
issuable upon exercise of this Warrant and the number of Shares to be issued shall be rounded down to the nearest whole Share. If a fractional Share interest arises upon any exercise of the Warrant, the Company shall eliminate such fractional Share
interest by paying Holder in cash the amount computed by multiplying the fractional interest by (i) the fair market value of a full Share (as determined in accordance with Section 1.3 above), less (ii) the then-effective Warrant
Price. 
 2.4        Notice/Certificate as to Adjustments. Upon each
adjustment of the Warrant Price, Class and/or number of Shares, the Company, at the Company’s expense, shall notify Holder in writing within a reasonable time setting forth the adjustments to the Warrant Price, Class and/or number of
Shares and facts upon which such adjustment is based. The Company shall, upon written request from Holder, furnish Holder with a certificate of its Chief Financial Officer, including computations of such adjustment and the Warrant Price,
Class and number of Shares in effect upon the date of such adjustment. 
 SECTION 3. REPRESENTATIONS AND COVENANTS OF THE
COMPANY. 
 3.1        Representations and Warranties. The Company
represents and warrants to, and agrees with, the Holder as follows: 
 (a) The Warrant Price first set forth above is not greater than one
hundred thirty-eight percent (138%) of the fair market value of a share of the Class as determined by the most recently completed valuation, approved by the Company’s Board of Directors, of the Company’s stock for purposes of its
compliance with Section 409A of the Internal Revenue Code of 1986, as amended. 

  
 4 

 (b)        The number of Shares for which this Warrant
is exercisable on and as of the Issue Date hereof represents not less than 0.3250% of the Company’s total issued and outstanding shares of common stock, calculated on and as of the Issue Date hereof on a fully-diluted, common stock-equivalent
basis assuming (i) the conversion into common stock of all outstanding securities and instruments (including, without limitation, securities deemed to be outstanding pursuant to clause (ii) of this Section 3.1(b)) convertible by their
terms into shares of common stock (regardless of whether such securities or instruments are by their terms now so convertible), (ii) the exercise in full of all outstanding options, warrants (including, without limitation, this Warrant) and other
rights to purchase or acquire shares of common stock or securities exercisable for or convertible into shares of common stock (regardless of whether such options, warrants or other rights to purchase or acquire are by their terms then exercisable);
and (iii) the inclusion of all shares of common stock reserved for issuance under all of the Company’s incentive stock and stock option plans and not then subject to outstanding grants or options. 

(c)        All Shares which may be issued upon the exercise of this Warrant shall, upon issuance, be
duly authorized, validly issued, fully paid and non-assessable, and free of any liens and encumbrances except for restrictions on transfer provided for herein, under the Investor Agreements (to the extent that
Holder is then subject thereto in accordance with Section 1.7 above) or under applicable federal and state securities laws. The Company covenants that it shall at all times cause to be reserved and kept available out of its authorized and
unissued capital stock such number of shares of the Class and other securities as will be sufficient to permit the exercise in full of this Warrant. 

(d)        The Company’s capitalization table attached hereto as Schedule 1 is
true and complete, in all material respects, as of the Issue Date. 
 3.2      Notice of
Certain Events. If the Company proposes at any time to: 
 (a) declare any dividend or distribution upon the
outstanding shares of the Class, whether in cash, property, stock, or other securities and whether or not a regular cash dividend; 

(b) offer for subscription or sale pro rata to the holders of the outstanding shares of the Class any additional shares
of any class or series of the Company’s stock (other than pursuant to contractual pre-emptive rights); 

(c) effect any reclassification, exchange, combination, substitution, reorganization or recapitalization of the outstanding
shares of the Class; 
 (d) effect an Acquisition or to liquidate, dissolve or wind up; or 

(e) effect its initial, underwritten offering and sale of its securities to the public pursuant to an effective registration
statement under the Act (the “IPO”); 
 then, in connection with each such event, the Company shall give Holder:

 (1) in the case of the matters referred to in (a) and (b) above, at least seven (7) Business
Days prior written notice of the earlier to occur of the effective date thereof or the date on which a record will be taken for such dividend, distribution, or subscription rights (and specifying the date on which the holders of outstanding shares
of the Class will be entitled thereto) or for determining rights to vote, if any; 

  
 5 

 (2) in the case of the matters referred to in (c) and (d)
above at least seven (7) Business Days prior written notice of the date when the same will take place (and specifying the date on which the holders of outstanding shares of the Class will be entitled to exchange their shares for the
securities or other property deliverable upon the occurrence of such event and such reasonable information as Holder may reasonably require regarding the treatment of this Warrant in connection with such event giving rise to the notice); and 

(3) with respect to the IPO, at least seven (7) Business Days prior written notice of the date on which
the Company proposes to file its registration statement in connection therewith. 
 The Company will also provide information requested by
Holder that is reasonably necessary to enable Holder to comply with Holder’s accounting or reporting requirements. 

SECTION 4. REPRESENTATIONS AND COVENANTS OF THE HOLDER. 

The Holder represents and warrants to the Company as follows: 

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

4.2        Disclosure of Information. Holder is aware of the Company’s
business affairs and financial condition and has received or has had full access to all the information it considers necessary or appropriate to make an informed investment decision with respect to the acquisition of this Warrant and its underlying
securities. Holder further has had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the offering of this Warrant and its underlying securities and to obtain additional information (to the
extent the Company possessed such information or could acquire it without unreasonable effort or expense) necessary to verify any information furnished to Holder or to which Holder has access. 

4.3        Investment Experience. Holder understands that the purchase of this
Warrant and its underlying securities involves substantial risk. Holder has experience as an investor in securities of companies in the development stage and acknowledges that Holder can bear the economic risk of such Holder’s investment in
this Warrant and its underlying securities and has such knowledge and experience in financial or business matters that Holder is capable of evaluating the merits and risks of its investment in this Warrant and its underlying securities and/or has a
preexisting personal or business relationship with the Company and certain of its officers, directors or controlling persons of a nature and duration that enables Holder to be aware of the character, business acumen and financial circumstances of
such persons. 
 4.4        Accredited Investor Status. Holder is an
“accredited investor” within the meaning of Regulation D promulgated under the Act. 

4.5        The Act. Holder understands that this Warrant and the Shares
issuable upon exercise hereof have not been registered under the Act in reliance upon a specific exemption therefrom, 

  
 6 

 which exemption depends upon, among other things, the bona fide nature of the Holder’s
investment intent as expressed herein. Holder understands that this Warrant and the Shares issued upon any exercise hereof must be held indefinitely unless subsequently registered under the Act and qualified under applicable state securities laws,
or unless exemption from such registration and qualification are otherwise available. Holder is aware of the provisions of Rule 144 promulgated under the Act. 

4.6        No Shareholder Rights. Without limiting any provision of this
Warrant, Holder agrees that as a Holder of this Warrant it will not have any rights (including, without limitation, voting rights) as a shareholder of the Company with respect to the Shares issuable hereunder unless and until the exercise of this
Warrant, and then only with respect to the Shares issued on such exercise. 
 SECTION 5. MISCELLANEOUS. 

5.1        Term; Automatic Cashless Exercise Upon Expiration. 

(a)        Term. Subject to the provisions of Section 1.6 above, this
Warrant is exercisable in whole or in part at any time and from time to time on or before 6:00 PM, Pacific time, on the Expiration Date and shall be void thereafter. 

(b)        Automatic Cashless Exercise upon Expiration. In the event that,
upon the Expiration Date, the fair market value of one Share as determined in accordance with Section 1.3 above is greater than the Warrant Price in effect on such date, then this Warrant shall automatically be deemed on and as of such date to
be exercised pursuant to Section 1.2 above as to all Shares for which it shall not previously have been exercised, and the Company shall, within a reasonable time, deliver a certificate representing the Shares issued upon such exercise to
Holder. 
 5.2        Legends. Each certificate evidencing Shares shall be
imprinted with a legend in substantially the following form: 
 THE SHARES EVIDENCED BY THIS CERTIFICATE
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY STATE AND, EXCEPT AS SET FORTH IN THAT CERTAIN WARRANT TO PURCHASE STOCK ISSUED BY THE ISSUER TO SILICON VALLEY
BANK DATED NOVEMBER 7, 2016, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND LAWS OR, IN THE OPINION OF LEGAL COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER, SUCH OFFER, SALE,
PLEDGE OR OTHER TRANSFER IS EXEMPT FROM SUCH REGISTRATION. 

5.3        Compliance with Securities Laws on Transfer. This Warrant and the
Shares issued upon exercise of this Warrant may not be transferred or assigned in whole or in part except in compliance with applicable federal and state securities laws by the transferor and the transferee (including, without limitation, the
delivery of investment representation letters and legal opinions reasonably satisfactory to the Company, as reasonably requested by the Company). The Company shall not require Holder to provide an opinion of counsel if the transfer is to SVB
Financial Group (Silicon Valley Bank’s parent company) or any other affiliate of Holder, provided that any such transferee is an “accredited investor” as defined in Regulation D promulgated under the Act. Additionally, the 

  
 7 

 Company shall also not require an opinion of counsel if there is no material question as to the
availability of Rule 144 promulgated under the Act. 
 5.4        Transfer
Procedure. After receipt by Silicon Valley Bank of the executed Warrant, Silicon Valley Bank will transfer all of this Warrant to its parent company, SVB Financial Group. By its acceptance of this Warrant, SVB Financial Group hereby makes to the
Company each of the representations and warranties set forth in Section 4 hereof and agrees to be bound by all of the terms and conditions of this Warrant as if the original Holder hereof. Subject to the provisions of Section 5.3 and upon
providing the Company with written notice, SVB Financial Group and any subsequent Holder may transfer all or part of this Warrant or the Shares issued upon exercise of this Warrant to any transferee, provided, however, in connection with any such
transfer, SVB Financial Group or any subsequent Holder will give the Company notice of the portion of the Warrant and/or Shares being transferred with the name, address and taxpayer identification number of the transferee and Holder will surrender
this Warrant to the Company for reissuance to the transferee(s) (and Holder if applicable); and provided further, that any subsequent transferee other than SVB Financial Group shall agree in writing with the Company to be bound by all of the terms
and conditions of this Warrant; and provided further, that the transfer of any Shares issued on exercise hereof shall be subject to the provisions of the Investor Agreements (to the extent that Holder is then subject thereto in accordance with
Section 1.7 above). Notwithstanding any contrary provision herein, at all times prior to the IPO, Holder may not, without the Company’s prior written consent, transfer this Warrant or any portion hereof, or any Shares issued upon any
exercise hereof, to any person or entity who directly competes with the Company, except in connection with an Acquisition of the Company by such a direct competitor. 

5.5        Notices. All notices and other communications hereunder from the
Company to the Holder, or vice versa, shall be deemed delivered and effective (i) when given personally, (ii) on the third (3rd) Business Day after being mailed by first-class registered
or certified mail, postage prepaid, (iii) upon actual receipt if given by facsimile or electronic mail and such receipt is confirmed in writing by the recipient, or (iv) on the first Business Day following delivery to a reliable overnight
courier service, courier fee prepaid, in any case at such address as may have been furnished to the Company or Holder, as the case may be, in writing by the Company or such Holder from time to time in accordance with the provisions of this
Section 5.5. All notices to Holder shall be addressed as follows until the Company receives notice of a change of address in connection with a transfer or otherwise: 

SVB Financial Group 

Attn: Treasury Department 

3003 Tasman Drive, HC 215 

Santa Clara, CA 95054 

Telephone: (408) 654-7400 

Facsimile: (408) 988-8317 

Email address: derivatives@svb.com 
 Notice to the Company shall be addressed as follows until Holder receives
notice of a change in address: 
 Phreesia, Inc. 

Attn: Chief Financial Officer 

432 Park Avenue South, 12th Floor 

New York, NY 10016 

  
 8 

 Telephone: 

Facsimile: 

Email: 

With a copy (which shall not constitute notice) to: 

Goodwin Procter LLP 

Attn: John Egan 

100 Northern Avenue 

Boston, MA 02210 

Telephone: 617-570-1514 

Facsimile: 617-570-1231 

Email: jegan@goodwinprocter.com 

5.6        Waiver. This Warrant and any term hereof may be changed, waived,
discharged or terminated (either generally or in a particular instance and either retroactively or prospectively) only by an instrument in writing signed by the party against which enforcement of such change, waiver, discharge or termination is
sought. 
 5.7        Attorneys’ Fees. In the event of any dispute
between the parties concerning the terms and provisions of this Warrant, the party prevailing in such dispute shall be entitled to collect from the other party all costs incurred in such dispute, including reasonable attorneys’ fees. 

5.8        Counterparts; Facsimile/Electronic Signatures. This Warrant may be
executed in counterparts, all of which together shall constitute one and the same agreement. Any signature page delivered electronically or by facsimile shall be binding to the same extent as an original signature page with regards to any agreement
subject to the terms hereof or any amendment thereto. 
 5.9        Governing
Law. This Warrant shall be governed by and construed in accordance with the laws of the State of California, without giving effect to its principles regarding conflicts of law. 

5.10        Headings. The headings in this Warrant are for purposes of
reference only and shall not limit or otherwise affect the meaning of any provision of this Warrant. 

5.11        Business Days. “Business Day” is any day that is
not a Saturday, Sunday or a day on which Silicon Valley Bank is closed. 
 [Remainder of page left blank intentionally] 

[Signature page follows] 

  
 9 

 IN WITNESS WHEREOF, the parties have caused this Warrant to Purchase Stock to be
executed by their duly authorized representatives effective as of the Issue Date written above. 
  

			
	 “COMPANY”

	
	 PHREESIA, INC.

			
		
	 By:
	 	 /s/ Tom
Altier                                

			
		
	 Name:
	 	 Tom Altier

	 Title:
	 	 (Print)
 CFO,
Treasurer & Secretary

	
	 “HOLDER”

	
	 SILICON VALLEY BANK

			
		
	 By:
	 	 /s/ Ryan
Roller                            

			
		
	 Name:
	 	 Ryan Roller

	 Title:
	 	 (Print)
 Vice
President

  
 10 

 APPENDIX 1 

NOTICE OF EXERCISE 

1.        The undersigned Holder hereby exercises its right to purchase
                     shares of the Common/Series
                     Preferred [circle one] Stock of
                         (the “Company”) in accordance with the attached Warrant To Purchase
Stock, and tenders payment of the aggregate Warrant Price for such shares as follows: 
  

	 	[    ]	 check in the amount of $
                     payable to order of the Company enclosed herewith 

 

	 	[    ]	 Wire transfer of immediately available funds to the Company’s account 

 

	 	[    ]	 Cashless Exercise pursuant to Section 1.2 of the Warrant 

 

	 	[    ]	 Other [Describe]
                                         
                                         
       

 2.        Please issue
a certificate or certificates representing the Shares in the name specified below: 
  

                 
                                         
                           

Holder’s Name 
  

 

                 
                                         
                           
  

                  
                                         
                          

(Address) 

3.        By its execution below and for the benefit of the Company, Holder hereby
restates each of the representations and warranties in Section 4 of the Warrant to Purchase Stock as of the date hereof. 
  

			
	 HOLDER:
  

                       
                         
  

 
 By:
                                         
           
  

Name:
                                         
            
  

Title:
                                         
             
  

(Date):                      
                                 

  
 Appendix 1 

 SCHEDULE 1 

Company Capitalization Table 

See attached 

  
 Schedule 1EX-4.7

 Exhibit 4.7 

EXECUTION COPY 
 THIS
WARRANT AND THE SHARES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”) OR THE SECURITIES LAWS OF ANY STATE, AND MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED, OR
OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION THEREOF UNDER SUCH ACT OR OTHERWISE IN ACCORDANCE WITH APPLICABLE LAW. 
  

			
	  
 WARRANT TO PURCHASE
STOCK

		
	 Company:
	  	 Phreesia, Inc.

		
	 Number of Shares:
	  	 336,280

		
	 Class of Stock:
	  	 Senior Preferred Stock (the “Preferred Stock”)

		
	 Initial Exercise Price:
	  	 $3.00 per share

		
	 Issue Date:
	  	 November 7, 2016

		
	 Expiration Date:
	  	 November 7, 2026

 This WARRANT CERTIFIES THAT, for value received, receipt of which is hereby acknowledged, ORIX
Finance Equity Investors, LP, a Delaware limited partnership (together with any successor or permitted assignee or transferee of this Warrant or any shares issued upon exercise hereof, “Holder”), is entitled to purchase the number
of fully paid and nonassessable shares of the Preferred Stock (or such other securities issuable as set forth in Section 2.2 hereof, the “Shares”) of Phreesia, Inc., a Delaware corporation (the
“Company”), at the initial exercise price per Share (the “Warrant Price”) set forth above, as constituted on the date hereof and as adjusted pursuant to the other terms of this Warrant, subject to the provisions and
upon the terms and conditions set forth in this Warrant. This Warrant is being issued pursuant to a Loan and Security Agreement between the Company, ORIX Growth Capital, LLC, a Delaware limited liability company (“ORIX”), Escalate
Capital Partners SBIC III, LP (“Escalate”, and together with ORIX, collectively, the “Lenders”), a Delaware limited partnership, and ORIX, in its capacity as collateral agent for itself and the other Lenders, dated as of
the date hereof (as the same may be amended, restated, supplemented, or otherwise modified from time to time, the “Loan Agreement”). Capitalized terms used herein that are not defined herein shall have the meanings set forth in the
Loan Agreement. 
 ARTICLE 1.    SHARES; EXERCISE. 

1.1         Number of Shares. The number of Shares subject to this Warrant
shall be the number of Shares set forth above. 
 1.2         Method of
Exercise. Holder may exercise this Warrant by delivering (including by confirmed facsimile or electronic transmission) a duly executed Notice of Exercise in substantially the form attached hereto as Appendix 1 (the “Notice of
Exercise”) to the principal office of the Company. Unless Holder is exercising the conversion right set forth in Section 1.3, 
  

 Holder shall also concurrently deliver to the Company the aggregate Warrant Price for the Shares
being purchased by (i) wire transfer or by check, (ii) notice of cancellation of indebtedness of the Company to Holder, or (iii) any combination of (i) and (ii). 

1.3         Conversion Right. In lieu of exercising this Warrant as specified
in Section 1.2, Holder may from time to time convert this Warrant, in whole or in part, into a number of Shares determined by dividing (a) the aggregate fair market value of the Shares or other securities otherwise
issuable upon the proposed whole or partial exercise of this Warrant minus the aggregate Warrant Price of such Shares by (b) the fair market value of one Share. The fair market value of the Shares shall be determined pursuant to
Section 1.6 below. 
 1.4         Effective Date of
Exercise. This Warrant shall be deemed to have been exercised immediately prior to the close of business on the date of its surrender for exercise in compliance with Section 1.2 above. The person entitled to receive the
Shares issuable upon exercise of this Warrant, as designated in the Notice of Exercise, shall be treated for all purposes as the holder of record of such Shares as of the close of business on the date Holder is deemed to have exercised this Warrant.

 1.5         No Rights of Stockholder. This Warrant does not entitle Holder
to any voting or other rights as a stockholder of the Company prior to the exercise or conversion of this Warrant. Upon exercise or conversion of this Warrant, Holder shall be deemed to be a stockholder of the Company holding the number of Shares as
to which this Warrant has been exercised as of the effective date set forth in Section 1.4 above. 

1.6         Fair Market Value. If the Shares are traded in a public market, the
fair market value of the Shares shall be the closing price of the Shares (or the closing price of the Company’s stock into which the Shares are convertible, as adjusted for the number of Shares issuable upon any such conversion) reported for
the business day immediately before Holder delivers its Notice of Exercise to the Company (or in the instance where the Warrant is exercised immediately prior to the effectiveness of the Company’s initial public offering
(“IPO”), the “price to public” per share price specified in the final prospectus relating to such offering). If the Shares are not traded in a public market, the Board of Directors of the Company shall determine fair
market value in its reasonable good faith judgment. The foregoing notwithstanding, if Holder advises the Board of Directors in writing that Holder disagrees with such determination, then the Company and Holder shall promptly select a reputable
independent valuation firm to undertake such valuation. If the Company and Holder are unable to agree upon the selection of such independent valuation firm, then Holder shall propose three reputable independent valuation firms, and from those three
firms the Company shall select one to undertake such valuation. If the valuation determined by such independent valuation firm is greater than the valuation determined by the Board of Directors, then all fees and expenses of such independent
valuation firm shall be paid by the Company. In all other circumstances, such fees and expenses shall be paid by Holder. If the Holder elects to exchange this Warrant in connection with an Acquisition, the fair market value of the Shares shall be
the price per share which each Share is entitled to receive in such Acquisition as if the Shares were outstanding multiplied by the number of Shares. 

1.7         Delivery of Certificate and New Warrant. Promptly after Holder
exercises or converts this Warrant, and, if applicable, the Company receives payment of the aggregate 

  

					
	Phreesia Warrant	  	-2-	  	    

 Warrant Price for the applicable number of share Shares, the Company shall deliver to Holder
certificates for the Shares acquired and, if this Warrant has not been fully exercised or converted and has not expired, a new Warrant representing the Shares not so acquired shall be delivered to Holder. 

1.8         Replacement of Warrants. On receipt of an affidavit of loss of
Holder or an officer of Holder, depending upon whether Holder is a person or entity, of the loss, theft, destruction or mutilation of this Warrant and, in the case of loss, theft or destruction, on delivery of an indemnity agreement reasonably
satisfactory in form and substance to the Company or, in the case of mutilation, on surrender and cancellation of this Warrant, the Company at its expense shall execute and deliver, in lieu of this Warrant, a new warrant of like tenor. 

1.9        Acquisition of the Company. 

(a) Upon the closing of any Acquisition (as defined below) that is not a Qualifying Acquisition (as defined below), the
successor entity shall assume the obligations of this Warrant, and this Warrant shall be exercisable for the same securities, cash and property as would be payable for the Shares issuable (as of immediately prior to such closing) upon exercise of
the unexercised portion of this Warrant as if such Shares were issued and outstanding on the record date for the Acquisition. The Warrant Price shall be adjusted accordingly. Upon the closing of a Qualifying Acquisition, this Warrant shall terminate
and be of no further force or effect if not exercised by Holder immediately prior to or in connection with such Qualifying Acquisition, provided that Holder may elect, within five (5) days of the closing of such Qualifying Acquisition, to
receive the consideration (net of the Warrant Price) payable in such Qualifying Acquisition, without exercising this Warrant, that would have been owed to Holder if this Warrant had been exercised immediately prior to or in connection with such
Qualifying Acquisition (and upon receipt of such net consideration, this Warrant shall terminate without any further action on behalf of the Company or Holder). 

(b) For purposes of this Warrant: 

1.9.b.1         “Acquisition” means: (i) any transaction or
series of related transactions to which the Company is a party in which in excess of 50% of the Company’s voting power is transferred; provided that an Acquisition shall not include any transaction or series of transactions principally for bona
fide equity financing purposes in which cash is received by the Company or any successor or indebtedness of the Company is cancelled or converted or a combination thereof; (ii) any consolidation or merger of the Company with or into any other
corporation or other entity or person, or any other corporate reorganization, other than any such consolidation, merger or reorganization in which the stockholders of the Company immediately prior to such consolidation, merger or reorganization
(excluding for this purpose the shares held by an Acquiring Stockholder (as defined below) or any of its affiliates), continue to hold at least a majority of the voting power of the surviving entity in substantially the same proportions (or, if the
surviving entity is a wholly owned subsidiary, its parent) immediately after such consolidation, merger or reorganization; (iii) any sale, lease, exclusive license or other disposition of all or substantially all of the assets or equity
securities of the Company to an unrelated third party; or (iv) any reorganization, consolidation, or merger of the Company in which the holders of the Company’s outstanding voting securities as of immediately before such

  

					
	Phreesia Warrant	  	-3-	  	    

 
transaction (for such purpose treating all outstanding options and warrants to purchase voting securities of the Company as having been exercised and treating all outstanding debt and equity
securities convertible into voting securities of the Company as having been converted) beneficially own less than 50% of the outstanding voting securities of the surviving entity as of immediately after the transaction. 

1.9.b.2         “Qualifying Acquisition” means any Acquisition in
which the consideration payable to the Company and/or its stockholders consists either (i) solely of cash or (ii) solely of Marketable Securities (as defined below) or a combination of cash and Marketable Securities and the holders of Preferred
Stock receive consideration upon closing of such Acquisition in an amount per share of Preferred Stock of greater than one times the Warrant Price. 

1.9.b.3         “Acquiring Stockholder” means a stockholder of the
Company that (i) merges or otherwise combines with the Company in such combination transaction or (ii) owns or controls, directly or indirectly, a majority of another corporation that merges or otherwise combines with the Company in such
combination transaction. 
 1.9.b.4         “Marketable
Securities” means securities meeting all of the following requirements: (i) the issuer thereof is then subject to the reporting requirements of Section 13 or Section 15(d) of the Exchange Act, and is then current in its
filing of all required reports and other information under the Act and the Exchange Act; (ii) the class and series of shares or other security of the issuer that would be received by Holder in connection with the Acquisition were Holder to
exercise this Warrant on or prior to the closing thereof is then traded or quoted on a nationally recognized securities exchange, inter-dealer quotation system or
over-the-counter market, and (iii) following the closing of such Acquisition, Holder would not be restricted from publicly
re- selling all of the issuer’s shares and/or other securities that would be received by Holder in such Acquisition were Holder to exercise this Warrant in full on or prior to the closing of such
Acquisition, except to the extent that any such restriction (x) arises solely under federal or state securities laws, rules or regulations, and (y) does not extend beyond six (6) months from the closing of such Acquisition. 

(c) The exercise, exchange or sale of this Warrant may at the election of Holder be contingent upon the closing of an
Acquisition or other transaction involving the Company, in which case such exercise, exchange or sale shall be deemed to be effective immediately prior to or upon the closing of the Acquisition or other transaction involving the Company, as
applicable. 
 1.10         Automatic Exercise Prior to Expiration. To the
extent this Warrant is not previously exercised or converted as to all of the Shares subject hereto, and if the fair market value (as determined pursuant to Section 1.6 above) of one Share is greater than the Warrant Price
then in effect, this Warrant shall be deemed automatically converted with respect to all remaining Shares pursuant to Section 1.3 above immediately prior to the Expiration Date set forth above. For purposes of such
automatic exercise, the fair market value of one Share upon such expiration shall be determined pursuant to Section 1.6 above. To the extent this Warrant or any portion hereof is deemed automatically exercised pursuant to
this Section 1.10, the Company agrees to promptly notify Holder of the number of Shares, if any, Holder is to receive by reason of such automatic exercise. 

  

					
	Phreesia Warrant	  	-4-	  	    

 1.11         Certain Agreements.
Upon any exercise of this Warrant, Holder shall join and become a “Purchaser” party to (a) that certain the Fourth Amended and Restated Right of First Refusal and Co-Sale Agreement dated as of
October 14, 2014 by and between the Company and other parties listed therein, as amended and in effect from time to time (the “Co-Sale Agreement”), provided that, notwithstanding
any provisions of Section 8 of the Co-Sale Agreement to the contrary, Holder shall not be required to enter into any noncompetition agreements in connection with a Required Sale (as defined in the Co-Sale Agreement), (b) that certain Fourth Amended and Restated Stockholders’ Voting Agreement dated as of October 14, 2014 by and between the Company and other parties listed therein, as amended and in
effect from time to time, and (c) that certain Fourth Amended and Restated, dated as of October 14, 2014 by and between the Company and other parties listed therein, as amended and in effect from time to time (the “Investor Rights
Agreement” and together with the agreements referenced in clause (a) and (b), the “Investor Agreements”), to the extent that such agreements are then by their terms still in force and effect. 

ARTICLE 2. ADJUSTMENTS TO THE SHARES. 

2.1         Stock Dividends, Splits, Etc. If the Company declares or pays a
dividend on its Preferred Stock payable in equity interests or other securities of the Company, or subdivides the outstanding Preferred Stock into a greater amount of equity interests, then upon exercise or conversion of this Warrant, for each Share
issuable, Holder shall receive, without cost to Holder, the total number and kind of securities to which Holder would have been entitled had Holder owned the Shares of record as of the date the dividend or subdivision occurred. In the case of a
subdivision of the outstanding Preferred Stock into a greater amount of equity interest, the Warrant Price shall also be proportionately decreased. 

2.2         Reclassification, Exchange or Substitution. Upon any
reclassification, exchange, substitution, or other event that results in a change of the number and/or class of the securities issuable upon exercise or conversion of this Warrant, Holder shall be entitled to receive, upon exercise or conversion of
this Warrant, the number and kind of securities and property that Holder would have received for the Shares if this Warrant had been exercised immediately before such reclassification, exchange, substitution, or other event. Such an event shall
include any automatic conversion of the outstanding or issuable securities of the Company of the same class or series as the Shares into Common Stock of the Company pursuant to the terms of the Company’s Fifth Amended and Restated Certificate
of Incorporation, as amended (as the same may be amended from time to time, the “Certificate of Incorporation”) upon the closing of an IPO or otherwise pursuant to the Certificate of Incorporation. After the occurrence of such an
event, the Company or its successor shall promptly issue to Holder a new Warrant for such new securities or other property. The new Warrant shall provide for adjustments which shall be as nearly equivalent as may be practicable to the adjustments
provided for in this Section 2 including, without limitation, adjustments to the Warrant Price and to the number of securities or property issuable upon exercise of the new Warrant. The provisions of this
Section 2.2 shall similarly apply to successive reclassifications, exchanges, substitutions or other events. 

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

  

					
	Phreesia Warrant	  	-5-	  	    

 2.4         No Impairment. The
Company shall not, by amendment of its Bylaws or Certificate of Incorporation or through a reorganization, transfer of assets, consolidation, merger, dissolution, issue, or sale of securities or any other voluntary action, avoid or seek to avoid the
observance or performance of any of the terms to be observed or performed under this Warrant by the Company, but shall at all times in good faith assist in carrying out of all the provisions of this Section 2 and in taking
all such action as may be necessary or appropriate to protect Holder’s rights under this section against impairment. Notwithstanding the foregoing, no waiver or amendment to any provision of the Certificate of Incorporation or Bylaws, or of any
provision of the Investor Agreements, shall be deemed to have impaired Holder’s rights if such amendment or waiver would not, if Holder held Shares as of the date of such waiver or amendment, affect Holder in respect of its Shares in a manner
materially different than such amendments or waivers generally effect the holders of Shares. 

2.5         Fractional Shares. No fractional Shares shall be issuable upon
exercise or conversion of the Warrant and the number of Shares to be issued shall be rounded down to the nearest whole Share. If a fractional share interest arises upon any exercise or conversion of the Warrant, the Company shall eliminate such
fractional share interest by paying Holder a cash amount computed by multiplying the fractional interest by the fair market value of a full Share. 

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

ARTICLE 3. REPRESENTATIONS AND COVENANTS OF THE COMPANY. 

3.1        Representations and Warranties. The Company hereby represents and
warrants to Holder as follows: 
 (a)        All Shares which may be issued upon
the exercise of the purchase right represented by this Warrant, and all securities, if any, issuable upon conversion of the Shares, shall, upon issuance in accordance with the terms hereof (including, without limitation, payment of the aggregate
Warrant Price), be duly authorized, validly issued, fully paid and nonassessable, and free of any liens and encumbrances except for restrictions on transfer provided for herein or under applicable federal and state securities laws. The Company
shall, at all times, reserve a sufficient number of the Shares and of shares of Preferred Stock for issuance upon Holder’s exercise of its rights hereunder and conversion of the Shares. 

(b)         The Capitalization Table attached hereto as Exhibit A is true and
complete 
 as of the Issue Date. 

3.2         Notice of Certain Events. If the Company proposes at any time
(a) to declare any dividend or distribution upon any class or series of its preferred stock, whether in cash, property, stock, or other securities and whether or not a regular cash dividend; (b) to offer for subscription pro rata to the
holders of any class or series of its stock any additional shares of stock of any 

  

					
	Phreesia Warrant	  	-6-	  	    

 
class or series or other rights; (c) to effect any reclassification or recapitalization of Preferred Stock or any of its preferred stock; (d) to merge or consolidate with or into any
other corporation, or sell, lease, license, or convey all or substantially all of its assets, or to liquidate, dissolve or wind up; or (e) offer holders of registration rights the opportunity to participate in an underwritten public offering of
the Company’s securities for cash, then, in connection with each such event, the Company shall give Holder (1) at least 10 days prior written notice of the date on which a record will be taken for such dividend, distribution, or
subscription rights (and specifying the date on which the holders of Preferred Stock will be entitled thereto) or for determining rights to vote, if any, in respect of the matters referred to in clause (a) and clause
(b) above; (2) in the case of the matters referred to in clause (c) and clause (d) above at least 10 days prior written notice of the date when the closing of the same will take place (and specifying the date on
which the holders of Preferred Stock, or preferred stock as the case might be, will be entitled to exchange their Preferred Stock for securities or other property deliverable upon the occurrence of such event); and (3) in the case of the matter
referred to in clause (e) above, the same notice as is given to the holders of such registration rights. The rights set forth in this Section 3.2 shall terminate and be of no further force or effect upon the earliest to occur of
(i) the closing of the IPO (other than clause (e), which shall survive until the occurrence of either (ii) or (iv)), (ii) the closing of an Acquisition, (iii) the Company becoming subject to the periodic reporting requirements of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”) (other than clause (e), which shall survive until the occurrence of either (ii) or (iv)) or (iv) the Holder no longer holding this Warrant (as a result of it
being exercised in full or otherwise). 
 3.3         Information Rights. The
Company shall provide to Holder: (a) so long as Holder holds this Warrant and/or any Shares, promptly after mailing, copies of all notices or other written communications to the stockholders of the Company; and (b) so long as Holder holds
this Warrant, (i) as soon as practicable after approval by the Board, but in any event within thirty (30) days after the end of each fiscal year of Company, the Company’s annual budget; (ii) within one hundred eighty
(180) days of the end of each fiscal year of Company, the Company’s audited annual financial statements; and (iii) within forty-five (45) days of the end of each fiscal quarter of Company, the Company’s unaudited quarterly
financial statements. Furthermore, the Company shall deliver to Holder (x) within thirty (30) days of the last day of each fiscal quarter, a detailed fully diluted capitalization table for the Company as of the end of the such fiscal
quarter, (y) within thirty (30) days after any amendment, revision, alteration or other modification of the Company’s Certificate of Incorporation, bylaws, or other applicable formation and governing documents, a copy thereof; and
(z) as soon as available, but in any event within thirty (30) days after the Company receives copies of any 409A valuation reports or other documents that value any compensation, equity award, bonus, benefit plan or any other arrangement
that could be deemed deferred compensation within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended. The rights set forth in this Section 3.3 shall terminate and be of no further force or effect upon the earliest
to occur of (i) the closing of the IPO, (ii) the closing of an Acquisition (provided, that if such Acquisition is not a Qualifying Acquisition, the information requirements included in Sections 3.3(b)(ii) and 3.3(b)(iii) shall survive
until another termination event occurs with respect to this Section 3.3), (iii) the Company becoming subject to the periodic reporting requirements of the Exchange Act or (iv) the Holder no longer holding this Warrant (as a result of it
being exercised in full or otherwise). 

  

					
	Phreesia Warrant	  	-7-	  	    

 3.4         Registration Under the
Act. The Company agrees that with respect to the shares of common stock issuable upon conversion of the Shares issued to Holder, Holder shall have certain incidental, or “Piggyback,” and S-3
registration rights as set forth in the Investor Rights Agreement upon Holder becoming a party thereto. In the event of any subsequent changes to the Investor Rights Agreement in effect as of the date hereof relating to “Piggyback” and/or S-3 registration rights, such changes shall only apply to Holder’s Shares if such changes would affect the rights associated with Holder’s Shares (as if Holder held Shares as of the date of such changes)
in the same manner in all material respects as such changes affect the rights associated with the Shares generally. 

3.5         Market Stand-Off Agreement.
Holder hereby agrees that if the Company and managing underwriter so request and if and only so long as all officers, directors and holders of more than one percent (1%) of the Company’s outstanding capital stock (on an as-converted to common stock basis) are subject to the same agreements, during the period commencing on the effective date of the registration statement relating to the IPO and ending on the date specified by the
Company and the managing underwriter (such period not to exceed one hundred eighty (180) days) it will not, without the prior written consent of such managing underwriter, (i) lend, offer, pledge, sell, contract to sell, sell any option or
contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, or otherwise transfer or dispose of, directly or indirectly, any shares of common stock of the Company or any securities convertible into
or exercisable or exchangeable for common stock of the Company (whether such shares or any such securities are then owned by the Holder or are thereafter acquired), or (ii) enter into any swap or other arrangement that transfers to another, in
whole or in part, any of the economic consequences of ownership of the common stock, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of common stock or such other securities, in cash or otherwise.
The underwriters in connection with the IPO are intended third party beneficiaries of this Article 3.5 and shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto. In order to enforce the
foregoing covenant, the Company may impose stop-transfer instructions with respect to the registrable securities of the Holder until the end of such period. 

ARTICLE 4. REPRESENTATIONS, WARRANTIES OF HOLDER. Holder represents and warrants to the Company as follows: 

4.1         Purchase for Own Account. Except for permitted transfers to
Holder’s affiliates, this Warrant and the securities to be acquired upon exercise of this Warrant by Holder will be acquired for investment for Holder’s account, not as a nominee or agent, and not with a view to the public resale or
distribution within the meaning of the Act, and Holder has no present intention of selling, granting any participation in, or otherwise distributing the same. Holder also represents that Holder has not been formed for the specific purpose of
acquiring this Warrant or the Shares. 
 4.2         Disclosure of
Information. Holder has received or has had full access to all the information it considers necessary or appropriate to make an informed investment decision with respect to the acquisition of this Warrant and its underlying securities. Holder
further has had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the offering of this Warrant and its underlying securities and to obtain additional

  

					
	Phreesia Warrant	  	-8-	  	    

 
information (to the extent the Company possessed such information or could acquire it without unreasonable effort or expense) necessary to verify any information furnished to Holder or to which
Holder has access. 
 4.3         Investment Experience. Holder: (i) has
experience as an investor in securities and acknowledges that Holder is able to fend for itself, can bear the economic risk of Holder’s investment in this Warrant and its underlying securities and has such knowledge and experience in financial
or business matters that Holder is capable of evaluating the merits and risks of its investment in this Warrant and its underlying securities and/or (ii) has a preexisting personal or business relationship with the Company and certain of its
officers, directors or controlling persons of a nature and duration that enables Holder to be aware of the character, business acumen and financial circumstances of such persons. 

4.4         Accredited Investor Status. Holder is an “accredited
investor” within the meaning of Regulation D promulgated under the Act. 

4.5         The Act. The Holder understands that this Warrant and the Shares
issuable upon exercise or conversion hereof have not been registered under the “Act in reliance upon a specific exemption therefrom, which exemption depends upon, among other things, the bona fide nature of the Holder’s investment intent
as expressed herein. The Holder understands that this Warrant and the Shares issued upon any exercise, conversion or exchange hereof must be held indefinitely unless subsequently registered under the Act and qualified under applicable state
securities laws, or unless one or more exemptions from such registration and qualification are otherwise available. 

4.6         Compliance with Rule 144. At the written request of the Holder, any
time after the Company is subject to the reporting requirements of the Exchange Act, and to the extent that the Holder proposes to sell Preferred Stock issuable upon the exercise of this Warrant in compliance with Rule 144 promulgated by the
Securities and Exchange Commission (the “SEC”), the Company shall furnish to the Holder, within thirty (30) days after receipt of such request, a written statement as to whether the Company is then in compliance with the filing
requirements of the SEC as set forth in such Rule, as such Rule may be amended from time to time. 
 ARTICLE 5. MISCELLANEOUS 

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

5.2         Legends. This Warrant and the Shares (and the securities issuable,
directly or indirectly, upon conversion of the Shares, if any) shall be imprinted with a legend in substantially the following form, as well as any legends required by the Investor Agreements and the Company’s bylaws as in effect as of the date
hereof or otherwise: 
 THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED (THE “ACT”), OR APPLICABLE STATE SECURITIES LAWS, AND NO INTEREST MAY BE SOLD, DISTRIBUTED, ASSIGNED, OFFERED, 

  

					
	Phreesia Warrant	  	-9-	  	    

 PLEDGED OR OTHERWISE TRANSFERRED UNLESS (A) THERE IS AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS COVERING ANY SUCH TRANSACTION INVOLVING SAID SECURITIES, OR (B) THIS CORPORATION OTHERWISE SATISFIES ITSELF THAT SUCH TRANSACTION IS EXEMPT FROM REGISTRATION. 

5.3         Compliance with Securities Laws on Transfer. This Warrant and the
Shares (and the securities issuable, directly or indirectly, upon conversion of the Shares, if any) may not be transferred or assigned in whole or in part without compliance with applicable federal and state securities laws by the transferor and the
transferee. 
 5.4         Transfer Procedure. Subject to the provisions of
Section 5.2 and Section 5.3, Holder may transfer all or part of this Warrant or the Shares issued upon exercise of this Warrant (or the securities issuable, directly or indirectly, upon conversion
of the Shares, if any), by giving the Company notice of the portion of the Warrant or the Shares being transferred, setting forth the name, address and taxpayer identification number of the transferee, and surrendering this Warrant or the Shares (as
applicable) to the Company for reissuance to such transferee(s) (and Holder if applicable); provided, that any transfer of Shares must be made in compliance with any Investor Agreement to which Holder is a party. Notwithstanding any contrary
provision herein, at all times prior to the IPO, Holder may not, without the Company’s prior written consent, transfer this Warrant or any portion hereof, or any Shares issued upon any exercise hereof, to any person or entity who directly
competes with the Company, except in connection with an Acquisition of the Company by such a direct competitor; provided, that Holder may at any time transfer the Warrant/Shares together with a transfer of the Loan as permitted by the Loan
Agreement. 
 5.5         Notices. All notices required or permitted
hereunder shall be in writing and shall be deemed effectively given: (i) upon personal delivery to the party to be notified; (ii) when sent by confirmed electronic mail or facsimile if sent during normal business hours of the recipient, if
not, then on the next business day; (iii) five days after having been sent by registered or certified mail, return receipt requested, postage prepaid; or (iv) one day after deposit with a nationally recognized overnight courier, specifying
next day delivery, with written verification of receipt. All communications to a party shall be sent to the party’s address set forth on the signature page hereto or at such other address(es) as such party may designate by advance written
notice to the other party. 
 5.6         Waiver; Amendment. This Warrant and
any term hereof may be changed, waived, discharged or terminated only by an instrument in writing signed by the Company and Holder. 

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

5.8         Governing Law. This Warrant and all acts, transactions, disputes
and controversies arising hereunder or relating hereto, and all rights and obligations of Holder and 

  

					
	Phreesia Warrant	  	-10-	  	    

 
Company shall be governed by, and construed in accordance with the internal laws (and not the conflict of laws rules) of the State of New York. 

[Signatures on Next Page] 

  

					
	Phreesia Warrant	  	-11-	  	    

 The parties have executed this Warrant to Purchase Stock as of the Issue Date set forth above.

  

			
	Company:
	
	Phreesia, Inc., a Delaware corporation
		
	 By:
	 	 /s/ Thomas Altier

	 Name:
	 	 THOMAS ALTIER

	 Title:
	 	 CFO

	
	Address:
	432 Park Avenue South
	New York, New York 10016
	Attn: Thomas Altier
	Email: taltier@phreesia.com

  

			
	Holder:
	
	 ORIX Finance Equity Investors, LP,

a Delaware limited partnership

		
	 By:
	 	 ORIX Corporate Capital, Inc.
 its general
partner

		
	 By:
	 	 /s/ Mark Campbell

	 Name:
	 	 Mark Campbell

	 Title:
	 	 Authorized Representative

	
	Address:
	1717 Main Street, Suite 1100
	Dallas, TX 75201
	Attn: General Counsel
	Email: mark.campbell@orix.com robert.lenhardt@orix.com

 [SIGNATURE PAGE TO WARRANT TO
PURCHASE STOCK] 

 APPENDIX 1 

NOTICE OF EXERCISE 

1.        The undersigned hereby elects to purchase
                         shares of the Senior Preferred Stock of Phreesia, Inc., a Delaware corporation (the
“Shares”), pursuant to the terms of the attached Warrant to Purchase Stock, and tenders herewith payment of the purchase price of the Shares in full. 

1.         The undersigned hereby elects to convert the attached Warrant to Purchase
Stock (the “Warrant”) into                          shares of the Senior Preferred Stock of Phreesia,
Inc., a Delaware corporation (the “Shares”), pursuant to the terms of the Warrant (including Section 1.3 of the Warrant). 

[Strike paragraph that does not apply.] 

2.        Please issue a certificate or certificates representing the Shares in the
name of the undersigned or in such other name as is specified below: 
  

 
  

 
  

 

3.        The undersigned represents it is acquiring the Shares solely for its own
account and not as a nominee for any other party and not with a view toward the resale or distribution thereof except in compliance with applicable securities laws. 

 

			
	 [Entity Name]

	
	  

	 Name:
	 	
	 Title:
	 	
	
	  

	 Date
	 	

 Exhibit A 

Capitalization Table 
 [See
Attached.]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00297-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00297-of-00352.parquet"}]]