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Exhibit 10.33
 ASSET PURCHASE AGREEMENT
 By and Between
 StayOnline, Inc.,
 a Delaware corporation
 as Seller
 and
 LodgeNet Entertainment Corporation,
a Delaware corporation
 as Buyer




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TABLE OF CONTENTS
 Page No.Article 1 Defined Terms
    
    
    1Article 2 The Transaction
    
    
    62.1 Sale and Purchase of Acquired Assets
    
    
    62.2 Excluded Liabilities
    
    
    7Article 3 Purchase Consideration
    
    
    73.1 Purchase Price
    
    
    73.2 Deposit
    
    
    83.3 Working Capital Adjustment
    
    
    93.4 Adjustments for Delays in Closing
    
    
    113.5 Allocation of Purchase Price
    
    
    113.6 Escrow
    
    
    11Article 4 Representations and Warranties of Seller
    
    
    124.1 Organization
    
    
    124.2 Effect of Agreement
    
    
    124.3 Financial and Corporate Records
    
    
    124.4 Compliance with Law
    
    
    134.5 Financial Statements
    
    
    134.6 Acquired Assets; Sufficiency
    
    
    134.7 Absence of Undisclosed Liabilities
    
    
    144.8 Operations Since December 31, 2005
    
    
    144.9 Accounts Receivable
    
    
    144.10 Tangible Property
    
    
    144.11 Real Property
    
    
    144.12 Software
    
    
    154.13 Intellectual Property Assets
    
    
    164.14 Significant Contracts
    
    
    174.15 Employees and Independent Contractors
    
    
    184.16 Employee Benefit Plans
    
    
    194.17 Customers, Prospects and Suppliers
    
    
    194.18 Taxes
    
    
    20
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Page No.4.19 Proceedings and Judgments
    
    
    204.20 Insurance
    
    
    214.21 Questionable Payments
    
    
    214.22 Related Party Transactions
    
    
    214.23 Brokerage Fees
    
    
    224.24 Full Disclosure
    
    
    224.25 Litigation
    
    
    224.26 Environmental Matters
    
    
    22Article 5 Representations and Warranties of Buyer
    
    
    235.1 Organization
    
    
    235.2 Effect of Agreement
    
    
    235.3 Brokerage Fees
    
    
    235.4 Litigation
    
    
    235.5 Availability of Funds
    
    
    23Article 6 Covenants of Seller Prior to Closing
    
    
    236.1 Access And Investigation
    
    
    236.2 Operation of the Business of Seller
    
    
    246.3 Negative Covenant
    
    
    246.4 Notification
    
    
    256.5 Monthly Financial Statements
    
    
    256.6 Change of Name
    
    
    256.7 Payment of Liabilities
    
    
    256.8 Shareholder Meeting
    
    
    25Article 7 Covenant of Buyer Prior to Closing
    
    
    26Article 8 Conditions to Buyers Obligation to Close
    
    
    268.1 Accuracy of Representations
    
    
    268.2 Sellers Performance
    
    
    268.3 Consents
    
    
    268.4 Additional Documents
    
    
    268.5 No Proceedings
    
    
    288.6 Permits
    
    
    288.7 No Material Adverse Effect
    
    
    288.8 Financial Statements
    
    
    288.9 Deliveries
    
    
    28
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Page No.Article 9 Conditions To Sellers Obligation To Close
    
    
    299.1 Accuracy of Representations
    
    
    299.2 Buyers Performance
    
    
    299.3 Consents
    
    
    299.4 Shareholder Approval
    
    
    299.5 Additional Documents
    
    
    299.6 No Proceedings
    
    
    309.7 Purchase Price
    
    
    309.8 Deliveries
    
    
    30Article 10 Termination
    
    
    3010.1 Termination Events
    
    
    3010.2 Effect of Termination
    
    
    3010.3 Termination in Response to Superior Proposal
    
    
    31Article 11 Additional Covenants
    
    
    3111.1 Employees and Employee Benefits
    
    
    3111.2 Payment of All Taxes Resulting from Sale of Assets by Seller
    
    
    3311.3 Restrictions on Seller Dissolution and Distributions
    
    
    3311.4 Removing Excluded Assets
    
    
    3311.5 Reports and Returns
    
    
    3311.6 Assistance In Proceedings
    
    
    3311.7 Customer and Other Business Relationships
    
    
    3311.8 Retention of and Access to Records
    
    
    3311.9 Further Assurances
    
    
    3311.10 Reconciliations and Allocations
    
    
    3411.11 Tax Matters
    
    
    3411.12 Confidentiality
    
    
    3511.13 Announcement
    
    
    3611.14 Exclusivity
    
    
    3611.15 Audit Fees
    
    
    3711.16 Auditors Consent and Audit Preparation
    
    
    37Article 12 Closing
    
    
    3812.1 Closing
    
    
    38Article 13 Indemnification
    
    
    3813.1 Sellers Indemnification
    
    
    38
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Page No.13.2 Buyers Indemnification
    
    
    3813.3 Indemnification Procedures
    
    
    3913.4 Survival Periods
    
    
    4113.5 Shareholder/Partner Suits
    
    
    4213.6 Limitations on Indemnification Obligation
    
    
    4213.7 Insurance and Tax Benefits
    
    
    4213.8 Exclusive Remedy
    
    
    42Article 14 Other Provisions
    
    
    4214.1 Fees and Expenses
    
    
    4214.2 Notice
    
    
    4314.3 Entire Understanding
    
    
    4314.4 Parties in Interest
    
    
    4314.5 Waivers
    
    
    4314.6 Severability
    
    
    4414.7 Counterparts; Facsimile
    
    
    4414.8 Section Headings
    
    
    4414.9 References
    
    
    4414.10 Controlling Law
    
    
    4414.11 No ThirdParty Beneficiaries
    
    
    4414.12 Neutral Construction
    
    
    4414.13 Dispute Resolution
    
    
    4414.14 Schedules
    
    
    45
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LIST OF SCHEDULES
 Schedule 1.1
    
    Accounts ReceivableSchedule 1.2
    
    Excluded ContractsSchedule 1.9
    
    Excluded AssetsSchedule 2.1(b)(ii)(A)
    
    Trade Accounts Payable  CurrentSchedule 2.1(b)(ii)(B)
    
    Trade Accounts Payable  Past DueSchedule 2.1(b)(iii)
    
    Assumed ObligationsSchedule 2.2
    
    Excluded LiabilitiesSchedule 4.1
    
    Qualified to do Business; Corporate Name; SubsidiariesSchedule 4.2
    
    Effect of AgreementSchedule 4.3
    
    Exceptions to Financial and Corporate RecordsSchedule 4.4
    
    Permits Relating to BusinessSchedule 4.5
    
    Internal Control Matters and Sellers NAICS CodesSchedule 4.6
    
    Exceptions to Title; EncumbrancesSchedule 4.7
    
    Undisclosed LiabilitiesSchedule 4.8
    
    Conduct of Business; Material Adverse EffectsSchedule 4.11
    
    FacilitiesSchedule 4.12
    
    SoftwareSchedule 4.13(a)
    
    Intellectual Property AssetsSchedule 4.13(b)
    
    Encumbrances on Intellectual PropertySchedule 4.14
    
    Significant ContractsSchedule 4.15
    
    Officer Terminations; EmployeesSchedule 4.16
    
    Employee Benefit PlansSchedule 4.17
    
    Fifteen Largest CustomersSchedule 4.18
    
    TaxesSchedule 4.19
    
    Proceedings and JudgmentsSchedule 4.20
    
    InsuranceSchedule 4.22
    
    Related Party TransactionsSchedule 4.23
    
    Brokerage FeesSchedule 8.3
    
    Buyers ConsentsSchedule 9.3
    
    Sellers Consents
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LIST OF EXHIBITS
 Exhibit 3.1
    
    Wire Transfer InstructionsExhibit 3.2(a)
    
    Escrow AgreementExhibit 4.13(b)(ii)
    
    Form of Employee Confidentiality AgreementExhibit 8.4(a)
    
    Bill of SaleExhibit 8.4(b)
    
    Assignment and Assumption AgreementExhibit 8.4(c)
    
    Assignment of TrademarkExhibit 8.4(g)
    
    Non-Competition Agreement
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ASSET PURCHASE AGREEMENT
 Agreement Seller Buyer
 RECITALS
 Business
  AGREEMENT
  ARTICLE 1  DEFINED TERMS
  Accounts Receivable Schedule 1.1
 Assumed Contracts Schedule
4.14 Schedule 4.14 Schedule 4.16 Schedule 4.20 Schedule 1.2




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Contract
 Employee Benefit Plan ERISA
 Encumbrance
 Environmental Claims
 Environmental Laws
 Escrow Agent
 Excluded Assets Schedule 1.9
 2




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GAAP
 Governmental Authority
 Hazardous Substances PCBs
 Indebtedness
 Information Technology Systems
 Insurance Policy
 Intellectual Property Assets Trademarks Patents
 3




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Copyrights Trade Secrets Net Names
 Judgment
 Knowledge
 Law
 Material Adverse Effect
 Multiemployer Plan
 Multiple Employer Plan
 Obligation
 Permit
 4




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Permitted Encumbrances Schedule 4.6
 Person
 Proceeding
 Proprietary Software
 Real Property
 Software
 Superior Proposal Section 11.14
 Tangible Property
 Tax
 Tax Return
 5




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ARTICLE 2  THE TRANSACTION
 Sale and Purchase of Acquired Assets Section
12.1 Section 2.1(a)
 Acquired Assets Acquired Assets
    Section 11.1(b)
  Section
4.11
  6




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Assumed Liabilities Section 2.2 Assumed Liabilities
  Schedule 2.1(b)(ii)(A) Schedule 2.1(b)(ii)(B)
 Schedule 2.1(b)(iii)
 Excluded Liabilities Schedule 2.2 Excluded Liabilities
 ARTICLE 3  PURCHASE CONSIDERATION
 Purchase Price Section 3.1(b) Section 3.3 Section
3.4 Purchase Price
 Deposit
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Section 3.2(a)
 plus or minus Section 3.3(b) plus Section 11.15 plus Section 3.4 minus Exhibit 3.1 Escrow Amount Section 3.6 Exhibit
3.1
 Guarantors Section 13.1 Section 3.1(b)(ii) Letters of Credit Section 3.1(b)(ii) Section 3.1(b)(i)
 Deposit
 Exhibit
3.2(a) Escrow
Agreement Escrow
Account
  8




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Section 3.1(b)
 Section 3.2(c) Sections 9.1 9.2 9.7 9.8 Sections 8.1 8.2 8.3, 8.4 8.7 8.8 8.9 provided, however, Section 3.2
 Section 3.2(c) Article 9
 Working Capital Adjustment
 Working Capital Target Working Capital
 9




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Estimated Working
Capital Actual Working Capital Objection
Notice Independent Accounting Firm
 Closing Purchase Price Adjustment Final Purchase Price Adjustment Section 3.3(a) Balance Sheet Date Section 3.3(b)
 10




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Section 3.3(b)
 Adjustments for Delays in Closing Trigger
Date Section 3.1(b)
 Allocation of Purchase Price
 Escrow Section 3.1 Section 13.1 Section 13.1 Section 13.1
 11




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Article 3 Section 3.1(b) Section 3.2(b)
 ARTICLE 4  REPRESENTATIONS AND WARRANTIES OF SELLER
  Organization Related Agreements Schedule 4.1 Schedule 4.1 Organizational Documents Schedule 4.1
 Effect of Agreement Schedule 4.2 Schedule 4.2 Schedule 4.2
 Financial and Corporate Records Schedule 4.3
 12




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Compliance with Law Schedule 4.4 Schedule 4.4
 Financial Statements Annual Financial Statements Interim Financial
Statements Financial
Statements Sections 6.5 and 8.8 Schedule 4.5
 Acquired Assets; Sufficiency Schedule 4.6
 13




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Absence of Undisclosed Liabilities Schedule 4.7
 Operations Since December 31, 2005 Schedule 4.8
 Schedule 4.14 Schedule 4.8 Sections 6.2 6.3
  Accounts Receivable
 Tangible Property Schedule 4.6 Section 4.11
 Real Property Schedule 4.11 Facilities
 14




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Software Schedule 4.12 Schedule 4.12 Schedule 4.12 Schedule 4.12 Schedule 4.12 Schedule 4.12 Schedule 4.12 Malicious Instructions
 15




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Intellectual Property Assets
 Schedule 4.13(a) SITA Schedule 4.19
 Schedule 4.13(b)
 Schedule 4.13(a)
 Exhibit 4.13(b)(ii)
  Trademarks
 PTO
 16




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Trade Secrets
 Net Names
 Significant Contracts
 Significant Contracts
 17




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Schedule
4.14 Schedule 4.14 Schedule 4.14 Schedule 4.14 Schedule 4.14
 Employees and Independent Contractors Schedule 4.14 Schedule 4.14
 18




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Schedule 4.15 Schedule 4.15 Schedule 4.16
 Employee Benefit Plans Schedule 4.16 Schedule
4.16 Schedule 4.16 Code ERISA Affiliate
 Customers, Prospects and Suppliers Fifteen Largest Customers Schedule 4.17
 19




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Schedule 4.17 Schedule 4.17 Schedule 4.17
 Taxes Schedule 4.18 Schedule 4.18 Schedule
4.18
 Proceedings and Judgments Schedule 4.19
 20




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Schedule 4.19
 Insurance Schedule 4.20 Schedule
4.20 Schedule 4.20 Schedule 4.20
 Questionable Payments
 Related Party Transactions Schedule 4.22 Schedule 4.14 Related Parties
 21




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Schedule
4.22
 Brokerage Fees Schedule 4.23
 Full Disclosure
 Litigation
 Environmental Matters. Environmental Permits
 22




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ARTICLE 5  REPRESENTATIONS AND WARRANTIES OF BUYER
  Organization
 Effect of Agreement
 Brokerage Fees
 Litigation
 Availability of Funds
 ARTICLE 6  COVENANTS OF SELLER PRIOR TO CLOSING
 Access And Investigation Buyer Group
 23




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Operation of the Business of Seller
         Schedule 4.20
   Negative Covenant
 24




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Section 4.8(a) Section 6.6
 Notification Section 10.2 Article 12
 Monthly Financial Statements Section 4.5
 Change of Name
 Payment of Liabilities
 Shareholder Meeting Shareholder Meeting Section 9.4 Section 11.14(b)
 25




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ARTICLE 7  COVENANT OF BUYER PRIOR TO CLOSING
 Article 9
 ARTICLE 8  CONDITIONS TO BUYERS OBLIGATION TO CLOSE
  Accuracy of Representations
 Section 4.2
 Section 8.1
 Sellers Performance
 Consents Schedule 8.3
 Additional Documents
 Exhibit 8.4(a) Bill of Sale
 Exhibit 8.4(b) Assignment and Assumption
Agreement
 26




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Exhibit 8.4(c)
 Assignments of Facilities
  Employment
Agreements
 Exhibit 8.4(g) Non-Competition Agreements
 Section 8.1 Section 8.2
 Section 6.6
    27




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Exhibit 3.4
 No Proceedings
 Permits
 No Material Adverse Effect
 Financial Statements
 Deliveries
 28




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ARTICLE 9  CONDITIONS TO SELLERS OBLIGATION TO CLOSE
  Accuracy of Representations
 Buyers Performance
 Consents Schedule 9.3
 Shareholder Approval
 Additional Documents
    Section 9.1 Section 9.2
   29




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Exhibit 3.4
 No Proceedings
 Purchase Price Section
3.1
 Deliveries
 ARTICLE 10  TERMINATION
 Termination Events Section 10.2
  Section 3.2(d)
    Section 11.14
 Effect of Termination Section 10.1 Section 10.1
 30




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Section 10.2 Article
14 provided, however
 Termination in Response to Superior Proposal Section 10.1(f)
 ARTICLE 11  ADDITIONAL COVENANTS
 Employees and Employee Benefits
 Information on Active Employees Active Employees
 Employment of Active Employees by Buyer
 Hired Active Employees
 WARN Act
  31




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Salaries and Benefits
   General Employee Provisions
 Section 11.1 Section 11.1
   32




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Payment of All Taxes Resulting from Sale of Assets by Seller
 Restrictions on Seller Dissolution and Distributions Section 3.1 Section 3.3 Section
11.2
 Removing Excluded Assets
 Reports and Returns
 Assistance In Proceedings
 Customer and Other Business Relationships
 Retention of and Access to Records
 Further Assurances
 33




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Reconciliations and Allocations
 Tax Matters
 Liability for Taxes
 Taxable Periods Ending On or Before the Closing Date
 Taxable Periods Commencing On or After the Closing Date
 Taxable Periods Commencing Before the Closing Date and Ending After
the Closing Date Closing
Period Section 11.11(a)
 Mutual Cooperation
 34




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Resolution of Disagreements Among Seller and Buyer Section 14.13
 Confidentiality. Receiving
Party Authorized Representatives Disclosing
Party Confidentiality Agreement provided, however
 35




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Section
11.12
 Announcement Section 11.13
 Exclusivity
 Article 10 Acquisition Proposal
 36




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Section 11.14 Section 9.4 Bidder Section 11.12 Change in Recommendation provided however Section 11.14(b) Section
11.14(b)
 Audit Fees Section 8.8 Audit Fees Section 3.1(b)
 Auditors Consent and Audit Preparation.
 37




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ARTICLE 12  CLOSING
 Closing Closing Article 8 Article 9 Closing Date
 ARTICLE 13  INDEMNIFICATION
 Sellers Indemnification Buyer
Indemnified Parties Losses
 Misrepresentation
 Nonperformance
 Non-Assumed Obligations Non-Assumed Obligations
 Unasserted Claims
 Intentional Misrepresentation, Fraud or Criminal Matter
 Proceedings by Employees
 Buyers Indemnification Seller
 38




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Indemnified Parties
 Misrepresentation
 Nonperformance
 Assumed Liabilities
 Unasserted Claim
 Indemnification Procedures Indemnification Matter Indemnitee Indemnitor Article 13
 Notice of Claims Article 13 Indemnification Notice
 Procedure in Event of Indemnification Claim Section 13.1 Section 13.2 Section 13.3(a) Section 13.1 Section 13.2 Permitted Indemnification Claims
 39




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Indemnification Objection Notice Section 14.13 Section
14.13 Section 13.1 Section 13.2
 Defense of Third Party Claims provided,
however provided, however Section 13.1 Section 13.2
 40




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Payments
 Survival Periods Survival Period
 provided, however Section 4.1 Organization Section 4.2 Effect of Agreement Section 4.6 Acquired
Assets; Sufficiency Section 4.22 Related
Party Transactions) Section 4.23 Brokerage Fees Section 5.1 Organization Section 5.2 Effect of Agreement Section 5.3 Brokerage Fees Fundamental Representations Section 4.16 Employee Benefit Plans Section 4.18 Taxes Section 4.26 Environmental
Matters
  Section 13.4
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Shareholder/Partner Suits Article
13
 Limitations on Indemnification Obligation Article 13
 Section 13.1 Buyer Threshold Amount
 Section 13.1
  Insurance and Tax Benefits
 Exclusive Remedy Article 13
 ARTICLE 14  OTHER PROVISIONS
 Fees and Expenses
 42




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Notice
 Section 14.2
 Entire Understanding
 Parties in Interest
 Waivers
 43




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Severability
 Counterparts; Facsimile
 Section Headings
 References
 CONTROLLING LAW
 No Third-Party Beneficiaries
 Neutral Construction
 Dispute Resolution Dispute Dispute Notice Section 14.13
 44




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Section 13.3
 provided
 Schedules Section
2.1(b)(ii) Article 4 Section 8.3 Section 8.1 Section 13.1(a)
 [Remainder of Page Intentionally Blank]
 45




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SELLER:StayOnline, Inc.By:Antonio DiMilia, President andChief Executive OfficerBUYER:LodgeNet Entertainment CorporationBy:James G. Naro, Senior Vice President,General Counsel, Secretary and Chief Compliance Officer 46