Document:

Investors' Rights Agreement

 Exhibit 4.3 
  

INVESTOR RIGHTS AGREEMENT 
  
 INVESTOR RIGHTS AGREEMENT (the “Agreement”) dated as of July 27, 2004, by and among aQuantive, Inc. (the “Company”), Partridge Hill
Management, LLC, as investment advisor to certain managed accounts, Cerberus Partners, L.P., Cerberus International, Ltd., and Cerberus Series One Holdings, LLC, W.E. Stringham, and Holladay Ranch Holding, L.P., Madeleine L.L.C. and L. Tim Pierce
(the “Stockholders”) and L. Tim Pierce in his capacity as the SBI Representative (the “SBI Representative”). The SBI Representative has or will be authorized by the persons holding Convertible Notes (as defined below) other than
the Stockholders to execute and deliver a copy of this Agreement to the Company on their behalf pursuant to letters of transmittal submitted by persons in connection with surrender of certificates representing their interest in SBI (as defined
below. sSuch persons, together with the Stockholders, the “Holders”). 
  
 Recitals: 
  
 A. The Company, Artist
Merger Sub, Inc., and SBI HOLDINGS INC., a Utah corporation (“SBI”), have entered into an Agreement and Plan of Merger (the “Merger Agreement”) dated as of June 27, 2004, pursuant to which SBI is merging with Purchaser and the
Company is issuing to the Holders certain Convertible Notes of the Company. 
  
 B.
In order to induce SBI to enter into the Merger Agreement, the Company has agreed to provide certain registration rights to the Holders on the terms and subject to the conditions set forth herein. 
  
 C. The Holders have agreed to certain restrictions on their ability to resell shares of
common stock of the Company issuable upon conversion of the Convertible Notes as set forth herein. 
  
 Agreement: 
  
 NOW,
THEREFORE, in consideration of the premises and of the mutual agreements contained herein, and for other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the
parties hereto agree as follows: 
  
 1. DEFINITIONS. As used in this Agreement,
the following terms shall have the following meanings: 
  
 “Affiliate”
shall mean with respect to any Person, any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such Person. For purposes of this definition, “control” (including, with
correlative meanings, the terms “controlling,” “controlled by” and “under common control with”), as used with respect to any Person, shall mean the possession, directly or indirectly, of the power to direct or cause the
direction of the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise; provided, however, that beneficial ownership of 20% or more of the voting securities of a Person shall be deemed
to be control. 
  
 “Common Shares” shall mean shares of common stock,
$0.01 par value, of the Company. 
  
 “Company” shall mean aQuantive,
Inc., a Washington corporation. 
  
 “Convertible Notes” shall mean the
Convertible Notes due 2008 of the Company issued pursuant to the Merger Agreement. 

 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended from time to time, and the rules and
regulations thereunder, or any successor statute. 
  
 “Holders” shall
mean any holder of Convertible Notes which has executed and delivered a copy of this Agreement to the Company for so long as it owns any Registrable Securities and such of its respective heirs, successors and permitted assigns (including any
permitted transferees of Registrable Securities) who acquire or are otherwise the transferee of Registrable Securities, directly or indirectly, from such Initial Holder (or any subsequent Holder), for so long as such heirs, successors and permitted
assigns own any Registrable Securities. For purposes of this Agreement, a Person will be deemed to be a Holder whenever such Person holds Registrable Securities, an option to purchase, or a security convertible into or exercisable or exchangeable
for, Registrable Securities, including but not limited to the Convertible Notes, whether or not such purchase, conversion, exercise or exchange has actually been effected and disregarding any legal restrictions upon the exercise of such rights.
Registrable Securities issuable upon conversion of Convertible Notes shall be deemed outstanding for the purposes of this Agreement. 
  
 “Holders’ Counsel” shall mean one firm of counsel (per registration) to the Holders of Registrable Securities participating in such registration, which
counsel shall be selected by the SBI Representative. 
  
 “Initial
Holder” shall mean each Holder listed on Exhibit A. 
  
 “Majority
Holders” shall mean one or more Holders of Registrable Securities who would hold a majority of the Registrable Securities then outstanding. 
  
 “Majority Holders of the Registration” shall mean, with respect to a particular registration, one or more Holders of Registrable Securities who would hold a
majority of the Registrable Securities to be included in such registration. 
  
 “Merger Agreement” shall have the meaning set forth in Recital A. 
  
 “NASD” shall mean the National Association of Securities Dealers, Inc. 
  
 “Person” shall mean any individual, corporation, limited liability company, partnership, joint venture, association, joint stock company, trust, unincorporated organization or any other entity or
organization, including a government or agency or political subdivision thereof (including any subdivision or ongoing business of any such entity or substantially all of the assets of any such entity, subdivision or business) and shall include any
successor (by merger or otherwise) of such entity. 
  
 “Prospectus”
shall mean the prospectus included in a Registration Statement (including, without limitation, any preliminary prospectus and any prospectus that includes any information previously omitted from a prospectus filed as part of an effective
Registration Statement in reliance upon Rule 430A promulgated under the Securities Act), and any such Prospectus as amended or supplemented by any prospectus supplement, and all other amendments and supplements to such Prospectus, including
post-effective amendments, and in each case including all material incorporated by reference (or deemed to be incorporated by reference) therein. 
  
 “Registrable Securities” shall mean (i) any Common Shares issued or issuable upon conversion of the Convertible Notes issued to any Initial Holder pursuant to
the Merger Agreement, and (ii) any other securities of the Company (or any successor or assign of the Company, whether by merger, consolidation, sale of assets or otherwise) which may be issued or issuable with respect to, in exchange for, or in
substitution of, Registrable Securities referenced in clause (i) above by reason of any dividend or stock split, combination of shares, merger, consolidation, recapitalization, reclassification, reorganization, sale 
  

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 of assets or similar transaction. As to any particular Registrable Securities, such securities shall cease to be
Registrable Securities when (A) a Registration Statement with respect to the sale of such securities shall have been declared effective under the Securities Act and such securities shall have been disposed of in accordance with such Registration
Statement, (B) such securities are sold pursuant to Rule 144 (or any similar provisions then in force) under the Securities Act, (C) such securities have been otherwise transferred, a new certificate or other evidence of ownership for them not
bearing the legend restricting further transfer shall have been delivered by the Company and subsequent public distribution of them shall not require registration under the Securities Act, or (D) such securities shall have ceased to be outstanding.

  
 “Registration Expenses” shall mean any and all expenses incident to
performance of or compliance with this Agreement by the Company and its subsidiaries, including, without limitation (i) all SEC, stock exchange, NASD and other registration, listing and filing fees, (ii) all fees and expenses incurred in connection
with compliance with state securities or blue sky laws and compliance with the rules of any stock exchange (including fees and disbursements of counsel in connection with such compliance and the preparation of a blue sky memorandum and legal
investment survey), (iii) all expenses of any Persons in preparing or assisting in preparing, word processing, printing, distributing, mailing and delivering any Registration Statement, any Prospectus, any underwriting agreements, transmittal
letters, securities sales agreements, securities certificates and other documents relating to the performance of or compliance with this Agreement, (iv) the fees and disbursements of counsel for the Company, (v) the reasonable fees and disbursements
of Holders’ Counsel, itemized in writing and provided to the Company, provided that the Company shall not be responsible for fees and expenses of Holder’s Counsel in excess of $25,000, (vi) the fees and disbursements of all independent
public accountants (including the expenses of any audit and/or “cold comfort” letters) and the fees and expenses of other Persons, including experts, retained by the Company, (vii) the expenses incurred in connection with making road show
presentations and holding meetings with potential investors to facilitate the distribution and sale of Registrable Securities which are customarily borne by the issuer, (viii) any fees and disbursements of underwriters customarily paid by issuers or
sellers of securities, and (ix) premiums and other costs of policies of insurance against liabilities arising out of the public offering of the Registrable Securities being registered; provided, however, Registration Expenses shall not include
discounts and commissions payable to underwriters, selling brokers, dealer managers or other similar Persons engaged in the distribution of any of the Registrable Securities; and provided further, that in any case where Registration Expenses are not
to be borne by the Company, such expenses shall not include salaries of Company personnel or general overhead expenses of the Company, auditing fees, premiums or other expenses relating to liability insurance required by underwriters of the Company
or other expenses for the preparation of financial statements or other data normally prepared by the Company in the ordinary course of its business or which the Company would have incurred in any event. 
  
 “Registration Statement” shall mean any registration statement of the Company which
covers any Registrable Securities and all amendments and supplements to any such Registration Statement, including post-effective amendments, in each case including the Prospectus contained therein, all exhibits thereto and all material incorporated
by reference (or deemed to be incorporated by reference) therein. 
  
 “S-3
Registration” shall mean a registration required to be effected by the Company pursuant to Section 2.1. 
  
 “SEC” shall mean the Securities and Exchange Commission, or any successor agency having jurisdiction to enforce the Securities Act. 
  
 “Securities Act” shall mean the Securities Act of 1933, as amended from time to time, and the rules and regulations thereunder, or
any successor statute. 
  
 “SBI Representative” shall have the meaning
set forth in the Merger Agreement. 
  

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 2. REGISTRATION UNDER THE SECURITIES ACT. 
  
 2.1 Registration. Within 120 days after the date hereof, the Company
will file a Registration Statement on Form S-3 or any successor form thereto for a public offering of all of the shares of Registrable Securities; provided, that if the Company is not entitled to use Form S-3 or any successor form thereto to
register the Registrable Securities, then the Company shall register the Registrable Securities on Form S-1 (or the successor form thereto) under the Securities Act. The Company will use its best efforts to have such Registration Statement declared
and remain effective for the time period specified herein. The registration rights obligation of the Company pursuant to the provisions of this Section 2.1 shall be in addition to the registration rights granted pursuant to the other provisions of
this Section 2. The Company shall use its best efforts to keep the Registration Statement continuously effective through the earlier of (i) two (2) years after the date hereof, and (ii) the date on which all of the Registrable Securities may be sold
pursuant to Rule 144(k) under the Securities Act (or any successor provision having similar effect); provided, however, that prior to the termination of such Registration Statement pursuant to clause (ii), the Company shall first furnish to the SBI
Representative a certificate from the Company stating that such Registrable Securities are freely saleable pursuant to Rule 144(k) under the Securities Act (or any successor provision having similar effect) and confirming the Company’s
willingness to instruct the Company’s transfer agent to remove restrictive legends from such Registrable Securities. 
  
 2.2 Expenses. The Company shall pay all Registration Expenses in connection with any S-3 Registration, whether or not such registration shall
become effective and whether or not all Registrable Securities originally requested to be included in such registration are withdrawn or otherwise ultimately not included in such registration. Each Holder shall pay all discounts and commissions
payable to underwriters, selling brokers, managers or other similar Persons engaged in the distribution of such Holder’s Registrable Securities pursuant to any registration pursuant to this Section 2. 
  
 2.3 Conversions; Exercises. Notwithstanding anything to the contrary
herein, in order for any Registrable Securities that are issuable upon the conversion of Convertible Notes to be included in any registration pursuant to Section 2 hereof, the exercise of such Convertible Notes must be effected no later than (but
shall not be required to be effected earlier than) immediately prior to the closing of any sales under the Registration Statement pursuant to which such Registrable Securities are to be sold. 
  
 2.4 Postponements. The Company shall be entitled to postpone an S-3
Registration, and to require the Holders of Registrable Securities to discontinue the disposition of their securities covered by an S-3 Registration, during any Blackout Period (as defined below) (i) if the Board of Directors of the Company
determines in good faith that effecting such a registration or continuing such disposition at such time would have a material adverse effect upon a proposed sale of all (or substantially all) of the assets of the Company or a merger, reorganization,
recapitalization or similar current transaction materially affecting the capital structure or equity ownership of the Company, or (ii) if the Company is in possession of material information which the Board of Directors of the Company determines in
good faith (A) is not in the best interests of the Company to disclose in a Registration Statement at such time and (B) would be required to be included in the Registration Statement related to such S-3 Registration in order for such 
  

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 Registration Statement not to be misleading; provided, however, that the Company may only delay an S-3 Registration only
for a reasonable period of time not to exceed 60 days (or such earlier time as such transaction is consummated or no longer proposed or the material information has been made public) and may require the Holders of Registrable Securities to
discontinue the disposition of their securities covered by an S-3 Registration only for a reasonable period of time not to exceed 60 consecutive days and 90 days in the aggregate during any one year period (or such earlier time as such transaction
is consummated or no longer proposed or the material information has been made public) (the “Blackout Period”). The Company shall promptly notify the Holders in writing (a “Blackout Notice”) of any decision to postpone an S-3
Registration or to discontinue sales of Registrable Securities covered by a S-3 Registration pursuant to this Section 2.3 an approximation of the anticipated delay and an undertaking by the Company promptly to notify the Holders as soon as an S-3
Registration may be effected or sales of Registrable Securities covered by a S-3 Registration may resume. In making any such determination to initiate or terminate a Blackout Period, the Company shall not be required to consult with or obtain the
consent of any Holder, and any such determination shall be the Company’s sole responsibility. The period during which the Company shall be required to maintain the effectiveness of the S-3 Registration shall be extended by one (1) day for each
full or partial day during which the use of such Registration Statement or Prospectus is deferred or suspended by the Company in accordance with this Section. 
  

3. REGISTRATION PROCEDURES. 
  
 3.1 Obligations of the Company. Whenever the Company is required to effect the registration of Registrable Securities under the Securities Act
pursuant to Section 2 of this Agreement, the Company shall, as expeditiously as possible: 
  
 (a) prepare and file with the SEC the requisite Registration Statement to effect such registration, which Registration Statement shall comply as to form in all material respects with the requirements of the applicable
form and include all financial statements required by the SEC to be filed therewith, and the Company shall use its best efforts to cause such Registration Statement to become effective (provided, that the Company may discontinue any registration of
its securities that are not Registrable Securities); provided, however, that before filing a Registration Statement or Prospectus or any amendments or supplements thereto, or comparable statements under securities or blue sky laws of any
jurisdiction, the Company shall (i) provide Holders’ Counsel and any other Inspector with an adequate and appropriate opportunity to participate in the preparation of such Registration Statement and each Prospectus included therein (and each
amendment or supplement thereto or comparable statement) to be filed with the SEC, which documents shall be subject to the review and comment of Holders’ Counsel, and (ii) not file any such Registration Statement or Prospectus (or amendment or
supplement thereto or comparable statement) with the SEC to which Holder’s Counsel or the SBI Representative shall have reasonably objected on the grounds that such filing does not comply in all material respects with the requirements of the
Securities Act or of the rules or regulations thereunder; 
  
 (b)
prepare and file with the SEC such amendments and supplements to such Registration Statement and the Prospectus used in connection therewith as may be necessary (i) to keep such Registration Statement effective, and (ii) to comply with the
provisions of the Securities Act with respect to the disposition of all Registrable Securities covered by such Registration Statement, in each case until such time as all of such Registrable Securities have been disposed of in accordance with the
intended methods of disposition by the seller(s) thereof set forth in such Registration Statement; provided, that such period need not extend beyond the time period provided in Section 2.1, and which periods, in any event, shall terminate when all
Registrable Securities covered by such Registration Statement have been sold (but not before the expiration of the 90 day period referred to in Section 4(3) of the Securities Act and Rule 174 thereunder, if applicable); 
  

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 (c) furnish, without charge, to each selling Holder of such Registrable Securities and each Underwriter,
if any, of the securities covered by such Registration Statement, such number of copies of such Registration Statement, each amendment and supplement thereto (in each case including all exhibits), and the Prospectus included in such Registration
Statement (including each preliminary Prospectus) in conformity with the requirements of the Securities Act, and other documents, as such selling Holder may reasonably request in order to facilitate the public sale or other disposition of the
Registrable Securities owned by such selling Holder (the Company hereby consenting to the use in accordance with applicable law of each such Registration Statement (or amendment or post-effective amendment thereto) and each such Prospectus (or
preliminary Prospectus or supplement thereto) by each such selling Holder of Registrable Securities in connection with the offering and sale of the Registrable Securities covered by such Registration Statement or Prospectus); 
  
 (d) prior to any public offering of Registrable Securities, use its best
efforts to register or qualify all Registrable Securities and other securities covered by such Registration Statement under such other securities or blue sky laws of such jurisdictions as any selling Holder of Registrable Securities covered by such
Registration Statement, if any, may reasonably request to enable such selling Holder to consummate the disposition in such jurisdictions of the Registrable Securities owned by such selling Holder and to continue such registration or qualification in
effect in each such jurisdiction for as long as such Registration Statement remains in effect (including through new filings or amendments or renewals), and do any and all other acts and things which may be necessary or advisable to enable any such
selling Holder to consummate the disposition in such jurisdictions of the Registrable Securities owned by such selling Holder; provided, however, that the Company shall not be required to (i) qualify generally to do business in any jurisdiction
where it would not otherwise be required to qualify but for this Section 3.1(d), (ii) subject itself to taxation in any such jurisdiction, or (iii) consent to general service of process in any such jurisdiction; 
  
 (e) use its best efforts to obtain all other approvals, consents, exemptions
or authorizations from such governmental agencies or authorities as may be necessary to enable the selling Holders of such Registrable Securities to consummate the disposition of such Registrable Securities; 
  
 (f) promptly notify Holders’ Counsel, and the SBI Representative: (i)
when the Registration Statement, any pre-effective amendment, the Prospectus or any Prospectus supplement related thereto or post-effective amendment to the Registration Statement has been filed and, with respect to the Registration Statement or any
post-effective amendment, when the same has become effective, (ii) of any request by the SEC or any state securities or blue sky authority for amendments or supplements to the Registration Statement or the Prospectus related thereto or for
additional information, (iii) of the issuance by the SEC of any stop order suspending the effectiveness of the Registration Statement or the initiation or threat of any proceedings for that purpose, (iv) of the receipt by the Company of any
notification with respect to the suspension of the qualification of any Registrable Securities for sale under the securities or blue sky laws of any jurisdiction or the initiation of any proceeding for such purpose, (v) of the existence of any fact
of which the Company becomes aware or the happening of any event which results in (A) the Registration Statement containing an untrue statement of a material fact or omitting to state a material fact required to be stated therein or necessary to
make any statements therein not misleading, or (B) the Prospectus included in such Registration Statement containing an untrue statement of a material fact or omitting to state a material fact required to be stated therein or necessary to make any
statements therein, in the light of the circumstances under which they were made, not misleading, and (vi) of the Company’s reasonable determination that a post-effective amendment to a Registration Statement would be appropriate or that there
exists circumstances not yet disclosed to the public which make further sales under such Registration Statement inadvisable pending such disclosure and post-effective amendment; and, if the notification relates to an event described in any of the
clauses (ii) through (vi) of this Section 3.1(f), the Company shall promptly prepare a supplement or post-effective 
  

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 amendment to such Registration Statement or related Prospectus or any document incorporated therein by reference or file
any other required document so that (1) such Registration Statement shall not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading,
and (2) as thereafter delivered to the purchasers of the Registrable Securities being sold thereunder, such Prospectus shall not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or
necessary to make the statements therein in the light of the circumstances under which they were made not misleading (and shall furnish to each such Holder and each Underwriter, if any, a reasonable number of copies of such Prospectus so
supplemented or amended); and if the notification relates to an event described in clause (iii) of this Section 3.1(f), the Company shall take all reasonable action required to prevent the entry of such stop order or to remove it if entered;

  
 (i) otherwise use its best efforts to comply with all
applicable rules and regulations of the SEC and any other governmental agency or authority having jurisdiction over the offering, and make available to its security holders, as soon as reasonably practicable but no later than 90 days after the end
of any 12-month period, an earnings statement commencing with the first day of the Company’s calendar month next succeeding each sale of Registrable Securities after the effective date of a Registration Statement, which statement shall cover
such 12-month periods, in a manner which satisfies the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder; 
  
 (j) if so requested by the SBI Representative, use its best efforts to cause all such Registrable Securities to be listed (i) on the principal national
securities exchange on which the Company’s securities are then listed or (ii) if securities of the Company are not at the time listed on any national securities exchange (or if the listing of Registrable Securities is not permitted under the
rules of each national securities exchange on which the Company’s securities are then listed), on a national securities exchange designated by the Company; 
  

(k) keep the SBI Representative advised in writing as to the initiation and progress of any registration under Section 2 hereunder 
  
 (l) enter into and perform customary agreements and provide officers’
certificates and other customary closing documents; 
  
 (n)
furnish to each Holder participating in the offering , without charge, at least one manually-signed copy of the Registration Statement and any post-effective amendments thereto, including financial statements and schedules, all documents
incorporated therein by reference and all exhibits (including those deemed to be incorporated by reference), unless such documents incorporated by reference and exhibits are otherwise publicly available on the Edgar filing system maintained by the
SEC; 
  
 (o) cooperate with the selling Holders of Registrable
Securities and the sole or lead managing Underwriter, if any, to facilitate the timely preparation and delivery of certificates not bearing any restrictive legends representing the Registrable Securities to be sold, and cause such Registrable
Securities to be issued in such denominations and registered in such names in accordance with the instructions of the selling Holders of Registrable Securities at least three business days prior to any sale of Registrable Securities; 
  

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 (q) use its best efforts to take all other steps necessary to expedite or facilitate the registration and
disposition of the Registrable Securities contemplated hereby in the time periods contemplated hereby. 
  
 3.2 Seller Information. The Company may require each selling Holder of Registrable Securities as to which any registration is being effected to
furnish to the Company such information regarding such Holder, such Holder’s Registrable Securities and such Holder’s intended method of disposition as the Company may from time to time reasonably request in writing; provided that such
information shall be used only in connection with such registration. If any Registration Statement or comparable statement under “blue sky” laws refers to any Holder by name or otherwise as the Holder of any securities of the Company, then
such Holder shall have the right to require (i) the insertion therein of language, in form and substance satisfactory to such Holder and the Company, to the effect that the holding by such Holder of such securities is not to be construed as a
recommendation by such Holder of the investment quality of the Company’s securities covered thereby and that such holding does not imply that such Holder will assist in meeting any future financial requirements of the Company, and (ii) in the
event that such reference to such Holder by name or otherwise is not in the judgment of the Company, as advised by counsel, required by the Securities Act or any similar federal statute or any state “blue sky” or securities law then in
force, the deletion of the reference to such Holder. 
  
 3.3
Notice to Discontinue. Each Holder of Registrable Securities agrees by acquisition of such Registrable Securities that, upon receipt of any notice from the Company of the happening of any event of the kind described in Section 3.1(f)(ii)
through (vi), such Holder shall forthwith discontinue disposition of Registrable Securities pursuant to the Registration Statement covering such Registrable Securities until such Holder’s receipt of the copies of the supplemented or amended
Prospectus contemplated by Section 3.1(f) and, if so directed by the Company, such Holder shall deliver to the Company (at the Company’s expense) all copies, other than permanent file copies, then in such Holder’s possession of the
Prospectus covering such Registrable Securities which is current at the time of receipt of such notice. If the Company shall give any such notice, the Company shall extend the period during which such Registration Statement shall be maintained
effective pursuant to this Agreement (including, without limitation, the period referred to in Section 3.1(b) by the number of days during the period from and including the date of the giving of such notice pursuant to Section 3.1(f) to and
including the date when the Holder shall have received the copies of the supplemented or amended Prospectus contemplated by and meeting the requirements of Section 3.1(f). 
  
 4. INDEMNIFICATION; CONTRIBUTION. 
  
 4.1 Indemnification by the Company. The Company agrees to indemnify and hold harmless, to the fullest extent
permitted by law, each Holder of Registrable Securities, its officers, directors, partners, members, shareholders, employees, Affiliates and agents (collectively, “Agents”) and each Person who controls such Holder (within the meaning of
the Securities Act) and its Agents with respect to each registration which has been effected pursuant to this Agreement, against any and all losses, claims, damages or liabilities, joint or several, actions or proceedings (whether commenced or
threatened) in respect thereof, and expenses (as incurred or suffered and including, but not limited to, any and all expenses incurred in investigating, preparing or defending any litigation or proceeding, whether commenced or threatened, and the
reasonable fees, disbursements and other charges of legal counsel) in respect thereof (collectively, “Claims”), insofar as such Claims arise out of or are based upon any untrue or alleged untrue statement of a material fact contained in
any Registration Statement or Prospectus (including any preliminary, final or summary Prospectus and any amendment or supplement thereto) related to any such registration or any omission or alleged omission to state a material fact required to be
stated therein or necessary to make the statements therein not misleading, or any violation by the 
  

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 Company of the Securities Act or any rule or regulation thereunder applicable to the Company and relating to action or
inaction required of the Company in connection with any such registration, or any qualification or compliance incident thereto; provided, however, that the Company will not be liable in any such case to the extent that any such Claims arise out of
or are based upon any untrue statement or alleged untrue statement of a material fact or omission or alleged omission of a material fact so made in reliance upon and in conformity with written information furnished to the Company in an instrument
duly executed by such Holder specifically stating that it was expressly for use therein; provided, further, that, the Company shall not be liable in any such case to the extent that any such loss, claim, damage, liability or expense arises out of or
is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in any preliminary prospectus if (i) the Holders failed to send or deliver a copy of the Prospectus with or prior to the delivery of written
confirmation of the sale of Registrable Securities and (ii) the Prospectus corrected such untrue statement or omission; and provided, further, the Company shall not be liable to the extent that any such loss, claim, damage, liability or expense
arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission in the Prospectus, if such untrue statement or alleged untrue statement, omission, or alleged omission is corrected in an amendment or
supplement to the Prospectus and if having previously been furnished by or on behalf of the Company with copies of the Prospectus as so amended or supplemented, the Holders thereafter fail to deliver such Prospectus as so amended or supplemented
prior to or concurrently with the sale of Registrable Securities to the person asserting such loss, claim, damage, liability or expense who purchased such Registrable Securities which is the subject thereof from the Holders.. The Company shall also
indemnify any Underwriters of the Registrable Securities, their Agents and each Person who controls any such Underwriter (within the meaning of the Securities Act) to the same extent as provided above with respect to the indemnification of the
Holders of Registrable Securities. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of any Person who may be entitled to indemnification pursuant to this Section 4 and shall survive the
transfer of securities by such Holder. 
  
 4.2 Indemnification
by Holders. Each Holder, if Registrable Securities held by it are included in the securities as to which a registration is being effected, agrees to, severally and not jointly, indemnify and hold harmless, to the fullest extent permitted by law,
the Company, its directors and officers, each other Person who participates as an Underwriter in the offering or sale of such securities and its Agents and each Person who controls the Company or any such Underwriter (within the meaning of the
Securities Act) and its Agents against any and all Claims, insofar as such Claims arise out of or are based upon any untrue or alleged untrue statement of a material fact contained in any Registration Statement or Prospectus (including any
preliminary, final or summary Prospectus and any amendment or supplement thereto) related to such registration, or any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements
therein not misleading, to the extent, but only to the extent, that such untrue statement or alleged untrue statement or omission or alleged omission was made in reliance upon and in conformity with written information furnished to the Company in an
instrument duly executed by such Holder specifically stating that it was expressly for use therein; provided, however, that the aggregate amount which any such Holder shall be required to pay pursuant to this Section 4.2 shall in no event be greater
than the amount of the net proceeds received by such Holder upon the sale of the Registrable Securities pursuant to the Registration Statement giving rise to such Claims. Such indemnity shall remain in full force and effect regardless of any
investigation made by or on behalf of such indemnified party and shall survive the transfer of such securities by such Holder or Underwriter. 
  
 4.3 Conduct of Indemnification Proceedings. Promptly after receipt by an indemnified party of notice of any Claim or the commencement of any action
or proceeding involving a Claim under this Section 4, such indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party pursuant to Section 4, (i) notify the indemnifying party in writing of the Claim or the

  

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 commencement of such action or proceeding; provided, that the failure of any indemnified party to provide such notice
shall not relieve the indemnifying party of its obligations under this Section 5, except to the extent the indemnifying party is materially and actually prejudiced thereby and shall not relieve the indemnifying party from any liability which it may
have to any indemnified party otherwise than under this Section 5, and (ii) permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party; provided, however, that any indemnified
party shall have the right to employ separate counsel and to participate in the defense of such claim, but the fees and expenses of such counsel shall be at the expense of such indemnified party unless (A) the indemnifying party has agreed in
writing to pay such fees and expenses, (B) the indemnifying party shall have failed to assume the defense of such claim and employ counsel reasonably satisfactory to such indemnified party within 10 days after receiving notice from such indemnified
party that the indemnified party believes it has failed to do so, (C) in the reasonable judgment of any such indemnified party, based upon advice of counsel, a conflict of interest may exist between such indemnified party and the indemnifying party
with respect to such claims (in which case, if the indemnified party notifies the indemnifying party in writing that it elects to employ separate counsel at the expense of the indemnifying party, the indemnifying party shall not have the right to
assume the defense of such claim on behalf of such indemnified party) or (D) such indemnified party is a defendant in an action or proceeding which is also brought against the indemnifying party and reasonably shall have concluded that there may be
one or more legal defenses available to such indemnified party which are not available to the indemnifying party. No indemnifying party shall be liable for any settlement of any such claim or action effected without its written consent, which
consent shall not be unreasonably withheld. In addition, without the consent of the indemnified party (which consent shall not be unreasonably withheld), no indemnifying party shall be permitted to consent to entry of any judgment with respect to,
or to effect the settlement or compromise of any pending or threatened action or claim in respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified party is an actual or potential party to such action
or claim), unless such settlement, compromise or judgment (1) includes an unconditional release of the indemnified party from all liability arising out of such action or claim, (2) does not include a statement as to or an admission of fault,
culpability or a failure to act, by or on behalf of any indemnified party, and (3) does not provide for any action on the part of any party other than the payment of money damages which is to be paid in full by the indemnifying party. 
  
 4.4 Contribution. If the indemnification provided for in Section 4.1
or 4.2 from the indemnifying party for any reason is unavailable to (other than by reason of exceptions provided therein), or is insufficient to hold harmless, an indemnified party hereunder in respect of any Claim, then the indemnifying party, in
lieu of indemnifying such indemnified party, shall contribute to the amount paid or payable by such indemnified party as a result of such Claim in such proportion as is appropriate to reflect the relative fault of the indemnifying party, on the one
hand, and the indemnified party, on the other hand, in connection with the actions which resulted in such Claim, as well as any other relevant equitable considerations. The relative fault of such indemnifying party and indemnified party shall be
determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact, has been made by, or relates to information
supplied by, such indemnifying party or indemnified party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such action. If, however, the foregoing allocation is not permitted by
applicable law, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party in such proportion as is appropriate to reflect not only such relative faults but also the relative benefits of the indemnifying
party and the indemnified party as well as any other relevant equitable considerations. 
  
 The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 4.4 were determined by pro rata allocation or by any other method of allocation which does not take into
account the equitable considerations referred to in the immediately preceding paragraph. The amount 
  

 10 

 paid or payable by a party as a result of any Claim referred to in the immediately preceding paragraph shall be deemed to
include, subject to the limitations set forth in Section 4.3, any legal or other fees, costs or expenses reasonably incurred by such party in connection with any investigation or proceeding. Notwithstanding anything in this Section 4.4 to the
contrary, no indemnifying party (other than the Company) shall be required pursuant to this Section 4.4 to contribute any amount in excess of the net proceeds received by such indemnifying party from the sale of the Registrable Securities pursuant
to the Registration Statement giving rise to such Claims, less all amounts previously paid by such indemnifying party with respect to any Claims. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities
Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. 
  
 4.5 Other Indemnification. Indemnification similar to that specified in the preceding Sections 4.1 and 4.2 (with appropriate modifications) shall
be given by the Company and each selling Holder of Registrable Securities with respect to any required registration or other qualification of securities under any Federal or state law or regulation of any governmental authority, other than the
Securities Act. The indemnity agreements contained herein shall be in addition to any other rights to indemnification or contribution which any indemnified party may have pursuant to law or contract. 
  
 4.6 Indemnification Payments. The indemnification and contribution
required by this Section 4 shall be made by periodic payments of the amount thereof during the course of any investigation or defense, as and when bills are received or any expense, loss, damage or liability is incurred. 
  
 5. LIMITATIONS ON TRANSFER 
  
 5.1. Lock-Up Period. During the period from the date hereof
until the date that is 18 months after the date hereof hereof (the “Lock-Up Period”), each Holder agrees, with respect to the Common Shares issued upon conversion of the Convertible Notes, not to (i) offer, sell, transfer, agree to sell or
transfer, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, assign, pledge, hypothecate or otherwise transfer or dispose of (including the deposit of any such Common
Shares into a voting trust or similar arrangement), directly or indirectly, any of such Common Shares or any securities convertible into or exercisable or exchangeable therefor, or any interest therein or (ii) enter into any swap or other
arrangement that transfers to another, in whole or in part, any of the economic consequences of owning any of such Common Shares or (iii) enter into transactions (including without limitation swaps, options, puts, calls, cashless collars, forward
contracts, prepaid forward contracts, futures contracts, shorts, lending or borrowing of Common Shares and similar transactions and instruments) that are entered into for hedging purposes, whether any such transaction described in clause (i), (iii)
or (iii) of this sentence is to be settled by delivery of such Common Shares or other securities, in cash or otherwise (any transactions described in such clauses (i) and (ii) being referred to herein as a “Transfer”), except in accordance
with the Lock-Up Release Schedule set forth below: 
  

				
	 Dates in Lock Up Period during which Common
 Shares may first be Transferred:

	  	 % of Holder’s Beneficial Common
 Share Amount that may be
 Transferred during such dates

	 
	 Prior to 6 months after the date hereof
	  	none	 
	 6 months after the date hereof through 9 months after the date hereof
	  	25	%
	 9 months after the date hereof through 12 months after the date hereof, an additional
	  	25	%
	 12 months after Closing date through 15 months after the date hereof, an additional
	  	25	%
	 15 months after the date hereof through 18 months after the date hereof, an additional
	  	25	%

  

 11 

 Such Holder’s “Beneficial Common Share Amount” shall mean, for each Holder, the number of
Common Shares issuable upon the conversion of the Convertible Note held by such Holder at the applicable conversion price in effect at the time of Transfer plus all Common Shares previously issued to such Holder upon conversion of a
Convertible Note or otherwise transferred to Holder from a Holder of a Convertible Note. 
  
 5.2. Exceptions to Limitations on Transfer. Notwithstanding anything herein to the contrary, the Holder may Transfer Common Shares: 
  
 (i) to any Affiliate of the Holder, provided such Affiliate agrees in writing to be bound by the terms of
this Agreement and treated as the Holder; 
  
 (ii) pursuant to a Third Party Tender Offer that is recommended by the Board of Directors of the Company; 
  
 (iii) to the Company or an agent acting on the Company’s behalf; 
  
 (iv) pursuant to a merger, consolidation, reorganization or plan of liquidation or similar transaction to
which the Company is a party; 
  
 (v) to a
Holder, provided such Holder agrees in writing to be bound by the terms of this Agreement (to the extent not already a Holder); or 
  
 (vi) by operation of law, on the death or incapacity of the Holder, or to the heirs of Holder or an entity in which the Holder and the
heirs of the Holder are the beneficiaries; provided such transferee agrees in writing to be bound by the terms of this Agreement and treated as the Holder. 
  
 The term “Third Party Tender Offer” means a bona fide public offer subject to the provisions of Regulation 14D or 14E
under the Exchange Act, by a person (which is not made by and does not include the Purchaser or any of its Affiliates or any group that includes as a member the Purchaser or any of its Affiliates) to purchase or exchange for cash or other
consideration any securities of the Company. 
  
 5.3
Termination of Lock-Up Period. The restrictions on Transfer set forth in Section 5.1 shall terminate upon the earliest to occur of: (i) the expiration of the Lock-Up Period as provided in Section 5.1, (ii) a Change of Control of the Company
or (iii) the Company’s announcement or approval of any transaction that would constitute a Change of Control or any definitive agreement that provides for a Change of Control. As used herein, “Change of Control” shall mean the
occurrence of any of the following events: 
  
 (i) any
“person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act, is or becomes the “beneficial owner” (as defined in Rule l3d-3 under the Exchange Act), directly or indirectly, of more than
30% of the total voting power of the outstanding capital stock of the Company or 30% of the total number of outstanding shares of capital stock of the Company; 
  

 12 

 (ii) the Company merges with or into, or consolidates with, or consummates any reorganization or similar
transaction with, another person and, immediately after giving effect to such transaction, less than 50% of the total voting power of the outstanding capital stock of the surviving or resulting person is “beneficially owned” (within the
meaning of Rule 13d-3 under the Exchange Act) in the aggregate by the stockholders of the Company immediately prior to such transaction; 
  
 (iii) in one transaction or a series of related transactions, the Company, directly or indirectly (including through one or more of its subsidiaries)
sells, assigns, conveys, transfers, leases or otherwise disposes of, all or substantially all of the assets or properties (including capital stock of subsidiaries) of the Company, but excluding sales, assignments, conveyances, transfers, leases or
other dispositions of assets or properties (including capital stock of subsidiaries) by the Company or any of its subsidiaries to any direct or indirect wholly-owned subsidiary of the Company; or 
  
 (iv) the liquidation or dissolution of the Company. 
  
 5.3 Stop-Transfer Orders The Company shall not be required to (i)
transfer on its books any Common Shares that shall have been transferred in violation of any of the provisions set forth in this Agreement or (ii) treat as owner of such Common Shares, or to accord the right to vote or to pay dividends to, any
transferee to whom such Common Shares shall have been so transferred. The Company shall be entitled to provide stop transfer instructions to the transfer agents of its Common Shares that are consistent with the terms of this Agreement. In the event
any of the Common Shares are Transferred in compliance with this Agreement in a manner which under the terms of this Agreement does not require such third party to agree in writing to be bound by the provisions of this Section 5, then the Company
shall issue a new certificate representing such Common Shares without such legend or make the appropriate electronic notation that such legend is removed and remove such stop transfer instructions with respect thereto. 
  
 5.4. Legends. All certificates representing the Common Shares issued
upon conversion of the Convertible Notes shall have endorsed thereon legends in substantially the following forms (in addition to any other legend which may be required by any other agreements between the parties hereto): 
  
 “THE SHARES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD, ASSIGNED, TRANSFERRED,
ENCUMBERED OR DISPOSED OF IN ANY MANNER EXCEPT IN CONFORMITY WITH THE TERMS OF THE INVESTORS RIGHTS AGREEMENT DATED AS OF July 27, 2004. THE COMPANY WILL UPON WRITTEN REQUEST FURNISH A COPY OF SUCH AGREEMENT TO THE HOLDER OF THIS CERTIFICATE WITHOUT
CHARGE.” 
  
 5.5 Compliance with Securities Laws; No
Circumvention. Notwithstanding anything herein to the contrary, the Holder hereby agrees that neither it nor any of its Affiliates will Transfer any of the Common Shares except in compliance with applicable securities laws and that the Holder
and its Affiliates will not take any steps the primary purpose of which is to circumvent the limitations on Transfer provided for in this Section 5. 
  
 6. GENERAL 
  
 6.1 Registration Rights to Others. If the Company shall at any time hereafter provide to any holder of any securities of the Company rights with
respect to the registration of such securities under the Securities Act, such rights shall not be in conflict with or adversely affect any of the rights provided in this Agreement to the Holders 
  

 13 

 6.3 Availability of Information; Rule 144 Other Exemptions. The Company covenants that it shall
timely file any reports required to be filed by it under the Securities Act or the Exchange Act (including, but not limited to, the reports under Sections 13 and 15(d) of the Exchange Act referred to in subparagraph (c) of Rule 144 under the
Securities Act), and that it shall take such further action as any Holder of Registrable Securities may reasonably request, all to the extent required from time to time to enable such Holder to sell Registrable Securities without registration under
the Securities Act within the limitation of the exemptions provided by (i) Rule 144 under the Securities Act, as such rules may be amended from time to time, or (ii) any other rule or regulation now existing or hereafter adopted by the SEC. Upon the
request of any Holder of Registrable Securities, the Company shall deliver to such Holder a written statement as to whether it has complied with such requirements. 
  
 6.4 Amendments and Waivers. The provisions of this Agreement may not be amended, modified, supplemented or
terminated, and waivers or consents to departures from the provisions hereof may not be given, without the written consent of the Company and the Holders holding more than 50% of the Registrable Securities then outstanding; provided, however, that
no such amendment, modification, supplement, waiver or consent to departure shall reduce the aforesaid percentage of Registrable Securities without the written consent of all of the Holders of Registrable Securities; and provided further, that
nothing herein shall prohibit any amendment, modification, supplement, termination, waiver or consent to departure the effect of which is limited only to those Holders who have agreed to such amendment, modification, supplement, termination, waiver
or consent to departure. 
  
 6.5 Notices. All notices and
other communications provided for or permitted hereunder shall be made in writing by hand delivery, telecopier, any courier guaranteeing overnight delivery or first class registered or certified mail, return receipt requested, postage prepaid,
addressed to the applicable party at the address set forth below or such other address as may hereafter be designated in writing by such party to the other parties in accordance with the provisions of this Section: 
  
 (i) If to the Company, to: 
  
 AQUANTIVE, Inc. 
 506 Second Avenue, 9th Floor 
 Seattle, WA 98104 
 Attention: General Counsel 
  
 with a copy to: 
  
 Perkins Coie LLP 
 1201 Third Avenue 
 Suite 4800 
 Seattle, WA 98101 
 Attention: David F. McShea 
  
 (ii) If to
an Holder, to the address of such Person set forth on Exhibit A. 
  

 14 

 (iii) If to any subsequent Holder, to the address of such Person set forth in the records
of the Company. 
  
 (iv) If to the SBI
Representative or the Stockholders to: 
  
 L. Tim
Pierce 
 c/o SBI Holdings Inc. 
 2825 E. Cottonwood Parkway, #480 
 Salt Lake City, Utah 84121 
 Attn: Chief Financial Officer 
 Fax No.: 801-633-3201 
  
 With a copy to 
  
 Madeleine L.L.C.

 299 Park Avenue, Floors 21-23 
 New York, New York 10171 
 Fax: (212) 891-1540 
 Attention Robert Davenport 
  
 With a copy to: 
  
 Schulte Roth & Zabel LLP 
 919 Third Avenue 
 New York, New York 10022 
 Attention: Robert Loper 
 Fax: (212) 593-5955 
  
 All such notices and
communications shall be deemed to have been duly given at the time delivered by hand, if personally delivered; when receipt is acknowledged, if telecopied; on the next business day, if timely delivered to a courier guaranteeing overnight delivery;
and five days after being deposited in the mail, if sent first class or certified mail, return receipt requested, postage prepaid. 
  
 6.6 Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective heirs,
successors and permitted assigns (including any permitted transferee of Registrable Securities). Any Holder may assign to any permitted (as determined under the Merger Agreement and the Convertible Note) transferee of its Registrable Securities
(other than a transferee that acquires such Registrable Securities in a registered public offering or pursuant to a sale under Rule 144 of the Securities Act or any successor rule), its rights and obligations under this Agreement; provided, however,
if any permitted transferee shall take and hold Registrable Securities, such transferee shall promptly notify the Company and by taking and holding such Registrable Securities such permitted transferee shall automatically be entitled to receive the
benefits of and be conclusively deemed to have agreed to be bound by and to perform all of the terms and provisions of this Agreement as if it were a party hereto (and shall, for all purposes, be deemed a Holder under this Agreement). If the Company
shall so request, any heir, successor or permitted assign (including any permitted transferee) 
  

 15 

 shall agree in writing to acquire and hold the Registrable Securities subject to all of the terms hereof. For purposes of
this Agreement, “successor” for any entity other than a natural person shall mean a successor to such entity as a result of such entity’s merger, consolidation, sale of substantially all of its assets, or similar transaction. Except
as provided above or otherwise permitted by this Agreement, neither this Agreement nor any right, remedy, obligation or liability arising hereunder or by reason hereof shall be assignable by any party hereto without the consent of the other parties.

  
 6.7 Counterparts. This Agreement may be executed in two
or more counterparts, each of which, when so executed and delivered, shall be deemed to be an original, but all of which counterparts, taken together, shall constitute one and the same instrument. 
  
 6.8 Descriptive Headings; Etc. The headings in this Agreement are for
convenience of reference only and shall not limit or otherwise affect the meaning of terms contained herein. Unless the context of this Agreement otherwise requires: (i) words of any gender shall be deemed to include each other gender; (ii) words
using the singular or plural number shall also include the plural or singular number, respectively; (iii) the words “hereof’”, “herein” and “hereunder” and words of similar import when used in this Agreement shall
refer to this Agreement as a whole and not to any particular provision of this Agreement, and Section and paragraph references are to the Sections and paragraphs of this Agreement unless otherwise specified; (iv) the word “including” and
words of similar import when used in this Agreement shall mean “including, without limitation,” unless otherwise specified; (v) “or” is not exclusive; and (vi) provisions apply to successive events and transactions. 

 
 6.9 Severability. In the event that any one or more of the
provisions, paragraphs, words, clauses, phrases or sentences contained herein, or the application thereof in any circumstances, is held invalid, illegal or unenforceable in any respect for any reason, the validity, legality and enforceability of any
such provision, paragraph, word, clause, phrase or sentence in every other respect and of the other remaining provisions, paragraphs, words, clauses, phrases or sentences hereof shall not be in any way impaired, it being intended that all rights,
powers and privileges of the parties hereto shall be enforceable to the fullest extent permitted by law. 
  
 6.10 Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York (without giving effect
to the conflict of laws principles thereof). 
  
 6.11 Remedies;
Specific Performance. The parties hereto acknowledge that money damages would not be an adequate remedy at law if any party fails to perform in any material respect any of its obligations hereunder, and accordingly agree that each party, in
addition to any other remedy to which it may be entitled at law or in equity, shall be entitled to seek to compel specific performance of the obligations of any other party under this Agreement, without the posting of any bond, in accordance with
the terms and conditions of this Agreement in any court of the United States or any State thereof having jurisdiction, and if any action should be brought in equity to enforce any of the provisions of this Agreement, none of the parties hereto shall
raise the defense that there is an adequate remedy at law. Except as otherwise provided by law, a delay or omission by a party hereto in exercising any right or remedy accruing upon any such breach shall not impair the right or remedy or constitute
a waiver of or acquiescence in any such breach. No remedy shall be exclusive of any other remedy. All available remedies shall be cumulative. The failure to file a Registration Statement within the time periods specified in Section 2.1 or 2.2 shall
constitute, in the absence of an injunction having been imposed or a Black-Out Period, a breach thereof entitling the Holders to remedies hereunder. 
  
 6.12 Entire Agreement. This Agreement is intended by the parties as a final expression of their agreement and intended to be a complete and
exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein. There are no 
  

 16 

 restrictions, promises, representations, warranties, covenants or undertakings relating to such subject matter, other
than those set forth or referred to herein. This Agreement supersedes all prior agreements and understandings between the Company and the other parties to this Agreement with respect to such subject matter. 
  
 6.13 Nominees for Beneficial Owners. In the event that any Registrable
Securities are held by a nominee for the beneficial owner thereof, the beneficial owner thereof may, at its election in writing delivered to the Company, be treated as the holder of such Registrable Securities for purposes of any request or other
action by any holder or holders of Registrable Securities pursuant to this Agreement or any determination of any number or percentage of shares of Registrable Securities held by any holder or holders of Registrable Securities contemplated by this
Agreement. If the beneficial owner of any Registrable Securities so elects, the Company may require a certificate containing representations and warranties of the beneficial owner as to such owner’s beneficial ownership of such Registrable
Securities. 
  
 6.14 Further Assurances. Each party hereto
shall do and perform or cause to be done and performed all such further acts and things and shall execute and deliver all such other agreements, certificates, instruments and documents as any other party hereto reasonably may request in order to
carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby. 
  
 6.15 No Inconsistent Agreements. The Company will not hereafter enter into any agreement which is inconsistent with the rights granted to the
Holders in this Agreement. 
  
 6.16 Construction. The
Company and the Initial Holders acknowledge that each of them has had the benefit of legal counsel of its own choice and has been afforded an opportunity to review this Agreement with its legal counsel and that this Agreement shall be construed as
if jointly drafted by the Company and the Holders. 
  

 17 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed as of the date first set forth above.

  

			
	 AQUANTIVE, INC.

		
	 By:
	 	 /s/ Linda Schoemaker

	 Title:
	 	 Sr. Vice President General Counsel
 and Secretary

	
	 L. Tim Pierce, on behalf of
 the Initial
Holders other than the Stockholders:

	
	L. Tim Pierce
	
	STOCKHOLDERS
	
	PARTRIDGE HILL MANAGEMENT LLC
		
	 By:
	 	  

	 Title:
	 	  

	
	MADELEINE L.L.C.
		
	 By:
	 	 /s/ Seth P. Plattus

	 Title:
	 	 Managing Director

	
	CERBERUS PARTNERS, L.P.
		
	 By:
	 	 /s/ Seth P. Plattus

	 Title:
	 	 Managing Director

	
	CERBERUS INTERNATIONAL, LTD.
		
	 By:
	 	 /s/ Seth P. Plattus

	 Title:
	 	 Managing Director

	
	CERBERUS SERIES ONE HOLDINGS, LLC
		
	 By:
	 	 /s/ Seth P. Plattus

  

 18 

			
	 Title:
	 	 Managing Director

	
	W.E. STRINGHAM
	
	 /s/ W. E. Stringham

	
	L. TIM PIERCE
	
	 /s/ L. Tim Pierce

	
	HOLLADAY RANCH HOLDING, L.P.
		
	 By:
	 	 /s/ Kurt B. Larsen

	 Title:
	 	 General Partner

  

 19Credit Agreement dated as of April 21, 2004

 EXHIBIT 10.1 
  
 CREDIT AGREEMENT 
  
 THIS AGREEMENT is entered into as of April 21, 2004, by and between LEXAR MEDIA, INC., a Delaware corporation (“Borrower”), and WELLS
FARGO BANK, NATIONAL ASSOCIATION (“Bank”). 
  
 RECITALS 
  
 Borrower has requested that Bank
extend or continue credit to Borrower as described below, and Bank has agreed to provide such credit to Borrower on the terms and conditions contained herein. 
  

NOW, THEREFORE, for valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Bank and Borrower hereby agree as follows:

  
 ARTICLE I 
 CREDIT TERMS 
  
 SECTION 1.1. LINE OF CREDIT. 
  
 (a) Line of Credit. Subject to the terms and conditions of this Agreement, Bank hereby agrees to make advances to Borrower from time to time up to
and including April 3, 2006, not to exceed at any time the aggregate principal amount of Forty Million Dollars ($40,000,000.00) (“Line of Credit”), the proceeds of which shall be used for working capital. Borrower’s obligation
to repay advances under the Line of Credit shall be evidenced by a promissory note dated as of April 2, 2004 (“Line of Credit Note”), all terms of which are incorporated herein by this reference. 
  
 (b) Letter of Credit Subfeature. As a subfeature under the Line of
Credit, Bank agrees from time to time during the term thereof to issue or cause an affiliate to issue commercial and standby letters of credit for the account of Borrower (each, a “Letter of Credit”); provided however, that the
aggregate undrawn amount of all outstanding Letters of Credit shall not at any time exceed Twenty Million Dollars ($20,000,000.00). The form and substance of each Letter of Credit shall be subject to approval by Bank, in its sole discretion. Each
Letter of Credit shall be issued for a term not to exceed one (1) year, as designated by Borrower; provided however, that no Letter of Credit shall have an expiration date more than ninety (90) days beyond the maturity date of the Line of Credit.
The undrawn amount of all Letters of Credit shall be reserved under the Line of Credit and shall not be available for borrowings thereunder. Each Letter of Credit shall be subject to the additional terms and conditions of the Letter of Credit
agreements, applications and any related documents required by Bank in connection with the issuance thereof. Each drawing paid under a Letter of Credit shall be deemed an advance under the Line of Credit and shall be repaid by Borrower in accordance
with the terms and conditions of this Agreement applicable to such advances; provided however, that if advances under the Line of Credit are not available, for any reason, at the time any drawing is paid, then Borrower shall immediately pay to Bank
the full amount drawn, together with interest thereon from the date such drawing is paid to the date such amount is fully repaid by Borrower, at the Prime Rate-base rate of interest applicable to advances under the Line of Credit. In such event
Borrower agrees that Bank, in its sole discretion, may debit any account maintained by Borrower with Bank for the amount of any such drawing. 
  

 -1- 

 (c) Borrowing and Repayment. Borrower may from time to time during the term of the Line of Credit
borrow, partially or wholly repay its outstanding borrowings, and reborrow, subject to all of the limitations, terms and conditions contained herein or in the Line of Credit Note; provided however, that the total outstanding borrowings under the
Line of Credit shall not at any time exceed the maximum principal amount available thereunder, as set forth above. 
  
 SECTION 1.2. INTEREST/FEES. 
  
 (a) Interest. The outstanding principal balance of the Line of Credit shall bear interest at the rate of interest set forth in the Line of Credit
Note. 
  
 (b) Computation and Payment. Interest shall be
computed on the basis of a 360-day year, actual days elapsed. Interest shall be payable at the times and place set forth in each promissory note or other instrument or document required hereby. 
  
 (c) Letter of Credit Fees. Borrower shall pay to Bank fees upon the
issuance of each Letter of Credit, upon the payment or negotiation of each drawing under any Letter of Credit and upon the occurrence of any other activity with respect to any Letter of Credit (including without limitation, the transfer, amendment
or cancellation of any Letter of Credit) determined in accordance with Bank’s standard fees and charges then in effect for such activity. 
  
 SECTION 1.3. COLLECTION OF PAYMENTS. Borrower authorizes Bank to, following the mailing (or other delivery) to Borrower of a billing therefor, collect all
interest and fees due under the Line of Credit by charging Borrower’s deposit account number 431-1785646 with Bank, or any other deposit account maintained by Borrower with Bank, for the full amount thereof. Should there be insufficient funds
in any such deposit account to pay all such sums when due, the full amount of such deficiency shall be immediately due and payable by Borrower. 
  
 SECTION 1.4. COLLATERAL. 
  
 As security for all indebtedness of Borrower to Bank subject hereto, Borrower hereby grants to Bank security interests of first priority (subject to
Permitted Encumbrances, as defined in Section 5.8 below) in all Borrower’s accounts receivable and other rights to payment, general intangibles, inventory, equipment and proceeds of the foregoing, (collectively, the
“Collateral”) provided, however, that the Collateral shall be deemed to exclude any copyrights, copyright applications, copyright registration and like protection in each work of authorship and derivative work thereof, whether
published or unpublished, now owned or hereafter acquired; any patents, patent applications and like protections including without limitation improvements, divisions, continuations, renewals, reissues, extensions and continuations-in-part of the
same, trademarks, servicemarks and applications therefore, whether registered or not, and the goodwill of the business of Borrower connected with and symbolized by such trademarks, any trade secret rights, including any rights to unpatented
inventions, know-how, operating manuals, license rights and agreements and confidential information, now owned or hereafter acquired; or any claims for damage by way of any past, present and future infringement of any of the foregoing (collectively,
the “Intellectual Property”), except that the Collateral shall include the proceeds of all the Intellectual Property that are accounts, (i.e. accounts receivable) of Borrower, or general intangibles consisting of rights to payment,
if a judicial authority (including a U.S. Bankruptcy Court) holds that a security interest in the underlying Intellectual Property is necessary to have a security interest in such accounts and general intangibles of Borrower that are proceeds of the
Intellectual Property, then the Collateral shall automatically, and effective as 
  

 -2- 

 of the date of this Agreement, include the Intellectual Property to the extent necessary to permit perfection of
Bank’s security interest in such accounts and general intangibles of Borrower that are proceeds of the Intellectual Property. 
  
 Bank intends to perform a collateral exam, at Bank’s expense, within 90 days after the date of Borrower’s execution of this Agreement, and
Borrower hereby agrees to provide Bank with access to such facilities, books and records as Bank may require in order to perform such collateral exam. This provision is not intended to limit the scope of Section 4.2 below. 
  
 All of the foregoing security interests shall be evidenced by and subject to
the terms of such security agreements, financing statements and other documents as Bank shall reasonably require, all in form and substance satisfactory to Bank. 
  
 ARTICLE II 
 REPRESENTATIONS AND WARRANTIES 
  
 Borrower makes
the following representations and warranties to Bank, which representations and warranties shall survive the execution of this Agreement and shall continue in full force and effect until the full and final payment, and satisfaction and discharge, of
all obligations of Borrower to Bank subject to this Agreement. 
  
 SECTION 2.1. LEGAL STATUS. Borrower is a corporation, duly organized and existing and in good standing under the laws of the State of Delaware, and is qualified or licensed to do business (and is in good standing as a foreign corporation,
if applicable) in all jurisdictions in which the failure to so qualify or to be so licensed could have a material adverse effect on the financial condition or operations of Borrower (“Material Adverse Effect”). 
  
 SECTION 2.2. AUTHORIZATION AND VALIDITY. This Agreement and each promissory
note, contract, instrument and other document required hereby or at any time hereafter delivered to Bank in connection herewith (collectively, the “Loan Documents”) have been duly authorized, and upon their execution and delivery in
accordance with the provisions hereof will constitute legal, valid and binding agreements and obligations of Borrower or the party which executes the same, enforceable in accordance with their respective terms. 
  
 SECTION 2.3. NO VIOLATION. The execution, delivery and performance by
Borrower of each of the Loan Documents do not violate any provision of any law or regulation, or contravene any provision of the Articles of Incorporation or By-Laws of Borrower, or result in any breach of or default under any material contract,
obligation, indenture or other instrument to which Borrower is a party or by which Borrower may be bound. 
  
 SECTION 2.4. LITIGATION. There are no pending, or to the best of Borrower’s knowledge threatened, actions, claims, investigations, suits or
proceedings by or before any governmental authority, arbitrator, court or administrative agency which could have a Material Adverse Effect other than those described in Borrower’s filings with the Securities and Exchange Commission. 

 
 SECTION 2.5. CORRECTNESS OF FINANCIAL STATEMENT. The financial statement
of Borrower dated December 31, 2003, a true copy of which has been delivered by Borrower to Bank prior to the date hereof, (a) is complete and correct and presents fairly the financial condition of Borrower, (b) discloses all liabilities of Borrower
that are required to be reflected or reserved against under generally accepted accounting principles, whether liquidated 
  

 -3- 

 or unliquidated, fixed or contingent, and (c) has been prepared in accordance with generally accepted accounting
principles consistently applied. Since the date of such financial statement there has been no material adverse change in the financial condition of Borrower, nor has Borrower mortgaged, pledged, granted a security interest in or otherwise encumbered
any of its assets or properties except in favor of Bank or as otherwise disclosed in Schedule 2.5 hereto. 
  
 SECTION 2.6. INCOME TAX RETURNS. Borrower has no knowledge of any pending assessments or adjustments of its income tax payable with respect to any year.

  
 SECTION 2.7. NO SUBORDINATION. There is no agreement,
indenture, contract or instrument to which Borrower is a party or by which Borrower may be bound that requires the subordination in right of payment of any of Borrower’s obligations subject to this Agreement to any other obligation of Borrower.

  
 SECTION 2.8. PERMITS, FRANCHISES. Borrower possesses, and will
hereafter possess, all permits, consents, approvals, franchises and licenses required and rights to all trademarks, trade names, patents, and fictitious names, if any, necessary to enable it to conduct the business in which it is now engaged in
compliance with applicable law, except where the failure to do so could not be reasonably expected to have a Material Adverse Effect. 
  
 SECTION 2.9. ERISA. Borrower is in compliance in all material respects with all applicable provisions of the Employee Retirement Income Security Act of
1974, as amended or recodified from time to time (“ERISA”); Borrower has not violated any provision of any defined employee pension benefit plan (as defined in ERISA) maintained or contributed to by Borrower (each, a “Plan”); no
Reportable Event as defined in ERISA has occurred and is continuing with respect to any Plan initiated by Borrower; Borrower has met its minimum funding requirements under ERISA with respect to each Plan; and each Plan will be able to fulfill its
benefit obligations as they come due in accordance with the Plan documents and under generally accepted accounting principles. 
  
 SECTION 2.10. OTHER OBLIGATIONS. Borrower is not in default on any obligation for borrowed money, any purchase money obligation or any other material
lease, commitment, contract, instrument or obligation. 
  
 SECTION
2.11. ENVIRONMENTAL MATTERS. To the best of Borrower’s knowledge and belief, and except as disclosed by Borrower to Bank in writing prior to the date hereof, Borrower is in compliance in all material respects with all applicable federal or
state environmental, hazardous waste, health and safety statutes, and any rules or regulations adopted pursuant thereto, which govern or affect any of Borrower’s operations and/or properties, including without limitation, the Comprehensive
Environmental Response, Compensation and Liability Act of 1980, the Superfund Amendments and Reauthorization Act of 1986, the Federal Resource Conservation and Recovery Act of 1976, and the Federal Toxic Substances Control Act, as any of the same
may be amended, modified or supplemented from time to time. To the best of Borrower’s knowledge and belief, none of the operations of Borrower is the subject of any federal or state investigation evaluating whether any remedial action involving
a material expenditure is needed to respond to a release of any toxic or hazardous waste or substance into the environment. To the best of Borrower’s knowledge and belief, Borrower has no material contingent liability in connection with any
release of any toxic or hazardous waste or substance into the environment. 
  

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 SECTION 2.12. SUBSIDIARIES. Borrower does not own any stock, partnership or other equity interests,
except for the Subsidiaries named below and other Permitted Investments, as defined in Section 5.6 below. The term “Subsidiary” is defined as, for any person or entity, any business entity of which more than 50% of the voting stock
or other equity interests is owned or controlled, directly or indirectly, by such person or entity or one or more Affiliates of such person or entity. The term “Affiliate” is defined as, with respect to a person or entity, a person
or entity that controls or is controlled by or is under common control with such person or entity, and each senior executive officer, director, partner, or with respect to limited liability companies, manager or member of such entity. As of the date
hereof, Borrower’s only Subsidiaries are Lexar Media (Europe) Limited, Lexar Media International Limited and Lexar Media KK, all of which are incorporated in jurisdictions outside of the United States of America. 
  
 ARTICLE III 
 CONDITIONS 
  
 SECTION 3.1. CONDITIONS OF INITIAL EXTENSION OF CREDIT. The obligation of Bank to extend any credit contemplated by this Agreement is subject to the fulfillment to Bank’s satisfaction of all of the following conditions: 
  
 (a) Approval of Bank Counsel. All legal matters incidental to the
extension of credit by Bank shall be satisfactory to Bank’s counsel. 
  
 (b) Documentation. Bank shall have received, in form and substance satisfactory to Bank, each of the following, duly executed: 
  
 (i) This Agreement and the Line of Credit Note. 
  
 (ii) Certificate of Incumbency. 
  
 (iii) Corporate Resolution: Borrowing. 
  
 (iv) Security Agreement: Continuing Rights to Payments and
Inventory. 
  
 (v) Security Agreement: Equipment.

  
 (v) Such other documents as Bank may require
under any other Section of this Agreement. 
  
 (c) Financial
Condition. There shall have been no material adverse change, as determined by Bank, in the financial condition or business of Borrower. 
  
 (d) Insurance. Borrower shall have delivered to Bank evidence of insurance coverage on all Borrower’s property, in form, substance, amounts,
covering risks and issued by companies satisfactory to Bank, and where required by Bank, with loss payable endorsements in favor of Bank. 
  
 SECTION 3.2. CONDITIONS OF EACH EXTENSION OF CREDIT. The obligation of Bank to make each extension of credit requested by Borrower hereunder shall be
subject to the fulfillment to Bank’s satisfaction of each of the following conditions: 
  
 (a) Compliance. The representations and warranties contained herein and in each of the other Loan Documents shall be true on and as of the date of the signing of this Agreement and on the date of each extension
of credit by Bank pursuant hereto, with the same effect as though such representations and warranties had been made on and as of each such date, and on each such date, no Event of Default as defined herein, and no condition, event or act which

  

 -5- 

 with the giving of notice or the passage of time or both would constitute such an Event of Default, shall have occurred
and be continuing or shall exist. 
  
 (b) Letters of
Credit. Bank shall have received a Letter of Credit Agreement in form and content acceptable to Bank prior to the issuance of any Letter of Credit. 
  
 ARTICLE IV 
 AFFIRMATIVE COVENANTS

  
 Borrower covenants that so long as Bank remains committed to
extend credit to Borrower pursuant hereto, or any liabilities (whether direct or contingent, liquidated or unliquidated) of Borrower to Bank under any of the Loan Documents remain outstanding, and until payment in full of all obligations of Borrower
subject hereto, Borrower shall (and, with respect to Sections 4.2, 4.4, 4.5, 4.6 and 4.7, shall cause each Subsidiary to), unless Bank otherwise consents in writing: 
  
 SECTION 4.1. PUNCTUAL PAYMENTS. Punctually pay all principal, interest, fees or other liabilities due under any of the Loan
Documents at the times and place and in the manner specified therein. 
  
 SECTION 4.2. ACCOUNTING RECORDS. Maintain adequate books and records in accordance with generally accepted accounting principles consistently applied, and permit any representative of Bank, at any reasonable time, to inspect, audit and
examine such books and records, to make copies of the same, and to inspect the properties of Borrower and/or any Subsidiary. 
  
 SECTION 4.3. FINANCIAL STATEMENTS. Provide to Bank all of the following, in form and detail satisfactory to Bank: 
  
 (a) not later than 120 days after and as of the end of each fiscal year, a
complete copy of Borrower’s 10K report filed with the Securities and Exchange Commission (“SEC”), to include balance sheet, income statement and statement of cash flows; 
  
 (b) not later than 45 days after and as of the end of each fiscal quarter, a
complete copy of Borrower’s 10Q report filed with the SEC, to include balance sheet, income statement and statement of cash flows; 
  
 (c) not later than 30 days after and as of the end of each fiscal year, a projection for the fiscal year then beginning, prepared by Borrower; 

 
 (d) not later than 30 days after the end of each fiscal quarter in which
the following occurs, written notice that the aggregate of all returns, recoveries, disputes and claims (collectively, “Returns”) in such fiscal quarter that involve more than the following: (i) an amount equal to 5% of the cost (net of
discounts) of inventory shipped, with respect to returns relating to stock rotation arrangements between Borrower and a third party, and (ii) an amount equal to 2% of all shipments of inventory, with respect to returns relating to defective
products; 
  
 (e) within 5 days after filing, complete copies of
all reports (other than 10K and 10Q reports, filed with the SEC; and 
  

 -6- 

 (f) from time to time such other information as Bank may reasonably request. 
  
 SECTION 4.4. COMPLIANCE. Preserve and maintain all licenses, permits,
governmental approvals, rights, privileges and franchises necessary for the conduct of its and each Subsidiary’s businesses; and comply with the provisions of all documents pursuant to which Borrower and Subsidiaries are organized or which
govern Borrower’s or Subsidiaries’ continued existence and with the requirements of all laws, rules, regulations and orders of any governmental authority applicable to Borrower, Subsidiaries and/or their business. 
  
 SECTION 4.5. INSURANCE. Maintain and keep in force insurance of the types and
in amounts customarily carried in lines of business similar to that of Borrower, including but not limited to fire, extended coverage, public liability, flood, property damage and workers’ compensation, with all such insurance carried with
companies and in amounts satisfactory to Bank, and deliver to Bank from time to time at Bank’s request schedules setting forth all insurance then in effect. 
  
 SECTION 4.6. FACILITIES. Keep all properties useful or necessary to Borrower’s or Subsidiaries’ business in good
repair and condition, and from time to time make necessary repairs, renewals and replacements thereto so that such properties shall be fully and efficiently preserved and maintained. 
  
 SECTION 4.7. TAXES AND OTHER LIABILITIES. Pay and discharge when due any and all indebtedness, obligations, assessments and
taxes, both real or personal, including without limitation federal and state income taxes and state and local property taxes and assessments, except such (a) as Borrower or a Subsidiary may in good faith contest or as to which a bona fide dispute
may arise, and (b) for which Borrower or a Subsidiary has made provision, to Bank’s satisfaction, for eventual payment thereof in the event Borrower or a Subsidiary is obligated to make such payment. 
  
 SECTION 4.8. LITIGATION. Promptly give notice in writing to Bank of any
litigation pending or threatened against Borrower or a Subsidiary with a claim(s) in excess of $500,000.00, individually or in the aggregate. 
  
 SECTION 4.9. FINANCIAL CONDITION. Maintain Borrower’s consolidated financial condition as follows using generally accepted accounting principles
consistently applied and used consistently with prior practices (except to the extent modified by the definitions herein), with compliance determined commencing with Borrower’s financial statements for the period ending March 31, 2004:

  
 (a) Ratio of Total Liabilities to Tangible Net Worth, not
greater than 1.00 to 1.0, determined as of each fiscal quarter end, with “Total Liabilities” defined as the aggregate of current liabilities and non-current liabilities less subordinated debt, and with “Tangible Net
Worth” defined as the aggregate of total stockholders’ equity plus subordinated debt less any intangible assets. 
  
 (b) Quick Ratio not less than 1.35 to 1.0, determined as of each fiscal quarter end, with “Quick Ratio” defined as the ratio of (i) the
aggregate of unrestricted cash, unrestricted marketable securities and receivables convertible into cash to (ii) total current liabilities (inclusive, for purposes hereof, of the outstanding principal balance of the Line of Credit and the aggregate
amount available to be drawn under then outstanding Letters of Credit) less the 
  

 -7- 

 current portion of deferred revenues less any restricted cash as collateral against any current liabilities. 

 
 (c) Net income after taxes not less than $1.00, determined on a rolling
four fiscal quarter basis as of each fiscal quarter end. 
  
 (d)
Net income after taxes not less than $1.00 in each fiscal quarter which immediately follows 2 consecutive fiscal quarters in each of which net income after taxes was less than $1.00. 
  
 SECTION 4.10. BANK ACCOUNTS. Maintain Borrower’s primary deposit and operating account at Bank, and maintain at least
$50,000,000.00 in unrestricted cash and cash equivalents in such deposit accounts and/or in investment accounts with Bank or an affiliate of Bank’s, provided however that in the event that (i) Borrower fails at any time to maintain such
$50,000,000.00 with Bank and/or an affiliate of Bank, and (ii) during such time, all of Borrower’s cash and cash equivalents are maintained with Bank and/or an affiliate of Bank, Borrower shall be deemed not to have violated this provision.

  
 SECTION 4.11. NOTICE TO BANK. Promptly (but in no event more
than five (5) days after the occurrence of each such event or matter) give written notice to Bank in reasonable detail of: (a) the occurrence of any Event of Default, or any condition, event or act which with the giving of notice or the passage of
time or both would constitute an Event of Default; (b) any change in the name or the organizational structure of Borrower or any Subsidiary; (c) the occurrence and nature of any Reportable Event or Prohibited Transaction, each as defined in ERISA,
or any funding deficiency with respect to any Plan; or (d) any termination or cancellation of any insurance policy which Borrower or Subsidiary is required to maintain, or any uninsured or partially uninsured loss through liability or property
damage, or through fire, theft or any other cause affecting Borrower’s or any Subsidiary’s property with a book value in excess of $1,000,000.00. 
  
 ARTICLE V 
 NEGATIVE COVENANTS

  
 Borrower further covenants that so long as Bank remains
committed to extend credit to Borrower pursuant hereto, or any liabilities (whether direct or contingent, liquidated or unliquidated) of Borrower to Bank under any of the Loan Documents remain outstanding, and until payment in full of all
obligations of Borrower subject hereto, Borrower will not (and will not cause or permit any Subsidiary to) without Bank’s prior written consent: 
  
 SECTION 5.1. USE OF FUNDS. Use any of the proceeds of any credit extended hereunder except for the purposes stated in Article I hereof. 
  
 SECTION 5.2. OTHER INDEBTEDNESS. Create, incur, assume or permit to exist any
indebtedness or liabilities resulting from borrowings, loans or advances, whether secured or unsecured, matured or unmatured, liquidated or unliquidated, joint or several, except (a) the liabilities of Borrower to Bank, (b) indebtedness to trade
creditors incurred in the ordinary course of business, and (c) any other liabilities of Borrower or Subsidiaries existing as of, and disclosed to Bank prior to, the date hereof. 
  
 SECTION 5.3 MERGER, CONSOLIDATION. Merge into or consolidate with any other entity other than (a) the merger of a Subsidiary
into Borrower or into another Subsidiary, and (b) 
  

 -8- 

 Permitted Transactions (as defined below); make any substantial change in the nature of Borrower’s business as
conducted as of the date hereof; acquire all or substantially all of the assets of any other entity or division thereof, other than Permitted Transactions; “Permitted Transactions” means (i) mergers with other entities whose
businesses are substantially similar to that of Borrower’s so long as Borrower or a Subsidiary is the surviving entity, (ii) the acquisition by Borrower or a Subsidiary of all or substantially all of the assets of other entities or divisions
thereof whose businesses are substantially similar to that of Borrower’s, and/or (iii) the acquisition by Borrower or a Subsidiary of not less than 51% of the voting stock or other ownership interests in other entities whose businesses are
substantially similar to that of Borrower’s, and, with respect to all of the foregoing, no Event of Default shall exist before or after any such transaction and the aggregate consideration paid or payable (in whatever form, including, cash,
notes, assumed indebtedness and/or stock in Borrower or any Subsidiary or other property) by Borrower and Subsidiary in any fiscal year does not exceed an aggregate of $50,000,000.00. Borrower shall cause each Subsidiary (formed or acquired after
the date hereof) that is incorporated under the laws of the United States or any state thereof to execute and deliver to Bank a third party security agreement in favor of Bank covering such Subsidiary’s Collateral. All mergers and acquisitions
included in Permitted Transactions shall be “friendly” (including among other things being approved by a majority of the “target entity’s board of directors. 
  
 SECTION 5.4. TRANSFER OF ASSETS. Sell, lease, transfer or otherwise dispose of Borrower’s or any Subsidiary’s
assets (including without limitation Intellectual Property), except (i) sales of inventory in the ordinary course of its business, (ii) the sale of obsolete or worn-out equipment, (iii) the sale of other tangible property not to exceed an aggregate
book value of $1,000,000.00 in each fiscal year, and (iv) the sale, transfer or assignment of Intellectual Property or the granting of non-exclusive or exclusive licenses of and similar arrangements for the use of Borrower’s or a
Subsidiary’s Intellectual Property, all in the ordinary course of business, provided that each such grant of an exclusive license shall (x) cover a specific process or product, (y) be for a duration of 5 years or less, and (z) not be tantamount
to a sale of the subject Intellectual Property. 
  
 SECTION 5.5.
DIVIDENDS, DISTRIBUTIONS. Declare or pay any dividend or distribution either in cash, stock or any other property on Borrower’s stock now or hereafter outstanding, nor redeem, retire, repurchase or otherwise acquire any shares of any class of
Borrower’s stock now or hereafter outstanding, other than Permitted Other Transactions (as defined in Section 5.6 below). 
  
 SECTION 5.6. LOANS, ADVANCES, INVESTMENTS. Make any loans or advances to or investments in any person or entity other than Permitted Transactions,
Permitted Investments and Permitted Other Transactions. The term “Permitted Investments” is defined as (i) loans, advances and investments in existence as of and disclosed to Bank in writing prior to the date of this Agreement, and
(ii) investments made in accordance with Borrower’s Investment Policy in effect as of the date hereof, a copy of which has been delivered to Bank. The term “Permitted Other Transactions” means (i) loans and advances to
Borrower’s and Subsidiaries’ employees and Affiliates, (ii) distributions to shareholders by reason of Borrower’s repurchase of its shares, and (iii) the purchase of less than 50% of the voting securities or other equity interests in
any entity; and, with respect to all of the foregoing, the aggregate amount loaned, advanced, distributed and/or paid or payable (in whatever form, including, cash, notes, assumed indebtedness and/or stock in Borrower or any Subsidiary or other
property) by Borrower and Subsidiary in any fiscal year does not exceed an aggregate of $1,000,000.00. 
  

 -9- 

 SECTION 5.7. GUARANTIES. Guarantee or become liable in any way as surety, endorser (other than as
endorser of negotiable instruments for deposit or collection in the ordinary course of business), accommodation endorser or otherwise for, nor pledge or hypothecate any assets of Borrower as security for, any liabilities or obligations of any other
person or entity, except any of the foregoing in favor of Bank. 
  
 SECTION 5.8. PLEDGE OF ASSETS. Mortgage, pledge, grant or permit to exist a security interest in, or lien upon, all or any portion of Borrower’s or any Subsidiary’s assets now owned or hereafter acquired (including without
limitation, all Intellectual Property), except (a) in favor of Bank, (b) any of the foregoing in existence as of and disclosed to Bank in writing prior to the date hereof, and (c) Permitted Encumbrances. The term “Permitted
Encumbrances” is defined as any of the following as to which no enforcement, collection, execution, levy or foreclosure proceeding shall have been commenced, or that are contested in good faith and for which adequate reserves are
maintained: (a) liens for taxes, assessments and governmental charges or levies; (b) materialmen’s, mechanics’ carriers’ stevedores’ and repairmen’s liens that exist or arise in the ordinary course of business; (c)
easements, rights of way and other encumbrances on title to real property that do not render title to the property encumbered thereby unmarketable or materially and adversely affect the use of such property for its present purpose, and (d) as to
Intellectual Property, licenses granted in the ordinary course of business, subject to the restrictions of Section 5.4 above. Borrower shall not and shall not permit any Subsidiary to enter into any agreement whereby Borrower or Subsidiary is
prohibited or restricted in any way from granting to Bank a security interest in any of their Intellectual Property, or conditioning the grant to Bank of such a security interest on the grant of a security interest therein to a third party.

  
 ARTICLE VI 
 EVENTS OF DEFAULT 
  
 SECTION 6.1. The occurrence of any of the following shall constitute an “Event of Default” under this Agreement: 
  
 (a) Borrower shall fail to pay when due any principal, interest, fees or
other amounts payable under any of the Loan Documents. 
  
 (b) Any
financial statement or certificate furnished to Bank in connection with, or any representation or warranty made by Borrower or any other party under this Agreement or any other Loan Document shall prove to be incorrect, false or misleading in any
material respect when furnished or made. 
  
 (c) Any default in
the performance of or compliance with any obligation, agreement or other provision contained herein or in any other Loan Document (other than those referred to in subsections (a) and (b) above), and with respect to any such default which by its
nature can be cured, such default shall continue for a period of twenty (20) days from its occurrence. 
  
 (d) Any default in the payment or performance of any obligation, or any defined event of default, under the terms of any contract or instrument (other
than any of the Loan Documents) pursuant to which Borrower, any guarantor hereunder or any general partner or joint venturer in any Borrower which is a partnership or joint venture (with each such guarantor, general partner and/or joint venturer,
together with each Subsidiary of Borrower, referred to herein as a “Third Party Obligor”) has incurred any debt or other liability to any person or entity, including Bank. 
  

 -10- 

 (e) The filing of a notice of judgment lien against Borrower or any Third Party Obligor; or the recording
of any abstract of judgment against Borrower or any Third Party Obligor in any county in which Borrower or such Third Party Obligor has an interest in real property; or the service of a notice of levy and/or of a writ of attachment or execution, or
other like process, against the assets of Borrower or any Third Party Obligor; or the entry of a judgment against Borrower or any Third Party Obligor. 
  
 (f) Borrower or any Third Party Obligor shall become insolvent, or shall suffer or consent to or apply for the appointment of a receiver, trustee,
custodian or liquidator of itself or any of its property, or shall generally fail to pay its debts as they become due, or shall make a general assignment for the benefit of creditors; Borrower or any Third Party Obligor shall file a voluntary
petition in bankruptcy, or seeking reorganization, in order to effect a plan or other arrangement with creditors or any other relief under the Bankruptcy Reform Act, Title 11 of the United States Code, as amended or recodified from time to time
(“Bankruptcy Code”), or under any state or federal law granting relief to debtors, whether now or hereafter in effect; or any involuntary petition or proceeding pursuant to the Bankruptcy Code or any other applicable state or federal law
relating to bankruptcy, reorganization or other relief for debtors is filed or commenced against Borrower or any Third Party Obligor, or Borrower or any Third Party Obligor shall file an answer admitting the jurisdiction of the court and the
material allegations of any involuntary petition; or Borrower or any Third Party Obligor shall be adjudicated a bankrupt, or an order for relief shall be entered against Borrower or any Third Party Obligor by any court of competent jurisdiction
under the Bankruptcy Code or any other applicable state or federal law relating to bankruptcy, reorganization or other relief for debtors. 
  
 (g) There shall exist or occur any event or condition which Bank reasonably believes impairs, or is substantially likely to impair, the prospect of
payment by Borrower of its monetary obligations under any of the Loan Documents, and such event or condition continues unremedied or unabated for a period of 30 days. 
  
 (h) The death or incapacity of any individual Borrower or Third Party Obligor. The dissolution or liquidation of any
Borrower or Third Party Obligor which is a corporation, partnership, joint venture or other type of entity; or Borrower or any such Third Party Obligor, or any of its directors, stockholders or members, shall take action seeking to effect the
dissolution or liquidation of such Borrower or Third Party Obligor. 
  
 (i) Any change in ownership of an aggregate of twenty-five percent (25%) or more of the common stock of Borrower in a single transaction or a group or series of affiliated transactions. 
  
 SECTION 6.2. REMEDIES. Upon the occurrence of any Event of Default: (a) all
indebtedness of Borrower under each of the Loan Documents, any term thereof to the contrary notwithstanding, shall at Bank’s option and without notice become immediately due and payable without presentment, demand, protest or notice of
dishonor, all of which are hereby expressly waived by each Borrower; (b) the obligation, if any, of Bank to extend any further credit under any of the Loan Documents shall immediately cease and terminate; and (c) Bank shall have all rights, powers
and remedies available under each of the Loan Documents, or accorded by law, including without limitation the right to resort to any or all security for any credit subject hereto and to exercise any or all of the rights of a beneficiary or secured
party pursuant to applicable law. All rights, powers and remedies of Bank may be exercised at any time by Bank and from time to time after the occurrence of an Event of Default, are cumulative and not exclusive, and shall be in addition to any other
rights, powers or remedies provided by law or equity. 
  

 -11- 

 ARTICLE VII 
 MISCELLANEOUS 
  
 SECTION
7.1. NO WAIVER. No delay, failure or discontinuance of Bank in exercising any right, power or remedy under any of the Loan Documents shall affect or operate as a waiver of such right, power or remedy; nor shall any single or partial exercise of any
such right, power or remedy preclude, waive or otherwise affect any other or further exercise thereof or the exercise of any other right, power or remedy. Any waiver, permit, consent or approval of any kind by Bank of any breach of or default under
any of the Loan Documents must be in writing and shall be effective only to the extent set forth in such writing. 
  
 SECTION 7.2. NOTICES. All notices, requests and demands which any party is required or may desire to give to any other party under any provision of this
Agreement must be in writing delivered to each party at the following address: 
  

					
	 	 	BORROWER:	  	Lexar Media, Inc.
	 	 	 	  	 47421 Bayside Parkway

	 	 	 	  	 Fremont, CA 94538-6569

	 	 	 	  	 
	 	 	BANK:	  	WELLS FARGO BANK, NATIONAL ASSOCIATION
	 	 	 	  	Peninsula Technology RCBO
	 	 	 	  	400 Hamilton Avenue
	 	 	 	  	Palo Alto, CA 94301

  
 or to such other address as any party
may designate by written notice to all other parties. Each such notice, request and demand shall be deemed given or made as follows: (a) if sent by hand delivery, upon delivery; (b) if sent by mail, upon the earlier of the date of receipt or three
(3) days after deposit in the U.S. mail, first class and postage prepaid; and (c) if sent by telecopy, upon receipt. 
  
 SECTION 7.3. COSTS, EXPENSES AND ATTORNEYS’ FEES. Borrower shall pay to Bank immediately upon demand the full amount of all payments, advances,
charges, costs and expenses, including reasonable attorneys’ fees (to include outside counsel fees and all allocated costs of Bank’s in-house counsel), expended or incurred by Bank in connection with (a) the negotiation and preparation of
this Agreement and the other Loan Documents and the preparation of any amendments and waivers hereto and thereto, (b) collateral audits or exams performed by Bank or its agents during the continuance of an Event of Default. The non-prevailing party
shall pay to the prevailing party immediately upon demand the full amount of all payments, advances, charges, costs and expenses, including reasonable attorneys’ fees (to include outside counsel fees and all allocated costs of Bank’s
in-house counsel), expended or incurred by Bank in connection with (c) the enforcement of rights and/or the collection of any amounts which become due to Bank under any of the Loan Documents, and (d) the prosecution or defense of any action in any
way related to any of the Loan Documents, including without limitation, any action for declaratory relief, whether incurred at the trial or appellate level, in an arbitration proceeding or otherwise, and including any of the foregoing incurred in
connection with any bankruptcy proceeding (including without limitation, any adversary proceeding, contested matter or motion brought by Bank or any other person) relating to any Borrower or any other person or entity. 
  

 -12- 

 SECTION 7.4. SUCCESSORS, ASSIGNMENT. This Agreement shall be binding upon and inure to the benefit of the
heirs, executors, administrators, legal representatives, successors and assigns of the parties; provided however, that Borrower may not assign or transfer its interest hereunder without Bank’s prior written consent. Bank reserves the right to
sell, assign, transfer, negotiate or grant participations in all or any part of, or any interest in, Bank’s rights and benefits under each of the Loan Documents. In connection therewith, Bank may disclose all documents and information which
Bank now has or may hereafter acquire relating to any credit subject hereto, Borrower or its business, or any collateral required hereunder. 
  
 SECTION 7.5. ENTIRE AGREEMENT; AMENDMENT. This Agreement and the other Loan Documents constitute the entire agreement between Borrower and Bank with
respect to each credit subject hereto and supersede all prior negotiations, communications, discussions and correspondence concerning the subject matter hereof. This Agreement may be amended or modified only in writing signed by each party hereto.

  
 SECTION 7.6. NO THIRD PARTY BENEFICIARIES. This Agreement is
made and entered into for the sole protection and benefit of the parties hereto and their respective permitted successors and assigns, and no other person or entity shall be a third party beneficiary of, or have any direct or indirect cause of
action or claim in connection with, this Agreement or any other of the Loan Documents to which it is not a party. 
  
 SECTION 7.7. TIME. Time is of the essence of each and every provision of this Agreement and each other of the Loan Documents. 
  
 SECTION 7.8. SEVERABILITY OF PROVISIONS. If any provision of this Agreement
shall be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity without invalidating the remainder of such provision or any remaining provisions of this Agreement.

  
 SECTION 7.9. COUNTERPARTS. This Agreement may be executed in
any number of counterparts, each of which when executed and delivered shall be deemed to be an original, and all of which when taken together shall constitute one and the same Agreement. 
  
 SECTION 7.10. GOVERNING LAW. This Agreement shall be governed by and construed in accordance with the laws of the State of
California. 
  
 SECTION 7.11. ARBITRATION. 
  
 (a) Arbitration. The parties hereto agree, upon demand by any party,
to submit to binding arbitration all claims, disputes and controversies between or among them (and their respective employees, officers, directors, attorneys, and other agents), whether in tort, contract or otherwise arising out of or relating to in
any way (i) the loan and related Loan Documents which are the subject of this Agreement and its negotiation, execution, collateralization, administration, repayment, modification, extension, substitution, formation, inducement, enforcement, default
or termination; or (ii) requests for additional credit. 
  
 (b)
Governing Rules. Any arbitration proceeding will (i) proceed in a location in California selected by the American Arbitration Association (“AAA”); (ii) be governed by the Federal Arbitration Act (Title 9 of the United States Code),
notwithstanding any conflicting choice of law provision in any of the documents between the parties; and (iii) be conducted by the AAA, or such other administrator as the parties shall mutually agree upon, in accordance 
  

 -13- 

 with the AAA’s commercial dispute resolution procedures, unless the claim or counterclaim is at least $1,000,000.00
exclusive of claimed interest, arbitration fees and costs in which case the arbitration shall be conducted in accordance with the AAA’s optional procedures for large, complex commercial disputes (the commercial dispute resolution procedures or
the optional procedures for large, complex commercial disputes to be referred to, as applicable, as the “Rules”). If there is any inconsistency between the terms hereof and the Rules, the terms and procedures set forth herein shall
control. Any party who fails or refuses to submit to arbitration following a demand by any other party shall bear all costs and expenses incurred by such other party in compelling arbitration of any dispute. Nothing contained herein shall be deemed
to be a waiver by any party that is a bank of the protections afforded to it under 12 U.S.C. §91 or any similar applicable state law. 
  
 (c) No Waiver of Provisional Remedies, Self-Help and Foreclosure. The arbitration requirement does not limit the right of any party to (i)
foreclose against real or personal property collateral; (ii) exercise self-help remedies relating to collateral or proceeds of collateral such as setoff or repossession; or (iii) obtain provisional or ancillary remedies such as replevin, injunctive
relief, attachment or the appointment of a receiver, before during or after the pendency of any arbitration proceeding. This exclusion does not constitute a waiver of the right or obligation of any party to submit any dispute to arbitration or
reference hereunder, including those arising from the exercise of the actions detailed in sections (i), (ii) and (iii) of this paragraph. 
  
 (d) Arbitrator Qualifications and Powers. Any arbitration proceeding in which the amount in controversy is $5,000,000.00 or less will be decided by
a single arbitrator selected according to the Rules, and who shall not render an award of greater than $5,000,000.00. Any dispute in which the amount in controversy exceeds $5,000,000.00 shall be decided by majority vote of a panel of three
arbitrators; provided however, that all three arbitrators must actively participate in all hearings and deliberations. The arbitrator will be a neutral attorney licensed in the State of California or a neutral retired judge of the state or federal
judiciary of California, in either case with a minimum of ten years experience in the substantive law applicable to the subject matter of the dispute to be arbitrated. The arbitrator will determine whether or not an issue is arbitratable and will
give effect to the statutes of limitation in determining any claim. In any arbitration proceeding the arbitrator will decide (by documents only or with a hearing at the arbitrator’s discretion) any pre-hearing motions which are similar to
motions to dismiss for failure to state a claim or motions for summary adjudication. The arbitrator shall resolve all disputes in accordance with the substantive law of California and may grant any remedy or relief that a court of such state could
order or grant within the scope hereof and such ancillary relief as is necessary to make effective any award. The arbitrator shall also have the power to award recovery of all costs and fees, to impose sanctions and to take such other action as the
arbitrator deems necessary to the same extent a judge could pursuant to the Federal Rules of Civil Procedure, the California Rules of Civil Procedure or other applicable law. Judgment upon the award rendered by the arbitrator may be entered in any
court having jurisdiction. The institution and maintenance of an action for judicial relief or pursuit of a provisional or ancillary remedy shall not constitute a waiver of the right of any party, including the plaintiff, to submit the controversy
or claim to arbitration if any other party contests such action for judicial relief. 
  
 (e) Discovery. In any arbitration proceeding discovery will be permitted in accordance with the Rules. All discovery shall be expressly limited to matters directly relevant to the dispute being arbitrated and
must be completed no later than 20 days before the hearing date and within 180 days of the filing of the dispute with the AAA. Any requests for an extension of the discovery periods, or any discovery disputes, will be subject to final determination
by the 
  

 -14- 

 arbitrator upon a showing that the request for discovery is essential for the party’s presentation and that no
alternative means for obtaining information is available. 
  
 (f)
Class Proceedings and Consolidations. The resolution of any dispute arising pursuant to the terms of this Agreement shall be determined by a separate arbitration proceeding and such dispute shall not be consolidated with other disputes or
included in any class proceeding. 
  
 (g) Payment Of
Arbitration Costs And Fees. The arbitrator shall award all costs and expenses of the arbitration proceeding. 
  
 (h) Real Property Collateral; Judicial Reference. Notwithstanding anything herein to the contrary, no dispute shall be submitted to arbitration if
the dispute concerns indebtedness secured directly or indirectly, in whole or in part, by any real property unless (i) the holder of the mortgage, lien or security interest specifically elects in writing to proceed with the arbitration, or (ii) all
parties to the arbitration waive any rights or benefits that might accrue to them by virtue of the single action rule statute of California, thereby agreeing that all indebtedness and obligations of the parties, and all mortgages, liens and security
interests securing such indebtedness and obligations, shall remain fully valid and enforceable. If any such dispute is not submitted to arbitration, the dispute shall be referred to a referee in accordance with California Code of Civil Procedure
Section 638 et seq., and this general reference agreement is intended to be specifically enforceable in accordance with said Section 638. A referee with the qualifications required herein for arbitrators shall be selected pursuant to the AAA’s
selection procedures. Judgment upon the decision rendered by a referee shall be entered in the court in which such proceeding was commenced in accordance with California Code of Civil Procedure Sections 644 and 645. 
  
 (i) Miscellaneous. To the maximum extent practicable, the AAA, the
arbitrators and the parties shall take all action required to conclude any arbitration proceeding within 180 days of the filing of the dispute with the AAA. No arbitrator or other party to an arbitration proceeding may disclose the existence,
content or results thereof, except for disclosures of information by a party required in the ordinary course of its business or by applicable law or regulation. If more than one agreement for arbitration by or between the parties potentially applies
to a dispute, the arbitration provision most directly related to the Loan Documents or the subject matter of the dispute shall control. This arbitration provision shall survive termination, amendment or expiration of any of the Loan Documents or any
relationship between the parties. 
  
 IN WITNESS WHEREOF, the
parties hereto have caused this Agreement to be executed as of the day and year first written above. 
  

									
	 Lexar Media, Inc.
	 	 	 	 WELLS FARGO BANK,
   NATIONAL
ASSOCIATION

					
	By:	 	 /s/ Brian McGee

	 	 	 	By:	 	 /s/ Matthew Burke

	 	 	 Brian McGee
	 	 	 	 	 	Matthew Burke
	 	 	 Chief Financial Officer
	 	 	 	 	 	Vice President
	 	 	 	 	 	 	 	 	 
	By:	 	 /s/ Eric Stang

	 	 	 	 	 	 
	 Title:
	 	CEO	 	 	 	 	 	 

  

 -15-

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