Document:

EX-10.6

 Exhibit 10.6 
 LOAN AND SECURITY AGREEMENT 
 This LOAN AND SECURITY AGREEMENT (this
“Agreement”) dated as of the Effective Date between SILICON VALLEY BANK, a California corporation with a loan production office located at 230 West Monroe Street, Chicago, Illinois 60606 (“Bank”), and
EXACTTARGET, INC, a Delaware corporation (“Borrower”), provides the terms on which Bank shall lend to Borrower and Borrower shall repay Bank. The parties agree as follows: 

1 ACCOUNTING AND OTHER TERMS 
 Accounting terms not defined in this Agreement shall be construed following GAAP. Calculations and determinations must be made following GAAP. Capitalized terms not otherwise defined in this Agreement
shall have the meanings set forth in Section 13. All other terms contained in this Agreement, unless otherwise indicated, shall have the meaning provided by the Code to the extent such terms are defined therein. 

2 LOAN AND TERMS OF PAYMENT 
 2.1 Promise to Pay. Borrower hereby unconditionally promises to pay Bank the outstanding principal amount of all Credit Extensions and accrued and unpaid interest thereon as and when due in
accordance with this Agreement. 
 2.1.1 Revolving Advances. 

(a) Availability. Subject to the terms and conditions of this Agreement, Bank shall make Advances not exceeding the
Availability Amount. Amounts borrowed under the Revolving Line may be repaid and, prior to the Revolving Line Maturity Date, reborrowed, subject to the applicable terms and conditions precedent herein. 

(b) Termination; Repayment. The Revolving Line terminates on the Revolving Line Maturity Date, when the principal
amount of all Advances, the unpaid interest thereon, and all other Obligations relating to the Revolving Line shall be immediately due and payable. 
 2.1.2 Letters of Credit Sublimit. 
 (a) As part of the
Revolving Line, Bank shall Issue or have issued Letters of Credit denominated in Dollars or a Foreign Currency for Borrower’s account. The aggregate Dollar Equivalent amount utilized for the issuance of Letters of Credit shall at all times
reduce the amount otherwise available for Advances under the Revolving Line. The aggregate Dollar Equivalent amount available to be used for the issuance of Letters of Credit may not exceed (i) the lesser of (A) the Revolving Line or
(B) the Borrowing Base, minus (ii) the sum of all outstanding principal amounts of any Advances (including any amounts used for Cash Management Services), minus (iii) the Dollar Equivalent of the face amount of any outstanding Letters
of Credit (including drawn but unreimbursed Letters of Credit and any Letter of Credit Reserve) and minus (iv) the FX Reduction Amount. 
 (b) If, on the Revolving Line Maturity Date (or the effective date of any termination of this Agreement), there are any outstanding Letters of Credit, then on such date Borrower shall provide to Bank cash
collateral in an amount equal to one hundred five percent (105.0%) of the face amount of all such Letters of Credit denominated in Dollars and one hundred ten percent (110.0%) of the Dollar Equivalent of the face amount of all such Letters
of Credit denominated in Foreign Currency plus all interest, fees, and costs due or to become due in connection therewith (as estimated by Bank in its good faith business judgment), to secure all of the Obligations relating to such Letters of
Credit. All Letters of Credit shall be in form and substance acceptable to Bank in its sole discretion and shall be subject to the terms and conditions of Bank’s standard Application and Letter of Credit Agreement (the “Letter of Credit
Application”). Borrower agrees to execute any further documentation in connection with the Letters of Credit as Bank may reasonably request. Borrower further agrees to be bound by the regulations and interpretations of the issuer of any
Letters of Credit guarantied by Bank and opened for Borrower’s account or by Bank’s interpretations of any Letter of Credit issued by Bank for Borrower’s account, and Borrower understands and agrees that Bank shall not be liable for
any error, negligence, or mistake, whether of omission or commission, in following Borrower’s instructions or those contained in the Letters of Credit or any modifications, amendments, or supplements thereto. 

 (c) The obligation of Borrower to immediately reimburse Bank for drawings
made under Letters of Credit shall be absolute, unconditional, and Irrevocable, and shall be performed strictly in accordance with the terms of this Agreement, such Letters of Credit, and the Letter of Credit Application. 

(d) Borrower may request that Bank issue a Letter of Credit payable in a Foreign Currency. If a demand for payment is made
under any such Letter of Credit, Bank shall treat such demand as an Advance to Borrower of the Dollar Equivalent of the amount thereof (plus fees and charges in connection therewith such as wire, cable, SWIFT or similar charges). 

(e) To guard against fluctuations in currency exchange rates, upon the issuance of any Letter of Credit payable in a
Foreign Currency, Bank shall create a reserve (the “Letter of Credit Reserve”) under the Revolving Line in an amount equal to ten percent (10.0%) of the face amount of such Letter of Credit. The amount of the Letter of Credit
Reserve may be adjusted by Bank from time to time to account for fluctuations in the exchange rate. The availability of funds under the Revolving Line shall be reduced by the amount of such Letter of Credit Reserve for as long as such Letter of
Credit remains outstanding. 
 2.1.3 Foreign Exchange Sublimit. As part of the Revolving Line, Borrower may enter into
foreign exchange contracts with Bank under which Borrower commits to purchase from or sell to Bank a specific amount of Foreign Currency (each, a “FX Forward Contract”) on a specified date (the “Settlement Date”).
FX Forward Contracts shall have a Settlement Date of at least one (1) FX Business Day after the contract date and shall be subject to a reserve of ten percent (10%) of each outstanding FX Forward Contract. The aggregate amount of FX
Forward Contracts at any one time may not exceed ten (10) times (a) the lesser of the (i) Revolving Line or (ii) the Borrowing Base, minus (b) the sum of all outstanding principal amounts of any Advances (including any
amounts used for Cash Management Services), and minus (c) the Dollar Equivalent of the face amount of any outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit and any Letter of Credit Reserve). The amount otherwise
available for Credit Extensions under the Revolving Line shall be reduced by an amount equal to ten percent (10%) of each outstanding FX Forward Contract (the “FX Reduction Amount”). Any amounts needed to fully reimburse Bank
for any amounts not paid by Borrower in connection with FX Forward Contracts will be treated as Advances under the Revolving Line and will accrue interest at the interest rate applicable to Advances. 

2.1.4 Cash Management Services Sublimit. Borrower may use the Revolving Line for Bank’s cash management services, which may
include merchant services, direct deposit of payroll, business credit card, and check cashing services identified in Bank’s various cash management services agreements (collectively, the “Cash Management Services”), in an
aggregate amount not to exceed (a) the lesser of (i) the Revolving Line or (ii) the Borrowing Base, minus (b) the sum of all outstanding principal amounts of any Advances, minus (c) the Dollar Equivalent of the face amount
of any outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit and any Letter of Credit Reserve), and minus (d) the FX Reduction Amount. Any amounts Bank pays on behalf of Borrower for any Cash Management Services will
be treated as Advances under the Revolving Line and will accrue interest at the interest rate applicable to Advances. 

2.1.5 Term Loan. 
 (a) Availability. Subject to the terms and conditions of this Agreement, during the Draw Period, Bank shall make advances (each a “Term Loan Advance” and, collectively,
“Term Loan Advances”) in an aggregate amount not exceeding the Term Loan. In addition, each Term Loan Advance must be in an amount greater than or equal to the lesser of (i) One Million Dollars ($1,000,000,00) and (ii) the
undrawn available amount of the Term Loan, but in no event shall Bank make or Borrower request more than two (2) Term Loan Advances. After repayment, no Term Loan Advance may be reborrowed. 

(b) Interest. Unless otherwise provided herein, the outstanding principal amount of the Term Loan Advances shall
accrue interest at the rate set forth in Section 2.3(a), which interest shall be payable monthly in arrears on each Payment Date, unless otherwise set forth herein. 

(c) Repayment. Commencing on the Term Loan Amortization Date and continuing on each Payment Date thereafter,
Borrower shall repay each Term Loan Advance in (i) thirty-six (36) consecutive equal monthly installments of principal, plus (ii) monthly payments of accrued interest at the rate set forth in Section

  
 -2-

 
2.3(a). In addition to the foregoing principal payments, and not as substitution for same, Borrower shall repay the outstanding principal amount of the Term Loan Advances in an amount equal to
one hundred percent (100%) of any Proceeds received on or after the Effective Date on the earlier to occur of (i) an Event of Default, and (ii) the later to occur of: (A) the date of Borrower’s receipt of such Proceeds, and
(B) the Term Loan Amortization Date, which payments shall be applied to the outstanding Term Loan Advances in inverse order of maturity. In addition, all outstanding principal and accrued and unpaid interest on the Term Loan Advances and any
other Obligations with respect to the Term Loan Advances shall be due and payable on the Term Loan Maturity Date. 
 2.2
Overadvances. If, at any time, the sum of (a) the outstanding principal amount of any Advances (including any amounts used for Cash Management Services), plus (b) the face amount of any outstanding Letters of Credit (including drawn
but unreimbursed Letters of Credit and any Letter of Credit Reserve), plus (c) the FX Reduction Amount exceeds the lesser of either (x) the Revolving Line or (y) the Borrowing Base, Borrower shall immediately pay to Bank in cash such
excess provided, however, that if any such excess results solely from Bank exercising its right to decrease the percentages of the Borrowing Base, or the criteria for Eligible Accounts, Borrower shall have three (3) Business Days to repay such
excess, unless an Event of Default exists. 
 2.3 Payment of Interest on the Credit Extensions. 

(a) Interest Rate. Subject to Section 2.3(b), the principal amount outstanding under the Revolving Line and
the principal amount outstanding for the Term Loan Advances shall each accrue interest at a floating per annum rate equal to one percentage point (1.0%) above the Prime Rate, which interest shall be payable monthly in accordance with
Section 2.3(f) below. 
 (b) Default Rate. Immediately upon the occurrence and during the continuance
of an Event of Default, Obligations shall bear interest at a rate per annum which is three percentage points (3.0%) above the rate that is otherwise applicable thereto (the “Default Rate”) unless Bank otherwise elects from time
to time in its sole discretion to impose a smaller increase. Fees and expenses which are required to be paid by Borrower pursuant to the Loan Documents (including, without limitation, Bank Expenses) but are not paid when due shall bear interest
until paid at a rate equal to the highest rate then applicable to the Obligations. Payment or acceptance of the increased interest rate provided in this Section 2.3(b) is not a permitted alternative to timely payment and shall not constitute a
waiver of any Event of Default or otherwise prejudice or limit any rights or remedies of Bank. 
 (c)
Adjustment to Interest Rate. Changes to the interest rate of any Credit Extension based on changes to the Prime Rate shall be effective on the effective date of any change to the Prime Rate and to the extent of any such change. 

(d) Computation; 360-Day Year. In computing interest, the date of the making of any Credit Extension shall be
included and the date of payment shall be excluded; provided, however, that if any Credit Extension is repaid on the same day on which it is made, such day shall be included in computing interest on such Credit Extension, Interest shall be
computed on the basis of a 360-day year for the actual number of days elapsed. 
 (e) Debit of Accounts.
Bank may debit any of Borrower’s deposit accounts, including the Designated Deposit Account, for principal and interest payments or any other amounts Borrower owes Bank when due. These debits shall not constitute a set-off. 

(f) Interest Payment Date. Unless otherwise provided, interest is payable monthly on each Payment Date. 

2.4 Fees. Borrower shall pay to Bank: 
 (a) Commitment Fee. A fully earned, non-refundable commitment fee of Fifty Thousand Dollars ($50,000,00), on the Effective Date; 

(b) Letter of Credit Fee. Bank’s customary fees and expenses for the issuance or renewal of Letters of Credit,
including, without limitation, a letter of credit fee of two percent (2.0%) per annum of the Dollar Equivalent of the face amount of each Letter of Credit issued, upon the issuance of such Letter of Credit, each anniversary of the issuance
during the term of such Letter of Credit, and upon the renewal of such Letter of Credit by Bank; 

  
 -3-

 (c) Unused Revolving Line Facility Fee. A fee (the “Unused
Revolving Line Facility Fee”), payable monthly, in arrears, on a calendar year basis, in an amount equal to 0.375% per annum of the average unused portion of the Revolving Line, as determined in good faith by Bank. The unused portion of the
Revolving Line, for purposes of this calculation, shall equal (i) the Revolving Line amount less (ii) the average for the period of the daily closing balance of the Revolving Line outstanding plus the sum of the aggregate amount of
outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit and any Letter of Credit Reserve). Borrower shall not be entitled to any credit, rebate or repayment of any Unused Revolving Line Facility Fee previously earned by
Bank pursuant to this Section 2.4(c) notwithstanding any termination of the Agreement or the suspension or termination of Bank’s obligation to make loans and advances hereunder; and 

(d) Bank Expenses. All Bank Expenses incurred through and after the Effective Date, when due. 

2.5 Payments. All payments (including prepayments) to be made by Borrower under any Loan Document shall be made in immediately
available funds in Dollars, without setoff or counterclaim, before 12:00 p.m. Eastern time on the date when due. Payments of principal and/or interest received after 2:00 p.m. Eastern time are considered received at the opening of business on the
next Business Day. When a payment is due on a day that is not a Business Day, the payment shall be due the next Business Day, and additional fees or interest, as applicable, shall continue to accrue until paid. 

3 CONDITIONS OF LOANS 
 3.1 Conditions Precedent to Initial Credit Extension. Bank’s obligation to make the initial Credit Extension is subject to the condition precedent that Bank shall have received, in form and
substance satisfactory to Bank, such documents, and completion of such other matters, as Bank may reasonably deem necessary or appropriate, including, without limitation: 

(a) duly executed original signatures to the Loan Documents; 

(b) duly executed original signatures to the Control Agreement[s]; 

(c) Borrower’s Operating Documents and a good standing certificate of Borrower certified by the Secretary of State of
the State of Delaware as of a date no earlier than thirty (30) days prior to the Effective Date; 
 (d)
Secretary’s Certificate with completed Borrowing Resolutions for Borrower; 
 (e) certified copies, dated as
of a recent date, of financing statement searches, as Bank shall request, accompanied by written evidence (including any UCC termination statements) that the Liens indicated in any such financing statements either constitute Permitted Liens or have
been or, in connection with the initial Credit Extension, will be terminated or released; 
 (f) a landlord
consent or bailee’s waiver (as applicable) in favor of Bank for Borrower’s leased locations at E. Sahara Avenue, Las Vegas, NV, West Henry Street, Indianapolis, IN, and North Meridian Street, Indianapolis, IN by the respective landlord or
bailee (as applicable) thereof, together with the duly executed original signatures thereto; 
 (g) a legal
opinion of Borrower’s counsel dated as of the Effective Date together with the duly executed original signature thereto; 
 (h) evidence reasonably satisfactory to Bank that the insurance policies required by Section 6.5 hereof are in full force and effect, together with appropriate evidence showing lender loss payable
and/or additional insured clauses or endorsements in favor of Bank; and 
 (i) payment of the fees and Bank
Expenses then due as specified in Section 2.4 hereof. 

  
 -4-

 3.2 Conditions Precedent to all Credit Extensions. Bank’s obligations to make
each Credit Extension, including the initial Credit Extension, is subject to the following conditions precedent: 

(a) except as otherwise provided in Section 3.4, timely receipt of an executed Payment/Advance Form; 

(b) the representations and warranties in this Agreement shall be true, accurate, and complete in all material respects on
the date of the Payment/Advance Form and on the Funding Date of each Credit Extension; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by
materiality in the text thereof; and provided, further that those representations and warranties expressly referring to a specific date shall be true, accurate and complete in all material respects as of such date, and no Event of Default shall have
occurred and be continuing or result from the Credit Extension. Each Credit Extension is Borrower’s representation and warranty on that date that the representations and warranties in this Agreement remain true, accurate, and complete in all
material respects; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof; and provided, further that those
representations and warranties expressly referring to a specific date shall be true, accurate and complete in all material respects as of such date; and 
 (c) in Bank’s reasonable discretion, there has not been a Material Adverse Change or any material adverse deviation by Borrower from the most recent business plan of Borrower presented to and
accepted by Bank. 
 3.3 Covenant to Deliver. Borrower agrees to deliver to Bank each item required to be delivered to
Bank under this Agreement as a condition precedent to any Credit Extension. Borrower expressly agrees that a Credit Extension made prior to the receipt by Bank of any such item shall not constitute a waiver by Bank of Borrower’s obligation to
deliver such item, and the making of any Credit Extension in the absence of a required item shall be in Bank’s sole discretion. 
 3.4 Procedures for Borrowing. Subject to the prior satisfaction of all other applicable conditions to the making of an Advance or a Term Loan Advance set forth in this Agreement, to obtain an
Advance or a Term Loan Advance (other than Advances under Sections 2.1.2 or 2.1.4), Borrower shall notify Bank (which notice shall be irrevocable) by electronic mail, facsimile, or telephone by 12:00 p.m. Eastern time on the Funding Date of the
Advance or the Term Loan Advance. Together with any sueh electronic or facsimile notification, Borrower shall deliver to Bank by electronic mail or facsimile a completed Payment/Advance Form executed by a Responsible Officer or his or her designee.
Bank may rely on any telephone notice given by a person whom Bank reasonably believes is a Responsible Officer or designee. Bank shall credit Advances and Term Loan Advances to the Designated Deposit Account. Bank may make Advances under this
Agreement based on instructions from a Responsible Officer or his or her designee or without instructions if the Advances are necessary to meet Obligations which have become due. 

3.5 Post-Closing Conditions. Within thirty (30) days after the Effective Date, Bank shall have received, in form and
substance satisfactory to Bank, duly executed original signatures to a Control Agreement with respect to Borrower’s deposit account at PNC Bank. 
 4 CREATION OF SECURITY INTEREST 
 4.1 Grant of Security
Interest. Borrower hereby grants Bank, to secure the payment and performance in full of all of the Obligations, a continuing security interest in, and pledges to Bank, the Collateral, wherever located, whether now owned or hereafter acquired or
arising, and all proceeds and products thereof. 
 4.2 Priority of Security Interest. Borrower represents, warrants, and
covenants that the security interest granted herein is and shall at all times continue to be a first priority perfected security interest in the Collateral (subject only to Permitted Liens that are permitted to have superior priority to Bank’s
Lien under this Agreement). If Borrower shall acquire a commercial tort claim, Borrower shall promptly notify Bank in a writing signed by Borrower of the general details thereof and grant to Bank in such writing a security interest therein and in
the proceeds thereof, all upon the terms of this Agreement, with such writing to be in form and substance reasonably satisfactory to Bank. 
 If this Agreement is terminated, Bank’s Lien in the Collateral shall continue until the Obligations (other than inchoate indemnity obligations) are repaid in full in cash. Upon payment in full in
cash of the Obligations and at such time as Bank’s obligation to make Credit Extensions has terminated, Bank shall, at Borrower’s sole cost and expense, release its Liens in the Collateral and all rights therein shall revert to Borrower.

  
 -5-

 4.3 Authorization to File Financing Statements. Borrower hereby authorizes Bank to
file financing statements, without notice to Borrower, with all appropriate jurisdictions to perfect or protect Bank’s interest or rights hereunder, including a notice that any disposition of the Collateral, by either Borrower or any other
Person, shall be deemed to violate the rights of Bank under the Code. Such financing statements may indicate the Collateral as “all assets of the Debtor” or words of similar effect, or as being of an equal or lesser scope, or with greater
detail, all in Bank’s reasonable discretion. 
 5 REPRESENTATIONS AND WARRANTIES 

Borrower represents and warrants as follows: 
 5.1 Due Organization, Authorization; Power and Authority. Borrower and each of its Subsidiaries are duly existing and in good standing as Registered Organizations in their respective jurisdictions
of formation and are qualified and licensed to do business and are in good standing in any jurisdiction in which the conduct of their businesses or their ownership of property requires that they be qualified except where the failure to do so could
not reasonably be expected to have a material adverse effect on Borrower’s business. In connection with this Agreement. Borrower has delivered to Bank a completed Perfection Certificate signed by Borrower (the “Perfection
Certificate”). Borrower represents and warrants to Bank that (a) Borrower’s exact legal name is that indicated on the Perfection Certificate and on the signature page hereof; (b) Borrower is an organization of the type and is
organized in the jurisdiction set forth in the Perfection Certificate; (c) the Perfection Certificate accurately sets forth Borrower’s organizational identification number or accurately states that Borrower has none; (d) the
Perfection Certificate accurately sets forth Borrower’s place of business, or, if more than one, its chief executive office as well as Borrower’s mailing address (if different than its chief executive office); (e) Borrower (and each
of its predecessors) has not, in the past five (5) years, changed its jurisdiction of formation, organizational structure or type, or any organizational number assigned by its jurisdiction; and (f) all other information set forth on the
Perfection Certificate pertaining to Borrower and each of its Subsidiaries is accurate and complete in all material respects (it being understood and agreed that Borrower may from time to time update certain information in the Perfection Certificate
after the Effective Date to the extent permitted by one or more specific provisions in this Agreement). If Borrower is not now a Registered Organization but later becomes one, Borrower shall promptly notify Bank of such occurrence and provide Bank
with Borrower’s organizational identification number. 
 The execution, delivery and performance by Borrower of the Loan
Documents to which it is a party have been duly authorized, and do not (i) conflict with any of Borrower’s organizational documents, (ii) contravene, conflict with, constitute a default under or violate any material Requirement of
Law, (iii) contravene, conflict or violate any applicable order, writ, judgment, injunction, decree, determination or award of any Governmental Authority by which Borrower or any of its Subsidiaries or any of their property or assets may be
bound or affected, (iv) require any action by, filing, registration, or qualification with, or Governmental Approval from, any Governmental Authority (except such Governmental Approvals which have already been obtained and are in full force and
effect, or (v) constitute an event of default under any material agreement by which Borrower is bound Borrower is not in default under any agreement to which it is a party or by which it is bound in which the default could reasonably be
expected to have a material adverse effect on Borrower’s business. 
 5.2 Collateral. Borrower has good title to,
has rights in, and the power to transfer each item of the Collateral upon which it purports to grant a Lien hereunder, free and clear of any and all Liens except Permitted Liens, Borrower has no deposit accounts other than the deposit accounts with
Bank, the deposit accounts, if any, described in the Perfection Certificate delivered to Bank in connection herewith, or of which Borrower has given Bank notice and taken such actions as are necessary to give Bank a perfected security interest
therein. The Accounts are bona fide, existing obligations of the Account Debtors. The Collateral is not in the possession of any third party bailee (such as a warehouse) except as otherwise provided in the Perfection Certificate. None of the
components of the Collateral shall be maintained at locations other than as provided in the Perfection Certificate or as permitted pursuant to Section 7.2. All Inventory is in all material respects of good and marketable quality, free from
material defects. 
 Borrower is the sole owner of the Intellectual Property which it owns or purports to own except for
(a) non-exclusive licenses granted to its customers in the ordinary course of business, (b) over-the-counter software that is commercially available to the public, and (c) material Intellectual Property licensed to Borrower and noted
on the Perfection Certificate, Each Patent which it owns or purports to own and which is material to Borrower’s business is valid and enforceable, and no part of the Intellectual Property which Borrower owns or purports to own and which is
material to Borrower’s business has been judged invalid or unenforceable, in whole or in part. To Borrower’s 

  
 -6-

 
knowledge, no claim has been made, that any part of the Intellectual Property violates the rights of any third party except to the extent such claim would not reasonably be expected to have a
material adverse effect on Borrower’s business. Except as noted on the Perfection Certificate, Borrower is not a party to, nor is it bound by, any Restricted License. 
 5.3 Accounts Receivable. For any Eligible Account in any Borrowing Base Certificate, all statements made and all unpaid balances appearing in all invoices, instruments and other documents
evidencing such Eligible Accounts are and shall be true and correct and all such invoices, instruments and other documents, and all of Borrower’s Books are genuine and in all respects what they purport to be. Whether or not an Event of Default
has occurred and is continuing, Bank may notify any Account Debtor owing Borrower money of Bank’s security interest in such funds and verify the amount of such Eligible Account. All sales and other transactions underlying or giving rise to each
Eligible Account shall comply in all material respects with all applicable laws and governmental rules and regulations. Borrower has no knowledge of any actual or imminent Insolvency Proceeding of any Account Debtor whose accounts are Eligible
Accounts in any Borrowing Base Certificate. To Borrower’s knowledge, all signatures and endorsements on all documents, instruments, and agreements relating to all Eligible Accounts are genuine, and all such documents, instruments and agreements
are legally enforceable in accordance with their terms. 
 5.4 Litigation. There are no actions or proceedings pending
or, to the knowledge of the Responsible Officers, threatened in writing against Borrower or any of its Subsidiaries involving more than, individually or in the aggregate, Two Hundred Fifty Thousand Dollars ($250,000.00). 

5.5 Financial Statements; Financial Condition. All consolidated financial statements for Borrower and any of its
Subsidiaries delivered to Bank fairly present in all material respects Borrower’s consolidated financial condition and Borrower’s consolidated results of operations. There has not been any material deterioration in Borrower’s
consolidated financial condition since the date of the most recent financial statements submitted to Bank. 
 5.6
Solvency. The fair salable value of Borrower’s assets (including goodwill minus disposition costs) exceeds the fair value of its liabilities; Borrower is not left with unreasonably small capital after the transactions in this Agreement; and
Borrower is able to pay its debts (including trade debts) as they mature. 
 5.7 Regulatory Compliance. Borrower is not
an “investment company” or a company “controlled” by an “investment company” under the Investment Company Act of 1940, as amended. Borrower is not engaged as one of its important activities in extending credit for
margin stock (under Regulations X, T and U of the Federal Reserve Board of Governors). Borrower has complied in all material respects with the Federal Fair Labor Standards Act. Neither Borrower nor any of its Subsidiaries is a “holding
company” or an. “affiliate” of a “holding company” or a “subsidiary company” of a “holding company” as each term is defined and used in the Public Utility Holding Company Act of 2005. Borrower has not
violated any laws, ordinances or rules, the- violation of which could reasonably be expected to have a material adverse effect on its business. None of Borrower’s or any of its Subsidiaries’ properties or assets has been used by Borrower
or any Subsidiary or, to Borrower’s knowledge, by previous Persons, in disposing, producing, storing, treating, or transporting any hazardous substance other than legally, Borrower and each of its Subsidiaries 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 to continue their respective businesses as currently conducted. 

5.8 Subsidiaries; Investments. Borrower does not own any stock, partnership interest or other equity securities except for
Permitted Investments. 
 5.9 Tax Returns and Payments; Pension Contributions. Borrower has timely filed all required tax
returns and reports, and Borrower has timely paid all foreign, federal, state and local taxes, assessments, deposits and contributions owed by Borrower, except those being contested in good faith with adequate reserves under GAAP, Borrower may defer
payment of any contested taxes, provided that Borrower (a) in good faith contests its obligation to pay the taxes by appropriate proceedings promptly and diligently instituted and conducted, (b) notifies Bank in writing of the commencement
of, and any material development in, the proceedings, (c) posts bonds or takes any other steps required to prevent the governmental authority levying such contested taxes from obtaining a Lien upon any of the Collateral that is other than a
Permitted Lien. To Borrower’s knowledge, there are no claims or adjustments proposed for any of Borrower’s prior tax years which could reasonably be expected to result in additional taxes becoming due and payable by Borrower. Borrower has
paid all amounts necessary to fund all present pension, profit sharing and deferred compensation plans in accordance with their terms, and Borrower has 

  
 -7-

 
not withdrawn from participation in, and has not permitted partial or complete termination of, or permitted the occurrence of any other event with respect to, any such plan which could reasonably
be expected to result in any liability of Borrower, including any liability to the Pension Benefit Guaranty Corporation or its successors or any other governmental agency. 
 5.10 Use of Proceeds. Borrower shall use the proceeds of the Credit Extensions as working capital and to fund its general business requirements and not for personal, family, household or
agricultural purposes. 
 5.11 Full Disclosure. No written representation, warranty or other statement of Borrower in any
certificate or written statement given to Bank, as of the date such representation, warranty, or other statement was made, taken together with all such written certificates and written statements given to Bank, contains any untrue statement of a
material fact or omits to state a material fact necessary to make the statements contained in the 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 viewed as facts and that actual results during the period or periods covered by such projections and forecasts may differ in any material respect from the projected or forecasted results). 

5.12 Definition of “Knowledge.” For purposes of the Loan Documents, whenever a representation or warranty is made to
Borrower’s knowledge or awareness, or with a similar qualification, knowledge or awareness means the actual knowledge, after reasonable investigation, of the Responsible Officers. 

6 AFFIRMATIVE COVENANTS 
 Borrower shall do all of the following: 
 6.1 Government Compliance.
Maintain its and all its Subsidiaries’ legal existence and good standing in their respective jurisdictions of formation and maintain qualification in each jurisdiction in which the failure to so qualify would reasonably be expected to have a
material adverse effect on Borrower’s business or operations. Borrower shall comply, and have each Subsidiary comply, with all laws, ordinances and regulations to which it is subject, noncompliance with which could reasonably be expected to
have a material adverse effect on Borrower’s business. 
 6.2 Financial Statements, Reports, Certificates, Deliver
to Bank: 
 (a) Borrowing Base Reports. Within thirty (30) days after the last day of each
month, aged listings of accounts receivable and accounts payable (by invoice date) (the “Borrowing Base Reports”); 
 (b) Borrowing Base Certificate. Within thirty (30) days after the last day of each month and together with the Borrowing Base Reports, a duly completed Borrowing Base Certificate signed by a
Responsible Officer; 
 (c) Monthly Financial Statements. As soon as available, but no later than thirty
(30) days after the last day of each month, a company prepared consolidated balance sheet and income statement covering Borrower’s consolidated operations for such month certified by a Responsible Officer and in a form acceptable to Bank
(the “Monthly Financial Statements”); 
 (d) Monthly Compliance
Certificate. Within thirty (30) days after the last day of each month and together with the Monthly Financial Statements, a duly completed Compliance Certificate signed by a Responsible Officer, certifying that as of the end of such month,
Borrower was in full compliance with all of the terms and conditions of this Agreement, and setting forth calculations showing compliance with the financial covenants set forth in this Agreement and such other information as Bank shall reasonably
request; 
 (e) Annual Audited Financial Statements. As soon as available, but no later than one hundred
twenty (120) days after the last day of Borrower’s fiscal year, audited consolidated financial statements prepared under GAAP, consistently applied, together with an unqualified opinion on the financial statements from an independent
certified public accounting firm acceptable to Bank in its reasonable discretion; 

  
 -8-

 (f) Board Projections. As soon as available, but no later than
forty-five (45) days after the last day of each fiscal year of Borrower, Borrower’s Board of Directors’ approved projections on a monthly or quarterly basis for the subsequent fiscal year; 

(g) Other Statements. Within five (5) days of delivery, copies of all statements, reports and notices made
available to Borrower’s security holders or to any holders of Subordinated Debt; 
 (h) SEC Filings.
In the event that Borrower becomes subject to the reporting requirements under the Exchange Act within five (5) days of filing, copies of all periodic and other reports, proxy statements and other materials filed by Borrower with the SEC, any
Governmental Authority succeeding to any or all of the functions of the SEC or with any national securities exchange, or distributed to its shareholders, as the case may be, Documents required to be delivered pursuant to the terms hereof (to the
extent any such documents are included in materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date on which Borrower posts such documents, or provides a link
thereto, on Borrower’s website on the Internet at Borrower’s website address; 
 (i) Legal Action
Notice. A prompt report of any legal actions pending or threatened in writing against Borrower or any of its Subsidiaries that could reasonably be expected to result in damages or costs to Borrower or any of its Subsidiaries of, individually or
in the aggregate, Two Hundred Fifty Thousand Dollars ($250,000.00) or more; 
 (j) Intellectual Property
Notice. Prompt written notice of (i) any material change in the composition of the Intellectual Property, (ii) the registration of any copyright, including any subsequent ownership right of Borrower in or to any copyright, patent or
trademark not shown in the IP Security Agreement, and (iii) Borrower’s knowledge of an event that could reasonably be expected to materially and adversely affect the value of the Intellectual Property; 

(k) Bank Statements. Within (5) Business Days after the last day of each month, copies of all monthly bank
statements; and 
 (l) Other Financial Information. Budgets, sales projections, operating plans,
capitalization tables, asset schedules, and other financial information reasonably requested by Bank. 
 6.3 [Reserved].

 6.4 Taxes; Pensions. Timely file, and require each of its Subsidiaries to timely file, all required tax returns
and reports and timely pay, and require each of its Subsidiaries to timely pay, all foreign, federal, state and local taxes, assessments, deposits and contributions owed by Borrower and each of its Subsidiaries, except for deferred payment of any
taxes contested pursuant to the terms of Section 5.9 hereof, and shall deliver to Bank, on demand, appropriate certificates attesting to such payments, and pay all amounts necessary to fund all present pension, profit sharing and deferred
compensation plans in accordance with their terms. 
 6.5 Insurance. Keep its business and the Collateral insured for
risks and in amounts standard for companies in Borrower’s industry and location and as Bank may reasonably request. Insurance policies shall be in a form, with companies, and in amounts that are satisfactory to Bank in its reasonable
discretion. All property policies shall have a lender’s loss payable endorsement showing Bank as the loss payee and waive subrogation against Bank and shall provide that the insurer must give Bank at least twenty (20) days notice before
canceling, amending, or declining to renew its policy. All liability policies shall show, or have endorsements showing, Bank as an additional insured, and all such policies (or the loss payable and additional insured endorsements) shall provide that
the insurer shall give Bank at least twenty (20) days notice before canceling, amending, or declining to renew its policy. At Bank’s request, Borrower shall deliver certified copies of policies and evidence of all premium payments.
Proceeds payable under any policy shall, at Bank’s option, be payable to Bank on account of the Obligations. If Borrower fails to obtain insurance as required under this Section 6.5 or to pay any amount or furnish any required proof of
payment to third persons and Bank, Bank may make all or part of such payment or obtain such insurance policies required in this Section 6.5, and take any action under the policies Bank reasonably deems prudent. 

  
 -9-

 6.6 Operating Accounts. 

(a) Maintain its, its Subsidiaries’, and its parent’s primary operating and other deposit accounts with Bank and
Bank’s Affiliates. In addition, Borrower, its Subsidiaries and its parent shall maintain at least fifty percent (50.0%) of the cash and securities in excess of that amount used for the current operations of Borrower, its Subsidiaries, and
its parent with Bank and Bank’s Affiliates. Notwithstanding the foregoing, Borrower shall be permitted to maintain its existing deposit account with (i) Royal Bank of Scotland provided that the aggregate maximum balance of such account
does not exceed Seven Hundred Fifty Thousand Dollars ($750,000), and (ii) Westpac Bank provided that the aggregate maximum balance of such account does not exceed Seven Hundred Fifty Thousand Dollars ($750,000) (the “Permitted
Accounts”). 
 (b) Provide Bank five (5) days prior written notice before establishing any
Collateral Account at or with any bank or financial institution other than Bank or Bank’s Affiliates. For each Collateral Account that Borrower at any time maintains (with the exception of the Permitted Accounts), Borrower shall cause the
applicable bank or financial institution (other than Bank) at or with which any Collateral Account is maintained to execute and deliver a Control Agreement or other appropriate instrument with respect to such Collateral Account to perfect
Bank’s Lien in such Collateral Account in accordance with the terms hereunder which Control Agreement may not be terminated without the prior written consent of Bank. The provisions of the previous sentence shall not apply to deposit accounts
exclusively used for payroll, payroll taxes and other employee wage and benefit payments to or for the benefit of Borrower’s employees and identified to Bank by Borrower as such. 

6.7 Financial Covenants. Maintain at all times, to be tested as of the last day of each fiscal quarter, unless otherwise
noted, on a consolidated basis with respect to Borrower and its Subsidiaries: 
 (a) Recurring Revenue.
Maintain Recurring Revenue for Borrower’s fiscal quarter ending December 31, 2010 of at least $28,500,000,00. In addition, commencing with Borrower’s fiscal quarter ending on March 31, 2011, and for each fiscal quarter
thereafter, Borrower shall maintain at all times, to be tested as of the last day of each fiscal quarter, minimum Recurring Revenue of greater than or equal to the greater of: (i) ninety (90%) of the Recurring Revenue projected for each
fiscal quarter pursuant to Borrower’s Board of Directors’ approved projections, which projections shall be acceptable to Bank in its reasonable discretion, and (ii) the minimum Recurring Revenue required for the previous fiscal
quarter. 
 (b) Unfinanced Capital Expenditures. Borrower’s unfinanced capital expenditures shall not
exceed Ten Million Dollars ($10,000,000) in the aggregate for Borrower’s fiscal year ending December 31, 2010. In addition, commencing with Borrower’s fiscal year beginning January 1, 2011, and for each fiscal year thereafter,
Borrower’s unfinanced capital expenditures shall not exceed one hundred twenty percent (120%) of the unfinanced capital expenditures projected for each such fiscal year pursuant to Borrower’s Board of Directors’ approved
projections, which projections shall be acceptable to Bank in its reasonable discretion. 
 (c) Adjusted
EBITDA. Adjusted EBITDA for Borrower’s fiscal quarter ending December 31, 2010 of at least ($750,000,00). In addition, commencing with Borrower’s fiscal quarter ending on March 31, 2011, and for each fiscal quarter
thereafter, Borrower shall maintain at all times, to be tested as of the last day of each fiscal quarter, Adjusted EBITDA of greater than or equal to eighty (80%) of the Adjusted EBITDA projected for each fiscal quarter pursuant to
Borrower’s Board of Directors’ approved projections, which projections shall be acceptable to Bank in its reasonable discretion. 
 6.8 Protection and Registration of Intellectual Property Rights. 
 (a) (i) Protect, defend and maintain the validity and enforceability of its Intellectual Property; (ii) promptly advise Bank in writing of material infringements of its Intellectual Property; and
(iii) not allow any Intellectual Property material to Borrower’s business to be abandoned, forfeited or dedicated to the public without Bank’s written consent. 

(b) If Borrower (i) obtains any Patent, registered Trademark, registered Copyright, registered mask work, or any
pending application for any of the foregoing, whether as owner, licensee or otherwise, or (ii) applies for any Patent or the registration of any Trademark, then Borrower shall immediately provide written notice thereof to Bank and shall execute
such intellectual property security agreements and other documents and take such other actions as Bank shall request in its good faith business judgment to perfect and maintain a first priority perfected security interest in favor of Bank in such
property. If Borrower decides to register any Copyrights or mask works in the United States Copyright Office, Borrower shall: (x) provide Bank with at least fifteen (15) days prior written notice of Borrower’s intent to register such
Copyrights or mask works together with a copy of the 

  
 -10-

 
application it intends to file with the United States Copyright Office (excluding exhibits thereto); (y) execute an intellectual property security agreement and such other documents and take
such other actions as Bank may request in its good faith business judgment to perfect and maintain a first priority perfected security interest in favor of Bank in the Copyrights or mask works intended to be registered with the United States
Copyright Office; and (z) record such intellectual property security agreement with the United States Copyright Office contemporaneously with filing the Copyright or mask work application(s) with the United States Copyright Office. Borrower
shall promptly provide to Bank copies of all applications that it files for Patents or for the registration of Trademarks, Copyrights or mask works, together with evidence of the recording of the intellectual property security agreement necessary
for Bank to perfect and maintain a first priority perfected security interest in such property. 
 (c) Provide
written notice to Bank within ten (10) days of entering or becoming bound by any Restricted License (other than over-the-counter software that is commercially available to the public). Borrower shall take such steps as Bank reasonably requests
to obtain the consent of, or waiver by, any person whose consent or waiver is necessary for (i) any Restricted License to be deemed “Collateral” and for Bank to have a security interest in it that might otherwise be restricted or
prohibited by law or by the terms of any such Restricted License, whether now existing or entered into in the future, and (ii) Bank to have the ability in the event of a liquidation of any Collateral to dispose of such Collateral in accordance
with Bank’s rights and remedies under this Agreement and the other Loan Documents. 
 6.9 Litigation Cooperation.
From the date hereof and continuing through the termination of this Agreement, make available to Bank, without expense to Bank, Borrower and its officers, employees and agents and Borrower’s books and records, to the extent that Bank may deem
them reasonably necessary to prosecute or defend any third-party suit or proceeding instituted by or against Bank with respect to any Collateral or relating to Borrower. The foregoing access shall be at reasonable times and upon reasonably notice
provided no Event of Default has occurred and is continuing. 
 6.10 Access to Collateral; Books and Records. Allow Bank,
or its agents, at reasonable times, on one (1) Business Day’s notice (provided no notice is required if an Event of Default has occurred and is continuing), to inspect the Collateral and audit and copy Borrower’s Books. The foregoing
inspections and audits shall be at Borrower’s expense, and the charge therefor shall be Eight Hundred Fifty Dollars ($850) per person per day (or such higher amount as shall represent Bank’s then-current standard charge for the same), plus
reasonable out-of-pocket expenses. In the event Borrower and Bank schedule an audit more than ten (10) days in advance, and Borrower cancels or seeks to reschedule the audit with loss than ten (10) days written notice to Bank, then
(without limiting any of Bank’s rights or remedies), Borrower shall pay Bank a fee of One Thousand Dollars ($1,000.00) plus any out-of-pocket expenses incurred by Bank to compensate Bank for the anticipated costs and expenses of the
cancellation or rescheduling. 
 6.11 Formation or Acquisition of Subsidiaries. At the time that Borrower forms any
direct or indirect Subsidiary or acquires any direct or indirect Subsidiary after the Effective Date, Borrower shall (a) cause such new Subsidiary to enter into a joinder to this Agreement to cause such Subsidiary to become a co-borrower
hereunder together with such appropriate security interests, financing statements and/or Control Agreements, all in form and substance satisfactory to Bank (including being sufficient to grant Bank a first priority Lien (subject only to Permitted
Liens that are permitted to have superior priority to Bank’s Lien under this Agreement) in and to the assets of such newly formed or acquired Subsidiary), (b) provide to Bank appropriate certificates and powers, pledging all of the direct
or beneficial ownership interest in such new Subsidiary, in form and substance satisfactory to Bank, and (c) provide to Bank all other documentation in form and substance satisfactory to Bank, including one or more opinions of counsel
satisfactory to Bank, which in its opinion is appropriate with respect to the execution and delivery of the applicable documentation referred to above. Any document, agreement, or instrument executed or issued pursuant to this Section 6.11
shall be a Loan Document. 
 6.12 Further Assurances. Execute any further instruments and take further action as Bank
reasonably requests to perfect or continue Bank’s Lien in the Collateral or to effect the purposes of this Agreement. 

7 NEGATIVE COVENANTS 
 Borrower shall not do any of the following without Bank’s prior written consent: 
 7.1 Dispositions. Convey, sell, lease, transfer, assign, or otherwise dispose of (collectively, “Transfer”), or permit any of its Subsidiaries to Transfer, all or any part of its
business or property, except for Transfers (a) of Inventory in the ordinary course of business; (b) of worn-out or obsolete Equipment; and (c) in connection with Permitted Liens and Permitted Investments. 

  
 -11-

 7.2 Changes in Business, Management, Ownership, or Business Locations.
(a) Engage in or permit any of its Subsidiaries to engage in any business other than the businesses currently engaged in by Borrower and such Subsidiary, as applicable, or reasonably related thereto or reasonable extensions thereof;
(b) liquidate or dissolve; or (c) (i) any Key Person ceases to hold such office with Borrower and a replacement satisfactory to the Borrower’s Board of Directors is not made within ninety (90) days after such Key
Person’s departure from Borrower; or (ii) enter into any transaction or series of related transactions in which the stockholders of Borrower who were not stockholders immediately prior to the first such transaction own more than forty
percent (40.0%) of the voting stock of Borrower immediately after giving effect to such transaction or related series of such transactions (other than by the sale of Borrower’s equity securities in a public offering or to venture capital
investors so long as Borrower identifies to Bank the venture capital investors prior to the closing of the transaction and provides to Bank a description of the material terms of the transaction). 

Borrower shall not, without at least thirty (30) days prior written notice to Bank: (1) add any new offices or business
locations, including warehouses (unless such new offices or business locations contain less than Five Hundred Thousand Dollars ($500,000.00) in Borrower’s assets or property) or deliver any portion of the Collateral valued, individually or in
the aggregate, in excess of Ten Thousand Dollars ($10,000.00) to a bailee at a location other than to a bailee and at a location already disclosed in the Perfection Certificate, (2) change its jurisdiction of organization, (3) change its
organizational structure or type, (4) change its legal name, or (5) change any organizational number (if any) assigned by its jurisdiction of organization. If Borrower intends to deliver any portion of the Collateral valued, individually
or in the aggregate, in excess of Ten Thousand Dollars ($10,000,00) to a bailee, and Bank and such bailee are not already parties to a bailee agreement governing both the Collateral and the location to which Borrower intends to deliver the
Collateral, then Borrower will first receive the written consent of Bank, and such bailee shall execute and deliver a bailee agreement in form and substance satisfactory to Bank in its sole discretion. 

7.3 Mergers or Acquisitions. Merge or consolidate, or permit any of its Subsidiaries to merge or consolidate, with any other
Person, or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock or property of another Person, except for Permitted Acquisitions. A Subsidiary may merge or consolidate into another Subsidiary or into
Borrower. 
 7.4 Indebtedness. Create, incur, assume, or be liable for any Indebtedness, or permit any Subsidiary to do
so, other than Permitted Indebtedness. 
 7.5 Encumbrance. Create, incur, allow, or suffer any Lien on any of the
Collateral or assign or convey any right to receive income, including the sale of any Accounts, or permit any of its Subsidiaries to do so, except for Permitted Liens, permit any Collateral not to be subject to the first priority security interest
granted herein, or enter into any agreement, document, instrument or other arrangement (except with or in favor of Bank) with any Person which directly or indirectly prohibits or has the effect of prohibiting Borrower or any Subsidiary from
assigning, mortgaging, pledging, granting a security interest in or upon, or encumbering any of Borrower’s or any Subsidiary’s Intellectual Property, except as is otherwise permitted in Section 7.1 hereof and the definition of
“Permitted Liens” herein. 
 7.6 Maintenance of Collateral Accounts. Maintain any Collateral Account except
pursuant to the terms of Section 6.6(b) hereof. 
 7.7 Distributions; Investments. (a) Pay any dividends or
make any distribution or payment or redeem, retire or purchase any capital stock; or (b) directly or indirectly make any Investment other than Permitted Investments, or permit any of its Subsidiaries to do so. 

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. (a) Make or permit any payment on any Subordinated Debt, except under the terms of
the subordination, intercreditor, or other similar agreement to which such Subordinated Debt is subject, or (b) amend any provision in any document relating to the Subordinated Debt which would increase the amount thereof or adversely affect
the subordination thereof to Obligations owed to Bank. 

  
 -12-

 7.10 Compliance. Become an “investment company” or a company controlled by
an “investment company”, under the Investment Company Act of 1940, as amended, or undertake as one of its important activities extending credit to purchase or carry margin stock (as defined in Regulation U of the Board of Governors of the
Federal Reserve System), or use the proceeds of any Credit Extension for that purpose; fail to meet the minimum funding requirements of ERISA, permit a Reportable Event or Prohibited Transaction, as defined in ERISA, to occur; fail to comply with
the Federal Fair Labor Standards Act or violate any other law or regulation, if the violation could reasonably be expected to have a material adverse effect on Borrower’s business, or permit any of its Subsidiaries to do so; withdraw or permit
any Subsidiary to withdraw from participation in, permit partial or complete termination of, or permit the occurrence of any other event with respect to, any present pension, profit sharing and deferred compensation plan which could reasonably be
expected to result in any liability of Borrower, including any liability to the Pension Benefit Guaranty Corporation or its successors or any other governmental agency. 
 8 EVENTS OF DEFAULT 
 Any one of the following shall constitute an
event of default (an “Event of Default”) under this Agreement: 
 8.1 Payment Default.
Borrower fails to pay any of the Obligations within three (3) Business Days after such Obligations are due and payable (which three (3) Business Day cure period shall not apply to payments due on the Maturity Date. During the cure period,
the failure to make or pay any payment of any of the Obligations is not an Event of Default (but no Credit Extension will be made during the cure period); 
 8.2 Covenant Default. 
 (a) Borrower fails or neglects to
perform any obligation in Sections 6.2, 6.4, 6.5, 6.6, 6.7, 6.8(c), 6.10, and 6.11 or violates any covenant in Section 7; or 
 (b) Borrower fails or neglects to perform, keep, or observe any other term, provision, condition, covenant or agreement contained in this Agreement or any of the Loan Documents, and as to any default
(other than those specified in this Section 8) under such other term, provision, condition, covenant or agreement that can be cured, has failed to cure the default within ten (10) days after the occurrence thereof; provided, however, that
if the default cannot by its nature be cured within the ten (10) day period or cannot after diligent attempts by Borrower be cured within such ten (10) day period, and such default is likely to be cured within a reasonable time, then
Borrower shall have an additional period (which shall not in any case exceed thirty (30) days) to attempt to cure such default, and within such reasonable time period the failure to cure the default shall not be deemed an Event of Default (but
no Credit Extensions shall be made during such cure period). Cure periods provided under this section shall not apply, among other things, to financial covenants or any other covenants set forth in clause (a) above; 

8.3 Material Adverse Change. A Material Adverse Change occurs. 

8.4 Attachment; Levy; Restraint on Business. 

(a) (i) The service of process seeking to attach, by trustee or similar process, any funds of Borrower or of any entity
under the control of Borrower (including a Subsidiary) on deposit or otherwise maintained with Bank or any Bank Affiliate, or (ii) a notice of lien or levy is filed against any of Borrower’s assets by any government agency, and the same
under subclauses (i) and (ii) hereof are not, within ten (10) days after the occurrence thereof, discharged or stayed (whether through the posting of a bond or otherwise); provided, however, no Credit Extensions shall be made during
any ten (10) day cure period; or 
 (b) (i) any material portion of Borrower’s assets is attached,
seized, levied on, or comes into possession of a trustee or receiver, or (ii) any court order enjoins, restrains, or prevents Borrower from conducting any material part of its business; 

8.5 Insolvency. (a) Borrower is unable to pay its debts (including trade debts) as they become due or otherwise becomes
insolvent; (b) Borrower begins an Insolvency Proceeding; or (c) an Insolvency Proceeding is begun against Borrower and not dismissed or stayed within forty-five (45) days (but no Credit Extensions shall be made while of any of the
conditions described in clause (a) exist and/or until any Insolvency Proceeding is dismissed); 

  
 -13-

 8.6 Other Agreements. There is, under any agreement to which Borrower is a party with
a third party or parties, any default resulting in an exercised right by such third party or parties, to accelerate the maturity of any Indebtedness in an amount individually or in the aggregate in excess of Two Hundred Fifty Thousand Dollars
($250,000.00); 
 8.7 Judgments. One or more final judgments, orders, or decrees for the payment of money in an amount,
individually or in the aggregate, of at least Two Hundred Fifty Thousand Dollars ($250,000.00) (not covered by independent third-party insurance as to which liability has been accepted by such insurance carrier) shall be rendered against Borrower
and the same are not, within thirty (30) days after the entry thereof, discharged or execution thereof stayed or bonded pending appeal, or such judgments are not discharged prior to the expiration of any such stay (provided that no Credit
Extensions will be made prior to the discharge, stay, or bonding of such judgment, order, or decree); 
 8.8
Misrepresentations. Borrower or any Person acting for Borrower makes any representation, warranty, or other statement now or later in this Agreement, any Loan Document or in any writing delivered to Bank or to induce Bank to enter this Agreement
or any Loan Document, and such representation, warranty, or other statement is incorrect in any material respect when made; 

8.9 Subordinated Debt. The Obligations shall for any reason be subordinated or shall not have the priority contemplated by this
Agreement; 
 8.10 Governmental Approvals. Any Governmental Approval shall have been (a) revoked, rescinded,
suspended, modified in an adverse manner or not renewed in the ordinary course for a full term or (b) subject to any decision by a Governmental Authority that designates a hearing with respect to any applications for renewal of any of such
Governmental Approval or that could result in the Governmental Authority taking any of the actions described in clause (a) above, and such decision or such revocation, rescission, suspension, modification or non-renewal (i) has, or could
reasonably be expected to have, a Material Adverse Change, or (ii) adversely affects the legal qualifications of Borrower or any of its Subsidiaries to hold such Governmental Approval in any applicable jurisdiction and such revocation,
rescission, suspension, modification or non-renewal could reasonably be expected to affect the status of or legal qualifications of Borrower or any of its Subsidiaries to hold any Governmental Approval in any other jurisdiction which would
reasonably be expected to have a material adverse affect on Borrower’s business; 
 8.11 Borrower’s Board of
Director’s Approved Projections. Borrower’s Board of Directors’ approved projections with respect to the financial covenants set forth on Section 6.7 for any fiscal year are not acceptable to Bank in its reasonable
discretion. Bank will be deemed to have approved such projections if it has not provided notice to the contrary sixty (60) days following its receipt of such projections; or 

8.12 Cross-Default. Bank receives a notice from Lightbound, LLC that Borrower is in default under its agreement with Lightbound,
LLC regarding 731 West Henry Street, Suite 200, Indianapolis, Indiana. 
 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, without
notice or demand, do any or all of the following: 
 (a) declare all Obligations immediately due and payable (but
if an Event of Default described in Section 8.5 occurs all Obligations are immediately due and payable without any action by Bank); 
 (b) stop advancing money or extending credit for Borrower’s benefit under this Agreement or under any other agreement between Borrower and Bank; 

(c) demand that Borrower (i) deposit cash with Bank in an amount equal to one hundred five percent (105.0%) of
the face amount of all Letters of Credit denominated in Dollars and one hundred ten percent (110.0%) of the Dollar Equivalent of the face amount of all Letters of Credit denominated in Foreign Currency (plus

  
 -14-

 
all interest, fees, and costs due or to become due in connection therewith (as estimated by Bank in its good faith business judgment)), to secure all of the Obligations relating to such Letters
of Credit, as collateral security for the repayment of any future drawings under such Letters of Credit, and Borrower shall forthwith deposit and pay such amounts, and (ii) pay in advance all letter of credit fees scheduled to be paid or
payable over the remaining term of any Letters of Credit; 
 (d) terminate any FX Forward Contracts; 

(e) settle or adjust disputes and claims directly with Account Debtors for amounts on terms and in any order that Bank
considers advisable, notify any Person owing Borrower money of Bank’s security interest in such funds, and verify the amount of such account; 
 (f) make any payments and do any acts it considers necessary or reasonable to protect the Collateral and/or its security interest in the Collateral. Borrower shall assemble the Collateral if Bank requests
and make it available as Bank designates. Bank may enter premises where the Collateral is located, take and maintain possession of any part of the Collateral, and pay, purchase, contest, or compromise any Lien which appears to be prior or superior
to its security interest and pay all expenses incurred. Borrower grants Bank a license to enter and occupy any of its premises, without charge, to exercise any of Bank’s rights or remedies; 

(g) apply to the Obligations any (i) balances and deposits of Borrower it holds, or (ii) any amount held by Bank
owing to or for the credit or the account of Borrower; 
 (h) ship, reclaim, recover, store, finish, maintain,
repair, prepare for sale, advertise for sale, and sell the Collateral Bank is hereby granted a non-exclusive, royalty-free license or other right to use, without charge, Borrower’s labels, Patents, Copyrights, mask works, rights of use of any
name, trade secrets, trade names, Trademarks, and advertising matter, or any similar property 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 right’s under this Section, Borrower’s rights under all licenses and all franchise agreements inure to Bank’s benefit; 
 (i) place a “hold” on any account maintained with Bank and/or deliver a notice of exclusive control, any entitlement order, or other directions or instructions pursuant to any Control Agreement
or similar agreements providing control of any Collateral; 
 (j) demand and receive possession of
Borrower’s Books; and 
 (k) exercise all rights and remedies available to Bank under the Loan Documents or
at law or equity, including all remedies provided under the Code (including disposal of the Collateral pursuant to the terms thereof). 
 9.2 Power of Attorney. Borrower hereby irrevocably appoints Bank as its lawful attorney-in-fact, exercisable upon the occurrence and during the continuance of an Event of Default, to:
(a) endorse Borrower’s name on any checks or other forms of payment or security; (b) sign Borrower’s name on any invoice or bill of lading for any Account or drafts against Account Debtors; (c) settle and adjust disputes and
claims about the Accounts directly with Account Debtors, for amounts and on terms Bank determines reasonable; (d) make, settle, and adjust all claims under Borrower’s insurance policies; (e) pay, contest or settle any Lien, charge,
encumbrance, security interest, and adverse claim in or to the Collateral, or any judgment based thereon, or otherwise take any action to terminate or discharge the same; and (f) transfer the Collateral into the name of Bank or a third party as
the Code permits. Borrower hereby appoints Bank as its lawful attorney-in-fact to sign Borrower’s name on any documents necessary to perfect or continue the perfection of Bank’s security interest in the Collateral regardless of whether an
Event of Default has occurred until all Obligations have been satisfied in full and Bank is under no further obligation to make Credit Extensions hereunder. Bank’s foregoing appointment as Borrower’s attorney in fact, and all of
Bank’s rights and powers, coupled with an interest, are irrevocable until all Obligations have been fully repaid and performed and Bank’s obligation to provide, Credit Extensions terminates. 

9.3 Protective Payments. If Borrower fails to obtain the insurance called for by Section 6.5 or fails to pay any premium
thereon or fails to pay any other amount which Borrower is obligated to pay under this Agreement or any other Loan Document, Bank may obtain such insurance or make such payment, and all amounts so paid by Bank are Bank Expenses and immediately due
and payable, bearing interest at the then highest applicable rate hereunder, and secured by the Collateral. Bank will make reasonable efforts to provide Borrower with notice of Bank obtaining such insurance at the time it is obtained or within a
reasonable time thereafter. No payments by Bank are deemed an agreement to make similar payments in the future or Bank’s waiver of any Event of Default. 

  
 -15-

 9.4 Application of Payments and Proceeds Upon Default. If an Event of Default has
occurred and is continuing, Bank may apply any funds in its possession, whether from Borrower account balances, payments, proceeds realized as the result of any collection of Accounts or other disposition of the Collateral, or otherwise, to the
Obligations in such order as Bank shall determine in its sole discretion. Any surplus shall be paid to Borrower or other Persons legally entitled thereto; Borrower shall remain liable to Bank for any deficiency. If Bank, in its good faith business
judgment, directly or indirectly enters into a deferred payment or other credit transaction with any purchaser at any sale of Collateral, Bank shall have the option, exercisable at any time, of either reducing the Obligations by the principal amount
of the purchase price or deferring the reduction of the Obligations until the actual receipt by Bank of cash therefor. 
 9.5
Bank’s Liability for Collateral. So long as Bank complies with reasonable banking practices regarding the safekeeping of the Collateral in the possession or under the control of Bank, Bank shall not be liable or responsible for:
(a) the safekeeping of the Collateral; (b) any loss or damage to the Collateral; (c) any diminution in the value of the Collateral; or (d) any act or default of any carrier, warehouseman, bailee, or other Person. Borrower bears
all risk of loss, damage or destruction of the Collateral. 
 9.6 No Waiver; Remedies Cumulative. Bank’s failure, at
any time or times, to require strict performance by Borrower of any provision of this Agreement or any other Loan Document shall not waive, affect, or diminish any right of Bank thereafter to demand strict performance and compliance herewith or
therewith. No waiver hereunder shall be effective unless signed by the party granting the waiver and then is only effective for the specific instance and purpose for which it is given. Bank’s rights and remedies under this Agreement and the
other Loan Documents are cumulative. Bank has all rights and remedies provided under the Code, by law, or in equity. Bank’s exercise of one right or remedy is not an election and shall not preclude Bank from exercising any other remedy under
this Agreement or other remedy available at law or in equity, and Bank’s waiver of any Event of Default is not a continuing waiver. Bank’s delay in exercising any remedy is not a waiver, election, or acquiescence. 

9.7 Demand Waiver. Borrower waives demand, notice of default or dishonor, notice of payment and nonpayment, notice of any default,
nonpayment at maturity, release, compromise, settlement, extension, or renewal of accounts, documents, instruments, chattel paper, and guarantees held by Bank on which Borrower is liable. 

10 NOTICES 
 All notices, consents, requests, approvals, demands, or other communication by any party to this Agreement or any other Loan Document must be in writing and shall be deemed to have been validly served,
given, or delivered: (a) upon the earlier of actual receipt and three (3) Business Days after deposit in the U.S. mail, first class, registered or certified mail return receipt requested, with proper postage prepaid; (b) upon
transmission, when sent by electronic mail or facsimile transmission; (c) one (1) Business Day after deposit with a reputable overnight courier with all charges prepaid; or (d) when delivered, if hand-delivered by messenger, all of
which shall be addressed to the party to be notified and sent to the address, facsimile number, or email address indicated below. Bank or Borrower may change its mailing or electronic mail address or facsimile number by giving the other party
written notice thereof in accordance with the terms of this Section 10. 

  
 -16-

					
	If to Borrower:	 	EXACTTARGET, INC.
		 	 20 North Meridian Street, Suite 200
 Indianapolis, Indiana 46204

		 	 Attn:
 Fax:

Email:
	  	 Brent Mosby
 (317)
524-7662
 bmosby@exacttarget.com

		
	with a copy to:	 	Ice Miller LLC
		 	One American Square
		 	Suite 2900
		 	Indianapolis, IN 46282-0200
		 	Attn:	  	Steven K. Humke, Esquire
		 	Fax:	  	(317) 592-4675
		 	Email:	  	steven.humke@icemiller.com
		
	If to Bank:	 	Silicon Valley Bank
		 	 230 West Monroe Street
 Chicago, Illinois 60606

		 	 Attn:
 Fax:

Email:
	  	 Mr. Kurt Nichols
 (312)
704-1523
 KNicholas@svb.com

		
	with a copy to:	 	Riemer & Braunstein LLP
		 	 Three Center Plaza

Boston, Massachusetts 02108

		 	 Attn:
 Fax:

Email:
	  	 David A. Ephraim, Esquire

(617) 880-3456

DEphraim@riemerlaw.com

 11 CHOICE OF LAW, VENUE, AND JURY TRIAL WAIVER 

Illinois law governs the Loan Documents without regard to principles of conflicts of law. Borrower and Bank each submit to the exclusive
jurisdiction of the State and Federal courts in Chicago, Illinois; provided, however, that nothing in this Agreement shall be deemed to operate to preclude Bank from bringing suit or taking other legal action in any other jurisdiction to realize on
the Collateral or any other security for the Obligations, or to enforce a judgment or other court order in favor of Bank. Borrower expressly submits and consents in advance to such jurisdiction in any action or suit commenced in any such court, and
Borrower hereby waives any objection that it may have based upon lack of personal jurisdiction, improper venue, or forum non conveniens and hereby consents to the granting of such legal or equitable relief as is deemed appropriate by such court.
Borrower hereby waives personal service of the summons, complaints, and other process issued in such action or suit and agrees that service of such summons, complaints, and other process may be made by registered or certified mail addressed to
Borrower at the address set forth in Section 10 of this Agreement and that service so made shall be deemed completed upon the earlier to occur of Borrower’s actual receipt thereof or three (3) days after deposit in the U.S. mails,
proper postage prepaid. 
 BORROWER AND BANK EACH WAIVE THEIR RIGHT TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION ARISING
OUT OF OR BASED UPON THIS AGREEMENT, THE LOAN DOCUMENTS OR ANY CONTEMPLATED TRANSACTION, INCLUDING CONTRACT, TORT, BREACH OF DUTY AND ALL OTHER CLAIMS. THIS WAIVER IS A MATERIAL INDUCEMENT FOR BOTH PARTIES TO ENTER INTO THIS AGREEMENT. EACH PARTY
HAS REVIEWED THIS WAIVER WITH ITS COUNSEL. 
 12 GENERAL PROVISIONS 

12.1 Successors and Assigns. This Agreement binds and is for the benefit of the successors and permitted assigns of each party.
Borrower may not assign this Agreement or any rights or obligations under it without Bank’s prior written consent (which may be granted or withheld in Bank’s discretion). Bank has the right, without the consent of or notice to Borrower, to
sell, transfer, assign, negotiate, or grant participation in all or any part of, or any interest in, Bank’s obligations, rights, and benefits under this Agreement and the other Loan Documents. 

  
 -17-

 12.2 Indemnification. Borrower agrees to indemnify, defend and hold Bank and its
directors, officers, employees, agents, attorneys, or any other Person affiliated with or representing Bank (each, an “Indemnified Person”) harmless against: (a) all obligations, demands, claims, and liabilities (collectively,
“Claims”) claimed or asserted by any other party in connection with the transactions contemplated by the Loan Documents; and (b) all losses or expenses (including Bank Expenses) in any way suffered, incurred, or paid by such
Indemnified Person as a result of, following from, consequential to, or arising from transactions between Bank and Borrower contemplated by the Loan Documents (including reasonable attorneys’ fees and expenses), except for Claims and/or losses
directly caused by such Indemnified Person’s gross negligence or willful misconduct. 
 12.3 Time of Essence. Time
is of the essence for the performance of all Obligations in this Agreement. 
 12.4 Severability of Provisions. Each
provision of this Agreement is severable from every other provision in determining the enforceability of any provision. 

12.5 Correction of Loan Documents. Bank may correct patent errors and fill in any blanks in the Loan Documents consistent with the
agreement of the parties. 
 12.6 Amendments in Writing; Waiver; Integration. No purported amendment or modification of
any Loan Document, or waiver, discharge or termination of any obligation under any Loan Document, shall be enforceable or admissible unless, and only to the extent, expressly set forth in a writing signed by the party against which enforcement or
admission is sought. Without limiting the generality of the foregoing, no oral promise or statement, nor any action, inaction, delay, failure to require performance or course of conduct shall operate as, or evidence, an amendment, supplement or
waiver or have any other effect on any Loan Document. Any waiver granted shall be limited to the specific circumstance expressly described in it, and shall not apply to any subsequent or other circumstance, whether similar or dissimilar, or give
rise to, or evidence, any obligation or commitment to grant any further waiver. The Loan Documents represent the entire agreement about this subject matter and supersede prior negotiations or agreements. All prior agreements, understandings,
representations, warranties, and negotiations between the parties about the subject matter of the Loan Documents merge into the Loan Documents. 
 12.7 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, is an original, and
all taken together, constitute one Agreement. 
 12.8 Survival. All covenants, representations and warranties made in
this Agreement continue in full force until this Agreement has terminated pursuant to its terms and all Obligations (other than inchoate indemnity obligations and any other obligations which, by their terms, are to survive the termination of this
Agreement) have been paid in full and satisfied. The obligation of Borrower in Section 12.2 to indemnify Bank shall survive until the statute of limitations with respect to such claim or cause of action shall have run. 

12.9 Confidentiality. In handling any confidential information, Bank shall exercise the same degree of care that it exercises for
its own proprietary information, but disclosure of information may be made: (a) to Bank’s Subsidiaries or Affiliates in connection with their business with Borrower (such Subsidiaries and Affiliates, together with Bank, collectively,
“Bank Entities”); (b) that any prospective transferee or purchaser shall have entered into an agreement containing provisions substantially the same as those in this Section) (provided, however, Bank shall use its best efforts
to obtain any prospective transferee’s or purchaser’s agreement to the terms of this provision); (c) as required by law, regulation, subpoena, or other order; (d) to Bank’s regulators or as otherwise required in connection
with Bank’s examination or audit; (e) as Bank considers appropriate in exercising remedies under the Loan Documents; and (f) to third-party service providers of Bank so long as such service providers have executed a confidentiality
agreement with Bank with terms no less restrictive than those contained herein. Confidential information does not include information that is either: (i) in the public domain or in Bank’s possession when disclosed to Bank, or becomes part
of the public domain after disclosure to Bank, other than through a breach of this provision by Bank; or (ii) disclosed to Bank by a third party if Bank does not know that the third party is prohibited from disclosing the information.

  
 -18-

 Bank Entities may use the confidential information for reporting purposes and the
development and distribution of databases and market analyses so long as such confidential information is aggregated and anonymized prior to distribution unless otherwise expressly permitted by Borrower. The provisions of the immediately preceding
sentence shall survive the termination of this Agreement. 
 12.10 Right of Set Off. Borrower hereby grants to Bank, a
lien, security interest and right of set off as security for all Obligations to Bank, whether now existing or hereafter arising upon and against all deposits, credits, collateral and property, now or hereafter in the possession, custody, safekeeping
or control of Bank or any entity under the control of Bank (including a Bank subsidiary) or in transit to any of them. At any time after the occurrence and during the continuance of an Event of Default, without demand or notice, Bank may set off the
same or any part thereof and apply the same to any liability or obligation of Borrower even though unmatured and regardless of the adequacy of any other collateral securing the Obligations. ANY AND ALL RIGHTS TO REQUIRE BANK TO EXERCISE ITS RIGHTS
OR REMEDIES WITH RESPECT TO ANY OTHER COLLATERAL WHICH SECURES THE OBLIGATIONS, PRIOR TO EXERCISING ITS RIGHT OF SETOFF WITH RESPECT TO SUCH DEPOSITS, CREDITS OR OTHER PROPERTY OF BORROWER ARE HEREBY KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVED.

 12.11 Electronic Execution of Documents. The words “execution,” “signed,” “signature”
and words of like import in any Loan Document shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity and enforceability as a manually executed
signature or the use of a paper-based recordkeeping systems, as the case may be, to the extent and as provided for in any applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions Act. 

12.12 Captions. The headings used in this Agreement are for convenience only and shall not affect the interpretation of this
Agreement. 
 12.13 Construction of Agreement. The parties mutually acknowledge that they and their attorneys have
participated in the preparation and negotiation of this Agreement. In cases of uncertainty this Agreement shall be construed without regard to which of the parties caused the uncertainty to exist. 

12.14 Relationship. The relationship of the parties to this Agreement is determined solely by the provisions of this Agreement.
The parties do not intend to create any agency, partnership, joint venture, trust, fiduciary or other relationship with duties or incidents different from those of parties to an arm’s-length contract. 

12.15 Third Parties. Nothing in this Agreement, whether express or implied, is intended to: (a) confer any benefits, rights
or remedies under or by reason of this Agreement on any persons other than the express parties to it and their respective permitted successors and assigns; (b) relieve or discharge the obligation or liability of any person not an express party
to this Agreement; or (c) give any person not an express party to this Agreement any right of subrogation or action against any party to this Agreement. 
 13 DEFINITIONS 
 13.1 Definitions. As used in the Loan
Documents, the word “shall” is mandatory, the word “may” is permissive, the word “or” is not exclusive, the words “includes” and “including” are not limiting, the singular includes the plural, and
numbers denoting amounts that are set off in brackets are negative. As used in this Agreement, the following capitalized terms have the following meanings: 
 “Account” is any “account” as defined in the Code with such additions to such term as may hereafter be made, and includes, without limitation, all accounts receivable and other
sums owing to Borrower. 
 “Account Debtor” is any “account debtor” as defined in the Code with such
additions to such term as may hereafter be made. 
 “Acquisition Expenses” are, for any period, reasonable
out-of-pocket expenses of Borrower in an aggregate amount not exceeding Two Hundred Fifty Thousand Dollars ($250,000.00) in connection with Permitted Acquisitions. 
 “Adjusted EBITDA” shall mean (a) Net Income, plus (b) Interest Expense, plus (c) to the extent deducted in the calculation of Net Income, depreciation expense, amortization
expense from Intangible assets, Acquisition Expenses, and non-cash compensation paid to employees in the form of equity, plus (d) income tax expense. 

  
 -19-

 “Advance” or “Advances” means an advance (or advances)
under the Revolving Line. 
 “Affiliate” is, with respect to any Person, each other Person that owns or
controls directly or indirectly the Person, any Person that controls or is controlled by or is under common control with the Person, and each of that Person’s senior executive officers, directors, partners and, for any Person that is a limited
liability company, that Person’s managers and members. 
 “Agreement” is defined in the preamble hereof.

 “Availability Amount” is (a) the lesser of (i) the Revolving Line or (ii) the amount
available under the Borrowing Base minus (b) the Dollar Equivalent amount of all outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit) plus an amount equal to the Letter of Credit Reserve, minus (c) the FX
Reduction Amount, minus (d) any amounts used for Cash Management Services, and minus (e) the outstanding principal balance of any Advances. 
 “Bank” is defined in the preamble hereof. 
 “Bank
Entities” is defined in Section 12.9. 
 “Bank Expenses” are all audit fees and expenses, costs,
and expenses (including reasonable attorneys’ fees and expenses) for preparing, amending, negotiating, administering, defending and enforcing the Loan Documents (including appeals or Insolvency Proceedings). 

“Borrower” is defined in the preamble hereof. 
 “Borrower’s Books” are all Borrower’s books and records including ledgers, federal and state tax returns, records regarding Borrower’s assets or liabilities, the
Collateral, business operations or financial condition, and all computer programs or storage or any equipment containing such information. 
 “Borrowing Base” is eighty percent (80.0%) of Eligible Accounts, as determined by Bank from Borrower’s most recent Borrowing Base Certificate; provided, however, that Bank may,
upon written notice to Borrower, decrease the foregoing percentage in its good faith business judgment based on events, conditions, contingencies, or risks which, as determined by Bank, may adversely affect Collateral. 

“Borrowing Base Certificate” is that certain certificate in the form attached hereto as Exhibit C. 

“Borrowing Base Report” is defined in Section 6.2(a). 

“Borrowing Resolutions” are, with respect to any Person, those resolutions adopted by such Person’s Board of
Directors and delivered by such Person to Bank approving the Loan Documents to which such Person is a party and the transactions contemplated thereby, together with a certificate executed by its Secretary on behalf of such Person certifying that
(a) such Person has the authority to execute, deliver, and perform its obligations under each of the Loan Documents to which it is a party, (b) that attached as Exhibit A to such certificate is a true, correct, and complete copy of the
resolutions then in full force and effect authorizing and ratifying the execution, delivery, and performance by such Person of the Loan Documents to which it is a party, (c) the name(s) of the Person(s) authorized to execute the Loan Documents
on behalf of such Person, together with a sample of the true signature(s) of such Person(s), and (d) that Bank may conclusively rely on such certificate unless and until such Person shall have delivered to Bank a further certificate canceling
or amending such prior certificate. 
 “Business Day” is any day that is not a Saturday, Sunday or a day on
which Bank is closed. 
 “Cash Equivalents” means (a) marketable direct obligations issued or
unconditionally guaranteed by the United States or any agency or any State thereof having maturities of not more than one (1) year from the date of acquisition; (b) commercial paper maturing no more than one (1) year after its
creation and having the highest rating from either Standard & Poor’s Ratings Group or Moody’s Investors Service, Inc.; (c) Bank’s certificates of deposit issued maturing no more than one (1) year after issue; and
(d) money market funds at least ninety-five percent (95.0%) of the assets of which constitute Cash Equivalents of the kinds described in clauses (a) through (c) of this definition. 

  
 -20-

 “Cash Management Services” is defined in Section 2.1.4. 

“Claims” is defined in Section 12.2. 
 “Code” is the Uniform Commercial Code, as the same may, from time to time, be enacted and in effect in the State of Illinois; provided, that, to the extent that the Code is used to define
any term herein or in any Loan Document and such term is defined differently in different Articles or Divisions of the Code, the definition of such term contained in Article or Division 9 shall govern; provided further, that in the event that, by
reason of mandatory provisions of law, any or all of the attachment, perfection, or priority of, or remedies with respect to, Bank’s Lien on any Collateral is governed by the Uniform Commercial Code in effect in a jurisdiction other than the
State of Illinois, the term “Code” shall mean the Uniform Commercial Code as enacted and in effect in such other jurisdiction solely for purposes of the provisions thereof relating to such attachment, perfection, priority, or remedies and
for purposes of definitions relating to such provisions. 
 “Collateral” is any and all properties, rights and
assets of Borrower described on Exhibit A. 
 “Collateral Account” is any Deposit Account, Securities
Account, or Commodity Account. 
 “Commodity Account” is any “commodity account” as defined in the
Code with such additions to such term as may hereafter be made. 
 “Compliance Certificate” is that certain
certificate in the form attached hereto as Exhibit D. 
 “Contingent Obligation” is, for any Person, any
direct or indirect liability, contingent or not, of that Person for (a) any indebtedness, lease, dividend, letter of credit or other obligation of another such as an obligation, in each case, directly or indirectly guaranteed, endorsed,
co-made, discounted or sold with recourse by that Person, or for which that Person is directly or indirectly liable; (b) any obligations for undrawn letters of credit for the account of that Person; and (c) all obligations from any
interest rate, currency or commodity swap agreement, interest rate cap or collar agreement, or other agreement or arrangement designated to protect a Person against fluctuation in interest rates, currency exchange rates or commodity prices; but
“Contingent Obligation” does not include endorsements in the ordinary course of business. The amount of a Contingent Obligation is the stated or determined amount of the primary obligation for which the Contingent Obligation is made or, if
not determinable, the maximum reasonably anticipated liability for it determined by the Person in good faith; but the amount may not exceed the maximum of the obligations under any guarantee or other support arrangement. 

“Control Agreement” is any control agreement entered into among the depository institution at which Borrower maintains a
Deposit Account or the securities intermediary or commodity intermediary at which Borrower maintains a Securities Account or a Commodity Account, Borrower, and Bank pursuant to which Bank obtains control (within the meaning of the Code) over such
Deposit Account, Securities Account, or Commodity Account. 
 “Copyrights” are 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. 

“Credit Extension” is any Advance, Term Loan Advance, Letter of Credit, FX Forward Contract, amount utilized for Cash
Management Services, or any other extension of credit by Bank for Borrower’s benefit. 
 “Default Rate” is
defined in Section 2.3(b). 
 “Deposit Account” is any “deposit account” as defined in the Code
with such additions to such term as may hereafter be made. 
 “Designated Deposit Account” is Borrower’s
deposit account, account number                             , maintained with Bank. 

“Dollars,” “dollars” or use of the sign “$” means only lawful money of the United
States and not any other currency, regardless of whether that currency uses the “$” sign to denote its currency or may be readily converted into lawful money of the United States. 

  
 -21-

 “Dollar Equivalent” is, at any time, (a) with respect to any amount
denominated in Dollars, such amount, and (b) with respect to any amount denominated in a Foreign Currency, the equivalent amount therefor in Dollars as determined by Bank at such time on the basis of the then-prevailing rate of exchange in San
Francisco, California, for sales of the Foreign Currency for transfer to the country issuing such Foreign Currency. 

“Draw Period” is the period of time from the Effective Date through the earlier to occur of (a) December 31,
2010, or (b) an Event of Default. 
 “Effective Date” is November 18, 2010. 

“Eligible Accounts” means Accounts which arise in the ordinary course of Borrower’s business that meet all
Borrower’s representations and warranties in Section 5.3. Bank reserves the right, upon written notice to Borrower, at any time after the Effective Date to adjust any of the criteria set forth below and to establish new criteria in its
good faith business judgment. Unless Bank otherwise agrees in writing, Eligible Accounts shall not include: 
 (a) Accounts that
the Account Debtor has not paid within ninety (90) days of invoice date regardless of invoice payment period terms; 
 (b)
fifty percent (50.0%) of the Accounts that the Account Debtor has not paid within sixty (60) days of invoice date regardless of invoice payment period terms, provided that such accounts shall not have been outstanding for greater than or
equal to ninety (90) days past the invoice date, regardless of invoice payment period terms; 
 (c) Accounts owing from an
Account Debtor which does not have its principal place of business in the United States, except for Eligible Foreign Accounts; 

(d) Accounts billed and/or payable outside of the United States (sometimes called foreign invoiced accounts), except for Eligible Foreign
Accounts; and 
 (e) Accounts for which Bank in its good faith business judgment determines collection to be doubtful,
including, without limitation, accounts represented by “refreshed” or “recycled” invoices. 

“Eligible Foreign Accounts” are (a) Accounts owing from Account Debtors who have their principal place of business
in the United Kingdom or Australia, and (b) Accounts billed and/or payable in the United Kingdom or Australia, and, in the case of both (a) and (b), are otherwise Eligible Accounts and do not exceed $250,000.00 in the aggregate at any
time. 
 “Equipment” is all “equipment” as defined in the Code with such additions to such term as
may hereafter be made, and includes, without limitation, all machinery, fixtures, goods, vehicles (including motor vehicles and trailers), and any interest in any of the foregoing. 

“ERISA” is the Employee Retirement Income Security Act of 1974, and its regulations. 

“Event of Default” is defined in Section 8. 

“Exchange Act” is the Securities Exchange Act of 1934, as amended. 

“Foreign Currency” means lawful money of a country other than the United States. 

“Funding Date” is any date on which a Credit Extension is made to or for the account of Borrower which shall be a
Business Day. 
 “FX Business Day” is any day when (a) Bank’s Foreign Exchange Department is
conducting its normal business and (b) the Foreign Currency being purchased or sold by Borrower is available to Bank from the entity from which Bank shall buy or sell such Foreign Currency. 

“FX Forward Contract” is defined in Section 2.1.3. 

  
 -22-

 “FX Reduction Amount” is defined in Section 2.1.3. 

“GAAP” is generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting
Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other Person as may be approved by a significant segment of
the accounting profession, which are applicable to the circumstances as of the date of determination. 
 “General
Intangibles” is all “general intangibles” as defined in the Code in effect on the date hereof with such additions to such term as may hereafter be made, and includes without limitation, all Intellectual Property, claims, income
and other tax refunds, security and other deposits, payment intangibles, contract rights, options to purchase or sell real or personal property, rights in all litigation presently or hereafter pending (whether in contract, tort or otherwise),
insurance policies (including without limitation key man, property damage, and business interruption insurance), payments of insurance and rights to payment of any kind. 
 “Governmental Approval” is any consent, authorization, approval, order, license, franchise, permit, certificate, accreditation, registration, filing or notice, of, issued by, from or to,
or other act by or in respect of, any Governmental Authority. 
 “Governmental Authority” is any nation or
government, any state or other political subdivision thereof, any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative functions of
or pertaining to government, any securities exchange and any self-regulatory organization. 
 “Indebtedness” is
(a) indebtedness for borrowed money or the deferred price of property or services, such as reimbursement and other obligations for surety bonds and letters of credit, (b) obligations evidenced by notes, bonds, debentures or similar
instruments, (c) capital lease obligations, and (d) Contingent Obligations. 
 “Indemnified Person”
is defined in Section 12.2. 
 “Insolvency Proceeding” is any proceeding by or against any Person under
the United States Bankruptcy Code, or any other bankruptcy or insolvency law, including assignments for the benefit of creditors, compositions, extensions generally with its creditors,, or proceedings seeking reorganization, arrangement, or other
relief. 
 “Intellectual Property” means all of Borrower’s right, title, and interest in and to the
following: 
 (a) its Copyrights, Trademarks and Patents; 

(b) any and all trade secrets and trade secret rights, including, without limitation, any rights to unpatented inventions, know-how,
operating manuals; 
 (c) any and all source code; 
 (d) any and all design rights which may be available to a Borrower; 
 (e) any and
all claims for damages by way of past, present and future infringement of any of the foregoing, 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; and 
 (f) all amendments, renewals and extensions of any of the Copyrights, Trademarks or Patents. 

“Interest Expense” means for any fiscal period, interest expense (whether cash or non-cash) determined in accordance
with GAAP for the relevant period ending on such date, including, in any event, interest expense with respect to any Credit Extension and other Indebtedness of Borrower and its Subsidiaries, including, without limitation or duplication, all
commissions, discounts, or related amortization and other fees and charges with respect to letters of credit and bankers’ acceptance financing and the net costs associated with interest rate swap, cap, and similar arrangements, and the interest
portion of any deferred payment obligation (including leases of all types). 

  
 -23-

 “Inventory” is all “inventory” as defined in the Code in effect
on the date hereof with such additions to such term as may hereafter be made, and includes without limitation all merchandise, raw materials, parts, supplies, packing and shipping materials, work in process and finished products, including without
limitation such inventory as is temporarily out of Borrower’s custody or possession or in transit and including any returned goods and any documents of title representing any of the above. 

“Investment” is any beneficial ownership interest in any Person (including stock, partnership interest or other
securities), and any loan, advance or capital contribution to any Person. 
 “IP Agreement” is that certain
Intellectual Property Security Agreement executed and delivered by Borrower to Bank dated as of the Effective Date. 

“Key Person” are Borrower’s Chief Executive Officer and Chief Financial Officer, who are respectively, as of the
Effective Date, Scott Dorsey and Traci Dolan. 
 “Letter of Credit” means a standby letter of credit issued by
Bank or another institution based upon an application, guarantee, indemnity or similar agreement on the part of Bank as set forth in Section 2.1.2. 
 “Letter of Credit Application” is defined in Section 2.l.2(b). 
 “Letter of Credit Reserve” has the meaning set forth in Section 2.1.2(e). 
 “Lien” is a claim, mortgage, deed of trust, levy, charge, pledge, security interest or other encumbrance of any kind, whether voluntarily incurred or arising by operation of law or
otherwise against any property. 
 “Loan Documents” are, collectively, this Agreement, the Perfection
Certificate, the IP Agreement, any subordination or intercreditor agreements, any note, or notes or guaranties executed by Borrower, and any other present or future agreement between Borrower and/or for the benefit of Bank in connection with this
Agreement, all as amended, restated, or otherwise modified. 
 “Material Adverse Change” is (a) a material
impairment in the perfection or priority of Bank’s Lien in the Collateral or in the value of such Collateral; (b) a material adverse change in the business, operations, or condition (financial or otherwise) of Borrower; (c) a material
impairment of the prospect of repayment of any portion of the Obligations; or (d) Bank determines, based upon information available to it and in its reasonable judgment, that there is a substantial likelihood that Borrower shall fail to comply
with one or more of the financial covenants in Section 6 during the next succeeding financial reporting period. 

“Maturity Date” is, as applicable, the Revolving Line Maturity Date and/or the Term Loan Maturity Date. 

“Monthly Financial Statements” is defined in Section 6.2(c). 

“Net Income” means, as calculated on a consolidated basis for Borrower and its Subsidiaries for any period as at any
date of determination, the net profit (or loss), after provision for taxes, of Borrower and its Subsidiaries for such period taken as a single accounting period. 
 “Obligations” are Borrower’s obligations to pay when due any debts, principal, interest, Bank Expenses and other amounts Borrower owes Bank now or later, whether under this
Agreement, or the Loan Documents, including, without limitation, all obligations relating to letters of credit (including reimbursement obligations for drawn and undrawn letters of credit), cash management services, and foreign exchange contracts,
if any, and including interest accruing after Insolvency Proceedings begin and debts, liabilities, or obligations of Borrower assigned to Bank, and to perform Borrower’s duties under the Loan Documents. 

“Operating Documents” are, for any Person, such Person’s formation documents, as certified with the Secretary of
State of such Person’s state of formation on a date that is no earlier than thirty (30) days prior to the Effective Date, and, (a) if such Person is a corporation, its bylaws in current form, (b) if such Person is a limited
liability company, its limited liability company agreement (or similar agreement), and (c) if such Person is a partnership, its partnership agreement (or similar agreement), each of the foregoing with all current amendments or modifications
thereto. 

  
 -24-

 “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. 
 “Payment Date” is the first (1st) calendar day of each month. 
 “Payment/Advance Form” is
that certain form attached hereto as Exhibit B. 
 “Perfection Certificate” is defined in
Section 5.1. 
 “Permitted Accounts” is defined in Section 6.6(b). 

“Permitted Acquisition” is any acquisition by the Borrower of all or substantially all of the capital stock, or
substantially all of the assets, of any Person, or of all or substantially all of the assets constituting a division, product line or business line of any Person, if such acquisition complies with the following criteria; (a) no Event of Default
exists or would result from such acquisition; (b) the Person, division, product line or line of business acquired in such acquisition shall be in the same or similar line of business as Borrower or reasonably related thereto or reasonable
extensions thereof; (c) Bank shall have received at least five (5) Business Days prior written notice of the closing date for such acquisition (together with a description of the proposed acquisition or purchase, all diligence materials
(including, without limitation, a certificate of a Responsible Officer, in form and substance reasonably satisfactory to Bank certifying that, as of the date thereof, the proposed purchase or acquisition is in compliance with Section 7.3 hereof
and accompanied by calculations in support thereof) and other documents and information reasonably requested by Bank, each of which shall be in form and substance reasonably satisfactory to Bank); (d) Borrower remains a surviving legal entity
after such acquisition; (e) no Indebtedness or Liens are assumed in connection with such acquisition; (f) any Person that is acquired and remains a separate legal entity shall, at Bank’s option, become a borrower pursuant to
Section 6.11 of this Agreement within thirty (30) days of such acquisition; (g) Borrower has provided Bank with written confirmation, supported by reasonably detailed calculations, that on a pro forma basis (including pro
forma adjustments arising out of events which are directly attributable to such acquisition), Borrower would be in compliance with the financial covenants contained in Section 6.7, both immediately prior to, and immediately after the
consummation of, such acquisition; and (h) Borrower shall maintain a minimum of Five Million Dollars ($5,000,000,00) at all times in unrestricted and encumbered cash after all expenses and payments are made by Borrower in connection with such
acquisition (including, without limitation, any earn-outs). 
 “Permitted Indebtedness” is: 

(a) Borrower’s Indebtedness to Bank under this Agreement and the other Loan Documents; 

(b) Indebtedness existing on the Effective Date and shown on the Perfection Certificate; 

(c) Subordinated Debt; 
 (d) unsecured Indebtedness to trade creditors incurred in the ordinary course of business; 
 (e) Indebtedness incurred as a result of endorsing negotiable instruments received in the ordinary course of business; 
 (f) Indebtedness secured by Liens permitted under clauses (a) and (c) of the definition of “Permitted Liens” hereunder; and 

(g) extensions, refinancings, modifications, amendments and restatements of any items of Permitted Indebtedness (a) through
(f) above, provided that the principal amount thereof is not increased or the terms thereof are not modified to impose more burdensome terms upon Borrower or its Subsidiary, as the case may be. 

“Permitted Investments” are: 
 (a) Investments (including, without limitation, Subsidiaries) existing on the Effective Date and shown on the Perfection Certificate; 

(b) Investments consisting of Cash Equivalents; 

  
 -25-

 (c) Permitted Acquisitions; and 

(d) Investments 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 plans or agreements approved by Borrower’s
Board of Directors. 
 “Permitted Liens” are: 

(a) Liens existing on the Effective Date and shown on the Perfection Certificate or arising under this Agreement and the other Loan
Documents; 
 (b) Liens for taxes, fees, assessments or other government charges or levies, either (i) not due and payable
or (ii) being contested in good faith and for which Borrower maintains adequate reserves on its Books, provided that no notice of any such Lien has been filed or recorded under the Internal Revenue Code of 1986, as amended, and the
Treasury Regulations adopted thereunder; 
 (c) purchase money Liens or capital leases (i) on Equipment acquired or held by
Borrower incurred for financing the acquisition of the Equipment securing no more than Five Hundred Thousand Dollars ($500,000.00) in the aggregate amount outstanding, or (ii) existing on Equipment when acquired, if the Lien is confined
to the property and improvements and the proceeds of the Equipment; 
 (d) Liens incurred in the extension, renewal or
refinancing of the indebtedness secured by Liens described in (a) through (c), but any extension, renewal or replacement Lien must be limited to the property encumbered by the existing Lien and the principal amount of the indebtedness
may not increase; 
 (e) non-exclusive licenses of Intellectual Property granted to third parties in the ordinary course of
business; 
 (f) Liens in favor of other financial institutions arising in connection with Borrower’s deposit and/or
securities accounts held at such institutions, provided that Bank has a perfected security interest in the amounts held in such deposit and/or securities accounts; and 
 (g) Liens of carriers, warehousemen, suppliers, or other Persons that are possessory in nature arising in the ordinary course of business so long as such Liens attach only to Inventory and which are not
delinquent or remain payable without penalty or which are being contested in good faith and by appropriate proceedings which proceedings have the effect of preventing the forfeiture or sale of the property subject thereto. 

“Person” is any individual, sole proprietorship, partnership, limited liability company, joint venture, company, trust,
unincorporated organization, association, corporation, institution, public benefit corporation, firm, joint stock company, estate, entity or government agency. 
 “Prime Rate” is Bank’s most recently announced “prime rate,” even if it is not Bank’s lowest rate. 

“Proceeds” is the net amount of any proceeds received by Borrower from the sale or other disposition of any of
Borrower’s assets; including, without limitation, proceeds from or in connection with the sale of any of Borrower’s assets, all payments, distributions, dividends and proceeds received by Borrower upon or in respect of any securities or
instruments owned or held of record or beneficially by Borrower, including, without limitation, proceeds from the Transfer by Borrower of such securities or instruments, proceeds in the nature of regular, special or liquidating dividends or
distributions upon or in respect of any such securities or instruments, and repayment of Indebtedness evidenced by such securities or instruments but excluding (a) proceeds received by Borrower from the sale of its assets in the ordinary course
of business in an aggregate amount not exceeding Fifty Thousand Dollars ($50,000.00), and (b) proceeds from the sale of Borrower’s assets that Bank, in its sole discretion, agrees in writing to exclude. 

“Recurring Revenue” means, as calculated on a consolidated basis with respect to Borrower and its Subsidiaries, on a
basis consistent with Borrower’s financial statements delivered pursuant to Section 6.2 (to the extent not inconsistent with then current GAAP) and in accordance with GAAP for any period as at any date of determination, all recurring
subscription revenue, any service revenue and messaging revenue directly attributable to software licensed by Borrower’s parent and the Subsidiaries of Borrower’s parent for such period taken as a single accounting period. 

  
 -26-

 “Registered Organization” is any “registered organization” as
defined in the Code with such additions to such term as may hereafter be made. 
 “Requirement of Law” is as to
any Person, the organizational or governing documents of such Person, and any law (statutory or common), treaty, rule or regulation or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding
upon such Person or any of its property or to which such Person or any of its property is subject. 
 “Responsible
Officer” is any of the Chief Executive Officer, President, Chief Financial Officer and Senior Director of Accounting and Finance of Borrower. 
 “Restricted License” is any material license or other agreement with respect to which Borrower is the licensee (a) that prohibits or otherwise restricts Borrower from granting a
security interest in Borrower’s interest in such license or agreement or any other property, or (b) for which a default under or termination of could interfere with the Bank’s right to sell any Collateral. 

“Revolving Line” is an Advance or Advances in an amount equal to Seven Million Dollars ($7,000,000.00). 

“Revolving Line Maturity Date” is December 1, 2013. 

“SEC” shall mean the Securities and Exchange Commission, any successor thereto, and any analogous Governmental
Authority. 
 “Securities Account” is any “securities account” as defined in the Code with such
additions to such term as may hereafter be made. 
 “Settlement Date” is defined in Section 2.1.3.

 “Subordinated Debt” is indebtedness incurred by Borrower subordinated to all of Borrower’s now or
hereafter indebtedness to Bank (pursuant to a subordination, intercreditor, or other similar agreement in form and substance satisfactory to Bank entered into between Bank and the other creditor), on terms acceptable to Bank. 

“Subsidiary” is, as to any Person, a corporation, partnership, limited liability company or other entity of which shares
of stock or other ownership interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of the happening of a contingency) to elect a majority of the board of directors or other
managers of such corporation, partnership or other entity are at the time owned, or the management of which is otherwise controlled, directly or indirectly through one or more intermediaries, or both, by such Person. Unless the context otherwise
requires, each reference to a Subsidiary herein shall be a reference to a Subsidiary of Borrower. 
 “Term
Loan” is a Term Loan Advance or Term Loan Advances in an aggregate amount not exceeding Ten Million Dollars ($10,000,000.00). 
 “Term Loan Advance” and “Term Loan Advances” are defined in Section 2.1.5. 
 “Term Loan Amortization Date” is January 1, 2011. 

“Term Loan Maturity Date” is December 1, 2013. 

“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. 
 “Transfer” is defined in Section 7.1. 

  
 -27-

 “Unused Revolving Line Facility Fee” is defined in Section 2.4(c).

 [Signature page follows.] 

  
 -28-

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as
of the Effective Date. 
  

			
	BORROWER:
	
	EXACTTARGET, INC.
		
	By:	 	/s/ Traci M. Dolan
	Name:	 	Traci M. Dolan
	Title:	 	EVP & CFO
	
	BANK:
	
	SILICON VALLEY BANK
		
	By:	 	/s/ Kurt Nichols
	Name:	 	Kurt Nichols
	Title:	 	RM II

  
 1 

 EXHIBIT A – COLLATERAL DESCRIPTION 

The Collateral consists of all of Borrower’s right, title and interest in and to the following personal property: 

All goods, Accounts (including health-care receivables), Equipment, Inventory, contract rights or rights to payment of money, leases,
license agreements, franchise agreements, General Intangibles, commercial tort claims, documents, instruments (including any promissory notes), chattel paper (whether tangible or electronic), cash, deposit accounts, certificates of deposit,
fixtures, letters of credit rights (whether or not the letter of credit is evidenced by a writing), securities, and all other investment property, supporting obligations, and financial assets, whether now owned or hereafter acquired, wherever
located; and 
 All Borrower’s Books relating to the foregoing, and any and all claims, rights and interests in any of the
above and all substitutions for, additions, attachments, accessories, accessions and improvements to and replacements, products, proceeds and insurance proceeds of any or all of the foregoing. 

  
 1 

 EXHIBIT B – LOAN PAYMENT/ADVANCE REQUEST FORM 

DEADLINE FOR SAME DAY PROCESSING IS
NOON PACIFIC TIME 
  

			
	Fax To:	  	Date: _____________________

  

					
	LOAN PAYMENT:	 	 	 	 
	 
	EXACTTARGET, INC.
	 	 
	 From Account #______________________
	 	        To Account #
___________________________________________
	                  
  (Deposit Account #)	 	(Loan Account #)
	 		 
	 Principal $___________________________
	 	        and/or Interest $_________________________________________	 	 
	 	 
	Authorized Signature:___________________	 	
                    Phone
Number:____________________________________

	Print Name/Title:______________________	 		 	 
	 	 	 	 	 

  

					
	LOAN ADVANCE:	  	 	 	 
	 
	 Complete
Outgoing Wire Request section below if all or a portion of the funds from this loan advance are for an outgoing wire.

	 		 
	
From Account #__________________________________
	  	        To Account #_________________________________	 	 
	(Loan Account #)	  	        (Deposit Account #)	 	 
	 		 
	 	  	        Amount of Advance $___________________________	 	 
	
Amount of Term Loan Advance $_________________________
	  		 	 
	 
	All Borrower’s representations and warranties in the Loan
and Security Agreement are true, accurate and complete in all material respects on the date of the request for an advance; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that already
are qualified or modified by materiality in the text thereof; and provided, further that those representations and warranties expressly referring to a specific date shall be true, accurate and complete in all material respects as of such
date:
	 		 
	Authorized Signature:______________________	  	        Phone Number:______________________	 	 
	 Print Name/Title: ________________________
	  		 	 
	 	  	 	 	 

  

					
	OUTGOING WIRE REQUEST:	  	 	  	 
	Complete only if all or a portion of funds from the loan
advance above is to be wired.
	Deadline for same day processing is noon, Pacific Time	  	 
	 		 
	 Beneficiary Name: _____________________________
	  	                Amount of Wire: $ _____________________________	  	 
	
Beneficiary Bank: ______________________________
	  	                Account Number: _____________________________	  	 
	
City and State: _______________________________
	  		  	 
	 	 
	 Beneficiary Bank Transit (ABA) #:
	  	Beneficiary Bank Code (Swift, Sort, Chip, etc.): 
______________________
	 	  	             (For International Wire Only)
	  	 
	 	 
	 Intermediary Bank: ___________________________
	  	Transit (ABA) #: __________________
	
For Further Credit to: _________________________
	  		  	 
	 
	 Special
Instruction: ______________________________________________________________________________________

	 
	By signing below, I (we) acknowledge and agree that my
(our) funds transfer request shall be processed in accordance with and subject to the terms and conditions set forth in the agreements(s) covering funds transfer service(s), which agreements(s) were previously received and executed by me
(us).
	 		 
	Authorized Signature: ___________________________	  	        
2nd Signature (if required): 
___________________________________	  	 
	Print Name/Title: ______________________________	  	        Print Name/Title: ___________________________________________	  	 
	Telephone #:________________________________	  	        Telephone #: ___________________________________________	  	 
	 	  	 	  	 

  
 1 

 EXHIBIT C—BORROWING BASE CERTIFICATE 

Borrower: EXACTTARGET, INC. 
 Lender: SILICON
VALLEY BANK 
 Commitment Amount under Revolving Line: $7,000,000.00 

 

					
	 ACCOUNTS RECEIVABLE
	  			
		
	 1.      Accounts Receivable (invoiced) Book Value as of ____________________
	  	$	_______________	  
		
	 ACCOUNTS RECEIVABLE DEDUCTIONS (without duplication)
	  			
		
	 2.      Accounts > 90 Days Past Invoice Date
	  	$	_______________	  
		
	 3.      50% of Accounts < 90 Days Past Invoice Date but > 60 Days Past Invoice
Date
	  	$	_______________	  
		
	 4.      Foreign Account Debtor Accounts (except for Eligible Foreign Accounts)
	  	$	_______________	  
		
	 5.      Foreign Invoiced and/or Collected Accounts (except for Eligible Foreign
Accounts)
	  	$	_______________	  
		
	 6.      TOTAL ACCOUNTS RECEIVABLE DEDUCTIONS
	  	$	_______________	  
		
	 7.      Eligible Accounts (#1 minus #6)
	  	$	_______________	  
		
	 8.      ELIGIBLE AMOUNT OF ACCOUNTS (80% of #7)
	  	$	_______________	  
		
	 BALANCES
	  			
		
	 9.      Maximum Loan Amount
	  	$	_______________	  
		
	 10.    Total Funds Available (Lesser of #8 or #9)
	  	$	_______________	  
		
	 11.    Present balance owing on Line of Credit
	  	$	_______________	  
		
	 12.    Outstanding under Sublimits
	  	$	_______________	  
		
	 13.    RESERVE POSITION (#10 minus #11 and #12)
	  	$	_______________	  

 Explanatory comments: 
  

 
  

 
  

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

 

									
	COMMENTS: .	 		 	BANK USE ONLY
				 	 
	By:	 	  	 	 	 	Received by:	 	  
		 	Authorized Signer	 		 		 	AUTHORIZED SIGNER
				 	 
	Date:	 	 	 		 	Date:	 	  
		 		 		 	Verified:	 	  
		 		 		 		 	AUTHORIZED SIGNER
		 		 		 	Date:	 	  
		 		 		 	Compliance Status:	 	Yes        No

  
 1 

 EXHIBIT D 
 COMPLIANCE CERTIFICATE 
  

			
	TO:       SILICON VALLEY BANK	  	Date: _______________________________
	FROM: EXACTTARGET, INC.	  	

 The undersigned authorized officer of EXACTTARGET, INC. (“Borrower”) certifies that under the
terms and conditions of the Loan and Security Agreement between Borrower and Bank (the “Agreement”): 

(1) Borrower is in complete compliance for the period ending _______________ with all required covenants except as noted below;
(2) there are no Events of Default; (3) all representations and warranties in the Agreement are true and correct in all material respects on this date except as noted below; provided, however, that such materiality qualifier shall not be
applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof; and provided, further that those representations and warranties expressly referring to a specific date shall be true,
accurate and complete in all material respects as of such date; (4) Borrower, and each of its Subsidiaries, has timely filed all required tax returns and reports, and Borrower has timely paid all foreign, federal, state and local taxes,
assessments, deposits and contributions owed by Borrower except as otherwise permitted pursuant to the terms of Section 5.9 of the Agreement; and (5) no Liens have been levied or claims made against Borrower or any of its Subsidiaries
relating to unpaid employee payroll or benefits of which Borrower has not previously provided written notification to Bank. 

Attached are the required documents supporting the certification. The undersigned certifies that these are prepared in accordance with
GAAP consistently applied from one period to the next except as explained in an accompanying letter or footnotes. The undersigned acknowledges that no borrowings may be requested at any time or date of determination that Borrower is not in
compliance with any of the terms of the Agreement, and that compliance is determined not just at the date this certificate is delivered. Capitalized terms used but not otherwise defined herein shall have the meanings given them in the Agreement.

 Please indicate compliance status by circling Yes/No under “Complies” column. 

 

					
	  
	 Reporting Covenant
	  	 Required
	  	     Complies    

	Monthly financial statements with Compliance Certificate	  	Monthly within 30 days	  	Yes    No
	Annual financial statement (CPA Audited)	  	FYE within 120 days	  	Yes    No
	Board Projections	  	FYE within 45 days	  	Yes    No
	10-Q, 10-K and 8-K	  	Within 5 days after filing with SEC	  	Yes    No
	Borrowing Base Certificate with A/R & A/P Agings	  	Monthly within 30 days	  	Yes    No
	Bank Statements	  	Monthly within 5 Business Days	  	Yes    No
	
	 The following Intellectual Property was registered (or a registration application submitted) after the Effective Date (if no
registrations, state “None”)
  
  

  

													
	 Financial Covenant
	    	Required	 	    	Actual	 	    	    Complies    	 
	 Maintain on a Quarterly Basis (unless otherwise specified):
	    				    				    			
	 Minimum Recurring Revenue
	    	 	*	  	    	$	_________	  	    	 	Yes    No	  
	 Maximum Unfinanced CAPEX (for 2010 fiscal year)
	    	$	10,000,000	  	    	$	_________	  	    	 	Yes    No	  
	 Minimum Adjusted EBITDA
	    	 	**	  	    	$	_________	  	    	 	Yes    No	  

  

	*	As set forth in Section 6.7(a) of the Agreement. 

	**	As set forth in Section 6.7(c) of the Agreement. 

  
 1 

 The following financial covenant analyses and information set forth in Schedule 1 attached
hereto are true and accurate as of the date of this Certificate. 
 The following are the exceptions with respect to the
certification above: (If no exceptions exist, state “No exceptions to note.”) 
  

 
  

 
  

 
  

											
	EXACT TARGET, INC.	 	 	 	BANK USE ONLY	 	 
	 		 			 
	By:	 	  	 	  	 	Received by:	 	  	 	  
	Name:	 	 	 	 	 		 	AUTHORIZED SIGNER	 	 
	Title:	 	 	 	 	 	Date:	 	  	 	  
	 		 			 
	 	 		 	 	 	Verified:	 	  	 	  
	 	 		 	 	 		 	AUTHORIZED SIGNER	 	 
	 		 			 
	 	 		 	 	 	Date:	 	  	 	  
	 		 			 
	 	 	 	 	 	 	Compliance Status:	 	Yes        No	 	  

  
 2 

 Schedule 1 to Compliance Certificate 

Financial Covenants of Borrower 
 In the event of a conflict between this Schedule and the Loan Agreement, the terms of the Loan Agreement shall govern. 
 Dated: ____________________ 
  

	I.	Recurring Revenue (Section 6.7(a)) 

Required*:         See chart below 

 

			
	Fiscal Quarter	 	Minimum Recurring Revenue
		
	October 1, 2010 through December 31, 2010	 	$28,500,000.00

 Actual: 
  

							
	 A.    	  	 Recurring subscription revenue, any service revenue and messaging
revenue directly attributable to software licensed by Borrower’s parent, calculated on a consolidated basis with respect to Borrower and its Subsidiaries, on a basis consistent with Borrower’s financial statements delivered pursuant to
Section 6.2 (to the extent not inconsistent with then current GAAP) and in accordance with GAAP
  
	  	$	               
 	  

 Is line A equal to or greater than the amount applicable above? 

 

	II.	Unfinanced Capital Expenditures (Section 6.7(b)) 

 Required*:         Maximum unfinanced capital expenditures for Borrower and its Subsidiaries of $10,000,000.00 for Borrower’s 2010 fiscal year 

Actual:             $___________________ 

Is the actual amount less than or equal to $10,000,000.00? 
 ______ No, not in compliance
                                         
    ________ Yes, in compliance 
 III.         Adjusted EBITDA (Section 6.7(c))

 Required*:         See chart below 

 

			
	Fiscal Quarter	 	Minimum Adjusted EBITDA
		
	October 1, 2010 through December 31, 2010	 	($750,000.00)

  
 3 

 Actual: 
  

							
	 	 	 
	 A.    	  	Net Income (as defined in the Agreement) for Borrower and its Subsidiaries	  	$
	                
	  

	 	 	 
	 B.    	  	To the extent included in the determination of Net Income for Borrower and its Subsidiaries	  	 	 	 
	 	 	 
	 	  	 1.      Income tax
Expense
	  	$
	                
	  

	 	 	 
	 	  	 2.      Depreciation
expense
	  	$
	                
	  

	 	 	 
	 	  	 3.      Amortization
expense from intangible assets
	  	$
	                
	  

	 	 	 
	 	  	 4.      Interest
Expense
	  	$
	                
	  

	 	 	 
	 	  	 5.      Acquisition
Expenses (as defined in the Agreement)
	  	$
	                
	  

	 	 	 
	 	  	 6.      Non-cash
compensation paid to employees in the form of equity
	  	$
	                
	  

	 	 	 
	 	  	 7.      The sum of lines 1
through 6
	  	$
	                
	  

	 	 	 
	  C.    	  	Adjusted EBITDA (line A plus line B.7)	  	   
	________  
	  
 

 Is line C equal to or greater than the amount applicable above? 

_________ No, not in
compliance                                        
                         ________ Yes, in compliance 

 

	*	Each financial covenant shall be reset for Borrower’s 2011 fiscal year pursuant to the terms of the Loan Agreement. 

  
 4EX-10.6.(a)

 Exhibit 10.6(a) 

FIRST LOAN MODIFICATION AGREEMENT 
 This First Loan Modification Agreement (this “Loan Modification Agreement”) is entered into as of March 30, 2011, by and between SILICON VALLEY BANK, a California corporation, with
its principal place of business at 3003 Tasman Drive, Santa Clara, California 95054 and with a loan production office located at 230 West Monroe Street, Chicago, Illinois 60606 (“Bank”) and EXACTTARGET, INC., a Delaware
corporation with its chief executive office located at 20 North Meridian Street, Suite 200, Indianapolis, Indiana 46204 (“Borrower”). 
 1. DESCRIPTION OF EXISTING INDEBTEDNESS AND OBLIGATIONS. Among other indebtedness and obligations which may be owing by Borrower to Bank, Borrower is indebted to Bank pursuant to a loan arrangement
dated as of November 18, 2010, evidenced by, among other documents, a certain Loan and Security Agreement dated as of November 18, 2010, between Borrower and Bank (as amended, the “Loan Agreement”). Capitalized terms used
but not otherwise defined herein shall have the same meaning as in the Loan Agreement. 
 2. DESCRIPTION OF COLLATERAL. Repayment of the
Obligations is secured by the (a) Collateral as described in the Loan Agreement, and (b) the Intellectual Property Collateral as described in that certain Intellectual Property Security Agreement dated as of November 18, 2010, by and
between Borrower and Bank (the “IP Agreement”, and together with the Loan Agreement and any other collateral security granted to Bank, the “Security Documents”). Hereinafter, the Security Documents, together with
all other documents evidencing or securing the Obligations shall be referred to as the “Existing Loan Documents”. 
 3.
DESCRIPTION OF CHANGE IN TERMS. 
  

	 	A.	Modifications to Loan Agreement. 

  

	 	1	The Loan Agreement shall be amended by deleting the following, appearing as Section 6.7 thereof (entitled “Financial Covenants”), in its entirety:

 “6.7 Financial Covenants. Maintain at all times, to be tested as of the last day of each fiscal
quarter, unless otherwise noted, on a consolidated basis with respect to Borrower and its Subsidiaries: 
 (a)
Recurring Revenue. Maintain Recurring Revenue for Borrower’s fiscal quarter ending December 31, 2010 of at least $28,500,000.00. In addition, commencing with Borrower’s fiscal quarter ending on March 31, 2011, and for each
fiscal quarter thereafter, Borrower shall maintain at all times, to be tested as of the last day of each fiscal quarter, minimum Recurring Revenue of greater than or equal to the greater of: (i) ninety (90%) of the Recurring Revenue
projected for each fiscal quarter pursuant to Borrower’s Board of Directors’ approved projections, which projections shall be acceptable to Bank in its reasonable discretion, and (ii) the minimum Recurring Revenue required for the
previous fiscal quarter. 
 (b) Unfinanced Capital Expenditures. Borrower’s unfinanced
capital expenditures shall not exceed Ten Million Dollars ($10,000,000) in the aggregate for Borrower’s fiscal year ending December 31, 2010. In addition, commencing with Borrower’s fiscal year beginning January 1, 2011, and
for each fiscal year thereafter, Borrower’s unfinanced capital expenditures shall not exceed one hundred twenty percent (120%) of the unfinanced capital expenditures projected for each such fiscal year pursuant to Borrower’s
Board of Directors’ approved projections, which projections shall be acceptable to Bank in its reasonable discretion. 

 (c) Adjusted EBITDA. Adjusted EBITDA for Borrower’s fiscal
quarter ending December 31, 2010 of at least ($750,000.00). In addition, commencing with Borrower’s fiscal quarter ending on March 31, 2011, and for each fiscal quarter thereafter, Borrower shall maintain at all times, to be tested as
of the last day of each fiscal quarter, Adjusted EBITDA of greater than or equal to eighty (80%) of the Adjusted EBITDA projected for each fiscal quarter pursuant to Borrower’s Board of Directors’ approved projections, which
projections shall be acceptable to Bank in its reasonable discretion.” 
 and inserting in lieu thereof the following:

 “6.7 Financial Covenants. Maintain at all times, to be tested as of the last day of each fiscal quarter, unless
otherwise noted, on a consolidated basis with respect to Borrower and its Subsidiaries: 
 (a) Recurring
Revenue. Maintain Recurring Revenue for Borrower’s fiscal quarter ending (i) December 31, 2010 of at least $28,500,000.00, (ii) March 31, 2011 of at least $37,938,000.00, (iii) June 30, 2011 of at least
$42,381,000.00, (iv) September 30, 2011 of at least $45,662,000.00, and (v) December 31, 2011 of at least $48,463,000.00. In addition, commencing with Borrower’s fiscal quarter ending on March 31, 2012, and for each
fiscal quarter thereafter, Borrower shall maintain at all times, to be tested as of the last day of each fiscal quarter, minimum Recurring Revenue of greater than or equal to the greater of: (i) ninety (90%) of the Recurring Revenue
projected for each fiscal quarter pursuant to Borrower’s Board of Directors’ approved projections, which projections shall be acceptable to Bank in its reasonable discretion, and (ii) the minimum Recurring Revenue required for the
previous fiscal quarter. 
 (b) Unfinanced Capital Expenditures. Borrower’s unfinanced
capital expenditures shall not exceed (i) Ten Million Dollars ($10,000,000) in the aggregate for Borrower’s fiscal year ending December 31, 2010, and (ii) Twenty-Five Million Three Hundred Twenty-Three Thousand Dollars
($25,323,000.00) in the aggregate for Borrower’s fiscal year ending December 31, 2011. In addition, commencing with Borrower’s fiscal year beginning January 1, 2012, and for each fiscal year thereafter, Borrower’s unfinanced
capital expenditures shall not exceed one hundred twenty percent (120%) of the unfinanced capital expenditures projected for each such fiscal year pursuant to Borrower’s Board of Directors’ approved projections, which projections
shall be acceptable to Bank in its reasonable discretion. 
 (c) Adjusted EBITDA. Adjusted EBITDA for
Borrower’s fiscal quarter ending (i) December 31, 2010 of at least ($750,000.00), (ii) March 31, 2011 of at least ($3,255,000.00), (iii) June 30, 2011 of at least ($2,949,000.00), (iv) September 30, 2011
of at least ($1,369,000.00), and (v) December 31, 2011 of at least $1,091,000.00. In addition, commencing with Borrower’s fiscal quarter ending on March 31, 2012, and for each fiscal quarter thereafter, Borrower shall maintain at
all times, to be tested as of the last day of each fiscal quarter, Adjusted EBITDA of greater than or equal to eighty (80%) of the Adjusted EBITDA projected for each fiscal quarter pursuant to Borrower’s Board of Directors’ approved
projections, which projections shall be acceptable to Bank in its reasonable discretion.” 

	 	2	The Loan Agreement shall be amended by deleting the following definition appearing in Section 13.1 thereof: 

““Revolving Line” is an Advance or Advances in an amount equal to Seven Million Dollars ($7,000,000.00).”

 and inserting in lieu thereof the following: 
 ““Revolving Line” is an Advance or Advances in an amount equal to Ten Million Dollars ($10,000,000.00).” 

 

	 	3	The Compliance Certificate appearing as Exhibit D to the Loan Agreement is hereby replaced with the Compliance Certificate attached as Schedule 1 hereto.

  

	 	B.	Waivers. Bank hereby waives Borrower’s existing default under the Loan Agreement by virtue of Borrower’s failure to comply with the Adjusted EBITDA
financial covenant set forth in Section 6.7(c) thereof as of the quarter ending December 31, 2010. Bank’s waiver of Borrower’s compliance of said affirmative covenant shall apply only to the foregoing specific period.

 4. FEES. Borrower shall pay to Bank a waiver and modification fee equal to Ten Thousand Dollars ($10,000.00), which fee
shall be due on the date hereof and shall be deemed fully earned as of the date hereof. Borrower shall also reimburse Bank for all legal fees and expenses incurred in connection with this amendment to the Existing Loan Documents. 

5. RATIFICATION OF IP AGREEMENT. Borrower hereby ratifies, confirms and reaffirms, all and singular, the terms and conditions of the IP Agreement,
and acknowledges, confirms and agrees that the IP Agreement contains an accurate and complete listing of all Intellectual Property Collateral as defined the IP Agreement and shall remain in force and effect. In addition, Borrower hereby acknowledges
and agrees that all references in the IP Agreement to “Loan Agreement” shall include the Loan Agreement, as modified by this Loan Modification Agreement. 
 6. RATIFICATION OF PERFECTION CERTIFICATE. Borrower hereby ratifies, confirms and reaffirms, all and singular, the terms and disclosures contained in a certain Perfection Certificate dated as of
November 18, 2010 between Borrower and Bank, and acknowledges, confirms and agrees the disclosures and information Borrower provided to Bank in the Perfection Certificate have not changed, as of the date hereof. 

7. AUTHORIZATION TO FILE. Borrower hereby authorizes Bank to file UCC financing statements without notice to Borrower, with all appropriate
jurisdictions, as Bank deems appropriate, in order to further perfect or protect Bank’s interest in the Collateral, including a notice that any disposition of the Collateral, by either the Borrower or any other Person, shall be deemed to
violate the rights of the Bank under the Code. 
 8. CONSISTENT CHANGES. The Existing Loan Documents are hereby amended wherever
necessary to reflect the changes described above. 
 9. RATIFICATION OF LOAN DOCUMENTS. Borrower hereby ratifies, confirms, and reaffirms
all terms and conditions of all security or other collateral granted to the Bank, and confirms that the indebtedness secured thereby includes, without limitation, the Obligations. 
 10. NO DEFENSES OF BORROWER. Borrower hereby acknowledges and agrees that Borrower has no offsets, defenses, claims, or counterclaims against Bank with respect to the Obligations, or otherwise, and
that if Borrower now has, or ever did have, any offsets, defenses, claims, or counterclaims against Bank, whether known or unknown, at law or in equity, all of them are hereby expressly WAIVED and Borrower hereby RELEASES Bank from any liability
thereunder. 

 11. CONTINUING VALIDITY. Borrower understands and agrees that in modifying the existing Obligations,
Bank is relying upon Borrower’s representations, warranties, and agreements, as set forth in the Existing Loan Documents. Except as expressly modified pursuant to this Loan Modification Agreement, the terms of the Existing Loan Documents remain
unchanged and in full force and effect. Bank’s agreement to modifications to the existing Obligations pursuant to this Loan Modification Agreement in no way shall obligate Bank to make any future modifications to the Obligations. Nothing in
this Loan Modification Agreement shall constitute a satisfaction of the Obligations. It is the intention of Bank and Borrower to retain as liable parties all makers of Existing Loan Documents, unless the party is expressly released by Bank in
writing. No maker will be released by virtue of this Loan Modification Agreement. 
 12. COUNTERSIGNATURE. This Loan Modification
Agreement shall become effective only when it shall have been executed by Borrower and Bank. 
 [The remainder of this page is
intentionally left blank] 

 This Loan Modification Agreement is executed as of the date first written above. 

 

									
	BORROWER:	 		 	BANK:
			
	EXACTTARGET, INC.	 		 	SILICON VALLEY BANK
					
	By:	 	/s/ Traci M. Dolan	 		 	By:	 	/s/ Kurt Nichols
					
	Name:	 	Traci M. Dolan	 		 	Name:	 	Kurt Nichols
					
	Title:	 	CFO	 		 	Title:	 	RM II

 SCHEDULE 1 
 EXHIBIT D 
 COMPLIANCE CERTIFICATE 

 

			
	TO:       SILICON VALLEY BANK	  	Date: _______________________
	FROM: EXACTTARGET, INC.	  	

 The undersigned authorized officer of EXACTTARGET, INC. (“Borrower”) certifies that under the
terms and conditions of the Loan and Security Agreement between Borrower and Bank (the “Agreement”): 

(1) Borrower is in complete compliance for the period ending _______________ with all required covenants except as noted below;
(2) there are no Events of Default; (3) all representations and warranties in the Agreement are true and correct in all material respects on this date except as noted below; provided, however, that such materiality qualifier shall not be
applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof; and provided, further that those representations and warranties expressly referring to a specific date shall be true,
accurate and complete in all material respects as of such date; (4) Borrower, and each of its Subsidiaries, has timely filed all required tax returns and reports, and Borrower has timely paid all foreign, federal, state and local taxes,
assessments, deposits and contributions owed by Borrower except as otherwise permitted pursuant to the terms of Section 5.9 of the Agreement; and (5) no Liens have been levied or claims made against Borrower or any of its Subsidiaries
relating to unpaid employee payroll or benefits of which Borrower has not previously provided written notification to Bank. 

Attached are the required documents supporting the certification. The undersigned certifies that these are prepared in accordance with
GAAP consistently applied from one period to the next except as explained in an accompanying letter or footnotes. The undersigned acknowledges that no borrowings may be requested at any time or date of determination that Borrower is not in
compliance with any of the terms of the Agreement, and that compliance is determined not just at the date this certificate is delivered. Capitalized terms used but not otherwise defined herein shall have the meanings given them in the Agreement.

 Please indicate compliance status by circling Yes/No under “Complies” column. 

 

							
	 Reporting Covenant
	  	 Required
	  	Complies	 
	 Monthly financial statements with Compliance Certificate
	  	Monthly within 30 days	  	 	Yes No	  
	 Annual financial statement (CPA Audited)
	  	FYE within 120 days	  	 	Yes No	  
	 Board Projections
	  	FYE within 45 days	  	 	Yes No	  
	 10-Q, 10-K and 8-K
	  	Within 5 days after filing with SEC	  	 	Yes No	  
	 Borrowing Base Certificate with A/R & A/P Agings
	  	Monthly within 30 days	  	 	Yes No	  
	 Bank Statements
	  	Monthly within 5 Business Days	  	 	Yes No	  
	
	The following Intellectual Property was registered (or a registration application submitted) after the Effective Date (if no registrations, state
“None”)	   
	
	
                        
                                         
                                         
                                         
                                         
                
	   

	
	
                        
                                         
                                         
                                         
                                         
                
	   

													
	 Financial Covenant
	  	Required	 	 	Actual	 	  	Complies	 
	 Maintain on a Quarterly Basis (unless otherwise specified):
	  				 				  			
	 Minimum Recurring Revenue
	  	 	*	  	 	 	$_______	  	  	 	Yes No	  
	 Maximum Unfinanced CAPEX
	  	 	*	* 	 	 	$_______	  	  	 	Yes No	  
	 Minimum Adjusted EBITDA
	  	 	*	** 	 	 	$_______	  	  	 	Yes No	  

  

	*	As set forth in Section 6.7(a) of the Agreement. 

	**	As set forth in Section 6.7(b) of the Agreement. 

	***	As set forth in Section 6.7(c) of the Agreement. 

 The following financial covenant analyses and information set forth in Schedule 1 attached hereto are true and accurate as of the date of this Certificate. 

The following are the exceptions with respect to the certification above: (If no exceptions exist, state “No exceptions to
note.”) 
  
  

 
  
  

 
  

									
	EXACTTARGET, INC.	 		 	BANK USE ONLY
					
		 		 		 	Received by:	 	 
	By:	 	 	 		 		 	AUTHORIZED SIGNER
					
	Name:	 	 	 		 	Date:	 	 
					
	Title:	 	 	 		 	Verified:	 	 
		 		 		 		 	AUTHORIZED SIGNER
					
		 		 		 	Date:	 	 
				
		 		 		 	Compliance Status:     Yes     No

 Schedule 1 to Compliance Certificate 

Financial Covenants of Borrower 
 In the event of a conflict between this Schedule and the Loan Agreement, the terms of the Loan Agreement shall govern. 
 Dated: ____________________ 
  

	I.	Recurring Revenue (Section 6.7(a)) 

Required*: See chart below 
  

					
	Fiscal Quarter	  	Minimum Recurring Revenue	 
	 October 1, 2010 through December 31, 2010
	  	$	28,500,000.00	  
	 January 1, 2011 through March 31, 2011
	  	$	37,938,000.00	  
	 April 1, 2011 through June 30, 2011
	  	$	42,381,000.00	  
	 July 1, 2011 through September 30, 2011
	  	$	45,662,000.00	  
	 October 1, 2011 through December 31, 2011
	  	$	48,463,000.00	  

 Actual: 
  

							
	 A.
	  	Recurring subscription revenue, any service revenue and messaging revenue directly attributable to software licensed by Borrower’s parent, calculated on a consolidated basis
with respect to Borrower and its Subsidiaries, on a basis consistent with Borrower’s financial statements delivered pursuant to Section 6.2 (to the extent not inconsistent with then current GAAP) and in accordance with GAAP	  	$	______	  

 Is line A equal to or greater than the amount applicable above? 

 

			
	 _________ No, not in compliance
	  	_________ Yes, in compliance

  

	II.	Unfinanced Capital Expenditures (Section 6.7(b)) 

 Required*: Maximum unfinanced capital expenditures for Borrower and its Subsidiaries of (i) $10,000,000.00 for Borrower’s 2010 fiscal year, and (ii) $25,323,000.00 for Borrower’s 2011
fiscal year. 
 Actual:             $___________________ 

Is the actual amount less than or equal to (i) $10,000,000.00 for Borrower’s 2010 fiscal year, and (ii) $25,323,000.00 for Borrower’s
2011 fiscal year? 
  

			
	 _________ No, not in compliance
	  	_________ Yes, in compliance

	III.	Adjusted EBITDA (Section 6.7(c)) 

Required*: See chart below 
  

					
	Fiscal Quarter	  	Minimum Adjusted EBITDA	 
	 October 1, 2010 through December 31, 2010
	  	 	($750,000.00	) 
	 January 1, 2011 through March 31, 2011
	  	 	($3,255,000.00	) 
	 April 1, 2011 through June 30, 2011
	  	 	($2,949,000.00	) 
	 July 1, 2011 through September 30, 2011
	  	 	($1,369,000.00	) 
	 October 1, 2011 through December 31, 2011
	  	 	$1,091,000.00	  

 Actual: 
  

							
	 A.
	  	Net Income (as defined in the Agreement) for Borrower and its Subsidiaries	  	$	_____	  
			
	 B.
	  	To the extent included in the determination of Net Income for Borrower and its Subsidiaries	  			
			
		  	 1.      Income tax Expense
	  	$	_____	  
			
		  	 2.      Depreciation expense
	  	$	_____	  
			
		  	 3.      Amortization expense from intangible assets
	  	$	_____	  
			
		  	 4.      Interest Expense
	  	$	_____	  
			
		  	 5.      Acquisition Expenses (as defined in the Agreement)
	  	$	_____	  
			
		  	 6.      Non-cash compensation paid to employees in the form of equity
	  	$	_____	  
			
		  	 7.      The sum of lines 1 through 6
	  	$	_____	  
			
	 C.
	  	Adjusted EBITDA (line A plus line B.7)	  	 	_____	  

 Is line C equal to or greater than the amount applicable above? 

 

			
	 _________ No, not in compliance
	  	_________ Yes, in compliance

  

	*	Each financial covenant shall be reset for Borrower’s 2012 fiscal year pursuant to the terms of the Loan Agreement.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00199-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00199-of-00352.parquet"}]]