Document:

MASTER SERVICES AGREEMENT DATED 3/18/2004

 Exhibit 10.1 
  
 CONFIDENTIAL TREATMENT REQUESTED [*****] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED.
ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. 
  
 MASTER SERVICE AGREEMENT 
  
 AGREEMENT entered into as of 18 March 2004 between GlycoGenesys Inc. (“GlycoGenesys”), a Nevada corporation and Glenmere Clinical Research, Inc.
(“GCR”), a Delaware corporation. 
  
 PRELIMINARY STATEMENT 
  
 GlycoGenesys is a Nevada corporation with its
principal place of business at 31 St. James Ave., Suite 810, Boston, MA 02116. GlycoGenesys is engaged in the business of developing, producing, and seeking approval from the United States Food and Drug Administration (“FDA”) for drug
products. 
  
 GCR is a Delaware corporation with its principal place of business
at 687 Pine Hill Road, Chester, NY 10918. GCR has the necessary expertise to assist GlycoGenesys in the clinical development of GCS 100 in a timely and cost-efficient manner. 
  
 ACCORDINGLY, GlycoGenesys and GCR agree as follows: 
  

	1	TERM OF AGREEMENT 

  
 This Agreement shall commence as of 18 March 2004. Either party shall have the right to terminate this Agreement prior to such date as set forth in Section 5 of this Agreement. 
  

	2	OBLIGATIONS OF GCR AND GLYCOGENESYS 

  
 2.1 Scope of Work 
  
 Subject to the terms of this Agreement, GCR shall perform the services set forth within the Scope of Work for GlycoGenesys clinical protocol GLY-101-01, edition 1.1,
entitled A Phase I Study of 5 Daily Doses of GCS-100LE Repeated Every 3 Weeks in Patients with Advanced Cancer (the “Study”) which include, but are not limited to the following: (i) develop electronic case report form (eCRF) and assist in
training of site staff on the use of electronic data capture; (ii) oversee and monitor conduct of the study with continual observation of data flow into eCRF; provide 100% source document verification, documentation of site communication and site
training, as appropriate; (iii) track enrollment, protocol deviations, etc., advise GlycoGenesys, and take appropriate action to rectify any problems with the conduct of the study; (iv) provide medical expertise for safety monitoring, including
serious adverse events and decisions on dose escalation; (v) review and clarify data throughout the study to ensure a timely closure of 
  

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 the database (vi) produce tables from the output of electronic data capture; (vii) collect and maintain current
regulatory documents; and (viii) prepare a clinical summary of the study results. 
  
 GCR may be invited to perform other duties, which should be added as Appendices to this document, which together with the Scope of Work shall be referred to as the Work Order. These new appendices must have every page initialed and a
signature page signed and dated by authorized representatives of GlycoGenesys and GCR to be effective. 
  
 GCR shall continuously and expeditiously perform all activities necessary and prudent to assure that GCR’s obligations under this Agreement are completed by the Completion Date and that the costs and expenses to
GlycoGenesys for such performance do not exceed the Budget. In the event that GCR is not able to complete its obligations hereunder (i) by the Completion Date, and/or (ii) within the Budget, GCR shall give GlycoGenesys immediate notice in writing.
Upon receipt of such notice, GlycoGenesys and GCR will negotiate in good faith to reach a mutually agreeable solution. 
  
 2.2 Conflict of Interest 
  
 At the time of signing this Agreement, GlycoGenesys and GCR are not aware of any existing or potential conflict of interest. Should the possibility of such conflicts
arise GCR agrees to inform GlycoGenesys immediately and then GlycoGenesys management may decide to take corrective action, up to and potentially including, termination of this Agreement. 
  
 2.3 GCR Personnel 
  
 All personnel necessary for GCR to perform the Work Order shall be employees or consultants of GCR. Payment for the services of all such employees and/or consultants of
GCR, including all state and federal tax obligations required by applicable laws and regulations, shall be solely the responsibility and liability of GCR. 
  
 2.4 Confidentiality Agreement: 
  
 GCR and GlycoGenesys have executed a Confidentially Agreement dated January 5, 2004 (the “Confidentiality Agreement”), which is made a part of this Agreement.
GCR acknowledges that the Confidentiality Agreement is still in full force and effect and any breach under the Confidentiality Agreement shall be a default under this Agreement. GCR will treat as Confidential Information all information, data and
materials furnished by or on behalf of GlycoGenesys or by GlycoGenesys’s clinical investigators, or developed by GCR during the term of this Agreement concerning GlycoGenesys, GlycoGenesys’s studies, GlycoGenesys’s business or
GlycoGenesys’s drug, GCS-100. GCR agrees not to knowingly disclose to GlycoGenesys any information with respect to which it is under any actual or implied duty to any third party to keep confidential. 
  
 2.5 Reports 
  
 GCR shall keep GlycoGenesys fully informed of all activities undertaken by it for the benefit of GlycoGenesys and its progress in completing
its obligations under this 
  

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 Agreement. GCR shall provide GlycoGenesys, including, without limitation, the following reports: 
  
 a. written monthly reports setting forth progress relative to the Work Order and status of
regulatory documents; 
  
 b. clinical monitor’s visit reports within 10
business days of site visit 
  
 c. upon the occurrence of any Serious Adverse
Event, GCR shall immediately notify GlycoGenesys by telephone (followed up in writing within one business day) of the nature of such event, dates, locations and consequences and any other information which GlycoGenesys may need for FDA reporting
including SAE forms, written subject narratives and MedWatch forms; 
  
 d. draft
study report within 3 weeks of database lock 
  
 e. weekly conference calls or
meetings to discuss Study progress 
  
 f. summary report of GCR estimate of
maximum tolerated dose within 10 business days after “soft-lock” of database. 
  
 2.6 Insider Information 
  
 In the course of performance
of GCR’s duties, GCR will receive information which is considered inside information within the meaning and intent of the United States federal securities laws, rules and regulations. GCR will not disclose this information to others, except as
expressly authorized in writing by GlycoGenesys and will not use this information directly or indirectly for the benefit of GCR or as basis for advice to any other party concerning any decision to buy, sell, or otherwise deal in GlycoGenesys’s
securities or those of any of its affiliated companies. 
  
 2.7 GCR as a
Representative of GlycoGenesys 
  
 GCR shall act as GlycoGenesys’
representative in its acceptance of all information, reports, correspondence or the generation of any information, reports or correspondence pertaining to the reference protocol. Any and all such information shall remain the sole property of
GlycoGenesys, shall be treated as Confidential Information and shall be immediately returned to GlycoGenesys upon the termination of this Agreement. 
  
 2.8 GlycoGenesys Obligations 
  
 GlycoGenesys agrees to cooperate with GCR and its officers, directors, agents, representatives, employees, consultants, vendors, contractors and attorneys in the
performance of this Agreement. 
  
 2.9 Return of Documents

  
 GCR shall immediately, upon termination of this Agreement, return all
Documents to a designated representative of GlycoGenesys. For purposes herein, Document or Documents shall be used in the broadest sense and shall mean, without limitation, any 
  

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 written, recorded, electronic or graphic materials (however produced or reproduced), computer generated or stored data
(including, without limitation, computer files, regardless of the storage media, databases and electronic mail), documents or files, tapes or other recordings, and any other tangible objects. All materials, documents, information and suggestions of
every kind and description supplied to GCR by GlycoGenesys or generated under this Agreement will be the sole and exclusive property of GlycoGenesys, and GlycoGenesys will have the right to make whatever use it deems desirable of any such materials,
documents and information. 
  
 2.10 Regulatory Compliance

  
 To the extent applicable, GCR shall comply with the appropriate laws,
rules and regulations, policies and guidelines relating to the services set forth in each Work Order including, without limitation, the Federal Food Drug & Cosmetic Act, as amended, and the implementing regulations thereunder and the Health
Insurance Portability and Accountability Act, as may be amended, and the implementing regulations thereunder (HIPPA) (collectively, the “Applicable Laws”). GCR agrees that it will, to the best of its ability (i) ensure that investigators
understand that written informed consent must be obtained from all participating subjects prior to enrollment in the studies in accordance with the requirements specified with the Code of Federal Regulations, the ICH guidelines and all other
Applicable Laws, that they must give a signed copy of the informed consent to each subject and they must keep a copy in the subject’s files, and report and attempt to correct deficiencies in such practices, (ii) ensure that investigators
understand and comply with FDA guidelines for the conduct of research, (iii) ensure that there will be acceptable facilities for conduct of any study and immediately report and attempt to correct deficiencies, (iv) ensure that investigators
understand their obligation to conduct all studies in compliance with the protocol’s requirements and to report and attempt to correct deficiencies, (v) work with investigators to ensure that the rights, welfare and safety of the subjects are
protected, (vi) as applicable, initiate the protocol only after written, unconditional approval is received from the appropriate and duly constituted Institutional Review Board (“IRB”) in accordance with 21 C.F.R. Part 56; (vii) comply
with all applicable requirements pertaining to the protection of human subjects under 45 C.F.R. Part 46; and (viii) provide sufficient financial disclosure as required under 21 C.F.R. Part 54. 
  
 2.11 Recordkeeping 
  
 GCR agrees to take reasonable steps that are requested by GlycoGenesys as a result of an
audit to cure deficiencies in all documentation related to the services provided hereunder. GCR will retain all documentation, raw data and record keeping related to such services, in conformance with all applicable laws, regulations, policies and
guidelines and as specified by GlycoGenesys, but in no event less than three years following completion of the Study. During this period, such documentation or raw data shall be available for inspection by GlycoGenesys or by an authorized
representative designated by GlycoGenesys and at any time, upon GlycoGenesys’ written request, GCR shall deliver all such documentation and raw data to GlycoGenesys or its 
  

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 designee. GCR shall not discard or destroy any documentation or raw data, except wet specimens of blood, urines, feces
and biological fluids, relating to the Study during this period ending three (3) years following completion of the Study. Upon the expiration of such period, GCR shall contact GlycoGenesys to determine whether (i) to return the documentation and raw
data (all shipping, handling and/or insurance charges shall be at GlycoGenesys’ expense), (ii) to extend the storage of documentation and raw data (at rates that are in effect at that time); and (iii) to dispose of any work product and raw data
(at rates that are in effect at that time). 
  
 GCR agrees to advise GlycoGenesys
of any regulatory inspection, review or audit prior thereto to the extent possible and to provide GlycoGenesys with a copy of any inspection or audit report. Any response to a regulatory agency will be subject to approval by GlycoGenesys prior to
issuance. Such approval will not be unreasonably withheld. 
  
 2.12 Right to
Audit 
  
 During the term of this Agreement, until two (2) years after
its expiration or termination, GlycoGenesys may audit any financial records of GCR associated with this Agreement. Such records may include invoice records, invoices from third parties, contracts with third parties and payments relating to this
Agreement. To the extent such records are not separable from other customer records, GCR will give reasonable access to the records to an independent auditor selected by GlycoGenesys who will audit the records pertaining to the Study and related
Work Orders and may disclose the results of the audit only to the extent it relates to the Study. In no event shall other customer information be disclosed to GlycoGenesys. 
  
 2.13 Insurance 
  
 GCR shall at its expense maintain insurance coverage during the term of this Agreement and for a period of 3 years thereafter with an established insurance company in
such amounts: (a) Commercial general liability insurance including premises and operations with limits of not less than $1 million per occurrence and $2 million overall (b) Property damage liability insurance with limits of not less than $1 million
per occurrence and $1 million overall (c) Professional liability insurance with limits of not less than $1 million per occurrence and $1 million overall. All such insurance shall cover claims made before and after termination of this Agreement.

  
 2.14 Transfer of Obligations 
  
 Pursuant to 21 CFR 312.52, at the request of GlycoGenesys, GCR will provide in writing a
Notice of Transfer of Obligations. GCR agrees to diligently carryout all transferred obligations and responsibilities in compliance with all applicable laws, regulations, policies and guidelines as well as the terms specified herein. 
  

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	3	COMPENSATION TO GCR 

  
 As full and complete compensation for all services to be performed by GCR pursuant to this Agreement, GlycoGenesys shall pay a total of $[******] to GCR in the following staged payments: 
  

	 	•	$[*****] on signing this Agreement. Non payment of this amount within 30 days will render this Agreement null and void. 

  

	 	•	$[*****] payable within 30 days of the enrollment of the first patient into this study. 

  

	 	•	$[*****] payable within 30 days after the 15th
patient has been enrolled. 

  

	 	•	$[*****] payable within 30 days after enrollment is completed. 

  

	 	•	The balance (and in the case that the study protocol has remained unchanged from the March 11, 2004 Issue) of $[*****] payable within 30 days of the study report being finalized.

  
 Deviations in the scope of the protocol during the study may
involve additional costs. 
  
 Pass through costs, such as travel and living, will
be by prior agreement and will be payable within 30 days of GCR invoicing GlycoGenesys. Travel and living guidelines are given in Exhibit A. 
  

	4	ASSUMPTIONS 

  

	 	•	The study will run from [*****] to [*****]. 

  

	 	•	The FDA, investigators involved and the site(s) IRB(s) have approved the protocol, prior to commencement of the study. Significant changes in the protocol may change this cost
estimate. 

  

	 	•	GCR has no responsibility for FDA IND-compliance or availability of the clinical trial material supplies, except for communicating to GlycoGenesys clinical site needs.

  

	 	•	Travel and living detailed elsewhere in the Agreement will be paid by GlycoGenesys. 

  

	 	•	Electronic Data Capture will be performed by Medidata Inc. New York and be billed separately to GlycoGenesys. 

  

	 	•	Medidata and GlycoGenesys will finalise an Agreement by April 1 2004. 

  

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	5	TERMINATION 

  
 5.1 Breach 
  
 Either party may
terminate this Agreement in the event there has been a breach by the other party of its representations in this Agreement or in the event the other party shall have materially breached or defaulted in the performance of any of its obligations
hereunder (such breaches or default shall be collectively referred to herein as a “default”), and such default shall have continued for ten (10) days after the written notice thereof was provided to the defaulting party by the other party
specifying the particulars of the default. Any termination shall become effective at the end of such ten (10) day period unless the defaulting party (or any other party on its behalf) has cured any such default prior to the expiration of the ten
(10) day period. 
  
 5.2 Bankruptcy 
  
 If voluntary or involuntary proceedings by or against GlycoGenesys or GCR are instituted in
bankruptcy under any insolvency law, or a receiver or custodian is appointed for such party, or proceedings are instituted by or against such party for corporate reorganization or the dissolution of such party, which proceedings, if involuntary,
shall not have been dismissed within sixty (60) days after the date of filing, or if such party makes an assignment for the benefit of creditors, or substantially all of the assets of such party are seized or attached and not released within sixty
(60) days, thereafter, the other party may immediately terminate this Agreement, effective upon notice of such termination. 
  
 5.3 Agreement 
  
 The Agreement may be terminated at any time by mutual written consent of GlycoGenesys and GCR with 30 days written notice. Prorated payments due at that time must be paid. For example, if the agreement is terminated
after 10 patients are enrolled, 2/3 of the staged payment due after 15 patients are enrolled will become immediately payable. 
  
 If GlycoGenesys fails to make the initial payment of $[*****] within 60 days of the effective issue date of this contract this document is voided. The provisions of
Sections 2.4, 2.6, 2.9, 2.11, 2.12, 2.13, 8 and 10 shall survive the termination of this Agreement. 
  

	6	REPRESENTATIONS OF GLYCOGENESYS 

  
 6.1 Organization 
  
 GlycoGenesys (a) is a corporation duly organized, validly existing, and in good standing under the laws of the State of Nevada, (b) has the requisite power and authority to own, lease and operate its properties and to
conduct its business as it is presently being conducted. 
  
 6.2 Authority
and Enforceability 
  
 Consummation of this Agreement will not constitute
or result in a breach or default of any provision of any charter, bylaw, indenture, mortgage, lease agreement, or any 
  

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 order, judgment, or decree to which any property of GlycoGenesys is subject, or by which GlycoGenesys is bound, except
for breaches or defaults which, in the aggregate, would not have a material effect on GlycoGenesys’s properties, business operations, or financial condition. This Agreement has been duly and validly executed and delivered by GlycoGenesys and
(assuming that this Agreement constitutes a valid and binding obligation of GCR) constitutes a valid and binding obligation of GlycoGenesys enforceable against it in accordance with its terms, except as enforcement may be limited by bankruptcy,
insolvency, reorganization, moratorium or similar laws from time to time in effect relating to the rights and remedies of creditors generally or by general principles of equity (regardless of whether such enforceability is considered in a proceeding
in equity or at law). 
  
 6.3 Consents and Approvals 
  
 The execution and delivery of this Agreement and the consummation of the transactions
contemplated by this Agreement have been duly and validly authorized by all necessary corporate action on the part of GlycoGenesys and no other corporate proceedings on the part of GlycoGenesys is necessary to authorize the execution and delivery of
this Agreement or to consummate the transactions contemplated by this Agreement. 
  
 6.4 Representations 
  
 a. Except as described in Current
Reports on Form 8-K filed by GlycoGenesys on February 4, 20 and 24, 2004, to the best of GlycoGenesys’s knowledge and belief, there is no litigation or claim and no threatened litigation or claim, nor does GlycoGenesys know of any basis for any
such litigation or claim, that would prevent or hinder the performance of GlycoGenesys hereunder; 
  
 b. Except as described in Current Reports on Form 8-K filed by GlycoGenesys on February 4, 20 and 24, 2004, GlycoGenesys, to the best of its knowledge and belief, has good, valid and marketable title to all of its
assets, including particularly GCS 100; 
  
 c. Except as described in Current
Reports on Form 8-K filed by GlycoGenesys on February 4, 20 and 24, 2004, GlycoGenesys, to the best of its knowledge and belief, is not in violation in any material respect with any agreement, order, judgment, law or regulation applicable to it,
including particularly securities laws and regulations, and it has obtained all governmental permits or licenses required to conduct its business; 
  
 d. GlycoGenesys, to the best of its knowledge and belief, all applications, documents and other material, whether oral or written, presented by GlycoGenesys, its
officers, directors, representatives, attorney and agents to the FDA are complete and accurate and do not contain any false or misleading statement or any basis for assertion by the FDA that the information is not full, complete and accurate or
contains any false or misleading statement. 
  

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	7	REPRESENTATIONS OF GCR 

  
 7.1 Organization 
  
 GCR: (1) is a
corporation duly organized, validly existing, and in good standing under the laws of the State of Delaware, (ii) has the requisite power and authority to own, lease and operate its properties and to conduct its business as it is presently being
conducted, and (iii) has qualified to do business as a corporation in any jurisdiction. 
  
 7.2 Authority and Enforceability 
  
 Consummation of this
Agreement will not constitute or result in a breach or default of any provision of any charter, bylaw, indenture, mortgage, lease agreement, or any order, judgment, or decree to which any property of GCR is subject, or by which GCR is bound. This
Agreement has been duly and validly executed and delivered by GCR and (assuming that this Agreement constitutes a valid and binding obligation of GlycoGenesys) constitutes a valid and binding obligation of GCR enforceable against it in accordance
with its terms, except as enforcement be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws from time to time in effect relating to the rights and remedies of creditors generally or by general principles of equity
(regardless of whether such enforceability is considered in a proceeding in equity or at law). 
  
 7.3 Performance 
  
 GCR represents
to GlycoGenesys that its officers and employees have the expertise, experience and scientific, regulatory and business affiliations to perform all the obligations undertaken by it under this Agreement. GCR will use its best efforts to minimize the
amount of turnover of key personnel on the Study. Changes of key personnel or director level personnel will not be done without prior notification to GlycoGenesys. GCR further represents and warrants that all GCR employees/contractors (i) are duly
qualified and that no person has been debarred under subsections (a) or (b) of Section 306 of the Federal Food, Drug, and Cosmetic Act, as amended, 31 U.S.C. Section 335a(a) and (b), (ii) are not and have not been under investigation by the U.S.
Food and Drug Administration (“FDA”), and (iii) has a disqualification hearing pending or has been disqualified by the FDA pursuant 21.C.F.R. Section 312.70. No debarred person will in the future be employed by GCR in connection with
responsibilities or obligations of GCR under this Agreement. . GCR agrees to immediately disclose in writing to GlycoGenesys if any employee or agent is debarred or disqualified or if any action, suit, claim, investigation, or legal or
administrative proceeding is pending or, to the best of GCR’s knowledge, threatened, relating to the debarment or disqualification of GCR or any person performing services hereunder. 
  
 7.4 Ancillary Agreements 
  
 GCR has no undisclosed agreement or understanding, actual or contingent, of any kind or nature whatsoever, with any officer, director or shareholder of GlycoGenesys, or
any other person, corporation, partnership, other entity or organization relating to (i) this Agreement or the consummation of the transactions contemplated by this Agreement, 
  

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 (ii) the present or future ownership, whether directly, indirectly, actual, beneficial or contingent, of the common stock
of GlycoGenesys, or (iii) the present or future management of GlycoGenesys. 
  

	8	INDEMNIFICATION 

  
 8.1 Indemnification of GCR 
  
 GlycoGenesys agrees to defend, indemnify, and hold harmless GCR and its respective shareholders, employees, sub-contractors, consultants and agents from and against any claims, proceedings, or investigations arising out of or in connection
with this Agreement and agrees to reimburse GCR for all reasonable costs and expenses, including, without limitation reasonable attorney’s fees incurred in advance of judgment; provided, however that GlycoGenesys shall not be responsible for
the indemnification of GCR if such claim, proceeding or investigation arises out of or in connection with the negligence, fraudulent behavior, intentional misconduct or violation of the laws, rules, regulations or policies of the United States,
applicable states, or the FDA. GCR shall promptly notify GlycoGenesys of any claim, proceeding or investigation to allow GlycoGenesys to assume the defense thereof, including without limitation, the right to select defense counsel and the right to
settle any claims or suits at its discretion. The indemnified parties shall fully cooperate with GlycoGenesys in defense of any claim, proceeding or investigation subject to GlycoGenesys reimbursing reasonable out-of-pocket expenses involved in such
cooperation. 
  

	9	DELAYS, DELIVERIES, DISCLAIMERS AND REMEDIES 

  
 9.1 Deliveries by GlycoGenesys 
  
 GlycoGenesys acknowledges that GCR will require documents, data, records from and cooperation by GlycoGenesys to properly perform the services hereunder and that GCR is
not responsible for the errors, delays or other consequences arising from the failure of GlycoGenesys to provide such data, records or cooperation. 
  
 9.2 Delays 
  
 GlycoGenesys acknowledges that GCR will present timetables with each Work Order which have been carefully considered, planned, and optimized using its expertise and knowledge of the industry, however, reasonable
delays and unforeseen difficulties may arise. In the event of such delay or difficulty, GCR shall notify GlycoGenesys within ten (10) business days of knowledge of such delay and the parties shall negotiate in good faith to resolve such delays or
difficulty and to adjust the Budget or Completion Date, as necessary. 
  
 9.3 Nature of GCR Services 
  
 GCR agrees to use its best
efforts to complete each Work Order within the Budget and by the Completion Date; however, GlycoGenesys acknowledges that, despite the best efforts of GCR, the results of the services to be provided hereunder are inherently 
  

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 uncertain. Accordingly, GCR makes no guarantee of the results of the referenced protocol or the FDA’s acceptance of
those results. 
  
 9.4 Remedies 
  
 The sole remedy to GlycoGenesys for breach or default by GCR shall be termination of this
Agreement as herein provided, and in no event shall GCR be liable for special, indirect, incidental or consequential damages or for any liability to a third party except when such liability is caused by its negligence, fraudulent behavior,
intentional misconduct or violation of the laws, rules, regulations or policies of the United States, applicable States, and the FDA by GCR and its respective employees, sub-contractors, consultants, and agents. 
  

	10	INTELLECTUAL PROPERTY 

  
 GCR will disclose promptly to GlycoGenesys any and all inventions, discoveries and improvements related to GlycoGenesys’s product conceived or made by GCR or its agents while providing services to GlycoGenesys
and relating to services or within twelve (12) months after the provision thereof, and agrees to assign all its interest therein to GlycoGenesys whenever requested to do so by GlycoGenesys. GCR and its agents will execute any and all applications,
assignments, or other instruments and give testimony and provide information which GlycoGenesys will deem necessary to apply for and obtain Letters of Patent in the United States or of any foreign country or to protect otherwise GlycoGenesys’s
interests therein, and GlycoGenesys will compensate GCR for the time devoted to said activities and reimburse for expenses incurred. 
  
 GlycoGenesys acknowledges that GCR possesses certain inventions, processes, know-how, trade secrets, improvements, other intellectual properties and other assets,
including but not limited to analytical methods, procedures and techniques, procedure manuals, personnel data, computer technical expertise, and software, which have been independently developed by GCR and which relate to its business or operations
(collectively “GCR Property”). GlycoGenesys and GCR agree that any GCR Property or improvements thereto which are used, improved, or developed by GCR under or during the term of this Agreement or any Work Order are the sole and exclusive
property of GCR. 
  
 Any copyrightable work created by GCR in connection with or
during the performance of this Agreement by GCR shall be considered a work made for hire, whether published or unpublished, and all rights therein shall be the property of GlycoGenesys as employer, author and owner of the copyright in such work.
GCR, without charge to GlycoGenesys other than reasonable payment for time involved in the event the Agreement shall have terminated, but at GlycoGenesys’ expense, shall duly execute, acknowledge, and deliver to GlycoGenesys all such further
papers, including assignments and applications for copyright registration or renewal, as may be necessary to enable GlycoGenesys to publish or protect said works by copyright or otherwise in any and all countries and to vest title to said works in
GlycoGenesys, or its nominees, their successors or assigns. GCR shall promptly notify GlycoGenesys of any copyrightable work contemplated herein. 
  

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	11	ARBITRATION 

  
 Any controversy or claim arising out of or relating to this Agreement, or breach thereof, shall be settled by arbitration in accordance with the current Commercial Arbitration Rules of the American Arbitration
Association and any judgment upon the award shall be deemed to be binding by both GCR and GlycoGenesys. In the case of a dispute that is likely to involve arbitration, each party shall designate one arbitrator and these two arbitrators will pick a
mutually agreed upon third arbitrator. Both sides will work towards selecting an arbitration body in good faith and in a timely manner. 
  

	12	MISCELLANEOUS 

  
 12.1 Notices 
  
 All notices,
requests, consents, and other communications, required or permitted to be given hereunder, shall be in writing and shall be deemed to have been duly given if delivered personally, or mailed first-class, postage prepaid, by registered or certified
mail (notices mailed shall be deemed to have been given on the date sent) or by facsimile, as follows (or to such other addresses as either party shall designate by notice in writing to the other in accordance herewith): 
  
 (a) if to GCR: 
 Simon Welch, Glenmere Clinical Research 687 Pine Hill Road Chester, NY 10918; fax: 
  
 (b) if to GLYCOGENESYS: 
 31 St. James Ave., Suite 810, Boston, MA 02116,
Attn: Bradley Carver; fax: 617-422-0675 
  
 12.2 Article and Sections
Headings: 
  
 The article and section headings of this Agreement are
inserted for convenience of reference and shall not be considered a part of this Agreement or used in its interpretation. 
  
 12.3 Rules of Construction 
  
 For all purposes of this Agreement, unless the context shall otherwise indicate; (i) all pronouns and any variations thereof shall be deemed to refer to the masculine,
feminine, neuter, singular or plural, as the identity of the person, firm, or corporation, may require; (ii) plurals of defined terms shall include the singular; (iii) the words “hereof and “herein” shall be construed to refer to the
entirety of this Agreement and not restricted to the particular Article, Section, subsection, or paragraph in which they occur; and (iv) GlycoGenesys and GCR will be deemed to have participated in the negotiation and drafting of this Agreement.

  
 12.4 Severability: 
  
 If any one or more phrases, sentences, clauses, or paragraphs of this Agreement shall be
held invalid or unenforceable by a court of competent jurisdiction, such holding shall 
  

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 not invalidate or render unenforceable any other portions of this Agreement, or any part thereof 
  
 12.5 Execution of Counterparts 
  
 This Agreement may be executed in any number of counterparts, each of which shall for all
purposes be deemed to be an original, and all of which are identical. 
  
 12.6 Applicable Law: 
  
 This Agreement shall be governed
in all respects, including validity, interpretation and effect, by the laws of the State of Massachusetts. 
  
 12.7 Prior Agreements 
  
 This
Agreement constitutes the entire Agreement and cancels and supersedes all prior agreements and undertakings, oral or written, among or between the parties hereto relating to the subject matter of this Agreement. This Agreement is solely for the
benefit of GlycoGenesys and GCR and does not confer on any other entity or person any rights or remedies under this Agreement. 
  
 12.8 Amendments 
  
 This Agreement may not be amended, supplemented or discharged except by accepted performance or by an instrument in writing signed by both GlycoGenesys and GCR. 
  
 12.9 Waiver 
  
 GlycoGenesys or GCR may waive performance by the other party of any of the covenants or agreements, or satisfaction of any of the
conditions, contained in this Agreement. Any agreement on the part of GlycoGenesys or GCR to any such waiver shall be valid only if set forth in an instrument in writing signed on behalf of such party. 
  
 12.10 Assignment 
  
 Except as otherwise provided in this Agreement, neither this Agreement nor any of the rights, interests or obligations under this Agreement
shall be assigned by either GlycoGenesys or GCR (whether by operation of law or otherwise) without the prior written consent of the other party. In the event of any assignment, the representations, warranties and covenants made by the assigning
Party herein must also be able to be made by the acquirer. Subject to the preceding sentences, this Agreement shall be binding upon and inure to the benefit of the parties hereto, their heirs and assigns. 
  
 12.11 Publicity 
  
 Neither party shall disclose the business relationship formed by this Agreement without the prior written consent of the other party, which
consent shall not be unreasonably withheld. Such limitations shall not apply to disclosures which the parties are required to make by law; provided, however, that the disclosing party shall, if reasonably possible, prior to such disclosure allow the
other party an opportunity to intercede in such disclosure and obtain confidential treatment of any Confidential Information contained in such disclosure. 
  
  

 13 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written. 
  

					
	 GLYCOGENESYS, INC.
	 	 	 	 GLENMERE CLINICAL RESEARCH, INC

			
	/s/    Bradley J Carver        	 	 	 	/s/    Simon A Welch        
	
	 	 	 	

	Name:   Bradley J Carver	 	 	 	Name:   Simon A Welch
	Title:    CEO & President	 	 	 	Title:    President
	Date:	 	 	 	Date:

  

 14 

 EXHIBIT A 
  
 GUIDELINES FOR OUT OF TOWN BUSINESS TRAVEL AND LIVING EXPENSES 
  
 The following policy applies to all GCR Company employees, monitors and consultants. 
  
 RESERVATION/TICKET REQUESTS 
  
 AIR TRAVEL 
  
 Maximum lead-time should be provided when requesting reservations to take advantage of the numerous excursion and discount fares offered. Normal lead-time requirement:
7-14 days for domestic travel; 21 days for international travel. 
  
 Last-minute
changes before/during a trip that result in higher airfare should be avoided. 
  
 Personal stopovers, which increase airfare or impact the ability to utilize a discount airfare will be at the employee’s expense and should be deducted from the related expense report. 
  
 AUTOMOBILE RENTAL 
  
 If possible, a credit card featuring CDW (collision damage waiver) and PAI (personal
accident insurance) coverage should be utilized to limit liability in the event of damage to the rental vehicle. 
  
 Rental company refueling charges are considerably higher than local gas station rates. It is recommended that gas tanks be filled prior to drop-off whenever possible. Gas
receipts will be reimbursed to traveler on the expense report. 
  
 SURFACE TRAVEL 
  
 As a general guideline, you
should select the mode of transportation which minimizes expenses without causing undue inconvenience or significantly greater travel time to your destination. For instance, when available and convenient, airport or hotel shuttle/limousine service
should be used instead of taxis. Consideration should be given to the cost of rental car and hotel parking as opposed to taxi charges. 
  
 HOTEL ACCOMODATIONS 
  
 Hotels offering corporate rates to the Company should be used unless a specific hotel requested does not exceed available corporate rates in the same area. It is the
responsibility of the traveler to verify that the correct room rate has been applied upon check-in. 
  

 15 

 Should your plans change, reservations confirmed on a guaranteed payment basis must be cancelled in a timely fashion to
avoid “no show” charges. A cancellation number and/or the name of the individual accepting the cancellation should be obtained. 
  
 TRAVEL AND ENTERTAINMENT EXPENSES 
  
 You will be reimbursed for actual, reasonable expenses incurred for meals and drinks, including tips. Receipts must accompany expenditures of $25 or more. If you are
required to entertain while traveling, please be sure to identify the person or persons entertained with a clear explanation of the business purpose of the entertainment on your expense report. 
  

 16Thomson/Marketwatch Service Production Agreement

 Exhibit 10.43 
  
 CONFIDENTIAL TREATMENT REQUESTED 
  
 THOMSON/MARKETWATCH SERVICE PRODUCTION AGREEMENT 
  
 THIS THOMSON/MARKETWATCH SERVICE PRODUCTION AGREEMENT (“Agreement”) is entered into as of March 31, 2004
(“Effective Date”) by and between MarketWatch.com, Inc. (“MarketWatch”) and Thomson Financial Inc. (“Thomson”). Each of MarketWatch and Thomson shall be referred to herein as a “Party” and together as the
“Parties.” 
  
 RECITALS 
  
 WHEREAS, MarketWatch is in the business, among other things, of providing
business news, financial programming and analytic tools; 
  
 WHEREAS, Thomson is in the business of, among other things, providing integrated information solutions directed at certain industry segments; 
  
 WHEREAS, the Parties desire to create, market and distribute a real-time financial newswire service as described in this Agreement; 
  
 WHEREAS, Thomson desires to contract with and MarketWatch agrees to provide
editorial and production support for such newswire service as described in this Agreement; 
  
 NOW, THEREFORE, in consideration of the mutual covenants set forth herein, the Parties hereby agree as follows: 
  
 AGREEMENT 
  
 1. DEFINITIONS. Each of the following terms shall have the meaning provided in this Section 1. 
  
 (a) “Affiliate” means, with respect to a party, a corporation, partnership or other entity controlling, controlled by or under common control
with such party, but only so long as such control continues to exist. For purposes of this Section 1(a), “control” means ownership, directly or indirectly, of at least fifty percent (50%) of the voting rights in such entity (or, in
the case of a noncorporate entity, equivalent rights). 
  
 (b)
“Audited Party” is defined in Section 5(h). 
  
 (c) “Auditing Party” is defined in Section 5(h). 
  
 (d) “Auditor” is defined in Section 5(h). 
  
 (e) “Brand Name” is defined in Section 4(a). 
  
 (f) “Budgeted Fees” is defined in Section 5(a)(ii). 
  
 (g) “CBS” means CBS Broadcasting Inc. and its Affiliates. 
  
 (h) “Confidential Information” is defined in Section 9(a). 

 (i) “Cooperation” is defined in Section 2(i). 
  
 (j) “Content” means text, articles, editorial concepts, research,
news, graphics, photographs, images, animation, video, audio, information and data in any medium and in any stage of completion, including both current and archival Content. The phrase “its Content” and similar phrases, when used with
reference to a Party, means Thomson Content and Exclusive Content in the case of Thomson and MarketWatch Content in the case of MarketWatch. 
  
 (k) “Contract Year” means each calendar year falling within the Term, except that the first Contract Year shall begin on the Effective Date and
end on December 31, 2004 (unless the Agreement is earlier terminated) and the last Contract Year shall end on the date on which this Agreement expires or is terminated. 
  
 (l) “CPI” is defined in Section 5(a)(iii). 
  
 (m) “Credit Materials” means the references and attributions identifying a Party as the originator of Content (as
applicable) incorporating their respective icons, images and text. 
  
 (n) “Dedicated Employees” means the MarketWatch employees in the positions identified in Exhibit E (as may be modified upon mutual agreement of the Parties, which agreement by Thomson shall not be unreasonably withheld)
providing services expressly for the Thomson/MarketWatch Service. 
  
 (o) “Discloser” is defined in Section 9(a). 
  
 (p) “Dispute” is defined in Section 10(e). 
  
 (q) “Editorial Board” is defined in Section 2(d)(ii). 
  
 (r) “Editorial Control” means the overall control of the allocation of staffing, facilities and equipment, editorial composition, editing, journalistic discretion and similar issues related to the
Thomson/MarketWatch Service, including determining staffing issues, journalist viewpoints and opinions, subject and story approaches, line by line and story editing, topics and resource choice and allocation on a day-to-day basis relating thereto.

  
 (s) “Editorial Direction” means the overall control
of (i) marketing and distribution of the Thomson/MarketWatch Service (including when and, subject to restrictions and obligations in this Agreement related to MarketWatch Content, in what manner the Thomson/MarketWatch Service is distributed to the
Thomson Clients); (ii) the areas of coverage and overall makeup of the Thomson/MarketWatch Service; and (iii) which Thomson Content is included or not included in the Thomson/MarketWatch Service and the right to increase (subject to Section
5(c)(iii)) or decrease (subject to Section 5(c)(iii)) Content in the Thomson/MarketWatch Service. 
  
 (t) “Editorial and Production Support” is defined in Section 2(g). 
  
 (u) “Effective Date” is defined in the introductory paragraph. 
  

 2 

 (v) “End Users” means end user Thomson Clients to whom Thomson (or its Affiliates) has offered
the Thomson/MarketWatch Service subject to End User Agreements. 
  
 (w) “End User Agreements” means license agreements containing intellectual property protections substantially in conformity with Thomson’s existing (as of the Effective Date) license agreements with its end users, which
agreements shall in no event grant rights with respect to the MarketWatch Content of greater scope than the rights granted to Thomson for sublicense to end user customers under this Agreement. 
  
 (x) “Exclusive Content” means Content of MarketWatch which is
included in Service Content and which is exclusive to the Thomson/MarketWatch Service. 
  
 (y) “Grandfathered Parties” means [*] 
  
 (z) “Indemnified Party” is defined in Section 7. 

 
 (aa) “Indemnifying Party” is defined in Section 7.

  
 (bb) “Initial Budget” is defined in Section
5(a)(i) 
  
 (cc) “Initial Service Fee” is defined in
Section 5(a)(i) 
  
 (dd) “Insubstantial Portion”
is defined in Section 3(b). 
  
 (ee)
“MarketWatch” is defined in the introductory paragraph. 
  
 (ff) “MarketWatch Content” means Content of MarketWatch, its affiliates and/or its third-party licensors which is included in Service Content, other than Exclusive Content. 
  
 (gg) “MarketWatch Marks” means the trademark and tradename
“MarketWatch” and any other trademarks and tradenames and design marks of MarketWatch set forth in Exhibit D(1) (as may be modified from time to time upon written notice by MarketWatch to Thomson). 
  
 (hh) “MarketWatch Reference” is defined in Section 4(a).

  
 (ii) “Non-Compete Period” means [*] 
  
 (jj) “Other MarketWatch Services” is defined in Section 2(e). 
  
 (kk) “Pass Through Content” means that Thomson Content which is identified to MarketWatch by Thomson as being for
use only in an unmodified form in the Thomson/MarketWatch Service. 
  
 (ll) “Pearson” means Pearson Overseas Holding Company Ltd. and its Affiliates. 
  

 [*] Confidential treatment has been requested for certain portions of this document pursuant to an application for confidential treatment sent to the Securities
and Exchange Commission. Such portions are omitted from this filing and filed separately with the Securities and Exchange Commission. 
  

 3 

 (mm) “Recipient” is defined in Section 9(a). 
  
 (nn) “Representatives” is defined in Section 8(c).

  
 (oo) “Senior Executives” is defined in Section
10(e). 
  
 (pp) “Service Content” means MarketWatch
Content, Thomson Content and Exclusive Content as and in the form edited, combined and/or integrated and provided by MarketWatch to Thomson for delivery to End Users as the Thomson/MarketWatch Service under the Brand Name. 
  
 (qq) “Service Distinctions” is defined in Section 2(e)(ii).

  
 (rr) “Service Fee” is defined in Section
5(c)(ii). 
  
 (ss) “Service Level
Obligations” is defined in Section 2(g). 
  
 (tt)
“Service Parameters” is defined in Section 2(e)(i). 
  
 (uu) “Service Revenues” means[*]. 
  
 (vv) “Source Content” means all Thomson Content other than Pass Through Content. 
  
 (ww) “Taxes” is defined in Section 5(g). 
  
 (xx) “Term” is defined in Section 6(a). 
  
 (yy) “Termination Date” means the effective date of termination or
expiration of the Agreement. 
  
 (zz) “Thomson” is
defined in the introductory paragraph. 
  
 (aaa) “Thomson
Clients” means the customers of the Thomson/MarketWatch Service. 
  
 (bbb) “Thomson Content” means the Content of Thomson, its Affiliates and/or its third-party licensors which is provided to MarketWatch by or on behalf of Thomson for inclusion in Service Content, including Content which is
exclusively or substantially derived from Thomson Content by MarketWatch. Thomson Content shall include the Content described or referenced on Exhibit F. Notwithstanding anything else in this Agreement, for purposes of this Agreement only,
Thomson Content shall not include Content of Thomson, its Affiliates and/or its third-party licensors which is provided or available to MarketWatch or its Affiliates by or on behalf of Thomson, its Affiliates and/or its third-party licensors under
other agreements between the Parties (or their Affiliates) or Content derived from such Content. 
  

 [*] Confidential treatment has been requested for certain portions of this document pursuant to an application for confidential treatment sent to the Securities
and Exchange Commission. Such portions are omitted from this filing and filed separately with the Securities and Exchange Commission. 
  

 4 

 (ccc) “Thomson Concept” is defined in Section 2(h)(ii). 
  
 (ddd) “Thomson Competitors” means the competitors of Thomson listed
on Exhibit J (as may be modified from time to time upon mutual written agreement of the Parties). 
  
 (eee) “Thomson Development Cost Allocation” is defined in Section 5(d). 
  
 (fff) “Thomson/MarketWatch Service” is defined in Section 2(a). 
  
 (ggg) “Thomson Marks” means the trademark and tradename
“Thomson” and any other trademarks and tradenames and design marks of Thomson set forth in Exhibit D(2) (as may be modified from time to time upon written notice by Thomson to MarketWatch). 
  
 (hhh) “Timeline” is defined in Section 2(b). 
  
 (iii) “Unwind Period” means [*] 
  
 2. SERVICE PRODUCTION, DIRECTION AND COMPOSITION 
  
 (a) Thomson/MarketWatch Service. The Parties shall provide Content, and MarketWatch shall provide Editorial and Production Support, to develop, produce and maintain a real-time financial newswire service
consistent with the Service Parameters and the Service Distinctions to be marketed and sold by Thomson or Thomson Affiliates to End Users under the Brand Name (the “Thomson/MarketWatch Service”). During the Term and the Unwind Period, the
Thomson/MarketWatch Service shall be marketed and sold using the MarketWatch Reference. 
  
 (b) Timeline. Set forth on Exhibit B is the timeline the Parties have agreed upon for the development, production and delivery of the Thomson/MarketWatch Service during the period of six (6) months
commencing on the Effective Date (the “Timeline”). MarketWatch shall ensure that the Thomson/MarketWatch Service is delivered to Thomson by the end of the Timeline. Subject (in the case of personnel numbers and location of personnel) to
Section 2(c), to the extent the milestones and obligations in the Timeline are a Party’s sole obligation, such Party shall complete such tasks in accordance with the Timeline. Each Party shall report its progress in meeting the
objectives in accordance with the Timeline to the Editorial Board at least bi-weekly. 
  
 (c) Editorial Growth Plan.[*] 
  
 (d) Editorial Oversight. 
  
 (i) Thomson shall retain and be solely responsible for Editorial Direction
of the Thomson/MarketWatch Service, and MarketWatch shall retain and be solely responsible for 
  

 [*] Confidential treatment has been requested for certain portions of this document pursuant to an application for confidential treatment sent to the Securities
and Exchange Commission. Such portions are omitted from this filing and filed separately with the Securities and Exchange Commission. 
  

 5 

 Editorial Control of the Thomson/MarketWatch Service. Each Party shall retain control and direction of its own Content
provided to the other Party, subject to the other provisions of this Agreement. Notwithstanding the foregoing, the Parties understand and agree that either Party may request that the Editorial Board consider additional Content development for the
Thomson/MarketWatch Service. 
  
 (ii) The Parties shall establish
an Editorial Board which shall be the forum in which the Parties communicate and coordinate issues related to the exercise of Editorial Direction by Thomson and Editorial Control by MarketWatch (including, without limitation, issues related to
content, coverage and the deployment of resources) with respect to the Thomson/MarketWatch Service (the “Editorial Board”). The Editorial Board shall consist of four (4) persons, two (2) of whom shall be designated by each Party. Each
Party may replace any member designated by it at any time upon notice to the other Party. Each member shall have experience applicable to the Thomson/MarketWatch Service. 
  
 (iii) The Editorial Board shall meet not less than once in each calendar month during the first Contract Year and thereafter
shall meet not less than once a quarter. The place at which meetings shall be held shall initially alternate between the principal offices of each Party, respectively located in San Francisco, California, and New York, New York. Members of the
Editorial Board may participate in meetings of the Editorial Board in person or by conference telephone call. All actions and decisions by the Editorial Board shall require the majority approval of the members of the Editorial Board, either in a
meeting of all of the members in person or by conference telephone call or by written consent of a majority of the members of the Editorial Board setting forth the actions or decisions taken. 
  
 (e) Service Parameters and Service Distinctions. 
  
 [*] 
  
 (f) Non-Competition. 
  
 [*] 
  

 [*] Confidential treatment has been requested for certain portions of this document pursuant to an application for confidential treatment sent to the Securities
and Exchange Commission. Such portions are omitted from this filing and filed separately with the Securities and Exchange Commission. 
  

 6 

 (g) Editorial and Production Support. MarketWatch shall provide the services of MarketWatch
managerial, staff and freelance editorial, design and technical personnel and the use of MarketWatch’s facilities, equipment, hardware, software and other resources for developing, preparing, editing, producing and delivering the Service
Content for the Thomson/MarketWatch Service, modifying Service Content and integrating MarketWatch Content, Pass Through Content and Exclusive Content, in a manner consistent with the Service Parameters and the Service Distinctions (collectively,
the “Editorial and Production Support”). MarketWatch shall provide the Editorial and Production Support at levels of service that meet or exceed the Service Parameters and the Service Distinctions. Exhibit I sets forth the terms and
conditions relating to the specific operational performance criteria that MarketWatch is required to meet and maintain in order to satisfy the Editorial and Production Support obligations under this Agreement (the “Service Level
Obligations”). MarketWatch shall deliver the Service Content to Thomson in a data format reasonably acceptable to Thomson for redistribution by Thomson or its Affiliates to the End Users. At all times, the delivery of Service Content shall meet
the delivery specifications set forth in Exhibit I and MarketWatch shall maintain two (2) distinct and recognizable feeds (one for the Thomson/MarketWatch Service and one for the Other MarketWatch Services). MarketWatch may change the specifications
for feeds or delivery format for MarketWatch Content to any other reasonably acceptable specifications upon ninety (90) days prior notice to Thomson. 
  
 (h) Content. The Thomson/MarketWatch Service shall include Thomson Content, MarketWatch Content and Exclusive Content, which shall be included,
modified and/or integrated by MarketWatch to produce Service Content. 
  
 (i) Thomson Content. 
  
 (1) Delivery.
Thomson shall deliver the Thomson Content to MarketWatch in accordance with the Timeline and in a data format reasonably acceptable to MarketWatch. At all times, the delivery of the Thomson Content shall meet the delivery specifications set forth in
Exhibit F. Thomson may change the specifications for feeds or delivery format for Thomson Content to any other reasonably acceptable specifications upon ninety (90) days prior notice to MarketWatch. 
  
 (2) License to Thomson Content and Exclusive Content. Subject to the
terms and conditions of this Agreement, Thomson hereby grants to MarketWatch a limited, non-transferable (except pursuant to Section 10(b)), non-sublicensable (except pursuant to this Section 2(h)(i)(2)) and non-exclusive right to (i)
reproduce, distribute, display and otherwise use Thomson Content solely as part of the fulfillment of its obligations and exercise of rights under this Agreement; (ii) reproduce, distribute, display and otherwise use the Exclusive Content as part of
the fulfillment of its obligations and exercise of rights under this Agreement and for reference, background research and quotation (with attribution, as appropriate) purposes (including on an archival basis) whether or not related to this
Agreement; and (iii) modify or otherwise alter the Source Content, provided that facts and data are not substantively changed. MarketWatch may sublicense the licenses and rights granted in this Section 2(h)(i) to contractors and affiliates
provided such sublicense is solely for the benefit of MarketWatch in the performance of MarketWatch’s obligations under this Agreement and further provided such contractors and affiliates comply in all respects with the obligations (including
the restrictions) in 
  

 7 

 this Agreement. MarketWatch shall have no responsibility for reproducing or reconstructing Thomson Content or Exclusive
Content as it existed at any particular time, or for retaining archival copies of Thomson Content or Exclusive Content. Nothing in this Agreement shall reduce or otherwise modify rights of MarketWatch with respect to Content provided by Thomson or
its Affiliates by operation of other agreements between the Parties (or their Affiliates) or Content otherwise owned by or available to MarketWatch or its Affiliates or licensors, including where that Content is the same as Thomson Content.

  
 (3) Display of Thomson Content. MarketWatch may not
alter, edit or otherwise modify Pass Through Content as delivered by Thomson to MarketWatch, including the text, branding, copyright or other proprietary notices, disclaimers, audio, video, graphics or images contained therein, other than reasonable
technical formatting modifications to enable Pass Through Content to be displayed or to the extent MarketWatch in good faith believes it is legally required to remove or modify such Pass Through Content, provided that MarketWatch shall give advance
notice of such legal requirement to Thomson, and shall cooperate with Thomson in connection with any efforts to prevent or limit the scope of such removal or modification. In conjunction with the preparation by MarketWatch of the Thomson/
MarketWatch Service and subject to the license and other obligations related to Pass Through Content and the Content of third parties, Thomson shall be identified as the owner of the Thomson Content in the Thomson/MarketWatch Service. MarketWatch
shall include Credit Materials and copyright and trademark notices as they appear in the Thomson Content or as Thomson specifies from time to time (provided that such specifications are commercially reasonable and are provided with thirty (30) days
written notice to MarketWatch). 
  
 (ii) Other Content.
During the Term, each Party shall make available to the other Party (for inclusion in the Thomson/MarketWatch Service or otherwise) Content that such Party makes generally commercially available, on terms that are substantially similar to the terms
applicable to third parties in substantially similar transactions (including in respect of pricing, term, volume and other material commercial terms). In addition, with respect to Content concepts identified and brought to the Editorial Board by
Thomson and approved by the Editorial Board for which Thomson has paid or reimbursed MarketWatch’s costs in providing or developing (each, a “Thomson Concept”), Thomson shall have the right to implement the Thomson Concept on an
exclusive basis in the Thomson/MarketWatch Service. Notwithstanding anything in this Agreement to the contrary, neither Party shall have any obligation to provide, make available the use of, or otherwise provide access to the other Party any Content
which is owned by a third party. Without limiting the generality of the foregoing, MarketWatch’s obligation to make available and provide access to, and Thomson’s right to use, MarketWatch Content shall not apply to any Content as to which
MarketWatch does not have the right to permit Thomson to distribute or otherwise use, including any Content of CBS, Pearson or other MarketWatch affiliates (and Thomson shall be subject to any applicable restrictions on the scope of distribution and
use). MarketWatch shall use reasonable commercial efforts to obtain all required consents and rights from CBS and Pearson for MarketWatch to provide the CBS and Pearson Content referenced in Exhibit A, Exhibit B or Exhibit G as
part of the Service Content. In addition, if there is any Content of a third party for which MarketWatch has (during the Term and the Unwind Period) the rights to make such Content available to Thomson as part of the Service Content for use in the
Thomson/MarketWatch Service and MarketWatch becomes aware that such rights will no longer be available (or will be available but will no longer be made available on a 
  

 8 

 cost-free basis), MarketWatch shall use reasonable commercial efforts to obtain the required consents and rights from
such third party Content provider. In the event and to the extent that MarketWatch is unable to obtain such consents and rights from CBS, Pearson and/or any third party Content provider described in the preceding sentence, MarketWatch shall promptly
notify Thomson and Thomson may negotiate with any such party directly to obtain such consent or right. Thomson acknowledges that MarketWatch’s obligations with respect to any Content of CBS, Pearson or other third party specifically referenced
in Exhibit A, Exhibit B or Exhibit G or otherwise in this Agreement are contingent on obtaining rights to such Content as described above, and MarketWatch acknowledges that MarketWatch’s overall obligation to provide
Editorial and Production Support meeting the Service Parameters and the Service Distinctions shall not be reduced or otherwise modified by MarketWatch’s inability to obtain Content from a third-party licensor or Affiliate.  

 
 (i) Content and Editorial Obligations. Each Party acknowledges that
its timely provision of (and access to) its facilities, assistance, cooperation and Content, including complete, accurate and technically accessible information and data from each Party and its officers, agents and employees
(“Cooperation”) is essential to the performance of the Thomson/MarketWatch Service and the provision of Editorial and Production Support, and that a Party shall not be liable to the other Party for any deficiency in the Thomson/MarketWatch
Service or providing the Editorial and Production Support to the extent such deficiency reasonably results from the non-performing Party’s failure to provide full Cooperation as required hereunder. 
  
 (j) Personnel. Subject to Section 2(c), MarketWatch shall make
commercially reasonable efforts to fill the positions set forth in Exhibit C consistent with the Timeline and shall fill such additional positions as otherwise agreed upon by the Editorial Board. MarketWatch shall hire or assign employees and
subcontractors with suitable qualifications to perform the Editorial and Production Support and, with the exception of the Dedicated Employees designated in Exhibit E, shall be free to hire or assign or otherwise use any MarketWatch employees
(including those filling positions identified in Exhibit E or added by the Editorial Board) as determined in MarketWatch’s sole discretion. During the Unwind Period, MarketWatch shall not object to Thomson’s soliciting and/or hiring
Dedicated Employees who provided Editorial and Production Support to Thomson, provided that MarketWatch shall be relieved of its obligations to provide Editorial and Production Support during the Unwind Period to the extent those services would
otherwise be provided using such Dedicated Employees hired by Thomson. Subject to the foregoing, during the Term and for a period ending one (1) year after the end of the Unwind Period, Thomson shall not directly or indirectly, on its own behalf or
on behalf of others, solicit any person employed by MarketWatch, except with the prior written consent of MarketWatch, provided, however, this Section 2(j) shall not prohibit Thomson from engaging in general indirect solicitations such as
newspaper, magazine or trade journal advertisements. 
  
 (k)
Alternative Service. In the event Thomson terminates this Agreement within the first Contract Year prior to the time that it actually delivers the Thomson/MarketWatch Service to Thomson Clients and Thomson has paid MarketWatch the Service Fee
pursuant to Section 5(c)(i), during the Non-Compete Period MarketWatch shall deliver to Thomson its best available financial newswire service with service parameters which are no less than those provided to any 
  

 9 

 other MarketWatch customer for such service at such time, and after the Non-Compete Period through the end of the Unwind
Period MarketWatch shall deliver to Thomson its best generally available financial newswire service with service parameters which are no less than those provided to any other MarketWatch customer for such service at such time. In consideration for
providing Thomson with such newswire service, Thomson shall pay MarketWatch its share of the Service Revenues in accordance with Section 5(e) but shall no longer have any obligation to pay MarketWatch any further Service Fee under Section
5(c). 
  
 3. DISTRIBUTION OF THOMSON/MARKETWATCH SERVICE 
  
 (a) Sales, Promotion and Marketing. Thomson shall advertise, market,
promote and sell the Thomson/MarketWatch Service. Thomson may market, distribute and sell the Thomson/MarketWatch Service directly or indirectly through its Affiliates (and may sublicense the rights granted in Section 3(b) to Affiliates of
Thomson as required for such marketing, distribution and sale by Affiliates), provided such Affiliates comply in all respects with the obligations (including the restrictions) in this Agreement. 
  
 (b) License to MarketWatch Content. Subject to the terms and
conditions of this Agreement, MarketWatch hereby grants to Thomson a limited, non-transferable (except pursuant to Section 10(b)), non-exclusive, non-sublicensable (except as set forth in this Section 3(b)) right to (i) access,
reproduce, display and archive the MarketWatch Content which is included in the Service Content solely in the Thomson/MarketWatch Service, (ii) allow End Users to access MarketWatch Content which is included in the Service Content solely through the
Thomson/MarketWatch Service, and (iii) access, reproduce and display MarketWatch Content internally within Thomson for the internal use of Thomson only. The license granted in (ii) above shall include the right of End Users to download and print
such MarketWatch Content solely for such End User’s internal business purposes. In addition, the End User may, in the ordinary course of its business, redistribute an Insubstantial Portion of the MarketWatch Content included in the Service
Content, provided that no redistribution shall be allowed to third party data or news suppliers and further provided that such redistribution rights do not imply a right (and no such rights are granted ) to publish the MarketWatch Content. As used
herein, “Insubstantial Portion” means the redistribution of MarketWatch Content in an amount that (a) has no independent commercial value; (b) could not be used by the recipient as a substitute for any service provided by Thomson or
MarketWatch or a substantial part of it and (c) is not regularly or systematically updated. 
  
 (c) Service Content. Subject to MarketWatch’s underlying ownership of the MarketWatch Content (and without limitation of MarketWatch’s rights under applicable law (in the absence of a license) with
respect to use, including with respect to fair use of copyrighted material), MarketWatch assigns to Thomson all of its right, title and interest in the original compilation (as such term is defined in 17 U.S. Code Section 101) of the Service Content
including, but not limited to, all copyrights in such compilation throughout the world (and any renewals or extensions thereof) as of the date such Service Content is delivered by MarketWatch to Thomson for use in the Thomson/MarketWatch Service.
The MarketWatch Content included or integrated within Service Content shall be subject to the terms of the license set forth in Section 3(b). 
  

 10 

 (d) Display of Service Content. Thomson may not alter, edit or otherwise modify the Service
Content as delivered by MarketWatch in any way, including the text, branding, copyright or other proprietary notices, disclaimers, audio, video, graphics or images contained therein, other than reasonable technical formatting modifications to enable
the Service Content to be displayed or to the extent that Thomson in good faith believes that it is legally required to remove or modify such Content, provided that Thomson shall give advance notice of such legal requirement to MarketWatch, and
shall cooperate with MarketWatch in connection with any efforts to prevent or limit the scope of such removal or modification. Service Content as delivered to Thomson by MarketWatch shall not contain any advertising or any links to Thomson
Competitors (except for certain editorial content of such Competitors). Thomson may store or otherwise archive licensed Service Content delivered to Thomson by MarketWatch on its equipment or on the equipment of Thomson’s Affiliates or
contractors used by Thomson for storing Content of Thomson, provided that such Affiliates and contractors are bound to comply with the obligations, restrictions and other protections relating to MarketWatch Content and the Thomson/MarketWatch
Service set forth in this Agreement and further provided that Thomson remains responsible for the actions and omissions of such Affiliates and contractors. In conjunction with any display or distribution of the Thomson/MarketWatch Service and
subject to the license and other obligations related to Content of third parties, Thomson shall be identified as the owner and licensor of the Thomson Content and the Exclusive Content, and MarketWatch shall be identified as the owner and licensor
of the MarketWatch Content and the provider of the Exclusive Content. With respect to all content provided by MarketWatch, MarketWatch shall include the Credit Materials and a source accreditation (including byline credit for MarketWatch and its
personnel, which Credit Materials may be place at the top of such Content at MarketWatch’s discretion). MarketWatch personnel may be identified as representatives or spokespersons for the Thomson/MarketWatch Service. The Parties shall mutually
agree from time to time in advance on advertising and promotional materials which shall also incorporate the Credit Materials therein. Thomson shall include Credit Materials and copyright and trademark notices as they appear in the Service Content
or as MarketWatch specifies from time to time (provided that such specifications are commercially reasonable and are provided with thirty (30) days written notice to Thomson). 
  
 (e) License Restrictions. Without limitation of the other restrictions and obligations set forth in this Agreement,
the Parties agree on the following as both covenants and conditions of this Agreement: 
  
 (i) Each Party shall use commercially reasonable security measures to prevent End Users and other third parties from copying (except as specifically permitted by the applicable End User Agreements) or misappropriating
Service Content and, upon request by either Party, the other Party shall inform the requesting Party of the measures it is taking to secure the subject Content. Thomson shall use reasonable efforts to notify End Users that reproduction,
republication, broadcast or other distribution of MarketWatch Content without prior written permission of MarketWatch is prohibited. 
  
 (ii) Each Party shall use the other Party’s Content solely for the purposes expressly stated in this Agreement and shall not use the other
Party’s Content except as expressly licensed hereunder or as otherwise permitted by law (in the absence of a license). Each Party may not relicense, sublicense, rent or lease the Content of the other Party or use such Content for third-party
training, commercial time sharing or service bureau use, unless expressly contemplated by this Agreement. 
  

 11 

 (iii) In the event that this Agreement or the use of the Service Content, or any portion thereof, in the
manner contemplated herein, causes MarketWatch or Thomson, respectively, to be in violation of any (i) law of any jurisdiction, or (ii) rule, regulation, policy or order of any governmental authority, MarketWatch or Thomson, as the case may be,
shall immediately inform the other Party of such violation and modify its grant of rights hereunder to the extent necessary to ensure compliance. The foregoing shall not relieve MarketWatch of its obligations to provide Editorial and Production
Support that meets the Service Parameters and the Service Distinctions. 
  
 (f) Ownership and Reservation of Rights. Except for the explicit licenses granted hereunder or under other agreements between the Parties and their affiliates, (i) MarketWatch (and its licensors, as applicable) shall retain all
right, title and interest in and to the MarketWatch Content and MarketWatch Marks, and (ii) Thomson (and its licensors, as applicable) shall retain all right, title and interest in and to the Thomson Content and the Thomson Marks, and nothing in
this Agreement shall (or shall be construed to) restrict, impair, transfer, license, convey or otherwise alter or deprive any Party of any of its rights or proprietary interests in any intellectual property, content, data, information or any other
materials or rights, tangible or intangible. 
  
 (g) Exclusive
Content. The Parties shall agree on procedures for identifying and tracking Service Content that constitutes Exclusive Content. Notwithstanding anything to the contrary in this Agreement, and subject to the licenses granted in Section
2(h)(i), to the extent that MarketWatch has rights in any Service Content that constitutes Exclusive Content, MarketWatch assigns to Thomson all of its right, title and interest in such Exclusive Content, including but not limited to all
copyrights therein throughout the world (and any renewals or extensions thereof) as of the date such Exclusive Content is delivered by MarketWatch to Thomson for use in the Thomson/MarketWatch Service. The foregoing assignment shall not include
MarketWatch trademarks. 
  
 4. BRANDING 
  
 (a) Name of Thomson/MarketWatch Service. The Thomson/MarketWatch
Service shall be branded as either (i) “Thomson Market News” or (ii) such other name as the Parties may mutually agree (the “Brand Name”). Choice of another Brand Name shall be subject to written amendment of this Agreement,
including applicable trademark license terms and conditions. During the Term and the Unwind Period, in connection with all advertising, marketing, public relations and similar activities using the Brand Name or related to the Thomson/MarketWatch
Service, Thomson shall include a prominent reference to MarketWatch and MarketWatch’s participation in the Thomson/MarketWatch Service, which reference shall include the display of MarketWatch’s name and/or trademarks as designated by
MarketWatch. Subject to the foregoing, the Parties shall mutually agree on the precise formulation of such reference. Such reference to MarketWatch in connection with the Brand Name shall be referred to herein as the “MarketWatch
Reference.” Thomson shall have the exclusive right to adopt, register and use the Brand Name subject to the terms and conditions of this Agreement. Except as expressly set forth in this Agreement, MarketWatch shall not have any rights in
the Brand Name or in any of the 
  

 12 

 elements thereof, and such elements shall be deemed to be included within the definition of the Thomson Marks, as that
term is used in this Agreement, provided that nothing in this Agreement shall limit or otherwise restrict MarketWatch’s use, registration, adoption or ownership related to use of the word “Market.” Nothing in this Agreement shall
limit a Party’s rights under applicable law, in the absence of a license, including, but not limited to, nominative fair use or use of generic terms. 
  
 (b) MarketWatch Trademark License. Subject to the terms and conditions of this Agreement (including the terms and conditions set forth in
Exhibit D(1)), MarketWatch hereby grants to Thomson, under the rights of MarketWatch in and to the MarketWatch Marks, a limited non-transferable, non-assignable (except pursuant to Section 10(b)) license to use the name and mark
“MarketWatch” on a non-exclusive basis in the Credit Materials and as a reference to MarketWatch’s participation and contribution to the Thomson/MarketWatch Service and as part of the MarketWatch Reference. During the Term (and the
Non-Compete Period), and subject to MarketWatch’s existing contractual commitments, MarketWatch shall not license the name and mark “MarketWatch” to any third party for use as the primary product name or primary product slogan for an
institutional, financial newswire product or service. Any limitations or restrictions on MarketWatch’s use or license of the name and mark “MarketWatch” shall cease as of the end of the Non-Compete Period. 
  
 (c) Use of MarketWatch Affiliate Brands. Subject to terms and
conditions that may be negotiated with (and the approval of) CBS and Pearson, MarketWatch shall endeavor to make the trademarks of CBS and Pearson used by MarketWatch and set forth in Exhibit D(1) available for license by Thomson in
connection with marketing of the Thomson/MarketWatch Service, provided that Thomson (in an agreement directly with CBS and Pearson, as applicable), agrees to, and complies with, the terms and conditions applicable to use of such trademarks and other
branding requirements applied by such party from time to time. 
  
 (d) Thomson Trademark License. Subject to the terms and conditions of this Agreement (including the terms and conditions set forth in Exhibit D(2)), Thomson hereby grants to MarketWatch, under the rights of Thomson in and to the
Thomson Marks, a limited non-transferable, non-assignable (except pursuant to Section 10(b)) license: 
  
 (i) to use the Brand Name during the Term (and during the Unwind Period) in and on the Thomson/MarketWatch Service marketed by Thomson. 
  
 (ii) to use the name and mark “Thomson” or any of the other Thomson
Marks on a non-exclusive basis in the Credit Materials and as a reference to the Thomson Content and Exclusive Content included in the Thomson/MarketWatch Service. 
  
 (iii) to use the Thomson Marks on a non-exclusive basis in connection with advertising, promoting, public relations and
reference related to the Thomson/MarketWatch Service and this Agreement. 
  

 13 

 5. PAYMENT 
  
 (a) Budgets. 
  
 [*]

  
 (b) Reports. Within forty five (45) days after the end
of each quarter during the Term (and the Unwind Period), MarketWatch shall submit to Thomson a reasonably detailed report of the actual costs incurred in delivery of the Editorial and Production Support for the previous quarter as compared with the
applicable Budgeted Fees and, with respect to the first Contract Year, MarketWatch’s progress in meeting the Timeline (including the filling of positions identified in Exhibit E) during such period. 
  
 (c) Service Fees. 
  
 (i) For the first Contract Year, Thomson shall pay MarketWatch in two
installment payments a nonrefundable service fee of $ [*] (the “Initial Service Fee”). The first
installment payment of $ [*] shall be paid by Thomson within five (5) days after the Effective Date and the second
installment payment of $ [*] shall be paid by Thomson within five (5) days after October 1, 2004. 
  
 (ii) For each subsequent Contract Year, Thomson shall pay to MarketWatch a
nonrefundable service fee equal to [*] 
  
 (iii) In the event that Thomson in the exercise of Editorial Direction requests an increase, decrease or other modification
to the Editorial and Production Support (including additional or different Content areas) from the level anticipated or addressed by the then-current budget or otherwise increase the resources needed to meet the Thomson/MarketWatch Service
objectives established by Thomson, the Parties shall mutually agree on the scope, specifications and parameters for such modification and the applicable Budgeted Fees may be increased or decreased as mutually agreed to account for such modification
(including costs associated with the severance of (or termination of any agreements with) any Dedicated Employees due to such modification and other costs associated with contracts entered into by MarketWatch solely to provide the
Thomson/MarketWatch Service). In any such event, the Parties shall agree upon any modifications in the Service Parameters, Service Distinctions and Service Level Obligations resulting from the changes requested by Thomson. 
  
 (iv) The provisions of Sections 5(c)(ii) and 5(c)(iii) shall
likewise apply to each year (and each quarter or other portion thereof, as applicable) during the Unwind Period. 
  
 (d) Thomson Development Cost Allocation. Within forty-five (45) days after the end of the first Contract Year, Thomson shall submit to MarketWatch
a reasonably detailed report describing Thomson’s costs incurred in launching and marketing the Thomson/MarketWatch Service during the first Contract Year and the first quarter of the second Contract Year. The lesser of [*] shall be referred to herein as the “Thomson Development Cost Allocation.” [*] 
  

 [*] Confidential treatment has been requested for certain portions of this document pursuant to an application for confidential treatment sent to the Securities
and Exchange Commission. Such portions are omitted from this filing and filed separately with the Securities and Exchange Commission. 
  

 14 

 (e) Revenue Share. Thomson shall pay MarketWatch a share of Service Revenues billed during the
Term (and during the Unwind Period) as follows: 
  
 [*] 
  
 (f) Payments. All payments due from Thomson to MarketWatch pursuant to Section 5(e) shall be made within thirty (30) days after the end of
the applicable quarter (and ten (10) days after the Termination Date) and shall be accompanied by a report describing the calculation (in reasonable detail) of the Service Revenues collected during the applicable quarter and the Contract Year to
date. All payments under this Agreement shall be made in U.S. dollars by check, wire transfer or other means reasonably satisfactory to MarketWatch. Thomson shall pay to MarketWatch interest on undisputed accounts that are overdue by 30 days or more
at the lesser of eighteen percent (18%) per annum or the maximum allowable by law. 
  
 (g) Taxes. In addition to any payments due to MarketWatch under this Agreement, Thomson shall pay MarketWatch any sales, use or similar taxes not based on MarketWatch’s net income (collectively, the
“Taxes”), imposed by any governmental authority with respect to any Content or services to be delivered by MarketWatch under this Agreement. 
  
 (h) Records and Audit. Each Party shall keep complete, clear and accurate records (and maintain such records for at least three (3) years backwards
at any point in time) of its activities under this Agreement, including all applicable cost, expense and sales records) in accordance with standard business practices and generally accepted accounting principles consistently applied. Each
Party (the “Auditing Party”) shall have the right, on ten (10) business days advance written notice and not more than once in any six (6) month period, to have a mutually acceptable, independent accounting firm (the “Auditor”) to
inspect the records of the other Party pertaining to this Agreement to ensure compliance by such Party (the “Audited Party”) with its obligations to the Auditing Party. Any such inspection and audit shall be conducted during regular
business hours and in such a manner as not to interfere unduly with normal business activities of such Audited Party, and shall be at the Auditing Party’s expense; provided, however, that in addition to the amount of the underpayment or
overcharge due, if such audit reveals an underpayment or overcharge of more than five percent (5%), the Audited Party shall also promptly pay to the Auditing Party all reasonable costs and expenses of such audit. The Auditor shall execute a
confidentiality agreement with the Audited Party in a form mutually acceptable to the Parties. 
  

 [*] Confidential treatment has been requested for certain portions of this document pursuant to an application for confidential treatment sent to the Securities
and Exchange Commission. Such portions are omitted from this filing and filed separately with the Securities and Exchange Commission. 
  

 15 

 6. TERM AND TERMINATION 
  

(a) Term. Unless earlier terminated in accordance with Section 5(a)(iv) or Section 6(b), the term of this Agreement (the
“Term”) shall commence as of the Effective Date and continue until December 31, 2006. Subsequently, this Agreement shall automatically renew for successive periods of one (1) year, each, unless, at least ninety (90) days prior to the
beginning of any renewal year, either Party gives the other Party written notice of its intent not to renew this Agreement. 
  
 (b) Termination for Cause. Either Party may terminate this Agreement at any time upon written notice to the other Party if the other Party (i) is
in material breach of this Agreement and fails to correct such breach within thirty (30) days after receipt of written notice specifying such breach; (ii) applies for or consents to the appointment of a receiver, trustee or liquidator for
substantially all of its assets, or such a receiver, trustee or liquidator is appointed; (iii) has filed against it an involuntary petition for bankruptcy that is not dismissed within sixty (60) days after the filing thereof; (iv) files a voluntary
petition for bankruptcy or a petition or answer seeking reorganization; or (v) becomes or is insolvent or bankrupt, admits in writing its inability to pay its debts as they mature, or makes an assignment for the benefit of creditors. Notwithstanding
anything in this Agreement to the contrary, either party shall be entitled to recourse to all available legal and judicial remedies upon such Party’s election to terminate this Agreement by reason of any of the events set forth in the preceding
sentence. 
  
 (c) Unwind Period. [*] 
  
 (d) Unwind Costs.[*] 
  
 (e) Effect of Termination. At the end
of the Unwind Period, any and all rights and licenses to the MarketWatch Content and Thomson Content granted hereunder shall terminate immediately and automatically, provided that Thomson (and the End Users) may continue to use MarketWatch Content
delivered to Thomson under this Agreement that has been archived by Thomson, subject to continued compliance with the terms and conditions of this Agreement. Section 1 (Definitions), Section 2(f) (Non-Competition), Section 2(j)
(Personnel), Section 2(h)(i)(2)(ii) (License to Thomson Content and Exclusive Content), Section 3(f) (Ownership and Reservation of Rights), Section 3(g) (Exclusive Content), Section 5(h) (Records and Audit), Section
6(c) (Unwind Period), Section 6(d) (Unwind Costs), Section 7 (Indemnification), Section 9 (Confidentiality), Section 8(b) (Disclaimer) and Section 8(c) (Limitation of Liability), Section 10 (General),
and this Section 6(e) (Effect of Termination) shall survive any expiration or termination of this Agreement or the termination of the Unwind Period. Neither Party shall be liable to the other for damages of any kind solely as a result of
terminating this Agreement in accordance with its terms, and termination of this Agreement by a Party shall be without prejudice to any other right or remedy of such Party under this Agreement or applicable law. 
  

 [*] Confidential treatment has been requested for certain portions of this document pursuant to an application for confidential treatment sent to the Securities
and Exchange Commission. Such portions are omitted from this filing and filed separately with the Securities and Exchange Commission. 
  

 16 

 7. INDEMNIFICATION 
  
 Each of MarketWatch and Thomson (the “Indemnifying Party”) agrees to indemnify and hold harmless the other Party (the “Indemnified
Party”) from and against any and all claims, losses, liabilities, damages, deficiencies, costs and expenses (including costs of investigation and defense and all reasonable legal and other professional fees and disbursements, interest,
penalties and amounts paid in settlement) to the extent the same relate to or arise from (A) a breach of any representation or warranty made by the Indemnifying Party in this Agreement, (B) a breach of any (i) covenant made by the Indemnifying Party
in this Agreement or (ii) term or condition in this Agreement by the Indemnifying Party, or (C) existing agreements conflicting with the terms and conditions of this Agreement that the Indemnifying Party discovers after the Effective Date. In
connection with such indemnification, (A) the Indemnified Party shall provide the Indemnifying Party with prompt written notice upon becoming aware of any such claim, (B) the Indemnified Party shall reasonably cooperate with the Indemnifying Party
in the defense of such claim, and (C) the Indemnifying Party shall have sole and exclusive control over the defense and settlement of any such claim (provided that any settlement must be approved by both Parties). Notwithstanding the foregoing, the
Indemnifying Party shall have no liability of any kind to the extent any claim is based on or arises from: (X) the Indemnified Party’s gross negligence or material breach of the terms of this Agreement; (Y) the failure of the Indemnified Party
to use updated or modified versions of the Content made available by the Indemnifying Party to avoid a claim; or (Z) any modification of the Content by the Indemnified Party or any third party. 
  
 8. WARRANTIES; LIMITATION OF LIABILITY 
  
 (a) Mutual Warranties. Each Party represents and warrants that (i) it
has the full power and authority to enter into this Agreement and to perform its obligations hereunder; (ii) it has the right and authority to grant the rights granted with respect to Content provided to the other Party for inclusion and use in the
Thomson/MarketWatch Service pursuant to the terms and conditions of this Agreement; (iii) it has the right and authority to grant all licenses and rights granted by it hereunder; (iv) to its knowledge, no existing agreement to which it is a party
with any third party or affiliate conflicts with any of the terms and conditions of this Agreement, provided that the Party immediately informs the other Party upon discovery that any existing agreement to which it is a party is in conflict with any
of the terms and conditions of this Agreement (and each Party covenants not to enter into any such conflicting agreement during the Term and any Unwind Period); and (v) all materials and services furnished or licensed to the other Party hereunder or
the use thereof will not knowingly violate the rights of third parties. 
  
 (b) Disclaimer. Without relieving either Party of its obligations set forth in Section 7 relating to claims by third parties, Content is provided by a Party “AS IS,” and each Party does not guarantee the accuracy,
timeliness and/or completeness of the data and content included in such Content. NEITHER PARTY MAKES ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY ANY PERSON OR ENTITY FROM THE USE OF OR RELIANCE UPON THE MARKETWATCH CONTENT, THE
EXCLUSIVE CONTENT, THE THOMSON CONTENT OR THE SERVICE CONTENT. EXCEPT AS SPECIFICALLY SET FORTH IN THIS SECTION 8, NEITHER MARKETWATCH NOR THOMSON MAKES ANY OTHER REPRESENTATIONS OR WARRANTIES TO THE OTHER PARTY OR ANY THIRD PARTY, WHETHER
EXPRESS OR IMPLIED, INCLUDING, WITHOUT LIMITATION, ANY IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE, NON-INFRINGEMENT OR ACCURACY. 
  

 17 

 (c) Limitation of Liability. Without limiting each Party’s indemnification obligations under
Section 7 for claims by third parties, each Party agrees that, to the fullest extent permissible under applicable law, neither Party nor any of its parents, subsidiaries, affiliates, directors, officers, employees, consultants, agents,
licensors, suppliers or other representatives (“Representatives”) shall be liable for any indirect, special or consequential damages, or damages for loss of profits, business interruption, loss of goodwill, computer failure or malfunction
or otherwise, arising from or relating to use of or access to the MarketWatch Content, the Exclusive Content, the Thomson Content, the Service Content, the Editorial and Production Support or otherwise under this Agreement even if such Party or any
of its Representatives is expressly advised of the possibility of such damages. The foregoing limitation of liability and exclusion of certain damages shall apply regardless of the failure of essential purpose of any remedies available to either
Party. 
  
 9. CONFIDENTIALITY 
  
 (a) Confidential Information. “Confidential Information”
means all information disclosed by one Party before or after the Effective Date (“Discloser”) to the other Party (“Recipient”) (in writing, orally or in any other form) that is designated, at or before the time of disclosure, as
confidential, or provided under circumstances reasonably indicating that the information is confidential, including, without limitation, trade secrets, business plans, customer lists, technical data, product ideas, personnel, contract and financial
information. Confidential Information does not include information or material that (i) is now, or hereafter becomes, through no act or failure to act on the part of the Recipient, generally known or available; (ii) is or was known by the Recipient
at or before the time such information or material was received from the Discloser, as evidenced by the Recipient’s tangible (including written or electronic) records; (iii) is furnished to the Recipient by a third party that is not under an
obligation of confidentiality to the Discloser with respect to such information or material; or (iv) is independently developed by the Recipient without any breach of this Agreement. In addition, neither Party shall disclose the terms and conditions
of this Agreement without the prior written consent of the other Party, provided that each Party may disclose the terms and conditions of this Agreement: (i) as compelled by applicable securities and other laws, including, without limitation,
requirements to file a copy of this Agreement or to disclose information regarding the provisions hereof or performance hereunder to applicable regulatory authorities (provided that the disclosing Party shall give advance notice of such compelled
disclosure to the other Party, and shall cooperate with the other Party in connection with any efforts to prevent or limit the scope of such disclosure); (ii) in confidence, to legal counsel; (iii) in confidence, to affiliates, accountants, banks,
and financing sources and their advisors; and (iv) in connection with the enforcement of this Agreement or any rights hereunder. 
  
 (b) Restrictions on Use. Each Party shall take all reasonable measures to protect the confidentiality of the other Party’s Confidential
Information in a manner that is at least protective as the measures it uses to maintain the confidentiality of its own Confidential Information of similar importance. Recipient shall hold Confidential Information in strict confidence and shall not
disclose, copy, reproduce, sell, assign, license, market, transfer or otherwise dispose of such 
  

 18 

 information, or give or disclose such information to third parties, or use such information for any purposes whatsoever
other than as necessary in order to fulfill its obligations or exercise its rights under this Agreement. Notwithstanding the foregoing, Recipient may disclose the other Party’s Confidential Information (i) to employees and consultants that have
a need to know such information, provided that Recipient shall advise each such employee and consultant of their obligations to keep such information confidential and shall require that each such employee and consultant sign a written nondisclosure
agreement consistent with the confidentiality and nondisclosure provisions herein, and (ii) to the extent Recipient is legally compelled to disclose such Confidential Information, provided that Recipient shall give advance notice of such compelled
disclosure to the other Party, and shall cooperate with the other Party in connection with any efforts to prevent or limit the scope of such disclosure and/or use of the Confidential Information. 
  
 10. GENERAL 
  
 (a) Press Releases/Announcements. Within three (3) days after the Effective Date, the Parties shall issue a mutually
agreeable joint press release describing the relationship between the Parties under this Agreement and the Thomson/MarketWatch Service. Any document, filing, notice or press release referencing this Agreement (including its terms and conditions) and
the Thomson/MarketWatch Service or a Party which the other Party is legally required to disclose shall be delivered in advance by the disclosing Party to the other Party for their review and comment. 
  
 (b) Assignment. Neither Party shall assign, sell, transfer, delegate
or otherwise dispose of, whether voluntarily or involuntarily, by operation of law or otherwise, this Agreement or any or its rights or obligations under this Agreement, in whole or in part, without the other Party’s prior written consent;
provided, however, that (x) Thomson may (without MarketWatch’s consent) assign, sell, transfer, delegate or otherwise dispose of this Agreement or any of its rights and obligations hereunder (i) to an Affiliate or (ii) as part of a merger,
consolidation, corporate reorganization, sale of a division, or sale of any part of Thomson’s assets to which this Agreement relates or like event, and (y) MarketWatch may (without Thomson’s consent) assign this Agreement and its rights
and obligations hereunder as an entirety as part of a merger, consolidation, or sale of all or substantially all of MarketWatch’s assets, provided that the assignee is not a Thomson Competitor or an Affiliate of a Thomson Competitor. Any
purported assignment, sale, transfer, delegation or other disposition, except as permitted herein, shall be null and void. Subject to the foregoing, this Agreement shall be binding upon and shall inure to the benefit of the Parties and their
respective successors and permitted assigns. 
  
 (c)
Severability. If any provision of this Agreement, or the application thereof to any person, place or circumstance, shall be held by a court of competent jurisdiction to be invalid, void or otherwise unenforceable, such provision shall be
enforced to the maximum extent possible so as to effect the intent of the Parties, or, if incapable of such enforcement, shall be deemed to be deleted from this Agreement, and the remainder of this Agreement and such provisions as applied to other
persons, places and circumstances shall remain in full force and effect. 
  

 19 

 (d) Waivers. The waiver by either Party of a breach of or a default under any provision of this
Agreement, shall not be effective unless in writing and shall not be construed as a waiver of any subsequent breach of or default under the same or any other provision of this Agreement, nor shall any delay or omission on the part of either Party to
exercise or avail itself of any right or remedy that it has or may have hereunder operate as a waiver of any right or remedy. 
  
 (e) Dispute Resolution. 
  
 (i) Prior to the initiation of formal dispute resolution procedures, the Parties shall first attempt to resolve any dispute, controversy or claim arising
under or in connection with this Agreement (a “Dispute”) informally, as follows: The Dispute shall be referred to the Chief Executive Officer of MarketWatch and the Chief Operating Officer of Thomson (collectively, the “Senior
Executives”), who shall meet as often, for a duration and as promptly as the Parties reasonably deem necessary to discuss the Dispute and negotiate in good faith in an effort to resolve the Dispute. 
  
 (ii) Formal proceedings for the resolution of a Dispute may not be commenced
until the earlier of: (A) the good faith determination by the Senior Executives that amicable resolution through continued negotiation of the matter does not appear likely; or (B) thirty (30) days following the date that the Dispute was first
referred to the Senior Executives. 
  
 (iii) The provisions
of this Section 10(e) shall not be construed to prevent a Party from seeking a temporary restraining order or injunctive or other equitable relief with respect to this Agreement at any time. 
  
 (f) Compliance with Laws. Each Party shall comply with all laws,
legislation, rules, regulations and governmental requirements applicable to the operation of its business, the Thomson/MarketWatch Service and such Party’s exercise of its rights and performance of its obligations under this Agreement.

  
 (g) Governing Law. This Agreement is to be construed in
accordance with and governed by the internal laws of the State of New York (as permitted by Section 5-1401 of the New York General Obligations Law or any similar successor provision) without giving effect to any choice of law rule that would cause
the application of the laws of any jurisdiction other than the internal laws of the State of New York to the rights and duties of the Parties. 
  
 (h) Consent to Jurisdiction. Each party hereto irrevocably submits to the exclusive jurisdiction of (i) the Supreme Court of the State of New York,
New York County, and (ii) the United States District Court for the Southern District of New York, for the purposes of any suit, action or other proceeding arising out of this Agreement or any transaction contemplated hereby or thereby. Each of
Thomson and MarketWatch agrees to commence any such action, suit or proceeding either in the United States District Court for the Southern District of New York or if such suit, action or other proceeding may not be brought in such court for
jurisdictional reasons, in the Supreme Court of the State of New York, New York County. Each of Thomson and MarketWatch further agrees that service of any process, summons, notice or document by U.S. registered mail to such party’s respective
address set forth above shall be effective service of 
  

 20 

 process for any action, suit or proceeding in New York, with respect to any matters to which it has submitted to
jurisdiction in this Section 10(h). Each of Thomson and MarketWatch irrevocably and unconditionally waives any objection to the laying of venue of any action, suit or proceeding arising out of this Agreement or the transactions contemplated
hereby and thereby in (i) the Supreme Court of the State of New York, New York County, or (ii) the United States District Court for the Southern District of New York, and hereby and thereby further irrevocably and unconditionally waives and agrees
not to plead or claim in any such court that any such action, suit or proceeding brought in any such court has been brought in an inconvenient forum. Nothing in the foregoing shall be construed as a waiver of (and neither party waives) the right to
a jury trial. 
  
 (i) Independent Contractors. Each Party
is an independent contractor and neither Party’s personnel are employees or agents of the other Party for federal, state or other taxes or any other purposes whatsoever, and are not entitled to compensation or benefits of the other. Except for
the specific obligations set forth in this Agreement, nothing hereunder shall be deemed to constitute, create, give effect to or otherwise recognize a joint venture, partnership or business entity of any kind, nor shall anything in this Agreement be
deemed to constitute either Party the agent or representative of the other. 
  
 (j) Notices. All notices and other communications under this Agreement shall be in writing and shall be deemed given when delivered by hand or upon confirmed receipt of a facsimile transmission, two (2) days
after being deposited with an overnight courier, or five (5) days after mailing, postage prepaid, by register or certified mail, return receipt requested, to the below address or such other addresses as either Party shall specify in a written notice
to the other. 
  

			
	 To MarketWatch:
	 	 To Thomson:

		
	 MarketWatch.com, Inc.
	 	 Thomson Financial Inc.

	 825 Battery Street
	 	 195 Broadway

	 San Francisco, CA 94111
	 	 New York, NY 10007

	 Attn: General Counsel
	 	 Attn: General Counsel

  
 (k) Force
Majeure. Except for the obligation to pay amounts due, neither Party shall be liable to the other for failure or delay in performing its obligations hereunder if such failure or delay is due to circumstances beyond its reasonable control,
including, acts of any governmental body, war, insurrection, sabotage, embargo, fire, flood, strike or other labor disturbance, interruption of or delay in transportation, unavailability of or interruption or delay in telecommunications or third
party services, or inability to obtain raw materials, supplies or power used in or equipment needed for provision of the services hereunder. 
  
 (l) Headings and Interpretation. Headings used in this Agreement are for reference purposes only and shall not be deemed a part of this Agreement.
For purposes of interpreting this Agreement, (i) unless the context otherwise requires, the singular includes the plural, and the plural includes the singular; (ii) unless otherwise specifically stated, the words “herein,”
“hereof,” and “hereunder” and other words of similar import refer to this Agreement as a whole and not to any particular section or paragraph; (iii) the words “include” and “including” shall not 
  

 21 

 be construed as terms of limitation, and shall therefore mean “including but not limited to” and
“including without limitation”; (iv) unless otherwise specifically stated, the words “writing” or “written” mean preserved or presented in retrievable or reproducible form, whether electronic (including email but
excluding voice mail) or hard copy; and (v) the references herein to the Parties shall refer to their permitted successors and assigns. 
  
 (m) Entire Agreement. This Agreement (including the Exhibits attached hereto) constitutes the entire agreement of the Parties hereto with respect
to its subject matter and may be amended or modified only in writing and signed by duly authorized officers of both Parties. This Agreement supersedes all previous, contemporaneous and inconsistent agreements, negotiations, representations and
promises between the Parties, written or oral, regarding the subject matter hereunder. There are no oral or written collateral representations, agreements or understandings except as provided herein. The following Exhibits attached hereto are
incorporated herein by this reference: 
  

			
	 Exhibit A
	  	Service Parameters
	 Exhibit B
	  	Timeline
	 Exhibit C
	  	Hiring, Resource and Bureau Guidelines
	 Exhibit D(1)
	  	MarketWatch Trademarks, Affiliate Trademarks, Trademark License Terms and Conditions
	 Exhibit D(2)
	  	Thomson Trademarks, Affiliate Trademarks, Trademark License Terms and Conditions
	 Exhibit E
	  	Personnel
	 Exhibit F
	  	Thomson Content
	 Exhibit G
	  	Service Distinctions
	 Exhibit H
	  	Budget for Contract Year One
	 Exhibit I
	  	Service Level Agreement
	 Exhibit J
	  	Thomson Competitors

  

 22 

 IN WITNESS WHEREOF, the Parties hereto have caused their respective authorized officers to execute
and deliver this Agreement as of the Effective Date. 
  

			
	MARKETWATCH.COM, INC.
		
	 By:
	 	 /s/ Lawrence S. Kramer

	 	 	Lawrence S. Kramer
	 	 	Chairman and Chief Executive Officer
	
	THOMSON FINANCIAL INC.
		
	 By:
	 	 /s/ Sharon T. Rowlands

	 	 	Sharon T. Rowlands
	 	 	President and Chief Operating Officer

  

 23 

 Exhibit A 
 Service Parameters 
  
 [*] 
  

 [*] Confidential treatment has been requested for certain portions of this document pursuant to an application for confidential treatment sent to the Securities
and Exchange Commission. Such portions are omitted from this filing and filed separately with the Securities and Exchange Commission. 
  

 24 

 Exhibit B 
 Timeline 
  
 PROPOSED
PROJECT TIMELINE 
  
 [*] 
  

 [*] Confidential treatment has been requested for certain portions of this document pursuant to an application for confidential treatment sent to the Securities
and Exchange Commission. Such portions are omitted from this filing and filed separately with the Securities and Exchange Commission. 
  

 25 

 Exhibit C 
 Editorial Growth Plan 
 [*] 
  

 [*] Confidential treatment has been requested for certain portions of this document pursuant to an application for confidential treatment sent to the Securities
and Exchange Commission. Such portions are omitted from this filing and filed separately with the Securities and Exchange Commission. 
  

 26 

 Exhibit D(1) 
 MarketWatch Marks, Affiliate Trademarks, 
 Trademark License Terms and Conditions 
  
 MarketWatch Marks: MarketWatch and the MarketWatch
Reference 
  
 The following are additional terms and conditions
relating to the MarketWatch Marks licensed under the Agreement. All references to the Agreement in this Exhibit D(1) shall include this Exhibit D(1). For the purposes of this Exhibit D(1) only, the term Thomson shall include its
Affiliates. To the extent that trademarks of MarketWatch affiliates are licensed by a MarketWatch affiliate to Thomson in connection with this Agreement and Thomson and such affiliate do not enter into separate terms and conditions applicable to use
of such trademarks, the terms and conditions of this Exhibit D(1) applicable to MarketWatch Marks shall apply to use of such affiliate trademarks. 
  

1. Restrictions. Without limitation of the other restrictions and obligations set forth in the Agreement, the Parties agree on the
following: 
  
 Except with respect to use of the name and mark
“MarketWatch” in the Credit Materials and as expressly permitted in the Agreement (and without limitation of Thomson’s rights under applicable law, in the absence of a license, including, but not limited to, nominative fair use):

  
 (a) Thomson shall not (and has no right to) license or
sublicense any of the MarketWatch Marks, except that Thomson may grant sublicenses of the MarketWatch Marks as reasonably required for the advertising and marketing of the Thomson/MarketWatch Service for the benefit of Thomson, provided that such
advertisement and marketing are subject to the requirements of the Agreement, including but not limited to the quality control provisions hereof. 
  
 (b) Use of the MarketWatch Marks and any MarketWatch trademarks or trademarks of MarketWatch’s affiliates’ shall be subject to any reasonable
usage guidelines and notice requirements provided by MarketWatch (or the applicable affiliate) from time to time, including, without limitation, such party’s right, in its sole discretion, to change the appearance and/or style of the trademarks
upon thirty (30) days prior written notice.  
  
 (c)
Thomson shall not (and has no right to) use the MarketWatch Marks as a corporate name or as a trade name or in a domain name or domain name registration. In addition, Thomson shall not (and has no right to) use the MarketWatch Marks in combination
with the name or mark of any provider of financial news services or in a manner implying any association of the MarketWatch Marks with the name or marks of a provider of financial news services other than MarketWatch. 
  
 2. Ownership. 
  
 (a) All use of the MarketWatch Marks and other trademarks of MarketWatch or
its affiliates by Thomson (including, but not limited to, any goodwill generated by such use) shall inure to the benefit of MarketWatch (or its affiliates, as applicable) and, except for the limited right and license granted in Section 4(b)
of the Agreement, Thomson shall not have or 
  

 27 

 obtain any right, title or interest in or to any MarketWatch or MarketWatch affiliate trademark, trade name, domain name,
logo, service mark or other designation of origin. Thomson shall not adopt, or apply for registration of any of the MarketWatch Marks, the name or mark “Thomson/MarketWatch,” “Thomson MarketWatch,” or any other MarketWatch
trademark (or any mark confusingly similar thereto) anywhere in the world; provided the foregoing shall not limit Thomson from adopting or registering the Brand Name or “Thomson.” MarketWatch acknowledges that Thomson is, as of the
Effective Date, the owner of a series of trademarks for financial information services and products that use the designation “Watch” or “Market” as a suffix (“Watch and Market Marks”), and MarketWatch specifically
acknowledges that Thomson may continue to use all such Watch and Market Marks. Thomson’s rights with respect to registration, adoption and use of new trademarks that use the designation “Watch” or “Market” shall be subject
to applicable law. 
  
 (b) Thomson shall as reasonably requested
by MarketWatch, mark the use of the MarketWatch Marks (or in the case of multiple uses of a Mark in any particular material, the first prominent use of such Mark) in connection with the advertising and marketing of the Thomson/MarketWatch Service
with (a) the superscript “R” symbol (®)
or superscript “TM” symbol (TM), as applicable, and (b) such legend as is reasonably requested by
MarketWatch from time to time, such as the phrase “‘MarketWatch’ is a trademark of MarketWatch.Com Inc. and used under license.” Thomson shall also take such other steps as may reasonably be requested by MarketWatch to evidence
MarketWatch’s ownership and the license to Thomson of the MarketWatch Marks. 
  
 3. Maintenance, Renewal, and Enforcement. 
  
 (a) Thomson agrees reasonably to cooperate with MarketWatch, at MarketWatch’s expense for out-of-pocket costs, in connection with the preparation and filing of any applications for registration, renewals, and
other documentation reasonably determined by MarketWatch to be necessary or advisable to obtain, protect, preserve or enforce MarketWatch’s rights in the MarketWatch Marks. Thomson acknowledges that any such applications for registration,
renewals and other documentation relating to the MarketWatch Marks shall be in the name of MarketWatch, and Thomson hereby assigns, and agrees to assign, any rights with respect thereto that Thomson has or may in the future have. 
  
 (b) MarketWatch shall have the sole right, though it is under no obligation,
with respect to the registration, maintenance or enforcement (including bringing of legal actions for infringement) of the MarketWatch Marks, provided that the foregoing shall not affect Thomson’s right to register, maintain or enforce
(including bringing of legal actions for infringement of) its rights with respect to Thomson’s own trademarks. Thomson agrees to provide reasonable cooperation to MarketWatch in the registration, maintenance and enforcement (including bringing
of legal actions for infringement) of MarketWatch Marks. The Parties will discuss in good faith appropriate steps reasonably required for such registration, maintenance and enforcement (including bringing of legal actions for infringement).

  

 28 

 4. Quality Control. 
  
 (a) Thomson shall conduct its business in a manner that will not reflect unfavorably on the MarketWatch Marks. Thomson shall
use the MarketWatch Marks in a manner that does not derogate MarketWatch’s rights in the MarketWatch Marks, and shall not knowingly take action that would interfere with or diminish those rights. 
  
 (b) Thomson acknowledges the high standards of quality with which the
MarketWatch Marks are associated and the importance to MarketWatch and its reputation and goodwill of maintaining such high standards of quality in the Thomson/MarketWatch Service advertised, marketed and sold under the MarketWatch Marks and in any
related advertising, promotional, public relations, and other materials. 
  
 (c) Thomson shall not knowingly use the MarketWatch Marks on or in connection with any good or service or any advertising, promotional, public relations, or other material that is (or contains any content that is) (i)
unlawful, harmful, threatening, false, misleading, abusive, tortious, libelous, defamatory, obscene, invasive of another’s privacy or infringing of another’s rights (including but not limited to intellectual property rights) or (ii),
except with respect to news or commentary, disparaging or critical of MarketWatch or its affiliates or its or their products or services. 
  
 (d) Thomson shall, upon MarketWatch’s request, (i) provide to MarketWatch or, at MarketWatch’s request demonstrate to MarketWatch, the
Thomson/MarketWatch Service that bears, or is marketed or sold using, any of the MarketWatch Marks, and (ii) provide to MarketWatch copies of advertising, promotional, public relations, and other materials that bear any of the MarketWatch Marks or
relate to such Thomson/MarketWatch Service. Any such requests shall be with reasonable notice and at reasonable intervals. 
  
 (e) If MarketWatch determines that Thomson’s conduct of its business using the MarketWatch Marks, any service using the MarketWatch Marks, or any
related materials (including, without limitation, advertising, promotional, public relations, corporate and other materials using the MarketWatch Marks) do not meet the requirements set forth in the Agreement, MarketWatch may give written notice to
Thomson and Thomson shall cure such deficiency within ten (10) days after receipt of such written notice. If any deficiency poses a risk to public health or safety, or a risk of causing or contributing to the injury or death of any person or
material loss of or damage to any property of third parties, MarketWatch shall have the right immediately to suspend use of the MarketWatch Marks on or in connection with the deficient services or related materials until the deficiencies are cured
to the reasonable satisfaction of MarketWatch. 
  

 29 

 Exhibit D(2) 
 Thomson Trademarks, Affiliate Trademarks, 
 Trademark License Terms and Conditions 

 
 Thomson Marks: Thomson, the Brand Name, Buyouts Newsletter, First
Call, First Call Events, European Venture Capital Journal, Thomson Equity Strategies, AUTEX, IFR, Research Direct, IPO Reporter, Capital Markets Intelligence and Money Monitor Manager. 
  
 The following are additional terms and conditions relating to the Thomson Marks licensed under the Agreement. All references
to the Agreement in this Exhibit D(2) shall include this Exhibit D(2). For the purposes of this Exhibit D(2) only, the term MarketWatch shall include its affiliates. To the extent that trademarks of Thomson Affiliates are
licensed by a Thomson Affiliate to MarketWatch in connection with this Agreement and MarketWatch and such Affiliate do not enter into separate terms and conditions applicable to use of such trademarks, the terms and conditions of this Exhibit
D(2) applicable to Thomson Marks shall apply to use of such Affiliate trademarks. 
  
 1. Restrictions. Without limitation of the other restrictions and obligations set forth in the Agreement, the Parties agree on the following: 
  
 Except with respect to use of the name and mark “Thomson” or any of the other
Thomson Marks in the Credit Materials and as expressly permitted in the Agreement (and without limitation of MarketWatch’s rights under applicable law, in the absence of a license, including, but not limited to, nominative fair use):

  
 (a) MarketWatch shall not (and has no right to) license or
sublicense any of the Thomson Marks, except that MarketWatch may grant sublicenses of the Thomson Marks as reasonably required for fulfilling its obligations and exercising its rights under the Agreement for the benefit of MarketWatch, provided that
such uses are subject to the requirements of the Agreement, including but not limited to the quality control provisions hereof. 
  
 (b) Use of the Thomson Marks and any other Thomson trademarks or trademarks of Thomson Affiliates’ shall be subject to any reasonable usage
guidelines and notice requirements provided by Thomson (or the applicable Affiliate) from time to time, including, without limitation, such party’s right, in its sole discretion, to change the appearance and/or style of the trademarks upon
thirty (30) days prior written notice.  
  
 (c) MarketWatch
shall not (and has no right to) use the Thomson Marks as a corporate name or as a trade name or in a domain name or domain name registration. In addition, MarketWatch shall not (and has no right to) use the Thomson Marks in combination with the name
or mark of any provider of financial news services or in a manner implying any association of the MarketWatch Marks with the name or marks of a provider of financial news services other than Thomson. 
  

 30 

 2. Ownership. 
  
 (a) All use of the Thomson Marks and other trademarks of Thomson or its Affiliates by MarketWatch (including, but not
limited to, any goodwill generated by such use) shall inure to the benefit of Thomson (or its Affiliates, as applicable) and, except for the limited right and license granted in Section 4(d) of the Agreement, MarketWatch shall not have or
obtain any right, title or interest in or to any Thomson or Thomson Affiliate trademark, trade name, domain name, logo, service mark or other designation of origin. MarketWatch shall not adopt, or apply for registration of any of the Thomson Marks,
the name or mark “Thomson/MarketWatch,” “Thomson MarketWatch,” the Brand Name or any other Thomson trademark (or any mark confusingly similar thereto) anywhere in the world, provided the foregoing shall not limit MarketWatch from
adopting or registering “MarketWatch.” Thomson acknowledges that MarketWatch is, as of the Effective Date, the owner of a series of trademarks for financial information services and products that use the designation “Watch” or
“Market” as a suffix (“MarketWatch Watch and Market Marks”), and Thomson specifically acknowledges that MarketWatch may continue to use all such MarketWatch Watch and Market Marks. MarketWatch’s rights with respect to
registration, adoption and use of new trademarks that use the designation “Watch” or “Market” shall be subject to applicable law. 
  
 (b) MarketWatch shall as reasonably requested by Thomson, mark the use of the Thomson Marks (or in the case of multiple uses of a Mark in any particular
material, the first prominent use of such Mark) with (a) the superscript “R” symbol (®) or superscript “TM” symbol (TM), as
applicable, and (b) such legend as is reasonably requested by Thomson from time to time, such as the phrase “‘Thomson’ is a trademark of The Thomson Corporation and is used under license.” MarketWatch shall also take such other
steps as may reasonably be requested by Thomson to evidence Thomson’s ownership and the license to MarketWatch of the Thomson Marks. Nothing in this Agreement shall require MarketWatch to include such marks or legends except in connection with
the Thomson/MarketWatch Service. 
  
 3. Maintenance, Renewal
and Enforcement. 
  
 (a) MarketWatch agrees reasonably to
cooperate with Thomson, at Thomson’s expense for out-of-pocket costs, in connection with the preparation and filing of any applications for registration, renewals, and other documentation reasonably determined by Thomson to be necessary or
advisable to obtain, protect, preserve or enforce Thomson’s rights in the Thomson Marks. Thomson acknowledges that any such applications for registration, renewals and other documentation relating to the Thomson Marks shall be in the name of
Thomson, and MarketWatch hereby assigns, and agrees to assign, any rights with respect thereto that MarketWatch has or may in the future have. 
  
 (b) Thomson shall have the sole right, though it is under no obligation, with respect to the registration, maintenance or enforcement (including bringing
of legal actions for infringement) of the Thomson Marks, provided that the foregoing shall not affect MarketWatch’s right to register, maintain or enforce (including bringing of legal actions for infringement of) its rights with respect to
MarketWatch’s own marks. MarketWatch agrees to provide reasonable cooperation to Thomson in the registration, maintenance and enforcement (including bringing of legal actions for infringement) of its Thomson Marks. The Parties will discuss in
good faith appropriate steps reasonably required for such registration, maintenance and enforcement (including bringing of legal actions for infringement). 
  

 31 

 4. Quality Control. 
  
 (a) MarketWatch shall conduct its use of the Thomson Marks in connection with its business in a manner that will not reflect
unfavorably on the Thomson Marks. MarketWatch shall use the Thomson Marks in a manner that does not derogate Thomson’s rights in the Thomson Marks, and shall not knowingly take action that would interfere with or diminish those rights.

  
 (b) MarketWatch acknowledges the high standards of quality
with which the Thomson Marks are associated and the importance to Thomson and its reputation and goodwill of maintaining such high standards of quality in the advertising, promotional and public relations activities for the Thomson/MarketWatch
Services. 
  
 (c) MarketWatch shall not knowingly use the Thomson
Marks on or in connection with any good or service or any advertising, promotional, public relations, or other material that is (or contains any content that is) (i) unlawful, harmful, threatening, false, misleading, abusive, tortious, libelous,
defamatory, obscene, invasive of another’s privacy or infringing of another’s rights (including but not limited to intellectual property rights) or (ii), except with respect to news or commentary, disparaging or critical of Thomson or its
Affiliates or its or their products or services. 
  
 (d)
MarketWatch shall, upon Thomson’s request, provide to Thomson copies of any materials that bear any of the Thomson Marks or relate to such Thomson/MarketWatch Service. Any such requests shall be with reasonable notice and at reasonable
intervals. 
  
 (e) If Thomson determines that MarketWatch’s
conduct of its business using the Thomson Marks, any service using the Thomson Marks, or any related materials (including, without limitation, advertising, promotional, public relations, corporate and other materials using the Thomson Marks) do not
meet the requirements set forth in the Agreement, Thomson may give written notice to MarketWatch and MarketWatch shall cure such deficiency within ten (10) days after receipt of such written notice. If any deficiency poses a risk to public health or
safety, or a risk of causing or contributing to the injury or death of any person or material loss of or damage to any property of third parties, Thomson shall have the right immediately to suspend use of the Thomson Marks on or in connection with
the deficient services or related materials until the deficiencies are cured to the reasonable satisfaction of Thomson. 
  

 32 

 Exhibit E 
 Personnel 
  
 Personnel in
the following positions shall be treated as Dedicated Employees under this Agreement: 
  

			
		
	 Title

	 	 Name

	 1. Editor
	 	 ____________________________

		
	 2. Reporter
	 	 ____________________________

		
	 3. Reporter
	 	 ____________________________

		
	 4. Reporter
	 	 ____________________________

		
	 5. Reporter
	 	 ____________________________

  

 33 

 Exhibit F 
 Thomson Content 
  
 PROPOSED THOMSON
CONTENT: 
  
 [*] 
  

 [*] Confidential treatment has been requested for certain portions of this document pursuant to an application for confidential treatment sent to the Securities
and Exchange Commission. Such portions are omitted from this filing and filed separately with the Securities and Exchange Commission. 
  

 34 

 Exhibit G 
 Service Distinction Parameters 
  
 [*] 
  

 [*] Confidential treatment has been requested for certain portions of this document pursuant to an application for confidential treatment sent to the Securities
and Exchange Commission. Such portions are omitted from this filing and filed separately with the Securities and Exchange Commission. 
  

 35 

 Exhibit H 
 Budget for Contract Year One 
 [*] 
  

 [*] Confidential treatment has been requested for certain portions of this document pursuant to an application for confidential treatment sent to the Securities
and Exchange Commission. Such portions are omitted from this filing and filed separately with the Securities and Exchange Commission. 
  

 36 

 Exhibit I 
 Service Level Agreement 
  
 1.
INTRODUCTION. 
  
 (a) This Service Level Agreement
(“SLA”) sets forth the Service Level Obligations of MarketWatch.com, Inc. (“MarketWatch”) to Thomson Financial Inc. (“Thomson”) and the standards MarketWatch will adhere to for problem-identification and resolution in
the provision of Editorial and Production Support services. 
  
 (i) This SLA is supplemental to the terms of the Thomson/MarketWatch Service Production Agreement dated as of March 31, 2004 (“Agreement”) and shall be subject to the terms and conditions of the Agreement as if set forth herein.

  
 (ii) In the event of a conflict between the terms and
conditions of this SLA and the Agreement, the terms and conditions set forth in this SLA shall take precedence over the Agreement. 
  
 (iii) Where used in this SLA, unless stated otherwise, capitalized words and phrases shall have the respective meanings set forth herein. All capitalized
words and phrases used herein and not defined herein shall have the meaning set forth in the Agreement. 
  
 (iv) All references to Sections and Exhibits shall be deemed references to this SLA unless stated otherwise. 
  
 (v) All obligations of MarketWatch under this SLA shall begin commencing with
the delivery of the Thomson/MarketWatch Service by MarketWatch at the end of the Timeline pursuant to Section 2(b) of the Agreement. The Parties shall coordinate such launch in such a manner to provide MarketWatch appropriate notice and information
to commence its obligations under this SLA. 
  
 2. GENERAL CONDITIONS.

  
 (a) Thomson shall: 
  
 (i) Maintain redundant feeds for accessing the MarketWatch content and
execute ‘fail over’ to minimize disruption from a single feed outage. 
  
 (ii) Adhere to MarketWatch network configuration specifications set forth in the MarketWatch feed specifications provided in writing to Thomson (the “MarketWatch Feed Specifications”). 
  
 (iii) Display the feed as soon as is commercially reasonable after it is
received. 
  
 (b) MarketWatch shall: 
  
 (i) Deliver the Service Content feed to Thomson no later than it delivers
the same Content to any other third party or for use in its own products. 
  
 (ii) Deliver the feed across communications lines leased by Thomson or other methods of transmission as mutually agreed by the Parties (or in accordance with MarketWatch’s disaster recovery policies). 

 
 (iii) Use commercially reasonable efforts to respond and resolve service
related queries, Errors and Downtime incidents, in the manner set forth herein. 
  

 37 
 Confidential and Proprietary Information 

 (iv) Provide support in a professional and workmanlike manner, and use individuals of suitable training
and skill. MarketWatch shall maintain sufficient personnel and other resources necessary to achieve the service levels described hereunder. 
  
 (v) Subject to Thomson’s obligations to provide and maintain communications lines and other obligations in the Agreement, be responsible for
redundancy and disaster recovery planning and implementation and business continuity in the event of a disaster to ensure compliance with its obligations under the Agreement and hereunder. 
  
 (vi) MarketWatch will use commercially reasonable efforts to prevent the
transmission of any Harmful Code from computer or similar elements within its control to Thomson. “Harmful Code” means any computer code (a) designed to disrupt, disable, harm or otherwise impede in any material respect the operation of
Thomson’s or its customer’s systems (sometimes referred to as “viruses” or “worms”), (b) that would disable either party’s computer systems or impair in any material respect their operation based on the elapsing of
a period of time or the advancement to a particular date or other numeral (sometimes referred to as “time bombs”, “time locks” or “drop dead” devices), or (c) that would permit anyone to access, any of Thomson’s or
its customer’s computer systems (sometimes referred to as “traps”, “access codes” or “trap door” devices), or contain any other similar harmful, malicious or hidden procedures, routines or mechanisms that would
cause Thomson’s or its customer’s computer systems to cease functioning or to damage or corrupt data, storage media, programs, equipment or communications, or otherwise materially adversely affect Thomson’s or its customer’s
operations. 
  
 (c) Force Majeure 
  
 MarketWatch’s obligations under this SLA shall be subject to Section 10(k) of
the Agreement (each such event a “Force Majeure event”) and MarketWatch shall not be considered in breach of this SLA (and Thomson shall not be eligible for service credits) based upon such events. Without limitation of the foregoing,
MarketWatch shall not be considered in breach of this SLA if delays in or failure of performance by MarketWatch under this SLA is caused by third parties providing MarketWatch with networks, systems, hardware and applications pursuant to an
agreement. In respect of such third parties, MarketWatch will use commercially reasonable efforts to arrange for such third parties to respond appropriately as needed. If MarketWatch is delayed in its performance as a result of a Force Majeure, it
shall promptly notify Thomson in accordance with this SLA and shall describe at a reasonable level of detail the Force Majeure circumstances or any actions or omissions of third party causing such delay. The obligations of MarketWatch, to the extent
affected by the Force Majeure event, shall be suspended during, but not longer than, the continuance of the Force Majeure event, and MarketWatch shall use commercially reasonable efforts to resume performance. 
  
 3. DATA SUPPORT SERVICES PROVIDED 
  
 (a) Monitoring. MarketWatch will monitor feeds on a 24x7 basis to ensure
that the MarketWatch Content is being made available to Thomson according to the performance standards of this SLA. MarketWatch shall provide Thomson with monthly compliance reports in accordance with Section 5(c)(ii) below. 
  
 (b) Telephone support. MarketWatch will provide support via, telephone,
email, fax or if necessary onsite, to assist Thomson in identifying and resolving data and delivery problems and in answering questions related to the operational use of the feeds as follows: 
  
 Enterprise Operations Center –
                 
 Support Coverage
Hours – 24x7 
  
 4. DOCUMENTATION 
  
 (a) MarketWatch will provide Thomson with adequate technical documentation
and specifications in electronic format regarding the specifications for (and use of) the Service Content as provided by MarketWatch. 
  

 38 
 Confidential and Proprietary Information 

 (b) Thomson may make additional copies of such documentation and distribute such copies internally at no
additional charge. The Documentation shall be Confidential Information (and Thomson’s use thereof shall be subject to compliance with confidentiality and license restrictions in the Agreement). 
  
 5. PROBLEM RESOLUTION 
  
 (a) Availability 
  
 (i) MarketWatch shall use commercially reasonable efforts to make the Service Content available to Thomson 24x7 during each calendar month not less than
ninety nine point ninety nine percent (99.99%) of the time (“Availability”). Unavailability of the Service Content is referred to herein as “Downtime”. Excluded from Downtime are maintenance windows starting on Saturday 9 a.m.
through Sunday 12 p.m. US EST and other periods of time agreed upon by the Parties (“Maintenance Windows”).  
  
 (ii) The Availability of the Services in each Measurement Period shall be determined as follows:  
  

	
	x = (n – y) * 100
	n

  
 Where: 
  
 x = Availability percentage

  
 n = total number of minutes during a calendar
month 
  
 y = Downtime expressed in minutes

  
 Specifically excluded from “n” and “y”
(and Availability generally) are Force Majeure events, Maintenance Windows and events caused by Thomson’s actions or inactions (including failure to provide connectivity). 
  
 (b) Errors and Downtime 
  
 (i) “Errors” means any error, malfunction or defect resulting with the interruption to or degradation of the Service Content or that otherwise
prevents the compliance of the Service Content with the specifications set forth in the MarketWatch Feed Specifications. 
  
 (ii) MarketWatch will make commercially reasonable efforts to respond to and resolve Errors and Downtime in accordance with the time frames set forth
below. 
  
 (iii) “Response Time” means the time period
permitted for MarketWatch to classify the problem or incident according to its severity and nature, appoint a trained a knowledgeable personnel to acknowledge the problem (via telephone or otherwise, as the Parties may agree), open a support ticket,
commence a technical assessment of the problem and begin to establish a course of action for problem resolution. Response Time shall commence upon the earlier of (i) receipt of notification of an Error or Downtime incident from Thomson, or (ii)
discovery of an Error or Downtime incident by MarketWatch. 
  
 (iv) “Resolution Time” means the time period in which MarketWatch will seek to resolve the Downtime or Error with such time period commencing upon the completion of the Response Time and ending until the Service Content is
restored to a satisfactory working order and are in compliance with the specifications set forth in the MarketWatch Feed Specifications. 
  

 39 
 Confidential and Proprietary Information 

 (v) The following classification scheme will be used to categorize Response Times and Resolution Times
for Errors and Downtime: 
  

									
	 Severity Level

	  	 Definition

	  	 Response Time
(Market Hours)

	  	 Response Time (Non
 Market Hours)

	  	 Resolution Time

	 Severity Level 1
  
 (Critical)
	  	Error or Downtime renders the Service Content wholly or substantially, inaccessible, inoperable, interrupted or degraded so that Thomson cannot reasonably continue to use it.	  	5 minutes	  	15 minutes	  	 Workaround within 2 hours
 Resolution within 24
hours

					
	 Severity Level 2
  
 (High)
	  	Error or Downtime renders a significant function of the Service Content inaccessible, inoperable, interrupted or degraded, however, Thomson can reasonably continue to receive it directly or
through redundant feed lines.	  	15 Minutes	  	30 Minutes	  	 Workaround within 4 hours
 Resolution within 2
days

					
	 Severity Level 3
  
 (Low)
	  	Minor Error or Downtime that does not impede and is not expected to impede the Service Content and Thomson can continue to use it.	  	2 hours	  	2 hours	  	Resolution upon general availability of a fix or upgrade

  
 (vi) MarketWatch will
work with Thomson to determine how to configure the MarketWatch’s feed to best retransmit any lost Service Content, which would result from Severity Level 1 and Severity Level 2 Downtime problems. 
  
 (c) Incident Tracking 
  
 (i) All customer incident calls shall be logged into the MarketWatch’s
problem tracking system (the “Problem Tracking System”). Each problem shall be assigned a unique incident ticket. The ticket numbers will be included in the monthly compliance report provided to Thomson as set forth below. 

  
 (ii) Commencing after the commercial launch of the
Thomson/MarketWatch Service, MarketWatch will provide Thomson with a monthly report indicating MarketWatch’s compliance with the performance standards set forth herein, in a format mutually agreed by the parties. In addition MarketWatch shall
provide Thomson with a completed incident report within 10 days following the resolution of and Error or Downtime constituting a Severity Level 1 in a format mutually agreed by the Parties. 
  
 (iii) Thomson acknowledges that the Resolution Time periods provided above
are dependent upon the reasonable cooperation of Thomson with MarketWatch in the provision of relevant information and assistance. 
  
 (iv) Hourly updates in regards to the status of Severity Level 1, Severity Level 2 and Severity Level 3 events will be available to Thomson on request
through the MarketWatch Operations Hotline 24x7. 
  

 40 
 Confidential and Proprietary Information 

 (v) MarketWatch will have no liability for any failure with respect to Availability, Errors and Downtime,
Resolution Time or Incident Tracking (or any service credits) related to any events or occurrences (a) during any Maintenance Window, (b) resulting from a Force Majeure event, or (c) caused, directly or indirectly, by the acts or omissions of
Thomson (including any failure to reasonably provide the connectivity), its Affiliates or Thomson’s or its Affiliates’ customers, or their respective representatives or their respective equipment. 
  
 6. SERVICE CREDITS 
  
 (a) Subject to Section 5(c)(v) above, in the event that (i) MarketWatch fails to meet the Availability percentage set
forth above, and (ii) Thomson credits a Thomson Client as set forth below for a Claim arising out of such failure, Thomson shall be entitled (subject to Section 6(b) and Section 6(c)) to deduct from the Services Revenues used to
calculate MarketWatch’s revenue share pursuant to Section 5(e) of the Agreement the sum of such credits as set forth in Section 6(b) below. As used in this SLA, “Claim” means a claim made by a Thomson Client that the
Thomson/MarketWatch Service as delivered to such Thomson Client fails to meet the service delivery requirements for the Thomson/MarketWatch Service (which failure was caused by MarketWatch), where such claim results in an obligation by Thomson to
reimburse or credit the Thomson Client. MarketWatch shall have no responsibility with respect to claims made by Thomson Clients for contractual service delivery requirements to the extent greater than those set forth in this SLA. MarketWatch shall
have no responsibility for claims made by Thomson Clients for which Thomson does not reimburse or credit the Thomson Client. 
  

					
	 Services

	  	 Availability (X)

	  	 Credits Applied to Monthly Fees
 (from Thomson Clients) for the
 Thomson/MarketWatch Services

	 Service Content
	  	 99.99% > X > 99.95%
  
 99.94% > X > 99.85%
  
 X < 99.84%
	  	 5% of the monthly fees
  
 10% of the monthly fees
  
 20% of the monthly fees

  
 (i) If MarketWatch
fails to achieve the Availability percentage during two consecutive calendar months, the Availability credits above shall be doubled for the second calendar month and any consecutive month thereafter. In the event the availability of the Service
Content is lower than 99.85% during three consecutive calendar months Thomson shall have the right to terminate the Agreement in addition to any credits it may be entitled to. 
  
 (ii) Subject to Section 5(c)(v) above, in the event that (i) MarketWatch fails to meet the Resolution Times set forth
above, and (ii) Thomson credits a Thomson Client as set forth below for a Claim arising out of such failure, Thomson shall be entitled (subject to Section 6(b) and Section 6(c)) to deduct from the Services Revenues used to calculate
MarketWatch’s revenue share pursuant to Section 5(e) of the Agreement the sum of such credits as set forth in Section 6(b). 
  

 41 
 Confidential and Proprietary Information 

					
	 Severity Level

	  	 Failure to meet Resolution Time

	  	 Credits Applied to Monthly Fees
 (from Thomson Clients) for the
 Thomson/MarketWatch Services

	 Severity Level 1
 (Critical)
	  	 First Failure
  
 Second Failure
	  	 10%
  
 20%

			
	 Severity Level 2
 (High)
	  	 First Time
  
 Second Time
  
 Third Time
  
 Fourth Time
	  	 5%
  
 10%
  
 15%
  
 20%

  
 (iii) If MarketWatch
fails to meet the Resolution Times during two consecutive calendar months, the Resolution Time credits above shall be doubled for the second calendar month and any consecutive month thereafter. Notwithstanding the foregoing, in the event MarketWatch
fails to meet the Resolution Time for a Severity Level 1 twice during a calendar year, Thomson shall have the right to terminate the Agreement in addition to any credits it may be entitled to. In the event MarketWatch fails to meet the Resolution
Times for a Severity 2 Level four times during a calendar year, Thomson shall have the right to terminate the Agreement in addition to any credits it may be entitled to. 
  
 (iv) The total amount of service credits shall be prorated based on the number of users that were directly affected by the
Downtime and shall equal to: 
  
 q * r / s 
  
 Where: 
  
 q = total dollar amount of service credits 
 r = total number of Thomson Clients affected by Downtime or Errors 
 s = total number of Thomson Clients

  
 (b) The total amount of the service credits that Thomson is
entitled to deduct in any quarter shall be referred to as the “Service Credit Deduction.” In the event that any particular Thomson Client is entitled (by operation of the applicable End User Agreement) to multiple credits or reimbursements
arising from the same event, only the maximum single credit available for such event shall be included within the Service Credit Deduction with respect to such Thomson Client. In no event shall the Service Credit Deduction exceed the Service
Revenues paid to MarketWatch by operation of Section 5 of the Agreement. The Service Credit Deduction shall be deducted as follows. First, in the event Thomson is entitled to a Service Credit Deduction, the Service Revenues used to calculate
the revenue share allocated to a Party by operation of Section 5(e) of the Agreement shall be grossed up (before calculation of the amounts of Service Revenues to be retained by or paid to a Party) by the total of the amounts deducted from or
credited to the amounts due by Thomson Clients for failures to meet the service delivery requirements for the Thomson/MarketWatch Service (which failure was caused by MarketWatch) (such grossed up amount, the “Service Credit Addition”).
The Service Credit Addition shall then be used as the total Service Revenues for purposes of determining revenue share pursuant to Sections 5(e)(i) and 5(e)(iii) of the Agreement. Following calculation of the amount payable to
MarketWatch under Section 5(e)(i) or 5(e)(iii) of the Agreement, Thomson shall be entitled to withhold from such amount the Service Credit Deduction. In no event shall any Service Credit Deduction be applied toward or deducted from the
Service Fee.  
  
 (c) Beginning with the second Contract
Year, for each quarter where Thomson is entitled to deduct a Service Credit Deduction by operation of this Section 6, Thomson shall, as part of the report described in Section 5(f) of the Agreement, provide to MarketWatch a reasonably
detailed report describing the calculation of and basis for the Service Credit Deduction applicable to the preceding quarter. Subject to Thomson’s right to terminate the Agreement pursuant to Section 6(b) of the Agreement, the credits
described in this Section 6 set forth Thomson’s sole and exclusive remedy in respect of MarketWatch’s failure to meet the service levels or other obligations under this SLA. 
  

 42 
 Confidential and Proprietary Information 

 (d) If Thomson shall dispute the monthly compliance reports or the computation of service credits by
MarketWatch, in whole or in part, Thomson shall provide MarketWatch with written notice of such dispute. In such notice Thomson shall express in detail the basis for Thomson’s dispute. All disputes under this SLA shall be subject to Section
10(e) of the Agreement. 
  
 7. ESCALATION 
  
 (a) If MarketWatch fails to meet the guaranteed Response Time set forth
above, MarketWatch shall notify the following personnel in MarketWatch: 
  

					
	 Elapsed Time from
 guaranteed Resolution
Time

	 	 Severity Level 1 (Critical)

	 	 Severity Level 2
 (High)

	 1 hour
	 	VP Operations	 	 
	 3 hours
	 	CTO	 	VP Operations
	 6 hours
	 	COO and President	 	CTO
	 12 hours
	 	Chief Executive Officer	 	COO and President
	 24 hours
	 	 	 	Chief Executive Officer

  
 8. REVIEW PROCEDURES

  
 (a) Upon Thomson’s request: 
  
 (i) MarketWatch and Thomson shall appoint an SLA review committee that shall
hold a meeting following the end of each calendar quarter. The committee may review: (i) Downtime and Error reports, (ii) information on incidents and resolutions involving third-party vendors (iii) status update on support tickets, (iv) outstanding
service delivery issues, (v) a root cause analysis performed by MarketWatch, and (vi) the Parties’ recommend corrective actions. 
  
 (ii) The committee will produce a review report for each Severity Level 1 and Severity Level 2 incident, which shall include: (i) description of the
incident, (ii) support ticket reference number, (iii) incident start/stop/total time, (iv) scope of incident (v) responsibility for the incident, (vi) root cause analysis, and (vii) corrective action. 
  
 (iii) If the committee is unable to achieve agreement on whether or not
MarketWatch is responsible for an Error or Downtime the issue may be escalated pursuant to Section 10(e) of the Agreement. 
  
 (iv) The parties shall mutually develop a service plan. The service plan shall describe, among other things, the manner in which MarketWatch shall perform
services and deliver the Service Content and the roles and responsibilities of the resources being used. The service plan shall be reviewed on a continuous and reasonable basis and, subject to Section 5(c)(iii) of the Agreement, if the
parties agree in writing, modified to better fit Thomson’s then current business requirements. Examples of events that may lead to modifications include, but are not limited to: (i) technical or business changes in Thomson’s environment,
(ii) changes in the Thomson’s exercise of Editorial Direction, and (iii) changes in workloads (iv) quality assurance procedures, (v) reporting/reviewing guidelines (vi) MarketWatch’ problem management or escalation procedures, and (vii)
MarketWatch’s standards and procedures pertinent to Thomson’s interaction with MarketWatch in obtaining the Service Content. 
  

 43 
 Confidential and Proprietary Information 

 Exhibit J 
 Thomson Competitors 
  
 Alacra 
  
 Barra 
  
 Big Dough 
  
 Bloomberg 
  
 Capco 
  
 Caplin 
  
 Citigate Dewe Rogerson 
  
 Computershare (Citywatch &
FDC) 
  
 Edgar Online 
  
 Moneyline Telerate 
  
 Morningstar 
  
 Reuters 
  
 Rimes 
  
 S&P 
  
 Starmine 
  
 TheMarkets.com 
  
 Valueline 
  
 Vickers 
  
 Capital IQ 
  
 FactSet 
  
 FT Inter-active Data 
  
 Illios (via Comtex) 

 
 SunGard 
  
 TrackData 
  

 44

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