Document:

EX-4.3

 Exhibit 4.3 

AMENDMENT NO. 1 TO 

SECOND AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

This Amendment No. 1 (this “Amendment”), effective as of November 21, 2016 (“Amendment Effective Date”), is made
to that certain Second Amended and Restated Investors’ Rights Agreement (the “Agreement”), dated October 8, 2010, by and among American Well Corporation, a Delaware corporation (“American
Well”), the Investors and the Common Holders. Unless otherwise defined herein, capitalized terms used herein shall have the meanings given to such terms in the Agreement. 

WHEREAS, the Company desires to revise the definition of New Securities. 

NOW, THEREFORE, the Agreement is hereby amended as follows: 

I. Amendment. Subsection (i) in the definition of “New Securities”, as found in Section 1.1(M) of the
Agreement, shall be deleted in its entirety and replaced with the following: 
 “(i) such number of shares of Common
Stock that is equal to 17% of the then outstanding Common Stock (including all Preferred Stock and other Convertible Securities, on as as-converted basis) issued or deemed issued on or after the date of Initial Closing (such number of shares issued
or deemed issued to be calculated net of any expired or terminated options or warrants and to be proportionately adjusted to reflect any subsequent stock dividend, stock split, combination of shares, reorganization, recapitalization,
reclassification or other similar event) issued to employees, officers or directors, of, or consultants or advisor to the Company or any subsidiary pursuant to stock grants, option plans, purchase plans or other employee stock incentive programs,
agreements or arrangements, in each case as approved by the Board of Directors of the Company, or upon exercise of option warrants granted to such parties pursuant to any such plan or arrangement;” 

II. No Other Modification. Except as modified and amended herein, all other terms and provisions of the Agreement will remain in full
force and effect. 
 IN WITNESS WHEREOF, the Corporation has caused this Amendment to the Agreement to be signed by its duly authorized officer this 13th
day of January, 2017. 
  

			
	AMERICAN WELL CORPORATION
		
	By:    	 	/s/ Bradford Gay
		 	Name: Brad Gay
		 	Title:   General CounselEX-4.4

 Exhibit 4.4 

AMENDMENT NO. 2 
 TO

 SECOND AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

This Amendment No. 2 (this “Amendment”), effective as of May 29, 2018 (the “Amendment Effective
Date”), is made to that certain Second Amended and Restated Investors’ Rights Agreement, dated October 8, 2010, by and among American Well Corporation, a Delaware corporation (the “Company”) and the Investors and
the Common Holders, as amended by Amendment No. 1 thereto, dated as of November 21, 2016 (as amended, the “Agreement”). Unless otherwise defined herein, capitalized terms used herein shall have the meanings given to such
terms in the Agreement. 
 WHEREAS, the parties to the Agreement desire to amend certain provisions of the Agreement; 

WHEREAS, pursuant to Section 8.1 of the Agreement, the Agreement may be amended by a written instrument executed by the Company and the
Holders of a majority of the Registrable Securities then outstanding (the “Requisite Holders”); and 
 WHEREAS, the Company
and the Requisite Holders hereby consent as of Amendment Effective Date to amend the Agreement as set forth herein. 
 NOW, THEREFORE, the
Agreement is hereby amended as follows: 
  

	1.	 Amendment. 

  

	 	a.	 Section 1.1(m) of the Agreement shall be amended by amending the defined term “New
Securities” as follows: (i) deleting the word “and” appearing prior to clause (ix) of such definition, and (ii) inserting a new clause (x) as follows: 

“; and (x) shares of Common Stock issued or issuable pursuant to the Company’s Initial Public Offering and any Qualified Public
Offering.” 
  

	 	b.	 Section 2.2(a) of the Agreement is hereby amended and restated in its entirety as follows:

 “(a) Company Registration. If at any time following the Initial Public Offering, the Company shall
determine to register any of its securities either for its own account or the account of a security holder or holders, other than a registration pursuant to Section 2.1 or 2.3, a registration relating solely to employee benefit plans, a
registration relating to the offer and sale of debt securities, a registration relating to a corporate reorganization or other Rule 145 transaction, or a registration on any registration form that does not permit secondary sales, the Company
will: 
 (i) promptly give written notice of the proposed registration to all Holders; and 

 (ii) include in such registration (and any related qualification under blue sky laws or
other compliance), except as set forth in Section 2.2(b) below, and in any underwriting involved therein, all of such Registrable Securities as are specified in a written request or requests made by any Holder or Holders received by the Company
within twenty (20) days after such written notice from the Company is mailed or delivered. Such written request may specify all or a part of a Holder’s Registrable Securities. If a Holder decides not to include all of its Registrable
Securities in any registration statement thereafter filed by the Company; such Holder shall nevertheless continue to have the right to include any Registrable Securities in any subsequent registration statement or registration statements as may be
filed by the Company with respect to offerings of its securities, all upon the terms and conditions set forth herein.” 
  

	 	c.	 Section 2.10 of the Agreement is hereby amended and restated in its entirety as follows:

 “2.10 Market Stand-Off Agreement. If requested by the Company and an underwriter of Common Stock (or other
securities) of the Company, each Holder hereby agrees that such Holder shall not sell or otherwise transfer, make any short sale of, grant any option for the purchase of, make any loan with respect to, or enter into any hedging or similar
transaction or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of such securities, of any Common Stock (or other securities) of the Company held by such Holder (other than those
included in the registration or purchased during the open market) beginning on the date of confidential submission of the registration statement for, and until the end of the one hundred eighty (180) day period following the effective date of,
the Company’s Initial Public Offering; provided that, all officers and directors of the Company and holders of at least one percent (1%) of the Company’s voting securities are bound by and have entered into similar agreements. The
obligations described in this Section 2.10 shall not apply to a registration relating solely to employee benefit plans on Form S-1 or Form S-8 or similar forms that may be promulgated in the future, or a registration relating solely
to a transaction on Form S-4 or similar forms that may be promulgated in the future. The Company may impose stop-transfer instructions and may stamp each such certificate with the second legend set forth in Section 2.8(b) hereof with
respect to the shares of Common Stock (or other securities) subject to the foregoing restriction until the end of such one hundred eighty (180) day period. Each Holder agrees to execute a market standoff agreement with said underwriters in
customary form consistent with the provisions of this Section 2.10. The underwriters in connection with such public offering are intended 

 
third party beneficiaries of this Section 2.10 and shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto. Each Holder hereby
irrevocably constitutes and appoints the Company and each of its officers and directors, acting alone, with full power of substitution, as its true and lawful attorney-infact with full irrevocable power and authority in the place and stead of such
Holder and in the name of such Holder or in its own name, for the purpose of carrying out the terms of this Section 2.10, to take any and all appropriate action and to execute any and all documents and instruments, including a lock-up agreement
with any underwriters of such public offering, which may be necessary or desirable to accomplish the purposes of this Section 2.10. Such Holder hereby ratifies all that said attorneys shall lawfully do or cause to be done by virtue hereof. This
power of attorney and all authority conferred hereby are granted and conferred subject to the interests of the Company the underwriters in the offering and the Holders and, in consideration of those interests and for the purpose of completing such
offering and related transactions, this power of attorney and all authority conferred hereby, to the extent enforceable by law, shall be deemed coupled with an interest and be irrevocable and not subject to termination by the undersigned or by
operation of law, whether by the death or incapacity of the undersigned or otherwise.” 
  

	2.	 No Other Modifications. Section 8 of the Agreement is hereby incorporated into this Amendment,
mutatis mutandis. Except as modified and amended herein, all other terms and provisions of the Agreement will remain in full force and effect. 

[Signature Pages Follow] 

 IN WITNESS WHEREOF, the undersigned has caused this Amendment to be executed on the date
first written above by its duly authorized officer. 
  

			
	AMERICAN WELL CORPORATION
		
	By:    	 	/s/ Brad Gay
		 	Name: Brad Gay
		 	Title:   SVP & General CounselEX-4.5

 Exhibit 4.5 

AMENDMENT NO. 3 TO 

SECOND AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEEMENT 

This Amendment No. 3 (this “Amendment”), effective as of July 19, 2019 (“Amendment Effective
Date”), is made to that certain Second Amended and Restated Investors’ Rights Agreement (the “Agreement”), dated October 8, 2010, by and among American Well Corporation, a Delaware corporation
(“American Well”), the Investors and the Common Holders. Unless otherwise defined herein, capitalized terms used herein shall have the meanings given to such terms in the Agreement. 

WHEREAS, the Company desires to revise the definition of New Securities. 

NOW, THEREFORE, the Agreement is hereby amended as follows: 

I. Amendment. Subsection (i) in the definition of “New Securities”, as found in Section 1.1(M) of the
Agreement, shall be deleted in its entirety and replaced with the following: 
 “(i) such number of shares of Common
Stock that is equal to 20% of the then-outstanding Common Stock (including all Preferred Stock and other Convertible Securities, on as as-converted basis) issued or deemed issued on or after the date of
Initial Closing (such number of shares issued or deemed issued to be calculated net of any expired or terminated options or warrants and to be proportionately adjusted to reflect any subsequent stock dividend, stock split, combination of shares,
reorganization, recapitalization, reclassification or other similar event) to employees, officers or directors, of, or consultants or advisor to the Company or any subsidiary pursuant to stock grants, option plans, purchase plans or other employee
stock incentive programs, agreements or arrangements, in each case as approved by the Board of Directors of the Company, or upon exercise of option warrants granted to such parties pursuant to any such plan or arrangement;” 

II. No Other Modification. Except as modified and amended herein, all other terms and provisions of the Agreement will remain in full
force and effect. 

 IN WITNESS WHEREOF, the Corporation has caused this Amendment to the Agreement to be signed
by its duly authorized officer this 5th day of September, 2019. 
  

			
	AMERICAN WELL CORPORATION
		
	By:	 	/s/ Bradford Gay
		 	Name: Bradford Gay
		 	Title: SVP & General Counsel

  
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