UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 14A INFORMATION
Proxy Statement Pursuant to Section 14(a) of the
Securities Exchange Act of 1934

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PHREESIA, INC.
(Name of Registrant as Specified In Its Charter)
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

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Phreesia, Inc.
432 Park Avenue South, 12th Floor434 Fayetteville Street, Suite 1400
New York, New York 10016Raleigh, NC 27601
May 27, 2020

NOTICE OF FISCAL 20202022 ANNUAL MEETING OF STOCKHOLDERS TO BE HELD JULY 8, 2020JUNE 30, 2022


Dear Phreesia Stockholder:
We are pleased to invite you to attend the 20202022 Annual Meeting of Stockholders (the “Annual Meeting”) of Phreesia, Inc. (“Phreesia”) to be held on July 8, 2020June 30, 2022 at 9:00 a.m. Eastern Time, virtually, via a live audio webcast on the Internet at www.virtualshareholdermeeting.com/PHR2020.PHR2022. You will be able to attend and participate in the Annual Meeting online by visiting www.virtualshareholdermeeting.com/PHR2020,PHR2022, where you will be able to vote electronically and submit questions. You will not be able to attend the Annual Meeting in person. You will need the 16-digit control number on your proxy card to attend the Annual Meeting.
We are holding the Annual Meeting for the following purposes, which are more fully described in the accompanying proxy statement:
1.To elect threethe two Class IIII directors named in Proposal One to serve until the fiscal 20232025 annual meeting of stockholders and until their successors are duly elected and qualified, subject to their earlier resignation or removal;
2.To ratify the appointment of KPMG LLP as our independent registered public accounting firm for the fiscal year ending January 31, 2021; and2023;
3.    To approve, on a non-binding, advisory basis, the compensation of our named executive officers ("NEOs"), as disclosed in this proxy statement;
4.    To transact any other business that properly comes before the Annual Meeting (including any adjournments, continuations and postponements thereof).
Our board of directors recommends that you vote “FOR” the director nominees named in Proposal One, and “FOR” the ratification of the appointment of KPMG LLP as our independent public accounting firm as described in Proposal Two.Two, and “FOR” the approval, on a non-binding, advisory basis, of the compensation of our NEOs as described in Proposal Three.
We have elected to provide access to our Annual Meeting materials, which include the proxy statement for our Annual Meeting (the “Proxy Statement”) accompanying this notice, in lieu of mailing printed copies.
On or about May 27, 2020,17, 2022, we expect to mail tomailed our stockholders a Notice of Internet Availability of Proxy Materials (the “Notice”) containing instructions on how to access the Proxy Statement and our Annual Report on Form 10-K for the fiscal year ended January 31, 20202022 filed with the Securities and Exchange Commission (the “2020"SEC") on March 31, 2022 (the “2022 Annual Report”). The Notice provides instructions on how to vote online or by telephone and includes instructions on how to receive a paper copy of proxy materials by mail. This Proxy Statement and our 20202022 Annual Report can be accessed directly at the Internet address www.proxyvote.com using the control number located on the Notice, on your proxy card or in the instructions that accompanied your proxy materials.


Only stockholders of record at the close of business on May 11, 20202, 2022 are entitled to notice of and to vote at the Annual Meeting as set forth in the Proxy Statement.
Your vote is important. Whether or not you plan to attend the Annual Meeting online, please ensure that your shares are voted at the Annual Meeting by signing and returning a proxy card or by using our Internet or telephonic voting system. If you attend the Annual Meeting online, you may vote during the meeting even if you have previously returned a proxy.
Thank you for your ongoing support of and continued interest in Phreesia.
Sincerely,

Chaim Indig
Chief Executive Officer









TABLE OF CONTENTS
PROPOSAL THREE: NON-BINDING, ADVISORY VOTE ON EXECUTIVE COMPENSATION







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Phreesia, Inc.
432 Park Avenue South, 12th Floor434 Fayetteville Street, Suite 1400
New York, New York 10016Raleigh, NC 27601


PROXY STATEMENT
FOR THE 20202022 ANNUAL MEETING OF STOCKHOLDERS
TO BE HELD JULY 8, 2020JUNE 30, 2022


PROCEDURAL MATTERS

Our board of directors (the “Board”) solicits your proxy on our behalf for the 20202022 Annual Meeting of Stockholders (the “Annual Meeting”) and at any adjournment, continuation or postponement of the Annual Meeting for the purposes set forth in this proxy statement for our Annual Meeting (this “Proxy Statement”) and the accompanying notice of Annual Meeting. The Annual Meeting will be held on July 8, 2020June 30, 2022 at 9:00 a.m. Eastern Time, virtually, via a live audio webcast on the Internet at www.virtualshareholdermeeting.com/PHR2020.PHR2022. You will be able to attend and participate in the Annual Meeting online by visiting www.virtualshareholdermeeting.com/PHR2020,PHR2022, where you will be able to vote electronically and submit questions. You will not be able to attend the Annual Meeting in person. You will need the 16-digit control number on your proxy card to attend the Annual Meeting.

On or about May 27, 2020,17, 2022, we mailed our stockholders a Notice of Internet Availability of Proxy Materials (the “Notice”) containing instructions on how to access this Proxy Statement and our 20202022 Annual Report on Form 10-K for the fiscal year ended January 31, 2020 (“20202022 filed with the Securities and Exchange Commission (the "SEC") on March 31, 2022 (the "2022 Annual Report”Report"). If you held shares of our common stock on May 11, 20202, 2022 you are invited to attend the meeting at www.virtualshareholdermeeting.com/PHR2020PHR2021 and vote on the proposals described in this Proxy Statement.
In this Proxy Statement, the terms “Phreesia,” “the Company,” “we,” “us” and “our” refer to Phreesia, Inc. The mailing address of our principal executive offices is Phreesia, Inc., 432 Park Avenue South, 12th Floor, New York, New York 10016.434 Fayetteville Street, Suite 1400, Raleigh, NC 27601.
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What matters are being voted on at the Annual Meeting?
You will be voting on:
•The election of threeGillian Munson and Mark Smith, M.D. as Class IIII directors to serve until the fiscal 20232025 annual meeting of stockholders or until their successors are duly elected and qualified;qualified, subject to their earlier resignation or removal; 
•A proposal to ratify the appointment of KPMG LLP as our independent registered public accounting firm for our fiscal year ending January 31, 2021;2023;
•A proposal to approve, on a non-binding, advisory basis, the compensation of our NEOs, as disclosed in this Proxy Statement; and
•Any other business as may properly come before the Annual Meeting.

How does the Board recommend I vote on these proposals?

Our Board recommends a vote:
•“FOR” the election of Chaim Indig, Michael WeintraubGillian Munson and Edward CahillMark Smith, M.D. as Class IIII directors; and
•“FOR” the ratification of the appointment of KPMG LLP as our independent registered public accounting firm for our fiscal year ending January 31, 2021.2023; and
•“FOR” the approval, on a non-binding, advisory basis, of the compensation of our NEOs, as disclosed in this Proxy Statement.

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Who is entitled to vote?

Holders of our common stock as of the close of business on May 11, 2020,2, 2022, the record date for the Annual Meeting (the “Record Date”), may vote at the Annual Meeting. As of the Record Date, there were 37,641,72652,164,851 shares of our common stock outstanding. Stockholders are not permitted to cumulate votes with respect to the election of directors. Each share of common stock is entitled to one vote on each proposal.

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Registered Stockholders. If shares of our common stock are registered directly in your name with our transfer agent, you are considered the stockholder of record with respect to those shares and the Notice was provided to you directly by us. As the stockholder of record, you have the right to grant your voting proxy directly to the individuals listed on the proxy card or to vote live at the Annual Meeting. Throughout this Proxy Statement, we refer to these registered stockholders as “stockholders of record.”

Street Name StockholdersStockholders.. If shares of our common stock are held on your behalf in a brokerage account or by a bank or other nominee, you are considered to be the beneficial owner of shares that are held in "street name," and the Notice was forwarded to you by your broker or nominee, who is considered the stockholder of record with respect to those shares. As the beneficial owner, you have the right to direct your broker, bank or other nominee as to how to vote your shares. Beneficial owners are also invited to attend the Annual Meeting. However, since a beneficial owner is not the stockholder of record, you may not vote your shares of our common stock live at the Annual Meeting unless you follow your broker's procedures for obtaining a legal proxy. If you request a printed copy of our proxy materials by mail, your broker, bank or other nominee will provide a voting instruction form for you to use. Throughout this Proxy Statement, we refer to stockholders who hold their shares through a broker, bank or other nominee as “street name stockholders.”
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What do I need to be able to attend the Annual Meeting online?We will be hosting our Annual Meeting via live webcast only. Any stockholder can attend the Annual Meeting live online at www.virtualshareholdermeeting.com/PHR2020.PHR2022. The webcast will start at 8:459:00 a.m. Eastern Time on July 8, 2020.June 30, 2022. Stockholders may vote and ask questions while attending the Annual Meeting online. In order to be able to attend the Annual Meeting, you will need the 16-digit control number, which is located on your Notice or proxy card (if you received a printed copy of the proxy materials). Instructions on how to participate in the Annual Meeting are also posted online at [www.proxyvote.com].www.proxyvote.com. Our virtual Annual Meeting will be governed by our Rules of Conduct, which will be available on the virtual meeting platform in advance of the Annual Meeting. The Rules of Conduct will address the ability of stockholders to ask questions during the meeting, including rules on permissible topics and rules for how questions and comments will be recognized and disclosed to meeting participants.
How many votes are needed for approval of each proposal?
Proposal One:One: The election of directors requires a plurality of the voting power of the shares of our common stock present in person or by proxy at the Annual Meeting and entitled to vote thereon and properly cast to be approved. “Plurality” means that the nominees who receive the largest number of votes cast “FOR” such nominees are elected as directors. You may vote "FOR" or "WITHHOLD" on each of the nominees for election as director. Shares voting "withheld" and broker non-votes will have no effect on this proposal.

Proposal Two:Two: The ratification of the appointment of KPMG LLP as our independent registered public accounting firm for our fiscal year ending January 31, 20212023 requires the affirmative vote of a majority of the votes properly cast. Proposal Two is considered to be a discretionary item, and a brokerage firm will be able to vote on this proposal even if it does not receive instructions.
Proposal Three: The approval of the compensation of our named executive officers requires the affirmative vote of a majority of the votes properly cast. Because this proposal is a non-binding, advisory vote, the result will not be binding on our Board, our compensation committee, or us. Our Board and our compensation committee will consider the outcome of the vote when determining the compensation of our NEOs.
What is the quorum requirement?A quorum is the minimum number of shares required to be present at the Annual Meeting to properly hold an annual meeting of stockholders and conduct business under our second amended and restated bylaws, or our bylaws, and Delaware law. The presence, in person or represented by proxy, of a majority of the issued and outstanding shares of our common stock issued, outstanding and entitled to vote on the Record Dateany matter will constitute a quorum at the Annual Meeting. As of the Record Date, there were 52,164,851 shares of our common stock outstanding. Therefore, a quorum will be present if 26,082,426 shares of our common stock are present, in person or by proxy, representing a majority of the voting power of all issued and outstanding shares of common stock entitled to vote as of the Record Date. Abstentions, withheld votes and broker non-votes are counted as shares present and entitled to vote for purposes of determining a quorum.

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How do I vote?
If you are a stockholder of record, there are four ways to vote:

(1) By Internet (Before the Annual Meeting):You may vote over the Internet at www.proxyvote.com, 24 hours a day, seven days a week, until 11:59 p.m. Eastern Time on July 7, 2020.June 29, 2022. You will need the 16-digit control number included on your Notice or proxy card (if you received a printed copy of the proxy materials);

(2) By Telephone: You may vote by toll-free telephone at 1-800-690-6903, until 11:59 p.m. Eastern Time on July 7, 2020.June 29, 2022. You will need the 16-digit control number included on your Notice or proxy card (if you received a printed copy of the proxy materials);

(3) By Mail: If you received printed proxy materials, you may submit your vote by completing, signing and dating each proxy card received and returning it promptly in the postage-paid envelope we have provided or return it to Vote Processing, c/o Broadridge, 51 Mercedes Way, Edgewood, NY 11717. Proxies submitted by U.S. mail must be received before the start of the Annual Meeting.

Meeting; or
(4) By Internet (During the Annual Meeting): You may vote during the Annual Meeting by going to www.virtualshareholdermeeting.com/PHR2020.PHR2022. You will need the 16-digit control number included on your Notice or proxy card (if you received a printed copy of the proxy materials). If you previously voted via the Internet (or by telephone or mail), you will not limit your right to vote online at the Annual Meeting.

If you are a street name stockholder, please follow the instructions from your broker, bank or other nominee to vote by Internet, telephone or mail. Street name stockholders may not vote via the Internet at the Annual Meeting unless they receive a legal proxy from their respective brokers, banks or other nominees.
Can I change my vote?
Yes. If you are a stockholder of record, you can change your vote or revoke your proxy any time before the Annual Meeting by:

•notifying our Corporate Secretary, in writing, at Phreesia, Inc., 432 Park Avenue South, 12th Floor, New York, New York 10016434 Fayetteville Street, Suite 1400, Raleigh, NC 27601 before the vote is counted;

•voting again using the telephone or Internet before 11:59 p.m. Eastern Time on July 7, 2020June 29, 2022 (your latest telephone or Internet proxy is the one that will be counted); or

•attending the Annual Meeting online and voting virtually during the meeting. Simply logging into the Annual Meeting online will not, by itself, revoke your proxy.

If you are a street name stockholder, you may revoke any prior voting instructions by contacting your broker, bank or nominee.
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What is the effect of giving a proxy?Proxies are solicited by and on behalf of our Board. Charles KallenbachAllison Hoffman and Randy Rasmussen have been designated as proxy holders by our Board. When proxies are properly dated, executed and returned, the shares represented by such proxies will be voted at the Annual Meeting in accordance with the instructions of the stockholder. If no specific instructions are given, however, the shares will be voted in accordance with the recommendations of our Board as described above. If any matters not described in this Proxy Statement are properly presented at the Annual Meeting, the proxy holders will use their own judgment to determine how to vote the shares. If the Annual Meeting is adjourned, the proxy holders can vote the shares on the new Annual Meeting date as well, unless you have properly revoked your proxy instructions, as described above.
What is the effect of abstentions and broker non-votes?
Votes withheld from any nominee, abstentions and “broker non-votes” (i.e.(i.e., where a broker has not received voting instructions from the beneficial owner and for which the broker does not have discretionary power to vote on a particular matter) arewill be counted as present for purposestowards the quorum requirement. With respect to Proposal One (election of determining the presence of a quorum. Shares voting “withheld”directors), withholding authority to vote your shares with respect to one or more director nominees will have no effect on the election of directors.those nominees. Abstentions will have no effect on theProposal Two (the ratification and appointment of KPMG LLP as our independent registered public accounting firm for the fiscal year ending January 31, 2021. 2023) or Proposal Three (the non-binding advisory vote on the compensation of our named executive officers).
Brokerage firms and other intermediaries holding shares of our common stock in street name for their customers are generally required to vote such shares in the manner directed by their customers. In the absence of timely directions, your broker will have discretion to vote your shares on our sole “routine” matter, the proposal to ratify the appointment of KPMG LLP as our independent registered public accounting firm for our fiscal year ending January 31, 2021.2023. Absent direction from you, your broker will not have discretion to vote on Proposal One (election of directors) or Proposal Three (non-binding advisory vote on the compensation of our NEOs), which isare “non-routine” matters. For “non-routine” matters, broker non-votes are not considered to have been voted “For” or “Against” a “non-routine” matter.particular proposal, and therefore will have no effect on Proposals One or Three.
Why did I receive a Notice of Internet Availability of Proxy Materials instead of a full set of proxy materials?In accordance with the rules of the U.S. Securities and Exchange Commission (the “SEC”),SEC, we have elected to furnish our proxy materials, including this Proxy Statement and our 20202022 Annual Report, primarily via the Internet. On or about May 27, 2020,17, 2022, we mailed to our stockholders a Notice that contains instructions on how to access our proxy materials on the Internet, how to vote at the meeting and how to request printed copies of the proxy materials and 20202022 Annual Report. Stockholders may request to receive all future proxy materials in printed form by mail or electronically by e-mail by following the instructions contained in the Notice. We encourage stockholders to take advantage of the availability of our proxy materials on the Internet to help reduce the environmental impact and cost of our annual meetings of stockholders.
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Where can I find the voting results of the Annual Meeting?We will announce preliminary voting results at the Annual Meeting. We will also disclose voting results on a Current Report on Form 8-K that we will file with the SEC within four business days after the Annual Meeting. If final voting results are not available to us in time to file a Current Report on Form 8-K within four business days after the Annual Meeting, we will provide preliminary voting results in the Current Report on Form 8-K and will provide the final results in an amendment to the Current Report on Form 8-K as soon as they become available.
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How are proxies solicited for the Annual Meeting?Our Board is soliciting proxies for use at the Annual Meeting. All expenses associated with this solicitation will be borne by us. We will reimburse brokers or other nominees for reasonable expenses that they incur in sending our proxy materials to you if a broker, bank or other nominee holds shares of our common stock on your behalf. In addition, our directors and employees may also solicit proxies in person, by telephone or by other means of communication. Our directors, officers and employees will not be paid any additional compensation for soliciting proxies.
I share an address with another stockholder and we received only one paper copy of the proxy materials. How may I obtain an additional copy of the proxy materials?
We have adopted a procedure called “householding,” which is permitted by SEC rules. Under this procedure, we deliver a single copy of the Notice and, if applicable, our proxy materials to multiple stockholders who share the same address, unless we have received contrary instructions from one or more of such stockholders. This procedure reduces our printing costs, mailing costs and fees. Stockholders who participate in householding will continue to be able to access and receive separate proxy cards. Upon written or oral request, we will deliver promptly a separate copy of the Notice and, if applicable, our proxy materials to any stockholder at a shared address to which we delivered a single copy of any of these materials. To receive a separate copy, or, if a stockholder is receiving multiple copies, to request that we only send a single copy of the Notice and, if applicable, our proxy materials, such stockholder may contact us at legal@phreesia.comproxy@phreesia.com or:

Phreesia, Inc.
Attention: Investor Relations and Legal Department
432 Park Avenue South, 12th Floor,434 Fayetteville Street, Suite 1400
New York, New York 10016

Raleigh, NC 27601
Street name stockholders may contact their broker, bank or other nominee to request information about householding.
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What isare the deadlinerequirements to propose actions for consideration at next year's annual meeting of stockholders or to nominate individuals to serve as directors?
Stockholder Proposals

Stockholders may present proper proposals for inclusion in our proxy statement and for consideration at next year’sthe 2023 annual meeting of stockholders by submitting their proposals in writing to our Corporate Secretary in a timely manner.
Stockholder Proposals for Inclusion in Next Year's Proxy Statement
For a stockholder proposal to be considered for inclusion in our proxy statement for the 20212023 annual meeting of stockholders, our Corporate Secretary must receive the written proposal at our principal executive offices not later than January 27, 2021.17, 2023. In addition, such stockholder proposals must comply with the requirements of Rule 14a-8 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) regarding the inclusion of stockholder proposals in company-sponsored proxy materials. Stockholder proposals should be addressed to:

Phreesia, Inc.
Attention: Investor Relations and Legal Department
432 Park Avenue South, 12th Floor434 Fayetteville Street, Suite 1400
New York, New York 10016Raleigh, NC 27601
with a copy via email: proxy@phreesia.com.
Stockholder Proposals and Nominations to be Presented at Next Year’s Annual Meeting

Our bylaws also establish an advance notice procedure for stockholders who wish to present a proposalcertain matters, including nominations for the election of directors, before an annual meeting of stockholders but do not intend for the proposal to be included in our proxy statement. Our amended and restatedUnder our bylaws, provide that the only business that may be conducted at an annual meeting of stockholders is business that is (i) specified in our proxy materials with
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respect to such annual meeting, (ii) otherwise properly brought before such annual meeting by or at the direction of our Board or (iii) properly brought before such meeting by a stockholder of record entitled to vote at such annual meeting who has delivered timely written notice to our Corporate Secretary, which notice must contain the information specified in our amended and restated bylaws. To be timely for the 20212023 annual meeting of stockholders, our Corporate Secretary must receive the written notice at our principal executive offices:

•not earlier than the close of business on March 10, 2021;2, 2023; and

•not later than the close of business on April 9, 2021.

1, 2023.
In the event that we hold the 20212023 annual meeting of stockholders more than 30 days before or more than 60 days after the one-year anniversary of the Annual Meeting, then, for notice by the stockholder to be timely, it must be received by our Corporate Secretary not later than the close of business on the later of the 90th day prior to the scheduled date of such annual meeting or the tenth day following the day on which public announcement of the date of such meeting is first made.

If a stockholder who has notified us of his, her or its intention to present a proposal at an annual meeting of stockholders does not appear to present his, her or its proposal at such annual meeting, we are not required to present the proposal for a vote at such annual meeting.
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Nomination of Director Candidates

Holders of our common stock may propose director candidates for consideration by our nominating and corporate governance committee. Any such recommendations should include the nominee’s name and qualifications for membership on our Board and should be directed to our Corporate Secretary at 432 Park Avenue South, 12th Floor, New York, NY 10016. For additional information regarding stockholder recommendations for director candidates, see the section titled “Board of Directors and Corporate Governance—Stockholder Recommendations and Nominations to the Board.”

In addition to satisfying the foregoing requirements under our amended and restated bylaws, permitto comply with the universal proxy rules (once effective), stockholders who intend to nominate directors for election at an annual meetingsolicit proxies in support of stockholders. To nominate a director the stockholdernominees other than our nominees must provide notice that sets forth the information required by our amended and restated bylaws. In addition, the stockholder must give timely notice to our Corporate Secretary in accordance with our amended and restated bylaws, which, in general, require that the notice be received by our Corporate Secretary within the time periods described aboveRule 14a-19 under the section titled “Stockholder Proposals” for stockholder proposals that are not intended to be included in a proxy statement.Exchange Act no later than May 1, 2023.

Availability of Bylaws

A copy of our amended and restated bylaws is available via the SEC’s website at http://www.sec.gov. You may also contact our Corporate Secretary at the address set forth above for a copy of the relevant bylaw provisions regarding the requirements for making stockholder proposals and nominating director candidates.
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What does being an “emerging growth company” mean?
We qualify as an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). An emerging growth company may take advantage of specified reduced reporting requirements that are otherwise generally applicable to public companies. These provisions include:

•an exemption from compliance with the auditor attestation requirement on the effectiveness of our internal control over financial reporting;

•an exemption from compliance with any requirement that the Public Company Accounting Oversight Board may adopt regarding mandatory audit firm rotation or a supplement to the auditor's report providing additional information about the audit and the financial statements;

•reduced disclosure about our executive compensation arrangements;

•extended transition periods for complying with new or revised accounting standards; and

•exemptions from the requirements to obtain a non-binding advisory vote on executive compensation or a stockholder approval of any golden parachute arrangement.

We will remain an emerging growth company until the earliest to occur of: the last day of the fiscal year in which we have more than $1.07 billion in annual revenue; the end of the fiscal year in which the market value of our common stock that is held by non-affiliates exceeds $700 million as of the end of the second quarter of that fiscal year; the issuance, in any three-year period, by us of more than $1.0 billion in non-convertible debt securities; and the last day of the fiscal year ending after the fifth anniversary of our initial public offering. We may choose to take advantage of some, but not all, of the available benefits under the JOBS Act.

Under the JOBS Act, emerging growth companies can also delay adopting new or revised accounting standards until such time as those standards apply to private companies. We have elected not to “opt out” of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, we will adopt the new or revised standard at the time private companies adopt the new or revised standard and will do so until such time that we either (i) irrevocably elect to “opt out” of such extended transition period or (ii) no longer qualify as an emerging growth company. This may make comparison of our financial statements with the financial statements of another public company that is not an emerging growth company, or an emerging growth company that has opted out of using the extended transition period, difficult or impossible because of the potential differences in accounting standards used.
Why is this Annual Meeting being held virtually?The
In light of continuing public health and travel concerns arising from the COVID-19 pandemic, we believe hosting a virtual meeting helps ensure the health and safety of our stockholders, Board and management, and accordingly the Annual Meeting will be held entirely online this year. We are excited to embracehave embraced the latest technology to provide ease of access, real-time communication and cost savings for our stockholders and our company.Company. Hosting a virtual meeting provides easy access for our stockholders and facilitates participation because stockholders can participate from any location around the world.
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You will be able to participate in the Annual Meeting online and submit your questions during the meeting by visiting www.virtualshareholdermeeting.com/PHR2020.PHR2022. You will also be able to vote your shares electronically prior to or during the Annual Meeting.
Who pays for the cost of this proxy solicitation?
Our Board is soliciting proxies for use at the Annual Meeting. We paywill bear the entire cost of preparing and distributing these proxy materials. In addition,materials and we may reimburse banks, brokersbrokerage houses and other custodians, nominees and fiduciaries representing beneficial owners of shares for their reasonable expenses in forwarding solicitation materials to such beneficial owners.our stockholders. Proxies may be solicited by certain of our directors, officers and employees, personally or by mail, telephone, facsimile, email or other means of communication (electronic or otherwise). No additional compensation will be paid for such services.

We have engaged Innisfree M&A Incorporated (“Innisfree”) to assist in the solicitation of proxies for a base fee of approximately $20,000 plus related costs and expenses. In addition, we have agreed to indemnify Innisfree and its affiliates against certain claims, liabilities, losses, damages and expenses arising out of or in connection with these services.











































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PROPOSAL ONE:
ELECTION OF DIRECTORS
Number of Directors; Board Structure
Our Board is currently composed of seven members. In accordance with our amended and restated certificate of incorporation, our Board is divided into three staggered classes of directors. Onedirectors with one class is elected each year at the annual meeting of stockholders for a term of three years. The term of the Class I directors expires at the Annual Meeting. The term of the Class II directors expires at the 2021 annual meeting and the term of the Class III directors expires at the 2022 annual meeting. After the initial terms expire, directorsDirectors are expected to be elected to hold office for asuch three-year term or until the election and qualification of their successors in office.office, subject to their earlier resignation or removal. At the Annual Meeting two Class III directors are standing for election for a term that will expire at the 2025 annual meeting of stockholders.
Nominees
OurUpon the recommendation of our nominating and corporate governance committee, our Board has nominated Chaim Indig, Michael WeintraubGillian Munson and Edward CahillMark Smith, M.D. for re-election as Class IIII directors, to hold office until the 20232025 annual meeting of stockholders or until their successors are duly elected and qualified, subject to their earlier resignation or removal. Each of the nominees is a current Class IIII director and member of our Board and has consented to serve if elected.
Unless you direct otherwise through your proxy voting instructions, the persons named as proxies will vote all proxies received “FOR” the election of each nominee. If any nominee is unable or unwilling to serve at the time of the Annual Meeting, the persons named as proxies may vote for a substitute nominee chosen by our present board.Board. In the alternative, the proxies may vote only for the remaining nominees, leaving a vacancy on our Board. Our Board may fill such vacancy at a later date or reduce the size of our Board. We have no reason to believe that any of the nominees will be unwilling or unable to serve if elected as a director.
Vote Required
The election ofUnder our bylaws, directors requiresare elected by a plurality of the voting power of the shares of our common stock be present in person or by proxyvotes properly cast at the Annual Meeting and entitledMeeting. This means that the two director nominees receiving the highest number of affirmative votes will be elected as directors. You may vote for both director nominees, withhold authority to vote thereonyour shares for both director nominees or withhold authority to be approved. Broker non-votesvote your shares with respect to either of the director nominees. Withholding authority to vote your shares with respect to one or both director nominees will have no effect on the election of those nominees. Broker non-votes are not considered votes cast on this proposal.proposal and will have no effect on the election of the nominees.
Recommendation of our Board
OUR BOARD RECOMMENDS THAT YOU VOTE “FOR” THE ELECTION OF EACH OF THE NOMINEES.

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Information Regarding Director Nominees and Continuing Directors
The following table sets forth certain information about our directors, including our director nominees, as of May 17, 2022:
ClassAgeCurrent Role(s) at PhreesiaDirector SinceCurrent Term ExpiresExpiration of Term for Which Nominated
Director Nominees:
Gillian Munson(1)(2)(4)
III51Director201920222025
Mark Smith, M.D.(1)(3)(4)
III70Director201820222025
Other Directors:
Chaim IndigI43CEO, Director20052023—
Michael Weintraub(2)(3)(4)
I63Chair, Director20052023—
Edward Cahill(2)(4)
I69Director20072023—
Lainie Goldstein(1)(4)
II54Director20202024—
Ramin Sayar(3)(4)
II49Director20212024—
_______________________
(1) Member of the audit committee
(2) Member of the compensation committee
(3) Member of the nominating and corporate governance committee
(4) Independent member of the Board

The biographies of each of theour director nominees and continuing directors abovebelow contain information regarding each such person’s service as a director, business experience, director positions held currently or at any time during the last five years and the experiences, qualifications, attributes or skills that caused our Board to determine that the person should serve as a director of the company.Company. In addition to the information presented below regarding each nominee’s and continuing director’s specific experience, qualifications, attributes and skills that led our Board to the conclusion that he or shesuch individual should serve as a director, we also believe that each of our directors has a reputation for integrity, honesty and adherence to high ethical standards. Each of our directors has demonstrated business acumen and an ability to exercise sound judgment, as well as a commitment of service to our companyCompany and our Board. Finally, weWe also value our directors' experience in relevant areas of business management and on other boards of directors and board committees and believe our Board committees.
Directors
The following table sets forth information regarding our directors, including their ages, asreflects a diversity of May 27, 2020:
9experience and perspectives and has an appropriate balance of members who have supported Phreesia from its beginning and who have joined more recently.

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ClassAgePosition(s)
Current
Term
Expires
Expiration
of Term
For Which
Nominated
Employee Director:
Chaim IndigI41Chief Executive Officer, Director20202023
Non-Employee Directors:
Michael Weintraub(2)(3)I61Chairman, Director20202023
Edward Cahill(2)I67Director20202023
Scott Perricelli(1)(2)II48Director2021N/A
Cheryl Pegus, M.D., M.P.H.(3)II56Director2021N/A
Mark Smith, M.D.(1)(3)III68Director2022N/A
Gillian Munson(1)III49Director2022N/A

_______________________The following chart shows key attributes for the seven current members of our Board as of May 17, 2022, including the two nominees:
(1) Memberproxygraphicv2a.jpg
Director Nominees
Gillian Munson has served as a member of our Board since May 2019. Munson currently serves as Chief Financial Officer of Vimeo, Inc., a video hosting, sharing and services platform, a position she has held since April 2022. Ms. Munson previously served as Special Advisor to the chief financial officer of One Medical,a membership-based primary care practice, from October 2021 to March 2022. Prior to that, Ms. Munson was Chief Financial Officer of Iora Health, Inc., a healthcare company, from December 2020 until its sale in September 2021. Ms. Munson previously served as a Partner at Union Square Ventures and was responsible for firm operations as well as investments from 2019 until 2020. Prior to that, she served as Chief Financial Officer, Treasurer and Secretary of XO Group Inc., the parent company of The Knot Inc., from 2013 until 2019. Ms. Munson also held previous roles of Vice President, Business Development at Symbol Technologies, LLC, Executive Director and Senior Equity Analyst at Morgan Stanley and Equity Research Associate at Hambrecht & Quist. She currently serves on the board of directors of Sweet Briar College, Duolingo, Inc., and The St. Regis Foundation and previously served on the board of directors of Monster Worldwide, Inc. Ms. Munson earned her B.A. in Political Science and Economics from The Colorado College in Colorado Springs, Colorado. We believe that Ms. Munson’s public company leadership positions as an officer and as a board member, as well as her investment and equity research experience in the technology industry, make her qualified to serve on our Board.
Mark Smith, M.D., M.B.A. has served as a member of our Board since October 2018. Dr. Smith is currently Professor of Clinical Medicine at the University of California at San Francisco. From 2015 to 2019 he served as co-chair of the audit committee.
(2) MemberGuiding Committee of the compensation committee.
(3) MemberHealth Care Payment Learning and Action Network. Previously, Dr. Smith was the founding President and former Chief Executive Officer of the nominatingCalifornia Healthcare Foundation, Inc., a philanthropic organization focused on improving the health of individuals, from 1996 to 2013. Dr. Smith serves as a member of the board of directors of Jazz Pharmaceuticals plc, Teladoc Health, Inc., the Commonwealth Fund, the Institute for Healthcare Improvement, Prealize and corporate governance committee.ConcertoCare. Dr. Smith earned his B.A. degree in Afro-American Studies from Harvard College in Cambridge, Massachusetts, his M.D. from University of North Carolina in Chapel Hill, North Carolina, and his M.B.A. in Healthcare Administration from the University of Pennsylvania in Philadelphia, Pennsylvania. We believe that Dr. Smith’s experience as a physician and his background in health policy and the healthcare industry make him qualified to serve on our Board.
Information Concerning Director Nominees
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Continuing Directors
Chaim Indig has served as our Chief Executive Officer and as a member of our Board since inception in January 2005. Prior to co-founding Phreesia, Mr. Indig led the successful introduction of the analytics software company, Spotfire, Inc., into the pharmaceutical marketing space. Mr. Indig was a finalist for Ernst & Young’s “Entrepreneur of the Year” Award in 2011 and was featured in the Stanford Social Innovation Review as a healthcare innovator. We believe that Mr. Indig’s extensive knowledge and experience in all aspects of our business and his extensive experience in the healthcare technology industry make him qualified to serve on our Board.
Michael Weintraubhas served as Founding ChairmanChair and as a member of our Board since January 2005. Mr. Weintraub serves as Co-Founder and Managing Partner of Ardan Equity, Partners, LLC, a healthcare enterprise software private equity firm, since April 2019. Previously, Mr. Weintraub served as Managing Partner of Optum Venture Management LLC, a company focused on digital health innovation, from 2017 to 2018. Mr. Weintraub was Co-Founder and Chief Executive Officer of Humedica, Inc., a population health management and big data company, from 2008 until 2013. After Humedica, Inc. was acquired by UnitedHealth Group, or UHG, in 2013, Mr. Weintraub served as President and Chief Executive Officer of Optum Analytics, UHG, from 2013 until 2017. Prior to launching Humedica, Inc., Mr. Weintraub served as Senior Managing Director at Leerink Partners LLC, a healthcare investment bank. Mr. Weintraub also served as Chief Executive Officer of PharMetrics, Inc. from 2001 until 2005, a healthcare informatics company, which was acquired by IMS Health, Inc., now IQVIA Holdings Inc., in 2005. Mr. Weintraub currently serves as chairmanChairman of the board of directors of BroadReach Healthcare, LLC, a global healthcare company and Holmusk Ltd, and Corrona, LLC as a member of the board of directors of Oncology Analytics,CorEvitas, LLC, OncoHealth, Newfire, LLC, and The College Diabetes Network, and as an advisory board member of the Innovation and Digital Health Accelerator at Boston Children’s Hospital.Hospital and Centene Healthcare Enterprises (HCE). Mr. Weintraub also focuses on healthcare innovation as an Entrepreneur in Residence at Harvard Business School. Mr. Weintraub received his bachelor’s degree in Economics from Brandeis University in Boston, Massachusetts and an M.B.A. from Harvard Business School in Boston, Massachusetts. We believe that Mr. Weintraub’s experience as an executive in the healthcare industry, as a director for a number of healthcare and data analytics companies, and his knowledge of the healthcare technology industry make him qualified to serve on our Board.
Edward Cahillhas served as a member of our Board since October 2007. Mr. Cahill serves as Managing Partner at HLM Venture Partners, which invests in emerging healthcare, business services, and technology companies, a position he has held since May 2000. From June 1995 until May 2000, Mr. Cahill was a Founding Partner of Cahill, Warnock & Company (now Camden Partners Holding, LLC), a Baltimore private equity firm. Prior to that, Mr. Cahill was a Managing Director of Alex.Alex, Brown & Sons, Inc., where he headed the firm’s Healthcare Group from 1986 through 1995. Mr. Cahill serves as a member of the board of directors of Tandem Diabetes Care,Blue Rabbit Ventures, Inc., Carevive Systems, Inc., Binary Fountain Inc. and Persivia Inc., and serves as emeritus trustee of Johns Hopkins Medicine, Johns Hopkins Health System, and trustee at Mercy Health Services. Mr. Cahill previously served as a member of the
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board of directors of many public and privately held companies including but not limited to Tandem Diabetes Care, Inc., Covetrus, Inc., Masimo Corp., Centene Corp., and TyRx, Inc. Mr. Cahill holds a B.A. from Williams College in Williamstown, Massachusetts, and a Master of Public and Private Management degree from Yale University in New Haven, Connecticut. We believe that Mr. Cahill’s experience in serving on the board of directors of numerous public and private companies and his investment experience with healthcare companies make him qualified to serve on our Board.
Information Concerning Continuing Directors
Scott PerricelliLainie Goldstein has served as a member of our Board since July 2020.Ms. Goldstein serves as Chief Financial Officer of Take-Two Interactive Software, Inc., a leading global interactive entertainment company, a position she has held since June 2007. Ms. Goldstein is a CPA with financial and business experience in the software, entertainment, retail and apparel industries, with proven success in managing the finance function of publicly traded companies. Prior to joining Take-Two, Ms. Goldstein held a number of positions of increasing responsibility with Nautica Enterprises, most recently serving as Vice President, Finance and Business Development. Earlier in her career, she held positions in the audit and reorganization departments at Grant Thornton LLP. Ms. Goldstein holds a BSBA in Accounting from The
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American University in Washington, D.C. We believe Ms. Goldstein’s extensive public company leadership, business and financial expertise across a broad range of industries make her qualified to serve on our Board.
Ramin Sayar has served as a member of our Board since October 2014.2021. Mr. Perricelli has over 20 years of investment bankingSayar is the Chief Executive Officer and private equity experience. He currently serves as Partner of LLR Partners Inc., a position he has held since 2008. He has been employed by LLR Partners Inc. since 2001. Prior to joining LLR Partners Inc., Mr. Perricelli was a Principal at Draper Triangle Ventures LP from 2000 to 2001, an associate at Advanta Partners, L.P. from 1997 to 1999 and worked at William Blair & Company, L.L.C. and J.P. Morgan Chase & Co. from 1994 to 1997. Mr. Perricelli currently serves as member of the board of directors of Benefitexpress LLC, Eye Health America, Kemberton Healthcare Services LLC, Physicians Immediate Care LLCSumo Logic, Inc., a software company where he has served since December 2014. From April 2010 to December 2014, Mr. Sayar served as Senior Vice President and Schweiger Dermatology Group, PLLC.General Manager, Cloud Management Business Unit at VMware, Inc., a software virtualization company. From November 2006 to April 2010, Mr. Perricelli also serves onSayar served as Vice President of Products and Strategy at HP Software Technology Pvt. Ltd., a software development company. Mr. Sayar holds a B.A. in History from the Children’s HospitalUniversity of Philadelphia Foundation Board of Overseers and the Bucknell University Board of Trustees. Mr. Perricelli received his B.S. Degree in Accounting from Bucknell University in Lewisburg, PennsylvaniaCalifornia, Santa Barbara and an M.B.A. in Finance and Entrepreneurship from the Kellogg School of Management at Northwestern University in Evanston, Illinois.San Jose State University. We believe that Mr. Perricelli’sSayar’s experience advisingas the chief executive officer and investing in numerous growth businesses makeboard member of a software company makes him qualified to serve on our Board.
Cheryl Pegus, M.D., M.P.H. has served as a member of our Board since May 2019. Dr. Pegus currently serves as Chief Medical Officer and Senior Vice President of Health Care Services for Cambia Health Solutions, Inc., a position she has held since 2018. Previously, Dr. Pegus was President of Caluent LLC, a health care data analytics company, from 2013 to 2018 and a Clinical Professor of Medicine and Population Health at NYU Langone Medical Center from 2014 to 2017. Prior to that, Dr. Pegus served as the first Chief Medical Officer of Walgreen Co.’s health care services, product launches and data analytics unit, from 2010 to 2013. Dr. Pegus currently serves as Chair of the Board of the Association of Black Cardiologists and as a board member of Tactile Systems Technology, Inc. and US Acute Care Solutions, LLC. Dr. Pegus earned her B.A. degree from Brandeis University in Waltham, Massachusetts, her M.D. from Weill Cornell Medical College in New York, New York and her Master’s in public health from Columbia University Mailman School of Public Health in New York, New York. We believe Dr. Pegus’ experience as a physician and her background in the healthcare industry make her qualified to serve on our Board.
Mark Smith, M.D., MBA. has served as a member of our board of directors since October 2018. Dr. Smith is currently Professor of Clinical Medicine at the University of California at San Francisco. From 2015 to 2019 he served as co-chair of the Guiding Committee of the Health Care Payment Learning and Action Network. Previously, Dr. Smith was the founding President and former Chief Executive Officer of the California Healthcare Foundation, Inc., a philanthropic organization focused on improving the health of individuals, from 1996 to 2013. Dr. Smith serves as a member of the board of directors of Teladoc Health, Inc., the Commonwealth Fund, the Institute for Healthcare Improvement, Prealize, and Concerto Healthcare, Inc. Dr. Smith earned his B.A. degree in Afro-American Studies from Harvard College in Cambridge, Massachusetts, his M.D. from University of North Carolina in Chapel Hill, North Carolina, and his M.B.A. in Healthcare Administration from the University of Pennsylvania in Philadelphia, Pennsylvania. We believe that Dr. Smith’s experience as a physician and his background in health policy and the healthcare industry make him qualified to serve on our Board.
Gillian Munson has served as a member of our Board since May 2019. Ms. Munson currently serves as a Partner at Union Square Ventures and is responsible for firm operations as well as investments. Previously, she served as Chief Financial Officer, Treasurer and Secretary of XO Group Inc., the parent company of The Knot Inc., from 2013 until 2019. Prior to that, Ms. Munson served as Managing Director at Allen & Company LLC, where she led principal investing and outreach activities with early stage technology companies. Ms. Munson also held previous roles of Vice President, Business Development at Symbol Technologies, LLC, Executive Director and Senior Equity Analyst at Morgan Stanley and Equity Research Associate at Hambrecht & Quist. She currently serves on the board of directors of Sweet Briar College, Duolingo, Inc., and The St. Regis Foundation, and previously served on the board of directors of Monster Worldwide, Inc. Ms. Munson earned her B.A. in Political Science and Economics from The Colorado College in Colorado Springs, Colorado. We believe that Ms. Munson’s public company leadership position as an officer and as a board member, as well as her investment and equity research experience in the technology industry, make her qualified to serve on our Board.

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CORPORATE GOVERNANCE
We are committed to effective corporate governance that is informed by our stockholders, promotes the long-term interests of our stockholders, and strengthens our Board and management accountability. Some highlights of our governance program include:
üHighly independent Board (6 of 7 directors)üFully independent audit, compensation, and nominating & corporate governance committees
üDiverse Board in terms of gender, race/ethnicity, experience, skills and tenureüSeparate Chair and CEO positions
üSingle class of stock with equal voting rightsüOngoing Board refreshment
üAnnual Board and committee evaluationsüRegular executive sessions of independent directors
Our business and affairs are managed under the direction of our Board, which is elected by our stockholders. Our Board currently consists of seven directors, all of whom, other than Mr. Indig, qualify as “independent” under the listing standards of the New York Stock Exchange.Exchange (“NYSE”).
Director Independence
Our common stock is listed on the New York Stock Exchange.NYSE. Under the listing standards of the New York Stock Exchange,NYSE, independent directors must comprise a majority of a listed company's board of directors. In addition, the listing standards of the New York Stock ExchangeNYSE require that, subject to specified exceptions, each member of a listed company's audit, compensation and nominating and corporate governance committees be independent. Under the listing standards of the New York Stock Exchange,NYSE, a director will only qualify as an “independent director” if, in the opinion of that listed company’s board of directors, that director does not have a relationship that would interfere with the exercise of independent judgment in carrying out the responsibilities of a director.
Audit committee members must also satisfy the additional independence criteria set forth in Rule 10A-3 under the Securities Exchange Act, of 1934, as amended (the “Exchange Act”), and the listing standards of the New York Stock Exchange.NYSE. Compensation committee members must also satisfy the additional independence criteria set forth in Rule 10C-1 under the Exchange Act and the listing standards of the New York Stock Exchange.NYSE.
Our Board has undertaken a review of the independence of each director. Based on information provided by each director concerning his or hersuch director's background, employment and affiliations, our Board has determined that Mr. Weintraub, Mr. Cahill, Ms. Goldstein, Ms. Munson, Mr. Perricelli, Dr. Pegus,Sayar and Dr. Smith and Ms. Munson do not have a relationship that would interfere with the exercise of independent judgment in carrying out the responsibilities of a director, and that each of these directors is “independent” as that term is defined under the listing standards of the New York Stock Exchange.NYSE. In making these determinations, our Board considered the current and prior relationships that each non-employee director has with our companyCompany and all other facts and circumstances our Board deemed relevant in determining their independence, including the beneficial ownership of our capital stock by each non-employee director, the association of our directors with the holders of more than 5% of our common stock, and the transactions involving them described in the section titled “Certain Relationships and Related Party Transactions.Transactions,” if applicable.
Board Leadership Structure
The positions of Chief Executive Officer and ChairmanChair of our Board are separated. Michael Weintraub serves as the ChairmanChair of our Board, presides over meetings of our Board and holds such other powers and carries out such other duties as are customarily carried out by the ChairmanChair of our Board. Chaim Indig, our Chief Executive Officer, sets the overall strategy of the Company and oversees our day-to-day business. Our Board believes that separating these roles is appropriate as it allows us to pursue strategic and operational objectives while maintaining effective oversight and objective evaluation of corporate performance. Our Board believes that separating these positions allows our Chief Executive Officer to focus on setting the overall strategic direction of the company,Company, expanding the organization to deliver on
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our strategy and overseeing our day-to-day business, while allowing the ChairmanChair of the Board to lead the Board in its fundamental role of providing strategic advice to and independent oversight of management.
Our Board recognizes the time, effort and energy that the Chief Executive Officer is required to devote to his position in the current business environment, as well as the commitment required to serve as our Chairman,Chair, particularly as the Board’s oversight responsibilities continue to grow. Although our amended and restated bylaws and corporate governance guidelines do not require that our ChairmanChair and Chief Executive Officer positions be separate, our Board believes that having separate positions is the appropriate leadership structure for us at this time and demonstrates our commitment to good corporate governance.
Board’s Role in Risk Oversight
One of the key functions of our Board is informed oversight of our risk management process. Our Board does not have a standing risk management committee, but rather administers this oversight function directly through our Board as a whole, as well as through its standing committees that address risks inherent in their respective areas of oversight. In particular, our Board is responsible for monitoring and assessing strategic risk exposure. Our Board also monitors new risks as they emerge, such as the evolving Covid-19 pandemic and the effects on our business of Russian military action in Ukraine. Our audit committee is responsible for reviewing and discussing our major financial risk exposures and the steps our management has taken to monitor and control these exposures, including guidelines and policies with respect to risk assessment and risk management. Our audit committee also monitors cybersecurity risk and compliance with legal and regulatory requirements, in addition to oversight of the performance of our external audit function. Our nominating and corporate governance committee monitors the effectiveness of our corporate governance guidelines, and evaluates our Board and committees' composition.composition and oversees our environmental, social and governance ("ESG") initiatives. Our compensation committee reviews and discusses the risks arising from our compensation philosophy and practices applicable to all employees that are reasonably likely to have a materially adverse effect on us.
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Risks Related to Compensation Policies and Practices
When determining our compensation policies and practices, the Board considers various matters relevant to the development of a reasonable and prudent compensation program, including whether the policies and practices are reasonably likely to have a material adverse effect on us. We believe that the mix and design of our executive compensation plans and policies do not encourage management to assume excessive risks and are not reasonably likely to have a material adverse effect on us for the following reasons: we offer an appropriate balance of short and long-term incentives and fixed and variable amounts; our variable compensation provides enhanced incentives for executives to outperform and strong disincentives for executives to underperform against our Company goals and is based on a balanced mix of Company performance criteria; and the Board and Compensation Committee have the authority to adjust variable compensation as appropriate.
Corporate Governance Guidelines and Code of Business Conduct and Ethics
Our Board has adopted Corporate Governance Guidelines that address items such as the qualifications and responsibilities of our directors and director candidates and corporate governance policies and standards applicable to us in general. In addition, our Board has adopted a Code of Business Conduct and Ethics that applies to all of our employees, officers and directors including our Chief Executive Officer, Chief Financial Officer and other executive and senior financial officers. A copy of our Corporate Governance Guidelines and Code of Business Conduct and Ethics is available on our Internet website at https://ir.phreesia.com/about-us/governance-documents/default.aspx and may also be obtained without charge by contacting our Corporate Secretary at Phreesia, Inc., 434 Fayetteville Street, Suite 1400, Raleigh, NC 27601. We intend to disclose any amendments to our Code of Business Conduct and Ethics, or waivers of its requirements, on our website or in filings under the Exchange Act, as required by the applicable rules and exchange requirements. During fiscal year ended January 31, 2022, no waivers were granted from any provision of the Code of Business Conduct and Ethics.
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Environmental, Social and Governance Topics
At Phreesia, we are guided by our commitment to responsible business practices through a culture that promotes honest and ethical conduct, respects our employees and communities, and safeguards the information under our care. We are committed to making a positive impact and continuing to assess and enhance our ESG strategy to meet the needs of our stakeholders.
Our Employee Experience
Our focus on our employee experience and a strong company culture has earned us third-party recognition in a number of areas, as evidenced by the following recent recognitions:
•Phreesia named to Modern Healthcare’s 2021 list of “Best Places to Work in Healthcare” for the fifth time
Anti-Hedging•Phreesia named to Inc. Magazine’s list of “Best-Led Companies of 2021”
•Phreesia Life Sciences named to Medical Marketing and Anti-Pledging PoliciesMedia’s (MM+M) “Best Places to Work 2021”
Certain transactions•Phreesia included in 2022 Bloomberg Gender Equality Index for the second year in a row
We believe in treating all people with respect and celebrating our diverse backgrounds, ideas, and perspectives. To support the Phreesia community, we are committed to the practices highlighted below:
•Commitment to Ethical Conduct. At a fundamental level, we are committed to honest, ethical and respectful conduct. We have implemented policies and practices to uphold this commitment in the workplace, such as our annual anti-harassment training. Our Code of Business Conduct and Ethics also reaffirms our commitment to fostering a respectful workplace culture that is free of harassment, intimidation, bias, and unlawful discrimination. We strictly prohibit discrimination in all its forms, including on the basis of race, sex, marital status, sexual orientation, gender identity, gender reassignment, national origin, age, disability and genetic information, as well as any other attribute protected by law. We encourage employees to ask questions, seek guidance, and report suspected violations of our Code of Business Conduct and Ethics. We offer avenues for anonymous reporting and protect employees from any retaliation for good faith reports.
•Welcoming New Employees. We have structured a thorough and welcoming virtual onboarding program for new employees, who complete a set of core trainings, live courses and exercises to understand the "why" of Phreesia and learn our values. Our interactive, multi-day onboarding program also offers new employees meaningful opportunities to connect with colleagues. We strive to provide all employees with the tools they need to build successful connections and to maintain and strengthen virtual-first relationships across the organization. We aim to empower new hires to leverage their unique backgrounds and experiences to impact the Company and to build a solid foundation for their success at Phreesia and their future career growth.
•Prioritizing Health and Wellness. We offer unlimited paid time off to all employees and a competitive benefits package, including a variety of health plans, dental and vision coverage, and short-term, long-term and life insurance plans. We also encourage healthy lifestyles by offering a monthly fitness stipend, as well as Company-sponsored wellness programs. In addition, we aspire to create an environment and culture that supports all our employees when they need to provide support to their families, and we are proud to offer paid family care leave to our North American employees.

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Our Culture
Phreesia employees are a team of smart and passionate individuals who are dedicated to our mission of creating a better, more engaging healthcare experience for patients, healthcare services clients and staff. At every level of the organization, we encourage a culture of personal responsibility, built on trust and accountability. We draw on these values to guide the following tenets of our culture:
•Diversity, Equity, Inclusion, & Belonging.We are committed to hiring, developing and supporting a diverse and inclusive workplace. Our employee resource groups (“ERGs”) support our commitment to promoting and maintaining an inclusive culture for all employees by bringing together individuals from a wide range of backgrounds, experiences and perspectives. These groups seek to foster a sense of shared community and empowerment for employees who share a common social identity, such as gender, race, ethnicity and sexual orientation. Phreesians can voluntarily join an ERG to network, discuss and exchange ideas and enhance their professional development. Our active ERGs include Phreesia Women’s Network, Black@Phreesia, LatinX, LGBTQ+@Phreesia, PHR-Asians and MENA (Middle Eastern/North African).
We are also committed to supporting gender equality in our securities (suchorganization, including through our inclusive culture, board representation, pathways to leadership for women, pay equity and strong family-leave policies.
•Trust and Flexibility. At every level of our organization, we encourage a culture of personal responsibility. We trust our employees to know how to execute on our mission, and we give them space to do so as purchasesthey manage their work and salespersonal lives. We promote work-life balance by empowering our employees to adopt flexible working arrangements and providing tools for efficient remote collaboration. We also offer a stipend to make sure our employees’ remote workspaces are set up for comfort and productivity.
•Transparency and Engagement. Transparency and engagement are critical to communication within the Phreesia community and employee connections. We recently distributed an engagement survey focused on belonging in the workplace. We intend to use the feedback we gather to create an even better workplace experience. We also communicate openly with our employees through weekly all-company calls and newsletters, where we deliver business updates, celebrate wins, recognize outstanding employee contributions, and cover other topics relevant to our employees and clients.
•Giving Back. We recognize the importance of publicly traded putgiving back to our communities. We encourage our employees to participate in optional “Phriendsgiving” Phreesia Service Days each November to serve our local communities. Phreesians can volunteer individually, connect with others to volunteer, or opt into projects we organize in major cities with ten or more employees. Phreesians are encouraged and call options,supported to share their time and short sales) createresources to give back to their communities locally and beyond. For example, we established the Earnest Rogers Award as a heightened complianceway to pay tribute to a late beloved Phreesia friend and colleague. The annual award goes to a Phreesian who demonstrates kindness, integrity, dependability, gratitude and authenticity in their work and life. Each year, Phreesia makes a donation in honor of Earnest to the recipient's charity of choice.
Sustainability
We are committed to monitoring and managing our operations to better understand and continuously improve our impact on the environment. We have a relatively low carbon footprint as a software-as-a-service company, and we strive to further minimize our footprint by tailoring our operations towards sustainability. For example, we have lessened the environmental burden of commuting by operating as a remote company, supporting our workforce through technology tools that enable virtual communication and collaboration. We strive to reuse or recycle our corporate IT equipment across our workforce and follow applicable guidelines for disposal of electronic waste. We have also consolidated our corporate data centers to utilize energy-efficient vendors and to run workloads in a dense manner, reducing excess
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energy usage. We continue to investigate additional ways to increase the adoption of environmentally sustainable practices.
Privacy and Security
We are firmly committed to privacy and security and regard the protection of the privacy and security of critical information as a top priority. Our platform offers resilient security and privacy-embedded solutions for our clients, and we maintain a comprehensive program designed to safeguard the confidentiality, integrity and availability of personal data and other confidential information under our care. In particular, we deploy physical, administrative and technical controls to protect the security and privacy of patient information. We are aware that we must continuously evolve our controls to address new threats, adhere to changing laws and standards, and reduce the risk associated with the introduction of new, innovative technology.
Our resources include a Chief Privacy Officer, a designated HIPAA security officer and dedicated teams focused on privacy and security, respectively. We maintain policies and procedures that are certified by independent third parties, conduct mandatory annual trainings tailored to our workforce, and employ a series of technical controls and testing, such as multi-factor authentication for all remote access, AES-256 or could creategreater for encryption, and routine vulnerability and penetration testing. We also leverage multiple Tier 5 data centers and cloud environments to manage and maintain the appearanceavailability of misalignment between managementour clients’ patient information.
We employ privacy and stockholders.security by design principles during our product development and business development processes to proactively ensure fidelity to our commitments from the outset. In addition, securities held inwe maintain industry certifications, including HITRUST and SOC 2 Type II, and we are a margin account or pledgedPCI-DSS Level 1 Service Provider. We also strive to monitor and implement, as collateral may be sold without consent if the owner failsappropriate, legal, regulatory and industry standards as they relate to meetour privacy and security practices.
Finally, we strive to instill a margin call or defaults on the loan, thus creating the risk that a sale may occur at a time when an officer or director is awareculture of material, non-public information or otherwise is not permitted to trade in company securities. Our insider trading policy prohibits all directors,awareness and compliance throughout our organization through ongoing educational initiatives, phishing and tabletop exercises, role-based trainings and visible support from members of our executive officers and their most senior direct reports, and all employees in the Company’s finance and legal departments, from engaging in derivative securities transactions, including hedging, with respect to company securities and from pledging company securities as collateral, or holding company securities in a margin account.team.
Board Meetings and Committees
Our Board may establish the authorized number of directors from time to time by resolution. Our Board currently consists of seven members.
During our fiscal year ended January 31, 2020,2022, our Board held eightsix meetings (including regularly scheduled and special meetings), and each director attended at least 75% of the aggregate of (i) the total number of meetings of our Board held during the period for which he or she had been a director and (ii) the total number of meetings held by all committees of our Board on which he or she served during the periods that he or she served. Under our Corporate Governance Guidelines, directors are expected to spend the time needed and meet as frequently as our Board deems necessary or appropriate to discharge their responsibilities. Directors are also expected to make reasonable efforts to attend our annual meeting of stockholders, all meetings of our Board and all meetings of the committees on which they serve. All of our then-serving directors attended our 2021 annual meeting.
Our Board has established an audit committee, a compensation committee and a nominating and corporate governance committee. The following table sets forth membership information for each of our Board committees as of the date of this Proxy Statement.

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IndependentAudit CommitteeCompensation CommitteeNominating and Corporate Governance Committee
Chaim Indig
Michael Weintraub«
üCM
Edward CahillüM
Lainie Goldsteinü
M««
Ramin SayarüM
Gillian Munsonü
C««
M
Mark Smith, M.D.üMC
M = Member
« = Chair of the Board
C = Chair
«« = Audit Committee Financial Expert
The composition and responsibilities of each of the committees of our Board committee is further described below. Members serve on these committees until their resignation or until as otherwise determined by our Board.
Audit Committee
Our audit committee currently consists of Ms. Munson, Mr. PerricelliMs. Goldstein and Dr. Smith, with Ms. Munson serving as Chairperson. Each member of our audit committee meets the requirements for independence under the listing standards of the New York Stock ExchangeNYSE and SEC rules and regulations. Each member of our audit committee also meets the financial literacy and sophistication requirements of the listing standards of the New York Stock Exchange.NYSE. In addition, our boardBoard has determined that Ms. Munson is anand Ms. Goldstein are audit committee financial expertexperts within the meaning of Item 407(d) of Regulation S-K under the Securities Act of 1933, as amended (the “Securities Act”). Our audit committee’s responsibilities include, among other things:
1.Appointing,    appointing, approving the compensation of, and assessing the independence of our independent registered public accounting firm;
2.pre-approving auditing and permissible non-audit services, and the terms of such services, to be provided by our independent registered public accounting firm;
3.reviewing the overall audit plan with our independent registered public accounting firm and members of management responsible for preparing our financial statements;
4.reviewing and discussing with management and our independent registered public accounting firm our annual and quarterly financial statements and related disclosures as well as critical accounting policies and practices used by us;
5.coordinating the oversight and reviewing the adequacy of our internal control over financial reporting;
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6.establishing policies and procedures for the receipt, retention and treatment of accounting-related complaints and concerns;
7.recommending based upon the audit committee’s review and discussions with management and our independent registered public accounting firm whether our audited financial statements shall be included on our Annual Report on Form 10-K;
8.monitoring the integrity of our financial statements and our compliance with legal and regulatory requirements as they relate to our financial statements and accounting matters;
9.preparing the audit committee report required by SEC rules to be included in our annual proxy statement;
10.reviewing all related person transactions for potential conflict of interest situations and approving all such transactions; and
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11.reviewing quarterly earnings releases of information to be disclosed and the types of presentation to be made.
Our audit committee operates under a written charter adopted by the Board and that satisfies the applicable rules and regulations of the SEC and the listing standards of the New York Stock Exchange.NYSE. A copy of the charter of our audit committee is available on our website at https://ir.phreesia.com/about-us/governance-documents/default.aspx.
Our audit committee held fiveseven meetings during the fiscal year ended January 31, 2020.2022.
Compensation Committee
Our compensation committee currently consists of Messrs.Mr. Weintraub, Mr. Cahill and Perricelli,Ms. Munson, with Mr. Weintraub serving as Chairperson. Each member of our compensation committee meets the requirements for independence under the listing standards of the New York Stock ExchangeNYSE and SEC rules and regulations. Each member of our compensation committee is also a non-employee director, as defined pursuant to Rule 16b-3 promulgated under the Exchange Act. Our compensation committee’s responsibilities include, among other things:
1.annually reviewing and approving the corporate goals and objectives relevant to the compensation of our Chief Executive Officer;
2.evaluating the performance of our Chief Executive Officer in light of such corporate goals and objectives, and, based on such evaluation: (i) determining cashrecommending the total compensation, including the individual elements of compensation of our Chief Executive Officer to our Board and (ii) reviewing and approvingrecommending to the Board for approval grants and awards to our Chief Executive Officer under equity-based plans;
3.reviewing and determining in consultation with our Chief Executive Officer (i) the cash compensation of our other executive officers and (ii) grants and awards to our other executive officers under equity-based plans;
4.reviewing and establishing our overall management compensation philosophy and policy;
5.overseeing and administering our compensation and similar plans, including reviewingdelegating the review and approvingapproval of grants and awards to our employees and service providers under equity-based plans;plans to the Equity Grant Committee, composed of one of more executive officers of the Company, including our Chief Executive Officer;
6.evaluating and assessing potential and current compensation advisors in accordance with the independence standards identified in the applicable NYSE rules;
7.reviewing and approving our policies and procedures for the grant of equity-based awards;
8.reviewing and recommending to the board of directorsour Board the compensation of our directors;
9.reviewing the corporate succession plans for our Chief Executive Officer and our other key officers with our Board;
10.preparing the compensation committee report required by SEC rules, if and when required, to be included in our annual proxy statement; and
10.11.reviewing and approving the retention, termination or compensation of any consulting firm or outside advisor to assist in the evaluation of compensation matters.
Our compensation committee operates under a written charter adopted by the Board and that satisfies the applicable rules and regulations of the SEC and the listing standards of the New York Stock Exchange.NYSE. Pursuant to its charter, the compensation committee may establish and delegate authority to one or more subcommittees consisting of one or more of its members to carry out its responsibilities. A copy of the charter of our compensation committee is available on our website at https://ir.phreesia.com/about-us/governance-documents/default.aspx.
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Our compensation committee held eight meetings during the fiscal year ended January 31, 2020.
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2022.
Nominating and Corporate Governance Committee
Our nominating and corporate governance committee currently consists of Drs.Dr. Smith, and PegusMr. Sayar and Mr. Weintraub, with Dr. Smith serving as Chairperson. Cheryl Pegus, M.D., M.P.H. also served on the nominating and corporate governance committee until her resignation from our Board on October 1, 2021.Mr. Sayar joined the nominating and corporate governance committee on March 28, 2022.Each member of our nominating and corporate governance committee meets the requirements for independence under the listing standards of the New York Stock ExchangeNYSE and SEC rules and regulations. Our nominating and corporate governance committee’s responsibilities include, among other things:
1.recommending to the Board criteria for Board and committee membership;
2.establishing procedures for identifying and evaluating Board and director candidates, including nominees recommended by stockholders;
3.identifying individuals qualified to become members of the Board;
4.recommending to the Board the persons to be nominated as directors and to each of the Board’s committees;
5.overseeing our ESG initiatives;
6.developing and recommending to the Board a code of business conduct and ethics and a set of corporate governance guidelines and periodically reviewing and reassessing the adequacy of the code of conduct and business ethics and the corporate governance guidelines; and
6.7.overseeing the evaluation of our Board and management.
Our nominating and corporate governance committee operates under a written charter that satisfies the applicable listing standards of the New York Stock Exchange.NYSE. A copy of the charter of our nominating and corporate governance committee is available on our website at https://ir.phreesia.com/about-us/governance-documents/default.aspx.
Our nominating and corporate governance committee was constituted in July 2019, and held twofour meetings during the fiscal year ended January 31, 2020.2022.
Compensation Committee Interlocks and Insider Participation
During the fiscal year ended January 31, 2020, Messrs.2022, our compensation committee consisted of Mr. Weintraub, Mr. Cahill and Perricelli all servedMs. Munson, with Mr. Weintraub serving as members of our compensation committee.Chairperson. None of the members of our compensation committee is or has been an officer or employee of our company.Company. None of our executive officers currently serves, or in the pastfiscal year hasended January 31, 2022, served as a member of the Boardboard of directors or compensation committee (or other board committee performing equivalent functions) of any entity that has one or more of its executive officers serving on our Board or compensation committee. See the section titled “Certain Relationships and Related Party Transactions” for information about related party transactions involving members of our compensation committee or their affiliates.
Identifying and Evaluating Director Nominees
The Board has delegated to the nominating and corporate governance committee the responsibility of identifying suitable candidates for nomination to the Board (including candidates to fill any vacancies that may occur) and assessing their qualifications in light of the policies and principles in theseour corporate governance guidelines and the committee’s charter. The nominating and corporate governance committee may gather information about the candidates through interviews, detailed questionnaires, comprehensive background checks or any other means that the nominating and corporate governance committee deems to be appropriate in the evaluation process. The nominating and corporate governance committee then meets as a group to discuss and evaluate the qualities and skills of each candidate, both on an individual basis and taking into account the overall composition and needs of the board.Board. Based on the results of the
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evaluation process, the nominating and corporate governance committee recommends candidates for the board of director’sBoard’s approval as director nominees for election to the Board.
Minimum Qualifications
Our nominating and corporate governance committee uses a variety of methods for identifying and evaluating director nominees and will consider all facts and circumstances that it deems appropriate or advisable. In its identification and evaluation of director candidates, our nominating and corporate governance committee will consider, among other things, the current size and composition of our Board and the needs of our Board and the respective committees of our Board. Some of the qualifications that our nominating and corporate governance committee considers include, without limitation, issues of character, ethics, integrity, judgment, diversity of experience, independence, skills, education, expertise, business acumen, length of service, understanding of our business and industry, potential conflicts of interest and other commitments.
Nominees must also have proven achievement and competence in their field, the ability to offer advice and guidance to our management team, the ability to make significant contributions to our success and an understanding
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of the fiduciary responsibilities that are required of a director. Director candidates must have sufficient time available in the judgment of our nominating and corporate governance committee to perform all board and committee responsibilities. Members of our Board are expected to prepare for, attend and participate in all board of director and applicable committee meetings. Other than the foregoing, there are no stated minimum criteria for director nominees, although our nominating and corporate governance committee may also consider such other factors as it may deem, from time to time, are in our and our stockholders’ best interests.
Board Diversity
Although our Boardnominating and corporate governance committee does not maintain a specificformal policy with respect to the consideration of board diversity our Board believes that our Board should be a diverse body, and our nominating and corporate governancein identifying director nominees, the committee considers a broad range of backgrounds and experiences. In making determinations regarding nominations of directors,evaluating director nominees, our nominating and corporate governance committee may take into accountconsider such nominees' abilities to contribute to the benefitsdiversity of diverse viewpoints.personal and professional experiences, opinions, perspectives and backgrounds on the Board. Our nominating and corporate governance committee also considers these and other factors as it oversees theour annual boardBoard and committee evaluations. After completing its review and evaluation of director candidates, our nominating and corporate governance committee recommends to our full boardBoard the director nominees for selection.
Stockholder Recommendations and Nominations to the Board
The nominating and corporate governance committee will considerbelieves that our current Board reflects a diverse mix of directors based on a number of these factors, including diversity with respect to gender and race/ethnicity. Four of our seven current directors, or 57%, identify as diverse in terms of gender or race/ethnicity, including two of whom are women, and two of whom identify as racially or ethnically diverse.
Stockholder Recommendations
Stockholders may submit recommendations for director nominee candidates who are recommended by our stockholders. Stockholders, in submitting recommendations to the nominating and corporate governance committee by sending the information set forth below to our Corporate Secretary at 434 Fayetteville Street, Suite 1400, Raleigh, NC 27601, with a copy via email to proxy@phreesia.com.
Pursuant to the policies and procedures for director nominee candidates, must follow the following procedures:
Thecandidate recommendations set forth in our nominating and corporate governance committee charter, stockholder recommendations must receive any such recommendation for nominationbe submitted in writing not earlierless than the close of business on the 120th day calendar days prior to the date on which our proxy statement was releasereleased to stockholders in connection with the previous year’s annual meeting.
All recommendations for director candidates must be submitted in writing to our Secretary at 432 Park Avenue South, 12th Floor, New York, New York 10016,meeting, and must include the following:following information:
•Namename and address of the stockholder making the recommendation;
•Aa representation that the stockholder is a record holder of our securities, or if the stockholder is not a record holder, evidence of ownership;
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•Name,name, age, business and residential address, educational background, current principal occupation or employment, and principal occupation or employment for the precedent five full years of the individual recommend for consideration as a director nominee;
•Aa description of the qualifications and background of the proposed director nominee which addresses the minimum qualifications, actual or potential conflicts of interest, and other criteria for board membership approved by the board of directors from time to time and set forth in the policies and procedures for director candidates adopted by our nominating and corporate governance committee;
•Aa description of all arrangements or understandings between the stockholder and the proposed director nominee;
•Thethe consent of the proposed director nominee (i) to be named in the proxy statement for the annual meeting and (ii) to serve as a director if elected tat such annual meeting; and
•Anyany other information regarding the proposed director nominee that is required to be included in the proxy statement.
Our nominating and corporate governance committee will consider candidates properly recommended by stockholders holding at least 3% of our common stock continuously for at least twenty-four (24) months before the date the recommendation is submitted in the same manner as candidates recommended from other sources.
Stockholder Communications
The Board provides to every stockholder the ability to communicate with the Board, as a whole, and with individual directors on the Board through an established process for stockholder communication. For a stockholder communication directed to the Board as a whole, stockholders may send such communication to the Chairperson of our Board via U.S. Mail or Expedited Delivery Service to: Phreesia, Inc., 432 Park Ave. South, 12th Floor, New York, New York 10016,434 Fayetteville Street, Suite 1400, Raleigh, NC 27601, Attn: Chair of the Board of Directors.Directors, with a copy via email to proxy@phreesia.com.
For a stockholder or other interested party communication directed to an individual director in his or hersuch director's capacity as a member of the Board, stockholders may send such communication to the attention of the individual director via U.S. Mail or Expedited Delivery Service to: Phreesia, Inc., 432 Park Ave. South, 12th Floor, New York, New York 10016,434 Fayetteville Street, Suite 1400, Raleigh, NC 27601, Attn: General Counsel and Chief Financial Officer.
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Officer, with a copy via email to proxy@phreesia.com.
We will forward by U.S. Mail anyall such stockholder communicationcommunications to each director, and the Chairperson of the Board in his or her capacity as a representative of the Board, to whom such securityholdersecurity holder communication is addressed to the address specified by each such director and the Chairperson of the Board.
Corporate Governance Guidelines and Code of Business Conduct and Ethics
Our Board has adopted Corporate Governance Guidelines that address items such as the qualifications and responsibilities of our directors and director candidates and corporate governance policies and standards applicable to us in general. In addition, our Board has adopted a Code of Business Conduct and Ethics that applies to all of our employees, officers and directors including our Chief Executive Officer, Chief Financial Officer and other executive and senior financial officers. A copy of our Corporate Governance Guidelines and Code of Business Conduct and Ethics is available on our Internet website at https://ir.phreesia.com/about-us/governance-documents/default.aspx and may also be obtained without charge by contacting our Corporate Secretary at Phreesia, Inc., 432 Park Ave. South, 12th Floor, New York, New York 10016. We intend to disclose any amendments to our Code of Business Conduct and Ethics, or waivers of its requirements, on our website or in filings under the Exchange Act, as required by the applicable rules and exchange requirements. During fiscal year ended January 31, 2020, no waivers were granted from any provision of the Code of Business Conduct and Ethics.
Non-Employee Director Compensation
PriorOur non-employee director compensation program is designed to July 2019, we did not have a formal policy to compensateattract, retain and reward qualified directors and further align the financial interests of our non-employee directors though certain directors had individual compensatory agreements with us as described further below. In July 2019 in connection with our initial public offering and upon the recommendationthose of our compensation committee, we implemented a formal policy pursuant tostockholders. Under our Second Amended and Restated Non-Employee Director Compensation Policy (our "Policy"), which was approved by our Board on May 12, 2021, non-employee directors are eligible to receive initial equity grants when they join the followingboard, and annual cash retainers and equity awardsgrants for their continued annual service. We also reimburse all reasonable out-of-pocket expenses incurred by directors in lieuorder to attend meetings of our board or any individual compensatory arrangements:committee thereof.
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Non-employee directors receive the following annual cash retainers for their service:
Annual Retainer for Board Membership
Annual service on the board of directors$30,00035,000
Annual service as non-executive chairperson$25,000
Additional Annual Retainer for Committee Membership
Annual service as chair of the audit committee$22,500
Annual service as member of the audit committee (other than chair)$7,500
Annual service as chair of the compensation committee$12,500
Annual service as member of the compensation committee (other than chair)$5,000
Annual service as chair of the nominating and corporate governance committee$10,000
Annual service as member of the nominating and corporate governance committee (other than chair)$5,000
The non-executive chairpersonchair is also eligible to receive up to an additional $125,000 in cash fees depending upon the non-executive chair’s contributions, and his or her contributions.total annual cash fees are capped at $200,000.
Our policy provides that eachEach annual cash retainer is paid quarterly in arrears, pro-rated based on the number of actual days served by the non-employee director elected orduring such quarter. The non-employee directors are given the opportunity to elect to receive all of their annual cash retainer fee in the form of an equity award of unrestricted stock having a grant-date fair value equal to the amount of such retainer (a "Converted Cash Retainer").
When first appointed to our board, ofnon-employee directors upon initial election or appointment to our board of directors, will beare granted a restricted stock units, or RSUs, havingunit award with a “Value”grant date fair value equal to the sum of (i) $150,000$170,000 (the “New Hire Award”) plus (ii) $150,000$170,000 (which shall be pro-rated based on the estimated number of calendar days to be served from the date the non-employee director joins the board of directorsBoard through the anticipated date of the next annual meeting of stockholders), orstockholders (the “Pro-Rated Initial Award”)). The New Hire Award vests over four years, with 25% of the Initial Grant. In addition, on the date of each of our annual meeting of stockholders, each non-employee director who will continue as a non-employee director following such meeting will be granted an annual award of RSUs having a “Value” of $150,000, or the Annual Grant. The Initial Grant will vest in four equal annual installmentsrestricted stock units vesting on each anniversary date on whichof the non-employee director was appointed to our board for directors, subjectdirector’s election or appointment to the continued serviceBoard; provided, however, that all vesting ceases if the director resigns from our Board or otherwise ceases to serve as a director, unless the Board determines that the circumstances warrant continuation of such director on our board of directors through each applicable vesting date.vesting. The Annual Grant will vestPro-Rated Initial Award vests in full onupon the earlier to occur of (i) the first anniversary of the date of grant or the date or (ii) ourof the next annual meeting of stockholders, subjectstockholders; provided, however, that all vesting shall cease if the director resigns from the Board or otherwise ceases to serve as a director, unless the continued serviceBoard determines that the circumstances warrant continuation of each director to our board of directors through the applicable vesting date. For purposes of the policy, “Value” shall be calculated by dividing the average closing market price on The New York Stock Exchange (NYSE) of one share of the Company’s common stock over the trailing 30-day period ending on the last day of the month immediately prior to the month of the grant date, and (B) the aggregate number of shares pursuant to such award. In addition, all such awards are subject to full accelerated vesting upon the sale event of our company (as defined in the policy).
vesting. Employee directors will receive no additional compensation for their service as a director.
In addition, on the date of each annual meeting of stockholders, each non-employee director continuing as a non-employee director following such meeting will be granted RSUs having a fair market value of $170,000 on the date of grant (the "Annual Grants"). The Annual Grants will vest in full on the earlier of the first anniversary of the grant date or immediately prior to the next annual meeting of stockholders, provided, however, that all vesting shall cease if the director resigns from the Board or otherwise ceases to serve as a director, unless the Board determines that the circumstances warrant continuation of vesting.
Under our Policy, all RSUs granted to non-employee directors will be settled for shares of our common stock. These RSUs are subject to full accelerated vesting upon the closing of a Sale Event (as defined in our Policy) or upon such director’s death or disability.
We maintain a Non-Employee Directors' Deferred Compensation Program (the “Program”), which gives non-employee directors the option to defer settlement of all of the RSUs they receive pursuant to a Converted Cash Retainer and/or an Annual Grant pursuant to the terms and conditions of the Program, our Policy and our 2019 Stock Option and Incentive Plan (the "2019 Plan") (such RSUs elected for deferral, "deferred stock units" or "DSUs"). Deferred stock units will generally be settled in shares of our common stock in a single lump sum as soon as practicable (but in no event later than 30 days) after
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We will reimburse all reasonable out-of-pocket expenses incurredeither, as elected by directors for their attendance at meetingsthe non-employee director in advance, (A) the earlier to occur of: (i) 90 days after the non-employee director ceases to serve as a member of our board and incurs a “separation from service” within the meaning of directorsSection 409A of the Internal Revenue Code of 1986, as amended (the “Code”) or any committee thereof.(ii) five years from the grant date of the equity, or (B) 90 days after the non-employee director ceases to serve as a member of our board and incurs a “separation from service” within the meaning of Section 409A of the Code.
Non-Employee Director Compensation Table
The following table provides information regarding the total compensation that was earned by or paid to each of our non-employee directors for the fiscal year ended January 31, 2020.2022. Directors who also serve as employees receive no additional compensation for their service as directors. During the fiscal year ended January 31, 2020,2022, Chaim Indig, our Chief Executive Officer, was a member of our board as well as an employee, and received no additional compensation for his services as a director. See the section titled "Executive Compensation" for more information about Mr. Indig’s compensation for the fiscal year ended January 31, 2020.2022.
Name
Fees Earned or Paid in Cash ($)(1)
Stock Awards ($)(2)
Option Awards ($)(3)
Total
($)
Michael Weintraub(4)200,00064,164(5)65,700(5)329,864
Edward Cahill(6)15,942----15,942
Victor Kats(7)--------
Dusty Lieb(8)--------
Gillian Munson(9)28,998250,208(10)233,212(11)512,418
Cheryl Pegus, MS., M.P.H.(12)20,482250,208(13)233,212(14)503,902
Scott Perricelli(15)19,358----19,358
Mark Smith, M.D.(16)37,970----37,970
Alan Spoon, J.D.(17)22,500----22,500
NameFees Earned or Paid in Cash ($)(1)Stock Awards ($)(2)
Total
($)
Michael Weintraub(3)200,000 (4)169,976369,976
Edward Cahill(5)39,979169,976209,955
Lainie Goldstein(6)42,479169,976212,455
Gillian Munson(7)62,500169,976232,476
Cheryl Pegus, M.D. M.P.H.(8)26,776169,976196,753
Ramin Sayar(9)11,667290,314301,981
Mark Smith, M.D.(10)52,500169,976222,476
____________________________________________
(1)The amounts reported represent the prorated annual cash retainer amounts (and the prorated amount, in the case of Dr. Pegus and Mr. Sayar) and committee fees earned by each of our non-employee directors from the date of our initial public offering throughduring the fiscal year ended January 31, 20202022 pursuant to our Non-Employee Director Compensation Policy. For Mr. Weintraub, such amount also includes $10,671 that was providedCahill and Ms. Goldstein elected to himreceive their annual cash Board retainer of $34,975 in recognition of his contributions for the fiscal year ended January 31, 2020. Additionally, prior to our initial public offering, certain directors had individual compensation arrangements with us and received cash and equity compensation pursuant to such arrangements, as further described below.DSUs.
(2)The amounts reported represent the aggregate grant date fair value of the RSUs granted during fiscal year ended January 31, 2020,2022, as computed in accordance with FASB ASC 718. Such grant value does not take into account any estimated forfeitures. The assumptions used in calculating the grant date fair value are set forth in the notesFor additional information about these awards, see note 3(w) to our audited consolidated financial statements included in our 2022 Annual Report on Form 10-K for fiscal year ended January 31, 2020 filed with the SEC on April 23, 2020.Report. The amounts reported in this column reflect the accounting cost for these awards and does not correspond to the actual economic value that may be received by the director upon vesting, settlement, or sale of any of the underlying shares of our common stock.
(3)The amounts reported represent the aggregate grant date fair value of the stock options awarded to the certain directors during fiscal year ended January 31, 2020, calculated in accordance with FASB ASC Topic 718. Such grant date fair value does not take into account any estimated forfeitures. The assumptions used in calculating the grant date fair value are set forth in the notes to our financial statements included in our Annual Report on Form 10-K for fiscal year ended January 31, 2020 filed with the SEC on April 23, 2020. The amounts reported in this column reflect the accounting cost for these awards and does not correspond to the actual economic value that may be received by the director upon exercise of any of the underlying shares of common stock.
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(4)As of January 31, 2020,2022, Mr. Weintraub held options to purchase 195,692 shares of our common stock.
(5)Mr. Weintraub was granted an option to purchase 13,65385,692 shares of our common stock and 2,605 RSUs.
(4)    Includes an additional $125,000 in cash fees awarded as a restricted stock unit award for 6,826 shares in March 2019 under our 2018 Stock Option and Grant Plan, or 2018 Plan. Both equity awards became fully vested on January 17, 2020.
(6)result of Mr. Cahill did not have any outstanding equity awards as ofWeintraub’s contributions during the fiscal year ended January 31, 2020.2022. Mr. Weintraub's annual cash fees are capped at $200,000.
(7)Mr. Kats did not have any outstanding equity awards as of January 31, 2020.
(8)Mr. Lieb did not have any outstanding equity awards as of January 31, 2020.
(9)Ms. Munson joined our board of directors in May 2019.(5)    As of January 31, 2020,2022, Mr. Cahill held 2,605 RSUs and 701 DSUs.
(6)     As of January 31, 2022, Ms. Goldstein held 4,323 RSUs and 3,306 DSUs.
(7)    As of January 31, 2022, Ms. Munson held an optionoptions to purchase 42,096 shares of our common stock and 21,048 outstanding9,715 RSUs.
(10)Ms. Munson was granted 21,048 restricted stock units in June 2019 under our 2018 Plan. 10,383 restricted stock units shall vest on the one year anniversary of May 9, 2019 and the remaining restricted stock units shall vest in 3 equal annual installments thereafter, in each case subject to Ms. Munson’s continued service to us through each such vesting date. Upon Ms. Munson's continued service to us through a change in control, 100% of the then-unvested RSUs shall vest immediately prior to the change in control.
(11)Ms. Munson was granted an option to purchase 42,096 shares of our common stock in June 2019 under our 2018 Plan. This option shall vest and become exercisable as follows: 20,764 shares on May 9, 2020, 7,110 shares on May 9, 2021, 7,111 shares on May 9, 2022, and 7,111 shares on May 9, 2023, in each case subject to Ms. Munson’s continued service to us through each such vesting date. Upon Ms. Munson's continued service to us through a change in control, 100% of the then-unvested shares subject to the option shall vest immediately prior to the change in control.
(12)Dr. Pegus joined our board of directors in May 2019.(8)    As of January 31, 2020,2022, Dr. Pegus did not hold any outstanding equity awards. Dr. Pegus’ fees represent her prorated cash retainer from February 1, 2021 until her resignation on October 1, 2021. The $169,976 of stock awards granted in the fiscal year ended January 31, 2022 were fully forfeited upon Dr. Pegus' resignation.
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(9)    Mr. Sayar joined our Board in October 2021. Mr. Sayar's fees represent his prorated cash retainer through January 31, 2022, as well as a new hire grant with a grant date fair market value of $169,940. As of January 31, 2022, Mr. Sayar held an option4,797 RSUs.
(10)    As of January 31, 2022, Dr. Smith held options to purchase 42,09672,193 shares of our common stock and 21,048 outstanding RSUs.2,605 DSUs.

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(13)
Dr. Pegus was granted 21,048 restricted stock units in June 2019 under

PROPOSAL TWO:
RATIFICATION OF APPOINTMENT OF
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Our audit committee has engaged KPMG LLP (“KPMG”) as our 2018 Plan. 10,383 ofindependent registered public accounting firm to perform the restricted stock units shall vest on the one year anniversary of May 23, 2019, and the remaining restricted stock units shall vest in 3 equal annual installments thereafter, in each case subject to Dr. Pegus’ continued service to us through each such vesting date. Upon Dr. Pegus' continued service to us through a change in control, 100% of the then-unvested RSUs shall vest immediately prior to the change in control.
(14)Dr. Pegus was granted an option to purchase 42,096 sharesaudit of our common stock in June 2019 under our 2018 Plan. This option shall vest and become exercisable as follows: 20,764 shares on May 23, 2020, 7,110 shares on May 23, 2021, 7,111 shares on May 23, 2022, and 7,111 shares on May 23, 2023, in each case subject to Dr. Pegus’ continued service to us through each such vesting date. Upon Dr. Pegus' continued service to us through a change in control, 100% offinancial statements, including internal controls over financial reporting, for the then-unvested shares subject to the option shall vest immediately prior to the change in control.
(15)Mr. Perricelli did not have any outstanding equity awards as of January 31, 2020.
(16)As of January 31, 2020, Dr. Smith held options to purchase 84,193 shares of our common stock.
(17)Mr. Spoon resigned from our board of directors in July 2019 in connection with our initial public offering. As of January 31, 2020, Mr. Spoon did not have any outstanding equity awards.
Narrative Disclosure to Non-Employee Director Compensation Table
Below are descriptions of the compensatory agreements with our non-employee directors that were in place during fiscal year ended January 31, 2020 until immediately prior2023, and we are asking you and other stockholders to ratify this appointment. During the fiscal year ended January 31, 2022, KPMG served as our independent registered public accounting firm.
Although ratification of the appointment of KPMG is not required by our bylaws or otherwise, our Board is submitting the appointment of KPMG to stockholders for ratification as a matter of good corporate governance. A majority of the votes properly cast is required in order to ratify the appointment of KPMG. In the event that a majority of the votes properly cast do not ratify this appointment of KPMG, our audit committee will reconsider whether or not to retain KPMG. Even if the appointment is ratified, our audit committee in its discretion may direct the appointment of a different independent registered public accounting firm at any time during the year if they determine that such a change would be in the best interests of the stockholders. Abstentions will have no effect on this proposal. Proposal Two is considered to be a discretionary item, and a brokerage firm will be able to vote on this proposal even if it does not receive instructions.
We expect that a representative of KPMG will attend the Annual Meeting and the representative will have an opportunity to make a statement if he or she so chooses. The representative will also be available to respond to appropriate questions from stockholders.
Policy on Audit Committee Pre-Approval of Audit and Permissible Non-Audit Services of Independent Registered Public Accounting Firm
We have adopted a policy under which our audit committee must pre-approve all audit and permissible non-audit services to be provided by the independent registered public accounting firm. As part of its review, our audit committee also considers whether the categories of pre-approved services are consistent with the rules on accountant independence of the SEC and the Public Company Accounting Oversight Board. Our audit committee has pre-approved all services performed by the independent registered public accounting firm during the fiscal years ended January 31, 2022 and 2021.
Audit Fees
The following table sets forth the fees billed or to be billed by KPMG and its affiliates for professional services rendered with respect to the fiscal years ended January 31, 2022 and 2021. All of these services were approved by our audit committee.
Fee CategoryFiscal 2022Fiscal 2021
Audit Fees(1)$1,890,000 $1,680,015 
Audit-Related Fees(2)— — 
Tax Fees(3)621,681 100,130 
All Other Fees(4)141,780 1,780 
Total Fees$2,653,461 $1,781,925 
_______________________
(1)    For our fiscal years ended January 31, 2022 and 2021, Audit Fees consisted of fees for professional services provided in connection with the audit of our consolidated financial statements, including internal controls over financial reporting, reviews of our quarterly condensed consolidated financial statements and accounting consultations billed as audit services. This category also includes fees
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for services incurred in connection with our secondary offerings and services normally provided by KPMG in connection with statutory and regulatory filings or engagements.
(2)    Audit-Related Fees consist of fees billed for assurance and related services that are reasonably related to the performance of the audit or review of our financial statements and not reported under “Audit Fees,” including accounting consultations in connection with acquisitions.
(3)    Tax Fees consist of fees for professional services for tax compliance, tax advice and tax planning. These services include consultation on tax matters and assistance regarding federal, state, sales and use and international tax compliance.
(4)    All Other Fees consist of aggregate fees billed for products and services provided by the independent registered public accounting firm other than those disclosed above, which include subscription fees paid for access to online accounting research software applications and in connection with other due diligence procedures.

Recommendation of our Board
OUR BOARD RECOMMENDS THAT YOU VOTE “FOR” RATIFICATION OF THE APPOINTMENT OF KPMG LLP AS OUR INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FOR THE FISCAL YEAR ENDING JANUARY 31, 2023.

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REPORT OF THE AUDIT COMMITTEE OF THE BOARD OF DIRECTORS
The audit committee is a committee of the Board comprised solely of financially literate independent directors as required by the listing standards of the NYSE and rules and regulations of the SEC. The audit committee operates under a written charter approved by our Board, which is available on our website at ir.phreesia.com/about-us/governance-documents. The composition of the audit committee, the attributes of its members and the responsibilities of the audit committee, as reflected in its charter, are intended to be in accordance with applicable requirements for corporate audit committees. The audit committee reviews and assesses the adequacy of its charter and the audit committee’s performance on an annual basis.
With respect to our initialfinancial reporting process, our management is responsible for establishing and maintaining internal controls and preparing our financial statements. Our independent registered public offering whenaccounting firm KPMG is responsible for performing an independent audit of our financial statements, including internal controls over financial reporting. It is the compensationresponsibility of the audit committee implementedto monitor and oversee these activities as more specifically set forth in its charter. In connection with these responsibilities, the non-employee director compensation policy.audit committee has:
1.    reviewed and discussed the consolidated audited financial statements with management and KPMG;
2.    discussed with KPMG the matters required to be discussed by the statement on Auditing Standards No. 1301, as amended (AICPA, Professional Standards, Vol. 1. AU section 380), and as adopted by the Public Company Accounting Oversight Board (“PCAOB”); and
3.    received the written disclosures and the letter from KPMG required by applicable requirements of the PCAOB regarding KPMG's communications with the audit committee concerning independence and has discussed with KPMG its independence from us.
Based on the audit committee’s review and discussions with management and KPMG, the audit committee recommended to the Board that the audited financial statements be included in the Annual Report on Form 10-K for the fiscal year ended January 31, 2022 for filing with the SEC.
Respectfully submitted by the members of the audit committee of the Board:
Gillian Munson
In May 2019, Gillian Munson joined our board of directors. As part of Ms. Munson joining our board of directors, we entered into a letter agreement providing her with an annual retainer of $30,000 to be paid quarterly, as well as a stock option to purchase 42,096 shares of our common stock and 21,048 restricted stock units.Lainie Goldstein
Cheryl Pegus, M.D., M.P.H.
In May 2019, Cheryl Pegus, M.D., M.P.H. joined our board of directors. As part of Dr. Pegus joining our board of directors, we entered into a letter agreement providing her with an annual retainer of $30,000 to be paid quarterly, as well as a stock option to purchase 42,096 shares of our common stock and 21,048 restricted stock units.
Mark Smith, M.D.
On September 5, 2018, we entered into a letter agreement with Dr. Smith in connection with his service as an independent director on our board of directors. Such letter agreement provided Dr. Smith with an annual retainer of $30,000 to be paid quarterly as well as a stock option to purchase 84,193 shares of our common stock.
Alan Spoon, J.D.
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On October 22, 2018, we entered into a letter agreement with Mr. Spoon in connection with his service as an independent director on our board of directors. Such letter agreement provided Mr. Spoon with an annual retainer of $30,000 to be paid quarterly. Mr. Spoon resigned from his role as a director immediately prior to our initial public offering.
Michael Weintraub
On December 26, 2018, we entered into a Board Chairman Agreement with Michael Weintraub with an effective date of March 12, 2018. Pursuant to such agreement, Mr. Weintraub was eligible to receive $200,000 for his services from the period commencing March 12, 2018 through December 31, 2018, and received an additional $25,000 per month for each successive six month period commencing January 2019. Mr. Weintraub also received a stock option to purchase 56,887 shares of our common stock.

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PROPOSAL TWO:
RATIFICATION OF APPOINTMENT OF
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Our audit committee has engaged KPMG LLP (“KPMG”) as our independent registered public accounting firm to perform the audit of our financial statements for the fiscal year ended January 31, 2021, and we are asking you and other stockholders to ratify this appointment. During the fiscal year ended January 31, 2020, KPMG served as our independent registered public accounting firm.

Although ratification of the appointment of KPMG is not required by our bylaws or otherwise, our Board is submitting the appointment of KPMG to stockholders for ratification as a matter of good corporate governance. A majority of the votes properly cast is required in order to ratify the appointment of KPMG. In the event that a majority of the votes properly cast do not ratify this appointment of KPMG, our audit committee will reconsider whether or not to retain KPMG. Even if the appointment is ratified, our audit committee in its discretion may direct the appointment of a different independent registered public accounting firm at any time during the year if they determine that such a change would be in the best interests of the stockholders.

We expect that a representative of KPMG will attend the Annual Meeting and the representative will have an opportunity to make a statement if he or she so chooses. The representative will also be available to respond to appropriate questions from stockholders.

Policy on Audit Committee Pre-Approval of Audit and Permissible Non-Audit Services of Independent Registered Public Accounting Firm

We have adopted a policy under which our audit committee must pre-approve all audit and permissible non-audit services to be provided by the independent registered public accounting firm. As part of its review, our audit committee also considers whether the categories of pre-approved services are consistent with the rules on accountant independence of the SEC and the Public Company Accounting Oversight Board. Our audit committee has pre-approved all services performed by the independent registered public accounting firm since the pre-approval policy was adopted prior to our initial public offering.

Audit Fees

The following table sets forth the fees billed or to be billed by KPMG and its affiliates for professional services rendered with respect to the fiscal years ended January 31, 2020 and 2019. All of these services were approved by our audit committee.

Fee CategoryFiscal 2020Fiscal 2019
Audit Fees(1)$976,500  $2,522,143  
Audit-Related Fees(2)131,000  —  
Tax Fees(3)126,500  —  
All Other Fees(4)1,780  256,727  
Total Fees$1,235,780  $2,778,870  
_______________________
(1)Audit Fees consist of fees for professional services provided in connection with the audit of our financial statements, reviews of our quarterly financial statements and accounting consultations billed as audit services. This category also includes fees for services incurred in connection with our initial public offering and services normally provided by KPMG in connection with statutory and regulatory filings or engagements.
(2)Audit-Related Fees consist of fees billed for assurance and related services that are reasonably related to the performance of the audit or review of our financial statements and not reported under “Audit Fees,” including accounting consultations in connection with acquisitions.
(3)Tax Fees consist of fees for professional services for tax compliance, tax advice and tax planning. These services include consultation on tax matters and assistance regarding federal, state and international tax compliance.
(4)All Other Fees consist of aggregate fees billed for products and services provided by the independent registered public accounting firm other than those disclosed above, which include subscription fees paid for access to online accounting research software applications and data and permissible advisory services in connection with the adoption of Financial Accounting Standards Board Accounting Standards Codification Section (“ASC Topic”) 606.
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Recommendation of our Board

OUR BOARD RECOMMENDS THAT YOU VOTE “FOR” RATIFICATION OF THE APPOINTMENT OF KPMG LLP AS OUR INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FOR THE FISCAL YEAR ENDING JANUARY 31, 2021.
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REPORT OF THE AUDIT COMMITTEE OF THE BOARD OF DIRECTORS
The audit committee is a committee of the Board comprised solely of independent directors as required by the listing standards of the New York Stock Exchange and rules and regulations of the Securities and Exchange Commission (“SEC”). The audit committee operates under a written charter approved by our Board, which is available on our website at ir.phreesia.com/about-us/governance-documents. The composition of the audit committee, the attributes of its members and the responsibilities of the audit committee, as reflected in its charter, are intended to be in accordance with applicable requirements for corporate audit committees. The audit committee reviews and assesses the adequacy of its charter and the audit committee’s performance on an annual basis.
With respect to our financial reporting process, our management is responsible for (1) establishing and maintaining internal controls and (2) preparing our financial statements. Our independent registered public accounting firm, KPMG LLP (“KPMG”), is responsible for performing an independent audit of our financial statements. It is the responsibility of the audit committee to oversee these activities. It is not the responsibility of the audit committee to prepare our financial statements. These are the fundamental responsibilities of management. In the performance of its oversight function, the audit committee has:
1.reviewed and discussed the audited financial statements with management and KPMG;
2.discussed with KPMG the matters required to be discussed by the statement on Auditing Standards No. 1301, as amended (AICPA, Professional Standards, Vol. 1. AU section 380), and as adopted by the Public Company Accounting Oversight Board (“PCAOB”); and
3.received the written disclosures and the letter from KPMG required by applicable requirements of the PCAOB regarding the independent accountant’s communications with the audit committee concerning independence and has discussed with KPMG its independence.
Based on the audit committee’s review and discussions with management and KPMG, the audit committee recommended to the Board that the audited financial statements be included in the Annual Report on Form 10-K for the fiscal year ended January 31, 2020 for filing with the SEC.
Respectfully submitted by the members of the audit committee of the Board:
         Gillian Munson
         Scott Perricelli
Mark Smith, M.D.
The information contained in this audit and risk committee report shall not be deemed to be “soliciting material,” “filed” with the SEC, subject to Regulations 14A or 14C of the Exchange Act, or subject to the liabilities of Section 18 of the Exchange Act. No portion of this audit and risk committee report shall be deemed to be incorporated by reference into any filing under the Securities Act, or the Exchange Act, through any general statement incorporating by reference in its entirety the proxy statement in which this report appears, except to the extent that we specifically incorporate this report or a portion of it by reference. In addition, this report shall not be deemed filed under either the Securities Act or the Exchange Act.
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PROPOSAL THREE:
NON-BINDING, ADVISORY VOTE ON EXECUTIVE COMPENSATION

We are asking our stockholders to vote to approve, on a non-binding, advisory basis, the compensation of our named executive officers for our fiscal year ended January 31, 2022 as disclosed in this Proxy Statement, in accordance with the requirements of Section 14A of the Exchange Act. As described in detail under the heading “Compensation Discussion and Analysis,” our executive compensation program is designed to drive and reward performance and align the compensation of our named executive officers with the long-term interests of our stockholders. Please read the “Compensation Discussion and Analysis” and the compensation tables and narrative disclosure that follow for additional details about our executive compensation program, including information about the compensation of our named executive officers.
This proposal, commonly known as a “say-on-pay” proposal, gives our stockholders the opportunity to express their views on our named executive officers’ compensation as a whole. This vote is not intended to address any specific element of compensation but rather the overall compensation of our named executive officers and the philosophy, policies and practices described in this Proxy Statement. Our Board and our compensation committee believe that these policies and practices are effective in implementing our compensation philosophy and in achieving our compensation program goals.
At our 2021 annual meeting of stockholders, our stockholders voted on a proposal regarding the frequency of holding a non-binding, advisory vote on the compensation of our named executive officers. More than 96% of the votes cast on the frequency proposal were cast in favor of holding a non-binding, advisory vote on the compensation of our named executive officers annually, which was consistent with the recommendation of our Board. Our Board considered the voting results with respect to the frequency proposal and other factors, and the Board currently intends for the Company to hold a non-binding, advisory vote on the compensation of our named executive officers every year until the next required advisory vote on the frequency of holding the non-binding, advisory vote on the compensation of our named executive officers, which will occur at the 2027 annual meeting of stockholders.
Accordingly, we are asking our stockholders to vote “FOR” the following resolution:
RESOLVED, that the stockholders hereby approve, on a non-binding, advisory basis, the compensation paid to the Company’s named executive officers, as disclosed in the Company’s proxy statement for the 2022 Annual Meeting of Stockholders, pursuant to Item 402 of Regulation S-K, including in the Compensation Discussion and Analysis, the compensation tables and the narrative discussions that accompany the compensation tables.
Vote Required
The approval of this non-binding, advisory proposal requires the affirmative vote of a majority of the votes properly cast. Abstentions and broker non-votes will have no effect on this proposal. As an advisory vote, the outcome of the vote on this proposal is not binding. However, our management team, our Board and our compensation committee, which is responsible for designing and administering our executive compensation program, value the opinions expressed by our stockholders, whether through this vote or otherwise, and will consider the outcome of this vote when making future executive compensation decisions.
Recommendation of our Board
OUR BOARD RECOMMENDS THAT YOU VOTE “FOR” THE APPROVAL, ON A NON-BINDING, ADVISORY BASIS, OF THE COMPENSATION OF OUR NAMED EXECUTIVE OFFICERS, AS DISCLOSED IN THIS PROXY STATEMENT.
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EXECUTIVE OFFICERS


The following table identifies certain information about our executive officers, including their ages, as of May 27, 2020.17, 2022:
NameAgePositions
Chaim Indig4143Chief Executive Officer and Director
Thomas AltierRandy Rasmussen7050Chief Financial Officer
Evan Roberts4143Chief Operating Officer
Charles KallenbachAllison Hoffman5651General Counsel and Secretary
David Linetsky4042Senior Vice President, Life Sciences
Amy Beth VanDuyn4749Senior Vice President, Human Resources
Michael Davidoff49Senior Vice President, Payer Business
Executive Officers
Please refer to “Proposal One: Election of Directors” for Mr. Indig’s biography.
Thomas AltierRandy Rasmussen has served as our Chief Financial Officer since December 2012. Prior to joining the Company, Mr. AltierMay 2021. Previously, he served as our Chief FinancialAccounting Officer at Perceptive Pixel, Inc., which was acquired by Microsoft Corporation in 2012. Priorfrom November 2019 to joining Perceptive Pixel, Inc., Mr. AltierApril 2021. From May 2016 until October 2019, he served as Chief Financial OfficerSenior Vice President and Controller of Cybershift, Inc.Medidata Solutions, a cloud software company that provides a platform for clinical trials. From May 2005 until May 2016, Mr. Rasmussen was at SAP, S.E., a private software management company, from 2000 to 2011.most recently as VP Finance. Mr. Altier receivedRasmussen began his B.A.career with Coopers & Lybrand (now PwC), after receiving his bachelor's degree in HistoryAccounting and Finance from Columbiathe University in New York, New York and an M.B.A. in Accounting from Columbia Business School in New York, New York. Mr. Altierof Colorado at Boulder. He is also a C.P.A.Certified Public Accountant.
Evan Robertshas served as our Chief Operating Officer since January 2019. Mr. Roberts previously served as Vice President of Customer Solutions from January 2012 until January 2019, and as our Chief Technology Officer from inception in January 2005 until January 2012. Prior to co-founding Phreesia, Mr. Roberts was a senior sales engineer at Spotfire, Inc., where he successfully led the introduction of the analytics software company into the pharmaceutical marketing space. Mr. Roberts received his B.S. degree in Computer Engineering from Tufts University in Boston, Massachusetts.
Charles Kallenbach, J.D.Allison Hoffman has served as our General Counsel and Secretary since October 2016.August 2020. Prior to the Company, Mr. Kallenbachjoining Phreesia, Ms. Hoffman served as Chief Legal and Administrative Officer with Intersection Parent, Inc. from January 2016 until August 2020 and as Executive Vice President – General Counsel and Chief Legal Officer at Heartland Payment Systems,Secretary with Martha Stewart Living Omnimedia, Inc., which was acquired by Global Payments, Inc., from December 2012 to January 2007 until April 2016. Mr. Kallenbach began his legal career at Jones DayMs. Hoffman received a B.A. in Psychology and Swidler Berlin Shereff Friedman LLP. Mr. Kallenbach received his J.D. from New York University School of Lawa B.S. in New York, New York and his B.A. degree in HistoryEconomics from the University of Pennsylvania in Philadelphia, Pennsylvania.Pennsylvania and a Juris Doctor from the University of Chicago Law School in Chicago, Illinois.
David Linetskyhas served as our Senior Vice President, Life Sciences since March 2019. He previously served as our Vice President, Analytics and Insights from July 2018 to March 2019, our Vice President, Finance and Analytics from January 2015 to July 2018, our Director of Analytics from January 2013 to December 2014 and our Senior Mathematician from 2008 to 2012. Prior to 2008, Mr. Linetsky served as an intern and consultant to Phreesia from 2005 to 2008. Mr. Linetsky received his B.S. degree in Mathematics from the University of Alberta in Edmonton, Alberta, Canada and his M.Phil. degree in Mathematics and Logic from the Graduate Center of the City University of New York in New York, New York, where he was also a Ph.D. candidate in Mathematics and Logic.
Amy Beth VanDuynhas served as our Senior Vice President of Human Resources since March 2019. She previously served as our Vice President of Human Resources from April 2010 until March 2019. Prior to Phreesia, Ms. VanDuyn worked in human resource leadership roles across many industries including software-as-a-service, hospitality, and public relations. Ms. VanDuyn received her B.A. degree in Hospitality Business from Michigan State University in East Lansing, Michigan.

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Michael Davidoff has served as our Senior Vice President, Payer Business since March 2022. He previously served as our Senior Vice President of Marketing and Business Development since January 2019. Mr. Davidoff previously served as our Vice President of Marketing and Business Development from January 2014 until February 2015, Vice President of Financial Products from June 2010 until December 2013, and Director of Product Marketing from February 2008 until May 2010. Prior to working for Phreesia, Mr. Davidoff held product management and research positions at the March of Dimes and Merck & Co. Mr. Davidoff received his B.S. in Biophysics from Boston College in Boston, Massachusetts and his M.P.H. in Policy and Administration from the University of Minnesota in Minneapolis, Minnesota.

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EXECUTIVE COMPENSATION
Overview
Compensation Discussion and Analysis
This Compensation Discussion and Analysis describes our executive compensation program and the decisions during the fiscal year ended January 31, 2022 ("fiscal 2022") regarding the compensation for:
•Chaim Indig, our Chief Executive Officer;
•Randy Rasmussen, our Chief Financial Officer;
•Thomas Altier, our former Chief Financial Officer;
•Allison Hoffman, our General Counsel and Secretary;
•Evan Roberts, our Chief Operating Officer; and
•David Linetsky, our Senior Vice President, Life Sciences.
We refer to these executive officers collectively in this Compensation Discussion and Analysis and the accompanying compensation tables as the “named executive officers” or "NEOs."
Mr. Altier retired from his role as Chief Financial Officer effective April 30, 2021 and was succeeded by Randy Rasmussen as our Chief Financial Officer. Mr. Altier is included as an NEO in this Proxy Statement pursuant to applicable SEC rules.
This Compensation Discussion and Analysis provides an overview of our executive compensation philosophy, the overall objectives of our executive compensation program, and each element of compensation that we provide. In addition, we explain how and why our compensation committee arrived at the specific compensation policies and decisions involving our NEOs during fiscal 2022.
This Compensation Discussion and Analysis contains forward-looking statements that are based on our current plans, considerations, expectations, and determinations regarding future compensation plans and arrangements. The actual compensation plans and arrangements that we adopt may differ materially from currently anticipated plans and arrangements as summarized in this Compensation Discussion and Analysis.
Executive Summary
We are a leading provider of comprehensive software solutions that improve the operational and financial performance of healthcare organizations by activating patients in their care to optimize patient health outcomes. Through our SaaS-based technology platform, which we refer to as the Phreesia Platform or our Platform, we offer healthcare services clients a robust suite of integrated solutions that manage patient access, registration, payments and clinical support. Our Platform also provides life sciences companies, patient advocacy, public interest and other not-for-profit organizations with a channel for targeted and direct communication with patients.
Our compensation programs are designed to:
•attract, motivate, incentivize and retain employees at the executive level who contribute to our long-term success;
•provide compensation packages to our executives that are fair and competitive, and reward high performance and the achievement of our business objectives and effectively align their interests with those of our stockholders; and
•effectively align our executives' interests with those of our stockholders by focusing on long-term equity incentives (both time-based and performance-based) that correlate with the growth of sustainable long-term value for our stockholders.
Our executive compensation program is designed to be competitive and appropriately balance our goals of attracting, motivating, incentivizing, and retaining our executive officers. To align our executive
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officers’ interests with those of our stockholders and to motivate and reward individual initiative and effort, a substantial portion of each executive officer’s target annual total direct compensation opportunity is “at-risk,” meaning the amounts paid to each executive officer will vary based on our Company performance and their contributions to that performance.
We emphasize performance-based compensation (i) that rewards our executive officers for delivering financial, operational, and strategic results relative to pre-established annual goals through our cash bonus plan and (ii) that rewards our executive officers based on our total shareholder return (“TSR”) performance relative to the Russell 3000 index through awards of relative TSR performance stock units (“PSUs”). In fiscal 2022, we increased the proportion of performance-based awards for our NEOs relative to their time-based equity awards as set forth in greater detail below.
To help retain our executive team, we also grant our executive officers equity awards using service-based vesting restricted stock units (“RSUs”) with a four-year vesting schedule.
We evaluate our executive compensation philosophy and executive compensation program, including design and competitiveness, at least annually and as circumstances require. We also consider the results of our annual non-binding, advisory vote on the compensation of our NEOs ("say-on-pay") and shareholder feedback. At our 2021 annual meeting, our say-on-pay proposal received 91% of votes cast. Given these positive results, we did not make any changes to our executive compensation program or policies directly as a result of this vote.
Fiscal Year 2022 Business Highlights
•Revenue was $213.2 million in fiscal 2022, up 43% year-over-year.
•Average number of healthcare services clients was 2,074 in fiscal 2022, up 21% year-over-year.
•Average revenue per healthcare services client was $77,478 in fiscal 2022, up 11% year-over-year.
•Adjusted EBITDA was negative $59.0 million in fiscal 2022, as compared to $3.8 million in fiscal 2021, as investments in our growth were accelerated in accordance with our plan for fiscal 2022.
•Cash and cash equivalents as of January 31, 2022 were $313.8 million, up from $218.8 million as of January 31, 2021.
To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we provide investors with certain non-GAAP financial measures, including Adjusted EBITDA. For a full reconciliation of our non-GAAP financial measure to the most directly comparable financial measure stated in accordance with GAAP, please see the “Non-GAAP Financial Measures” in Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our 2022 Annual Report and Exhibits 99.1 and 99.2 to our Current Report on Form 8-K filed with the SEC on March 30, 2022.
Highlights of Fiscal 2022 Executive Compensation Program
Consistent with our performance and compensation objectives for fiscal 2022, our compensation committee took the following key actions relating to the compensation of our NEOs for fiscal 2022:
Base Salary – Approved changes to annual base salaries at the start of fiscal 2022 that ranged from a 38.5% decrease to a 21.2% increase. We believe these increases (excluding the decrease in Mr. Altier's base salary due to his transition out of the Chief Financial Officer role) are appropriate to make our executives’ compensation more consistent with those of comparable public company executives after a transition period following our July 2019 initial public offering. The resulting salaries are generally consistent with the market median, although we do not maintain a formal target market position. The base salary of our Chief Executive Officer was not increased at the end of fiscal 2022 and will remain unchanged for fiscal 2023.
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Bonus Plan – Awarded a 139.2% payout for the 30% bonus paid out in the first half of fiscal year 2022 and awarded a 127.0% payout for the 70% full fiscal 2022 bonus paid out in the second half of fiscal 2022, resulting in a 130.7% weighted average payout for the full fiscal year 2022 bonus. This reflected a formulaic outcome based on performance against our pre-existing goals, including our strong revenue growth of 43% year-over-year. The fiscal 2022 bonus plan included an option to elect that the bonus be paid out in fully vested RSUs with a 15% premium for liquidity. Bonus RSUs are subject to a one-year holding period for our Chief Executive Officer and our Chief Operating Officer.
PSUs – Granted three-year, cliff-vesting PSUs to executive officers that are earned and vest based on three-year TSR compared to the Russell 3000 index, which we believe, based on our research, represents a potential substitute investment for our stockholders. The grant date fair values of these equity awards are calculated using a Monte Carlo model and are set forth in the “Fiscal 2022 Summary Compensation Table” and the “Fiscal 2022 Grants of Plan-Based Awards Table” below. In fiscal 2022 we increased the proportion of PSUs awarded to our NEOs relative to their total equity compensation awards in order to further align our stockholders’ and our executives’ interests.
ESPP – Activated the Phreesia, Inc. 2019 Employee Stock Purchase Plan (the “ESPP”) pursuant to which employees, including our executives, are able to purchase shares of our common stock through payroll deductions, subject to certain limitations outlined in the ESPP.
Fiscal 2022 Executive Compensation Policies and Practices
Our executive compensation policies and practices reinforce our pay-for-performance philosophy and align with sound governance principles. Listed below are highlights of our fiscal 2022 compensation policies and practices.
What we doWhat we do not do
☑  Align executive compensation with performance☒  No tax gross-ups on severance or change in control benefits
☑  Use equity-based compensation to deliver a majority of the total compensation of our executive officers to further align their interests with those of our stockholders☒  No guaranteed bonuses or base salary increases
☑  Grant PSUs that are based on three-year TSR performance relative to substitute investments☒  No post-termination retirement, pension or deferred compensation benefits
☑  Use “at risk” compensation, in the form of cash bonus and PSUs to align our executive officers’ interests with the interests of our stockholders☒   No strict targeting compensation to a specific percentile
☑  Maintain a compensation committee consisting solely of independent directors with extensive relevant experience☒   No hedging or pledging of securities by any employees or directors
☑  Conduct an annual review of our executive compensation strategy, competitiveness and peer group☒   No perquisites, health, or other benefits, other than those that are generally available to our employees
☑  Retain an independent compensation consultant who reports directly to our compensation committee
Role of the Compensation Committee
Our compensation committee is responsible for the compensation programs for our executive officers and reports to our boardBoard on its discussions, decisions, and other actions. These responsibilities include
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setting executive officer base salaries, annual cash bonus opportunities, equity compensation, employment offers (including post-employment compensation arrangements), severance arrangements, and other compensation, perquisites, and other personal benefits, if any. The compensation committee’s review of the salary levels, annual cash bonus opportunities, and long-term incentive compensation opportunities of our executive officers generally occurs in the third or fourth fiscal quarter.
Our Chief Executive Officer makes compensation recommendations to our compensation committee for each of our executive officers, other than with respect to his own compensation. These recommendations cover each executive officer’s total target direct compensation, consisting of base salary and short-term and long-term compensation, including equity incentives. In making these recommendations, our Chief Executive Officer considers a variety of factors, including our results, the executive officer’s individual contribution toward these results, the executive officer’s role and performance of his or hersuch executive officer's duties and his or herthe executive officer's achievement of individual goals, as well as the relative compensation among all of our executiveother officers. Our compensation committee reviews the recommendations of our Chief Executive Officer and other data, including compensation survey data and publicly-available data of our peers.peer group. Our compensation committee then determines the target total direct compensation, and each element thereof, for each of our executive officers includingother than our Chief Executive Officer.Officer, and recommends our Chief Executive Officer's total direct compensation to the independent members of our Board. While our Chief Executive Officer attends certain meetings of our compensation committee, our compensation committee meets outside the presence of our Chief Executive Officer when discussing his compensation and when discussing certain other matters as well.
Role of the Compensation Consultant
Our compensation committee is authorized to retain the services of one or more executive compensation advisors, as it sees fit, in connection with the establishment of our executive compensation programs and related policies. In the fiscal year ended January 31, 2020,2022, the compensation committee continued to retain FW Cook, Inc. ("FW Cook") to provide it with market information, analysis and other advice relating to executive compensation on an ongoing basis. The compensation committee engaged FW Cook Inc. to, among other things, assist in developing a group of peer companies to help us determine overall compensation for our executive officers, as well as to assess each separate element of compensation. The goal was to ensure that the compensation we offer to our executive officers, individually as well as in the aggregate, is competitive and aligned with our business and executive talent requirements. requirements while being appropriate relative to our peer group.
We do not believe the retention of, and the work performed by, FW Cook Inc. creates any conflict of interest, because FW Cook performs no other work for the Company besides advising the compensation committee.
Competitive Position
The compensation providedcommittee reviews and considers the compensation levels and practices of a group of comparable healthcare IT and SaaS companies. The companies in this compensation peer group were selected based on similarity to us in characteristics such as market capitalization, size, shareholder return and industry focus.
In September 2021, with the assistance of FW Cook, the compensation committee developed a compensation peer group to reflect our namedkey financial attributes and recognize our business focus. For fiscal 2022, the executive officerscompensation peer group consisted of the companies identified below, as recommended by FW Cook and approved by the compensation committee. The companies in this executive compensation peer group were selected because they met criteria based primarily on similarity of their business and average market capitalization during the prior year. 
The primary criteria for our peers were that they are in software industry and their market capitalization. We focused on market capitalization as it drives grant values and because revenue and earnings lag for several years in a subscription-based, high growth company like ours. Our market capitalization at the start of September 2021 was almost $3.2 billion, which was above the 75th percentile of the average peer market capitalization in the prior fiscal year, ended January 31, 2020which is set forth in the Summary Compensation Table below and the accompanying footnotes and narrative that follow this section.
Our named executive officers for the fiscal year ended January 31, 2020,period during which consisted of our principal executive officer and our two most highly compensated executive officers other than our principal executive officer, were:
•Chaim Indig, our Chief Executive Officer;
•Thomas Altier, our Chief Financial Officer; and
•Evan Roberts, our Chief Operating Officer.
Our executive compensation program is based on a pay for performance philosophy. Compensation for our executive officers is composed primarily of the following main components: base salary, incentive compensation and equity incentives in the form of stock options and RSUs. Our executive officers, like all full-time employees, are eligible to participate in our health and welfare benefit plans. As we continue to transition from a private company to a publicly-traded company, we intend to evaluate our compensation philosophy and compensation plans and arrangements as circumstances require.



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Fiscal 2020 Summary Compensation Tablepeers made their compensation decisions as disclosed in their proxy statements. The range of peer market capitalization during the prior year was approximately $1.25 billion to $7.8 billion, with a median of $2.86 billion, making Phreesia larger than the median peer at the time of analysis. The compensation committee viewed the peer group as generally reflecting both our labor market and size at the time the peer group was approved. The size was viewed as reasonable, since the majority of the peers had lower market capitalization during the prior year than we had at the time the peer group was chosen.

2UEverbridgeRapid7
BandwidthHealth CatalystSPS Commerce
BlackbaudMomentive GlobalWorkiva
CheggPagerDutyYext
ClouderaPaylocity
Market data from the peer group was used as a reference point for the compensation committee to assess our current compensation levels in its deliberations on compensation forms and amounts.
The following table provides information regardingcompensation committee reviews our compensation peer group annually and may make adjustments to its composition, considering changes in both our business and the total compensation, for services rendered in all capacities, that was earned by our named executive officers during the fiscal year ended January 31, 2020.
Name and Principal PositionYearSalary
($)
Stock
Awards
($)(1)(2)
Option
Awards
($)(3)
Non-Equity Incentive Plan Compensation
 ($)(4)
Total ($)
Chaim Indig,

Chief Executive Officer
2020345,8337,588,6992,463,74776,16510,474,444
2019300,000——210,249510,249
Thomas Altier,

Chief Financial Officer
2020275,0002,054,670109,50085,9492,525,119
2019275,000——105,124380,124
Evan Roberts,

Chief Operating Officer
2020275,0003,154,678109,50083,0313,622,209
2019275,000——105,124380,124
_______________________
(1)The amounts reported represent the aggregate grant date fair valuebusinesses of the RSUs awarded to our named executive officers during fiscal year ended January 31, 2020, as computed in accordance with FASB ASC Topic 718. Such grant date fair value does not take into account any estimated forfeitures related to service-vesting conditions. The assumptions used in calculating the grant date fair value of the RSUs reported in this column are set forthcompanies in the notes to our financial statements included in our Annual Report on Form 10-K for fiscal year ended January 31, 2020 filed with the SEC on April 23, 2020. The amounts reported in this column reflect the accounting cost for the RSUs and do not correspond to the actual economic value that may be received by the named executive officer upon vesting, settlement or sale of any of the underlying sharespeer group.
Elements of our common stock.
(2)The amounts reported for fiscal year ended January 31, 2020 also include the aggregate grant date value of RSUs granted on August 5, 2019 to each named executive officer who elected to receive all or a portion of the second payment for his target annual cash incentive compensation under our Senior Executive Cash Incentive Bonus Plan for fiscal year ended January 31, 2020 in the form of RSUs instead of cash. Messrs. Indig, Altier, and Roberts each elected to receive 100%, 50%, and 50%, respectively, of the second payment of their target annual incentive compensation in the form of RSUs. Such amount that each officer elected to receive in RSUs instead of cash equates to $147,000, $38,500, and $38,500, respectively, of their target annual incentive compensation for Messrs. Indig, Altier, and Roberts. The amounts reported in the table are based upon the grant date fair value of such awards assuming probable achievement. The grant date fair value of the awards at the maximum level of achievement is as follows: Mr. Indig, $293,956; Mr. Altier, $76,981; and Mr. Roberts, $76,891. The amounts reported in the table are based on target, converting such dollar amount into a number of RSUs based on the closing price of our common stock, as reported on NYSE, of $26.44 per share on the grant date. In April 2020, our compensation committee determined that each officer achieved 124% of their applicable target bonus, and as such, an equivalent number of RSUs for such August 2019 awards based on 124% achievement of target were deemed earned and vested as of April 24, 2020. The remaining unvested RSUs shall immediately be forfeited upon the compensation committee’s final determination as to each named executive officer’s earned bonus for fiscal year ended January 31, 2020.
(3)The amounts reported represent the aggregate grant date fair value of the stock options awarded to the named executive officer during the fiscal year ended January 31, 2020 as computed in accordance with FASB ASC Topic 718. Such grant date fair value does not take into account any estimated forfeitures related to service-vesting conditions. The assumptions used in calculating the grant date fair value of the stock options reported in this column are set forth in the notes to our financial statements included in our Annual Report on Form 10-K for the fiscal year ended January 31, 2020 filed with the SEC on April 23, 2020. The amounts reported in this column reflect the accounting costs for these stock options and do not correspond to the actual economic value that may be received by the named executive officers upon exercise of the stock options.
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(4)The amounts reported represent the bonuses paid in cash earned by the named executive officer during fiscal year ended January 31, 2020, based upon the achievement of certain individual and company metrics pursuant to the terms and conditions of our Senior Executive Cash Incentive Bonus Plan.
Narrative to Summary Compensation TableProgram
Base Salaries
We use base salaries to recognize the experience, skills, knowledge and responsibilities required of all our employees, including our namedNEOs. We establish the initial base salaries of our executive officers.officers through arm’s-length negotiation when we hire the individual executive officer, considering the relevant position, qualifications, experience, and the base salaries of our other executive officers. Base salaries are reviewed annually, typically in connection with our annual performance review process, and adjusted from time to time to realign salaries with market levels after taking into account individual responsibilities, performance and experience. During fiscal year ended January 31, 2020, the annual base salaries for each of Messrs. Indig, Altier and Roberts were originally $300,000 but increased to $350,000 as of March 1, 2019, $275,000 and $275,000, respectively.
In November 2019,2020, the compensation committee reviewed the base salaries of our executive officers considering a competitive market analysis prepared by FW Cook, the recommendations of our management team, and the other factors described above. While the compensation committee does not benchmark base salary to any specific percentile, it does position base salaries generally near the market median.
The base salaries of our NEOs following the fiscal 2022 increase approved salary adjustments effective Februaryby our compensation committee in November 2020 were as follows:
Base Salaries
 
Named Executive OfficerFiscal 2021
Base Salary
($)		Fiscal 2022
Base Salary
($)		Increase from
Fiscal 2021
(%)
Chaim Indig 425,000 515,000 21.2 %
Randy Rasmussen(1)
320,000375,00017.2 %
Thomas Altier(2)
 325,000 200,000 (38.5)%
Allison Hoffman 325,000 325,000 — %
Evan Roberts 325,000 375,000 15.4 %
David Linetsky 325,000 375,000 15.4 %
(1) Mr. Rasmussen's base compensation was adjusted in connection with his appointment to Chief Financial Officer on May 1, 2020 for Messrs. Indig, Altier and Roberts2021.
(2) Mr. Altier’s base compensation was adjusted in connection with his appointment to be $425,000, $325,000 and $325,000, respectively.his new position as Strategic Advisor to the Chief Executive Officer on May 1, 2021.

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The compensation committee also reviewed salaries in December 2021 for fiscal 2023 and did not make any adjustments to our Chief Executive Officer's base salary.

Cash Incentive Bonuses
Our executive officers, including our named executive officers,NEOs, are eligible for bonuses pursuant to our Senior Executive Cash Incentive Bonus Plan, which provides for a bi-annual bonus payout based upon achievement of companyCompany performance targets, including total revenue, operatingadjusted free cash flow1, average number of providerhealthcare services clients ,and2, and average revenue per provider client as well as other financial performance targets, as determined by our compensation committee.healthcare services client. 30% of the bonus is based on results for the first half of our fiscal year and the remaining 70% is based on results for the full fiscal year. In August 2019, eachEach named executive officer electedwas assigned a target annual cash incentive compensation opportunity under our Senior Executive Cash Incentive Bonus Plan, which was calculated as a percentage of annual base salary for fiscal 2022. In November 2020 and 2021, the compensation committee reviewed the target annual cash incentive compensation opportunities of our executive officers. The compensation committee generally references the median within our peer group when assessing and making determinations of target annual cash opportunities (base salary plus target bonus) for our executive officers. The compensation committee determined the target annual cash incentive compensation opportunities for Mr. Indig should remain at 100% of his fiscal 2022 annual base salary and that the target annual cash incentive compensation opportunities for Messrs. Rasmussen, Roberts and Linetsky and Ms. Hoffman should be 69%, 69%, 69% and 69%, respectively, of their fiscal 2022 annual base salaries. Under his current employment agreement, effective May 1, 2021, Mr. Altier does not receive any annual cash incentive bonus.
Target Performance-Based Incentives for Fiscal 2022
 
Named Executive Officer Base Salary ($)Target
Performance-Based
Incentive as
Percent of Base
Salary		 Target
Performance-Based
Incentive Under the
Bonus Plan
($)
Chaim Indig 515,000 

100% 

515,000 
Randy Rasmussen375,000 69%260,000 
Thomas Altier1
 200,000 — — 
Allison Hoffman 325,000 

69% 

225,000 
Evan Roberts 375,000 69% 260,000 
David Linetsky 375,000 

69% 

260,000 
_______________________
(1)Mr. Altier does not receive a performance-based incentive bonus in his current role as Strategic Advisor to receive all or partthe Chief Executive Officer.

Fiscal 2022 Incentive Bonus Plan Design
The compensation committee approved the Senior Executive Cash Incentive Bonus Plan performance measures, the related target levels and the payment percentages for each of the remainingperformance measures for the two halves of the fiscal 2022 bonus plan (30% weighting for the first fiscal half performance and 70% weighting for the full fiscal year performance). The performance measures for our Senior Executive Cash Incentive Bonus Plan were based on our corporate achievement against four corporate performance measures for our business: revenue (25% weighting), adjusted free cash flow (25% weighting) average number of healthcare services clients (25% weighting) and average revenue per
1 Adjusted free cash flow is defined as the sum of (1) net cash used in operating activities; (2) capitalized internal-use
software; (3) purchase of property and equipment and (4) property and equipment acquired through finance leases
or vendor financing as reported in the statements of cash flows.
2 Healthcare services clients were previously called provider accounts. We changed this terminology and the names of the related metrics in order to reflect the expansion of our operations in the payer market in the fourth quarter of fiscal 2022.
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healthcare services client (25% weighting). These performance measures (and their relative weighting) are designed to balance profitability and efficiency with growth.
The goals for each of these performance measures were reviewed and approved by our compensation committee, with input from our management. These goals were set to be achievable through diligent effort, and to reward strong management performance in light of our strategic objectives and industry and economic conditions and trends at the time the target levels were set. Our performance measures are defined as follows:
Revenue: means GAAP revenue reported in our statements of operations.
Adjusted free cash flow: means the sum of (1) net cash used in operating activities; (2) capitalized internal-use software; (3) purchase of property and equipment and (4) property and equipment acquired through finance leases or vendor financing as reported in the statements of cash flows.
Healthcare services clients: means the average number of healthcare services client organizations that generate revenue each month during the applicable period. In cases where the Company acts as a subcontractor providing white-label services to its partner's clients, the Company treats the contractual relationship as a single healthcare services client.
Average revenue per healthcare services client: means the total subscription and related services and payment processing revenue generated from a healthcare services clients in a given period divided by the average number of healthcare services clients that generate revenue each month during that same period.
The target levels required for 100% achievement for the corporate performance measures under our Senior Executive Cash Incentive Bonus Plan for the first half of fiscal 2022 were $87.8 million for revenue, negative $30 million for adjusted free cash flow, 1,825 for average number of healthcare services clients and $39,237 for average revenue per healthcare services client. The target levels required for 100% achievement for the corporate performance measures under our Senior Executive Cash Incentive Bonus Plan for the full fiscal 2022 were $197.0 million for revenue, negative $144.4 million for adjusted free cash flow, 1,976 for average number of healthcare services clients and $78,956 for average revenue per healthcare services client. Our NEOs were eligible for annual incentive compensation payouts for full fiscal 2022 only if we met or exceeded 95% of the revenue goal, 100% of the adjusted free cash flow goal, 95% of the average number of healthcare services clients goal and 95% of the average revenue per healthcare services client goal. The compensation committee set high thresholds between 95%-100% to ensure that incentive payments would only follow significant achievement. Revenue achievement of 105% of the revenue goal, average number of healthcare services clients goal and revenue per average healthcare services client goal each result in a maximum payout of 166.7%. Total payouts were capped at 166.7% of the target annual cash incentive opportunity to manage potential incentive compensation costs and manage risk-taking incentive. The payout for our adjusted free cash flow target was capped at 100%.
In August 2021, the compensation committee determined that all employees that participate in the Senior Executive Cash Incentive Plan, including our NEOs, would have the ability to be paid 0%, 50% or 100% of their earned cash incentive bonus in the form of fully-vested RSUs. The portion paid in RSUs instead of cash. Thesewould have a 15% premium to recognize additional stockholder and liquidity risk. Further, bonus RSUs for which earnout was tiedgranted to our Chief Executive Officer and to our Chief Operating Officer are subject to a one-year holding period requirement after the reduction of the initial grant amount for any shares withheld to cover applicable taxes.
Performance in Fiscal 2022 and Payouts
Our compensation committee assessed performance and determined payouts under our Senior Executive Cash Incentive Bonus Plan measuring actual performance against the pre-established target levels for the performance period. We exceeded our revenue and market-share targets for both the first fiscal 2020 bonus goals appearhalf and the full fiscal year payouts. For the first half of fiscal 2022, which had a 30% weighting in the Summary Compensation Tableoverall bonus payment, we exceeded target performance levels for the four equally weighted
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performance measures and the resulting total bonus funding percentage for all four first half goals was 139.2%.

Target Bonuses Funded in the First Fiscal Half of 2022
 
Performance MeasureGoal
($ in thousands except avg revenue per healthcare services client)		 Result
($ in thousands except avg revenue per healthcare services client)		 
Actual 
Achievement
of Goal
(%)

Payout Based on Plan
(%)
Revenue $86,786  $99,298  114.4 % 166.7 %
Adjusted free cash flow $(30,000) $(24,235) 119.2 %100.0 %
Average number of

healthcare services clients1,8251,945106.6 % 166.7 %
Average revenue per healthcare services client $39,237  $39,932  101.8 % 123.6 %

For the full fiscal year 2022, which has a 70% weighting in the overall bonus payment, we exceeded the target performance levels under the "Stock Awards" column because such RSUs were granted atSenior Executive Cash Incentive Bonus Plan for three of the timefour equally weighted performance measures, and the resulting total funding percentage for all four goals were set, with earnout tied to goal achievement. was 127.0%.

Target Bonuses Funded in the Second Half of Fiscal 2022
 
Performance Measure Target
($ in thousands except avg revenue per healthcare services client)		Result
($ in thousands except avg revenue per healthcare services client)		 
Actual 
Achievement
of Target
(%)



Payout
Based on Plan
(%)
Revenue $197,000 $213,233  108.2 %166.7 %
Adjusted free cash flow $(144,400)$(112,924) 121.8 %100.0 %
Average number of healthcare services clients 1,9762,074 105.0 %166.4 %
Average revenue per healthcare services client $78,956 $77,478  98.1 %75.0 %
The bonus targetsoverall payout for Messrs. Indig, Altier, and Robertsfiscal 2022, inclusive of the 139.2% for the first half fiscal year ended January 31, 20202022 payout (which has a 30% weighting), was 130.7%. The total payouts to our NEOs under the Senior Executive Cash Incentive Bonus Plan in fiscal 2022 were 60%, 40%, and 40%all made as fully vested RSUs paid at a 15% premium. Awards were as follows:
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Named Executive Officer Fiscal 2022 Target Annual
Performance-Based
Incentive Compensation
Opportunity
($)		 Fiscal 2022 Actual
Performance-Based
Incentive 
Compensation Received as Cash
($)		Fiscal 2022 Actual
Performance-Based
Incentive 
Compensation Received as Equity
($) (1)
Chaim Indig 515,000  215,064 526,510 
Randy Rasmussen260,000 108,576 265,811 
Thomas Altier(2) —  — — 
Allison Hoffman 225,000  93,960 230,029 
Evan Roberts 260,000  108,576 265,811 
David Linetsky 260,000  108,576 265,811 
_______________________
(1)In the second half of fiscal 2022, each of our NEOs elected to receive 100% of their respective base salaries, respectively. In April 2020,cash bonuses in fully-vested RSUs so actual awards were paid with a 15% premium applied to the earned cash bonus amount. This ability to convert bonus to RSUs was offered to all of our employees for the second half of fiscal 2022. Our Chief Executive Officer and our Chief Operating Officer are required to hold their vested bonus shares (after any tax withholding) for at least one year after the grant date.
(2)Mr. Altier did not receive any annual performance based incentive compensation committee determined that each officer achieved 102.3% of their applicable bonus target. In November 2019,opportunity in his new role as Strategic Advisor to the compensation committee approved target bonus adjustments effective February 1, 2020 for Messrs. Indig, Altier and Roberts to be 100%, 69% and 69% of their respective base salaries.Chief Executive Officer.
Equity Compensation
Our equity grant program is intended to align the interests of our named executive officersNEOs with those of our stockholders and to motivate them to make important contributions to our performance. EIn addition, we believe that equityquity grants with a time-based vesting feature are awarded to promote executive retention, because this feature incentivizeswhile performance equity provides a return for outperforming alternative investments that could have been made by our stockholders.
During the fiscal year ended January 31, 2022, we granted RSUs and PSUs to our NEOs. The time-vested RSUs vest 6.25% per quarter over four years, while the PSUs cliff vest three years after the grant to the extent they are earned for relative TSR performance.
In fiscal 2022, we granted PSUs as part of our annual equity award program for our executive officers. In fiscal 2022, we increased the proportion of PSUs granted to our NEOs relative to their total equity compensation awards, and our Chief Executive Officer was granted target PSUs for 50% of his target annual equity value. We believe that PSUs further align the interests of our executive officers and our shareholders by providing our executive officers with exposure to remainstock price movements, and that PSUs have the potential to reward performance for shareholders. Each PSU cliff vests three years from the grant date if the performance condition is met. The PSUs are paid at target if three-year TSR performance is at the 60th percentile relative to the constituents of the Russell 3000 stock index using the price on the date of grant and the 20 trading-day volume weighted average price at the end of the three-year performance period for both the index and Phreesia in order to neutralize the effect of daily price volatility on the final outcome. Awards may be earned between 0% and 200% of target as described in the following table; however, there is no ability to earn awards above the target level if three-year relative TSR is negative.
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Earnout
(% Target)		Relative
TSR
200.0%90P
166.7%80P
133.3%70P
100.0%60P
95.0%50P
65.0%40P
35.0%30P
5.0%20P
•Linear interpolation between percentiles shown.
•Capped at target if TSR is negative but above 60P.
PSUs are determined based on their target value and the amount reported in the Summary Compensation Table is estimated using a Monte Carlo Simulation model. We believe that PSUs further align our executive officers’ interests with those of our shareholders in order to create shareholder value, both based on the performance of the underlying business, and based on share price performance. The equity award values approved by the compensation committee for grants to the NEOs under our 2019 Plan were:

Named Executive OfficerTarget PSU Value ($ in thousands) (1)RSU Value ($ in thousands)Target Equity Award Value ($ in thousands)
Chaim Indig4,4153,2507,665
Randy Rasmussen2,2913,3505,641
Thomas Altier(2)000
Allison Hoffman1,1551,2502,405
Evan Roberts1,7661,9003,666
David Linetsky1,7661,9003,666
_______________________
(1)Value of PSU awards is number of awards earned for target performance multiplied by the fair market value of PSU grant, as calculated using the Monte Carlo Simulation model.
(2)Mr. Altier did not receive any equity compensation in his new role as Strategic Advisor to the Chief Executive Officer in fiscal 2022.

The actual number of RSUs and PSUs granted were:

 
Named Executive Officer  PSU Target Awards
(#)		 RSU Awards ($) 
Equity Awards
(Aggregate Grant 
Date Fair Value)($)(1)
Chaim Indig  91,420  91,420  7,664,653 
Randy Rasmussen46,232 81,414 5,640,725 
Thomas Altier(2)  —  —  — 
Allison Hoffman  23,909  35,161 2,404,539 
Evan Roberts  36,568  53,445  3,665,838 
David Linetsky  36,568  53,445  3,665,838 
_______________________
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(1)Number of awards based on the closing fair market value of our stock on the date of grant for RSU Awards and fair market value calculated in accordance with ASC 718 for PSU Target Awards.
(2)Mr. Altier did not receive any equity compensation in his new role as Strategic Advisor to the Chief Executive Officer in fiscal 2022.
As of the Record Date, PSUs granted in fiscal 2021 are not tracking to be earned and PSUs granted in fiscal 2022 are tracking to be earned at a 6% payout based on relative TSR versus our peers, although there is additional time remaining before these grants vest. We view this interim outcome as being aligned with our performance-based philosophy.

CEO Realizable Pay Analysis for Fiscal 2021 and 2022

As a result of our recent stock price decline, our Chief Executive Officer's realizable compensation from equity awards, which represents the greatest portion of his total compensation, differs significantly from the grant date fair value of his equity compensation awards reported in the Grants of Plan-Based Awards Table presented in the Compensation Tables below and in our employment duringfiscal 2021 proxy statement. This demonstrates the vesting period. Accordingly,strong connection between total shareholder return and our board periodically reviewsexecutive compensation and highlights our emphasis on pay for performance. The following table presents our Chief Executive Officer's realizable pay in fiscal 2021 and 2022:

NameGrant DateAward Type
Number of Awards(1)
Grant Date Fair Value Reported in Grants of Plan-Based Awards Table ($)
Realizable Value as of May 13, 2022(2) ($)
Chaim Indig1/14/2022PSU91,4204,414,6721,493,803 
1/14/2022RSU91,4203,249,9811,493,803 
1/15/2021PSU23,7021,999,975387,291 
1/15/2021RSU55,5903,499,946908,341 
Total$13,164,574$4,283,238 
_______________________
(1)     Number of PSUs based on target.
(2)    Based on closing share price of $16.34.

As with our other elements of compensation, the compensation committee assesses and determines the amount of equity incentive compensation offor our named executive officers and from time to time may grant equity incentive awards to them. During the year ended January 31, 2020, we granted restricted stock units and options to purchase shares of our common stock to our named executive officers as describedpart of its annual compensation review and after considering a competitive market analysis prepared by FW Cook, the recommendations of our Chief Executive Officer (except with respect to his own long-term incentive compensation), the outstanding equity holdings of each executive officer, the relative level of each officer within our leadership structure, the proportion of our total shares outstanding used for annual employee long-term incentive compensation awards (our “burn rate”), and the total potential dilution to stockholders (our “overhang”) in more detail in the "Outstanding Equity Awards at Fiscal 2020 Year-End" table. Vesting for RSUs provided to our named executive officers is as follows: 10% of RSUs vest on the first anniversary of the grant, 20% of the RSUs vest on the second anniversary of the grant, 30% of the RSUs vest on the third anniversary of the grant, and 40% of the RSUs vest on the fourth anniversary of the grant, subjectrelation to the named executive officer remaining continuously employed with us through each applicable vesting date. As described in further detail above, these amounts
are particularly high for 2020 as they are inclusive of two annual grants due to the shiftcompanies in our annual grant timing, and are also inclusive of the RSUs granted in lieu of annual cash bonus compensation.compensation peer group.

Our compensation committee has also adopted an “Equity Award Grant Policy.” Under this policy, we generally grant equity awards on a regularlyscheduled basis to enhance the effectiveness of our internal control over our equity award grant process. Pursuant to the Equity Award Grant Policy, our compensation committee has delegated certain limited authority to an equity committee, made up of our Chief Executive Officer, Chief Financial Officer and Senior Vice President, Human RecoursesResources to grant routine new hire or promotion equity awards to employees within equity guidelines reviewed and approved from time to time
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by our compensation committee and subject to other limitations and requirements. The equity committee may not grant equity awards to its members, to employees who are subject to the reporting and other provisions of Section 16 of the Exchange Act, or to employees that report to our CEO.Chief Executive Officer. Grants of equity awards are generally made monthly and will be effective on the date such grant is approved by our compensation committee or equity committee, as applicable.
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Health and Welfare Benefits
Our named executive officersNEOs are eligible to participate in all of our employee benefit plans offered to employees, including our medical, dental, life and disability insurance plans, in each case on the same basis as other employees of the same status.
Perquisites and Personal Benefits
We generally do not provide perquisites or personal benefits to our named executive officers.NEOs.
401(k) Plan
We maintain a tax-qualified retirement plan that provides eligible employees with an opportunity to save for retirement on a tax-advantaged basis. All participants’ interests in their contributions are 100% vested when contributed. Contributions are allocated to each participant’s individual account and are then invested in selected investment alternatives according to the participants’ directions. The retirement plan is intended to qualify under Section 401(a) of the Code.
Executive Employment ArrangementsEmployee Stock Purchase Plan
InWe provide additional long-term equity incentives through the ESPP, which was approved by our board in June 2019 and became effective immediately prior to the effectiveness of our registration statement filed in connection with our initial public offering. All of our employees, including our NEOs, may participate in our ESPP and may contribute, through payroll deductions, up to 15% of their earnings for the purchase of our common stock. The ESPP is implemented through a series of offerings to eligible employees. Each offering will have one or more purchase dates on which our common stock will be purchased for employees participating in July 2019,the offering. Shares are purchased for accounts of employees participating in the ESPP at a price per share equal to the lower of (a) 85% of the fair market value of our common stock on the first date of an offering or (b) 85% of the fair market value of our common stock on the date of purchase.
Anti-Hedging and Anti-Pledging Policies
Certain transactions in our securities (such as purchases and sales of publicly traded put and call options, and short sales) create a heightened compliance risk or could create the appearance of misalignment between management and stockholders. In addition, securities held in a margin account or pledged as collateral may be sold without consent if the owner fails to meet a margin call or defaults on the loan, thus creating the risk that a sale may occur at a time when an officer or director is aware of material, non-public information or otherwise is not permitted to trade in Company securities. Our insider trading policy prohibits all directors, executive officers and their most senior direct reports, and all employees in the Company’s finance and legal departments, from engaging in derivative securities transactions, including hedging, with respect to Company securities and from pledging Company securities as collateral, or holding Company securities in a margin account.
Tax and Accounting Considerations
Deductibility of Executive Compensation
Section 162(m) of the Code generally places a $1 million limit on the amount of compensation a public company can deduct in any one year for certain executive officers. While our compensation committee considers tax deductibility as one factor in determining executive compensation, our compensation committee also looks at other factors in making its decisions, as noted above, and retains the flexibility to award compensation that it determines to be consistent with the goals of our executive compensation program, even if the awards are not deductible by us for tax purposes. The former
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exemption from Section 162(m)’s deduction limit for performance-based compensation has been repealed, effective for taxable years beginning after December 31, 2017, such that compensation paid to our NEOs and certain other individuals in excess of $1 million will not be deductible unless it qualifies for the limited transition relief applicable to certain arrangements in place as of November 2, 2017. On March 11, 2021, The American Rescue Plan Act of 2021 (the “ARPA”) was signed into law to assist in the economic and health recovery brought on by the COVID-19 pandemic. Beginning on or after January 1, 2027, the ARPA expands the applicability of Section 162(m) to also include the next five highest paid corporate officers so that the total number of covered employees subject to the $1 million deduction limitation will at least be 10. We expect that a portion of the cash compensation and equity awards to our executive officers will not be deductible under Section 162(m).
Taxation of “Parachute” Payments
Sections 280G and 4999 of the Code provide that executive officers and directors who hold significant equity interests and certain other service providers may be subject to significant additional taxes if they receive payments or benefits in connection with a change in control of the company that exceed certain prescribed limits, and that the company (or a successor) may forfeit a deduction on the amounts subject to this additional tax. We have not agreed to provide any executive officer, including any named executive officer, with a “gross-up” or other reimbursement payment for any tax liability that the executive officer might owe as a result of the application of Sections 280G or 4999 of the Code.
Section 409A of the Code
Section 409A of the Code imposes additional significant taxes in the event that an executive officer, director or service provider receives “deferred compensation” that does not satisfy the requirements of Section 409A of the Code. Although we do not maintain a traditional nonqualified deferred compensation plan for our executive officers, Section 409A of the Code does apply to certain severance arrangements, bonus arrangements and equity awards. We have structured all such arrangements and awards to executive officers in a manner to either avoid or comply with the applicable requirements of Section 409A of the Code.
Accounting for Stock-Based Compensation
We follow the Financial Accounting Standard Board’s Accounting Standards Codification Topic 718 (“FASB ASC Topic 718”) for our stock-based compensation awards. FASB ASC Topic 718 requires us to measure the compensation expense for all share-based payment awards made to our employees and non-employee members of our board, including options to purchase shares of our common stock and other stock awards, based on the grant date “fair value” of these awards. This calculation is performed for accounting purposes and reported in the executive compensation tables required by the federal securities laws, even though the recipient may never realize any value from such awards.
Executive Employment Arrangements
Chaim Indig
On January 25, 2021, we entered into a second amended and restated employment agreementsagreement with Chaim Indig, our named executive officers. EachChief Executive Officer, which became effective on February 1, 2021. The second amended and restated employment agreement provides for at will employment and sets forth each executive’sdoes not have a specific term. Mr. Indig currently receives a fiscal 2023 base salary of $515,000 per year, and he is eligible to receive an annual bonus with a target bonus amount, and eligibilityopportunity equal to participate in our employee benefits plans. Each named executive officer$515,000. Mr. Indig remains subject to our standard employment, confidential information and invention assignment agreement.
Each
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Randy Rasmussen
On April 29, 2021, we entered into a second amended and restated employment agreement alsowith Randy Rasmussen, our Chief Financial Officer, which became effective on May 1, 2021. The second amended and restated employment agreement provides for at will employment and does not have a specific term. Mr. Rasmussen currently receives a fiscal 2023 base salary of $400,000 per year, and he is eligible to receive an annual bonus with a target opportunity equal to $300,000.Mr. Rasmussen remains subject to our standard employment, confidential information and invention assignment agreement.
Thomas Altier
We entered into a second amended and restated employment agreement with Thomas Altier, our former Chief Financial Officer, effective February 1, 2021. The second amended and restated employment agreement provided for at will employment and did not have a specific term. Mr. Altier received a base salary of $375,000 per year, and he was eligible to receive an annual bonus with a target opportunity equal to $260,000. Mr. Altier remained subject to our standard employment, confidential information and invention assignment agreement.
We entered into a third amended and restated employment agreement with Mr. Altier, effective May 1, 2021. Under the new agreement, Mr. Altier remains an employee and serves as the Strategic Advisor to the Chief Executive Officer. The third amended and restated employment agreement provides for at will employment and does not have a specific term. Mr. Altier remains subject to our standard employment, confidential information and invention assignment agreement.
Allison Hoffman
On January 25, 2021, we entered into an amended and restated employment agreement with Allison Hoffman, our General Counsel and Secretary, which became effective on February 1, 2021. The amended and restated employment agreement provides for at will employment and does not have a specific term. Ms. Hoffman currently receives a fiscal 2023 base salary of $350,000 per year, and she is eligible to receive an annual bonus with a target opportunity equal to $250,000. Ms. Hoffman remains subject to our standard employment, confidential information and invention assignment agreement.
Evan Roberts
On January 25, 2021, we entered into a second amended and restated employment agreement with Evan Roberts, our Chief Operating Officer, which became effective on February 1, 2021. The second amended and restated employment agreement provides for at will employment and does not have a specific term. Mr. Roberts currently receives a fiscal 2023 base salary of $400,000 per year, and he is eligible to receive an annual bonus with a target opportunity equal to $300,000. Mr. Roberts remains subject to our standard employment, confidential information and invention assignment agreement.
David Linetsky
On January 25, 2021, we entered into a second amended and restated employment agreement with David Linetsky, our Senior Vice President, Life Sciences, which became effective on February 1, 2021. The second amended and restated employment agreement provides for at will employment and does not have a specific term. Mr. Linetsky currently receives a fiscal 2023 base salary of $400,000 per year, and he is eligible to receive an annual bonus with a target opportunity equal to $300,000. Mr. Linetsky remains subject to our standard employment, confidential information and invention assignment agreement.
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REPORT OF THE COMPENSATION COMMITTEE OF THE BOARD OF DIRECTORS
The Compensation Committee of Phreesia, Inc. has reviewed and discussed with management the “Compensation Discussion and Analysis” section included in this proxy statement required by Item 402(b) of Regulation S-K, and based on such review and discussion, the Compensation Committee recommended to our Board of Directors that this “Compensation Discussion and Analysis” section be included in this proxy statement.

Respectfully submitted,

THE COMPENSATION COMMITTEE OF
THE BOARD OF DIRECTORS OF
PHREESIA, INC.

Michael Weintraub, Chair
Edward Cahill
Gillian Munson

The information contained in this compensation committee report shall not be deemed to be “soliciting material,” “filed” with the eventSEC, subject to Regulations 14A or 14C of the executive’s employment is terminated by us without “cause” (as defined in the agreement) outside of a “change in control” (as defined in the agreement), thenExchange Act, or subject to the execution and effectivenessliabilities of a separation agreement and a general release of claims in our favor, the executive is entitled to receive (i) continuationSection 18 of the executive’s base salary for six months (twelve months for Messrs. Indig and Roberts), and (ii) subjectExchange Act. No portion of this compensation committee report shall be deemed to be incorporated by reference into any filing under the Securities Act, or the Exchange Act, through any general statement incorporating by reference in its entirety the proxy statement in which this report appears, except to the executive’s copayment of premium amounts at the applicable active employee’s rate and the executive’s proper election to receive benefits under COBRA, a monthly payment equal to the monthly employer contributionextent that we would have made to provide health insurance tospecifically incorporate this report or a portion of it by reference. In addition, this report shall not be deemed filed under either the executive if the executive had remained employed by us until the earlier of six months (twelve months for Messrs. Indig and Roberts) following the date of termination, the executive’s eligibility for group medical plan benefits under another employer’s group medical plan,Securities Act or the executive’s continuation rights under COBRA terminates.Exchange Act.
Each agreement also provides that, in the event the executive is terminated without cause or for “good reason” (as defined in the agreement) within 24 months following a change in control, then subject to the execution and effectiveness of a separation agreement and a general release of claims in our favor, the executive is entitled to receive (i) an amount equal to 12 months base salary (eighteen months for Messrs. Indig and Roberts) plus the pro rata portion of the executive’s target bonus through the termination date, (ii) acceleration of all time-based options and time-based stock awards, and (iii) subject to the executive’s copayment of premium amounts at the applicable active employee’s rate and the executive’s proper election to receive benefits under COBRA, a monthly payment equal to the monthly employer contribution that we would have made to provide health insurance to the executive if the executive had remained employed by us until the earlier of twelve months (eighteen months for Messrs. Indig and Roberts) following the date of termination, the executive’s eligibility for group medical plan benefits under another employer’s group medical plan, or the executive’s continuation rights under COBRA terminates.






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COMPENSATION TABLES

Fiscal 2022 Summary Compensation Table
The following table provides information regarding the total compensation, for services rendered in all capacities, that was earned by our NEOs during the fiscal years ended January 31, 2022, 2021, and 2020.
Name and Principal PositionYear

Salary
($)
Stock
Awards
($)(1)
Option
Awards
($)(2)
Non-Equity Incentive Plan Compensation (3)Total ($)
Chaim Indig,
Chief Executive Officer
2022515,000 8,191,163 (7)— 215,064 8,921,227 
2021418,750 (6)5,499,921 (7)— 486,625 6,405,296 
2020345,833 7,588,699 2,463,747 76,165 10,474,444 
Randy Rasmussen,2022361,250 (4)5,906,536 (8)— 108,576 6,376,362 
Chief Financial Officer
Thomas Altier,
Former Chief Financial Officer
2022243,750 (5)— — — 243,750 
2021320,833 (6)624,895 (9)— 257,625 1,203,353 
2020275,000 2,054,670 109,500 85,949 2,525,119 
Allison Hoffman,
General Counsel & Secretary
2022325,000 

2,634,568 (10)— 93,960 3,053,528 
2021142,803 3,649,949 (10)— 124,219 3,916,970 
Evan Roberts,
Chief Operating Officer
2022375,000 

3,931,649 (11)— 108,576 4,415,225 
2021320,833 (6)2,499,896 (11)— 257,625 3,078,354 
2020275,000 3,154,678 109,500 83,031 3,622,209 
David Linetsky
SVP, Life Sciences
2022375,000 

3,931,649 (11)— 108,576 4,415,225 
2021320,833 (6)2,499,896 (11)— 257,625 3,078,354 
_______________________
(1)    The amounts reported represent the aggregate grant date fair value of the RSUs and PSUs awarded to our NEOs during fiscal years ended January 31, 2022, 2021 and 2020 as computed in accordance with FASB ASC Topic 718. Such grant date fair value does not take into account any estimated forfeitures related to service-vesting conditions. The assumptions used in calculating the grant date fair value of the RSUs and PSUs reported in this column are set forth in the notes to our financial statements included in our 2022 Annual Report. The amounts reported in this column reflect the accounting cost for the RSUs and PSUs and do not correspond to the actual economic value that may be received by the NEO upon vesting, settlement or sale of any of the underlying shares of our common stock.
(2)    The amounts reported represent the aggregate grant date fair value of the stock options awarded to the NEO during the fiscal year ended January 31, 2020, as computed in accordance with FASB ASC Topic 718. Such grant date fair value does not take into account any estimated forfeitures related to service-vesting conditions. The assumptions used in calculating the grant date fair value of the stock options reported in this column are set forth in the notes to our financial statements included in our 2022 Annual Report. The amounts reported in this column reflect the accounting costs for these stock options and do not correspond to the actual economic value that may be received by the NEOs upon exercise of the stock options.
(3)    The amounts reported represent the incentive bonuses earned by the NEO during the fiscal years ended January 31, 2022, 2021 and 2020, based upon the achievement of certain individual and Company metrics pursuant to the terms and conditions of our Senior Executive Cash Incentive Bonus Plan. Each of our NEOs elected to receive 100% of their cash bonuses in fully-vested RSUs representing 115% of the earned cash bonus amount for the second bonus payment of fiscal 2022, and that portion of each NEO's bonus is reflected under Stock Awards. For Messrs. Indig,
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Rasmussen, Roberts and Linetsky, and for Ms. Hoffman, the fiscal 2022 bonus amount that was paid out in RSUs and is reflected in the Stock Awards column is $526,510.25, $265,811.00, $265,811.00, $265,811.00, and $230,028.75, respectively.
(4)     Mr. Rasmussen's increased base salary for the fiscal year ended January 31, 2022 did not become effective until May 1, 2021 when he was appointed as our Chief Financial Officer.
(5)     Mr. Altier resigned as Chief Financial Officer in May 2021 and thereafter has served as a Strategic Advisor to our Chief Executive Officer. Mr. Altier's decreased base salary, in connection with his change in services, for the fiscal year ended January 31, 2022 did not become effective until May 1, 2021.
(6)     Messrs. Indig, Altier, Roberts and Linetsky’s increased base salaries for the fiscal year ended January 31, 2021 did not become effective until March 1, 2020.
(7)    We granted PSUs during fiscal 2021 and 2022. We estimate the fair value of PSUs as follows: each award vests in zero to two shares of common stock based on the Company’s TSR relative to a peer group of companies on the Russell 3000 stock index. The Company estimates the fair value of the PSUs using a Monte Carlo Simulation model which projected TSR for Phreesia and each member of the peer group over the three-year performance period. The grant date fair value for Mr. Indig included within the Stock Awards column, based on the probability of outcomes of the awards is $4,414,672 for fiscal 2022 and $1,999,975 for fiscal 2021. The grant date fair value of the awards assuming that the highest level of performance will be achieved would be $8,829,344 for fiscal 2022 and $3,999,950 for fiscal 2021.
(8)    We granted PSUs during fiscal 2022. We estimate the fair value of PSUs as follows: each award vests in zero to two shares of common stock based on the Company’s TSR relative to a peer group of companies on the Russell 3000 stock index. The Company estimates the fair value of the PSUs using a Monte Carlo Simulation model which projected TSR for Phreesia and each member of the peer group over the three- year performance period. The grant date fair value for Mr. Rasmussen included within the Stock Awards column, based on the probability of outcomes of the awards is $2,290,817. The grant date fair value of the awards assuming that the highest level of performance will be achieved would be $4,581,634.
(9)    We granted PSUs during fiscal 2021. We estimate the fair value of PSUs as follows: each award     vests in zero to two shares of common stock based on the Company’s TSR relative to a peer group of companies on the Russell 3000 stock index. The Company estimates the fair value of the PSUs using a Monte Carlo Simulation model which projected TSR for Phreesia and each member of the peer group over the three-year performance period. The grant date fair value for Mr. Altier included within the Stock Awards column, based on the probability of outcomes of the awards is $174,919. The grant date fair value of the awards assuming that the highest level of performance will be achieved would be $349,839.
(10)    We granted PSUs during fiscal 2021 and 2022. We estimate the fair value of PSUs as follows: each award vests in zero to two shares of common stock based on the TSR relative to a peer group of companies on the Russell 3000 stock index. The Company estimates the fair value of the PSUs using a Monte Carlo Simulation model which projected TSR for Phreesia and each member of the peer group over the three-year performance period. The grant date fair value for Ms. Hoffman included within the Stock Awards column, based on the probability of outcomes of the awards is $1,154,566 for fiscal 2022 and $449,999 for fiscal 2021. The grant date fair value of the awards assuming that the highest level of performance will be achieved would be $2,309,131 for fiscal 2022 and $899,997 for fiscal 2021.
(11)    We granted PSUs during fiscal 2022. We estimate the fair value of PSUs as follows: each award vests in zero to two shares of common stock based on the Company’s TSR relative to a peer group of companies on the Russell 3000 stock index. The Company estimates the fair value of the PSUs using a Monte Carlo Simulation model which projected TSR for Phreesia and each member of the peer group over the three-year performance period. The grant date fair value for Messrs. Roberts
50

and Linetsky included within the Stock Awards column, based on the probability of outcomes of the awards is $1,765,869 for fiscal 2022 and $699,932 for fiscal 2021. The grant date fair value of the awards assuming that the highest level of performance will be achieved would be $3,531,737 for fiscal 2022 and $1,399,864 for fiscal 2021.

Grants of Plan-Based Awards Table
The following table sets forth certain information with respect to all plan-based awards granted to the NEOs during fiscal year ended January 31, 2022.
Estimated Future Payouts Under Non-Equity Incentive Plan AwardsEstimated Future Payouts Under Equity Incentive Plan AwardsAll other Stock Awards: Number of Shares of StockGrant Date Fair Value of Stock and
NameType of AwardGrant DateTarget ($)Maximum ($)Threshold (#)Target (#)Maximum (#)or Units (#)Option Awards ($)
Chaim IndigPSU (1)01/14/22— — 4,571 91,420 182,840 — 4,414,672 
RSU01/14/22— — — — — 91,420 3,249,981 
Bonus (2)01/31/22— — — 14,430 21,645 — — 
RandyPSU (1)04/30/21— — 483 9,664 19,328 — 524,948 
RasmussenPSU (1)01/14/221,828 36,568 73,136 — 1,765,869 
RSU03/26/21— — — — — 1,883 99,987 
RSU04/30/21— — — — — 26,086 1,349,951 
RSU01/14/22— — — — — 53,445 1,899,970 
Bonus (2)01/31/22— — — 7,285 10,928 — — 
ThomasPSU— — — — — — — — 
AltierRSU— — — — — — — — 
Bonus— — — — — — — — 
AllisonPSU (1)01/14/22— — 1,195 23,909 47,818 — 1,154,566 
HoffmanRSU01/14/22— — — — — 35,161 1,249,974 
Bonus (2)01/31/22— — — 6,304 9,457 — — 
Evan RobertsPSU (1)01/14/22— — 1,828 36,568 73,136 — 1,765,869 
RSU01/14/22— — — — — 53,445 1,899,970 
Bonus (2)01/31/22— — — 7,285 10,928 — — 
DavidPSU (1)01/14/22— — 1,828 36,568 73,136 — 1,765,869 
LinetskyRSU01/14/22— — — — — 53,445 1,899,970 
Bonus (2)01/31/22— — — 7,285 10,928 — — 
_______________________
(1)On January 14, 2022 the Company granted PSUs to all NEOs other than Mr. Altier, and on April 30, 2021 the Company granted PSUs to Mr. Rasmussen in connection with his new position as Chief Financial Officer. Each award vests in zero to two shares of common stock based on the Company’s TSR, relative to a peer group of companies on the Russell 3000 stock index. The Company estimates the fair value of the PSUs using a Monte Carlo Simulation model which projected TSR for Phreesia and each member of the peer group over the three-year performance period. The lowest payout point represented within the threshold column is 5%, with the maximum being 200%. We recognize the grant-date fair value of stock-based awards issued as compensation expense on a straight-line basis over the requisite service period, which is generally the vesting period of the award.
(2)Per the Senior Executive Cash Incentive Bonus Plan, non-equity incentive plan awards are paid out in cash based on the performance during fiscal year 2022. The payouts of these cash bonuses range from 0%-150% of the target bonus amount, with no minimum amount once exceeding 0%. For the full fiscal 2022 bonus that was paid out in the second half of fiscal 2022, each of our NEOs elected to receive 100% of their cash bonuses in fully-vested RSUs at a 15% premium (subject to a one-year holding period for our Chief Executive Officer and our Chief Operating Officer), which conversion
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opportunity from cash to equity was also offered to all of our employees for the second half of fiscal 2022.

Option Exercises and Stock Vested Table
The following table presents, for each of the NEOs, the shares of our common stock that were acquired upon the exercise of stock options and vesting of RSUs and the related value realized during fiscal year ended January 31, 2022.
 
Option AwardsStock Awards
NameNumber of Shares Acquired on Exercise (#)Value Realized on Exercise ($)Number of Shares Acquired on Vesting (#)Value Realized on Vesting ($)(1)
Chaim Indig408,309 20,783,740 120,818 4,295,080 
Randy Rasmussen— — 13,124 850,956 
Thomas Altier143,474 6,665,760 18,743 666,314 
Allison Hoffman— — 8,647 536,527 
Evan Roberts143,750 5,613,625 29,349 1,043,357 
David Linetsky120,547 6,073,049 18,412 654,547 
_______________________
(1)Calculated by multiplying the number of shares released by the fair value of such shares on the release date.


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52

Outstanding Equity Awards at Fiscal 20202022 Year-End Table

The following table sets forth information regarding outstanding equity awards held by our named executive officersNEOs as of January 31, 2020:2022:
Option Awards(1)Stock Awards(2)
Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights that have Not Vested (#)Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($)(3)
Number of securities
underlying unexercised
options		Number of shares or units of stock that have not vested (#)Market value of shares or units of stock that have not vested ($)(3)
NameGrant dateexercisable (#)unexercisable (#)Option exercise price ($)Option expiration date
Chaim Indig8/20/2013227,550(4)--0.848/19/2023--------
12/19/2014455,100(4)--2.0312/18/2024--------
1/31/2018113,775(5)(6)113,7754.711/30/2028--------
3/27/2019127,996(7)(8)383,9918.033/26/2029--------
3/27/2019--------230,394(8)(9)7,142,214----
8/5/2019------------5,472 (8)(10)169,632
1/15/2020--------192,307(8)(11)5,961,517----
Thomas Altier4/3/2013115,343(4)--0.844/2/2023--------
8/20/201345,510(4)--0.848/19/2023--------
12/19/2014113,775(4)--2.0312/18/2024--------
1/31/201811,377(5)(6)11,3784.711/30/2028--------
3/27/20195,688(7)(8)17,0678.033/26/2029--------
3/27/2019--------10,239(8)(9)317,409----
8/5/2019------------1,433 (8)(10)44,423
1/15/2020--------73,076(8)(11)2,265,356----
Evan Roberts8/20/2013223,750(4)--0.848/19/2023--------
12/19/2024108,330(4)--2.0312/18/2024--------
1/31/201822,755(5)(6)22,7554.711/30/2028--------
3/27/20195,688(7)(8)17,0678.033/26/2029--------
3/27/2019--------10,239(8)(9)317,409----
8/5/2019------------1,433 (8)(10)44,423
1/15/2020--------115,384(8)(11)3,576,904----

Option Awards(1)Stock Awards (2)Equity Incentive
Plan Awards
Number of securities underlying unexercised optionsNumber of shares or units of stock not vested (#)Market value of shares or units of stock not vested ($)(3)Number of unearned shares, units or other rights not vested (#)Market or payout value of unearned shares, units or other rights not vested ($)(3)
NameGrant dateexercisable (#)un-exercisable (#)Option exercise price ($)Option expiration date
Chaim Indig12/19/147 (4)— 2.03 12/18/24— — — — 
01/31/1892,137 (4)(5)(6)— 4.71 01/30/28— — — — 
03/27/19359,937 (7)(8)127,997 8.03 03/26/29102,397 (8)(9)3,193,762 — — 
01/15/20— — — —134,615 (8)(10)4,198,642 — — 
01/15/21— — — —50,031 (8)(11)1,560,467 23,702 (17)739,265 
09/15/21— — — —— — 14,430 450,072 
01/14/22— — — —91,420 (8)(16)2,851,390 91,420 (19)2,851,390 
Randy Rasmussen11/06/19— — — —35,164 (8)(13)1,096,765 — — 
01/15/20— — — —10,769 (8)(10)335,885 — — 
03/26/21— — — —1,883 (8)(14)58,731 — — 
04/30/21— — — —26,086 (8)(15)813,622 9,664 (18)301,420 
09/15/21— — — —— — 7,285 227,219 
01/14/22— — — —53,445 (8)(16)1,666,950 36,568 (19)1,140,556 
Thomas Altier01/31/184,267 (4)(5)(6)— 4.71 01/30/28— — — — 
03/27/195,689 (7)(8)5,689 8.03 03/26/294,551 (8)(9)141,946 — — 
01/15/20— — — —51,153 (8)(10)1,595,462 — — 
01/15/21— — — —6,432 (8)(11)200,614 2,073 (17)64,657 
Allison Hoffman08/24/20— — — —60,667 (8)(12)1,892,204 — — 
01/15/21— — — —17,153 (8)(11)535,002 5,333 (17)166,336 
09/15/21— — — —— — 6,304 196,622 
01/14/22— — — —35,161 (8)(16)1,096,672 23,909 (19)745,722 
Evan Roberts12/19/1483,330 (4)— 2.03 12/18/24— — — — 
01/31/1844,935 (4)(5)(6)— 4.71 01/30/28— — — — 
03/27/1917,066 (7)(8)5,689 8.03 03/26/294,551 (8)(9)141,946 — — 
01/15/20— — — —80,769 (8)(10)2,519,185 — — 
01/15/21— — — —25,730 (8)(11)802,519 8,295 (17)258,721 
09/15/21— — — —— — 7,285 227,219 
01/14/22— — — —53,445 (8)(16)1,666,950 36,568 (19)1,140,556 
David Linetsky01/31/18475 (4)(5)(6)— 4.71 01/30/28— — — — 
08/07/18711 4,978 4.71 08/06/28— — — — 
03/27/192,844 (7)(8)2,845 8.03 03/26/292,275 (8)(9)70,957 — — 
01/15/20— — — —48,461 (8)(10)1,511,499 — — 
01/15/21— — — —25,730 (8)(11)802,519 8,295 (17)258,721 
09/15/21— — — —— — 7,285 227,219 
01/14/22— — — —53,445 (8)(16)1,666,950 36,568 (19)1,140,556 
_______________________
(1)Stock options granted prior to 2018 were granted pursuant to our 2006 Stock Option and Grant Plan, as amended. Stock options granted in 2018 through July 2019 were granted pursuant to our 2018 Plan.Stock Option and Grant Plan (the "2018 Plan").
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(2)RSUs granted prior to July 2019 were granted pursuant to our 2018 Plan and RSUs granted after July 2019 were granted pursuant to our 2019 Plan.
(3)This column represents the market value of the shares underlying the RSUs or PSUs as of January 31, 2020,2022, based on the closing price of our common stock, as reported on the NYSE, of $31$31.19 per share on January 31, 2020.2022, the last trading day of our fiscal year.
(4)The shares subject to thethis stock option are fully vested.
(5)25% of the shares subject to the stock option vested on January 31, 2019, with the balance vesting in 36 equal monthly installments thereafter, provided that in each case the named executive officer remains continuously employed with us through each applicable vesting date.
29


(6)Subject to the named executive officer’s continued service to us through the consummation of a “sale event” (as defined in the 2018 Plan), 50% of the then-unvested shares subject to the stock option shall vest and become exercisable immediately prior to the consummation of such sale event. Additionally, in the event the stock option is assumed or continued by us or a successor entity upon a sale event, and if the named executive officer’s employment is terminated without “cause” or with “good reason” within 12 months of such sale event, 100% of the then-unvested shares subject to the stock option shall vest and become exercisable as of the named executive officer’s termination date.
(7)The shares subject to the stock option vest in 4four equal annual installments, commencingwhich commenced on January 17, 2020, provided that in each case the named executive officer remains continuously employed with us through each applicable vesting date.
(8)In the event the named executive officer’s employment is terminated without “cause” or with “good reason” within 24 months of a change in control, 100% of the then-unvested shares subject to the award shall vest and, if applicable, become exercisable as of the named executive officer’s termination date.
(9)10% of the RSUs vested on January 17, 2020, 20% of the RSUs shall vestvested on January 17, 2021, 30% of the RSUs shall vest on January 17, 2022 and 40% of the RSUs shall vest on January 17, 2023, subject to the named executive officer remaining continuously employed with us through each applicable vesting date.
(10)Represents the target number of RSUs that are eligible to vest for fiscal year ended January 31, 2020 upon achievement of performance conditions under the Senior Executive Cash Incentive Bonus Plan. On April 24, 2020, the compensation committee determined that such target RSUs vested.
(11)10% of the RSUs shall vestvested on January 15, 2021, 20% of the RSUs shall vest on January 15, 2022, 30% of the RSUs shall vest on January 15, 2023 and 40% of the RSUs shall vest on January 15, 2024, subject to the named executive officer remaining continuously employed with us through each applicable vesting date.
(11)    10% of the RSUs vested on January 15, 2022, 20% of the RSUs shall vest on January 15, 2023, 30% of the RSUs shall vest on January 15, 2024 and 40% of the RSUs shall vest on January 15, 2025, subject to the named executive officer remaining continuously employed with us through each applicable vesting date.
(12)    10% of the RSUs vested on August 24, 2021, 20% of the RSUs shall vest on August 24, 2022, 30% of the RSUs shall vest on August 24, 2023, and 40% of the RSUs shall vest on August 24, 2024, subject to the named executive officer remaining continuously employed with us through each applicable vesting date.
(13) 10% of the RSUs vested on November 6, 2020, 20% of the RSUs vested on November 6, 2021, 30% of the RSUs shall vest on November 6, 2022, and 40% of the RSUs shall vest on November 6, 2023, subject to the named executive officer remaining continuously employed with us through each applicable vesting date.
(14) 10% of the RSUs shall vest on March 26, 2022, 20% of the RSUs shall vest on March 26, 2023, 30% of the RSUs shall vest on March 26, 2024, and 40% of the RSUs shall vest on March 26, 2025, subject to the named executive officer remaining continuously employed with us through each applicable vesting date.
54

(15) 10% of the RSUs shall vest on April 30, 2022, 20% of the RSUs shall vest on April 30, 2023, 30% of the RSUs shall vest on April 30, 2024, and 40% of the RSUs shall vest on April 30, 2025, subject to the named executive officer remaining continuously employed with us through each applicable vesting date.
(16) 6.25% of the RSUs shall vest per quarter over four years from the grant date, subject to the named executive office remaining continuously employed with us through each applicable vesting date.
(17)     On January 15, 2021, the Company granted PSUs. Each award shall vest on January 15, 2024, in zero to two shares of common stock based on the Company’s TSR relative to a peer group of companies on the Russell 3000 stock index.
(18) On April 30, 2021, the Company granted PSUs to Mr. Rasmussen. Each award shall vest on January 15, 2024, in zero to two shares of common stock based on the Company’s TSR relative to a peer group of companies on the Russell 3000 stock index.
(19) On January 14, 2022, the Company granted PSUs. Each award shall vest on January 14, 2025, in zero to two shares of common stock based on the Company’s TSR relative to a peer group of companies on the Russell 3000 stock index.
55

Pension Benefits
Aside from our 401(k) plan, which is described above, we do not maintain any pension plan or arrangement under which our NEOs are entitled to participate or receive post-retirement benefits.
Nonqualified Deferred Compensation
We do not maintain any nonqualified deferred compensation plans or arrangements under which our NEOs are entitled to participate.
Executive Change of Control and Severance Benefits
Each of our NEOs’ employment agreements provides that, in the event the executive’s employment is terminated by us without “cause” (as defined in the agreement) outside of a “change in control” (as defined in the agreement) or if the executive terminates employment for “good reason” (as defined in the agreement), then subject to the execution and effectiveness of a separation agreement and a general release of claims in our favor, the executive is entitled to receive (i) continuation of the executive’s base salary for 12 months (18 months for Mr. Indig) and the executive’s pro-rated bonus for the year of termination based on actual performance, (ii) acceleration of all unvested time-based stock options and stock-based awards (“Time-Based Equity Awards”) that would vest in the 12-month period following the date of termination (18 months for Mr. Indig), and (iii) subject to the executive’s co-payment of premium amounts at the applicable active employee’s rate and the executive’s proper election to receive benefits under COBRA, a monthly payment equal to the monthly employer contribution that we would have made to provide health insurance to the executive if the executive had remained employed by us until the earlier of 12 months (18 months for Mr. Indig) following the date of termination, the executive’s eligibility for group medical plan benefits under another employer’s group medical plan, or the executive’s continuation rights under COBRA terminates.
Each of our NEOs’ employment agreements provides that 50% of each executive’s Time-Based Equity Awards will accelerate and become exercisable upon a Change in Control (as defined in the agreement), and the remaining unvested Time-Based Equity Awards will accelerate and become exercisable on the first anniversary of the Change in Control, subject to the executive’s continued service through such date. In addition, if the executive is terminated within 24 months following a Change in Control, all remaining Time-Based Equity Awards will accelerate and become exercisable upon termination and, in lieu of the severance payments and benefits described in the preceding paragraph, (i) Mr. Indig will be entitled to receive (A) two times the sum of his base salary and target bonus for the then-current year, (B) a prorated target bonus for the year in which termination occurs and (C) subject to his election to receive COBRA benefits and his co-payment of premiums amounts at the active employee rate, up to 18 months of COBRA benefits, and (ii) each of Messrs. Rasmussen, Altier, Roberts and Linetsky and Ms. Hoffman will be entitled to receive (A) one and one-half times the sum of their respective base salary and target bonus for the then-current year, (B) a prorated target bonus for the year in which termination occurs and (C) subject to election to receive COBRA benefits and co-payment of premiums amounts at the active employee rate, up to 18 months of COBRA benefits. The receipt of such payments and benefits are all subject to execution and non-revocation by the executive of a separation agreement and release in a form and manner satisfactory to us.
If any of the payments provided for under the employment arrangements or otherwise payable to the executive officer would constitute “parachute payments” within the meaning of Section 280G of the Code and could be subject to the related excise tax under Section 4999 of the Code, the executive officer would be entitled to receive either full payment of benefits or such lesser amount which would result in no portion of the benefits being subject to the excise tax, whichever results in the greater amount of after-tax benefits to such executive officer. We are not required to provide any tax gross-up payments to the executive officer.

56

Potential Payments Upon Termination or Change of Control
The following table presents information concerning estimated payments and benefits that would be provided pursuant to the arrangements described above for each of our NEOs serving as of the end of fiscal 2022. The payments and benefits set forth below are estimated assuming that the termination of employment or change in control event occurred on the last business day of fiscal 2022, January 31, 2022, at a per share value of our common stock of $31.19, which is the closing market price per share on January 31, 2022. Payments and benefits could be different if such events were to occur on any other date or at any other price or if any other assumptions are used to estimated potential payments and benefits.
NameBenefit
Termination without
Cause Not in
Connection with a
Change in Control
($)
 
Termination without Cause
or with Good Reason
in Connection with a
Change in Control
($)
 
Chaim IndigCash Severance1,287,5002,060,000 
Health Benefits11,06011,060 
Equity Acceleration(1)9,551,83218,359,327 
Total10,850,39220,430,387 
Randy RasmussenCash Severance660,000990,000
Health Benefits7,42611,138
Equity Acceleration(1)1,117,9435,413,929
Total1,785,3696,415,067
Thomas AltierCash Severance200,000300,000 
Health Benefits5,8768,814 
Equity Acceleration(1)1,002,0522,134,436 
Total1,207,9282,443,250 
Allison HoffmanCash Severance575,000862,500 
Health Benefits00 
Equity Acceleration(1)813,5294,435,935 
Total1,388,5295,298,435 
Evan RobertsCash Severance660,000990,000 
Health Benefits8111,216 
Equity Acceleration(1)1,948,4196,661,633 
Total2,609,2307,652,850 
David LinetskyCash Severance660,000990,000 
Health Benefits3,5955,393 
Equity Acceleration(1)1,511,5245,648,909 
Total2,175,1196,644,302 
_______________________
(1) The value of stock option, RSU, and PSU award vesting acceleration is based on the closing price of $31.19 per share of our common stock as of January 31, 2022, minus, in the case of stock options, the exercise price of the unvested stock option shares subject to acceleration. The value of the PSU awards assumes a 100% achievement rate and would depend based on the relative value of the Phreesia stock price and the Russell 3000 at the time of sale.
57


CEO PAY RATIO DISCLOSURE
For fiscal 2022, the median of the annual total compensation of all employees of the Company, excluding our Chief Executive Officer, was $125,000, and the annual total compensation of our Chief Executive Officer was $8,921,227. Based on this information, for fiscal 2022, the ratio of the annual total compensation of our Chief Executive Officer to the median of the annual total compensation of all employees was 71 to 1 (the “CEO Pay Ratio”).
To identify our median employee, we reviewed the compensation of all of our full-time employees, excluding our Chief Executive Officer, as of January 31, 2022, the last day of our fiscal year. Our employee population consisted of individuals (other than our Chief Executive Officer) working at our parent company and consolidated subsidiaries in the U.S. and Canada. We do not have any part-time employees.
We used annual base salary, actual bonus, actual commissions and the grant date fair value of equity awards for the fiscal year ended January 31, 2022 to identify our median employee. We annualized compensation for any full-time employees who commenced work during fiscal 2022 to reflect a full year. Equity awards granted during the year were included using the same methodology we use for our NEOs in our fiscal 2022 Summary Compensation Table. We did not make any cost-of-living adjustment. Once we identified our median employee, we calculated annual total compensation for this employee using the same methodology we use for our NEOs as set forth in our fiscal 2022 Summary Compensation Table.
The pay ratio reported above is a reasonable estimate calculated in a manner consistent with SEC rules based on our internal records and the methodology described above. The SEC rules for identifying the median compensated employee and calculating the CEO Pay Ratio based on that employee’s total annual compensation allow companies to adopt a variety of methodologies, to apply certain exclusions and to make reasonable estimates and assumptions that reflect their employee populations and compensation practices. Therefore, the pay ratio reported by other companies may not be comparable to our CEO Pay Ratio, as other companies have different employee populations and compensation practices and may employ different methodologies, exclusions, estimates and assumptions in calculating their own pay ratios.



58

EQUITY COMPENSATION PLAN INFORMATION

The following table provides information as of January 31, 20202022 with respect to the shares of our common stock that may be issued under our existing equity compensation plans.

Plan CategoryPlan CategoryNumber of Securities to be
Issued Upon Exercise of
Outstanding Options,
Warrants and Rights		Weighted Average
Exercise Price of
Outstanding Options,
Warrants and Rights		Number of Securities
Remaining Available for
Future Issuance Under
Equity Compensation
Plans (Excluding
Securities Reflected in
Column (a))		Plan Category
Number of Securities to be
Issued Upon Exercise of
Outstanding Options,
Warrants and Rights
(a)
Weighted Average
Exercise Price of
Outstanding Options,
Warrants and Rights
(b)
Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected in Column (a))
(c)
(a)(b)(c)
Equity compensation plans approved by stockholders(1)Equity compensation plans approved by stockholders(1)$7,039,007$5.522,985,433Equity compensation plans approved by stockholders(1)5,235,205$1.963,541,177 (2)
Equity compensation plans not approved by stockholdersEquity compensation plans not approved by stockholders———Equity compensation plans not approved by stockholders——
TotalTotalTotal5,235,205$1.963,541,177 (2)
_______________________
(1)Includes the following plans: our Amended and Restated 2006 Stock Option and Grant Plan, our 2018 Stock Option and Grant Plan, our 2018 Stock Option and Grant Plan, our 2019 Stock Option and Grant Plan and our Employee Stock PurchaseESPP.
(2)Represents the number of securities remaining available for future issuance under our 2019 Plan ("ESPP"and the ESPP. The number of shares available for issuance under our 2019 Plan is subject to an annual increase on the first day of each fiscal year equal five percent (5%) of the number of shares of common stock issued and outstanding on the immediately preceding January 31, or such lesser number of shares of common stock as determined by the Administrator (as defined in our 2019 Plan).
31


59

SECURITY OWNERSHIP OF
CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
The following table sets forth certain information available to us with respect to the beneficial ownership of our capital stock as of May 1, 2020,2, 2022, for:
1.each of our named executive officersNEOs for fiscal 2020;2022;
2.each of our directors;
3.all of our current directors and executive officers as a group; and
4.each person known by us to be the beneficial owner of more than 5% of the outstanding shares of our common stock.
We have determined beneficial ownership in accordance with the rules of the SEC, and thus it represents sole or shared voting or investment power with respect to our securities. Unless otherwise indicated below, to our knowledge, the persons and entities named in the table have sole voting and sole investment power with respect to all shares that they beneficially owned, subject to community property laws where applicable.
We have based our calculation of percentage ownership of our common stock on 37,602,19252,164,851 shares of our common stock outstanding on May 1, 2020.2, 2022. We have deemed shares of our capital stock subject to stock options that are currently exercisable or exercisable within 60 days of May 1, 20202, 2022 to be outstanding and to be beneficially owned by the person holding the stock option for the purpose of computing the percentage ownership of that person. We have deemed shares of our capital stock subject to restricted stock units, or RSUs, for which the service condition has been satisfied or would be satisfied within 60 days of May 1, 20202, 2022 to be outstanding and to be beneficially owned by the person holding the RSUs for the purpose of computing the percentage ownership of that person. However, we did not deem these shares subject to stock options or RSUs outstanding for the purpose of computing the percentage ownership of any other person.
Unless otherwise indicated, the address of each beneficial owner listed in the table below is
c/o Phreesia, Inc., 432 Park Avenue South, 12th Floor, New York, New York 10016.434 Fayetteville Street, Suite 1400, Raleigh, NC 27601.
Shares Beneficially Owned
Name of Beneficial OwnerNumberPercentage
5% Stockholders:
HLM Venture Partners II, L.P.(1)2,016,938  5.36%
FMR LLC(2)2,025,666  5.39%
Entities associated with Polaris Venture Partners(3)3,214,092  8.55%
Entities Associated with LLR Equity Partners(4)3,777,398  10.05%
Named Executive Officers and Directors:
Chaim Indig(5)1,355,610  3.54%
Thomas Altier(6)326,622  *
Evan Roberts(7)879,683  2.32%
Michael Weintraub(8)294,177  *
Edward Cahill(1)2,016,938  5.36%
Mark Smith, M.D.(9)52,194  *
Scott Perricelli(4)3,777,398  10.05%
Gillian Munson(10)31,137  *
Cheryl Pegus, M.D., M.P.H(11)1,712,586  4.55%
All executive officers and directors as a group (12 persons)(12)10,873,438  28.20%
Shares Beneficially Owned
Name of Beneficial OwnerNumberPercentage
5% Stockholders:
BlackRock, Inc.(1)6,010,34011.5%
FMR LLC(2)5,500,61410.5%
The Vanguard Group(3)3,466,4746.6%
T. Rowe Price Associates, Inc.(4)7,797,87914.9%
Named Executive Officers and Directors:
Chaim Indig(5)1,501,9672.9%
Allison Hoffman(6)8,225*
Evan Roberts(7)731,0161.4%
David Linetsky(8)106,507*
Randy Rasmussen(9)10,133*
Michael Weintraub(10)250,176*
Edward Cahill(11)26,792*
Lainie Goldstein(12)8,051*
Gillian Munson(13)38,472*
Ramin Sayar— *
Mark Smith, M.D. (14)72,377*
All current executive officers and directors as a group (13 persons)(15)2,891,947 5.5%
______________________
60

___________________
* Represents less than one percent (1%).
(1)This information is as of December 31, 20192021, and is based solely on a Schedule 13G13G/A filed by HLM Venture Partners II, L.P., HLM Venture Associates II, L.L.C., Edward L. Cahill and Peter J. GruaBlackRock, Inc. ("BlackRock") with the SEC on February 13, 2020. Consists7, 2022. BlackRock reported that it has sole dispositive power over all of 2,016,938 shares of common stock held by HLM Venture Partners II, L.P. HLM Venture Associates II, L.L.C. is the general partner of HLM Venture Partners II, L.P. Edward L. Cahill, one of
32


our directors, and Peter J. Grua are the managing members of HLM Venture Associates II, L.L.C. and exercise shared voting, investment and dispositive rights with respect to the shares of stock held by HLM Venture Partners II, L.P. Each of the foregoing managing members may be deemed a beneficial owner of the reported shares but each disclaims beneficial ownership except to the extent of any indirect pecuniary interest therein.and sole voting power over 5,862,131 shares. The mailing address of HLM Venture Partners II, L.P.BlackRock, Inc. is 116 Huntington Avenue, 9th Floor, Boston, MA 02116.55 East 52nd Street, New York, New York, 10055.
(2)This information is as of December 31, 20192021, and is based solely on a Schedule 13G13G/A filed by FMR LLC with the SEC on February 7, 2020.8, 2022. Consists of 2,025,6665,500,614 shares of common stock held by FMR LLC. FMR further reported that Fidelity Management & Research Company LLC is the beneficial owner of 5% or greater of the outstanding shares reported by FMR LLC. Abigail P. Johnson is a Director, the Vice Chairman, the Chief Executive Officer and the President of FMR LLC. Members of the Johnson family, including Abigail P. Johnson, are the predominant owners, directly or through trusts, of Series B voting common shares of FMR LLC, representing 49% of the voting power of FMR LLC. The Johnson family group and all other Series B shareholders have entered into a shareholders’ voting agreement under which all Series B voting common shares will be voted in accordance with the majority vote of Series B voting common shares. Accordingly, through their ownership of voting common shares and the execution of the shareholders’ voting agreement, members of the Johnson family may be deemed, under the Investment Company Act of 1940, to form a controlling group with respect to FMR LLC. Neither FMR LLC nor Abigail P. Johnson has the sole power to vote or direct the voting of the shares owned directly by the various investment companies registered under the Investment Company Act (“Fidelity Funds”) advised by Fidelity Management & Research Company (“FMR Co”), a wholly owned subsidiary of FMR LLC, which power resides with the Fidelity Funds’ Boards of Trustees. FMR Co carries out the voting of the shares under written guidelines established by the Fidelity Funds’ Boards of Trustees. The mailing address of FMR LLC is 200 Seaport Blvd. V12E, Boston, Massachusetts 02210.
(3)This information is as of December 31, 20192021, and is based solely on a Schedule 13G filed by Polaris Venture Partners V, L.P. (“PVP V”), Polaris Venture Partners Entrepreneurs’ Fund V, L.P. (“PVPEF V”), Polaris Venture Partners Founders’ Fund V, L.P. (“PVPFF V”), Polaris Venture Partners Special Founders’ Fund V, L.P. (“PVPSFF V,” and together with PVP V, PVPEF V and PVPFF V, the “Polaris Funds”), Polaris Venture Management Co V, L.L.C. (“PVM”), Jonathan A. Flint and Terrance G. McGuireThe Vanguard Group with the SEC on February 12, 2020.10, 2022. Consists of (i) 3,101,3863,466,474 shares of our common stock held by PVP V; (ii) 60,446 shares of common stock heldbeneficially owned by PVPEF V; (iii) 21,245The Vanguard Group, with sole voting power over no shares, shared voting power over 93,689 shares, sole dispositive power over 3,329,760 shares, and shared dispositive power over 136,714 shares. The Vanguard Group, Inc.’s clients, including investment companies registered under the Investment Company Act of common stock held by PVPFF V;1940 and (iv) 31,015 sharesother managed accounts, have the right to receive or the power to direct the receipt of common stock held by PVPSFF V. PVM isdividends from, or the general partner of eachproceeds from the sale of, the Polaris Funds and may be deemed to have sole voting and dispositive power with respect to the shares held by each of the Polaris Funds. Each of Jonathan A. Flint and Terrance G. McGuire are the managing members of PVM, and Mr. Spoon, one of our former directors, holds a membership interest in PVM. Each of Messrs. Flint, McGuire and Spoon, in their respective capacities with respect to PVM V, may be deemed to have shared voting and dispositive power with respect to the shares held by the Polaris Funds. Each of the individuals and entities listed above expressly disclaims beneficial interest of the shares held by the Polaris Funds, except to the extent of their respective pecuniary interests therein, if any.securities. The mailingprincipal business address of the individuals and entities listed aboveThe Vanguard Group is One Marina Park Drive, 10th Floor, Boston, MA 02210.100 Vanguard Blvd., Malvern, Pennsylvania 19355.
(4)This information is as of December 31, 20192021, and is based solely on a Schedule 13G13G/A filed by LLR Equity Partners IV, L.P.T. Rowe Price Associates, Inc. and LLR Equity Partners Parallel IV, L.P.T. Rowe Price New Horizons Fund, Inc. with the SEC on February 14, 2020. Consists of (i) 3,618,234 shares of common stock held by LLR Equity Partners IV, L.P. and (ii) 159,164 shares of common stock held by LLR Equity Partners Parallel IV, L.P. LLR Capital IV, LLC is the general partner of LLR Capital IV, L.P., which is the general partner of each of LLR Equity Partners Parallel IV, L.P. and LLR Equity Partners IV, L.P. LLR Capital IV, LLC exercises voting and investment power over the shares held by each of these entities and2022. T. Rowe Price Associates, Inc. as a parent holding company or control person, may be deemed to have beneficial ownership of these shares. With respect tobeneficially own the indicated shares held by the LLR Equity Partners Parallel IV, L.P. and LLR Equity Partners IV, L.P., a group of individuals currently composed of Mitchell Hollin, Seth Lehr, Ira Lubert, Howard Ross, David Reuter, and Scott Perricelli, one of our directors, none of whom have individual voting or investment power, exercise voting and investmenthas sole dispositive power over the shares beneficially owned by LLR Capital IV, LLC and each of the funds mentioned above. Each of Messrs. Hollin, Lehr, Lubert, Ross, Reuter, and Perricelli disclaims beneficial ownershipall of the shares held by LLR Equity Partners Parallel IV, L.P. and LLR Equity Partners IV, L.P, except to the extent of their respective pecuniary interests therein.sole voting power over 1,619,454 shares. T. Rowe Price New Horizons Fund, Inc. has sole voting power over 3,556,143 shares. The mailing address of LLR Equity Partnersthe T. Rowe Price Associates, Inc. and T. Rowe Price New Horizons Fund, Inc. is 2929 Walnut100 E. Pratt Street, Suite 1530 Philadelphia, PA 19104.Baltimore, Maryland 21202.
(5)Consists of (i) 691,2861,127,992 shares of common stock and (ii) 664,324373,975 shares of common stock underlying stock options exercisable within 60 days of May 1, 2020.2, 2022.
33(6)    Consists of 8,225 shares of common stock.


(6)(7)    Consists of (i) 78,335585,685 shares of common stock and (ii) 248,287145,331 shares of common stock underlying stock options exercisable within 60 days of May 1, 2020.2, 2022.
(7)(8)    Consists of (i) 589,420100,344 shares of common stock and (ii) 290,2636,163 shares of common stock underlying stock options exercisable within 60 days of May 1, 2020.2, 2022.
(8)(9)    Consists of 10,133 shares of common stock.
(10)    Consists of (i) 158,374164,484 shares of common stock and (ii) 135,80385,692 shares of common stock underlying stock options exercisable within 60 days of May 1, 2020.2, 2022.
61

(9)(11)    Consists of 52,194(i) 25,709 shares of common stock and (ii) 1,083 shares of common stock underlying RSUs that will vest within 60 days of May 2, 2022.
(12)    Consists of (i) 6,968 shares of common stock and (ii) 1,083 shares of common stock underlying RSUs that will vest within 60 days of May 2, 2022.
(13)    Consists of (i) 10,216 shares of common stock, (ii) 382 shares of common stock underlying RSUs that will vest within 60 days of May 2, 2022 and (iii) 27,874 shares of common stock underlying stock options exercisable within 60 days of May 1, 2020.2, 2022.
(10)(14)    Consists of (i) 20,7646,110 shares of common stock and (ii) 66,267 shares of common stock underlying stock options exercisable within 60 days of May 1, 2020 and (ii) 10,3832, 2022.
(15)    Consists of (i) 2,095,710 shares of common stock, issuable pursuant to(ii) 2,548 shares of common stock underlying RSUs that will vest and settle within 60 days of May 1, 2020.
(11)Consists of (i) as of December 17, 20192, 2022 and based solely on a Form 4 filed by Ms. Pegus with the SEC on December 18, 2019, 1,681,439 shares of common stock held by Echo Health Ventures LLC, (ii) 20,764(iii) 793,689 shares of common stock underlying stock options exercisable within 60 days of May 1, 2020 and (iii) 10,383 shares of common stock issuable pursuant to RSUs that will vest and settle within 60 days of May 1 ,2020. Echo Health Ventures LLC is a joint venture between Cascadia Echo Holdings Company, LLC and Mosaic Health Solutions, LLC (each, a “EHV Member”). Cascadia Echo Holdings LLC is a subsidiary of Cambia Health Solutions, LLC. Mosaic Health Solutions is a subsidiary of Blue Cross Blue Shield of North Carolina. Decisions regarding liquidation of investment positions and additional investments are made by unanimous vote of the EHV Members with regard to the investment by Echo Health Ventures LLC in our company. Other voting decisions for the Echo Health Ventures LLC investment in our company are made by a four-vote majority of the Board of Directors of Echo Health Ventures LLC. The members of the Board of Directors are Mark Ganz, Patrick Conway, Luis Machuca, Michael Koppel, Roberta Bowman, and Jeffrey Barber. Ms. Pegus is the Chief Medical Officer and Senior Vice President of Cambia Health Solutions, LLC, although she has no ability to influence the voting or investment decisions thereof. Each of the individuals and entities listed above expressly disclaims beneficial interest of the shares listed above except to the extent of any pecuniary interest therein. The mailing address of Echo Health Ventures LLC is 100 SW Market Street, M/S WW3-30 Portland, OR 97201.
(12)Consists of (i) 9,068,023 shares of common stock, (ii) 1,784,649 shares of common stock underlying stock options exercisable within 60 days of May 1, 2020 and (iii) 20,766 shares of common stock issuable pursuant to RSUs that will vest and settle within 60 days of May 1, 2020.
342, 2022.


62


CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS
In addition to the compensation arrangements, including employment, termination of employment and change in control arrangements, discussed in the sectionsections titled "Executive Compensation" and “Non-Employee Director Compensation” the following is a description of each transaction since the beginning of our last fiscal year and each currently proposed transaction in which:
1.we have been or are to be a participant;
2.the amount involved exceeded or exceeds $120,000; and
3.any of our directors, executive officers, or holders of more than 5% of our capital stock, or any immediate family member of, or person sharing the household with, any of these individuals, had or will have a direct or indirect material interest.
Participation in Our IPO
On July 22, 2019, certain of our holders of more than 5% of our capital stock as well as certain of our executive officers and members of our Board and as applicable, their affiliates, sold shares of common stock in our initial public offering, or IPO. The shares were sold at a public offering price of $18.00 per share and on the same terms as the other selling stockholders. The following table sets forth the aggregate number of shares of common stock that these related parties sold in our IPO and the total proceeds received net of underwriting discounts and commissions:
StockholderShares of Common Stock SoldTotal Sales Price
HLM Venture Partners II, L.P.(1)540,229$9,043,433
BlueCross BlueShield Venture Partners, L.P.243,112$4,069,695
Entities Associated with Polaris Venture Partners(2)396,799$6,642,415
CHV II, L.P.(3)335,767$5,620,740
Entities Associated with VantagePoint Capital Partners220,507$3,691,287
Echo Health Ventures LLC(4)280,689$4,698,734
Entities Associated with LLR Equity Partners(5)743,388$12,444,315
(1)Edward Cahill, a member of our Board, is affiliated with HLM Venture Partners II, L.P.
(2)Alan Spoon, a former member of our Board, is affiliated with entities associated with Polaris Venture Partners.
(3)Victor Kats, a former member of our Board, is affiliated with CHV II, L.P.
(4)Cheryl Pegus, M.D., M.P.H., a member of our Board, is affiliated with Echo Health Ventures LLC.
(5)Scott Perricelli, a member of our Board, is affiliated with entities associated with LLR Equity Partners.
Participation in Our Follow-On
On December 17, 2019, certain of our holders of more than 5% of our capital stock as well as certain of our executive officers and members of our Board and as applicable, their affiliates, sold shares of common stock in our follow-on offering, or Follow-On. The shares were sold at a public offering price of $26.00 per share and on the same terms as the other selling stockholders. The following table sets forth the aggregate number of shares of common stock that these related parties sold in our Follow-On and the total proceeds received net of underwriting discounts and commissions:
StockholderShares of Common Stock SoldTotal Sales Price
HLM Venture Partners II, L.P.(1)2,181,577$53,402,823
BlueCross BlueShield Venture Partners, L.P.981,746$24,032,160
Entities Associated with Polaris Venture Partners357,121$8,741,965
CHV II, L.P.1,355,904$33,191,174
Echo Health Ventures LLC(2)500,000$12,239,500
Entities Associated with LLR Equity Partners(3)2,000,000$48,958,000
(1)Edward Cahill, a member of our Board, is affiliated with HLM Venture Partners II, L.P.
(2)Cheryl Pegus, M.D., M.P.H., a member of our Board, is affiliated with Echo Health Ventures LLC.
(3)Scott Perricelli, a member of our Board, is affiliated with entities associated with LLR Equity Partners.
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Commercial agreements with related parties
Master software license and services agreement with Ascension HealthJazz Pharmaceuticals
In March 2015, we entered into a master software license and services agreement with Ascension Health Resource and Supply Management Group, LLC, or Ascension Health. Pursuant toDuring the agreement, we have granted to Ascension Health a non-exclusive, non-transferable license to use and access our platform software enabling automated patient intake. We also offer our hardware and support services under the agreement. This agreement was extended from March 31, 2015 until September 30, 2018 and from September 30, 2019 until September 30, 2022 and may be extended for two optional, one-year renewals upon the mutual agreement of us and Ascension Health. For thefiscal year ended January 31, 2020, our2022, we entered into statements of work with an advertising company for advertisements placed by Jazz Pharmaceuticals plc, or Jazz, pursuant to which we recognized revenue from this master software license and services agreement totaledof approximately $5.3 million.
Victor Kats,$482,000. Mark Smith, M.D., one of our formerindependent directors, is a Managing Director at Ascension Ventures II, LLC, which is an affiliatealso serves on the board of Ascension Health. Ascension Ventures II, LLC is the General Partnerdirectors of CHV II LP, which was a holder of more than 5% of our capital stock at the time of the transaction.Jazz. We believe that the terms obtained and consideration receivedpaid to us in connection with these statements of work are comparable to terms available and amounts we would have obtained in an arm's length transaction.
Sumo Logic Master SaaS Services Agreement
On November 30, 2021, we entered into a Master SaaS Services Agreement with Sumo Logic, Inc, or Sumo Logic, which replaced our agreement with Sumo Logic that we entered into in February of 2021. Pursuant to this agreement, Sumo Logic provides us with certain SaaS software and services. For the software licenseyear ended January 31, 2022, Sumo Logic's revenue from this and service agreementrelated agreements with us was approximately $412,000. Ramin Sayar, one of our independent directors who joined our Board in October 2021, is the Chief Executive Officer and a director of Sumo Logic. We believe that the terms obtained and consideration paid in connection with this Master SaaS Services Agreement are comparable to terms available and the amounts we would have exchanged in an arm’sarm's length transaction.
Investor rights agreement
We are party to a fifth amended and restated investor rights agreement dated as of October 27, 2017, or the investor rights agreement, with certain holders of our preferred stock, including our 5% stockholders and entities affiliated with our directors, and certain holders of our common stock. The investor rights agreement provides that these holders have the right, following the completion of our initial public offering, or IPO, to demand that we file a registration statement or request that their shares be covered by a registration statement that we are otherwise filing.
Employment agreements
We have entered into employment agreements with our named executive officers.NEOs. For more information regarding the agreements with our named executive officers,NEOs, see “Executive compensation—Compensation—Executive Employment arrangements with our named executive officers.Arrangements.”
Board chairmanchair agreement
We entered into a Board Chairman Agreement with Michael Weintraub, the chairmanchair of our board of directors.Board. Pursuant to the agreement, Mr. Weintraub agreed to perform advisory and related services to and for us in his capacity as chairman.chair. The effective date of the Board Chairman Agreement is March 12, 2018. Mr. Weintraub’s services commenced as of the effective date. See the section titled “Director compensation”“Non-Employee Director Compensation” for information regarding compensation paid to Mr. Weintraub pursuant to the Board Chairman Agreement.
Director and executive officer compensation
See the sections titled “Executive compensation”Compensation” and “Director compensation”“Non-Employee Director Compensation” for information regarding compensation of our directors and named executive officers.NEOs.
Indemnification of Officersofficers and Directorsdirectors
Our amended and restated certificate of incorporation contains provisions that limit the liability of our directors for monetary damages to the fullest extent permitted by Delaware law. Consequently, our
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directors will not be personally liable to us or our stockholders for monetary damages for any breach of fiduciary duties as directors, except liability for the following:
•any breach of their duty of loyalty to our companyCompany or our stockholders;
•any act or omission not in good faith or that involves intentional misconduct or a knowing violation of law;
•unlawful payments of dividends or unlawful stock repurchases or redemptions as provided in Section 174 of the Delaware General Corporation Law; or
•any transaction from which they derived an improper personal benefit.
Any amendment to, or repeal of, these provisions will not eliminate or reduce the effect of these provisions in respect of any act, omission or claim that occurred or arose prior to that amendment or repeal. If the Delaware General Corporation Law is amended to provide for further limitations on the personal liability of directors of
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corporations, then the personal liability of our directors will be further limited to the greatest extent permitted by the Delaware General Corporation Law.
In addition, our amended and restated bylaws provide that we will indemnify, to the fullest extent permitted by law, any person who is or was a party or is threatened to be made a party to any action, suit or proceeding by reason of the fact that he or she is or was one of our directors or officers or is or was serving at our request as a director or officer of another corporation, partnership, joint venture, trust or other enterprise. Our amended and restated bylaws provide that we may indemnify to the fullest extent permitted by law any person who is or was a party or is threatened to be made a party to any action, suit or proceeding by reason of the fact that he or she is or was one of our employees or agents or is or was serving at our request as an employee or agent of another corporation, partnership, joint venture, trust or other enterprise. Our amended and restated bylaws also provide that we must advance expenses incurred by or on behalf of a director or officer in advance of the final disposition of any action or proceeding, subject to limited exceptions.
Further, we have entered into indemnification agreements with each of our directors and executive officers that may be broader than the specific indemnification provisions contained in the Delaware General Corporation Law. These indemnification agreements require us, among other things, to indemnify our directors and executive officers against liabilities that may arise by reason of their status or service. These indemnification agreements also require us to advance all expenses incurred by the directors and executive officers in investigating or defending any such action, suit or proceeding. We believe that these agreements are necessary to attract and retain qualified individuals to serve as directors and executive officers.
The limitation of liability and indemnification provisions that are included in our amended and restated certificate of incorporation, amended and restatedour bylaws and in indemnification agreements that we have entered into with our directors and executive officers may discourage stockholders from bringing a lawsuit against our directors and executive officers for breach of their fiduciary duties. They may also reduce the likelihood of derivative litigation against our directors and executive officers, even though an action, if successful, might benefit us and other stockholders. Further, a stockholder's investment may be adversely affected to the extent that we pay the costs of settlement and damage awards against directors and executive officers as required by these indemnification provisions. At present, we are not aware of any pending litigation or proceeding involving any person who is or was one of our directors, officers, employees or other agents or is or was serving at our request as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, for which indemnification is sought, and we are not aware of any threatened litigation that may result in claims for indemnification.
We have obtained insurance policies under which, subject to the limitations of the policies, coverage is provided to our directors and executive officers against loss arising from claims made by reason of breach of fiduciary duty or other wrongful acts as a director or executive officer, including claims relating to public securities matters, and to us with respect to payments that may be made by us to these directors and executive officers pursuant to our indemnification obligations or otherwise as a matter of law.
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Certain of our non-employee directors may, through their relationships with their employers, be insured and/or indemnified against certain liabilities incurred in their capacity as members of our board.
Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling our companyCompany pursuant to the foregoing provisions, we have been informed that, in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.
Policies and Proceduresprocedures for Related Party Transactionsrelated party transactions
Our audit committee charter provides that our audit committee has the primary responsibility for reviewing and approving or disapproving "related party transactions," which are transactions between us and related persons in which the aggregate amount involved exceeds or may be expected to exceed $120,000 and in which a related person has or will have a direct or indirect material interest. For purposes of this policy, a related person is defined as a director, executive officer, nominee for director, or greater than 5% beneficial owner of our common stock, in each case since the beginning of the most recently completed year, and their immediate family members.
Certain of the transactions described above were entered into prior to the adoption of this policy. Accordingly, such transactions were approved by disinterested members of our Board after making a determination that the transaction was executed on terms no less favorable than those that could have been obtained from an unrelated third party. Any related party transactions entered into after we adopted this policy were approved by our audit
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committee after making a determination that the transaction was executed on terms no less favorable than those that could have been obtained from an unrelated third party.




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OTHER MATTERS
Delinquent Section 16(a) Reports
Section 16(a) of the Exchange Act requires our directors and executive officers and persons who own more than 10% of our common stock, to file with the SEC initial reports of beneficial ownership and reports of changes in beneficial ownership. Officers,Executive officers, directors and greater than 10% stockholders are required by SEC regulations to furnish us with copies of all such reports.
To our knowledge, based solely on a review of the copies of such reports furnished to us and written representations that no other reports were required, we believe that for fiscal 2020,2022, all required reports were filed on a timely basis under Section 16(a), with the exception of the following:
1.A late exit Form 4 report was filed for David LinetskyScott Perricelli on January 10, 2020February 16, 2021 to report a series of in-kind distribution transactions, which occurred on June 11, 2020.
2.A late exit Form 4 report was filed for LLR Capital IV, LLC on February 16, 2021 to report a series of in-kind distribution transactions, which occurred on June 11, 2020.
3.A late Form 3 report was filed for Michael Davidoff on April 12, 2021 to report his beneficial ownership after our board determined that he was an executive officer on March 26, 2021.
4.A late Form 4 report was filed for Edward Cahill on November 2, 2021 to report his acquisition of 128 shares of common stock granted as a result of his election to receive deferred stock units in lieu of an annual cash retainer pursuant to our Non-Employee Director Deferred Compensation Program, which occurred on July 30, 2021.
5.A late Form 4 report was filed for Lainie Goldstein on November 2, 2021 to report her acquisition of 128 shares of common stock granted as a result of her election to receive deferred stock units in lieu of an annual cash retainer pursuant to our Non-Employee Director Deferred Compensation Program, which occurred on July 30, 2021.
6.A late Form 4 report was filed for Amy Beth VanDuyn on November 2, 2021 to report the exercise of 3,4139,281 stock options and the sale of 10,834 shares of common stock, underlying a stock option and the subsequent sale of such shares, each of which occurred on December 30, 2019.October 21, 2020.
2.Late Form 4 reports were filed with respect to the reporting of restricted stock units, or RSUs, awarded to certain officers as follows:
NameNumber of RSUsTransaction DateDate Reported on Form 4
Evan Roberts115,384 January 15, 2020January 23, 2020
David Linetsky69,230 January 15, 2020January 23, 2020
Amy Beth VanDuyn30,769 January 15, 2020January 23, 2020
Chaim Indig192,307 January 15, 2020January 23, 2020
Charles Kallenbach38,461 January 15, 2020January 23, 2020
Thomas Altier73,076 January 15, 2020January 23, 2020
Daniel Nathan46,153 January 15, 2020January 23, 2020
Michael Davidoff46,153 January 15, 2020January 23, 2020
Stockholders Sharing the Same Address
The rules promulgated by the SEC permit companies, brokers, banks or other intermediaries to deliver a single copy of proxy materials, or, where applicable, a Notice of Internet Availability of Proxy Materials, to households at which two or more stockholders reside. Each stockholder, however, still receives a separate proxy card if he or shesuch stockholder receives paper copies. This practice, known as “householding,” is designed to reduce duplicate mailings and save significant printing and postage costs as well as natural resources. Stockholders sharing an address who have been previously notified by their broker, bank or other nominee and have consented to householding will receive only one copy of our proxy statement and annual report or Notice of Internet Availability of Proxy Materials. If you would like to opt out of this practice for future mailings and receive a separate proxy statement and annual report or Notice of Internet Availability of Proxy Materials for each stockholder sharing the same address, please contact your broker, bank or other nominee. You may also obtain a separate proxy statement or annual report or Notice of Internet Availability of Proxy Materials without charge by sending a written request to Phreesia, Inc., 432 Park Avenue South, 12th Floor, New York, New York 10016434 Fayetteville Street, Suite 1400, Raleigh, NC 27601 or by emailing a request to Legal@phreesia.com.proxy@phreesia.com. We will promptly send additional copies of the proxy statement or annual report or Notice of Internet Availability of Proxy Materials upon receipt of such request. Stockholders sharing an address that are receiving multiple copies of the proxy statement or annual report or Notice of Internet Availability of Proxy Materials can request delivery of a single copy of the proxy statement or annual report or Notice of Internet Availability of Proxy Materials by contacting their broker, bank or other nominee or sending a written request to Phreesia, Inc. at the address above or by emailing a request to Legal@phreesia.com.proxy@phreesia.com.
20202022 Annual Report and SEC Filings
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Our financial statements for the fiscal year ended January 31, 20202022 are included in our 2020 Annual Report on Form 10-K, or2022 Annual Report, which we will make available to stockholders at the same time as this Proxy Statement. Our 20202022 Annual Report and this Proxy Statement are posted on our website at ir.phreesia.com and are available from the SEC at its website at www.sec.gov. You may also obtain a copy of our 2022 Annual Report without charge by sending a written request to Investor Relations, Phreesia, Inc., 432 Park Avenue South, 12th Floor, New York, New York 10016.434 Fayetteville Street, Suite 1400, Raleigh, NC 27601.
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Our Board does not know of any other matters to be presented at the Annual Meeting. If any additional matters are properly presented at the Annual Meeting, the persons named in the enclosed proxy card will have discretion to vote the shares of our common stock they represent in accordance with their own judgment on such matters.


THE BOARD OF DIRECTORS
New York, NYRaleigh, NC
May 27, 202017, 2022
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