Document:

exv4w14

 

Exhibit
4.14

[GE Logo]

GE Commercial Finance

NEITHER THIS WARRANT NOR THE SHARES OF STOCK ISSUABLE UPON EXERCISE HEREOF HAVE
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”). NO SALE,
TRANSFER OR OTHER DISPOSITION OF THIS WARRANT OR SAID SHARES MAY BE EFFECTED WITHOUT
(i) AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR (ii) AN OPINION OF COUNSEL
FOR THE HOLDER, REASONABLY SATISFACTORY TO THE COMPANY, THAT SUCH REGISTRATION IS NOT
REQUIRED OR (iii) OTHERWISE COMPLYING WITH THE PROVISIONS OF SECTION 7 OF THIS
WARRANT.

WARRANT

TO PURCHASE

SHARES OF COMMON STOCK

     THIS CERTIFIES THAT, for good and valuable consideration received from Heller
Financial Leasing, Inc. (“Warrantholder”), Warrantholder is entitled to subscribe for
and purchase 68,182 shares (as adjusted pursuant to provisions hereof, the
“Shares”) of the fully paid and non-assessable Common Stock of comScore
Networks, Inc., a Delaware corporation with its principal place of business at 11465
Sunset Hills Road, Suite 200, Reston, VA 20190 (the “Company”), at an exercise price
per share of $1.10 (such price and such other price as shall result, from time to
time, from adjustments specified herein, is hereafter referred to as the
“Exercise Price”), subject to the provisions and upon the terms and
conditions hereinafter set forth. As used herein, the term “Common Stock” or
“Shares” shall mean the Company’s presently authorized Common Stock, and any
stock into or for which such Common Stock may hereafter be converted or exchanged
pursuant to the Seventh Amended and Restated Certificate of Incorporation of comScore
Networks, Inc., as amended by the Certificate of Amendment (collectively, the
“Charter”) as from time to time amended as provided by law and in such Certificate.
As used herein, the term “Grant Date” shall mean April 29, 2005. The
Company acknowledges that the cash consideration paid by Warrantholder for this
Warrant is $10.00 for income tax purposes, that such amount has been duly received by
the Company, and that this Warrant is issued in connection with that certain
financial accommodation entered into by and between Company as the obligor and
Warrantholder as the obligee thereunder (the “Financing Arrangement”).

     1. Term. The purchase rights represented by this Warrant are
exercisable, in whole or in part, at any time and from time to time, from and after
the Grant Date through the later of (i) ten (10) years after the Date of Grant or
(ii) five (5) years after the closing of the Company’s

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initial public offering of its Common Stock (“IPO”) effected pursuant to a
Registration Statement on Form S-1 (or its successor) filed under the Securities Act
of 1933, as amended (the “Act”); provided, however, if the underwriter of an initial
public offering of the Company’s stock provides the holder of this Warrant reasonable
prior written notice, requesting such holder to exercise its option to purchase
Shares, the holder shall within a reasonable period of time either exercise its
rights under this warrant or waive its right to exercise.

     Notwithstanding the term of this Warrant fixed pursuant to the above paragraph,
the right to purchase Shares as granted herein shall expire, if not previously
exercised, immediately upon the closing of a sale, conveyance, disposal or
encumbrance of all or substantially all of the Company’s property or business or the
Company’s merger into or consolidation with any other corporation or any other
transaction or series of related transactions in which more than fifty percent (50%)
of the voting power of the Company is disposed of (a “Merger”), provided that the
term “Merger” shall not apply to a merger effected exclusively for the purpose of
changing the domicile of the Company.

     The Company shall provide the holder of this Warrant with at least twenty (20)
days’ written notice prior to closing thereof of the terms and conditions of a
Merger. However, if the Company fails to deliver such written notice, then
notwithstanding anything to the contrary in this Warrant, the rights to purchase the
Shares shall not expire until the Company complies with such notice provisions. If
such closing does not take place, the Company shall promptly notify the holder of the
Warrant that such proposed transaction has been terminated, and the holder of the
Warrant may rescind any exercise of its purchase rights promptly after such notice of
termination of the proposed transaction if the exercise of the Warrant has occurred
after the Company notified the holder that the Merger was proposed. In the event of
such rescission, the Warrant will continue to be exercisable on the same terms and
conditions contained herein.

     2. Method of Exercise; Net Issue Exercise.

          2.1
Method of Exercise; Payment; Issuance of New Warrant. Subject to
Section 1, the purchase rights represented by this Warrant may be exercised by the
Warrantholder, in whole or in part and from time to time, by the surrender of this
Warrant (with the notice of exercise in the form attached hereto as Exhibit A
duly completed and executed) at the principal office of the Company and by (a) the
payment to the Company, by certified or bank check, or by wire transfer to an account
designated by the Company of an amount equal to the then applicable Exercise Price
per share multiplied by the number of Shares then being purchased. The Warrantholder
shall be deemed to have become the holder(s) of record of, and shall be treated for
all purposes as the record holder(s) of, the Shares represented thereby (and such
Shares shall be deemed to have been issued) immediately prior to the close of
business on the date or dates upon which this Warrant is exercised. In the event of
any exercise of the rights represented by this Warrant, certificates for the Shares
so purchased shall be promptly delivered to the holder hereof as soon as possible
(and in any event within thirty (30) days of receipt of such notice) and, unless this
Warrant has been fully exercised or expired, a new Warrant representing the portion
of the Shares, if any, with respect to which this Warrant shall not then have been
exercised shall also be issued to the holder hereof as soon as possible (and in any
event within such thirty-day

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day period); provided, however, at such time as the Company is subject to the
reporting requirements of the Securities Exchange Act of 1934, as amended, if
requested by the Warrantholder, the Company shall use its best efforts to cause its
transfer agent to deliver the certificate representing Shares issued upon exercise of
this Warrant to a broker or other person (as directed by the Warrantholder exercising
this Warrant) within the time period required to settle any trade made by the holder
after exercise of this Warrant.

          2.2 Non-Cash Exercise.

          (a) Subject to Section 1, in lieu of payment in cash, the rights represented by this
Warrant may also be exercised by a written notice of exercise, in the form of Exhibit
A attached hereto, duly completed and executed, providing for the non-cash exercise
of this Warrant for the Shares equal to the Fair Market Value (as determined below) of
this Warrant (or the portion thereof being exercised), specifying that this non-cash
exercise election has been made, and the net number of Shares to be issued after giving
effect to such non-cash exercise. In the event the Warrantholder makes such election,
Company shall issue to the holder a number of Shares computed using the following
formula:

     X = B-A

               Y

	 	 	 	 	 	 	 
	Where:

	 	X
	 	=
	 	the number of shares of Common Stock that shall be issued to holder
	 
	 

	 	Y
	 	=
	 	the Fair Market Value of one share of Common Stock
	 
	 

	 	A
	 	=
	 	the aggregate Exercise Price of the specified
number of Shares to be converted immediately prior to the
non-cash exercise (the “Converted Warrant Shares”) (i.e., the
number of Converted Warrant Shares multiplied by the Exercise
Price)
	 
	 

	 	B
	 	=
	 	the aggregate Fair Market Value of the
specified number of Converted Warrant Shares (i.e., the number of
Converted Warrant Shares multiplied by the Fair Market Value of
one Converted Warrant Share)

     For purposes of Section 2 of this Warrant, shares issued pursuant to the
non-cash exercise right shall be treated as if they were issued upon the exercise of
this Warrant.

          (b) For
purposes of this Section 2.2, the “Fair Market Value”
of one share of the Company’s Common Stock as of a particular date (the “Determination Date”) shall be
equal to

                    (i) If the non-cash exercise right is exercised in connection with and
contingent upon a Public Offering, and if the Company’s Registration Statement relating
to such Public Offering (“Registration Statement”) has been declared effective by the
Securities and Exchange Commission, then the initial “Price to Public” specified in the
final prospectus with

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     respect to such offering.

          (ii) If the non-cash exercise right is not exercised in connection
with and contingent upon a Public Offering, then as follows:

               (A) If traded on a securities exchange, the fair market value of the
Common Stock shall be deemed to be the average of the closing prices of
the Common Stock on such exchange over the five trading days immediately
prior to the Determination Date;

               (B) If traded on the Nasdaq Stock Market or other over-the-counter system, the
fair market value of the Common Stock shall be deemed to be the average of the
closing bid prices of the Common Stock over the five trading days immediately prior
to the Determination Date; and

(C) If there is no public market for the Common Stock, then fair market value shall
be reasonably determined by the board of directors of the Company. If the
Warrantholder hereof does not agree with the determination of Fair Market Value as
determined by the Company’s board of directors, the Company and the holder hereof
shall negotiate an appropriate Fair Market Value. If after ten (10) days, the Company
and the Warrantholder cannot agree, then the Warrantholder may request that the Fair
Market Value be determined by an investment banker or other independent third party
analyst of national reputation selected by the Company and reasonably acceptable to
the Warrantholder. The fees and expenses of such investment banker shall be borne by
the Company unless the Fair Market Value determined by such investment banker is
equal to or less than the Fair Market Value as determined by the Company, in which
event the fees and expenses of such investment banker shall be borne by the
Warrantholder hereof.

     In making a determination under clauses (A) or (B) above, if on the
Determination Date, five trading days had not passed since the Public Offering, then
the fair market value of the Common Stock shall be the average closing prices or
closing bid prices, as applicable, for the shorter period beginning on and including
the date of the Public Offering and ending on the trading day prior to the
Determination Date (or if such period includes only one trading day the closing price
or closing bid price, as applicable, for such trading day). If closing prices or
closing bid prices are no longer reported by a securities exchange or other trading
system, the closing price or closing bid price shall be that which is reported by
such securities exchange or other trading system at 4:00 p.m. New York City time on
the applicable trading day.

     2.3
Automatic Exercise.   Immediately before the expiration or termination
of this Warrant, to the extent this Warrant is not previously exercised, and if the
Fair Market Value of one share of the Company’s Common Stock subject to this Warrant
is greater than the Exercise Price, then in effect as adjusted pursuant to this
Warrant, this Warrant shall be deemed automatically exercised pursuant to Section 2.2
above, even if not surrendered. For purposes of such automatic exercise, the Fair
Market Value of the Company’s Common Stock upon such expiration shall be determined
pursuant to Section 2.2 (b) above. To the extent this Warrant or

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     any portion thereof is deemed automatically exercised pursuant to this Section, the
Company agrees to promptly notify the Warrantholder of the number of Shares, if any,
the holder hereof is to receive by reason of such automatic exercise.

     3. Stock Fully Paid: Reservation of Shares.   All Shares that may be issued
upon the exercise of the rights represented by this Warrant will, upon issuance pursuant
to the terms and conditions herein, be validly issued, fully paid and non-assessable,
assuming the accuracy of the Warrantholder’s representations and warranties contained in
Section 7 below, issued in compliance with all applicable federal and state securities
laws, and free from all taxes, liens and charges with respect to the issue thereof. During
the period within which the rights represented by this Warrant may be exercised, the
Company will at all times have authorized and reserved for the purpose of issuance upon
exercise of the purchase rights evidenced by this Warrant, a sufficient number of shares
of its Common Stock to provide for the exercise of the rights represented by this Warrant.

     4. Adjustment of Exercise Price and Number of Shares.   The number and kind of
securities purchasable upon the exercise of this Warrant and the Exercise Price shall be
subject to adjustment from time to time upon the occurrence of certain events, as follows:

          (a) Reclassification. Reorganization, Change or Conversion.   In case of any
reclassification, reorganization, change or conversion of securities of the class issuable
upon exercise of this Warrant (other than a change in par value, or from par value to no
par value, or from no par value to par value, or as a result of a subdivision or
combination), then in any of these events, the Company shall execute a replacement warrant
(a “New Warrant”), in form and substance reasonably satisfactory to the holder of this
Warrant, or the Company shall make appropriate provision without the issuance of a new
Warrant, so the holder of this Warrant shall have the right to receive upon the exercise
of this Warrant and at a total purchase price not to exceed that payable upon the exercise
of the unexercised portion of this Warrant and in lieu of the Shares receivable upon the
exercise of this Warrant, the same kind and amount of shares of stock, other securities,
money and property receivable by a holder of the number of Shares then purchasable under
this Warrant upon such reclassification, reorganization, change or conversion. Any such
New Warrant shall provide for adjustments that shall be as nearly equivalent as may be
practicable to the adjustments provided for in this Section 4. The provisions of this
Section 4(a) shall similarly apply to successive reclassifications, reorganizations,
changes, or conversions.

          (b) Subdivisions or Combination of Shares: Stock Dividends.   In the event that
the Company shall at any time while this Warrant remains outstanding and unexpired
subdivide the outstanding shares of Common Stock, or shall issue a stock dividend on its
outstanding shares of Common Stock, the number of Shares issuable upon exercise of this
Warrant immediately prior to such subdivision or immediately prior to the issuance of such
stock dividend shall be proportionately increased, and the Exercise Price shall be
proportionately decreased, and in the event that the Company shall at any time combine the
outstanding shares of Common Stock, the number of Shares issuable upon exercise of this
Warrant immediately prior

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     to such combination shall be proportionately decreased, and the Exercise Price shall
be proportionately increased, effective at the close of business on the date of such
subdivision, stock dividend or combination, as the case may be.

     (f) Notices
of Record Date.   In case at any time:

          (i) the Company shall declare any dividend upon its Common Stock payable in cash
or stock or make any other distribution to the holders of its Common Stock;

          (ii) the Company shall offer for subscription pro rata to the
holders of its Common Stock any additional shares of stock of any class, or other
rights;

          (iii) there shall be any capital reorganization or reclassification of the
capital stock of the Company, or a consolidation or merger of the Company with or
into, or a sale of all or substantially all its assets to another entity or entities;
or

          (iv) there shall be a voluntary or involuntary dissolution, liquidation or
winding up of the Company;

then, in any one or more of said cases, the Company shall give notice as provided in
Section 1 l(e) hereunder as follows: (A) at least 20 days’ prior written notice of
the date on which the books of the Company shall close or a record shall be taken for
such dividend, distribution or subscription rights or for determining rights to vote
in respect of any such reorganization, reclassification, consolidation, merger, sale,
dissolution, liquidation or winding up, and (B) in the case of any such
reorganization, reclassification, consolidation, merger, sale, dissolution,
liquidation or winding up, at least 20 days’ prior written notice of the
date when the same shall take place. Such notice in accordance with the foregoing
clause (A) shall also specify, in the case of any such dividend, distribution or
subscription rights, the date on which the holders of Common Stock shall be entitled
thereto, and such notice in accordance with the foregoing clause (B) shall also
specify the date on which the holders of Common Stock shall be entitled to exchange
their Common Stock for securities or other property deliverable upon such
reorganization, reclassification, consolidation, merger, sale, dissolution,
liquidation or winding up, as the case may be.

     5. Notice of Adjustments.   Whenever the Exercise Price shall be adjusted
pursuant to the provisions hereof, the Company shall within ten (10) business days of
such adjustment deliver a certificate signed on behalf of the Company by its chief
financial officer to the holder of this Warrant setting forth, in reasonable detail, the
event requiring the adjustment, the amount of the adjustment, the method by which such
adjustment was calculated, and the Exercise Price after giving effect to such adjustment.

     6. Fractional Shares.   No fractional shares of Common Stock will be issued
in connection with any exercise hereunder, but in lieu of such fractional shares the
Company shall make a cash payment therefor upon the basis of the Exercise Price then in
effect.

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     7. Compliance with Securities Act: Disposition of Warrant or Shares
of Common Stock.

     (a) Compliance with Act, The holder of this Warrant, by acceptance
hereof, agrees that this Warrant, and the Common Stock to be issued upon exercise
hereof, are being acquired for investment purposes only and that such holder will not
offer, sell or otherwise dispose of this Warrant or any shares of Common Stock to be
issued upon exercise hereof except under circumstances which will not result in a
violation of the Act or any applicable federal or state securities law. This Warrant
and all shares of Common Stock issued upon exercise of this Warrant (unless
registered under the Act) shall be stamped or imprinted with a legend in
substantially the following form:

THE SECURITIES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE “ACT”) OR ANY STATE SECURITIES LAWS. NO SALE OR
DISPOSITION MAY BE EFFECTED WITHOUT (i) EFFECTIVE REGISTRATION STATEMENTS
RELATED THERETO; (ii) AN OPINION OF COUNSEL FOR THE HOLDER, REASONABLY
SATISFACTORY TO THE COMPANY, THAT SUCH REGISTRATIONS ARE NOT REQUIRED; OR (iii)
OTHERWISE COMPLYING WITH THE PROVISIONS OF SECTION 7 OF THE WARRANT UNDER WHICH
THESE SECURITIES WERE ISSUED, DIRECTLY OR INDIRECTLY.

     (b) Disposition of Warrant and Shares. With respect to any offer, sale
or other transfer or disposition of this Warrant or any shares of Common Stock
acquired pursuant to the exercise of this Warrant prior to registration of such
Shares, the holder hereof and each subsequent holder of this Warrant agrees to give
written notice to the Company prior thereto, describing briefly the manner thereof,
together with a written opinion of such holder’s counsel (if reasonably requested by
the Company and reasonably satisfactory to the Company) to the effect that (i) such
offer, sale or other transfer or disposition may be effected without registration or
qualification of this Warrant or such shares of Common Stock under the Act as then in
effect or any federal or state securities law then in effect, and (ii) indicating
whether or not under the Act this Warrant or the certificates representing such
shares of Common Stock to be sold or otherwise transferred or disposed of require any
restrictive legend thereon in order to ensure compliance with such law,
Notwithstanding the foregoing, this Warrant or such shares of Common Stock may, as to
such federal laws, be offered, sold or otherwise disposed of in accordance with Rule
144 or 144A under the Act, provided that the Company shall have been furnished with
such information as the Company may reasonably request to provide a reasonable
assurance that the provisions of Rule 144 or 144A have been satisfied. This Warrant
or the certificates representing the shares of Common Stock thus transferred (except
a transfer pursuant to Rule 144) shall bear a legend as to the applicable
restrictions on transferability in order to insure compliance with such law, unless
in the aforesaid opinion of counsel for the holder (reasonably satisfactory to the
Company), such legend is not required in order to insure compliance with the such
law. Upon any valid transfer of this Warrant or portion thereof, Company agrees to
reissue the Warrant (or Warrants in the case of a partial transfer) and/or the Shares
receivable upon the exercise hereof and if the legend is not required, such
re-issuance shall be without said legend, Nothing herein shall restrict the

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transfer of this Warrant (or any portion hereof) or the certificates representing the
shares of Common Stock acquired pursuant to the exercise of this Warrant by the
initial holder hereof or any successor holder to (i) any affiliate of such holder,
including without limitation any partnership affiliated with such holder, any partner
of any such partnership, (ii) any legal entity or natural person (hereinafter
“Person”) in a Public Offering pursuant to an effective Registration Statement under
the Act, (iii) to any other Person to the extent that the transfer to such Person is
exempt from the registration requirements of such laws and such Person agrees in
writing to be bound by all of the restrictions on transfer contained herein and such
Person is not a direct competitor of the Company, or (iv) any Person or Persons if
the holder hereof shall also transfer or assign all or part of its interest in the
Financing Arrangement, and such Person agrees in writing to be bound by all of the
restrictions on transfer contained herein and such Person is not a direct competitor
of the Company. Any transfer described above must be made in compliance with all
applicable federal and state securities laws and in any such transfer, the transferee
shall on the Company’s request agree in writing to be bound by the terms of this
Warrant as if an original holder hereof. The Company may issue stop transfer
instructions to its transfer agent in connection with the foregoing restrictions.

     8. Warrantholder’s Representations The Warrantholder acknowledges that
it has had access to all material information concerning the Company which it has
requested. The Warrantholder also acknowledges that it has had the opportunity to,
and has to its satisfaction, questioned the officers of the Company with respect to
its investment hereunder. The Warrantholder represents that it understands that the
Warrant and the Common Stock are speculative investments, that it is aware of the
Company’s business affairs and financial condition and that it has acquired
sufficient information about the Company to reach an informed and knowledgeable
decision to acquire the Warrant. The Warrantholder is purchasing the Warrant and any
Common Stock issued upon exercise thereof for investment for its own account only and
not with a view to, or for resale in connection with, any “distribution”
thereof in violation of the Act or applicable state securities laws. The
Warrantholder further represents that it understands that the Warrant and Common
Stock have not been registered under the Act or applicable state securities laws by
reason of specific exemptions therefrom, which exemptions depend upon, among other
things, the bona fide nature of the Warrantholder’s investment intent as expressed
herein. The Warrantholder further understands that this Warrant must be held
indefinitely unless subsequently registered under the Act and qualified under any
applicable state securities laws, or unless exemptions from registration and
qualification are otherwise available. The holder is aware of the provisions of Rule
144, promulgated under the Act. The Warrantholder is an “accredited investor” as
defined in Regulation D promulgated under the Act.

     9. Company’s Representations.

     The Company hereby represents and warrants to the Warrantholder as follows:

             (a) This Warrant has been duly authorized and executed by the Company and
is a valid and binding obligation of the Company enforceable in accordance with its
terms, subject to laws of general application relating to bankruptcy, insolvency and
the relief of debtors

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and the rules of law or principles at equity governing specific performance,
injunctive relief and other equitable remedies.

     (b) The Shares have been duly authorized and reserved for issuance by the Company
and, when issued in accordance with the terms hereof, will be validly issued, fully paid
and nonassessable and free from preemptive rights.

     (c) The rights and restrictions granted to or imposed upon the Common Stock and the
holders thereof are as set forth in the Charter.

     (d) The shares of Common Stock issuable upon exercise of the Warrant have been duly
authorized and reserved for issuance by the Company and, when issued in accordance with
the terms of the Charter will be validly issued, fully paid and nonassessable.

     (e) The execution and delivery of this Warrant are not, and the issuance of the
Shares upon exercise of this Warrant in accordance with the terms hereof will not be,
inconsistent with the Company’s Charter or by-laws, do not and will not contravene any
law, governmental rule or regulation, judgment or order applicable to the Company, and do
not and will not conflict with or contravene any provision of, or constitute a default
under, any indenture, mortgage, contract or other instrument of which the Company is a
party or by which it is bound or require the consent or approval of, the giving of notice
to, the registration or filing with or the taking of any action in respect of or by, any
Federal, state or local government authority or agency or other person, except for the
filing of notices pursuant to federal and state securities laws, which filings will be
effected by the time required thereby.

     (f) There are no actions, suits, audits, investigations or proceedings pending or,
to the knowledge of the Company, threatened against the Company in any court or before
any governmental commission, board or authority which, if adversely determined, could
have a material adverse effect on the ability of the Company to perform its obligations
under this Warrant.

     (g) The number of shares of Common Stock of the Company outstanding on the date
hereof, on a fully diluted basis (assuming the conversion of all outstanding convertible
securities and the exercise of all outstanding options and warrants), does not exceed
121,000,000 shares.

     10. Market
Stand-Off Provision. The holder of this Warrant agrees to be
bound by the “Market Stand-Off” provision in Section 1(1) of the Rights Agreement.

     11. Miscellaneous

     (a) Rights as Shareholders. No holder of this Warrant, as such, shall
be entitled to vote or receive dividends or be deemed the holder of Common Stock or
otherwise be entitled to any voting or other rights as a shareholder of the Company or
any right to vote for the election of directors or upon nay matter submitted to
stockholders at any meeting thereof, or to receive notice of meetings, or to receive
dividend or subscription rights, until this Warrant shall have

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been exercised and the Shares purchasable upon the exercise shall have become
deliverable, as provided herein.

     (b) Issuance Tax. The issuance of certificates for shares of Common
Stock upon exercise of this Warrant shall be made without charge to the holder hereof
for any issuance tax in respect hereof, provided that the Company shall not be
required to pay any tax which may be payable in respect of any transfer involved in
the issuance and delivery of any certificate in a name other than that of the holder
of this Warrant.

     (c) Modification and Waiver. This Warrant and any provision hereof
may be changed, waived, discharged or terminated only by an instrument in writing
signed by the Company and the holder of this Warrant.

     (d) Attorneys’
Fees. In the event of an action, suit or proceeding
brought under or in connection herewith, the prevailing party therein shall be
entitled to recover from, and the other party hereto agrees to pay, the prevailing
party’s costs and expenses in connection therewith, including reasonably attorneys’
fees.

     (e) Notices. All notices, demands or other communications required or
permitted to be given or delivered under or by reason of the provisions hereof shall
be in writing and shall be deemed to have been given when (i) delivered personally to
the recipient, (ii) sent via facsimile transmission, (iii) the next business day
after having been sent to the recipient by reputable overnight courier service
(charges prepaid) or (iv) four business days after having been mailed to the
recipient by certified or registered mail, return receipt requested and postage
prepaid. Such notices, demands and other communications shall be sent to the
Warrantholder and to the Company at the respective addresses and transmission numbers
indicated on the signature page hereof, or to such other address or to the attention
of such other person as the recipient party has specified by prior written notice to
the sending party.

     (f) Binding Effect on Successors. Subject to the terms and conditions
of this Warrant, all covenants and agreements in contained herein by or on behalf of
any of the parties hereto shall bind and inure to the benefit of the respective
successors and assigns of the parties hereto whether so expressed or not.

     (g) Lost Warrants or Stock Certificates. The Company covenants to the
holder hereof that upon receipt of evidence reasonably satisfactory to the Company of
the loss, theft, destruction, or mutilation of this Warrant or any stock certificate
issued upon exercise hereof or in replacement thereafter and, in the case of any such
loss, theft or destruction, upon receipt of an indemnity reasonably satisfactory to
the Company and without requiring any bond, or in the case of any such mutilation
upon surrender and cancellation of such Warrant or stock certificate, the Company
will make and deliver a new Warrant or stock certificate, of like tenor, in lieu of
the lost, stolen, destroyed or mutilated Warrant or stock certificate.

     (h) Registration Rights. The Company grants registration rights to
the holder of this Warrant for any Common Stock of the Company obtained upon exercise
of this Warrant

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          (i) The holder will have not have the right to demand registration, but can otherwise
participate in any registration demanded by other holders of at least a majority of the Registrable
Securities (as defined in the Rights Agreement).

          (ii) The holder will be subject to the same provisions regarding indemnification as
contained in the Rights Agreement

          (iii)The registration rights are freely assignable by the holder of this Warrant in connection
with a permitted transfer, in accordance with Section 7 above, of this Warrant or the Shares.

(i) Descriptive Headings. The descriptive headings of the several paragraphs of this
Warrant are inserted for convenience only and do not constitute a part of this Warrant. The
language in this Warrant shall be construed as to its fair meaning without regard to which party
drafted this Warrant

     (j) Governing Law. THIS WARRANT SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH,
AND THE RIGHTS OF THE PARTIES SHALL BE GOVERNED BY, THE LAWS OF THE STATE OF DELAWARE.

     (k) Remedies. In case any one or more of the covenants and agreements contained
in this Warrant shall have been breached, the holders hereof (in the case of a breach by the
Company), or the Company (in the case of a breach by a holder), may proceed to protect and enforce
their or its rights either by suit in equity and/or by action at law, including, but not limited
to, an action for damages as a result of any such breach and/or an action for specific performance
of any such covenant or agreement contained in this Warrant.

     (l) Entire Agreement. This Warrant constitutes the entire agreement between the
parties pertaining to the subject matter contained in it and supersedes all prior and
contemporaneous agreements, representations, and undertakings of the parties, whether oral or
written, with respect to such subject matter.

SIGNATURE PAGE FOLLOWS

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In Witness Whereof, this Warrant to purchase Common Stock has been duly executed
as of the Grant Date hereinabove set forth.

Issued By:

comScore Networks, Inc.

By: /s/ Sheri L. Huston

Name: Sheri L. Huston

Title: Chief Financial Officer

Address for Notices:

11465 Sunset Hills Road, Suite 200

Reston, VA   20190

Attention: Chief Financial Officer

With a copy to:

comScore Networks, Inc.

11465 Sunset Hills Road, Suite 200

Reston, VA   20190

Attention: Legal Department

Fax:

Accepted By:

Heller Financial Leasing, Inc.

By: /s/ Frank A. Van De Zande

Name: Frank A. Van De Zande

Title: Vice President

Address for Notices:

500 West Monroe

Chicago, IL   60661

Attention: Portfolio Management,

     GE Technology Lending

 

Fax: 312-441-7715

12

 

     Attention: Chief Financial Officer

     [1.
The undersigned hereby elects to purchase                      shares of Common Stock of Company pursuant to the terms of the attached Warrant, and tenders herewith
payment of the purchase price of such shares in full.]

     [1. The undersigned hereby elects to purchase                      shares of Common Stock of Company pursuant to a non-cash exercise of the Warrant as provided in Section
2.2 of the Warrant.]

     2. Check
here if applicable:        The undersigned confirms that this exercise is made in
connection with the occurrence of a public offering, sale or merger of the Company, and the
undersigned further elects to condition this exercise of the Warrant upon the consummation
of said public offering, sale or merger of the Company. This exercise shall not be deemed to
be effective until the consummation of such transaction.

     2. Please issue a certificate or certificates representing said shares in the name of the undersigned or in such other name or names as are specified below:

Heller Financial Leasing, Inc.

500 West Monroe

Chicago, IL 60661

     3. The undersigned represents that the aforesaid shares are being acquired for the account of the undersigned for investment and not with a view to, or for resale in connection
with, the distribution thereof and that the undersigned has no present intention of distributing such shares, all except in compliance with applicable securities laws.

	 	 	 	 	 
	 	Heller Financial Leasing, Inc.

 	 
	 	By:  	
 	 
	 	 	(Signature) 	 
	 	Its:  	
 
	 	Date:  	
 
	 

13exv4w15

 

Exhibit 4.15

STOCK RESTRICTION AND PUT RIGHT AGREEMENT

This Stock Restriction Agreement (the “Agreement”) is made as of July 28, 2004 by and among
comScore Networks, Inc., a Delaware corporation (the “Company”) and Lawrence Denaro (“Denaro”).

RECITALS

     A. Company, Denaro and certain other parties have entered into an Agreement and Plan of Merger
and Reorganization (the “Merger Agreement”) which provides for the acquisition of Denaro &
Associates, Inc. d/b/a Q2 Brand Intelligence, Inc. (“Q2”) by Company. Pursuant to the Merger
Agreement and as consideration for his interest in Q2, Denaro shall receive, in part, shares of
common stock of Company, and a corresponding Put Right, as defined below, to sell such shares back
to the Company. The Put Right is an integral part of the consideration under the Merger Agreement,
without which Denaro would not have sold his interest in Q2.

     B. Capitalized terms used but not defined in this Agreement shall have the meanings ascribed
to such terms in the Merger Agreement.

     C. As a condition to the Merger Agreement, Denaro and Company agreed to enter into this
Agreement.

     NOW THEREFORE, in consideration of the mutual covenants and representations set forth herein,
intending to be legally bound hereby, the parties agree as follows:

AGREEMENT

     1. Issuance of the Shares. Pursuant to the terms and conditions of the Merger
Agreement, at the Closing, the Company shall issue to Denaro an aggregate of 1,060,000 shares of
common stock of the Company (the “Common Stock”). For purposes hereof, the term “Shares” shall
mean the Common Stock as adjusted for stock dividends, stock distributions, combinations,
consolidations or splits with respect to such shares.

     2. Denaro’s Put Right.

          a. Subject to the terms and conditions of this Section 2, on the date that is the third
anniversary of the Closing Date (the “Exercise Date”), Denaro shall have the right to require the
Company to repurchase some or all of the Shares at a repurchase price of $2.50 per share (as
adjusted for stock dividends, stock distributions, combinations, consolidations or splits with
respect to such Shares) (the “Put Price”), with an aggregate value of $2,650,000 (the “Put Right”),
Denaro shall have ninety (90) days from and including the Exercise Date to exercise this Put Right
(the “Exercise Period”). Upon expiration of the Exercise Period, this Put Right shall terminate.

          b. To exercise the Put Right, during the Exercise Period, Denaro shall deliver a written
notice to the Company in accordance with Section 7(i) below, of his election to exercise this Put
Right that includes the number of Shares he is electing to have repurchased. Within 10 business
days of receipt of such written notice and upon the receipt from Denaro of the Company stock
certificate(s) duly endorsed for transfer, the Company shall pay to Denaro the aggregate Put Price
in cash (by cashier’s check or wire transfer). If less than all of the Shares are repurchased, the
Company also shall issue to Denaro a new stock

 

 

certificate representing the remaining Shares held by Denaro after such repurchase and a
corresponding portion of the Put Right shall survive with respect to the remaining shares for the
remainder of the Exercise Period.

          c. Notwithstanding anything to the contrary contained in Sections 2(a) and 2(b) above, if, at
any time prior to the Exercise Date, the Company shall be involved in (i) a Liquidation Event (as
defined below); and (ii) the holders of the Common Stock receive consideration valued at less than
$2.50 per share for the shares of stock outstanding immediately prior to the Liquidation Event
(valued in accordance with Article IV.B.2(d)(ii) of the Company’s Seventh Amended and Restated
Certificate of Incorporation (as such may be amended from time to time after the date hereof) (the
"Restated Certificate”)), then the Put Right shall accelerate and become exercisable for cash by
Denaro immediately prior to the consummation of such Liquidation Event. The Company shall provide
at least 20 days written notice to Denaro of any such Liquidation Event (the “Liquidation Event
Notice”). Denaro shall have the option, but shall not be required, to exercise all or any portion
of the Put Right for 20 days following the receipt of the Liquidation Event Notice. Within 10
business days of receipt of written notice of such exercise and upon the receipt from Denaro of the
Company stock certificate(s) duly endorsed for transfer, the Company shall pay to Denaro the
aggregate Put Price in cash (by cashier’s check or wire transfer) with respect to such with respect
to such exercise. If Denaro exercises any portion of the Put Right pursuant to this Section 2(c)
during such 20 day period, then the Put Right shall terminate as to all of the Shares upon payment
of the Company of the amounts due hereunder. If Denaro elects not to exercise the Put Right
pursuant to this Section 2(c) during such 20-day period, then the Put Right shall remain in full
force and effect under the terms and conditions of this Agreement.

               For the purposes of this Section 2(c), “Liquidation Event” shall be deemed to mean (i) a
liquidation, dissolution or winding up of the Company; (ii) a consolidation or merger of the
Company with or into any other corporation or corporations (or entity or entities) (unless the
Company’s stockholders of record as constituted immediately prior to such transaction will,
immediately after such transaction, hold (solely in respect of their equity interests in the
Company before the transaction) at least a majority of the voting power of the surviving or
successor entity to the business and assets of the corporation); (iii) a sale, conveyance or
disposition of all or substantially all of the assets of the Company (other than a pledge of assets
or grant of security interest therein to a commercial lender or similar entity in connection with
commercial lending or similar transactions) (unless the Company’s stockholders of record as
constituted immediately prior to such transaction will, immediately after such transaction, hold
(solely in respect of their equity interests in the Company before the transaction) at least a
majority of the voting power of the surviving entity or successor to the business and assets of the
Company); (iv) any sale, transfer or issuance or series of sales, transfers or issuances of shares
of the Company’s capital stock by the Company or the existing holders thereof to new holders, as a
result of which the holders of the Company’s outstanding capital stock possessing the voting power
to elect a majority of the Company’s Board immediately prior to such sale, transfer or issuance
cease to own the requisite amount of the Company’s outstanding capital stock to possess the voting
power to elect a majority of the Company’s Board; or (v) the effectuation of a transaction or
series of related transactions in which at least a majority of the Company’s the outstanding voting
power is transferred to another entity; provided that an Automatic Recapitalization (as defined in
the Restated Certificate) shall not be deemed a Liquidation Event so long as (y) Denaro is a
stockholder after such Automatic Recapitalization and (ii) the Put Right, as set forth in this
Agreement, is attached to the shares held by Denaro after such Automatic Recapitalization.

          d. Notwithstanding anything to the contrary contained in this Section 2, the Company’s
obligation to repurchase any Shares under this Section 2 is subject to Delaware General Corporation
Law and any other applicable local, state or federal law, statute or rule.

 - 2 - 

 

          e. Without prejudice to the remedies available to Denaro under this Agreement or otherwise, if
the Company fails to make payment when due hereunder, the Company shall pay in respect of such due
and unpaid amount, a late payment calculated from the date of default until all amounts due
hereunder are paid at an annual rate of twelve percent (12%) or the maximum rate permitted by
applicable usury law, whichever is lower.

     3. Company’s Right of First Refusal. Before any Shares held by Denaro or any
transferee (either being sometimes referred to herein as the “Holder”) may be sold or otherwise
transferred (including transfer by gift or operation of law), the Company or its assignee(s) shall
have a right of first refusal to purchase the Shares on the terms and conditions set forth in this
Section 3 (the “Right of First Refusal”).

          a. Notice of Proposed Transfer. The Holder of the Shares shall deliver to the Company
a written notice (the “Notice”) in accordance with Section 7(i) below stating: (i) the Holder’s
bona fide intention to sell or otherwise transfer such Shares; (ii) the name of each proposed
purchaser or other transferee (“Proposed Transferee”); (iii) the number of Shares to be transferred
to each Proposed Transferee; and (iv) the bona fide cash price or other consideration for which the
Holder proposes to transfer the Shares (the “Offered Price”), and the Holder shall offer the Shares
at the Offered Price to the Company or its assignee(s).

          b. Exercise of Right of First Refusal. At any time within thirty (30) days after
receipt of the Notice, the Company and/or its assignee(s) may, by giving written notice to the
Holder, elect to purchase some or all of the Shares proposed to be transferred to any one or more
of the Proposed Transferees, at the purchase price determined in accordance with subsection (c)
below.

          c. Purchase Price. The purchase price (“Purchase Price”) for the Shares purchased by
the Company or its assignee(s) under this Section shall be the Offered Price. If the Offered Price
includes consideration other than cash, the officers of the Company and Denaro (or his heirs or
representatives in the case of any transfer by operation of law) in good faith shall agree on the
cash equivalent value of the non-cash consideration.

          d. Payment. Payment of the Purchase Price shall be made in cash (by cashier’s check
or wire transfer) within thirty (30) days after receipt of the Notice.

          e. Holder’s Right to Transfer. To the extent all of the Shares proposed in the Notice
to be transferred to a given Proposed Transferee are not purchased by the Company and/or its
assignee(s) as provided in this Section 3, then the Holder may sell or otherwise transfer such
unpurchased Shares to that Proposed Transferee at the Offered Price or at a higher price, provided
that such sale or other transfer is consummated within 120 days after the date of the Notice, that
any such sale or other transfer is effected in accordance with any applicable securities laws and
that the Proposed Transferee agrees in writing that the provisions of this Agreement shall continue
to apply to the Shares in the hands of such Proposed Transferee. If the Shares described in the
Notice are not transferred to the Proposed Transferee within such period, a new Notice shall be
given to the Company, and the Company and/or its assignees shall again be offered the Right of
First Refusal before any Shares held by the Holder may be sold or otherwise transferred.

          f. Exception for Certain Transfers. Notwithstanding anything to the contrary
contained in this Section 3, the transfer of any or all of the Shares during Denaro’s lifetime or
on Denaro’s death by will or intestacy to Denaro’s immediate family or a trust for the benefit of
Denaro’s immediate family shall be exempt from the provisions of this Section 3; provided, that any
such transferee agrees in writing that the provisions of this Agreement shall continue to apply to
the Shares in the hands of such transferee. “Immediate family” as used herein shall mean spouse,
lineal descendant or antecedent, father, mother, brother

 - 3 - 

 

or sister or a trust formed for the sole benefit of Denaro and/or any of the above or a limited
liability company solely owned by Denaro and/or any of the above.

          g. Attachment of Put Right. The Put Right is attached to the Shares and accrues to
the benefit of any and all holders of such Shares.

          h. Termination of Right of First Refusal. The Right of First Refusal shall terminate
as to any Shares upon the earlier of (i) the first sale of Common Stock of the Company to the
general public pursuant to a registration statement filed with and declared effective by the
Securities and Exchange Commission under the Securities Act of 1933, as amended (the “Securities
Act”), and (ii) a change of control of the Company in which the successor corporation has equity
securities that are publicly traded on a national securities exchange or on the Nasdaq Stock
Market.

     4. Lock-Up Period. Denaro hereby agrees that, if so requested by the representative
of the managing underwriter (the “Managing Underwriter”) in connection with any registration of the
offering of any securities of the Company under the Securities Act, Denaro shall not sell or
otherwise transfer any Shares or other securities of the Company during the 180-day period (the
"Market Standoff Period”) following the effective date of a registration statement of the Company
filed under the Securities Act. Such restriction shall apply only to the first registration
statement of the Company to become effective under the Securities Act that includes securities to
be sold on behalf of the Company to the public in an underwritten public offering under the
Securities Act. The Company may impose stop-transfer instructions with respect to securities
subject to the foregoing restrictions until the end of such Market Standoff Period. Such
restrictions shall not apply unless:

          a. all officers and directors of the Company enter into similar agreements or are bound by
similar agreements with the Company; and

          b. the Company uses all reasonable efforts to obtain from persons who hold in excess of one
percent (1%) of the Company’s outstanding capital stock, a lock-up agreement similar to that set
forth in this Section 4.

Notwithstanding the foregoing, the obligations described in this Section 4 shall not apply to a
registration relating solely to employee benefit plans on Form S-l or Form S-8 or similar forms
which may be promulgated in the future, or a registration relating solely to a transaction under
Rule 145 of the Act.

     5. Restrictive Legends and Stop-Transfer Orders.

          a. Legends. Denaro understands and agrees that the Company shall cause the legends
set forth below or legends substantially equivalent thereto, to be placed upon any certificate(s)
evidencing ownership of the Shares together with any other legends that may be required by the
Company or by state or federal securities laws:

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933 (THE “ACT”) AND MAY NOT BE OFFERED, SOLD OR
OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED
UNDER THE ACT OR, IN THE OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE
ISSUER OF THESE SECURITIES, SUCH OFFER, SALE OR TRANSFER, PLEDGE OR
HYPOTHECATION IS IN COMPLIANCE THEREWITH.

 - 4 - 

 

THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN
RESTRICTIONS ON TRANSFER AND A RIGHT OF FIRST REFUSAL HELD BY THE ISSUER OR
ITS ASSIGNEE(S) AS SET FORTH IN THE STOCK RESTRICTION AGREEMENT BETWEEN THE
ISSUER AND THE ORIGINAL HOLDER OF THESE SHARES, A COPY OF WHICH MAY BE
OBTAINED AT THE PRINCIPAL OFFICE OF THE ISSUER. SUCH TRANSFER RESTRICTIONS
AND RIGHT OF FIRST REFUSAL ARE BINDING ON TRANSFEREES OF THESE SHARES.

          b. Stop-Transfer Notices. Denaro agrees that, in order to ensure compliance with the
restrictions referred to herein, the Company may issue appropriate “stop transfer” instructions to
its transfer agent, if any, and that, if the Company transfers its own securities, it may make
appropriate notations to the same effect in its own records.

          c. Refusal to Transfer. The Company shall not be required (i) to transfer on its
books any Shares that have been sold or otherwise transferred in violation of any of the provisions
of this Agreement or (ii) to treat as owner of such Shares, or to accord the right to vote or pay
dividends, or accord the Put Right to any purchaser or other transferee to whom such Shares shall
have been so transferred.

     6. Representations and Warranties. The Company and Denaro hereby represents and
warrants to the other that:

          a. it has the full power, authority and legal right to incur the obligations provided for in
this Agreement, to execute and deliver this Agreement, and to perform and observe the terms and
provisions hereof;

          b. this Agreement constitutes its legal, valid and binding obligation, enforceable against it
in accordance with the terms thereof, subject to applicable bankruptcy or other laws affecting
creditors’ rights generally, and subject to general principles of equity, regardless of whether
considered in a proceeding in equity or at law;

          c. the execution, delivery and performance of this Agreement have been duly authorized by all
necessary actions on its part;

          d. the execution, delivery and performance of this Agreement does not violate or exceed its or
his powers or contravene (i) any provision of any applicable law, regulation, decree or order to
which it is subject, (ii) any provision of its charter documents, or (iii) any provision of any
mortgage, deed, contract, agreement or other instrument to which it is a party, or which is binding
upon it or any of its assets;

          e. all authorizations, consents, approvals and licenses required for the execution, delivery
and performance of this Agreement have been duly obtained or granted and are in full force and
effect.

     7. General Provisions.

          a. Set-Off. All payments which the Company is required to make under this Agreement
shall be (i) subject to set-off in accordance with Section 6.5 of the Merger Agreement; and (ii)
made without deduction or withholding for any tax unless the Company is required to make a
deduction or withholding by applicable law, regulation or rule; provided, however, that Denaro
shall be responsible for any applicable transfer tax on the sale of the Shares.

 - 5 - 

 

          b. Further Documents. Each party agrees upon request of the other party to
execute any further documents or instruments necessary or reasonably desirable in the view of the
other party to carry out the purposes or intent of this Agreement.

          c. Waiver. A party’s failure to enforce any provision of this Agreement shall not in
any way be construed as a waiver of any such provision, nor prevent that party from thereafter
enforcing any other provision of this Agreement. The rights granted the parties hereunder are
cumulative and shall not constitute a waiver of any party’s right to assert any other legal remedy
available to it. The waiver of a breach of any term or provision of this Agreement, which must be
in writing, shall not operate as or be construed to be a waiver of any other previous or subsequent
breach of this Agreement.

          d. Severability. If any term, provision, covenant or restriction of this Agreement is
held by a court of competent jurisdiction to be invalid, void or unenforceable, then the remainder
of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force
and effect and shall in no way be affected, impaired or invalidated.

          e. Binding Effect and Assignment. The Company may assign any of its rights under this
Agreement to single or multiple assignees, and this Agreement shall inure to the benefit of the
successors and assigns of the Company. Notwithstanding any such assignment, the Company shall
remain subject to its obligations set forth herein. Subject to the restrictions on transfer herein
set forth, this Agreement shall be binding upon Denaro and his or her heirs, executors,
administrators, successors and assigns.

          f. Amendments and Modification. This Agreement may not be modified, amended, altered
or supplemented except upon the execution and delivery of a written agreement executed by the
Company and Denaro.

          g. Remedies. Notwithstanding any other provision of this Agreement, in the event the
Company defaults under Section 2 above or is unable to honor the Put Right because of Section 2(d)
above or fails to timely pay the Put Price hereunder for any other reason, and such failure or
default is uncured within thirty (30) days after written notice from Denaro of his election to
exercise his rights under this Section 7(g), then Denaro shall be entitled to pursue any and all
remedies available to him, at law or in equity or otherwise, against the Company with respect to
such default or failure to pay.

          h. Specific Performance; Injunctive Relief. The parties hereto acknowledge that
Company will be irreparably harmed and that there will be no adequate remedy at law for a violation
of any of the covenants or agreements of Denaro set forth in Section 3 or Section 4. Therefore, it
is agreed that, in addition to any other remedies that may be available to Company upon any such
violation, Company shall have the right to enforce such covenants and agreements by specific
performance, injunctive relief or by any other means available to Company at law or in equity.

          i. Notices. All notices and other communications hereunder shall be in writing and
shall be deemed given if delivered personally or by commercial messenger or courier service, or
mailed by registered or certified mail (return receipt requested) or sent via facsimile (with
acknowledgment of complete transmission) to the parties at the following addresses (or at such
other address for a party as shall be specified by like notice, except that such notices of change
of address shall only be effective upon receipt); provided, however, that notices sent by mail will
not be deemed given until received:

 - 6 - 

 

	 	 	 	 	 
	 

	 	If to the Company:
	 	comScore Networks, Inc.
	 

	 	 	 	11465 Sunset Hills Road, Suite 200
	 

	 	 	 	Reston, Virginia 20190
	 

	 	 	 	Attention: Chief Financial Officer
	 

	 	 	 	Telephone Number: (703)438-2000
	 
	 	 	 	 
	 

	 	With a copy to:
	 	comScore Networks, Inc.
	 

	 	 	 	11465 Sunset Hills Road, Suite 200
	 

	 	 	 	Reston, Virginia 20190
	 

	 	 	 	Attention: Corporate Counsel
	 

	 	 	 	Telephone Number:(703) 43 8-2000
	 
	 	 	 	 
	 

	 	If to Denaro:
	 	To the address for notice set forth on the signature page hereof.

     The Company agrees to notify Denaro of any change in its address above.

          j. Governing Law. This Agreement shall be governed by and construed in accordance
with the laws of the State of Delaware, regardless of the laws that might otherwise govern under
applicable principles of conflicts of laws thereof.

          k. Attorney Fees. If either party hereto brings any action to enforce his or its
rights hereunder, the prevailing party in any such action shall be entitled to recover his or its
reasonable attorneys’ fees and other reasonable costs incurred in connection with such action.

          l. Interpretation. The captions and section headings herein are for convenience only
and shall not affect the construction or interpretation of this Agreement. Whenever required by
the context, the singular number shall include the plural, and vice versa; the masculine gender
shall include the feminine and neuter genders; and the neuter gender shall include the masculine
and feminine genders. As used in this General Release, the words “includes” and “including,” and
variations thereof, shall not be deemed to be terms of limitation, and shall be deemed to be
followed by words “without limitation.”

          m. Entire Agreement. This Agreement and the Merger Agreement (and the exhibits
thereto), constitute the entire agreement of the parties with respect to the subject matter hereof
and supersede in their entirety all prior undertakings and agreements of the Company and Denaro
with respect to the subject matter hereof.

          n. Counterparts. This Agreement may be executed in several counterparts, each of
which shall be an original, but all of which together shall constitute one and the same agreement.
Facsimile signatures shall be valid and binding as original manual signatures.

          o. Effect of Headings. The captions and section headings herein are for convenience
only and shall not affect the construction or interpretation of this Agreement.

[Remainder of Page Intentionally Left Blank]

 - 7 - 

 

The parties represent that they have read this Agreement in its entirety, have had an opportunity
to obtain the advice of counsel prior to executing this Agreement and fully understand this
Agreement. Denaro agrees to notify the Company of any change in his address below.

	 	 	 
	LAWRENCE DENARO

	 	COMSCORE NETWORKS, INC
	 
	 	 
	           /s/ Lawrence Denaro
	 	   /s/   Sheri L Huston

	 

	 	 
	Signature

	 	Signature
	 
	 	 
	          Lawrence Denaro
	 	      Sheri L Huston

	 

	 	 
	Print Name

	 	Print Name
	 
	 	   CFO

	 

	 	 
	 

	 	Print Title
	Address:
	 	 
	 
	 	 
	 	 	 
	 
	 	 
	 	 	 
	 
	 	 
	 	 	 

[Signature Page to Stock Restriction Agreement]

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