Document:

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                                                                    Exhibit 10.9

                               EXECUTIVE AGREEMENT

                  THIS EXECUTIVE AGREEMENT (this "Agreement") is made as of
                                                  ---------
December 6, 2000, by and between Ziff Davis Holdings, Inc., a Delaware
corporation (the "Company"), Ziff Davis Publishing, Inc., a Delaware corporation
                  -------
and a wholly owned indirect subsidiary of the Company ("Publishing"), and Wenda
Harris Millard ("Executive"). Certain definitions are set forth in Section 17 of
                 ---------
this Agreement.

                  Executive desires to be employed by Publishing, and Publishing
desires to employ Executive and to be assured of its right to have the benefit
of Executive's services on the terms and conditions hereinafter set forth. In
connection with such employment, Executive's primary responsibilities will be
related to the businesses of Ziff Davis Internet Inc., a Delaware corporation
and an indirect subsidiary of the Company ("InternetCo"). Executive desires to
                                            ----------
purchase shares of the Company's Common Stock, par value $.01 per share (the
"Common Stock") and Series A Preferred Stock, par value $.01 per share (the
 ------------
"Preferred Stock," and collectively with the Common Stock, the "Stock"), of the
 ---------------                                                -----
Company and the Company desires to issue such Common Stock and Preferred Stock
to Executive. The Company, Publishing and Executive desire to enter into this
Agreement (i) setting forth the terms of Executive's purchase of the Executive
Stock (as defined below); (ii) setting forth the terms and conditions of
Executive's employment with Publishing; (iii) providing the Company with certain
rights in respect of the Executive Stock; and (iv) setting forth the obligation
of Executive to refrain from competing with the Company and its Affiliates (as
defined below) under certain circumstances as provided herein.

                  NOW, THEREFORE, the parties hereto agree as follows:

                     A. PURCHASE AND SALE OF EXECUTIVE STOCK

         (a) Upon execution of this Agreement, Executive shall purchase, and the
Company shall sell, (a) 475 shares of Preferred Stock at a price of $1,000 per
share and 100,000 shares of Common Stock at a price of $0.25 per share, which
shares shall be fully vested as of the date hereof (collectively, the "Coinvest
                                                                       --------
Shares") and (b) 246,458.33 shares of Common Stock at a price of $0.25 per
------
share, which shares shall be subject to vesting as provided herein (the "Vesting
                                                                         -------
Shares"), for an aggregate purchase price of $61,614.58. The Company shall
------
deliver to Executive stock certificates representing the Coinvest Shares, and
Executive shall deliver to the Company (x) $500,000 by bank check or wire
transfer of immediately available funds and (y) a promissory note in the form of
Annex A attached hereto in an aggregate principal amount of $61,614.58 (the
"Executive Note"). Executive's obligations under the Executive Note shall be
 --------------
secured by a pledge to the Company of all of the shares of Executive Stock, and
in connection therewith, Executive shall enter into a pledge agreement in the
form of Annex B attached hereto.
        -------

         (b) The Company shall hold each certificate representing the Executive
Stock until such time as the Executive Stock represented by such certificate is
released from the pledge to the Company.

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     (3) Within 30 days after Executive purchases the Executive Stock from the
Company hereunder, Executive shall make an effective election with the Internal
Revenue Service under Section 83(b) of the Internal Revenue Code and the
regulations promulgated thereunder in the form of Annex C attached hereto.
                                                  -------

     (c) In connection with the purchase and sale of the Executive Stock
hereunder, Executive represents and warrants to the Company that:

     (1) The Executive Stock to be acquired by Executive pursuant to this
Agreement shall be acquired for Executive's own account and not with a view to,
or intention of, distribution thereof in violation of the Securities Act, or any
applicable state securities laws, and the Executive Stock shall not be disposed
of in contravention of the Securities Act or any applicable state securities
laws.

     (2) Executive is an executive of Publishing, is sophisticated in financial
matters and is able to evaluate the risks and benefits of the investment in the
Executive Stock. Executive is an "accredited investor", as defined in Regulation
D promulgated under the Securities Act.

     (3) Executive is able to bear the economic risk of Executive's investment
in the Executive Stock for an indefinite period of time because the Executive
Stock have not been registered under the Securities Act and, therefore, cannot
be sold unless subsequently registered under the Securities Act or an exemption
from such registration is available.

     (4) Executive has had an opportunity to ask questions and receive answers
concerning the terms and conditions of the offering of Executive Stock and has
had full access to such other information concerning the Company as Executive
has requested. Executive has reviewed, or has had an opportunity to review, a
copy of the Investor Rights Agreement.

     (5) This Agreement constitutes the legal, valid and binding obligation of
Executive, enforceable in accordance with its terms, and the execution,
delivery and performance of this Agreement by Executive does not and shall not
conflict with, violate or cause a breach of any agreement, contract or
instrument to which Executive is a party or any judgment, order or decree to
which Executive is subject.

     (6) Except as disclosed to the Company prior to the date hereof, Executive
is not a party to or bound by any employment agreement, noncompete agreement or
confidentiality agreement with any person or entity other than the Company or
Publishing.

     (7) Executive has consulted with independent legal counsel regarding her
rights and obligations under this Agreement and that he fully understands the
terms and conditions contained herein. Executive has obtained advice from
persons other than the Company and its counsel regarding the tax effects of the
transaction contemplated hereby.

     (d) Executive acknowledges and agrees that neither the issuance of the
Executive Stock to Executive nor any provision contained herein shall entitle
Executive to remain in the employment of Publishing or any of its Affiliates.

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     (e) The Company, Publishing and Executive acknowledge and agree that
this Agreement has been executed and delivered, and the Executive Stock
has been issued hereunder, in connection with and as a part of the compensation
and incentive arrangements between the Company, Publishing and Executive.

                      B. VESTING AND REPURCHASE PROVISIONS
                       REGARDING CERTAIN EXECUTIVE STOCK.

     (f) Vesting of Common Stock; Vested Shares. The Company and Executive
         --------------------------------------
acknowledge and agree that the Vesting Shares purchased by Executive hereunder
will be subject to vesting as hereinafter provided. All Coinvest Shares held by
Executive as of the date hereof shall be considered Vested Shares (as defined
below) for all purposes hereunder. The Vesting Shares shall vest in accordance
with the following schedule, if as of each such date Executive is employed by
the Company or any of its Subsidiaries:

                                                       Cumulative Percentage
                                                         of Vesting Shares
                         Date                                 Vested
                         ----                          ---------------------

         First anniversary of the date hereof                   20%
         Second anniversary of the date hereof                  40%
         Third anniversary of the date hereof                   60%
         Fourth anniversary of the date hereof                  80%
         Fifth anniversary of the date hereof                  100%

If Executive ceases to be employed by Publishing on any date other than any
anniversary date prior to the fifth anniversary of the date hereof, the
cumulative percentage of Vesting Shares to become vested shall be determined on
a pro rata basis according to the number of days elapsed since the prior
anniversary date (or, if prior to the first anniversary of the date hereof,
since the date hereof). Notwithstanding the foregoing, all unvested Vesting
Shares shall vest upon the consummation of a Sale of the Company. "Vested
                                                                   ------
Shares" means any Vesting Shares which have become vested pursuant to the terms
------
of this Agreement and all other shares of Executive Stock which are not Vesting
Shares. All Vesting Shares which have not become vested are referred to herein
as "Unvested Shares."
    ---------------

        (4)      Repurchase Option.
                 -----------------

     (1) Repurchase Option. In the event that Executive is no longer employed
         -----------------
by Publishing or any of its Affiliates for any reason, the Executive Stock,
whether held by Executive or one or more Permitted Transferees, will be subject
to repurchase by the Company and the Investors pursuant to the terms and
conditions set forth in this Section 8 (the "Repurchase Option").
                                             -----------------

        (1) Termination Without Cause; Death or Incapacity. If Executive is no
            ----------------------------------------------
longer employed by Publishing or any of its Affiliates as a result of (A) a
termination by Publishing without Cause, (B) as a result of death or Incapacity
or (C) any other reason not covered by Sections 8(a)(ii) or 8(a)(iii) below,
then (x) the Company and the Investors may elect to purchase all or any portion
of

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the Vested Shares (including all or any portion of any class thereof), at a
price per Share equal to the Fair Market Value thereof and (y) the Company and
the Investors may elect to purchase all or any portion of the Unvested Shares
at a price per share equal to the lesser of the Original Cost thereof and the
Fair Market Value thereof.

     (2) Voluntary Termination. If Executive is no longer employed by Publishing
         ---------------------
or any of its Affiliates during the Employment Period as a result of a Voluntary
Termination, then the Company and the Investors may elect to purchase (A) all or
any portion of (x) the Vested Shares which are not Vesting Shares and (y) up to
50% of the Vested Shares which are Vesting Shares, in each case at a price per
share equal to the Fair Market Value thereof, and (B) all or any portion of (1)
the Unvested Shares and (2) 50% of the Vested Shares which are Vesting Shares,
in each case at a price per share equal to the lesser of the Original Cost
thereof and the Fair Market Value thereof.

     (3) Termination with Cause. If Executive is no longer employed by
         ----------------------
Publishing or any of its Affiliates as a result of a termination by Publishing
with Cause, then the Company and the Investors may elect to purchase all or any
portion of the Executive Stock (including Vested Shares and Unvested Shares) at
a price per share equal to the lesser of the Original Cost thereof and the Fair
Market Value thereof.

  (2) Repurchase Procedures. After the termination of Executive's employment
      ---------------------
with Publishing or any of its Affiliates for any reason, the Company may elect
to exercise the right to purchase Executive Stock (in the amounts and for the
prices set forth in Sections 8(a)(i), 8(a)(ii) and 8(a)(iii)) pursuant to the
Repurchase Option by delivering written notice (the "Repurchase Notice") to the
holder or holders of Executive Stock at any time prior to the end of the
six-month period commencing on the date of such termination of employment. The
Repurchase Notice will set forth the number of shares of each class and type of
Executive Stock to be acquired from such holder(s), the aggregate consideration
to be paid for such shares of Executive Stock and the time and place for the
closing of the transaction. If any shares of Executive Stock are held by
Permitted Transferees, the Company shall purchase the shares each class and
type of Executive Stock elected to be purchased from such holder(s) of
Executive Stock pro rata according to the number of shares of such class and
type of Executive Stock held by such holder(s) at the time of delivery of such
Repurchase Notice (determined as nearly as practicable to the nearest share).
The Company may elect to purchase all or any portion of the Unvested Shares
without or before purchasing any Vested Shares. If both Unvested Shares and
Vested Shares of any class are to be purchased by the Company and shares of
Executive Stock are held by Permitted Transferees of Executive, the number of
Unvested Shares and Vested Shares of such class to be purchased will be
allocated among such holders pro rata according to the total number of shares
of Executive Stock of each type and/or class to be purchased from such person.

  (3) Rights of the Investors
      -----------------------

     (1) If for any reason the Company does not elect to purchase all of the
Executive Stock pursuant to the Repurchase Option, the Investors will be
entitled to exercise the Repurchase Option, in the manner set forth in this
Section 8, for all or any portion of the shares of Executive Stock which the
Company has not elected to purchase (the "Available Shares"). As soon as
                                          ----------------
practicable after the Company determines that there will be any Available
Shares, but in any event

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upon the earlier of (A) the delivery of the Repurchase Notice and (B) six
months after the termination of Executive's employment with the Company, the
Company will deliver written notice (the "Option Notice") to the Investors,
                                          -------------
setting forth the number of each class and type of Available Shares and the
price for each Available Share.

     (2) the Investors will be permitted to purchase all or any portion of the
Available Shares by delivering written notice (an "Election Notice") to the
                                                   ---------------
Company within 30 days after receipt of the Option Notice from the Company
(such 30-day period being referred to herein as the "Investor Election Period");
                                               ------------------------
provided that if more than one Investor elects to purchase any or all Available
--------
Shares of any type or class and the number of Available Shares of such type or
class is less than the aggregate number of Available Shares of such type or
class elected to be purchased by such electing Investors, each Investor shall be
entitled to purchase the lesser of (i) the number of shares of such type or
class such Investor has elected to purchase as indicated in the Election Notice
or (ii) the number of shares of such type or class obtained by multiplying the
number of shares specified in the Option Notice by a fraction, the numerator of
which is the number of shares of Common Stock (on a fully-diluted basis) held by
such Investor and the denominator of which is the aggregate number of shares of
Common Stock (on a fully-diluted basis) held by all electing Investors. If any
Available Shares of such type or class remain after giving effect to such
allocation, such allocation shall be repeated until either all of the Available
Shares of such type or class requested to be purchased by the electing Investors
have been so allocated or no Available Shares of such type or class are
available for purchase.

     (4) Supplemental Repurchase Notice. As soon as practicable but in any event
         ------------------------------
within five (5) business days after the expiration of the Investor Election
Period, the Company will, if necessary, notify the holder(s) of Executive Stock
as to the number of shares of Executive Stock being purchased from such
holder(s) by the Investors (the "Supplemental Repurchase Notice"). At the time
                                 ------------------------------
the Company delivers a Supplemental Repurchase Notice to the holder(s) of
Executive Stock, the Company will also deliver to the Investors written notice
setting forth the number of shares of Executive Stock the Company and the
Investors will acquire, the aggregate purchase price to be paid and the time and
place of the closing of the transaction.

     (5) Closing. The closing of the transactions contemplated by this Section 8
         -------
will take place on the date designated by the Company in the Repurchase Notice
or the Supplemental Repurchase Notice, as the case may be, which date will not
be more than 60 days after the delivery of the later of such notices, as the
case may be. The Company and/or the Investors, as the case may be, will pay for
the shares of Executive Stock to be purchased pursuant to the Repurchase Option
by delivery of, (i) in the case of the Company, (A) a check payable to the
holder(s) of such shares of Executive Stock, (B) by offsetting any amounts owed
by Executive to Company under the Executive Note or other bona fide indebtedness
of Executive to the Company or its Affiliates against the price for such shares
of Executive Stock or (C) any combination of (A) and (B) in the aggregate amount
of the purchase price for such shares of Executive Stock, (ii) in the case of
the Investors, a check payable to the holder(s) of such shares of Executive
Stock, or (iii) in any such case, as the holder(s) of such shares of Executive
Stock and the purchaser(s) thereof may otherwise agree provided however that if
                                                       ----------------
payment in cash by the Company pursuant to the preceding clause (A) is
restricted by the financing or credit arrangements of the Company and its
Subsidiaries or if the Company does not have available cash on hand in an amount
sufficient to pay the purchase price for the shares to be

                                      -5-

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repurchased, the Company may deliver a subordinate note or notes payable in up
to three (3) equal annual installments, with the first installment due on the
first anniversary of the closing of such purchase, and bearing interest (payable
quarterly in cash or, if so required by a lender to the Company or any of its
Subsidiaries, in additional notes of the same tenor) at a rate of 7% per annum.
Any obligations of the Company under any notes issued by the Company pursuant to
this paragraph 8(e) shall be subject to any restrictive covenants to which the
Company is subject at the time of such purchase. The Company and the Investors,
as the case may be, will receive customary representations and warranties from
each seller of Executive Stock regarding the sale of the Executive Stock,
including but not limited to the representation that such seller has good and
marketable title to the shares of Executive Stock to be transferred, free and
clear of all liens, claims and other encumbrances.

        (6) Restrictions on Repurchase. Notwithstanding anything to the contrary
            --------------------------
contained in this Agreement, all repurchases of Executive Stock by the Company
shall be subject to applicable restrictions contained in the Delaware General
Corporation Law and in the Company's and its Subsidiaries' debt and equity
financing agreements. If any such restrictions prohibit the repurchase of
Executive Stock hereunder which the Company is otherwise entitled to make, the
time periods in this Section 8 shall be suspended and the Company may make such
repurchases as soon as it is permitted to do so under such restrictions.

     (7) Termination of Repurchase Right. The right of the Company and the
         -------------------------------
Investors to repurchase shares of Executive Stock pursuant to this Section 8
shall terminate upon of a Sale of the Company.

     (8) Additional Restrictions on Transfer.
         -----------------------------------

     (1) Until the fifth anniversary of the date hereof, Executive shall not
Transfer any Executive Stock except (A) to a Permitted Transferee in compliance
with the provisions of Section 2D of the Investor Rights Agreement or (B) the
sale of Coinvest Shares in a registered public offering effected pursuant to
Section 10 of the Investor Rights Agreement. The restrictions set forth in this
Section 8(h)(i) shall terminate upon the consummation of a Change in Control
(as defined in the Investor Rights Agreement).

     (2) All Executive Stock is subject to the additional restrictions on
Transfer set forth in the Investor Rights Agreement.

     (3) In addition to any other legend required pursuant to the Investor
Rights Agreement or otherwise, any certificates representing the Executive
Stock shall bear the following legend:

     "THE SECURITIES REPRESENTED BY THIS CERTIFICATE WERE ORIGINALLY ISSUED ON
     December 6, 2000, HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
     1933, AS AMENDED (THE "ACT"), OR UNDER ANY STATE SECURITIES LAWS AND MAY
     NOT BE SOLD OR --- TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION
     STATEMENT UNDER THE ACT AND APPLICABLE STATE SECURITIES

                                      -6-

<PAGE>

         LAWS OR AN EXEMPTION FROM REGISTRATION THEREUNDER. THE
         SECURITIES REPRESENTED BY THIS CERTIFICATE ARE ALSO SUBJECT TO
         ADDITIONAL RESTRICTIONS ON TRANSFER, CERTAIN REPURCHASE OPTIONS AND
         CERTAIN OTHER AGREEMENTS SET FORTH IN AN EXECUTIVE AGREEMENT BETWEEN
         THE COMPANY AND THE ORIGINAL HOLDER HEREOF DATED AS OF December 6,
         2000, A COPY OF WHICH MAY BE OBTAINED BY THE HOLDER HEREOF AT THE
         COMPANY'S PRINCIPAL PLACE OF BUSINESS WITHOUT CHARGE."

     (4) Opinion of Counsel. Executive may not sell, transfer or dispose of any
         ------------------
Executive Stock (except pursuant to an effective registration statement under
the Securities Act) without first delivering to the Company an opinion of
counsel reasonably acceptable in form and substance to the Company that
registration under the Securities Act or any applicable state securities law is
not required in connection with such transfer.

                            C. EMPLOYMENT PROVISIONS

         (g) Employment. Publishing shall employ Executive, and Executive
hereby accepts employment with Publishing, upon the terms and conditions set
forth in this Agreement for the period beginning on the date hereof and ending
as provided in Section 12 hereof (the "Employment Period").

         (h) Position and Duties.
             -------------------

     (9) During the Employment Period, Executive shall serve as the Chief
Internet Officer of Publishing and, as part of Executive's employment with
Publishing, Executive shall act as the President of InternetCo, and shall have
the normal duties, responsibilities and authority of a senior executive.

     (10) Executive shall report directly to the Chief Executive Officer of
Publishing, and Executive shall devote Executive's best efforts and Executive's
full business time and attention (except for permitted vacation periods, periods
of illness or other incapacity, reasonable time spent with respect to civic and
charitable activities and serving on the boards of directors of other companies
(provided that none of such activities shall interfere with Executive's duties
to Publishing or InternetCo), and other permitted absences for which senior
executive employees of Publishing are generally eligible from time to time under
Publishing's policies) to the business and affairs of Publishing and its
Affiliates, including InternetCo. Executive shall perform Executive's duties and
responsibilities to the best of Executive's abilities in a diligent,
trustworthy, businesslike and efficient manner. In connection with Executive's
employment by Publishing, Executive shall not be required to relocate from the
greater New York, New York area without Executive's prior consent.

     (5) Base Salary; Benefits and Bonuses.
         ---------------------------------

     (1) During the Employment Period, Executive's base salary shall be not less
than $300,000 per annum during Executive's first year of employment (such year
commencing on the date

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hereof and ending on the first anniversary of the date hereof), $325,000 during
Executive's second year of employment, $350,000 during Executive's third year of
employment and thereafter as designated from time to time by the Board of
Publishing and the Chief Executive Officer of Publishing, (the "Base Salary"),
                                                                -----------
which salary shall be payable in regular installments in accordance with
Publishing's general payroll practices and shall be subject to customary
withholding.

     (2) In addition to the Base Salary, during the Employment Period, Executive
shall be eligible to receive an annual bonus (the "Bonus"), payable in
                                                   -----
accordance with the terms set forth in Exhibit 1 attached hereto. Any such
                                       ---------
Bonus, if determined by the Board of the Company to be payable, shall be payable
within 90 days following the applicable Measurement Period (as defined in
Exhibit 1) during the Employment Period. In addition to the Bonus program set
---------
forth on Exhibit 1 attached hereto, Executive shall be paid a one-time $25,000
         ---------
bonus within 30 days following the end of the Company's fiscal year ending
March 31, 2001.

     (3) During the Employment Period, Executive shall be entitled to
participate in all of Publishing's employee benefit plans and programs for which
senior executive employees of Publishing are generally eligible, which shall
include, but shall not be limited to, health insurance, dental insurance, life
insurance, disability insurance and participation in Publishing's 401(k) plan.
Executive's right to participate in any employee benefit plans or programs of
Publishing shall be subject to Publishing's right to amend, modify or terminate
any such plan or program in accordance with its terms and applicable law and
subject in each case to any applicable waiting periods or other restrictions
contained in such benefit plans or programs. During the Employment Period,
Executive shall be eligible for paid vacation in accordance with the policies of
Publishing for senior executive employees of Publishing.

     (4) Publishing shall reimburse Executive for all reasonable business
expenses incurred by Executive in the course of performing Executive's duties
under this Agreement which are consistent with Publishing's policies in effect
from time to time for senior executive employees of Publishing with respect to
travel, entertainment and other business expenses, subject to Publishing's
requirements with respect to reporting and documentation of such expenses.

           (6) Term; Termination; Severance.
            ----------------------------

     (1) The Employment Period shall be for a period of five years from the date
hereof; provided that (i) the Employment Period shall terminate prior to such
        --------
date upon Executive's death or Incapacity; (ii) the Employment Period may be
terminated by Publishing at any time prior to such date with Cause or without
Cause; and (iii) the Employment Period may be terminated by Executive at any
time for any reason (a "Voluntary Termination"), except that a termination by
                        ---------------------
Executive as a result of material breach of this Agreement by Publishing which
is not cured within 20 days after written notice thereof by Executive to
Publishing and the Company shall not be deemed a Voluntary Termination. Any
termination of the Executive's employment with Publishing shall be a
"Termination." The date of any termination of Executive's employment with
 -----------
Publishing shall be the "Termination Date."
                         ----------------

     (2) Upon any Termination, Executive shall be entitled to receive
Executive's Base Salary earned through Executive's Termination Date, prorated
on a daily basis together with all accrued but

                                      -8-

<PAGE>

unpaid vacation time earned by Executive during the fiscal year in which such
Termination occurs. Except as set forth in Section 12(d), Executive shall not be
entitled to receive Executive's Base Salary or any bonuses or other benefits
from Publishing for any period after the Termination Date.

     (3) In the event Executive's employment is terminated by Publishing with
cause, upon a Voluntary Termination or upon Executive's death or
Incapacity, Publishing shall have no obligation to make any severance
or other similar payment to or on behalf of Executive.

     (4) In the event that Executive's employment is terminated by Publishing
without Cause, following such Termination and upon execution by Executive of a
general release in favor of Publishing and its Affiliates, in form satisfactory
to Publishing, releasing any and all claims for payments (other than those
payments due under Section 11(c)), due to Executive arising under or pursuant to
this Agreement against Publishing and its Affiliates as of the Termination Date,
Publishing shall pay Executive her annual Base Salary (as in effect on the
Termination Date) until the one-year anniversary of the Termination Date. Each
severance payment hereunder shall be payable in accordance with Publishing's
normal payroll procedures and cycles and shall be subject to withholding of
applicable taxes and governmental charges in accordance with federal and state
law. After payment of the severance amounts described in this Section 12(d),
Publishing shall have no obligation to make any further severance or other
payment to or on behalf of Executive except as otherwise expressly contemplated
hereby. Notwithstanding the foregoing, in the event that Executive shall breach
any of Executive's obligations under Sections 13, 14 or 15 of this Agreement,
then, in addition to any other rights that Publishing may have under this
Agreement or otherwise, Publishing shall be relieved from and shall have no
further obligation to pay Executive any amounts to which Executive would
otherwise be entitled pursuant to this Section 12.

                            D. ADDITIONAL AGREEMENTS

        (7) Confidential Information. Executive acknowledges that by reason of
            ------------------------
Executive's duties to and association with Publishing, InternetCo and their
respective Affiliates, Executive will have access to and will become informed of
Confidential Information (as defined in Section 17 below) which is a competitive
asset of Publishing, InternetCo and/or their respective Affiliates. Executive
agrees to keep in strict confidence and not, directly or indirectly, make known,
disclose, furnish, make available or use, any Confidential Information, except
for use in Executive's regular authorized duties on behalf of Publishing,
InternetCo and their respective Affiliates. Executive acknowledges that all
documents and other property including or reflecting Confidential Information
furnished to Executive by Publishing, InternetCo or any of their respective
Affiliates or otherwise acquired or developed by Publishing, InternetCo or any
of their respective Affiliates or Executive or known by Executive shall at all
times be the property of Publishing, InternetCo and their respective Affiliates.
Executive shall take all necessary and appropriate steps to safeguard
Confidential Information and protect it against disclosure, misappropriation,
misuse, loss and theft. Executive shall deliver to Publishing at the termination
of the Employment Period, or at any other time Publishing may request, all
memoranda, notes, plans, records, reports, computer tapes, printouts and
software and other documents and data (and copies thereof) relating to the
Confidential Information, Work Product (as defined in Section 17 below) or the
business of Publishing, InternetCo or any of their respective Affiliates which
Executive may then possess or have under Executive's control.

                                      -9-

<PAGE>

          (8) Inventions and Patents.
              ----------------------

     (1) Executive acknowledges that all Work Product (as defined in Section 17
below) is the exclusive property of Publishing. Executive hereby assigns all
right, title and interest in and to all Work Product to Publishing. Any
copyrightable works that fall within the Work Product will be deemed "works made
for hire" under Section 201(b) of the 1976 Copyright Act, and Publishing shall
own all of the rights comprised in the copyright therein; provided, however,
                                                          -----------------
that to the extent such works may not, by operation of law, constitute "works
made for hire," Executive hereby assigns to Publishing all right, title and
interest therein.

     (2) Executive shall promptly and fully disclose all Work Product to
Publishing and shall cooperate and perform all actions reasonably requested by
Publishing (whether during or after the Employment Period) to establish, confirm
and protect Publishing's right, title and interest in such Work Product. Without
limiting the generality of the foregoing, Executive agrees to assist Publishing,
at Publishing's expense, to secure Publishing's rights in the Work Product in
any and all countries, including the execution of all applications and all other
instruments and documents which Publishing shall deem necessary in order to
apply for and obtain rights in such Work Product and in order to assign and
convey to Publishing (or any of its Affiliate designees, including InternetCo)
the sole and exclusive right, title and interest in and to such Work Product. If
Publishing is unable because of Executive's mental or physical incapacity or for
any other reason (including Executive's refusal to do so after request therefor
is made by Publishing) to secure Executive's signature to apply for or to pursue
any application for any United States or foreign patents or copyright
registrations covering Work Product belonging to or assigned to Publishing
pursuant to paragraph 14(a) above, then Executive hereby irrevocably designates
and appoints Publishing and its duly authorized officers and agents as
Executive's agent and attorney-in-fact to act for and in Executive's behalf and
stead to execute and file any such applications and to do all other lawfully
permitted acts to further the prosecution and issuance of patents or copyright
registrations thereon with the same legal force and effect as if executed by
Executive. Executive agrees not to apply for or pursue any application for any
United States or foreign patents or copyright registrations covering any Work
Product other than pursuant to this paragraph in circumstances where such
patents or copyright registrations are or have been or are required to be
assigned to Publishing.

          (9) Non-Compete, Non-Solicitation.
              -----------------------------

                                      -10-

<PAGE>

        (1) In further consideration of the compensation to be paid to Executive
hereunder and the Executive Stock made available for Executive's purchase
hereunder, Executive acknowledges that in the course of Executive's employment
with Publishing and its Affiliates (including providing services for
InternetCo), Executive will during the Employment Period, become familiar with
Publishing's and its Affiliates' (including InternetCo's) trade secrets,
business plans and business strategies and with other Confidential Information
concerning Publishing and its Affiliates (including InternetCo) and that
Executive's services have been and shall be of special, unique and extraordinary
value to Publishing and its Affiliates (including InternetCo). Therefore,
Executive agrees that, during the Employment Period and for one (1) year
thereafter (such period, the "Noncompete Period"), Executive shall not directly
or indirectly own any interest in, manage, control, participate in (whether as
an officer, director, employee, partner, agent, representative or otherwise),
consult with, render services for, or in any other manner engage in, (i) any of
the businesses (A) of International Data Group, Inc., CMP Media, Inc. (a
subsidiary of United News & Media PLC), Imagine Media, Inc. or CNET Networks,
Inc. (the "Restricted Persons"), (B) of any successor, assignee, partner, joint
           ------------------
venture or collaboration partner, subsidiary, division or Affiliate of any of
the Restricted Persons, or (C) in which any of the Restricted Persons owns an
interest or participates, which any of the Restricted Persons manages or
controls (whether as an officer, director, employee, partner, agent,
representative or otherwise), or with which any of the Restricted Persons
consults or to which any of the Restricted Persons otherwise provides management
or financial support or (ii) any business which creates, maintains or provides
content to Internet web sites whose content is focused on or primarily concerns
computers (including hardware, software, usage, peripherals and connectivity),
the Internet or other technology related topics. Nothing herein shall prohibit
Executive from being an owner, indirectly through a mutual fund or other
similar pooled investment vehicle, of a passive investment in the stock of a
corporation which is publicly traded, so long as Executive has no other
participation in the business of any such corporation.

     (2) During the Employment Period and for one (1) year thereafter, Executive
shall not directly or indirectly through another Person (i) induce or attempt to
induce any employee of Publishing or any Affiliate (including InternetCo) to
leave the employ of Publishing or such Affiliate (including InternetCo), or in
any way interfere with the relationship between Publishing or any Affiliate
(including InternetCo) and any employee thereof, (ii) hire any person who was an
employee of Publishing or any Affiliate (including InternetCo) at any time
during the one year period prior to the termination of the Employment Period,
(iii) call on, solicit or service any customer, supplier, licensee, licensor,
franchisee or other business relation of Publishing or any Affiliate (including
InternetCo) in order to induce or attempt to induce such Person to cease or
reduce doing business with Publishing or such Affiliate (including InternetCo),
or in any way interfere with the relationship between any such customer,
supplier, licensee or business relation and Publishing or any Affiliate
(including InternetCo), including, without limitation, making any negative
statements or communications about Publishing or its Affiliates (including
InternetCo), or (iv) directly or indirectly acquire or attempt to acquire any
business in the United States of America to which Publishing or any of its
Affiliates (including InternetCo) has made an acquisition proposal prior to the
Termination Date relating to the possible acquisition of such business (an
"Acquisition Target") by Publishing or any of its Affiliates (including
------------------ InternetCo), or take any action to induce or attempt to
induce any Acquisition Target to consummate any acquisition, investment or other
similar transaction with any Person other than Publishing or any of its
Affiliates (including InternetCo).

                                      -11-

<PAGE>

     (10) Enforcement. If, at the time of enforcement of Sections 13, 14 or 15
          -----------
of this Agreement, a court shall hold that the duration, scope, or area
restrictions stated herein are unreasonable under circumstances then existing,
the parties hereto agree that the maximum period, scope or geographical area
reasonable under such circumstances shall be substituted for the stated period,
scope or area and that the court shall be allowed and directed to revise the
restrictions contained herein to cover the maximum period, scope and area
permitted by law. Because Executive's services are unique and because Executive
has access to Confidential Information and Work Product, the parties hereto
agree that money damages would not be an adequate remedy for any breach of this
Agreement. Therefore, in the event a breach or threatened breach of this
Agreement, Publishing or its successors or assigns may, in addition to other
rights and remedies existing in their favor, apply to any court of competent
jurisdiction for specific performance and/or injunctive or other relief in order
to enforce, or prevent any violations of, the provisions hereof (without posting
a bond or other security). In addition, in the event of an alleged breach or
violation by Executive of Section 15, the Period set forth in such Section shall
be tolled until such breach or violation has been duly cured. Executive agrees
that the restrictions contained in Section 15 are reasonable and that Executive
has received consideration in exchange therefor.

     (i) Definitions.
         -----------

         "Affiliate" of a Person means any other person, entity or investment
          ---------
controlling, controlled by or under common control with the Person and, in the
case of a Person which is a partnership, any partner of the Person.

         "Board" means the board of directors of the specified Person.
          -----

         "Cause" means (i) the commission of a felony or a crime involving moral
          -----
turpitude or the commission of any other act or omission involving dishonesty or
fraud with respect to Publishing, any of its Affiliates or any of their
customers or suppliers, (ii) intentional or willful conduct which conduct brings
Publishing or any of its Affiliates into public disgrace or disrepute in any
material respect, (iii) substantial failure to perform (other than due to
Incapacity) duties of the office held by Executive as reasonably directed by the
Chief Executive Officer or Board of Publishing which is not cured within 15 days
after notice thereof to Executive or which is incapable of cure, (iv) gross
negligence or willful misconduct with respect to Publishing or any of its
Affiliates, or (v) any breach of this Agreement which is not cured within 15
days after notice thereof to Executive or which is incapable of cure.

         "Certificate of Incorporation" means the Company's certificate of
          ----------------------------
incorporation in effect at the time as of which any determination is being made.

         "Code" means the Internal Revenue Code of 1986, as amended, and any
          ----
reference to any particular Code section shall be interpreted to include any
revision of or successor to that section regardless of how numbered or
classified.

         "Confidential Information" means all information of a confidential or
          ------------------------
proprietary nature (whether or not specifically labeled or identified as
"confidential"), in any form or medium, that is or was disclosed to, or
developed or learned by, Executive in connection with Executive's

                                      -12-

<PAGE>

relationship with the Company or any of its Affiliates prior to the date hereof
or during the Employment Period and that relates to the business, products,
services, financing, research or development of the Company or any of its
Affiliates or their respective suppliers, distributors or customers.
Confidential Information includes, but is not limited to, the following: (i)
internal business information (including information relating to strategic and
staffing plans and practices, business, training, marketing, promotional and
sales plans and practices, cost, rate and pricing structures, accounting and
business methods); (ii) identities of, individual requirements of, specific
contractual arrangements with, and information about, any of the Company' or any
of its Affiliates' suppliers, distributors and customers and their confidential
information; (iii) trade secrets, know-how, compilations of data and analyses,
techniques, systems, formulae, research, records, reports, manuals,
documentation, models, data and data bases relating thereto; (iv) inventions,
innovations, improvements, developments, methods, designs, analyses, drawings,
reports and all similar or related information (whether or not patentable); and
(v) Acquisition Targets and potential acquisition candidates. Confidential
Information shall not include information that Executive can demonstrate: (a) is
or becomes publicly known through no wrongful act or breach of obligation of
confidentiality; (b) was rightfully received by Executive from a third party
(other than ZD, Inc. or any of its Affiliates) without a breach of any
obligation of confidentiality by such third party; (c) was known to Executive
prior to Executive's employment with Publishing and its Affiliates; or (d) is
required to be disclosed pursuant to any applicable law or court order;
provided, however, that Executive provides Publishing with prior written notice
-----------------
of the requirement for disclosure that details the Confidential Information to
be disclosed and cooperates with Publishing to preserve the confidentiality of
such information to the extent possible.

     "Executive Stock" means, collectively, the Coinvest Shares, the Vesting
      ---------------
Shares and any other Stock or equity securities hereafter acquired by Executive.
Such Stock shall continue to be Executive Stock in the hands of any holder
(except for the Company, the Investors and transferees in a Public Sale
consummated in accordance with this Agreement and the Investor Rights
Agreement), and except as otherwise provided herein, each such other holder of
Executive Stock shall succeed to all rights and obligations attributable to
Executive as a holder of Executive Stock hereunder. Executive Stock shall
include both vested and unvested Executive Stock and shall include interests in
the Company issued with respect to Executive Stock including, without
limitation, by way of any recapitalization.

     "Fair Market Value" shall mean:
      -----------------

     (1) with respect to each share of Executive Stock which is listed on any
stock exchange or quoted in the NASDAQ System or the over-the-counter market,
the average of the closing prices of the sale of any such share on all stock
exchanges on which such security may at the time be listed, or, if there have
been no sales on any such exchange on any day, the average of the highest bid
and lowest asked prices on all such exchanges at the end of such day, or, if on
any day such security is not so listed, the average of the representative bid
and asked prices quoted in the NASDAQ System as of 4:00 P.M., New York time, or,
if on any day such security is not quoted in the NASDAQ System, the average of
the highest bid and lowest asked prices on such day in the domestic
over-the-counter market as reported by the National Quotation Bureau
Incorporated, or any similar successor organization, in each such case averaged
over a period of 21 days consisting of the day as of which

                                      -13-

<PAGE>

the Fair Market Value is being determined and the 20 consecutive business days
prior to such day; and

     (2) with respect to each share of Executive Stock which is not, as of the
date of determination, listed on any stock exchange or quoted in the NASDAQ
System or the over-the-counter market, the Fair Market Value thereof shall be
the amount which each such share of Executive Stock would receive upon a
liquidating distribution, in accordance with the Certificate of Incorporation,
of the proceeds of a sale of the Company and its Subsidiaries as a going concern
at market value as determined in good faith mutually by the Board of the Company
and Executive and in accordance with the Certificate of Incorporation and
determined (x) as of the Termination Date, if any Repurchase Notice or
Supplemental Repurchase Notice has been delivered within three months after the
Termination Date, or (y) as of a date determined by the Board of the Company
within thirty (30) days prior to the delivery of the earlier of any Repurchase
Notice or Supplemental Repurchase Notice, if any Repurchase Notice or
Supplemental Repurchase Notice is delivered after the third month following the
Termination Date; provided that if the parties cannot agree on Fair Market Value
within 30 days after the delivery of the earlier of such notices, the Fair
Market Value will be decided by a mutually acceptable independent investment
bank and if the parties are unable to agree on such an investment bank, one
shall be chosen by lot from four nationally recognized investment banks, two of
which shall be designated by the Company and two of which shall be designated by
Executive. The determination of the investment bank pursuant hereto will be
final and binding and the fees and expenses of such investment bank shall be
shared equally by the Company and Executive. Any determination of Fair Market
Value of any Share of Executive Stock shall take into account, in the event of
any Voluntary Termination, any diminution in the value of the Company as a
result of the loss of Executive's services to Publishing and its Affiliates.

                  "Incapacity" means the disability of Executive caused by any
                   ----------
physical or mental injury, illness or incapacity as a result of which Executive
is unable to effectively perform the essential functions of Executive's duties
as determined by the Board of Publishing in good faith, for a period of 90
consecutive days or a period of 120 days during any 180-day period; provided
that any determination of Incapacity shall be made in compliance with the
provisions of the Family Medical Leave Act.

                  "Independent Third Party" means any Person who, immediately
                   -----------------------
prior to the contemplated transaction, does not own in excess of 5% of the
Company' Common Stock on a fully diluted basis (a "5% Owner"), who is not
                                                   --------
controlling, controlled by or under common control with any such 5% Owner and
who is not the spouse or descendent (by birth or adoption) of any such 5% Owner
or a trust for the benefit of such 5% Owner and/or such other Persons.

                  "Investors" has the meaning given such term in the Investor
                   ---------
Rights Agreement.

                  "Investor Rights Agreement" means that certain Investor Rights
                   -------------------------
Agreement, dated as of April 5, 2000, by and among the Company and the Company's
stockholders, as such agreement may be amended from time to time in accordance
with its terms.

                  "Original Cost" of any share of Executive Stock means the
                   -------------
price paid by Executive for such share of Executive Stock.

                                      -14-

<PAGE>

                  "Permitted Transferee" means any permitted transferee of Stock
                   --------------------
pursuant to a transfer in accordance with Section 2D of the Investor Rights
Agreement.

                  "Person" means an individual or a corporation, partnership,
                   ------
limited liability company, trust, unincorporated organization, association or
other entity.

                  "Public Sale" means any sale of Stockholder Shares to the
                   -----------
public pursuant to an offering registered under the Securities Act or to the
public through a broker, dealer or market maker pursuant to the provisions of
Rule 144 adopted under the Securities Act.

                  "Sale of the Company" means the sale of the Company to an
                   -------------------
Independent Third Party or group of Independent Third Parties pursuant to which
such party or parties acquire (i) capital stock of the Company possessing the
voting power to elect a majority of the Board (whether by merger, consolidation
or sale or transfer of the Company's capital stock) or (ii) all or substantially
all of the assets of the Company determined on a consolidated basis.

                  "Securities Act" means the Securities Act of 1933, as amended
                   --------------
from time to time.

                  "Stockholder Shares" has the meaning given such term in the
                   ------------------
Investor Rights Agreement.

                  "Subsidiary" means, with respect to any Person, any
                   ----------
corporation, limited liability company, partnership, association or business
entity of which (i) if a corporation, a majority of the total voting power of
shares of stock entitled (without regard to the occurrence of any contingency)
to vote in the election of directors, managers or trustees thereof is at the
time owned or controlled, directly or indirectly, by that Person or one or more
of the other Subsidiaries of that Person or a combination thereof, or (ii) if a
limited liability company, partnership, association or other business entity
(other than a corporation), a majority of partnership or other similar ownership
interest thereof is at the time owned or controlled, directly or indirectly, by
any Person or one or more Subsidiaries of that Person or a combination thereof.
For purposes hereof, a Person or Persons shall be deemed to have a majority
ownership interest in a limited liability company, partnership, association or
other business entity (other than a corporation) if such Person or Persons shall
be allocated a majority of limited liability company, partnership, association
or other business entity gains or losses or shall be or control any managing
director or general partner of such limited liability company, partnership,
association or other business entity. For purposes hereof, references to a
"Subsidiary" of the Company shall be given effect only at such times that the
Company has one or more Subsidiaries, and, unless otherwise indicated, the term
"Subsidiary" refers to a Subsidiary of the Company.

                  "Transfer" has the meaning given such term in the Investor
                   --------
Rights Agreement.

                  "Work Product" means all inventions, innovations,
                   ------------
improvements, developments, methods, processes, designs, analyses, drawings,
reports and all similar or related information (whether or not patentable or
reduced to practice or comprising Confidential Information) and any
copyrightable work, trade mark, trade secret or other intellectual property
rights (whether or not comprising Confidential Information) and any other form
of Confidential Information, any of which

                                      -15-

<PAGE>

relate to Publishing's or any of its Affiliates' actual or anticipated business,
research and development or existing or future products or services and which
were or are conceived, reduced to practice, contributed to, developed, made or
acquired by Executive (whether alone or jointly with others) while employed
(both before and after the date hereof) by Publishing (or its predecessors,
successors or assigns) and its Affiliates.

                  "WS" has the meaning given such term in the Investor Rights
                   --
Agreement.

                  (11) Notices. Any notice provided for in this Agreement must
                       -------
 be in writing and must be either personally delivered, mailed by first class
mail (postage prepaid and return receipt requested) or sent by reputable
overnight courier service (charges prepaid) to the recipients at the address
indicated below:

         If to Executive:                   Wenda Harris Millard
                                            31 Buttonwood Lane
                                            Darien, CT 06820

         with a copy to:                    ----------------------------------

                                            ----------------------------------

                                            ----------------------------------
                                            Attn:
                                                 -----------------------------

         If to the Company:                 Ziff Davis Holdings, Inc.
                                            28 E. 28th Street
                                            New York, NY 10016
                                            Attention: Chief Executive Officer

         with a copy to:                    Ziff Davis Holdings, Inc.
                                            28 East 28th Street
                                            New York, NY 10016
                                            Attn:    General Counsel

         and                                Willis, Stein & Partners II, L.P.
                                            227 West Monroe Street, Suite 4300
                                            Chicago, IL 60606
                                            Attn:    Daniel H. Blumenthal

         and                                Kirkland & Ellis
                                            200 East Randolph Drive
                                            Chicago, IL 60601
                                            Attn:    John A. Weissenbach
                                                     David A. Breach

         If to WS or the Investors:         Willis, Stein & Partners II, L.P.
                                            227 West Monroe Street, Suite 4300
                                            Chicago, IL 60606

                                      -16-

<PAGE>

                                            Attn:    Daniel H. Blumenthal

         with a copy to                     Kirkland & Ellis
                                            200 East Randolph Drive
                                            Chicago, IL 60601
                                            Attn:    John A. Weissenbach
                                                     David A. Breach

or such other address or to the attention of such other person as the recipient
party shall have specified by prior written notice to the sending party. Any
notice under this Agreement shall be deemed to have been given when so delivered
or sent or, if mailed, five days after deposit in the U.S. mail.

     (j) General Provisions.
         ------------------

     (1) Transfers in Violation of Agreement. Any Transfer or attempted Transfer
         -----------------------------------
of any Stock in violation of any provision of this Agreement shall be void, and
the Company shall not record such Transfer on its books or treat any purported
transferee of such Stock as the owner of such Stock for any purpose.

     (2) Severability. Whenever possible, each provision of this Agreement shall
         ------------
be interpreted in such manner as to be effective and valid under applicable law,
but if any provision of this Agreement is held to be invalid, illegal or
unenforceable in any respect under any applicable law or rule in any
jurisdiction, such invalidity, illegality or unenforceability shall not affect
any other provision or any other jurisdiction, but this Agreement shall be
reformed, construed and enforced in such jurisdiction as if such invalid,
illegal or unenforceable provision had never been contained herein.

     (3) Complete Agreement. This Agreement, those documents expressly referred
         ------------------
to herein and other documents of even date herewith embody the complete
agreement and understanding among the parties and supersede and preempt any
prior understandings, agreements or representations by or among the parties,
written or oral, which may have related to the subject matter hereof in any way
(including, without limitation, any employment agreement or similar agreement
assumed by Publishing or its Affiliates and Executive, which is hereby
terminated).

     (4) Counterparts. This Agreement may be executed in separate counterparts,
         ------------
each of which is deemed to be an original and all of which taken together
constitute one and the same agreement.

     (5) Successors and Assigns. Except as otherwise provided herein, this
         ----------------------
Agreement shall bind and inure to the benefit of and be enforceable by
Executive, the Company, Publishing the Investors and their respective successors
and assigns; provided that the rights and obligations of Executive under this
             --------
Agreement shall not be assignable except in connection with a permitted transfer
of Stock hereunder.

                                      -17-

<PAGE>

     (6) Governing Law. The corporate law of the State of Delaware will govern
         -------------
all issues concerning the relative rights of the Company and its stockholders.
All other issues concerning this Agreement shall be governed by and construed in
accordance with the laws of the State of New York without giving effect to any
choice of law or conflict of law provision or rule (whether of the State of New
York or any other jurisdiction) that would cause the application of the law of
any jurisdiction other than the State of New York.

     (7) Remedies. Each of the parties to this Agreement shall be entitled to
         --------
enforce its rights under this Agreement specifically, to recover damages and
costs (including reasonable attorney's fees) caused by any breach of any
provision of this Agreement and to exercise all other rights existing in its
favor. The parties hereto agree and acknowledge that money damages would not be
an adequate remedy for any breach of the provisions of this Agreement and that
any party may in its sole discretion apply to any court of law or equity of
competent jurisdiction (without posting any bond or deposit) for specific
performance and/or other injunctive relief in order to enforce or prevent any
violations of the provisions of this Agreement.

     (8) Survival. The provisions set forth in Section 4, Section 8 and Sections
         --------
13 through 19 shall survive and continue in full force and effect in accordance
with their terms notwithstanding any termination of the Employment Period.

     (9) Amendment and Waiver. The provisions of this Agreement may be amended
         --------------------
and waived only with the prior written consent of the Company, Publishing,
Executive and WS.

     (10) Third-Party Beneficiaries. The parties hereto acknowledge and agree
          -------------------------
that the Investors are third party beneficiaries of this Agreement. This
Agreement will inure to the benefit of and be enforceable by the Investors and
their respective successors and assigns, subject to amendment or waiver as
provided in subparagraph (i) foregoing.

                                     * * * *

                                      -18-

<PAGE>

                  IN WITNESS WHEREOF, the parties hereto have executed this
Executive Agreement on the date first written above.

                            ZIFF DAVIS HOLDINGS, INC.

                            By: /s/ James D. Dunning, Jr.
                              --------------------------------------
                                James D. Dunning, Jr.

                           Its: Chairman, President & CEO

                           ZIFF DAVIS PUBLISHING, INC.

                           By:  /s/ James D. Dunning, Jr.
                              --------------------------------------
                                James D. Dunning, Jr.

                           Its: Chairman, President & CEO

                           EXECUTIVE:

                                 /s/ Wenda Harris Millard
                           -----------------------------------------
                                     Wenda Harris Millard

<PAGE>

                                    EXHIBIT 1
                                    ---------

                          BONUS PLAN FOR WENDA MILLARD

Each fiscal year during the Employment Period (a "Measurement Period"), with the
                                                  ------------------
first year beginning April 1, 2001, and ending on March 31, 2002, Executive will
have an opportunity to earn a target bonus in an amount equal to the Target
Bonus Amount (as set forth below) based on the achievement of certain business
plans and financial performance targets established by the Board of Publishing
and the Chief Executive Officer of Publishing. The following terms will apply to
the determination of Executive's bonus for any one-year Measurement Period
during the Employment Period:

         1. $50,000 of the Target Bonus Amount (the "Publishing Business
                                                     -------------------
Component") for any Measurement Period may be earned by Executive based on
---------
Executive's contributions to the business and operations of the magazine
publishing businesses of Publishing and its Affiliates during such Measurement
Period, and will be deemed earned and payable in the sole discretion of the
Chief Executive Officer of Publishing.

         2. The remaining portion of the Target Bonus Amount (the "Internet
                                                                   --------
Business Component") for any Measurement Period may be earned by Executive based
------------------
on the achievement of certain business plans and financial performance targets
for such Measurement Period which relate to the business of InternetCo, as
established by the Board of Publishing and the Chief Executive Officer of
Publishing.

             2. With respect to the Internet Business Component of the Target
Bonus Amount,

         (1) if Executive achieves 100% of the financial plan established by the
Board of Publishing and the Chief Executive Officer of Publishing for a
particular Measurement Period (the "Plan Target"), Executive will be paid 100%
                                    -----------
of the Internet Business Component for such Measurement Period,

         (2) if Executive achieves greater than 100% of the Plan Target for a
particular Measurement Period, Executive will be paid a bonus equal to (x) the
Internet Bonus Component multiplied by (y) the "Special Bonus Factor", where the
                                                --------------------
Special Bonus Factor is a percentage equal to (A) 100 plus (B) two times the
percentage amount (in excess of 100%) by which Executive has exceeded the Plan
Target for the applicable Measurement Period (for example, if Executive achieves
115% of the Plan Target, the bonus payable under this paragraph 3(b) will be
equal to 130% of the Internet Bonus Component for the Measurement Period under
consideration (100 + (2 * 15))),

         (3) if Executive achieves 90% or greater of the Plan Target but less
than 100% of the Plan Target for a particular Measurement Period, Executive will
be paid a percentage of the Internet Business Component for such Measurement
Period which corresponds to the percentage of the Plan Target achieved, and

<PAGE>

         (4) if Executive achieves less than 90% of the Plan Target for a
particular Measurement Period, Executive will not be paid the Internet Bonus
Component for such Measurement Period (subject to the paragraph 4 below).

             4. Notwithstanding anything to the contrary in this Exhibit 1,
Executive will be paid a bonus in respect of the first Measurement Period of not
less than $50,000 (which will exclude any bonuses paid in respect of the
Publishing Business Component for such first Measurement Period).

             5. The Target Bonus Amounts for each Measurement Period during the
Employment Period are as follows: year 1- $250,000; year 2 - $250,000; year 3 -
$250,000; years 4 and 5, as determined by the Board of Publishing and the Chief
Executive Officer of Publishing, but in no event less than $250,000 per year for
each such year.

             6. For each Measurement Period during the Employment Period, the
Plan Targets established by the Board of Publishing and the Chief Executive
Officer of Publishing will be subject to adjustment by the Board of Publishing
and the Chief Executive Officer of Publishing to reflect the addition to or
removal from InternetCo of businesses or projects during any then-current and
future Measurement Periods.

<PAGE>

                                                                       Annex A
                                                                       -------

                                 PROMISSORY NOTE
                                 ---------------

$61,614.58                                                     December 6, 2000

                  For value received, Wenda Harris Millard ("Executive")
                                                             ---------
promises to pay to Ziff Davis Holdings, Inc., a Delaware corporation (the
"Company"), the aggregate principal sum of $61,614.58 together with interest
 -------
thereon calculated from the date hereof (the "Date of Issuance") in accordance
                                              ----------------
with the provisions of this Promissory Note (this "Note"). This Note was issued
                                                   ----
pursuant to and is subject to the terms of that certain Executive Agreement (the
                                                        -------------------
"Executive Agreement"), dated as of the date hereof, by and between the Company
and Executive. Any capitalized terms used herein and not defined shall have the
meaning assigned to them in the Executive Agreement.

                  1.       Payment and Capitalization of Interest.
                           --------------------------------------

                  (a) Interest shall accrue on the outstanding principal amount
of this Note (including any portion thereof which is Capitalized Interest) at a
rate equal to the lesser of (i) a rate which shall equal 7.0% per annum or (ii)
the highest rate permitted by applicable law. On each anniversary of the Date of
Issuance (a "Capitalization Date") on which any portion of the unpaid principal
             -------------------
amount of this Note remains outstanding, all accrued interest as of such date
shall be capitalized and made part of the unpaid principal amount hereunder as
of such date (the "Capitalized Interest"). Interest shall be computed on the
basis of a 365-day year and the actual number of days elapsed. Any accrued
interest (including Capitalized Interest) which for any reason has not
theretofore been paid shall be paid in full on the date on which the final
principal payment on this Note is paid.

                  2.       Payment of Principal on Note.
                           ----------------------------

                  (a) Scheduled Payments. Executive shall pay the entire
                      ------------------
principal amount of this Note (including any portion thereof which is
Capitalized Interest), plus all accrued and unpaid interest, on the seventh
anniversary of the Date of Issuance (the "Maturity Date").

                  (b)      Voluntary  Prepayment.  Executive may prepay, at any
                           ---------------------
time and from time to time, without premium or penalty, all or any portion of
the outstanding principal amount of this Note plus all accrued and unpaid
interest thereon.

                  (c)      Mandatory  Prepayment.  Executive shall prepay,
                           ---------------------
without premium or penalty, amounts due under this Note as follows:

                            (i)     Immediately  upon receipt of any cash
           proceeds Executive receives in connection with Executive's ownership
           of the Executive Stock, Executive shall prepay an

<PAGE>

         amount of this Note equivalent to the amount of all such cash
         proceeds received up to the amount of principal and unpaid
         interest due hereunder.

                           (ii) Upon the consummation of a Sale of the Company
         prior to the Maturity Date, this Note shall be immediately due and
         payable and Executive shall prepay all of the outstanding principal
         amount of this Note, plus all accrued and unpaid interest thereon, as
         of the date of the consummation of such Sale of the Company.

                           (iii) If Executive's employment by Publishing
         terminates for any reason, this Note shall be immediately due and
         payable and Executive shall prepay all of the outstanding principal
         amount of this Note, plus all accrued and unpaid interest thereon, as
         of the date of such termination.

                  3.       Collateral.  The amounts due under this Note are
                           ----------
secured by a pledge of the Executive Stock, pursuant to a certain Stock Pledge
Agreement, dated as of the date hereof, by and between Executive and Company
(the "Pledge Agreement").
      ----------------

                  4.       Limited Recourse. Notwithstanding anything to the
                           ----------------
contrary herein, the Company hereby agrees that Executive shall not have
personal liability with respect to any amounts owed under this Note, except as
set forth in this paragraph and except for the Company's rights of set off as
set forth in Section 8(e) of the Executive Agreement. Executive shall have
personal liability under this Note, but in no event shall such liability exceed
the Aggregate Recourse Amount determined as of the time of the Company's claim.
"Aggregate Recourse Amount" means as of any time an amount equal to the sum of
(A) 60% of the aggregate original principal amount of this Note, minus the
aggregate amount of all principal payments made under this Note from the Date of
Issuance of this Note through such time, including payments incident to
Executive's declaring bankruptcy, (B) all Capitalized Interest and (C) all
accrued and unpaid interest which theretofore has not become Capitalized
Interest. Nothing in this paragraph 4, however, shall affect any of the
Company's rights under the Pledge Agreement.

                  5.       Miscellaneous.
                           -------------

                  (a) In the event Executive fails to pay any amounts due
hereunder when due, Executive shall pay to the holder hereof, in addition to
such amounts due, all costs of collection, including reasonable attorneys fees.

                  (b) Executive, or her successors and assigns, hereby waives
diligence, presentment, protest and demand and notice of protest, demand,
dishonor and nonpayment of this Note, and expressly agrees that this Note, or
any payment hereunder, may be extended from time to time and that the holder
hereof may accept security for this Note or release security for this Note, all
without in any way affecting the liability of Executive hereunder.

                  (c) This Note shall be governed by the internal laws, not
the laws of conflicts, of the State of Delaware.

                                    * * * * *

                                      -3-

<PAGE>

     IN WITNESS WHEREOF, Executive has executed and delivered this Executive
Promissory Note as of the date first written above.

                              EXECUTIVE:

                              /s/ Wenda Harris Millard
                              -------------------------------
                              Wenda Harris Millard

                       [Signature Page to Promissory Note]

<PAGE>

                                                                         Annex B
                                                                         -------

                             STOCK PLEDGE AGREEMENT
                             ----------------------

                  THIS STOCK PLEDGE AGREEMENT (this "Agreement") is made as of
                                                     ---------
December 6, 2000, by and between Wenda Harris Millard ("Pledgor") and Ziff Davis
                                                        -------
Holdings, Inc., a Delaware corporation (the "Company"). Any capitalized terms
used herein but not defined shall have the meanings assigned to them in the
Executive Agreement.

                  The Company and Pledgor are parties to an Executive Agreement
(the "Executive Agreement"), dated as of the date hereof, pursuant to which the
      -------------------
Company sold to Pledgor 346,458.33 shares of the Company's Common Stock and 475
shares of the Company's Series A Preferred Stock (collectively, the "Pledged
                                                                     -------
Interests"), all of which are pledged pursuant to this Agreement, and the
---------
Company has permitted the Pledgor to pay the purchase price therefor in part by
delivery to the Company of a promissory note (the "Note") in the aggregate
                                                   ----
principal amount of $61,614.58. This Agreement provides the terms and conditions
upon which the Note is secured by a pledge to the Company of the Collateral (as
defined below).

                  NOW, THEREFORE, in consideration of the premises contained
herein and other good and valuable consideration the receipt and sufficiency of
which are hereby acknowledged, and in order to induce the Company to accept the
Note as payment in part for the Pledged Interests, Pledgor and the Company
hereby agree as follows:

                  1 Pledge. Pledgor hereby pledges to the Company, and
                    ------
grants to the Company a security interest in, the Pledged Interests and any
related rights to  payment, profits, distributions thereon, as the case may be,
and all proceeds thereof, including any securities and moneys received
(collectively the "Collateral"), whether now existing or acquired, as security
for the prompt and complete payment when due of the unpaid principal of and
interest on the Note and full payment and performance of the obligations and
liabilities of Pledgor hereunder (including costs and attorneys fees associated
with enforcement hereunder).

                  2 Delivery of Pledged Interests. Pledgor agrees to deliver to
                    -----------------------------
the Company any certificates or instruments representing the Pledged Interests
or other Collateral, duly endorsed in blank or accompanied by undated stock
powers duly executed in blank by such Pledgor or such other instruments of
transfer as are acceptable to the Company.

                  3 Voting Rights; Cash Distribution. Notwithstanding anything
                    --------------------------------
to the contrary contained herein, during the term of this Agreement until such
time as there exists a default in the payment of principal or interest on the
Note or any other default under the Note or hereunder, Pledgor shall be entitled
to all voting rights with respect to the Pledged Interests and shall be entitled
to receive all cash distributions paid in respect of the Pledged Interests. Upon
the occurrence of and during the continuance of any such default, at the option
of the Company and upon notice by the Company to the Pledgor, Pledgor shall not
be able to vote the Pledged Interests, such voting rights with respect thereto
shall be exercisable by the Company and the Company shall retain all such cash

<PAGE>

distributions payable on the Pledged Interests as additional security
hereunder. In furtherance of the Company's rights under this Section, the
Pledgor shall execute and deliver to the Company, or cause to be executed and
delivered to the Company, all such proxies, powers of attorney, and other
instruments as the Company may reasonably request for the purpose of enabling
the Company to exercise the voting rights which it is entitled to exercise or
refrain from exercising pursuant to this Section 3.

                  4 Other Distributions, etc. If, while this Agreement is in
                    -------------------------
effect, Pledgor becomes entitled to receive or receives any securities or other
property in addition to, in substitution of, or in exchange for any of the
Pledged Interests (whether as a distribution in connection with any
recapitalization, reorganization or reclassification), Pledgor shall accept such
securities or other property on behalf of and for the benefit of the Company as
additional security for Pledgor's obligations under the Note and shall promptly
deliver such additional security to the Company together with duly executed
forms of assignment, and such additional security shall be deemed to be part of
the Pledged Interests hereunder.

                  5 Default. If Pledgor (a) defaults in the payment of the
                    -------
principal under the Note when it becomes due (whether upon demand, acceleration
or otherwise) or any other event of default under the Note or this Agreement
occurs (including, without limitation, the bankruptcy or insolvency of Pledgor)
or (b) defaults in the payment of interest or any other amount related to the
Note, the Company may (following five (5) days notice to Executive, during which
the default is not cured) exercise any and all the rights, powers and remedies
of any owner of the Pledged Interests (including the right to vote the Pledged
Interests and receive any distributions with respect to such Pledged Interests)
and shall have and may exercise without demand any and all the rights and
remedies granted to a secured party upon default under the Uniform Commercial
Code of Delaware or otherwise available to the Company under applicable law.
Without limiting the foregoing, after the occurrence of and during the
continuance of a default, the Company is authorized to sell, assign and deliver
at its discretion, from time to time, all or any part of the Collateral at any
private sale or public auction, on not less than ten days written notice to
Pledgor, at such price or prices and upon such terms as the Company may deem
advisable. Pledgor shall have no right to redeem the Collateral after any such
sale or assignment. At any such sale or auction, the Company may bid for, and
become the purchaser of, the whole or any part of the Pledged Interests offered
for sale. In case of any such sale, after deducting the costs, attorneys' fees
and other expenses of sale and delivery, the remaining proceeds of such sale
shall be applied to the principal of and accrued interest on the Note and other
amounts related thereto (including costs, attorneys' fees associated with
enforcement hereof); provided that after payment in full of the indebtedness
evidenced by the Note, the balance of the proceeds of sale then remaining shall
be paid to Pledgor and Pledgor shall be entitled to the return of any of the
Pledged Interests remaining in the hands of the Company. Pledgor shall be liable
for any deficiency (to the extent liable therefor under the Note) if the
remaining proceeds are insufficient to pay the indebtedness under the Note in
full, including the fees of any attorneys employed by the Company to collect
such deficiency.

                  6 Payment of Indebtedness and Release of Pledged Interests.
                    --------------------------------------------------------
Upon payment in full of the indebtedness evidenced by the Note and any amounts
owed hereunder, the Company shall take all necessary action required to release
any security interests the Company has with respect to the Collateral.

                                      -2-

<PAGE>

                  7 No Other Liens; No Sales or Transfers. Pledgor hereby
                    -----------------------------------------------------
represents and warrants that Pledgor has good and valid title to all of the
Collateral, free and clear of all liens, security interests and other
encumbrances (other than pursuant to the Investor Rights Agreement or the
Executive Agreement ), and Pledgor hereby covenants that, until such time as all
of the outstanding principal of and interest on the Note and amounts due and
owing hereunder have been repaid, Pledgor shall not (i) create, incur, assume or
suffer to exist any pledge, security interest, encumbrance, lien or charge of
any kind against the Collateral or Pledgor's rights or a holder thereof, other
than pursuant to the Executive Agreement or this Agreement, or (ii) sell or
otherwise transfer any of the Collateral or any interest therein (other than
pursuant to the Executive Agreement or the Investor Rights Agreement).

                  8 Further Assurances. Pledgor agrees that at any time and from
                    ------------------
time to time upon the written request of the Company, Pledgor shall execute and
deliver such further documents (including UCC financing statements) and do such
further acts and things as the Company may reasonably request to effect the
purposes of this Agreement.

                  9 Severability. Any provision of this Agreement which is
                    ------------
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.

                  10 No Waiver; Cumulative Remedies. The Company shall not by
                     ------------------------------
any act, delay, omission or otherwise be deemed to have waived any of its rights
or remedies hereunder, and no waiver shall be valid unless in writing, signed by
the Company, and then only to the extent therein set forth. A waiver by the
Company of any right or remedy hereunder on any one occasion shall not be
construed as a bar to any right or remedy which the Company would otherwise have
on any future occasion. No failure to exercise nor any delay in exercising on
the part of the Company, any right, power or privilege hereunder shall preclude
any other or further exercise thereof or the exercise of any other right, power
or privilege. The rights and remedies herein provided are cumulative and may be
exercised singly or concurrently, and are not exclusive of any rights or
remedies provided by law.

                  11 Waivers, Amendments; Applicable Law. None of the terms or
                     ------------------------------------
provisions of this Agreement may be waived, altered, modified or amended except
by an instrument in writing, duly executed by the parties hereto. This Agreement
and all obligations of the Pledgor hereunder shall together with the rights and
remedies of the Company hereunder, inure to the benefit of the Company and its
successors and assigns. This Agreement shall be governed by, and be construed
and interpreted in accordance with, the laws of the State of Delaware, without
giving effect to any applicable principles of conflicts of laws.

                                    * * * * *

                                      -3-

<PAGE>

                  IN WITNESS WHEREOF, this Stock Pledge Agreement has been
executed as of the date first above written.

                                       EXECUTIVE:

                                       /s/ Wenda Harris Millard
                                       ------------------------------------
                                       Wenda Harris Millard

                                       ZIFF DAVIS HOLDINGS, INC.

                                       By:  /s/ James D. Dunning
                                            ------------------------------
                                            James D. Dunning

                                       Its: Chairman, President & CEO

<PAGE>

                                                                        Annex C
                                                                        -------

                                                               December 6, 2000

                       ELECTION TO INCLUDE STOCK IN GROSS
                     INCOME PURSUANT TO SECTION 83(b) OF THE
                              INTERNAL REVENUE CODE

                  On December 6, 2000 (the "Effective Date"), the undersigned
                                            --------------
purchased from Ziff Davis Holdings, a Delaware corporation (the "Company"),
                                                                 -------
246,458.33 shares of Common Stock of the Company, par value $.01 per share
("Executive Securities"). Under certain circumstances, the Company and/or
  --------------------
certain of the Company's stockholders (the "Investors") have the right to
                                            ---------
repurchase the Executive Securities at cost from the undersigned (or from the
holder of the Executive Securities, if different from the undersigned) should
the undersigned cease to be employed by Ziff Davis Publishing Inc.
("Publishing") and its subsidiaries. Hence, the Executive Securities are subject
  ----------
to a substantial risk of forfeiture and are nontransferable. The undersigned
desires to make an election to have the Executive Securities taxed under the
provision of Code ss.83(b) at the time the undersigned purchased the Executive
Securities.

                  Therefore, pursuant to Code ss.83(b) and Treasury Regulation
ss.1.83-2 promulgated thereunder, the undersigned hereby makes an election with
respect to the Executive Securities (as described in paragraph 2 below), to
                                                     -----------
report as taxable income for calendar year 2000 the excess (if any) of the
Executive Securities' fair market value on December 6, 2000 over the purchase
price thereof.

                  The following information is supplied in accordance with
Treasury Regulation ss.1.83-2(e):

                  1   The name, address and social security number of the
                      undersigned:

                               Wenda Harris Millard
                               31 Buttonwood Lane
                               Darien, CT 06820
                               Fax:  (203) 655-8464
                               Phone:  (203) 655-9369
                               SS#: ###-##-####

                  2   A description of the property with respect to which
the election is being made: 246,458.33 shares of Common Stock of the Company,
par value $.01 per share.

                  3  The date on which the property was transferred:
December 6, 2000. The taxable year for which such election is made:
calendar year 2000.

<PAGE>

     4 The restrictions to which the property is subject: If at any time prior
to December 6, 2005, the undersigned ceases to be employed by Publishing or any
of its subsidiaries, the unvested portion of the Executive Securities shall be
subject to repurchase by the Company and/or the Investor at their original cost.
The Executive Securities shall become vested ratably, on a daily basis, over the
five year period commencing December 6, 2000, as long as Executive remains
employed by Publishing or any of its subsidiaries, and shall be deemed to be
unvested to the extent not vested as of termination of such employment; provided
that all Executive Securities shall become fully vested if Executive remains
employed by Publishing or any of its subsidiaries through the time of certain
that certain events occur. Notwithstanding the foregoing, in the event the
Executive ceases to be employed by Publishing or any of its subsidiaries for
cause, all of the Executive Securities shall be subject to repurchase by the
Company and/or the Investors at their original cost.

     5 The fair market value on December 6, 2000 of the property with respect to
which the election is being made, determined without regard to any lapse
restrictions: $61,614.58.

     6 The amount paid for such property: $61,614.58.

     A copy of this election has been furnished to the Secretary of the Company
pursuant to Treasury Regulations ss.1.83-2(e)(7).

                                        /s/ Wenda Harris Millard
                                    ----------------------------------
                                        Wenda Harris Millard

Dated: December 6, 2000

                                      -2-<PAGE>

                                                                    Exhibit 4(m)

                          WAIVER AND FIFTH AMENDMENT
                           DATED AS OF MAY 31, 2001
               TO CREDIT AGREEMENT DATED AS OF DECEMBER 12, 1997

           This Waiver and Fifth Amendment (this "Waiver"), dated as of May 31,
2001, is made by and among MATERIAL SCIENCES CORPORATION, a Delaware corporation
(the "Company"), the financial institutions party hereto (the "Banks"), and Bank
of America, N.A., as agent for the Banks (in such capacity, the "Agent").
Unless otherwise defined, terms defined in the Credit Agreement shall have the
same respective meanings when used herein.

                             W I T N E S S E T H:
                             - - - - - - - - - -

           WHEREAS, the Company, the Banks and the Agent are parties to that
certain Credit Agreement, dated as of December 12, 1997 (as amended or modified
and in effect on the date hereof, the "Credit Agreement");

           WHEREAS, the Company has requested that the Banks waive non-
compliance as of May 31, 2001 with the Consolidated Debt to Adjusted EBITDA
Ratio; and

           WHEREAS, the Banks are willing to grant such waiver, subject to the
terms and conditions contained herein.

           NOW, THEREFORE, in consideration of the premises, the mutual
covenants herein contained and other good and valuable consideration (the
receipt, adequacy and sufficiency of which is hereby acknowledged), the parties
hereto, intending legally to be bound, hereby agree as follows:

                                   ARTICLE I

                                    WAIVER
                                    ------

     1.1.  The Banks hereby waive any Default or Event of Default arising from
noncompliance by the Company as of May 31, 2001 with the provisions of Section
9.2 (Consolidated Debt to Adjusted EBITDA Ratio) of the Credit Agreement (as in
effect before giving effect to this Waiver).  It is understood that the
foregoing waiver does not apply to any computation date or period after May 31,
2001.

     1.2.  The foregoing waiver is specific in time and in intent and does not
constitute, nor shall it be construed as, a waiver of any other right, power or
privilege under the Credit Agreement, or under any agreement, contract,
indenture, document or other instrument mentioned in the Credit Agreement; nor
does the foregoing waiver preclude other or further exercise of any other right,
power or privilege, nor shall the waiver of any right, power, privilege or
default hereunder, or under any agreement, contract, indenture, document, or
instrument mentioned in the Credit Agreement, constitute a waiver of any other
default of any other term or provision.
<PAGE>

                                   ARTICLE II

                                   AMENDMENT
                                   ---------

     2.1.  The Credit Agreement is amended so that Section 10.1(m) shall read in
its entirety as follows:

               (m)  MSC/SFI Sale. On or before July 31, 2001 (i)
                    ------------
            the Company or MSC/SFI shall fail to close the sale of
            the assets of MSC/SFI pursuant to a Purchase Agreement
            dated as of June 10, 2001 among the Company, MSC/SFI,
            Bekaert Corporation and N.V. Bekaert, SA, or (ii) the
            Company or MSC/SFI shall not have received $120 million
            or more of gross cash proceeds from such sale.

                                  ARTICLE III

                         REPRESENTATION AND WARRANTIES
                         -----------------------------

     The Company hereby represents and warrants to the Banks and the Agent that:

     3.1.   Authorization, etc.  The execution, delivery and performance of this
            ------------------
Waiver are within the Company's corporate authority, have been duly authorized
by all necessary corporate action, have received all necessary consents and
approvals (if any shall be required), and do not and will not contravene or
conflict with any provision of law or of the Certificate of Incorporation or By-
laws of the Company or its Subsidiaries, or of any other agreement binding upon
the Company or its Subsidiaries or their respective property.

     3.2.   Validity.  This Waiver constitutes the legal, valid, and binding
            --------
obligations of the Company, enforceable against the Company in accordance with
its terms, except as enforceability may be limited by applicable bankruptcy,
insolvency, or similar laws affecting the enforcement of creditors' rights
generally or by equitable principles relating to enforceability.

     3.3.   No Default. Except for any Default or Event of Default which will be
            ----------
cured by this Waiver becoming effective, no Event of Default has occurred and is
continuing or will result from this Waiver.

                                  ARTICLE IV

                             CONDITIONS PRECEDENT
                             --------------------

     This Waiver shall become effective as of May 31, 2001 (the "Effective
Date"), subject, however, to the receipt by the Agent of counterparts of this
Waiver (or an executed facsimile copy hereof) executed by the Company and the
Banks.
<PAGE>

                                   ARTICLE V

                                 MISCELLANEOUS
                                 -------------

     5.1.  Documents Remain in Effect.  Except as amended or modified by this
           --------------------------
Waiver, the Credit Agreement remains in full force and effect and the Company
confirms that its representations, warranties, agreements and covenants
contained in, and obligations and liabilities under, the Credit Agreement and
each of the other Loan Documents are true and correct in all material respects
as if made on the date hereof, except where such representation, warranty,
agreement or covenant speaks as of a specified date.  References to the Credit
Agreement in any other document shall be deemed to include a reference to the
Credit Agreement as amended or modified hereby, whether or not reference is made
to this Waiver.

     5.2.  Expenses.  The Company covenants to pay to or reimburse the Agent,
           --------
upon demand, for all reasonable costs and expenses (including legal expenses) in
connection with the development, preparation, negotiation, execution and
delivery of this Waiver and the Loan Documents.

     5.3.  Headings. Section headings used in this Waiver are for convenience of
           --------
reference only, and shall not affect the construction of this Waiver.

     5.4.  Governing Law.  This Waiver shall be a contract made under and
           -------------
governed by the internal laws of the State of Illinois, without giving effect to
principles of conflicts of laws.

     5.5.  Cumulative Rights.  All obligations of the Company and rights of the
           -----------------
Banks and the Agent, that are expressed herein, shall be in addition to and not
in limitation of those provided by applicable law.

     5.6.  Severability.  Whenever possible, each provision of this Waiver shall
           ------------
be interpreted in such manner as to be effective and valid under applicable law;
but if any provision of this Waiver shall be prohibited by or invalid under
applicable law, such provision shall be ineffective to the extent of such
prohibition or invalidity, without invalidating the remainder of such provision
or the remaining provisions of this Waiver.

     5.7.  No Forbearance.  The Company acknowledges and agrees that the
           --------------
execution and delivery by the Agent and the Banks of this Waiver shall not be
deemed (i) to create a course of dealing or otherwise obligate the Agent or the
Banks to forbear or execute similar Waivers under the same or similar
circumstances in the future, or (ii) to amend, relinquish or impair any right of
the Agent or the Banks to receive any indemnity or similar payment from any
Person or entity as a result of any matter arising from or relating to this
Waiver.

     5.8.  Successors and Assigns.  This Waiver shall be binding upon and inure
           ----------------------
to the benefit of the parties and thereto and their respective successors and
assigns.  No third party beneficiaries are intended in connection with this
Waiver.
<PAGE>

     5.9.   Counterparts. This Waiver may be executed in any number of
            ------------
counterparts, each of which shall be deemed an original, but all such
counterparts together shall constitute but one and the same instrument. Each of
the parties hereto understands and agrees that this document (and any other
document required herein) may be delivered by any party thereto either in the
form of an executed original or an executed original sent by facsimile
transmission to be followed promptly by mailing of a hard copy original, and
that receipt by the Agent of a facsimile transmitted document purportedly
bearing the signature of a Bank or the Company shall bind such Bank or the
Company, respectively, with the same force and effect as the delivery of a hard
copy original. Any failure by the Agent to receive the hard copy executed
original of such document shall not diminish the binding effect of receipt of
the facsimile transmitted executed original of such document of the party whose
hard copy page was not received by the Agent.

     5.10.  Entire Agreement.  This Waiver, together with the Credit Agreement,
            ----------------
contains the entire and exclusive agreement of the parties hereto with reference
to the matters discussed herein and therein.  This Waiver supercedes all prior
drafts and communications with respect thereto.  This Waiver may not be amended
except in accordance with the provisions of Section 12.1 of the Credit
Agreement.

                                   *   *   *

          IN WITNESS WHEREOF, the parties hereto have dated this Waiver as of
May 31, 2001 but executed the same on or about June 20, 2001.

                                   MATERIAL SCIENCES CORPORATION

                                   By:/s/ James J. Waclawik, Sr.
                                      -------------------------------
                                   Name:  James J. Waclawik, Sr.
                                        -----------------------------
                                   Title: Chief Financial Officer
                                         ----------------------------

                                   BANK OF AMERICA, as Agent

                                   By:/s/ Kristine D. Hyde
                                      -------------------------------
                                   Name:  Kristine D. Hyde
                                        -----------------------------
                                   Title: Vice President
                                         ----------------------------

                                   BANK OF AMERICA, N.A., in its individual
                                   corporate capacity
<PAGE>

                                   By:/s/ Chris D. Buckner
                                      -------------------------------
                                   Name:  Chris D. Buckner
                                        -----------------------------
                                   Title: Vice President
                                         ----------------------------

                                   THE NORTHERN TRUST COMPANY

                                   By:/s/ Fredric McClendon
                                      -------------------------------
                                   Name:  Fredric McClendon
                                        -----------------------------
                                   Title: Vice President
                                         ----------------------------
<PAGE>

                           GUARANTOR ACKNOWLEDGMENT
                           ------------------------

     The undersigned, each a guarantor or third party pledgor with respect to
the Company's obligations to the Agent and the Banks under the Credit Agreement,
each hereby (i) acknowledge and consent to the execution, delivery and
performance by the Company of the foregoing Fifth Waiver to the Credit Agreement
("Waiver"), and (ii) reaffirm and agree that the respective guaranty, third
  ------
party pledge or security agreement to which the undersigned is party and all
other documents and agreements executed and delivered by the undersigned to the
Agent and the Banks in connection with the Credit Agreement are in full force
and effect, without defense, offset or counterclaim.  (Capitalized terms used
herein have the meanings specified in the Waiver.)

                                    GUARANTORS
                                    ----------

                                    MSC Pre Finish Metals Inc.
                                    MSC Pre Finish Metals (EGV) Inc.
                                    MSC Pre Finish Metals (MV) Inc.
                                    MSC Pre Finish Metals (MT) Inc.
                                    MSC Laminates and Composites Inc.
                                    MSC Laminates and Composites (EGV) Inc.
                                    MSC Walbridge Coatings Inc.
                                    MSC Specialty Films, Inc.
                                    MSC Pinole Point Steel Inc.
                                    Solar-Gard International, Inc.
                                    MSC Pre Finish Metals (PP) Inc.

Dated as of May 31, 2001            By:  /s/ James J. Waclawik, Sr.
                                       ---------------------------------
                                    Title:   Chief Financial Officer
                                          ------------------------------

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