Document:

EXHIBIT 10.33

SECURITY AGREEMENT 

        This
Security Agreement (this “Agreement”) is made as of July 1, 2003, between
Aptimus, Inc., a Washington corporation (“Debtor”), and the individuals
identified on the signature pages hereto (each such individual, a “Secured Party,” and
collectively, the “Secured Parties”).  

        Debtor
and the Secured Parties are parties to a Convertible Note Purchase Agreement, dated as of
July 1, 2003 (the Convertible Note Purchase Agreement, as it may be supplemented,
amended, restated or otherwise modified from time to time, being the “Purchase
Agreement”), providing for the purchase of secured notes in the aggregate principal
amount of $500,000.00. To induce the purchasers to enter into the Purchase Agreement and
to extend credit thereunder, and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, Debtor has agreed to grant a security
interest to the purchasers under the Purchase Agreement in the Collateral (as defined
below) as security for the obligations under the Notes (as defined below).  

        Debtor
and Secured Parties agree as follows:  

        1.       Certain
Definitions and Rules of Construction.  

	  	        (a)       Certain
Terms Defined in the UCC-Secured Transactions. As used in this
               Agreement, unless otherwise defined in this Agreement, the singular and
plural                forms of the terms “accession,” “account,” “account
               debtor,” “chattel paper,” “collateral,” “deposit
               account,” “document,” “equipment,”               “fixtures,” “general
intangible,” “goods,”               “health-care-insurance receivable,” “instrument,”               “inventory,” “investment
property,” “letter-of-credit                right,” “payment
intangible,” “proceeds,”               “promissory note,” “software” and
“supporting                obligation” have the respective meanings assigned to
those terms in the                UCC-Secured Transactions.  

	  	        (b)       Certain
Other Defined Terms. As used in this Agreement, the following                terms
have the following meanings, which are equally applicable to both the
               singular and plural forms of those terms:  

	  	        “Collateral”has
the meaning assigned to that term in Section 2.  

	  	        “Debtor”has
the meaning assigned to that term in the initial paragraph in this Agreement.  

	  	        “Event
of Default” means any event listed or otherwise described in Section 5 of the
Purchase Agreement.  

	  	        “Notes”means
the convertible secured promissory notes issued in accordance with the terms of the
Purchase Agreement.  

	  	        “Obligations”means,
with respect to each Secured Party, all indebtedness,  

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obligations
and liabilities of Debtor under the Notes and the Purchase Agreement, including, but not
limited to, the payment of all obligations to such Secured Party now or hereafter
existing under the Notes, whether direct, or indirect, absolute or contingent, and
whether for principal, reimbursement obligations, interest, fees, premiums, penalties,
indemnifications, contract causes of action, costs, and expenses.  

	  	        “Person”means
an individual, a corporation, a business trust, an estate, a trust, a partnership, a
limited liability company, an association, a joint venture, a government, a governmental
subdivision, agency or instrumentality, a public corporation, or any other legal or
commercial entity.  

	  	        “Purchase
Agreement” has the meaning assigned to that term in the initial paragraphs in this
Agreement.  

	  	        “Purchaser”has
the meaning assigned to that term in the Purchase Agreement.  

	  	        “Secured
Parties” has the meaning assigned to that term in the initial paragraph in this
Agreement.  

	  	        “UCC
-Secured Transactions” means the Uniform Commercial Code-Secured Transactions in
effect in the state of Washington, as amended from time to time.  

	  	        (c)       Certain
Rules of Construction. The headings of the Sections, subsections,
               paragraphs and other divisions of this Agreement are included for
convenience of                reference only, and are not to limit or affect in any way
the construction or                interpretation of any terms, conditions or other
provisions of this Agreement.                References in this Agreement to Sections are
references to the Sections of this                Agreement unless otherwise specified.  

        2.       Creation
of Security Interest. As security for the payment and           performance of the
Obligations, Debtor grants to and creates in favor of the           Secured Parties a
security interest in all of Debtor’s right, title and           interest in, to and
under the following personal property and fixtures           (collectively, the “Collateral”),
wherever located and whether now or           in the future owned, existing, arising or
acquired:  

	  	        (a)                      accounts
receivable;  

	  	        (b)                      chattel
paper;  

	  	        (c)                      deposit
accounts;  

	  	        (d)                      documents;  

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	  	        (e)                      equipment;  

	  	        (f)                      fixtures;  

	  	        (g)                      general
intangibles, including payment intangibles, software and things in                action;  

	  	        (h)                      goods;  

	  	        (i)                      instruments,
including promissory notes;  

	  	        (j)                      inventory;  

	  	        (k)                      investment
property;  

	  	        (l)                      letter-of-credit
rights;  

	  	        (m)                     supporting
obligations;  

	  	        (n)                      other
personal property, including without limitation, intellectual property in
               the form of issued patents, provisional and nonprovisional patent
applications                and trade secrets; and  

	  	        (o)                      proceeds
of the collateral described in this Section 2.  

        3.       Authorization
to File Financing Statements. Promptly and in no event more           than ten (10)
business days from the date of the initial payment of funds by any           Purchaser to
Debtor under a Note, Debtor shall on behalf of the Secured Parties           file initial
financing statements, and amendments of financing statements,           covering the
Collateral and any property that becomes collateral as identifiable           proceeds of
the Collateral.  

        4.       Inspection.
Secured Parties may inspect any of the Collateral at any time           upon reasonable
notice to Debtor.  

        5.       Risk
of Loss. Debtor has the risk of loss of the Collateral.  

        6.       No
Collection Obligation. Secured Parties have no duty to collect any           income
that accrues on any of the Collateral or to preserve any rights relating           to any
of the Collateral.  

        7.       Encumbrance
of Collateral. Except for the creation and grant of the           security interest
under this Agreement, as created by law in the ordinary course           of business, or
to the extent required by any bank, financial institution, or           other lender and
any successors and assigns thereof providing a loan or credit           to Debtor (each a
“Bank” and together the “Banks”), Debtor           will not, and the
Secured Parties do not authorize Debtor to, create or grant           any lien on or
security interest in, any of the Collateral. The Secured Parties           shall enter
into a subordination agreement as may reasonably be requested by any           such Bank
or Banks acknowledging that the  

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Notes and the lien of the security
          interest herein created shall be subordinate and junior in right of payment to
          all such indebtedness, subject to the limitation set forth in Sections 7 and
          8(c)(i) of the Purchase Agreement.  

        8.       Representations
and Warranties. Debtor represents and warrants to Secured           Parties that:  

	  	        (a)       Rights
in Collateral. Debtor has rights in, and the power to transfer,                the
Collateral. Debtor’s right, title and interest in and to the Collateral
               is free of all adverse claims, liens, security interests and restrictions
on                transfer or pledge, other than the security interests and restrictions
created                under, or set forth in, this Agreement, the Purchase Agreement and
its schedules                and the other Transaction Documents referred to in the
Purchase Agreement.  

	  	        (b)       Location
of Collateral. All of the Collateral comprising equipment and                goods is
located in the states of Washington and California.  

	  	        (c)       Jurisdiction
of Organization of Debtor. Debtor’s jurisdiction of                organization
is the state of Washington. Debtor is a corporation incorporated                under the
laws of the state of Washington.  

	  	        (d)       Name
of Debtor. The name of Debtor indicated on the public record of the
               state of Washington that shows Debtor to have been organized is Aptimus,
Inc.  

	  	        (e)       Mailing
Address for Debtor. A mailing address for Debtor is 95 South                Jackson
Street, Suite 300, Seattle, WA 98104.  

	  	        (f)       No
Conditions. There are no conditions precedent to the effectiveness of
               this Agreement that have not been satisfied or waived.  

        9.       Certain
Covenants. Until all of the Obligations are paid in full, Debtor:  

	  	        (a)                      will
not change its jurisdiction of organization from the state of Washington;  

	  	        (b)                      will
preserve its existence as a corporation under the laws of the state of
               Washington;  

	  	        (c)                      will
not change its name without giving at least thirty days prior notice of the
               proposed change to the Secured Parties;  

	  	        (d)                      will
take all actions necessary to prevent , and will take no actions to
               intentionally cause, directly or indirectly, the breach of any
representation,                warranty, covenant or agreement contained in the Purchase
Agreement; and  

	  	        (e)                      will
maintain insurance with creditworthy insurance companies covering 

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the
               replacement cost of the Collateral, such replacement cost being deemed to
be the                amount required to replace such Collateral with equipment of like
kind and                quality, equivalent to the actual cash value, minus physical
depreciation (fair                wear and tear) and obsolescence of such Collateral, and
will cause the Secured                Parties to be named as “additional insureds” under
such insurance.                Debtor shall provide Secured Parties with evidence of such
insurance upon                request.  

        10.       Secured
Parties’ Duties. If Debtor fails to perform any of its           obligations
under this Agreement, then the Secured Parties, individually or           collectively,
may (but are not obligated to) perform or cause performance of           such obligations
and, pursuant to Section 15, Debtor will pay the expenses           incurred by the
Secured Parties in connection with such performance. The powers           conferred on
the Secured Parties under this Agreement are solely to protect           Secured Parties’ interest
in the Collateral and do not impose any duty upon           Secured Parties to exercise
any such powers. Except for the safe custody of any           of the Collateral in the
Secured Parties’, or any of them, possession and           the accounting for moneys
actually received by the Secured Parties, or any of           them, under this Agreement,
the holding of such sums in trust on behalf of all           Secured Parties, and the
distribution of such sums to the Secured Parties pro           rata based on each such
Secured Party’s relative principal loan amount, the           Secured Parties have
no duty as to any of the Collateral or as to the taking of           any necessary steps
to preserve rights against prior parties or any other rights           pertaining to any
of the Collateral. A Secured Party will be deemed to have           exercised reasonable
care in the custody and preservation of any of the           Collateral in the possession
of such Secured Party if such Collateral is           accorded treatment substantially
equal to that which such Secured Party accords           its own property.  

        11.       Events
of Default. An Event of Default shall be as defined in Section 1           hereof,
and Article 5 of the Purchase Agreement is incorporated herein by           reference.  

        12.       Certain
Remedies. Upon, and at any time after, the occurrence or           existence of any
Event of Default, in addition to other rights and remedies           provided for in this
Agreement and the Purchase Agreement or otherwise available           to the Secured
parties by agreement, at law, in equity or otherwise, the Secured           Parties may
(a) take possession of the Collateral, (b) render           equipment unusable,
(c) require Debtor to, and Debtor will at its own cost           and expense and
immediately upon request of the Secured Parties, assemble all or           any part of
the Collateral as directed by the Secured Parties and make such           Collateral
available to the Secured Parties at a place designated by the Secured           Parties
which is reasonably convenient to both Debtor and the Secured Parties,           (d) sell,
lease, license or otherwise dispose of any or all of the           Collateral in its
present condition or following any commercially reasonable           preparation or
processing, by public or private proceedings, by one or more           contracts, as a
unit or in parcels, at any time and place, for cash, on credit           or for future
delivery, and on any other commercially reasonable terms, and           (e) exercise
in respect of the Collateral all other rights and remedies of           a secured party
on default under the Uniform Commercial Code in effect in the           state of
Washington, whether or not such Uniform Commercial Code applies to the           affected
Collateral. Debtor agrees that, to the extent notification of           disposition of
any of the Collateral is at any time required by law, a           notification of
disposition is sent within a reasonable time before the           disposition if the
notification is sent to Debtor after the occurrence or           existence of any Event
of Default and ten days or more before the earliest time           of disposition set
forth in the notification. The Secured Parties will not be           obligated 

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to make any sale, lease, license or
other disposition of any or all of           the Collateral regardless of notification of
disposition having been given. The           Secured Parties may adjourn any public or
private sale, lease or other           disposition from time to time by announcement at
the time and place fixed for           such sale, lease or other disposition, and such
sale, lease or other           disposition, without further notice, may be made at the
time and place to which           it was so adjourned. The Secured Parties have no
obligation to prepare or           process any of the Collateral for sale, lease, license
or other disposition.  

        13.       Priority;
Amendments; Waivers. No amendment or waiver of any provision of           this
Agreement, and no consent to any departure by the Debtor herefrom, shall in           any
event be effective unless the same shall be in writing and signed by not           less
than a seventy-one percent (71%) majority of the Secured Parties, and then           such
waiver or consent shall be effective only in the specific instance and for           the
specific purpose for which given; provided, however, that any amendment or
          waiver that is not equally applicable to all Secured Parties or is in any way
          discriminatory to any Secured Party shall require the agreement of such Secured
          Party. No failure on the part of any Secured Party to exercise, and no delay in
          exercising, any right hereunder shall operate as a waiver of such right, nor
          shall any single or partial exercise of such right preclude any other or
further           exercise of such right or the exercise of any other right.  

        14.       Indemnity.
Debtor will indemnify, defend and hold harmless the Secured           Parties from and
against any and all claims, losses and liabilities (including,           but not limited
to, reasonable fees, costs, expenses and disbursements of           attorneys) arising
from or by reason of this Agreement (including, but not           limited to, enforcement
of this Agreement), except claims, losses or liabilities           resulting from the
gross negligence or willful misconduct of a Secured Party .  

        15.       Costs
and Expenses. Debtor will pay to the Secured Parties on demand the
          reasonable costs and expenses (including, but not limited to, reasonable fees,
          costs, expenses and disbursements of accountants, attorneys and other
          professional advisors) incurred by the Secured Parties in connection with any
of           (a) retaking the Collateral, holding the Collateral, preparing for
          disposition of the Collateral, processing the Collateral, and disposing of the
          Collateral, (b) the exercise or enforcement of any of the rights and
          remedies of the Secured Parties under this Agreement and (c) any Event of
          Default.  

        16.       Counterparts.
This Agreement may be executed in any number of           counterparts and by different
parties to this Agreement in separate           counterparts, each of which counterparts
when so executed will be deemed to be           an original and all of which counterparts
taken together will constitute one and           the same agreement. Delivery of an
executed counterpart of a signature page to           this Agreement via telephone
facsimile transmission will be effective as           delivery of a manually executed
counterpart of this Agreement.  

        17.       Severability.
Any term, condition or other provision of this Agreement           that is prohibited or
unenforceable in any jurisdiction will be ineffective, as           to such jurisdiction,
to the extent of such prohibition or unenforceability           without affecting the
validity or enforceability of such term, condition or           provision in any other
jurisdiction and without invalidating the remaining  

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terms, conditions and other
provisions of this Agreement.  

        18.       Continuing
Interest; Binding Effect. This Agreement shall create a           continuing security
interest in the Collateral and shall (a) remain in full           force and effect until
the payment in full of the Obligations, (b) be binding           upon the Debtor, its
successors and assigns, and (c) inureto the benefit of, and           is enforceable by,
each of the Secured Parties and their successors, transferees           and assigns.  

        19.       Governing
Law. This Agreement is governed by, and is to be construed in           all respects
in accordance with, the laws of the state of Washington, without           reference to
conflict-of-laws or choice-of-law rules that would direct the           general
application of the laws of another jurisdiction, except to the extent           that the
validity or perfection of the security interest under this Agreement,           or
remedies under this Agreement, in respect of any particular Collateral are
          governed by the laws of a jurisdiction other than the state of Washington.  

        20.       Oral
Agreements Unenforceable. ORAL AGREEMENTS OR ORAL COMMITMENTS           TO LOAN
MONEY, EXTEND CREDIT, OR TO FORBEAR FROM ENFORCING REPAYMENT OF A DEBT           ARE NOT
ENFORCEABLE UNDER WASHINGTON LAW. 

        22.       Arbitration.
Any claim or dispute under this Agreement will be determined           by arbitration in
accordance with the arbitration provisions of the Purchase           Agreement..  

        IN
WITNESS WHEREOF, Debtor and the Secured Parties have caused this Agreement to be executed
by their respective authorized officers or representatives, as of the date first above
written.  

		
	APTIMUS, INC	 
	 	 
	 	 
	By:___________________________________	 
	Title:________________________________	 
	 	 
	 	 
	SECURED PARTY:	SECURED PARTY:
	 	 
	SF TECH JV	TIMOTHY C. CHOATE
	 	 
	 	 
	By:____________________________________	_____________________________________
	Its:___________________________________	 

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	SECURED PARTY:	SECURED PARTY:
	 	 
	ROBERT W. WRUBEL	MAURA O'NEILL
	 	 
	 	 
	_____________________________________	_____________________________________
	 	 
	 	 
	SECURED PARTY:	SECURED PARTY:
	 	 
	FRED FELKER IRA	JOHN STEUART
	 	 
	 	 
	_____________________________________	_____________________________________
	 	 
	 	 
	SECURED PARTY:	SECURED PARTY:
	 	 
	MARIAN L. FELKER IRA	[name]
	 	 
	 	 
	_____________________________________	_____________________________________

-8-EXHIBIT 10.34

APTIMUS, INC 

REGISTRATION RIGHTS
AGREEMENT 

        This
Registration Rights Agreement (the “Agreement”) is entered into as of July 1,
2003 (the “Effective Date”), by and among Aptimus, Inc., a Washington
corporation (the “Company”), and the warrant holders listed on Schedule A attached
hereto (the “Purchasers”).  

RECITALS 

        WHEREAS,
the Company has authorized the issuance of a Common Stock Warrant (the “Warrant”),
in form attached as Exhibit A hereto, to the Purchasers in connection with the
Company’s issuance to the Purchasers of certain secured convertible promissory notes
(the “Notes”) to purchase Common Stock of the Company; and  

        WHEREAS,
the Purchasers are willing to purchase from the Company and the Company is willing to
sell to the Purchasers the Notes on the terms and conditions set forth in, among other
instruments, this Agreement and the Warrant.  

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

AGREEMENT  

        1.
        Registration Rights. 

           
        1.1
        Certain Definitions.     For purposes of this Section 1:  

        
              
           (a)    Holder.    For
purposes of this Section 1 and Section 2           hereof, the term “Holder” or
“Holders” means any person or           persons owning of record Registrable
Securities (as hereinafter defined) that           have not been sold to the public or
pursuant to Rule 144 promulgated under           the United States Securities Act of
1933, as amended (the “U.S. Securities           Act”), or any assignee of
record of such Registrable Securities to whom           rights under this Section 1
have been duly assigned in accordance with this           Agreement; provided, however,
that a holder of Excluded Securities           shall not be a Holder with respect to such
Excluded Securities (as hereinafter           defined) for purposes of Section 1.2 of
this Agreement.  

        
              
           (b)    Qualified
Public Offering.   The term “Qualified Public           Offering” means a
firm commitment underwritten public offering with gross           proceeds to the Company
of at least $10,000,000 (prior to any payment of any           underwriter discounts and
commissions) pursuant to a registration statement           under the U.S. Securities
Act.  

        
              
           (c)    Registrable
Securities.   The term           “Registrable Securities” means: (i) any
of the Common Shares           issued upon conversion of the Convertible Promissory Notes
issued under the           Convertible Note Purchase Agreement (“Purchase Agreement”)
between the           parties of even date, and (ii) any common shares of the
Company issued (or           issuable upon the conversion or exercise of the Warrant,
right or other security           which is issued) as a dividend or other distribution
with respect to, in           exchange for or in replacement of, all such Common Shares

described in           clause (i)
of this subsection (c); excluding in all cases,           however, any
Registrable Securities sold by a person in a transaction in which           rights under
this Section 1 are not assigned in accordance with this           Agreement or any
Registrable Securities sold to the public or sold pursuant to           Rule 144
promulgated under the U.S. Securities Act (“Excluded           Securities”).  

        
              
           (d)    Registrable
Securities Then Outstanding.   “Registrable           Securities Then
Outstanding” shall mean the number of Registrable           Securities (i) then
issued and outstanding and (ii) then issuable pursuant to           the exercise or
conversion of then outstanding and then exercisable options,           warrants or
convertible securities.  

        
              
           (e)    Registration.
  The terms “register,”          “registered,” and “registration” refer
to a registration           effected by preparing and filing a registration statement in
compliance with the           U.S. Securities Act, and the declaration or ordering of
effectiveness of such           registration statement.  

        
              
           (f)    SEC.   The
term “SEC” means the United States Securities           and Exchange
Commission.  

           
        1.2
        Piggyback Registrations.   The Company shall notify all Holders of
Registrable Securities in writing at least twenty (20) days prior to filing any
registration statement under the U.S. Securities Act for purposes of effecting a public
offering of securities of the Company (including, but not limited to, registration
statements relating to any secondary offerings of securities of the Company, but excluding registration
statements relating to any employee benefit plan or a corporate reorganization) and will
afford each such Holder an opportunity to include in such registration statement all or
any part of the Registrable Securities then held by such Holder. Each Holder desiring to
include in any such registration statement all or any part of the Registrable Securities
held by such Holder shall, within twenty (20) days after receipt of the above-described
notice from the Company, notify the Company in writing, and in such notice shall inform
the Company of the number of Registrable Securities such Holder wishes to include in such
registration statement. If a Holder decides not to include all of its Registrable
Securities in any registration statement thereafter filed by the Company, such Holder
shall nevertheless continue to have the right to include any Registrable Securities in
any subsequent registration statement or registration statements as may be filed by the
Company with respect to offerings of its securities, all upon the terms and conditions
set forth herein.  

        
              
           (a)    Underwriting.   If
a registration statement under which the Company           gives notice under this Section 1.2
is for an underwritten public stock           offering, then the Company shall so advise
the Holders of Registrable           Securities. In such event, the right of any such
Holder’s Registrable           Securities to be included in a registration pursuant
to this Section 1.2           shall be conditioned upon such Holder’s
participation in such underwriting           and the inclusion of such Holder’s
Registrable Securities in the           underwriting to the extent provided herein. All
Holders proposing to distribute           their Registrable Securities through such
underwriting shall enter into an           underwriting agreement in customary form with
the managing underwriter or           underwriter(s) selected for such underwriting.
Notwithstanding any other           provision of this Agreement, if the managing
underwriter(s) determine(s) in good           faith that marketing factors require a
limitation of the number of securities to           be underwritten, then the managing
underwriter(s) may exclude securities           (including Registrable Securities) from
the  

2 

registration and the underwriting,
          and the number of securities that may be included in the registration. If any
          Holder disapproves of the terms of any such underwriting, such Holder may elect
          to withdraw therefrom by written notice to the Company and the underwriter,
          delivered at least ten (10) business days prior to the effective date of the
          registration statement. Any Registrable Securities excluded or withdrawn from
          such underwriting shall be excluded and withdrawn from the registration and the
          number of Registrable Securities permitted to be included in such registration
          by each Holder shall be readjusted accordingly. For any Holder which is a
          partnership or corporation, the partners, retired partners and shareholders of
          such Holder, or the estates and family members of any such partners and retired
          partners and any trusts for the benefit of any of the foregoing persons shall
be           deemed to be a single “Holder,” and any pro rata reduction with
          respect to such “Holder” shall be based upon the aggregate amount of
          securities carrying registration rights owned by all entities and individuals
          included in such “Holder,” as defined in this sentence.  

        
              
           (b)    Expenses.   All
expenses incurred in connection with a registration           pursuant to this Section 1.2,
including without limitation registration and           qualification fees, printers’ and
accounting fees, fees and disbursements           of counsel for the Company and the
reasonable fees and disbursements of one (1)           counsel for the selling Holder or
Holders (but excluding underwriters’          discounts and commission and transfer
taxes), shall be borne by the Company.           Each Holder participating in a
registration pursuant to this Section 1.2           shall bear such Holder’s
proportionate share (based on the total number of           securities sold in such
registration other than for the account of the Company)           of all discounts,
commissions, transfer taxes or other amounts payable to           underwriters or brokers
in connection with such offering.  

           
        1.3
        Obligations of the Company.   Whenever required to effect the registration of
any Registrable Securities under this Agreement, the Company shall, as expeditiously as
reasonably possible:  

        
              
           (a)              prepare
and file with the SEC a registration statement with respect to such           Registrable
Securities and use its best efforts to cause such registration           statement to
become effective, and, upon the request of the Holders of a           majority of the
Registrable Securities registered thereunder, keep such           registration statement
effective for up to 180 days;  

        
              
           (b)              prepare
and file with the SEC such amendments and supplements to such           registration
statement and the prospectus used in connection with such           registration
statement as may be necessary to comply with the provisions of the           U.S.
Securities Act with respect to the disposition of all securities covered by
          such registration statement;  

        
              
           (c)              furnish
to the Holders such number of copies of a prospectus, including a           preliminary
prospectus, in conformity with the requirements of the U.S.           Securities Act, and
such other documents as they may reasonably request in order           to facilitate the
disposition of the Registrable Securities owned by them that           are included in
such registration;  

        
              
           (d)              use
its best efforts to register and qualify the securities covered by such
          registration statement under such other securities or “blue sky” laws
          of such jurisdictions as shall be reasonably requested by the Holders, provided
          that the Company shall not be required in  

3 

connection therewith or as a
condition           thereto to qualify to do business or to file a general consent to
service of           process in any such states or jurisdictions;  

        
              
           (e)              in
the event of any underwritten public offering, enter into and perform its
          obligations under an underwriting agreement, in usual and customary form, with
          the managing underwriter(s) of such offering (it being understood and agreed
          that, as a condition to the Company’s obligations under this
          clause (e), each Holder participating in such underwriting shall also
enter           into and perform its obligations under such an agreement);  

        
              
           (f)              notify
each Holder of Registrable Securities covered by such registration           statement at
any time when a prospectus relating thereto is required to be           delivered under
the U.S. Securities Act of the happening of any event as a           result of which the
prospectus included in such registration statement, as then           in effect, includes
an untrue statement of a material fact or omits to state a           material fact
required to be stated therein or necessary to make the statements           therein not
misleading in the light of the circumstances then existing; and  

        
              
           (g)              furnish,
at the request of any Holder requesting registration of Registrable           Securities,
on the date that such Registrable Securities are delivered to the           underwriters
for sale, if such securities are being sold through underwriters,           or, if such
securities are not being sold through underwriters, on the date that           the
registration statement with respect to such securities becomes effective,           (i) an
opinion, dated as of such date, of the counsel representing the           Company for the
purposes of such registration, in form and substance as is           customarily given to
underwriters in an underwritten public offering and           reasonably satisfactory to
a majority in interest of the Holders requesting           registration, addressed to the
underwriters, if any, and to the Holders           requesting registration of Registrable
Securities and (ii) a           “comfort” letter dated as of such date,
from the independent certified           public accountants of the Company, in form and
substance as is customarily given           by independent certified public accountants
to underwriters in an underwritten           public offering and reasonably satisfactory
to a majority in interest of the           Holders requesting registration, addressed to
the underwriters, if any, and to           the Holders requesting registration of
Registrable Securities.  

           
        1.4
        Furnish Information.   It shall be a condition precedent to the obligations
of the Company to take any action pursuant to Section 1.2 hereof that the selling
Holders shall furnish to the Company such information regarding themselves, the
Registrable Securities held by them and the intended method of disposition of such
securities as shall be required to timely effect the registration of their Registrable
Securities.  

           
        1.5        
Delay of Registration.   No Holder shall have any right to obtain or seek an
injunction restraining or otherwise delaying any such registration as the result of any
controversy that might arise with respect to the interpretation or implementation of this
Section 1.  

           
        1.6        
Black-Out Period. Without limiting the other provisions of this
Section 1, each Holder agrees that, if so requested by the Company upon a good faith
determination by the Company’s board of directors (the “Board”) and the
underwriters, if any, that the imposition of a “Suspension Period” is necessary
to enable the Company to pursue the objectives described in this Section 1.6, not to
effect any offer or sale of securities pursuant to a registration statement,  

4 

or otherwise, or engage in any
hedging or other transaction intended to reduce or transfer the risk of ownership for any
period (not to exceed 60 days) reasonably deemed necessary (i) by the Company or any
underwriter in connection with the offering of securities by the Company for its own
account or (ii) by the Company in connection with any proposal or plan by the Company to
engage in any material financing or material acquisition or disposition by the Company or
any subsidiary thereof of the securities or substantially all of the assets of any other
person (other than in the ordinary course of business), any tender offer or any merger,
consolidation, corporate reorganization, strategic partnership arrangement or
restructuring or other similar transaction (each, a “Business Combination”)
material to the Company and its subsidiaries taken as a whole. Any period during which
the Company fails to keep the registration statement effective and usable for resales of
securities, or requires pursuant to this Section 1.6 that the Holders not effect sales of
securities pursuant to the registration statement, is hereafter referred to as a “Suspension
Period”. A Suspension Period shall commence on the date set forth in a written
notice by the Company to the Holders that the registration statement is no longer
effective or that the prospectus included in the registration statement is no longer
usable for resales of securities or, in the case of a suspension pursuant to this Section
1.6, and shall end on the date when each Holder of securities covered by the registration
statement either receives copies of the supplemented or amended prospectus contemplated
by Section 1.3 or is advised in writing by the Company that use the prospectus or sales
may be resumed. The Company may only impose a Suspension Period on the Holders one (1)
time during any twelve month period. The obligation under Section 1.3 to keep a
registration statement effective shall not include any period of time such registration
statement was subject to a Suspension Period.  

           
        1.7        
Indemnification.     In the event any Registrable Securities are included in a
registration statement under Section 1.2 hereof:  

        
              
           (a)    By
the Company.   To the extent permitted by law, the Company will           indemnify
and hold harmless each Holder, the partners, officers and directors of           each
Holder, any underwriter (as defined in the U.S. Securities Act) for such           Holder
and each person, if any, who controls such Holder or underwriter within           the
meaning of the U.S. Securities Act or the Securities Exchange Act of 1934,           as
amended, (the “U.S. Exchange Act”), against any losses, claims,
          damages, or liabilities (joint or several) to which they may become subject
          under the U.S. Securities Act, the U.S. Exchange Act or other federal or state
          law, insofar as such losses, claims, damages, or liabilities (or actions in
          respect thereof) arise out of or are based upon any of the following
statements,           omissions or violations (collectively a “Violation”):  

  
              
              
           (i)              any
untrue statement or alleged untrue statement of a material fact contained in
          such registration statement, including any preliminary prospectus or final
          prospectus contained therein or any amendments or supplements thereto;  

  
              
              
           (ii)              the
omission or alleged omission to state therein a material fact required to be
          stated therein, or necessary to make the statements therein not misleading; or  

  
              
              
           (iii)              any
violation or alleged violation by the Company of the U.S. Securities Act,           the
U.S. Exchange Act, any federal or state securities law or any rule or
          regulation promulgated under the U.S. Securities Act, the U.S. Exchange Act or
          any federal or state securities law in connection with the offering covered by
          such registration statement.  

5 

        The
Company will reimburse each such Holder, partner, officer or director, underwriter or
controlling person for any legal or other expenses reasonably incurred by them, as
incurred, in connection with investigating or defending any such loss, claim, damage,
liability or action; provided, however, that the indemnity agreement
contained in this subsection 1.7(a) shall not apply to amounts paid in settlement of
any such loss, claim, damage, liability or action if such settlement is effected without
the consent of the Company (which consent shall not be unreasonably withheld), nor shall
the Company be liable in any such case for any such loss, claim, damage, liability or
action to the extent that it arises out of or is based upon a Violation which occurs in
reliance upon and in conformity with written information furnished expressly for use in
connection with such registration by such Holder, partner, officer, director, underwriter
or controlling person of such Holder.  

        
              
           (b)    By
Selling Holders.   To the extent permitted by law, each selling           Holder
will indemnify and hold harmless the Company, each of its directors, each           of
its officers who have signed the registration statement, each person, if any,
          who controls the Company within the meaning of the U.S. Securities Act, any
          underwriter and any other Holder selling securities under such registration
          statement or any of such other Holder’s partners, directors or officers or
          any person who controls such Holder within the meaning of the U.S. Securities
          Act or the U.S. Exchange Act, against any losses, claims, damages or
liabilities           (joint or several) to which the Company or any such director,
officer,           controlling person, underwriter or other such Holder, partner or
director,           officer or controlling person of such other Holder may become subject
under the           U.S. Securities Act, the U.S. Exchange Act, insofar as such losses,
claims,           damages or liabilities (or actions in respect thereto) arise out of or
are based           upon any Violation, in each case to the extent (and only to the
extent) that           such Violation occurs in reliance upon and in conformity with
written           mis-information furnished by such Holder expressly for use in
connection with           such registration; and each such Holder will reimburse any
legal or other           expenses reasonably incurred by the Company or any such
director, officer,           controlling person, underwriter or other Holder, partner,
officer, director or           controlling person of such other Holder in connection with
investigating or           defending any such loss, claim, damage, liability or action;
provided, however, that the indemnity agreement contained in this
subsection 1.7(b)           shall not apply to amounts paid in settlement of any such
loss, claim, damage,           liability or action if such settlement is effected without
the consent of the           Holder, which consent shall not be unreasonably withheld;
and providedfurther, that the total amounts payable in indemnity and/or any
legal or           other expenses reasonably incurred by the Company or any such
director, officer,           controlling person, underwriter or other Holder, partner,
officer, director or           controlling person of such other Holder in connection with
investigating or           defending any such loss, claim, damage, liability or action;
by a Holder under           this Section 1.7(b) in respect of any Violation shall not
exceed the net           proceeds received by such Holder in the registered offering out
of which such           Violation arises.  

        
              
           (c)    Notice.   Within
three (3) business days after receipt by an           indemnified party under this Section 1.7
of notice of the commencement of           any action (including any governmental
action), such indemnified party will, if           a claim in respect thereof is to be
made against any indemnifying party under           this Section 1.7, deliver to the
indemnifying party a written notice of the           commencement thereof and the
indemnifying party shall have the right to           participate in, and, to the extent
the indemnifying party so desires, jointly           with any other indemnifying party
similarly noticed, to assume the defense           thereof with counsel mutually
satisfactory to the parties. The failure to           deliver written notice to the
indemnifying party within a  

6 

reasonable time of the
          commencement of any such action, if prejudicial to its ability to defend such
          action, shall relieve such indemnifying party of any liability to the
          indemnified party under this Section 1.7, but the omission so to deliver
          written notice to the indemnifying party will not relieve it of any liability
          that it may have to any indemnified party otherwise than under this
          Section 1.7.  

        
              
           (d)    Defect
Eliminated in Final Prospectus.   The foregoing indemnity           agreements of
the Company and Holders are subject to the condition that, insofar           as they
relate to any Violation made in a preliminary prospectus but eliminated           or
remedied in the amended prospectus on file with the SEC at the time the
          registration statement in question becomes effective or the amended prospectus
          filed with the SEC pursuant to SEC Rule 424(b) (the “Final
          Prospectus”), such indemnity agreement shall not inure to the benefit of
          any person if a copy of the Final Prospectus (i) was furnished to the
          indemnified party and (ii) was not furnished to the person asserting the
          loss, liability, claim or damage at or prior to the time such action is
required           by the U.S. Securities Act.  

        
              
           (e)    Contribution.   In
order to provide for just and equitable           contribution to joint liability under
the U.S. Securities Act in any case in           which either (i) any Holder
exercising rights under this Agreement, or any           controlling person of any such
Holder, makes a claim for indemnification           pursuant to this Section 1.7 but
it is judicially determined (by the entry           of a final judgment or decree by a
court of competent jurisdiction and the           expiration of time to appeal or the
denial of the last right of appeal) that           such indemnification may not be
enforced in such case notwithstanding the fact           that this Section 1.7
provides for indemnification in such case, or           (ii) contribution under the
U.S. Securities Act may be required on the part           of any such selling Holder or
any such controlling person in circumstances for           which indemnification is
provided under this Section 1.7; then, and in each           such case, the Company
and such Holder will contribute to the aggregate losses,           claims, damages or
liabilities to which they may be subject (after contribution           from others) in
such proportion so that such Holder is responsible for the           portion represented
by the percentage that the public offering price of its           Registrable Securities
offered by and sold under the registration statement           bears to the public
offering price of all securities offered by and sold under           such registration
statement, and the Company and other selling Holders are           responsible for the
remaining portion; provided, however, that, in           any such case, (A) no
such Holder will be required to contribute any amount           in excess of the public
offering price of all such Registrable Securities           offered and sold by such
Holder pursuant to such registration statement and           (B) no person or entity
guilty of fraudulent misrepresentation (within the           meaning of Section 11(f)
of the U.S. Securities Act) will be entitled to           contribution from any person or
entity who was not guilty of such fraudulent           misrepresentation.  

        
              
           (f)    Survival.   The
obligations of the Company and Holders under this           Section 1.7 shall
survive the completion of any offering of Registrable           Securities in a
registration statement, and otherwise.  

           
        1.8
        “Market Stand-Off  ” Agreement.  

        
              
           (a)              Each
Holder hereby agrees that he, she or it shall not, to the extent requested           by
the managing underwriter of a Qualified Public Offering in which Securities           (as
defined below) are sold, directly or indirectly, offer, sell, pledge,           contract
to sell, transfer the  

7 

economic risk of ownership in, make
any short           sale, grant any option to purchase or otherwise dispose of any
Securities of the           Company or any securities convertible into or exchangeable or
exercisable for or           any other rights to purchase or acquire Securities,
including, without           limitation, Securities which may be deemed to be
beneficially owned by each           Holder in accordance with the rules and regulations
of the SEC and Securities           which may be issued upon exercise of an option or
warrant, or enter into any           Hedging Transaction (as defined below) relating to
Securities (each of the           foregoing referred to as a “Disposition”) for
a period of 180 days           after the effective date of the registration statement
relating to such initial           public offering (the “Lock-Up Period”)
unless the managing underwriter           otherwise agrees; provided, however,
such restrictions shall apply           only if all of the Company’s executive
officers, directors and holders of           five percent (5%) or more of the Company’s
voting Securities (collectively,           “Other Restricted Sellers”) enter
into similar agreements; provided, further, however, that the
undersigned shall be           permitted to participate on a pro rata basis in any early
release from the           Lock-Up Period of any Other Restricted Seller by the managing
underwriter. The           foregoing restriction is expressly intended to preclude the
undersigned from           engaging in any Hedging Transaction or other transaction which
is designed to or           reasonably expected to lead to or result in a Disposition
during the Lock-Up           Period even if the Securities would be disposed of by
someone other than the           undersigned. “Hedging Transaction” means any
short sale (whether or           not against the box) or any purchase, sale or grant of
any right (including,           without limitation, any put or call option) with respect
to any security (other           than a broad-based market basket or index) that
includes, relates to or derives           any significant part of its value from the
Securities. For purposes of this           paragraph 1.8(a), “Securities” shall
means any equity securities of           the Company that are, or that are convertible
directly or indirectly into,           voting common shares or non-voting common shares
of the Company.  

        
              
           (b)              Each
Holder hereby agrees to execute and deliver within ten (10) business days           of
delivery of a written request therefor, an agreement in customary form           proposed
by such managing underwriter confirming the foregoing covenants.  

        
              
           (c)              In
order to enforce the foregoing covenants, the Company may impose stop           transfer
instructions with respect to the Securities of the Holder (and the           securities
of every other person subject to the foregoing restriction) until the           end of
such period.  

           
        1.9
        Rule 144 Reporting.   With a view to making available the benefits of
certain rules and regulations of the SEC which may at any time permit the sale of the
Registrable Securities to the public without registration, the Company agrees to:  

        
              
           (a)              make
and keep public information available, as those terms are understood and
          defined in Rule 144 under the U.S. Securities Act, at all times while the
          Company is subject to the reporting requirements of the U.S. Exchange Act;  

        
              
           (b)              use
its best efforts to file with the SEC in a timely manner all reports and           other
documents required of the Company under the U.S. Securities Act and the           U.S.
Exchange Act; and  

        
              
           (c)              as
long as a Holder owns any Registrable Securities, to furnish to the Holder
          forthwith upon request a written statement by the Company as to its compliance
          with 

8 

the reporting requirements of said
Rule 144, a copy of the most recent           annual or quarterly report of the
Company and such other reports and documents           of the Company, including without
limitation, “144 opinion letters,”          as a Holder may reasonably request
in availing itself of any rule or regulation           of the SEC allowing a Holder to
sell any such securities without registration,           and to provide such other
reasonable assistance as a Holder may reasonably           require to market any such
securities.  

           
        1.10
        Termination of Registration Rights.   The registration rights granted
pursuant to this Agreement shall terminate as to a Holder on the date on which all of
such Holder’s Registrable Securities can be sold without volume restrictions under
Rule 144 promulgated under the U.S. Securities Act.  

        2.
        Assignment and Amendment.    

           
        2.1
        Assignment.  Notwithstanding anything herein to the contrary, the
registration rights of a Holder under Section 1 may be assigned only to (i) a
party who acquires all of such Holder’s Registrable Securities, or (ii)(A) a
shareholder, partner, member, Affiliate (as that term is defined in Rule 405 of
Regulation C under the U.S. Securities Act), or beneficiary of such Holder; (B) a
spouse, child, parent or beneficiary of the estate of such Holder or (C) a trust for
the benefit of the persons set forth in (A) or (B); provided, however, that
any transfer to any Affiliate is permitted only if such Affiliate is not: (i) a
competitor of the Company; (ii) a holder of 5% or more of the equity of a competitor of
the Company, or (iii) an entity of which 5% or more of its securities are held by a
competitor of the Company; providedfurther that no party may be assigned
any of the foregoing rights unless the Company is given written notice by the assigning
party at the time of such assignment stating the name, address and tax identification
number of the assignee(s) and identifying the securities of the Company as to which the
rights in question are being assigned; and providedfurther that any such
assignee shall receive such assigned rights subject to all the terms and conditions of
this Agreement, including without limitation the provisions of this Section 2.  

           
        2.2
        Amendment of Rights.   Any provision of this Agreement may be amended and the
observance thereof may be waived (either generally or in a particular instance and either
retroactively or prospectively), only with the written consent of the Company and not
less than seventy-one percent of all Registrable Securities then outstanding. Any
amendment or waiver effected in accordance with this Section 2.2 shall be binding
upon each Holder and the Company.  

        3.
        General Provisions.    

           
        3.1
        Notices.   Any notice, request or other communication required or
permitted hereunder shall be in writing and shall be deemed to have been duly given if:
(i) upon delivery if personally delivered to the party to be notified, (ii) three (3)
days following deposit in the U.S. mail by registered or certified mail, return receipt
requested, postage prepaid, or (iii) when receipt is confirmed as evidenced by a
transmittal report if sent via facsimile to the appropriate facsimile number listed on
the signature pages attached hereto. Any party hereto may designate a new address by ten
(10) days advance written notice to the other parties in the matter set forth above.  

9 

           
        3.2
        Entire Agreement.    This Agreement constitutes and contains the entire
agreement and understanding of the parties with respect to the subject matter hereof and
supersedes any and all prior negotiations, correspondence, agreements, understandings,
duties or obligations between the parties respecting the subject matter hereof.  

           
        3.3
        Governing Law.    This Agreement shall be governed in all respects by
the internal laws of the State of Washington as applied to agreements entered into among
Washington State residents to be performed entirely within Washington. The parties hereto
hereby submit to the exclusive jurisdiction and venue of the United States District Court
located in Seattle, Washington.  

           
        3.4
        Severability.    If one or more provisions of this Agreement are held
to be unenforceable under applicable law, then such provision(s) shall be excluded from
this Agreement and the balance of this Agreement shall be interpreted as if such
provision(s) were so excluded and shall be enforceable in accordance with its terms.  

           
        3.5
        Third Parties.    Nothing in this Agreement, express or implied, is
intended to confer upon any person, other than the parties hereto and their successors
and assigns, any rights or remedies under or by reason of this Agreement.  

           
        3.6
        Successors and Assigns.    Subject to the provisions of Section 2.1,
the provisions of this Agreement shall inure to the benefit of, and shall be binding
upon, the successors and permitted assigns of the parties hereto.  

           
        3.7
        Captions.    The captions to sections of this Agreement have been
inserted for identification and reference purposes only and shall not be used to construe
or interpret this Agreement.  

           
        3.8
        Counterparts.    This Agreement may be executed in counterparts, each
of which shall be deemed an original, but all of which together shall constitute one and
the same instrument.  

           
        3.9
        Costs and Attorneys’Fees.    In the event that any action,
suit or other proceeding is instituted concerning or arising out of this Agreement or any
transaction contemplated hereunder, the prevailing party shall recover all of such party’s
costs and attorneys’ fees incurred in each such action, suit or other proceeding,
including any and all appeals or petitions therefrom.  

           
        3.10
      Adjustments in Securities and Certain Other Changes.   Wherever in
this Agreement there is a reference to a specific number of securities of the Company of
any class or series, then, upon the occurrence of any subdivision, combination or
dividend of such class or series of securities, the specific number of securities so
referenced in this Agreement shall automatically be proportionally adjusted to reflect
the affect on the outstanding securities of such class or series of securities by
such subdivision, combination or dividend.  

           
        3.11
      Aggregation of Securities.    All securities held or acquired
by affiliated entities or persons shall be aggregated together for the purpose of
determining the availability of any rights under this Agreement.  

10 

           
        3.12
      Arbitration.    Any claim or dispute under this Agreement will be determined
by arbitration in accordance with the arbitration provisions of the Purchase Agreement.  

[Signature Page
Follows]  

11 

SIGNATURE PAGE TO
REGISTRATION RIGHTS AGREEMENT 

        IN
WITNESS WHEREOF, the parties hereto have executed this Registration Rights Agreement as
of the date and year first above written.  

		
	 	COMPANY:
	 
	 	APTIMUS, INC.,
a Washington corporation
	 
	 
	 	By:         
             
             
              
	 
	 	Its:         
                           
              
	 
	 
	 	PURCHASER:
SF TECH JV
	 
	 	By:         
             
             
              
	 
	 	Name:    
                           
              
	 
	 	Title:      
                           
              
	 
	 
	 	Address:    
                     
              
	 
	 	         
                      
          
              
	 
	 	         
                             
                 
	 
	 	Fax:         
                          
             	 
	 	Attn:      
                          
             	 
	 

		
	 	 
	 	PURCHASER:
TIMOTHY C. CHOATE
	 
	 	            
             
             
              
	 
	 	Address: 657 Mission Street, Suite 200
       
         San Francisco, CA 94105
	 
	 	Fax:  415-896-2561 
	 
	 
	 
	 
	 	PURCHASER:

ROBERT W. WRUBEL
	 
	 	By:         
             
             
              
	 
	 
	 	Address:    
                     
              
	 
	 	         
                      
          
              
	 
	 	         
                             
                 
	 
	 	Fax:         
                          
             	 
	 
	 
	 	PURCHASER:

MAURA O’NEILL
	 
	 	By:         
             
             
              
	 
	 
	 	Address:    
                     
              
	 
	 	         
                      
          
              
	 
	 	         
                             
                 
	 
	 	Fax:         
                          
             	 

ii 

		
	 	 
	 
	 
	 	PURCHASER:

FRED FELKER IRA
	 
	 	By:         
             
             
              
	 
	 	Name:    
                           
              
	 
	 	Title:      
                           
              
	 
	 
	 	Address:    
                     
              
	 
	 	         
                      
          
              
	 
	 	         
                             
                 
	 
	 	Fax:         
                          
             	 
	 	Attn:      
                          
             	 
	 
	 
	 	PURCHASER:

JOHN STEUART
	 
	 	By:         
             
             
              
	 
	 	Name:    
                           
              
	 
	 	Title:      
                           
              
	 
	 
	 	Address:    
                     
              
	 
	 	         
                      
          
              
	 
	 	         
                             
                 
	 
	 	Fax:         
                          
             	 
	 	Attn:      
                          
             	 

iii 

		
	 	 
	 
	 
	 	PURCHASER:

MARIAN L. FELKER IRA
	 
	 	By:         
             
             
              
	 
	 	Name:    
                           
              
	 
	 	Title:      
                           
              
	 
	 
	 	Address:    
                     
              
	 
	 	         
                      
          
              
	 
	 	         
                             
                 
	 
	 	Fax:         
                          
             	 
	 	Attn:      
                          
             	 

iv

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