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Exhibit 10.15  

 
 

Third Amendment to Lease    
    

        This amendment (the "Third Amendment") is made as of September 21, 2006 by and between Intercontinental Fund III 117 Kendrick Street, LLC, a Massachusetts
limited liability company with a principal place of business at 1270 Soldiers Field Road, Boston, MA 02135 (the `Landlord") and TechTarget.com, Inc., a Delaware corporation with a mailing
address at 117 Kendrick Street, Needham, MA (the "Tenant"). 

RECITALS: 

        WHEREAS,
the Landlord and Tenant are parties to that certain lease agreement, the original of which is dated November 25, 2003 (the "Lease") between Wellsford/Whitehall Holdings,
L.L.C as predecessor in interest to Landlord and Tenant as amended by First Amendment to Lease dated July 17, 2004 as further amended by Second Amendment to Lease dated as of
December 2004 for premises consisting of approximately 60,073 +/- rentable square feet (the "Existing Premises") which Existing Premises consists
of 42,330 +/-rentable square feet known as the Original Premises and 17,743 +/- rentable square feet known as the Expansion Premises, which Existing Premises is in the building located at 117 Kendrick
Street, Needham, MA (the "Building") and is shown on Exhibit A attached hereto and incorporated herein by reference, which Lease is incorporated
herein by reference. 

        WHEREAS,
the Landlord and Tenant wish to expand the Premises to include not only the Existing Premises but also certain additional space consisting of approximately 14,533 +/- rsf of
space (the "Additional Expansion Premises"), which Additional Expansion Premises are shown on the floor plan attached hereto as Exhibit B, based
on the terms and conditions stated herein; and 

        NOW
THEREFORE, in consideration of the promises contained herein and other good and valuable consideration, the receipt of which is hereby acknowledged, the Landlord and Tenant agree as
follows: 

	1.
	Capitalized
terms not otherwise defined herein shall have the meaning assigned to them in the Lease. In the event of any conflict with respect to such terms, the definitions set forth
in this Third Amendment shall govern.

	2.
	Incorporation of Recitals. The recitals set forth above are incorporated herein and made a part of this Third Amendment to the same
extent as if set forth herein in full.

	3.
	Demises of Additional Expansion Premises. Commencing on or about May 1, 2007 ("Additional Expansion Premises Commencement Date"),
Landlord hereby demises and lease to Tenant and Tenant accepts from Landlord the Additional Expansion Premises. If Landlord fails to deliver possession of the Additional Expansion Premises on the
Additional Expansion Premises Commencement Date, the Landlord shall not be liable for any damages caused thereby, nor shall this Third Amendment be void or voidable.

	4.
	Landlord Improvements. On or before the Additional Expansion Premises Commencement Date, Landlord shall deliver the Additional Expansion
Premises to Tenant in turn key build-out in accordance with the plans attached hereto as Exhibit C, which delivery date is estimated
to be May 1, 2007. Any additional improvements to the Additional Expansion Premises shall be performed by the Tenant, at its sole cost and expense in accordance with Article 5 hereof.

	5.
	Tenant Improvements. Tenant is currently preparing, at its -sole cost and expense, plans and specifications for the
improvements Tenant desires to make to the Additional Expansion Premises (the "Plans). The Plans shall be submitted to Landlord for its approval, which approval shall not be unreasonable withheld and
shall be granted or rejected within ten (10) days after Landlord's receipt of the Plans. The Plans shall be stamped by a Massachusetts registered architect and shall comply with all applicable
laws, ordinances and regulations (including without limitation, the applicable requirements of the Americans with Disabilities Act of 1990, as amended from time to 

 

time,
and the regulations promulgated thereunder) and the requirements of the Lease regarding Alterations and shall be in a form satisfactory to appropriate governmental authorities responsible for
the issuance of permits, approvals and licenses required for construction. Landlord's approval of the Plans shall not impose upon Landlord any responsibility or liability whatsoever to Tenant.
Promptly after approval of the Plans, Tenant shall commence and exercise all reasonable efforts to complete the work specified therein ("Tenant's Work"). All of the Tenant's Work shall be completed in
accordance with the approved Plans and the requirements for Alterations set forth in the Lease. Copies of all permits and approvals required for Tenant's Work shall be furnished to Landlord promptly
upon receipt thereof. Tenant's Work shall be performed by a general contractor first approved by Landlord, which approval shall not be unreasonably withheld or delayed, under a written construction
contract. The approval by Landlord of Tenant's general contractor shall not impose upon Landlord any responsibility or liability whatsoever to Tenant as a result of or arising out of the defaults or
other acts or omissions of the general contractor. A copy of all required bonds and certificates of insurance required by the Lease shall be furnished to Landlord prior to the commencement of
construction and installation of Tenant's Work. Within forty-five (45) days after completion of any Tenant's Work Tenant shall provide to Landlord "as built" plans of the Tenant's
Work. Tenant shall provide Landlord with copies of the certificate of occupancy for any Tenant's Work that requires a certificate of occupancy reasonable promptly after completion of such Tenant's
Work. Tenant shall be entirely responsible for all costs and expenses associated with Tenant's Work. 

	6.
	Additional Expansion Premises Term. The Term of the Lease with respect to the Additional Expansion Premises shall commence on the
Additional Expansion Premises Commencement Date and shall expire on December 31, 2009. Further it is acknowledged and agreed that the Term with respect to the Original Premises shall expire on
December 31, 2009 and the Term with respect to the Expansion Premises shall expire on March 31, 2010. 

2

 
	7.
	Amendment of Terms. As of the Additional Expansion Premises Commencement Date, the following terms whenever they appear in the Lease
shall have the following meanings: 

	Premises Rentable Area:	 	74,606, consisting of 42,330 rentable square feet of the Original Premises, 17,743 rentable square feet of the Expansion Premises and 14,533 rentable square feet of the Additional Expansion Premises.
	

Original Premises:	
 	

The portion of the Building consisting of 42,330 rentable square feet in the location shown on Exhibit A-1 to the Lease.
	

Expansion Premises:	
 	

The portion of the Building consisting of 17,743 rentable square feet in the location shown on Exhibit B, to the Second Amendment to Lease.
	

Additional Expansion Premises:	
 	

The portion of the Building consisting of 14,533 rentable square feet in the location shown on Exhibit B attached hereto.
	

Premises:	
 	

The Original Premises, the Expansion Premises and the Additional Expansion Premises.
	

Tenant's Share:	
 	

20% with respect to the Original Premises, 8.39% with respect to the Expansion Premises and 6.86% with respect to the Additional Expansion Premises
	

Operating Expense Base Year:	
 	

For the Original Premises: the calendar year ending December 31, 2004; For the Expansion Premises: the calendar year ending December 31, 2005; For the Additional Expansion Premises: the
calendar year ending December 31, 2007.
	

Real Estate Tax Base Year:	
 	

For the Original Premises: the twelve month period year ending June 30, 2004; For the Expansion Premises: the twelve month period ending June 30, 2005; For the Additional Expansion Premises: the twelve month period ending June 30,
2007.

	8.
	Additional Expansion Premises Base Rent. In addition to the Base Rent set forth in the Lease for the Original Premises and the Base Rent
set forth in the Second Amendment for the Expansion Premises, beginning on the date which is one week following delivery of the Additional Expansion Premises to the Tenant ("Additional Expansion
Premises Rent Commencement Date"), the Base Rent, for the Additional Expansion Premises ONLY shall be calculated as follows: 

	Period
 
	 	Basic Rent/

Square Foot
	 	Annual

Base Rent
	 	Monthly

Base Rent

	Month 1-12 of Term with respect To Additional Expansion Premises	 	$	26.50	 	$	385,124.50	 	$	32,093.71
	

Month 13-24 of Term with respect To Additional Expansion Premises	
 	
$	

27.50	
 	
$	

399,657.50	
 	
$	

33,304.79
	

Month 25-32 of Term with respect To Additional Expansion Premises	
 	
$	

28.50	
 	
$	

414,190.50	
 	
$	

34,515.88

3

 
	9.
	Commencing
upon the Additional Expansion Premises Commencement Date and continuing throughout the remainder of the Term, "Parking Allocation" as defined in Section L17 Parking
Allocation of the Lease with respect to the Additional Expansion Premises ONLY shall be "forty-eight (48) unreserved parking spaces located within the Parking Facilities, subject to the terms
of Section 5.3 of the Lease"

	10.
	A
of the Additional Premises Commencement Date, Tenant shall have one (1) option to extend the Term of the Lease for a period of five (5) years in accordance with the
terms and provisions of Exhibit D, attached hereto. It is further understood that as of the Additional Expansion Premises Commencement Date,
Section 1.8,1.9,1.27, 5.415.5 and 5.6 of the Lease are deleted it their entirety and that Tenant's rights of first offer, refusal, relocation and extension are solely as are contained herein;

	11.
	Right of Relocation. The foregoing notwithstanding, in the event that on or before December 31, 2008 Landlord is able to
recapture the 25,589 rsf currently occupied by Geotrust ("Geotrust Space"), Tenant will have a one time option to relocate to said Geotrust Space ("Relocation Option"). The Relocation Option shall be
under the following general terms and conditions (and shall be more particularly articulated and described in an amendment to be executed between the Landlord and Tenant):

	a.
	Expiration
Date for Geotrust Space: December 31, 2009

	b.
	Rent
for Geotrust Space: Same rent (per square foot) as rent for Additional Expansion Premises

	c.
	Square
Footage: 25,589 +/- rsf

	d.
	Condition
of Geotrust Space: "As-Is"

	e.
	If
the Geotrust Space becomes available before December 31, 2008, Landlord shall, within five (5) business days of determining such space has become available, offer to
lease such space to Tenant in writing ("Landlord's Notice of Relocation Space"). Tenant shall then have five (5) business days from receipt of
Landlord's Notice of Relocation Space to accept the terms and conditions of Landlord's Notice of Relocation Space by notifying Landlord, in writing, of its intent to lease the Geotrust Space on said
terms and conditions. If Tenant notifies Landlord of its intent to relocate to the Geotrust Space, Landlord shall submit to Tenant, and Tenant shall execute and deliver to Landlord within ten
(10) business days from receipt thereof, an amendment to the Lease which contains all of the terms and conditions set forth in Landlord's Notice of Relocation Space, and such modifications to
this lease as may be necessary to reflect the relocation to said Geotrust Space. If Tenant elects not to relocate to the Geotrust Space or Tenant fails to execute and deliver said amendment within
said 5-business day period, Tenant's right to lease the Geotrust Space shall forever terminate, and Landlord shall have no further obligation to lease the Geotrust Space to Tenant and may
lease the Geotrust Space (or any portion thereof) to another party upon such terms and conditions as Landlord may deem appropriate, free and clear of any rights in favor of Tenant contained herein.

	12.
	Landlord
and Tenant each warrant and represent that it has not negotiated with any broker (other than Meredith & Grew, Cushman & Wakefield and Intercontinental
Management Corp. (collectively the "Brokers")) in connection with ibis Third Amendment and each party agrees to indemnify and hold the other party harmless if such warranty or representation is
untrue. It shall be Landlord's obligation to pay the Brokers pursuant to their separate agreement

	13.
	Tenant's Representations. Tenant hereby represents and warrants to Landlord that as of the date hereof: (a) all of Tenant's
estate, right, title and interest in and to the Lease is free and clear of 

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assignments,
sublettings, liens and encumbrances; (b) the Lease is in full force and effect; (c) Tenant is presently in possession of the Premises and is paying the rentals and any other
charges or sums due under the Lease; (d) the Lease has not been modified, supplemented or amended in any way, except as may be indicated in the recitals set forth above; and (e) to the
best of Tenant's knowledge as of the date of this First Amendment, Tenant is not aware of any actionable defenses, claims or set-offs under the Lease against rents or charges due or to
become due thereunder. 

	14.
	Ratification of Lease. Except as modified herein, all terms and conditions of the Lease remain in full force and effect, as hereby
amended, and are hereby ratified and affirmed, as modified by this First Amendment.

	15.
	Except
as provided herein, all other terms and conditions of the Lease remain unchanged and in full force and effect. 

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK] 

5

 

        WITNESS
our hands and seal this 21st day of September, 2006. 

	LANDLORD: Intercontinental Fund III

117 Kendrick Street, LLC	 	 	TENANT: TechTarget, Inc.
	

By: Intercontinental Real Estate Investment

Fund III, LLC, its Manager	

 	
 	

 	

 
	

By: Intercontinental Real Estate Corporation

Its Manager	

 	
 	

 	

 
	

By:	

/s/  PETER PALANDJIAN      
 Name: Peter Paladjian

Title: President and Treasurer	

 	
 	

By:	

/s/  ERIC SOCKOL      
 Name: Eric Sockol

Title: CFO

[COUNTERPART
SIGNATURE PAGE TO THIRD AMENDMENT TO LEASE] 

6

 
EXHIBIT A

Existing Premises

(attached hereto consisting of one (1) page)  

7

 
EXHIBIT B

Additional Expansion Premises

(attached hereto consisting of one (1) page)  

8

 
EXHIBIT C

Plans and Specifications  

9

 
 
 

EXHIBIT D
  
    OPTION TO EXTEND    
    

        Tenant, having at all times faithfully performed all of the terms and conditions of this Lease, having cured all defaults hereunder of which Tenant has received
written notice, and having not been in default beyond expiration of applicable grace, notice, and cure periods in the six (6) months immediately preceding the date on which it must exercise
this option to extend shall have the option to extend this lease for one 5 year term (being the "Extended Term"), upon the same terms and conditions of this lease, except that Base Rent for the
Extended Term shall be at the Market Rent. Tenant shall have no further options to extend after this option has been exercised or waived. Tenant shall notify Landlord, in writing, of it exercise of
this option at least twelve (12) months prior to the Expiration Date. 

        If
this lease is extended, all referenced to "Term" herein shall refer to the Term as extended unless specifically designated otherwise. 

        Market
Rent shall be determined in accordance with the procedure set forth hereinafter. 

        The
parties shall have thirty (30) days after Landlord receives Tenant's extension option notice in accordance herewith in which to agree on the Market Rent for the Extended Term.
If the parties agree on the Market Rent during such (30) day period, Landlord and Tenant shall execute an amendment to this Lease setting forth the Market Rent for the extended Term. 

        If
the parties are unable to agree on the Market Rent within the thirty (30) day period, then, within ten (10) days after the expiration of that period, each party, at its
cost and by giving notice to the other party, shall appoint a qualified M.A.I. real estate appraiser with at least five years full time commercial appraisal experience in the Boston metropolitan area
to appraise and set the Market Rent for the Premises. If a party does not appoint such an appraiser, the single appraiser appoint shall be the sole appraiser and shall set the Market Rent for the
Premises. The two appraisers appointed by the parties as stated in this paragraph shall meet promptly and attempt to establish the Market rent for the Premises. If they are unable to agree within
thirty (30) days after the second appraiser has been appointed, they shall attempt to select a third appraiser meeting the qualifications stated in this paragraph within ten (10) days
after the last day the two appraisers are given to set the Market Rent. If they are unable to agree on the third appraiser, either of the parties of this lease, by giving ten (10) days notice
to the other party, can appeal to the then president of the Greater Boston Real Estate Board, for the selection of a third appraiser who meets the qualifications stated in this paragraph. Each of the
parties shall bear one-half (1/2) of the cost of appointing the third appraiser and of paying the third appraiser's fee. The third appraiser, however selected, shall be a
person who has not previously acted in any capacity for either party. 

        Within
thirty (30) days after the selection of the third appraiser, a majority of the appraisers shall set the Market Rent for the Premises. If a majority of the appraisers are
unable to set the Market Rent within the stipulated period of time, the three appraisals shall be added together and their total divided by three; the resulting quotient shall be the Market Rent for
the Premises. 

        If,
however, the low appraisal and/or high appraisal are ore than ten percent (10%) lower and/or higher than the middle appraisal, the low appraisal and/or high appraisal shall be
disregarded. If only one appraisal is disregarded, the remaining two appraisals shall be added together and their total divided by two; the resulting quotient shall be the Market Rent for the
Premises. If both the low appraisal and the high appraisal are disregarded the middle appraisal shall be the Market Rent of the Premises. 

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Exhibit 10.16  

 
 

CREDIT FACILITY AGREEMENT    
    

        AGREEMENT dated as of August 30, 2006 and between TECHTARGET, INC., a Delaware corporation with its principal place of business at 117 Kendrick
Street, Needham MA 02494 (the "Borrower") and CITIZENS BANK OF MASSACHUSETTS, a Massachusetts bank having its principal place of business at 28 State
Street, Boston, Massachusetts 02109 (the "Bank"). 

        WHEREAS,
the Borrower desires to obtain a $10,000,000 Term Loan and a $20,000,000 Credit Line; and 

        WHEREAS,
the Bank is willing to provide such credit facility, but only upon the terms and conditions set forth in this Agreement. 

        NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: 

        1.    Definitions.    In addition to the terms defined above or elsewhere defined in this Agreement, as used in this
Agreement, the following terms shall have the following respective meanings (such meanings, as well as the meanings of other terms defined elsewhere in this Agreement, to be equally applicable to both
the singular and plural forms of the terms defined, where the context permits): 

        "Advances" shall mean cash loans or advances outstanding under the Credit Line. 

        "Applicable LIBOR Margin" means one and 50/100 percent (1.50%) per annum. 

        "Applicable Prime Rate Margin" means one (1%) percent, applied as a reduction to the Prime Rate as provided in  Section 2.4 below. 

        "Business Day" means: 

	(a)
	any
day which is neither a Saturday or Sunday nor a legal holiday on which commercial banks are authorized or required to be closed in Boston, Massachusetts.

	(b)
	when
such term is used to describe a day on which a payment or prepayment is to be made in respect of a LIBOR Rate Loan, any day which is: (i) neither a Saturday or Sunday nor
a legal holiday on which commercial banks are authorized or required to be closed in New York City; and (ii) a London Banking Day; and

	(c)
	when
such term is used to describe a day on which an interest rate determination is to be made in respect of a LIBOR Rate Loan, any day which is a London Banking Day. 

        "Capital Expenditures" means expenditures incurred for the acquisition of capital assets or otherwise required under GAAP to be
capitalized, including but not limited to capital leases. Capital Expenditures shall not include any Qualified Acquisitions. 

        "Capital Transactions" means sales or other disposition of those items of property, plant or equipment which are properly classified as
non-current or capital in accordance with GAAP. 

        "Collateral" shall mean all collateral at any time granted to Bank under the Security Agreements or under the Pledge Agreement(s) or cash
collateral provided under Section 2.2. 

        "Conditions of Lending" shall have the meaning set forth in Section 10 below. 

        "Credit Line" shall mean a revolving line of credit in the maximum amount of $20,000,000 established under this Agreement. 

        "Debt Service Coverage Ratio" A ratio, the numerator of which shall be EBITDA minus (a) Capital Expenditures, (b) cash
taxes, (c) dividends and stockholder distributions and the denominator of which shall be, for the same measurement period, the sum of (x) interest expense accrued, (y) letter of
credit 

 

fees
and (z) principal payments to Bank or any other lender in respect of borrowed money scheduled to be paid during the six months immediately preceding the test date. 

        "Default" shall mean an event or occurrence which, with the giving of notice or lapse of time or both, would constitute an Event of
Default. 

        "EBITDA" shall mean the sum of revenues from operations of the specified entity less all costs and expenses other than interest, taxes,
non-cash compensation expense and depreciation and amortization and excluding any Capital Transactions from revenues and expenses, all as determined in accordance with GAAP. EBITDA from
businesses acquired by Borrower shall be included in the calculation of EBITDA of Borrower on an actual and reported basis, and not pro-forma. 

        "Event of Default" shall have the meaning set forth in Section 13 hereof. 

        "Financial Statements" shall mean the balance sheet(s), income statement(s) and statement(s) of cash flow for the Borrower identified on  Schedule 11.7. 

        "Foreign Subsidiaries" shall mean all Subsidiaries formed in a jurisdiction other than the United States and which neither are
(a) qualified as foreign entities with any jurisdiction within the United States and (b) are not conducting business within the United States. 

        "GAAP" shall mean generally accepted accounting principles which are consistent with the principles promulgated or adopted by the
Financial Accounting Standards Board and/or its predecessors as in effect from time to time. 

        "Government Agency" shall mean the United States Government or any department, agency or instrumentality thereof and any State or
Municipal Agency. 

        "Guarantors shall mean all Subsidiaries required to issue Guaranties pursuant to Section 12A.10 below. 

        "Hedging Contracts" means interest rate swap agreements, interest rate cap agreements and interest rate collar agreements, or any other
agreements or arrangements entered into between the Borrower and the Bank and designed to protect the Borrower against fluctuations in interest rates or currency exchange rates. 

        "Hedging Obligations" means, with respect to the Borrower, all liabilities of the Borrower to the Bank under Hedging Contracts. 

        "Interest Payment Date" means (a) relative to any LIBOR Rate Loan, having an Interest Period of three months or less, the last
Business Day of such Interest Period, and as to any LIBOR Rate Loan having an Interest Period longer than three months, each Business Day which is three months, or a whole multiple thereof, after the
first day of such Interest Period and the last day of such Interest Period and (b) relative to any Prime Rate Loan, is the last day of any calendar month. 

        "Interest Period" shall have the meaning set forth in Section 2.4
below.

        "Interest Rate Options" shall mean the selection by Borrower of LIBOR Rate Loan or a Prime Rate Loan as set forth in  Section 2.4.4 and Section 2.4.5. 

        "Letters of Credit" shall mean all commercial and standby letters of credit, which the Bank shall issue following the Borrower's
application therefor, and the payment of all applicable fees in connection therewith. 

        "Letter of Credit Line Expiration Date" shall mean ten (10) business days prior to the Maturity Date of the Credit Line. 

        "LIBOR Rate" means relative to any Interest Period for LIBOR Rate Loans, the offered rate for deposits of U.S. Dollars in an amount
approximately equal to the amount of the requested LIBOR 

2

 

Rate
Loan for a term coextensive with the designated Interest Period which the British Bankers' Association fixes as its LIBOR rate as of 11:00 a.m. London time on the day which is two London
Banking Days prior to the beginning of such Interest Period. 

        "LIBOR Rate Loan" means any Loan the rate of interest applicable to which is based upon the LIBOR Rate. 

        "LIBOR Lending Rate" means, relative to any LIBOR Rate Loan to be made, continued or maintained as, or converted into, a LIBOR Rate Loan
for any Interest Period, a rate per annum determined pursuant to the following formula: 

	LIBOR Lending Rate	 	=	 	LIBOR Rate
 (1.00 – LIBOR Reserve Percentage)

        "LIBOR-Reference Banks Loan" means any Loan the rate of interest applicable to which is based upon the LIBOR-Reference Banks Rate. 

        "LIBOR-Reference Banks Lending Rate" means, relative to a LIBOR-Reference Banks Rate Loan for any Interest Period, a rate per annum
determined pursuant to the following formula: 

	LIBOR-Reference Banks Lending Rate	 	 	 	LIBOR-Reference Banks Rate
 (1.00 – LIBOR Reserve Percentage)

        "LIBOR-Reference Banks Rate" means relative to any Interest Period for LIBOR-Reference Banks Loans, the rate for which deposits in U.S.
Dollars are offered by the Reference Banks to prime banks in the London interbank market in an amount approximately equal to the amount requested LIBOR-Reference Banks Loan at approximately
11:00 a.m., London time on the day that is two London Banking Days prior to the beginning of such Interest Period. The Bank will request the principal London office of each of the Reference
Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for such date will be the arithmetic mean of the quotations. If fewer than two quotations are provided
as requested, the rate for such date will be the arithmetic mean of the rates quoted by major banks in New York City selected by the Bank, at approximately 11:00 a.m. New York City time for
loans in U.S. Dollars to leading European banks for such Interest Period and in an amount approximately equal to the amount requested LIBOR-Reference Banks Loan. 

        "LIBOR Reserve Percentage" means, relative to any day of any Interest Period for LIBOR Rate Loans, the maximum aggregate (without
duplication) of the rates (expressed as a decimal fraction) of reserve requirements (including all basic, emergency, supplemental, marginal and other reserves and taking into account any transitional
adjustments or other scheduled changes in reserve requirements) under any regulations of the Board of Governors of the Federal Reserve System (the "Board") or other governmental authority having
jurisdiction with respect thereto as issued from time to time and then applicable to assets or liabilities consisting of "Eurocurrency Liabilities", as currently defined in Regulation D of the
Board, having a term approximately equal or comparable to such Interest Period. 

        "Loan Documents" shall mean this Agreement, the Notes, the Security Agreement, the Pledge Agreement, the Perfection Certificate, and each
Guaranty executed by a Guarantor, and any all other documents, instruments, and agreements executed in connection with this Agreement. 

        "Loans" shall mean, collectively, amounts advanced pursuant to the Credit Line, the Term Loan and amounts advanced pursuant to Letters of
Credit. 

        "London Banking Day" means a day on which dealings in US dollar deposits are transacted in the London interbank market. 

3

 

        "Maturity Date" means, in respect to the Term Note, December 30, 2009, and in respect to the Credit Line, August 30, 2011. 

        "Maximum Commitment" shall mean $20,000,000. 

        "Notes" means the Revolving Note and the Term Note. 

        "Obligations" shall mean all obligations of the Borrower to the Bank, whether such obligations are now existing or hereafter arising,
direct or indirect, primary or secondary, including but not limited to the Notes, Letters of Credit, all outstanding amounts advanced by the Bank under any Letters of Credit and all other obligations
under this Agreement and the other Loan Documents. Obligations include all Hedging Obligations, all obligations of the Borrower arising under any ACH Contract and any commodity or equity swap, foreign
exchange transactions, currency swap, cross currency rate swap, currency option, or similar transactions now or hereafter entered into between the Borrower and the Bank. "ACH Contract" means all
obligations of the Borrower to the Bank under any Automated Clearing House ("ACH") Agreements relating to the processing of ACH transactions, together with all fees, expenses, charges and other
amounts owing by or chargeable to the Borrower under the ACH Agreements and all liabilities to the Lender to repay overdrafts and other amounts due to the Lender under any existing or future
agreements relating to cash management services. 

        "Perfection Certificate" shall mean the Certificate of Borrower dated this date delivered to Bank by the Borrower in connection with the
making by the Bank of the Loans. 

        "Permitted Encumbrance(s)" shall have the meaning set forth in Section 12B.2. 

        "Pledge Agreement" means the Pledge Agreements of even date from Borrower to the Bank by which outstanding ownership interests of
TechTarget Securities Corporation and Tech Target Limited are pledged to the Bank. Pledge Agreement shall also include all Pledge Agreements hereafter entered into between Borrower or any of its
Subsidiaries and the Bank pursuant to Section 12A.10 below. 

        "Prime Rate" means the rate of interest announced by Bank in Boston, Massachusetts from time to time as its "Prime Rate." The Borrower
acknowledges that the Bank may make loans to its customers above, at or below the Prime Rate. Interest accruing by reference to the Prime Rate shall be calculated on the basis of actual days elapsed
and a 360-day year. 

        "Prime Rate Loan" means any Loan for the period(s) when the rate of interest applicable to such Loan is calculated by reference to the
Prime Rate. 

        "Qualified Acquisition" shall mean a non-hostile (pursuant to an agreement with the target) acquisition of stock or assets in
substantially the same or complementary to the line of business of the Borrower at a time when no Default or Event of Default has occurred and is continuing, including but not limited to financial
covenants on both an actual basis and calculated on a pro-forma combined or consolidated basis with the Borrower immediately following, such acquisition. No single Qualified Acquisition
may exceed $10,000,000 in total aggregate consideration (including but not limited to deferred and contingent payments and indebtedness assumed) ("Total Purchase Consideration") and Total Purchase
Consideration for all Qualified Acquisitions during any one fiscal year may not exceed $25,000,000. To the extent the EBITDA of an Acquisition is negative for the Acquisition Test Period, in order to
constitute a Qualified Acquisition, such negative EBITDA must be less than (a) $1,000,000 for the Acquisition Test Period, and (b) collectively, all Acquisitions with negative EBITDA may
not have combined negative EBITDA of more than $2,000,000 for the Acquisition Test Period for the respective Acquisitions. "Acquisition Test Period" means the twelve (12) full calendar months
immediately preceding the date of the respective Acquisition. 

        "Reference Banks" means four major banks in the London interbank market as selected by the Bank. 

4

 

        "Revolving Loans" shall mean, at any time, the aggregate of the Advances outstanding under the Revolving Note. 

        "Revolving Note" shall mean the promissory note described in Section 2.1.2 hereof. 

        "Security Agreements" shall mean the Security Agreement of Borrower dated as of the date hereof and executed by Borrower for the benefit
of Bank, as it may be amended from time to time. Security Agreements shall also include all Security Agreements hereafter entered into between Borrower or any of its Subsidiaries and the Bank pursuant
to Section 12A.10 below. 

        "State or Municipal Agency" shall mean a State or municipality or any subdivision of either, or any department, agency or instrumentality
thereof. 

        "Subordinated Debt" shall mean indebtedness to a third party which has been subordinated to the Borrower's indebtedness to the Bank by an
agreement satisfactory to the Bank in form and substance. 

        "Subsidiary" shall mean any of Bitpipe, Inc., BTPE Acquisition Corporation, TechTarget Securities Corporation, The Middleware
Company and any other entities of which more than 51% of the voting securities shall be owned directly or indirectly by Borrower, and including any such entity now existing or hereafter formed or
acquired. 

        "Term Loan" and "Term Note" shall have the meaning set forth in  Section 2.3 below. 

        All
accounting terms not specifically defined in this Agreement shall be construed in accordance with GAAP, and all financial data submitted pursuant to this Agreement and all financial
records kept by the Borrower shall be prepared (except as hereinafter expressly provided) and kept in accordance with such principles. 

        2.    The Loans.    

        2.1.    Revolving Loans.    

        2.1.1 Subject
to the terms and conditions of this Agreement, including but not limited to the Conditions of Lending, the Bank shall make Advances to the Borrower and/or
provide Letters of Credit under the Credit Line up to a maximum principal amount outstanding including the amount of the Letters of Credit of not more than the Maximum Commitment. All Advances and all
Obligations in respect of Letters of Credit are secured by the Collateral and are guaranteed pursuant to the Guarantees, which are in turn secured by Security Agreements or Pledge Agreements. 

        2.1.2 All
Advances and Letters of Credit issued under the Credit Line shall be evidenced by the promissory note from the Borrower to the Bank of even date herewith (the
"Revolving Note") in the principal amount of the Maximum Commitment. Within the Credit Line, the Borrower may borrow, repay, and reborrow (without
penalty or premium), subject to the limitations and conditions set forth in this Agreement. Unless earlier payment is required by the Bank pursuant to Section 13 below upon an Event of Default,
all principal and any unpaid interest under the Revolving Loans will be due and payable on August 30, 2011. 

        2.1.3 To
the extent that the sum of the aggregate principal amount of the Advances outstanding plus Letters of Credit outstanding exceeds the Maximum Commitment at any time,
such excess shall be due and payable immediately upon demand from the Bank. 

        2.1.4 Each
Advance under the Credit Line shall be in an amount of not less than $250,000. The Borrower will give the Bank
written, telecopied or telephonic notice specifying the amount and date of each borrowing hereunder; provided,  however, that notice given by telephone
hereunder shall be followed by prompt written confirmation thereof by the Borrower. Provided that all
conditions, including the Conditions of Lending, set forth in this Agreement have been satisfied 

5

 

with
respect to such requested Advance, an Advance will be made on the same Business Day as notice is received if notice is received before 1:00 p.m. Boston time, and if received thereafter,
the Advance will be made on the next Business Day. 

        2.2    Letters of Credit.    Subject to the terms and conditions of this Agreement including but not limited to the
Conditions of Lending set forth in Section 10 below and within the Credit Line, on application by the Borrower, the Bank shall issue for the benefit of the Borrower commercial or standby
Letters of Credit in the aggregate amount outstanding at any time not more than $5,000,000 and expiring no later than the Letter of Credit Line Expiration Date. The Borrower's obligations to the Bank
under the Letters of Credit shall be deemed to be obligations to the Bank and shall be secured pursuant to the Borrower's Security Agreement and guaranteed by the Guarantors and secured by the
Security Agreements of the respective Guarantors. Amounts drawn on a Letter of Credit shall be deemed to be an Advance to the Borrower for purposes of this Agreement and evidenced by the Revolving
Note. Fees for Letters of Credit will be one and one-half (1.5%) percent per annum of the issuance amount, payable annually in advance. The
then applicable other fees of the Bank applicable to letters of credit issued by the Bank shall also apply, including but not limited to, issuance, transfer, negotiation, correspondent and draw fees
and any other fees specified under the terms of the application for said Letter of Credit. Fees shall be payable as specified by the Bank. If the Credit Line is terminated for any reason while a
Letter of Credit is outstanding, so long as such Letter of Credit is outstanding, the Borrower shall pledge to the Bank additional collateral consisting of cash deposited with the Bank in an aggregate
amount of not less than 100% of the aggregate outstanding amount of each such Letter of Credit. 

        2.3    Term Loan.    Subject to the terms and conditions of this Agreement, including but not limited to the
Conditions of Lending, the Bank shall make a term loan to the Borrower of $10,000,000 (the "Term Loan"). Amounts outstanding under the Term Loan are secured by the Collateral and are guaranteed
pursuant to the Guarantees, which are in turn secured by Security Agreements or Pledge Agreements. The Term Loan shall be evidenced by the promissory note from the Borrower to the Bank of even date
herewith (the "Term Note") in the principal amount of $10,000,000. Unless earlier payment is required by the Bank pursuant to  Section 13 below upon an
Event of Default, principal under the Term Note shall be payable by thirty-nine consecutive monthly
installments of $250,000 each, plus interest, the first such installment to be due on the 30th day of September, 2006, plus interest, with a final payment of the entire unpaid principal
balance due on December 30, 2009. 

        2.4    Interest Generally.    Interest on the outstanding principal amount of any Loan when classified: (i) as
a LIBOR Rate Loan, shall accrue during each Interest Period at a rate equal to the sum of the LIBOR Lending Rate for such Interest Period plus the Applicable LIBOR Margin and be payable on each
Interest Payment Date, (ii) as a LIBOR-Reference Banks Rate Loan, shall accrue during each Interest Period at a rate equal to the sum of the LIBOR-Reference Banks Lending Rate for such Interest
Period plus the Applicable LIBOR Margin and be payable on each Interest Payment Date, and (iii) as a Prime Rate Loan, shall accrue during each Interest Period at a rate equal to the Prime Rate
minus the Applicable Prime Rate Margin and be payable on each Interest Payment Date. 

        2.4.1    Interest Period Applicable to the Term Note.    For purposes of this Agreement in respect to borrowings under
the Term Note, and for purposes of the Term Note, the term "Interest Period" shall mean initially, the period beginning on (and including) the Funding Date and ending on (but excluding)
August 31, 2006 (the "Stub Period"); and 

	(i)
	then,
each period commencing on the last day of the next preceding Interest Period and ending on the day which numerically corresponds to the last day of the Stub Period one month
thereafter (or, if such month has no numerically corresponding day, on the last Business Day of such month); and 

6

 

	(ii)
	thereafter,
each period commencing on the last day of the next preceding Interest Period and ending one month thereafter; 

provided, however, that 

	(a)
	if
the Borrower has or may incur Hedging Obligations with the Bank in connection with the Loan, the Interest Period shall be of the same duration as the relevant period set under the
applicable Hedging Contract;

	(b)
	if
such Interest Period would otherwise end on a day which is not a Business Day, such Interest Period shall end on the next following Business Day unless such day falls in the next
calendar month, in which case such Interest Period shall end on the first preceding Business Day; and

	(c)
	no
Interest Period may end later than the termination of this Agreement. 

        2.4.2    Interest Period Applicable to the Revolving Note.    For purposes of this Agreement in respect to borrowings
under the Revolving Note, and for purposes of the Revolving Note, the term "Interest Period" shall mean 

	(i)
	initially,
the period beginning on (and including) the date on which such LIBOR Rate Loan is made or continued as, or converted into, a LIBOR Rate Loan pursuant to  Section 2.4.4 or 2.4.5 and ending on (but excluding) the day which numerically corresponds to
such date one, two, three or six months thereafter (or, if such month has no numerically corresponding day, on the last Business Day of such month), in each case as the Borrower may select in its
notice pursuant to Section 2.4.4 or 2.4.5; and

	(ii)
	thereafter,
each period commencing on the last day of the next preceding Interest Period applicable to such LIBOR Rate Loan and ending one, two, three or six months thereafter, as
selected by the Borrower by irrevocable notice to the Bank not less than two Business Days prior to the last day of the then current Interest Period with respect thereto; 

provided, however, that 

	(a)
	the
Borrower shall not be permitted to select Interest Periods for LIBOR Rate Loans to be in effect at any one time which have expiration dates occurring on more than five
(5) different dates;

	(b)
	Interest
Periods commencing on the same date for LIBOR Rate Loans comprising part of the same advance under this agreement shall be of the same duration;

	(c)
	Interest
Periods for LIBOR Rate Loans in connection with which Borrower has or may incur Hedging Obligations with the Bank shall be of the same duration as the relevant periods set
under the applicable Hedging Contracts;

	(d)
	if
such Interest Period would otherwise end on a day which is not a Business Day, such Interest Period shall end on the next following Business Day unless such day falls in the next
calendar month, in which case such Interest Period shall end on the first preceding Business Day; and

	(e)
	no
Interest Period may end later than the termination of this Agreement. 

        2.4.3.    Special Provisions Regarding Repayment of Term Loan; Automatic Rollover of LIBOR Rate Loan if Part of Term
Loan.    During the period(s) a Loan is classified as a LIBOR Rate Loan, it shall mature and become payable in full on the last day of each Interest Period. Upon
maturity the Loan shall automatically be continued as a LIBOR Rate Loan with an equal Interest Period in an amount equal to the expiring LIBOR Rate Loan  LESS the applicable Principal Repayment

7

 

Amount,
provided, however, that no portion of the outstanding principal amount of a LIBOR Rate Loan may be continued as a LIBOR Rate Loan when any
Default or Event of Default has occurred and is continuing. If any Default or Event of Default has occurred and is continuing (if the Bank does not otherwise elect to exercise any right to accelerate
the Loan it is granted hereunder), the maturing LIBOR Rate Loan shall automatically be continued as a Prime Rate Loan. During the period(s) that the Loan is classified as a Prime Rate Loan, the
Borrower shall make regular payments of principal in amounts equal to the applicable Principal Repayment Amount on the last day of each Interest Period. Notwithstanding the foregoing, the Loan shall
mature and become payable in full upon the Maturity Date. 

        2.4.4.    Making of LIBOR Loan Elections.    By delivering a borrowing request to the Bank on or before
10:00 a.m. New York time on a Business Day, the Borrower may from time to time irrevocably request, on not less than two nor more than five Business Days' notice, that a LIBOR Rate Loan be made
in a minimum amount of $1,000,000 and integral multiples of $500,000 with an Interest Period of one, two, three or six months, subject in the case of the Term Loan, to Section 2.4.1 above. On
the terms and subject to the conditions of this agreement, each LIBOR Rate Loan shall be made available to the Borrower no later than 11:00 a.m. New York time on the first day of the applicable
Interest Period by deposit to the account of the Borrower as shall have been specified in its borrowing request. 

        2.4.5.    Continuation and Conversion Elections.    By delivering a continuation/conversion notice to the Bank on or
before 10:00 a.m., New York time, on a Business Day, the Borrower may from time to time irrevocably elect, on not less than two nor more than five Business Days' notice, that all, or any
portion in an aggregate minimum amount of $1,000,000 and integral multiples of $500,000 of any Prime Rate Loan or of a LIBOR Rate Loan be converted on the last day of an Interest Period into a LIBOR
Rate Loan with a different Interest Period, or continued on the last day of an Interest Period as a LIBOR Rate Loan with a similar Interest Period, provided,
however, that no portion of the outstanding principal amount of any LIBOR Rate Loans may be converted to, or continued as, LIBOR Rate Loans when
any Default or Event of Default has occurred and is continuing, and no portion of the outstanding principal amount of any LIBOR Rate Loans may be converted to LIBOR Rate Loans of a different duration
if such LIBOR Rate Loans relate to any Hedging Obligations. If any Default or Event of Default has occurred and is continuing (if the Bank does not otherwise elect to exercise any right to accelerate
the Loans it is granted hereunder), or in the absence of delivery of a continuation/conversion notice with respect to any LIBOR Rate Loan at least two Business Days before the last day of the then
current Interest Period with respect thereto, each maturing LIBOR Rate Loan shall automatically be continued as a Prime Rate Loan. 

        2.4.6    Repayments Continuations and Conversions.    LIBOR Rate Loans shall mature and become payable in full on the
last day of the Interest Period relating to such LIBOR Rate Loan. Prior to the termination of this Agreement, upon the maturity of a LIBOR Rate Loan under this Section 2.4.6, it may be
continued for an additional Interest Period or may be converted to a Prime Rate Loan (if there exists no Default or Event of Default and the Bank does not otherwise elect to exercise any right to
accelerate the Loans it is granted hereunder). 

        2.4.7    Voluntary Prepayment of LIBOR Rate Loans.    LIBOR Rate Loans maybe prepaid upon the terms and conditions set
forth herein. For LIBOR Rate Loans in connection with which the Borrower has or may incur Hedging Obligations, additional obligations may be associated with prepayment, in accordance with the terms
and conditions of the applicable Hedging Contracts. The Borrower shall give the Bank, no later than 10:00 a.m., New York City time, at least four (4) Business Days notice of any proposed
prepayment of any LIBOR Rate Loans, specifying the proposed date of payment of such LIBOR Rate Loans, and the principal amount to be paid. Each partial prepayment of the principal amount of LIBOR Rate
Loans shall be in an integral multiple 

8

 

of
$250,000 and accompanied by the payment of all charges outstanding on such LIBOR Rate Loans and of all accrued interest on the principal repaid to the date of payment. Borrower acknowledges that
prepayment or acceleration of a LIBOR Rate Loan during an Interest Period shall result in the Bank incurring additional costs, expenses and/or liabilities and that it is extremely difficult and
impractical to ascertain the extent of such costs, expenses and/or liabilities. Therefore, all full or partial prepayments of LIBOR Rate Loans shall be accompanied by, and the Borrower hereby promises
to pay, on each date a LIBOR Rate Loan is prepaid or the date all sums payable hereunder become due and payable, by acceleration or otherwise, in addition to all other sums then owing, an amount
("LIBOR Rate Loan Prepayment Fee") determined by the Bank pursuant to the following formula: 

	(a)
	the
then current rate for United States Treasury securities (bills on a discounted basis shall be converted to a bond equivalent) with a maturity date closest to the end of the
Interest Period as to which prepayment is made, subtracted from

	(b)
	the
LIBOR Lending Rate plus the Applicable Margin applicable to the LIBOR Rate Loan being prepaid. 

If
the result of this calculation is zero or a negative number, then there shall be no LIBOR Rate Loan Prepayment Fee. If the result of this calculation is a positive number, then the resulting
percentage shall be multiplied by: 

	(a)
	the
amount of the LIBOR Rate Loan being prepaid. 

The
resulting amount shall be divided by: 

	(b)
	360 

and
multiplied by: 

	(c)
	the
number of days remaining in the Interest Period as to which the prepayment is being made. 

Said
amount shall be reduced to present value calculated by using the referenced United States Treasury securities rate and the number of days remaining on the Interest Period for the LIBOR Rate Loan
being prepaid. The resulting amount of these calculations shall be the LIBOR Rate Loan Prepayment Fee. 

        2.4.8.    LIBOR Rate Lending Unlawful.    If the Bank shall determine (which determination shall, upon notice thereof
to the Borrower be conclusive and binding on the Borrower) that the introduction of or any change in or in the interpretation of any law, rule, regulation or guideline, (whether or not having the
force of law) makes it unlawful, or any central bank or other governmental authority asserts that it is unlawful, for the Bank to make, continue or maintain any LIBOR Rate Loan as, or to convert any
Loan into, a LIBOR Rate Loan of a certain duration, all LIBOR Rate Loans of such type shall automatically convert into LIBOR-Reference Banks Loans at the end of the then current Interest Periods with
respect thereto or sooner, if required by such law or assertion. For purposes of this agreement, in the event of such a conversion, all LIBOR-Reference Banks Rate Loans shall be treated
(except as to interest rate) as equivalent to a LIBOR Rate Loan of similar amount and Interest Period. For greater certainty, all provisions of this agreement relating to LIBOR Rate Loans shall apply
equally to LIBOR-Reference Banks Loans, including, but not limited to the manner in which LIBOR-Reference Banks Loans are requested, continued, converted, the manner in which interest accrues, is
payable, principal payments are made, whether voluntary or involuntary, as well as any penalties, increased costs or taxes associated with any of the foregoing. 

9

   
        2.4.9    Substitute Rate.    If the Bank shall have determined that 

	(a)
	US
dollar deposits in the relevant amount and for the relevant Interest Period are not available to the Bank in the London interbank market;

	(b)
	by
reason of circumstances affecting the Bank in the London interbank, adequate means do not exist for ascertaining the LIBOR Rate applicable hereunder to LIBOR Rate Loans of any
duration, or

	(c)
	LIBOR
no longer adequately reflects the Bank's cost of funding Loans. 

Then,
upon notice from the Bank to the Borrower, all LIBOR Rate Loans shall automatically convert to LIBOR-Reference Banks Loans. 

        2.4.10.    Special LIBOR Indemnities.    In addition to the LIBOR Rate Loan Prepayment Fee, the Borrower agrees to
reimburse the Bank (without duplication) for any increase in the cost to the Bank, or reduction in the amount of any sum receivable by the Bank, in respect, or as a result of: 

	(a)
	any
conversion or repayment or prepayment of the principal amount of any LIBOR Rate Loans on a date other than the scheduled last day of the Interest Period applicable thereto;

	(b)
	any
Loans not being made as LIBOR Rate Loans in accordance with the borrowing request thereof;

	(c)
	any
LIBOR Rate Loans not being continued as, or converted into, LIBOR Rate Loans in accordance with the continuation/conversion notice thereof, or

	(d)
	any
costs associated with marking to market any Hedging Obligations that (in the reasonable determination of the Bank) are required to be terminated as a result of any conversion,
repayment or prepayment of the principal amount of any LIBOR Rate Loan on a date other than the scheduled last day of the Interest Period applicable thereto. 

The
Bank shall promptly notify the Borrower in writing of the occurrence of any such event, such notice to state, in reasonable detail, the reasons therefor and the additional amount required fully to
compensate the Bank for such increased cost or reduced amount. Such additional amounts shall be payable by the Borrower to the Bank within five days of its receipt of such notice, and such notice
shall, in the absence of manifest error, be conclusive and binding on the Borrower. The Borrower understands, agrees and acknowledges the following: (i) the Bank does not have any obligation to
purchase, sell and/or match funds in connection with the use of LIBOR Rate as a basis for calculating the rate of interest on a LIBOR Rate Loan, (ii) the LIBOR Rate may be used merely as a
reference in determining such rate, and (iii) the Borrower has accepted the LIBOR Rate as a reasonable and fair basis for calculating such rate, the LIBOR Rate Prepayment Fee, and other funding
losses incurred by the Bank. Borrower further agrees to pay the LIBOR Rate Prepayment Fee and other funding losses, if any, whether or not the Bank elects to purchase, sell and/or match funds. 

        2.5.    Increased Costs.    If on or after the date hereof the adoption of any applicable law, rule or regulation or
guideline (whether or not having the force of law), or any change therein, or any change in the interpretation or administration thereof by any governmental authority, central bank or comparable
agency charged with the interpretation or administration thereof, or compliance by the Bank with any request or directive (whether or not having the force of law) of any such authority, central bank
or comparable agency: 

	(a)
	shall
subject the Bank to any tax, duty or other charge with respect to its LIBOR Rate Loans or its obligation to make LIBOR Rate Loans, or shall change the basis of taxation of
payments to the Bank of the principal of or interest on its LIBOR Rate Loans or any other amounts due under this agreement in respect of its LIBOR Rate Loans or its obligation to make LIBOR Rate Loans
(except for the introduction of, or change in the rate of, tax on the 

10

 

overall
net income of the Bank or franchise taxes, imposed by the jurisdiction (or any political subdivision or taxing authority thereof) under the laws of which the Bank is organized or in which the
Bank's principal executive office is located); or 

	(b)
	shall
impose, modify or deem applicable any reserve, special deposit or similar requirement (including, without limitation, any such requirement imposed by the Board of Governors of
the Federal Reserve System of the United States) against assets of, deposits with or for the account of, or credit extended by, the Bank or shall impose on the Bank or on the London interbank market
any other condition affecting its LIBOR Rate Loans or its obligation to make LIBOR Rate Loans; 

and
the result of any of the foregoing is to increase the cost to the Bank of making or maintaining any LIBOR Rate Loan, or to reduce the amount of any sum received or receivable by the Bank under
this Agreement with respect thereto, by an amount deemed by the Bank to be material, then, within 15 days after demand by the Bank, the Borrower shall pay to the Bank such additional amount or
amounts as will compensate the Bank for such increased cost or reduction. 

        2.6.    Taxes.    All payments by the Borrower of principal of, and interest on, the LIBOR Rate Loans and all other
amounts payable hereunder shall be made free and clear of and without deduction for any present or future income, excise, stamp or franchise taxes and other taxes, fees, duties, withholdings or other
charges of any nature whatsoever imposed by any taxing authority, but excluding franchise taxes and taxes imposed on or measured by the Bank's net income or receipts (such non-excluded
items being called "Taxes"). In the event that any withholding or deduction from any payment to be made by the Borrower hereunder is required in respect of any Taxes pursuant to any applicable law,
rule or regulation, then the Borrower will 

	(a)
	pay
directly to the relevant authority the full amount required to be so withheld or deducted;

	(b)
	promptly
forward to the Bank an official receipt or other documentation satisfactory to the Bank evidencing such payment to such authority; and

	(c)
	pay
to the Bank such additional amount or amounts as is necessary to ensure that the net amount actually received by the Bank will equal the full amount the Bank would have received
had no such withholding or deduction been required. 

Moreover,
if any Taxes are directly asserted against the Bank with respect to any payment received by the Bank hereunder, the Bank may pay such Taxes and the Borrower will promptly pay such additional
amount (including any penalties, interest or expenses) as is necessary in order that the net amount received by the Bank after the payment of such Taxes (including any Taxes on such additional amount)
shall equal the amount the Bank would have received had not such Taxes been asserted. 

        If
the Borrower fails to pay any Taxes when due to the appropriate taxing authority or fails to remit to the Bank the required receipts or other required documentary evidence, the
Borrower shall indemnify the Bank for any incremental Taxes, interest or penalties that may become payable by the Bank as a result of any such failure. 

        2.7    Records.    Advances under the Credit Line and repayments thereunder shall be entered on the Bank's records,  provided however, that the failure to enter any such transaction, or the inaccuracy of any such entry, shall not relieve the Borrower from any
obligations to the Bank, whether under the Revolving Note or otherwise. 

        2.8    Reports from Bank.    After the end of each month, Bank will render to the Borrower a statement of the
Borrower's loan account with Bank hereunder. Each statement shall be considered correct and to have been accepted by the Borrower and shall be presumed correct, in the absence of manifest error, in
respect of all charges, debits and credits of any nature contained therein under this 

11

 

Agreement,
and the closing balance shown therein, unless the Borrower notifies Bank in writing of any discrepancy within thirty (30) days from the date of any such statement. 

        2.9    Capital Requirements.    If after the date hereof the Bank determines that (a) the adoption of or change
in any law, rule, regulation or guideline regarding capital requirements for banks or bank holding companies, or any change in the interpretation or application thereof by any governmental authority
charged with the administration thereof, or (b) compliance by the Bank or its parent bank holding company with any guideline, request or directive of any such entity regarding capital adequacy
(whether or not having the force of law), has the effect of reducing the return on the Bank's or such holding company's capital as a consequence of the Bank's willingness to make Advances hereunder to
a level below that which the Bank or such holding company could have achieved but for such adoption, change or compliance (taking into consideration the Bank's or such holding company's then existing
policies with respect to capital adequacy and assuming the full utilization of such entity's capital) by any amount reasonably deemed by the Bank to be material, then the Bank shall promptly notify
the Borrower in writing. The Borrower agrees to pay to the Bank the amount of such reduction in the return on capital, within 30 days after receipt of written notice and demand from the Bank
for the payment of such reduction in return, including presentation by the Bank of a statement to the effect that the request to the Borrower for payment is consistent with requests being made by the
Bank to other borrowers of the Bank with credit facilities of a similar nature to the Credit Line and of a size in the category of the Maximum Commitment, and setting forth in reasonable detail the
Bank's calculation thereof, which statement shall be deemed true and correct absent objection in writing by the Borrower that error has occurred in such calculation. If such objection is made, the
Bank will consider the objection and resolve any error. In determining such amount, the Bank may use any reasonable averaging and attribution methods. 

        2.10    Unused Line Fee.    The Borrower hereby agrees to pay the Bank a fully earned and non-refundable
unused line fee of thirty-seven and one half basis points (0.375%) per annum of the difference between (i) $20,000,000 and (ii) the outstanding principal amount of the sum of the
Advances and Letters of Credit outstanding, which fee shall accrue and be charged to and paid by Borrower on a quarterly basis in arrears. 

        3.    Principal Bank of Deposit and Lockbox; Minimum Deposit Balances.    To enable the Bank to properly monitor the
Credit Line and the financial condition of the Borrower, Borrower and each Guarantor will maintain Bank as depository for the depository accounts of Borrower and each Guarantor, as the case may be,
including its operating accounts. In lieu of the Bank's customary closing fee for transactions of the nature set forth in this Agreement, Borrower agrees to maintain average monthly collected balances
of not less than $10,000,000 for the months September, 2006 through and including August, 2007. To the extent average collected balances in any month are less than such $10,000,000, Borrower shall pay
to the Bank within five (5) business days as after invoice, a fee equal to 0.5% of the amount of any such deficiency. 

        4.    Availability of Funds.    Except as otherwise provided in  Section 2 hereof or in any disbursement letter signed by the
Borrower and accepted by the Bank, proceeds of Advances and the Term Loan shall be
credited by the Bank to the general deposit account of the Borrower with the Bank or shall otherwise be paid to the Borrower as the Borrower may specify in its notice of borrowing. 

        5.    Use of Loan Proceeds.    Borrower covenants that the Advances will be used exclusively by Borrower for working
capital and general corporate purposes, including the repayment of its existing indebtedness to Comerica Bank, and for Qualified Acquisitions. 

        6.    Payments to Bank.    All payments of principal, interest and any other sums payable hereunder or under the
Credit Line shall be made to the Bank at its principal office in immediately available funds. The Bank may charge the primary operating deposit account of Borrower at the Bank (other than payroll,
escrow or trust accounts) with the amount of all payments of interest, principal, letter of 

12

 

credit
fees, the Unused Line Fee under Section 2.10 and LIBOR breakage fees and will notify the Borrower of the amount so charged. 

        7.    Expenses.    In connection with the preparation, amendment or interpretation of this Agreement and other
documentation relating to the Loans and the collection of the Obligations made pursuant hereto, the Borrower agrees to pay upon the signing hereof all reasonable costs and expenses (including, without
limitation, reasonable legal fees) of the Bank in connection with origination of the Credit Line and the Term Loan and the original documentation hereof, and to pay within fifteen (15) days
after invoicing the reasonable costs and expenses (including reasonable legal fees) of the Bank in connection with any amendment hereto or to any of the other Loan Documents or any waiver hereunder or
thereunder or with interpreting, enforcing or exercising any rights or remedies under this Agreement or any of the other Loan Documents, all whether or not legal action is instituted. In addition, the
Borrower shall pay any and all recording or filing fees, payable or determined to be payable in connection with the execution and delivery of this Agreement and each of the Loan Documents. 

        8.    Additional Security.    Borrower grants to the Bank a security interest in and with respect to any and all
deposits or other sums at any time or times credited by or due from the Bank to the Borrower (other than payroll, escrow or trust accounts) and any and all securities, instruments or other personal
property of the Borrower in the possession of the Bank (other than payroll, escrow or trust accounts), to secure the payment and performance of all Obligations. If a Default has occurred and is
continuing, the Bank may apply such deposits or other sums credited by, due from or held by it, toward the satisfaction of any and all such Obligations then due and owing (by reason of their maturity,
their acceleration or otherwise) whether or not other collateral or security is available to the Bank and will promptly inform the Borrower of such application of deposits or other sums. If a Default
has occurred and is continuing, 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 Borrower, are hereby knowingly, voluntarily and irrevocably waived. 

        9.    Further Actions; Inspections and Audits.    The Borrower will, from time to time, at the reasonable request of
the Bank, execute and deliver all such further instruments and take such further action as the Bank may reasonably require to effectuate more perfectly the intent of this Agreement. The Borrower shall
permit the Bank, or its representatives, at any reasonable time and from to time (but unless an Event of Default exists, following prior notice and only during normal business hours at mutually
agreeable times), to perform such audits, examinations and inspections as Bank reasonably deems necessary in order to insure compliance with this Agreement. The Borrower will pay the Bank's customary
charges for such audits, examinations and inspections; provided, however, that Borrower shall not be obligated to reimburse Bank for the charges of more than one (1) audit every year while no
Events of Default are continuing. 

        10.    Conditions of Lending.    The obligation of the Bank to make the Term Loan, advance funds pursuant to the
Credit Line or to issue Letters of Credit is subject to the following conditions precedent, which together may be called the Conditions of Lending: 

        10.1    That
the statements, representations and warranties of the Borrower contained herein are and continue to be true in all material respects, other than representations
and warranties which expressly pertain to a specific date and which are no longer true and correct due to determination of such representation and warranty as of or for another date or period; that no
Default or Event of Default has occurred and is continuing; and that each request for an Advance or for issuance of a Letter of Credit shall constitute and be deemed to be a representation and
warranty to the Bank as to the accuracy and completeness in all material respects of each of the foregoing set forth in this Section 10.1 as of
the date of such request and that upon the request of the Bank, the Borrower shall 

13

 

deliver
to the Bank a certificate, in form and substance satisfactory to Bank, certifying as to the foregoing on the date of each Advance or issuance of a Letter of Credit. 

        10.2    The
Borrower shall have delivered to the Bank, at the time of the execution of this Agreement, a duly authorized and executed Revolving Note and Term Note. 

        10.3    Borrower
shall have delivered to the Bank, at the time of the execution of this Agreement, a duly authorized and executed Security Agreement and a duly authorized and
executed Pledge Agreement, each in form and substance satisfactory to the Bank, together with such documents as the Bank may reasonably require to perfect the security interest in any Collateral. 

        10.4    The
Bank shall have received simultaneously with the execution hereof: (a) an opinion of counsel for Borrower, in form and substance satisfactory to the Bank and
(b) certified copies of all corporate actions taken by the Borrower to authorize the execution, delivery and performance of this Agreement and the Loan Documents, and its obligations in
connection herewith. 

        10.5    The
Guarantors shall have each delivered to the Bank a Guaranty of the Obligations, each in form and substance satisfactory to the Bank, together with the Security
Agreement of the respective Guarantor. 

        10.6    The
Borrower shall have delivered to the Bank at the time of execution hereof, or at such other times as shall be reasonably requested by Bank, such other documents
relating to the Credit Line as the Bank may reasonably require, all in form and substance satisfactory to the Bank. 

        11.    Particular Representations.    Borrower represents and warrants as follows, each of which warranties and
representations shall be deemed repeated at the time of each Advance: 

        11.1    Borrower
is a duly organized and validly existing corporation organized in the State of Delaware, and has been duly qualified as a foreign corporation in the
Commonwealth of Massachusetts and each other jurisdiction set forth on Schedule 11.1. Borrower is not required to qualify to do business as a foreign entity in any jurisdiction other than as
set forth on Schedule 11.1 inasmuch as the character of its business and the ownership of its property, as now conducted or owned, either does not require such qualification or the failure to
be so qualified would not reasonably be expected to have a material adverse effect upon the financial condition of the Borrower. Except as set forth in the Perfection Certificate, Borrower has
conducted its business at all times since October 21, 2003 under the name "TechTarget, Inc.," and not under any other name or tradename. Set forth in the Perfection certificate are all
locations at which Borrower or any Subsidiary has conducted business and all locations of its principal place of business, executive offices and locations of its assets. No Subsidiaries of the
Borrower have assets in excess of $1,000, are generating revenues or are conducting business operations other than TechTarget Securities Corporation and TechTarget Limited. 

        11.2    The
Borrower and its Subsidiaries have all requisite corporate power and authority to conduct its business and to own its assets as such business is now conducted or
proposed to be conducted. 

        11.3    The
execution, delivery and performance by the Borrower of this Agreement, the Revolving Note, the Term Note, its Security Agreement, the Pledge Agreement and all other
Loan Documents, and the execution by each Guarantor of its Guaranty and its Security Agreement are within its corporate powers, and have been duly authorized by all necessary corporate action, and do
not and will not: 

	(a)
	Violate
any provision of such Borrower's or Subsidiary's organizational documents or by-laws;

	(b)
	Constitute
or result in a breach of or default by it under or conflict with any statute or other law or, to the extent it is a party thereto or bound thereby, any order, regulation or
ruling of any court or other tribunal or of any governmental or administrative authority or agency or, 

14

 

other
than as applicable provisions have been waived or consent given in writing by the party to be bound by the waiver or consent, any indenture, agreement, lease, instrument or other undertaking to
which it is a party or by which it or its properties or assets may be bound, except for such breach, default or conflict which would not be reasonably expected to result in a material adverse effect
on the Borrower. 

	(c)
	Result
in the imposition of any liens or encumbrances, other than those created by this Agreement, the Revolving Note, the Term Note, the Security Agreements, the Pledge Agreement or
any other Loan Document, on any of its property or assets. 

        11.4    Except
as set forth in Schedule 11.4 hereto, there are no actions, suits, investigations or proceedings pending
or, to the knowledge of Borrower, threatened, against Borrower, any Subsidiary or any of the assets of Borrower or any Subsidiary, by or before any court or other tribunal or any governmental or
administrative authority or agency, which, if determined adversely, would, singly or in the aggregate, reasonably be expected to have a material adverse effect on the financial condition or business
of Borrower and the Subsidiaries or materially and adversely affect the ability of Borrower to perform the obligations required of it under this Agreement or under the Loan Documents. 

        11.5    Borrower
is not engaged in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U of the
Board of Governors of the Federal Reserve System), and no part of any proceeds of the Advances will be used to purchase or carry any margin stock or to extend credit to others for the purpose of
purchasing or carrying any margin stock. 

        11.6    Borrower
and each Subsidiary possesses all necessary licenses and authorizations from Government Agencies as may be necessary to conduct its business as now conducted
or proposed to be conducted. To the knowledge of Borrower, neither it nor any Subsidiary is not in default under any statute or other law or under any order, regulation or ruling of any court or other
tribunal or any Government Agency, the enforcement of which would reasonably be expected to have a material adverse effect upon the financial condition or business of Borrower and the Subsidiaries,
nor does Borrower have knowledge that it or any Subsidiary is in default under any indenture, agreement, lease, instrument or other undertaking, which indenture, agreement, lease, instrument or
undertaking is material to the business or financial affairs of the Borrower and the Subsidiaries. 

        11.7    Borrower
represents and warrants to the Bank that the Financial Statements are complete and correct in all material respects and fairly present its financial condition
as at the dates so indicated therein and in the case of statements of operations, statements of cash flow or tax returns, the results of its operations for the period ending on such dates. Borrower is
not secondarily liable, whether as a guarantor, surety co-borrower, endorser or otherwise, for obligations of any person or entity except as set forth in the Financial Statements and
except for endorsements of negotiable instruments in the ordinary course of Borrower's business. 

        11.8    All
federal income tax returns, and, to the best of its knowledge, all other tax returns, required by law to be filed by Borrower or any Subsidiary through the date of
this Agreement have been filed within applicable time periods or extensions therefor, and all taxes shown thereon as due and payable, including any interest or penalties thereon, have been duly paid
or adequate provision for the payment thereof has been made, or to the extent disclosed to the Bank in writing, are being contested in good faith. Provision has been made for any other taxes due and
payable by Borrower and any Subsidiary in amounts reasonably deemed adequate by Borrower for such purposes. 

        11.9    Borrower
and each Subsidiary has good and marketable title to its property shown on the Financial Statements, free of liens, except liens permitted under this Agreement
and except for those liens listed on Schedule 11.9 hereto. 

15

   
        11.10    Neither Borrower nor any Subsidiary has incurred nor anticipates incurring, any material "accumulated funding
deficiency" within the meaning of the Employee Retirement Income Security Act of l974 ("ERISA") or any liability to the Pension
Benefit Guaranty Corporation ("PBGC") established under such Act (or any successor thereto under such Act) in connection with any employee benefit plan
(or other class of benefit which the PBGC has elected to insure) established or maintained by Borrower or any Subsidiary. 

        11.11    This
Agreement, the Revolving Note, the Term Note, the Security Agreements, the Pledge Agreement and each and all other Loan Documents executed by Borrower or any of
the Guarantors constitute, or will constitute when delivered, legal, valid and binding obligations of the Borrower and the Guarantors, and subject to bankruptcy, insolvency, reorganization, moratorium
and other laws affecting the enforcement or priority of creditors' rights generally, now or hereafter in effect, and subject to the provision that equitable remedies shall be within the discretion of
the Court having jurisdiction to exercise the same, are enforceable in accordance with their respective terms. 

        11.12    This
Agreement and the other Loan Documents, certificates and written statements furnished by or on behalf of Borrower to the Bank in connection with or pursuant to
this Agreement did not and do not contain any untrue statement of a material fact concerning Borrower or any Subsidiary when made or omitted to state a material fact necessary in order to make the
statements contained herein and therein with respect to Borrower and its Subsidiaries not misleading when made. To its knowledge, there is no fact (other than facts relating to general economic
conditions) which materially adversely affects the business, operations, affairs, conditions, properties or assets of Borrower and its Subsidiaries which has not been set forth in a document,
certificate or written statement furnished to the Bank by or on behalf of Borrower prior to or on the date of delivery hereof. 

        12.    Particular Covenants.    

        A.    Affirmative Covenants.    So long as this Agreement shall be in effect and until payment in full of all
Obligations, the Borrower agrees as follows as to itself and each Subsidiary: 

        12A.1    Borrower
and each Subsidiary will operate its business in the usual course, will maintain its legal existence as a corporation and will maintain its foreign
qualification, if any, and good standing in each jurisdiction in which it is required to do so unless failure to maintain such qualification or good standing would not have a material adverse effect
upon the financial condition of Borrower or such Subsidiary. 

        12A.2    Borrower
and each Subsidiary will maintain proper records and accounts. 

        12A.3    Borrower
will furnish to the Bank reports as follows, each such report to be in form consolidated with all Subsidiaries and on a consolidating basis for Borrower and
for all Subsidiaries: 

        (a)   Monthly,
within thirty (30) days after the end of each month, a management-prepared consolidated balance sheet for Borrower and the Subsidiaries and a
consolidated statement of income and expense, and consolidated statement of cash flow for the month then ended and year to date and with consolidating data for Borrower and each Subsidiary, (with such
detail as the Bank may reasonably require) together with a Covenant Compliance Certificate in the form of Exhibit 12.A.3(a), certified to fairly
present the financial condition of Borrower by its Chief Financial Officer, subject to normal year end audit adjustments and the absence of footnotes. 

        (b)   Within
one hundred thirty-five (135) days after the end of each fiscal year of Borrower, a consolidated financial statement for such year for Borrower
and the Subsidiaries, consolidated statement of income and expense and a consolidated statement of cash flow, in accordance with GAAP, with an audit report thereon by an independent certified public 

16

 

accountant
selected by Borrower and reasonably satisfactory to Bank, such statements to including consolidating data in respect of Borrower and all Subsidiaries. 

        (c)   By
not later than January 30 of each year, the consolidated and consolidating budget and projections of net income of Borrower and its Subsidiaries, including
assumptions, for such year, which shall be based on management's good faith estimates of their financial performance and financial condition. Such projections shall include on a monthly projected
basis, a consolidated balance sheet, income statement and statement of cash flow, and consolidating statements for each Subsidiary and shall otherwise be in such form and detail as is reasonably
acceptable to the Bank. 

        (d)   promptly,
notice of: 

	•
	any
event constituting a Default or Event of Default of which Borrower is aware;

	•
	the
institution or commencement of any action, suit, proceeding or investigation against Borrower or any Subsidiary or any of their assets which, if determined adversely,
could reasonably be expected to have a material adverse effect on its financial condition or business;

	•
	any
judgment, award, decree, order or determination relating thereto against Borrower or any Subsidiary involving a sum in excess of $100,000 and not covered by insurance,
or granting injunctive relief materially affecting the conduct of the business of Borrower;

	•
	the
imposition or creation of any lien or encumbrance asserted against any asset of Borrower or any Subsidiary except a security interest in favor of the Bank or a Permitted
Encumbrance; and 

        (e)   Upon
request of the Bank, such other or additional financial information as to Borrower or any Subsidiary as the Bank may reasonably require. 

        12A.4    Borrower
will cause to be maintained workers' compensation insurance for personnel performing services for Borrower or any Subsidiary in such amounts as may be
required by law; and at all times maintain public liability coverage in amounts, limits and types and with provisions and with insurers as may be consistent with prudent companies in similar
circumstances carrying on similar businesses. Borrower shall also maintain casualty insurance coverage and other insurance coverages on the properties and business of Borrower and its Subsidiaries
including the collateral described in the Security Agreements and business interruption insurance in amounts and types and with provisions as are usually carried by others in similar circumstances and
engaged in similar businesses. Borrower will furnish to the Bank such written evidence of the insurance required by this subsection as the Bank may reasonably require. 

        12A.5    Promptly
notify the Bank upon the occurrence, or if practicable, prior to the occurrence, of any change in the identity of the persons holding the positions of Chief
Executive Officer, President and Chief Financial Officer in Borrower's executive management. 

        12A.6    Pay
all principal and interest under the Revolving Note and the Term Note as and when due, and all other Obligations, as and when due. 

        12A.7    Except
as may be being contested by Borrower or a Subsidiary in good faith and by diligent action, comply with all statutes, laws, orders, rules and regulations of all
Government Agencies the noncompliance with which could have a material adverse effect upon the financial condition or business or assets of Borrower or the value of the Collateral. 

        12A.8    Cause
the proceeds of each Advance to be used in accordance with the provisions of Section 5 of this Agreement. 

17

 

        12A.9    Borrower
agrees that it will comply with the following financial covenants. 

                12A.9.1    The
Borrower shall maintain a Debt Service Coverage Ratio of not less than 1.25 to 1.0, tested monthly, on a trailing six months basis. 

                12A.9.2    Borrower's
Liquidity shall be not less than $10,000,000 at all times. As used herein the term Liquidity shall mean cash and cash equivalents held by
Borrower and the Guarantors. 

        12A.10    At
such time as a Subsidiary possesses or acquires assets in excess of $1,000, or commences to conduct business operations, or generates revenues, Borrower shall
notify the Bank and (a) if the Subsidiary is a Foreign Subsidiary, shall promptly deliver to the Bank a pledge agreement substantially in the form of the Pledge Agreement covering
662/3% of the outstanding ownership interest of the Borrower or as to any other Subsidiary, 100% of the outstanding ownership interest in such Subsidiary, together with such deliveries
as the Bank may reasonably require, to provide the Bank with a perfected senior pledge and security interest in such ownership interest and (b) if the Subsidiary is not a Foreign Subsidiary,
shall promptly deliver to the Bank a guaranty by such Subsidiary of the Obligations in the form reasonably required by the Bank and a security agreement substantially in the form of the Security
Agreement covering all of the business assets of such Subsidiary, together with such other documents as the Bank may reasonably require to provide the Bank with a perfected senior pledge and security
interest in such assets. 

        12A.11    Notify
the Bank not later than 30 days prior to any change in the name of the Borrower or any Subsidiary or of Borrower's principal executive offices. 

        B.    Negative Covenants.    So long as this Agreement shall be in effect, and until payment in full of all
Obligations, neither the Borrower nor any Subsidiary, without the written consent of the Bank: 

        12B.1    Fail
to pay when due any tax liabilities or fail to pay or discharge any and all material taxes, assessments and governmental charges before they become payable with
penalty, unless and to the extent that such items are being contested in good faith and by appropriate action. 

        12B.2    Pledge
or otherwise encumber any of its property or securities nor permit any lien to exist on any of the assets of Borrower or any Subsidiary; excluding, however,
from this covenant the following "Permitted Encumbrances": (a) liens incurred in the ordinary course of Borrower's or the Subsidiary's existing
business to secure statutory obligations, and other similar obligations not incurred in connection with the borrowing of money; (b) liens for taxes, fees, assessments or other charges or levies
of Government Agencies not delinquent or being contested in good faith by appropriate proceedings; (c) liens in favor of the Bank; (d) liens existing on the date hereof, if any, and
disclosed on Schedule 12B.2; (e) deposits or escrows in connection with the purchase of goods or services made in the ordinary course of business; (f) liens arising by operation
of law to secure lessors under leases or rental agreements; and (g) liens in the nature of purchase money security interests securing indebtedness in connection with the acquisition of vehicles
and office equipment not exceeding $1,000,000 in the aggregate at any time outstanding and provided such security interest applies only to the asset acquired in such transaction and secures no other
indebtedness. 

        12B.3    Merge
or consolidate with any person or entity unless Borrower is the survivor or successor; nor sell, lease, transfer, assign or otherwise dispose of all or
substantially all of the assets of Borrower or any Subsidiary. 

        12B.4    Guaranty
or become surety for the obligations of any person, partnership, corporation, trust or other entity except (a) in favor of the Bank or
(b) endorsements of negotiable instruments for deposit or collection or similar transactions in the ordinary course of business. 

        12B.5    Incur
indebtedness for borrowed money from any source other than the Bank, except (a) indebtedness existing on the date hereof, if any, and disclosed on  Schedule 12B.5, and 

18

 

refinancings
thereof; (b) indebtedness that is subordinated to the Obligations, which indebtedness and the terms of subordination shall be acceptable to the Bank and (c) indebtedness
secured by purchase money security interests to the extent permitted by Section 12B.2 above. 

        12B.6    Fail
to pay its trade creditors, generally, in accordance with customary payment terms, unless and to the extent payments are being contested by Borrower or such
Subsidiary in good faith. 

        12B.7    Change
its name, or conduct business under any name other than its present name, or change its jurisdiction of organization without providing the Bank with a minimum
of thirty (30) days prior notice thereof. 

        12B.8    Fail
to maintain in full force and effect all permits and licenses from Government Agencies except for those permits and licenses the failure of which to maintain
would not be reasonably expected to result in a material adverse effect on Borrower or such Subsidiary. 

        12B.9    Fail
to comply in all material respects with all laws, regulations, ordinances and requirements of all Government Agencies, the enforcement of which could have a
material adverse effect upon the business, operations or financial condition of Borrower or such Subsidiary. 

        12B.10    Pay
dividends or distributions to stockholders or otherwise make payments of cash or other property to any of Borrower's stockholders or entities affiliated with
Borrower through direct or indirect ownership except compensation paid in the ordinary course of business for services rendered except that a Subsidiary may pay dividends to the Borrower. 

        12B.11    Incur
Capital Expenditures (in the aggregate among Borrower and all Subsidiaries) in excess of $4,000,000 in the aggregate during the Borrower's fiscal years ending
December 31, 2006 or December 31, 2007, or in excess of $6,000,000 in any fiscal year thereafter. 

        12B.12    Unless
otherwise approved by the Bank prior to the acquisition, (a) acquire any business or the securities evidencing ownership in a business or
(b) acquire assets of a business in a transaction outside of the ordinary course of such seller's business unless in either such instance such acquisition is a Qualified Acquisition and
provided there has been compliance with the requirements of Section 12A.10 above. 

        12B.13    Invest
or loan or permit the investment or loan of any of the assets of the Borrower or any Subsidiary in or to any person, partnership, corporation, trust or other
entity other than in or to any Guarantor except that the foregoing limitation shall not apply to: (a) the purchase of certificates of deposit or other Bank obligations; (b) marketable
direct obligations of the United States of America or issues unconditionally guaranteed by the United States of America or issued by any agency thereof and backed by the full faith and credit of the
United States of America, in each case maturing within one year from the date of acquisition thereof; (c) commercial paper maturing no more than 180 days from the date of issuance
thereof and having at the date of issuance the highest rating attainable from either Standard & Poors Corporation or by Moody's Investors Services; (d) advances to officers and employees
for reasonable expenses which are properly reimbursable by the Borrower and (e) investments in marketable debt securities maturing in more than 180 days and rated Baa3 or above by
Moody's Investors Services or BBB or above by Standard & Poors Corporation. The extension of credit to customers for goods sold and delivered or services rendered is not an investment or loan
for purposes of this Section 12B.13. 

        12C.    Waiver of Covenants.    The Bank may, in its sole discretion, waive any one or more of the covenants contained
in this Section 12, either in a particular instance or generally. No waiver shall be effective unless the same is set forth in a written instrument executed by a duly authorized officer of the
Bank, and then only to the extent specifically set forth therein. 

19

 

        13.    Events of Default.    The occurrence of any one or more of the following events (including the expiration of
any grace period specifically provided therefor) shall constitute an Event of Default under this Agreement: 

        13.1    (a)
Any default in any payment of interest or principal due under either Note, (b) any default in any other payment due the Bank which continues uncured for more
than five (5) days after notice from the Bank, or (c) any default under Sections 12A.4, 12A.6 (after expiration of applicable cure periods under clause (b), if any), 12A.8, 12A.9,
12A.10, 12A.11, 12B.2, (other than liens or encumbrances imposed by third parties without the consent or agreement of the Borrower), 12B.3, 12B.4, 12B.5, 12B.6, 12B.7, 12B.10, 12B.11, 12B.12 or
12B.13. 

        13.2    Any
default in the observance or performance of any covenant or agreement contained in this Agreement (other than defaults described in  Section 13.1 above) and the continuance of such default
unremedied for a period of thirty (30) days after written notice from the Bank. 

        13.3    Any
representation or warranty made herein or hereafter to the Bank proving to have been false, inaccurate or incomplete in any material respect when made. 

        13.4    If
voluntary or involuntary proceedings under the United States Bankruptcy Code, as amended from time to time (the "Bankruptcy
Code"), shall be commenced by or against the Borrower or any Subsidiary or bankruptcy, receivership, insolvency, reorganization, dissolution, liquidation or other similar
proceedings shall be instituted by or against the Borrower or any Subsidiary with respect to all or any part of Borrower's or any Subsidiary's property under the Bankruptcy Code or other law of the
United States or of any state or other competent jurisdiction, and if such proceedings are instituted against the Borrower or any Subsidiary, if Borrower or such Subsidiary shall consent thereto or
shall fail to cause the same to be discharged or vacated within ninety (90) days. 

        13.5    The
occurrence of an "Event of Default" (or if the term "Event of Default" is not utilized therein, the occurrence of a
default which default continues beyond any applicable cure periods) under the Revolving Note, the Term Note, the Security Agreements, the Pledge Agreement or under any other Loan Document. 

        13.6    If
the Borrower or any Subsidiary shall default in the payment of any obligation, other than those relating to the Credit Line or the Term Note, for borrowed money to
the Bank, or to any other person or entity, beyond any applicable grace period, or shall fail to observe or perform any provision contained in any instrument evidencing, relating to or securing any
such obligation, which failure permits the holder of such obligation to declare the same due prior to its stated maturity, unless Borrower or such Subsidiary is contesting such default or failure in
good faith by appropriate proceedings commenced and prosecuted with due diligence. This Section 13.6 shall apply to obligations to creditors other than the Bank only if and to the extent that
such obligations which are in default exceed $100,000 in the aggregate. 

        Then,
upon the occurrence of any such Event of Default and during the continuance thereof, (1) the Bank may notify Borrower that it declines to make further Advances to the
Borrower and to issue further Letters of Credit under this Agreement, and upon the giving of such notice any obligations of the Bank to make Advances to the Borrower or to issue Letters of Credit or
to provide other financial accommodations to the Borrower under any other agreement shall cease and terminate; and (2) the Notes and all other Obligations shall forthwith become due and payable
without presentment, demand, protest or notice of any kind, all of which are expressly hereby waived; and (3) the Bank shall be entitled to pursue any or all remedies available under any
instruments executed in connection with the Loans or Letters of Credit available under applicable law, in such order as the Bank may determine in its sole discretion. 

20

 

        14.    Miscellaneous.    

        14.1    No
failure or delay by the Bank in exercising any right or remedy hereunder or under any Loan Document shall operate as a waiver thereof, nor shall any single or
partial exercise of any such right or remedy preclude any other or further exercise thereof or the exercise of any other right or remedy hereunder or thereunder. No amendment, modification,
termination or waiver of any provision of this Agreement or any Loan Document shall in any event be effective unless the same shall be set forth in a writing signed by the Bank and Borrower, and then
only to the extent specifically set forth therein. All of the rights and remedies of the Bank hereunder and under any Loan Document are cumulative and not exclusive of any other rights and remedies
under other agreements of the Borrower with the Bank or under applicable law, and all such rights and remedies may be exercised singly or concurrently. 

        14.2    The
Borrower agrees to indemnify and hold harmless the Bank from and against any and all costs, expenses, judgments and claims, including reasonable attorneys' fees,
arising out of any suit brought against the Borrower and/or the Bank by reason of, relating to or in connection with the execution, delivery or performance of this Agreement and any other Loan
Document; or by reason of, or in connection with, any credit extended under this Agreement or any other Loan Documents, except any costs, expenses, judgments and claims arising out of the Bank's gross
negligence or bad faith in fact. The obligations of the Borrower under this Section shall survive payment of the Obligations. 

        14.3    No
notice to or demand upon the Borrower in any instance, shall entitle the Borrower to any other or further notice or demand under similar or other circumstances,
unless expressly required by law or this Agreement. The Bank shall be entitled to rely upon any instrument or communication in any form believed by it to be genuine and to have been signed or sent by
an authorized officer or representative of the Borrower as evidenced by the most recent incumbency and authorization certificate furnished to the Bank. 

        14.4    All
notices, demands and other communications by one party hereunder to the other shall be in writing and shall be deemed effective three days after being sent by
certified or registered mail, return receipt requested, postage prepaid, or one business day after being sent by recognized overnight delivery service, or when receipt is acknowledged if sent by
facsimile, telecopy or other electronic transmission device, and addressed to the other party as set forth below: 

If
to Borrower: 

TechTarget, Inc.

117 Kendrick Street

Needham MA 02494

Attn: Eric Sockol, Chief Financial Officer 

If
to the Bank: 

Citizens
Bank of Massachusetts

53 State Street, 8th Floor

Boston, MA 02109

Attn: Sharon Stone

Senior Vice President 

with
a copy to: 

Norman
C. Spector, Esq.

Burns & Levinson LLP

125 Summer Street

Boston, MA 02110 

21

 

or
to such other address of which notice is given in the same manner. The financial statements described in Section 12 may be sent to the Bank by
ordinary mail or delivered to it. 

        14.5    Bank
shall have the unrestricted right at any time or from time to time, without the Borrower's consent, to assign all or any portion of its rights and obligations
hereunder to one or more banks or other financial institutions (each, an "Assignee") and the Borrower agrees that it shall execute, or cause to be
executed such other documents, including without limitation, amendments to this Agreement and to any other Loan Documents as Bank shall deem necessary to effect the foregoing. In addition, at the
request of Bank and any such Assignee, the Borrower shall issue one or more new promissory notes, as applicable, to any such Assignee and, if Bank has retained any of its rights and obligations
hereunder following such assignment, to Bank, which new promissory notes shall be issued in replacement of, but not in discharge of, the liability evidenced by the promissory note held by Bank prior
to such assignment and shall reflect the amount of the respective commitments and loans held by such Assignee and Bank after giving effect to such assignment. Upon the execution and delivery of
appropriate assignment documentation, amendments and any other documentation required by Bank in connection with such assignment, and the payment by Assignee of the purchase price agreed to by Bank,
and such Assignee, such Assignee shall be a party to this Agreement and shall have all of the rights and obligations of Bank hereunder (and under any and all other guaranties, documents, instruments
and agreements executed in connection herewith) to the extent that such rights and obligations have been assigned by Bank pursuant to the assignment documentation between Bank and such Assignee, and
Bank shall be released from its obligations hereunder and thereunder to a corresponding extent. 

        14.6    Bank
may at any time pledge or assign all or any portion of its rights under the Revolving Note, this Agreement, and the other Loan Documents to any of the twelve
(12) Federal Reserve Banks organized under Section 4 of the Federal Reserve Act, 12 U.S.C. Section 341. No such pledge or assignment or enforcement thereof shall release Bank from
its obligations under the Loan Documents. 

        14.7    Bank
shall have the unrestricted right any time and from time to time, and without the consent of or notice to the Borrower, to grant to one or more banks or other
financial institutions (each, a "Participant") participation interests in Bank's obligation to lend hereunder and/or any or all of the loans held by
Bank hereunder. In the event of any such grant by Bank of a participation interest to a Participant, whether or not upon notice to the Borrower, Bank shall remain responsible for the performance of
its obligations hereunder and the servicing of the Loans and the Borrower shall continue to deal solely and directly with Bank in connection with Bank's rights and obligations hereunder. 

        14.8    Bank
may furnish any information concerning the Borrower in its possession from time to time to prospective Assignees and Participants, provided that Bank shall require
any such prospective Assignee or Participant to agree in writing to maintain the confidentiality of such information. Bank will use reasonable efforts, consistent with the Bank's normal procedures, to
maintain the confidentiality of information concerning the Borrower, but nothing herein contained shall prevent disclosures required by law, required by court order or subpoena, or disclosures to
auditors and to regulatory authorities. 

        14.9    This
Agreement may be executed in any number of counterparts, each of which shall be deemed an original as against any party whose signature appears thereon, and all of
which shall together constitute one and the same instrument. This Agreement shall become binding when one or more counterparts hereof, individually or taken together, shall bear the signatures of all
of the parties reflected hereon as the signatures. 

        14.10    This
Agreement shall become effective when executed by the Borrower and the Bank and thereafter shall be binding upon and inure to the benefit of the Borrower and the
Bank and their 

22

 

respective
successors and assigns, except that the Borrower cannot assign its rights hereunder or any interest herein without the prior written consent of the Bank. 

        14.11    All
of the covenants, representations and warranties herein shall survive the execution and delivery of this Agreement and the making of the Loans so long as any
Obligations of the Borrower remain outstanding, and may be relied upon by the Bank. All covenants, representations and warranties contained in any certificate, statement, report or other document
delivered by or on behalf of the Borrower as provided herein or otherwise in connection with the transactions contemplated hereby shall be deemed to have been made in this Agreement. 

        14.12    All
Exhibits and Schedules hereto are hereby incorporated into and made a part of this Agreement. 

        14.13    Headings
are included in this Agreement for convenience of reference only and shall not be deemed to have any legal or other significance whatsoever. 

        14.14    This
Agreement and all other Loan Documents shall be deemed to be contracts under the laws of The Commonwealth of Massachusetts and shall for all purposes be governed
by and construed in accordance with the laws of said Commonwealth, and without regard to conflict of laws principles applied by such courts. 

        14.15    The
Borrower irrevocably submits to the non-exclusive jurisdiction of any Federal or State court sitting in Boston, Massachusetts over any situation or
proceeding arising out of or relating to this Agreement. The Borrower irrevocably waives, to the fullest extent it any effectively do so under applicable law, any objection it may have or hereafter
have to the laying of the venue of any such suit, action or proceeding brought in any such court and any claim that the same has been brought in an inconvenient forum. 

        14.16    THE
BORROWER AND BANK EACH HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES ANY RIGHT IT MAY HAVE OR HEREAFTER HAVE TO A TRIAL BY JURY IN RESPECT OF ANY SUIT,
ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENTS CONTEMPLATED TO BE EXECUTED IN CONNECTION HEREWITH OR ANY COURSE OF CONDUCT, COURSE OF DEALINGS,
STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY. THIS WAIVER CONSTITUTES A MATERIAL INDUCEMENT FOR BANK TO MAKE THE LOANS CONTEMPLATED HEREUNDER. The Borrower hereby certifies that
neither Bank nor any of its representatives, agents or counsel has represented, expressly or otherwise, that Bank would not, in the event of any such suit, action or proceeding, seek to enforce this
waiver of right to trial by jury. The Borrower acknowledges that it has read the provisions of this Agreement and in particular, this Paragraph; has consulted legal counsel; understands the rights it
is granting in this Agreement and is waiving in this Paragraph in particular; and makes the above waiver knowingly, voluntarily and intentionally. 

        14.17    EXCEPT
AS MAY BE PROHIBITED BY LAW, EACH OF THE PARTIES HERETO HEREBY WAIVES ANY RIGHT IT MAY HAVE TO CLAIM OR RECOVER IN ANY PROCEEDINGS ANY SPECIAL, EXEMPLARY,
PUNITIVE OR CONSEQUENTIAL DAMAGES OTHER THAN OR IN ADDITION TO, ACTUAL DAMAGES. 

        14.18    This
Agreement and the Loan Documents contain the entire agreement between the parties and supersede any prior agreements (oral or written), and may not be amended,
revised, waived, discharged, released or terminated orally but only by a written instrument or instruments executed by the party against which enforcement of the amendment, revision, waiver,
discharge, release or termination is asserted. 

23

 

        14.19    If
any provision hereof shall be determined to be invalid or unenforceable, such determination shall not affect the validity or enforceability of any other provision
hereof. 

THERE
IS NO FURTHER TEXT ON THIS PAGE 

24

  

        14.20    This Agreement may be executed in a number of counterparts, each such counterpart being deemed an original and all such counterparts together constituting one single
instrument. 

        EXECUTED
as an agreement under seal as of the 30th day of August, 2006. 

	 	 	BORROWER:
	

 	
 	

 	
 	

TECHTARGET, INC.
	

 	
 	

 	
 	

By:	
 	

/s/ ERIC SOCKOL
 Name: Eric Sockol

Title: Chief Financial officer
	

 	
 	
BANK:
	

 	
 	

 	
 	

CITIZENS BANK OF MASSACHUSETTS
	

 	
 	

 	
 	

By:	
 	

/s/ SHARON A. STONE
 Name: Sharon Stone

Title: Senior Vice President

25

 
 
 

1. SCHEDULE 11.4    
    
    Litigation    
    

26

 
 
 

SCHEDULE 11.7    
    
    Financial Statements    
    

December 31,
2005

March 31, 2006

June 30, 2006 

27

 
 
 

SCHEDULE 11.9    
    

        Borrower has good and marketable title to its property shown on its Financial Statements, free of liens. 

28

 
 
 

Exhibit 12.A.3(a)    
    
    Covenant Compliance Certificate    
    

        The undersigned, does hereby certify to Citizens Bank of Massachusetts that, to the best of the knowledge of the undersigned, after review of the Credit Facility
Agreement (defined below) and appropriate inquiry, no Default or Event of Default, as each such term is defined in a Credit Facility Agreement dated August 30, 2006 (the
"Credit Facility Agreement") has occurred or is continuing. 

        The
following calculations demonstrate compliance with Sections 12A.9.1 and 12A.9.2 

	 	 	Very truly yours,
	

 	
 	

TECHTARGET, INC.
	

 	
 	

By	
 	

          

29

 
 
 

SCHEDULE 12B.5
  PERMITTED ENCUMBRANCES    
    

        Borrower has incurred the following indebtedness: 

30

QuickLinks

CREDIT FACILITY AGREEMENT

1. SCHEDULE 11.4 Litigation

SCHEDULE 11.7 Financial Statements

SCHEDULE 11.9

Exhibit 12.A.3(a) Covenant Compliance Certificate

SCHEDULE 12B.5 PERMITTED ENCUMBRANCES

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