Document:

THIS
WARRANT AND THE UNDERLYING SHARES OF COMMON STOCK HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933 (THE “SECURITIES ACT”), OR ANY OTHER SECURITIES LAWS,
HAVE BEEN TAKEN FOR INVESTMENT, AND MAY NOT BE SOLD OR TRANSFERRED OR OFFERED
FOR SALE OR TRANSFER UNLESS A REGISTRATION STATEMENT UNDER THE SECURITIES ACT
AND OTHER APPLICABLE SECURITIES LAWS WITH RESPECT TO SUCH SECURITIES IS THEN IN
EFFECT, OR IN THE OPINION OF COUNSEL TO THE ISSUER OF THESE SECURITIES, SUCH
REGISTRATION UNDER THE SECURITIES ACT AND OTHER APPLICABLE SECURITIES LAWS IS
NOT REQUIRED.

     

    Date:
June 22, 2009

    

    WARRANT
FOR THE PURCHASE OF SHARES OF

    

    COMMON
STOCK OF INTERCLICK, INC.

    

    THIS IS TO CERTIFY that, for value
received, __________________________, his successors and assigns (collectively,
the “Holder”), are entitled to purchase, subject to the terms and conditions
hereinafter set forth, ______________ shares of interCLICK, Inc., a Delaware
corporation (the “Company”) common stock, $0.001 par value per share (the
“Common Stock”) and to receive certificates for the Common Stock so
purchased.  The exercise price of this Warrant is $1.40 per share (the “Exercise
Price”).

    

    1.            
Exercise
Period.  This Warrant may be exercised by the Holder at any
time through 5:00 pm, New York, New York time, on June 22, 2012 (the
“Exercise Period”).  This Warrant will terminate automatically and
immediately upon the expiration of the Exercise Period.

    

    2.            
Exercise of
Warrant.  This Warrant may be exercised, in whole or in part,
at any time and from time to time during the Exercise Period.  Such
exercise shall be accomplished by tender to the Company of an amount equal to
the Exercise Price multiplied by the number of underlying shares being purchased
(the “Purchase Price”), in cash, by wire transfer or by certified check or bank
cashier’s check, payable to the order of the Company.  Upon receipt of
the foregoing, the Company will deliver to the Holder, as promptly as possible,
a certificate or certificates representing the shares of Common Stock so
purchased, registered in the name of the Holder or its transferee (as permitted
under Section 3 below).  With respect to any exercise of this Warrant,
the Holder will for all purposes be deemed to have become the holder of record
of the number of shares of Common Stock purchased hereunder on the date a
properly executed Subscription and payment of the Purchase Price is received by
the Company (the “Exercise Date”), irrespective of the date of delivery of the
certificate evidencing such shares, except that, if the date of such receipt is
a date on which the stock transfer books of the Company are closed, such person
will be deemed to have become the holder of such shares at the close of business
on the next succeeding date on which the stock transfer books are
open.  Fractional shares of Common Stock will not be issued upon the
exercise of this Warrant.  In lieu of any fractional shares that would
have been issued but for the immediately preceding sentence, the Holder will be
entitled to receive cash equal to the current market price of such fraction of a
share of Common Stock on the trading day immediately preceding the Exercise
Date.  In the event this Warrant is exercised in part, the Company
shall issue a new Warrant to the Holder covering the aggregate number of shares
of Common Stock as to which this Warrant remains exercisable for.  The
Company acknowledges and agrees that this Warrant was issued on the Issuance
Date.

    
      
         

      

      
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    3.            
Recording, Transferability,
Exchange and Obligations to Issue Common Stock.

     

    (a)           Registration of
Warrant.  The Company shall register this Warrant, upon records
to be maintained by the Company for that purpose (the “Warrant Register”), in
the name of the record Holder hereof from time to time.  The Company
may deem and treat the registered Holder of this Warrant as the absolute owner
hereof for the purpose of any exercise hereof or any distribution to the Holder,
and for all other purposes, absent actual notice to the contrary from the
transferee and transferor.

     

    (b)           Registration of
Transfers.  The Company shall register the transfer of any
portion of this Warrant in the Warrant Register, upon surrender of this Warrant,
with the Form of Assignment attached hereto as Exhibit B duly
completed and signed, to the Company at its address specified
herein.  As a condition to the transfer, the Company may request a
legal opinion as contemplated by the legend.  Upon any such
registration or transfer, a new Warrant to purchase Common Stock, in
substantially the form of this Warrant (any such new Warrant, a “New Warrant”),
evidencing the portion of this Warrant so transferred shall be issued to the
transferee and a New Warrant evidencing the remaining portion of this Warrant
not so transferred, if any, shall be issued to the transferring Holder. The
acceptance of the New Warrant by the transferee thereof shall be deemed the
acceptance by such transferee of all of the rights and obligations of a holder
of a Warrant.

     

    (c)         This
Warrant is exchangeable upon its surrender by the Holder to the Company for new
Warrants of like tenor and date representing in the aggregate the right to
purchase the number of shares purchasable hereunder, each of such new Warrants
to represent the right to purchase such number of shares as may be designated by
the Holder at the time of such surrender (not to exceed the aggregate number of
shares underlying this Warrant).

     

    (d)           The
Company’s obligations to issue and deliver Common Stock in accordance with the
terms hereof are absolute and unconditional, irrespective of any action or
inaction by the Holder to enforce the same, any waiver or consent with respect
to any provision hereof, the recovery of any judgment against any person or any
action to enforce the same, or any setoff, counterclaim, recoupment, limitation
or termination, or any breach or alleged breach by the Holder or any other
person of any obligation to the Company or any violation or alleged violation of
law by the Holder or any other person, and irrespective of any other
circumstance which might otherwise limit such obligation of the Company to the
Holder in connection with the issuance of Common Stock.  Nothing
herein shall limit a Holder’s right to pursue any other remedies available to it
hereunder, at law or in equity including, without limitation, a decree of
specific performance and/or injunctive relief with respect to the Company’s
failure to timely deliver certificates representing shares of Common Stock upon
exercise of the Warrant  as required pursuant to the terms
hereof.

    
      
         

      

      
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    4.        
    Adjustments to Exercise Price and
Number of Shares Subject to Warrant.  The Exercise Price and
the number of shares of Common Stock purchasable upon the exercise of this
Warrant are subject to adjustment from time to time upon the occurrence of any
of the events specified in this Section 4.  For the purpose of this
Section 4, “Common Stock” means shares now or hereafter authorized of any class
of common stock of the Company, however designated, that has the right to
participate in any distribution of the assets or earnings of the Company without
limit as to per share amount (excluding, and subject to any prior rights of, any
class or series of preferred stock).

     

    (a)           In
case the Company shall (i) pay a dividend or make a distribution in shares of
Common Stock to holders of shares of Common Stock, (ii) subdivide its
outstanding shares of Common Stock into a greater number of shares, (iii)
combine its outstanding shares of Common Stock into a smaller number of shares,
or (iv) issue by reclassification of its shares of Common Stock other securities
of the Company, then the Exercise Price in effect at the time of the record date
for such dividend or on the effective date of such subdivision, combination or
reclassification, and/or the number and kind of securities issuable on such
date, shall be proportionately adjusted so that the Holder of the Warrant
thereafter exercised shall be entitled to receive the aggregate number and kind
of shares of Common Stock (or such other securities other than Common Stock) of
the Company, at the same aggregate Exercise Price, that, if such Warrant had
been exercised immediately prior to such date, the Holder would have owned upon
such exercise and been entitled to receive by virtue of such dividend,
distribution, subdivision, combination or reclassification. Such adjustment
shall be made successively whenever any event listed above shall
occur.

     

    (b)           In
case the Company shall fix a record date for the making of a distribution to all
holders of Common Stock (including any such distribution made in connection with
a consolidation or merger in which the Company is the surviving corporation) of
cash, evidences of indebtedness or assets, or subscription rights or warrants,
the Exercise Price to be in effect after such record date shall be determined by
multiplying the Exercise Price in effect immediately prior to such record date
by a fraction, the numerator of which shall be the Fair  Market
Value  per share of Common Stock on such record date, less the amount
of cash so to be distributed or the Fair Market Value (as determined in good
faith by, and reflected in a formal resolution of, the board of directors of the
Company) of the portion of the assets or evidences of indebtedness so to be
distributed, or of such subscription rights or warrants, applicable to one share
of Common Stock, and the denominator of which shall be the Fair Market Value per
share of Common Stock.  Such adjustment shall be made successively
whenever such a record date is fixed; and in the event that such distribution is
not so made, the Exercise Price shall again be adjusted to be the Exercise Price
which would then be in effect if such record date had not been
fixed.

     

    (c)           Notwithstanding
any provision herein to the contrary, no adjustment in the Exercise Price shall
be required unless such adjustment would require an increase or decrease of at
least 1% in the Exercise Price; provided, however, that any
adjustments which by reason of this Section 4(c) are not required to be made
shall be carried forward and taken into account in any subsequent
adjustment.  All calculations under this Section 4 shall be made to
the nearest cent or the nearest one-hundredth of a share, as the case may
be.

    
      
         

      

      
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    (d)           In
the event that at any time, as a result of an adjustment made pursuant to
Section 4(a) above, the Holder of any Warrant thereafter exercised shall become
entitled to receive any shares of capital stock of the Company other than shares
of Common Stock, thereafter the number of such other shares so receivable upon
exercise of any Warrant shall be subject to adjustment from time to time in a
manner and on terms as nearly equivalent as practicable to the provisions with
respect to the shares of Common Stock contained in this Section 4, and the other
provisions of this Warrant shall apply on like terms to any such other
shares.

     

    (e)           Fundamental
Transactions.  If, at any time while this
Warrant is outstanding, (1) the Company effects any merger or consolidation of
the Company with or into another company, (2) the Company effects any sale of
all or substantially all of its assets in one or a series of related
transactions, (3) any tender offer or exchange offer (whether by the Company or
another company or person) is completed pursuant to which holders of Common
Stock are permitted to tender or exchange their shares for other securities,
cash or property, or (4) the Company effects any reclassification of the Common
Stock or any compulsory share exchange pursuant to which the Common Stock is
effectively converted into or exchanged for other securities, cash or property
(in any such case, a “Fundamental Transaction”), then the Holder shall have
ninety days the right thereafter to receive, upon exercise of this Warrant, the
same amount and kind of securities, cash or property as it would have been
entitled to receive upon the occurrence of such Fundamental Transaction if it
had been, immediately prior to such Fundamental Transaction, the holder of the
number of Common Stock then issuable upon exercise in full of this Warrant (the
“Alternate Consideration”). If the Alternate Consideration values this Warrant
at a price below the Exercise Price, the Holder shall be entitled to a cash
payment equal to the value of this Warrant as determined by the Black-Scholes
option pricing formula.  For purposes of any such exercise, the
determination of the Exercise Price shall be appropriately adjusted to apply to
such Alternate Consideration based on the amount of Alternate Consideration
issuable in respect of one share of Common Stock in such Fundamental
Transaction, and the Company shall apportion the Exercise Price among the
Alternate Consideration in a reasonable manner reflecting the relative value of
any different components of the Alternate Consideration.  If holders
of Common Stock are given any choice as to the securities, cash or property to
be received in a Fundamental Transaction, then the Holder shall be given the
same choice as to the Alternate Consideration it receives upon any exercise of
this Warrant following such Fundamental Transaction.  At the Holder’s
option and request, any successor to the Company or surviving entity in such
Fundamental Transaction shall issue to the Holder a new warrant substantially in
the form of this Warrant and consistent with the foregoing provisions and
evidencing the Holder’s right to purchase the Alternate Consideration for the
aggregate Exercise Price upon exercise thereof.  Any such successor or
surviving entity shall be deemed to be required to comply with the provisions of
this paragraph (c) and shall insure that the Warrant (or any such replacement
security) will be similarly adjusted upon any subsequent transaction analogous
to a Fundamental Transaction.

     

    (f)           In
case any event shall occur as to which the other provisions of this Section 4
are not strictly applicable but the failure to make any adjustment would not
fairly protect the purchase rights represented by this Warrant in accordance
with the essential intent and principles hereof, then, in each such case, the
Company shall effect such adjustment, on a basis consistent with the essential
intent and principles established in this Section 4, as may be necessary to
preserve, without dilution, the purchase rights represented by this
Warrant.

    
      
         

      

      
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    (g)           Notice of
Adjustments.  Upon the occurrence of each adjustment pursuant
to this Section 4, the Company at its expense will promptly compute such
adjustment in accordance with the terms of this Warrant and prepare a
certificate setting forth such adjustment, including a statement of the adjusted
Exercise Price and adjusted number or type of Common Stock or other securities
issuable upon exercise of this Warrant (as applicable), describing the
transactions giving rise to such adjustments and showing in detail the facts
upon which such adjustment is based.  Upon written request, the
Company will promptly deliver a copy of each such certificate to the Holder and
to the Company’s Transfer Agent.

     

    5.  
          Legend.  If there is
not a current effective registration statement in effect and the exemption
provided by Rule 144 under the Securities Act is unavailable when exercised, the
stock certificates shall bear the following legend.

     

    “The
securities represented by this certificate have not been registered under the
Securities Act of 1933 (the “Securities Act”), and may not be offered for sale
or sold except pursuant to (i) an effective registration statement under the
Securities Act, or (ii) an opinion of counsel, if such opinion and counsel shall
be reasonably satisfactory to counsel to the issuer, that an exemption from
registration under the Securities Act is available.”

     

    6.           
Reservation of Common
Stock.  The Company covenants that it will at all times reserve
and keep available out of the aggregate of its authorized but unissued and
otherwise unreserved Common Stock, solely for the purpose of enabling it to
issue Common Stock upon exercise of this Warrant as herein provided, the number
of shares of Common Stock which are then issuable and deliverable upon the
exercise of this entire Warrant, free from preemptive rights or any other
contingent purchase rights of persons other than the Holder (taking into account
the adjustments and restrictions of Section 4). The Company covenants that all
Common Stock so issuable and deliverable shall, upon issuance and the payment of
the applicable Exercise Price in accordance with the terms hereof, be duly and
validly authorized, issued and fully paid and nonassessable.

     

    7.      
      Replacement of
Warrant.  If this Warrant is mutilated, lost, stolen or
destroyed, the Company shall issue or cause to be issued in exchange and
substitution for and upon cancellation hereof, or in lieu of and substitution
for this Warrant, a New Warrant, but only upon receipt of evidence reasonably
satisfactory to the Company of such loss, theft or destruction and customary and
reasonable indemnity (which may include a surety bond), if
requested.  Applicants for a New Warrant under such circumstances
shall also comply with such other reasonable regulations and procedures and pay
such other reasonable third-party costs as the Company may
prescribe.  If a New Warrant is requested as a result of a mutilation
of this Warrant, then the Holder shall deliver such mutilated Warrant to the
Company as a condition precedent to the Company's obligation to issue the New
Warrant.

     

    8.         
   Charges,
Taxes and Expenses. Issuance and delivery of certificates for shares of
Common Stock upon exercise of this Warrant shall be made without charge to the
Holder for any issue or transfer tax, withholding tax, transfer agent fee or
other incidental tax or expense in respect of the issuance of such certificates,
all of which taxes and expenses shall be paid by the Company; provided, however,
that the Company shall not be required to pay any tax which may be payable in
respect of any transfer involved in the registration of any certificates for
Common Stock or Warrants in a name other than that of the Holder.  The
Holder shall be responsible for all other tax liability that may arise as a
result of holding or transferring this Warrant or receiving Common Stock upon
exercise hereof.

    
      
         

      

      
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    9.           Notices to
Holder.  Upon any adjustment of the Exercise Price (or number
of shares of Common Stock issuable upon the exercise of this Warrant) pursuant
to Section 4, the Company shall promptly thereafter cause to be given to the
Holder written notice of such adjustment.  Such notice shall include
the Exercise Price (and/or the number of shares of Common Stock issuable upon
the exercise of this Warrant) after such adjustment, and shall set forth in
reasonable detail the Company’s method of calculation and the facts upon which
such calculations were based.  Where appropriate, such notice shall be
given in advance and included as a part of any notice required to be given under
the other provisions of this Section 9.

     

    In the event of (a) any fixing by the
Company of a record date with respect to the holders of any class of securities
of the Company for the purpose of determining which of such holders are entitled
to dividends or other distributions, or any rights to subscribe for, purchase or
otherwise acquire any shares of capital stock of any class or any other
securities or property, or to receive any other right, (b) any capital
reorganization of the Company, or reclassification or recapitalization of the
capital stock of the Company or any transfer of all or substantially all of the
assets or business of the Company to, or consolidation or merger of the Company
with or into, any other entity or person, or (c) any voluntary or involuntary
dissolution or winding up of the Company, then and in each such event the
Company will give the Holder a written notice specifying, as the case may be (i)
the record date for the purpose of such dividend, distribution, or right, and
stating the amount and character of such dividend, distribution, or right; or
(ii) the date on which any such reorganization, reclassification,
recapitalization, transfer, consolidation, merger, conveyance, dissolution,
liquidation, or winding up is to take place and the time, if any is to be fixed,
as of which the holders of record of Common Stock (or such capital stock or
securities receivable upon the exercise of this Warrant) shall be entitled to
exchange their shares of Common Stock (or such other stock securities) for
securities or other property deliverable upon such event.  Any such
notice shall be given at least 10 days prior to the earliest date therein
specified.

     

    10.           No Rights as a
Shareholder.  This Warrant does not entitle the Holder to any
voting rights or other rights as a stockholder of the Company, nor to any other
rights whatsoever except the rights herein set forth. Provided, however, the Company
shall not close any merger arising out of any merger agreement in which it is
not the surviving entity, or sell all or substantially all of its assets unless
the Company shall have first provided the Holder with 20 days’ prior written
notice.

     

    11.           Additional Covenants of the
Company.  If upon issuance of any shares for which this Warrant
is exercisable, the Common Stock is listed for trading or trades on any national
securities exchange including The Nasdaq Stock Market upon the issuance, the
Company shall, at its expense, promptly obtain and maintain the listing or
qualifications for trading of such shares.

     

    The Company shall comply with the
reporting requirements of Sections 13 and 15(d) of the Securities Exchange Act
of 1934 for so long as and to the extent that such requirements apply to the
Company.

    
      
         

      

      
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    The Company shall not, by amendment of
its Certificate of Incorporation or through any reorganization, transfer of
assets, consolidation, merger, dissolution, issuance or sale of securities, or
any other voluntary action, avoid or seek to avoid the observance or performance
of any of the terms of this Warrant. Without limiting the generality of the
foregoing, the Company (a) will at all times reserve and keep available, solely
for issuance and delivery upon exercise of this Warrant, shares of Common Stock
issuable from time to time upon exercise of this Warrant, (b) will not increase
the par value of any shares of Common Stock issuable upon exercise of this
Warrant above the amount payable therefor upon such exercise, and (c) will take
all such actions as may be necessary or appropriate in order that the Company
may validly and legally issue fully paid and nonassessable stock.

     

    12.           Successors and
Assigns.  This Agreement shall be binding upon and inure to the
benefit of the Company, the Holder and their respective successors and permitted
assigns.

     

    13.           Severability.  Every
provision of this Warrant is intended to be severable. If any term or provision
hereof is illegal or invalid for any reason whatsoever, such illegality or
invalidity shall not affect the remainder of this Warrant.

     

    14.           Governing Law.  This
Warrant shall be governed by and construed in accordance with the laws of the
State of Delaware without regard to choice of law considerations.

     

    15.           Attorneys’ Fees.  In
any action or proceeding brought to enforce any provision of this Warrant, the
prevailing party shall be entitled to recover reasonable attorneys’ fees in
addition to its costs and expenses and any other available
remedies.

     

    16.           Entire Agreement. This Warrant
(including the Exhibits attached hereto) constitutes the entire understanding
between the Company and the Holder with respect to the subject matter hereof,
and supersedes all prior negotiations, discussions, agreements and
understandings relating to such subject matter.

     

    17.           Good Faith. The Company will
not, by amendment of its Articles of Incorporation or through any
reorganization, transfer of assets, consolidation, merger, dissolution, issue or
sale of securities or any other voluntary action, avoid or seek to avoid the
observance or performance of any of the terms of this Warrant, but will at all
times in good faith assist in the carrying out of all such terms and in the
taking of all such action as may be necessary or appropriate  in order
to protect the rights of the holder of this Warrant against such
impairment.

     

    IN
WITNESS WHEREOF, the Company has caused this Warrant to be executed by its duly
authorized officer as of the date first set forth above.

    
      
         

      

      
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                  interCLICK,
      Inc.

                
	 
      	 
      
	 
      	 
      
	 
      	
                  By:

                	 
      
	 
      	 
      	
                  Michael
      Mathews

                
	 
      	 
      	
                  Chief
      Executive Officer

                

        

      

    

    
      
         

      

      
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    Exhibit
A

     

    SUBSCRIPTION
FORM

     

    (To be
Executed by the Holder to Exercise the Rights To Purchase Common Stock Evidenced
by the Within Warrant)

     

    The
undersigned hereby irrevocably subscribes for _______ shares of the Common Stock
(the “Stock”) of interCLICK,
Inc. (the “Company”) pursuant to and in accordance with the terms and
conditions of the attached Warrant (the “Warrant”), and hereby makes payment of
$_______ therefore by tendering cash, wire transferring or delivering a
certified check or bank cashier’s check, payable to the order of the
Company.  The undersigned requests that a certificate for the Stock be
issued in the name of the undersigned and be delivered to the undersigned at the
address stated below.  If the Stock is not all of the shares
purchasable pursuant to the Warrant, the undersigned requests that a new Warrant
of like tenor for the balance of the remaining shares purchasable thereunder be
delivered to the undersigned at the address stated below.

     

    In
connection with the issuance of the Stock, I hereby represent to the Company
that I am acquiring the Stock for my own account for investment and not with a
view to, or for resale in connection with, a distribution of the shares within
the meaning of the Securities Act of 1933 (the “Securities Act”).

     

    I
understand that if at this time the Stock has not been registered under the
Securities Act, I must hold such Stock indefinitely unless the Stock is
subsequently registered and qualified under the Securities Act or is exempt from
such registration and qualification. I shall make no transfer or disposition of
the Stock unless (a) such transfer or disposition can be made without
registration under the Securities Act by reason of a specific exemption from
such registration and such qualification, or (b) a registration statement has
been filed pursuant to the Securities Act and has been declared effective with
respect to such disposition.  I agree that each certificate
representing the Stock delivered to me shall bear substantially the same as set
forth on the front page of the Warrant.

     

    I further
agree that the Company may place stop transfer orders with its transfer agent
same effect as the above legend.  The legend and stop transfer notice
referred to above shall be removed only upon my furnishing to the Company of an
opinion of counsel (reasonably satisfactory to the Company) to the effect that
such legend may be removed.

     

    
      
        	
                Date:_______________________________

              	
                Signed:
      _______________________________

              
	 
      	
                Print
      Name:____________________________

              
	 
      	
                Address:______________________________

              
	 
      	 
      
	 
      	 
      
	
                Date:_______________________________

              	 
      
	 
      	
                Signed:
      _______________________________

              
	 
      	
                Print
      Name:____________________________

              
	 
      	
                Address:______________________________

              

      

    

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    Exhibit
B

     

    ASSIGNMENT

     

    (To be
Executed by the Holder to Effect Transfer of the Attached Warrant)

     

    For Value
Received __________________________ hereby sells, assigns and transfers to
_________________________ the Warrant attached hereto and the rights represented
thereby to purchase _________ shares of Common Stock in accordance with the
terms and conditions hereof, and does hereby irrevocably constitute and appoint
___________________________ as attorney to transfer such Warrant on the books of
the Company with full power of substitution.

     

    
      
        
          
            
              	
                      Dated:________________________

                    	
                      Signed: 
      

                    	 	 
      
	
                      Please
      print or typewrite

                      name
      and address of

                      assignee:

                    	 
      	
                      Please
      insert Social Security

                      or
      other Tax Identification

                      Number
      of
Assignee:

                    

            

          

        

      

    

     

    
      
        
          
            
              	
                      Dated:________________________

                    	
                      Signed: 
      

                    	 	 
      
	
                      Please
      print or typewrite

                      name
      and address of

                      assignee:

                    	 
      	
                      Please
      insert Social Security

                      or
      other Tax Identification

                      Number
      of
Assignee:Name
      of Subscriber

                  

          

        

      

    

    

    SUBSCRIPTION
AGREEMENT

    

    interCLICK,
Inc.

    257 Park
Avenue South

    Suite
602

    New York,
NY 10010

    Attention:  Michael
Mathews, Chief Executive Officer

    

    Dear
Sirs:

    

    1.1          Subscription.  I,
the undersigned investor (the “Investor”), hereby subscribe for and agree to
purchase on the terms and conditions contained herein
_______________  shares of common stock and ___________ warrants to
purchase shares of common stock of interCLICK, Inc., a Delaware corporation (the
“Company”), on a one share and 1⁄4 warrant basis.  Each warrant is
exercisable at $1.40 per share over a three-year period.  The price
per share (and 1⁄4 warrant) is $1.00.  I understand the Company is
conducting a private placement offering on a “best efforts, partial all-or-none
basis” (the “Offering”) of $2,500,000 minimum and $5,000,000 maximum as
described in a Term Sheet dated June 8, 2009 (the “Term Sheet”).

    

    1.2          Subscription
Payment.  As payment for this subscription, simultaneously with
the execution hereof, I am wire transferring to Harris Cramer LLP (the “Escrow
Agent”) the amount of $__________.

    

    2.1          Investor Representations and
Warranties. I acknowledge, represent and warrant to, and agree with, the
Company as follows:

    

    
      (a)    I am
aware that my investment involves a high degree of risk;

    

    

    
      (b)    I
acknowledge and am aware that there is no assurance as to the future performance
of the Company;

    

    

    
      (c)    I am
purchasing the securities for my own account for investment and not with a view
to or for sale in connection with the distribution of the securities nor with
any present intention of selling or otherwise disposing of all or any part of
the securities.  I agree that I must bear the economic risk of my
investment for an indefinite period of time because, among other reasons, the
securities have not been registered under the Securities Act of 1933 (the
“Securities Act”) or under the securities laws of any states and, therefore,
cannot be resold, pledged, assigned or otherwise disposed of unless they are
subsequently registered under the Securities Act and under applicable securities
laws of such states or an exemption from such registration is
available.  I hereby authorize the Company to place a legend denoting
the restriction on the certificates to be issued. I acknowledge that no public
market will develop for the Warrants.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      (d)    I further
acknowledge my understanding that the Company’s reliance on such exemptions
referred to in subsection (c) above are, in part, based upon the foregoing
representations, warranties, and agreements by me and that the statutory basis
for such exemptions would not be present, if, notwithstanding such
representations, warranties and agreements, I were acquiring the securities for
resale on the occurrence or non-occurrence of some pre-determined event. In
order to induce the Company to issue and sell the securities subscribed for
hereby to me, it is agreed that the Company will have no obligation to recognize
the ownership, beneficial or otherwise, of such securities or any part thereof
by anyone, except as set forth herein;

    

    

    
      (e)    I have
the financial ability to bear the economic risk of my investment in the Company
(including its possible total loss), have adequate means for providing for my
current needs and personal contingencies and have no need for liquidity with
respect to my investment in the Company;

    

    

    
      (f)    I have
such knowledge and experience in financial and business matters as to be capable
of evaluating the merits and risks of an investment in the securities and have
obtained, in my judgment, sufficient information from the Company to evaluate
the merits and risks of an investment in the Company;

    

    

    
      (g)    I:________________

    

    

    
      (1)    Have
carefully read this Subscription Agreement and the Term Sheet, as well as
reports filed by the Company with the Securities and Exchange Commission (the
“Reports”) and understand and have evaluated the risks of a purchase of the
securities and have relied solely (except as indicated in subsection (2) and
(3)) on the information contained in this Subscription Agreement, the Term Sheet
and the Reports;

    

    

    
      (2)    Have been
provided an opportunity to obtain any additional information concerning the
offering, the Company and all other information to the extent the Company
possesses such information or can acquire it without unreasonable effort or
expense; and

    

    

    
      (3)    Have been
given the opportunity to ask questions of, and receive answers from, the Company
concerning the terms and conditions of the offering and other matters pertaining
to this investment.  In addition, as required by Section
517.061(11)(a)(3), Florida Statutes and by Rule 3E-500.05(a) thereunder, I may
have, at the offices of the Company, at any reasonable hour, after reasonable
prior notice, access to the materials set forth in the Rule which the Company
can obtain without unreasonable effort or expense.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      (h)   If the
undersigned is a corporation, trust, partnership, employee benefit plan,
individual retirement account, Keogh Plan, or other tax-exempt entity, it is
authorized and qualified to become an investor in the Company and the person
signing this Subscription Agreement on behalf of such entity has been duly
authorized by such entity to do so;

    

    

    
      (i)    No
representations or warranties have been made to the undersigned by the Company,
or any of their respective officers, employees, agents, affiliates or
attorneys;

    

    

    
      (j)    The
information contained in Section 2.2 of this Subscription Agreement is true and
correct including any information which I have furnished and furnish to the
Company with respect to my financial position and business experience, is
correct and complete as of the date of this Subscription Agreement and if there
should be any material change in such information prior to acceptance of my
subscription, I will furnish such revised or corrected information to the
Company;

    

    

    (k)          I
hereby acknowledge and am aware that except for any rescission rights that may
be provided under applicable state laws including the three day rights under
Florida law, I am not entitled to cancel, terminate or revoke this subscription,
and any agreements made in connection herewith shall survive my death or
disability;

    

    (l)           I
have not received any general solicitation or advertising regarding the purchase
of the securities and became aware of this investment through a substantive,
pre-existing relationship with the Company; and

    

    
      (m)         Where
applicable, I agree to be bound by any restrictions on resale of the securities
required by applicable state laws.

    

    

    (n)           For
a period of one year from the date of this Subscription Agreement, I will not,
whether in my own capacity or through a representative, agent or affiliate enter
into or effect any “short sales” (as such term is defined in Rule 10a-1 of the
Securities Exchange Act of 1934) of the Company’s Common Stock or engage in any
similar hedging transactions.

    

    2.2           Investor Representations and
Warranties Concerning Suitability, Accredited Investor and Eligible Client
Status.  I represent and warrant the following
information:

    

    
      (a)    The
following information should be provided by the person making the investment
decision whether on his own behalf or on behalf of an entity:

    

    

    
      
        
          
            
              
                	
                         
      

                      	
                        (1)

                      	
                        Name
      of Investor:

                      	 
      	
                          Age:

                      	 
      
	 
      	 
      	 
      
	 
      	
                        (2)

                      	
                        Name
      of person making investment decision

                      
	 
      	 
      	 
      
	 
      	 
      	 
      	
                          Age:

                      	 
      
	 
      	 
      	
                        (Print)

                      	 
      	 
      

              

            

          

        

      

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    
      
        
          
            
              
                
                  
                    	 	
                            (3)

                          	
                            Principal
      residence address and telephone number:

                          
	 	 	 
	 	 
      	 
      
	 	 
      	 
      
	 	 
      	 
      

                  

                

              

            

          

        

      

    

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                	 	
                                        (4)

                                      	
                                        Secondary
      residence address and telephone number:

                                      
	 	 	 
	 	 
      	 
      
	 	 
      	 
      
	 	 	 
	 	 	 
	 	 
      	 
      
	 	 	 
	 	 	

                                        I
      have no present intention of becoming a resident of any other state or
      jurisdiction. 

                                      

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          	 	
                                  (5)

                                	
                                  Name,
      address, telephone number and facsimile number of employer or
      business:

                                
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    
      
        	 	
                (i)

              	
                Nature
      of business

              	 
      

      

    

     

    
      
        
          
            
              	 	

                      (ii)

                    	
                      Position
      and nature of responsibilities

                       

                    

            

          

        

      

    

    

    
      
        
          
            	 	
                    (6)

                  	
                    Length
      of employment or in current position

                  	 
      

          

        

      

    

    

    
      
        	 	
                (7)

              	
                Prior
      employment, positions or occupations during the past five years (and the
      inclusive dates of each) are as
follows:

              

      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                	
                                        Nature
      of Employment,

                                        or Occupation

                                      	 
      	
                                        Position/ Duties

                                      	 
      	
                                        From/To

                                      
	 
      	 
      	 
      	 
      	 
      
	 	 	 	 	 
	 	 	 	 	 
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 	 	 	 	 

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    

    
      Attach
additional pages to answer any questions in greater detail, if
necessary.  Each prospective investor should answer the following
questions which pertain to income, tax rate, net worth, liquid assets, and
non-liquid assets by including spousal contribution even though the investment
will be held in single name.

    

     

    
      
        	 
      	
                (8)

              	
                

                  Business
      or professional education and the degree(s) received are as
      follows:

                

              

      

       

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    	
                                            School

                                          	 
      	
                                            Degree

                                          	 
      	
                                            Year Received

                                          
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 
      	 
      	 
      	 
      	 
      

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    
      	
               
      

            	
              (b)

            	
              Investor
      Representations.  Must Initial One.  Initial
      all appropriate spaces on the following pages (please initial only where
      appropriate).

            

    

    

    Sales in the United States
or to United States Persons

    

    For
Individual Investors Only:

    

    
      (1)     
______ I certify
that I am an accredited investor because I have an individual net worth, or my
spouse and I have combined net worth, in excess of $1,000,000.  For
purposes of this question, “net worth” means the excess of total assets at fair
market value, including home, home furnishings and automobiles, over total
liabilities.

    

    

    
      (2a)   
______
I certify
that I am an accredited investor because I had individual income (exclusive of
any income attributable to my spouse) of more than $200,000 in the last two
completed years and I reasonably expect to have an individual income in excess
of $200,000 this year.

    

    

    
      (2b)   
______
Alternatively,
my spouse and I have joint income in excess of $300,000 in each applicable
year.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    
      (3)     
______
I am a
director or executive officer of the Company.

    

    

    Other
Investors:

    

    
      (4)     
______
The
undersigned certifies that it is one of the following:  any bank as
defined in Section 3(a)(2) of the Securities Act whether acting in its
individual or fiduciary capacity; any broker or dealer registered pursuant to
section 15 of the Securities Exchange Act of 1934; insurance company as defined
in Section 2(13) of the Securities Act; investment company registered under the
Investment Company Act of 1940 or a business development company as defined in
Section 2(a)(48) of that Act; Small Business Investment Company licensed by the
U.S.  Small Business Administration under Section 301(c) or (d) of the
Small Business Investment Act of 1958; any plan established and maintained by a
state, its political subdivisions, or any agency or instrumentality of a state
or its political subdivisions, for the benefit of its employees, if such plan
has total assets in excess of $5,000,000; employee benefit plan within the
meaning of Title I of the Employee Retirement Income Security Act of 1974, if
the investment decision is made by a plan fiduciary, as defined in Section 3(21)
of such Act, which is either a bank, savings and loan association, insurance
company, or registered investment advisor, or if the employee benefit plan has
total assets in excess of $5,000,000, or if a self-directed plan, with
investment decisions made solely by persons that are accredited
investors.

    

    

    
      (5)     
______
The
undersigned certifies that it is a private business development company as
defined in Section 202(a)(22) of the Investment Advisors Act of
1940.

    

    

    
      (6)     
______
The
undersigned certifies that it is a organization described in Section 501(c)(3)
of the Internal Revenue Code, corporation, Massachusetts or similar business
trust or partnership, not formed for the specific purpose of acquiring the
securities offered, with total assets in excess of
$5,000,000.

    

    

    
      (7)     
______
The
undersigned certifies that it is a trust, with total assets in excess of
$5,000,000, not formed for the specific purpose of acquiring the securities
offered, whose purchase is directed by a sophisticated person as described in
Rule 506(b)(2)(ii) of the Securities Act.

    

    

    
      (8)     
______
The
undersigned certifies that it is an entity in which all of the equity owners are
accredited investors.

    

    

    
      Non-United States
Persons

    

    

    
      (9)  
   ______
The
undersigned certifies that it is not and has not been a U.S. Person as defined
by Rule 902 of the Securities Act and is not acquiring the securities for the
account or benefit of any U.S. Person.

    

    

    
      (10)   
______
The
undersigned certifies that the securities are being purchased in an offshore
transaction as defined by Rule 902 of the Securities Act.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    
      (11)
______
The
undersigned certifies that it is acquiring the securities for investment and
without a view to distribution.

    

    

    3.           
Closing Conditions.

    

    (a)           On
the date this Subscription Agreement is accepted by the Company (the “Closing”
or the “Closing Date”), the Investor shall deliver or cause to be delivered to
the Company the following:

    

    
      (1)    this
Subscription Agreement duly executed by such Investor;

    

    

    
      (2)    the
Investor’s payment for the securities; and

    

    

    
      (3)    the
Registration Rights Agreement duly executed by such Investor.

    

    

    (b)           On
or before the Closing Date, the Company shall deliver or cause to be delivered
to each Investor the following:

    

    
      (1)    this
Subscription Agreement duly executed by the Company;

    

    

    
      (2)    certificates
for the securities purchased registered in the name of the
Investor;

    

    

    
      (3)    the
Registration Rights Agreement duly executed by the Company.

    

     

    (c)    The
obligations of the Company hereunder in connection with the Closing are subject
to the following conditions being met:

    

    
      (1)    the
accuracy in all material respects when made and on the Closing Date of the
representations and warranties of the Investor contained
herein;

    

    

    
      (2)    all
obligations, covenants and agreements of the Investor required to be performed
at or prior to the Closing shall have been performed; and

    

    

    
      (3)    the
delivery by the Investors of the items set forth in Section 3(a) of this
Subscription Agreement.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    (d)           The
respective obligations of the Investor in connection with the Closing are
subject to the following conditions being met:

     

    
      (1)    the
accuracy in all material respects when made and on the Closing Date of the
representations and warranties of the Company contained
herein;

    

    

    
      (2)    all
obligations, covenants and agreements of the Company required to be performed at
or prior to the Closing Date shall have been performed;

    

    

    
      (3)    the
delivery by the Company of the items set forth in Section 3(b) of this
Agreement; and

    

    

    
      (4)    the
Company shall have received a minimum of $2,500,000 of gross proceeds from the
Offering.

    

    

    4.            
Indemnification.  I
hereby agree to indemnify and hold harmless the Company, its officers,
directors, shareholders, employees, agents and attorneys against any and all
losses, claims, demands, liabilities and expenses (including reasonable legal or
other expenses) incurred by each such person in connection with defending or
investigating any such claims or liabilities, whether or not resulting in any
liability to such person) to which any such indemnified party may become subject
under the Securities Act, under any other statute, at common law or otherwise,
insofar as such losses, claims, demands, liabilities and expenses (a) arise out
of or are based upon any untrue statement or alleged untrue statement of a
material fact made by me and contained in this Subscription Agreement, or (b)
arise out of or are based upon any breach of any representation, warranty or
agreement contained herein.

    

    5.            
Arbitration.  Any
controversy, dispute or claim against the Company, its officers, directors or
employees arising out of or relating to this Subscription Agreement including
the annexed transaction documents, or its interpretation, application,
implementation, breach or enforcement which the parties are unable to resolve by
mutual agreement, shall be settled by submission by either party of the
controversy, claim or dispute to binding arbitration in New York County, New
York (unless the parties agree in writing to a different location) before three
arbitrators in accordance with the rules of the American Arbitration Association
then in effect.  In any such arbitration proceeding, the parties agree
to provide all discovery deemed necessary by the arbitrators.  The
decision and award made by the arbitrators shall be final, binding and
conclusive on all parties to any arbitration proceeding for all purposes, and
judgment may be entered thereon in any court having jurisdiction
thereof.

    

    6.           
Counterparts.  This
Subscription Agreement may be executed in one or more counterparts, each of
which shall be deemed an original but all of which together shall constitute one
and the same instrument.  The execution of this Subscription Agreement
may be by actual or facsimile signature.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    7.           
 Benefit.   This
Subscription Agreement shall be binding upon and inure to the benefit of the
parties hereto and their legal representatives, successors and
assigns.

    

    8.         
   Notices and
Addresses.   All notices, offers, acceptance and any other
acts under this Agreement (except payment) shall be in writing, and shall be
sufficiently given if delivered to the addressees in person, by Federal Express
or similar overnight next business day delivery, or by facsimile delivery
followed by overnight next business day delivery, as follows:

    

    
      
        	
                Investor:

              	
                At
      the address designated

              
	 
      	
                in
      Section 2.2 of this

              
	 
      	
                Subscription
      Agreement

              
	 
      	 
      
	
                The
      Company:

              	
                interCLICK,
      Inc.

              
	 
      	
                257
      Park Avenue South, Suite 602

              
	 
      	
                New
      York, NY 10010

              
	 
      	
                Attention:
      Michael Mathews, Chief Executive Officer

              
	 
      	
                Facsimile:
      (646) 558-1227

              

      

    

    

    or to
such other address as any of them, by notice to the other may designate from
time to time.  The transmission confirmation receipt from the sender’s
facsimile machine shall be evidence of successful facsimile
delivery.  Time shall be counted from the date of
transmission.

    

    9.          
  Governing Law.
This Subscription Agreement and any dispute, disagreement, or issue of
construction or interpretation arising hereunder whether relating to its
execution, its validity, the obligations provided therein or performance shall
be governed or interpreted according to the laws of Delaware without giving
effect to the principles of choice of laws thereof.

    

    10.           Oral Evidence. This
Subscription Agreement constitutes the entire Subscription Agreement between the
parties and supersedes all prior oral and written agreements between the parties
hereto with respect to the subject matter hereof.  Neither this
Subscription Agreement nor any provision hereof may be changed, waived,
discharged or terminated orally, except by a statement in writing signed by the
party or parties against which enforcement or the change, waiver discharge or
termination is sought.

    

    11.           Section
Headings.  Section headings herein have been inserted for
reference only and shall not be deemed to limit or otherwise affect, in any
matter, or be deemed to interpret in whole or in part any of the terms or
provisions of this Subscription Agreement.

    

    12.           Survival of Representations,
Warranties and Agreements. The representations, warranties and agreements
contained herein shall survive the delivery of, and payment for, the
securities.

    

    13.           Acceptance of
Subscription.  The Company may accept this Subscription
Agreement at any time for all or any portion of the securities subscribed for by
executing a copy hereof as provided and notifying me within a reasonable time
thereafter.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    SALES IN
FLORIDA

    Florida
Law Provides That When Sales Are Made To Five Or More Persons In Florida, Any
Sale Made In Florida Is Voidable By The Purchaser Within Three Days After The
First Tender Of Consideration Is Made By Such Purchaser To The Company, An Agent
Of The Company Or An Escrow Agent Or Within Three Days After The Availability Of
That Privilege Is Communicated To Such Purchaser, Whichever Occurs
Later.  Payments For Terminated Subscriptions Voided By Purchasers As
Provided For In This Paragraph Will Be Promptly Refunded Without Interest.
Notice Should Be Given To The Company To The Attention Of Michael Mathews At The
Address Set Forth On The Cover Page Of This Subscription Agreement.

    

    Individual
Investors

    

    
      
        	 
      	 
      	 
      
	
                Social
      Security Number

              	
                Print
      Name of Investor No. 1

              	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                Signature
      of Investor No. 1

              	 
      

      

    

     

    
      
        	 
      	 
      	 
      
	
                Social
      Security Number

              	
                Print
      Name of Investor No. 2

              	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                Signature
      of Investor No. 2

              	 
      
	 
      	 
      	 
      

      

    

     

    Manner in
which securities are to be held:

    

    
      
        	
                _____
      Individual Ownership

              	
                _____
      Partnership

              
	 
      	 
      
	
                _____
      Tenants-in-Common

              	
                _____
      Trust

              
	 
      	 
      
	
                _____
      Joint Tenant With Right of Survivorship

              	
                _____
      Corporation

              
	 
      	 
      
	
                _____
      Tenants by the Entirety

              	
                _____
      Employee Benefit Plan

              
	 
      	 
      
	
                _____
      Community Property

              	
                _____
      Other (please indicate)

              
	 
      	 
      
	
                _____
      Separate Property

              	 
      

      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Corporate
or Other Entity

    

    
      
        	 
      	 
      	 
      
	
                Federal
      ID Number

              	 
      	
                Print
      Name of Entity

              
	 
      	 
      	 
      
	 
      	
                By:

              	 
      
	 
      	 
      	
                Signature,
      Title

              

      

    

    

    DATED:
__________________________

    

    By signing below, the undersigned
accepts the foregoing subscription and agrees to be bound by its
terms.

    

    interCLICK,
Inc.

    

    
      
        
          
            
              
                	
                        By:

                      	 
      	 
      	
                        Dated: 
      _________,
      2009 

                      
	 
      	
                         
      Michael Mathews

                         
      Chief Executive Officer

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