Document:

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                                                                 Exhibit 10.31

                                DOUBLECLICK INC.

                          REGISTRATION RIGHTS AGREEMENT

         This Registration Rights Agreement (the "AGREEMENT") is made effective
as of __________, 2000, by and among DoubleClick Inc., a Delaware corporation
(the "COMPANY") and ValueClick, Inc. (the "SECURITY HOLDER") under the Common
Stock and Warrant Purchase Agreement dated January 11, 2000 (the "PURCHASE
AGREEMENT").

                                    RECITALS

         The obligations of the Company and the Security Holder under the
Purchase Agreement are conditioned, among other things, upon the execution and
delivery of this Agreement by the Company and the Security Holder.

                                    AGREEMENT

         NOW, THEREFORE, in consideration of the mutual promises and covenants
hereinafter set forth, all parties hereto agree as follows:

         1.   CERTAIN DEFINITIONS. As used in this Agreement, the following
terms shall have the following respective meanings:

              "COMMISSION" means the Securities and Exchange Commission or any
other Federal agency at the time administering the Securities Act.

              "CONSIDERATION SHARES" means the Common Stock of the Company
issued or issuable to Security Holder pursuant to the Purchase Agreement and the
Common Stock Purchase Warrant attached as an exhibit to the Purchase Agreement.

              "EXCHANGE ACT" means the Securities Exchange Act of 1934, as
amended, or any similar Federal rule or statute and the rules and regulations of
the Commission thereunder, all as the same shall be in effect at the time.

              "HOLDER" means the Security Holder.

              "REGISTRABLE SECURITIES" means (i) the Consideration Shares; and
(ii) any Common Stock of the Company issued or issuable in respect of any of the
foregoing upon any conversion, stock split, stock dividend, recapitalization, or
similar event; PROVIDED, HOWEVER, that securities shall only be treated as
Registrable Securities if and so long as (i) they have not been registered or
sold to or through a broker or dealer or underwriter in a public distribution or
a public securities transaction and (ii) the registration rights with respect to
such securities have not terminated pursuant to Section 5.6.

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              The terms "REGISTER," "REGISTERED" and "REGISTRATION" refer to a
registration effected by preparing and filing a registration statement in
compliance with the Securities Act, and the declaration or ordering of the
effectiveness of such registration statement.

              "REGISTRATION EXPENSES" shall mean all expenses, except as
otherwise stated below, incurred by the Company in complying with Section 5.1
hereof, including without limitation, all registration, qualification and filing
fees, printing expenses, escrow fees, fees and disbursements of counsel for the
Company, blue sky fees and expenses, the expense of any special audits incident
to or required by any such registration (but excluding Selling Expenses and the
compensation of regular employees of the Company which shall be paid in any
event by the Company). Registration Expenses shall also include the reasonable
fees and disbursements for one special counsel to the selling stockholders for
the registrations pursuant to Section 5.1 hereof.

              "RESTRICTED SECURITIES" shall mean the securities of the Company
required to bear the legends set forth in Section 3 hereof.

              "SECURITIES ACT" shall mean the Securities Act of 1933, as
amended, or any similar Federal rule or statute and the rules and regulations of
the Commission thereunder, all as the same shall be in effect at the time.

              "SELLING EXPENSES" shall mean all underwriting discounts, selling
commissions and stock transfer taxes applicable to the securities registered by
the Holder and, except as set forth in the definition of REGISTRATION Expenses
above, all fees and disbursements of counsel for any Holder.

         2.   RESTRICTIONS ON TRANSFERABILITY. The Consideration Shares, and
any securities issued in respect of such stock upon any stock split, stock
dividend, recapitalization, merger, or similar event, shall not be sold,
assigned, transferred or pledged except upon the conditions specified in this
Agreement, which conditions are intended to ensure compliance with the
provisions of the Securities Act. Each Holder or transferee will cause any
proposed purchaser, assignee, transferee, or pledgee of any such shares held by
the Holder or transferee to agree to take and hold such securities subject to
the restrictions and upon the conditions specified in this Agreement.

         3.   RESTRICTIVE LEGEND. Each certificate representing the
Consideration Shares, or any other securities issued in respect of such stock
upon any stock split, stock dividend, recapitalization, merger, or similar
event, shall (unless otherwise permitted by the provisions of Section 4 below)
be stamped or otherwise imprinted with a legend in substantially the following
form (in addition to any legends required by agreement or by applicable state
securities laws):

                  THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
                  REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND
                  HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR
                  IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. SUCH
                  SHARES GENERALLY MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE
                  OF SUCH REGISTRATION UNLESS THE COMPANY RECEIVES AN OPINION OF
                  COUNSEL REASONABLY ACCEPTABLE TO IT STATING THAT SUCH SALE OR
                  TRANSFER IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS
                  DELIVERY REQUIREMENTS OF SAID ACT.

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              Each Holder consents to the Company making a notation on its
records and giving instructions to any transfer agent of its capital stock in
order to implement the restrictions on transfer established in this Agreement.

         4.   NOTICE OF PROPOSED TRANSFERS. The holder of each certificate
representing Restricted Securities by acceptance thereof agrees to comply in all
respects with the provisions of this Section 4. Without in any way limiting the
immediately preceding sentence, no sale, assignment, transfer or pledge of
Restricted Securities shall be made by any holder thereof to any person unless
such person shall first agree in writing to be bound by the restrictions of this
Agreement. Prior to any proposed sale, assignment, transfer or pledge of any
Restricted Securities, unless there is in effect a registration statement under
the Securities Act covering the proposed transfer, the holder thereof shall give
written notice to the Company of such holder's intention to effect such
transfer, sale, assignment or pledge. Each such notice shall describe the manner
and circumstances of the proposed transfer, sale, assignment or pledge in
sufficient detail. Each certificate evidencing the Restricted Securities
transferred as above provided shall bear, except if such transfer is made
pursuant to Rule 144, the appropriate restrictive legend set forth in Section 3
above, except that such certificate shall not bear such restrictive legend if in
the opinion of counsel for such holder and counsel for the Company such legend
is not required in order to establish compliance with any provision of the
Securities Act. Notwithstanding the foregoing, each holder of Restricted
Securities agrees that it will not request that a transfer of the Restricted
Securities be made or that the legend set forth in Section 3 be removed from the
certificate representing the Restricted Securities, solely in reliance on Rule
144(k) if solely as a result thereof, the Company would be rendered subject to
the reporting requirements of the Exchange Act.

         5.   REGISTRATION.

              5.1    REQUESTED REGISTRATION.

                     (a)   REQUEST FOR REGISTRATION. In case the Company shall
receive from Holder a written request that the Company effect any registration
with respect to shares of Registrable Securities, so long as the Company meets
the minimum qualifications for listing and inclusion on the Nasdaq National
Market, the Company will:

                           (i)   promptly give written notice of the proposed
registration to Holder; and

                          (ii)   as soon as practicable, use its best efforts to
effect such registration as part of a firm commitment underwritten public
offering with underwriters reasonably acceptable to Holder and the Company
(including, without limitation, appropriate qualification under applicable
state securities laws and appropriate compliance with applicable regulations
issued under the Securities Act and any other governmental requirements or
regulations) as may be so requested and as would permit or facilitate the sale
and distribution of all or such portion of such Registrable Securities as are
specified in such request, together with all or such portion of the Registrable
Securities of Holder.

                     Notwithstanding the foregoing, the Company shall not be
obligated to take any action to effect or complete any such registration
pursuant to this Section 5.1:

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                     (A) Unless the requested registration would include at
least 20% of the Registrable Securities or any lesser percentage so long as the
aggregate offering price of all Registrable Securities sought to be registered
by Holder, net of underwriting discounts and commissions, would exceed
$5,000,000;

                     (B) During the period starting with the date sixty (60)
days prior to the Company's estimated date of filing of, and ending on the date
six (6) months immediately following the effective date of, any registration
statement pertaining to securities of the Company (other than a registration of
securities in a Rule 145 transaction or with respect to an employee benefit
plan), provided that the Company is actively employing in good faith all
reasonable efforts to cause such registration statement to become effective;

                     (C) If the Company, within ten (10) days of the receipt of
the request of the Holder, gives notice of its bona fide intention to effect the
filing of a registration statement with the Commission within ninety (90) days
of receipt of such request (other than with respect to a registration statement
relating to a Rule 145 transaction, an offering solely to employees or any other
registration which is not appropriate for the registration of Registrable
Securities);

                     (D) After the Company has effected one (1) registration
pursuant to this Section 5.1, and such registration has been declared or ordered
effective; or

                     (E) If the Company shall furnish to Holder a certificate
signed by an executive officer of the Company stating that in the good faith
judgment of the Board of Directors it would be seriously detrimental to the
Company or its stockholders for a registration statement to be filed in the near
future. In such case, the Company's obligation to use its best efforts to
register, qualify or comply under this Section 5.1(a) shall be deferred for a
period not to exceed 120 days from the date of receipt of the written request
from Holder, provided that the Company may not defer registration under this
deferral right for more than an aggregate of 120 days per twelve month period.

         Subject to the foregoing clauses (A) through (E), the Company shall
file a registration statement covering the Registrable Securities so requested
to be registered as soon as practicable after receipt of the request of the
Holder.

             (b)  UNDERWRITING. In the event of a registration pursuant to
Section 5.1, the Company shall advise Holder as part of the notice given
pursuant to Section 5.1(a)(i) that the right of Holder to registration pursuant
to Section 5.1 shall be conditioned upon Holder's participation in the
underwriting arrangements required by this Section 5.1, and the inclusion of
Holder's Registrable Securities in the underwriting to the extent requested
shall be limited to the extent provided herein.

         The Company shall, together with Holder, enter into an underwriting
agreement in customary form with the managing underwriter selected for such
underwriting by the Holder, but subject to the Company's reasonable approval.
Notwithstanding any other provision of this Section 5.1, if the managing
underwriter advises the Holder in writing that marketing factors require a
limitation of the number of shares to be underwritten, then the Company shall so
advise Holder and the number of shares of Registrable Securities that may be
included in the registration and underwriting shall be reduced; PROVIDED,
HOWEVER, that in the event of such limitation on the number of shares to be
underwritten, then the shares of Company capital stock to be included in the
registration held by any

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Company officer or director shall be reduced on a pro rata basis according to
the total number of shares to be included in such registration. To facilitate
the allocation of shares in accordance with the above provisions, the Company or
the underwriters may round the number of shares allocated to any Holder to the
nearest 100 shares. If Holder of Registrable Securities disapproves of the terms
of the underwriting, it may elect to withdraw therefrom by written notice to the
Company and shall not be deemed to have used a registration under this Section
5.1.

              5.2      COMPANY REGISTRATION.

                   (a) NOTICE OF REGISTRATION. If at any time or from time to
time the Company shall determine to register any of its equity securities,
either for its own account or the account of Holder or other holders, other than
(i) a registration relating solely to employee benefit plans, (ii) a
registration relating solely to a Rule 145 transaction, or (iii) a registration
in which the only equity security being registered is Common Stock issuable upon
conversion of convertible debt securities which are also being registered, the
Company will:

                       (i)  promptly give to Holder written notice thereof; and

                      (ii)  include in such registration (and any related

qualifications including compliance with Blue Sky laws), and in any
underwriting involved therein, all the Registrable Securities specified in a
written request, made within 20 days after the date of such written

                     (iii) notice from the Company, by any Holder.

                   (b) UNDERWRITING. If the registration of which the Company
gives notice is for a registered public offering involving an underwriting, the
Company shall so advise the Holder as a part of the written notice given
pursuant to Section 5.2(a)(i). In such event, the right of Holder to
registration pursuant to Section 5.2 shall be conditioned upon Holder's
participation in such underwriting and the inclusion of Registrable Securities
in the underwriting shall be limited to the extent provided herein.

                   If Holder proposes to distribute their securities through
such underwriting, the Holder shall (together with the Company and any other
holders of Company Securities distributing their securities through such
underwriting) enter into an underwriting agreement in customary form with the
managing underwriter selected for such underwriting by the Company.
Notwithstanding any other provision of this Section 5.2, if the managing
underwriter determines that marketing factors require a limitation of the number
of shares to be underwritten, the managing underwriter may limit the Registrable
Securities to be included in such registration to zero; PROVIDED, HOWEVER, that
in the event of such limitation on the number of shares to be underwritten, then
the shares of Company capital stock to be included in the registration held by
any Company officer or director shall be reduced on a pro rata basis according
to the total number of shares to be included in such registration. The Company
shall so advise Holder and the number of shares of Registrable Securities that
may be included in the registration and underwriting by Holder shall be reduced.
To facilitate the allocation of shares in accordance with the above provisions,
the Company or the underwriters may round the number of shares allocated to
Holder to the nearest 100 shares. If Holder disapproves of the terms of any such
underwriting, Holder may elect to withdraw therefrom by written notice to the
Company.

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                   (c) RIGHT TO TERMINATE REGISTRATION. The Company shall have
the right to terminate or withdraw any registration initiated by it under this
Section 5.2 prior to the effectiveness of such registration whether or not
Holder has elected to include securities in such registration.

           5.3      REGISTRATION ON FORM S-3.

                   (a) REQUEST FOR REGISTRATION. In case the Company shall
receive from Holder a written request that the Company file a registration
statement on Form S-3 (or any successor form to Form S-3) for a public offering
of shares of the Registrable Securities the aggregate price to the public of
which, net of underwriting discounts and commissions, would exceed $1,000,000,
and the Company is a registrant entitled to use Form S-3 to register the
Registrable Securities for such an offering, the Company shall use its best
efforts to cause such Registrable Securities to be registered for the offering
on such form and to cause such Registrable Securities to be qualified in the
jurisdiction as Holder may reasonably request. The Company shall further use its
best efforts to cause one such offering of Registrable Securities to be
registered by February 29, 2000; PROVIDED, HOWEVER, that the Company shall not
be required to effect more than two registrations pursuant to this Section 5.3.
Such registrations must be maintained in effect until the earlier of (i) the
expiration of 30 days or (ii) the date the shares under registration on Form S-3
are sold. If such offer is to be an underwritten offer, the underwriters shall
be selected by the Company and approved by Holder with such approval not being
unreasonably withheld.

                   (b) In the event the registration is proposed to be part of a
firm commitment underwritten public offering, the following provisions shall be
applicable to each such registration initiated under this Section 5.3. The
Company shall, together with Holder, enter into an underwriting agreement in
customary form with the managing underwriter selected for such underwriting by
Company, but subject to Holder's reasonable approval. Notwithstanding any other
provision of this Section 5.3, if the managing underwriter advises Holder in
writing that marketing factors require a limitation of the number of shares to
be underwritten, then the Company shall so advise Holder. No Registrable
Securities excluded from the underwriting by reason of the underwriter's
marketing limitation shall be included in such registration. If Holder of
Registrable Securities disapproves of the terms of the underwriting, it may
elect to withdraw therefrom by written notice to the Company and shall not be
deemed to have used a registration under this Section 5.3.

                   (c) Notwithstanding the foregoing, the Company shall not be
obligated to take any action pursuant to this Section 5.3:

                       (i) During the period starting with the date sixty (60)
days prior to the Company's estimated date of filing of, and ending on the date
 six (6) months immediately following the effective date of, any registration
statement pertaining to securities of the Company (other than a registration of
securities in a Rule 145 transaction or with respect to an employee benefit
plan), provided that the Company is actively employing in good faith all
reasonable efforts to cause such registration statement to become effective; or,

                      (ii) If the Company shall furnish to Holder a certificate
signed by an officer of the Company stating that, in the good faith judgment of
the Board of Directors, it would be seriously detrimental to the Company or its
stockholders for a registration statement to be filed in the near future, then
the Company's obligation to use its best efforts to file a registration
statement shall be deferred for no more than an aggregate of 120 days from the
receipt of the request to file

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such registration by the Holder during any twelve month period, provided that
the Company may not defer registration under this deferral right for more than
an aggregate of 120 days per twelve month period.

              5.4 EXPENSES OF REGISTRATION. All Registration Expenses shall
be borne by the Company. Notwithstanding the foregoing, in the event that Holder
causes the Company to begin a registration pursuant to Section 5.1 or Section
5.3 and the request for such registration is subsequently withdrawn by the
Holder, or such registration is not completed due to failure to meet the net
proceeds requirement set forth in such section or is otherwise not successfully
completed due to no fault of the Company, Holder shall be deemed to have
forfeited its right to one registration under Section 5.1 or Section 5.3 unless
the Holder pays for, or reimburse the Company for, the Registration Expenses
incurred in connection with such withdrawn or incomplete registration, or unless
such registration is withdrawn as a result of a material change in the Company's
condition. Unless otherwise stated, all Selling Expenses relating to securities
registered on behalf of the Holder and all other registration expenses shall be
borne by the Holder.

              5.5 REGISTRATION PROCEDURES. In the case of each registration
effected by the Company pursuant to this Agreement, the Company will keep Holder
advised in writing as to the initiation of such registration and as to the
completion thereof. The Company will:

                   (a) Prepare and file with the Commission a registration
statement and such amendments and supplements as may be necessary and use its
best efforts to cause such registration statement to become and remain effective
for at least 30 days or until the distribution described in the registration
statement has been completed, whichever first occurs; and

                   (b) Furnish to Holder and to the underwriters of the
securities being registered such reasonable number of copies of the registration
statement, preliminary prospectus, final prospectus and such other documents as
such underwriters may reasonably request in order to facilitate the public
offering of such securities.

                   (c) Use its best efforts to register and qualify the
securities covered by such registration statement under the securities laws of
such jurisdictions as shall be reasonably appropriate for the distribution of
the securities covered by the registration statement, provided that the Company
shall not be required in connection therewith or as a condition thereto to
qualify to do business or to file a general consent to service of process in any
such jurisdiction, and provided further that (anything in this Agreement to the
contrary notwithstanding with respect to the bearing of expenses) if any
jurisdiction in which the securities shall be qualified shall require that
expenses incurred in connection with the qualification of the securities in that
jurisdiction be borne by selling shareholders, then such expenses shall be
payable by Holder, to the extent required by jurisdiction if Holder does not
elect to withdraw from the registration after notice of such requirement.

                   (d) In the event of any underwritten public offering, enter
into and perform its obligations under an underwriting agreement with terms
generally satisfactory to the managing underwriter of such offering. Holder
shall also enter into and perform its obligations under such an agreement.

                   (e) Notify Holder of Registrable Securities covered by such
registration statement at any time when a prospectus relating thereto is
required to be delivered under the Securities Act of the happening of any event
as a result of which the prospectus included in such

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registration statement, as then in effect, includes an untrue statement of a
material fact or omits to state a material fact required to be stated therein
or necessary to make the statements therein not misleading in the light of the
circumstances then existing.

                   (f) Cause all such Registrable Securities registered
hereunder to be listed on each securities exchange on which similar securities
issued by the Company are then listed.

                   (g) Provide a transfer agent and registrar for all
Registrable Securities registered pursuant to such registration statement and a
CUSIP number for all such Registrable Securities, in each case not later than
the effective date of the registration.

                   (h) Use its best efforts to furnish, at the request of Holder
requesting registration of Registrable Securities pursuant to this Section 5, on
the date that such Registrable Securities are delivered to the underwriters for
sale, if such securities are being sold through underwriters, (i) an opinion,
dated as of such date, of the counsel representing the Company for the purposes
of such registration, in form and substance as is provided to the underwriters
in such underwritten public offering, and (ii) a letter, dated as of such date,
from the independent certified public accountants of the Company in form and
substance as is provided by independent certified public accountants to the
underwriters in such underwritten public offering.

              5.6 INFORMATION BY HOLDER. The Holder of Registrable
Securities included in any registration shall furnish to the Company such
information regarding such Holder, the Registrable Securities held by them and
the distribution proposed by such Holder as the Company may request in writing
and as shall be required in connection with any registration referred to in this
Agreement.

              5.7 RULE 144 REPORTING. With a view to making available the
benefits of certain rules and regulations of the Commission which may at any
time permit the sale of the Restricted Securities to the public without
registration, after such time as a public market exists for the Common Stock of
the Company, the Company agrees to use best efforts to:

                   (a) Make and keep public information available, as those
terms are understood and defined in Rule 144 under the Securities Act, at all
times after the effective date that the Company becomes subject to the reporting
requirements of the Securities Act or the Exchange Act;

                   (b) File with the Commission in a timely manner all reports
and other documents required of the Company under the Securities Act and the
Exchange Act (at any time after it has become subject to such reporting
requirements); and

                   (c) So long as Holder owns any Restricted Securities, to
furnish to the Holder forthwith upon request a written statement by the Company
as to its compliance with the reporting requirements of said Rule 144 (at any
time after 90 days after the effective date of the first registration statement
filed by the Company for an offering of its securities to the general public), a
copy of the most recent annual or quarterly report of the Company, and such
other reports and documents of the Company and other information in the
possession of or reasonably obtainable by the Company as the Holder may
reasonably request in availing itself of any rule or regulation of the
Commission allowing the Holder to sell any such securities without registration.

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              5.8 TERMINATION OF REGISTRATION RIGHTS. The rights granted
pursuant to Sections 5.1, 5.2 and 5.3 of this Agreement shall terminate 28
months after the effective date of this Agreement.

          6.  AMENDMENT. Except as otherwise provided above, any
provision of this Agreement may be amended or the observance thereof may be
waived (either generally or in a particular instance and either retroactively or
prospectively), only with the written consent of the Company and the Holder. Any
amendment or waiver effected in accordance this Section 6 shall be binding upon
the Holder and the Company.

          7.  GOVERNING LAW. This Agreement shall be governed in all
respects by the internal laws of the State of Delaware without regard to
conflict of laws provisions.

          8.  ENTIRE AGREEMENT. This Agreement constitutes the full and entire
understanding and Agreement among the parties regarding the matters set forth
herein. Except as otherwise expressly provided herein, the provisions hereof
shall inure to the benefit of, and be binding upon the successors, assigns,
heirs, executors and administrators of the parties hereto.

          9.  NOTICES, ETC. All notices and other communications required or
permitted hereunder shall be in writing and shall be mailed by registered or
certified mail, postage prepaid, or otherwise delivered by facsimile
transmission, by hand or by messenger, addressed:

                   (a) if to the Holder to:

                   ValueClick, Inc.
                   6450 Via Real
                   P.O. Box 5008
                   Carpinteria, CA  93014-5008
                   Attn:  Kurt Johnson
                   Fax:  (805) 566-9202

                   with a copy to:

                   Brobeck Phleger & Harrison
                   550 South Hope Street
                   Los Angeles, CA  90071
                   Attn:  Kenneth R. Bender, Esq.
                   Fax:  (213) 745-3345

         or at such other address as the Holder shall have furnished to the
         Company.

                   if to the Company to:

                   DoubleClick Inc.
                   450 West 33rd Street, 16th Floor
                   New York, NY  10001
                   Attn:  Elizabeth Wang
                   Fax:  (212) 287-9704

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                   with a copy to:

                    Wilson Sonsini Goodrich & Rosati, P.C.
                    One Market, Spear Street Tower
                    San Francisco, California 94105
                    Attn:  Steve Camahort, Esq.
                    Fax:  (415) 222-9633

or at such other address as such Company shall have furnished to the Holder.

         Each such notice or other communication shall for all purposes of this
Agreement be treated as effective or having been given when delivered if
delivered personally, if sent by facsimile, the first business day after the
date of confirmation that the facsimile has been successfully transmitted to the
facsimile number for the party notified, or, if sent by mail, at the earlier of
its receipt or 72 hours after the same has been deposited in a regularly
maintained receptacle for the deposit of the United States mail, addressed and
mailed as aforesaid.

          10. COUNTERPARTS. This Agreement may be executed in any number of
counterparts, each of which shall be an original, but all of which together
shall constitute one instrument.

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

"THE COMPANY"

DoubleClick Inc.
a Delaware corporation

By:
       -----------------------------------------------
Name:
       -----------------------------------------------
Title:
       -----------------------------------------------

"THE PURCHASER"

ValueClick, Inc.
a Delaware corporation

By:
       -----------------------------------------------
Name:
       -----------------------------------------------
Its:
       -----------------------------------------------

              [Signature Page to Registration Rights Agreement]<PAGE>

                                                                  EXHIBIT 10.32

                         INTERCOMPANY LICENSE AGREEMENT

         This Intercompany License Agreement ("AGREEMENT") is entered into as of
December 17, 1999 ("EFFECTIVE DATE"), by and between ValueClick, Inc., a
Delaware corporation ("VALUECLICK") and ValueClick Japan Inc., a Japanese
corporation and wholly owned subsidiary of ValueClick ("LICENSEE") (hereinafter
collectively referred to as the "Parties" and individually as a "PARTY").

                                    RECITALS

         A. ValueClick and Licensee desire to enter into this Agreement to
confirm the business relationship established between them and to set forth in
full herein the terms and conditions thereof.

         B. ValueClick is operating an internet-based advertising and marketing
tracking service throughout the world which uses proprietary software to monitor
and report to advertisers and to website hosts the number of times that computer
users access particular advertisements on host websites. The software and
related materials permit the user to post banner advertisements on the website
and to collect, analyze and report data regarding advertising on the websites.
ValueClick markets the services and the proprietary software under the mark
"VALUECLICK."

         C. Licensee is using ValueClick's proprietary software to provide and
market Licensee's Services (as defined below) on an exclusive basis to customers
in the Japanese-language market and desires to continue as the exclusive
licensee of ValueClick's System Technology (as defined below) for the
Japanese-language market.

         NOW, THEREFORE, in consideration of the obligations, representations,
warranties and covenants herein, the Parties agree as follows:

         1. DEFINITIONS. As used in this Agreement, the following capitalized
terms shall have the meanings set forth below:

         1.1 "CONFIDENTIAL INFORMATION" shall mean all trade secrets or
confidential information in any form or media disclosed by one Party to the
other Party provided that, to be deemed Confidential Information, the
information, if in tangible form, must be marked or otherwise identified as
being "CONFIDENTIAL" or if disclosed orally, must be identified at the time it
is disclosed as constituting a trade secret or confidential information.
"CONFIDENTIAL INFORMATION" shall not include any information that: (i) is
publicly known or available, or that becomes publicly known or available,
without breach of this Agreement or any other obligation of confidentiality
regarding such information; (ii) has been intentionally publicly disclosed by
the disclosing Party; (iii) is already in the possession of the receiving Party
without restriction prior to disclosure by the disclosing Party; or (iv) is
rightfully received by the receiving Party without restriction from a third
party without breach of an obligation of confidentiality. Notwithstanding the
foregoing, all non-public elements of any Improvements and Localized Versions of
the Licensed Works created by Licensee shall be deemed

                                       1

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Confidential Information of ValueClick disclosed by ValueClick to Licensee and
the exception set forth in the foregoing clause (iii) will not be applicable
thereto.

                  1.2 "DOMAIN NAME" shall mean the domain name Valueclick.ne.jp,
which has been registered by ValueClick in Japan.

                  1.3 "DOCUMENTATION" shall mean the documentation, manuals,
written instructions and user's guides, whether in electronic or other form,
relating to the operation and use of the Software, the marketing and operation
of ValueClick's Services and/or the use of the System Technology, including any
updates, new versions, additions or modifications thereto that are provided to
Licensee by ValueClick in connection with this Agreement.

                  1.4 "INTELLECTUAL PROPERTY RIGHTS" shall mean, collectively,
Patents, Trade Secrets, Copyrights, moral rights, trade names, rights in trade
dress, and all other intellectual property rights and proprietary rights,
excluding trademarks, whether arising under the laws of the United States or any
other state, country or jurisdiction, including all rights or causes of action
for infringement or misappropriation of any of the foregoing, in each case now
existing or hereafter developed during the term of this Agreement. For purposes
of this Agreement: (a) "PATENTS" shall mean all patent rights and all right,
title and interest in all letters patent or equivalent rights and applications,
including any reissue, extension, division, continuation, or
continuation-in-part applications throughout the world; (b) "TRADE SECRETS"
shall mean all right, title and interest in all trade secrets and trade secret
rights arising under common law, state law, federal law or laws of foreign
countries; and (c) "COPYRIGHTS" shall mean all copyrights, and all right, title
and interest in all copyrights, copyright registrations and applications for
copyright registration, certificates of copyright and copyrighted interests
throughout the world, and all right, title and interest in related applications
and registrations throughout the world.

                  1.5 "JAPAN SITES" shall mean all internet-based websites,
URLs, network sites and other Web and network addresses that present content
exclusively or substantially in the Japanese language intended to be viewed by
users located in Japan or are otherwise marketed primarily for a
Japanese-language-speaking audience located in Japan.

                  1.6 "LICENSED WORKS" shall mean any works of authorship and
other tangible materials and designs that are protected under United States
Copyright Law which (i) are used by ValueClick in connection with the marketing
and operation of ValueClick's Services, including but not limited to the
Software, the Documentation and other proprietary textual, graphic, audio,
animated and other content and information and (ii) ValueClick has the right to
sublicense to Licensee.

                  1.7 "LICENSED MARKS" shall mean those trademarks, service
marks, tradenames and logos owned by ValueClick and used in connection with the
operation and marketing of ValueClick's Services, including without limitation
"VALUECLICK" and any related registrations or pending registration applications
in Japan.

                                       2

<PAGE>

                  1.8 "LOCALIZED VERSION" shall mean a version of the Software,
Documentation or any other Licensed Work (including without limitation a
tangible representation of a Licensed Mark) that have been translated and/or
otherwise localized for use in the Japanese market such that, for example, the
text, visual displays, printouts, and other elements have been translated into
Japanese characters and formatted for use in Japan.

                  1.9 "SERVERS" shall mean the primary and back-up servers (or
group of connected servers) in Licensee's computer network located in Tokyo,
Japan.

                  1.10 "SERVICES" shall mean internet-based advertising and
marketing services based on the Software.

                  1.11 "SOFTWARE" shall mean the proprietary ValueClick computer
software owned by ValueClick which, among other functions and features,
facilitates the posting of banner advertisements on host websites, permits users
to monitor, track, administer, analyze, and report information and statistics
concerning the rate and manner in which internet-based advertisements are
accessed by computer users, calculates and bills the advertiser based on such
information, and provide reports on such information to advertisers and host
websites. "SOFTWARE" shall include any modifications, updates, new versions, new
releases, enhancements and new features thereto that are provided by ValueClick
to Licensee hereunder.

                  1.12 "SYSTEM TECHNOLOGY" shall mean all proprietary computer
software (including all object code, firmware, development tools, files, records
and data), and all know-how, techniques, processes, methods, products,
applications and other technology that ValueClick owns, controls or acquires, to
the extent utilized in or for the development, production, operation,
administration, distribution and/or marketing of its Services during the term
hereof and, with respect to portions of the foregoing that are licensed from
third parties, to the extent ValueClick has the right to sublicense such items
to Licensee. "SYSTEM TECHNOLOGY" includes, without limitation, the Software, the
Documentation, designs, concepts, quality control methods, operating techniques,
specifications, reports, and other information possessed by ValueClick relating
to the Software, the Documentation and ValueClick's Services.

         2. TERMINATION OF PREVIOUS AGREEMENT. ValueClick and Licensee hereby
agree to terminate the License and Option Agreement between the Parties dated as
of January 1, 1999 ("PREVIOUS AGREEMENT"), effective as of the Effective Date,
and agree that such Previous Agreement shall be entirely null and void and shall
be superseded and replaced in its entirety by this Agreement, which shall govern
the rights and obligations of ValueClick and Licensee from the Effective Date
with respect to the matters set forth herein. The foregoing notwithstanding,
Sections 6.5 and 7.4(b) of the Previous Agreement shall continue in effect in
accordance with their terms. Without limitation of the foregoing, the Parties
agree that, effective as of the Effective Date, Section 9.4 ("Post-Termination
Obligations") of the Previous Agreement shall be deemed deleted therefrom and
that neither party shall have any rights or obligations pursuant to such Section
9.4.

                                       3

<PAGE>

         3. GRANT OF LICENSE. Subject to the terms and conditions of this
Agreement, ValueClick hereby grants to Licensee, under all of ValueClick's
Intellectual Property Rights, the exclusive (even as to ValueClick),
non-transferable (except as provided in Section 11 ("ASSIGNMENT")) right and
license to use and otherwise exploit the System Technology, all Improvements (as
defined in Section 6) and Localized Versions of the Licensed Works and the
Licensed Marks to develop, market and provide Services, but only to customers
for use on and in connection with Japan Sites. The parties acknowledge that it
may be possible for end-users located outside of Japan to access the Japan Sites
and such access will not be deemed a breach of this Agreement by either party,
unless a party knowingly facilitates such access. The foregoing license shall
include, but not be limited to, the right to:

                  (a) install on Licensee's Servers and use the Software, in
object code form only, and Localized Versions thereof, for the purpose of
providing Services for Japan Sites (but not to install the Software, or
Localized Versions thereof, on any other server or network without ValueClick's
prior written consent, which shall not be unreasonably withheld);

                  (b) reproduce, perform and display (publicly or otherwise),
and distribute, and sublicense the foregoing rights to Licensee's customers,
only such portion(s) of the Licensed Works, and Localized Versions thereof, as
are necessary to permit such customers to use Licensee's Services in connection
with Japan Sites, subject to a sublicense agreement containing terms and
conditions no less restrictive and protective of ValueClick's Intellectual
Property Rights than those contained herein;

                  (c) reproduce a reasonable number of copies of the Software
and Documentation, and Localized Versions thereof, solely for back-up, archival,
maintenance and technical support purposes;

                  (d) use the Licensed Marks, and Localized Versions thereof,
and the Domain Name solely in connection with the marketing, operation,
administration and provision of Licensee's Services for Japan Sites and on and
in promotional materials distributed in connection therewith, and, subject to
ValueClick's prior written consent (not to be unreasonably withheld), to modify
the Licensed Marks to create Localized Versions thereof; and

                  (e) translate and modify the Licensed Works to create
Localized Versions thereof, provided however, that except as necessary to create
Localized Versions of the Licensed Works and the Licensed Trademarks, Licensee
shall not alter or modify the Licensed Works, or create any derivative works
based on the Licensed Works, without ValueClick's prior written consent.

         4. JAPAN SITES. Licensee agrees that it will not offer its Services to
any customer for use other than on Japan Sites and shall not enter into any
agreement with any customer if Licensee is aware that such customer intends or
is likely to use Licensee's Services substantially other than on Japan Sites.
Licensee agrees that it will not use or knowingly allow or assist others in
using the System Technology to develop

                                       4

<PAGE>

any product or service that is similar to or competes with the Software or
Licensee's Services within Japan.

         5. LICENSE FEE. In consideration of the rights granted hereunder,
during the effective term of the Agreement, Licensee shall pay to ValueClick a
monthly license fee of Thirty-five Hundred U.S. Dollars (U.S. $3,500)(the
"LICENSE FEE"). In the event Licensee receives, not in the ordinary course of
business, pursuant to any single commercial transaction with an third party (and
excluding loans, equity infusions, equipment leases or similar transactions),
any extraordinary revenues arising substantially out of the license rights
granted by ValueClick hereunder, Licensee agrees to notify ValueClick and the
Parties will discuss in good faith appropriate compensation, if any, to
recognize the value that the licenses hereunder contributed to the transaction,
if any. If, within thirty (30) days from the date of Licensee' notice, the
parties fail to reach agreement as to the amount of additional compensation to
be paid to ValueClick, the matter will be decided by an independent business
consulting firm of national standing selected by ValueClick and reasonably
acceptable to the Licensee. Such consulting firm will be instructed (i) that it
is to be objective and is not an advocate of either party and (ii) to make its
decision within thirty (30) days of being retained. Each party will fully
cooperate with the consulting firm, will provide all information and materials
reasonably requested by such firm, will equally bear such firm's fees and
expenses and (for the benefit of such firm) will not take any action against
such firm relating to its review or decision. The fees and other amounts charged
by Licensee to its customers shall be determined solely by Licensee.

                  5.1 TAXES AND WITHHOLDING. Licensee shall be responsible for
and shall pay all taxes, (including sales, use, VAT, excise or similar taxes),
all customs fees and duties, and any non-U.S. withholdings and other
governmental taxes or assessments by Japan or any other country related to the
License Fees and the payment thereof to ValueClick.

                  5.2 PAYMENT. The License Fees shall be payable monthly on the
fifteenth (15th) day of each month ("Payment Date") with respect to the License
Fee owed by Licensee for the previous month. All License Fees payable to
ValueClick shall be paid in United States dollars, and shall be paid via wire
transfer by Licensee directly to the bank account designated by ValueClick. All
late payments will be assessed a late fee charge equal to the lesser of one and
one-half percent (1-1/2%) per month or the maximum amount permitted by
applicable law.

         6. OWNERSHIP RIGHTS. All right, title and interest in and to the System
Technology, and each element thereof (including all Intellectual Property Rights
relating thereto), and all related materials created or furnished by ValueClick
and licensed under this Agreement shall be and remain the sole and exclusive
property of ValueClick, subject only to the license rights expressly granted in
this Agreement. Any enhancements, modifications and derivative works of or to
the System Technology ("IMPROVEMENTS") and Localized Versions of the Licensed
Works and the Licensed Marks made by or for Licensee shall be the sole and
exclusive property of ValueClick. Licensee hereby agrees to assign and does
hereby assign to ValueClick any and all rights

                                       5

<PAGE>

Licensee may acquire in any Improvements and Localized Versions of the Licensed
Works and the Licensed Marks and agrees to waive any moral rights it may have
with respect thereto.

                  6.1 NOTICES. Licensee may not remove or modify any copyright
notices, service mark or trademark designations, or other proprietary notices
included on any element of the System Technology or on any screen displays,
documents or materials produced by the Software provided, however, that Licensee
may replace or augment any such notices with comparable Japanese-language
notices. Licensee shall comply with ValueClick's reasonable trademark
guidelines, as provided to Licensee in writing from item to time. At
ValueClick's request, Licensee shall submit samples of any advertising or
promotional materials containing the Licensed Marks or Localized Versions
thereof to ValueClick.

                  6.2 NO CONTEST. Licensee acknowledges that the Licensed Marks,
Localized Versions of the Licensed Marks created by Licensee, the Domain Name,
the Licensed Works, Localized Versions of the Licensed Works and the Software
are owned exclusively by ValueClick and Licensee agrees not to challenge the
validity of or otherwise contest ValueClick's ownership of such items. Licensee
agrees that all use of the Licensed Marks, Localized Versions of the Licensed
Marks, the Licensed Works and Localized Versions of the Licensed Works by
Licensee shall inure to the benefit of ValueClick. Licensee agrees not to
register any of the Licensed Marks or any similar mark in any jurisdiction, and
Licensee further agrees to cease all use of the Licensed Marks upon termination
of this Agreement and to change its name as soon as practicable after
termination of this Agreement.

                  6.3 COOPERATION. Licensee shall cooperate with ValueClick and
use reasonable commercial efforts at ValueClick's request to protect the
Licensed Marks, Licensed Works and other elements of the System Technology, and
the Intellectual Property Rights related thereto, from infringement by other
parties. Licensee shall promptly notify ValueClick if Licensee becomes aware of
any act by any third party that may constitute an infringement of any element of
the System Technology. Licensee shall also promptly notify ValueClick if
Licensee becomes aware of any claims that the System Technology, or any element
thereof, or the marketing, operation or sale of Licensee's Services, may or will
infringe the intellectual property or other rights of any other person. Licensee
agrees to cooperate with ValueClick, at ValueClick's expense, to obtain,
register and enforce for ValueClick's benefit all Intellectual Property Rights
associated with the System Technology.

                  6.4 CONFIDENTIAL INFORMATION.

                           (a) Each Party agrees to maintain the Confidential
Information of the other Party as confidential and not to disclose or publish,
or authorize or assist any other person to disclose or publish, any of such
Confidential Information to any other party except as expressly allowed by this
Agreement. Each Party agrees to keep the Confidential Information of the other
Party under access and use restrictions designed to prevent disclosure of such
items to unauthorized persons.

                                       6

<PAGE>

                           (b) Licensee agrees that the Software and the other
non-public elements of the System Technology shall be considered the
Confidential Information of ValueClick.

                           (c) Each Party agrees to use reasonable care (i.e.,
efforts no less than the standard of care each Party reasonably exercises in
protecting its own Confidential Information) to fulfill its obligations to
maintain the confidentiality of the Confidential Information of the other Party.

                  6.5 WEBSITE ADDRESS. ValueClick hereby commissions Licensee to
operate Licensee's Services, during the term of this Agreement, under the Domain
Name.

         7. QUALITY AND SUPPORT.

                  7.1 QUALITY. Licensee agrees to maintain a consistent level of
quality of Licensee's Services substantially equal to that found in Licensee's
Services existing as of the Effective Date, and further agrees to maintain a
level of quality in connection with the provision of its Services that is
consistent with general industry standards. Licensee shall use all commercially
reasonable efforts to protect and enhance the goodwill associated with the
Licensed Marks. Licensee agrees to comply with all applicable laws, statutes,
treaties, regulations, and ordinances in marketing Licensee's Services.

                  7.2 TECHNICAL SUPPORT AND MAINTENANCE. ValueClick will provide
support and maintenance of the Software to Licensee, as reasonably requested by
Licensee, provided that ValueClick shall have no obligation to provide support
or maintenance for Licensee's network, Servers, computer system, equipment or
any other items not provided by ValueClick. Licensee agrees to pay the
reasonable, actual, out-of-pocket expenses incurred by ValueClick personnel in
traveling to Japan to provide support at Licensee's request (including coach
airfare, hotel, local transportation, and meals but not including salary,
charges for such personnel's time, allocated overhead or like expenses);
Licensee shall pay such expenses within thirty (30) days of receipt of an
undisputed invoice therefor. ValueClick agrees to make any upgrades, new
versions, new releases, significant enhancements and new features of its
Software, Services and System Technology that ValueClick makes generally
available to its other licensees available to Licensee at no charge provided
Licensee is current in its License Fee payments pursuant to Section 5 ("LICENSE
FEE").

         8. OBLIGATIONS OF LICENSEE.

                  8.1 NATURE OF RELATIONSHIP. Licensee is an independent
contractor and not an employee or agent of ValueClick and nothing in this
Agreement shall be interpreted or construed to create any employment,
partnership, joint venture or other relationship between ValueClick and
Licensee. Licensee shall not have any right to bind or make any representation
on behalf of ValueClick. Licensee is responsible for the selection, acquisition,
design and maintenance of its computer system and equipment and for determining
that Licensee's operating environment for the Software satisfies the technical
requirements for the Software. Except for support and maintenance services

                                       7

<PAGE>

provided by ValueClick pursuant to Section 7.2 ("Technical Support and
Maintenance"), Licensee shall furnish, at its own expense, all personnel,
computer equipment and other resources necessary to operate the Software and to
offer Licensee's Services during the term of this Agreement.

                  8.2 COMMITMENT. Licensee shall use reasonable commercial
efforts to promote and market Licensee's Services in Japan. Licensee shall
maintain such staff, equipment and facilities as it reasonably deems necessary
to adequately serve the needs of its customers with respect to Licensee's
Services.

                  8.3 NO REVERSE ENGINEERING. Licensee agrees not to reverse
engineer, decompile, disassemble or otherwise attempt to derive or reproduce the
source code for the Software or assist any third party to do any of the
foregoing.

                  8.4 FORM OF CUSTOMER AGREEMENT. Licensee agrees that the
sublicense agreement used by Licensee with its customers will include a clause
expressly permitting the termination of the agreement by Licensee without cause
on thirty (30) days' prior written notice, and that the agreement will include
terms no less restrictive and protective of ValueClick's Intellectual Property
Rights than those contained herein.

         9. REPRESENTATIONS AND WARRANTIES.

                  9.1 REPRESENTATIONS AND WARRANTIES OF LICENSEE. Licensee
represents and warrants that: (a) Licensee is a Japanese joint stock corporation
(KABUSHIKI KAISHA) duly organized, validly existing and in good standing under
the laws of Japan; (b) the execution and performance of the Agreement have been
duly authorized; (c) this Agreement will constitute a valid and binding
obligation of Licensee; and (d) the execution and performance of this Agreement
by Licensee will not violate the terms of any other contract or arrangement to
which Licensee is a party or by which it is bound.

                  9.2 REPRESENTATIONS AND WARRANTIES OF VALUECLICK.

                           (a) ValueClick represents and warrants that Licensee:
(i) is a corporation duly organized and validly existing and in good standing
under the laws of the State of Delaware; (ii) the execution and performance of
the Agreement have been duly authorized; (iii) this Agreement will constitute a
valid and binding obligation of ValueClick; and (iv) the execution and
performance of this Agreement by ValueClick will not violate the terms of any
other contract or arrangement to which ValueClick is a party or by which it is
bound.

                           (b) ValueClick represents and warrants that: (i)
ValueClick has the right to grant the licenses and rights granted herein; (ii)
the Software, the Documentation and the other Licensed Works do not infringe or
misappropriate any copyright or trade secret of any third party; (iii) to the
best of its knowledge, the Software, the Documentation, the other Licensed
Works, the Licensed Marks and the System Technology do not infringe or
misappropriate any service mark, trademark, patent or other proprietary right of
any third party; and (iv) no claim has been made or is pending against
ValueClick relative to the Software, the Documentation, the other

                                       8

<PAGE>

Licensed Works, the Licensed Trademarks, and the System Technology alleging
infringement or misappropriation of any Intellectual Property Right.

                           (c) THE WARRANTIES OF VALUECLICK CONTAINED IN THIS
PARAGRAPH 9.2 ARE IN LIEU OF ALL OTHER WARRANTIES, EXPRESS OR IMPLIED, INCLUDING
THE WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND
NON-INFRINGEMENT. VALUECLICK DOES NOT GUARANTY THE COMPLETENESS OR ACCURACY OF
THE SYSTEM TECHNOLOGY OR ANY INFORMATION OR OTHER RESULTS GENERATED BY THE
SYSTEM TECHNOLOGY.

                  9.3 INDEMNIFICATION BY VALUECLICK. ValueClick agrees to
indemnify, defend and hold Licensee and its officers, directors, employees and
sublicensees harmless from and against any and all claims, liabilities, losses,
damages and expenses (including without limitation all attorneys' fees, legal
and expert witness fees and expenses and all costs of investigation) incurred by
any such person related to or arising out of a third-party claim that, if true,
would constitute a breach of any ValueClick warranty in Section 9.2 (b) (an
"Infringement Action"), provided that (i) ValueClick's obligations hereunder are
expressly conditioned on prompt notification from Licensee of any such
Infringement Action; (ii) ValueClick shall have sole control of the defense and
all negotiations, settlement or compromise of any Infringement Action, and
Licensee shall cooperate, at ValueClick's expense, with ValueClick in such
defense; and (iii) ValueClick shall not be obligated hereunder to the extent
that any such Infringement Action is based on any modification or alteration
made by Licensee to the System Technology. THE FOREGOING STATES THE SOLE AND
EXCLUSIVE LIABILITY OF VALUECLICK AND THE EXCLUSIVE REMEDY OF LICENSEE FOR ANY
INFRINGEMENT ACTION.

                  9.4 LIMITED LIABILITY. LICENSEE AGREES THAT ITS EXCLUSIVE
REMEDIES AND VALUECLICK'S ENTIRE LIABILITY WITH RESPECT TO THE SYSTEM TECHNOLOGY
AND THE SOFTWARE SHALL BE AS SET FORTH IN THIS SECTION 9. IN ANY EVENT,
VALUECLICK WILL NOT BE LIABLE TO LICENSEE OR ANY OF ITS CUSTOMERS WITH RESPECT
TO ANY SUBJECT MATTER OF THIS AGREEMENT UNDER ANY CONTRACT, NEGLIGENCE, STRICT
LIABILITY OR OTHER LEGAL OR EQUITABLE THEORY FOR ANY AMOUNTS IN EXCESS IN THE
AGGREGATE OF THE LICENSE FEES PAID BY LICENSEE TO VALUECLICK PRIOR TO THE DATE
THE CAUSE OF ACTION AROSE. EXCEPT FOR LIABILITY FOR THIRD PARTY CLAIMS ARISING
OUT OF SECTION 9.3 ("INDEMNIFICATION BY VALUE CLICK"), NEITHER PARTY SHALL BE
LIABLE FOR ANY INCIDENTAL, SPECIAL, INDIRECT OR CONSEQUENTIAL DAMAGES, HOWEVER
CAUSED AND ON ANY THEORY OR LIABILITY ARISING OUT OF OR RELATED TO THIS
AGREEMENT, INCLUDING BUT NOT LIMITED TO LOST PROFITS OR BUSINESS, LOST OR
CORRUPTED DATA OR COSTS OR PROCUREMENT OF SUBSTITUTE GOODS, TECHNOLOGY OR
SERVICES.

                                       9

<PAGE>

         10. INDEMNIFICATION BY LICENSEE. Licensee agrees to indemnify, defend
and hold ValueClick and its officers, directors, and employees harmless from and
against any and all claims, liabilities, losses, damages and expenses (including
without limitation all attorneys' fees, legal and expert witness fees and
expenses and all costs of investigation) incurred by any such person related to
or arising out of the operation of Licensee's business, including but not
limited to the use of the System Technology or any Localized Version of the
Software or Licensed Works created by or for Licensee and the marketing and
provision of Licensee's Services, including but not limited to any Localized
Version of a Licensed Mark (except to the extent that any such liability is the
responsibility of ValueClick in accordance with Section 9.3 ("Indemnification by
ValueClick")), provided that (i) Licensee's obligations hereunder are expressly
conditioned on prompt notification from ValueClick of any such claim; and (ii)
Licensee shall have sole control of the defense and all negotiations, settlement
or compromise, and ValueClick shall, at Licensee's expense, cooperate with
Licensee in such defense.

         11. ASSIGNMENT. This Agreement and the rights and obligations hereunder
are not transferable or assignable by Licensee without the prior written consent
of ValueClick, except in connection with a merger or a sale of all or
substantially all of its assets, provided, however, that Licensee may not assign
this Agreement to any entity engaged in business activities competitive with
those ValueClick. ValueClick may assign this Agreement without Licensee's prior
consent provided, however, that ValueClick may not assign this Agreement to any
entity engaged in business activities competitive with those of Licensee. Any
purported assignment in violation of this Section 11 shall be null and void.

         12. TERM AND TERMINATION.

                  12.1 TERM. The term of this Agreement shall commence on the
Effective Date and shall remain in effect in perpetuity unless and until
terminated earlier in accordance with the provisions of this Agreement. The
termination rights in this Agreement are in addition to and not in lieu of any
other available rights and remedies.

                  12.2 TERMINATION FOR CAUSE. This Agreement may be terminated
by either Party for cause immediately upon the occurrence of any of the
following events: (a) if the other Party ceases to do business or otherwise
terminates its business operations, (b) if the other Party materially breaches
any material term or condition of this Agreement and fails to cure such breach
within thirty (30) days after written notice is delivered to such Party
describing the breach, or (c) if the other Party shall commence or become
subject to any bankruptcy, receivership or similar proceeding and such
proceeding is not dismissed within ninety (90) days.

                  12.3 TERMINATION FOR CONVENIENCE. This Agreement may be
terminated, for convenience, by Licensee on ninety (90) days' prior written
notice to ValueClick.

                  12.4 EFFECT OF TERMINATION. On termination of this Agreement,
Licensee agrees to immediately cease marketing Licensee's Services and cease any
further use of the Licensed Marks and Licensed Works and to follow all
reasonable

                                       10

<PAGE>

directions of ValueClick for disconnection, removal and return of all Software
and other System Technology to ValueClick. At its option, ValueClick may elect
to allow Licensee to continue using the System Technology and operating
Licensee's Services in accordance with the terms of this Agreement in order to
fulfill any contractual obligations Licensee has to its customers, subject to
the continuation of Licensee's obligation to pay License Fees to ValueClick. On
termination of this Agreement, Licensee further agrees, upon request by
ValueClick, to notify customers that their sublicense agreements will be
terminated in thirty (30) days. On any termination, Licensee shall surrender to
ValueClick possession of all tangible items of System Technology, including any
Improvements thereto and Localized Versions of the Licensed Works and the
Licensed Marks, except as necessary to fulfill its obligations under sublicense
agreements continuing in effect after termination in accordance with this
Section 12.4.

         13. MISCELLANEOUS.

                  13.1 GOVERNING LAW. The validity, construction and
enforceability of this Agreement shall be governed by the laws of the State of
California, United States of America, as if performed wholly within that State
and without giving effect to its conflict of laws principles.

                  13.2 ENTIRE AGREEMENT. This Agreement and its exhibits and
schedules constitute the entire agreement and understanding between ValueClick
and Licensee relating to the subject matter hereof, and terminates, supersedes
and cancels any and all prior or contemporaneous written and oral
understandings, agreements, proposals, representations or promises of the
parties relating to the subject matter hereof. Any modification or amendment of
any provision of this Agreement shall be effective only if in writing and signed
by ValueClick and Licensee.

                  13.3 SEVERABILITY. If any provision of this Agreement, or the
application of such provision to any person or circumstance is held by a court
of competent jurisdiction to be invalid or unenforceable, the remainder of this
Agreement or the application of such provision to persons or circumstances other
than those to which it is held to be invalid or unenforceable shall not be
effectively thereby.

                  13.4 NOTICES. All notices and other communications that are
required or that may be given under the provisions of this Agreement shall be in
writing and the same shall be deemed to have been given on the same day if
delivered in person or by overnight courier to the address set forth below, or
by facsimile to the facsimile number listed below for the Party to whom the
notice is given or on the fifth day thereafter if placed in registered or
certified mail with postage prepaid and addressed to the Party at the address
specified. The addresses and facsimile numbers for ValueClick and Licensee for
all purposes under this Agreement and for all notices shall be:

                                       11

<PAGE>

                  To ValueClick:

                                    ValueClick, Inc.
                                    6450 Via Real
                                    P.O. Box 5008
                                    Capinteria, CA 93014-5008
                                    Telephone:  (805) 684-6060
                                    Facsimile:  (805) 566-9202

                  To Licensee:

                                    ValueClick Japan Inc.
                                    4F Unimat Hongo Building
                                    4-1-6 Hongo, Bunkyo-ku
                                    Tokyo, Japan 113-0033
                                    Telephone:  81-3-5803-9944
                                    Facsimile:  81-3-5803-9922

         From time to time, either Party may designate another address,
telephone or facsimile number for all purposes of this Agreement by notifying
the other Party of such change in writing.

                  13.5 COUNTERPARTS. This Agreement may be executed by
ValueClick and Licensee in separate counterparts, each of which shall be an
original and both of which together shall constitute one and the same
instrument.

                  13.6 BINDING ON SUCCESSORS. This Agreement shall be binding
upon and inure to the benefit of the successors and permitted assigns of the
parties hereto.

                  13.7 WAIVER. The failure of either Party to enforce any of the
provisions of this Agreement shall not be construed to be a waiver of the right
of such Party to enforce such provisions thereafter.

                  13.8 ATTORNEYS' FEES. In the event any dispute, lawsuit,
arbitration or other action or proceeding is commenced to enforce or interpret
any provision of this Agreement or otherwise relating to this Agreement or the
subject matter hereof, the prevailing Party will be entitled to recover all
costs and expenses, including reasonable attorneys' fees and costs, costs of
investigation, evaluation and collection whether or not a suit is filed, and all
expert witness fees, court costs and related expenses incurred by the prevailing
Party.

                  13.9 DISPUTE RESOLUTION; ARBITRATION. Any dispute with respect
to or arising out of or in connection with, or otherwise related to the
execution or performance of, this Agreement shall be settled by the Parties
amicably through good faith discussions upon the written request of either
Party. In the event that any such dispute cannot be resolved thereby within a
period of sixty (60) days ("Resolution Period") after such written request has
been delivered, such dispute shall be finally settled by binding, confidential
arbitration, held in San Francisco, California, if the Party initiating the

                                       12

<PAGE>

dispute resolution/arbitration is Licensee or in Tokyo, Japan, if the Party
initiating the dispute resolution/arbitration is ValueClick, using the English
language, and in accordance with the commercial arbitration rules then in effect
of the American Commercial Arbitration Association. Within fifteen (15) business
days of the end of such Resolution Period, if the dispute has not been resolved,
the Parties shall attempt to agree on one arbitrator; provided that if such
parties cannot agree on one arbitrator within such time period, each Party to
the dispute shall within ten (10) business days thereafter appoint one (1)
arbitrator and such appointed arbitrators shall within fifteen (15) business
days thereafter mutually agree upon and appoint one additional arbitrator;
provided further that the persons eligible to be selected as arbitrator(s) shall
be limited to current or former judges or current or former attorneys at law who
(i) have presided as a judge and/or practiced law for at least 15 years in the
field of general commercial or intellectual property litigation or general
corporate, intellectual property and/or commercial matters and (ii) are
experienced in the software or internet industry. Each Party agrees to cooperate
fully with the arbitrator(s) to resolve any dispute that is subject to
arbitration hereunder. The arbitrator(s) shall have the authority to grant
specific performance, and to allocate between the Parties the costs of
arbitration in such equitable manner as the arbitrator(s) may determine. The
arbitrator(s) shall render a decision within thirty (30) business days of the
close of the arbitration hearing and shall render such decision in writing. The
determination made by the arbitrator(s) shall be final and binding upon the
parties in any subsequent actions at law or in equity and the parties agree to
stipulate thereto in any such action. Judgement upon the award so rendered may
be entered in any court having jurisdiction or application may be made to such
court for judicial acceptance of any award and an order of enforcement, as the
case may be. Notwithstanding the foregoing, either Party shall have the right to
institute a legal action in a court of proper jurisdiction for injunctive relief
and/or a decree for specific performance pending final settlement by
arbitration.

         IN WITNESS WHEREOF, ValueClick and Licensee have entered into this
Agreement as of the date and year first above written.

LICENSOR:                                    LICENSEE:

VALUECLICK, INC.,                            VALUECLICK JAPAN INC.,
a Delaware corporation                       a Japanese corporation

By:                                          By:
   ------------------------------               --------------------------------
            Kurt Johnson                               Jonathan Hendriksen
       Chief Financial Officer                       Chief Executive Officer

                                       13

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