Document:

$4.00 Stock Purchase Warrant

  
 Exhibit 10.8

  
 THIS WARRANT AND THE SHARES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE
NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), NOR UNDER ANY STATE SECURITIES LAW AND MAY NOT BE SOLD, ASSIGNED, HYPOTHECATED OR OTHERWISE TRANSFERRED UNTIL (1) A REGISTRATION STATEMENT WITH RESPECT THERETO
IS EFFECTIVE UNDER THE ACT AND ANY APPLICABLE STATE SECURITIES LAW OR (2) THE COMPANY RECEIVES AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH NOTE MAY BE SOLD, ASSIGNED, HYPOTHECATED OR TRANSFERRED WITHOUT AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE ACT OR APPLICABLE STATE SECURITIES LAWS. 
  

  
 VCG HOLDING CORPORATION 
 390 Union Boulevard, Suite 540 
 Lakewood, Colorado 80228 
  
 STOCK PURCHASE
WARRANT 
  

			
	 Warrant No.:             
	 	Right to Purchase:             
	 Date:
	 	 

  
 THIS CERTIFIES
THAT, for value received,                      (the “Holder”), is entitled to purchase from VCG Holding
Corporation, a Colorado corporation (the “Company”), at any time from              until 5:00 p.m. (EST) on
                 [5 years]                  [number] fully paid and
nonassessable shares of the Company’s common stock, par value $0.001 per share (“Common Stock”), at an exercise price of $4.00 per share, as adjusted. 
  
 1. The Company is issuing this Warrant to the Holder pursuant to a Subscription Agreement under a confidential private
placement. This Warrant constitutes part of a unit subscribed to by the Holder in the Subscription Agreement. 
  
 2. (a) To exercise this Warrant or any part of this Warrant, the Holder must deliver to the Company (collectively, the “Exercise
Documentation”): (i) a completed exercise agreement a form of which is attached; (ii) this Warrant; and (iii) a check payable to the Company or a wire transfer in an amount equal to the product of the exercise price and the number of shares
the Holder desires to purchase. The Company will, without charge, issue certificates for shares of Common Stock purchased upon exercise of this Warrant within five (5) days after receipt of the Exercise Documentation. Unless this Warrant has
expired, or all of the purchase rights represented by this Warrant have been exercised, the Company will also prepare and deliver to the Holder a new Warrant, substantially identical to this Warrant, representing the rights formerly represented by
this Warrant which have not expired or been exercised. 
  
 (b) If, but only if, at any time after one year from the date of issuance of this Warrant there is no effective registration statement registering the resale of the Common Stock underlying this Warrant by the Holder, this Warrant may also
be exercised, in whole or in part, at such time by means of a “cashless exercise” in which the Holder shall be entitled to receive a certificate for the number of shares of Common Stock equal to the quotient obtained by dividing [(A-B)
(X)] by (A), where: 
  

						
	(A	)	 	=	 	the closing bid price on the trading day preceding the date of such election;
			
	(B	)	 	=	 	the Exercise Price of the Warrants, as adjusted; and
			
	(X	)	 	=	 	the number of shares of Common Stock issuable upon exercise of the Warrants in accordance with the terms of this Warrant.

  

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 3. The Company will at all times reserve and keep available for issuance upon the exercise of this
Warrant such number of its authorized but unissued shares of Common Stock as will be sufficient to permit the exercise in full of this Warrant, and upon such issuance such shares of Common Stock will be validly issued, fully paid and nonassessable.

  
 4. This Warrant does not and will not entitle the Holder to
any voting rights or other rights as a stockholder of the Company. 
  
 5. Certain Adjustments. 
  
 (a)
Stock Splits, etc. The number and kind of securities purchasable upon the exercise of this Warrant and the exercise price shall be subject to adjustment from time to time upon the happening of any of the following. In case the Company shall
(i) pay a dividend in shares of Common Stock or make a distribution in shares of Common Stock to holders of its outstanding Common Stock, (ii) subdivide its outstanding shares of Common Stock into a greater number of shares, (iii) combine its
outstanding shares of Common Stock into a smaller number of shares of Common Stock, or (iv) issue any shares of its capital stock in a reclassification of the Common Stock, then the number of shares purchasable upon exercise of this Warrant
immediately prior thereto shall be adjusted so that the Holder shall be entitled to receive the kind and number of shares or other securities of the Company which it would have owned or have been entitled to receive had such Warrant been exercised
in advance thereof. Upon each such adjustment of the kind and number of shares or other securities of the Company which are purchasable hereunder, the Holder shall thereafter be entitled to purchase the number of shares or other securities resulting
from such adjustment at an exercise price per share or other security obtained by multiplying the exercise price in effect immediately prior to such adjustment by the number of shares purchasable pursuant hereto immediately prior to such adjustment
and dividing by the number of shares or other securities of the Company resulting from such adjustment. An adjustment made pursuant to this paragraph shall become effective immediately after the effective date of such event retroactive to the record
date, if any, for such event. 
  
 (b)
Subsequent Equity Sales. At any time following Shareholder Approval (as defined in Section 6(I) of the Subscription Agreement) or following the occurrence of a breach of Section 6(I) of the Subscription Agreement, if the Company or any
subsidiary thereof, as applicable, at any time while this Warrant is outstanding, shall offer, sell, grant any option to purchase or offer, sell or grant any right to reprice its securities, or otherwise dispose of or issue (or announce any offer,
sale, grant or any option to purchase or other disposition) any Common Stock or any securities of the Company or the subsidiaries which would entitle the holder thereof to acquire at any time Common Stock, including without limitation, any debt,
preferred stock, rights, options, warrants or other instrument that is at any time convertible into or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock (“Common Stock Equivalents”) at an effective
price per share less than the then exercise price of this Warrant (such lower price, the “Base Share Price” and such issuances collectively, a “Dilutive Issuance”), as adjusted hereunder (if the holder of the Common
Stock or Common Stock Equivalents so issued shall at any time, whether by operation of purchase price adjustments, reset provisions, floating conversion, exercise or exchange prices or otherwise, or due to warrants, options or rights per share which
is issued in connection with such issuance, be entitled to receive shares of Common Stock at an effective price per share which is less than the exercise price of this Warrant, such issuance shall be deemed to have occurred for less than the
exercise price), then, the Exercise Price shall be reduced by multiplying the Exercise Price by a fraction, the numerator of which is the number of shares of Common Stock issued and outstanding immediately prior to the Dilutive Issuance plus the
number of shares of Common Stock which the offering price for such Dilutive Issuance would purchase at the then Exercise Price, and the denominator of which shall be the sum of the number of shares of Common Stock issued and outstanding immediately
prior to the Dilutive Issuance plus the number of shares of Common Stock so issued or issuable in connection with the Dilutive Issuance, the number of Warrant Shares issuable hereunder shall be increased such that the aggregate Exercise Price
payable hereunder, after taking into account the decrease in the Exercise Price, shall be equal to the aggregate Exercise Price prior to such adjustment and the number of shares of Common Stock issuable hereunder shall be increased such that the
aggregate exercise price payable hereunder, after taking 

  

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into account the decrease in the exercise price, shall be equal to the aggregate exercise price prior to such adjustment. Such adjustment shall be made
whenever such Common Stock or Common Stock Equivalents are issued. The Company shall notify the Holder in writing, no later than the business day following the issuance of any Common Stock or Common Stock Equivalents subject to this section,
indicating therein the applicable issuance price, or of applicable reset price, exchange price, conversion price and other pricing terms (such notice the “Dilutive Issuance Notice”). Notwithstanding the foregoing, no adjustments,
Alternate Consideration nor notices shall be made, paid or issued under this Section 3 in respect of an issuance of (a) shares of Common Stock or options to employees, officers or directors of the Company pursuant to any stock or option plan duly
adopted by a majority of the non-employee members of the Board of Directors of the Company or a majority of the members of a committee of non-employee directors established for such purpose, (b) securities upon the exercise of or conversion of any
securities issued hereunder, convertible securities, options or warrants issued and outstanding on the date of this AIR, provided that such securities have not been amended since the date of this AIR to increase the number of such securities, and
(c) securities issued pursuant to acquisitions or strategic transactions, provided any such issuance shall only be to a person or entity which is, itself or through its subsidiaries, an operating company in a business synergistic with the business
of the Company and in which the Company receives benefits in addition to the investment of funds, but shall not include a transaction in which the Company is issuing securities primarily for the purpose of raising capital or to an entity whose
primary business is investing in securities. 
  
 (c) Pro Rata Distributions. If the Company, at any time prior to the termination date of this Warrant, shall distribute to all holders of Common Stock (and not to Holders of the Warrants) evidences of its indebtedness or assets or
rights or warrants to subscribe for or purchase any security other than the Common Stock (which shall be subject to the above section), then in each such case the exercise price of this Warrant shall be adjusted by multiplying the exercise price in
effect immediately prior to the record date fixed for determination of stockholders entitled to receive such distribution by a fraction of which the denominator shall be the closing bid price determined as of the record date mentioned above, and of
which the numerator shall be such closing bid price on such record date less the then per share fair market value at such record date of the portion of such assets or evidence of indebtedness so distributed applicable to one outstanding share of the
Common Stock as determined by the Board of Directors in good faith. In either case the adjustments shall be described in a statement provided to the Holders of the portion of assets or evidences of indebtedness so distributed or such subscription
rights applicable to one share of Common Stock. Such adjustment shall be made whenever any such distribution is made and shall become effective immediately after the record date mentioned above. 
  
 (d) Reorganization, Reclassification, Merger,
Consolidation or Disposition of Assets. In case the Company shall reorganize its capital, reclassify its capital stock, consolidate or merge with or into another corporation (where the Company is not the surviving corporation or where there is a
change in or distribution with respect to the Common Stock of the Company), or sell, transfer or otherwise dispose of all or substantially all its property, assets or business to another corporation and, pursuant to the terms of such reorganization,
reclassification, merger, consolidation or disposition of assets, shares of common stock of the successor or acquiring corporation, or any cash, shares of stock or other securities or property of any nature whatsoever (including warrants or other
subscription or purchase rights) in addition to or in lieu of common stock of the successor or acquiring corporation (“Other Property”), are to be received by or distributed to the holders of Common Stock of the Company, then the
Holder shall have the right thereafter to receive upon exercise of this Warrant, the number of shares of Common Stock of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and Other Property receivable upon
or as a result of such reorganization, reclassification, merger, consolidation or disposition of assets by a holder of the number of shares of Common Stock for which this Warrant is exercisable immediately prior to such event. In case of any such
reorganization, reclassification, merger, consolidation or disposition of assets, the successor or acquiring corporation (if other than the Company) shall expressly assume the due and punctual observance and performance of each and every covenant
and condition of this Warrant to be performed and observed by the Company and all the obligations and liabilities hereunder, subject to such modifications as may be deemed appropriate (as determined in good faith by resolution of the Board of
Directors of the Company) in order to provide for adjustments of shares for which this Warrant is exercisable which shall be as nearly equivalent as practicable to the adjustments provided for in this 

  

 3 

 
Section. For purposes of this Section, “common stock of the successor or acquiring corporation” shall include stock of such corporation of any
class which is not preferred as to dividends or assets over any other class of stock of such corporation and which is not subject to redemption and shall also include any evidences of indebtedness, shares of stock or other securities which are
convertible into or exchangeable for any such stock, either immediately or upon the arrival of a specified date or the happening of a specified event and any warrants or other rights to subscribe for or purchase any such stock. The foregoing
provisions of this Section shall similarly apply to successive reorganizations, reclassifications, mergers, consolidations or disposition of assets. 
  
 6. Whenever the number of shares or number or kind of securities or other property purchasable upon the exercise of this Warrant or the exercise price is
adjusted, as herein provided, the Company shall give notice thereof to the Holder, which notice shall state the number of shares (and other securities or property) purchasable upon the exercise of this Warrant and the exercise price of such shares
(and other securities or property) after such adjustment, setting forth a brief statement of the facts requiring such adjustment and setting forth the computation by which such adjustment was made. 
  
 7. Notice of Corporate Action. If at any time: 
  
 (a) the Company shall take a record of the holders of its
Common Stock for the purpose of entitling them to receive a dividend or other distribution, or any right to subscribe for or purchase any evidences of its indebtedness, any shares of stock of any class or any other securities or property, or to
receive any other right, or 
  
 (b) there shall
be any capital reorganization of the Company, any reclassification or recapitalization of the capital stock of the Company or any consolidation or merger of the Company with, or any sale, transfer or other disposition of all or substantially all the
property, assets or business of the Company to, another corporation or, 
  
 (c) there shall be a voluntary or involuntary dissolution, liquidation or winding up of the Company; 
  
 then, in any one or more of such cases, the Company shall give to Holder (i) at least ten (10) days’ prior written notice of the date on which a record date shall be
selected for such dividend, distribution or right or for determining rights to vote in respect of any such reorganization, reclassification, merger, consolidation, sale, transfer, disposition, liquidation or winding up, and (ii) in the case of any
such reorganization, reclassification, merger, consolidation, sale, transfer, disposition, dissolution, liquidation or winding up, at least ten (10) days’ prior written notice of the date when the same shall take place. Such notice in
accordance with the foregoing clause also shall specify (i) the date on which any such record is to be taken for the purpose of such dividend, distribution or right, the date on which the holders of Common Stock shall be entitled to any such
dividend, distribution or right, and the amount and character thereof, and (ii) the date on which any such reorganization, reclassification, merger, consolidation, sale, transfer, disposition, dissolution, liquidation or winding up is to take place
and the time, if any such time is to be fixed, as of which the holders of Common Stock shall be entitled to exchange their shares for securities or other property deliverable upon such disposition, dissolution, liquidation or winding up. Each such
written notice shall be sufficiently given if addressed to Holder at the last address of Holder appearing on the books of the Company and delivered in accordance with Section 7. 
  
 8. Fractional Shares. No fractional securities or scrip representing fractional securities shall be issued upon the
exercise of this Warrant. With respect to any fraction of a share of Common Stock otherwise issuable upon any such exercise hereof, the Company shall pay to the Holder an amount in cash equal to such fraction multiplied by the current market value
of such fractional securities, determined as follows: 
  
 (a) If the Common Stock is listed on a national securities exchange or admitted to unlisted trading privileges on such exchange, the current market value shall be the last reported sale price of the security on such exchange on the last
business day prior to the date of exercise of this Warrant, or if no such sale is made on such day, the average closing bid and asked prices for such day on such exchange; or 
  

 4 

 (b) If the Common Stock is listed on one of the following trading systems or admitted to
unlisted trading privileges on such systems, the current value shall be the last reported sale price on The Nasdaq Stock Market, Inc. (“NASDAQ”) National Market System (“NASDAQ/NMS”) or the closing transaction price
on the Nasdaq Small-Cap Market or the NASDAQ OTC Bulletin Board (or, if not so quoted, by the National Quotation Bureau, Inc.) on the last business day prior to the date of the exercise of this Warrant; or 
  
 (c) If the Common Stock is not so listed or admitted to
unlisted trading privileges and prices are not reported on NASDAQ, or the NASDAQ OTC Bulletin Board (or by the National Quotation Bureau, Inc.), the current value shall be an amount, not less than the book value, determined in such reasonable manner
as may be prescribed by the Board of Directors of the Company. 
  
 9. Upon receipt by the Company of evidence satisfactory to it of the loss, theft, destruction or mutilation of this Warrant, and, in the case of loss, theft or destruction, of reasonably satisfactory indemnification, including a surety
bond, and upon surrender and cancellation of this Warrant, if mutilated, the Company shall cause to be executed and delivered a new Warrant of like tenor and date. 
  
 10. The Holder of this Warrant shall not, by virtue hereof, be entitled to any voting or other rights of a stockholder in
the Company, either at law or equity, and the rights of the Holder are limited to those expressed in this Warrant. 
  
 11. The construction, validity and interpretation of this Warrant will be governed by the laws of the State of Colorado. This Warrant and any term hereof
may be changed, waived, discharged or terminated only by an instrument in writing signed by the party against which enforcement of such change, waiver, discharge or termination is sought. 
  
 IN WITNESS WHEREOF, the Company has caused this Warrant to be signed and attested by its duly authorized officers under its
corporate seal. 
  

									
	 VCG HOLDING CORPORATION
	 	 	 	 	 	 ATTEST:

					
	By:	 	 	 	 	 	 	 	 
	Name:	 	Troy H. Lowrie	 	 	 	 	 	 Secretary

	Title:	 	Chairman and CEO	 	 	 	 	 	 

  

 5 

 EXHIBIT 
  
 EXERCISE AGREEMENT 
  

	To:	VCG Holding Corporation 

  
 (1) The undersigned hereby elects to purchase ________ shares of VCG Holding Corporation pursuant to the terms of the attached Warrant (only if exercised
in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any. 
  
 (2) Payment shall take the form of (check applicable box): 
  

	 	 ̈	in lawful money of the United States; or 

  

	 	 ̈	if permitted pursuant to subsection 2(b), the cancellation of such number of shares as is necessary, in accordance with the formula set forth in subsection 2(b), to exercise this
Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth in subsection 2(b). 

  

(3) Please issue a certificate or certificates representing said shares in the name of the undersigned or in such other name as is specified below:

  
 ______________________________ 

 
 The shares shall be delivered to the following: 
 ______________________________ 
  
 ______________________________ 
  
 ______________________________ 
  

			
	 [HOLDER]

		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

		
	 Dated:
	 	 

  

 6Form of New Note

 EXHIBIT 4.6 
  

AQUANTIVE, INC. 
  
 Certificate No. 1 
  
 THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE
THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN
THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
  
 UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”), A NEW YORK CORPORATION, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSONS IS WRONGFUL INASMUCH, AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
  
 2.25% CONVERTIBLE SENIOR SUBORDINATED NOTE DUE 2024 
 CUSIP NO. 03839G AB 1 
  
 AQUANTIVE, INC., a Washington corporation (herein called the “ISSUER”), for value received, hereby promises to pay to Cede & Co. or registered assigns, the principal sum of Eighty Million Dollars ($
80,000,000) on August 15, 2024, and to pay interest thereon, as provided on the reverse hereof, until the principal and any unpaid and accrued interest is paid or duly provided for. The right to payment of the principal and all other amounts due
with respect hereto is subordinated to the rights of Senior Debt as set forth in the Indenture referred to on the reverse side hereof. 
  
 Interest Payment Dates: February 15 and August 15, with the first payment to be made on February 15, 2005. 
  
 Record Dates: February 1 and August 1. 
  
 REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS NOTE SET FORTH ON
THE REVERSE HEREOF, WHICH FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH AT THIS PLACE. 
  
 IN WITNESS WHEREOF, AQUANTIVE, INC. has caused this instrument to be duly signed. 
  

			
	AQUANTIVE, INC.	 	 
	 	 	 
	By:
                                        
                                        
                  	 	 
	 	 	 
	Name:
                                        
                                        
            	 	 
	 	 	 
	Title:
                                        
                                        
               	 	 
	 	 	 
	Dated:
                                        
                                        
            	 	 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
  
 This is one of the Notes referred to in the within-mentioned Indenture. 
  

			
	BNY WESTERN TRUST COMPANY, as Trustee	 	 
	 	 	 
	 By:                                      
                                        
                  
	 	 
	 Authorized Signature
	 	 
	 	 	 
	 Dated:                                     
                                        
             
	 	 

 [REVERSE OF NOTE] 
  

AQUANTIVE, INC. 
  
 2.25% CONVERTIBLE SENIOR SUBORDINATED NOTE DUE 2024 
  
 1. INTEREST. AQUANTIVE, INC., a Washington corporation (the “Company”), promises to pay interest on the principal amount of this Note at
the rate per annum shown above. The Company will pay interest semi-annually on February 15 and August 15 of each year, with the first payment to be made on February 15, 2005. Interest on the Notes will accrue on the principal amount from the most
recent date to which interest has been paid or provided for or, if no interest has been paid, from August 24, 2004. Interest will be computed on the basis of a 360-day year of twelve 30-day months. 
  
 2. MATURITY. The Notes will mature on August 15, 2024. 
  
 3. METHOD OF PAYMENT. The Company will pay interest on the Notes (except
defaulted interest) to the Persons who are registered Holders at the close of business on the record date set forth on the face of this Note next preceding the applicable interest payment date. Holders must surrender Notes to a Paying Agent to
collect the principal, Optional Redemption Price, Holder Repurchase Price or Purchase Price of the Notes. The Company will pay all amounts due with respect to the Notes in money of the United States that at the time of payment is legal tender for
payment of public and private debts. If this Note is in global form, the Company will pay interest on the Notes by wire transfer of immediately available funds to the account specified by the Holder. With respect to Notes held other than in global
form, the Company will make payments by: (i) U.S. Dollar check drawn on a bank in The City of New York mailed to the address of the Holder, or (ii) upon application to the Registrar not later than the relevant Record Date by a Holder, of an
aggregate principal amount in excess of $5,000,000, wire transfer in immediately available funds. 
  
 4. PAYING AGENT, REGISTRAR, CONVERSION AGENT. Initially, BNY Western Trust Company (the “Trustee”) will act as Paying Agent, Registrar
and Conversion Agent. The Company may change any Paying Agent, Registrar or Conversion Agent without notice. The Company or any Affiliate of the Company may act as Paying Agent. 
  
 5. INDENTURE. The Company issued the Notes under an Indenture, dated as of August 24, 2004, between the Company and the
Trustee (the “Indenture”). The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939 (15 U.S. Code Sections 77aaa-77bbbb) (the
“TIA”) as in effect on the date of the Indenture. The Notes are subject to all such terms, and Holders are referred to the Indenture and the Act for a statement of such terms. The Notes are general unsecured senior subordinated
obligations of the Company limited to $80,000,000, except as otherwise provided in the Indenture (except for Notes issued in substitution for destroyed, mutilated, lost or stolen Notes). Terms used herein which are defined in the Indenture have the
meanings assigned to them in the Indenture. 
  
 6. OPTIONAL
REDEMPTION. The Notes shall be redeemable, in whole or from time to time in part, at the option of the Company on any date on or after August 15, 2009. The Optional Redemption Price equals 100% of the principal amount of the Notes to be redeemed
plus any accrued and unpaid interest on the principal amount to be redeemed to but excluding the Optional Redemption Date. Notice of any such redemption by the Company will be mailed at least 30 days but not more than 60 days before any Optional
Redemption Date to each Holder of Notes to be redeemed at its registered address. If notice of such a redemption is provided and funds are deposited as required, interest will cease to accrue on and after the Optional Redemption Date on the Notes or
portions of Notes called for such a redemption. If any Optional Redemption Date is not a Business Day, the Company will pay the Optional Redemption Price on the next Business Day without any Liquidated Damages or other payment due. If less than all
the Notes are to be redeemed at the option of the Company, the Trustee shall select, in such manner as it shall deem fair and 

 appropriate, the Notes to be redeemed in whole or in part. The Trustee may select for redemption Notes and portions of
the Notes of this series in amounts of integral multiples of $1,000. Notes in denominations larger than $1,000 principal amount may be redeemed in part but only in integral multiples of $1,000 principal amount. 
  
 7. REPURCHASE AT OPTION OF HOLDER. If a Change of Control shall occur at any
time prior to Maturity, each Holder shall have the right, at such Holder’s option and subject to the terms and conditions of the Indenture, to require the Company to purchase any or all of such Holder’s Notes or any portion of the
principal amount thereof that is equal to $1,000 or an integral multiple of $1,000 on the day that is not more than 45 days after the date of the Change of Control Notice (subject to extension to comply with applicable law) for a Holder Repurchase
Price equal to 100% of the principal amount of Notes purchased plus accrued and unpaid interest to the Holder Repurchase Date, plus Liquidated Damages, in any, and plus the Make Whole Premium, if applicable, upon delivery of a Change of Control
Notice containing the information set forth in the Indenture. 
  
 Each Holder shall have the right, at such Holder’s option and subject to the terms and conditions of the Indenture, to require the Company to purchase any or all of such Holder’s Notes or any portion of the principal amount
thereof that is equal to $1,000 or an integral multiple of $1,000 as of August 15, 2009, August 15, 2014, or August 15, 2019 for a Purchase Price equal to 100% of the principal amount of Notes purchased plus accrued and unpaid interest to the
Purchase Date, plus Liquidated Damages, if any, upon delivery of a Purchase Notice containing the information set forth in the Indenture. The Purchase Price may be paid in cash or, at the Company’s election, in shares of Common Stock or any
combination of cash and Common Stock, subject to the conditions set forth in the Indenture. 
  
 8. CONVERSION. A Holder may convert his or her Note into Common Stock of the Company at any time prior to the close of business on August 15, 2024, or, (x) if the Note is called for redemption by the Company, the
Holder may convert it at any time before the close of business on the business day immediately preceding the date fixed for such Optional Redemption Date, or (y) if the Note is to be repurchased by the Company, the Holder may convert it at any time
before the close of business on the business day immediately preceding such Holder Repurchase Date or Purchase Date, as the case may be. The initial conversion rate is 77.04 Common Stock per $1,000 principal amount of Notes, or an effective initial
conversion price of approximately $12.98 per share, subject to adjustment in the event of certain circumstances as specified in the Indenture. The Company will deliver a check in lieu of any fractional share. On conversion no payment or adjustment
for any unpaid and accrued interest on, or liquidated damages with respect to, the Notes will be made. If a Holder surrenders a Note for conversion between the record date for the payment of interest and the next interest payment date, such Note,
when surrendered for conversion, must be accompanied by payment of an amount equal to the interest thereon which the registered Holder on such record date is to receive, unless the Notes have been called for redemption as described in the Indenture.

  
 To convert a Note, a Holder must (1) complete and sign the
Conversion Notice, with appropriate signature guarantee, on the back of the Note, (2) surrender the Note to a Conversion Agent, (3) furnish appropriate endorsements and transfer documents if required by the Registrar or Conversion Agent, (4) pay the
amount of interest, if any, the Holder may be paid as provided in the last sentence of the above paragraph and (5) pay any transfer or similar tax if required. A Holder may convert a portion of a Note if the portion is $1,000 principal amount or a
positive integral multiple of $1,000 principal amount. 
  
 Any
shares issued upon conversion of a Note shall bear the Restrictive Securities Legend until after the second anniversary of the later of the issue date for the Notes and the last date on which the Company or any of its Affiliates was the owner of
such shares or the Note (or any predecessor notes) from which such shares were converted (or such shorter period of time). 

 9. SUBORDINATION. The Notes are subordinated in right of payment, in the manner and to the extent set
forth in the Indenture, to the prior payment in full of all Senior Debt. Each Holder by accepting a Note agrees to such subordination and authorizes the Trustee to give it effect. 
  
 10. DENOMINATIONS, TRANSFER, EXCHANGE. The Notes are in registered form without coupons in denominations of $1,000 principal
amount and integral multiples of $1,000 principal amount. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar may require a Holder, among other things, to furnish appropriate endorsements
and transfer documents. No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The
Registrar need not exchange or register the transfer of any Note selected for redemption in whole or in part, except the unredeemed portion of Notes to be redeemed in part. Also, it need not exchange or register the transfer of any Notes for a
period of 15 days before the mailing of a notice of redemption of the Notes selected to be redeemed and in certain other circumstances provided in the Indenture. 
  
 11. PERSONS DEEMED OWNERS. The registered Holder of a Note may be treated as the owner of such Note for all purposes.

  
 12. MERGER OR CONSOLIDATION. The Company shall not consolidate
with or merge into, or transfer or lease all or substantially all of its assets, whether in a single transaction or series of related transactions to any Person unless (i) such other Person is a corporation organized under the laws of the United
States, any State thereof or the District of Columbia and such Person assumes by supplemental indenture, executed and delivered to the Trustee, in form satisfactory to the Trustee, all of the Company’s obligations under the Indenture and the
Notes, including the conversion rights; (ii) immediately after giving effect to the transaction, no Default or Event of Default shall exist; and (iii) the Company delivers to the Trustee an Officers’ Certificate and an Opinion of Counsel, each
stating that such consolidation, merger or transfer and such supplemental indenture, if any, comply with the Indenture and the Notes. 
  
 13. AMENDMENTS, SUPPLEMENTS AND WAIVERS. Subject to certain exceptions, the Indenture or the Notes may be amended or supplemented with the consent or vote
of the Holders of at least a majority in aggregate principal amount of the Notes then outstanding, and any existing Default or Event of Default may be waived with the consent or vote of the Holders of a majority in aggregate principal amount of the
Notes then outstanding. Without notice to or the consent of any Holder, the Indenture or the Notes may be amended or supplemented to cure any ambiguity or inconsistency, to comply with Sections 6.1 and 12.11 of the Indenture, to make any changes or
modifications to the Indenture necessary in connection with the registration of the Notes under the Securities Act and the qualification of the Indenture under the TIA, to secure the obligations of the Company in respect of the Notes, or to add to
covenants of the Company described in the Indenture for the benefit of Holders or to surrender any right or power conferred upon the Company. 
  
 14. DEFAULTS AND REMEDIES. An Event of Default includes the occurrence of any of the following: default in payment of principal at maturity, upon
redemption or exercise of a repurchase right or otherwise; default for 30 days in payment of interest or other amounts due; failure by the Company for 60 days after notice to it to comply with any of its other agreements in the Indenture or the
Notes; certain payment defaults or the acceleration of other indebtedness of the Company or its Subsidiaries; certain events of bankruptcy or insolvency involving the Company or any of the Company’s Significant Subsidiaries; and failure to
provide notice upon a change of control. If any Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding may declare all the Notes to be due and payable
immediately, except as provided in the Indenture. If an Event of Default specified in Sections 4.1(e) or (f) of the Indenture with respect to the Company occurs, the principal of and accrued interest on all the Notes shall become and be immediately
due and payable without any declaration or other act on the part of the Trustee or any Holder. Holders may not enforce the Indenture or the Notes except as provided in the Indenture. The Trustee may require indemnity satisfactory to it before it
enforces the Indenture or the Notes. Subject to certain limitations, Holders of a majority in principal amount of the Notes then outstanding may 

 direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders notice of any continuing
Default or Event of Default (except a Default or Event of Default in payment) if it determines that withholding notice is in the interests of the Holders. The Company must furnish an annual compliance certificate to the Trustee. 
  
 15. REGISTRATION RIGHTS. The Holders are entitled to registration rights as
set forth in the Registration Rights Agreement (as defined in the Indenture and attached thereto). The Holders shall be entitled to receive liquidated damages in certain circumstances, all as set forth in the Registration Rights Agreement.

  
 16. TRUSTEE DEALINGS WITH THE COMPANY. The Trustee under the
Indenture, or any banking institution serving as successor Trustee thereunder, in its individual or any other capacity, may make loans to, accept deposits from, and perform services for the Company or its Affiliates, and may otherwise deal with the
Company or its Affiliates, as if it were not Trustee. 
  
 17. NO
RECOURSE AGAINST OTHERS. No past, present or future director, officer, employee or shareholder, as such, of the Company shall have any liability for any obligations of the Company under the Notes or the Indenture or for any claim based on, in
respect of or by reason of such obligations or their creation. Each Holder by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for the issue of the Notes. 
  
 18. AUTHENTICATION. This Notes shall not be valid until authenticated by the
manual signature of the Trustee or an authenticating agent. 
  
 19. ABBREVIATIONS. Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entirety), JT TEN (= joint tenants with right of survivorship and not as
tenants in common), CUST (= Custodian), and U/G/M/A (Uniform Gifts to Minors Act). 
  
 THE COMPANY WILL FURNISH TO ANY HOLDER UPON WRITTEN REQUEST AND WITHOUT CHARGE A COPY OF THE INDENTURE. REQUESTS MAY BE MADE TO: 
  

aQuantive, Inc. 
 821 Second Avenue, 18th Floor 
 Seattle, Washington 98104 
 Facsimile: (206) 816-8502 
 Attention: General Counsel 

 FORM OF ASSIGNMENT 
  
 I or we assign to 
  
 PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER 
  

  

 (please
print or type name and address) 
  
 the within Note and all rights thereunder, and
hereby irrevocably constitutes and appoints                                 
Attorney to transfer the Note on the books of the Company with full power of substitution in the premises. 
  
 Dated:
                                        
                 
  
 NOTICE: The signature on this assignment must correspond with the name as it appears upon the face of the within Note in every particular without alteration or enlargement or any change whatsoever and be guaranteed by
a guarantor institution participating in the Securities Transfer Agents Medallion Program or in such other guarantee program acceptable to the Trustee. 
  
 Signature Guarantee:
                                 
  
 In connection with any transfer of this Note occurring prior to the date which is the earlier
of (i) the date of the declaration by the SEC of the effectiveness of a registration statement under the Securities Act of 1933, as amended (the “Securities Act”) covering resales of this Note (which effectiveness shall not have
been suspended or terminated at the date of the transfer) and (ii) the Resale Restriction Termination Date, the undersigned confirms that it has not utilized any general solicitation or general advertising in connection with transfer: 
  
 [Check One] 
  
 (1)              to the Company or any of their respective subsidiaries;
or 
  
 (2)
             pursuant to and in compliance with Rule 144A under the Securities Act; or 
  
 (3)              pursuant to the exemption from registration provided by Rule 144 under the Securities
Act; or 
  
 (4)
             pursuant to an effective registration statement under the Securities Act. 
  
 and unless the box below is checked, the undersigned confirms that such Security is not being transferred to an “affiliate” of the Company as defined in Rule
144 under the Securities Act (an “Affiliate”): 
  
 [            ] The transferee is an Affiliate of the Company. (If the Note is transferred to an Affiliate, the restrictive legend must remain on the Note for two years following
the date of the transfer). 

 Unless one of the items is checked, the Trustee will refuse to register any of the Notes evidenced by
this certificate in the name of any Person other than the registered Holder thereof; provided, however, that if item (3) or (4) is checked, the Company or the Trustee may require, prior to registering any such transfer of the Notes, in
their sole discretion, such written legal opinions, certifications and other information as the Trustee or the Company have reasonably requested to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not
subject to, the registration requirements of the Securities Act. 
  
 If none of the foregoing items are checked, the Trustee or Registrar shall not be obligated to register this Note in the name of any person other than the Holder hereof unless and until the conditions to any such transfer of registration
set forth herein and in Section 2.16 of the Indenture shall have been satisfied. 
  

					
	 Dated:                                     
                    
	 	Signed:                                     
                                        
                                        
           
	 	 	                (Sign exactly as name appears on the other side of this Note)
	 Signature Guarantee:
	 	                                      
                                        
                                        
                        

  
 TO BE COMPLETED BY PURCHASER IF (2)
ABOVE IS CHECKED 
  
 The undersigned represents and warrants that
it is purchasing this Note for its own account or an account with respect to which it exercises sole investment discretion and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A under the
Securities Act of 1933, as amended, and is aware that the sale to it is being made in reliance on Rule 144A and acknowledges that it has received such information regarding the Company as the undersigned has requested pursuant to Rule 144A or has
determined transferor is relying upon the undersigned’s foregoing representations in order to claim the exemption from registration provided by Rule 144A. 
  

					
	 Dated:                                     
                    
	 	Signed:                                     
                                        
                                        
           
	 	 	                            NOTICE: To
be executed by an executive officer

 CONVERSION NOTICE 
  

To convert this Note into Common Stock of the Company, check the box: [            ] 
  
 To convert only part of this Note, state the principal amount to be converted (must be in
integral multiples of $1,000): 
  
 $                                      
   
  
 If you want the share certificate made out in another
Person’s name, fill in the form below: 
  
  

	
	 (Insert other person’s soc. sec. or tax I.D. no.)

	 
	

	 
	 
	

	 
	 
	

	 
	 
	

	 (Print or type other person’s name, address and zip code)
  

					
	 	 	 	 	 
	 Date:                                     
                      
	 	Signatures:                                    
                                        
                                        
     
	 	 	(Sign exactly as your name(s) appear(s) on the other side of this Note)
	 	 	 
	 Signatures Guaranteed By:
	 	                                      
                                        
                                        
                        
	 	 	(All signatures must be guaranteed by a guarantor institution participating in the Securities Transfer Agents Medallion Program or in such other guarantee program acceptable to
the Trustee.)

 SCHEDULE A 
  
 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE(1). 
  
 The following exchanges of a part of this Global Notes for an interest in another Global Note or for Notes in certificated form, have been made:

  

									
	Date of Exchange	 	Amount of decrease in Principal amount of this Global Note	 	Amount of increase in Principal amount of this Global Note	 	Principal amount of this Global Note following such decrease (or increase)	 	 Signature or authorized signatory of Trustee or
Note
 Custodian

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

  

 (1) This is included in Global Notes only.

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