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                                                                   EXHIBIT 10.17

                           LOAN AND SECURITY AGREEMENT

     THIS LOAN AND SECURITY AGREEMENT (this "Agreement") dated as of February
27, 2003, between SILICON VALLEY BANK, a California chartered bank, with its
principal place of business at 3003 Tasman Drive, Santa Clara, California 95054
and with a loan production office located at One Newton Executive Park, Suite
200, 2221 Washington Street, Newton, Massachusetts 02462, doing business under
the name "Silicon Valley East" ("Bank") and ROVING SOFTWARE INCORPORATED, a
Delaware corporation ("Borrower"), provides the terms on which Bank shall lend
to Borrower and Borrower shall repay Bank. The parties agree as follows:

     1. ACCOUNTING AND OTHER TERMS

     Accounting terms not defined in this Agreement shall be construed following
GAAP. Calculations and determinations must be made following GAAP. The term
"financial statements" includes the notes and schedules. The terms "including"
and "includes" always mean "including (or includes) without limitation," in this
or any Loan Document. Capitalized terms in this Agreement shall have the
meanings set forth in Section 13.

     2. LOAN AND TERMS OF PAYMENT

          2.1 PROMISE TO PAY. Borrower hereby unconditionally promises to pay
Bank the unpaid principal amount of all Credit Extensions and interest on the
unpaid principal amount of the Credit Extensions as and when due in accordance
with this Agreement

               2.1.1 EQUIPMENT ADVANCES.

                    (a) Availability. From (i) the Closing Date through June 30,
2003 (the "Equipment Availability End Date No. 1"), Bank shall make advances
("Equipment Advance" and, collectively, "Equipment Advances") not exceeding the
Equipment Line, and from (ii) July 1, 2003 through December 31, 2003 (the
"Equipment Availability End Date No. 2"), bank shall make Equipment Advances
upon Borrower' request, not to exceed the amount of the Equipment Line (in the
aggregate, including the original principal amount of all Equipment Advances
made hereunder). The Equipment Advances may only be used to finance Eligible
Equipment purchased on or after 90 days before the date of each Equipment
Advance and no Equipment Advances may exceed 100 % of the equipment invoice
excluding taxes, shipping, warranty charges, freight discounts and installation
expense relating to such Equipment, unless such costs constitute Other
Equipment. After repayment, Equipment Advances may not be reborrowed.

                    (b) Interest Rate. Interest accrues from the date of each
Equipment Advance at the rate in Section 2.2(a) and is payable monthly.

                    (c) Repayment. Equipment Advances outstanding on each
Equipment Availability End Date are payable in (a) thirty (30) consecutive equal
monthly installments of principal, plus, (b) monthly payments of accrued
interest, beginning on the Payment Date of each month following the Equipment
Availability End Date.

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                    (d) To obtain an Equipment Advance, Borrower must notify
Bank (the notice is irrevocable) by facsimile no later than 3:00 p.m. Eastern
time one (1) Business Day before the day on which the Equipment Advance is to be
made. The notice in the form of EXHIBIT B (Payment/Advance Form) must be signed
by a Responsible Officer or designee and include a copy of the invoice for the
Equipment being financed.

               2.1.2 UNDISBURSED CREDIT EXTENSIONS. The Bank's obligation to
lend the undisbursed portion of the Obligations shall terminate if, in Bank's
sole discretion, there has been a material adverse change in the general
affairs, management, results of operation, condition (financial or otherwise) or
the prospect of repayment of the Obligations, or there has been any material
adverse deviation by Borrower from the most recent business plan of Borrower
presented to and accepted by Bank prior to the execution of this Agreement.

          2.2 INTEREST RATE; PAYMENTS.

               (a) Interest Rate. The principal amounts outstanding under the
Equipment Line shall accrue interest at a per annum rate equal to the aggregate
of the Bank's Prime Rate, and two percent (2.0%). After an Event Default,
Obligations shall bear interest at five percent (5.0%) above the rate effective
immediately before the Event of Default. The applicable interest rate hereunder
shall increase or decrease when the Prime Rate changes. Interest is computed on
the basis of a 360 day year for the actual number of days elapsed.

               (b) Payments. Interest is payable on the Payment Date of each
month. Payments received after 12:00 noon Eastern time are considered received
at the opening of business on the next Business Day. When a payment is due on a
day that is not a Business Day, the payment is due the next Business Day and
additional fees or interest, as applicable, shall continue to accrue. The
Borrower may pay without penalty all or a portion of the Equipment Line owed
earlier than it is due.

               (c) Debit of Accounts. Bank may debit any of Borrower's deposit
accounts including Account Number ____________ for principal and interest
payments or any amounts Borrower owes Bank. Bank shall promptly notify Borrower
when it debits Borrower's accounts. These debits are not a set-off.

          2.3 FEES. Borrower shall pay to Bank:

               (a) Equipment Line Facility Fee. A fully earned, non-refundable
facility fee of One Thousand Seven Hundred Fifty Dollars ($1,750.00) due on the
Closing Date; and

               (b) Bank Expenses. All Bank Expenses (including reasonable
attorneys' fees and expenses incurred through and after the Closing Date) when
due.

     3. CONDITIONS OF LOANS

          3.1 CONDITIONS PRECEDENT TO INITIAL CREDIT EXTENSION. The Bank's
obligation to make the initial Credit Extension is subject to the condition
precedent that Bank shall have received, in form and substance satisfactory to
Bank, the following:

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               (a) this Agreement;

               (b) a certificate of the Secretary of Borrower with respect to
articles, bylaws, incumbency and resolutions authorizing the execution and
delivery of this Agreement;

               (c) Perfection Certificate (s) by Borrower;

               (d) Loan Modification Agreement;

               (e) Bailee/Warehouse Waiver;

               (f) financing statements (Forms UCC-1);

               (g) insurance certificate;

               (h) payment of the fees and Bank Expenses then due specified in
Section 2.4 hereof;

               (i) Certificate of Foreign Qualification (if applicable);

               (j) Certificate of Good Standing/Legal Existence; and

               (k) such other documents, and completion of such other matters,
as Bank may reasonably deem necessary or appropriate.

          3.2 CONDITIONS PRECEDENT TO ALL CREDIT EXTENSIONS. Bank's obligations
to make each Credit Extension, including the initial Credit Extension, is
subject to the following:

               (a) timely receipt of any Payment/Advance Form; and

               (b) the representations and warranties in Section 5 shall be
materially true on the date of the Payment/Advance Form and on the effective
date of each Credit Extension and no Event of Default shall have occurred and be
continuing, or result from the Credit Extension. Each Credit Extension is
Borrower's representation and warranty on that date that the representations and
warranties in Section 5 remain true.

     4. CREATION OF SECURITY INTEREST

          4.1 GRANT OF SECURITY INTEREST. Borrower hereby grants Bank, to secure
the payment and performance in full of all of the Obligations and the
performance of each of Borrower's duties under the Loan Documents, a continuing
security interest in, and pledges and assigns to the Bank, the Collateral,
wherever located, whether now owned or hereafter acquired or arising, and all
proceeds and products thereof. Borrower warrants and represents that the
security interest granted herein shall be a first priority security interest in
the Collateral. Bank may place a "hold" on any deposit account pledged as
Collateral.

Except as noted on the Perfection Certificate, Borrower is not a party to, nor
is bound by, any license or other agreement with respect to which the Borrower
is the licensee that prohibits or otherwise restricts Borrower from granting a
security interest in Borrower's interest in such

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license or agreement or any other property. Without prior consent from Bank,
Borrower shall not enter into, or become bound by, any such license or agreement
which is reasonably likely to have a material impact on Borrower's business or
financial condition. Borrower shall take such steps as Bank requests to obtain
the consent of, or waiver by, any person whose consent or waiver is necessary
for all such licenses or contract rights to be deemed "Collateral" and for Bank
to have a security interest in it that might otherwise be restricted or
prohibited by law or by the terms of any such license or agreement, whether now
existing or entered into in the future.

If the Agreement is terminated, Bank's lien and security interest in the
Collateral shall continue until Borrower fully satisfies its Obligations. If
Borrower shall at any time, acquire a commercial tort claim, Borrower shall
promptly notify Bank in a writing signed by Borrower of the brief details
thereof and grant to Bank in such writing a security interest therein and in the
proceeds thereof, all upon the terms of this Agreement, with such writing to be
in form and substance satisfactory to Bank.

          4.2 AUTHORIZATION TO FILE FINANCING STATEMENTS. Borrower hereby
authorizes Bank to file financing statements, without notice to Borrower, with
all appropriate jurisdictions in order to perfect or protect Bank's interest or
rights hereunder, including a notice that any disposition of the Collateral, by
either the Borrower or any other Person, shall be deemed to violate the rights
of the Bank under the Code.

     5. REPRESENTATIONS AND WARRANTIES

          Borrower represents and warrants as follows:

          5.1 DUE ORGANIZATION AND AUTHORIZATION. Borrower and each Subsidiary
is duly existing and in good standing in its state of formation and qualified
and licensed to do business in, and in good standing in, any state in which the
conduct of its business or its ownership of property requires that it be
qualified except where the failure to do so could not reasonably be expected to
cause a Material Adverse Change. In connection with this Agreement, the Borrower
delivered to the Bank a certificate signed by the Borrower and entitled
"Perfection Certificate". The Borrower represents and warrants to the Bank that:
(a) the Borrower's exact legal name is that indicated on the Perfection
Certificate and on the signature page hereof; and (b) the Borrower is an
organization of the type, and is organized in the jurisdiction, set forth in the
Perfection Certificate; and (c) the Perfection Certificate accurately sets forth
the Borrower's organizational identification number or accurately states that
the Borrower has none; and (d) the Perfection Certificate accurately sets forth
the Borrower's place of business, or, if more than one, its chief executive
office as well as the Borrower's mailing address if different, and (e) all other
information set forth on the Perfection Certificate pertaining to the Borrower
is accurate and complete. If the Borrower does not now have an organizational
identification number, but later obtains one, Borrower shall forthwith notify
the Bank of such organizational identification number.

          The execution, delivery and performance of the Loan Documents have
been duly authorized, and do not conflict with Borrower's organizational
documents, nor constitute an event of default under any material agreement by
which Borrower is bound. Borrower is not in

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default under any agreement to which or by which it is bound in which the
default could reasonably be expected to cause a Material Adverse Change.

          5.2 COLLATERAL. Borrower has good title to the Collateral, free of
Liens except Permitted Liens. Borrower has no deposit account, other than the
deposit accounts with Bank and deposit accounts described in the Perfection
Certificate delivered to the Bank in connection herewith. The Accounts are bona
fide, existing obligations, and the service or property has been performed or
delivered to the account debtor or its agent for immediate shipment to and
unconditional acceptance by the account debtor. Except as set forth in the
Perfection Certificate, the Collateral is not in the possession of any third
party bailee (such as a warehouse). Except as hereafter disclosed to the Bank in
writing by Borrower, none of the components of the Collateral shall be
maintained at locations other than as provided in the Perfection Certificate. In
the event that Borrower, after the date hereof, intends to store or otherwise
deliver any portion of the Collateral to a bailee, then Borrower will first
receive the written consent of Bank and such bailee must acknowledge in writing
that the bailee is holding such Collateral for the benefit of Bank. All
Inventory is in all material respects of good and marketable quality, free from
material defects. Borrower is the sole owner of the Intellectual Property,
except for non-exclusive licenses granted to its customers in the ordinary
course of business. Each Patent is valid and enforceable and no part of the
Intellectual Property has been judged invalid or unenforceable, in whole or in
part, and no claim has been made that any part of the Intellectual Property
violates the rights of any third party except to the extent such claim could not
reasonably be expected to cause a Material Adverse Change.

          5.3 LITIGATION. Except as shown in the Perfection Certificate, there
are no actions or proceedings pending or, to the knowledge of Borrower's
Responsible Officers or legal counsel, threatened by or against Borrower or any
Subsidiary in which an adverse decision could reasonably be expected to cause a
Material Adverse Change.

          5.4 NO MATERIAL DEVIATION IN FINANCIAL STATEMENTS. All consolidated
financial statements for Borrower and any Subsidiary delivered to Bank fairly
present in all material respects Borrower's consolidated financial condition and
Borrower's consolidated results of operations. There has not been any material
deterioration in Borrower's consolidated financial condition since the date of
the most recent financial statements submitted to Bank.

          5.5 SOLVENCY. The fair salable value of Borrower's assets (including
goodwill minus disposition costs) exceeds the fair value of its liabilities; the
Borrower is not left with unreasonably small capital after the transactions in
this Agreement; and Borrower is able to pay its debts (including trade debts) as
they mature.

          5.6 REGULATORY COMPLIANCE. Borrower is not an "investment company" or
a company "controlled" by an "investment company" under the Investment Company
Act. Borrower is not engaged as one of its important activities in extending
credit for margin stock (under Regulations T and U of the Federal Reserve Board
of Governors). Borrower has complied in all material respects with the Federal
Fair Labor Standards Act. Borrower has not violated any laws, ordinances or
rules, the violation of which could reasonably be expected to cause a Material
Adverse Change. None of Borrower's or any Subsidiary's properties or assets has
been used by Borrower or any Subsidiary or, to the best of Borrower's knowledge,
by

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previous Persons, in disposing, producing, storing, treating, or transporting
any hazardous substance other than legally. Borrower and each Subsidiary has
timely filed all required tax returns and paid, or made adequate provision to
pay, all material taxes, except those being contested in good faith with
adequate reserves under GAAP. Borrower and each Subsidiary has obtained all
consents, approvals and authorizations of, made all declarations or filings
with, and given all notices to, all government authorities that are necessary to
continue its business as currently conducted except where the failure to make
such declarations, notices or filings would not reasonably be expected to cause
a Material Adverse Change.

          5.7 SUBSIDIARIES. Borrower does not own any stock, partnership
interest or other equity securities except for Permitted Investments.

          5.8 FULL DISCLOSURE. No written representation, warranty or other
statement of Borrower in any certificate or written statement given to Bank
taken together with all such written certificates and written statements given
to Bank contains any untrue statement of a material fact or omits to state a
material fact necessary to make the statements contained in the certificates or
statements not misleading (it being recognized by Bank that the projections and
forecasts provided by Borrower in good faith and based upon reasonable
assumptions are not viewed as facts and that actual results during the period or
periods covered by such projections and forecasts may differ from the projected
or forecasted results).

     6. AFFIRMATIVE COVENANTS

          Borrower shall do all of the following:

          6.1 GOVERNMENT COMPLIANCE. Borrower shall maintain its and all
Subsidiaries' legal existence and good standing in its jurisdiction of formation
and maintain qualification in each jurisdiction in which the failure to so
qualify would reasonably be expected to have a material adverse effect on
Borrower's business or operations. Borrower shall comply, and have each
Subsidiary comply, with all laws, ordinances and regulations to which it is
subject, noncompliance with which could have a material adverse effect on
Borrower's business or operations or would reasonably be expected to cause a
Material Adverse Change.

          6.2 FINANCIAL STATEMENTS, REPORTS, CERTIFICATES.

               (a) Borrower shall deliver to Bank: (i) as soon as available, but
no later than twenty-five (25) days after the last day of each month, a company
prepared consolidated balance sheet and income statement covering Borrower's
consolidated operations during the period certified by a Responsible Officer and
in a form acceptable to Bank; (ii) as soon as available, but no later than one
hundred and fifty (150) days after the last day of Borrower's fiscal year
(except for Borrower's fiscal years ending December 31, 2001 and December 31,
2002, which audited consolidated financial statements shall be due July 31,
2003), audited consolidated financial statements prepared under GAAP,
consistently applied, together with an unqualified opinion on the financial
statements from an independent certified public accounting firm reasonably
acceptable to Bank; (iii) in the event that the Borrower's stock becomes
publicly held, within five (5) days of filing, copies of all statements, reports
and notices made available to Borrower's security holders or to any holders of
Subordinated Debt and all

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reports on Form 10-K, 10-Q and 8-K filed with the Securities and Exchange
Commission; (iv) a prompt report of any legal actions pending or threatened
against Borrower or any Subsidiary that could result in damages or costs to
Borrower or any Subsidiary of One Hundred Thousand Dollars ($100,000.00) or
more; (v) as soon as available, but not later than forty-five (45) days after
the last of Borrower's fiscal year, Board approved Operating Plan (expressed on
a monthly and quarterly basis); (vi) prompt notice of any material change in the
composition of the Intellectual Property, or the registration of any copyright,
including any subsequent ownership right of Borrower in or to any Copyright,
Patent or Trademark not shown in any intellectual property security agreement
between Borrower and Bank or knowledge of an event that materially adversely
affects the value of the Intellectual Property; and (vii) other financial
information reasonably requested by Bank.

               (b) Borrower shall deliver to Bank with the monthly and annual
financial statements a Compliance Certificate signed by a Responsible Officer in
the form of EXHIBIT C.

          6.3 INVENTORY; RETURNS. Borrower shall keep all Inventory in good and
marketable condition, free from material defects. Returns and allowances between
Borrower and its account debtors shall follow Borrower's customary practices as
they exist at the Closing Date. Borrower must promptly notify Bank of all
returns, recoveries, disputes and claims that involve more than Fifty Thousand
Dollars ($50,000.00).

          6.4 TAXES. Borrower shall make, and cause each Subsidiary to make,
timely payment of all material federal, state, and local taxes or assessments
(other than taxes and assessments which Borrower is contesting in good faith,
with adequate reserves maintained in accordance with GAAP) and will deliver to
Bank, on demand, appropriate certificates attesting to such payments.

          6.5 INSURANCE. Borrower shall keep its business and the Collateral
insured for risks and in amounts, and as Bank may reasonably request. Insurance
policies shall be in a form, with companies, and in amounts that are
satisfactory to Bank. All property policies shall have a lender's loss payable
endorsement showing Bank as an additional loss payee and all liability policies
shall show the Bank as an additional insured and all policies shall provide that
the insurer must give Bank at least twenty (20) days notice before canceling its
policy. At Bank's request, Borrower shall deliver certified copies of policies
and evidence of all premium payments. Proceeds payable under any policy shall,
at Bank's option, be payable to Bank on account of the Obligations.
Notwithstanding the foregoing, so long as no Event of Default has occurred and
is continuing, Borrower shall have the option of applying the proceeds of any
casualty policy up to $25,000.00, in the aggregate, toward the replacement or
repair of destroyed or damaged property; provided that (i) any such replaced or
repaired property (a) shall be of equal or like value as the replaced or
repaired Collateral and (b) shall be deemed Collateral in which Bank has been
granted a first priority security interest and (ii) after the occurrence and
during the continuation of an Event of Default all proceeds payable under such
casualty policy shall, at the option of the Bank, be payable to Bank on account
of the Obligations. If Borrower fails to obtain insurance as required under
Section 6.5 or to pay any amount or furnish any required proof of payment to
third persons and the Bank, Bank may make all or part of such

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payment or obtain such insurance policies required in Section 6.5, and take any
action under the policies Bank deems prudent

          6.6 ACCOUNTS.

               (a) In order to permit the Bank to monitor the Borrower's
financial performance and condition, Borrower, and all Borrower's Subsidiaries,
shall maintain all of Borrower's, and such Subsidiaries, primary depository,
operating, and securities accounts with Bank.

               (b) Borrower shall identify to Bank, in writing, any bank or
securities account opened by Borrower with any institution other than Bank. In
addition, for each such account that the Borrower at any time opens or
maintains, Borrower shall, at the Bank's request and option, pursuant to an
agreement in form and substance acceptable to the Bank, cause the depository
bank or securities intermediary to agree that such account is the collateral of
the Bank pursuant to the terms hereunder. The provisions of the previous
sentence shall not apply to deposit accounts exclusively used for payroll,
payroll taxes and other employee wage and benefit payments to or for the benefit
of the Borrower's employees.

          6.7 FINANCIAL COVENANTS.

          Borrower shall maintain at all times, to be tested as of the last day
of each month, unless otherwise noted:

               (a) QUICK RATIO. A ratio of Quick Assets to Current Liabilities
minus Deferred Revenues of at least 1.75 to 1.0.

               (b) TANGIBLE NET WORTH. Borrower shall maintain, to be tested as
of the last day of each calendar quarter, a Tangible Net Worth of not less than
One Million Dollars ($1,000,000.00).

          6.8 FURTHER ASSURANCES. Borrower shall execute any further instruments
and take further action as Bank reasonably requests to perfect or continue
Bank's security interest in the Collateral or to effect the purposes of this
Agreement.

     7. NEGATIVE COVENANTS

          Borrower shall not do any of the following without the Bank's prior
written consent which shall not be unreasonably withheld.

          7.1 DISPOSITIONS. Convey, sell, lease, transfer or otherwise dispose
of (collectively a "Transfer"), or permit any of its Subsidiaries to Transfer,
all or any part of its business or property, except for Transfers (i) of
Inventory in the ordinary course of business; (ii) of non-exclusive licenses and
similar arrangements for the use of the property of Borrower or its Subsidiaries
in the ordinary course of business; or (iii) of worn-out or obsolete Equipment

          7.2 CHANGES IN BUSINESS OWNERSHIP, MANAGEMENT OR BUSINESS LOCATIONS.
Engage in or permit any of its Subsidiaries to engage in any business other than
the businesses

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currently engaged in by Borrower or reasonably related thereto, or have a
material change in its ownership (other than by the sale of Borrower's equity
securities in a public offering or to venture capital investors so long as
Borrower identifies to Bank the venture capital investors prior to the closing
of the investment), or management. Borrower shall not, without at least thirty
(30) days prior written notice to Bank: (i) relocate its chief executive office,
or add any new offices or business locations, including warehouses (unless such
new offices or business locations contain less than Five Thousand Dollars
($5,000.00) in Borrower's assets or property), or (ii) change its jurisdiction
of organization, or (iii) change its organizational structure or type, or (iv)
change its legal name, or (v) change any organizational number (if any) assigned
by its jurisdiction of organization.

          7.3 MERGERS OR ACQUISITIONS. Merge or consolidate, or permit any of
its Subsidiaries to merge or consolidate, with any other Person, or acquire, or
permit any of its Subsidiaries to acquire, all or substantially all of the
capital stock or property of another Person. A Subsidiary may merge or
consolidate into another Subsidiary or into Borrower.

          7.4 INDEBTEDNESS. Create, incur, assume, or be liable for any
Indebtedness, or permit any Subsidiary to do so, other than Permitted
Indebtedness.

          7.5 ENCUMBRANCE. Create, incur, or allow any Lien on any of its
property, or assign or convey any right to receive income, including the sale of
any Accounts, or permit any of its Subsidiaries to do so, except for Permitted
Liens, or permit any Collateral not to be subject to the first priority security
interest granted herein. Notwithstanding the foregoing, however, the Collateral
may also be subject to Permitted Liens.

          7.6 DISTRIBUTIONS; INVESTMENTS. (i) Directly or indirectly acquire or
own any Person, or make any Investment in any Person, other than Permitted
Investments, or permit any of its Subsidiaries to do so; or (ii) pay any
dividends or make any distribution or payment or redeem, retire or purchase any
capital stock, except for repurchases of stock from former employees or
directors of Borrower under the terms of applicable repurchase agreements in an
aggregate amount not to exceed One Hundred Fifty Thousand Dollars ($150,000.00)
in the aggregate in any fiscal year, provided that no Event of Default has
occurred, is continuing or would exist after giving effect to the repurchases.

          7.7 TRANSACTIONS WITH AFFILIATES. Directly or indirectly enter into or
permit to exist any material transaction with any Affiliate of Borrower, except
for transactions that are in the ordinary course of Borrower's business, upon
fair and reasonable terms that are no less favorable to Borrower than would be
obtained in an arm's length transaction with a non-affiliated Person or in
connection with any investment by any one or more Affiliates that are venture
capital investors so long as Borrower identifies such Affiliate venture capital
investors to the Bank prior to the closing of the investment

          7.8 SUBORDINATED DEBT. Make or permit any payment on any Subordinated
Debt, except under the terms of the Subordinated Debt, or amend any provision in
any document relating to the Subordinated Debt, without Bank's prior written
consent.

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          7.9 COMPLIANCE. Become an "investment company" or a company controlled
by an "investment company", under the Investment Company Act of 1940 or
undertake as one of its important activities extending credit to purchase or
carry margin stock, or use the proceeds of any Credit Extension for that
purpose; fail to meet the minimum funding requirements of ERISA, permit a
Reportable Event or Prohibited Transaction, as defined in ERISA, to occur; fail
to comply with the Federal Fair Labor Standards Act or violate any other law or
regulation, if the violation could reasonably be expected to have a material
adverse effect on Borrower's business or operations or would reasonably be
expected to cause a Material Adverse Change, or permit any of its Subsidiaries
to do so.

     8. EVENTS OF DEFAULT

          Any one of the following is an Event of Default:

          8.1 PAYMENT DEFAULT. Borrower fails to pay any of the Obligations
within three (3) days after their due date. During the additional period the
failure to cure the default is not an Event of Default (but Bank shall not be
obligated to make Credit Extensions during the cure period);

          8.2 COVENANT DEFAULT. Borrower fails or neglects to perform any
obligation in Section 6 or violates any covenant in Section 7 or fails or
neglects to perform, keep, or observe any other material term, provision,
condition, covenant or agreement contained in this Agreement, any Loan
Documents, or in any present or future agreement between Borrower and Bank and
as to any default under such other material term, provision, condition, covenant
or agreement that can be cured, has failed to cure the default within ten (10)
days after the occurrence thereof; provided, however, that if the default cannot
by its nature be cured within the ten (10) day period or cannot after diligent
attempts by Borrower be cured within such ten (10) day period, and such default
is likely to be cured within a reasonable time, then Borrower shall have an
additional period (which shall not in any case exceed thirty (30) days) to
attempt to cure such default, and within such reasonable time period the failure
to cure the default shall not be deemed an Event of Default (but Bank shall not
be obligated to make Credit Extensions during such cure period). Grace periods
provided under this section shall not apply, among other things, to financial
covenants or any other covenants that are required to be satisfied, completed or
tested by a date certain.

          8.3 MATERIAL ADVERSE CHANGE. A Material Adverse Change occurs;

          8.4 ATTACHMENT. (i) Any material portion of Borrower's assets is
attached, seized, levied on, or comes into possession of a trustee or receiver
and the attachment, seizure or levy is not removed in ten (10) days; (ii) the
service of process upon the Borrower seeking to attach, by trustee or similar
process, any funds of the Borrower on deposit with the Bank; (iii) Borrower is
enjoined, restrained, or prevented by court order from conducting a material
part of its business; (iv) a judgment or other claim becomes a Lien on a
material portion of Borrower's assets; or (v) a notice of lien, levy, or
assessment is filed against any of Borrower's assets by any government agency
and not paid within ten (10) days after Borrower receives notice. These are not
Events of Default if stayed or if a bond is posted pending contest by Borrower
(but Bank shall not be obligated to make Credit Extensions during the cure
period);

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          8.5 INSOLVENCY. (i) Borrower becomes insolvent; (ii) Borrower begins
an Insolvency Proceeding; or (iii) an Insolvency Proceeding is begun against
Borrower and not dismissed or stayed within thirty (30) days (but Bank shall not
be obligated to make Credit Extensions before any Insolvency Proceeding is
dismissed);

          8.6 OTHER AGREEMENTS. If there is a default in any agreement to which
Borrower is a party with a third party or parties resulting in a right by such
third party or parties, whether or not exercised, to accelerate the maturity of
any Indebtedness in an amount in excess of One Hundred Thousand Dollars
($100,000) or that could result in a Material Adverse Change;

          8.7 JUDGMENTS. If a judgment or judgments for the payment of money in
an amount, individually or in the aggregate, of at least Two Hundred Thousand
Dollars ($200,000) shall be rendered against Borrower and shall remain
unsatisfied and unstayed for a period of ten (10) days (provided that Bank shall
not be obligated to make Credit Extensions prior to the satisfaction or stay of
such judgment);

          8.8 MISREPRESENTATIONS. If Borrower or any Person acting for Borrower
makes any material misrepresentation or material misstatement now or later in
any warranty or representation in this Agreement or in any writing delivered to
Bank or to induce Bank to enter this Agreement or any Loan Document.

     9. BANK'S RIGHTS AND REMEDIES

          9.1 RIGHTS AND REMEDIES. When an Event of Default occurs and continues
Bank may, without notice or demand, do any or all of the following:

               (a) Declare all Obligations immediately due and payable (but if
an Event of Default described in Section 8.5 occurs all Obligations are
immediately due and payable without any action by Bank);

               (b) Stop advancing money or extending credit for Borrower's
benefit under this Agreement or under any other agreement between Borrower and
Bank;

               (c) Settle or adjust disputes and claims directly with account
debtors for amounts, on terms and in any order that Bank considers advisable and
notify any Person owing Borrower money of Bank's security interest in such funds
and verify the amount of such account. Borrower shall collect all payments in
trust for Bank and, if requested by Bank, immediately deliver the payments to
Bank in the form received from the account debtor, with proper endorsements for
deposit;

               (d) Make any payments and do any acts it considers necessary or
reasonable to protect its security interest in the Collateral. Borrower shall
assemble the Collateral if Bank requests and make it available as Bank
designates. Bank may enter premises where the Collateral is located, take and
maintain possession of any part of the Collateral, and pay, purchase, contest,
or compromise any Lien which appears to be prior or superior to its security
interest and pay all expenses incurred. Borrower grants Bank a license to enter
and occupy any of its premises, without charge, to exercise any of Bank's rights
or remedies;

                                       11

<PAGE>

               (e) Apply to the Obligations any (i) balances and deposits of
Borrower it holds, or (ii) any amount held by Bank owing to or for the credit or
the account of Borrower;

               (f) Ship, reclaim, recover, store, finish, maintain, repair,
prepare for sale, advertise for sale, and sell the Collateral. Bank is hereby
granted a non-exclusive, royalty-free license or other right to use, without
charge, Borrower's labels, patents, copyrights, mask works, rights of use of any
name, trade secrets, trade names, trademarks, service marks, and advertising
matter, or any similar property as it pertains to the Collateral, in completing
production of, advertising for sale, and selling any Collateral and, in
connection with Bank's exercise of its rights under this Section, Borrower's
rights under all licenses and all franchise agreements inure to Bank's benefit;
and

               (g) Dispose of the Collateral according to the Code.

          9.2 POWER OF ATTORNEY. Borrower hereby irrevocably appoints Bank as
its lawful attorney-in-fact, to be effective only upon the occurrence and during
the continuance of an Event of Default to: (i) endorse Borrower's name on any
checks or other forms of payment or security; (ii) sign Borrower's name on any
invoice or bill of lading for any Account or drafts against account debtors;
(iii) settle and adjust disputes and claims about the Accounts directly with
account debtors, for amounts and on terms Bank determines reasonable; (iv) make,
settle, and adjust all claims under Borrower's insurance policies; and
(v) transfer the Collateral into the name of Bank or a third party as the Code
permits. Borrower hereby appoints Bank as its lawful attorney-in-fact to sign
Borrower's name on any documents necessary to perfect or continue the perfection
of any security interest regardless of whether an Event of Default has occurred
until all Obligations have been satisfied in full and Bank is under no further
obligation to make Credit Extensions hereunder. Bank's foregoing appointment as
Borrower's attorney in fact, and all of Bank's rights and powers, coupled with
an interest, are irrevocable until all Obligations have been fully repaid and
performed and Bank's obligation to provide Credit Extensions terminates.

          9.3 ACCOUNTS NOTIFICATION/COLLECTION. In the event that an Event of
Default occurs and is continuing, Bank may notify any Person owing Borrower
money of Bank's security interest in the funds and verify and/or collect the
amount of the Account. After the occurrence and during the continuance of an
Event of Default, any amounts received by Borrower shall be held in trust by
Borrower for Bank, and, if requested by Bank, Borrower shall immediately deliver
such receipts to Bank in the form received from the account debtor, with proper
endorsements for deposit.

          9.4 BANK EXPENSES. Any amounts paid by Bank as provided herein are
Bank Expenses and are immediately due and payable, and shall bear interest at
the then applicable rate and be secured by the Collateral. No payments by Bank
shall be deemed an agreement to make similar payments in the future or Bank's
waiver of any Event of Default.

          9.5 BANK'S LIABILITY FOR COLLATERAL. So long as the Bank complies with
reasonable banking practices regarding the safekeeping of Collateral and Section
9-207 of the Code, to the extent applicable, the Bank shall not be liable or
responsible for: (a) the safekeeping of the Collateral; (b) any loss or damage
to the Collateral; (c) any diminution in the value of the

                                       12

<PAGE>

Collateral; or (d) any act or default of any carrier, warehouseman, bailee, or
other person. Borrower bears all risk of loss, damage or destruction of the
Collateral.

          9.6 REMEDIES CUMULATIVE. Bank's rights and remedies under this
Agreement, the Loan Documents, and all other agreements are cumulative. Bank has
all rights and remedies provided under the Code, by law, or in equity. Bank's
exercise of one right or remedy is not an election, and Bank's waiver of any
Event of Default is not a continuing waiver. Bank's delay is not a waiver,
election, or acquiescence. No waiver hereunder shall be effective unless signed
by Bank and then is only effective for the specific instance and purpose for
which it was given.

          9.7 DEMAND WAIVER. Borrower waives demand, notice of default or
dishonor, notice of payment and nonpayment notice of any default,t nonpayment at
maturity, release, compromise, settlement extension, or renewal of accounts,
documents, instruments, chattel paper, and guarantees held by Bank on which
Borrower is liable.

     10. NOTICES

     All notices or demands by any party to this Agreement or any other related
agreement must be in writing and be personally delivered or sent by an overnight
delivery service, by certified mail, postage prepaid, return receipt requested,
or by telefacsimile at the addresses listed below. Either Bank or Borrower may
change its notice address by giving the other written notice.

          If to Borrower: Roving Software Incorporated
                          1601 Trapelo Road, Suite 246
                          Waltham, Massachusetts 02451
                          Attn: Ms. Gail F. Goodman
                          FAX: (781) 444-6155

          If to Bank:     Silicon Valley Bank
                          One Newton Executive Park, Suite 200
                          2221 Washington Street
                          Newton, Massachusetts 02462
                          Attn: Ms. Pamela Aldsworth
                          Fax: (617) 969-4395

          with a copy to: Riemer & Braunstein LLP
                          Three Center Plaza
                          Boston, Massachusetts 02108
                          Attn: David A. Ephraim, Esquire
                          FAX: (617) 880-3456

     11. CHOICE OF LAW. VENUE AND JURY TRIAL WAIVER

     Massachusetts law governs the Loan Documents without regard to principles
of conflicts of law. Borrower and Bank each submit to the exclusive jurisdiction
of the State and Federal courts in Massachusetts; provided, however, that if for
any reason Bank cannot avail itself of

                                       13

<PAGE>

such courts in the Commonwealth of Massachusetts, Borrower accepts jurisdiction
of the courts and venue in Santa Clara County, California. NOTWITHSTANDING THE
FOREGOING, THE BANK SHALL HAVE THE RIGHT TO BRING ANY ACTION OR PROCEEDING
AGAINST THE BORROWER OR ITS PROPERTY IN THE COURTS OF ANY OTHER JURISDICTION
WHICH THE BANK DEEMS NECESSARY OR APPROPRIATE EN ORDER TO REALIZE ON THE
COLLATERAL OR TO OTHERWISE ENFORCE THE BANK'S RIGHTS AGAINST THE BORROWER OR ITS
PROPERTY.

BORROWER AND BANK EACH WAIVE THEIR RIGHT TO A JURY TRIAL OF ANY CLAIM OR CAUSE
OF ACTION ARISING OUT OF OR BASED UPON THIS AGREEMENT, THE LOAN DOCUMENTS OR ANY
CONTEMPLATED TRANSACTION INCLUDING CONTRACT, TORT, BREACH OF DUTY AND ALL OTHER
CLAIMS. THIS WAIVER IS A MATERIAL INDUCEMENT FOR BOTH PARTIES TO ENTER INTO THIS
AGREEMENT. EACH PARTY HAS REVIEWED THIS WAIVER WITH ITS COUNSEL.

     12. GENERAL PROVISIONS

          12.1 SUCCESSORS AND ASSIGNS. This Agreement binds and is for the
benefit of the successors and permitted assigns of each party. Borrower may not
assign this Agreement or any rights or Obligations under it without Bank's prior
written consent which may be granted or withheld in Bank's discretion. Bank has
the right, without the consent of or notice to Borrower, to sell, transfer,
negotiate, or grant participation in all or any part of, or any interest in,
Bank's obligations, rights and benefits under this Agreement, the Loan Documents
or any related agreement.

          12.2 INDEMNIFICATION. Borrower hereby indemnifies, defends and holds
the Bank and its officers, employees and agents against: (a) all obligations,
demands, claims, and liabilities asserted by any other party in connection with
the transactions contemplated by the Loan Documents; and (b) all losses or Bank
Expenses incurred, or paid by Bank from, following, or consequential to
transactions between Bank and Borrower (including reasonable attorneys' fees and
expenses), except for losses caused by Bank's gross negligence or willful
misconduct.

          12.3 RIGHT OF SET-OFF. Borrower and any guarantor hereby grant to
Bank, a lien, security interest and right of setoff as security for all
Obligations to Bank, whether now existing or hereafter arising upon and against
all deposits, credits, collateral and property, now or hereafter in the
possession, custody, safekeeping or control of Bank or any entity under the
control of the Bank (including a Bank subsidiary) or in transit to any of them.
At any time after the occurrence and during the continuance of an Event of
Default, without demand or notice, Bank may set off the same or any part thereof
and apply the same to any liability or obligation of Borrower and any guarantor
even though unmatured and regardless of the adequacy of any other collateral
securing the Obligations. ANY AND ALL RIGHTS TO REQUIRE BANK TO EXERCISE ITS
RIGHTS OR REMEDIES WITH RESPECT TO ANY OTHER COLLATERAL WHICH SECURES THE
OBLIGATIONS, PRIOR TO EXERCISING ITS RIGHT OF SETOFF WITH RESPECT TO SUCH
DEPOSITS, CREDITS OR OTHER PROPERTY OF THE BORROWER OR ANY GUARANTOR, ARE HEREBY
KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVED.

                                       14

<PAGE>

          12.4 TIME OF ESSENCE. Time is of the essence for the performance of
all Obligations in this Agreement.

          12.5 SEVERABILITY OF PROVISION. Each provision of this Agreement is
severable from every other provision in determining the enforceability of any
provision.

          12.6 AMENDMENTS IN WRITING; INTEGRATION. All amendments to this
Agreement must be in writing signed by both Bank and Borrower. This Agreement
and the Loan Documents represent the entire agreement about this subject matter,
and supersede prior negotiations or agreements. All prior agreements,
understandings, representations, warranties, and negotiations between the
parties about the subject matter of this Agreement and the Loan Documents merge
into this Agreement and the Loan Documents.

          12.7 COUNTERPARTS. This Agreement may be executed in any number of
counterparts and by different parties on separate counterparts, each of which,
when executed and delivered, are an original, and all taken together, constitute
one Agreement.

          12.8 SURVIVAL. All covenants, representations and warranties made in
this Agreement continue in full force while any Obligations remain outstanding.
The obligation of Borrower in Section 12.2 to indemnify Bank shall survive until
the statute of limitations with respect to such claim or cause of action shall
have run.

          12.9 CONFIDENTIALITY. In handling any confidential information, Bank
shall exercise the same degree of care that it exercises for its own proprietary
information, but disclosure of information may be made: (i) to Bank's
subsidiaries or affiliates in connection with their business with Borrower; (ii)
to prospective transferees or purchasers of any interest in the Credit
Extensions (provided, however, Bank shall use commercially reasonable efforts in
obtaining such prospective transferee's or purchaser's agreement to the terms of
this provision); (iii) as required by law, regulation, subpoena, or other order,
(iv) as required in connection with Bank's examination or audit; and (v) as Bank
considers appropriate in exercising remedies under this Agreement. Confidential
information does not include information that either: (a) is in the public
domain or in Bank's possession when disclosed to Bank, or becomes part of the
public domain after disclosure to Bank; or (b) is disclosed to Bank by a third
party, if Bank does not know that the third party is prohibited from disclosing
the information.

     13. DEFINITIONS

          13.1 DEFINITIONS. In this Agreement:

          "ACCOUNTS" are all existing and later arising accounts, contract
rights, and other obligations owed Borrower in connection with its sale or lease
of goods (including licensing software and other technology) or provision of
services, all credit insurance, guaranties, other security and all merchandise
returned or reclaimed by Borrower and Borrower's Books relating to any of the
foregoing, as such definition may be amended from time to time according to the
Code.

          "AFFILIATE" is a Person that owns or controls directly or indirectly
the Person, any Person that controls or is controlled by or is under common
control with the Person, and each of

                                       15

<PAGE>

that Person's senior executive officers, directors, partners and, for any Person
that is a limited liability company, that Person's managers and members.

          "BANK EXPENSES" are all audit fees and expenses and reasonable costs
or expenses (including reasonable attorneys' fees and expenses) for preparing,
negotiating, administering, defending and enforcing the Loan Documents
(including appeals or Insolvency Proceedings).

          "BORROWER'S BOOKS" are all Borrower's books and records including
ledgers, records regarding Borrower's assets or liabilities, the Collateral,
business operations or financial condition and all computer programs or discs or
any equipment containing the information.

          "BUSINESS DAY" is any day that is not a Saturday, Sunday or a day on
which the Bank is closed.

          "CLOSING DATE" is the date of this Agreement.

          "CODE" is the Uniform Commercial Code as adopted in Massachusetts, as
amended and as may be amended and in effect from time to time.

          "COLLATERAL" is any and all properties, rights and assets of the
Borrower granted by the Borrower to Bank or arising under the Code, now, or in
the future, in which the Borrower obtains an interest, or the power to transfer
rights, including, without limitation, the property described on EXHIBIT A.

          "CONTINGENT OBLIGATION" is, for any Person, any direct or indirect
liability, contingent or not, of that Person for (i) any indebtedness, lease,
dividend, letter of credit or other obligation of another such as an obligation
directly or indirectly guaranteed, endorsed, co-made, discounted or sold with
recourse by that Person, or for which that Person is directly or indirectly
liable; (ii) any obligations for undrawn letters of credit for the account of
that Person; and (iii) all obligations from any interest rate, currency or
commodity swap agreement, interest rate cap or collar agreement, or other
agreement or arrangement designated to protect a Person against fluctuation in
interest rates, currency exchange rates or commodity prices; but "Contingent
Obligation" does not include endorsements in the ordinary course of business.
The amount of a Contingent Obligation is the stated or determined amount of the
primary obligation for which the Contingent Obligation is made or, if not
determinable, the maximum reasonably anticipated liability for it determined by
the Person in good faith; but the amount may not exceed the maximum of the
obligations under the guarantee or other support arrangement.

          "COPYRIGHTS" are all copyright rights, applications or registrations
and like protections in each work or authorship or derivative work, whether
published or not (whether or not it is a trade secret) now or later existing,
created, acquired or held.

          "CREDIT EXTENSION" is each Equipment Advance or any other extension of
credit by Bank for Borrower's benefit

          "CURRENT ASSETS" are amounts that under GAAP should be included on
that date as current assets on Borrower's consolidated balance sheet.

                                       16

<PAGE>

          "CURRENT LIABILITIES" are the aggregate amount of Borrower's Total
Liabilities which mature within one (1) year, which shall include, without
limitation, all obligations and liabilities of Borrower to Bank.

          "DEFERRED REVENUE" is all amounts received in advance of performance
under contracts and not yet recognized as revenue.

          "EQUIPMENT" is all present and future machinery, equipment, tenant
improvements, furniture, fixtures, vehicles, tools, parts and attachments in
which Borrower has any interest.

          "EQUIPMENT ADVANCE" is defined in Section 2.1.1.

          "EQUIPMENT AVAILABILITY END DATE" shall mean each of Equipment
Availability End Date No. 1 and Equipment Availability End Date No. 2.

          "EQUIPMENT AVAILABILITY END DATE NO. 1" is defined in Section
2.1.l(a).

          "EQUIPMENT AVAILABILITY END DATE NO. 2" is defined in Section
2.1.1(a).

          "EQUIPMENT LINE" is an Equipment Advance or Equipment Advances of up
to Three Hundred Fifty Thousand Dollars ($350,000.00).

          "ERISA" is the Employment Retirement Income Security Act of 1974, and
its regulations.

          "EXISTING LOAN" is that certain Loan and Security Agreement dated
December 23, 1999 by and between the Bank and the Borrower, as the same has been
previously amended and may be amended and in effect from time to time.

          "FUNDING DATE" is any date on which an Equipment Advance is made to or
on account of Borrower.

          "GAAP" is generally accepted accounting principles.

          "INDEBTEDNESS" is (a) indebtedness for borrowed money or the deferred
price of property or services, such as reimbursement and other obligations for
surety bonds and letters of credit, (b) obligations evidenced by notes, bonds,
debentures or similar instruments, (c) capital lease obligations and (d)
Contingent Obligations.

          "INSOLVENCY PROCEEDING" is any proceeding by or against any Person
under the United States Bankruptcy Code, or any other bankruptcy or insolvency
law, including assignments for the benefit of creditors, compositions,
extensions generally with its creditors, or proceedings seeking reorganization,
arrangement, or other relief.

                                       17

<PAGE>

          "INTELLECTUAL PROPERTY" is

                    (a) Copyrights, Trademarks, Patents, and Mask Works
including amendments, renewals, extensions and all licenses or other rights to
use and all license fees and royalties from the use;

                    (b) Any trade secrets and any Intellectual Property rights
in computer software and computer software products now or later existing,
created, acquired or held;

                    (c) All design rights which may be available to Borrower now
or later created, acquired or held;

                    (d) Any claims for damages (past, present or future) for
infringement of any of the rights above, with the right, but not the obligation,
to sue and collect damages for use or infringement of the intellectual property
rights above.

All proceeds and products of the foregoing, including all insurance, indemnity
or warranty payments.

          "INVENTORY" is present and future inventory in which Borrower has any
interest, including merchandise, raw materials, parts, supplies, packing and
shipping materials, work in process and finished products intended for sale or
lease or to be furnished under a contract of service, of every kind and
description now or later owned by or in the custody or possession, actual or
constructive, of Borrower, including inventory temporarily out of its custody or
possession or in transit and including returns on any accounts or other proceeds
(including insurance proceeds) from the sale or disposition of any of the
foregoing and any documents of title.

          "INVESTMENT" is any beneficial ownership of (including stock,
partnership interest or other securities) any Person, or any loan, advance or
capital contribution to any Person.

          "LIEN" is a mortgage, lien, deed of trust, charge, pledge, security
interest or other encumbrance.

          "LOAN AMOUNT" in respect of each Equipment Advance is the original
principal amount of such Equipment Advance.

          "LOAN DOCUMENTS" are, collectively, this Agreement, any note, or notes
or guaranties executed by Borrower, and any other present or future agreement
between Borrower and/or for the benefit of Bank in connection with this
Agreement, all as amended, extended or restated.

          "MATERIAL ADVERSE CHANGE" is: (i) A material impairment in the
perfection or priority of Bank's security interest in the Collateral or in the
value of such Collateral (other than normal depreciation) that is not covered by
adequate insurance; (ii) a material adverse change in the business, operations,
or condition (financial or otherwise) of the Borrower; or (iii) a material
impairment of the prospect of repayment of any portion of the Obligations; or
(iv) Bank

                                       18

<PAGE>

determines, based upon information available to it and in its reasonable
judgment, that there is a reasonable likelihood that Borrower shall fail to
comply with one or more of the financial covenants in Section 6 during the next
succeeding financial reporting period.

          "MASK WORKS" are all mask works or similar rights available for the
protection of semiconductor chips, now owned or later acquired.

          "OBLIGATIONS" arc debts, principal, interest, Bank Expenses and other
amounts Borrower owes Bank now or later under this Agreement, or the Existing
Loan, including letters of credit, cash management services, and foreign
exchange contracts, if any, and including interest accruing after Insolvency
Proceedings begin and debts, liabilities, or obligations of Borrower assigned to
Bank.

          "OTHER EQUIPMENT" is leasehold improvements, intangible property such
as computer software and software licenses, equipment specifically designed or
manufactured for Borrower, other intangible property, limited use property and
other similar property and soft costs approved by the Bank, including sales tax,
freight and installation expenses. Unless otherwise agreed to by Bank, not more
than twenty-five percent (25%) of the proceeds of the Equipment Line shall be
used to finance Other Equipment

          "PAYMENT DATE" is defined in the first calendar day of each month.

          "PATENTS" are patents, patent applications and like protections,
including improvements, divisions, continuations, renewals, reissues, extensions
and continuations-in-part of the same.

          "PERMITTED INDEBTEDNESS" is:

                    (a) Borrower's indebtedness to Bank under this Agreement,
the Loan Documents, or the Existing Loan;

                    (b) Indebtedness existing on the Closing Date and shown on
the Perfection Certificate;

                    (c) Subordinated Debt;

                    (d) Indebtedness to trade creditors incurred in the ordinary
course of business; and

                    (e) Indebtedness secured by Permitted Liens; and

                    (f) Extensions, refinancings, modifications, amendments and
restatements of any items of Permitted Indebtedness (a) through (e) above,
provided that the principal amount thereof is not increased or the terms thereof
are not modified to impose more burdensome terms upon Borrower or its
Subsidiary, as the case may be.

                                       19

<PAGE>

          "PERMITTED INVESTMENTS" are:

                    (a) Investments shown on the Perfection Certificate and
existing on the Closing Date; and

                    (b) (i) marketable direct obligations issued or
unconditionally guaranteed by the United States or its agency or any state
maturing within 1 year from its acquisition, (ii) commercial paper maturing no
more than 1 year after its creation and having the highest rating from either
Standard & Poor's Corporation or Moody's Investors Service, Inc., (iii) Bank's
certificates of deposit issued maturing no more than 1 year after issue, (iv)
any other investments administered through the Bank.

          "PERMITTED LIENS" are:

                    (a) Liens existing on the Closing Date and shown on the
Perfection Certificate or arising under this Agreement, other Loan Documents, or
the Existing Loan;

                    (b) Liens for taxes, fees, assessments or other government
charges or levies, either not delinquent or being contested in good faith and
for which Borrower maintains adequate reserves on its Books, if they have no
priority over any of Bank's security interests;

                    (c) Leases or subleases and non-exclusive licenses or
sublicenses granted in the ordinary course of Borrower's business, if the
leases, subleases, licenses and sublicenses permit granting Bank a security
interest;

                    (d) Purchase money Liens in an amount not to exceed Fifty
Thousand Dollars ($50,000.00) in the aggregate, during any fiscal year: (i) on
Equipment acquired or held by Borrower incurred for financing the acquisition of
the Equipment, or (ii) existing on equipment when acquired, if the Lien is
confined to the property and improvements and the proceeds of the equipment; and

                    (e) Liens incurred in the extension, renewal or refinancing
of the indebtedness secured by Liens described in (a) through (d), but any
extension, renewal or replacement Lien must be limited to the property
encumbered by the existing Lien and the principal amount of the indebtedness may
not increase.

          "PERSON" is any individual, sole proprietorship, partnership, limited
liability company, joint venture, company, trust, unincorporated organization,
association, corporation, institution, public benefit corporation, firm, joint
stock company, estate, entity or government agency.

          "PRIME RATE" is Bank's most recently announced "prime rate," even if
it is not Bank's lowest rate, except that at no time under this Agreement shall
the Prime Rate be less than four and one-quarter percent (4.25%). Except as
otherwise provided elsewhere herein, any Credit Extension made hereunder based
on the Bank's Prime Rate shall increase or decrease with the changes in the
Bank's Prime Rate.

                                       20

<PAGE>

          "QUICK ASSETS" is, on any date, the Borrower's consolidated,
unrestricted cash, cash equivalents, net billed accounts receivable and
investments with maturities of fewer than 12 months determined according to
GAAP.

          "RESPONSIBLE OFFICER" is each of the Chief Executive Officer,
President, Chief Financial Officer and Controller of Borrower.

          "SUBORDINATED DEBT" is debt incurred by Borrower subordinated to
Borrower's debt to Bank (pursuant to a subordination agreement entered into
between the Bank, the Borrower and the subordinated creditor), on terms
acceptable to Bank.

          "SUBSIDIARY" is any Person, corporation, partnership, limited
liability company, joint venture, or any other business entity of which more
than 50% of the voting stock or other equity interests is owned or controlled,
directly or indirectly, by the Person or one or more Affiliates of the Person.

          "TANGIBLE NET WORTH" is, on any date, the consolidated total assets of
Borrower and its Subsidiaries minus (i) any amounts attributable to (a)
goodwill, (b) intangible items including unamortized debt discount and expense,
patents, trade and service marks and names, copyrights and research and
development expenses except prepaid expenses, and (c) reserves not already
deducted from assets, and (ii) Total Liabilities.

          "TOTAL LIABILITIES" is on any day, obligations that should, under
GAAP, be classified as liabilities on Borrower's consolidated balance sheet,
including all Indebtedness, and current portion of Subordinated Debt permitted
by Bank to be paid by Borrower, but excluding all other Subordinated Debt.

          "TRADEMARKS" are trademark and service mark rights, registered or not,
applications to register and registrations and like protections, and the entire
goodwill of the business of Assignor connected with the trademarks.

                                       21

<PAGE>

          IN WITNESS WHEREOF, the parties hereto have caused this Agreement to
be executed as a sealed instrument under the laws of the Commonwealth of
Massachusetts as of the date first above written.

BORROWER:

ROVING SOFTWARE INCORPORATED

By: /s/ Gail F. Goodman
    ---------------------------------
Name: Gail F. Goodman
Title: CEO

<PAGE>

BANK:

SILICON VALLEY BANK, d/b/a
SILICON VALLEY EAST

By: /s/ Michael J. Tromack
    ---------------------------------
Name: Michael J. Tromack
Title Vice President

SILICON VALLEY BANK

By: /s/ Michelle Giannini
    ---------------------------------
Name: Michelle Giannini
Title: AVP
       (Signed in Santa Clara County,
       California)

                                       22

<PAGE>

                                    EXHIBIT A

     The Collateral consists of all of Borrower's right, title and interest in
and to the following:

     All goods, equipment, inventory, contract rights or rights to payment of
money, leases, license agreements, franchise agreements, general intangibles
(including payment intangibles), accounts (including health-care receivables),
documents, instruments (including any promissory notes), chattel paper (whether
tangible or electronic), cash, deposit accounts, fixtures, letters of credit
rights (whether or not the letter of credit is evidenced by a writing),
commercial tort claims, securities, and all other investment property,
supporting obligations, and financial assets, whether now owned or hereafter
acquired, wherever located; and

     Any copyright rights, copyright applications, copyright registrations and
like protections in each work of authorship and derivative work, whether
published or unpublished, now owned or later acquired; any patents, trademarks,
service marks and applications therefor; trade styles, trade names, any trade
secret rights, including any rights to unpatented inventions, know-how,
operating manuals, license rights and agreements and confidential information,
now owned or hereafter acquired; or any claims for damages by way of any past,
present and future infringement of any of the foregoing; and

     All Borrower's books relating to the foregoing and any and all claims,
rights and interests in any of the above and all substitutions for, additions,
attachments, accessories, accessions and improvements to and replacements,
products, proceeds and insurance proceeds of any or all of the foregoing.

                                       23
<PAGE>

                                    EXHIBIT B

                        LOAN PAYMENT/ADVANCE REQUEST FORM
                 DEADLINE FOR SAME DAY PROCESSING IS 3:00 E.S.T.

Fax To: (617)969-5965                                     Date: ________________

LOAN PAYMENT:

                     Sample documents Client Name (Borrower)

From Account # ______________________   To Account # ___________________________
                (Deposit Account #)                        (Loan Account #)

Principal $____________________________ and/or Interest $_______________________

All Borrower's representation and warranties in the Loan and Security Agreement
are true, correct and complete in all material respects on the date of the
telephone transfer request for an advance, but those representations and
warranties expressly referring to another date shall be true, correct and
complete in all material respects as of such date:

Authorized Signature:                   Phone Number
                      ---------------                ---------------------------

LOAN ADVANCE:

COMPLETE OUTGOING WIRE REQUEST SECTION BELOW IF ALL OR A PORTION OF THE FUNDS
FROM THIS LOAN ADVANCE ARE FOR AN OUTGOING WIRE.

From Account # ______________________   To Account # ___________________________
                  (Loan Account #)                       (Deposit Account #)

Amount of Advance $__________________

All Borrower's representation and warranties in the Loan and Security Agreement
are true, correct and complete in all material respects on the date of the
telephone transfer request for an advance, but those representations and
warranties expressly referring to another date shall be true, correct and
complete in all material respects as of such date:

Authorized Signature:                   Phone Number:
                      ---------------                 --------------------------

OUTGOING WIRE REQUEST

COMPLETE ONLY IF ALL OR A PORTION OF FUNDS FROM THE LOAN ADVANCE ABOVE ARE TO BE
WIRED.

Deadline for same day processing is 3:00 pm, E.S.T.

Beneficiary Name: ___________________   Amount of Wire: $_______________________

Beneficiary Bank: ___________________   Account Number: ________________________

City and Sate: ______________________

Beneficiary Bank                        Beneficiary Bank Code
Transit (ABA) #: ____________________   (Swift, Sort, Chip, etc.):

                                              (FOR INTERNATIONAL WIRE ONLY)

Intermediary Bank: __________________   Transit (ABA) #: _______________________

For Further Credit to: _________________________________________________________

Special Instruction: ___________________________________________________________

By signing below, I (we) acknowledge and agree that my (our) funds transfer
requests shall be processed in accordance with and subject to the terms and
conditions set forth in the agreements(s) covering funds transfer service(s),
which agreements(s) were previously received and executed by me (us).

Authorized                              2nd Signature
Signature:                              (If Required):
           --------------------------                  -------------------------

<PAGE>

Print Name/Title: ___________________   Print Name/Title: ______________________

Telephone # _________________________   Telephone # ____________________________
<PAGE>

                        FIRST LOAN MODIFICATION AGREEMENT

     This First Loan Modification Agreement (this "Loan Modification Agreement')
is entered into as of August 4, 2003, by and between SILICON VALLEY BANK, a
California-chartered bank, with its principal place of business at 3003 Tasman
Drive, Santa Clara, California 95054 and with a loan production office located
at One Newton Executive Park, Suite 200, 2221 Washington Street, Newton,
Massachusetts 02462, doing business under the name "Silicon Valley East"
("Bank") and ROVING SOFTWARE, INCORPORATED, a Delaware corporation with its
chief executive office located at 1601 Trapelo Road, Suite 246, Waltham,
Massachusetts 02451 ("Borrower").

1. DESCRIPTION OF EXISTING INDEBTEDNESS AND OBLIGATIONS. Among other
indebtedness and obligations which may be owing by Borrower to Bank, Borrower is
indebted to Bank pursuant to a loan arrangement dated as of February 27, 2003,
evidenced by, among other documents, a certain Loan and Security Agreement dated
as of February 27, 2003, between Borrower and Bank (as amended, the "Loan
Agreement"). The Loan Agreement established an equipment line of credit in favor
of Borrower in the maximum principal amount of Three Hundred Fifty Thousand
Dollars ($350,000.00) (the "Committed Equipment Line"). Capitalized terms used
but not otherwise defined herein shall have the same meaning as in the Loan
Agreement.

2. DESCRIPTION OF COLLATERAL. Repayment of the Obligations is secured by the
Collateral as described in the Loan Agreement (together with any other
collateral security granted to Bank, the "Security Documents").

Hereinafter, the Security Documents, together with all other documents
evidencing or securing the Obligations shall be referred to as the "Existing
Loan Documents".

3. DESCRIPTION OF CHANGE IN TERMS.

     A.   Modifications to Loan Agreement.

          1.   The Loan Agreement shall be amended by deleting the following
               definition appearing in Section 13.1 thereof:

                    "EQUIPMENT LINE" is an Equipment Advance or Equipment
                    Advances of up to Three Hundred Fifty Thousand Dollars
                    ($350,000.00).

               and inserting in lieu thereof the following:

                    "Equipment Line" is an Equipment Advance or Equipment
                    Advances of up to Four Hundred Fifty Thousand Dollars
                    ($450,000.00).

4. FEES. The Borrower shall also reimburse Bank for all legal fees and expenses
incurred in connection with this amendment to the Existing Loan Documents.

5. RATIFICATION OF NEGATIVE PLEDGE AGREEMENT. Borrower hereby ratifies, confirms
and reaffirms, all and singular, the terms and conditions of a certain Negative
Pledge

<PAGE>

Agreement dated as of December 23, 1999 between Borrower and Bank, and
acknowledges, confirms and agrees that said Negative Pledge Agreement, shall
remain in full force and effect.

6. RATIFICATION OF PERFECTION CERTIFICATE. Borrower hereby ratifies, confirms
and reaffirms, all and singular, the terms and disclosures contained in a
certain Perfection Certificate dated as of February 27, 2003, between Borrower
and Bank, and acknowledges, confirms and agrees the disclosures and information
above Borrower provided to Bank in the Perfection Certificate has not changed,
as of the date hereof.

7. AUTHORIZATION TO FILE. Borrower hereby authorizes Bank to file financing
statements without notice to Borrower, with all appropriate jurisdictions, as
Bank deems appropriate, in order to further perfect or protect Bank's interest
in the Collateral, including a notice that any disposition of the Collateral, by
either the Borrower or any other Person, shall be deemed to violate the rights
of the Bank under the Code.

8. CONSISTENT CHANGES. The Existing Loan Documents are hereby amended wherever
necessary to reflect the changes described above.

9. RATIFICATION OF LOAN DOCUMENTS. Borrower hereby ratifies, confirms, and
reaffirms all terms and conditions of all security or other collateral granted
to the Bank, and confirms that the indebtedness secured thereby includes,
without limitation, the Obligations.

10. NO DEFENSES OF BORROWER. Borrower hereby acknowledges and agrees that
Borrower has no offsets, defenses, claims, or counterclaims against Bank with
respect to the Obligations, or otherwise, and that if Borrower now has, or ever
did have, any offsets, defenses, claims, or counterclaims against Bank, whether
known or unknown, at law or in equity, all of them are hereby expressly WAIVED
and Borrower hereby RELEASES Bank from any liability thereunder.

11. CONTINUING VALIDITY. Borrower understands and agrees that in modifying the
existing Obligations, Bank is relying upon Borrower's representations,
warranties, and agreements, as set forth in the Existing Loan Documents. Except
as expressly modified pursuant to this Loan Modification Agreement, the terms of
the Existing Loan Documents remain unchanged and in full force and effect.
Bank's agreement to modifications to the existing Obligations pursuant to this
Loan Modification Agreement in no way shall obligate Bank to make any future
modifications to the Obligations. Nothing in this Loan Modification Agreement
shall constitute a satisfaction of the Obligations. It is the intention of Bank
and Borrower to retain as liable parties all makers of Existing Loan Documents,
unless the party is expressly released by Bank in writing. No maker will be
released by virtue of this Loan Modification Agreement.

12. COUNTERSIGNATURE. This Loan Modification Agreement shall become effective
only when it shall have been executed by Borrower and Bank (provided, however,
in no event shall this Loan Modification Agreement become effective until signed
by an officer of Bank in California).

            [The remainder of this page is intentionally left blank]

<PAGE>

     This Loan Modification Agreement is executed as a sealed instrument under
the laws of the Commonwealth of Massachusetts as of the date first written
above.

BORROWER:                               BANK:

ROVING SOFTWARE INCORPORATED            SILICON VALLEY BANK, doing business
                                        as SILICON VALLEY EAST

By: /s/ Gail Goodman                    By:
    ---------------------------------       ------------------------------------
Name: Gail Goodman                      Name:
Title: CEO                                    ----------------------------------
                                        Title:
                                               ---------------------------------

                                        SILICON VALLEY BANK

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------
                                               (signed in Santa Clara County,
                                               California)

<PAGE>

                       SECOND LOAN MODIFICATION AGREEMENT

     This Second Loan Modification Agreement (this "Loan Modification
Agreement") is entered into as of February 10, 2004, by and between SILICON
VALLEY BANK, a California-chartered bank, with its principal place of business
at 3003 Tasman Drive, Santa Clara, California 95054 and with a loan production
office located at One Newton Executive Park, Suite 200, 2221 Washington Street,
Newton, Massachusetts 02462, doing business under the name "Silicon Valley East"
("Bank") and ROVING SOFTWARE INCORPORATED, a Delaware corporation with its chief
executive office located at 1601 Trapelo Road, Suite 246, Waltham, Massachusetts
02451 ("Borrower").

1. DESCRIPTION OF EXISTING INDEBTEDNESS AND OBLIGATIONS. Among other
indebtedness and obligations which may be owing by Borrower to Bank, Borrower is
indebted to Bank pursuant to a loan arrangement dated as of February 27, 2003,
evidenced by, among other documents, a certain Loan and Security Agreement dated
as of February 27, 2003, as amended by a certain First Loan Modification
Agreement dated August 4, 2003 (as amended, the "Loan Agreement"). Capitalized
terms used but not otherwise defined herein shall have the same meaning as in
the Loan Agreement.

2. DESCRIPTION OF COLLATERAL. Repayment of the Obligations is secured by the
Collateral as described in the Loan Agreement (together with any other
collateral security granted to Bank, the "Security Documents").

     Hereinafter, the Security Documents, together with all other documents
evidencing or securing the Obligations shall be referred to as the "Existing
Loan Documents".

3. DESCRIPTION OF CHANGE IN TERMS.

     A.   Modifications to Loan Agreement.

          1.   Section 2.1.1 of the Loan Agreement shall be retitled as "2003
               Equipment Advances".

          2.   All references to "Equipment Line" in the Loan Agreement shall
               mean and refer to the "2003 Equipment Line".

          3.   The Loan Agreement shall be amended by adding the following new
               Section appearing after Section 2.1.1 thereof:

               "2.1.2 2004 Equipment Advances.

               (a) Availability. Subject to the terms and conditions of this
               Agreement, Bank agrees to lend to Borrower, from time to time as
               further described herein, Equipment Advances in an aggregate
               amount not to exceed the 2004 Equipment Line. The proceeds of the
               2004 Equipment Line shall be advanced in four separate tranches
               (each, a "Tranche"), as follows: (i) from February 1, 2004
               through April 30, 2004, Bank shall make Equipment Advances not
               exceeding $200,000, (ii) from May 1, 2004 through July 31, 2004,
               Bank shall make Equipment Advances not

<PAGE>

               exceeding $150,000, (iii) from August 1,2004 through October 3 1,
               2004, Bank shall make Equipment Advances not exceeding $150,000;
               and (iv) from November 1, 2004 through December 31, 2004, bank
               shall make Equipment Advances not exceeding $100,000. The
               aggregate of all Equipment Advances made under this Section 2.1.2
               shall not exceed the 2004 Equipment Line. The Equipment Advances
               may only be used to finance Eligible Equipment purchased on or
               after 90 days before the date of each Equipment Advance and no
               Equipment Advances may exceed 100% of the equipment invoice
               excluding taxes, shipping, warranty charges, freight discounts
               and installation expense relating to such Equipment, unless such
               costs constitute Other Equipment. After repayment, Equipment
               Advances may not be reborrowed.

               (b) Interest Rate; Interest Payment. Interest accrues from the
               date of each Equipment Advance at the rate in Section 2.2(a) and
               is payable monthly on the first day of each month.

               (c) Principal Repayment. In addition to the monthly payment of
               interest, the principal amount of the Equipment Advances made
               under the 2004 Equipment Line outstanding on the last day of such
               Tranche is payable in thirty-three (33) consecutive equal monthly
               installments of principal based upon the amount of Equipment
               Advances outstanding during any particular Tranche on the last
               day of such Tranche divided by thirty-three (33). Such payments
               shall begin on the first day of each month following the end of
               such Tranche and shall continue on the first day of each month
               thereafter.

               (d) Advance Requests. To obtain an Equipment Advance, Borrower
               must notify Bank (the notice is irrevocable) by facsimile no
               later than 3:00 p.m. Eastern time one (1) Business Day before the
               day on which the Equipment Advance is to be made. The notice in
               the form of Exhibit B (Payment/Advance Form) must be signed by a
               Responsible Officer or designee and include a copy of the invoice
               for the Equipment being financed."

          4.   The Loan Agreement shall be amended by deleting the following
               appearing as Section 2.2(a) thereof:

               "(a) Interest Rate. The principal amounts outstanding under the
               Equipment Line shall accrue interest at a per annum rate equal to
               the aggregate of the Bank's Prime Rate, and two percent (2.0%).
               After an Event of Default, Obligations shall bear interest at
               five percent (5.0%) above the rate effective immediately before
               the Event of Default. The applicable interest rate hereunder
               shall increase or decrease when the Prime Rate changes. Interest
               is computed on the basis of a 360 day year for the actual number
               of days elapsed."

<PAGE>

               and inserting in lieu thereof the following:

               "(a) Interest Rate.

                    (i) The principal amounts outstanding under the 2003
                    Equipment Line shall accrue interest at a per annum rate
                    equal to the aggregate of the Prime Rate, plus two percent
                    (2.0%).

                    (ii) The principal amounts outstanding under the 2004
                    Equipment Line shall accrue interest at a per annum rate
                    equal to the aggregate of the Prime Rate, plus two percent
                    (2.0%); provided, however, such rate shall reduce to a per
                    annum rate equal to the aggregate of the Prime Rate, plus
                    one and one-half percent (1.50%) after the occurrence of the
                    Profitability Event, to be effective ten (10) Business Days
                    after Borrower has provided to Bank satisfactory evidence of
                    same for such period. In addition to the foregoing, if at
                    any time Borrower is unable to provide Bank with
                    satisfactory evidence that the Profitability Event has
                    occurred for a period of three (3) consecutive months, the
                    rate shall increase to a per annum rate equal to the
                    aggregate of the Prime Rate, plus two percent (2.0%).

                    (iii) After an Event of Default, Obligations shall bear
                    interest at five percent (5.0%) above the rate effective
                    immediately before the Event of Default. The applicable
                    interest rate hereunder shall increase or decrease when the
                    Prime Rate changes. Interest is computed on the basis of a
                    360 day year for the actual number of days elapsed."

          5.   The Loan Agreement shall be amended by deleting the following
               appearing as Section 6.7 thereof:

               "6.7 FINANCIAL COVENANTS.

               Borrower shall maintain at all times, to be tested as of the last
               day of each month, unless otherwise noted:

                    (a) QUICK RATIO. A ratio of Quick Assets to Current
               Liabilities minus Deferred Revenues of at least 1.75 to 1.0.

                    (b) TANGIBLE NET WORTH. Borrower shall maintain, to be
               tested as of the last day of each calendar quarter, a Tangible
               Net Worth of not less than One Million Dollars ($1,000,000.00)."

               and inserting in lieu thereof the following:

<PAGE>

               "6.7 FINANCIAL COVENANTS.

               Borrower shall maintain at all times, to be tested as of the last
               day of each month:

               (a) ADJUSTED QUICK RATIO. A ratio of Quick Assets to Current
               Liabilities minus Deferred Revenues of at least:

                    (i)  1.25 to 1.0 from January 1, 2004 through March 31,
                         2004;

                    (ii) 1.15 to 1.0 from April 1, 2004 through April 30, 2004;

                    (iii) 1.10 to 1.0 from May 1, 2004 through May 31, 2004;

                    (iv) 1.15 to 1.0 from June 1, 2004 through September 30,
                         2004; and

                    (v)  1.25 to 1.0 from October 1, 2004 and thereafter.

               (b) TANGIBLE NET WORTH. Borrower shall maintain a Tangible Net
               Worth of not less than the sum of (I) plus (II) below:

               (I)  (i)  $700,000 from January 1, 2004 through March 31, 2004;

                    (ii) $600,000 from April 1, 2004 through June 30, 2004;

                    (iii) $500,000 from July 1, 2004 through November 30, 2004;
                         and

                    (iv) $700,000 from December 1, 2004 and thereafter; plus

               (II) the aggregate of (x) 25% of all consideration received after
               January 1, 2004 from proceeds from the issuance of any equity
               securities of Borrower and/or subordinated debt incurred by
               Borrower; plus (y) beginning with the month ending January 31,
               2005, 75% of Borrower's monthly net profit in accordance with
               GAAP."

          6.   "The Loan Agreement shall be amended by adding the following new
               subsection appearing after subsection 6.7 (b) thereof:

                    "(c) PROFITABILITY. From and after the occurrence of the
               Profitability Event, Borrower shall have minimum monthly net
               profit (in accordance with GAAP) of at least $1.00."

          7.   The Loan Agreement shall be amended by deleting the following
               definition appearing in Section 13.1 thereof:

                    ""CURRENT LIABILITIES" are the aggregate amount of
                    Borrower's Total Liabilities which mature within one (1)
                    year, which shall include, without limitation, all
                    obligations and liabilities of Borrower to Bank."

          and inserting in lieu thereof the following:

<PAGE>

                    ""CURRENT LIABILITIES" are the aggregate amount of
                    Borrower's Total Liabilities which mature within one (1)
                    year, plus, without duplication, all obligations and
                    liabilities of Borrower to Bank."

          8.   The Loan Agreement shall be amended by deleting the following
               definition appearing in Section 13.1 thereof:

                    ""EQUIPMENT ADVANCE" is defined in Section 2.1.1."

          and inserting in lieu thereof the following:

                    ""EQUIPMENT ADVANCE" or "EQUIPMENT ADVANCES" shall mean any
                    advance made hereunder pursuant to Section 2.1.1 or Section
                    2.1.2 hereof."

          9.   The Loan Agreement shall be amended by deleting the following
               definition appearing in Section 13.1 thereof:

                    ""OTHER EQUIPMENT" is leasehold improvements, intangible
                    property such as computer software and software licenses,
                    equipment specifically designed or manufactured for
                    Borrower, other intangible property, limited use property
                    and other similar property and soft costs approved by the
                    Bank, including sales tax, freight and installation
                    expenses. Unless otherwise agreed to by Bank, not more than
                    twenty-five percent (25%) of the proceeds of the Equipment
                    Line shall be used to finance Other Equipment."

          and inserting in lieu thereof the following:

                    ""OTHER EQUIPMENT" is intangible property such as computer
                    software and software licenses, equipment specifically
                    designed or manufactured for Borrower, other intangible
                    property, limited use property and other similar property
                    and soft costs approved by the Bank, including sales tax,
                    freight and installation expenses. Unless otherwise agreed
                    to by Bank, not more than twenty-five percent (25%) of the
                    proceeds of the 2003 Equipment Line or twenty-five percent
                    (25%) of the proceeds of the 2004 Equipment Line shall be
                    used to finance Other Equipment."

          10.  The Loan Agreement shall be amended by adding the following
               definitions to appear in Section 13.1 thereof:

                    ""2004 EQUIPMENT LINE" is an Equipment Advance or Equipment
                    Advances of up to Six Hundred Thousand Dollars
                    ($600,000.00).

                    "ELIGIBLE EQUIPMENT" is (a) general purpose computer
                    equipment, office equipment, test and laboratory equipment,
                    furnishings, and, subject to the limitations set forth
                    herein, (b) Other Equipment that

<PAGE>

                    complies with all of Borrower's representations and
                    warranties to Bank and which is acceptable to Bank in all
                    respects. All Equipment financed with the proceeds of the
                    Equipment Advances shall be new, provided that Bank, in its
                    sole discretion may finance used equipment.

                    "PROFITABILITY EVENT" is the achievement by Borrower of
                    three (3) consecutive months with a net profit (in
                    accordance with GAAP) of at least $1.00.

                    "TRANCHE" is defined in Section 2.1.2."

     B.   Waiver. Bank hereby waives Borrower's existing defaults under the Loan
          Agreement by virtue of Borrower's failure to comply with the Quick
          Ratio covenant set forth is Section 6.7(a) thereof as of the months
          ended October 31, 2003, November 30, 2003 and December 31, 2003.
          Bank's waiver of Borrower's compliance of said affirmative covenant
          shall apply only to the foregoing specific periods.

4. FEES. Borrower shall pay to Bank a modification fee of $4,500.00, which fee
shall be due on the date hereof and shall be deemed fully earned as of the date
hereof. Borrower shall also reimburse Bank for all legal fees and expenses
incurred in connection with this amendment to the Existing Loan Documents.

5. RATIFICATION OF PERFECTION CERTIFICATE. Borrower hereby ratifies, confirms
and reaffirms, all and singular, the terms and disclosures contained in a
certain Perfection Certificate dated as of February 27, 2003, between Borrower
and Bank, and acknowledges, confirms and agrees the disclosures and information
above Borrower provided to Bank in the Perfection Certificate has not changed,
as of the date hereof.

6. CONSISTENT CHANGES. The Existing Loan Documents are hereby amended wherever
necessary to reflect the changes described above.

7. RATIFICATION OF LOAN DOCUMENTS. Borrower hereby ratifies, confirms, and
reaffirms all terms and conditions of all security or other collateral granted
to the Bank, and confirms that the indebtedness secured thereby includes,
without limitation, the Obligations.

8. NO DEFENSES OF BORROWER. Borrower hereby acknowledges and agrees that
Borrower has no offsets, defenses, claims, or counterclaims against Bank with
respect to the Obligations, or otherwise, and that if Borrower now has, or ever
did have, any offsets, defenses, claims, or counterclaims against Bank, whether
known or unknown, at law or in equity, all of them are hereby expressly WAIVED
and Borrower hereby RELEASES Bank from any liability thereunder.

9. CONTINUING VALIDITY. Borrower understands and agrees that in modifying the
existing Obligations, Bank is relying upon Borrower's representations,
warranties, and agreements, as set forth in the Existing Loan Documents. Except
as expressly modified pursuant to this Loan Modification Agreement, the terms of
the Existing Loan Documents remain

<PAGE>

unchanged and in full force and effect. Bank's agreement to modifications to the
existing Obligations pursuant to this Loan Modification Agreement in no way
shall obligate Bank to make any future modifications to the Obligations. Nothing
in this Loan Modification Agreement shall constitute a satisfaction of the
Obligations. It is the intention of Bank and Borrower to retain as liable
parties all makers of Existing Loan Documents, unless the party is expressly
released by Bank in writing. No maker will be released by virtue of this Loan
Modification Agreement.

10. COUNTERSIGNATURE. This Loan Modification Agreement shall become effective
only when it shall have been executed by Borrower and Bank (provided, however,
in no event shall this Loan Modification Agreement become effective until signed
by an officer of Bank in California).

     This Loan Modification Agreement is executed as a sealed instrument under
the laws of the Commonwealth of Massachusetts as of the date first written
above.

BORROWER:                               BANK:

ROVING SOFTWARE INCORPORATED            SILICON  VALLEY BANK, doing business
                                        as SILICON VALLEY EAST

By: /s/ Gail Goodman                    By:  /s/ Pamela Aldsworth
    ---------------------------------       ------------------------------------

Name: Gail Goodman                      Name: Pamela Aldsworth
      -------------------------------         ----------------------------------

Title:  CEO                             Title: SCO
       ------------------------------          ---------------------------------

                                        SILICON VALLEY BANK

                                        By: /s/ Maggie Garcia
                                            ------------------------------------
                                        Name: Maggie Garcia
                                              ----------------------------------
                                        Title: AVP
                                               ---------------------------------
                                               (signed in Santa Clara County,
                                               California)

<PAGE>

                               SILICON VALLEY BANK

                            INVOICE FOR LOAN CHARGES

BORROWER:       ROVING SOFTWARE INCORPORATED

LOAN OFFICER:   MR. MICHAEL FELL

DATE:           February 10, 2004

<TABLE>
<S>                        <C>
2004 Equipment Line Fee   $4,500.00
                          ---------
TOTAL FEES DUE            $4,500.00
                          =========
</TABLE>

Please indicate the method of payment:

     [ ]  A check for the total amount is attached.

     [X]  Debit DDA 3300147118 for the total amount.

     [ ]  Loan proceeds

ROVING SOFTWARE INCORPORATED

By: /s/ Gail Goodman
    ---------------------------------
    Gail Goodman

/s/ Pamela Aldsworth
-------------------------------------
Silicon Valley Bank (Date) 2-19-04
Account Officer's Signature

<PAGE>

                        THIRD LOAN MODIFICATION AGREEMENT

     This Third Loan Modification Agreement (this "Loan Modification Agreement")
is entered into as of August 12, 2004, by and between SILICON VALLEY BANK, a
California-chartered bank, with its principal place of business at 3003 Tasman
Drive, Santa Clara, California 95054 and with a loan production office located
at One Newton Executive Park, Suite 200, 2221 Washington Street, Newton,
Massachusetts 02462, doing business under the name "Silicon Valley East"
("Bank") and ROVING SOFTWARE INCORPORATED, a Delaware corporation with its chief
executive office located at 1601 Trapelo Road, Suite 246, Waltham, Massachusetts
02451 ("Borrower").

1. DESCRIPTION OF EXISTING INDEBTEDNESS AND OBLIGATIONS. Among other
indebtedness and obligations which may be owing by Borrower to Bank, Borrower is
indebted to Bank pursuant to a loan arrangement dated as of February 27, 2003,
evidenced by, among other documents, a certain Loan and Security Agreement dated
as of February 27, 2003, as amended by a certain First Loan Modification
Agreement dated August 4, 2003, and as further amended by a certain Second Loan
Modification Agreement dated February 10, 2004 (as amended, the "Loan
Agreement"). Capitalized terms used but not otherwise defined herein shall have
the same meaning as in the Loan Agreement.

2. DESCRIPTION OF COLLATERAL. Repayment of the Obligations is secured by the
Collateral as described in the Loan Agreement (together with any other
collateral security granted to Bank, the "Security Documents").

3. Hereinafter, the Security Documents, together with all other documents
evidencing or securing the Obligations shall be referred to as the "Existing
Loan Documents".

4. DESCRIPTION OF CHANGE IN TERMS.

          1.   The Loan Agreement shall be amended by deleting the following
               text appearing in Section 2.1.2 thereof:

                    "(a) Availability. Subject to the terms and conditions of
                    this Agreement, Bank agrees to lend to Borrower, from time
                    to time as further described herein, Equipment Advances in
                    an aggregate amount not to exceed the 2004 Equipment Line.
                    The proceeds of the 2004 Equipment Line shall be advanced in
                    four separate tranches (each, a "Tranche"), as follows: (i)
                    from February 1, 2004 through April 30, 2004, Bank shall
                    make Equipment Advances not exceeding $200,000, (ii) from
                    May 1, 2004 through July 31, 2004, Bank shall make Equipment
                    Advances not exceeding $150,000, (iii) from August 1, 2004
                    through October 31, 2004, Bank shall make Equipment Advances
                    not exceeding $150,000; and (iv) from November 1, 2004
                    through December 31, 2004, Bank shall make Equipment
                    Advances not exceeding $100,000."

<PAGE>

               and inserting in lieu thereof the following:

                    "(a) Availability. Subject to the terms and conditions of
                    this Agreement, Bank agrees to lend to Borrower, from time
                    to time as further described herein, Equipment Advances in
                    an aggregate amount not to exceed the 2004 Equipment Line.
                    The proceeds of the 2004 Equipment Line shall be advanced in
                    three separate tranches (each, a "Tranche"), as follows: (i)
                    from February 1, 2004 through April 30, 2004, Bank shall
                    make Equipment Advances not exceeding $200,000, (ii) from
                    May 1, 2004 through July 31, 2004, Bank shall make Equipment
                    Advances not exceeding the 2004 Equipment Line less the
                    aggregate principal amount of outstanding Equipment Advances
                    under the 2004 Equipment Line, and (iii) from August 1, 2004
                    through October 31, 2004, Bank shall make Equipment Advances
                    not exceeding $102,342.35."

          2.   The Loan Agreement shall be amended by adding the following new
               Section appearing after Section 2.1.2 thereof:

                    "2.1.3 2004 Equipment Line No. 2.

                    (a) Availability. From August 12, 2004 through January 15,
                    2005, subject to the terms and conditions of this Agreement,
                    Bank agrees to lend to Borrower, from time to time as
                    further described herein, Equipment Advances in an aggregate
                    amount not to exceed the 2004 Equipment Line No. 2. The
                    Equipment Advances may only be used to finance Eligible
                    Equipment purchased on or after 90 days before the date of
                    each Equipment Advance and no Equipment Advances may exceed
                    100% of the equipment invoice excluding taxes, shipping,
                    warranty charges, freight discounts and installation expense
                    relating to such Equipment, unless such costs constitute
                    Other Equipment. After repayment, Equipment Advances may not
                    be reborrowed.

                    (b) Interest Rate; Interest Payment. Interest accrues from
                    the date of each Equipment Advance at the rate in Section
                    2.2(a) and is payable monthly on the first day of each
                    month.

                    (c) Principal Repayment. In addition to the monthly payment
                    of interest, the principal amount of each Equipment Advances
                    made under the 2004 Equipment Line No. 2 is payable in
                    thirty-six (36) consecutive equal monthly installments of
                    principal beginning on the first day of the month following
                    such Equipment Advance and shall continue on the first day
                    of each month thereafter.

                    (d) Advance Requests. To obtain an Equipment Advance,
                    Borrower must notify Bank (the notice is irrevocable) by
                    facsimile

<PAGE>

                    no later than 3:00 p.m. Eastern time one (1) Business Day
                    before the day on which the Equipment Advance is to be made.
                    The notice in the form of Exhibit B (Payment/Advance Form)
                    must be signed by a Responsible Officer or designee and
                    include a copy of the invoice for the Equipment being
                    financed."

          3.   The Loan Agreement shall be amended by deleting the following
               text appearing in Section 2.2(a) thereof:

                    "(ii) The principal amounts outstanding under the 2004
                    Equipment Line shall accrue interest at a per annum rate
                    equal to the aggregate of the Prime Rate, plus two percent
                    (2.0%); provided, however, such rate shall reduce to a per
                    annum rate equal to the aggregate of the Prime Rate, plus
                    one and one-half percent (1.50%) after the occurrence of the
                    Profitability Event, to be effective ten (10) Business Days
                    after Borrower has provided to Bank satisfactory evidence of
                    same for such period. In addition to the foregoing, if at
                    any time Borrower is unable to provide Bank with
                    satisfactory evidence that the Profitability Event has
                    occurred for a period of three (3) consecutive months, the
                    rate shall increase to a per annum rate equal to the
                    aggregate of the Prime Rate, plus two percent (2.0%)."

               and inserting in lieu thereof the following:

                    "(ii) The principal amounts outstanding under the 2004
                    Equipment Line and the 2004 Equipment Line No. 2 shall
                    accrue interest at a per annum rate equal to the aggregate
                    of the Prime Rate, plus two percent (2.0%); provided,
                    however, such rate shall reduce to a per annum rate equal to
                    the aggregate of the Prime Rate, plus one and one-half
                    percent (1.50%) after the occurrence of the Profitability
                    Event, to be effective ten (10) Business Days after Borrower
                    has provided to Bank satisfactory evidence of same for such
                    period. In addition to the foregoing, if at any time
                    Borrower is unable to provide Bank with satisfactory
                    evidence that the Profitability Event has occurred for a
                    period of three (3) consecutive months, the rate shall
                    increase to a per annum rate equal to the aggregate of the
                    Prime Rate, plus two percent (2.0%)."

          4.   The Loan Agreement shall be amended by deleting the following
               appearing as Section 6.7 thereof:

                    "6.7 Financial Covenants. Borrower shall maintain at all
                    times, to be tested as of the last day of each month:

                    (a) Adjusted Quick Ratio. A ratio of Quick Assets to Current
                    Liabilities minus Deferred Revenues of at least:

<PAGE>

                    (i)  1.25 to 1.0 from January 1, 2004 through March 31,
                         2004;

                    (ii) 1.15 to 1.0 from April 1, 2004 through April 30, 2004;

                    (iii) 1.10 to 1.0 from May 1, 2004 through May 31, 2004;

                    (iv) 1.15 to 1.0 from June 1, 2004 through September 30,
                         2004; and

                    (v)  1.25 to 1.0 from October 1, 2004 and thereafter.

                    (b) TANGIBLE NET WORTH. Borrower shall maintain a Tangible
                    Net Worth of not less than the sum of (I) plus (II) below:

                    (I)  (i)  $700,000 from January 1, 2004 through
                         March 31, 2004;

                         (ii) $600,000 from April 1, 2004 through June 30, 2004;

                         (iii) $500,000 from July 1, 2004 through November 30,
                              2004; and

                         (iv) $700,000 from December 1, 2004 and thereafter;
                              plus

                    (II) the aggregate of (x) 25% of all consideration received
                    after January 1, 2004 from proceeds from the issuance of any
                    equity securities of Borrower and/or subordinated debt
                    incurred by Borrower; plus (y) beginning with the month
                    ending January 31, 2005, 75% of Borrower's monthly net
                    profit in accordance with GAAP.

                    (c) PROFITABILITY. From and after the occurrence of the
                    Profitability Event, Borrower shall have minimum monthly net
                    profit (in accordance with GAAP) of at least $1.00."

               and inserting in lieu thereof the following:

                    "6.7 FINANCIAL COVENANTS. Borrower shall maintain at all
                    times, to be tested as of the last day of each month:

                    (a) ADJUSTED QUICK RATIO. A ratio of Quick Assets to Current
                    Liabilities minus Deferred Revenues of at least 0.80 to 1.0.

                    (b) DEBT SERVICE RATIO. In the event that the amount of
                    Borrower's unrestricted cash maintained at Bank is less than
                    $1,200,000.00, a ratio of (i) net income plus interest,
                    depreciation, amortization, unfunded capital expenditures,
                    and cash taxes paid, calculated based on the three (3) month
                    period ending as of the date tested, to (ii) principal and
                    interest expense with respect to the Obligations, calculated
                    based on the three (3) month period ending as of the date
                    tested, of greater than 1.25 to 1.0."

<PAGE>

          5.   The Loan Agreement shall be amended by deleting the following
               definition appearing in Section 13.1 thereof:

                    ""EQUIPMENT ADVANCE" or "EQUIPMENT ADVANCES" shall mean any
                    advance made hereunder pursuant to Section 2.1.1 or Section
                    2.1.2 hereof."

               and inserting in lieu thereof the following:

                    ""EQUIPMENT ADVANCE" or "EQUIPMENT ADVANCES" shall mean any
                    advance made hereunder pursuant to Section 2.1.1, Section
                    2.1.2, or Section 2.1.3 hereof."

          6.   The Loan Agreement shall be amended by deleting the following
               definition appearing in Section 13.1 thereof:

                    ""OTHER EQUIPMENT" is intangible property such as computer
                    software and software licenses, equipment specifically
                    designed or manufactured for Borrower, other intangible
                    property, limited use property and other similar property
                    and soft costs approved by the Bank, including sales tax,
                    freight and installation expenses. Unless otherwise agreed
                    to by Bank, not more than twenty-five percent (25%) of the
                    proceeds of the 2003 Equipment Line or twenty-five percent
                    (25%) of the proceeds of the 2004 Equipment Line shall be
                    used to finance Other Equipment."

               and inserting in lieu thereof the following:

                    ""OTHER EQUIPMENT" is intangible property such as computer
                    software and software licenses, equipment specifically
                    designed or manufactured for Borrower, other intangible
                    property, limited use property and other similar property
                    and soft costs approved by the Bank, including sales tax,
                    freight and installation expenses. Unless otherwise agreed
                    to by Bank, not more than twenty-five percent (25%) of the
                    proceeds of the 2003 Equipment Line, twenty-five percent
                    (25%) of the proceeds of the 2004 Equipment Line, or
                    twenty-five percent (25%) of the proceeds of the 2004
                    Equipment Line No. 2 shall be used to finance Other
                    Equipment."

          7.   The Loan Agreement shall be amended by adding the following
               definitions to appear in Section 13.1 thereof:

                    ""2004 EQUIPMENT LINE NO. 2" is an Equipment Advance or
                    Equipment Advances of up to One Hundred Seventy Five
                    Thousand Dollars ($175,000.00)."

<PAGE>

          8.   The Compliance Certificate appearing as Exhibit C to the Loan
               Agreement is hereby replaced with the Compliance Certificate
               attached as Exhibit A hereto.

5. FEES. Borrower shall pay to Bank a modification fee of $1,500.00, which fee
shall be due on the date hereof and shall be deemed fully earned as of the date
hereof. Borrower shall also reimburse Bank for all legal fees and expenses
incurred in connection with this amendment to the Existing Loan Documents.

6. RATIFICATION OF PERFECTION CERTIFICATE. Borrower hereby ratifies, confirms
and reaffirms, all and singular, the terms and disclosures contained in a
certain Perfection Certificate dated as of February 27, 2003, between Borrower
and Bank, and acknowledges, confirms and agrees the disclosures and information
above Borrower provided to Bank in the Perfection Certificate has not changed,
as of the date hereof.

7. CONSISTENT CHANGES. The Existing Loan Documents are hereby amended wherever
necessary to reflect the changes described above.

8. RATIFICATION OF LOAN DOCUMENTS. Borrower hereby ratifies, confirms, and
reaffirms all terms and conditions of all security or other collateral granted
to the Bank, and confirms that the indebtedness secured thereby includes,
without limitation, the Obligations.

9. NO DEFENSES OF BORROWER. Borrower hereby acknowledges and agrees that
Borrower has no offsets, defenses, claims, or counterclaims against Bank with
respect to the Obligations, or otherwise, and that if Borrower now has, or ever
did have, any offsets, defenses, claims, or counterclaims against Bank, whether
known or unknown, at law or in equity, all of them are hereby expressly WAIVED
and Borrower hereby RELEASES Bank from any liability thereunder.

10. CONTINUING VALIDITY. Borrower understands and agrees that in modifying the
existing Obligations, Bank is relying upon Borrower's representations,
warranties, and agreements, as set forth in the Existing Loan Documents. Except
as expressly modified pursuant to this Loan Modification Agreement, the terms of
the Existing Loan Documents remain unchanged and in full force and effect.
Bank's agreement to modifications to the existing Obligations pursuant to this
Loan Modification Agreement in no way shall obligate Bank to make any future
modifications to the Obligations. Nothing in this Loan Modification Agreement
shall constitute a satisfaction of the Obligations. It is the intention of Bank
and Borrower to retain as liable parties all makers of Existing Loan Documents,
unless the party is expressly released by Bank in writing. No maker will be
released by virtue of this Loan Modification Agreement.

11. COUNTERSIGNATURE. This Loan Modification Agreement shall become effective
only when it shall have been executed by Borrower and Bank (provided, however,
in no event shall this Loan Modification Agreement become effective until signed
by an officer of Bank in California).

            [The remainder of this page is intentionally left blank]

<PAGE>

     This Loan Modification Agreement is executed as a sealed instrument under
the laws of the Commonwealth of Massachusetts as of the date first written
above.

BORROWER:                               BANK:

ROVING SOFTWARE INCORPORATED            SILICON VALLEY BANK, doing business
                                        as SILICON VALLEY EAST

By: /s/ Gail Goodman                    By:
    ---------------------------------       ------------------------------------
Name: Gail Goodman                      Name:
     --------------------------------         ----------------------------------
Title: CEO                              Title:
      -------------------------------          ---------------------------------

                                        SILICON VALLEY BANK

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------
                                               (signed in Santa Clara County,
                                               California)
<PAGE>

CORPORATE RESOLUTIONS FOR
AMENDING LOAN ARRANGEMENT

Gail Goodman, being the Secretary of ROVING SOFTWARE INCORPORATED, a Delaware
corporation duly organized, validly existing, and in good standing under the
laws of the state of Delaware, CERTIFIES that the following resolutions were
adopted

CHECK   [xx] at a duly called and conducted meeting of the Directors of said
ONE          corporation held on July 29, 2004 at which a quorum was present and
             voting throughout,

        [ ]  by the unanimous consent of the Directors of said corporation, the
             originals of which consents having been placed with the records of
             meetings of Directors of said corporation,

and are in conformity with the Certificate of Incorporation and By-Laws of said
corporation (each as amended to date) and that each of the following resolutions
presently is in full force and effect without change:

AMENDMENT OF LOAN ARRANGEMENT

RESOLVED, That this corporation amend its loan arrangement(s) with Silicon
          Valley Bank (hereinafter, with any successor, the "Bank") in such
          manner as has been or is hereafter discussed and negotiated by and
          between the Bank on the one hand and any of the following, acting on
          behalf of this corporation, on the other:

Insert title, only, if
Persons to act on behalf of   CEO
corporation have titles.
Otherwise, insert names.      _______________________

In connection with the foregoing, each of said officers and/or persons, acting
as described above, is authorized to execute, seal, acknowledge, and deliver in
the name of and on behalf of this corporation such instruments, documents, and
papers which relate thereto as may be appropriate, each in such form and upon
such terms as the officer(s) and/or person(s) so authorized determines, such
execution and delivery to be conclusive of such officer'(s) and/or person'(s)
authority so to act in the name of and on behalf of this corporation.

DELEGATION OF AUTHORITY

RESOLVED, That any one of the officers and/or persons authorized by the
          foregoing Resolution, acting singly, may by written instrument
          furnished the Bank delegate to any other officer or person the same
          authority which is vested singly and individually by said Resolution
          in the person(s) or officer(s) so delegating authority which written
          delegation shall be in such form as may be requested by the Bank and
          may be subject to such restrictions and limitations as may be
          indicated thereon.

<PAGE>

CONTINUATION OF AUTHORITY

RESOLVED, That all resolutions and delegations relative to the authority of any
          officer or person to act on behalf of this corporation shall remain in
          full force and effect until the Bank's receipt of written notice of
          the revocation or modification of such authority from the person
          signing below as the Secretary of this corporation or from that person
          whom the Bank reasonably believes to be authorized to act in this
          regard on behalf of this corporation.

RATIFICATION OF PRIOR TRANSACTIONS

RESOLVED, That all action heretofore taken on behalf of this corporation and all
          instruments, documents, and papers heretofore executed in the name of
          and on behalf of this corporation concerning this corporation's
          relationship with the Bank be, and they hereby are, approved, adopted,
          and ratified. This corporation is authorized to indemnify, defend, and
          hold the Bank harmless to the extent provided in the loan arrangements
          with the Bank.

REVOCATION OF INCONSISTENT RESOLUTIONS

RESOLVED, That any and all resolutions of this corporation which may be in
          conflict with any of the foregoing resolutions be, and they hereby
          are, revoked.

RESOLVED, That the resolutions of this corporation's Directors concerning this
          corporation's relationship with and borrowing from the Bank, pursuant
          to which, among other things, this corporation may be granting the
          Bank a security interest or other collateral in and to, and/or
          mortgaging, all or any portion of the assets of this corporation, be,
          and said resolutions are hereby approved, adopted, and incorporated
          herein by reference.

                         PERSONS PRESENTLY AUTHORIZED TO ACT

I further CERTIFY that the following persons presently are authorized under the
preceding Resolutions to act:

<TABLE>
<CAPTION>
Name               Title
----               -----
<S>                <C>
Gail Goodman       CEO
Eric Groves        SVP Sales and Business Development
</TABLE>

          IN WITNESS WHEREOF, I have set my hand and the seal of this
corporation on this 12th of August, 2004.

(Corporate Seal)                        /s/ Gail Goodman
                                        ----------------------------------------
                                        Secretary

<PAGE>

                                        Print Name: Gail Goodman
                                                    ----------------------------

     If the foregoing Resolutions confer authority upon the Secretary, this
Certificate should be confirmed by another officer of the corporation

                                        CONFIRMED: /s/ Eric Groves
                                                   -----------------------------
                                        Print Name: Eric Groves
                                        Title: SVP Sales and Business
                                               Development

<PAGE>

                       FOURTH LOAN MODIFICATION AGREEMENT

     This Fourth Loan Modification Agreement (this "Loan Modification
Agreement") is entered into as of March 11, 2005, by and between SILICON VALLEY
BANK, a California-chartered bank, with its principal place of business at 3003
Tasman Drive, Santa Clara, California 95054 and with a loan production office
located at One Newton Executive Park, Suite 200, 2221 Washington Street, Newton,
Massachusetts 02462 ("Bank") and ROVING SOFTWARE INCORPORATED, a Delaware
corporation with its chief executive office located at 1601 Trapelo Road, Suite
246, Waltham, Massachusetts 02451 ("Borrower").

1. DESCRIPTION OF EXISTING INDEBTEDNESS AND OBLIGATIONS. Among other
indebtedness and obligations which may be owing by Borrower to Bank, Borrower is
indebted to Bank pursuant to a loan arrangement dated as of February 27, 2003,
evidenced by, among other documents, a certain Loan and Security Agreement dated
as of February 27, 2003, as amended by a certain First Loan Modification
Agreement dated August 4, 2003, as further amended by a certain Second Loan
Modification Agreement dated February 10, 2004, and as further amended by a
Third Loan Modification Agreement dated August 12, 2004 (as amended, the "Loan
Agreement"). Capitalized terms used but not otherwise defined herein shall have
the same meaning as in the Loan Agreement.

2. DESCRIPTION OF COLLATERAL. Repayment of the Obligations is secured by the
Collateral as described in the Loan Agreement (together with any other
collateral security granted to Bank, the "Security Documents").

     Hereinafter, the Security Documents, together with all other documents
evidencing or securing the Obligations shall be referred to as the "Existing
Loan Documents".

3. DESCRIPTION OF CHANGE IN TERMS.

          1.   The Loan Agreement shall be amended by renumbering the section
               entitled "Undisbursed Credit Extensions" as Section 2.4.

          2.   The Loan Agreement shall be amended by adding the following new
               Section appearing after Section 2.1.3 thereof:

                    "2.1.4 2005 Equipment Advances.

                    (a) Availability. From March 11, 2005 through July 31,
                    2005, subject to the terms and conditions of this
                    Agreement, Bank agrees to lend to Borrower, from time to
                    time as further described herein, Equipment Advances in an
                    aggregate amount not to exceed the 2005 Equipment Line. The
                    Equipment Advances may only be used to finance Eligible
                    Equipment purchased on or after 90 days before the date of
                    each Equipment Advance and no Equipment Advances may exceed
                    100% of the equipment invoice excluding taxes, shipping,
                    warranty charges, freight discounts and installation
                    expense relating to such Equipment, unless such costs
                    constitute

<PAGE>

                    Other Equipment. After repayment, Equipment Advances may not
                    be reborrowed.

                    (b) Interest Rate; Interest Payment. Interest accrues from
                    the date of each Equipment Advance at the rate in Section
                    2.2(a) and is payable monthly on the first Business Day of
                    each month.

                    (c) Principal Repayment. In addition to the monthly payment
                    of interest, the principal amount of each Equipment Advance
                    made under the 2005 Equipment Line is payable in thirty-six
                    (36) consecutive equal monthly installments of principal
                    beginning on the first Business Day of the month following
                    such Equipment Advance and shall continue on the first
                    Business Day of each month thereafter.

                    (d) Advance Requests. To obtain an Equipment Advance,
                    Borrower must notify Bank (the notice is irrevocable) by
                    facsimile no later than 3:00 p.m. Eastern time one (1)
                    Business Day before the day on which the Equipment Advance
                    is to be made. The notice in the form of Exhibit B
                    (Payment/Advance Form) must be signed by a Responsible
                    Officer or designee and include a copy of the invoice for
                    the Equipment being financed."

          3.   The Loan Agreement shall be amended by deleting the following
               text appearing in Section 2.2(a) thereof:

                    "(ii) The principal amounts outstanding under the 2004
                    Equipment Line and the 2004 Equipment Line No. 2 shall
                    accrue interest at a per annum rate equal to the aggregate
                    of the Prime Rate, plus two percent (2.0%); provided,
                    however, such rate shall reduce to a per annum rate equal to
                    the aggregate of the Prime Rate, plus one and one-half
                    percent (1.50%) after the occurrence of the Profitability
                    Event, to be effective ten (10) Business Days after Borrower
                    has provided to Bank satisfactory evidence of same for such
                    period. In addition to the foregoing, if at any time
                    Borrower is unable to provide Bank with satisfactory
                    evidence that the Profitability Event has occurred for a
                    period of three (3) consecutive months, the rate shall
                    increase to a per annum rate equal to the aggregate of the
                    Prime Rate, plus two percent (2.0%)."

               and inserting in lieu thereof the following:

                    "(ii) The principal amounts outstanding under the 2004
                    Equipment Line, the 2004 Equipment Line No. 2 and the 2005
                    Equipment Line shall accrue interest at a per annum rate
                    equal to the aggregate of the Prime Rate, plus two percent
                    (2.0%); provided, however, such rate shall reduce to a per
                    annum rate equal to the aggregate of

<PAGE>

                    the Prime Rate, plus one and one-half percent (1.50%) after
                    the occurrence of the Profitability Event, to be effective
                    ten (10) Business Days after Borrower has provided to Bank
                    satisfactory evidence of same for such period. In addition
                    to the foregoing, if at any time Borrower is unable to
                    provide Bank with satisfactory evidence that the
                    Profitability Event has occurred for a period of three (3)
                    consecutive months, the rate shall increase to a per annum
                    rate equal to the aggregate of the Prime Rate, plus two
                    percent (2.0%)."

          4.   The Loan Agreement shall be amended by deleting the following
               appearing as Section 6.7(b) thereof:

                    "(b) DEBT SERVICE RATIO. In the event that the amount of
                    Borrower's unrestricted cash maintained at Bank is less than
                    $1,200,000.00, a ratio of (i) net income plus interest,
                    depreciation, amortization, unfunded capital expenditures,
                    and cash taxes paid, calculated based on the three (3) month
                    period ending as of the date tested, to (ii) principal and
                    interest expense with respect to the Obligations, calculated
                    based on the three (3) month period ending as of the date
                    tested, of greater than 1.25 to 1.0."

               and inserting in lieu thereof the following:

                    "(b) DEBT SERVICE RATIO. In the event that the amount of
                    Borrower's unrestricted cash maintained at Bank is less than
                    $1,200,000.00, a ratio of (i) net income plus interest,
                    depreciation, and amortization, minus unfunded capital
                    expenditures, and minus cash taxes paid, calculated based on
                    the three (3) month period ending as of the date tested, to
                    (ii) principal and interest expense with respect to the
                    Obligations, calculated based on the three (3) month period
                    ending as of the date tested, of greater than 1.25 to 1.0."

          5.   The Loan Agreement shall be amended by deleting the following
               definition appearing in Section 13.1 thereof:

                    ""EQUIPMENT ADVANCE" or "EQUIPMENT ADVANCES" shall mean any
                    advance made hereunder pursuant to Section 2.1.1, Section
                    2.1.2, or Section 2.1.3 hereof."

               and inserting in lieu thereof the following:

                    ""EQUIPMENT ADVANCE" or "EQUIPMENT ADVANCES" shall mean any
                    advance made hereunder pursuant to Section 2.1.1, Section
                    2.1.2, Section 2.1.3, or Section 2.1.4 hereof."

<PAGE>

          6.   The Loan Agreement shall be amended by deleting the following
               definition appearing in Section 13.1 thereof:

                    ""OTHER EQUIPMENT" is intangible property such as computer
                    software and software licenses, equipment specifically
                    designed or manufactured for Borrower, other intangible
                    property, limited use property and other similar property
                    and soft costs approved by the Bank, including sales tax,
                    freight and installation expenses. Unless otherwise agreed
                    to by Bank, not more than twenty-five percent (25%) of the
                    proceeds of the 2003 Equipment Line, twenty-five percent
                    (25%) of the proceeds of the 2004 Equipment Line, or
                    twenty-five percent (25%) of the proceeds of the 2004
                    Equipment Line No. 2 shall be used to finance Other
                    Equipment."

               and inserting in lieu thereof the following:

                    ""OTHER EQUIPMENT" is intangible property such as computer
                    software and software licenses, equipment specifically
                    designed or manufactured for Borrower, other intangible
                    property, limited use property and other similar property
                    and soft costs approved by the Bank, including sales tax,
                    freight and installation expenses. Unless otherwise agreed
                    to by Bank, not more than twenty-five percent (25%) of the
                    proceeds of the 2003 Equipment Line, twenty-five percent
                    (25%) of the proceeds of the 2004 Equipment Line,
                    twenty-five percent (25%) of the proceeds of the 2004
                    Equipment Line No. 2, or twenty-five percent (25%) of the
                    proceeds of the 2005 Equipment Line shall be used to finance
                    Other Equipment."

          7.   The Loan Agreement shall be amended by adding the following
               definition to appear alphabetically in Section 13.1 thereof:

                    ""2005 EQUIPMENT LINE" is an Equipment Advance or Equipment
                    Advances of up to Three Hundred Fifty Thousand Dollars
                    ($350,000.00)."

4. FEES. Borrower shall pay to Bank a modification fee of One Thousand Seven
Hundred Fifty Dollars ($1,750.00), which fee shall be due on the date hereof and
shall be deemed fully earned as of the date hereof. Borrower shall also
reimburse Bank for all legal fees and expenses incurred in connection with this
amendment to the Existing Loan Documents.

5. RATIFICATION OF PERFECTION CERTIFICATE. Borrower hereby ratifies, confirms
and reaffirms, all and singular, the terms and disclosures contained in a
certain Perfection Certificate dated as of February 27, 2003, between Borrower
and Bank, and acknowledges, confirms and agrees the disclosures and information
above Borrower provided to Bank in the Perfection Certificate has not changed,
as of the date hereof.

6. CONSISTENT CHANGES. The Existing Loan Documents are hereby amended wherever
necessary to reflect the changes described above.

<PAGE>

7. RATIFICATION OF LOAN DOCUMENTS. Borrower hereby ratifies, confirms, and
reaffirms all terms and conditions of all security or other collateral granted
to the Bank, and confirms that the indebtedness secured thereby includes,
without limitation, the Obligations.

8. NO DEFENSES OF BORROWER. Borrower hereby acknowledges and agrees that
Borrower has no offsets, defenses, claims, or counterclaims against Bank with
respect to the Obligations, or otherwise, and that if Borrower now has, or ever
did have, any offsets, defenses, claims, or counterclaims against Bank, whether
known or unknown, at law or in equity, all of them are hereby expressly WAIVED
and Borrower hereby RELEASES Bank from any liability thereunder.

9. CONTINUING VALIDITY. Borrower understands and agrees that in modifying the
existing Obligations, Bank is relying upon Borrower's representations,
warranties, and agreements, as set forth in the Existing Loan Documents. Except
as expressly modified pursuant to this Loan Modification Agreement, the terms of
the Existing Loan Documents remain unchanged and in full force and effect.
Bank's agreement to modifications to the existing Obligations pursuant to this
Loan Modification Agreement in no way shall obligate Bank to make any future
modifications to the Obligations. Nothing in this Loan Modification Agreement
shall constitute a satisfaction of the Obligations. It is the intention of Bank
and Borrower to retain as liable parties all makers of Existing Loan Documents,
unless the party is expressly released by Bank in writing. No maker will be
released by virtue of this Loan Modification Agreement.

10. COUNTERSIGNATURE. This Loan Modification Agreement shall become effective
only when it shall have been executed by Borrower and Bank.

            [The remainder of this page is intentionally left blank]

<PAGE>

     This Loan Modification Agreement is executed as a sealed instrument under
the laws of the Commonwealth of Massachusetts as of the date first written
above.

BORROWER:                               BANK:

ROVING SOFTWARE INCORPORATED            SILICON VALLEY BANK

By: /s/ Marcus Green                    By: /s/ Laura M. Scott
    ---------------------------------       ------------------------------------
Name: Marcus Green                      Name: Laura M. Scott
Title: Controller                       Title: Senior Vice President

<PAGE>

                        FIFTH LOAN MODIFICATION AGREEMENT

     This Fifth Loan Modification Agreement (this "Loan Modification Agreement")
is entered into as of September 19, 2005, by and between SILICON VALLEY BANK, a
California-chartered bank, with its principal place of business at 3003 Tasman
Drive, Santa Clara, California 95054 and with a loan production office located
at One Newton Executive Park, Suite 200, 2221 Washington Street, Newton,
Massachusetts 02462 ("Bank") and ROVING SOFTWARE INCORPORATED, a Delaware
corporation with its chief executive office located at 1601 Trapelo Road, Suite
246, Waltham, Massachusetts 02451 ("Borrower").

1. DESCRIPTION OF EXISTING INDEBTEDNESS AND OBLIGATIONS. Among other
indebtedness and obligations which may be owing by Borrower to Bank, Borrower is
indebted to Bank pursuant to a loan arrangement dated as of February 27, 2003,
evidenced by, among other documents, a certain Loan and Security Agreement dated
as of February 27, 2003, as amended by a certain First Loan Modification
Agreement dated August 4, 2003, as further amended by a certain Second Loan
Modification Agreement dated February 10, 2004, as further amended by a Third
Loan Modification Agreement dated August 12, 2004, and as further amended by a
Fourth Loan Modification Agreement dated March 11, 2005 (as amended, the "Loan
Agreement"). Capitalized terms used but not otherwise defined herein shall have
the same meaning as in the Loan Agreement

2. DESCRIPTION OF COLLATERAL. Repayment of the Obligations is secured by the
Collateral as described in the Loan Agreement (together with any other
collateral security granted to Bank, the "Security Documents").

     Hereinafter, the Security Documents, together with all other documents
evidencing or securing the Obligations shall be referred to as the "Existing
Loan Documents".

3. DESCRIPTION OF CHANGE IN TERMS.

          1.   The Loan Agreement shall be amended by adding the following new
               Section appearing after Section 2.1.4 thereof:

                    "2.1.5 2005 Equipment Line No. 2.

                    (a) Availability. Subject to the terms and conditions of
                    this Agreement, Bank agrees to lend to Borrower, from time
                    to time as further described herein, Equipment Advances in
                    an aggregate amount not to exceed the 2005 Equipment Line
                    No. 2. The proceeds of the 2005 Equipment Line No. 2 shall
                    be advanced in two separate tranches (each, a "2005
                    Tranche"), as follows: (i) from September 20, 2005 through
                    October 31, 2005, Bank shall make Equipment Advances not
                    exceeding $300,000, and (ii) from November 1, 2005 through
                    January 31, 2006, Bank shall make Equipment Advances not
                    exceeding $300,000. The Equipment Advances may only be used
                    to finance Eligible Equipment purchased on or after 90 days
                    before the date of each Equipment Advance and no Equipment
                    Advances may exceed 100% of the

<PAGE>

                    equipment invoice excluding taxes, shipping, warranty
                    charges, freight discounts and installation expense relating
                    to such Equipment, unless such costs constitute Other
                    Equipment. After repayment, Equipment Advances may not be
                    reborrowed.

                    (b) Interest Rate;Interest Payment. Interest accrues from
                    the date of each Equipment Advance at the rate in Section
                    2.2(a) and is payable monthly on the first Business Day of
                    each month.

                    (c) Principal Repayment. In addition to the monthly payment
                    of interest, the principal amount of each Equipment Advance
                    made under the 2005 Equipment Line No. 2 is payable in
                    thirty-six (36) consecutive equal monthly installments of
                    principal beginning on the first Business Day of the month
                    following such Equipment Advance and shall continue on the
                    first Business Day of each month thereafter.

                    (d) Advance Requests. To obtain an Equipment Advance,
                    Borrower must notify Bank (the notice is irrevocable) by
                    facsimile no later than 3:00 p.m. Eastern time one (1)
                    Business Day before the day on which the Equipment Advance
                    is to be made. The notice in the form of Exhibit B
                    (Payment/Advance Form) must be signed by a Responsible
                    Officer or designee and include a copy of the invoice for
                    the Equipment being financed."

          2.   The Loan Agreement shall be amended by deleting the following
               text appearing in Section 2.2(a) thereof:

                    "(ii) The principal amounts outstanding under the 2004
                    Equipment Line, the 2004 Equipment Line No. 2 and the 2005
                    Equipment Line shall accrue interest at a per annum rate
                    equal to the aggregate of the Prime Rate, plus two percent
                    (2.0%); provided, however, such rate shall reduce to a per
                    annum rate equal to the aggregate of the Prime Rate, plus
                    one and one-half percent (1.50%) after the occurrence of the
                    Profitability Event, to be effective ten (10) Business Days
                    after Borrower has provided to Bank satisfactory evidence of
                    same for such period. In addition to the foregoing, if at
                    any time Borrower is unable to provide Bank with
                    satisfactory evidence that the Profitability Event has
                    occurred for a period of three (3) consecutive months, the
                    rate shall increase to a per annum rate equal to the
                    aggregate of the Prime Rate, plus two percent (2.0%)."

               and inserting in lieu thereof the following:

                    "(ii) The principal amounts outstanding under the 2004
                    Equipment Line, the 2004 Equipment Line No. 2, the 2005
                    Equipment Line

<PAGE>

                    and the 2005 Equipment Line No. 2 shall accrue interest at a
                    per annum rate equal to the aggregate of the Prime Rate,
                    plus two percent (2.0%); provided, however, such rate shall
                    reduce to a per annum rate equal to the aggregate of the
                    Prime Rate, plus one and one-half percent (1.50%) after the
                    occurrence of the Profitability Event, to be effective ten
                    (10) Business Days after Borrower has provided to Bank
                    satisfactory evidence of same for such period. In addition
                    to the foregoing, if at any time Borrower is unable to
                    provide Bank with satisfactory evidence that the
                    Profitability Event has occurred for a period of three (3)
                    consecutive months, the rate shall increase to a per annum
                    rate equal to the aggregate of the Prime Rate, plus two
                    percent (2.0%)."

          3.   The Loan Agreement shall be amended by deleting the following
               appearing as Section 6.7 thereof:

                    "6.7 FINANCIAL COVENANTS. Borrower shall maintain at all
                    times, to be tested as of the last day of each month:

                    (a) ADJUSTED QUICK RATIO. A ratio of Quick Assets to Current
                    Liabilities minus Deferred Revenues of at least 0.80 to 1.0.

                    (b) DEBT SERVICE RATIO. In the event that the amount of
                    Borrower's unrestricted cash maintained at Bank is less than
                    $1,200,000.00, a ratio of (i) net income plus interest,
                    depreciation, and amortization, minus unfunded capital
                    expenditures, and minus cash taxes paid, calculated based on
                    the three (3) month period ending as of the date tested, to
                    (ii) principal and interest expense with respect to the
                    Obligations, calculated based on the three (3) month period
                    ending as of the date tested, of greater than 1.25 to 1.0."

               and inserting in lieu thereof the following:

                    "6.7 FINANCIAL COVENANTS. Borrower shall maintain at all
                    times, to be tested as of the last day of each month (unless
                    otherwise noted):

                    (a) NET REVENUE. Consolidated net revenue of at least (i)
                    $3,000,000 for the fiscal quarter ending September 30, 2005,
                    (ii) $3,500,000 for the fiscal quarter ending December 31,
                    2005, (iii) $4,000,000 for the fiscal quarter ending March
                    31, 2006, (iv) $4,750,000 for the fiscal quarter ending June
                    30, 2006, (v) $5,250,000 for the fiscal quarter ending
                    September 30, 2006, (vi) $6,000,000 for the fiscal quarter
                    ending December 31, 2006, and (vii) the greater of (A)
                    $6,250,000, and (B) eighty percent (80.0%) of Borrower's
                    Board-approved operating plan, for the

<PAGE>

                    fiscal quarter ending March 31, 2007 and as of the last day
                    of each fiscal quarter thereafter.

                    (b) DEBT SERVICE RATIO. In the event that the amount of
                    Borrower's unrestricted cash maintained at Bank is less than
                    $1,300,000.00, a ratio of (i) net income plus interest,
                    depreciation, and amortization, minus unfunded capital
                    expenditures, and minus cash taxes paid, calculated based on
                    the three (3) month period ending as of the date tested, to
                    (ii) principal and interest expense with respect to the
                    Obligations, calculated based on the three (3) month period
                    ending as of the date tested, of greater than 1.25 to 1.0."

          4.   The Loan Agreement shall be amended by deleting the following
               definition appearing in Section 13.1 thereof:

                    ""EQUIPMENT ADVANCE" or "EQUIPMENT ADVANCES" shall mean any
                    advance made hereunder pursuant to Section 2.1.1, Section
                    2.1.2, Section 2.1.3, or Section 2.1.4 hereof."

               and inserting in lieu thereof the following:

                    ""EQUIPMENT ADVANCE" or "EQUIPMENT ADVANCES" shall mean any
                    advance made hereunder pursuant to Section 2.1.1, Section
                    2.1.2, Section 2.1.3, Section 2.1.4, or Section 2.1.5
                    hereof."

          5.   The Loan Agreement shall be amended by deleting the following
               definition appearing in Section 13.1 thereof:

                    ""OTHER EQUIPMENT" is intangible property such as computer
                    software and software licenses, equipment specifically
                    designed or manufactured for Borrower, other intangible
                    property, limited use property and other similar property
                    and soft costs approved by the Bank, including sales tax,
                    freight and installation expenses. Unless otherwise agreed
                    to by Bank, not more than twenty-five percent (25%) of the
                    proceeds of the 2003 Equipment Line, twenty-five percent
                    (25%) of the proceeds of the 2004 Equipment Line,
                    twenty-five percent (25%) of the proceeds of the 2004
                    Equipment Line No. 2, or twenty-five percent (25%) of the
                    proceeds of the 2005 Equipment Line shall be used to finance
                    Other Equipment."

               and inserting in lieu thereof the following:

                    ""OTHER EQUIPMENT" is intangible property such as computer
                    software and software licenses, equipment specifically
                    designed or manufactured for Borrower, other intangible
                    property, limited use property and other similar property
                    and soft costs approved by the Bank, including sales tax,
                    freight and installation expenses. Unless

<PAGE>

                    otherwise agreed to by Bank, not more than twenty-five
                    percent (25%) of the proceeds of the 2003 Equipment Line,
                    twenty-five percent (25%) of the proceeds of the 2004
                    Equipment Line, twenty-five percent (25%) of the proceeds of
                    the 2004 Equipment Line No. 2, twenty-five percent (25%) of
                    the proceeds of the 2005 Equipment Line, or twenty-five
                    percent (25%) of the proceeds of the 2005 Equipment Line No.
                    2 shall be used to finance Other Equipment."

          6.   The Loan Agreement shall be amended by adding the following
               definitions to appear alphabetically in Section 13.1 thereof:

                    ""2005 EQUIPMENT LINE NO. 2" is an Equipment Advance or
                    Equipment Advances of up to Six Hundred Thousand Dollars
                    ($600,000.00)."

                    "2005 TRANCHE" is defined in Section 2.1.5(a)."

4. FEES. Borrower shall pay to Bank a modification fee of Four Thousand Five
Hundred Dollars ($4,500.00), which fee shall be due on the date hereof and shall
be deemed fully earned as of the date hereof. Borrower shall also reimburse Bank
for all legal fees and expenses incurred in connection with this amendment to
the Existing Loan Documents.

5. RATIFICATION OF PERFECTION CERTIFICATE. Borrower hereby ratifies, confirms
and reaffirms, all and singular, the terms and disclosures contained in a
certain Perfection Certificate dated as of February 27, 2003, between Borrower
and Bank, and acknowledges, confirms and agrees the disclosures and information
above Borrower provided to Bank in the Perfection Certificate has not changed,
as of the date hereof.

6. CONSISTENT CHANGES. The Existing Loan Documents are hereby amended wherever
necessary to reflect the changes described above.

7. RATIFICATION OF LOAN DOCUMENTS. Borrower hereby ratifies, confirms, and
reaffirms all terms and conditions of all security or other collateral granted
to the Bank, and confirms that the indebtedness secured thereby includes,
without limitation, the Obligations.

8. NO DEFENSES OF BORROWER. Borrower hereby acknowledges and agrees that
Borrower has no offsets, defenses, claims, or counterclaims against Bank with
respect to the Obligations, or otherwise, and that if Borrower now has, or ever
did have, any offsets, defenses, claims, or counterclaims against Bank, whether
known or unknown, at law or in equity, all of them are hereby expressly WAIVED
and Borrower hereby RELEASES Bank from any liability thereunder.

9. CONTINUING VALIDITY. Borrower understands and agrees that in modifying the
existing Obligations, Bank is relying upon Borrower's representations,
warranties, and agreements, as set forth in the Existing Loan Documents. Except
as expressly modified pursuant to this Loan Modification Agreement, the terms of
the Existing Loan Documents remain unchanged and in full force and effect.
Bank's agreement to modifications to the existing

<PAGE>

Obligations pursuant to this Loan Modification Agreement in no way shall
obligate Bank to make any future modifications to the Obligations. Nothing in
this Loan Modification Agreement shall constitute a satisfaction of the
Obligations. It is the intention of Bank and Borrower to retain as liable
parties all makers of Existing Loan Documents, unless the party is expressly
released by Bank in writing. No maker will be released by virtue of this Loan
Modification Agreement.

10. COUNTERSIGNATURE. This Loan Modification Agreement shall become effective
only when it shall have been executed by Borrower and Bank.

            [The remainder of this page is intentionally left blank]

<PAGE>

     This Loan Modification Agreement is executed as a sealed instrument under
the laws of the Commonwealth of Massachusetts as of the date first written
above.

BORROWER:                               BANK:

ROVING SOFTWARE INCORPORATED            SILICON VALLEY BANK

By: /s/ Marcus Green                    By: /s/ Michael J. Fell
    ---------------------------------       ------------------------------------
Name: Marcus Green                      Name: Michael J. Fell
Title: Controller                       Title: Relationship Manager

<PAGE>

                                    EXHIBIT C

                             COMPLIANCE CERTIFICATE

TO:   SILICON VALLEY BANK

FROM: ROVING SOFTWARE INCORPORATED

     The undersigned authorized officer of SOFTWARE INCORPORATED hereby
certifies that in accordance with the terms and conditions of the Loan and
Security Agreement between Borrower and Bank (the "Agreement"), (i) Borrower is
in complete compliance for the period ending ___________________ with all
required covenants except as noted below and (ii) all representations and
warranties of Borrower stated in the Agreement are true and correct in all
material respects as of the date hereof. Attached herewith are the required
documents supporting the certification. The Officer further certifies that these
are prepared in accordance with Generally Accepted Accounting Principles (GAAP)
and are consistently applied from one period to the next except as explained in
an accompanying letter or footnotes. The Officer expressly acknowledges that no
borrowings may be requested by the Borrower at any time or date of determination
that Borrower is not in compliance with any of the terms of the Agreement, and
that such compliance is determined not just at the date this certificate is
delivered.

PLEASE INDICATE COMPLIANCE STATUS BY CIRCLING YES/NO UNDER "COMPLIES" COLUMN.

<TABLE>
<CAPTION>
REPORTING COVENANT                            REQUIRED           COMPLIES
------------------                     ----------------------   ---------
<S>                                    <C>                      <C>   <C>
Monthly financial statements with CC   Monthly within 25 days   Yes   No
Annual (CPA Audited)                   FYE within 150 days      Yes   No
Board Approved Operating Plan          FYE within 45 days       Yes   No
</TABLE>

The following Intellectual Property was registered after the Closing Date (if
blank, read "None")
________________________________________________________________________________
________________________________________________________________________________

<TABLE>
<CAPTION>
FINANCIAL COVENANT                    REQUIRED    ACTUAL      COMPLIES
------------------                    --------   --------    ---------
<S>                                   <C>        <C>         <C>   <C>
To be maintained at all times:
Net Revenue (tested quarterly)        _______*   _________   Yes   No
Debt Service Ratio (tested monthly)   1.25:10    _____:1.0   Yes   No
</TABLE>

*    As set forth in Section 6.7(a) of the Loan and Security Agreement

**   only in effect if Borrower's unrestricted cash falls below $1,300,000.

COMMENTS REGARDING EXCEPTIONS: See Attached.                 BANK USE ONLY

Sincerely,                                            RECEIVED BY: _____________
                                                      DATE: ____________________
                                                      REVIEWED BY: _____________
                               Date:                   COMPLIANCE STATUS: YES/NO
----------------------------         -------------
SIGNATURE

----------------------------
TITLE
<PAGE>

                        SIXTH LOAN MODIFICATION AGREEMENT

      This Sixth Loan Modification Agreement (this "Loan Modification
Agreement") is entered into as of March 20, 2007, by and between SILICON VALLEY
BANK, a California-chartered bank, with its principal place of business at 3003
Tasman Drive, Santa Clara, California 95054 and with a loan production office
located at One Newton Executive Park, Suite 200, 2221 Washington Street, Newton,
Massachusetts 02462 ("Bank") and CONSTANT CONTACT, INC., f/k/a ROVING SOFTWARE
INCORPORATED, a Delaware corporation with its chief executive office located at
1601 Trapelo Road, Suite 246, Waltham, Massachusetts 02451 ("Borrower").

1. DESCRIPTION OF EXISTING INDEBTEDNESS AND OBLIGATIONS. Among other
indebtedness and obligations which may be owing by Borrower to Bank, Borrower is
indebted to Bank pursuant to a loan arrangement dated as of February 27, 2003,
evidenced by, among other documents, a certain Loan and Security Agreement dated
as of February 27, 2003, as amended by a certain First Loan Modification
Agreement dated August 4, 2003, as further amended by a certain Second Loan
Modification Agreement dated February 10, 2004, as further amended by a Third
Loan Modification Agreement dated August 12, 2004, as amended by a Fourth Loan
Modification Agreement dated March 11, 2005, and as further amended by a Fifth
Loan Modification Agreement dated September 19, 2005 (as amended, the "Loan
Agreement"). Capitalized terms used but not otherwise defined herein shall have
the same meaning as in the Loan Agreement.

2. DESCRIPTION OF COLLATERAL. Repayment of the Obligations is secured by the
Collateral as described in the Loan Agreement (together with any other
collateral security granted to Bank, the "Security Documents").

      Hereinafter, the Security Documents, together with all other documents
evidencing or securing the Obligations shall be referred to as the "Existing
Loan Documents".

3. DESCRIPTION OF CHANGE IN TERMS.

            1.    The Loan Agreement shall be amended by adding the following
                  new Section appearing after Section 2.1.5 thereof:

                  "2.1.6 2007 EQUIPMENT LINE.

                        (a) Availability. Subject to the terms and conditions of
                  this Agreement, during the Draw Period, Bank agrees to lend to
                  Borrower, from time to time as further described herein,
                  advances (each, an "2007 Equipment Advance" and, collectively,
                  "2007 Equipment Advances") in an aggregate amount not to
                  exceed the 2007 Equipment Line. 2007 Equipment Advances may
                  only be used to finance Eligible Equipment purchased on or
                  after 90 days (determined based upon the applicable invoice
                  date of such Eligible Equipment) before the date of each 2007
                  Equipment Advance and no 2007 Equipment Advances may exceed
                  100% of the total invoice for Eligible Equipment, excluding
                  taxes, shipping, warranty charges, freight discounts and
                  installation expense relating to such Eligible Equipment.
                  Notwithstanding the foregoing, the initial 2007 Equipment
                  Advance under this Section 2.1.6 (the "Initial 2007 Equipment
                  Advance") may be used to reimburse Borrower for Eligible
                  Equipment purchased on or after July 1, 2006. Unless otherwise
                  agreed to by Bank, not more than 30% of the proceeds of the
                  2007 Equipment Line shall be used to finance Other Equipment.
                  Borrower may only request a total of six (6) 2007 Equipment
                  Advances (including the Initial Equipment Advance) hereunder.
                  After repayment, no 2007 Equipment Advance may be reborrowed.

<PAGE>

                        (b) Interest Rate; Interest Payment. Interest accrues
                  from the date of each 2007 Equipment Advance at the rate in
                  Section 2.2(a)(ii) and is payable monthly on the first
                  Business Day of each month.

                        (c) Principal Repayment. In addition to the monthly
                  payments of interest, as set forth in Section 2.2(a)(ii)
                  below, the principal amount of each 2007 Equipment Advance is
                  payable in thirty-six (36) consecutive equal monthly
                  installments (with the exception of the Initial 2007 Equipment
                  Advance which is payable in thirty (30) consecutive equal
                  monthly installments) of principal beginning on the first
                  Business Day of the month following such 2007 Equipment
                  Advance and shall continue on the first Business Day of each
                  month thereafter.

                        (d) Advance Requests. To obtain a 2007 Equipment
                  Advance, Borrower must notify Bank (the notice is irrevocable)
                  by facsimile no later than 3:00 p.m. Eastern time one (1)
                  Business Day before the day on which the 2007 Equipment
                  Advance is to be made. The notice in the form of EXHIBIT B
                  (Payment/Advance Form) must be signed by a Responsible Officer
                  or designee and include a copy of the invoice for the Eligible
                  Equipment being financed."

            2.    The Loan Agreement shall be amended by deleting the following
                  text appearing in Section 2.2(a) thereof:

                              " (ii) The principal amounts outstanding under the
                        2004 Equipment Line, the 2004 Equipment Line No. 2, the
                        2005 Equipment Line and the 2005 Equipment Line No. 2
                        shall accrue interest at a per annum rate equal to the
                        aggregate of the Prime Rate, plus two percent (2.0%);
                        provided, however, such rate shall reduce to a per annum
                        rate equal to the aggregate of the Prime Rate, plus one
                        and one-half percent (1.50%) after the occurrence of the
                        Profitability Event, to be effective ten (10) Business
                        Days after Borrower has provided to Bank satisfactory
                        evidence of same for such period. In addition to the
                        foregoing, if at any time Borrower is unable to provide
                        Bank with satisfactory evidence that the Profitability
                        Event has occurred for a period of three (3) consecutive
                        months, the rate shall increase to a per annum rate
                        equal to the aggregate of the Prime Rate, plus two
                        percent (2.0%)."

                  and inserting in lieu thereof the following:

                              " (ii) The principal amounts outstanding under the
                        2004 Equipment Line, the 2004 Equipment Line No. 2, the
                        2005 Equipment Line, the 2005 Equipment Line No. 2, and
                        the 2007 Equipment Line shall accrue interest at a per
                        annum rate equal to the aggregate of the Prime Rate,
                        plus two percent (2.0%); provided, however, such rate
                        shall reduce to a per annum rate equal to the aggregate
                        of the Prime Rate, plus one and one-half percent (1.50%)
                        after the occurrence of the Profitability Event, to be
                        effective ten (10) Business Days after Borrower has
                        provided to Bank satisfactory evidence of same for such
                        period. In addition to the foregoing, if at any time
                        Borrower is unable to provide Bank with satisfactory
                        evidence that the Profitability Event has occurred for a

<PAGE>

                        period of three (3) consecutive months, the rate shall
                        increase to a per annum rate equal to the aggregate of
                        the Prime Rate, plus two percent (2.0%)."

            3.    The Loan Agreement shall be amended by deleting the following
                  text appearing as the second paragraph of Section 4.1 thereof:

                  " Except as noted on the Perfection Certificate, Borrower is
                  not a party to, nor is bound by, any license or other
                  agreement with respect to which the Borrower is the licensee
                  that prohibits or otherwise restricts Borrower from granting a
                  security interest in Borrower's interest in such license or
                  agreement or any other property. Without prior consent from
                  Bank, Borrower shall not enter into, or become bound by, any
                  such license or agreement which is reasonably likely to have a
                  material impact on Borrower's business or financial condition.
                  Borrower shall take such steps as Bank requests to obtain the
                  consent of, or waiver by, any person whose consent or waiver
                  is necessary for all such licenses or contract rights to be
                  deemed "Collateral" and for Bank to have a security interest
                  in it that might otherwise be restricted or prohibited by law
                  or by the terms of any such license or agreement, whether now
                  existing or entered into in the future."

                  and inserting in lieu thereof:

                  "Except as noted on the Perfection Certificate, Borrower is
                  not a party to, nor is bound by, any material license or other
                  agreement with respect to which Borrower is the licensee that
                  prohibits or otherwise restricts Borrower from granting a
                  security interest in Borrower's interest in such license or
                  agreement or any other property (other than over- the-counter
                  software that is commercially available to the public).
                  Borrower shall provide written notice to Bank within ten (10)
                  days of entering or becoming bound by any such license or
                  agreement which is reasonably likely to have a material impact
                  on Borrower's business or financial condition (other than
                  over-the-counter software that is commercially available to
                  the public). Borrower shall take such steps as Bank requests
                  to obtain the consent of, or waiver by, any person whose
                  consent or waiver is necessary for all such licenses or
                  contract rights to be deemed "Collateral" and for Bank to have
                  a security interest in it that might otherwise be restricted
                  or prohibited by law or by the terms of any such license or
                  agreement (such consent or authorization may include a
                  licensor's agreement to a contingent assignment of the license
                  to Bank if Bank determines that is necessary in its good faith
                  judgment), whether now existing or entered into in the
                  future."

            4.    The Loan Agreement shall be amended by deleting the following
                  provision appear as Section 5.3 thereof:

                  "5.3 LITIGATION. Except as shown in the Perfection
                  Certificate, there are no actions or proceedings pending or,
                  to the knowledge of Borrower's Responsible Officers or legal
                  counsel, threatened by or against Borrower or any Subsidiary
                  in which an adverse decision could reasonably be expected to
                  cause a Material Adverse Change."

<PAGE>

                  and inserting in lieu thereof the following:

                  "5.3 LITIGATION. Except as shown on the Perfection
                  Certificate, there are no actions or proceedings pending or,
                  to the knowledge of the Responsible Officers, threatened in
                  writing against Borrower or any of its Subsidiaries that would
                  reasonably be expected to result in costs or damages to
                  Borrower or its Subsidiaries in excess of Two Hundred Fifty
                  Thousand Dollars ($250,000)."

            5.    The Loan Agreement shall be amended by deleting the following
                  appearing as Section 6.2 thereof:

                  "6.2 FINANCIAL STATEMENTS, REPORTS, CERTIFICATES.

                        (a) Borrower shall deliver to Bank: (i) as soon as
                  available, but no later than twenty-five (25) days after the
                  last day of each month, a company prepared consolidated
                  balance sheet and income statement covering Borrower's
                  consolidated operations during the period certified by a
                  Responsible Officer and in a form acceptable to Bank; (ii) as
                  soon as available, but no later than one hundred and fifty
                  (150) days after the last day of Borrower's fiscal year
                  (except for Borrower's fiscal years ending December 31, 2001
                  and December 31, 2002, which audited consolidated financial
                  statements shall be due July 31, 2003), audited consolidated
                  financial statements prepared under GAAP, consistently
                  applied, together with an unqualified opinion on the financial
                  statements from an independent certified public accounting
                  firm reasonably acceptable to Bank; (iii) in the event that
                  the Borrower's stock becomes publicly held, within five (5)
                  days of filing, copies of all statements, reports and notices
                  made available to Borrower's security holders or to any
                  holders of Subordinated Debt and all reports on Form 10-K, 10-
                  Q and 8-K filed with the Securities and Exchange Commission;
                  (iv) a prompt report of any legal actions pending or
                  threatened in writing against Borrower or any Subsidiary that
                  would reasonably be expected to result in damages or costs to
                  Borrower or any Subsidiary of One Hundred Thousand Dollars
                  ($100,000.00) or more; (v) as soon as available, but not later
                  than forty-five (45) days after the last of Borrower's fiscal
                  year, Board approved Operating Plan (expressed on a monthly
                  and quarterly basis); (vi) prompt notice of any material
                  change in the composition of the Intellectual Property, or the
                  registration of any copyright, including any subsequent
                  ownership right of Borrower in or to any Copyright, Patent or
                  Trademark not shown in any intellectual property security
                  agreement between Borrower and Bank or knowledge of an event
                  that materially adversely affects the value of the
                  Intellectual Property; and (vii) other financial information
                  reasonably requested by Bank.

                        (b) Borrower shall deliver to Bank with the monthly and
                  annual financial statements a Compliance Certificate signed by
                  a Responsible Officer in the form of Exhibit C."

                  and inserting in lieu thereof the following:

                  "6.2 FINANCIAL STATEMENTS, REPORTS, CERTIFICATES.

                        (a) Borrower shall deliver to Bank: (i) as soon as
                  available, but no later than thirty (30) days after the last
                  day of each month, a company prepared consolidated balance
                  sheet and income statement covering Borrower's consolidated
                  operations during the period certified by a Responsible
                  Officer and in a form acceptable to Bank; (ii) as soon as
                  available, but no later than one hundred eighty (180) days
                  after the last day of Borrower's fiscal year, audited
                  consolidated financial statements prepared under GAAP,
                  consistently applied, together with an unqualified opinion on
                  the financial statements

<PAGE>

                  from an independent certified public accounting firm
                  reasonably acceptable to Bank; (iii) in the event that the
                  Borrower's stock becomes publicly held, within five (5) days
                  of filing, copies of all statements, reports and notices made
                  available to Borrower's security holders or to any holders of
                  Subordinated Debt and all reports on Form 10-K, 10-Q and 8-K
                  filed with the Securities and Exchange Commission; (iv) a
                  prompt report of any legal actions pending or threatened
                  against Borrower or any Subsidiary that could result in
                  damages or costs to Borrower or any Subsidiary of Two Hundred
                  Fifty Thousand Dollars ($250,000.00) or more; (v) as soon as
                  available, but not later than ten (10) days after the last of
                  Borrower's fiscal year, Board approved Operating Plan
                  (expressed on a monthly and quarterly basis); (vi) prompt
                  notice of any material change in the composition of the
                  Intellectual Property, or the registration of any copyright,
                  including any subsequent ownership right of Borrower in or to
                  any Copyright, Patent or Trademark not shown in any
                  intellectual property security agreement between Borrower and
                  Bank or knowledge of an event that materially adversely
                  affects the value of the Intellectual Property; and (vii)
                  other financial information reasonably requested by Bank.

                        (b) Borrower shall deliver to Bank with the monthly
                  financial statements a Compliance Certificate signed by a
                  Responsible Officer in the form of Exhibit C."

            6.    The Loan Agreement shall be amended by deleting the following
                  appearing as Section 6.7 thereof:

                        "6.7 FINANCIAL COVENANTS. Borrower shall maintain at all
                        times, to be tested as of the last day of each month
                        (unless otherwise noted):

                        (a) NET REVENUE. Consolidated net revenue of at least
                        (i) $3,000,000 for the fiscal quarter ending
                        September 30, 2005, (ii) $3,500,000 for the fiscal
                        quarter ending December 31, 2005, (iii) $4,000,000 for
                        the fiscal quarter ending March 31, 2006, (iv)
                        $4,750,000 for the fiscal quarter ending June 30,
                        2006, (v) $5,250,000 for the fiscal quarter ending
                        September 30, 2006, (vi) $6,000,000 for the fiscal
                        quarter ending December 31, 2006, and (vii) the
                        greater of (A) $6,250,000, and (B) eighty percent
                        (80.0%) of Borrower's Board-approved operating plan,
                        for the fiscal quarter ending March 31, 2007 and as
                        of the last day of each fiscal quarter thereafter.

                        (b) DEBT SERVICE RATIO. In the event that the amount of
                        Borrower's unrestricted cash maintained at Bank is less
                        than $1,300,000.00, a ratio of (i) net income plus
                        interest, depreciation, and amortization, minus unfunded
                        capital expenditures, and minus cash taxes paid,
                        calculated based on the three (3) month period ending as
                        of the date tested, to (ii) principal and interest
                        expense with respect to the Obligations, calculated
                        based on the three (3) month period ending as of the
                        date tested, of greater than 1.25 to 1.0."

                  and inserting in lieu thereof the following:

                        "6.7 FINANCIAL COVENANTS. Borrower shall maintain at all
                        times, to be tested as of the last day of each month
                        (unless otherwise noted):

                        (a) MINIMUM REVENUE. Minimum Net Revenue as set forth on
                        Exhibit D.

                        (b) TOTAL FUNDED DEBT RATIO. Borrower shall maintain at
                        all times, a ratio of Total Funded Debt to Liquid Assets
                        of not more than 0.85 to 1.0."

<PAGE>

            7.    The Loan Agreement shall be amended by deleting the following
                  text appearing in Section 7.2 thereof:

                        "or management."

                  and inserting in lieu thereof the following:

                        " or if the Key Person ceases to hold such office with
                        Borrower and a replacement reasonably satisfactory to
                        Bank is not made within one hundred twenty (120) days
                        thereafter"

            8.    The Loan Agreement shall be amended by deleting the following
                  definitions appearing in Section 13.1 thereof:

                        ""EQUIPMENT ADVANCE" or "EQUIPMENT ADVANCES" shall mean
                        any advance made hereunder pursuant to Section 2.1.1,
                        Section 2.1.2, Section 2.1.3, Section 2.1.4, or Section
                        2.1.5 hereof."

                        ""OTHER EQUIPMENT" is intangible property such as
                        computer software and software licenses, equipment
                        specifically designed or manufactured for Borrower,
                        other intangible property, limited use property and
                        other similar property and soft costs approved by the
                        Bank, including sales tax, freight and installation
                        expenses. Unless otherwise agreed to by Bank, not more
                        than twenty-five percent (25%) of the proceeds of the
                        2003 Equipment Line, twenty-five percent (25%) of the
                        proceeds of the 2004 Equipment Line, twenty-five percent
                        (25%) of the proceeds of the 2004 Equipment Line No. 2,
                        twenty-five percent (25%) of the proceeds of the 2005
                        Equipment Line, or twenty-five percent (25%) of the
                        proceeds of the 2005 Equipment Line No. 2 shall be used
                        to finance Other Equipment."

                  and inserting in lieu thereof the following:

                        ""EQUIPMENT ADVANCE" or "EQUIPMENT ADVANCES" shall mean
                        any advance made hereunder pursuant to Section 2.1.1,
                        Section 2.1.2, Section 2.1.3, Section 2.1.4, Section
                        2.1.5, or Section 2.1.6 hereof."

                        ""OTHER EQUIPMENT" is intangible property such as
                        computer software and software licenses, equipment
                        specifically designed or manufactured for Borrower,
                        other intangible property, limited use property and
                        other similar property and soft costs approved by the
                        Bank, including sales tax, freight and installation
                        expenses. Unless otherwise agreed to by Bank, not more
                        than twenty-five percent (25%) of the proceeds of the
                        2003 Equipment Line, twenty-five percent (25%) of the
                        proceeds of the 2004 Equipment Line, twenty-five percent
                        (25%) of the proceeds of the 2004 Equipment Line No. 2,
                        twenty-five percent (25%) of the proceeds of the 2005
                        Equipment Line, twenty-five percent (25%) of the
                        proceeds of the 2005 Equipment Line No. 2, or thirty
                        percent (30%) of the proceeds of the 2007 Equipment Line
                        shall be used to finance Other Equipment."

            9.    The Loan Agreement shall be amended by adding the following
                  definitions to appear alphabetically in Section 13.1 thereof:

<PAGE>

                        ""2007 CLOSING DATE" is March 20, 2007."

                        ""2007 EQUIPMENT ADVANCE" or "2007 EQUIPMENT ADVANCES"
                        is defined in Section 2.1.6(a)."

                        ""2007 EQUIPMENT LINE" is a 2007 Equipment Advance or
                        2007 Equipment Advances of up to Five Million Dollars
                        ($5,000,000.00)."

                        ""DRAW PERIOD" is the period of time from the 2007
                        Closing Date through the earliest to occur of (a)
                        December 31, 2007, or (b) an Event of Default."

                        ""INITIAL 2007 EQUIPMENT ADVANCE" is defined in Section
                        2.1.6(a)."

                        ""KEY PERSON" is Borrower's Chief Executive Officer,
                        who, as of the 2007 Closing Date, is Gail Goodman."

                        ""LIQUID ASSETS" shall mean all unrestricted and
                        unencumbered cash, and marketable securities maintained
                        at Bank or SVB Securities in Borrower's name and not
                        pledged to any other Person."

                        ""NET REVENUE" means net revenue consistent with
                        Borrower's current practice as reported by Borrower to
                        Bank and consistent with the manner of preparation of
                        the budgeted revenue that Borrower provided to Bank
                        prior to March 20, 2007."

                        ""TOTAL FUNDED DEBT" is the aggregate amount of all
                        outstanding principal, interest, fees and other
                        liabilities or costs arising out of any indebtedness of
                        Borrower for borrowed money."

            10.   The Compliance Certificate appearing as EXHIBIT C to the Loan
                  Agreement is hereby replaced with the Compliance Certificate
                  attached as EXHIBIT A hereto.

            11.   EXHIBIT B attached hereto shall hereby be attached to the Loan
                  Agreement as EXHIBIT D thereto.

4. FEES. Borrower shall pay to Bank a modification fee of Twenty-Five Thousand
Dollars ($25,000.00), which fee shall be due on the date hereof and shall be
deemed fully earned as of the date hereof. Borrower shall also reimburse Bank
for all reasonable legal fees and expenses incurred in connection with this
amendment to the Existing Loan Documents.

5. CONSISTENT CHANGES. The Existing Loan Documents are hereby amended wherever
necessary to reflect the changes described above.

6. RATIFICATION OF LOAN DOCUMENTS. Borrower hereby ratifies, confirms, and
reaffirms all terms and conditions of all security or other collateral granted
to the Bank, and confirms that the indebtedness secured thereby includes,
without limitation, the Obligations.

7. NO DEFENSES OF BORROWER. Borrower hereby acknowledges and agrees that
Borrower has no offsets, defenses, claims, or counterclaims against Bank with
respect to the Obligations, or otherwise, and that if Borrower now has, or ever
did have, any offsets, defenses, claims, or counterclaims against Bank, whether
known or unknown, at law or in equity, all of them are hereby expressly WAIVED
and Borrower hereby RELEASES Bank from any liability thereunder.

<PAGE>

8. CONTINUING VALIDITY. Borrower understands and agrees that in modifying the
existing Obligations, Bank is relying upon Borrower's representations,
warranties, and agreements, as set forth in the Existing Loan Documents. Except
as expressly modified pursuant to this Loan Modification Agreement, the terms of
the Existing Loan Documents remain unchanged and in full force and effect.
Bank's agreement to modifications to the existing Obligations pursuant to this
Loan Modification Agreement in no way shall obligate Bank to make any future
modifications to the Obligations. Nothing in this Loan Modification Agreement
shall constitute a satisfaction of the Obligations. It is the intention of Bank
and Borrower to retain as liable parties all makers of Existing Loan Documents,
unless the party is expressly released by Bank in writing. No maker will be
released by virtue of this Loan Modification Agreement.

9. COUNTERSIGNATURE. This Loan Modification Agreement shall become effective
only when it shall have been executed by Borrower and Bank.

            [The remainder of this page is intentionally left blank]

<PAGE>

      This Loan Modification Agreement is executed as a sealed instrument under
the laws of the Commonwealth of Massachusetts as of the date first written
above.

BORROWER:                                BANK:

CONSTANT CONTACT, INC.                   SILICON VALLEY BANK

By: /s/ Steven R. Wasserman              By: /s/ Naomi B. Herman
    ---------------------------              ---------------------------
Name: Steven R. Wasserman                Name: Naomi B. Herman
      -------------------------                -------------------------
Title: VP & CFO & Treasurer              Title: Vice President
       ------------------------                 ------------------------
<PAGE>

                                    EXHIBIT A
                             COMPLIANCE CERTIFICATE

      TO:   SILICON VALLEY BANK

      FROM: CONSTANT CONTACT, INC.

      The undersigned authorized officer of CONSTANT CONTACT, INC. hereby
certifies that in accordance with the terms and conditions of the Loan and
Security Agreement between Borrower and Bank (the "Agreement"), (i) Borrower is
in complete compliance for the period ending ________________ with all required
covenants except as noted below and (ii) all representations and warranties of
Borrower stated in the Agreement are true and correct in all material respects
as of the date hereof. Attached herewith are the required documents supporting
the certification. The Officer further certifies that these are prepared in
accordance with Generally Accepted Accounting Principles (GAAP) and are
consistently applied from one period to the next except as explained in an
accompanying letter or footnotes. The Officer expressly acknowledges that no
borrowings may be requested by the Borrower at any time or date of determination
that Borrower is not in compliance with any of the terms of the Agreement, and
that such compliance is determined not just at the date this certificate is
delivered.

      PLEASE INDICATE COMPLIANCE STATUS BY CIRCLING YES/NO UNDER "COMPLIES"
COLUMN.

<TABLE>
<CAPTION>
REPORTING COVENANT                           REQUIRED                 COMPLIES
------------------                           --------                 --------
<S>                                          <C>                      <C>
Monthly financial statements with CC         Monthly within 30 days   Yes No
Annual (CPA Audited)                         FYE within 180 days      Yes No
Board Approved Operating Plan                FYE within 10 days       Yes No
</TABLE>

            The following Intellectual Property was registered after the Closing
      Date (if blank, read "None")

            ____________________________________________________________________

            ____________________________________________________________________

<TABLE>
<CAPTION>
FINANCIAL COVENANT                      REQUIRED                 ACTUAL          COMPLIES
------------------                      --------                 ------          --------
<S>                                     <C>                     <C>              <C>
To be maintained at all
  times, tested monthly:

Minimum Revenue                         $_____________*         _____:1.0        Yes  No

Total Funded Debt Ratio                 < or = 0.85:1.0         _____:1.0        Yes  No
</TABLE>

*     As set forth in Section 6.7(a) of the Agreement.

COMMENTS REGARDING EXCEPTIONS:  See Attached.          BANK USE ONLY

Sincerely,                                       RECEIVED BY:___________________
_______________________    Date:__________       DATE:____________________
SIGNATURE                                        REVIEWED BY:___________________
_______________________                          COMPLIANCE STATUS: YES / NO
TITLE

<PAGE>

                                    EXHIBIT B
                                 MINIMUM REVENUE

Borrower shall maintain at all times, to be tested as of the last day of each
month, Net Revenue equal to or greater than: (i) Two Million Three Hundred
Thousand Dollars ($2,300,000.00) as of the month ending January 31, 2007, (ii)
Two Million Four Hundred Thousand Dollars ($2,400,000.00) as of the month ending
February 28, 2007, (iii) Two Million Five Hundred Thousand Dollars
($2,500,000.00) as of the month ending March 31, 2007, (iv) Two Million Seven
Hundred Thousand Dollars ($2,700,000.00) as of the month ending April 30, 2007,
(v) Two Million Eight Hundred Thousand Dollars ($2,800,000.00) as of the month
ending May 31, 2007, (vi) Three Million Dollars ($3,000,000.00) as of the month
ending June 30, 2007, (vii) Three Million Two Hundred Thousand Dollars
($3,200,000.00) as of the month ending July 31, 2007, (viii) Three Million Three
Hundred Thousand Dollars ($3,300,000.00) as of the month ending August 31, 2007,
(ix) Three Million Five Hundred Thousand Dollars ($3,500,000.00) as of the month
ending September 30, 2007, (x) Three Million Seven Hundred Thousand Dollars
($3,700,000.00) as of the month ending October 31, 2007, (xi) Three Million Nine
Hundred Thousand Dollars ($3,900,000.00) as of the month ending November 30,
2007, (xii) Four Million One Hundred Thousand Dollars ($4,100,000.00) as of the
month ending December 31, 2007, and as of the last day of each month thereafter.
<PAGE>
                        [Silicon Valley Bank Letterhead]

June 13, 2007

Mr. Steven Wasserman
Chief Financial Officer
Constant Contact, Inc.
1601 Trapelo Road
Waltham, MA 02451

Dear Steve:

This letter is written in connection with that certain Loan and Security
Agreement between Silicon Valley Bank ("Bank") and Constant Contact, Inc.
("Borrower") dated February 27, 2003 and related loan documents (as amended from
time to time, collectively, the "Loan Agreement").

DESCRIPTION OF CHANGE IN TERMS.

         Modification to Loan Agreement

         Section 6.2(a)(ii) of the Loan Agreement is hereby amended by deleting
         the following text appearing therein:

         as soon as available, but no later than one hundred eighty (180) days
         after the last day of Borrower's fiscal year, audited consolidated
         financial statements prepared under GAAP, consistently applied,
         together with an unqualified opinion on the financial statements from
         an independent certified public accounting firm reasonably acceptable
         to Bank;

         And substituting the following text therefore:

         as soon as available, but no later than two hundred seventy (270) days
         after the last day of Borrower's fiscal year, audited consolidated
         financial statements prepared under GAAP, consistently applied,
         together with an unqualified opinion on the financial statements from
         an independent certified public accounting firm reasonably acceptable
         to Bank;

By signing below and returning a copy of this letter to Bank, Borrower
acknowledges that the Loan Agreement is hereby modified in accordance with the
provisions set forth above. Borrower further understands and agrees that in
modifying the Loan Agreement, Bank is relying upon Borrower's representations,
warranties, and agreements, as set forth in the Loan Agreement. Except as
expressly modified pursuant to this letter, the terms of the Loan Agreement
remain unchanged and in full force and effect. Bank's agreement to modify the
Loan Agreement in accordance with the provisions set forth in this letter in no
way shall obligate Bank to make any future waivers or modifications to the Loan
Agreement. Nothing in this letter shall constitute a satisfaction of the
Borrower's indebtedness to Bank. It is the intention of Bank and Borrower to
retain as liable parties all makers and endorsers of the Loan Agreement, unless
the party is expressly released by in writing. No maker or endorser will be
released by virtue of this letter.

<PAGE>
The terms of this paragraph apply not only to this letter, but also to all
subsequent loan modification agreements.

The provisions of this letter shall not be deemed effective until such time as
Borrower shall have returned a countersigned copy to Bank.

Very truly yours,

/s/ Naomi B. Herman
-------------------------
Naomi B. Herman
Vice President
Silicon Valley Bank

By executing below, the undersigned acknowledges and confirms the effectiveness
of this letter.

Constant Contact, Inc.

By: /s/ Steven R. Wasserman
   ---------------------------------

Title: Steven R. Wasserman  VP & CFO
      ------------------------------
Dated: 6/14/07
      ------------------------------exv10w1

 

Exhibit 10.1

EMPLOYMENT AGREEMENT

     THIS EMPLOYMENT AGREEMENT (the “Agreement”), entered into and effective as of the 1st day of
January, 2007 (the “Effective Date”), by and between First Financial Bank, N.A. (the “Bank”) and
Norman L. Lowery (the “Employee”).

     WHEREAS, the Employee has heretofore been employed by the Bank as its President and Chief
Executive Officer and has performed valuable services for the Bank; and

     WHEREAS, the Board of Directors of the Bank (the “Board”) believes it is in the best interest
of the Bank to enter into this Agreement with the Employee in order to assure continuity of
management of the Bank to reinforce and encourage the continued attention and dedication of the
Employee to his assigned duties; and

     WHEREAS, the parties desire, by this writing, to set forth the continuing employment
relationship between the Bank and the Employee.

     NOW, THEREFORE, in consideration of the premises contained herein and for other good and
valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Employee and
the Bank agree as follows:

     1. Employment. The Employee is employed as the President and Chief Executive Officer
of the Bank. The Employee shall render such administrative and management services for the Bank as
are currently rendered and as are currently performed by persons situated in a similar executive
capacity. The Employee shall also promote, by entertainment or otherwise, as and to the extent
permitted by law, the business of the Bank. The Employee’s other duties shall be such as the Board
may, from time to time, reasonably direct, including normal duties as an officer of the Bank.
During the term of this Agreement, the Employee shall be nominated and elected to serve as a
Director of the Bank or of any successor to the Bank.

     2. Base Compensation. The Bank agrees to pay the Employee during the term of this
Agreement a base salary at the rate of $450,395 per annum, payable in cash not less frequently than
monthly. Such base salary shall be effective and calculated commencing as of the Effective Date.
The Bank may consider and declare from time to time increases in the base salary it pays the
Employee. Prior to a Change in Control (as hereinafter defined), the Bank may also declare
decreases in the base salary it pays the Employee if the operating results of the Bank are
significantly less favorable than those for the fiscal year ending December 31, 2001, and the Bank
makes similar decreases in the base salary it pays to other executive officers of the Bank. After
a Change in Control, the Bank shall consider and declare salary increases in base salary based upon
the following standards:

     (a) Inflation;

     (b) Adjustments to the base salaries of other senior management personnel;

     (c) Past performance of the Employee; and

 

 

     (d) The contribution which the Employee makes to the business and profits of the Bank
during the term of this Agreement.

     3. Bonuses. The Employee shall participate in any year end bonus granted to other
employees by the Board. The Employee shall further participate in an equitable manner with all
other senior management employees of the Bank in any discretionary bonuses that the Board may award
from time to time to the Bank’s senior management employees. No other compensation provided for in
this Agreement shall be deemed a substitute for the Employee’s right to participate in such
discretionary bonuses.

     4. Benefits.

     (a) Participation in Retirement, Medical and Other Benefit Plans. During the
term of this Agreement, the Employee shall be eligible to participate in the following
benefit plans; group hospitalization, disability, health, dental, sick leave, retirement,
supplemental retirement, pension, 401(k), employee stock ownership plan, and all other
present or future qualified and/or nonqualified plans provided by the Bank generally, or to
executive officers of the Bank, which benefits, taken as a whole, must be at least as
favorable as those in effect on the Effective Date, unless the continued operation of such
plans or changes in the accounting, legal or tax treatment of such plans would adversely
affect the Bank’s operating results or financial condition in a material way, and the Board
concludes that modifications to such plans are necessary to avoid such adverse effects and
such modifications apply consistently to all employees of the Bank participating in the
affected plans. In addition, the Employee shall be eligible to participate in any fringe
benefits which are or may become available to the Bank’s senior management employees,
including, for example, any stock option or incentive compensation (including, but not
limited to the First Financial Corporation 2001 Long-Term Incentive Plan and 2005 Long-Term
Incentive Plan (“LTIP”)) or performance-based plans, any insurance programs (including, but
not limited to, any group and executive life insurance programs), and any other benefits
which are commensurate with the responsibilities and functions to be performed by the
Employee under this Agreement. All the employee benefits referenced in this subsection 4(a)
are collectively referred to hereinafter as “Employee Benefits.”

     (b) Benefits After Retirement. Upon retirement of the Employee during the term
of this Agreement, the Bank agrees to continue, at no greater cost to Employee than is
generally allocated to all employees, full coverage for the Employee, his spouse and his
children living in his household under the health, life and disability plans as adopted by
the Bank which shall be no less favorable than those in effect on the Effective Date of this
Agreement. The Bank agrees to continue such health coverage until both the

2

 

Employee and his spouse are eligible for coverage by Medicare. When both the Employee
and his spouse become eligible for Medicare coverage, the Bank agrees to pay for
supplemental coverage for both the Employee and his spouse until the death of the Employee
and his spouse. The Employee shall be entitled to a life insurance policy on his life in
the maximum amount established by the group life insurance plan from time to time which
amount shall be no less than the limit on the Effective Date of three times his annual
salary (subject to a $350,000 maximum), provided at the Bank’s cost. The Employee shall
also be entitled to a life insurance policy on his life in the amount established by the
Bank’s insurance program for executive officers from time to time. The Bank shall continue
to pay to the Employee the annual premiums, which are required to keep the life insurance
policy in force, on behalf of the Employee pursuant to the Bank’s insurance program for
executive officers.

     (c) Expenses and Membership. The Employee shall be reimbursed for all
reasonable out-of-pocket business expenses which he shall incur in connection with his
services under this Agreement, upon substantiation of such expenses in accordance with the
policies of the Bank. In addition, the Employee shall be reimbursed for all reasonable
out-of-pocket expenses incurred by him to satisfy his continuing legal education
requirements for his license to practice law in the State of Indiana. So long as the
Employee is employed by the Bank pursuant to this Agreement, the Employee shall be entitled
to continue his memberships in the American, Indiana and Terre Haute Bar Associations, the
American Association for Justice and the Indiana Trial Lawyers Association and the Country
Club of Terre Haute, and Bank shall continue to pay or reimburse the Employee for the dues
and assessments for such memberships.

     (d) Automobile. So long as the Employee is employed by the Bank pursuant to
this Agreement, the Employee shall be entitled to continue to use a Bank-owned automobile of
commensurate quality and value as that presently used by him on the same terms and
conditions in effect with respect to such use on the Effective Date of this Agreement. The
Bank shall provide and pay the premiums for full insurance coverage on the automobile. Such
insurance coverage shall be no less than the coverage provided on the Effective Date of this
Agreement. The Bank shall also pay for the cost of maintenance and repair of the
automobile. All benefits referenced in this subsection 4(d) are collectively referred to
hereinafter as “Automobile Benefits.”

     (e) Vacation, Sick Leave and Disability. The Employee shall be entitled to 30
days vacation annually and shall be entitled to the same sick leave and disability leave as
other employees of the Bank.

     The Employee shall not receive any additional compensation from the Bank on account of
his failure to take a vacation or sick leave, and the Employee shall not accumulate unused
vacation or sick leave from one fiscal year to the next, except in either case to the extent
authorized by the Board or permitted for other employees of the Bank.

     In addition to the aforesaid paid vacations, the Employee shall be entitled, without
loss of pay, to absent himself voluntarily from the performance of his employment with the
Bank for such additional periods of time and for such valid and legitimate reasons as
the Board may in its discretion determine and to attend the continuing legal education
seminars contemplated by subsection 4(c) hereof. Further, the Board may grant to the
Employee a leave or leaves of absence, with or without pay, at such time or times and upon
such terms and conditions as such Board in its discretion may determine.

3

 

     (f) Other Policies. All other matters relating to the employment of the
Employee by the Bank not specifically addressed in this Agreement shall be subject to the
general policies regarding employees of the Bank as in effect from time to time.

     5. Term of Employment. The Bank hereby employs the Employee, and the Employee hereby
accepts such employment under the terms of this Agreement, for the period commencing on the
Effective Date and ending sixty months thereafter (or such earlier date as is determined in
accordance with Section 8). Additionally, on each annual anniversary date from the Effective Date,
the Employee’s term of employment shall be extended for an additional one-year period beyond the
then effective expiration date, provided the Board determines in a duly adopted resolution that
this Agreement shall be extended. Only those members of the Board who have no personal interest in
this Agreement shall discuss and vote on the approval, subsequent review and extension of this
Agreement. The initial term of this Agreement and all extensions thereof are hereinafter referred
to individually and collectively as the “Term.”

     6. Covenants.

     (a) Loyalty.

     (i) During the period of his employment hereunder and except for illnesses,
reasonable vacation periods, and reasonable leaves of absence, the Employee shall
devote all of his full business time, attention, skill and efforts to the faithful
performance of his duties hereunder; provided, however, from time to time, the
Employee may serve on the Boards of Directors of, and hold any other offices or
positions in, companies or organizations, and may perform legal services either
directly or as a result of an of counsel or analogous position with a law firm for
clients which will not present any conflict of interest with the Bank or any of its
subsidiaries or affiliates, or unfavorably affect the performance of Employee’s
duties pursuant to this Agreement, or will not violate any applicable statute or
regulation. “Full business time” is hereby defined as that amount of time usually
devoted to like companies by similarly situated executive officers. During the term
of his employment under this Agreement, the Employee shall not engage in any
business or activity contrary to the business affairs or interests of the Bank, or
be gainfully employed in any other position or job other than as provided above.

     (ii) Nothing contained in this Section shall be deemed to prevent or limit the
Employee’s right to invest in the capital stock or other securities of any
business dissimilar from that of the Bank, or, solely as a passive or minority
investor, in any business.

     (b) Nonsolicitation. The Employee hereby understands and acknowledges that, by
virtue of his position with the Bank, he will have advantageous familiarity and personal
contacts with the Bank’s customers, wherever located, and the business, operations and
affairs of the Bank. Accordingly, while the Employee is employed by the Bank and for a
period of one year after termination of the Employee’s employment with the Bank for any
reason (whether with or without cause or whether by the Bank or the

4

 

Employee) or the
expiration of the Term, the Employee shall not, directly or indirectly, or individually or
jointly, (i) solicit any non-legal business of any party which is a customer of the Bank at
the time of such termination or any party which was a customer of the Bank during the one
year period immediately preceding such termination, (ii) request or advise any customers or
suppliers of the Bank to terminate, reduce, limit or change their business or relationship
with the Bank, or (iii) induce, request or attempt to influence any employee of the Bank to
terminate his employment with the Bank, unless such actions are taken in connection with
Employee engaging in the practice of law.

     For purposes of this Agreement, the term “solicit” means any direct or indirect
communication of any kind whatsoever, regardless of by whom initiated, which encourages or
requests any person or entity, in any manner, to cease doing business with the Bank.

     (c) Noncompetition. During the period of his employment hereunder, and for a
period of two years following the termination hereof, the Employee shall not, directly or
indirectly:

     (i) As owner, officer, director, stockholder, investor, proprietor, organizer
or otherwise, engage in the same trade or business as the Bank, as conducted on the
date hereof, which would conflict with the interests of the Bank or in a trade or
business competitive with that of the Bank, which would conflict with the interests
of the Bank, as conducted on the date hereof; or

     (ii) Offer or provide employment (whether such employment is with the Employee
or any other business or enterprise), either on a full-time or part-time or
consulting basis, to any person who then currently is, or who within one (1) year
prior to such offer or provision of employment has been, a management-level employee
of the Bank. This subsection 6(c)(ii) shall only apply in the event the Employee
voluntarily terminates his employment with the Bank.

     The restrictions contained in this paragraph upon the activities of the Employee
following termination of employment shall be limited to the following geographic areas
(hereinafter referred to as “Restricted Geographical Area”):

     (1) Terre Haute, Indiana; and

     (2) The thirty mile radius of Terre Haute, Indiana.

     Nothing contained in this Section 6 shall prevent or restrict the Employee from
engaging in the practice of law, including within the Restricted Geographical Area. In
addition, nothing contained in this subsection shall prevent or limit the Employee’s right
to invest in the capital stock or other securities of any business dissimilar from that of
the Bank, or, solely as a passive or minority investor, in any business.

5

 

     If the Employee does not comply with the provisions of this Section, the two year
period of non-competition provided herein shall be tolled and deemed not to run during any
period(s) of noncompliance, the intention of the parties being to provide two full years of
non-competition by the Employee after the termination or expiration of this Agreement.

     (d) Nondisclosure. The term “Confidential Information” as used herein shall
mean any and all customer lists, computer hardware, software and related material, trade
secrets (as defined in I.C. 24-2-3-2), know-how, skills, knowledge, ideas, knowledge of
customer’s commercial requirements, pricing methods, sales and marketing techniques, dealer
relationships and agreements, financial information, intellectual property, codes, research,
development, research and development programs, processes, documentation, or devices used in
or pertaining to the Bank’s business (i) which relate in any way to the Bank’s business,
products or processes; or (ii) which are discovered, conceived, developed or reduced to
practice by the Employee, either alone or with others either during the Term, at the Bank’s
expense, or on the Bank’s premises.

     (i) During the course of his services hereunder the Employee may become
knowledgeable about, or become in possession of, Confidential Information. If such
Confidential Information were to be divulged or become known to any competitor of
the Bank or to any other person outside the employ of the Bank, or if the Employee
were to consent to be employed by any competitor of the Bank or to engage in
competition with the Bank, the Bank would be irreparably harmed. In addition, the
Employee has or may develop relationships with the Bank’s customers which could be
used to solicit the business of such customers away from the Bank. The Bank and the
Employee have entered into this Agreement to guard against such potential harm.

     (ii) The Employee shall not, directly or indirectly, use any Confidential
Information for any purpose other than the benefit of the Bank or communicate,
deliver, exhibit or provide any Confidential Information to any person, firm,
partnership, corporation, organization or entity, except as required in the normal
course of the Employee’s service as a consultant or as an employee of the Bank. The
covenant contained in this subsection shall be binding upon the Employee during the
Term and following the termination hereof until either (i) such Confidential
Information becomes obsolete; or (ii) such Confidential Information becomes
generally known in the Bank’s trade or industry by means other than a breach of this
covenant.

     (iii) The Employee agrees that all Confidential Information and all records,
documents and materials relating to such Confidential Information, shall be and
remain the sole and exclusive property of the Bank.

     (e) Remedies. The Employee agrees that the Bank will suffer irreparable
damage and injury and will not have an adequate remedy at law in the event of any breach by
the Employee of any provision of this Section. Accordingly, in the event the Bank seeks,
under law or in equity, a temporary restraining order, permanent injunction

6

 

or a decree of
specific performance of the provisions of this Section, no bond or other security shall be
required. The Bank shall be entitled to recover from the Employee, reasonable attorneys’
fees and expenses incurred in any action wherein the Bank successfully enforces any of the
provisions of this Section against the breach or threatened breach of those provisions by
the Employee. The remedies described in this Section are not exclusive and are in addition
to all other remedies the Bank may have at law, in equity, or otherwise.

     (i) The Employee and the Bank acknowledge and agree that in the event of
termination of the Employee’s employment for any reason whatsoever, the Employee can
obtain other engagements or employment of a kind and nature similar to that
contemplated herein outside the Restricted Geographical Area and that the issuance
of an injunction to enforce the provisions of this Section will not prevent him from
earning a livelihood.

     (ii) The covenants on the part of the Employee contained in this Section are
essential terms and conditions to the Bank entering into this Agreement, and shall
be construed as independent of any other provision in this Agreement.

     (f) Surrender of Records. Upon termination of the Employee’s employment for
any reason, the Employee shall immediately surrender to the Bank any and all computer
hardware, software and related materials, records, notes, documents, forms, manuals,
photographs, instructions, lists, drawings, blueprints, programs, diagrams or other written
or printed material (including any and all copies made at any time whatsoever) in his
possession or control which pertain to the business of the Bank or its affiliates including
any Confidential Information in the Employee’s personal notes, address books, calendars,
rolodexes, personal data assistants, etc.

     7. Standards. The Employee shall perform his duties under this Agreement in
accordance with such reasonable standards as the Board may establish from time to time. The Bank
will provide the Employee with the working facilities and staff commensurate with his position or
positions and necessary or advisable for him to perform his duties.

     8. Termination and Termination Pay. Subject to Section 10 hereof, the Employee’s
employment hereunder may be terminated under the following circumstances:

     (a) Death. The Employee’s employment shall terminate upon his death during the
Term of this Agreement, in which event the Employee’s estate or designated beneficiaries
shall be entitled to receive the base salary, bonuses, vested rights, and Employee Benefits
due the Employee through the last day of the calendar month in which his death occurred.
Any benefits payable under insurance, health, retirement, bonus, incentive (including, but
not limited to, the LTIP), performance or other plans as a result of the Employee’s
participation in such plans through such date shall be paid when and as due under those
plans.

7

 

     (b) Disability.

     (i) The Bank may terminate the Employee’s employment, as a result of the
Employee’s Disability, in a manner consistent with the Bank’s and the Employee’s
rights and obligations under the Americans with Disabilities Act or other applicable
state and federal laws concerning disability. For the purpose of this Agreement,
“Disability” means the Employee is:

     (1) Unable to engage in any substantial gainful activity by reason of
any medically determinable physical or mental impairment which can be
expected to result in death or can be expected to last for a continuous
period of not less than 12 months, or

     (2) By reason of any medically determinable physical or mental
impairment which can be expected to result in death or can be expected to
last for a continuous period of not less than 12 months, receiving income
replacement benefits for a period of not less than three months under an
accident and health plan covering employees of the Employer.

     (ii) During any period that the Employee shall receive disability benefits and
to the extent that the Employee shall be physically and mentally able to do so, he
shall furnish such information, assistance and documents so as to assist in the
continued ongoing business of the Bank.

     (iii) In the event of Employee’s termination of employment by the Bank due to
Disability, the Employee shall be entitled to receive the base salary, bonuses,
vested rights, and Employee Benefits due the Employee through his date of
termination. Any benefits payable under insurance, health, retirement, bonus,
incentive (including, but not limited to, the LTIP), performance or other plans as a
result of Employee’s participation in such plans through such date of termination
shall be paid when and as due under those plans.

     (c) Just Cause. The Board may, by written notice to the Employee, immediately
terminate his employment at any time, for Just Cause. The Employee shall have no right to
receive any base salary, bonuses or other Employee Benefits, except as provided by law,
whatsoever for any period after his termination for Just Cause. However, the vested rights
of the Employee as of his date of termination shall not be
affected. Any benefits payable under insurance, health, retirement, bonus, incentive
(including, but not limited to, the LTIP), performance or other plans as a result of
Employee’s participation in such plans through such date of termination shall be paid when
and as due under those plans. Termination for “Just Cause” shall mean termination because
of:

8

 

     (i) An intentional act of fraud, embezzlement, theft, or personal dishonesty;
willful misconduct, or breach of fiduciary duty involving personal profit by the
Employee in the course of his employment or director service. No act or failure to
act shall be deemed to have been intentional or willful if it was due primarily to
an error in judgment or negligence. An act or failure to act shall be considered
intentional or willful if it is not in good faith and if it is without a reasonable
belief that the action or failure to act is in the best interest of the Bank;

     (ii) Intentional wrongful damage by the Employee to the business or property of
the Bank, causing material harm to the Bank;

     (iii) Breach by the Employee of any confidentiality or non-disclosure agreement
in effect from time to time with the Bank;

     (iv) Gross negligence or insubordination by the Employee in the performance of
his duties; or

     (v) Removal or permanent prohibition of the Employee from participating in the
conduct of Bank’s affairs by an order issued under Section 8(e)(4) or 8(g)(1) of the
Federal Deposit Insurance Act, 12 USC 1818(e)(4) and (g)(1).

     Notwithstanding the foregoing, in the event of termination for Just Cause there shall
be delivered to the Employee a copy of a resolution duly adopted by the affirmative vote of
not less than a majority of the entire membership of the Board at a meeting of the Board
called and held for that purpose (after reasonable notice to the Employee and an opportunity
for the Employee, together with the Employee’s counsel, to be heard before the Board), such
meeting and the opportunity to be heard to be held prior to, or as soon as reasonably
practicable following, termination, but in no event later than 60 days following such
termination, finding that in the good faith opinion of the Board the Employee was guilty of
conduct constituting Just Cause and specifying the particulars thereof in detail. If,
following such meeting, the Employee is reinstated, he shall be entitled to receive the base
salary, bonuses, all Employee Benefits, and all other fringe benefits provided for under
this Agreement for the period following termination and continuing through reinstatement as
though he was never terminated.

     (d) Without Just Cause. The Board may, by written notice to the Employee,
immediately terminate his employment at any time for a reason other than Just Cause, in
which event the Employee shall be entitled to receive the following compensation and
benefits (unless such termination occurs within the time period set forth in subsection
10(a) hereof, in which event the benefits and compensation provided for in Section 10
shall apply):

     (i) The base salary provided pursuant to Section 2 hereof as in effect on the
date of termination, through the Expiration Date of this Agreement as determined
pursuant to Section 5 hereof (including any renewal or extension of this Agreement)
(the “Expiration Date”);

9

 

     (ii) An amount equal to the bonuses received by or payable to the Employee in
the calendar year prior to the calendar year in which the Employee is terminated,
for each year remaining through the Expiration Date; and

     (iii) Cash reimbursement to the Employee in an amount equal to the cost to the
Employee (demonstrated by submission to the Bank of invoices, bills, or other proof
of payment by the Employee) of (A) all health insurance premiums for the Employee,
his spouse and child living in the Employee’s household and Medicare supplement
insurance, and life insurance (all as described in subsection 4(b)); (B) all other
Employee Benefits (all as defined in subsection 4(a) excluding payments under the
LTIP which will be made in accordance with the terms and conditions of the LTIP);
and (C) professional and club dues, the cost of Employee’s continuing legal
education requirements (as described in subsection 4(c)), all Automobile Benefits
(as defined in subsection 4(d)) and other benefits which the Employee would
otherwise have been eligible to participate in or receive, through the Expiration
Date, based upon the benefit levels substantially equal to those that the Bank
provided for the Employee at the date of the Employee’s termination of employment.
The Employee shall also be entitled to receive an amount necessary to provide any
cash payments received under this subsection 8(d)(iii) net of all income and payroll
taxes that would not have been payable by the Employee had he continued
participation in the benefit plan or program instead of receiving cash
reimbursement.

     Notwithstanding the foregoing, but only to the extent required under federal banking
law, the amount payable under subsection 8(d) shall be reduced to the extent that on the
date of the Employee’s termination of employment, the present value of the benefits payable
under subsections 8(d)(i), (ii) and (iii) exceed any limitation on severance benefits that
is imposed by the Office of the Comptroller of the Currency (the “OCC”) on such benefits.

     All amounts payable to the Employee under subsections 8(d)(i) and (ii) shall be paid in
one lump sum within ten days of such termination. All amounts payable to the Employee under
subsection 8(d)(iii) shall be paid on the first day of each month following the Employee’s
termination of employment, in an amount equal to the total reimbursable amount (demonstrated
by invoices, bills or other proof of payment submitted by the Employee). Such amounts must
be submitted for reimbursement no later than the earlier of (i) six months after the date
such amounts are paid by the Employee; or (ii) March 15th of the year following the year in
which the Employee paid the amount.

     (e) Voluntary for Good Reason. The Employee may voluntarily terminate his
employment under this Agreement for Good Reason, and the Employee shall thereupon be
entitled to receive the same amount payable under subsections 8(d) (i) and (ii) hereof,
within 30 days following his date of termination and under subsection 8(d)(iii) as provided
in subsection 8(d). For purposes of this Agreement, “Good Reason” means the occurrence of
any of the following events, which has not been consented to in advance by the Employee in
writing (unless such voluntary termination occurs within the time period

10

 

set forth in
subsection 10(b) hereof, in which event the benefits and compensation provided for in
Section 10 shall apply):

     (i) The requirement that the Employee move his personal residence;

     (ii) A reduction of ten percent or more in the Employee’s base salary, unless
part of an institution-wide reduction and similar to the reduction in the base
salary of all other executive officers of the Bank;

     (iii) The removal of the Employee from participation in any incentive
compensation (including, but not limited to, the LTIP) or performance-based
compensation plans or bonus plans unless the Bank terminates participation in the
plan or plans with respect to all other executive officers of the Bank;

     (iv) The failure by the Bank to continue to provide the Employee with the base
salary, bonuses or benefits provided for under subsections 4(a), (c), (d) and (e) of
this Agreement, as the same may be increased from time to time, or with benefits
substantially similar to those provided to him under those Sections or under any
benefit plan or program in which the Employee now or hereafter becomes eligible to
participate, or the taking of any action by the Bank which would directly or
indirectly reduce any such benefits or deprive the Employee of any such benefit
enjoyed by him, unless part of an institution-wide reduction and applied similarly
to all other executive officers of the Bank:

     (v) The assignment to the Employee of duties and responsibilities materially
different from those normally associated with his position as referenced in Section
1;

     (vi) A failure to elect or re-elect the Employee to the Board or a failure on
the part of First Financial Corporation to honor its obligation to nominate Employee
to the Board of Directors of First Financial Corporation;

     (vii) A material diminution or reduction in the Employee’s responsibilities or
authority (including reporting responsibilities) in connection with his employment
with the Bank; or

     (viii) A material reduction in the secretarial or administrative support of the
Employee.

     Notwithstanding the foregoing, but only to the extent required under federal banking law, the
amount payable under this subsection shall be reduced to the extent that on the date of the
Employee’s termination of employment, the present value of the benefits payable under
subsections 8(d)(i), (ii) and (iii) exceed any limitation on severance benefits that is imposed by
the OCC on such benefits.

11

 

     (f) Voluntary Termination by Employee. Subject to subsection 4(b) and Section
10, the Employee may voluntarily terminate employment with the Bank during the term of this
Agreement, upon at least 90 days’ prior written notice to the Board of Directors, in which
case the Employee shall receive only his base salary, bonuses, vested rights and benefits up
to the date of his termination, such benefits to be paid when and as due under those plans
(unless such termination occurs pursuant to subsection 10(b) hereof, in which event the
benefits, bonuses and base salary provided for in subsection 10(a) shall apply).

     (g) Termination or Suspension Under Federal Law.

     (i) If the Employee is removed and/or permanently prohibited from participating
in the conduct of the Bank’s affairs by an order issued under Sections 8(e)(4) or
8(g)(1) of the Federal Deposit Insurance Act (“FDIA”) (12 U.S.C. 1818(e)(4) and
(g)(1)), all obligations of the Bank under this Agreement shall terminate, as of the
effective date of the order, but vested rights of the Employee shall not be
affected.

     (ii) If the Bank is in default (as defined in Section 3(x)(1) of the FDIA), all
obligations under this Agreement shall terminate as of the date of default; but the
vested rights of the Employee shall not be affected.

     (iii) All obligations under this Agreement shall terminate, except to the
extent it is determined that the continuation of this Agreement is necessary for the
continued operation of the Bank; (A) by the OCC or its designee, at the time that
the Federal Deposit Insurance Corporation (“FDIC”) enters into an agreement to
provide assistance to or on behalf of the Bank under the authority contained in
Section 13(c) of FDIA; or (B) by the OCC, or its designee, at the time that the OCC
or its designee approves a supervisory merger to resolve problems related to
operation of the Bank or when the Bank is determined by the OCC to be in an unsafe
or unsound condition. Such action shall not affect any vested rights of the
Employee.

     (iv) If a notice served under Section 8(e)(3) or (g)(1) of the FDIA suspends
and/or temporarily prohibits the Employee from participating in the conduct of the
Bank’s affairs, the Bank’s obligations under this Agreement shall be suspended as of
the date of such service, unless stayed by appropriate proceedings. However, the
vested rights of the Employee as of the date of suspension will not be affected. If
the charges in the notice are dismissed, the Bank may in its discretion (A) pay the
Employee all or part of the compensation withheld while its contract obligations
were suspended, and (B) reinstate (in whole or in part) any of its obligations which
were suspended.

     (h) Separation from Service. If the Employee qualifies as a Key Employee (as
defined in subsection 8(h)(i)) at the time of his Separation from Service (as defined in
subsection 8(h)(ii)), the Bank may not make a payment pursuant to subsections 8(d)
(disregarding subsection 8(d)(iii)(A)) and 8(e) and Section 10 (disregarding subsection

12

 

10(a)(1)(ii)(B)) earlier than six months following the date of the Employee’s Separation
from Service (or, if earlier, the date of the Employee’s death). Payments to which the Key
Employee would otherwise be entitled during the first six months following the date of his
Separation from Service will be accumulated and paid to the Employee on the first day of the
seventh month following the Employee’s Separation from Service.

     (i) Key Employee means an employee who is:

     (1) An officer of the Bank or First Financial Corporation having annual
compensation greater than $140,000;

     (2) A five percent owner of the Bank or First Financial Corporation; or

     (3) A one percent owner of the Bank or First Financial Corporation
having an annual compensation from the employer of more than $150,000.

The $140,000 amount in subsection 8(h)(i)(1) will be adjusted at the same
time and in the same manner as under Code Section 415(d), except that the
base period shall be the calendar quarter beginning July 1, 2001, and any
increase under this sentence which is not a multiple of $5,000 shall be
rounded to the next lower multiple of $5,000.

     (ii) Separation from Service means the date on which the Employee dies, retires
or otherwise experiences a Termination of Employment with the Bank. Provided,
however, a Separation from Service does not occur if the Employee is on military
leave, sick leave or other bona fide leave of absence if the period of such leave
does not exceed six months, or if longer, so long as the Employee retains a right to
reemployment with the Bank under an applicable statute or by contract. For purposes
of this subsection 8(h)(ii), a leave of absence constitutes a bona fide leave of
absence only if there is a reasonable expectation that the Employee will return to
perform services for the Bank or First Financial Corporation. If the period of
leave exceeds six months and the Employee does not retain the right to reemployment
under an applicable statute or by contract, the employment relationship is deemed to
terminate on the first date immediately following such six-month period.
Notwithstanding the foregoing, where a leave of absence is due to any medically
determinable physical or mental impairment that can be expected to result in death
or can be expected to last for a continuous period of not less than six months,
where such impairment causes the Employee to be unable to perform the duties of his
position of employment or any substantially similar position of employment, a
29-month period of absence may be substituted for such six-month period. The
Employee shall incur a
“Termination of Employment” for purposes of this subsection 8(h)(ii) when a
termination of employment has occurred under Treasury Regulation 1.409A-1(h)(ii).

13

 

     9. No Mitigation. The Employee shall not be required to mitigate the amount of any
payment provided for in this Agreement by seeking other employment or otherwise and no such payment
shall be offset or reduced by the amount of any compensation or benefits provided to the Employee
in any subsequent employment.

     10. Change in Control.

     (a) Change in Control; Involuntary Termination.

     (1) Notwithstanding any provision herein to the contrary, if the Employee’s
employment under this Agreement is terminated by the Bank, without the Employee’s
prior written consent and for a reason other than Just Cause, in connection with or
within 12 months after a Change in Control, as defined in subsection 10(a)(4), the
Employee shall be paid the greater of:

     (i) The total amount payable under subsection 8(d); or

     (ii) The product of 2.99 times the sum of: (A) his base salary in
effect as of the date of the Change in Control; (B) an amount equal to the
bonuses received by or payable to the Employee in the calendar year prior to
the year in which the Change in Control occurs; and (C) cash reimbursement
to the Employee in an amount equal to the cost to the Employee (demonstrated
by submission to the Bank of invoices, bills or other proof of payment by
the Employee) of obtaining all Employee Benefits (all as defined in
subsection 4(a) excluding payments under the LTIP which will be made in
accordance with the terms and conditions of the LTIP), health insurance
premiums for the Employee, his spouse and child living in the Employee’s
household, Medicare supplement insurance, life insurance (all as described
in subsection 4(b)), professional and club dues, the cost of Employee’s
continuing legal education requirements (all as described in subsection
4(c)), all Automobile Benefits (as defined in subsection 4(d)) and other
benefits which the Employee would otherwise have been eligible to
participate in or receive, through the Expiration Date, based upon the
benefit levels substantially equal to those that the Bank provided for the
Employee at the date of the Employee’s termination of employment. The
Employee shall also be entitled to receive an amount necessary to provide
any cash payments received under this subsection 10(a)(ii) net of all income
and payroll taxes that would not have been payable by the Employee had he
continued participation in the benefit plan or program instead of receiving
cash reimbursement.

     (2) To the extent payments received based on the Employee’s termination of
employment in connection with a Change in Control, or within 12 months after a
Change in Control are considered “excess parachute payments” pursuant to the Code
Section 280G, the provisions of “Internal Revenue Code Section 280G Gross-Up” below
shall apply.

14

 

     (3) Internal Revenue Code Section 280G Gross-Up.

     (i) Additional Payment to Account for Excise Taxes. If, as a
result of a termination of employment in connection with a Change in
Control, or with 12 months after a Change in Control, the Employee becomes
entitled to the amount payable under subsection 10(a), or under any other
benefit, compensation, or incentive plan (including, but not limited to, the
LTIP) or arrangement of or with the Bank or First Financial Corporation
(collectively, the “Total Benefits”), and if any part of the Total
Benefits is subject to the Excise Tax under Code Sections 280G and 4999 (the
“Excise Tax”), the Bank or First Financial Corporation shall pay to
the Employee the following additional amounts, consisting of (A) a payment
equal to the Excise Tax payable by the Employee on the Total Benefits under
Code Section 4999 (the “Excise Tax Payment”), and (B) a payment
equal to the amount necessary to provide the Excise Tax Payment net of all
income, payroll and excise taxes. Together, the additional amounts
described in clauses (A) and (B) are referred to herein as the “Gross-Up
Payments.”

     (ii) Calculating the Excise Tax. Determination of whether any
of the Total Benefits will be subject to the Excise Tax and the
determination of the amount of the Excise Tax shall be made in accordance
with the following:

     (A) Determination of Parachute Payments Subject to the
Excise Tax. Any payments or benefits received or to be received
by the Employee in connection with a Change in Control or the
Employee’s termination of employment in connection with a Change in
Control, or within 12 months after a Change in Control (whether under
the terms of this Agreement or any benefit plan or arrangement with
First Financial Corporation or the Bank) shall be treated as
“parachute payments” within the meaning of Code Section 280G(b)(2),
and all “excess parachute payments” within the meaning of Code
Section 280G(b)(1) shall be treated as subject to the Excise Tax,
unless in the opinion of the nationally-recognized certified public
accounting firm, retained by the Bank or First Financial Corporation
as of the date immediately before the Change in Control (the
“Accounting Firm”), such payments or benefits do not
constitute, in whole or in part, parachute payments, or such excess
parachute payments represent, in whole or in part, reasonable
compensation for services actually rendered within the
meaning of Code Section 280G(b)(4) or are otherwise not subject
to the Excise Tax.

15

 

     (B) Calculation of Benefits Subject to Excise Tax. The
amount of the Total Benefits that shall be treated as subject to the
Excise Tax shall be equal to the lesser of (1) the total amount of
the Total Benefits reduced by the amount of such Total Benefits that
in the opinion of the Accounting Firm are not parachute payments, or
(2) the amount of excess parachute payments within the meaning of
Code Section 280G(b)(1) (after applying clause (A), above).

     (C) Value of Non-cash Benefits and Deferred Payment.
The value of any non-cash benefits or any deferred payment or benefit
shall be determined by the Accounting Firm in accordance with the
principles of Code Sections 280G(d)(3) and (4).

     (iii) Assumed Marginal Income Tax Rate. For purposes of
determining the amount of the Gross-Up Payments, the Employee shall be
deemed to pay federal income taxes at the highest marginal rate of federal
income taxation in the calendar years in which the Gross-Up Payments are to
be made and state and local income taxes at the highest marginal rate of
taxation in the state and locality of the Employee’s residence on the date
on which such gross up payments are to be made, net of the reduction in
federal income taxes that can be obtained from deduction of such state and
local taxes (calculated by assuming that any reduction under Code Section 68
in the amount of itemized deductions allowable to the Employee applies first
to reduce the amount of such state and local income taxes that would
otherwise be deductible by the Employee, and applicable federal FICA and
Medicare withholding taxes.)

     (iv) The Accounting Firm Shall Determine Whether a Gross-Up Payment
is Required. Subject to paragraphs (i) through (iii) above, all
determinations required to be made under paragraphs (i) through (viii),
including whether and when a Gross-Up Payment is required, the amount of the
Gross-Up Payment and the assumptions to be used to arrive at the
determination (collectively, the “Determination”), shall be made by the
Accounting Firm. The Accounting Firm shall provide detailed supporting
calculations both to the Bank or First Financial Corporation and to the
Employee within 15 business days after the Determination has been made, or
such earlier time as is requested by the Bank, First Financial Corporation
or the Employee.

     (v) Fees and Expenses of the Accounting Firm and Agreement with the
Accounting Firm. All fees and expenses of the Accounting Firm shall be
borne solely by the Bank or First Financial Corporation.

16

 

     (vi) Accounting Firm’s Opinion. If the Accounting Firm
determines that no Excise Tax is payable by the Employee, the Accounting
Firm shall furnish the Employee with a written opinion to that effect, and
to the effect that failure to report Excise Tax, if any, on the Employee’s
applicable federal income tax return will not result in the imposition of a
negligence or similar penalty.

     (vii) Accounting Firm’s Determination is Binding. The
Determination by the Accounting Firm shall be binding on the Bank, First
Financial Corporation and the Employee.

     (viii) Underpayment and Overpayment. Because of the
uncertainty in determining whether any of the Total Benefits will be subject
to the Excise Tax at the time of the Determination, it is possible that
Gross-Up Payments that should have been made will not have been made by the
Bank or First Financial Corporation (“Underpayment”), or that Gross-Up
Payments will be made that should not have been made by the Bank or First
Financial Corporation (“Overpayment”).

     If, after a Determination by the Accounting Firm, the Employee is
required to make a payment of additional Excise Tax, the Accounting Firm
shall determine the amount of the Underpayment that has occurred. The
Underpayment (together with any interest and penalties imposed by the
Internal Revenue Service shall be paid promptly by the Bank or First
Financial Corporation to or for the benefit of the Employee.

     If the amount of the Gross-Up Payments exceeds the amount necessary to
reimburse the Employee for his Excise Tax, the Accounting Firm shall
determine the amount of the Overpayment that has been made. The Overpayment
shall be repaid promptly by the Employee. Provided that his expenses are
reimbursed by the Bank or First Financial Corporation, the Employee shall
cooperate with any reasonable requests by the Bank or First Financial
Corporation in any contests or disputes with the Internal Revenue Service
relating to the Excise Tax.

     (ix) Accounting Firm Conflict of Interest. If the Accounting
Firm is serving as accountant or auditor for the individual, entity or group
effecting the Change in Control, the Employee may appoint another nationally
recognized certified public accounting firm to make the Determinations
required hereunder (in which case the term “Accounting Firm” as used herein
shall be deemed to refer to the accounting firm appointed by the Employee
under this paragraph). The Bank or First Financial Corporation shall pay
all fees and expenses of the Accounting Firm appointed by the Employee.

     (4) “Change in Control” shall be deemed to have occurred if one of the
following events takes place:

17

 

     (i) Change in Ownership. A change in the ownership of the Bank
or First Financial Corporation occurs on the date that any person, or group
of persons, as defined below, acquires ownership of stock of the Bank or
First Financial Corporation that, together with stock held by the person or
group, constitutes more than 50 percent of the total fair market value or
total voting power of the stock of the Bank or First Financial Corporation.
However, if any person or group is considered to own more than 50 percent of
the total fair market value or total voting power of the stock, the
acquisition of additional stock by the same person or group is not
considered to cause a change in the ownership of the Bank or First Financial
Corporation (or to cause a change in the effective control of the Bank or
First Financial Corporation as defined in subsection 10(a)(4)(ii)). An
increase in the percentage of stock owned by any person or group, as a
result of a transaction in which the Bank or First Financial Corporation
acquires its stock in exchange for property will be treated as an
acquisition of stock for purposes of this subsection. This subsection only
applies when there is a transfer of stock of the Bank or First Financial
Corporation (or issuance of stock of a corporation) and stock in the Bank or
First Financial Corporation remains outstanding after the transaction.

For purposes of subsections 10(a)(4)(i) and (ii), persons will not be
considered to be acting as a group solely because they purchase or own stock
of the Bank or First Financial Corporation at the same time, or as a result
of the same public offering. However, persons will be considered to be
acting as a group if they are owners of a corporation that enters into a
merger, consolidation, purchase or acquisition of stock or similar business
transaction with the Bank or First Financial Corporation. If a person,
including an entity, owns stock in both corporations that enter into a
merger, consolidation, purchase or acquisition of stock or similar
transaction, such shareholder is considered to be acting as a group with
other shareholders only with respect to the ownership in that corporation
before the transaction giving rise to the change and not with respect to the
ownership interest in the other corporation.

     (ii) Change in the Effective Control. A change in the
effective control of the Bank or First Financial Corporation will occur
when: (i) any person or group (as defined in subsection 10(a)(4)(i))
acquires, or has acquired during the 12-month period ending on the date of
the most recent acquisition by such person(s), ownership of stock of the
Bank or First Financial Corporation possessing 30 percent or more of the
total voting power; or (ii) a majority of members of the Board is replaced
during any 12-month period by Directors whose appointment or election is not
endorsed by a majority of the members of the Bank’s or First Financial
Corporation’s Board prior to the date of the appointment or election.
However, if any person or group is considered to effectively control the
Bank or First Financial Corporation, the acquisition of additional control

18

 

of the Bank or First Financial Corporation by the same person(s) is not
considered to cause a change in the effective control.

     (iii) Change in the Ownership of a Substantial Portion of the
Bank’s or First Financial Corporation’s Assets. A change in the
ownership of a substantial portion of the Bank’s or First Financial
Corporation’s assets occurs on the date that any person or group acquires,
or has acquired during the 12-month period ending on the date of the most
recent acquisition by such person(s), assets from the Bank or First
Financial Corporation that have a total gross fair market value equal to or
more than 40 percent of the total gross fair market value of all of the
assets of the Bank or First Financial Corporation immediately prior to such
acquisition(s). Gross fair market value means the value of the assets of
the Bank or First Financial Corporation, or the value of the assets being
disposed of, determined without regard to any liabilities associated with
such assets.

However, there is no Change in Control under this subsection when there is a
transfer to an entity that is controlled by the shareholders of the Bank or
First Financial Corporation immediately after the transfer. A transfer of
assets by the Bank or First Financial Corporation is not treated as a change
in the ownership of such assets if the assets are transferred to: (i) a
shareholder of the Bank or First Financial Corporation (immediately before
the asset transfer) in exchange for or with respect to its stock; (ii) an
entity, 50 percent or more of the total value or voting power of which is
owned, directly or indirectly, by the Bank or First Financial Corporation;
(iii) a person, or group of persons, that owns, directly or indirectly, 50
percent or more of the total value or voting power of all the outstanding
stock of the Bank or First Financial Corporation or (iv) an entity, at least
50 percent of the total value or voting power of which is owned, directly or
indirectly, by a person described in (iii). For purposes of this
subsection, except as otherwise provided, a person’s status is determined
immediately after the transfer of the assets. For example, a transfer to a
company in which the Bank or First Financial Corporation has no ownership
interest before the transaction, but which is a majority-owned subsidiary of
the Bank or First Financial Corporation after the transaction, is not
treated as a change in the ownership of the assets of the transferor Bank or
First Financial Corporation.

For purposes of this subsection 10(a)(4)(iii), persons will not be
considered to be acting as a group solely because they purchase assets of
the Bank or First Financial Corporation at the same time. However, persons
will be considered to be acting as a group if they are owners of a
corporation that enters into a merger, consolidation, purchase or
acquisition of assets, or similar business transaction with the Bank or
First Financial Corporation. If a person, including an entity shareholder,
owns stock in both corporations that enter into a merger, consolidation,
purchase

19

 

or acquisition of assets, or similar transaction, such shareholder is
considered to be acting as a group with other shareholders in a corporation
only to the extent of the ownership in that corporation before the
transaction giving rise to the change and not with respect to the ownership
interest in the other corporation.

     Notwithstanding the foregoing, the acquisition of Bank or First Financial Corporation
stock by any retirement plan sponsored by the Bank or an affiliate of the Bank will not
constitute a Change in Control. Additionally, notwithstanding the foregoing, but only to
the extent required under federal banking law, the amount payable under subsection 10(a)
shall be reduced to the extent that on the date of the Employee’s termination of employment,
the amount payable under subsection 10(a) exceeds any limitation on severance benefits that
is imposed by the OCC.

     (b) Change in Control; Voluntary Termination. Notwithstanding any other
provision of this Agreement to the contrary, the Employee may voluntarily terminate his
employment under this Agreement within 12 months following a Change in Control of the Bank
or First Financial Corporation, as defined in subsection 10(a)(4), and the Employee shall
thereupon be entitled to receive the payment described in subsections 10(a)(1), (2) and (3)
of this Agreement, within 30 days following the occurrence of any of the following events,
which has not been consented to in advance by the Employee in writing. During such 30-day
period, the Bank shall not allow the Employee’s participation in any Employee Benefits to
lapse and shall continue to provide the Employee with the Automobile Benefits described in
subsection 4(d), reimbursement or payment of professional and club dues, and the cost of the
Employee’s continuing legal education requirements as described in subsection 4(c). In the
event subsection 8(h) applies at the time of the Employee’s termination, the six-month
suspension period shall not prevent the Employee from continuing to receive reimbursement of
health insurance premiums for himself, his spouse and child living in the Employee’s
household, Medicare supplement insurance and life insurance (all as described in subsection
4(b)) immediately following his termination of employment, without regard to the six-month
suspension applicable to cash payments and other benefit amounts.

     (i) The requirement that the Employee perform his principal executive functions
more than 30 miles from his Terre Haute, Indiana office.

     (ii) A reduction of ten percent or more in the Employee’s base salary as in
effect on the date of the Change in Control or as the same may be changed by mutual
agreement from time to time, unless part of an institution-wide reduction and
similar to the reduction in the base salary of all other executive officers of the
Bank;

     (iii) The removal of the Employee from participation in any incentive
(including, but not limited to, the LTIP) or performance-based compensation plans or
bonus plans unless the Bank terminates participation in the plan or plans with
respect to all other executive officers of the Bank;

20

 

     (iv) The failure by the Bank to continue to provide the Employee with the base
salary, bonuses or benefits provided for under subsections 4(a), (c), (d) and (e) of
this Agreement, as the same may be increased from time to time, or with benefits
substantially similar to those provided to him under those subsections or under any
benefit plan or program in which the Employee now or hereafter becomes eligible to
participate, or the taking of any action by the Bank which would directly or
indirectly reduce any such benefits or deprive the Employee of any such benefit
enjoyed by him, unless part of an institution-wide reduction and applied similarly
to all other executive officers of the Bank;

     (v) The assignment to the Employee of duties and responsibilities materially
different from those normally associated with his position as referenced in Section
1;

     (vi) A failure to elect or re-elect the Employee to the Board or a failure on
the part of First Financial Corporation or its successor to honor any obligation to
nominate Employee to the Board of Directors of First Financial Corporation or its
successor;

     (vii) A material diminution or reduction in the Employee’s responsibilities or
authority (including reporting responsibilities) in connection with his employment
with the Bank; or

     (viii) A material reduction in the secretarial or administrative support of the
Employee.

     (c) Compliance with 12 U.S.C. Section 1828(k). Any payments made to the
Employee pursuant to this Agreement, or otherwise, are subject to and conditioned upon their
compliance with 12 U.S.C. Section 1828(k) and any regulations promulgated thereunder.

     (d) Trust.

     (1) Within five business days before or after a Change in Control which was not
approved in advance by a resolution of a majority of the Directors of First
Financial Corporation, the Bank or First Financial Corporation shall (i) deposit, or
cause to be deposited, in a grantor trust (the “Trust”), designed to conform with
Revenue Procedure 93-64 (or any successor) and having a trustee independent of the
Bank, an amount equal to the amounts which would be payable in a lump sum under
subsections 10(a)(1), (2) and (3) hereof if those payment provisions become
applicable, and (ii) provide the trustee of the Trust with a written direction to
hold said amount and any investment return thereon in a segregated account for the
benefit of the Employee, and to follow the procedures set forth in the next
paragraph as to the payment of such amounts from the Trust.

21

 

     (2) During the 12 consecutive month period following the date on which the Bank
makes the deposit referred to in the preceding paragraph, the Employee may provide
the trustee of the Trust with a written notice requesting that the trustee pay to
the Employee, in a single sum, the amount designated in the notice as being payable
pursuant to subsections 10(a)(1), (2) and (3). Within three business days after
receiving said notice, the trustee of the Trust shall send a copy of the notice to
the Bank via overnight and registered mail, return receipt requested. On the tenth
business day after mailing said notice to the Bank, the trustee of the Trust shall
pay the Employee the amount designated therein in immediately available funds,
unless prior thereto the Bank provides the trustee with a written notice directing
the trustee to withhold such payment. In the latter event, the trustee shall submit
the dispute, within ten days of receipt of the notice from the Bank, to
non-appealable binding arbitration for a determination of the amount payable to the
Employee pursuant to subsections 10(a)(1), (2) and (3), and the party responsible
for the payment of the costs of such arbitration (which may include any reasonable
legal fees and expenses incurred by the Employee) shall be determined by the
arbitrator. The trustee shall choose the arbitrator to settle the dispute, and such
arbitrator shall be bound by the rules of the American Arbitration Association in
making his or her determination. The Employee, the Bank and the trustee shall be
bound by the results of the arbitration and, within three days of the determination
by the arbitrator, the trustee shall pay from the Trust the amounts required to be
paid to the Employee and/or the Bank, and in no event shall the trustee be liable to
either party for making the payments as determined by the arbitrator.

     (3) Upon the earlier of (i) any payment from the Trust to the Employee, or (ii)
the date twelve months after the date on which the Bank makes the deposit referred
to in the first paragraph of this subsection 10(d)(1), the trustee of the Trust
shall pay to the Bank the entire balance remaining in the segregated account
maintained for the benefit of the Employee, if any. The Employee shall thereafter
have no further interest in the Trust pursuant to this Agreement. However, the
termination of the Trust shall not operate as a forfeiture or relinquishment of any
of the Employee’s rights under the terms of this Agreement. Furthermore, in the
event of a dispute under subsection 10(d)(2), the trustee of the Trust shall
continue to hold, in trust, the deposit referred to in subsection 10(b)(1) until a
final decision is rendered by the arbitrator pursuant to subsection 10(b)(2).

     (e) In the event that any dispute arises between the Employee and the Bank as to the
terms or interpretation of this Agreement or the obligations thereunder, including this
Section, whether instituted by formal legal proceedings or submitted to arbitration pursuant
to subsection 10(d)(2), including any action that the Employee takes to enforce the terms of
this Section or to defend against any action taken by the Bank, the Employee shall be
reimbursed for all costs and expenses, including reasonable attorneys’ fees, arising from
such dispute, proceedings or actions, provided that the Employee shall obtain a final
judgment by a court of competent jurisdiction in favor of the Employee or, in the event of
arbitration pursuant to subsection 10(d)(2), a determination is made by the

22

 

arbitrator that the expenses should be paid by the Bank. Such reimbursement shall be
paid within ten days of Employee’s furnishing to the Bank written evidence, which may be in
the form, among other things, of a canceled check or receipt, of any costs or expenses
incurred by the Employee.

     Should the Employee fail to obtain a final judgment in favor of the Employee and a
final judgment or arbitration decision is entered in favor of the Bank and if decided by
arbitration, the arbitrator, pursuant to subsection 10(d)(2), determines the Employee to be
responsible for the Bank’s expenses, then the Bank shall be reimbursed for all costs and
expenses, including reasonable attorneys’ fees arising from such dispute, proceedings or
actions. Such reimbursement shall be paid within ten days of the Bank furnishing to the
Employee written evidence, which may be in the form, among other things, of a canceled check
or receipt, of any costs or expenses incurred by the Bank.

     11. Stock Options. First Financial Corporation will permit the Employee or his
personal representative(s) or heirs, during a period of three months following Employee’s
termination of employment by the Bank for the reasons set forth in subsections 8(d), 8(e), 10(a) or
10(b), to require First Financial Corporation, upon written request, to purchase all outstanding,
unexpired stock options previously granted to the Employee under any stock option plan then in
effect to the extent the options are vested at a cash purchase price equal to the amount by which
the aggregate “Fair Market Value” of the shares subject to such options exceeds the aggregate
option price for such shares. For purposes of this Agreement, the term Fair Market Value shall
mean the higher of (a) the average of the highest asked prices for shares in the over-the-counter
market as reported on the NASDAQ system or other exchange if the shares are traded on such system
for the 30 business days preceding such termination, or (b) the average per share price actually
paid for the most highly priced one percent of the shares acquired in connection with the Change of
Control by any person or group acquiring such control.

     12. Federal Income Tax Withholding. The Bank may withhold all federal and state
income or other taxes from any benefit payable under this Agreement as shall be required pursuant
to any law or governmental regulation or ruling.

     13. Successors and Assigns.

          (a) Bank. This Agreement shall not be assignable by the Bank or First Financial
Corporation, provided that this Agreement shall inure to the benefit of and be binding upon any
corporate or other successor of the Bank or First Financial Corporation which shall acquire,
directly or indirectly, by merger, consolidation, purchase or otherwise, all or substantially all
of the assets or stock of the Bank or First Financial Corporation.

          (b) Employee. Because the Bank is contracting for the unique and personal skills of
the Employee, the Employee shall be precluded from assigning or delegating his rights or duties
hereunder without first obtaining the written consent of the Bank; provided, however, that nothing
in this paragraph shall preclude (i) the Employee from designating a beneficiary to receive any
benefit payable hereunder upon his death, or (ii) the executors, administrators, or other legal
representatives of the Employee or his estate from assigning any rights hereunder to the person or
persons entitled thereunto.

23

 

          (c) Attachment. Except as required by law, no right to receive payments under this
Agreement shall be subject to anticipation, commutation, alienation, sale, assignment, encumbrance,
charge, pledge, or hypothecation or to exclusion, attachment, levy or similar process or assignment
by operation of law, and any attempt, voluntary or involuntary, to effect any such action shall be
null, void and of no effect.

     14. Amendments. No amendments or additions to this Agreement shall be binding unless
made in writing and signed by the Bank, First Financial Corporation and the Employee, except as
herein otherwise specifically provided.

     15. Applicable Law. Except to the extent preempted by federal law, the laws of the
State of Indiana, without regard to that State’s choice of law principles, shall govern this
Agreement in all respects, whether as to its validity, construction, capacity, performance or
otherwise.

     16. Severability. The provisions of this Agreement shall be deemed severable and the
invalidity or unenforceability of any provision shall not affect the validity or enforceability of
the other provisions hereof. Should any particular covenant, provision or clause of this Agreement
be held unreasonable or unenforceable for any reason, including without limitation, the time
period, geographic area and/or scope of activity covered by such covenant, provision or clause, the
Bank and Employee acknowledge and agree that such covenant, provision or clause shall be given
effect and enforced to whatever extent would be reasonable and enforceable under applicable law.

     17. Entire Agreement. This Agreement: (a) supersedes all other understandings and
agreements, oral or written, between the parties with respect to the subject matter of this
Agreement; and (b) constitutes the sole agreement between the parties with respect to this subject
matter.

     18. Construction. The rule of construction to the effect that any ambiguities are to be resolved against the
drafting party shall not be employed in the interpretation of this Agreement.

     19. Headings. The headings in this Agreement have been inserted solely for ease of
reference and shall not be considered in the interpretation, construction or enforcement of this
Agreement.

     20. Notices. For purposes of this Agreement, notices and all other communications
provided for herein shall be in writing and shall be deemed to have been given (a) if hand
delivered, upon delivery to the party, or (b) if mailed, two days following deposit of the notice
or communication with the United States Postal Service by registered or certified mail, return
receipt requested, postage prepaid, addressed as follows:

	 	 	 	 	 
	 

	 	If to the Employee:
	 	Norman L. Lowery
	 

	 	 	 	93 Allendale
	 

	 	 	 	Terre Haute, Indiana 47802 

24

 

	 	 	 	 	 
	 

	 	If to the Bank:
	 	First Financial Bank, N.A.
	 

	 	 	 	Attn: Chief Financial Officer
	 

	 	 	 	One First Financial Plaza
	 

	 	 	 	P.O. Box 540 
	 

	 	 	 	Terre Haute, Indiana 47808-0540 
	 
	 	 	 	 
	 

	 	If to First Financial	 	 
	 

	 	Corporation:
	 	First Financial Corporation
	 

	 	 	 	Attn: President
	 

	 	 	 	One First Financial Plaza
	 

	 	 	 	P.O. Box 540 
	 

	 	 	 	Terre Haute, Indiana 47808-0540 

or to such other address as either party hereto may have furnished to the other party in writing in
accordance herewith, except that notices of change of address shall be effective only upon receipt.

     21. Waiver. The waiver by either party of a breach of any provision of this
Agreement, or failure to insist upon strict compliance with the terms of this Agreement, shall not
be deemed a waiver of any subsequent breach or relinquishment of any right or power under this
Agreement.

     22. Review and Consultation. Employee acknowledges and agrees he (a) has read this
Agreement in its entirety prior to executing it, (b) understands the provisions and effects of this
Agreement and (c) has consulted with such attorneys, accountants and financial or other advisors as
he has deemed
appropriate in connection with the execution of this Agreement. Employee understands,
acknowledges and agrees that he has not received any advice, counsel or recommendation with respect
to this Agreement from Employer’s attorneys.

* * *

25

 

     IN WITNESS WHEREOF, the parties have executed this Agreement on this 29th day of
August, 2007.

	 	 	 	 	 	 	 
	ATTEST

	 	 	 	FIRST FINANCIAL BANK, N.A.	 	 
	 
	 	 	 	 	 	 
	/s/ Leticia E. Wright
 

Title: Transfer Agent

	 	 	 	/s/ Michael A. Carty
 

Michael A. Carty, Secretary/Treasurer
	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	EMPLOYEE	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	/s/ Norman L. Lowery
 

Norman L. Lowery
	 	 

     The undersigned, First Financial Corporation, sole shareholder of the Bank, agrees that if it
shall be determined for any reason that any obligation on the part of the Bank is unenforceable for
any reason or if the Bank fails to perform, First Financial Corporation agrees to honor the terms
of this Agreement and continue to make any such payments due hereunder to Employee or to satisfy
any such obligation pursuant to the terms of this Agreement. The undersigned further agrees to
nominate Employee to the Board of Directors of First Financial Corporation during the term of this
Agreement.

	 	 	 	 	 	 	 
	ATTEST

	 	 	 	FIRST FINANCIAL CORPORATION	 	 
	 
	 	 	 	 	 	 
	/s/ Michael A. Carty
 

Title: Secretary

	 	 	 	/s/ Donald E. Smith
 

Donald E. Smith, President
	 	 

26

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