Document:

EX-4.2

 Exhibit 4.2 

EXECUTION COPY 

FOURTH AMENDED AND RESTATED INVESTORS’ RIGHTS
AGREEMENT 

 TABLE OF CONTENTS 

 

									
	 	 	 	 	 	  	Page	 
	 1.    
	 	 Definitions
	  	 	1	  
			
	 2.
	 	 Registration Rights
	  	 	5	  
		 	 2.1
	 	 Request for Registration
	  	 	5	  
		 	 2.2
	 	 Company Registration
	  	 	7	  
		 	 2.3
	 	 Obligations of the Company
	  	 	8	  
		 	 2.4
	 	 Furnish Information
	  	 	9	  
		 	 2.5
	 	 Expenses of Demand Registration
	  	 	9	  
		 	 2.6
	 	 Expenses of Company Registration
	  	 	10	  
		 	 2.7
	 	 Underwriting Requirements
	  	 	10	  
		 	 2.8
	 	 Delay of Registration
	  	 	10	  
		 	 2.9
	 	 Indemnification
	  	 	11	  
		 	 2.10
	 	 Reports Under Exchange Act
	  	 	13	  
		 	 2.11
	 	 Form S-3 Registration
	  	 	14	  
		 	 2.12
	 	 Assignment of Registration Rights
	  	 	15	  
		 	 2.13
	 	 Limitations on Subsequent Registration Rights
	  	 	15	  
		 	 2.14
	 	 “Market Stand-Off” Agreement
	  	 	16	  
		 	 2.15
	 	 Termination of Registration Rights
	  	 	16	  
			
	 3.
	 	 Information Rights
	  	 	17	  
		 	 3.1
	 	 Delivery of Financial Statements
	  	 	17	  
		 	 3.2
	 	 Inspection Rights
	  	 	18	  
		 	 3.3
	 	 Observer Rights
	  	 	19	  
		 	 3.4
	 	 Termination of Information, Inspection and Observer Covenants
	  	 	19	  
		 	 3.5
	 	 Confidentiality
	  	 	19	  
			
	 4.
	 	 Right of Participation
	  	 	20	  
		 	 4.1
	 	 Right of Offer
	  	 	20	  
		 	 4.2
	 	 Termination
	  	 	21	  
			
	 5.
	 	 Additional Covenants
	  	 	21	  
		 	 5.1
	 	 Insurance
	  	 	21	  
		 	 5.2
	 	 Employee Agreements
	  	 	22	  
		 	 5.3
	 	 Employee Vesting
	  	 	22	  
		 	 5.4
	 	 Lock-Up Agreement
	  	 	22	  
		 	 5.5
	 	 Matters Requiring Investor Director Approval
	  	 	22	  
		 	 5.6
	 	 Meetings of the Board of Directors
	  	 	23	  
		 	 5.7
	 	 Compensation of Directors
	  	 	23	  
		 	 5.8
	 	 Corporate Existence
	  	 	23	  
		 	 5.9
	 	 Bylaws
	  	 	23	  
		 	 5.10
	 	 Restrictive Agreements Prohibited
	  	 	23	  
		 	 5.11    
	 	 Compliance with Laws
	  	 	23	  

  
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		 	 5.12
	 	 Keeping of Records and Books of Account
	  	 	23	  
		 	 5.13
	 	 Affiliated Transactions
	  	 	23	  
		 	 5.14
	 	 Successor Indemnification
	  	 	23	  
		 	 5.15
	 	 Corporate Opportunities
	  	 	24	  
		 	 5.16
	 	 Foreign Corrupt Practices Act
	  	 	24	  
		 	 5.17
	 	 Green Dot Corporation
	  	 	25	  
		 	 5.18    
	 	 Termination of Covenants
	  	 	25	  
			
	 6.    
	 	 Miscellaneous
	  	 	25	  
		 	 6.1
	 	 Transfers, Successors and Assigns
	  	 	25	  
		 	 6.2
	 	 Governing Law
	  	 	25	  
		 	 6.3
	 	 Counterparts
	  	 	25	  
		 	 6.4
	 	 Titles and Subtitles
	  	 	25	  
		 	 6.5
	 	 Notices
	  	 	25	  
		 	 6.6
	 	 Costs of Enforcement
	  	 	26	  
		 	 6.7
	 	 Amendments and Waivers
	  	 	26	  
		 	 6.8
	 	 Severability
	  	 	27	  
		 	 6.9
	 	 Aggregation of Stock
	  	 	27	  
		 	 6.10
	 	 Amendment and Restatement of Prior Agreement
	  	 	27	  
		 	 6.11
	 	 Entire Agreement
	  	 	27	  
		 	 6.12
	 	 Transfers of Rights
	  	 	27	  
		 	 6.13
	 	 Delays or Omissions
	  	 	28	  
		 	 6.14
	 	 Remedies
	  	 	28	  
		 	 6.15
	 	 Massachusetts Business Trust
	  	 	28	  

 Schedules 
  

					
	Schedule A	  	-	  	Schedule of Investors

 Exhibits 
  

					
	Exhibit A	  	-	  	Form of Invention Assignment, Non-Disclosure, Non-Competition and Non-Solicitation Agreement

  
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 FOURTH AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

THIS FOURTH AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT (the “Agreement”) is made as of the 25th day of October, 2012 by and between HubSpot, Inc., a Delaware corporation (the “Company”), and each of the investors listed on Schedule A hereto (each an
“Investor” and together the “Investors”). 
 RECITALS 

WHEREAS, certain of the Investors are parties to that certain Third Amended and Restated Investors’ Rights Agreement dated as of
March 3, 2011, as amended as of June 15, 2011 (the “Prior Agreement”); 
 WHEREAS, the Company and certain
of the Investors are parties to the Series E Convertible Preferred Stock Purchase Agreement, of even date herewith (the “Purchase Agreement”) under which each such Investor’s obligations to purchase shares of Series E Preferred
Stock (as defined below) are conditioned upon the execution and delivery of this Agreement; and 
 WHEREAS, the Company and the
undersigned holders of at least Seventy-Three percent (73%) of the Registrable Securities outstanding immediately prior to the Closing (as defined in the Purchase Agreement) desire to amend and restate the Prior Agreement as provided herein.

 NOW, THEREFORE, in consideration of the mutual covenants set forth herein, and for other good and valuable consideration, the
receipt and sufficiency of which are acknowledged, the parties hereby agree as follows: 
 1. Definitions. Capitalized terms not
otherwise defined herein shall have the meaning ascribed to such terms in the Purchase Agreement. For purposes of this Agreement: 
 1.1 The
term “Affiliate” shall mean with respect to any individual, corporation, partnership, association, trust, or any other entity (in each case, a “Person”), any Person which, directly or indirectly, controls, is
controlled by or is under common control with such Person, including, without limitation any general partner, officer or director of such Person and any venture capital fund now or hereafter existing which is controlled by or under common control
with one or more general partners or shares the same management company with such Person or, in the case of Fidelity, any mutual funds or similar pooled vehicles that are controlled by, under comment control with, managed or advised by the same
management company or registered investment advisor (or an affiliate of such management company or registered investment advisor) as Fidelity. 

1.2 The term “Change of Control” means, regardless of form thereof, (1) the dissolution or liquidation of the Company,
(2) the sale or exclusive license of all or substantially all of the assets of the Company on a consolidated basis to a person or entity which is not an affiliate of the Company, (3) a merger, reorganization or consolidation in which the
outstanding shares of Company’s capital stock are converted into or exchanged for a different kind of securities of the successor entity and the holders of the Company’s outstanding voting power immediately prior to such transaction do not
own a majority of the outstanding voting power of 

  
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 the successor entity immediately upon completion of such transaction, or (4) the sale of all or
substantially all of the outstanding stock of the Company to a person or entity which is not an affiliate of the Company. 
 1.3 The term
“Common Stock” shall mean shares of the Company’s common stock, par value $0.001 per share. 
 1.4 The term
“Convertible Securities” shall mean any evidences of indebtedness, shares or other securities directly or indirectly convertible into or exchangeable for Common Stock, but excluding Options. 

1.5 The term “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations
promulgated thereunder. 
 1.6 The term “Form S-3” means such form under the Securities Act as in effect on the date hereof
or any 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. 

1.7 The term “Founders” shall mean Brian Halligan and Dharmesh Shah. 

1.8 The term “GAAP” shall mean generally accepted accounting principles. 

1.9 The term “Holder” shall mean any Person owning or having the right to acquire Registrable Securities or any assignee
thereof in accordance with Section 2.12 hereof. 
 1.10 The Term “Immediate Family Member” shall mean a child,
stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including adoptive relationships, of a person referred to herein. 

1.11 The term “Initiating Holders” means, collectively, any Holders who properly initiate a registration request under this
Agreement. 
 1.12 The term “Institutional Investor” means any Investor that, together with such Investor’s Affiliates,
holds more than 500,000 shares of Registrable Securities (appropriately adjusted for any stock split, dividend, combination or other recapitalization attached after the date hereof). 

1.13 The term “IPO” means the Company’s first underwritten public offering of its Common Stock under the Securities Act.

 1.14 The term “Major Investor” means any Investor that, together with such Investor’s Affiliates, holds more than
200,000 shares of Registrable Securities (appropriately adjusted for any stock split, dividend, combination or other recapitalization attached after the date hereof). 

  
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 1.15 The term “New Securities” shall mean equity securities of the Company,
whether now authorized or not, or rights, options, or warrants to purchase said equity securities, or securities of any type whatsoever that are, or may become, convertible into or exchangeable into or exercisable for said equity securities
(collectively “New Securities”). 
 1.16 The term “Options” shall mean rights, options or warrants to
subscribe for, purchase or otherwise acquire Common Stock or Convertible Securities. 
 1.17 The term “Preferred Directors”
has the meaning set forth for such term in the Restated Certificate. 
 1.18 The term “Preferred Stock” means the Series A
Preferred Stock, Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock, Series D-1 Preferred Stock, and Series E Preferred Stock. 

1.19 The term “Prior Agreement” has the meaning set forth in the Preamble of this Agreement. 

1.20 The term “Qualified Public Offering” has the meaning set forth for such term in the Restated Certificate. 

1.21 The term “register,” “registered,” and “registration” refer to a registration effected by
preparing and filing a registration statement or similar document in compliance with the Securities Act, and the declaration or ordering of effectiveness of such registration statement or document. 

1.22 The term “Registrable Securities” means (i) the Common Stock issuable or issued upon conversion of the Preferred
Stock (including the Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock, Series D-1 Preferred Stock, and Series E Preferred Stock), (ii) the Common Stock purchased pursuant to those certain
Secondary Sale Agreements, between certain Investors and certain stockholders of the Company, dated as of March 3, 2011, and (iii) 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 the shares referenced in clauses (i) and (ii) above, excluding in all cases, however, any Registrable
Securities sold by a person in a transaction in which his rights under Section 2 hereof are not assigned or any shares for which registration rights have terminated pursuant to Section 2.15 of this Agreement. 

1.23 The term “Registrable Securities then outstanding” means the number of shares determined by adding the number of shares
of Common Stock outstanding which are, and the number of shares of Common Stock issuable pursuant to then exercisable or convertible securities which are, Registrable Securities. 

1.24 The term “Restated Certificate” shall mean the Sixth Amended and Restated Certificate of Incorporation of the Company, as
it may be amended from time to time. 
 1.25 The term “SEC” means the Securities and Exchange Commission. 

  
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 1.26 The term “SEC Rule 144” means Rule 144 promulgated by the SEC under the
Securities Act. 
 1.27 The term “SEC Rule 145” means Rule 145 promulgated by the SEC under the Securities Act. 

1.28 The term “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated
thereunder. 
 1.29 The term “Series A-B Director” has the meaning set forth for such term in the Restated Certificate. 

1.30 The term “Series A Preferred Stock” means shares of the Series A Convertible Preferred Stock, par value $0.001 per share.

 1.31 The term “Series B Preferred Stock” means shares of the Series B Convertible Preferred Stock, par value $0.001 per
share. 
 1.32 The term “Series C Preferred Stock” means shares of the Series C Convertible Preferred Stock, par value
$0.001 per share. 
 1.33 The term “Series D Preferred Stock” means shares of the Series D Convertible Preferred Stock, par
value $0.001 per share. 
 1.34 The term “Series D-1 Preferred Stock” means shares of the Series D-1 Convertible Preferred
Stock, par value $0.001 per share. 
 1.35 The term “Series E Preferred Stock” means shares of the Series E Convertible
Preferred Stock, par value $0.001 per share. 
 1.36 The term “Transaction Documents” means, collectively, the Purchase
Agreement, Fourth Amended and Restated Voting Agreement, Fourth Amended and Restated Right of First Refusal and Co-Sale Agreement each by and among the Company and the other parties thereto and each dated as of the date hereof, and this Agreement.

 1.37 The term “Violation” means losses, claims, damages, or liabilities (joint or several) to which a party hereto 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: (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 any other
party hereto, 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. 

  
 4 

 2. Registration Rights. The Company covenants and agrees as follows: 

2.1 Request for Registration. 

(a) If the Company shall receive, at any time after 180 days after the effective date of the first registration statement for a
public offering of securities of the Company (other than a registration statement relating either to the sale of securities to employees of the Company pursuant to a stock option, stock purchase or similar plan or a SEC Rule 145 transaction), a
written request from the Holders of at least twenty-five (25%) percent of the Registrable Securities then outstanding that the Company file a registration statement under the Securities Act covering the registration of all or any portion of
their Registrable Securities anticipated to have an aggregate sale price (net of underwriting discounts and commissions, if any) in excess of $10,000,000 in the manner specified in such request, then the Company shall: 

(i) within ten (10) days of the receipt thereof, give written notice of such request to all Holders, who shall then have
twenty (20) days to notify the Company in writing of their desire to be included in such registration; 
 (ii) as soon
as practicable, and in any event within sixty (60) days of the receipt of such request, file a registration statement under the Securities Act covering all Registrable Securities which the Holders request to be registered, subject to the
limitations of Section 2.1(b), within twenty (20) days of the mailing of such notice by the Company in accordance with Section 6.5; and 

(iii) use its best efforts to cause such registration statement to be declared effective by the SEC as soon as practicable but
in no event later than ninety (90) days after such request. 
 (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 Section 2.1(a) and the Company shall include such information in the written notice
referred to in Section 2.1(a). The underwriter will be selected by the Initiating Holders subject only to the reasonable approval of the Company. In such event, the right of any Holder to include such Holder’s 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 to the extent provided herein. All Holders proposing to
distribute their securities through such underwriting shall (together with the Company as provided in Section 2.3(e)) enter into an underwriting agreement in customary form with the underwriter or underwriters selected for such
underwriting. Notwithstanding any other provision of this Section 2.1, if, in good faith, the underwriter advises the Initiating Holders in writing that marketing factors require a limitation of the number of shares to be underwritten,
then the Initiating Holders shall so advise all Holders of Registrable Securities which would otherwise be underwritten pursuant hereto, and the number of shares of Registrable Securities that may be included in the underwriting shall be allocated
among all Holders of Registrable Securities, including the Initiating Holders, in 

  
 5 

 
proportion (as nearly as practicable) to the number of Registrable Securities of the Company owned by each Holder; provided, however, that the number of shares of Registrable
Securities held by the Holders to be included in such underwriting shall not be reduced unless all other securities are first entirely excluded from the underwriting. To facilitate the allocation of shares in accordance with the above provisions,
the Company or the underwriters may round the number of shares allocated to any Holder to the nearest one hundred (100) shares. 
 (c)
The Company shall not be obligated to effect, or to take any action to effect, any registration 
 (i) pursuant to this
Section 2.1: 
 (A) In any particular jurisdiction in which the Company would be required to execute a general
consent to service of process in effecting such registration, unless the Company is already subject to service in such jurisdiction and except as may be required under the Securities Act; 

(B) After the Company has effected two (2) registrations pursuant to this Section 2.1 and such registrations
have been declared or ordered effective (counting for these purposes only registrations which have been declared effective and which have remained effective until all such securities have been sold); 

(C) If the Initiating Holders propose to dispose of shares of Registrable Securities that may be immediately registered on
Form S-3 pursuant to a request made pursuant to Section 2.11 below; or 
 (D) If the Registrable Securities to
be included in the registration statement could be sold without restriction under SEC Rule 144 within a ninety (90) day period and the Company is currently subject to the periodic reporting requirements of Sections 12(g) or 15(d) of the
Exchange Act; or 
 (ii) pursuant to any other provision of this Agreement: 

(A) In any particular jurisdiction in which the Company would be required to execute a general consent to service of process
in effecting such registration, unless the Company is already subject to service in such jurisdiction and except as may be required under the Securities Act; or 

(B) If the Registrable Securities to be included in the registration statement could be sold without restriction under SEC
Rule 144 within a ninety (90) day period and the Company is currently subject to the periodic reporting requirements of Sections 12(g) or 15(d) of the Exchange Act. 

  
 6 

 (d) Notwithstanding the foregoing, if the Company shall furnish to Holders
requesting a registration statement pursuant to this Section 2.1 a certificate signed by the Chief Executive Officer of the Company stating that in the good faith judgment of the Board of Directors of the Company (the
“Board”) it would be materially detrimental to the Company and its stockholders for such registration statement to become effective or to remain effective as long as such registration statement would otherwise be required to remain
effective because such action (x) would materially interfere with a significant acquisition, corporate reorganization or other similar transaction involving the Company, (y) would require premature disclosure of material information that
the Company has a bona fide business purpose for preserving as confidential or (z) would render the Company unable to comply with requirements under the Securities Act or Exchange Act, the Company shall have the right to defer taking action
with respect to such filing for a period of not more than ninety (90) days after receipt of the request of the Initiating Holders; provided, however, that the Company may not utilize this right more than one (1) time in any twelve
(12)-month period and provided further that the Company shall not register any securities for the account of itself or any other stockholder during such ninety (90) day period other than a registration statement relating either to the
sale of securities to employees of the Company pursuant to a stock option, stock purchase or similar plan or an SEC Rule 145 transaction, a registration on any form that does not include substantially the same information as would be required to be
included in a registration statement covering the sale of the Registrable Securities, or a registration in which the only Common Stock being registered is Common Stock issuable upon conversion of debt securities that are also being registered). 

A registration statement shall not be counted until such time as such registration statement has been declared effective by the SEC (unless
the Initiating Holders withdraw their request for such registration (other than as a result of information concerning the business or financial condition of the Company which is made known to the Investors after the date on which such registration
was requested) and elect not to pay the registration expenses therefor pursuant to Section 2.5). A registration statement shall not be counted if, as a result of an exercise of the underwriter’s cut-back provisions, fewer than 50%
of the total number of Registrable Securities that Holders have requested to be included in such registration statement are actually included. 

2.2 Company Registration. If the Company proposes to register (including for this purpose a registration effected by the Company for
stockholders other than the Holders) any of its stock or other securities under the Securities Act in connection with the public offering of such securities solely for cash (other than a registration statement relating either to the sale of
securities to employees of the Company pursuant to a stock option, stock purchase or similar plan or an SEC Rule 145 transaction, a registration on any form which does not include substantially the same information as would be required to be
included in a registration statement covering the sale of the Registrable Securities or a registration in which the only Common Stock being registered is Common Stock issuable upon conversion of debt securities which are also being registered), the
Company shall, at such time, promptly give each Holder written notice of such registration. Upon the written request of each Holder given within twenty (20) days after mailing of such notice by the Company in accordance with
Section 6.5, the Company shall, 

  
 7 

 
subject to the provisions of Section 2.7, cause to be registered under the Securities Act, all of the Registrable Securities that each such Holder has requested to be registered. The
Company shall have the right to terminate or withdraw any registration initiated by it under this Section 2.2 prior to the effectiveness of such registration whether or not any Holder has elected to include securities in such
registration. The expenses of such withdrawn registration shall be borne by the Company in accordance with Section 2.6 hereof. 

2.3 Obligations of the Company. Whenever required under this Section 2 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 its best 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 a period of up to one hundred twenty (120) days or, if earlier, until the distribution contemplated in the Registration Statement has been completed; provided, however, that (i) such one
hundred twenty (120)-day period shall be extended for a period of time equal to the period the Holder refrains from selling any securities included in such registration at the request of an underwriter of Common Stock (or other securities) of the
Company; and (ii) in the case of any registration of Registrable Securities on Form S-3 which are intended to be offered on a continuous or delayed basis, subject to compliance with applicable SEC rules, such one hundred twenty (120)-day period
shall be extended for up to one hundred eighty (180) days, if necessary, to keep the registration statement effective until all such Registrable Securities are sold; 

(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; 

(c) furnish to the Holders such numbers 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 its best 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, unless the Company is already subject to service in such jurisdiction and except as may be required by the Securities Act; 

(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 of such offering. Each Holder participating in such underwriting shall also enter into and perform its obligations under such an agreement; 

  
 8 

 (f) cause all such Registrable Securities registered pursuant to this Agreement
hereunder to be listed on a national securities exchange or trading system and each securities exchange and trading system on which similar securities issued by the Company are then listed; 

(g) provide a transfer agent and registrar for all Registrable Securities registered pursuant hereunder and a CUSIP number for
all such Registrable Securities, in each case not later than the effective date of such registration; and 
 (h) use its best
efforts to furnish, at the request of any Holder requesting registration of Registrable Securities pursuant to this Section 2, on the date on which such Registrable Securities are sold to the underwriter, (i) an opinion, dated 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, addressed to the underwriters, if any, and (ii) a
“comfort” letter dated 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, addressed to the underwriters, if any. 
 2.4 Furnish Information. It shall be a condition precedent to the obligations of
the Company to take any action pursuant to this Section 2 with respect to the Registrable Securities of any selling Holder that such Holder shall furnish to the Company such information regarding itself, the Registrable Securities held
by it, and the intended method of disposition of such securities as shall be reasonably required to effect the registration of such Holder’s Registrable Securities. 

2.5 Expenses of Demand Registration. All expenses other than underwriting discounts and commissions incurred in connection with
registrations, filings or qualifications pursuant to Section 2.1, 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 (1) counsel for the selling Holders 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 2.1 if 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
pro rata based upon the number of Registrable Securities that were to be included in the withdrawn registration), unless the Holders of a majority of the Registrable Securities agree to forfeit their right to one (1) demand registration
pursuant to Section 2.1; provided further, however, that if at the time of such withdrawal, the Holders have learned of a material adverse change in the condition, business, or prospects of the Company from that known to the
Holders at the time of their request and have withdrawn the request with reasonable promptness after learning of such information, then the Holders shall not be required to pay any of such expenses and shall retain their rights pursuant to
Section 2.1. 

  
 9 

 2.6 Expenses of Company Registration. The Company shall bear and pay all expenses incurred
in connection with any registration, filing or qualification of Registrable Securities with respect to the registrations pursuant to Section 2.2 hereof for each Holder (which right may be assigned as provided in Section 2.12
hereof), including (without limitation) all registration, filing, and qualification fees, printers and accounting fees relating or apportionable thereto and the fees and disbursements of one (1) counsel for the selling Holders selected by them,
but excluding underwriting discounts and commissions relating to Registrable Securities. 
 2.7 Underwriting Requirements. In
connection with any offering involving an underwriting of shares of the Company’s capital stock pursuant to Section 2.2, the Company shall not be required to include any of the Holders’ securities in such underwriting unless
they accept the terms of the underwriting as agreed upon between the Company and its underwriters, and then only in such quantity as the underwriters determine in their sole discretion will not jeopardize the success of the offering by the Company.
If the total number of securities, including Registrable Securities, requested by stockholders to be included in such offering exceeds the amount of securities to be sold other than by the Company that the underwriters determine in their reasonable
discretion is compatible with the success of the offering, then the Company shall be required to include in the offering only that number of such securities, including Registrable Securities, which the underwriters and the Company determine in their
sole discretion will not jeopardize the success of the offering. In no event shall any Registrable Securities be excluded from such offering unless all other stockholders’ securities have been first excluded. In the event that the underwriters
determine that less than all of the Registrable Securities requested to be registered can be included in such offering, then the Registrable Securities that are included in such offering shall be apportioned pro rata among the selling Holders based
on the number of Registrable Securities held by all selling Holders or in such other proportions as shall mutually be agreed to by all such selling Holders. Notwithstanding the foregoing, in no event shall the amount of securities of the selling
Holders included in the offering be reduced below thirty percent (30%) of the total amount of securities included in such offering, unless such offering is the Company’s IPO in which case the selling Holders may be excluded beyond this
amount if the underwriters make the determination described above and no other stockholder’s securities are included in such offering. For purposes of the preceding sentence concerning apportionment, for any selling stockholder which is a
Holder of Registrable Securities and which is an investment fund, partnership, limited liability company or corporation, the partners, members, retired partners, retired members, stockholders and Affiliates of such Holder, or the estates and family
members of any such partners, retired partners, members and retired members and any trusts for the benefit of any of the foregoing persons shall be deemed to be a single “selling Holder”, and any pro-rata reduction with respect to such
“selling Holder” shall be based upon the aggregate amount of shares carrying registration rights owned by all entities and individuals included in such “selling Holder,” as defined in this sentence. 

2.8 Delay of Registration. No Holder shall have any right to obtain or seek an injunction restraining or otherwise delaying any
registration pursuant to this Agreement as the result of any controversy that might arise with respect to the interpretation or implementation of this Section 2. 

  
 10 

 2.9 Indemnification. In the event any Registrable Securities are included in a
registration statement under this Section 2: 
 (a) To the extent permitted by law, the Company will indemnify and
hold harmless each Holder, the partners, members, officers, directors and stockholders of each Holder, legal counsel and accountants for 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 Violation and the Company will pay to each such Holder, underwriter, controlling person or other aforementioned person, any legal or other
expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability, or action as such expenses are incurred; 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 any such Holder, underwriter, controlling person or other aforementioned person. 

(b) To the extent permitted by law, each selling Holder will severally and not jointly indemnify and hold harmless the Company,
each of its directors, each of its officers who has signed the registration statement, each person, if any, who controls the Company within the meaning of the Securities Act, legal counsel and accountants for the Company, any underwriter, any other
Holder selling securities in such registration statement and any controlling person of any such underwriter or other Holder, against any losses, claims, damages, or liabilities (joint or several) to which any of the foregoing persons 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 expressly for use in connection with such registration; and each such Holder will pay, any legal or other expenses
reasonably incurred by any person intended to be indemnified pursuant to this Section 2.9(b), 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(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(b) exceed the lesser of (i) that proportion of the total of such losses, claims, damages, liabilities or
actions indemnified against equal to the proportion of the total securities sold under such registration statement which is being held by such Holder, or (ii) the amount equal to the net proceeds from the offering received by such Holder,
except in the case of fraud or willful misconduct by such Holder. 

  
 11 

 (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 (together with all other indemnified parties which may be represented without conflict by
one counsel) shall have the right to retain one separate 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 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 prejudicial to its ability to defend such action, shall relieve such indemnifying party of any liability to the indemnified party under this Section 2.9, 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) In order to provide for just and equitable contribution to joint liability under the Securities Act in any case in which
either (i) any Holder exercising rights under this Agreement, or any controlling person of any such Holder, makes a claim for indemnification pursuant to this Section 2.9 but it is judicially determined (by the entry of a final
judgment or decree by a court of competent jurisdiction and the expiration of time to appeal or the denial of the last right of appeal) that such indemnification may not be enforced in such case notwithstanding the fact that this
Section 2.9 provides for indemnification in such case, or (ii) contribution under the Securities Act may be required on the part of any such selling Holder or any such controlling person in circumstances for which indemnification is
provided under this Section 2.9, then, and in each such case, the Company and such Holder will contribute to the aggregate losses, claims, damages or liabilities to which they may be subject (after contribution from others) 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 statements or omissions that resulted in such loss, liability, claim, damage, or
expense as well as any other relevant equitable considerations. The relative fault of the indemnifying party and of the indemnified party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a
material fact or the omission or alleged 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, however, that, in any such case, (I) no such Holder will be required to contribute any amount in excess of the public offering price of all such Registrable Securities
offered and sold by such Holder pursuant to such registration statement, and (II) no person or entity guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution from any
person or entity who was not guilty of such fraudulent misrepresentation; provided further, that in no event shall a 

  
 12 

 Holder’s liability pursuant to this Section 2.9(d), when combined with the
amounts paid or payable by such holder pursuant to Section 2.9(b), exceed the proceeds from the offering (net of any underwriting discounts or commissions) received by such Holder, except in the case of willful fraud by such Holder. 

(e) Notwithstanding the foregoing, to the extent that the provisions on indemnification and contribution contained in the
underwriting agreement entered into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall control. 

(f) Unless otherwise superseded by an underwriting agreement entered into in connection with the underwritten public offering,
the obligations of the Company and Holders under this Section 2.9 shall survive the completion of any offering of Registrable Securities in a registration statement under this Section 2, and otherwise and shall survive the
termination of this Agreement. 
 2.10 Reports Under Exchange Act. With a view to making available to the Holders the
benefits of SEC Rule 144 promulgated under the Securities Act and any other rule or regulation of the SEC that may at any time permit a Holder to sell securities of the Company to the public without registration or pursuant to a registration on Form
S-3, the Company agrees to: 
 (a) make and keep public information available, as those terms are understood and defined in
SEC Rule 144, at all times after the effective date of the first registration statement filed by the Company for the offering of its securities to the general public so long as the Company is subject to the periodic reporting requirements under
Sections 13 or 15(d) of the Exchange Act; 
 (b) file with the SEC in a timely manner all reports and other documents
required of the Company under the Securities Act and the Exchange Act; and 
 (c) furnish to any Holder, so long as the
Holder owns any Registrable Securities, forthwith upon request (i) a written statement by the Company that it has complied with the reporting requirements of SEC Rule 144, the Securities Act and the Exchange Act (at any time after it has become
subject to such reporting requirements), or that it qualifies as a registrant whose securities may be resold pursuant to Form S-3 (at any time after it so qualifies), (ii) a copy of the most recent annual or quarterly report of the Company and
such other reports and documents so filed by the Company, and (iii) such other information as may be reasonably requested in availing any Holder of any rule or regulation of the SEC which permits the selling of any such securities without
registration or pursuant to such form. 
 (d) After the occurrence of the first underwritten public offering of Common Stock
of the Company pursuant to an offering registered under the Securities Act on Form S-1 or Form SB-1 (or any comparable successor forms), subject to the limitations on transfers imposed by this Agreement, the Company shall use its reasonable best
efforts to facilitate and expedite transfers of Registrable Securities pursuant to SEC Rule 144 under the Securities Act, which efforts shall include timely notice to its transfer agent to expedite such transfers of Registrable Securities. 

  
 13 

 2.11 Form S-3 Registration. In case the Company shall receive from Holders holding
Registrable Securities anticipated to have an aggregate sale price (net underwriting discounts and commissions, if any) in excess of $2,000,000 a written request or requests that the Company effect a registration on Form S-3 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; 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 2.11: (1) if Form S-3 is not then available for such offering by the Holders; (2) if the Company shall furnish to the
Holders a certificate signed by the President of the Company stating that in the good faith judgment of the Board, it would be materially 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 2.11;
provided, however, that the Company shall not utilize this right more than one (1) time in any twelve (12) month period and provided further that the Company shall not register any securities for the account of itself
or any other stockholder during such ninety (90) day period (other than a registration relating solely to the sale of securities of participants in a Company stock plan, a registration relating to a corporate reorganization or transaction under
SEC Rule 145, a registration on any form that does not include substantially the same information as would be required to be included in a registration statement covering the sale of the Registrable Securities, or a registration in which the only
Common Stock being registered is Common Stock issuable upon conversion of debt securities that are also being registered); (3) if the Company has, within the twelve (12) month period preceding the date of such request, already effected two
registrations on Form S-3 for the Holders pursuant to this Section 2.11; or (4) 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
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. All expenses incurred in connection with a registration
requested pursuant to this 

  
 14 

 Section 2.11, including (without limitation) all registration, filing, qualification,
printer’s and accounting fees and the reasonable fees and disbursements of one (1) counsel for the selling Holder or Holders and counsel for the Company, but excluding any underwriters’ discounts or commissions associated with
Registrable Securities, shall be borne by the Company. Registrations effected pursuant to this Section 2.11 shall not be counted as demands for registration or registrations effected pursuant to Section 2.1. 

(d) 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 part of their request made pursuant to this Section 2.11 and the Company shall include such information in the written notice referred to in Section 2.11(a). The provisions of
Section 2.1(b) shall be applicable to such request (with the substitution of Section 2.11 for references to Section 2.1). 

2.12 Assignment of Registration Rights. The rights to cause the Company to register Registrable Securities pursuant to this
Section 2 may be assigned (but only with all related obligations) by a Holder to a transferee or assignee of such securities that (i) is a subsidiary, Affiliate, parent, partner, member, limited partner, retired partner, retired member
or stockholder of a Holder, (ii) is a Holder’s family member or trust for the benefit of an individual Holder, or (iii) after such assignment or transfer, holds at least five percent (5%) of such Holder’s shares of
Registrable Securities (subject to appropriate adjustment for stock splits, stock dividends, combinations and other recapitalizations), provided: (a) the Company is, within a reasonable time after such transfer, furnished with 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; (b) such transferee or assignee agrees in writing to be bound by and subject to the terms and
conditions of this Agreement, including without limitation the provisions of Section 2.14 below; (c) such transferee or assignee is not a competitor of the Company; and (d) such assignment shall be effective only if immediately
following such transfer the further disposition of such securities by the transferee or assignee is restricted under the Securities Act. For the purposes of determining the number of shares of Registrable Securities held by a transferee or assignee,
the holdings of transferee or assignee (i) that is a subsidiary, parent, partner, limited partner, retired partner, member, retired member or stockholder of a Holder; (ii) that is an Affiliate of the Holder, which means with respect to a
limited liability company or a limited liability partnership, a fund or entity managed by the same manager or managing member or general partner or management company or by an entity controlling, controlled by, or under common control with such
manager or managing member or general partner or management company, (iii) who is a Holder’s Immediate Family Member, or (iv) that is a trust for the benefit of an individual Holder or such Holder’s Immediate Family Member, shall
be aggregated together and with those of the assigning Holder; provided that all assignees and transferees who would not qualify individually for assignment of registration rights shall have a single attorney-in-fact for the purpose of
exercising any rights, receiving notices or taking any action under this Section 2. 
 2.13 Limitations on Subsequent Registration
Rights. From and after the date of this Agreement, the Company shall not, without the prior written consent of the Holders of at least Sixty-Five percent (65%) of the Registrable Securities then outstanding, enter into any agreement with
any holder or prospective holder of any securities of the Company which would 

  
 15 

 allow such holder or prospective holder (a) to include such securities in any registration unless under the
terms of such agreement, such holder or prospective holder may include such securities in any such registration only to the extent that the inclusion of such securities will not reduce the amount of the Registrable Securities of the Holders that are
included or (b) to demand registration of any securities held by such holder or prospective holder. 
 2.14 “Market
Stand-Off” Agreement. Each Holder hereby agrees that it will not, without the prior written consent of the managing underwriter, during the period commencing on the date of the final prospectus relating to the Company’s IPO and ending
on the date specified by the Company and the managing underwriter (such period not to exceed one hundred eighty (180) days or such longer period not to exceed an additional 34 days as the underwriters or the Company shall request in order to
facilitate compliance with FINRA Rule 2711 or NYSE Member Rule 472 or any successor or similar rule or regulation) (i) lend, offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to
sell, grant any option, right or warrant to purchase, or otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock held immediately prior
to the effectiveness of the Registration Statement for such offering, or (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the Common Stock, whether
any such transaction described in clause (i) or (ii) above is to be settled by delivery of Common Stock or other securities, in cash or otherwise (the “Market Stand-Off”). The foregoing provisions of this
Section 2.14 shall apply only to the Company’s IPO, shall not apply to the sale of any shares to an underwriter pursuant to an underwriting agreement, and shall only be applicable to the Holders if all officers, directors and greater
than one percent (1%) stockholders of the Company enter into similar agreements. The underwriters in connection with the Company’s IPO are intended third-party beneficiaries of this Section 2.14 and shall have the right, power and
authority to enforce the provisions hereof as though they were a party hereto. Each Holder further agrees to execute such agreements as may be reasonably requested by the underwriters in the Company’s IPO that are consistent with this
Section 2.14 or that are necessary to give further effect thereto. Any discretionary waiver or termination of the restrictions of any or all of such agreements (including, without limitation, agreements with officers, directors and
greater than one percent (1%) stockholders of the Company) by the Company or the underwriters shall apply to all Holders subject to such agreements pro rata based on the number of shares subject to such agreements. 

In order to enforce the foregoing covenant, the Company may impose stop-transfer instructions with respect to the Registrable Securities of
each Holder (and the shares or securities of every other person subject to the foregoing restriction) until the end of such period. 
 2.15
Termination of Registration Rights. 
 (a) No Holder shall be entitled to exercise any right provided for in this
Section 2 after five (5) years following the consummation of the IPO. 
 (b) The rights set forth in this
Section 2 shall terminate upon a Deemed Liquidation Event, as such term is defined in the Company’s Restated Certificate, and shall be suspended, as to any Holder, during any period in which the Registrable Securities held by such
Holder (together with any Affiliate of such Holder with whom such Holder must aggregate its sales under SEC Rule 144) could be sold without restriction under SEC Rule 144 within a ninety (90) day period. 

  
 16 

 3. Information Rights. 

3.1 Delivery of Financial Statements. The Company shall deliver to each Major Investor (provided that the Board of Directors has not
reasonably determined that such Major Investor is a competitor of the Company): 
 (a) as soon as practicable, but in any
event within one hundred twenty (120) days after the end of each fiscal year of the Company, a balance sheet and income statement as of the last day of such year, a statement of stockholders’ equity and cash flows for such year and a
comparison between the actual figures for such year, the comparable figures for the prior year and the comparable figures included in the Budget (as defined below) for such year, with an explanation of any material differences between them and a
schedule as to the sources and applications of funds for such year, such year-end financial reports to be in reasonable detail, prepared in accordance with GAAP and audited and certified by independent public accountants selected by the Company;

 (b) as soon as practicable, but in any event within thirty (30) days after the end of each of the four
(4) quarters of each fiscal year of the Company, an unaudited income statement, schedule as to the sources and application of funds for such fiscal quarter, an unaudited balance sheet and a statement of stockholders’ equity and cash flows
as of the end of such fiscal quarter, with monthly detail; 
 (c) as soon as practicable, but in any event with thirty
(30) days after the end of each of the four (4) quarters of each fiscal year of the Company, a statement showing the number of shares of each class and series of capital stock and securities convertible into or exercisable for shares of
capital stock outstanding at the end of the period, the number of common shares issuable upon conversion or exercise of any outstanding securities convertible or exercisable for common shares and the exchange ratio or exercise price applicable
thereto and number of shares of issued stock options and stock options not yet issued but reserved for issuance, if any, all in sufficient detail as to permit each Major Investor to calculate its percentage equity ownership in the Company and
certified by the Chief Financial Officer or Chief Executive Officer of the Company as being true, complete and correct; 

(d) as soon as practicable, but in any event within thirty (30) days following the end of each month, an unaudited income
statement, statement of stockholders’ equity and cash flows, and an unaudited profit or loss statement; 
 (e) as soon
as practicable, but in any event thirty (30) days prior to the end of each fiscal year, a budget and business plan for the next fiscal year (collectively, the “Budget”), prepared on a monthly basis, including
balance sheets and sources and applications of funds statements for such months and, as soon as prepared, any other budgets or revised budgets prepared by the Company; 

  
 17 

 (f) with respect to the financial statements called for in Subsections
(a), (b) and (c) of this Section 3.1, an instrument executed by the Chief Financial Officer and President or Chief Executive Officer of the Company and certifying that such financials were prepared in accordance with
GAAP consistently applied with prior practice for earlier periods (with the exception of footnotes that may be required by GAAP and as set forth in subsection (a) of this Section 3.1) and fairly present the financial condition of the
Company and its results of operation for the periods specified therein, subject to year-end audit adjustment; 
 (g) such
other information relating to the financial condition, business, prospects or corporate affairs of the Company as the Major Investor or any assignee of the Major Investor may from time to time reasonably request, provided, however,
that the Company shall not be obligated under this Subsection (g) or any other subsection of Section 3.1 to (i) provide information which the Company reasonably deems in good faith to be a trade secret or similar
confidential information (unless covered by an enforceable confidentiality agreement, in form acceptable to the Company) or (ii) would adversely affect the attorney-client privilege between the Company and its counsel; 

(h) if for any period the Company shall have any subsidiary whose accounts are consolidated with those of the Company, then in
respect of such period the financial statements delivered pursuant to the foregoing sections shall be the consolidated and consolidating financial statements of the Company and all such consolidated subsidiaries; 

(i) promptly following receipt by the Company, each audit response letter, accountant’s management letter and other
written report submitted to the Company by its independent public accountants in connection with an annual or interim audit of the books of the Company or any of its subsidiaries; and 

(j) promptly after the commencement thereof, notice of all actions, suits, claims, proceedings, investigations and inquiries
that could materially and adversely affect the Company or any of its subsidiaries, if any. 
 (k) Notwithstanding anything
else in this Section 3.1 to the contrary, the Company may cease providing the information set forth in this Section 3.1 during the period starting with the date sixty (60) days prior to the Company’s good faith estimate
of the date of filing of, and ending on the effective date of the registration effecting the IPO; provided that the Company is actively employing its reasonable best efforts to cause such registration statement to become effective. 

3.2 Inspection Rights. The Company shall permit each Major Investor and such persons as each Major Investor may designate, at such Major
Investor’s expense, upon reasonable notice to the Company and during regular business hours, to visit and inspect the Company’s properties, to examine its books of account and records and to discuss the Company’s affairs, finances and
accounts with its officers, employees and public accountants (and the Company hereby authorizes said accountants to discuss with such Major Investor and such designees such affairs, finances and accounts) all at such reasonable times as may be 

  
 18 

 reasonably requested by the Major Investor; provided, however, that the Company shall not be
obligated pursuant to this Section 3.2 to provide access to any information which it reasonably considers to be a trade secret or similar confidential information or would adversely affect the attorney-client privilege between the Company and
its counsel. 
 3.3 Observer Rights. As long as Sequoia Capital owns not less than twenty-five
percent (25%) of the Registrable Securities it purchased under that certain Series D Preferred Stock Purchase Agreement dated as of March 3, 2011, by and among the Company and the Purchasers (as defined therein) (or an equivalent amount of
Common Stock issued upon conversion thereof), the Company shall invite a representative of Sequoia Capital to attend all meetings of the Board in a nonvoting observer capacity and, in this respect, shall give such representative copies of all
notices, minutes, consents, and other materials that it provides to its directors at the same time and in the same manner as provided to such directors; provided, however, that such representative shall agree to hold in confidence and trust and to
act in a fiduciary manner with respect to all information so provided; and provided further, that the Board shall have the right to withhold any information and to exclude such representative from any meeting or portion thereof if access to such
information or attendance at such meeting could adversely affect the attorney-client privilege between the Company and its counsel or result in disclosure of trade secrets or a conflict of interest, or if such Investor or its representative is a
competitor of the Company. 
 3.4 Termination of Information, Inspection and Observer Covenants. The covenants set forth in
Section 3.1, Section 3.2 and Section 3.3 shall terminate as to Major Investors and be of no further force or effect immediately prior to the consummation of the sale of shares of Common Stock in the Company’s
Qualified Public Offering. 
 3.5 Confidentiality. Subject to Section 5.16, each Major Investor agrees that such Major Investor
will keep confidential and will not disclose or divulge any confidential information obtained from the Company pursuant to the terms of this Agreement, unless such confidential information (i) is known or becomes known to the public in general
(other than as a result of a breach of this Section 3.5 by such Major Investor), (ii) is or has been independently developed or conceived by the Investor without use of the Company’s confidential information or (iii) is or has
been made known or disclosed to the Major Investor by a third party without a breach of any obligation of confidentiality such third party may have to the Company; provided, however, that a Major Investor may disclose confidential information
(a) to its attorneys, accountants, consultants, and other professionals to the extent necessary to obtain their services in connection with monitoring its investment in the Company, (b) to any prospective investor of any Registrable
Securities from such Major Investor as long as such prospective investor agrees to be bound by the provisions of this Section 3.5, (c) to any Affiliate, partner (including, without limitation, any existing or prospective limited
partner), member, stockholder or wholly owned subsidiary of such Major Investor in the ordinary course of business, (d) as may otherwise be required by law, provided that each such Major Investor takes reasonable steps to minimize the extent of
any such required disclosure, or (e) for Major Investors that are registered investment companies, to current or prospective investors of such Major Investor as long as such prospective investor agrees to be bound by the provisions of this
Section 3.5. 

  
 19 

 4. Right of Participation. 

4.1 Right of Offer. Subject to the terms and conditions specified in this Section 4.1, and applicable securities laws, in
the event the Company offers or sells any New Securities (the “Sale of New Securities”), the Company shall make an offering of such New Securities to each Investor in accordance with the following provisions of this
Section 4.1. An Investor shall be entitled to apportion the right of offer hereby granted it among itself and its partners, members and Affiliates in such proportions as it deems appropriate. 

(a) Within ten (10) days of a Sale of New Securities, the Company shall deliver a notice, in accordance with the
provisions of Section 6.5 hereof, (the “Offer Notice”) to each of the Investors stating (i) its bona fide intention to offer such New Securities, (ii) the number of such New Securities to be offered, and
(iii) the price and terms, if any, upon which it proposes to offer such New Securities. 
 (b) By written notification
received by the Company, within twenty (20) calendar days after receipt of the Offer Notice by the Investors, each of the Investors may elect to purchase or obtain, at the price and on the terms specified in the Offer Notice, up to that portion
of such New Securities which equals the proportion that the number of shares of Common Stock issued and held, or issuable upon conversion of the Preferred Stock (and any other securities convertible into, or otherwise exercisable or exchangeable
for, shares of Common Stock) then held, by such Investor bears to the total number of shares of Common Stock of the Company then issued and outstanding (assuming full conversion and exercise of all convertible or exercisable securities held by the
Investors). The Company shall promptly, in writing, inform each Investor that elects to purchase all the shares available to it (each, a “Fully-Exercising Investor”) of any other Investor’s failure to do likewise. During the
ten (10) day period commencing after receipt of such information, each Fully-Exercising Investor shall be entitled to obtain that portion of the New Securities for which Investors were entitled to subscribe but which were not subscribed for by
the Investors which is equal to the proportion that the number of shares of Common Stock issued and held, or issuable upon conversion of the Preferred Stock then held, by such Fully-Exercising Investor bears to the total number of shares of Common
Stock issued and held, or issuable upon conversion of the Preferred Stock then held, by all Fully-Exercising Investors who wish to purchase such unsubscribed shares. 

(c) If all New Securities referred to in the Offer Notice are not elected to be purchased or obtained as provided in
Section 4.1(b) hereof, the Company may, during the ninety (90) day period following the expiration of the period provided in Section 4.1(b) hereof, offer the remaining unsubscribed portion of such New Securities
(collectively, the “Refused Securities”) to any person or persons at a price not less than, and upon terms no more favorable to the offeree than, those specified in the Offer Notice. If the Company does not enter into an agreement
for the sale of the New Securities within such period, or if such agreement is not consummated within thirty (30) days of the execution thereof, the right provided hereunder shall be deemed to be revived and such New Securities shall not be
offered unless first reoffered to the Investors in accordance with this Section 4.1. 

  
 20 

 (d) The right of offer in this Section 4.1 shall not be applicable
to: (i) shares of Common Stock issued or deemed issued as a dividend or distribution on the Preferred Stock; (ii) shares of Common Stock issued or issuable by reason of a dividend, stock split, split-up or other distribution on shares of
Common Stock that is covered by Article Fourth, Section B.4(e) and (f) of the Company’s Restated Certificate; (iii) shares of Common Stock issued or deemed issued to employees or directors of, or consultants to, the Company or any of
its subsidiaries pursuant to a plan, agreement, or arrangement approved by the Board of the Company, including the Series A-B Directors; (iv) shares of Common Stock or Convertible Securities actually issued upon the exercise of Options or
shares of Common Stock actually issued upon the conversion or exchange of Convertible Securities, in each case provided such issuance is pursuant to the terms of such Option or Convertible Security, (v) shares of Common Stock issued or
deemed issued in connection with acquisitions, strategic transactions, equipment leases or asset-back or similar financings approved by the Board of Directors of the Company, including the Series A-B
Directors, or (v) shares of Common Stock issued in connection with a “public offering” that is registered under the Securities Act. 

(e) The right of offer set forth in this Section 4.1 may not be assigned or transferred except that (i) such
right is assignable by each Investor to any Affiliate of such Investor, and (ii) such right is assignable by any Investor to any other Investor. 

(f) Notwithstanding any provision hereof to the contrary, in lieu of complying with the provisions of this Section 4.1
the Company may elect to give notice to the Major Investors within thirty (30) days after the issuance of New Securities. Such notice shall describe the type, price, and terms of the New Securities. Each Major Investor shall have twenty
(20) days from the date notice is given to elect to purchase up to the number of New Securities that would, if purchased by such Major Investor, maintain such Major Investor’s percentage-ownership position, calculated as set forth in
Section 4.1 before giving effect to the issuance of such New Securities. The closing of such sale shall occur within sixty (60) days of the date notice is given to the Major Investors. 

4.2 Termination. The provisions of this Section 4 shall terminate upon the consummation of the Company’s Qualified
Public Offering. 
 5. Additional Covenants. 

5.1 Insurance. So long as any Preferred Stock remain outstanding, the Company shall maintain, from financially sound and reputable
insurers, directors and officers insurance in amounts determined by a majority of the Board (including the Series A-B Directors), and any other insurance policies of a kind amount as determined necessary by a majority of the Board (including the
Series A-B Directors). The parties acknowledge and agree that the Company shall maintain “key person” life insurance policies on the Founders in an amount determined by a majority of the Board (including the Series A-B Directors). 

  
 21 

 5.2 Employee Agreements. The Company will cause each person now or hereafter employed by
it or any subsidiary with access to confidential information and/or trade secrets to enter into an Invention Assignment, Non-Disclosure, Non-Competition and Non-Solicitation Agreement in the form attached
hereto as Exhibit A. In addition, the Company shall not materially amend, modify, terminate, waive or otherwise alter, in whole or in part, any of the above-referenced agreements or any restricted stock agreement between the Company and any
employee without the consent of the majority of the Board (including the Series A-B Directors). 
 5.3 Employee Vesting. Unless
approved by a majority of the Board (including the Series A-B Directors), all current and future employees and consultants of the Company who shall purchase (excluding exercises of options), or will receive options to purchase, shares of the
Company’s capital stock following the date hereof, shall be required to execute stock purchase or option agreements providing for (i) vesting of shares over a four-year period with the first twenty-five percent (25%) of such shares
vesting following twelve (12) months of continued employment or services, and the remaining shares vesting in equal monthly installments over the following thirty-six (36) months and (ii) a Market Stand-Off provision substantially
similar to that in Section 2.14. The Company shall retain a “right of first refusal” on employee transfers until the Company’s IPO and the right to repurchase unvested shares at cost. In addition, the Company shall not
accelerate the vesting terms of any of the above-referenced agreements between the Company and any employee without the consent of the majority of the Board (including the Series A-B Directors), provided, however, that any option and
restricted stock agreements in place as of the date of this Agreement which include acceleration of vesting may be enforced in accordance with their terms without such approval. 

5.4 Lock-Up Agreement. The Company shall cause (i) any officer of the Company and (ii) any individual or entity that holds or
acquires shares of the Company’s capital stock constituting one percent (1%) or more of the Company’s then outstanding capital stock (treating for this purpose all shares of Common Stock issuable upon exercise of or conversion of
outstanding options, warrants or convertible securities, as if exercised or converted) to execute an agreement providing for a Market Stand-Off. 

5.5 Matters Requiring Investor Director Approval. The Company hereby covenants and agrees with each of the Investors that, it shall not,
without the approval of a majority of the Board or the approval of a majority of a committee of the Board of Directors (in each case, including all of the Series A-B Directors serving on the Board of Directors or such committee): 

(a) enter into any sale, lease or other disposition of the Company’s assets or the exclusive license of any of the
Company’s intellectual property rights, in each case, outside of the ordinary course of business; 
 (b) enter into any
transactions with any members of management of the Company or any of their respective Affiliates or family members (including trusts or other similar entities for their benefit), other than arms length employment agreements; 

(c) enter into any agreement or commitment to do any of the foregoing. 

  
 22 

 5.6 Meetings of the Board of Directors. The Board shall meet either in person or via
conference calls at such times, dates and places as agreed by the Board of Directors (including the Series A-B Directors). 
 5.7
Compensation of Directors. The Company shall promptly reimburse in full each Director of the Company who is not an employee of the Company for all of his reasonable out-of-pocket expenses incurred in attending each meeting of the Board and
any Committee thereof. After the initial public offering of the Company’s capital stock, the Company shall pay or provide to any director of the Company who is nominated by the Investors, fees, options and other compensation in amounts at least
equal to the fees, options or other compensation paid to all other non-management directors of the Company. 
 5.8 Corporate
Existence. The Company shall maintain and cause each of its subsidiaries, if any, to maintain, their respective corporate existence. 

5.9 Bylaws. The Company shall at all times cause its Bylaws to provide that unless otherwise required by the laws of the State of
Delaware, any one director shall have the right to call a meeting of the Board. The Company shall at all times maintain provisions in its Bylaws indemnifying all directors against liability and absolving all directors from liability to the Company
and its stockholders to the maximum extent permitted under the laws of the State of Delaware. 
 5.10 Restrictive Agreements
Prohibited. Neither the Company nor any of its subsidiaries shall become a party to any agreement which by its terms expressly restricts the Company’s performance of this Agreement or any other Transaction Document. 

5.11 Compliance with Laws. The Company shall comply, and cause each subsidiary to comply, with all applicable laws, rules, regulations
and orders, noncompliance with which could materially adversely affect its business or condition, financial or otherwise. 
 5.12 Keeping
of Records and Books of Account. The Company shall keep, and cause each subsidiary, if any, to keep, adequate records and books of account, in which complete entries will be made in accordance with GAAP consistently applied (except for the
exceptions from GAAP provided in Section 2.14 of the Purchase Agreement), reflecting all financial transactions of the Company and such subsidiary, and in which, for each fiscal year, all proper reserves for depreciation, depletion,
obsolescence, amortization, taxes, bad debts and other purposes in connection with its business shall be made. 
 5.13 Affiliated
Transactions. All transactions by and between the Company and any officer, employee, director or stockholder of the Company or persons controlling, controlled by, under common control with or otherwise affiliated with such officer, employee,
director or stockholder shall be conducted on an arm’s-length basis, shall be on terms and conditions no less favorable to the Company than could be obtained from nonrelated persons and shall be approved in advance by the Series A-B Directors.

 5.14 Successor Indemnification. In the event that the Company or any of its successors or assigns (i) consolidates with or
merges into any other entity and shall not be the continuing or surviving corporation or entity of such consolidation or merger or (ii) transfers or 

  
 23 

 conveys all or substantially all of its properties and assets to any person or entity, then, and in each such
case, to the extent necessary, proper provision shall be made so that the successors and assigns of the Company assume the obligations of the Company with respect to indemnification of members of the Board as in effect immediately prior to such
transaction, whether in the Company’s Bylaws, Restated Certificate, or elsewhere, as the case may be. 
 5.15 Corporate
Opportunities. The Company acknowledges that some of the Investors and their affiliates, members, equity holders, director representatives, partners, employees, agents and other related persons are engaged in the business of investing in private
and public companies in a wide range of industries, including the industry segment in which the Company operates (the “Company Industry Segment”). Accordingly, the Company and the Investors acknowledge and agree that,
notwithstanding Section 3.5, a Covered Person shall: 
 (a) have no duty to the Company to refrain from
participating as a director, investor or otherwise with respect to any company or other person or entity that is engaged in the Company Industry Segment or is otherwise competitive with the Company, and 

(b) in connection with making investment decisions, to the fullest extent permitted by law, have no obligation of
confidentiality or other duty to the Company to refrain from using any information, including, but not limited to, market trend and market data, which comes into such Covered Person’s possession, whether as a director, investor or otherwise
(the “Information Waiver”), provided that the Information Waiver shall not apply, and therefore such Covered Person shall be subject to such obligations and duties as would otherwise apply to such Covered Person under applicable
law, if the information at issue (i) constitutes material non-public information concerning the Company, or (ii) is covered by a contractual obligation of confidentiality to which the Company is subject. 

Notwithstanding anything in this Section 5.16 to the contrary, nothing herein shall be construed as a waiver of any Covered Person’s duty of loyalty
or obligation of confidentiality with respect to the disclosure of confidential information of the Company. For the purposes of this Section 5.16, “Covered Persons” shall have the meaning set forth in the Company’s Sixth
Amended and Restated Certificate of Incorporation. 
 5.16 Foreign Corrupt Practices Act. The Company represents that it shall not
— and shall not permit any of its Subsidiaries or Affiliates or any of its or their respective directors, officers, managers, employees, independent contractors, representatives or agents to — promise, authorize or make any payment to, or
otherwise contribute any item of value to, directly or indirectly, any third party, including any Non-U.S. Official, in each case, in violation of the Foreign Corrupt Practices Act of 1977, as amended (“FCPA”), the U.K. Bribery Act
of 2010 (the “U.K. Bribery Act”), or any other applicable anti-bribery or anti-corruption law. The Company further represents that it shall — and shall cause each of its Subsidiaries and Affiliates to — cease all of its or
their respective activities, as well as remediate any actions taken by the Company, its Subsidiaries or Affiliates, or any of their respective directors, officers, managers, employees, independent contractors, representatives or agents in violation
of the FCPA, the U.K. Bribery Act, or any other applicable anti-bribery or anti-corruption law, if any. The Company 

  
 24 

 
further represents that it shall — and shall cause each of its Subsidiaries and Affiliates to — maintain systems of internal controls (including, but not limited to, accounting systems,
purchasing systems and billing systems) to ensure compliance with the FCPA, the U.K. Bribery Act, or any other applicable anti-bribery or anti-corruption law. 

5.17 Green Dot Corporation. The Company shall not knowingly enter into any banking or nonbanking transaction with Green Dot Corporation
or any of its subsidiaries (Next Estate Communications and Bonneville Bancorp) without the prior written consent of Sequoia Capital. 
 5.18
Termination of Covenants. The covenants set forth in this Section 5, except as provided below, shall terminate and be of no further force or effect upon the consummation of a Qualified Public Offering. Notwithstanding the
foregoing, the covenants set forth in Sections 5.1 and 5.8 hereof shall continue for so long as any Series A-B Director is a member of the Board, the covenant set forth in Section 5.4 hereof shall continue for so long as
any Investor holds any Shares or until the expiration of the applicable statute of limitations, if later. 
 6. Miscellaneous. 

6.1 Transfers, Successors and Assigns. The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the
respective successors and assigns of the parties. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and assigns any rights, remedies, obligations, or
liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. 
 6.2 Governing Law. This Agreement
shall be governed by and construed in accordance with the General Corporation Law of the State of Delaware as to matters within the scope thereof, and as to all other matters shall be governed by and construed in accordance with the internal laws of
the Commonwealth of Massachusetts without regard to its principles of conflicts of laws. 
 6.3 Counterparts. This Agreement may be
executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. This Agreement may also be executed and delivered by facsimile or electronic mail (including
PDF) signature and in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 

6.4 Titles and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in
construing or interpreting this Agreement. 
 6.5 Notices. All notices and other communications given or made pursuant to this
Agreement shall be in writing and shall be deemed effectively given: (a) upon personal delivery to the party to be notified, (b) when sent by facsimile if sent during normal business hours of the recipient, and if not so confirmed, then on
the next business day, (c) five (5) days 

  
 25 

 
after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) 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 respective parties at their address as set forth on the signature page or Schedule A hereto, or to such email address, facsimile
number or address as subsequently modified by written notice given in accordance with this Section 6.5. If notice is given to the Company, a copy shall also be sent to Brown Rudnick, One Financial Center, Boston, MA 02062, Attn: David D.
Gammell; fax: 617-289-0456; email: dgammell@brownrudnick.com, and if notice is given to the Investors, a copy shall also be given to Cooley LLP, 777 6th Street, NW, Suite 1100, Washington, DC 20001, Attn: Ryan Naftulin; fax: 202-842-7899; email:
rnaftulin@cooley.com, Charles River Ventures, One Broadway, 15th Floor, Cambridge, MA 02142, Attn: Sarah Reed; fax: 781-768-6100; email: sreed@crv.com, and Goodwin Procter LLP, 53 State Street, Boston, MA 02109, Attn: H. David Henken; fax:
617-523-1231; email: dhenken@goodwinprocter.com. 
 6.6 Costs of Enforcement. If any Party to this Agreement seeks to enforce its
rights under this Agreement by legal proceedings, the non-prevailing Party shall pay all costs and expenses incurred by the prevailing Party, including, without limitation, all reasonable attorneys’ fees. 

6.7 Amendments and Waivers. Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived
(either generally or in a particular instance and either retroactively or prospectively), only with the written consent of the Company and holders of at least Sixty-Five percent (65%) of the Registrable Securities then outstanding. Any
amendment or waiver effected in accordance with this paragraph shall be binding upon each holder of any Registrable Securities then outstanding, each future holder of all such Registrable Securities, and the Company. Notwithstanding the foregoing,
this Agreement may not be amended or terminated and the observance of any term hereunder may not be waived with respect to any Investor without the written consent of such Investor, unless such amendment, termination or waiver (i) does not
materially and adversely affect such Investor, or (ii) applies to all similarly situated Investors proportionately (it being agreed that a waiver of the provisions of Section 4 with respect to a particular transaction shall be
deemed to apply to all Investors proportionately if such waiver does so by its terms, notwithstanding the fact that certain Investors may nonetheless, by agreement with the Company, purchase securities in such transaction). Notwithstanding the
preceding sentence, if the Investors’ right to participate under Section 4 is waived with respect to a particular transaction, and any Institutional Investor purchases securities in such transaction (each, a “Purchasing
Investor” and together, the “Purchasing Investors”), every Institutional Investor not purchasing securities in such transaction (each, an “Excluded Investor”) shall have the right to purchase on the same
terms as the Purchasing Investors a number of the same type of securities purchased by such Purchasing Investors equal to the product of the number of securities each such Excluded Investor would have been entitled to purchase if such waiver had not
occurred and the Company had fully complied with the provisions of Section 4 hereof multiplied by a fraction the numerator of which is the number of securities to be purchased by the Largest Purchasing Investor and the denominator of
which is the number of securities the Largest Purchasing Investor would have been entitled to purchase if such waiver had not occurred and the Company had fully complied with the provisions of Section 4 hereof, for the purposes of
calculating the denominator of this fraction, only the number of securities that the Largest Purchasing Investor would have been 

  
 26 

 
entitled to initially purchase pursuant to the first sentence of Section 4.1(b) shall be included. The “Largest Purchasing Investor” shall mean the Purchasing Investor that
is purchasing the greatest portion of the number of securities such Purchasing Investor would have been entitled to purchase if such waiver had not occurred and the Company had fully complied with the provisions of Section 4 hereof. The
Company shall give prompt written notice of any amendment or termination hereof or waiver hereunder to any party hereto that did not consent in writing to such amendment, termination or waiver. Any amendment, termination or waiver effected in
accordance with this Section 6.7 shall be binding on all parties hereto, even if they do not execute such consent. Notwithstanding the foregoing, an Institutional Investor’s right to participate in a transaction pursuant to this
Section 6.7 shall not be waived, amended or terminated without the written consent of such Institutional Investor, unless the right of all Institutional Investors to participate in such transaction is similarly waived, amended or
terminated and no Institutional Investor participates in such transaction. No amendment, termination, or waiver of information rights granted pursuant to Section 3 or Section 2.14 hereof, or this sentence, may be made without
the unanimous consent of all Major Investors. No waivers of or exceptions to any term, condition or provision of this Agreement, in any one or more instances, shall be deemed to be, or construed as, a further or continuing waiver of any such term,
condition or provision. 
 6.8 Severability. The invalidity or unenforceability of any provision hereof shall in no way affect the
validity or enforceability of any other provision. 
 6.9 Aggregation of Stock. All shares of Registrable Securities held or acquired
by Affiliates shall be aggregated together for the purpose of determining the availability of any rights under this Agreement. · 

6.10 Amendment and Restatement of Prior Agreement. By their signatures hereto, the Company and holders of at least Seventy-Three percent
(73%) of the Registrable Securities outstanding immediately prior to the Closing hereby: (a) consent to the amendment and restatement of the Prior Agreement and (b) agree that upon the effectiveness of this Agreement, the Prior
Agreement shall be deemed amended and restated to read in its entirety as set forth in this Agreement. 
 6.11 Entire Agreement. This
Agreement (including the Schedules and Exhibits hereto, if any) constitutes the full and entire understanding and agreement between the parties with respect to the subject matter hereof, and any other written or oral agreement relating to the
subject matter hereof existing between the parties are expressly canceled. 
 6.12 Transfers of Rights. Each Investor hereto hereby
agrees that it will not, and may not, assign any of its rights and obligations hereunder, unless such rights and obligations are assigned by such Investor to (a) any person or entity to which Registrable Securities are transferred by such
Investor, or (b) to any Affiliate of such Investor, and, in each case, such transferee shall be deemed an “Investor” for purposes of this Agreement; provided that such assignment of rights shall be contingent upon the
transferee providing a written instrument to the Company notifying the Company of such transfer and assignment and agreeing in writing to be bound by the terms of this Agreement. 

  
 27 

 6.13 Delays or Omissions. No delay or omission to exercise any right, power or remedy
accruing to any party under this Agreement, upon any breach or default of any other party under this Agreement, shall impair any such right, power or remedy of such non-breaching or non-defaulting party nor shall it be construed to be a waiver of
any such breach or default, or an acquiescence therein, or of or in any similar breach or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter
occurring. Any waiver, permit, consent or approval of any kind or character on the part of any party of any breach or default under this Agreement, or any waiver on the part of any party 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 or by law or otherwise afforded to any party, shall be cumulative and not alternative. 

6.14 Remedies. It is specifically understood and agreed that any breach of the provisions of this Agreement by any Person subject hereto
will result in irreparable injury to the other parties hereto, that the remedy at law alone will be an inadequate remedy for such breach, and that, in addition to any other legal or equitable remedies which they may have, such other parties may
enforce their respective rights by actions for specific performance (to the extent permitted by law) and the Company may refuse to recognize any unauthorized transferee as one of its stockholders for any purpose, including, without limitation, for
purposes of dividend and voting rights, until the relevant party or parties have complied with all applicable provisions of this Agreement. 

6.15 Massachusetts Business Trust. A copy of the Agreement and Declaration of Trust of each Fidelity Purchaser or any Affiliate thereof
is on file with the Secretary of State of the Commonwealth of Massachusetts and notice is hereby given that this Agreement is executed on behalf of the trustees of such Fidelity Purchaser or any affiliate thereof as trustees and not individually and
that the obligations of this Agreement are not binding on any of the trustees, officers or stockholders of such Fidelity Purchaser or any Affiliate thereof individually but are binding only upon such Fidelity Purchaser or any Affiliate thereof and
its assets and property. 
 [Signature Pages Follow] 

  
 28 

 IN WITNESS WHEREOF, the parties have executed this Fourth Amended and Restated Investors’
Rights Agreement as of the date first above written. 
  

			
	THE COMPANY:
	
	HUBSPOT, INC.
		
	 By:
	 	/s/ Brian Halligan
	Name:	 	Brian Halligan
	Title:	 	President and Chief Executive Officer

  
 SIGNATURE PAGE TO
HUBSPOT, INC. 
 FOURTH AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

 
			
	THE INVESTORS:
	
	SCALE VENTURE PARTNERS III, LP
		
	 By:
	 	Scale Venture Management III, LLC
	Its general partner
		
	By:	 	/s/ Robert Theis
	Name:	 	Robert Theis
	Title:	 	Managing Director

  
 SIGNATURE PAGE TO
HUBSPOT, INC. 
 FOURTH AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

 
			
	THE INVESTORS:
	
	MATRIX PARTNERS VIII, L.P.
		
	By:	 	Matrix VIII US Management Co., L.L.C., its General Partner
		
	By:	 	/s/ David Skok
	Name:	 	 David Skok
 Managing Member

		
	Address:	 	 Bay Colony Corporate Center
 1000 Winter
Street, Suite 4500
 Waltham, MA 02451

  

			
	WESTON & CO. VIII LLC, as Nominee
		
	By:	 	Matrix Partners Management Services, L.P., Sole Member
		
	By:	 	Matrix Partners Management Services GP, LLC, its General Partner
		
	By:	 	/s/ David Skok
	Name:	 	 David Skok
 Authorized Member

  
 SIGNATURE PAGE TO
HUBSPOT, INC. 
 FOURTH AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

 
			
	THE INVESTORS:
	
	GENERAL CATALYST GROUP V, L.P.
		
	By:	 	 General Catalyst Partners V, L.P.
 its General
Partner

		
	By:	 	 General Catalyst GP V, LLC
 its General
Partner

		
	By:	 	/s/ William J. Fitzgerald
	Name:	 	William J. Fitzgerald
	Title:	 	Member and Manager

  

			
	GC ENTREPRENEURS FUND V, L.P.
		
	By:	 	 General Catalyst Partners V, L.P.
 its General
Partner

		
	By:	 	 General Catalyst GP V, LLC
 its General
Partner

		
	By:	 	/s/ William J. Fitzgerald
	Name:	 	William J. Fitzgerald
	Title:	 	Member and Manager

  
 SIGNATURE PAGE TO
HUBSPOT, INC. 
 FOURTH AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

 
			
	THE INVESTORS:
	
	 Sequoia Capital U.S. Growth Fund IV, L.P.

Sequoia Capital USGF Principals Fund IV, L.P.

		
	By:	 	 SCGF IV Management, L.P.
 A Cayman Islands
exempted limited partnership General Partner of Each

		
	By:	 	 SCGF GenPar, Ltd
 A Cayman Islands limited
liability company
 Its General Partner

		
	By:	 	/s/ [Illegible]
		 	Managing Director

  
 SIGNATURE PAGE TO
HUBSPOT, INC. 
 FOURTH AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

 
			
	THE INVESTORS:
	
	GOOGLE VENTURES 2011, L.P.
		
	By:	 	Google Ventures 2011 GP, L.L.C., its General Partner
		
	By:	 	/s/ William J. Maris
	Name:	 	William J. Maris
	Title:	 	Member
		
	Address:	 	 Google Ventures 2011, L.P.
 1600 Amphitheatre
Parkway
 Mountain View, CA 94043
 Attn: Rich Miner

Telephone: 617-575-1474
 Facsimile: 650-887-1790

	
	With a copy to:
	
	 Google Ventures 2011, L.P.
 1600
Amphitheatre Parkway
 Mountain View, CA 94043
 Attn: General
Counsel
 Email: gv-notice@google.com

  
 SIGNATURE PAGE TO
HUBSPOT, INC. 
 FOURTH AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

 
			
	THE INVESTORS:
	
	CHARLES RIVER PARTNERSHIP XIV, LP
		
	By:	 	Charles River XIV GP, LP
	Its:	 	General Partner
		
	By:	 	Charles River XIV GP, LLC
	Its:	 	General Partner
		
	By:	 	/s/ Izhar Armony
		 	Authorized Manager

  

			
	CHARLES RIVER FRIENDS XIV-A, LP
		
	By:	 	Charles River XIV GP, LLC
	Its:	 	General Partner
		
	By:	 	/s/ Izhar Armony
		 	Authorized Manager

  
 SIGNATURE PAGE TO
HUBSPOT, INC. 
 FOURTH AMENDED AND RESTATED INVESTORS’ RIGHT’S AGREEMENT 

 
			
	THE INVESTORS:
	
	Fidelity Magellan Fund: Fidelity Magellan Fund
		
	By:	 	/s/ Joseph Zambello
	Name:	 	Joseph Zambello
	Title:	 	Deputy Treasurer

  
 SIGNATURE PAGE TO
HUBSPOT, INC. 
 FOURTH AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

 
			
	THE INVESTORS:
	
	ALTIMETER PARTNERS FUND, L.P.
		
	By:	 	 Altimeter General Partner, LLC
 Its General
Partner

		
	By:	 	/s/ Bradley T. Gerstner
	Name:	 	Bradley T. Gerstner
	Title:	 	Member and Manager
		
	Address:	 	 Altimeter Partners Fund, L.P.
 1
International Place, Suite 2400
 Boston, MA 02110

  
 SIGNATURE PAGE TO
HUBSPOT, INC. 
 FOURTH AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

 
			
	THE INVESTORS:
	
	CROSS CREEK CAPITAL, L.P.
		
	By:	 	 Cross Creek Capital GP, LP.
 Its Sole General
Partner

		
	By:	 	 Cross Creek Capital, LLC
 Its Sole General
Partner

		
	By:	 	 Wasatch Advisors, Inc.
 Its Sole
Member

		
	By:	 	/s/ Daniel Thurber
		 	 Name: Daniel Thurber
 Title: VP

  

			
	CROSS CREEK CAPITAL EMPLOYEES’ FUND, L.P.
		
	By:	 	 Cross Creek Capital GP, L.P.
 Its Sole General
Partner

		
	By:	 	 Cross Creek Capital, LLC
 Its Sole General
Partner

		
	By:	 	 Wasatch Advisors, Inc.
 Its Sole
Member

		
	By:	 	/s/ Daniel Thurber
		 	 Name: Daniel Thurber
 Title: VP

  
 SIGNATURE PAGE TO
HUBSPOT, INC. 
 FOURTH AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

 
			
	THE INVESTORS:
	
	TENAYA CAPITAL VI, LP
		
	By:	 	 Tenaya Capital VI GP, LLC
 Its General
Partner

		
	By:	 	/s/ Dave Markland
	Name:	 	DAVE MARKLAND,
	Title:	 	ATTORNEY-IN-FACT

  
 SIGNATURE PAGE TO
HUBSPOT, INC. 
 FOURTH AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

 
	
	THE INVESTORS:
	
	/s/ James O’Neill
	James O’Neill
	
	/s/ Dharmesh Shah
	Dharmesh Shah
	
	/s/ Mike Volpe
	Mike Volpe
	
	/s/ Michael Simon
	Michael Simon

  
 SIGNATURE PAGE TO
HUBSPOT, INC. 
 FOURTH AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

 EXHIBIT A 

FORM OF INVENTION ASSIGNMENT, NON-DISCLOSURE, NON-COMPETITION 

AND NON-SOLICITATION AGREEMENT 

 EMPLOYEE INVENTION, NON-DISCLOSURE, 

NON-COMPETITION AND NON-SOLICITATION AGREEMENT 

This Employee Invention, Non-Disclosure, Non-Competition and Non-Solicitation Agreement (hereinafter referred to as the “Agreement”)
is dated as of                     , 20         (hereinafter referred to as the “Effective Date”)
and is between: HubSpot, Inc., a Delaware corporation (hereinafter the “Company”), having a place of business at One Broadway, 5th Floor, Cambridge, MA 02142, and
                    , an individual residing in the state of [STATE] (hereinafter referred to in the first person as “I,” “me” or
“my”). 
 In consideration for my employment by the Company, and for other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, I hereby agree as follows: 
  

	 	1.	Inventions and Patents. 

 (a) I will promptly and fully disclose to the Company any and
all inventions, discoveries, trade secrets and improvements, whether or not patentable and whether or not they are made, conceived or reduced to practice during working hours or using the Company’s data or facilities, which I develop, make,
conceive or reduce to practice during my employment by the Company, either solely or jointly with others (collectively, the “Developments”). All Developments shall be the sole property of the Company, and I hereby assign to the Company,
without further compensation, all my right, title and interest in and to the Developments and any and all related patents, patent applications, copyrights, copyright applications, trademarks, trademark applications and trade names in the United
States and elsewhere. Notwithstanding the foregoing, Developments shall not include any inventions, discoveries, trade secrets or improvements that: (i) are not made, conceived or reduced to practice during working hours; (ii) are not
made, conceived or reduced to practice using the Company’s information, data or facilities; and (iii) do not relate to the present business of the Company, any business that is competitive therewith, or any future business in which the
Company engages. 
 (b) I will keep and maintain adequate and current written records of all Developments (in the form of notes, sketches,
drawings and as may be specified by the Company), which records shall be available to and remain the sole property of the Company at all times. 

(c) I will assist the Company in obtaining and enforcing patent, copyright and other forms of legal protection for the Developments in any
country. Upon request, I will sign all applications, assignments, instruments and papers and perform all acts necessary or desired by the Company to assign all such Developments fully and completely to the Company and to enable the Company, its
successors, assigns and nominees, to secure and enjoy the full and exclusive benefits and advantages thereof. I understand that my obligations under this Paragraph 1 will continue after the termination of my employment with the Company and that
during my employment I will perform such obligations without further compensation, except for reimbursement of expenses incurred at the request of the Company. I further understand that if I am requested to perform any obligations under this
Paragraph 1 after my employment with the Company terminates, I shall receive for such performance a reasonable per diem fee, as well as reimbursement of any expenses incurred at the request of the Company. 

  

			
	 
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 (d) In addition to my agreements set forth in subparagraph 1(c), I hereby constitute and appoint
the Company, its successors and assigns, my true and lawful attorney, with full power of substitution for me, and in my name, place and stead or otherwise, but on behalf of and for the benefit of the Company, its successors and assigns, to take all
actions and execute all documents on behalf of me necessary to effect the assignment set forth in subparagraph 1(a), and from time to time to institute and prosecute in my name or otherwise, but at the direction and expense and for the benefit of
the Company and its successors and assigns, any and all proceedings at law, in equity or otherwise, which the Company, its successors or assigns may deem proper in order to collect, assert or enforce any claim, right or title of any kind in and to
the Developments and to defend and compromise any and all actions, suits and proceedings in respect of any of the Developments and to do any and all such acts and things in relation thereto as the Company, its successors or assigns shall deem
advisable, and I hereby declare that the appointment hereby made and the powers hereby granted are coupled with an interest and are and shall be irrevocable by me in any manner or for any reason. 

In order to avoid disputes over the application of this assignment to prior inventions or copyrightable materials, I have listed on Schedule
A to this Agreement descriptions of patentable inventions and copyrightable materials that I have developed and/or reduced to practice prior to my employment with the Company and that I believe are, accordingly, excepted from the
provisions of this Paragraph 1, some of which may, however, be subject to the Intellectual Assignment Agreement between the Company and me dated of even date herewith. 

2. Proprietary Information. 

(a) I recognize that my relationship with the Company is one of high trust and confidence by reason of my access to and contact with the trade
secrets and confidential and proprietary information of the Company and of others through the Company. I will not at any time, either during my employment with the Company or thereafter, disclose to others, or use for my own benefit or the benefit
of others, any of the Developments or any confidential, proprietary or secret information owned, possessed or used by the Company (collectively, “Proprietary Information”). Such property shall not be erased, discarded or destroyed without
specific instructions from the Company to do so. By way of illustration, but not limitation, Proprietary Information includes trade secrets, processes, data, know-how, marketing plans, forecasts, financial statements, budgets, licenses, prices,
costs and employee, customer and supplier lists. I understand that the Company from time to time has in its possession information which is claimed by others to be proprietary and which the Company has agreed to keep confidential. I agree that all
such information shall be Proprietary Information for purposes of this Agreement. 
 (b) My undertaking and obligations under this Paragraph
2 will not apply, however, to any Proprietary Information which: (i) is or becomes generally known to the public through no action on my part; (ii) is generally disclosed to third parties by the Company without restriction on such third
parties; (iii) is approved for release by written authorization of the Board of Directors of the Company; or (iv) is required to be disclosed pursuant to subpoena, order of judicial or administrative authority, or in connection with
judicial proceedings to which the Company or I am a party, provided that I shall have given the Company written notice of such disclosure at least 14 days prior to such disclosure in order to provide the Company with an opportunity to oppose and/or
object to such disclosure and any such disclosure is subject to all applicable governmental and judicial protection available for like material. 

(c) Upon termination of my employment with the Company or at any other time upon request, I will promptly deliver to the Company all copies of
computer programs, specifications, drawings, blueprints, data storage devices, notes, memoranda, notebooks, drawings, records, reports, files and other documents (and all copies or reproductions of such materials) in my possession or under my
control, whether prepared by me or others, in whatever form on whatever tangible medium, which contain Proprietary Information. I acknowledge that this material is the sole property of the Company. 

  

			
	 
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 (d) If requested to do so by the Company, I agree to sign a Termination Certificate in which I
confirm that I have complied with the requirements of the preceding paragraph and that I am aware that certain restrictions imposed upon me by this Agreement continue after termination of my employment. I understand, however, that my rights and
obligations under this Agreement will continue even if I do not sign a Termination Certificate. 
 3. Absence of Restrictions Upon
Disclosure and Competition. 
 (a) I hereby represent that, except as I have disclosed in writing to the Company, and included in
Schedule A to this Agreement, I am not bound by the terms of any agreement with any previous employer or other party to refrain from using or disclosing any trade secret or confidential or proprietary information in the course of my employment with
the Company or to refrain from competing, directly or indirectly, with the business of such previous employer or any other party. 
 (b) I
further represent that my performance of all the terms of this Agreement and as an employee of the Company does not and will not breach any agreement to keep in confidence proprietary information, knowledge or data acquired by me in confidence or in
trust prior to my employment with the Company, and I will not disclose to the Company or induce the Company to use any confidential information or material belonging to any previous employer or others. 

4. Non-Compete/Non-Solicitation 

(a) During the term of my employment with the Company, I will not without the express written consent of the Company, directly or indirectly,
engage in, participate in, or assist, as owner, part-owner, partner, director, officer, trustee, employee, agent or consultant, or in any other capacity, any business organization or person whose activities or products are directly or indirectly
competitive with activities or products of the Company. 
 (b) For so long as I am employed by the Company and for a period of 24 full months
thereafter, I will not without the express written consent of the Company, directly or indirectly, engage in, participate in, or assist, as owner, part-owner, partner, director, officer, trustee, employee, agent or consultant, or in any other
capacity, any business organization or person, anywhere in the world where the Company does business whose activities or products are directly or indirectly competitive with activities or products of the Company. 

(c) I recognize that these restrictions on competition are reasonable because of the Company’s investment in good will and in its customer
lists and other proprietary information and my knowledge of the Company’s business and business plans. However if any period of time or geographical area should be judged unreasonable in any judicial proceeding, then the period of time or
geographical area shall be reduced to such extent as may be deemed required so as to be reasonable and enforceable. 
 (d) During my
employment with the Company and for 24 full months thereafter, I will notify the Company in the event I take up a position of any sort with any company or person whose activities or products are directly or indirectly competitive with activities or
products of the Company. 

  

			
	 
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 (e) I shall not recruit or otherwise solicit or induce any employees of the Company, to terminate
their employment with, or otherwise cease their relationships with, the Company or any of its subsidiaries during my employment with the Company and for a period of 24 full months thereafter. In addition, I shall not recruit or otherwise solicit any
person who was an employee of the Company during any time within six months prior to the end of my employment with the Company. 
 5.
Other Obligations. 
 I acknowledge that the Company from time to time may have agreements with others which impose obligations or
restrictions on the Company regarding inventions made during the course of work under such agreements or regarding the confidential nature of such work. I agree to be bound by all such obligations and restrictions which are made known to me and to
take all action necessary to discharge the obligations of the Company under such agreements. 
 6. Miscellaneous. 

(a) The partial or complete invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability
of any other provision of this Agreement. 
 (b) This Agreement supersedes all prior agreements, written or oral, between me and the Company
relating to the subject matter of this Agreement. This Agreement may not be modified, changed or discharged in whole or in part, except by an agreement in writing signed by me and the Company. This Agreement does not constitute an employment
agreement, and no changes in my compensation, title or duties or any other terms or conditions of my employment, including, without limitation, the termination of my employment, shall affect the provisions of this Agreement except as stated herein.

 (c) As used herein, the term “Company” shall include HubSpot, Inc. and any of its predecessors, subsidiaries, subdivisions or
affiliates. The Company shall have the right to assign this Agreement to its successors and assigns and all covenants and agreements hereunder shall inure to the benefit of and be enforceable by said successors or assigns. I agree not to assign any
of my obligations under this Agreement. This Agreement will be binding upon my heirs, executors and administrators. 
 (d) No delay or
omission by the Company in exercising any right under this Agreement will operate as a waiver of that or any other right. A waiver or consent given by the Company on any one occasion is effective only in that instance and will not be construed as a
bar to or waiver of any right on any other occasion. 
 (e) I expressly consent to be bound by the provisions of this Agreement for the
benefit of the Company or any subsidiary or affiliate thereof to whose employ I may be transferred without the necessity that this Agreement be re-signed at the time of such transfer. 

(f) This Agreement shall be deemed to be a sealed instrument and shall be governed by and construed in accordance with the laws of the State of
Delaware other than those relating to choice of law. I hereby expressly consent to the jurisdiction of the courts of the state where the Company has its principal place of business in the United States (at the time any claim is filed) to adjudicate
any dispute arising under this Agreement. 

  

			
	 
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 (g) I recognize that irreparable damages would be caused to the Company, and that monetary
damages would not compensate the Company for its loss, should I breach the terms of this Agreement. Accordingly, in addition to all other remedies available to the Company at law or in equity, upon a showing by the Company that I have violated or am
about to violate the terms of this Agreement, I hereby consent to the entry by a court of competent jurisdiction of an injunction or declaratory judgment enforcing the terms of this Agreement, including without limitation preventing disclosure or
further disclosure by me of Proprietary Information. 
 (h) If any one or more provisions of this Agreement shall for any reason be held to
be excessively broad as to time, duration, geographical scope, activity or subject, it shall be construed, by limiting and reducing it, so as to be enforceable to the extent compatible with the applicable law as it shall then appear. 

[Signatures appear on next page.] 

  

			
	 
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 I HAVE READ ALL OF THE PROVISIONS OF THIS AGREEMENT AND I UNDERSTAND, AND AGREE TO, EACH OF SUCH
PROVISIONS, EFFECTIVE AS OF THE DATE FIRST ENTERED ABOVE. 
  

			
	
	  

	Name:
		
	Date:	 	  

 Accepted and agreed to: 

HUBSPOT, INC. 
  

			
	By:                                   
                                         

	      Name:
	      Title:
		
	Dated:	 	  

  

			
	 
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 SCHEDULE A 

Prior Inventions, Copyrights, Confidentiality Obligations, etc. 

  

			
	 
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 Exhibit 4.3 

THIS WARRANT AND THE SHARES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR ANY APPLICABLE
STATE SECURITIES LAWS, AND, EXCEPT PURSUANT TO THE PROVISIONS OF ARTICLE 4 BELOW, MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION THEREOF UNDER THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS, OR PURSUANT TO RULE
144 OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS. 
 WARRANT TO PURCHASE STOCK 

 

							
		 	 Corporation:
 Number of Shares:

Class of Stock:
 Warrant Price:

Issue Date:
 Expiration Date:
	  	 HUBSPOT, INC., a Delaware corporation

39,474
 Common Stock

$1.90 per share
 April 4, 2012

April 4, 2022 (Subject to Section 4.1)
	  	

 THIS WARRANT TO PURCHASE STOCK (THIS “WARRANT”) CERTIFIES THAT, for good and valuable consideration,
the receipt of which is hereby acknowledged, COMERICA BANK, a Texas banking association, or its assignee (“Holder”), is entitled to purchase the number of fully paid and nonassessable shares of the class of securities (the
“Shares”) of HUBSPOT, INC., a Delaware corporation (the “Company”) at the Warrant Price, all as set forth above and as adjusted pursuant to the terms of this Warrant, subject to the provisions and upon the terms and conditions
set forth in this Warrant. 
 ARTICLE 1 

EXERCISE 
 1.1 Method of
Exercise. Holder may exercise this Warrant by a duly executed Notice of Exercise in substantially the form attached as Appendix I to the principal office of the Company (or such other appropriate location as Holder is so instructed by the
Company). Holder shall also deliver to the Company a check, wire transfer (to an account designated by the Company) or other form of payment acceptable to the Company for the aggregate Warrant Price for the Shares being purchased. 

1.2 [Intentionally Omitted] 

1.3 Delivery of Certificate and New Warrant. Within 30 days after Holder exercises this Warrant and the Company receives payment of the
aggregate Warrant Price, the Company shall deliver to Holder certificates for the Shares acquired and, if this Warrant has not been fully exercised and has not expired, a new warrant representing the Shares not so acquired. 

1.4 Replacement of Warrants. In the case of loss, theft or destruction of this Warrant, upon delivery of an indemnity agreement
reasonably satisfactory in form and amount to the Company or, in the case of mutilation, upon surrender and cancellation of this Warrant, the Company at its expense shall execute and deliver, in lieu of this Warrant, a new warrant of like tenor.

 1.5 Acquisition of the Company. 

1.5.1 “Acquisition.” For the purpose of this Warrant, “Acquisition” means (a) any sale, lease,
license, or other disposition of all or substantially all of the assets (including intellectual property) of the Company by means of any transaction or series of related transactions, or (b) any reorganization, consolidation, acquisition,
merger, sale of the voting securities of the Company or any other transaction or series of related transactions where the holders of the Company’s securities before the transaction or series of related transactions beneficially own less than
50% of the outstanding voting securities of the surviving entity after the transaction or series of related transactions (excluding a transaction in which the Company sells and issues its capital stock to venture capital investors, exclusively for
capital raising purposes, in a bona fide round of preferred stock financing). 

  
 1 

 1.5.2 Treatment of Warrant in the Event of an Acquisition. The Company shall give Holder
written notice at least 20 days prior to the closing of any proposed Acquisition. The Company will use commercially reasonable efforts to cause (i) the acquirer of the Company, (ii) successor or surviving entity or (iii) parent entity
in an Acquisition (the “Acquirer”) to assume this Warrant as a part of the Acquisition. 
 (a) If the Acquirer
assumes this Warrant, then this Warrant shall be exercisable for the same securities, cash, and property as would be payable for the Shares issuable upon exercise of the unexercised portion of this Warrant as if such Shares were outstanding on the
record date for the Acquisition and subsequent closing. The Warrant Price shall be adjusted accordingly, and the Warrant Price and number and class of Shares shall continue to be subject to adjustment from time to time in accordance with the
provisions hereof. 
 (b) If the Acquirer refuses to assume this Warrant in connection with the Acquisition, the Company
shall give Holder an additional written notice at least ten (10) days prior to the closing of the Acquisition of such fact (the ‘‘Non-Assumption Notice”). In such event, notwithstanding any other provision of this Warrant to the
contrary, Holder may immediately exercise this Warrant in the manner specified in this Warrant with such exercise effective immediately prior to closing of the Acquisition. If the Company has provided a Non-Assumption Notice and Holder elects not to
exercise this Warrant, then this Warrant will terminate immediately prior to the later of (1) five (5) business days after delivery to Holder of the Non-Assumption Notice, and (2) the closing of
the Acquisition. 
 ARTICLE 2 

ADJUSTMENTS TO THE SHARES 

2.1 Stock Dividends, Splits, Etc. If the Company declares or pays a dividend on its common stock payable in common stock, or other
securities, or subdivides the outstanding common stock into a greater amount of common stock, then upon exercise of this Warrant, for each Share acquired, Holder shall receive, without cost to Holder, the total number and kind of securities to which
Holder would have been entitled had Holder owned the Shares of record as of the date the dividend or subdivision occurred. 
 2.2
Reclassification, Exchange or Substitution. Upon any reclassification, exchange, substitution, or other event that results in a change of the number and/or class of the securities issuable upon exercise or conversion of this Warrant, Holder
shall be entitled to receive, upon exercise or conversion of this Warrant, the number and kind of securities and property that Holder would have received for the Shares if this Warrant had been exercised immediately before such reclassification,
exchange, substitution, or other event. Such an event shall include any automatic conversion of the outstanding or issuable securities of the Company of the same class or series as the Shares to other securities pursuant to the terms of the
Company’s Certificate of Incorporation. The Company or its successor shall promptly issue to Holder a new warrant for such new securities or other property. The new warrant shall provide for adjustments which shall be as nearly equivalent as
may be practicable to the adjustments provided for in this Article 2 including, without limitation, adjustments to the Warrant Price, the number of securities or property issuable upon exercise of the new warrant and expiration date. The provisions
of this Section 2.2 shall similarly apply to successive reclassifications, exchanges, substitutions, or other events. 
 2.3
Adjustments for Combinations, Etc. If the outstanding Shares are combined or consolidated, by reclassification, reverse split or otherwise, into a lesser Number of Shares, the Warrant Price shall be proportionately increased and the number of
Shares issuable under this Warrant shall be proportionately decreased. If the outstanding Shares are subdivided, split or multiplied, by reclassification, a stock dividend resulting in the issuance of additional Shares or otherwise, into a greater
Number of Shares, the Warrant Price shall be proportionately decreased and the number of Shares issuable under this Warrant shall be proportionately increased. 

2.4 [Reserved]. 

  
 2 

 2.5 No Impairment. The Company shall not, by amendment of its Certificate of Incorporation
or through a reorganization, transfer of assets, consolidation, merger, dissolution, issue, or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed
under this Warrant by the Company, but shall at all times in good faith assist in carrying out all the provisions of this Article 2 and in taking all such action as may be necessary or appropriate to protect Holder’s rights under this Article 2
against impairment. 
 2.6 Certificate as to Adjustments. Upon each adjustment of the Warrant Price, the Company at its expense shall
promptly compute such adjustment, and furnish Holder with a certificate signed by its Chief Financial Officer setting forth such adjustment and the facts upon which such adjustment is based. The Company shall, upon written request, furnish Holder a
certificate setting forth the Warrant Price in effect upon the date thereof and the series of adjustments leading to such Warrant Price. 

2.7 Fractional Shares. No fractional Shares shall be issuable upon exercise of this Warrant and the Number of Shares to be issued shall
be rounded down to the nearest whole Share. If a fractional share interest arises upon any exercise of this Warrant, the Company shall eliminate such fractional share interest by paying Holder an amount computed by multiplying the fractional
interest by the fair market value, as determined by the Company’s Board of Directors, of a full Share. 
 ARTICLE 3 

REPRESENTATIONS AND COVENANTS OF THE COMPANY 

3.1 Representations and Warranties. The Company hereby represents and warrants to, and agrees with, the Holder as follows: 

3.1.1 The initial Warrant Price referenced on the first page of this Warrant is not greater than the lesser of the most recent
409A valuation of the Company‘s common stock and the fair market value of the Shares as of the date of this Warrant. 

3.1.2 All Shares which may be issued upon the exercise of the purchase right represented by this Warrant, and all securities,
if any, issuable upon conversion of the Shares, shall, upon issuance in accordance with this Warrant, be duly authorized, validly issued, fully paid and nonassessable, and free of any liens and encumbrances except for restrictions on transfer
provided for herein or under applicable federal and state securities laws. 
 3.1.3 The Company’s capitalization table
delivered to Holder as of the Issue Date is true and complete in all material respects as of the Issue Date. 
 3.2 Notice of Certain
Events. If the Company proposes at any time (a) to declare any dividend or distribution upon its stock, whether in cash, property, stock, or other securities and whether or not a regular cash dividend; (b) to offer for subscription pro
rata to the holders of any class or series of its stock any additional shares of stock of any class or series or other rights; (c) to effect any reclassification or recapitalization of stock; or (d) to merge or consolidate with or into any
other corporation, or sell, lease, license, or convey all or substantially all of its assets, or to liquidate, dissolve or wind up, then, in connection with each such event, the Company shall give Holder (l) at least 20 days prior written
notice of the date on which a record will be taken for such dividend, distribution, or subscription rights (and specifying the date on which the holders of stock will be entitled thereto) or for determining rights to vote, if any, in respect of the
matters referred to in (a) and (b) above; and (2) in the case of the matters referred to in (c) and (d) above at least 20 days prior written notice of the date when the same will take place (and specifying the date on which
the holders of stock will be entitled to exchange their stock for securities or other property deliverable upon the occurrence of such event). Upon request, the Company shall provide Holder with such information reasonably necessary for Holder to
evaluate its rights as a holder of this Warrant or Warrant Shares in the case of matters referred to in (a), (b), (c) and (d) herein above. 

  
 3 

 3.3 Information Rights. So long as the Holder holds this Warrant and/or any of the Shares,
the Company shall deliver to the Holder, (a) promptly after mailing, copies of all communications, information and/or communiqués to the stockholders of the Company holding the same class of stock as the Shares, and (b) upon
Holder’s reasonable request, annual unaudited financial statements of the Company; provided, however the requirements of this clause (b) shall not apply at any time (i) if the Company is then delivering such information to Comerica
Bank pursuant to the requirements of a loan and security agreement or similar instrument, or (ii) while the Company is filing financial information generally available to the public with the SEC pursuant to the Securities Exchange Act of 1934,
as amended. In addition, and without limiting the generality of the foregoing, so long as the Holder holds this Warrant and/or any of the Shares, the Company shall afford to the Holder the same access to information concerning the Company and its
business and financial condition as would be afforded to a holder of the class of Shares under applicable state law and/or any agreement with any holder of the class of Shares. 

3.4 Registration Under the Act. The Company agrees that the Shares shall be deemed “Registrable Securities” and entitled to
“piggy back” and “S-3” registration rights in accordance with the terms of the that certain Third Amended and Restated Investors’ Rights Agreement between the Company and its investors, dated as of March 3, 2011 (the
“Agreement”), a copy of which is attached hereto as Exhibit C. The Company agrees that no amendments, waivers or modifications will be made to the Agreement which would have an adverse impact on Holder’s registration rights
under this provision unless such amendment, waiver or modification affects the rights associated with the Shares in the same manner as such amendment, modification, or waiver affects the rights associated with all other shares of the same series and
class as the Shares granted to Holder. Holder shall be deemed to be a party to the Agreement solely for the purpose of the above-mentioned registration rights. 

ARTICLE 4 

MISCELLANEOUS 
 4.1
Term; Exercise Upon Expiration. This Warrant is exercisable in whole or in part, at any time and from time to time on or before the Expiration Date set forth above; provided, however, that if the Company completes its initial public
offering within the three-year period immediately prior to the Expiration Date, the Expiration Date shall automatically be extended until the third anniversary of the effective date of the Company’s initial public offering. The Company shall
give Holder written notice of Holder’s right to exercise this Warrant not less than 90 days before the Expiration Date. If the notice is not so given, the Expiration Date shall automatically be extended until 90 days after the date the Company
delivers such notice to Holder. The Company agrees that Holder may terminate this Warrant, upon notice to the Company, at any time in its sole discretion. 

4.2 Legends. This Warrant and the Shares (and the securities issuable, directly or indirectly, upon conversion of the Shares, if any)
shall be imprinted with a legend in substantially the following form: 
 THIS WARRANT AND THE SHARES ISSUABLE HEREUNDER HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR ANY APPLICABLE STATE SECURITIES LAWS, AND, EXCEPT PURSUANT TO THE PROVISIONS OF ARTICLE 4 BELOW, MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE
REGISTRATION THEREOF UNDER THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS, OR PURSUANT TO RULE 144 OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS. 

4.3 Compliance with Securities Laws on Transfer. This Warrant and the Shares issuable upon exercise of this Warrant (and the securities
issuable, directly or indirectly, upon conversion of the Shares, if any) may not be transferred or assigned in whole or in part without compliance with applicable federal and state securities laws by the transferor and the transferee. The Company
shall not require Comerica Bank (“Bank”) or a Bank Affiliate (as defined herein) to provide an opinion of counsel or investment representation letter if the transfer is to Bank’s parent company, Comerica Incorporated
(“Comerica”), or any other affiliate of Bank (“Bank Affiliate”). 

  
 4 

 4.4 Transfer Procedure. After receipt of the executed Warrant, Bank will transfer all of
this Warrant to Comerica Ventures Incorporated, a non-banking subsidiary of Comerica and a Bank Affiliate (“Ventures”). Subject to the provisions of Section 4.3, Holder may transfer all or part of this Warrant or the Shares issuable
upon exercise of this Warrant (or the securities issuable, directly or indirectly, upon conversion of the Shares, if any) by giving the Company notice of the portion of this Warrant being transferred setting forth the name, address and taxpayer
identification number of the transferee and surrendering this Warrant to the Company for reissuance to the transferee(s) (and Holder, if applicable); provided, however, that Holder may transfer all or part of this Warrant to its affiliates,
including, without limitation, Ventures, at any time without notice or the delivery of any other instrument to the Company, and such affiliate shall then be entitled to all the rights of Holder under this Warrant and any related agreements, and the
Company shall cooperate fully in ensuring that any stock issued upon exercise of this Warrant is issued in the name of the affiliate that exercises this Warrant. The terms and conditions of this Warrant shall inure to the benefit of, and be binding
upon, the Company and the holders hereof and their respective permitted successors and assigns. 
 4.5 Notices. All notices and other
communications from the Company to the Holder, or vice versa, shall be deemed delivered and effective when given personally or mailed by first-class registered or certified mail, postage prepaid, or sent via a nationally recognized overnight courier
service, fee prepaid, or on the first business day after transmission by facsimile, at such address or facsimile number as may have been furnished to the Company or the Holder, as the case may be, in writing by the Company or such Holder from time
to time. Effective upon the receipt of executed Warrant and initial transfer described in Article 4.4 above, all notices to the Holder shall be addressed as follows until the Company receives notice of a change of address in connection with a
transfer or otherwise: 
 Comerica Ventures Incorporated 

Attn: Warrant Administrator 

1717 Main Street, 5th Floor, MC 6406 

Dallas, Texas 75201 
 Facsimile
No.: (214) 462-4459 
 All notices to the Company shall be addressed as follows: 

HubSpot, Inc. 
 25 First Street,
2nd Floor 
 Cambridge, MA 02141 

Attn: Chief Financial Officer 

Facsimile No.: (617) 812-5820 

4.6 Amendments; Waiver. This Warrant and any term hereof may be amended, changed, waived, discharged or terminated only by an instrument
in writing signed by the patty against which enforcement of such amendment, change, waiver, discharge or termination is sought. 
 4.7
Attorneys’ Fees. In the event of any dispute between the parties concerning the terms and provisions of this Warrant, the party prevailing in such dispute shall be entitled to collect from the other party all costs incurred in such
dispute, including reasonable attorneys’ fees. 
 4.8 Governing Law. This Warrant shall be governed by and construed in
accordance with the laws of the State of Delaware, without giving effect to its principles regarding conflicts of law. 
 [Remainder of
Page Left Blank] 

  
 5 

 4.9 Confidentiality. The Company hereby agrees to keep the terms and conditions of this
Warrant confidential. Notwithstanding the foregoing confidentiality obligation, the Company may disclose information relating to this Warrant as required by law, rule, regulation, court order or other legal authority, provided that (i) the
Company has given Holder at least ten (10) days’ notice of such required disclosure, and (ii) the Company only discloses information that is required, in the opinion of counsel reasonably satisfactory to Holder, to be disclosed. 

 

			
	HUBSPOT, INC.
		
	By:	 	/s/ David Skok
	Name:	 	David Skok
	Title:	 	CFO
		
	By:	 	 
		
	Name:	 	 
		
	Title:	 	 

  
 6 

 APPENDIX I 

NOTICE OF EXERCISE 
 1.
The undersigned hereby elects to purchase                      shares of the            
stock of HUBSPOT, INC. pursuant to the terms of the attached Warrant, and tenders herewith payment of the purchase price of such shares in full. 

2. Please issue a certificate or certificates representing said shares in the name of the undersigned or in such other name as is specified
below: 
 Comerica Ventures Incorporated 

Attn: Warrant Administrator 
 1717
Main Street, 5th Floor, MC 6406 
 Dallas, Texas 75201 

Facsimile No. (214) 462-4459 

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

	
	 COMERICA VENTURES INCORPORATED or

Assignee

	
	 
	(Signature)
	
	 
	(Name and Title)
	
	 
	(Date)

  
 Appendix I 

Page 1 

 Exhibit A 

[Intentionally Omitted] 

  
 Exhibit A 

Page 1 

 Exhibit B 

[Intentionally Omitted] 

  
 Exhibit B 

Page 1 

 Exhibit C 

Registration Rights 
 Third Amended and Restated
Investors’ Rights Agreement, dated as of March 3, 2011–ATTACHED HERETO 

  
 Exhibit C 

Page 1

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