Document:

EX-10.3

Exhibit 10.3

GUARANTY AGREEMENT

Dated as of November 14, 2008

by

EACH GUARANTOR PARTY HERETO

in favor of

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as the Administrative Agent

1

GUARANTY AGREEMENT

This GUARANTY AGREEMENT (this “Guaranty”), dated as of November 14, 2008, is made by
HI-SPEED MEDIA, INC., a California corporation, WEB MARKETING HOLDINGS, LLC, a Delaware limited
liability company, WEB CLIENTS, LLC, a Delaware limited liability company, I-DEAL DIRECT
INTERACTIVE, LLC, a Pennsylvania limited liability company, MEZI MEDIA, INC., a California
corporation, SEARCH123.COM INC., a California corporation, MEDIAPLEX, INC., a Delaware corporation,
BE FREE, INC., a Delaware corporation, COMMISSION JUNCTION, INC., a Delaware corporation, and each
of the other entities which becomes a party hereto pursuant to Section 4.15 hereof (each a
“Guarantor” and collectively, the “Guarantors”) in favor of WELLS FARGO BANK,
NATIONAL ASSOCIATION, as administrative agent for the Lenders as defined in the Credit Agreement
referred to below (in such capacity, together with its successors in such capacity, the
“Administrative Agent”).

A. Each of the Guarantors is in the same corporate family as VALUECLICK, INC., a Delaware
corporation (the “Borrower”);

B. The Borrower has entered into that certain Credit Agreement, dated of November 14, 2008 (as
the same from time to time hereafter may be amended, modified, supplemented or restated, the
“Credit Agreement”), by and among the Borrower, the financial institutions party thereto
from time to time, and the Administrative Agent, pursuant to which the Lenders have agreed to
extend loans and other financial accommodations to the Borrower for the purposes, and on the terms
and subject to the conditions, set forth in the Credit Agreement.

C. The Lenders are willing to make and maintain loans and other financial accommodations to
the Borrower on and after the date of the Credit Agreement, but only upon the condition, among
others, that the Guarantors shall have executed and delivered this Guaranty to the Administrative
Agent.

D. To induce the Administrative Agent and the Lenders to enter into, and to extend credit
under, the Credit Agreement and the other Credit Documents, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, each Guarantor has
agreed to guarantee the Guaranteed Obligations upon the terms and conditions of this Guaranty.

E. Each Guarantor has obtained and may in the future obtain working capital and loans needed
for its operations from the Borrower, and the Borrower will have access to credit under the Credit
Agreement to obtain funds to provide and lend to such Guarantors. In addition, all Guarantors
expect to realize direct and indirect benefits as the result of the availability of the
aforementioned credit facilities to the Borrower, as the result of financial or business support
which will be provided to the Guarantors by the Borrower.

AGREEMENT

NOW, THEREFORE, in consideration of the premises and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as
follows:

SECTION 1. DEFINITIONS.

1.01. Definitions. Unless otherwise defined herein, all capitalized terms used in
this Guaranty that are defined in the Credit Agreement (including those terms incorporated by
reference) shall have the respective meanings assigned to them in the Credit Agreement. In
addition, the following terms shall have the following meanings under this Guaranty:

“Bankruptcy Code” shall mean Title 11 of the United States Code.

“Guaranteed Obligations” shall mean (a) any and all Obligations of the Borrower, (b)
any and all obligations of the Borrower for the performance of its agreements, covenants and
undertakings under or in respect of the Credit Documents, and (c) any and all other obligations of
the Borrower for the payment of all amounts, liabilities and indebtedness (whether for principal,
interest, reimbursement, fees, charges, indemnification or otherwise) now or in the future owed to
the Administrative Agent, the Lenders or any such Person individually, and for the performance by
the Borrower of its agreements, covenants and undertakings, in each case under or in respect of any
and all of the Credit Documents and the Lender Rate Contracts, it being acknowledged by each
Guarantor that such other obligations may arise or be created, incurred or assumed at any time and
from time to time and in such manner and such circumstances and with such terms and provisions as
the Borrower, the Administrative Agent and the Lenders or any such Person individually may agree
without notice or demand of any kind or nature whatsoever to the Guarantors. The Guaranteed
Obligations shall include interest accruing at the then applicable rate provided in the Credit
Agreement after the maturity thereof and interest accruing at the then applicable rate provided in
the Credit Agreement after the filing of any petition in bankruptcy, or the commencement of any
insolvency, reorganization or like proceeding, relating to any Loan Party thereunder or any Obligor
whether or not a claim for post-filing or post-petition interest is allowed or allowable in such
proceeding. Each Guarantor acknowledges that some extensions of credit under the Credit Agreement
may be available on a revolving basis.

“Obligor” shall mean any additional or separate guarantor, surety or other Person that
is directly or indirectly liable for all or a portion of the Guaranteed Obligations or who has
provided security for the Guaranteed Obligations.

1.02. Interpretation. The rules of interpretation set forth in Article I of the
Credit Agreement shall, to the extent not inconsistent with the terms of this Guaranty, apply to
this Guaranty and are hereby incorporated by reference.

	 	 	 
	SECTION 2. THE GUARANTEE.

	 

	2.01.

	 	Guarantee Provisions.
	
 
	 	 

(a) Guarantee. Each Guarantor hereby absolutely, irrevocably and unconditionally
guarantees to the Administrative Agent and each Lender the timely payment in full when due (whether
at stated maturity, by acceleration or otherwise) and performance of the Guaranteed Obligations in
each case strictly in accordance with their terms. Each Guarantor hereby further agrees that if
the Borrower shall fail to pay in full when due (whether at stated maturity, by acceleration or
otherwise) all or any part of the Guaranteed Obligations, such Guarantor will immediately pay the
same, without any demand or notice whatsoever, and that in the case of any extension of time of
payment or renewal of all or any part of the Guaranteed Obligations, the same will be timely paid
in full when due (whether at extended maturity, by acceleration or otherwise) in accordance with
the terms of such extension or renewal. This Guaranty is absolute, irrevocable and unconditional
in nature and is made with respect to any and all Guaranteed Obligations now existing or in the
future arising. Each Guarantor’s liability under this Guaranty shall continue until indefeasible
payment in cash of all Guaranteed Obligations. This Guaranty is a guarantee of due and punctual
payment and performance and not of collectibility.

(b) Savings Clause. If under any applicable law (including without limitation state
and Federal fraudulent transfer laws) the obligations of any Guarantor under Section
2.01(a) would otherwise be held or determined to be void, invalid or unenforceable or if the
claims of the Lenders in respect of such obligations would be subordinated to the claims of any
other creditors on account of such Guarantor’s liability under Section 2.01(a), then,
notwithstanding any other provision of this Guaranty to the contrary, the amount of the liability
of such Guarantor shall, without any further action by the Guarantors, any Lender, the
Administrative Agent or any other Person, be automatically limited and reduced to the highest
amount which is valid and enforceable and not subordinated to the claims of other creditors as
determined in such action or proceeding. Each Guarantor agrees that it has obtained and may in the
future obtain working capital and loans needed for its operations from the Borrower, and the
Borrower will have access to credit under the Credit Agreement to obtain funds to provide and lend
to such Guarantors. In addition, all Guarantors expect to realize direct and indirect benefits as
the result of the availability of the aforementioned credit facilities to the Borrower, as the
result of financial or business support which will be provided to the Guarantors by the Borrower.

(c) Joint and Several Obligations. The obligations and liability of the Guarantors
under this Guaranty are joint and several. Except as expressly set forth in
Section 2.01(b), the liability of the Guarantors is not limited in any respect.

2.02. Acknowledgments, Agreements; Waivers and Consents. Each Guarantor acknowledges
that the obligations undertaken by it under this Guaranty involve the guarantee of obligations of
Persons other than such Guarantor and that such obligations of each Guarantor are absolute,
irrevocable and unconditional under any and all circumstances. In full recognition and in
furtherance of the foregoing, each Guarantor agrees that:

(a) Without affecting the enforceability or effectiveness of this Guaranty in accordance with
its terms and without affecting, limiting, reducing, discharging or terminating the liability of
such Guarantor, or the rights, remedies, powers and privileges of the Administrative Agent and the
Lenders under this Guaranty, the Administrative Agent and the Lenders may, at any time and from
time to time and without notice or demand of any kind or nature whatsoever to or on any Guarantor:

(i) amend, supplement, modify, extend, renew, waive, accelerate or otherwise change the time
for payment or performance of, or the terms of, all or any part of the Guaranteed Obligations
(including any increase or decrease in the principal portion of, or rate or rates of interest on,
all or any part of the Guaranteed Obligations);

(ii) amend, supplement, modify, extend, renew, waive or otherwise change, or enter into or
give, any Credit Document or any agreement, security document, guarantee, approval, consent or
other instrument with respect to all or any part of the Guaranteed Obligations, any Credit Document
or any such other instrument or any term or provision of the foregoing;

(iii) accept or enter into new or additional agreements, security documents, guarantees
(including letters of credit) or other instruments in addition to, in exchange for or relative to
any Credit Document, all or any part of the Guaranteed Obligations or any collateral now or in the
future serving as security for the Guaranteed Obligations;

(iv) accept or receive (including from any Obligor) partial payments or performance on the
Guaranteed Obligations (whether as a result of the exercise of any right, remedy, power or
privilege or otherwise);

(v) accept, receive and hold any additional collateral for all or any part of the Guaranteed
Obligations (including from any Obligor);

(vi) release, reconvey, terminate, waive, abandon, allow to lapse or expire, fail to perfect,
subordinate, exchange, substitute, transfer, foreclose upon or enforce any collateral, security
documents or guarantees (including letters of credit or the obligations of any Obligor) for or
relative to all or any part of the Guaranteed Obligations;

(vii) apply any collateral or the proceeds of any collateral or guarantee (including any
letter of credit or the obligations of any Obligor) to all or any part of the Guaranteed
Obligations in such manner and extent as the Administrative Agent or any Lender may in its sole
discretion determine;

(viii) release any Person (including any Obligor or other Guarantor) from any liability with
respect to all or any part of the Guaranteed Obligations;

(ix) settle, compromise, release, waive, liquidate or enforce upon such terms and in such
manner as the Administrative Agent or the Lenders may determine or as applicable law may dictate
all or any part of the Guaranteed Obligations or any collateral on or guarantee of (including any
letter of credit issued with respect to) all or any part of the Guaranteed Obligations (including
with any Obligor);

(x) consent to the merger or consolidation of, the sale of substantial assets by, or other
restructuring or termination of the existence of the Borrower, any Loan Party or any other Person
(including any Obligor);

(xi) proceed against the Borrower, such Guarantor, any other Guarantor or any Obligor of
(including any issuer of any letter of credit issued with respect to) all or any part of the
Guaranteed Obligations or any collateral provided by any Person and exercise the rights, remedies,
powers and privileges of the Administrative Agent and the Lenders under the Credit Documents or
otherwise in such order and such manner as the Administrative Agent or any Lender may, in its
discretion, determine, without any necessity to proceed upon or against or exhaust any collateral,
right, remedy, power or privilege before proceeding to call upon or otherwise enforce this Guaranty
as to such Guarantor;

(xii) foreclose upon any deed of trust, mortgage or other instrument creating or granting
liens on any interest in real property by judicial or nonjudicial sale or by deed in lieu of
foreclosure, bid any amount or make no bid in any foreclosure sale or make any other election of
remedies with respect to such liens or exercise any right of set-off;

(xiii) obtain the appointment of a receiver with respect to any collateral for all or any part
of the Guaranteed Obligations and apply the proceeds of such receivership as the Administrative
Agent or any Lender may in its discretion determine (it being agreed that nothing in this clause
(xiii) shall be deemed to make the Administrative Agent or any Lender a party in possession in
contemplation of law, except at its option);

(xiv) enter into such other transactions or business dealings with the Borrower, any other
Loan Party, any Obligor or Affiliate thereof of all or any part of the Guaranteed Obligations as
the Administrative Agent or any Lender may desire; and

(xv) do all or any combination of the actions set forth in this Section 2.02(a).

(b) The enforceability and effectiveness of this Guaranty and the liability of such Guarantor,
and the rights, remedies, powers and privileges of the Administrative Agent and the Lenders, under
this Guaranty shall not be affected, limited, reduced, discharged or terminated, and each Guarantor
hereby expressly waives any defense now or in the future arising (other than a defense that the
Guaranteed Obligations have been indefeasibly paid in full in cash), by reason of:

(i) the illegality, invalidity or unenforceability of all or any part of the Guaranteed
Obligations, any Credit Document or any agreement, security document, guarantee or other instrument
relative to all or any part of the Guaranteed Obligations;

(ii) any disability or other defense with respect to all or any part of the Guaranteed
Obligations of the Borrower, or any Obligor with respect to all or any part of the Guaranteed
Obligations (including any issuer of any letters of credit), including the effect of any statute of
limitations that may bar the enforcement of all or any part of the Guaranteed Obligations or the
obligations of any such Obligor;

(iii) the illegality, invalidity or unenforceability of any security or guarantee (including
any letter of credit) for all or any part of the Guaranteed Obligations or the lack of perfection
or continuing perfection or failure of the priority of any lien on any collateral for all or any
part of the Guaranteed Obligations;

(iv) the cessation, for any cause whatsoever (including, without limitation, release,
expiration, termination or the unenforceability of the underlying documentation), of the liability
of the Borrower, any other Loan Party or any Obligor of all or any part of the Guaranteed
Obligations (other than, subject to Section 2.05, by reason of the full payment and
performance of all Guaranteed Obligations);

(v) any failure of the Administrative Agent or any Lender to marshal assets in favor of the
Borrower or any other Person (including any Obligor), to exhaust any collateral for all or any part
of the Guaranteed Obligations, to pursue or exhaust any right, remedy, power or privilege it may
have against the Borrower, any other Loan Party, any Obligor with respect to all or any part of the
Guaranteed Obligations (including any issuer of any letter of credit) or any other Person or to
take any action whatsoever to mitigate or reduce such or any other liability of such Guarantor
under this Guaranty, neither the Administrative Agent nor any Lender being under any obligation to
take any such action notwithstanding the fact that all or any part of the Guaranteed Obligations
may be due and payable and that the Borrower may be in default of its obligations under any Credit
Document;

(vi) any failure of the Administrative Agent or any Lender to give notice of sale or other
disposition of any collateral (including any notice of any judicial or nonjudicial foreclosure or
sale of any interest in real property serving as collateral for all or any part of the Guaranteed
Obligations) for all or any part of the Guaranteed Obligations to the Borrower, such Guarantor or
any other Person (including any Obligor) (except for any such notice expressly required to be given
to such Guarantor by the Administrative Agent pursuant to the Credit Documents) or any defect in,
or any failure by such Guarantor or any other Person to receive, any notice that may be given in
connection with any sale or disposition of any collateral;

(vii) any failure of the Administrative Agent or any Lender to comply with applicable laws in
connection with the sale or other disposition of any collateral for all or any part of the
Guaranteed Obligations;

(viii) any judicial or nonjudicial foreclosure or sale of, or other election of remedies with
respect to, any interest in real property or other collateral serving as security for all or any
part of the Guaranteed Obligations, even though such foreclosure, sale or election of remedies may
impair the subrogation rights of such Guarantor or may preclude such Guarantor from obtaining
reimbursement, contribution, indemnification or other recovery from the Borrower, any Obligor or
any other Person and even though the Borrower may not, as a result of such foreclosure, sale or
election of remedies, be liable for any deficiency;

(ix) any act or omission of the Administrative Agent, any Lender or any other Person that
directly or indirectly results in or aids the discharge or release of the Borrower, any Loan Party
or any Obligor of all or any part of the Guaranteed Obligations or any security or guarantee for
all or any part of the Guaranteed Obligations by operation of law or otherwise;

(x) any law which provides that the obligation of a surety or guarantor must neither be larger
in amount nor in other respects more burdensome than that of the principal or which reduces a
surety’s or guarantor’s obligation in proportion to the principal obligation;

(xi) the possibility that the obligations of the Borrower to the Administrative Agent and the
Lenders may at any time and from time to time exceed the aggregate liability of such Guarantor
under this Guaranty;

(xii) any counterclaim, set-off or other claim which the Borrower, any Loan Party, any Obligor
or any other Person has or alleges to have with respect to all or any part of the Guaranteed
Obligations;

(xiii) any failure of the Administrative Agent or any Lender to file or enforce a claim in any
bankruptcy or other proceeding with respect to any Person.

(xiv) the election by the Administrative Agent or any Lender in any bankruptcy proceeding of
any Person, of the application or nonapplication of Section 1111(b)(2) of the Bankruptcy Code;

(xv) any extension of credit or the grant of any Lien under Section 364 of the Bankruptcy
Code;

(xvi) any use of cash collateral under Section 363 of the Bankruptcy Code;

(xvii) any agreement or stipulation with respect to the provision of adequate protection in
any bankruptcy proceeding of any Person;

(xviii) the avoidance of any Lien in favor of the Administrative Agent or any Lender for any
reason;

(xix) any bankruptcy, insolvency, reorganization, arrangement, readjustment of debt,
liquidation or dissolution proceeding commenced by or against any Person, including any discharge
of, or bar or stay against collecting, all or any part of the Guaranteed Obligations (or any
interest on all or any part of the Guaranteed Obligations) in or as a result of any such
proceeding;

(xx) any change in the corporate existence, structure or ownership of the Borrower, any other
Loan Party or any Obligor;

(xxi) any action taken by the Administrative Agent or any Lender, whether similar or
dissimilar to any of the foregoing, that is authorized by this Section 2.02 or otherwise in
this Guaranty or by any other provision of any Credit Document or any omission to take any such
action; or

(xxii) any other circumstance whatsoever, whether similar or dissimilar to any of the
foregoing, that might otherwise constitute a legal or equitable discharge or defense of a surety or
guarantor.

(c) Each Guarantor hereby waives (i) any right of redemption with respect to the collateral or
security for the Guaranteed Obligations or for this Guaranty after the sale thereof, and all
rights, if any, of marshalling of the collateral or security for the Guaranteed Obligations or for
this Guaranty, (ii) any right (except as shall be required by applicable statute and cannot be
waived) to require the Administrative Agent or any Lender to pursue any remedy in the
Administrative Agent’s or any Lender’s power whatsoever, (iii) presentment, demand, notice of
dishonor, protest, notice of protest and all other notices whatsoever with respect to the payment
or performance of the Guaranteed Obligations or the amount thereof or any payment or performance by
any Guarantor hereunder and (iv) all rights to revoke this Guaranty at any time, and all rights to
revoke any agreement executed by such Guarantor at any time to secure the payment and performance
of such Guarantor’s obligations under this Guaranty.

(d) Each Guarantor waives all rights and defenses arising out of an election of remedies by
the Administrative Agent and the Lenders, even though that election of remedies, such as a
nonjudicial foreclosure with respect to collateral or security for the Guaranteed Obligations, has
destroyed such Guarantor’s rights of subrogation and reimbursement against the principal.

(e) Each Guarantor expressly waives, for the benefit of the Administrative Agent and the
Lenders, all set-offs and counterclaims and all presentments, demands for payment or performance,
notices of nonpayment or nonperformance, protests, notices of protest, notices of dishonor and all
other notices or demands of any kind or nature whatsoever with respect to the Guaranteed
Obligations (except notices expressly required to be given to such Guarantor by the Administrative
Agent pursuant to the Credit Documents), and all notices of acceptance of this Guaranty or of the
existence, creation, incurring or assumption of new or additional Guaranteed Obligations; provided
that such waiver of counterclaims shall not prevent such Guarantor from asserting in a separate
action any claim that is available to the primary obligor in respect of the Guaranteed Obligations
due to a breach by the Administrative Agent and the Lenders of their obligations under the Credit
Documents; provided further that no such claim shall excuse such Guarantor from its obligations to
pay the Guaranteed Obligations pursuant to Section 2 hereof). Each Guarantor further
expressly waives the benefit of any and all statutes of limitation and any and all laws providing
for the exemption of property from execution or for valuation and appraisal upon foreclosure, to
the maximum extent not prohibited by applicable law.

(f) Each Guarantor represents and warrants to the Administrative Agent and the Lenders that it
has established adequate means of obtaining financial and other information pertaining to the
business, operations and condition (financial and otherwise) of the Borrower and its properties on
a continuing basis and that such Guarantor is now and will in the future remain fully familiar with
the business, operations and condition (financial and otherwise) of the Borrower and its
properties. Each Guarantor further represents and warrants that it has reviewed and approved each
of the Credit Documents and is fully familiar with the transaction contemplated by the Credit
Documents and that it will in the future remain fully familiar with such transaction and with any
new Credit Documents and the transactions contemplated by such Credit Documents. Each Guarantor
hereby expressly waives and relinquishes any duty on the part of the Administrative Agent or the
Lenders (should any such duty exist) to disclose to the such Guarantor or any other Obligor any
matter of fact or other information related to the business, operations or condition (financial or
otherwise) of the Borrower or its properties or to any Credit Document or the transactions
undertaken pursuant to, or contemplated by, any such Credit Document, whether now or in the future
known by the Administrative Agent or any Lender.

(g) Each Guarantor intends that its rights and obligations shall be those expressly set forth
in this Guaranty and that its obligations shall not be affected, limited, reduced, discharged or
terminated by reason of any principles or provisions of law which conflict with the terms of this
Guaranty.

(h) Each Guarantor acknowledges and agrees that there may be additional guaranty or security
agreements or similar documents executed by other Obligors in respect of all or a portion of the
Guaranteed Obligations and the existence of any such guaranty or security agreement or similar
document shall not in any way impair, reduce or limit such Guarantor’s obligations hereunder.

(i) Without limiting the generality of any other provision hereof, each Guarantor agrees that,
in the event of the dissolution or insolvency of the Borrower, any Guarantor or any Obligor or the
inability of the Borrower, any Guarantor or any Obligor to pay its debts as they mature, or an
assignment by the Borrower, any Guarantor or any Obligor for the benefit of creditors, or the
institution of any proceeding by or against the Borrower, any Guarantor or any Obligor alleging
that the Borrower, any Guarantor or any Obligor is insolvent or unable to pay its debts as they
mature (including any bankruptcy, reorganization, arrangement, moratorium or other debtor relief
proceeding), or the appointment of a receiver for, or the attachment, restraint of or making or
levying of any order of court or legal process affecting, the property of the Borrower, any
Guarantor or any Obligor, each Guarantor will pay to the Administrative Agent for the benefit of
itself and the Lenders forthwith the full amount which would be payable hereunder by such Guarantor
if all of the Guaranteed Obligations were then due and payable, whether or not such event occurs at
a time when any of the Guaranteed Obligations are otherwise due and payable.

2.03. Understanding With Respect to Waivers and Consents. Each Guarantor represents,
warrants and agrees that each of the waivers and consents set forth in this Guaranty is made
voluntarily and unconditionally after consultation with outside legal counsel and with full
knowledge of its significance and consequences, with the understanding that events giving rise to
any defense or right waived may diminish, destroy or otherwise adversely affect rights which such
Guarantor or any other Obligor otherwise may have against the Borrower, the Administrative Agent,
any Lender or any other Person or against any collateral. If, notwithstanding the intent of the
parties that the terms of this Guaranty shall control in any and all circumstances, any such
waivers or consents are determined to be unenforceable under applicable law, such waivers and
consents shall be effective to the maximum extent not prohibited by law.

2.04. Subrogation. Each Guarantor hereby agrees that, until the indefeasible payment
in cash and satisfaction in full of all of the Guaranteed Obligations (other than unmatured
indemnity obligations which by their express terms survive the termination of the Credit Documents
and in connection with which no claim has been made) and the expiration and termination of the
commitments of the Lenders under the Credit Documents, it shall not exercise any right, remedy,
power or privilege, such as any right of subrogation, contribution or indemnity or related remedy,
power or privilege, arising (whether by contract or operation of law, including under the
Bankruptcy Code) against the Borrower, any other Guarantor or any Obligor of all or any part of the
Guaranteed Obligations or any collateral or security for all or any part of the Guaranteed
Obligations by reason of any payment or other performance pursuant to the provisions of this
Guaranty and, if any amount shall be paid to such Guarantor on account of such rights, remedies,
powers or privileges, it shall hold such amount in trust for the benefit of, and pay the same over
to, the Administrative Agent (for the benefit of the Lenders) on account of the Guaranteed
Obligations. Each Guarantor understands that the exercise by the Administrative Agent or any
Lender of any right, remedy, power or privilege that it may have under the Credit Documents, any
agreement, collateral or security document, guarantee or other instrument relative to all or any
part of the Guaranteed Obligations or otherwise may affect or eliminate such Guarantor’s or any
Obligor’s right of subrogation or similar recovery against the Borrower, any other Guarantor, any
Obligor or any collateral or security and that such Guarantor may therefore incur partially or
totally nonreimbursable liability under this Guaranty. Nevertheless, each Guarantor hereby
authorizes and empowers the Administrative Agent and the Lenders to exercise, in its or their sole
discretion, any combination of such rights, remedies, powers and privileges.

2.05. Reinstatement. The obligations of each Guarantor under this Guaranty shall be
automatically reinstated if and to the extent that for any reason any payment to the Administrative
Agent or any Lender by or on behalf of the Borrower, any other Guarantor, any Obligor or any other
Person or any other application of funds (including the proceeds of any collateral for all or any
part of the Guaranteed Obligations) in respect of all or any part of the Guaranteed Obligations is
rescinded or must be otherwise restored by any holder of such Guaranteed Obligations, whether as a
result of any proceedings in bankruptcy, reorganization or otherwise and each Guarantor agrees that
it will indemnify the Administrative Agent and each Lender on demand for all costs and expenses
(including fees and expenses of counsel) incurred by the Administrative Agent or such Lender in
connection with such rescission or restoration.

2.06. Remedies. Each Guarantor hereby agrees that, between it on the one hand and the
Administrative Agent and the Lenders on the other, the obligations of the Borrower under the Credit
Agreement and the other Credit Documents may be declared to be forthwith (or may become
automatically) due and payable as provided in the Credit Agreement for purposes of Section
2.01 notwithstanding any stay, injunction or other prohibition preventing such declaration (or
such obligations becoming due and payable as against the Borrower) and that, in the event of such
declaration (or such obligation being deemed due and payable), such obligations (whether or not due
and payable by the Borrower) shall forthwith become due and payable for purposes of
Section 2.01.

2.07. Separate Action. The Administrative Agent may bring and prosecute a separate
action or actions against each Guarantor (or any one or more of them) whether or not the Borrower,
any other Guarantor, any Loan Party, any other Obligor or any other Person is joined in any such
action or a separate action or actions are brought against the Borrower, any other Guarantor, any
Loan Party, any other Obligor, any other Person, or any collateral or security for all or any part
of the Guaranteed Obligations. The obligations of each Guarantor under, and the effectiveness of,
this Guaranty are not conditioned upon the existence or continuation of any other guarantee
(including any letter of credit) of or collateral or security for all or any part of the Guaranteed
Obligations.

2.08. Subordination.

(a) Each Guarantor agrees that the payment by the Borrower, any other Loan Party or any
Obligor of any indebtedness in favor of such Guarantor (the “Subordinated Lender”) shall be
subordinated and subject to the prior indefeasible payment in cash in full of all amounts payable
by the Borrower, such other Loan Party or such Obligor under the Credit Agreement or this Guaranty,
as the case may be, and any other Credit Document to which the Borrower, such other Loan Party or
such Obligor is a party (“Senior Debt”) upon the terms of this Section.

(b) Upon any distribution of assets of the Borrower, a Loan Party or an Obligor to creditors
upon a liquidation or dissolution of the Borrower, such Loan Party or such Obligor or in a
bankruptcy, reorganization, insolvency, receivership or similar proceeding relating to the
Borrower, or such Loan Party or such Obligor or its property, (i) the Administrative Agent and the
Lenders shall be entitled to receive payment in full of all Senior Debt before the Subordinated
Lender shall be entitled to receive any payment of principal of or interest on or any other amounts
in respect of Indebtedness of the Borrower, or such Loan Party or such Obligor in favor of the
Subordinated Lender (the “Subordinated Debt”); and (ii) until indefeasible payment in cash
in full of the Senior Debt and the Commitments under the Credit Agreement shall have terminated,
any distribution of assets of any kind or character to which the Subordinated Lender would
otherwise be entitled shall be paid by the Borrower, such Loan Party or such Obligor or by any
receiver, trustee in bankruptcy, liquidating trustee, agents or other person making such payment or
distribution to, or if received by the Borrower, such Loan Party or such Obligor, shall be held for
the benefit of and shall be forthwith paid or delivered to, the Administrative Agent for
distribution to the Administrative Agent and the Lenders, as applicable.

(c) If the Subordinated Lender does not file proper claims or proofs of claim in the form
required in a bankruptcy, reorganization, insolvency, receivership or similar proceeding relating
to the Borrower, a Loan Party or an Obligor or its property prior to 45 days before the expiration
of the time to file such claims, then (a) upon the request of the Administrative Agent, the
Subordinated Lender shall file such claims and proofs of claim in respect of this instrument and
execute and deliver such powers of attorney, assignments and other instruments as are required to
enable the Administrative Agent and the Lenders to enforce any and all claims upon or in respect of
the Subordinated Debt and to collect and receive any and all payments or distributions which may be
payable or deliverable at any time upon or in respect of Subordinated Debt, and (b) whether or not
the Subordinated Lender shall take the action described in the preceding clause (a) the
Administrative Agent and the Lenders shall nevertheless be deemed to have such powers of attorney
as may be necessary for them to file appropriate claims and proofs of claim and otherwise exercise
the powers described above.

(d) No right of the Administrative Agent or any Lender to enforce the terms of this Section
shall be impaired by any act or failure to act by the Borrower, a Loan Party or an Obligor.
Neither the terms of this Section nor the rights of the Administrative Agent and the Lenders
hereunder shall be affected by any extension, renewal or modification of the terms of, or the
granting of any security in respect of, any Senior Debt or any exercise or nonexercise of any
right, power or remedy with respect thereto.

(e) Until the Senior Debt is paid in full and the Commitments under the Credit Agreement shall
have terminated, the Subordinated Lender shall not exercise any right of subrogation that it may
have now or hereafter as a result of its performance of this Guaranty.

(f) Nothing in this Section shall (i) impair, as between the Borrower, such Loan Party or such
Obligor and the Subordinated Lender, the obligation of the Borrower, or such Loan Party or such
Obligor, which is absolute and unconditional, to pay the principal of and interest on Subordinated
Debt in accordance with its terms; (ii) affect the relative rights of the Subordinated Lender and
creditors of the Borrower, or such Loan Party or such Obligor other than the Administrative Agent
and the Lenders; or (iii) prevent the Subordinated Lender from exercising its available remedies
upon an event of default under the Subordinated Debt, subject to the rights of the Administrative
Agent and the Lenders to receive cash, property or other assets otherwise payable to the
Subordinated Lender to the extent set forth in this Section.

2.09. Right to Offset Balances. Each Guarantor agrees that, in addition to (and
without any limitation of) any right of set-off, banker’s lien or counterclaim any Lender may
otherwise have, each Lender shall be entitled, at its option but only with the prior written
consent of the Administrative Agent, to offset balances held by it for the account of such
Guarantor at any of its offices, in Dollars or in any other currency, against any Guaranteed
Obligations to such Lender from and after the occurrence of an Event of Default (regardless of
whether such balances are then due to such Guarantor). Any Lender so entitled shall promptly
notify the applicable Guarantor and the Administrative Agent of any offset effected by it;
provided that such Lender’s failure to give such notice shall not affect the validity of
such offset or the obligations of any Guarantor hereunder or under any other Credit Document.

SECTION 3. REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE GUARANTORS. As of the
date hereof and as of the date of each extension of credit by the Lenders, each Guarantor
represents to the Administrative Agent and the Lenders that each of the representations and
warranties applicable to it under the Credit Agreement are true and correct as if made by such
Guarantor. Each Guarantor agrees to comply with and be bound by each of the covenants, agreements
and conditions in the Credit Agreement applicable to it as if such Guarantor were a party to the
Credit Agreement.

SECTION 4. MISCELLANEOUS PROVISIONS.

4.01. No Waiver. No failure or delay by the Administrative Agent or any Lender in
exercising any remedy, right, power or privilege under this Guaranty or any other Credit Document
shall operate as a waiver of such remedy, right, power or privilege, nor shall any single or
partial exercise of such remedy, right, power or privilege preclude any other or further exercise
of such remedy, right, power or privilege or the exercise of any other remedy, right, power or
privilege. The remedies, rights, powers and privileges provided by this Guaranty are, to the
extent not prohibited by law, cumulative and not exclusive of any remedies, rights, powers or
privileges provided by the other Credit Documents or by law.

4.02. Notices. All notices, requests, demands, consents, instructions or other
communications to or upon the Guarantors or any one of them or the Administrative Agent under this
Guaranty shall be in writing and faxed, mailed or delivered, if to the Guarantors or any one of
them or to the Administrative Agent, at its respective facsimile number or address set forth below
(or to such other facsimile number or address for any party as indicated in any notice given by
that party to the other parties). All such notices and communications shall be effective (a) when
sent by an overnight courier service of recognized standing, on the second Business Day following
the deposit with such service; (b) when mailed, first-class postage prepaid and addressed as
aforesaid through the United States Postal Service, upon receipt; (c) when delivered by hand, upon
delivery; and (d) when sent by facsimile transmission, upon confirmation of receipt

	 	 	 
	The Administrative Agent:

	 	Wells Fargo Bank, National Association

3 Palo Alto Square Suite 150

Palo Alto, California 94306

Attention: L. Jamie Riggs

Tel. No. (650) 846-2423

Fax No. (650) 493-2053
	The Guarantors:

	 	ValueClick, Inc.

30699 Russell Ranch Road

Suite 250

Westlake Village, California 91362

Attention: John Pitstick

Tel. No. (818) 575-4785

Fax No. (818) 575-4503

4.03. Expenses, Etc. Each Guarantor agrees to pay or to reimburse the Administrative
Agent and the Lenders for all costs and expenses (including fees and expenses of counsel) that may
be incurred by the Administrative Agent or the Lenders in any effort to enforce any of the
obligations of the Guarantors under this Guaranty, whether or not any lawsuit is filed, including
all such costs and expenses (and attorneys’ fees and expenses) incurred by the Administrative Agent
and the Lenders in any bankruptcy, reorganization, workout or similar proceeding. All amounts due
under this Guaranty (including under Section 2.01) and not paid when due shall bear
interest until paid at a per annum rate equal to the Base Rate plus the highest Applicable Margin
for Base Rate Loans plus two percent (2.00%).

4.04. Discharge of Guarantor. If a Guarantor ceases to be a Subsidiary of Borrower as
a result of a transaction permitted under the Credit Agreement, the Administrative Agent shall
release such Guarantor from its obligations under the Guaranty.

4.05. Amendments, Etc. No amendment, modification, supplement, extension, termination
or waiver of any provision of this Guaranty, no approval or consent thereunder, and no consent to
any departure by any Guarantor therefrom, may in any event be effective unless in writing signed by
the Administrative Agent, and then only in the specific instance and for the specific purpose given
and any such amendment, modification, supplement, extension, termination or waiver shall be binding
upon the Administrative Agent, each holder of the Guaranteed Obligations guaranteed hereunder and
the Guarantors; and, without the approval in writing of all the Lenders, except as otherwise set
forth in the Credit Documents or in Section 4.04 above, no such amendment, modification,
supplement, extension, termination, waiver or consent may be effective so as to release any
Guarantor from its obligations hereunder; and no such amendment, modification, supplement,
extension, termination or waiver may in any event be effective unless in writing signed by each
Guarantor who is a party to the Guaranty at the time any such amendment, modification, supplement,
extension, termination or waiver is made. Nothing herein shall in any way modify or limit the
effect of terms or conditions set forth in any other document, instrument or agreement executed by
any Guarantor or applicable to any Guarantor or in connection with the Guaranteed Obligations
guaranteed hereunder, but each and every term and condition hereof shall be in addition thereto.

4.06. Successors and Assigns. This Guaranty is in favor of the Administrative Agent
for the benefit of itself and the Lenders and their respective successors and assigns and, in the
event of an assignment of the Loans, Commitments or other amounts payable under the Credit
Agreement or the other Credit Documents in accordance with the terms thereof, the rights hereunder,
to the extent applicable to the indebtedness so assigned, may be transferred with such
indebtedness. This Guaranty shall be binding upon the Guarantors and their respective successors
and assigns (or, upon the death of a Guarantor, the duly appointed representative, executor or
administrator of such Guarantor’s estate) and inure to the benefit of the Administrative Agent and
the Lenders and their respective successors and assigns. No Guarantor may assign or transfer its
rights or obligations under this Guaranty without the prior written consent of the Administrative
Agent. Any attempted assignment or transfer in violation of this Section shall be null and void.

4.07. ENTIRE AGREEMENT. THIS GUARANTY REPRESENTS THE COMPLETE AND FINAL AGREEMENT
AMONG THE GUARANTORS AND THE ADMINISTRATIVE AGENT AND SUPERSEDES ALL PRIOR AGREEMENTS, WRITTEN OR
ORAL, ON THE SUBJECT MATTER HEREOF AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR,
CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF SUCH PARTIES. THERE ARE NO UNWRITTEN ORAL
AGREEMENTS BETWEEN OR AMONG THE GUARANTORS, THE ADMINISTRATIVE AGENT AND THE LENDERS.

4.08. Partial Invalidity. If at any time any one or more of the provisions contained
in this Guaranty should be held invalid, illegal or unenforceable in any respect, no party hereto
shall be required to comply with such provision for so long as such provision is held to be
invalid, illegal or unenforceable, but the validity, legality and enforceability of the remaining
provisions contained in this Guaranty shall not in any way be affected or impaired. The parties
hereto shall endeavor in good faith negotiations to replace the invalid, illegal or unenforceable
provisions with valid provisions the economic effect of which comes as close as possible to that of
the invalid, illegal or unenforceable provisions.

4.09. Captions. The table of contents, captions and section headings appearing in
this Guaranty are included solely for convenience of reference and are not intended to affect the
interpretation of any provision of this Guaranty.

4.10. Counterparts. This Guaranty may be executed in any number of identical
counterparts, any set of which signed by all the parties hereto shall be deemed to constitute a
complete, executed original for all purposes. Transmission by facsimile, “pdf” or similar
electronic copy of an executed counterpart of this Guaranty shall be deemed to constitute due and
sufficient delivery of such counterpart. Any party hereto may request an original counterpart of
any party delivering such electronic counterpart.

4.11. GOVERNING LAW. THIS GUARANTY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO CONFLICTS OF LAW RULES OTHER THAN
SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK.

4.12. SUBMISSION TO JURISDICTION. Each of the parties to this Guaranty irrevocably
submits to the non-exclusive jurisdiction of the courts of the State of New York and the courts of
the United States of America located in New York, New York and agrees that any legal action, suit
or proceeding arising out of or relating to this Guaranty or any of the other Credit Documents
(including, without limitation, any Security Documents) may be brought against such party in any
such courts. Final judgment against any party in any such action, suit or proceeding shall be
conclusive and may be enforced in any other jurisdiction by suit on the judgment, a certified or
exemplified copy of which shall be conclusive evidence of the judgment, or in any other manner
provided by law. Nothing in this Section shall affect the right of any party to commence legal
proceedings or otherwise sue any other party in any other appropriate jurisdiction, or concurrently
in more than one jurisdiction, or to serve process, pleadings and other papers upon any other party
in any manner authorized by the laws of any such jurisdiction. The Guarantors agree that process
served either personally or by registered mail shall, to the extent permitted by law, constitutes
adequate service of process in any such suit. Each of the parties to this Guaranty irrevocably
waives to the fullest extent permitted by applicable law (a) any objection which it may have now or
in the future to the laying of the venue of any such action, suit or proceeding in any court
referred to in the first sentence above; (b) any claim that any such action, suit or proceeding has
been brought in an inconvenient forum; (c) its right of removal of any matter commenced by any
other party in the courts of the State of New York to any court of the United States of America;
(d) any immunity which it or its assets may have in respect of its obligations under this Guaranty
or any other Credit Document from any suit, execution, attachment (whether provisional or final, in
aid of execution, before judgment or otherwise) or other legal process; and (e) any right it may
have to require the moving party in any suit, action or proceeding brought in any of the courts
referred to above arising out of or in connection with this Guaranty or any other Credit Document
to post security for the costs of any party or to post a bond or to take similar action.

4.13. WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO
THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL
PROCEEDING ARISING OUT OF OR RELATING TO THIS GUARANTY, ANY OTHER CREDIT DOCUMENTS (INCLUDING,
WITHOUT LIMITATION, ANY SECURITY DOCUMENTS) OR THE TRANSACTIONS CONTEMPLATED BY THIS GUARANTY OR
ANY OTHER CREDIT DOCUMENTS.

4.14. Power of Attorney. Each Guarantor hereunder hereby grants to the Borrower an
irrevocable power of attorney to act as its attorney-in-fact with regard to matters relating to
this Guaranty and each other Credit Document, including execution and delivery of any amendments,
supplements, waivers or other modifications hereto or thereto, receipt of any notices hereunder or
thereunder and receipt of service of process in connection herewith or therewith. Each Guarantor
hereby explicitly acknowledges that the Administrative Agent has executed and delivered this
Guaranty and each other Credit Document to which it is a party, and has performed its obligations
under this Guaranty and each other Credit Document to which it is a party, in reliance upon the
irrevocable grant of such power of attorney pursuant to this Section.

4.15. Additional Guarantors. If, pursuant to the terms and conditions of the Credit
Agreement, the Borrower shall be required to cause any Person that is not a Guarantor to become a
Guarantor hereunder, such Person shall execute and deliver to the Administrative Agent a Joinder
Agreement in the form of Annex I and shall thereafter for all purposes be a party hereto
and have the same rights, benefits and obligations as a Guarantor party hereto with the same force
and effect as if originally named as a Guarantor herein.

4.16. No Individual Lender Enforcement. By its acceptance hereof, each Lender agrees
that this Guaranty may be enforced only by action of the Administrative Agent upon the instructions
of the Required Lenders and that no Lender shall have any right individually to seek to enforce or
to enforce this Guaranty.

[This Space Intentionally Left Blank]

2

IN WITNESS WHEREOF, the undersigned have executed this Guaranty as of the date first
above written.

GUARANTOR(S):

HI-SPEED MEDIA, INC.,

a California corporation

By:  /s/ JOHN PITSTICK

Name: John Pitstick

Title: CFO

WEB MARKETING HOLDINGS, LLC,

a Delaware limited liability company

By:  /s/ JOHN PITSTICK

Name: John Pitstick

Title: CFO

WEB CLIENTS, LLC

a Delaware limited liability company

By:  /s/ JOHN PITSTICK

Name: John Pitstick

Title: CFO

I-DEAL DIRECT INTERACTIVE, LLC,

a Pennsylvania limited liability company

By:  /s/ JOHN PITSTICK

Name: John Pitstick

Title: CFO

MEZI MEDIA, INC.

a California corporation

By:  /s/ JOHN PITSTICK

Name: John Pitstick

Title: CFO

SEARCH123.COM INC.

a California corporation

By:  /s/ JOHN PITSTICK

Name: John Pitstick

Title: CFO

MEDIAPLEX, INC.

a Delaware corporation

By:  /s/ JOHN PITSTICK

Name: John Pitstick

Title: CFO

BE FREE, INC.

a Delaware corporation

By:  /s/ JOHN PITSTICK

Name: John Pitstick

Title: CFO

COMMISSION JUNCTION, INC.

a Delaware corporation

By:  /s/ JOHN PITSTICK

Name: John Pitstick

Title: CFO

3EX-10.1

CONEXANT SYSTEMS, INC.

2009 PERFORMANCE INCENTIVE PLAN

Section 1. Overview. The Performance Incentive Plan (the “Plan”) may pay cash bonuses (each, a
“Bonus Award”) to select employees. Bonus Awards are paid annually. The amount of a Bonus Award is
based upon an employee’s Eligible Earnings (as defined in Section 5(a) below), Bonus Target,
performance during the Performance Year, and the Incentive Pool made available for payments under
the Plan for the applicable Performance Year.

Section 2. Purpose. The Plan is designed to focus the efforts of certain employees of Conexant
Systems, Inc. and its subsidiaries (the “Company”) on the continued improvement in the performance
of the Company, and to aid in attracting, motivating and retaining superior employees by providing
an incentive and reward for those employees contributing to the performance of the Company.

Section 3. Performance Year. The Plan is effective for the fiscal 2009 year beginning October 4,
2008 and ending October 2, 2009 (the “Performance Year”).

Section 4. Eligibility. Those employees who are determined to be eligible to receive a Bonus Award
are called “Participants.”

(a) Eligible Participants. Except as specifically provided otherwise in this Plan, a
person must be employed by the company, on active status on the Company payroll, on salary
continuation, or on a formal leave of absence on the last day of the Performance Year
(except as provided in cases of death or disability as defined in Sections 6 or 7 below) to
be eligible for participation in the Plan. A Participant may work either full-time or
part-time as an employee, as long as other eligibility criteria are met (interns and summer
hires are excluded). Employees who are covered for the full period of the Performance Year
by the Sales Incentive Plan and employees that are subject to a separate bonus plan (such
as for a specific geographic location, line of business, or other individually-based plans)
shall not be eligible to participate in the Plan.

(b) Determination of Participants. Prior to the beginning of the Performance Year, or as
soon as practicable thereafter, the Compensation Committee shall determine which Named
Executive Officers subject to SEC reporting (“Named Executive Officers”) are Participants,
and the Chairman and Chief Executive Officer shall determine which employees are eligible
to be Participants in the Plan. Additional Participants may be included during the
Performance Year and, as provided herein, an employee’s participation in the Plan may
terminate.

Section 5. Bonus Award. There is no minimum Bonus Award or guaranteed payment, however, there may
be a minimum Bonus Award or guaranteed payment provided to certain designated employees based on a
pre-existing employment agreement or understanding. A Participant’s Bonus Award is calculated with
reference to such Participant’s Bonus Target (as defined below), that Participant’s performance for
the Performance Year, and the Incentive Pool (as defined below) for the Performance Year.

(a) Bonus Targets.

(1) Each Participant has a target (the “Bonus Target”) stated as a
percentage of a Participant’s Eligible Earnings.

(2) Eligible Earnings refers to the Participant’s annual rate of salary at the end of
the Performance Year. For Participants in India, Eligible Earnings refers to the
Participant’s annual rate of the Total Cost-To-Company at the end of the Performance
Year, or as deemed appropriate by the Company. “Eligible Earnings” will include
overtime (for U.S. salaried non-exempt Employees only) paid during the Performance
Year. The term “Eligible Earnings” excludes incentive payments (such as FIRST program
awards, sign-on bonuses, retention bonuses, stock option exercises and vesting of
restricted stock and performance shares), and excludes any payoffs for unused vacation,
unused sick time, earnings from workers’ compensation or any payments while an Employee
is on suspension or disciplinary time-off. For international employees, what is
included in “Eligible Earnings” may be adjusted by the company based on local law and
payroll practices.

(3) The Compensation Committee establishes individual Bonus Targets for Named Executive
Officers. Bonus Targets for other employees are established by the Company’s Chairman
and Chief Executive Officer in consultation with Human Resources.

(b) Determination of the Incentive Pool Amount. At the end of the Performance Year the
Compensation Committee in its sole discretion may identify an amount as the Incentive Pool.
The Compensation Committee may take into consideration various metrics when determining
whether or not to identify an amount available for payment of Bonus Awards under the Plan
(referred to as the “Incentive Pool”). The performance metric(s) may be based on, among
other things, achievement of Company financial and business plans and achievement of
certain goals vs. the Company’s competitors. For fiscal year 2009, the Committee, in its
sole discretion, will determine the size of the Incentive Pool, if any. In exercising its
discretion in determining the size of the Incentive Pool, if any, the Committee will
consider all circumstances existing at the end of the Performance Year, that it deems
relevant, including, but not limited to, the achievement of certain fiscal 2009 core
operating profit goals, market conditions, forecasts and anticipated expenses to be
incurred or payable during fiscal 2009.

(c) Determination of Bonus Award Amount.

(1) A Bonus Award is calculated with reference to: (i) a Participant’s Eligible
Earnings multiplied by that Participant’s Bonus Target (this is called the “Target
Award”), (ii) that Target Award being subject to a pro rata amount based on the
Participant’s length of service in months to the Company during the Performance Year,
(iii) that Participant’s performance for the Performance Year, and (iiii) the Incentive
Pool made available for Bonus Awards under the Plan for the Performance Year.

(2) The amount of a Bonus Award to a Participant who is a Company Officer is determined
by the Compensation Committee. The amount of a Bonus Award to a Participant who is not
a Company Officer is determined by the executive leader of a Participant’s business
unit or functional group and the Chairman and Chief Executive Officer A Participant’s
Bonus Award can be either greater than or less than (including zero) a Participant’s
Target Award. The Committee, in its sole discretion, may increase or decrease
individual awards from their target levels, based on individual performance and
available incentive pool.

(3) A Participant’s Bonus Award is linked to an assessment of a Participant’s total job
performance for the Performance Year. Factors that may be considered include but are
not limited to, what a Participant does to advance Conexant’s success and how a
Participant does it, especially leadership, balance of short-term actions with
long-term goals, and resource allocation while prioritizing the needs of customers,
employees and stockholders.

(4) Excluding guaranteed payments as referenced above, there is neither a minimum nor
maximum amount of a Bonus Award that may be paid to a Participant for the Performance
Year. At Conexant’s discretion, a Bonus Award amount may be prorated for those
Participants who are eligible to participate in the Plan for less than the full
Performance Year; provided, however, all decisions relating to Bonus Awards for Named
Executive Officers must be made by the Compensation Committee.

(d) Payment of Awards. To be eligible to receive a Bonus Award, a Participant must be an
employee in good standing and, on active status, receiving salary continuation or be on a
formal leave of absence at the time the Bonus Awards are distributed. As soon as
administratively practicable following the determination of a Participant’s Bonus Award,
but not later than 2.5 months after the end of the year in which such determination is
made, such Bonus Award, less any legally required withholding, shall be paid to a
Participant (unless a Participant is on a formal leave of absence) or, in the event of a
Participant’s death, in accordance with Company policy as stated in Section 6 hereof. If,
at the time a Bonus Award is to be paid, a Participant is on a formal leave of absence, a
Participant shall receive his or her Bonus Award if and when a Participant returns to
active status.

Section 6. Death of a Participant.

(a) Beneficiary. A Participant’s beneficiaries are those specified at the time of a
Participant’s death in a Participant’s will or a Participant’s heirs if a Participant does
not have a valid will. If a Participant dies prior to the date of any payment in question,
the amount otherwise payable shall be paid to a Participant’s beneficiary.

(b) Death during Performance Year. In case of a Participant’s death during the Performance
Year, the Company may pay a pro rata portion of the Bonus Award to which a Participant
would have been entitled for the Performance Year. Such pro rata portion shall be equal to
(i) the ratio which a Participant’s completed calendar months of employment during the
Performance Year bears to 12 multiplied by (ii) the amount to which the Company determines
a Participant would have been entitled, as determined in Section 5 herein, had a
Participant continued in Active Status through the end of the Performance Year.

(c) Death after Performance Year. In case of the death of a Participant after the end of
the Performance Year, but before the delivery of a Bonus Award to which he or she may be
entitled, such Bonus Award shall be delivered to a Participant’s beneficiary.

Section 7. Disability of Participant. In the event of a Participant’s Disability during the
Performance Year, a Participant shall become eligible for a portion of an Award, based on a pro
rata portion of the Performance Year represented by the time prior to the absence from work caused
by the Disability. Disability is the permanent and total disability of a person within the meaning
of Section 22(e)(3) of the Internal Revenue Code of 1986, as amended.

Section 8. Termination of Employment. Upon an employee’s termination during the Performance Year
for any reason other than those specified in Sections 6 or 7 hereof, such former employee shall no
longer be a Participant and shall not have any right to a Bonus Award under the Plan.

Section 9. Miscellaneous

(a) Administration of the Plan. Except as otherwise required for the Named Executive
Officers under the Charter of the Compensation Committee, the Company’s Chairman and Chief
Executive Officer has the sole discretion to: (i) adopt such rules, regulations,
agreements and instruments as it deems necessary to administer the Plan; (ii) interpret the
terms of the Plan; (iii) determine an employee’s eligibility under the Plan; (iv) determine
whether a Participant is to receive a Bonus Award under the Plan; (v) determine the amount
of any Bonus Award to a Participant; (vi) determine when a Bonus Award is to be paid to a
Participant; (vii) amend, suspend or terminate the Plan, without notice; and (viii) take
any and all other actions it deems necessary or advisable for the proper administration of
the Plan.

(b) Notification. A copy of this Plan shall be provided to each Participant upon request.
A Participant shall have no right to or interest in an Award unless and until a
Participant’s Award has been determined and paid to a Participant.

(c) Nature of the Plan. Whether to grant any Bonus Awards under this Plan, and in what
amounts, are under the Compensation Committee’s and management’s discretion. Participation
in this Plan is not intended, nor should it be interpreted, to create any entitlement to
participate in this or any future incentive plans or to receive the same or similar
incentive payments that may be received under this Plan. No Participant should make any
decision based on any hope or expectation of receiving any incentive under this Plan.
Nothing contained in nor will any action under the Plan confer upon any individual any
right to continue in the employment of the Company and does not constitute any contract or
agreement of employment or interfere in any way with the right of the Company to terminate
any individual’s employment.

(d) Termination and Notification. The Company may at any time modify, terminate or from
time to time, suspend and, if suspended, may reinstate the provisions of this Plan.

(e) Withholding Tax. As required by law, federal, state or local taxes that are subject to
the withholding of tax at the source shall be withheld by the Company as necessary to
satisfy such requirements.

(f) Award Limitations. Bonus Awards made under this Plan are not considered for the
purpose of calculating any extra benefits; any termination, severance, redundancy, or
end-of-service premium payments; other bonuses or long-service awards; overtime premiums;
pension or retirement benefits; or future base pay or any other payment to be made by the
Company to a Participant or former Participant.

(g) All Rights Reserved. The Company expressly reserves all rights and control over the
Plan. Although the Company expects that the Plan will continue, the Company may change,
amend, or terminate any provisions of the Plan, or the Plan itself, at any time, in its
sole discretion.

(h) Unfunded Plan. Nothing contained in this plan will be deemed to require the Company to
deposit, invest or set aside amounts for the payment of any Bonus Awards. Participation in
the Plan does not give a Participant any ownership, security, or other rights in any assets
of the Company.

(i) Applicable Law. The Plan will be governed by and construed in accordance with the laws
of the State of Delaware.

(j) Validity. In the event any provision of the Plan is held invalid, void, or
unenforceable, the same will not affect, in any respect whatsoever, the validity of any
other provision of the Plan.

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