Document:

Amended and Restated Committed Line of Credit Note

 Exhibit 10.5 

 

			
	 Amended and Restated
 Committed Line Of Credit Note
 (Multi-Rate Options)
	  	

		
	 $15,000,000.00
	  	September 30, 2010

 FOR VALUE RECEIVED, EPAM SYSTEMS, INC. (the “Borrower”), with an address at 989 Lenox Drive, Suite 305, Lawrenceville, New Jersey 08648, promises to pay to the order of
PNC BANK, NATIONAL ASSOCIATION (the “Bank”), in lawful money of the United States of America in immediately available funds at its offices located at Two Tower Center Boulevard, East Brunswick, New Jersey 08816, or at such
other location as the Bank may designate from time to time, the principal sum of FIFTEEN MILLION AND 00/100 DOLLARS ($15,000,000.00) (the “Facility”) or such lesser amount as may be advanced to or for the benefit of the
Borrower hereunder, together with interest accruing on the outstanding principal balance from the date hereof, all as provided below. 
 1. Advances. The Borrower may request advances, repay and request additional advances hereunder until the Expiration Date, subject to the terms and conditions of this Note and the Loan
Documents (as hereinafter defined). The “Expiration Date” shall mean October 15, 2013, or such later date as may be designated by the Bank by written notice from the Bank to the Borrower. The Borrower acknowledges and
agrees that in no event will the Bank be under any obligation to extend or renew the Facility or this Note beyond the Expiration Date. The Borrower may request advances hereunder upon giving oral or written notice to the Bank by 11:00 a.m. (Eastern,
Standard time) East Brunswick, New Jersey (a) on the day of the proposed advance, in the case of advances to bear interest under the Base Rate Option (as hereinafter defined) and (b) three (3) Business Days prior to the proposed
advance, in the case of advances to bear interest under the LIBOR Option (as hereinafter defined), followed promptly thereafter by the Borrower’s written confirmation to the Bank of any oral notice. The aggregate unpaid principal amount of
advances under this Note shall not exceed the face amount of this Note. 
 2. Rate of Interest. Each advance
outstanding under this Note will bear interest at a rate or rates per annum as may be selected by the Borrower from the interest rate options set forth below (each, an “Option”): 

(i) Base Rate Option. A rate of interest per annum which is at all times equal to the Base Rate. If and
when the Base Rate (or any component thereof) changes, the rate of interest with respect to any advance to which the Base Rate Option applies will change automatically without notice to the Borrower, effective on the date of any such change. There
are no required minimum interest periods for advances bearing interest under the Base Rate Option. 
 (ii)
LIBOR Option. A rate per annum equal to (A) LIBOR plus (B) one hundred twenty five (125) basis points (1.25%), for the applicable LIBOR Interest Period. 

For purposes hereof, the following terms shall have the following meanings: 

“Base Rate” shall mean the highest of (A) the Prime Rate, and (B) the sum of the Federal Funds
Open Rate plus fifty (50) basis points (0.50%), and (C) the sum of the Daily LIBOR Rate plus one hundred (100) basis points (1.0%), so long as a Daily LIBOR Rate is offered, ascertainable and not unlawful. 

“Business Day” shall mean any day other than a Saturday or Sunday or a legal holiday on which commercial
banks are authorized or required by law to be closed for business in East Brunswick, New Jersey. 

“Daily LIBOR Rate” shall mean, for any day, the rate per annum determined by the Bank by dividing
(x) the Published Rate by (y) a number equal to 1.00 minus the LIBOR Reserve Percentage. 

 “Federal Funds Open Rate” shall mean, for any
day, the rate per annum (based on a year of 360 days and actual days elapsed) which is the daily federal funds open rate as quoted by ICAP North America, Inc. (or any successor) as set forth on the Bloomberg Screen BTMM for that day opposite the
caption “OPEN” (or on such other substitute Bloomberg Screen that displays such rate), or as set forth on such other recognized electronic source used for the purpose of displaying such rate as selected by the Bank (an “Alternate
Source”) (or if such rate for such day does not appear on the Bloomberg Screen BTMM (or any substitute screen) or on any Alternate Source, or if there shall at any time, for any reason, no longer exist a Bloomberg Screen BTMM (or any substitute
screen) or any Alternate Source, a comparable replacement rate determined by the Bank at such time (which determination shall be conclusive absent manifest error); provided however, that if such day is not a Business Day, the Federal Funds Open Rate
for such day shall be the “open” rate on the immediately preceding Business Day. The rate of interest charged shall be adjusted as of each Business Day based on changes in the Federal Funds Open Rate without notice to the Borrower.

 “LIBOR” shall mean, with respect to any advance to which the LIBOR Option applies for the
applicable LIBOR Interest Period, the interest rate per annum determined by the Bank by dividing (the resulting quotient rounded upwards, at the Bank’s discretion, to the nearest 1/100th of 1%) (i) the rate of interest determined by the
Bank in accordance with its usual procedures (which determination shall be conclusive absent manifest error) to be the eurodollar rate two (2) Business Days prior to the first day of such LIBOR Interest Period for an amount comparable to such
advance and having a borrowing date and a maturity comparable to such LIBOR Interest Period by (ii) a number equal to 1.00 minus the LIBOR Reserve Percentage. 

“LIBOR Interest Period” shall mean, as to any advance to which the LIBOR Option applies, the period of
one (1), two (2), three (3) or six (6) month/months as selected by the Borrower in its notice of borrowing or notice of conversion, as the case may be, commencing on the date of disbursement of an advance (or the date of conversion of an
advance to the LIBOR Option, as the case may be) and each successive period selected by the Borrower thereafter; provided that, (i) if a LIBOR Interest Period would end on a day which is not a Business Day, it shall end on the
next succeeding Business Day unless such day falls in the next succeeding calendar month in which case the LIBOR Interest Period shall end on the next preceding Business Day, (ii) the Borrower may not select a LIBOR Interest Period that would
end on a day after the Expiration Date, and (iii) any LIBOR Interest Period that begins on the last Business Day of a calendar month (or a day for which there is no numerically corresponding day in the last calendar month of such LIBOR Interest
Period) shall end on the last Business Day of the last calendar month of such LIBOR Interest Period. 

“LIBOR Reserve Percentage” shall mean the maximum effective percentage in effect on such day as
prescribed by the Board of Governors of the Federal Reserve System (or any successor) for determining the reserve requirements (including, without limitation, supplemental, marginal and emergency reserve requirements) with respect to eurocurrency
funding (currently referred to as “Eurocurrency liabilities”). 
 “Prime
Rate” shall mean the rate publicly announced by the Bank from time to time as its prime rate. The Prime Rate is determined from time to time by the Bank as a means of pricing some loans to its borrowers. The Prime Rate is not tied to
any external rate of interest or index, and does not necessarily reflect the lowest rate of interest actually charged by the Bank to any particular class or category of customers. 

“Published Rate” shall mean the rate of interest published each Business Day in the Wall Street Journal
“Money Rates” listing under the caption “London Interbank Offered Rates” for a one month period (or, if no such rate is published therein for any reason, then the Published Rate shall be the eurodollar rate for a one month period
as published in another publication selected by the Bank). 

  
 - 2 -

 LIBOR and the Daily LIBOR Rate shall be adjusted with respect to any advance to which the
LIBOR Option or Base Rate Option applies, as applicable, on and as of the effective date of any change in the LIBOR Reserve Percentage. The Bank shall give prompt notice to the Borrower of LIBOR or the Daily LIBOR Rate as determined or adjusted in
accordance herewith, which determination shall be conclusive absent manifest error. 
 If the Bank determines (which
determination shall be final and conclusive) that, by reason of circumstances affecting the eurodollar market generally, deposits in dollars (in the applicable amounts) are not being offered to banks in the eurodollar market for the selected term,
or adequate means do not exist for ascertaining LIBOR, then the Bank shall give notice thereof to the Borrower. Thereafter, until the Bank notifies the Borrower that the circumstances giving rise to such suspension no longer exist, (a) the
availability of the LIBOR Option shall be suspended, and (b) the interest rate for all advances then bearing interest under the LIBOR Option shall be converted at the expiration of the then current LIBOR Interest Period(s) to the Base Rate
Option. 
 In addition, if, after the date of this Note, the Bank shall determine (which determination shall be final and
conclusive) that any enactment, promulgation or adoption of or any change in any applicable law, rule or regulation, or any change in the interpretation or administration thereof by a governmental authority, central bank or comparable agency charged
with the interpretation or administration thereof, or compliance by the Bank with any guideline, request or directive (whether or not having the force of law) of any such authority, central bank or comparable agency shall make it unlawful or
impossible for the Bank to make or maintain or fund loans based on LIBOR, the Bank shall notify the Borrower. Upon receipt of such notice, until the Bank notifies the Borrower that the circumstances giving rise to such determination no longer apply,
(a) the availability of the LIBOR Option shall be suspended, and (b) the interest rate on all advances then bearing interest under the LIBOR Option shall be converted to the Base Rate Option either (i) on the last day of the then
current LIBOR Interest Period(s) if the Bank may lawfully continue to maintain advances based on LIBOR to such day, or (ii) immediately if the Bank may not lawfully continue to maintain advances based on LIBOR. 

The foregoing notwithstanding, it is understood that the Borrower may select different Options to apply simultaneously to different
portions of the advances and may select up to six (6) different interest periods to apply simultaneously to different portions of the advances bearing interest under the LIBOR Option. Interest hereunder will be calculated based on the actual
number of days that principal is outstanding over a year of 360 days. In no event will the rate of interest hereunder exceed the maximum rate allowed by law. 
 3. Interest Rate Election. Subject to the terms and conditions of this Note, at the end of each interest period applicable to any advance, the Borrower may renew the Option applicable to
such advance or convert such advance to a different Option; provided that, during any period in which any Event of Default (as hereinafter defined) has occurred and is continuing, any advances bearing interest under the LIBOR Option
shall, at the Bank’s sole discretion, be converted at the end of the applicable LIBOR Interest Period to the Base Rate Option and the LIBOR Option will not be available to Borrower with respect to any new advances (or with respect to the
conversion or renewal of any existing advances) until such Event of Default has been cured by the Borrower or waived by the Bank. The Borrower shall notify the Bank of each election of an Option, each conversion from one Option to another, the
amount of the advances then outstanding to be allocated to each Option and where relevant the interest periods therefor. In the case of converting to the LIBOR Option, such notice shall be given at least three (3) Business Days prior to the
commencement of any LIBOR Interest Period. If no interest period is specified in any such notice for which the resulting advance is to bear interest under the LIBOR Option, the Borrower shall be deemed to have selected a LIBOR Interest Period of one
month’s duration. If no notice of election, conversion or renewal is timely received by the Bank with respect to any advance, the Borrower shall be deemed to have elected the Base Rate Option. Any such election shall be promptly confirmed in
writing by such method as the Bank may require. 
 4. Advance Procedures. A request for advance made by telephone
must be promptly confirmed in writing by such method as the Bank may require. The Borrower authorizes the Bank to accept telephonic requests for advances, and the Bank shall be entitled to rely upon the authority of any person providing such
instructions. The Borrower hereby indemnifies and holds the Bank harmless from and against any and all damages, losses, liabilities, costs and expenses (including reasonable attorneys’ fees and expenses) which may arise or be created

  
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by the acceptance of such telephone requests or making such advances. The Bank will enter on its books and records, which entry when made will be presumed correct, the date and amount of each
advance, the interest rate and interest period applicable thereto, as well as the date and amount of each payment. 
 5.
Payment Terms. The Borrower shall pay accrued interest on the unpaid principal balance of this Note in arrears: (a) for the portion of advances bearing interest under the Base Rate Option, on the first day of each month during the
term hereof, (b) for the portion of advances bearing interest under the LIBOR Option, on the last day of the respective LIBOR Interest Period for such advance, (c) if any LIBOR Interest Period is longer than three (3) months, then
also on the three (3) month anniversary of such interest period and every three (3) months thereafter, and (d) for all advances, at maturity, whether by acceleration of this Note or otherwise, and after maturity, on demand until paid
in full. All outstanding principal and accrued interest hereunder shall be due and payable in full on the Expiration Date. 
 If
any payment under this Note shall become due on a Saturday, Sunday or public holiday under the laws of the State where the Bank’s office indicated above is located, such payment shall be made on the next succeeding Business Day and such
extension of time shall be included in computing interest in connection with such payment. The Borrower hereby authorizes the Bank to charge the Borrower’s deposit account at the Bank for any payment when due hereunder; provided that the Bank
previously provides notice to the Borrower of such charge. Payments received will be applied to reasonable charges, fees and expenses (including reasonable attorneys’ fees) accrued interest and principal in any order the Bank may choose, in its
sole discretion. 
 6. Late Payments; Default Rate. If the Borrower fails to make any payment of principal,
interest or other amount coming due pursuant to the provisions of this Note within fifteen (15) calendar days of the date due and payable, the Borrower also shall pay to the Bank a late charge equal to the lesser of five percent (5%) of
the amount of such payment or $100.00 (the “Late Charge”). Such fifteen (15) day period shall not be construed in any way to extend the due date of any such payment. Upon maturity, whether by acceleration, demand or otherwise,
and at the Bank’s option upon the occurrence of any Event of Default (as hereinafter defined) and during the continuance thereof, each advance outstanding under this Note shall bear interest at a rate per annum (based on the actual number of
days that principal is outstanding over a year of 360 days) which shall be one percentage points (1%) in excess of the interest rate in effect from time to time under this Note but not more than the maximum rate allowed by law (the
“Default Rate”). The Default Rate shall continue to apply whether or not judgment shall be entered on this Note. Both the Late Charge and the Default Rate are imposed as liquidated damages for the purpose of defraying the
Bank’s expenses incident to the handling of delinquent payments, but are in addition to, and not in lieu of, the Bank’s exercise of any rights and remedies hereunder, under the other Loan Documents or under applicable law, and any fees and
expenses of any agents or attorneys which the Bank may employ. In addition, the Default Rate reflects the increased credit risk to the Bank of carrying a loan that is in default. The Borrower agrees that the Late Charge and Default Rate are
reasonable forecasts of just compensation for anticipated and actual harm incurred by the Bank, and that the actual harm incurred by the Bank cannot be estimated with certainty and without difficulty. 

7. Prepayment. The Borrower shall have the right to prepay any advance hereunder at any time and from time to time, in
whole or in part; subject, however, to payment of any break funding indemnification amounts owing pursuant to paragraph 8 below. 
 8. Yield Protection; Break Funding Indemnification. The Borrower shall pay to the Bank on written demand therefor, together with the written evidence of the justification therefor, all
direct costs incurred, losses suffered or payments made by Bank by reason of any change in law or regulation or its interpretation imposing any reserve, deposit, allocation of capital, or similar requirement (including without limitation, Regulation
D of the Board of Governors of the Federal Reserve System) on the Bank, its holding company or any of their respective assets. In addition, the Borrower agrees to indemnify the Bank against any liabilities, losses or expenses (including, without
limitation, loss of margin, any loss or expense sustained or incurred in liquidating or employing deposits from third parties, and any loss or expense incurred in connection with funds acquired to effect, fund or maintain any advance (or any part
thereof) bearing interest under the LIBOR Option) which the Bank sustains or incurs as a consequence of either (i) the Borrower’s failure to make a payment on the due date 

  
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thereof, (ii) the Borrower’s revocation (expressly, by later inconsistent notices or otherwise) in whole or in part of any notice given to Bank to request, convert, renew or prepay any
advance bearing interest under the LIBOR Option, or (iii) the Borrower’s payment or prepayment (whether voluntary, after acceleration of the maturity of this Note or otherwise) or conversion of any advance bearing interest under the LIBOR
Option on a day other than the last day of the applicable LIBOR Interest Period. A notice as to any amounts payable pursuant to this paragraph given to the Borrower by the Bank shall, in the absence of manifest error, be conclusive and shall be
payable upon demand. The Borrower’s indemnification obligations hereunder shall survive the payment in full of the advances and all other amounts payable hereunder. 
 9. Other Loan Documents. This Note is issued in connection with a letter agreement between the Borrower and the Bank, dated November 22, 2006, and the other agreements and documents
executed and/or delivered in connection therewith or referred to therein, the terms of which are incorporated herein by reference (as amended, modified or renewed from time to time, collectively the “Loan Documents”), and is secured
by the property (if any) described in the Loan Documents and by such other collateral as previously may have been or may in the future be granted to the Bank to secure this Note. 

10. Events of Default. The occurrence of any of the following events will be deemed to be an “Event of
Default” under this Note, it being agreed that except with respect to the events described in subparagraph (i) below which shall constitute “Events of Default” in the absence of any requirement for notice and without there
being a period within which to cure, each said event shall not mature and be deemed an “Event of Default” if cured to the reasonable satisfaction of the Bank within thirty (30) days of the Bank’s provision of notice to Borrower
thereof: (i) the nonpayment of any principal, interest or other indebtedness under this Note when due; (ii) the occurrence of any event of default or any default and the lapse of any notice or cure period, or the Borrower’s failure to
observe or perform any covenant or other agreement, under or contained in any Loan Document or any other document now or in the future evidencing or securing any debt, liability or obligation of the Borrower to the Bank; (iii) the voluntary
filing by or against the Borrower of any proceeding in bankruptcy, receivership, insolvency, reorganization, liquidation, conservatorship or similar proceeding (and, in the case of any such proceeding instituted against the Borrower, such proceeding
is not dismissed or stayed within 30 days of the commencement thereof, provided that the Bank shall not be obligated to advance additional funds hereunder during such period); (iv) any assignment by the Borrower for the benefit of creditors, or
any levy, garnishment, attachment or similar proceeding is instituted against any property of the Borrower held by or deposited with the Bank; (v) a default with respect to any other indebtedness of the Borrower for borrowed money, if the
effect of such default is to cause or permit the acceleration of such debt; (vi) the commencement of any foreclosure or forfeiture proceeding, execution or attachment against any collateral securing the obligations of the Borrower to the Bank;
(vii) the entry of a final judgment against any Obligor , which causes a material adverse effect to the Borrower and/or its business, assets operations, financial condition or results of operations, an in such event the failure of Borrower to
discharge the judgment within fifteen (15) days of the entry thereof; (viii) any material adverse change in the Borrower’s business, assets, operations, financial condition or results of operations; (ix) the Borrower ceases doing
business as a going concern; (x) any representation or warranty made by the Borrower to the Bank in any Loan Document or any other documents now or in the future evidencing or securing the obligations of the Borrower to the Bank, is false,
erroneous or misleading in any material respect. 
 Upon the occurrence of an Event of Default: (a) the Bank shall be under
no further obligation to make advances hereunder; (b) if an Event of Default specified in clause (iii) or (iv) above shall occur, the outstanding principal balance and accrued interest hereunder together with any additional amounts
payable hereunder shall be immediately due and payable without demand or notice of any kind; (c) if any other Event of Default shall occur, the outstanding principal balance and accrued interest hereunder together with any additional amounts
payable hereunder, at the Bank’s option and without demand or notice of any kind, may be accelerated and become immediately due and payable; (d) at the Bank’s option, this Note will bear interest at the Default Rate from the date of
the occurrence of the Event of Default; and (e) the Bank may exercise from time to time any of the rights and remedies available under the Loan Documents or under applicable law. 

11. Right of Setoff. In addition to all liens upon and rights of setoff against the Borrower’s money, securities or
other property given to the Bank by law, the Bank shall have upon the occurrence of an Event of Default, with 

  
 - 5 -

 
respect to the Borrower’s obligations to the Bank under this Note and to the extent permitted by law, a contractual possessory security interest in and a contractual right of setoff against,
and the Borrower hereby grants the Bank a security interest in, and hereby assigns, conveys, delivers, pledges and transfers to the Bank, all of the Borrower’s right, title and interest in and to, all of the Borrower’s deposits, moneys,
securities and other property now or hereafter in the possession of or on deposit with, or in transit to, the Bank or any other direct or indirect subsidiary of The PNC Financial Services Group, Inc., whether held in a general or special account or
deposit, whether held jointly with someone else, or whether held for safekeeping or otherwise, excluding, however, all IRA, Keogh, and trust accounts. Every such right of setoff shall be deemed to have been exercised immediately upon the occurrence
of an Event of Default hereunder without any action of the Bank, although the Bank may enter such setoff on its books and records at a later time and such security interest and right of setoff may be exercised without demand upon or notice to the
Borrower. 
 12. Indemnity. The Borrower agrees to indemnify each of the Bank, each legal entity, if any, who
controls, is controlled by or is under common control with the Bank, and each of their respective directors, officers and employees (the “Indemnified Parties”), and to defend and hold each Indemnified Party harmless from and against
any and all claims, damages, losses, liabilities and expenses (including all fees and charges of internal or external counsel with whom any Indemnified Party may consult and all expenses of litigation and preparation therefor) which any Indemnified
Party may incur or which may be asserted against any Indemnified Party by any person, entity or governmental authority (including any person or entity claiming derivatively on behalf of the Borrower), in connection with or arising out of or relating
to the matters referred to in this Note or in the other Loan Documents or the use of any advance hereunder, whether (a) arising from or incurred in connection with any breach of a representation, warranty or covenant by the Borrower, or
(b) arising out of or resulting from any suit, action, claim, proceeding or governmental investigation, pending or threatened, whether based on statute, regulation or order, or tort, or contract or otherwise, before any court or governmental
authority; provided, however, that the foregoing indemnity agreement shall not apply to any claims, damages, losses, liabilities and expenses solely attributable to an Indemnified Party's gross negligence or willful misconduct. The
indemnity agreement contained in this Section shall survive the termination of this Note, payment of any advance hereunder and the assignment of any rights hereunder. The Borrower may participate at its expense in the defense of any such action or
claim. 
 13. Miscellaneous. All notices, demands, requests, consents, approvals and other communications required
or permitted hereunder (“Notices”) must be in writing (except as may be agreed otherwise above with respect to borrowing requests) and will be effective upon receipt. Notices may be given in any manner to which the parties may
separately agree, including electronic mail. Without limiting the foregoing, first-class mail, facsimile transmission and commercial courier service are hereby agreed to as acceptable methods for giving Notices. Regardless of the manner in which
provided, Notices may be sent to a party’s address as set forth above or to such other address as any party may give to the other for such purpose in accordance with this paragraph. No delay or omission on the Bank’s part to exercise any
right or power arising hereunder will impair any such right or power or be considered a waiver of any such right or power, nor will the Bank’s action or inaction impair any such right or power. The Bank’s rights and remedies hereunder are
cumulative and not exclusive of any other rights or remedies which the Bank may have under other agreements, at law or in equity. No modification, amendment or waiver of, or consent to any departure by the Borrower from, any provision of this Note
will be effective unless made in a writing signed by the Bank, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. The Borrower agrees to pay on demand, to the extent permitted by
law, all costs and expenses incurred by the Bank in the enforcement of its rights in this Note and in any security therefor, including without limitation reasonable fees and expenses of the Bank’s counsel. If any provision of this Note is found
to be invalid, illegal or unenforceable in any respect by a court, all the other provisions of this Note will remain in full force and effect. The Borrower and all other makers and indorsers of this Note hereby forever waive presentment, protest,
notice of dishonor and notice of non-payment. The Borrower also waives all defenses based on suretyship or impairment of collateral. If this Note is executed by more than one Borrower, the obligations of such persons or entities hereunder will be
joint and several. This Note shall bind the Borrower and its heirs, executors, administrators, successors and assigns, and the benefits hereof shall inure to the benefit of the Bank and its successors and assigns; provided, however,
that the Borrower may not assign this Note in whole or in part without the Bank’s written consent and the Bank at any time may assign this Note in whole or in part. 

  
 - 6 -

 This Note has been delivered to and accepted by the Bank and will be deemed to be made in
the State where the Bank’s office indicated above is located. THIS NOTE WILL BE INTERPRETED AND THE RIGHTS
AND LIABILITIES OF THE BANK AND THE BORROWER DETERMINED IN ACCORDANCE
WITH THE LAWS OF THE STATE WHERE THE BANK’S OFFICE INDICATED
ABOVE IS LOCATED, EXCLUDING ITS CONFLICT OF LAWS RULES. The Borrower hereby irrevocably consents to the
exclusive jurisdiction of any state or federal court in the county or judicial district where the Bank’s office indicated above is located; provided that nothing contained in this Note will prevent the Bank from bringing any action, enforcing
any award or judgment or exercising any rights against the Borrower individually, against any security or against any property of the Borrower within any other county, state or other foreign or domestic jurisdiction. The Borrower acknowledges and
agrees that the venue provided above is the most convenient forum for both the Bank and the Borrower. The Borrower waives any objection to venue and any objection based on a more convenient forum in any action instituted under this Note. 

14. Commercial Purpose. The Borrower represents that the indebtedness evidenced by this Note is being incurred by the
Borrower solely for the purpose of acquiring or carrying on a business, professional or commercial activity, and not for personal, family or household purposes. 
 15. Amendment and Restatement. This Note amends and restates, and is in substitution for, that certain Committed Line of Credit Note in the original principal amount of $7,000,000.00 payable
to the order of the Bank and dated November 22, 2006 (the “Existing Note”). However, without duplication, this Note shall in no way extinguish, cancel or satisfy Borrower’s unconditional obligation to repay all
indebtedness evidenced by the Existing Note or constitute a novation of the Existing Note. Nothing herein is intended to extinguish, cancel or impair the lien priority or effect of any security agreement, pledge agreement or mortgage with respect to
the Borrower’s obligations hereunder and under any other document relating hereto. 
 16. WAIVER OF JURY
TRIAL. THE BORROWER IRREVOCABLY WAIVES ANY AND ALL RIGHTS THE BORROWER
MAY HAVE TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR
CLAIM OF ANY NATURE RELATING TO THIS NOTE, ANY DOCUMENTS EXECUTED IN
CONNECTION WITH THIS NOTE OR ANY TRANSACTION CONTEMPLATED IN ANY OF
SUCH DOCUMENTS. THE BORROWER ACKNOWLEDGES THAT THE FOREGOING WAIVER IS KNOWING
AND VOLUNTARY. 
 The Borrower acknowledges that it has read and understood all the
provisions of this Note, including the waiver of jury trial, and has been advised by counsel as necessary or appropriate. 

WITNESS the due execution hereof as a document under seal, as of the date first written above, with the intent to be legally bound
hereby. 
  

											
	 WITNESS / ATTEST:
	 		 	 EPAM SYSTEMS, INC.

				
	 /s/ Ginger Mosier
	 		 	 By:
	 	 /s/ Ilya Cantor

		 		 		 		 		 	(SEAL)
	 Print Name:
	 	 Ginger Mosier
	 		 		 	 Ilya Cantor

	 Title:
	 	 Gen Counsel
	 		 		 	 Vice President & CFO

  
 - 7 -Investors' Rights Agreement

 Exhibit 4.2 
 CAFEPRESS.COM, INC. 
 INVESTORS’ RIGHTS AGREEMENT 

 CAFEPRESS.COM, INC. 

INVESTORS’ RIGHTS AGREEMENT 
 TABLE OF CONTENTS 
  

							
	 	 	 	 	 	  	 Page

	SECTION 1.	 		 	GENERAL	  	2
	 1.1
	 	Definitions	  	2
				
	SECTION 2.	 		 	REGISTRATION; RESTRICTIONS ON TRANSFER	  	3
	 2.1
	 	Restrictions on Transfer	  	3
	 2.2
	 	Demand Registration	  	4
	 2.3
	 	Piggyback Registrations	  	5
	 2.4
	 	Form S-3 Registration	  	7
	 2.5
	 	Expenses of Registration	  	8
	 2.6
	 	Obligations of the Company	  	8
	 2.7
	 	Termination of Registration Rights	  	10
	 2.8
	 	Delay of Registration; Furnishing Information	  	10
	 2.9
	 	Indemnification	  	10
	 2.10
	 	Assignment of Registration Rights	  	12
	 2.11
	 	Amendment of Registration Rights	  	13
	 2.12
	 	Limitation on Subsequent Registration Rights	  	13
	 2.13
	 	“Market Stand-Off” Agreement	  	13
	 2.14
	 	Rule 144 Reporting	  	13
				
	SECTION 3.	 		 	RIGHT OF FIRST REFUSAL	  	14
				
	SECTION 4.	 		 	COVENANTS OF THE COMPANY	  	15
	 4.1
	 	Basic Financial Information and Reporting	  	16
	 4.2
	 	Extended Financial Information and Reporting	  	16
	 4.3
	 	GAAP	  	16
	 4.4
	 	Termination of Certain Rights	  	16
	 4.5
	 	Confidentiality of Records	  	16
	 4.6
	 	Reservation of Common Stock	  	17
	 4.7
	 	Proprietary Information and Inventions Agreement	  	17
	 4.8
	 	Possible Dividend; Redemption with Respect to Certain Capital Stock	  	17
	 4.9
	 	Termination of Covenants	  	17
	 4.10
	 	Restrictions and Limitations	  	17
				
	SECTION 5.	 		 	MISCELLANEOUS	  	18
	 5.1
	 	Governing Law	  	18
	 5.2
	 	Survival	  	18
	 5.3
	 	Successors and Assigns	  	18
	 5.4
	 	Severability	  	19

  

CafePress.com, Inc. 
 Investors’ Rights Agreement 
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	 5.5
	 	Amendment and Waiver	  	19
	 5.6
	 	Delays or Omissions	  	19
	 5.7
	 	Notices	  	19
	 5.8
	 	Attorneys’ Fees	  	19
	 5.9
	 	Entire Agreement	  	20
	 5.10
	 	Titles and Subtitles	  	20
	 5.11
	 	Counterparts	  	20
		
	Schedule A: Schedule of Series A Investors	  	SA-1
		
	Schedule B: Schedule of Series B Investors	  	SA-2

  

CafePress.com, Inc. 
 Investors’ Rights Agreement 
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 CAFEPRESS.COM, INC. 

INVESTORS’ RIGHTS AGREEMENT 
 THIS INVESTORS’ RIGHTS AGREEMENT (the “Agreement”) is entered into as of the     th day of January 2005, by and among CAFEPRESS.COM, INC., a Delaware corporation (the
“Company”), the holders of the Company’s Series A Preferred Stock set forth on Schedule A hereto (“Series A Investors”) and the purchasers of the Company’s Series B Preferred Stock set forth
on Schedule A of that certain Series B Preferred Stock Purchase Agreement of even date herewith (the “Purchase Agreement”) and Schedule B hereto (“Series B Investors”). The Series A Investors and
Series B Investors are sometimes collectively referred to hereinafter as the “Investors” and each individually as an “Investor.” 
 RECITALS 
 WHEREAS, CafePress.com, a California company
(“CafePress.com California”) and Series A Investors have previously entered into an Amended and Restated Investor Rights Agreement dated as of March 28, 2000, as amended (the “Prior Rights
Agreement”), pursuant to which CafePress.com California granted Series A Investors certain registration rights, information rights and rights of first offer, in connection with the purchase of Series A and Series B Preferred Stock of
CafePress.com California (the “California Preferred Stock”) by Series A Investors; and 
 WHEREAS, the
Company was formed when CafePress.com California reincorporated in the state of Delaware (the “Reincorporation”) and is entitled to the rights and bound by the obligations previously entered into by CafePress.com California;
and 
 WHEREAS, in connection with the Reincorporation, the shares of the California Preferred Stock have been exchanged for
shares of the Company’s Series A Preferred Stock (“Series A Preferred Stock”) and the Company’s Common Stock (“Common Stock”), and shares of common stock of CafePress.com California were
exchanged for shares of Common Stock; and 
 WHEREAS, the Company and Series B Investors have entered into the Purchase
Agreement pursuant to which the Company desires to sell to Series B Investors and Series B Investors desire to purchase from the Company shares of the Company’s Series B Preferred Stock (“Series B Preferred Stock” and
together with Series A Preferred Stock, “Preferred Stock”); and 
 WHEREAS, a condition to Series B
Investors’ obligations under the Purchase Agreement is that the Company, Series A Investors and the Series B Investors enter into this Agreement in order to provide Series B Investors and Series A Investors with, among other things,
(i) certain rights to register shares of the Company’s Common Stock issuable upon conversion of the Preferred Stock, (ii) certain rights to receive or obtain information pertaining to the Company and (iii) a right of first offer
with respect to certain issuances by the Company of its securities; and 

  
 1 

 WHEREAS, the Company and Series A Investors desire to induce Series B Investors to purchase
shares of Series B Preferred Stock pursuant to the Purchase Agreement under the terms and conditions set forth below; and 

WHEREAS, Series A Investors desire to terminate the Prior Rights Agreement and to accept the rights created pursuant hereto in lieu of
the rights granted to them under the Prior Rights Agreement. 
 NOW, THEREFORE, in consideration of the mutual promises and
covenants set forth herein, and for other consideration, the receipt and adequacy of which are hereby acknowledged, the parties agree as follows: 
 AGREEMENT 
 Section 1. General. 

1.1 Definitions. As used in this Agreement the following terms shall have the following respective meanings: 

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

“Form S-3” means such form under the Securities Act as in effect on the date hereof or any successor registration
form under the Securities Act subsequently adopted by the SEC which permits inclusion or incorporation of substantial information by reference to other documents filed by the Company with the SEC. 

“Holder” means any person owning of record Shares or Registrable Securities that have not been sold to the public
or any assignee of record of such Registrable Securities in accordance with Section 2.10 hereof; provided, however, that for purposes of Section 3 only, “Holder” shall also mean Steve Blank and Philip Monego, each a director of
the Company. 
 “Initial Offering” means the Company’s first firm commitment underwritten public
offering of its Common Stock registered under the Securities Act. 
 “Register,”
“registered,” and “registration” refer to a registration effected by preparing and filing a registration statement in compliance with the Securities Act, and the declaration or ordering of
effectiveness of such registration statement or document. 
 “Registrable Securities” means
(i) Common Stock of the Company issued or issuable upon conversion of the Shares; and (ii) any Common Stock of the Company issued as (or issuable upon the conversion or exercise of any warrant, right or other security which is issued as) a
dividend or other distribution with respect to, or in exchange for or in replacement of, such above-described securities. Notwithstanding the foregoing, Registrable Securities shall not include any securities sold by a person to the public either
pursuant to a registration statement or Rule 144 or sold in a private transaction in which the transferor’s rights under Section 2 of this Agreement are not assigned. 

  

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 “Registrable Securities then outstanding” shall be the number of
shares determined by calculating the total number of shares of the Company’s Common Stock that are Registrable Securities and either (i) are then issued and outstanding, or (ii) are issuable pursuant to then exercisable or convertible
securities. 
 “Registration Expenses” shall mean all expenses incurred by the Company in complying with
Sections 2.3 and 2.4 hereof, including, without limitation, all registration and filing fees, printing expenses, fees and disbursements of counsel for the Company, blue sky fees and expenses and the expense of any special audits incident to or
required by any such registration (but excluding the compensation of regular employees of the Company which shall be paid in any event by the Company). 
 “SEC” or “Commission” means the Securities and Exchange Commission. 
 “Securities Act” shall mean the Securities Act of 1933, as amended. 
 “Selling Expenses” shall mean all underwriting discounts and selling commissions applicable to the sale as well as fees and disbursements of any counsel for the Holders.

 “Shares” shall mean the Series A Preferred Stock and Series B Preferred Stock. 

Section 2. Registration; Restrictions On Transfer. 
 2.1 Restrictions on Transfer. 
 (a) Each Holder agrees not to make any
disposition of all or any portion of the Shares or Registrable Securities unless and until: 
 (i) There is then
in effect a registration statement under the Securities Act covering such proposed disposition and such disposition is made in accordance with such registration statement; or 

(ii)(A) The transferee has agreed in writing to be bound by the terms of this Agreement, (B) such Holder shall
have notified the Company of the proposed disposition and shall have furnished the Company with a detailed statement of the circumstances surrounding the proposed disposition, and (C) if reasonably requested by the Company, such Holder shall
have furnished the Company with an opinion of counsel, reasonably satisfactory to the Company, that such disposition will not require registration of such shares under the Securities Act. It is agreed that the Company will not require opinions of
counsel for transactions made pursuant to Rule 144 except in unusual circumstances. 
 (iii) Notwithstanding the
provisions of paragraphs (i) and (ii) above, no such registration statement or opinion of counsel shall be necessary for a transfer by a Holder which is (A) a partnership to its partners or former partners in accordance with
partnership interests, (B) a corporation to its stockholders in accordance with their interest in the corporation, (C) a limited liability company to its members or former members in accordance with their interest in the limited liability
company, or (D) to the 

  

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Holder’s family member or trust for the benefit of an individual Holder, provided that in each case, the transferee will be subject to the terms of this Agreement to the same extent as if it
or he were an original Holder hereunder. 
 (b) Each certificate representing Shares or Registrable Securities shall (unless
otherwise permitted by the provisions of the Agreement) be stamped or otherwise imprinted with a legend substantially similar to the following (in addition to any legend required under applicable state securities laws or as provided elsewhere in
this Agreement): 
 THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“ACT”) AND MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, ASSIGNED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER THE ACT OR UNLESS THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY
AND ITS COUNSEL THAT SUCH REGISTRATION IS NOT REQUIRED. 
 (c) Any legend endorsed on an instrument pursuant to applicable state
securities laws and the stop-transfer instructions with respect to such securities shall be removed upon receipt by the Company of an order of the appropriate blue-sky authority authorizing such removal. 

2.2 Demand Registration. 
 (a) Subject to the conditions of this Section 2.2, if the Company shall receive at any time after the earlier of (i) January 15, 2008, or (ii) six (6) months after the effective date
of the Company’s initial public offering of its securities pursuant to a registration filed under the Securities Act, a written request from Holders of at least twenty-five percent (25%) of the Registrable Securities
(“Initiating Holders”) that the Company file a registration statement under the Securities Act covering the registration of Registrable Securities with an anticipated aggregate offering price to the public, net of
underwriting discounts and commissions, in excess of $20,000,000 (a “Qualified IPO”), then the Company shall, within thirty (30) days of the receipt thereof, give written notice of such request to all Holders, and
subject to the limitations of this Section 2.2, use its best efforts to effect, as soon as practicable, the registration under the Securities Act of all Registrable Securities that the Holders request to be registered. 

(b) If the Initiating Holders intend to distribute the Registrable Securities covered by their request by means of an underwriting, they
shall so advise the Company as a part of their request made pursuant to this Section 2.2 and the Company shall include such information in the written notice referred to in Section 2.2(a). In such event, the right of any Holder to include
its Registrable Securities in such registration shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting (unless otherwise mutually agreed by a
majority in interest of the Initiating Holders and such Holder) to the extent provided herein. All Holders proposing to distribute their securities through such underwriting shall enter into an underwriting agreement in customary form with the
underwriter or underwriters selected for such underwriting by the Initiating 

  

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Holders (which underwriter or underwriters shall be of nationally recognized standing and reasonably acceptable to the Company). Notwithstanding any other provision of this Section 2.2, if
the underwriter advises the Company that marketing factors require a limitation of the number of securities to be underwritten (including Registrable Securities) then the Company shall so advise all Holders of Registrable Securities which would
otherwise be underwritten pursuant hereto, and the number of shares that may be included in the underwriting shall be allocated to the Holders of such Registrable Securities on a pro rata basis based on the total number of Registrable Securities
held by such Holders (including the Initiating Holders). Any Registrable Securities excluded or withdrawn from such underwriting shall be withdrawn from the registration. 
 (c) The Company shall not be required to effect a registration pursuant to this Section 2.2: 
 (i) after the Company has effected two (2) registrations pursuant to this Section 2.2, and such registration has been declared or ordered effective; or 

(ii) during the period starting with the date ninety (90) days prior to the filing of, and ending ninety
(90) days following the effective date of a registration statement pertaining to an underwritten public offering of the Company’s securities unless such offering is the initial public offering of the Company’s securities, in which
case, ending on a date one hundred eighty (180) days after the effective date of such registration subject to Section 2.3 hereof; provided that the Company is actively employing in good faith all reasonable efforts to cause such
registration statement to become effective; or 
 (iii) if the Company shall furnish to Holders requesting a
registration statement pursuant to this Section 2.2, a certificate signed by the President stating that in the good faith judgment of the Board of Directors of the Company, it would be seriously detrimental to the Company and its stockholders
for such registration statement to be effected at such time, in which event the Company shall have the right to defer such filing for a period of not more than ninety (90) days after receipt of the request of the Initiating Holders; provided
that such right to delay a request shall be exercised by the Company not more than once in any twenty-four (24) month period. 
 2.3 Piggyback Registrations. The Company shall notify all Holders of Registrable Securities in writing at least thirty (30) days prior to the filing of a registration statement under the
Securities Act for purposes of a public offering of securities of the Company (including, but not limited to, registration statements relating to secondary offerings of securities of the Company, but excluding registration statements relating to
employee benefit plans or with respect to corporate reorganizations or other transactions under Rule 145 of the Securities Act) and will afford each such Holder an opportunity to include in such registration statement all or part of such Registrable
Securities held by such Holder. Each Holder desiring to include in any such registration statement all or any part of the Registrable Securities held by it shall, within fifteen (15) days after the above-described notice from the Company, so
notify the Company in writing. Such notice shall state the intended method of disposition of the Registrable Securities by such Holder. If a Holder decides not to include all of its Registrable Securities in any

  

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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. 
 (a) Underwriting. If the registration statement under which the Company gives notice under this Section 2.3 is for an underwritten offering, the Company shall so advise the Holders of
Registrable Securities. In such event, the right of any such Holder to be included in a registration pursuant to this Section 2.3 shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such
Holder’s Registrable Securities in the underwriting to the extent provided herein. All Holders proposing to distribute their Registrable Securities through such underwriting shall enter into an underwriting agreement in customary form with the
underwriter or underwriters selected for such underwriting by the Company. Notwithstanding any other provision of the Agreement, if the underwriter determines in good faith that marketing factors require a limitation of the number of shares to be
underwritten, the number of shares that may be included in the underwriting shall be allocated: first, to the Company; second to the Holders of such Registrable Securities on a pro rata basis based on the total number of Registrable Securities held
by such Holders; and third, to any stockholder of the Company (other than a Holder) on a pro rata basis. No such reduction shall reduce the securities being offered by the Company for its own account to be included in the registration and
underwriting; and, subject to the foregoing, in no event shall the amount of securities of the selling Holders included in the registration be reduced below twenty-five percent (25%) of the total amount of securities included in such
registration, unless such offering is the Initial Offering and such registration does not include shares of any other selling stockholders, in which event any or all of the Registrable Securities of all Holders may be excluded in accordance with the
immediately preceding sentence. In no event will shares of any other selling stockholder be included in such registration which would reduce the number of shares which may be included by all Holders without the written consent of Holders of not less
than two-thirds (662/3%) of the Registrable Securities proposed to be sold in the
offering. If any Holder disapproves of the terms of any such underwriting, such Holder may elect to withdraw therefrom by written notice to the Company and the underwriter, delivered at least ten (10) business days prior to the effective date
of the registration statement. Any Registrable Securities excluded or withdrawn from such underwriting shall be excluded and withdrawn from the registration. For any Holder which is a partnership or corporation, the partners, retired partners and
stockholders of such Holder, or the estates and family members of any such partners and retired partners and any trusts for the benefit of any of the foregoing person shall be deemed to be a single “Holder,” and any pro rata
reduction with respect to such “Holder” shall be based upon the aggregate amount of shares carrying registration rights owned by all entities and individuals included in such “Holder,” as defined in
this sentence. 
 (b) Right to Terminate Registration. The Company shall have the right to terminate or withdraw any
registration initiated by it under this Section 2.3 prior to the effectiveness of such registration whether or not any Holder has elected to include securities in such registration. The Registration Expenses of such withdrawn registration shall
be borne by the Company in accordance with Section 2.5 hereof. 

  

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 2.4 Form S-3 Registration. In case the Company shall receive from Holders of the
Registrable Securities a written request or requests that the Company effect a registration on Form S-3 (or any successor to Form S-3) or any similar short-form registration statement and any related qualification or compliance with respect to all
or a part of the Registrable Securities owned by such Holder or Holders, the Company will: 
 (a) promptly give written notice
of the proposed registration, and any related qualification or compliance, to all other Holders of Registrable Securities; and 

(b) as soon as practicable, effect such registration and all such qualifications and compliances as may be so requested and as would
permit or facilitate the sale and distribution of all or such portion of such Holder’s or Holders’ Registrable Securities as are specified in such request, together with all or such portion of the Registrable Securities of any other Holder
or Holders joining in such request as are specified in a written request given within fifteen (15) days after receipt of such written notice from the Company; provided, however, that the Company shall not be obligated to effect any such
registration, qualification or compliance pursuant to this Section 2.4: 
 (i) if Form S-3 (or any successor
or similar form) is not available for such offering by the Holders, or 
 (ii) if the Holders, together with the
holders of any other securities of the Company entitled to inclusion in such registration, propose to sell Registrable Securities and such other securities (if any) at an aggregate price to the public of less than $1,000,000, or 

(iii) if the Company shall have, within the twelve (12) month period preceding the date of such request, already
effected two (2) registrations on Form S-3 for the Holders pursuant to this Section 2.4, or 
 (iv) if
the Company shall furnish to the Holders a certificate signed by the Chairman of the Board of Directors of the Company stating that in the good faith judgment of the Board of Directors of the Company, it would be seriously detrimental to the Company
and its stockholders for such Form S-3 Registration to be effected at such time, in which event the Company shall have the right to defer the filing of the Form S-3 registration statement for a period of not more than ninety (90) days after
receipt of the request of the Holder or Holders under this Section 2.4: provided, that such right to delay a request shall be exercised by the Company not more than once in any twelve (12) month period, or 

(v) in any particular jurisdiction in which the Company would be required to qualify to do business or to execute a
general consent to service of process in effecting such registration, qualification or compliance. 
 (c) Subject to the
foregoing, the Company shall file a Form S-3 registration statement covering the Registrable Securities and other securities so requested to be registered as soon as practicable after receipt of the request or requests of the Holders. 

  

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 (d) Not Demand Registration. Form S-3 registrations will not be deemed to be demand
registrations for purposes of Section 2.2 above. 
 2.5 Expenses of Registration. 

(a) Demand Registrations. All expenses other than underwriting discounts and commissions incurred in connection with registrations,
filings or qualifications pursuant to Section 2.2, including (without limitation) all registration, filing and qualification fees, printers’ and accounting fees, fees and disbursements of counsel for the Company, and the reasonable fees
and disbursements of one counsel for the selling Holders selected by them with the approval of the Company, which approval shall not be unreasonably withheld, shall be borne by the Company; provided, however, that the Company shall not be required
to pay for any expenses of any registration proceeding begun pursuant to Section 2.2 if (i) the Company has previously paid for the expenses of two (2) registration proceedings pursuant to Section 2.2, or (ii) the
registration request is subsequently withdrawn at the request of the Holders of a majority of the Registrable Securities to be registered (in which case all participating Holders shall bear such expenses), unless the Holders of a majority of the
Registrable Securities agree to forfeit their right to one demand registration pursuant to Section 2.2; provided further, however, that if at the time of such withdrawal, the Holders (i) have learned of a material adverse change in the
condition, business, or prospects of the Company that was not known to the Holders at the time of their request and (ii) have withdrawn the request with reasonable promptness following disclosure by the Company of such material adverse change,
then the Holders shall not be required to pay any of such expenses and shall not forfeit their rights pursuant to Section 2.2. 
 (b) Piggyback Registrations. All expenses other than underwriting discounts and commissions incurred in connection with registrations, filings or qualifications pursuant to Section 2.3,
including (without limitation) all registration, filing, and qualification fees, printers’ and accounting fees, fees and disbursements of counsel for the Company and the reasonable fees and disbursements of one counsel for the selling Holder or
Holders selected by them with the approval of the Company, which approval shall not be unreasonably withheld, shall be borne by the Company. 
 (c) Form S-3 Registrations. All expenses other than underwriting discounts and commissions incurred in connection with registrations, filings or qualifications pursuant to Section 2.4,
including (without limitation) all registration, filing, and qualification fees, printers’ and accounting fees, fees and disbursements of counsel for the Company and the reasonable fees and disbursements of one counsel for the selling Holder or
Holders selected by them with the approval of the Company, which approval shall not be unreasonably withheld, shall be borne by the Company. 
 2.6 Obligations of the Company. Whenever required to effect the registration of any Registrable Securities, the Company shall, as expeditiously as reasonably possible: 

(a) Prepare and file with the SEC a registration statement with respect to such Registrable Securities and use all reasonable efforts to
cause such registration statement to become effective, and, upon the request of the Holders of a majority of the Registrable Securities registered thereunder, keep such registration statement effective for up to ninety (90) days or, if

  

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earlier, until the Holder or Holders have completed the distribution related thereto. The Company shall not be required to file, cause to become effective or maintain the effectiveness of any
registration statement that contemplates a distribution of securities on a delayed or continuous basis pursuant to Rule 415 under the Securities Act. 
 (b) Prepare and file with the SEC such amendments and supplements to such registration statement and the prospectus used in connection with such registration statement as may be necessary to comply with
the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement for the period set forth in paragraph (a) above. 

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

(e) In the event of any underwritten public offering, enter into and perform its obligations under an underwriting agreement, in usual
and customary form, with the managing underwriter(s) of such offering. Each Holder participating in such underwriting shall also enter into and perform its obligations under such an agreement. 

(f) Notify each Holder of Registrable Securities covered by such registration statement at any time when a prospectus relating thereto is
required to be delivered under the Securities Act of the happening of any event as a result of which the prospectus included in such registration statement, as then in effect, includes an untrue statement of a material fact or omits to state a
material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing. 
 (g) Furnish, at the request of a majority in interest of the Holders participating in the registration, on the date that such Registrable Securities are delivered to the underwriters for sale, if such
securities are being sold through underwriters, or, if such securities are not being sold through underwriters, on the date that the registration statement with respect to such securities becomes effective, (i) an opinion, dated as of such
date, of the counsel representing the Company for the purposes of such registration, in form and substance as is customarily given to underwriters in an underwritten public offering and reasonably satisfactory to a majority in interest of the
Holders requesting registration, addressed to the underwriters, if any, and to the Holders requesting registration of Registrable Securities and (ii) a letter dated as of such date, from the independent certified public accountants of the
Company, in form and substance as is customarily given by independent certified public accountants to underwriters in an underwritten public offering and reasonably satisfactory to a majority in interest of the Holders requesting

  

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registration, addressed to the underwriters, if any, and if permitted by applicable accounting standards, to the Holders requesting registration of Registrable Securities. 

2.7 Termination of Registration Rights. All registration rights granted to a Holder under this Section 2 shall terminate and
be of no further force and effect after the earlier of (i) five (5) years following the consummation of the Initial Offering or (ii) such time as Rule 144 or another similar exemption under the Securities Act is available for the
sale of all of such Holder’s Registrable Securities during a three (3) month period without registration. 
 2.8
Delay of Registration; Furnishing Information. 
 (a) No Holder shall have any right to obtain or seek an injunction
restraining or otherwise delaying any such registration as the result of any controversy that might arise with respect to the interpretation or implementation of this Section 2. 

(b) It shall be a condition precedent to the obligations of the Company to take any action pursuant to Sections 2.2, 2.3 or 2.4 that
the selling Holders shall furnish to the Company such information regarding themselves, the Registrable Securities held by them and the intended method of disposition of such securities as shall be required to effect the registration of their
Registrable Securities. 
 (c) The Company shall have no obligation with respect to any registration requested pursuant to
Section 2.2 or Section 2.4 if, due to the operation of subsection 2.2(b), the number of shares or the anticipated aggregate offering price of the Registrable Securities to be included in the registration does not equal or exceed the number
of shares or the anticipated aggregate offering price required to originally trigger the Company’s obligation to initiate such registration as specified in Section 2.2 or Section 2.4, whichever is applicable. 

2.9 Indemnification. In the event any Registrable Securities are included in a registration statement under Sections 2.2, 2.3 or
2.4: 
 (a) To the extent permitted by law, the Company will indemnify and hold harmless each Holder, the partners, officers,
directors and legal counsel of each Holder, any underwriter (as defined in the Securities Act) for such Holder and each person, if any, who controls such Holder or underwriter within the meaning of the Securities Act or the Exchange Act, against any
losses, claims, damages, or liabilities (joint or several) to which they may become subject under the Securities Act, the Exchange Act or other federal or state law, insofar as such losses, claims, damages or liabilities (or actions in respect
thereof) arise out of or are based upon any of the following statements, omissions or violations (collectively a “Violation”) by the Company: (i) any untrue statement or alleged untrue statement of a material fact
contained in such registration statement, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto, (ii) the omission or alleged omission to state therein a material fact required to be
stated therein, or necessary to make the statements therein not misleading, or (iii) any violation or alleged violation by the Company of the Securities Act, the Exchange Act, any state securities law or any rule or regulation promulgated under
the Securities Act, the Exchange Act or any state securities law in connection with the offering covered by such registration statement; and the Company will reimburse each such Holder, partner, officer

  

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or director, underwriter or controlling person for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability or
action; provided, however, that the indemnity agreement contained in this Section 2.9(a) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of
the Company, which consent shall not be unreasonably withheld, nor shall the Company be liable in any such case for any such loss, claim, damage, liability or action to the extent that it arises out of or is based upon a Violation which occurs in
reliance upon and in conformity with written information furnished expressly for use in connection with such registration by such Holder, partner, officer, director, underwriter or controlling person of such Holder. 

(b) To the extent permitted by law, each Holder will, if Registrable Securities held by such Holder are included in the securities as to
which such registration qualifications or compliance is being effected, indemnify and hold harmless the Company, each of its directors, its officers, and legal counsel and each person, if any, who controls the Company within the meaning of the
Securities Act, any underwriter and any other Holder selling securities under such registration statement or any of such other Holder’s partners, directors or officers or any person who controls such Holder, against any losses, claims, damages
or liabilities (joint or several) to which the Company or any such director, officer, controlling person, underwriter or other such Holder, or partner, director, officer or controlling person of such other Holder may become subject under the
Securities Act, the Exchange Act or other federal or state law, insofar as such losses, claims, damages or liabilities (or actions in respect thereto) arise out of or are based upon any Violation, in each case to the extent (and only to the extent)
that such Violation occurs in reliance upon and in conformity with written information furnished by such Holder under an instrument duly executed by such Holder and stated to be specifically for use in connection with such registration; and each
such Holder will reimburse any legal or other expenses reasonably incurred by the Company or any such director, officer, controlling person, underwriter or other Holder, or partner, officer, director or controlling person of such other Holder in
connection with investigating or defending any such loss, claim, damage, liability or action if it is judicially determined that there was such a Violation; provided, however, that the indemnity agreement contained in this Section 2.9(b) shall
not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Holder, which consent shall not be unreasonably withheld; provided further, that in no event shall
any indemnity under this Section 2.9 exceed the net proceeds from the offering received by such Holder. 
 (c) Promptly
after receipt by an indemnified party under this Section 2.9 of notice of the commencement of any action (including any governmental action), such indemnified party will, if a claim in respect thereof is to be made against any indemnifying
party under this Section 2.9, deliver to the indemnifying party a written notice of the commencement thereof and the indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with
any other indemnifying party similarly noticed, to assume the defense thereof with counsel mutually satisfactory to the parties; provided, however, that an indemnified party shall have the right to retain its own counsel, with the fees and expenses
to be paid by the indemnifying party, if representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential differing 

  

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interests between such indemnified party and any other party represented by such counsel in such proceeding. The failure to deliver written notice to the indemnifying party within a reasonable
time of the commencement of any such action, if materially prejudicial to its ability to defend such action, shall relieve such indemnifying party of liability to the indemnified party under this Section 2.9 to the extent but only to the extent
that such failure to deliver notice is prejudicial to the indemnifying party, but the omission so to deliver written notice to the indemnifying party will not relieve it of any liability that it may have to any indemnified party otherwise than under
this Section 2.9. 
 (d) If the indemnification provided for in this Section 2.9 is held by a court of competent
jurisdiction to be unavailable to an indemnified party with respect to any losses, claims, damages or liabilities referred to herein, the indemnifying party, in lieu of indemnifying such indemnified party thereunder, shall to the extent permitted by
applicable law contribute to the amount paid or payable by such indemnified party as a result of such loss, claim, damage or liability in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and
of the indemnified party on the other in connection with the Violation(s) that resulted in such loss, claim, damage or liability, as well as any other relevant equitable considerations. The relative fault of the indemnifying party and of the
indemnified party shall be determined by a court of law by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to state a material fact relates to information supplied by the
indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission; provided, that in no event shall any contribution by a Holder
hereunder exceed the proceeds from the offering received by such Holder. 
 (e) The obligations of the Company and Holders under
this Section 2.9 shall survive completion of any offering of Registrable Securities in a registration statement and the termination of this Agreement. No Indemnifying Party, in the defense of any such claim or litigation, shall, except with the
consent of each Indemnified Party, consent to entry of any judgment or enter into any settlement which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Party of a release from all
liability in respect to such claim or litigation. 
 2.10 Assignment of Registration Rights. The rights to cause the
Company to register Registrable Securities pursuant to this Section 2 may be assigned by a Holder to a transferee or assignee of Registrable Securities which (i) is a subsidiary, parent, general partner, limited partner or retired partner
of a Holder, (ii) is a Holder’s family member or trust for the benefit of an individual Holder, or (iii) acquires (a) at least one hundred thousand (100,000) shares of Registrable Securities or (b) all of a
Holder’s Registrable Securities if such Holder holds less than one hundred thousand (100,000) shares of Registrable Securities; provided, however, (i) that the transferor shall within thirty (30) days thereafter furnish to the
Company written notice of the name and address of such transferee or assignee and the securities with respect to which such registration rights are being assigned and (ii) such transferee shall agree to be subject to all restrictions set forth
in this Agreement. 

  

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 2.11 Amendment of Registration Rights. Any provision of this Section 2 may be
amended and the observance thereof may be waived (either generally or in a particular instance and either retroactively or prospectively), only with the written consent of the (i) Company, (ii) in the event that the rights of the Holders
of the Registrable Securities attributable to the Series A Investors are affected by any such amendment or waiver, by Holders of a majority of such Registrable Securities then outstanding, and (iii) in the event that the rights of the Holders
of the Registrable Securities attributable to the Series B Investors are affected by any such amendment or waiver, by Holders of a majority of such Registrable Securities then outstanding. Any amendment or waiver effected in accordance with this
Section 2.11 shall be binding upon each Holder and the Company. By acceptance of any benefits under this Section 2, Holders of Registrable Securities hereby agree to be bound by the provisions hereunder. 

2.12 Limitation on Subsequent Registration Rights. After the date of this Agreement, the Company shall not, without the prior
written consent of the Holders of a majority of the Registrable Securities then outstanding, enter into any agreement with any holder or prospective holder of any securities of the Company that would grant such holder registration rights senior to
those granted to the Holders hereunder. 
 2.13 “Market Stand-Off” Agreement. If requested by the Company or
the representative of the underwriters of Common Stock (or other securities) of the Company, each Holder shall not sell, make any short sale of, loan, grant any option for the purchase of, or enter into any hedging or similar transaction with the
same economic effect as a sale or otherwise dispose of any Common Stock (or other securities) of the Company held by such Holder (other than those Common Stock shares included in the registration) for a period specified by the representative of the
underwriters not to exceed one hundred eighty (180) days following the effective date of a registration statement of the Company filed under the Securities Act, provided that all officers and directors of the Company, all persons holding two
percent (2%) or more of the Company’s securities and all other persons with registration rights (whether or not pursuant to this Agreement) enter into similar agreements. Each Holder agrees to execute and deliver such other agreements as
may be reasonably requested by the Company or the underwriter which are consistent with the foregoing or which are necessary to give further effect thereto. In addition, if requested by the Company or the representative of the underwriters of Common
Stock (or other securities) of the Company, each Holder shall provide, within ten (10) days of such request, such information as may be required by the Company or such representative in connection with the completion of any public offering of
the Company’s securities pursuant to a registration statement filed under the Securities Act. The obligations described in this Section 2.13 shall not apply to a registration relating solely to employee benefit plans on Form S-I or Form
S-8 or similar forms that may be promulgated in the future, or a registration relating solely to a Commission Rule 145 transaction on Form S-4 or similar forms that may be promulgated in the future. The Company may impose stop transfer instructions
with respect to the shares of Common Stock (or other securities) subject to the foregoing restriction until the end of said lock-up period. 
 2.14 Rule 144 Reporting. With a view to making available to the Holders the benefits of certain rules and regulations of the SEC, which may permit the sale of the Registrable Securities to the
public without registration, the Company agrees to use its best efforts to: 

  

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 (a) Make and keep public information available, as those terms are understood and defined in
SEC Rule 144 or any similar or analogous rule promulgated under the Securities Act, at all times after the effective date of the first registration filed by the Company for an offering of its securities to the general public; 

(b) File with the SEC, in a timely manner, all reports and other documents required of the Company under the Exchange Act; 

(c) So long as a Holder owns any Registrable Securities, furnish to such Holder forthwith upon request: a written statement by the
Company as to its compliance with the reporting requirements of said Rule 144 of the Securities Act, and of the Exchange Act (at any time after it has become subject to such reporting requirements); a copy of the most recent annual or quarterly
report of the Company; and such other reports and documents as a Holder may reasonably request in availing itself of any rule or regulation of the SEC allowing it to sell any such securities without registration. 

Section 3. Right Of First Refusal. 
 (a) Certain Definitions. As used in this Section 3, the following terms shall have the following respective meanings: 
 A Holder’s “Pro Rata Share” means the ratio obtained by dividing (i) the number of shares of Common Stock held by such Holder (including any shares of Common Stock
issuable upon conversion of the Shares or upon exercise of any options to purchase shares of the Common Stock) by (ii) the sum of the number of shares of all securities of the Company outstanding, including securities exercisable or convertible
for Common Stock, on an as-converted into Common Stock basis. 
 “New Securities” means any shares of
capital stock of the Company including Common Stock and Preferred Stock, whether now authorized or not, and rights, options or warrants to purchase said shares of Common Stock or Preferred Stock, and securities of any type whatsoever that are, or
may become, convertible into said shares of Common Stock or Preferred Stock. “New Securities” do not include (i) the Shares or the Common Stock issuable upon conversion of the Shares, (ii) securities issuable upon
exercise upon or conversion of currently outstanding securities, (iii) securities offered to the public generally pursuant to a registration statement under the Securities Act, (iv) securities issued pursuant to the acquisition of another
corporation by the Company by merger, purchase of substantially all of the assets or other reorganization whereby the Company or its stockholders own not less than fifty-one percent (51%) of the voting power of the surviving or successor
corporation, (v) securities issued to employees, officers, directors of, and consultants to, the Company or issued or issuable to banks or other institutional lenders or lessors in connection with capital asset leases or borrowings for the
acquisition of capital assets, landlords, or other providers of goods and services to the Company, pursuant to any arrangement approved by the Board of Directors of the Company (including securities issued upon exercise or conversion of any of such
securities), (vi) securities issued or issuable pursuant to equipment lease financings, bank credit arrangements, commercial property lease transactions or similar transactions entered into for primarily non-equity financing

  

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purposes or in connection with strategic partnering or licensing transactions approved by the Board of Directors of the Company or (vii) stock issued in connection with any stock split,
stock dividend or recapitalization by the Company. 
 (b) Right of First Refusal Upon Issuance of Securities by the
Company. The Company hereby grants to each holder of at least 250,000 shares of Preferred Stock and Registrable Securities issuable upon the conversion thereof (as adjusted for stock splits, stock dividends, reclassification and the
like)(together with its partners, members, directors, affiliates, and affiliated funds, a “Major Holder”) the right of first refusal to purchase up to its Pro Rata Share of New Securities which the Company may, from time to
time, propose to sell and issue. 
 (i) In the event the Company proposes to undertake an issuance of New
Securities, it shall give each Major Holder written notice of its intention, describing the type of New Securities, the price and the general terms upon which the Company proposes to issue the same. Each such Major Holder shall have twenty
(20) days from the date of receipt of any such notice to agree to purchase the Major Holder’s Pro Rata Share of New Securities for the price and upon the general terms specified in the notice by giving written notice to the Company and
stating therein the quantity of New Securities to be purchased. 
 (ii) In the event a Major Holder fails to
exercise the right of first refusal within said twenty (20) day period the Company shall have one hundred eighty (180) days thereafter to close the sale of the New Securities respecting which such Major Holder’s option was not
exercised, at a price and upon general terms no more favorable to the purchasers thereof than specified in the Company’s notice. In the event the Company has not sold the New Securities within said one hundred eighty (180) day period, the
Company shall not thereafter issue or sell any New Securities, without first offering such securities to the Major Holders in the manner provided above. 
 (iii) The right of first refusal granted under this Agreement shall expire upon the first to occur of the following: (a) the closing of a Qualified IPO, (b) immediately prior to a merger,
acquisition or similar consolidation of the Company, or (c) as to a Major Holder if such Major Holder no longer holds any Shares and/or Common Stock issued upon conversion of the Shares (appropriately adjusted for recapitalizations).

 (iv) The right of first refusal hereunder is not assignable except (a) by each of such Major Holder
pursuant to the transfer by gift, will or intestate succession of any such Major Holder, or (b) to a transferee who acquires any Shares or Conversion Shares. 

(v) The right of first refusal hereunder is not exercisable by a Major Holder if (a) such Major Holder is not an
accredited investor within the meaning of Regulation D under the Securities Act and (b) the New Securities are being offered to accredited investors only. 
 Section 4. Covenants of the Company. 

  

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 4.1 Basic Financial Information and Reporting. The Company covenants and agrees that,
commencing on the date of this Agreement, for Major Holder the Company will: 
 (a) Annual Reports. Commencing with
reports containing fiscal year 2004 data, furnish to the Major Holder, as soon as practicable and in any event within one hundred twenty (120) days after the end of each fiscal year, an audited, consolidated Balance Sheet as of the end of such
fiscal year and an audited and consolidated Income Statement for such year, setting forth in each case the figures from the Company’s previous fiscal year (if any); and 
 (b) Quarterly Reports. Furnish to the Major Holder as soon as practicable, and in any case within forty-five (45) days of the end of each fiscal quarter, commencing with the fiscal quarter
ending March 31, 2005 (except the last quarter of the Company’s fiscal year), quarterly unaudited financial statements, including an unaudited Balance Sheet and an unaudited Income Statement, and a report on financial and operational
highlights. 
 4.2 Extended Financial Information and Reporting. The Company covenants and agrees that, commencing on the
date of this Agreement, for each holder of at least 500,000 shares of Preferred Stock and Registrable Securities issuable upon the conversion thereof (as adjusted for stock splits, stock dividends, reclassification and the like)(together with its
partners, members, directors, affiliates, and affiliated funds, an “Information Rights Holder”) the Company will: 
 (a) Annual Budget. Furnish to the Information Rights Holder, following submission to and approval by the Company’s Board of Directors, but in any event no later than forty-five (45) days
after the end of each fiscal year, an annual budget; and 
 (b) Monthly Reports. Furnish to the Information Rights Holder
as soon as practicable, and in any case within thirty (30) days of the end of each calendar month, commencing with the month ending January 31, 2005, monthly unaudited financial statements, including an unaudited Balance Sheet, an
unaudited Income Statement, a cash flow analysis, and a comparison to prior and projected results. 
 4.3 GAAP. At all
times from the date hereof, the Company will prepare its financial statements and maintain its books and records in accordance with GAAP consistently applied throughout each accounting period. 

4.4 Termination of Certain Rights. The Company’s obligations under Sections 4.1 and 4.2 above will terminate upon the
closing of the Company’s initial public offering of Common Stock pursuant to an effective registration statement filed under the Securities Act, or upon a merger, acquisition or other business combination in which the holders of the
Company’s outstanding capital stock immediately prior to the transaction do not retain a majority of the voting capital stock in the surviving corporation. 
 4.5 Confidentiality of Records. Each Investor agrees to use, and to use its best efforts to insure that its authorized representatives use, the same degree of care as such Investor uses to protect
its own confidential information to keep confidential any information furnished to it which the Company identifies as being confidential or proprietary (so long as such information is 

  

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not in the public domain), except that such Investor may disclose such proprietary or confidential information to any partner, subsidiary or parent of such Investor for the purpose of evaluating
its investment in the Company as long as such partner, subsidiary or parent is advised of the confidentiality provisions of this Section 4.5. 
 4.6 Reservation of Common Stock. The Company will at all times reserve and keep available, solely for issuance and delivery upon the conversion of the Preferred Stock, all Common Stock issuable
from time to time upon such conversion. 
 4.7 Proprietary Information and Inventions Agreement. The Company shall
require all employees and consultants to execute and deliver the Company’s standard form of Proprietary Information and Inventions Agreement. 
 4.8 Possible Dividend; Redemption with Respect to Certain Capital Stock. Within 90 days of the date hereof, upon approval of the Board of Directors of the Company in its sole discretion, the
Company may either (a) declare and pay a cash dividend (the “Dividend”) on shares of Common Stock and Series A Preferred Stock (but not Series B Preferred Stock), which dividend shall not exceed $7,000,000 in the
aggregate; or (b) use up to $7,000,000 of the proceeds from the sale of the Series B Preferred Stock to redeem shares of Common Stock and Series A Preferred Stock (but not Series B Preferred Stock) from the Company’s stockholders on terms
and conditions approved by the Board of Directors of the Company (the “Redemption”). 
 4.9 Amendment
to Certificate of Incorporation. In order to effect the filing of the amendment to the Company’s Certificate of Incorporation referred to in Article FOURTH, Section C.4(a) of the Certificate of Incorporation, the Company shall do and
perform all such acts and things as are reasonably necessary, appropriate or convenient in order to effect such filing, including, but not limited to, soliciting the consent of the Company’s stockholders, to the extent the Company deems it
necessary or advisable. 
 4.10 Restrictions and Limitations. So long as any shares of Series B Preferred Stock remain
outstanding, the Corporation shall not, without the vote or written consent by the holders of a majority of the then outstanding shares of Series B Preferred Stock, voting as a separate class: 

(a) alter or change the rights, preferences or privileges of the Preferred Stock; 

(b) increase or decrease the authorized number of shares of Common Stock or Preferred Stock; 

(c) create, by reclassification or otherwise, any new class or series of shares having rights, preferences or privileges senior to or on
a parity with any series of Preferred Stock; 
 (d) except for the Redemption, redeem or repurchase any shares of Common Stock
(other than pursuant to equity incentive agreements with service providers giving the Corporation the right to repurchase shares upon the termination of services); 

  

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 (e) consummate the acquisition of the Corporation or any subsidiary corporation of the
Corporation by another entity by means of any transaction or series of related transactions to which the Corporation or any subsidiary of the Corporation is party or constituent corporation (including, without limitation, any stock acquisition,
reorganization, merger or consolidation but excluding any sale of stock for capital raising purposes); consummate any transaction described in Section C.2(c) of the Certificate; or consummate any merger, acquisition or sale of substantially all
of the assets of the Corporation or any of its subsidiaries; 
 (f) amend (by merger or otherwise) or waive any provision of the
Certificate or Bylaws relative to the Preferred Stock; 
 (g) increase or decrease the authorized size of the Corporation’s
Board of Directors; or 
 (h) except for the Dividend, pay or declare any dividend on any shares of Common or Preferred Stock.

 4.11 Termination of Covenants. All covenants of the Company contained in Section 4 of this Agreement shall expire
and terminate as to each Investor on the effective date of the registration statement pertaining to the Initial Offering. Notwithstanding the foregoing, the covenant contained in Section 4.9 shall expire and terminate as to each Investor on the
date that the holders of Series B Preferred Stock hold a majority of the outstanding shares of Preferred Stock. 
 Section 5.
Miscellaneous. 
 5.1 Governing Law. This Agreement shall be governed by and construed under the laws of the State
of California as applied to agreements among California residents entered into and to be performed entirely within California. 

5.2 Survival. The representations, warranties, covenants, and agreements made herein shall survive any investigation made by any
Holder and the closing of the transactions contemplated hereby. All statements as to factual matters contained in any certificate or other instrument delivered by or on behalf of the Company pursuant hereto in connection with the transactions
contemplated hereby shall be deemed to be representations and warranties by the Company hereunder solely as of the date of such certificate or instrument. 
 5.3 Successors and Assigns. Except as otherwise expressly provided herein, the provisions hereof shall inure to the benefit of, and be binding upon, the successors, assigns, heirs, executors, and
administrators of the parties hereto and shall inure to the benefit of and be enforceable by each person who shall be a holder of Registrable Securities from time to time; provided, however, that prior to the receipt by the Company of adequate
written notice of the transfer of any Registrable Securities specifying the full name and address of the transferee, the Company may deem and treat the person listed as the holder of such shares in its records as the absolute owner and holder of
such shares for all purposes, including the payment of dividends or any redemption price. 

  

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 5.4 Severability. In case any provision of the Agreement shall be invalid, illegal,
or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 5.5 Amendment and Waiver. 
 (a) Except as otherwise expressly provided, this
Agreement may be amended or modified only upon the written consent of holders of a majority of Series A Stock and Series B Stock (or Registrable Securities issued or issuable upon the conversion thereof then outstanding), voting together as a single
class. 
 (b) Except as otherwise expressly provided, the obligations of the Company and the rights of the Holders under this
Agreement may be waived only upon the written consent of holders of a majority of Series A Stock and Series B Stock (or Registrable Securities issued or issuable upon the conversion thereof then outstanding), voting together as a single class;
provided, however, that the covenants of the Company contained in Sections 4.8, 4.9 and 4.10 may only be waived upon the written consent of holders of a majority of the Series B Preferred Stock (or Registrable Securities issued or issuable upon the
conversion thereof then outstanding), voting as a separate series. 
 (c) Notwithstanding the foregoing, this Agreement may be
amended with only the written consent of the Company to include additional purchasers of Series B Preferred Stock as “Investors,” “Holders” and parties hereto. 

5.6 Delays or Omissions. It is agreed that no delay or omission to exercise any right, power, or remedy accruing to any Holder,
upon any breach, default or noncompliance of the Company under this Agreement shall impair any such right, power, or remedy, nor shall it be construed to be a waiver of any such breach, default or noncompliance, or any acquiescence therein, or of
any similar breach, default or noncompliance thereafter occurring. It is further agreed that any waiver, permit, consent, or approval of any kind or character on any Holder’s part of any breach, default or noncompliance under the Agreement or
any waiver on such Holder’s part of any provisions or conditions of this Agreement must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement, by law, or
otherwise afforded to Holders, shall be cumulative and not alternative. 
 5.7 Notices. All notices required or permitted
hereunder shall be in writing and shall be deemed effectively given: (i) upon personal delivery to the party to be notified, (ii) when sent by confirmed telex or facsimile if sent during normal business hours of the recipient; if not, then
on the next business day, (iii) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (iv) one (1) day after deposit with a nationally recognized overnight courier,
specifying next day delivery, with written verification of receipt. All communications shall be sent to the party to be notified at the address as set forth on the signature pages hereof or Schedules A or B hereto or at such other address as such
party may designate by ten (10) days advance written notice to the other parties hereto. 
 5.8 Attorneys’
Fees. In the event that any dispute among the parties to this Agreement should result in litigation, the prevailing party in such dispute shall be entitled to 

  

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recover from the losing party all fees, costs and expenses of enforcing any right of such prevailing party under or with respect to this Agreement, including without limitation, such reasonable
fees and expenses of attorneys and accountants, which shall include, without limitation, all fees, costs and expenses of appeals. 
 5.9 Entire Agreement. This Agreement, including Schedules A and B attached hereto, the Purchase Agreement and the other documents delivered pursuant thereto constitute the full and entire
understanding and agreement between the parties with regard to the subjects hereof. This Agreement supersedes all previous agreements between or among the parties, including the Prior Rights Agreement, and the parties hereto acknowledges and agrees
to the foregoing. No party shall be liable or bound to any other in any manner by any representations, warranties, covenants and agreements except as specifically set forth herein or the documents and agreements contemplated in this Agreement.

 5.10 Titles and Subtitles. The titles of the sections and subsections of this Agreement are for convenience of
reference only and are not to be considered in construing this Agreement. 
 5.11 Counterparts. This Agreement may be
executed in any number of counterparts, each of which shall be an original, but all of which together shall constitute one instrument. 
 5.12 Injunctive Relief. The holders of a majority of the outstanding shares of Series B Preferred Stock shall be entitled to injunctive relief to restrain the Company from breaching
Section 4.10 of this Agreement, the breach of which section may result in immediate and irreparable harm to the Holders, for which there will be no adequate remedy at law. 
 [Remainder of page intentionally left blank] 

  

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 IN WITNESS WHEREOF, the undersigned have executed this Investors’ Rights Agreement as
of the date first referenced above. 
  

	
	COMPANY:
	
	CAFEPRESS.COM, INC.
	
	             /s/ Fred
Durham

	Fred Durham
	Chief Executive Officer

  

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 Investors’ Rights Agreement 
 Signature Page 

			
	SERIES B INVESTORS:
	
	Sequoia Capital XI
	Sequoia Technology Partners XI
	Sequoia Capital XI Principals Fund
		
	By:	 	SC XI Management, LLC
		 	A Delaware Limited Liability Company
		 	General Partner of Each
		
	By:	 	 /s/ Douglas Leone

		 	Managing Member
	
	SEQUOIA CAPITAL FRANCHISE FUND
	SEQUOIA CAPITAL FRANCHISE PARTNERS
		
	By:	 	SCFF Management, LLC
		 	A Delaware Limited Liability Company
		 	General Partner of Each
		
	By:	 	 /s/ Douglas Leone

		 	Managing Member

  

			
	SEQUOIA CAPITAL IX
	 SEQUOIA CAPITAL ENTREPRENEURS
 ANNEX FUND

		
	By:	 	SC IX.I Management, LLC
		 	A Delaware Limited Liability Company
		 	General Partner of Each
		
	By:	 	 /s/ Douglas Leone

		 	Managing Member

  

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 Investors’ Rights Agreement 
 Signature Page 

			
	SERIES A INVESTORS:
	
	 /s/ Joel J. Paston

	Joel J. Paston
	
	PACRIM VENTURE PARTNERS I, L.P.
	PACRIM VENTURE PARTNERS I-Q, L.P.
	By :	 	PacRim Venture Management, LLC
		
	By:	 	 /s/ Thomas J. Toy

		
	Name:	 	 Thomas J. Toy

		
	Its:	 	 Managing Member

	
	STAENBERG PRIVATE CAPITAL, LLC
		
	By:	 	 /s/ Tom Staenberg

		
	Name:	 	 Tom Staenberg

		
	Its:	 	 Managing Member

	
	ANDOJO I, L.P.
		
	By:	 	 /s/ Jody Sherman

		
	Name:	 	 Jody Sherman

		
	Its:	 	 General Partner

  

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 Investors’ Rights Agreement 
 Signature Page 

			
	 /s/ Guillermo Maturana

	Guillermo Maturana
	
	HAGE FAMILY LLC
		
	By:	 	 /s/ Joseph Hage

		
	Name:	 	 Joseph Hage

		
	Its:	 	 President

	
	NEW MILLENNIUM PARTNERS II, L.P.
	NEW MILLENNIUM PARTNERS II (NON-Q), L.P.
	By: New Millennium Venture Partners II, LLC
	Its General Partner
		
	By:	 	 /s/ Robert Senoff

		
	Name:	 	 Robert Senoff

		
	Its:	 	  

	
	ELG PARTNERS
		
	By:	 	  

		
	Name:	 	  

		
	Its:	 	  

	
	 /s/ Philip J. Monego, Sr.

	Philip J. Monego, Sr.

  

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 Investors’ Rights Agreement 
 Signature Page 

			
	 JAMES AND DEBORA LYNCH FAMILY
 TRUST

		
	By:	 	 /s/ James and Debora Lynch

		
	Name:	 	 James and Debora Lynch

		
	Its:	 	 Self

		
		 	 /s/ William J. Andersen

		 	William J. Andersen
		
		 	 /s/ Glenn R. Anderson

		 	Glenn R. Anderson
		
		 	 /s/ Jim Y. Li

		 	Jim Y. Li
		
		 	 /s/ Gopi Mattel

		 	Gopi Mattel
		
		 	 /s/ Steven Blank

		 	Steven Blank
		
		 	 /s/ Delbert Yamaki

		 	Delbert Yamaki

  

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 Investors’ Rights Agreement 
 Signature Page 

 SCHEDULE A 
 SERIES A INVESTORS 
  

									
	 Name and Address
	  	Common Stock	 	  	Series A Preferred Stock	 
	 Jim Y. Li
	  	 	272,727	  	  	 	272,727	  
	 Gopi Mattel
	  	 	22,728	  	  	 	85,228	  
	 Steve Blank
	  	 	12,500	  	  	 	91,068	  
	 Glenn R. Anderson
	  	 	623,864	  	  	 	623,864	  
	 Staenberg Private Capital, LLC
	  	 	—  	  	  	 	428,570	  
	 Andojo I, L.P.
	  	 	—  	  	  	 	428,570	  
	 Joel J. Paston
	  	 	—  	  	  	 	2,071,430	  
	 Hage Family, LLC
	  	 	—  	  	  	 	178,572	  
	 ELG Partners
	  	 	—  	  	  	 	64,286	  
	 New Millennium Partners II (Non-Q), L.P.
	  	 	—  	  	  	 	201,080	  
	 New Millennium Partners II, L.P.
	  	 	—  	  	  	 	459,634	  
	 Philip Monego
	  	 	—  	  	  	 	267,856	  
	 James and Debora Lynch Family Trust
	  	 	—  	  	  	 	89,284	  
	 William J. Anderson
	  	 	—  	  	  	 	178,570	  
	 PacRim Ventures Partners I-Q, L.P.
	  	 	—  	  	  	 	360,330	  
	 PacRim Ventures Partners I, L.P.
	  	 	—  	  	  	 	336,098	  
	 Guillermo Maturana
	  	 	—  	  	  	 	89,284	  
	 Delbert Yamaki
	  	 	—  	  	  	 	62,500	  
		  	 	 	 	  	 	 	 
	 Total:
	  	 	995,470	  	  	 	6,288,951	  

  

CafePress.com, Inc. 
 Investors’ Rights Agreement 
 SA-1 

 SCHEDULE B 
 SERIES B INVESTORS 
  

					
	 Name and Address
	  	Series B Preferred Stock	 
	 Sequoia Capital XI
	  	 	2,545,452	  
	 Sequoia Technology Partners XI
	  	 	80,407	  
	 Sequoia Capital XI Principals Fund
	  	 	276,926	  
	 Sequoia Capital Franchise Fund
	  	 	1,824,608	  
	 Sequoia Capital Franchise Partners
	  	 	248,810	  
	 Sequoia Capital IX
	  	 	756,051	  
	 Sequoia Capital Entrepreneurs Annex Fund
	  	 	73,316	  
		  	 	 	 
	 Total:
	  	 	5,805,570	  

  

CafePress.com, Inc. 
 Investors’ Rights Agreement 
 SB-1 

 AMENDMENT to 
 INVESTORS’ RIGHTS AGREEMENT 
 On June
    , 2011, that certain Investors’ Rights Agreement (the “Rights Agreement”) dated as of January 21, 2005, by and among CafePress, Inc., a Delaware corporation (the “Company”)
and the individuals and entities listed as “Investors” in the Rights Agreement was amended as follows: 
 Amendment of Registration Rights. The first paragraph of Section 2.3 of the Rights Agreement shall be amended in its entirety to read as follows: 

“2.3 Piggyback Registrations. If the Company files a registration statement under the Securities Act for
purposes of a public offering of securities of the Company (including, but not limited to, registration statements relating to secondary offerings of securities of the Company, but excluding registration statements relating to employee benefit plans
or with respect to corporate reorganizations or other transactions under Rule 145 of the Securities Act), the Company shall promptly, following such filing, give each Holder of Registrable Securities written notice of such filing and will afford
each such Holder an opportunity to include in such registration statement all or part of such Registrable Securities held by such Holder. Each Holder desiring to include in any such registration statement all or any part of the Registrable
Securities held by it shall, within ten (10) days after the above-described notice from the Company, so notify the Company in writing. Such notice shall state the intended method of disposition of the Registrable Securities by such Holder. 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.” 

  

CafePress.com, Inc. 
 Amendment to Investors’ Rights Agreement

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