Document:

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                                                                    EXHIBIT 10.3

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                            ZIFF DAVIS HOLDINGS INC.

                            STOCK PURCHASE AGREEMENT
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                            Dated as of May 31, 2002

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                                TABLE OF CONTENTS

                                                                            Page

SECTION 1. AUTHORIZATION AND CLOSING; RESTRUCTURING INVESTMENT REDUCTION ...   2
1A. Authorization of the Purchased Equity Stock ............................   2
1B. Purchase and Sale of the Purchased Equity ..............................   2
1C. The Closing; Restructuring Investment Reduction ........................   2

SECTION 2. CONDITIONS OF THE PURCHASERS' OBLIGATION AT THE CLOSING .........   2
2A. Representations and Warranties .........................................   2
2B. Closing Documents ......................................................   2
2C. Proceedings ............................................................   3
2D. Compliance with Applicable Laws ........................................   3
2E. Waiver .................................................................   3

SECTION 3. CONDITIONS OF THE COMPANY'S OBLIGATION AT THE CLOSING ...........   3
3A  Representations and Warranties .........................................   3
3B  No Action ..............................................................   3

SECTION 4. TRANSFER OF RESTRICTED SECURITIES ...............................   3
4A. Opinion Delivery .......................................................   3
4B. Legend .................................................................   4
4C. Legend Removal .........................................................   4

SECTION 5. REPRESENTATIONS AND WARRANTIES OF THE COMPANY ...................   4
5A. Organization, Corporate Power and Licenses .............................   4
5B. Capital Stock and Related Matters ......................................   4
5C. Authorization; No Breach ...............................................   5
5D. Litigation, etc. .......................................................   6
5E. Brokerage ..............................................................   6
5F. Governmental Consent, etc. .............................................   6
5G. Investment Company .....................................................   6

SECTION 6. REPRESENTATIONS AND WARRANTIES OF THE PURCHASERS ................   6
6A. Investment Representations .............................................   6
6B. No Breach ..............................................................   7
6C. Organization and Limited Partnership Power .............................   7
6D. Brokerage ..............................................................   7

SECTION 7. DEFINITIONS .....................................................   7
7A. Definitions ............................................................   7

SECTION 8. RIGHT TO EXCHANGE PURCHASED EQUITY ..............................   9

                                       i

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8A. Exchange of Purchased Equity ...........................................   9
8B. Additional Actions .....................................................   9

SECTION 9. MISCELLANEOUS ...................................................   9
9A. Expenses ...............................................................   9
9B. Indemnification ........................................................  10
9C. Survival of Representations and Warranties .............................  10
9D. Remedies ...............................................................  10
9E. Consent to Amendments ..................................................  10
9F. Successors and Assigns .................................................  10
9G. Severability ...........................................................  10
9H. No Third Party Beneficiaries ...........................................  10
9I. Counterparts ...........................................................  11
9J. Descriptive Headings; Interpretation ...................................  11
9K. Governing Law ..........................................................  11
9L. Notices ................................................................  11
9M. No Strict Construction .................................................  12

                                       ii

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Exhibits and Schedules

Exhibit A - Proposed Terms of Restructuring
Exhibit B - Fourth Amended and Restated Certificate of Incorporation
Schedule of Purchasers
Capitalization Schedule

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                            STOCK PURCHASE AGREEMENT

                  THIS AGREEMENT (this "Agreement") is made as of May 31, 2002,
by and among Ziff Davis Holdings Inc., a Delaware corporation (the "Company"),
and the purchasers listed on the attached Schedule of Purchasers (the
"Purchasers"). Except as otherwise indicated herein, capitalized terms used
herein are defined in Section 7 hereof.

                  The Purchasers are willing to invest an aggregate $3,100,000
in the Company (the "Equity Investment") in the form of purchasing (i) an
aggregate of 2,945 shares of the Company's Series B Preferred Stock, par value
$.01 per share (the "Series B Preferred"), for an aggregate purchase price of
$2,945,000; and (ii) an aggregate of 155 shares of the Company's Series C
Convertible Preferred Stock, $.01 par value per share (the "Series C
Preferred"), for an aggregate purchase price of $155,000 (such Series B
Preferred and Series C Preferred being purchased hereunder being referred to
herein as the "Purchased Equity").

                  The capital structure of the Company and Ziff Davis Media
Inc., the Company's principal operating subsidiary, may be restructured pursuant
to the terms and conditions of a proposed restructuring set forth on the term
sheet attached hereto as Exhibit A (the "Proposed Terms of Restructuring")
which, among other things, requires the Purchasers to invest $80,000,000 in the
Company (the "Restructuring Investment"), subject to preemptive rights set forth
in Section 4 of the Investor Rights Agreement.

                  As a condition to the willingness of the Purchasers to make
the Equity Investment in the form of Series B Preferred and Series C Preferred,
the Purchasers have required that (i) the Company agree to exchange the
Purchased Equity for certain securities described in the Proposed Terms of
Restructuring in the event that the transactions contemplated by the Proposed
Terms of Restructuring are consummated (or any transactions substantially
similar to those contemplated by the Proposed Terms of Restructuring) and (ii)
the Restructuring Investment be reduced dollar for dollar by the aggregate
amount of the Equity Investment.

                  Pursuant to the Stock Purchase Agreement dated April 30, 2002,
by and among the Company and the Purchasers (the "April Stock Purchase
Agreement"), the (i) Purchasers previously purchased an aggregate of 2,850
shares of Series B Preferred for an aggregate purchase price of $2,850,000 and
an aggregate of 150 shares of the Company's Series C Preferred for an aggregate
purchase price of $150,000 (such Series B Preferred and Series C Preferred being
referred to herein as the "Previously Purchased Equity"); (ii) the Company
agreed to exchange the Previously Purchased Equity for certain securities
described in the Proposed Terms of Restructuring in the event that the
transactions contemplated by the Proposed Terms of Restructuring are consummated
(or any transactions substantially similar to those contemplated by the Proposed
Terms of Restructuring); and (iii) the Company agreed that the Restructuring
Investment would be reduced by $3,000,000.

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

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     Section 1. Authorization and Closing; Restructuring Investment Reduction.

     1A. Authorization of the Purchased Equity Stock. Prior to Closing (as
defined below), the Company shall authorize the issuance and sale to the
Purchasers of the Purchased Equity, having the rights and preferences set forth
in the Fourth Restated Certificate of Incorporation of the Company attached
hereto as Exhibit B (the "Fourth Charter").

     1B. Purchase and Sale of the Purchased Equity. On the basis of the
representations, warranties, covenants and agreements set forth herein, but
subject to the terms and conditions set forth herein (including without
limitation the condition set forth in Section 1C below and the covenants of the
Company set forth in Section 8 below), at the Closing the Company shall sell to
the Purchasers and the Purchasers shall purchase from the Company an aggregate
of 2,945 shares of Series B Preferred for an aggregate purchase price of
$2,945,000 and an aggregate of 155 shares of Series C Preferred for an aggregate
purchase price of $155,000. The obligations of each Purchaser shall be several,
with each Purchaser obligated only to purchase the number of shares of Purchased
Equity set forth opposite such Purchaser's name on the Schedule of Purchasers
attached hereto.

     1C. The Closing; Restructuring Investment Reduction. The closing of the
purchase and sale of the Purchased Equity (the "Closing") shall take place at
the offices of Kirkland & Ellis, 200 East Randolph Drive, Chicago, IL 60601, at
10:00 a.m. on May 31, 2002, or at such other place or on such other date as may
be mutually agreeable to the Company and the Purchasers. At the Closing, the
Company shall deliver to each Purchaser stock certificates evidencing the
Purchased Equity to be purchased by such Purchaser, registered in the
Purchaser's or its nominee's name, upon payment of the purchase price thereof by
wire transfer of immediately available funds in the amount set forth opposite
such Purchaser's name on the Schedule of Purchasers attached hereto. Upon
payment of the aggregate amount set forth on the Schedule of Purchasers, the
Restructuring Investment will automatically be reduced dollar for dollar by the
aggregate amount of the Equity Investment and the Purchasers will only be
obligated to fund the Restructuring Investment (as previously reduced by the
April Stock Purchase Agreement) as it has been reduced by this Section 1C.

     Section 2. Conditions of the Purchasers' Obligation at the Closing. The
obligations of the Purchasers to purchase and pay for the Purchased Equity at
the Closing is subject to the satisfaction as of the Closing of the following
conditions:

     2A. Representations and Warranties. The representations and warranties
contained in Section 5 hereof shall be true and correct in all material respects
at and as of the Closing as though then made.

     2B. Closing Documents. The Company shall have delivered to the Purchaser
all of the following documents:

          (1) certified copies of the resolutions duly adopted by the Company's
     board of directors authorizing the execution, delivery and performance of
     this Agreement, the issuance and sale of the Purchased Equity and the
     consummation of all other transactions contemplated by this Agreement (the
     "Transactions");

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          (2) certified copies of the Fourth Charter and Bylaws, each as in
     effect at the Closing;

          (3) certificates evidencing the Purchased Equity, issued in the
     Purchasers' respective names; and

          (4) such other documents relating to the Transactions as the
     Purchasers or their special counsel may reasonably request.

     2C. Proceedings. All corporate and other proceedings taken or required to
be taken by the Company in connection with the Transactions to be consummated at
or prior to the Closing and all documents incident thereto shall be reasonably
satisfactory in form and substance to the Purchasers.

     2D. Compliance with Applicable Laws. The purchase of the Purchased Equity
by the Purchasers hereunder shall not be prohibited by any applicable law or
governmental rule or regulation.

     2E. Waiver. Any condition specified in this Section 2 may be waived if
consented to by the Purchasers.

     Section 3. Conditions of the Company's Obligation at the Closing. The
obligations of the Company to consummate the transactions contemplated hereby is
subject to satisfaction of the following conditions:

     3A. Representations and Warranties. The representations and warranties
contained in Section 6 hereof shall be true and correct in all material respects
at and as of the Closing as though then made.

     3B. No Action. No action or proceeding before any court or government body
will be pending or, to the knowledge of the Company, threatened which, in the
reasonable judgment of the Company, makes it inadvisable or undesirable to
consummate the transactions contemplated by this Agreement by reason of the
probability that the action or proceeding will result in a judgment, decree or
order that would prevent the carrying out of this Agreement or any of the
transactions contemplated hereby, declare unlawful the transactions contemplated
hereby or cause such transactions to be rescinded.

     Section 4. Transfer of Restricted Securities.

     4A. Opinion Delivery. In connection with the transfer of any shares of
Restricted Stock, upon the request of the Company, the holder thereof shall
deliver written notice to the Company describing in reasonable detail the
transfer or proposed transfer, together with an opinion of Kirkland & Ellis or
other counsel which (to the Company's reasonable satisfaction) is knowledgeable
in securities law matters to the effect that such transfer of shares of
Restricted Stock may be effected without registration of such shares under the
Securities Act. In addition, if the holder of the shares of Restricted Stock
delivers to the Company an opinion of Kirkland & Ellis or such other counsel
that no

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subsequent transfer of such shares shall require registration under the
Securities Act, the Company shall promptly upon such contemplated transfer
deliver new certificates for such shares which do not bear the Securities Act
legend set forth in Section 4B. If the Company is not required to deliver new
certificates for such shares not bearing such legend, the holder thereof shall
not transfer the same until the prospective transferee has confirmed to the
Company in writing its agreement to be bound by the conditions contained in this
Section 4.

     4B. Legend. Each certificate representing shares of Restricted Stock shall
be imprinted with a legend in substantially the following form:

      "The securities represented by this certificate were originally issued
      on _________ __, 2002, and have not been registered under the
      Securities Act of 1933, as amended or any applicable state securities
      laws. The transfer of the securities represented by this certificate is
      subject to the conditions specified in a Stock Purchase Agreement dated
      as of _________ __, 2002 and an Investor Rights Agreement, dated as of
      April 5, 2000 as amended and modified from time to time, between the
      issuer (the "Company") and certain investors, and the Company reserves
      the right to refuse the transfer of such securities until such
      conditions have been fulfilled with respect to such transfer. A copy of
      such conditions shall be furnished by the Company to the holder hereof
      upon written request and without charge."

     4C. Legend Removal. If any shares of Restricted Stock become eligible for
sale pursuant to Rule 144(k), the Company shall, upon the written request of the
holder of such Restricted Securities, remove the legend set forth in Section 4B
from the certificates for such Restricted Securities.

     Section 5. Representations and Warranties of the Company. As a material
inducement to the Purchasers to enter into this Agreement and purchase the
Purchased Equity, the Company hereby represents and warrants to each Purchaser
as of date hereof as follows:

     5A. Organization, Corporate Power and Licenses. The Company is a
corporation duly organized, validly existing and in good standing under the laws
of Delaware and is qualified to do business in every jurisdiction in which the
failure to so qualify would reasonably be expected to have a material adverse
effect on the financial condition, operating results, assets, operations or
business prospects of the Company and its Subsidiaries taken as a whole. The
Company possesses all requisite corporate power and authority and all material
licenses, permits and authorizations necessary to own and operate its
properties, to carry on its businesses as now conducted and presently proposed
to be conducted and to carry out the transactions contemplated by this Agreement
(including, without limitation, the issuance of the Purchased Equity hereunder).
The copies of the Company's Fourth Charter and Bylaws which have been furnished
to the Purchasers reflect all amendments made thereto at any time prior to the
date of this Agreement and are correct and complete.

     5B. Capital Stock and Related Matters.

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     (1) Immediately prior to the Closing, the authorized capital stock of the
Company shall consist of (a) 400,000,000.00 shares of Common Stock, of which
74,985,784.83 shares shall be issued and outstanding; (b) 350,000.00 shares of
Series A Preferred, of which 337,582.50 shares shall be issued and outstanding,
(c) 142,500.00 shares of Series B Preferred, of which 101,135.56657 shares shall
be issued and outstanding and (d) 7,500.00 shares of Series C Preferred, of
which 5,322.92456 shares shall be issued and outstanding. The attached
Capitalization Schedule sets forth the ownership of the Company immediately
prior to the Closing. As of the Closing, the Company shall not have outstanding
(or any commitments to issue) any stock or securities convertible or
exchangeable for any shares of its capital stock or containing any profit
participation features, nor shall it have outstanding any rights or options to
subscribe for or to purchase its capital stock or any stock or securities
convertible into or exchangeable for its capital stock or any stock appreciation
rights or phantom stock plans, except as set forth on the attached
Capitalization Schedule or as contemplated by this Agreement or the Proposed
Terms of Restructuring. As of the Closing, the Company shall not be subject to
any obligation (contingent or otherwise) to repurchase or otherwise acquire or
retire any shares of its capital stock or any warrants, options or other rights
to acquire its capital stock, except pursuant to the Executive Stock Agreements
and the Investor Rights Agreement or as contemplated by this Agreement or the
Proposed Terms of Restructuring. All of the outstanding shares of the Company's
capital stock are, and as of the Closing shall be, validly issued, fully paid
and nonassessable.

     (2) There are no statutory or, to the Company's actual knowledge,
contractual stockholders preemptive rights or rights of refusal with respect to
the issuance of the Purchased Equity hereunder or any other capital stock or
other securities of the Company, except as set forth in the Investor Rights
Agreement. Based upon the representations and warranties of the Purchasers set
forth herein, and to the Company's knowledge, the Company has not violated any
applicable federal or state securities laws in connection with the offer, sale
or issuance of any of its capital stock or other securities, and the offer, sale
and issuance of the Purchased Equity hereunder do not require registration under
the Securities Act or any applicable state securities laws. To the Company's
actual knowledge, there are no agreements between the Company's stockholders
with respect to the voting or transfer of the Company's capital stock or with
respect to any other aspect of the Company's affairs, except for the Investor
Rights Agreement and Executive Stock Agreements. The Company has not granted any
registration rights other than under the Investor Rights Agreement.

     5C. Authorization; No Breach. The execution, delivery and performance of
this Agreement (including the issuance and delivery of the Purchased Equity
hereunder) have been duly and validly authorized by the Company's board of
directors. This Agreement constitutes a valid and binding obligation of the
Company, enforceable in accordance with its terms. The execution and delivery by
the Company of this Agreement, the offering, sale and issuance of the Purchased
Equity hereunder and the fulfillment of and compliance with the respective terms
hereof and thereof by the Company, do not and shall not (i) conflict with or
result in a breach of the terms, conditions or provisions of, (ii) constitute a
default under, (iii) result in the creation of any lien, security interest,
charge or encumbrance upon the Company's capital stock or assets pursuant to,
(iv) give any third party the right to modify, terminate or accelerate any
obligation under, (v) result in a violation of, or

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(vi) require any authorization, consent, approval, exemption or other action by
or notice or declaration to, or filing with, any court or administrative or
governmental body or agency or other Person pursuant to, the Fourth Charter or
Bylaws of the Company, or any law, statute, rule or regulation to which the
Company is subject, or any agreement, instrument, order, judgment or decree to
which the Company is subject.

     5D. Litigation, etc. There are no actions, suits, proceedings, orders,
investigations or claims pending or, to the Company's actual knowledge,
threatened against the Company or pending or threatened by the Company against
any third party, at law or in equity, or before or by any governmental
department, commission, board, bureau, agency or instrumentality (including any
actions, suits, proceedings or investigations with respect to the transactions
contemplated by this Agreement) or otherwise.

     5E. Brokerage. There are no claims for brokerage commissions, finders' fees
or similar compensation in connection with the transactions contemplated by this
Agreement based on any arrangement or agreement binding upon the Company.

     5F. Governmental Consent, etc. To the actual knowledge of the Company: (i)
no permit, consent, approval or authorization of, or declaration to or filing
with, any governmental authority is required in connection with the execution,
delivery and performance by the Company of this Agreement, or the consummation
by the Company of the Transactions and (ii) no permit, consent, approval or
authorization of, or declaration to or filing with, any governmental authority
was required in connection with the formation of the Company, other than filing
with the Delaware Secretary of State.

     5G. Investment Company. The Company is not an "investment company" as
defined under the Investment Company Act of 1940, as amended.

     Section 6. Representations and Warranties of the Purchasers. As a material
inducement to the Company to enter into this Agreement and to sell the Purchased
Equity hereunder, each Purchaser represents and warrants, severally and not
jointly, to the Company as of the date hereof as follows:

     6A. Investment Representations.

          (1) Such Purchaser is acquiring the Restricted Stock purchased
     hereunder for its own account with the present intention of holding such
     securities for purposes of investment, has no intention of selling such
     securities in a public distribution in violation of the federal securities
     laws or any applicable state securities laws, was not organized or
     reorganized for the purpose of purchasing the Restricted Stock purchased
     hereunder, and conducts other business or holds other investments; provided
     that nothing contained herein shall prevent such Purchaser and subsequent
     holders of Restricted Stock from transferring such securities in compliance
     with the provisions of Section 4 hereof and the Investor Rights Agreement.

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          (2) Such Purchaser is an "accredited investor" (as defined under
     Regulation D under the Securities Act), is sophisticated in financial
     matters and is able to evaluate the risks and benefits of the investment in
     the Purchased Equity.

          (3) Such Purchaser is able to bear the economic risk of its investment
     in the Purchased Equity for an indefinite period of time because the
     Purchased Equity has not been registered under the Securities Act and,
     therefore, cannot be sold unless subsequently registered under the 1933 Act
     or an exemption from such registration is available.

          (4) Such Purchaser has had an opportunity to ask questions and receive
     answers concerning the terms and conditions of the offering of the
     Purchased Equity and has had full access to such other information
     concerning the Company as it has requested.

          (5) Such Purchaser is a resident of the state indicated in its address
     as set forth on the Schedule of Purchasers attached hereto.

     6B. No Breach. This Agreement constitutes the legal, valid and binding
obligation of such Purchaser, enforceable in accordance with its terms, and the
execution, delivery and performance of this Agreement by such Purchaser does not
and shall not conflict with, violate or cause a breach of any agreement,
contract or instrument to which such Purchaser is a party or any judgment, order
or decree to which such Purchaser is subject.

     6C. Organization and Limited Partnership Power. Such Purchaser is a limited
partnership duly organized, validly existing and in good standing under the laws
of the state of its formation. Such Purchaser possesses all requisite limited
partnership power and authority to carry out the transactions contemplated by
this Agreement.

     6D. Brokerage. There are no claims for brokerage commissions, finders' fees
or similar compensation in connection with the transactions contemplated by this
Agreement based on any arrangement or agreement binding upon such Purchaser.

     Section 7. Definitions.

     7A. Definitions. For the purposes of this Agreement, the following terms
have the meanings set forth below:

     "Common Stock" means the Company's Common Stock, par value $.01 per share.

     "Executive Stock Agreements" means the Executive Stock Agreements entered
into by the Company from time to time with certain of its executives.

     "Investor Rights Agreement" means the that certain agreement dated as of
April 5, 2000, as amended, by and among the Company and its stockholders.

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     "Person" means an individual, a partnership, a corporation, a limited
liability company, an association, a joint stock company, a trust, a joint
venture, an unincorporated organization and a governmental entity or any
department, agency or political subdivision thereof.

     "Restricted Stock" means (i) the Purchased Equity issued hereunder, and
(ii) any preferred stock issued with respect to the Purchased Equity referred to
in clause (i) above by way of a stock dividend or stock split or in connection
with a combination of shares, recapitalization, merger, consolidation or other
reorganization. As to any particular shares of Restricted Stock, such shares
shall cease to be Restricted Stock when they have (a) been effectively
registered under the Securities Act and disposed of in accordance with the
registration statement covering them, (b) been distributed to the public through
a broker, dealer or market maker pursuant to Rule 144 (or any similar provision
then in force) under the Securities Act or become eligible for sale pursuant to
Rule 144(k) (or any similar provision then in force) under the Securities Act or
(c) been otherwise transferred and new certificates for them not bearing the
Securities Act legend set forth in Section 4B have been delivered by the
Company. Whenever any particular securities cease to be Restricted Stock, the
holder thereof shall be entitled to receive from the Company, without expense,
new shares of like tenor not bearing a Securities Act legend of the character
set forth in Section 4B.

     "Securities Act" means the Securities Act of 1933, as amended, or any
similar federal law then in force.

     "Securities and Exchange Commission" means the U.S. Securities
and Exchange Commission and includes any governmental body or agency succeeding
to the functions thereof.

     "Securities Exchange Act" means the Securities Exchange Act of 1934, as
amended, or any similar federal law then in force.

     "Series A Preferred" means the Company's Series A Preferred Stock, par
value $.01 per share.

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

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     Section 8. Right to Exchange Purchased Equity.

     8A. Exchange of Purchased Equity. Concurrently with the consummation of the
transactions contemplated by the Proposed Terms of Restructuring (or any
transactions substantially similar to those contemplated by the Proposed Terms
of Restructuring), the Purchasers shall exchange all, but not less than all, of
the Purchased Equity for (i) shares of the Company's New Series D Redeemable
Preferred Stock (as defined in the Proposed Terms of Restructuring) or, in the
event the rights and preferences of such New Series D Redeemable Preferred Stock
are changed, the equity securities of the Company issued to the Purchasers in
connection with the consummation of the transactions contemplated by the
Proposed Terms of Restructuring or any transactions substantially similar to
those contemplated by the Proposed Terms of Restructuring (collectively, the
"Exchange Equity") and (ii) a proportionate amount of the Equity Sponsor
Warrants (as defined in the Proposed Terms of Restructuring), or, in the event
the features of such Equity Sponsor Warrants are changed, warrants to purchase
shares of common stock of the Company (in the amounts as would have been issued
for such Equity Sponsor Warrants) with the same features as the warrants that
are issued to the Purchasers in connection with the consummation of the
transactions contemplated by the Proposed Terms of Restructuring (or any
transactions substantially similar to those contemplated by the Proposed Terms
of Restructuring). The numbers of shares of Exchange Equity that the Purchasers
shall receive in exchange for the Purchased Equity shall be the number of shares
of Exchange Equity that have an aggregate liquidation value equal to the
aggregate liquidation value of the Purchased Equity plus all accumulated and
unpaid dividends thereon.

     8B. Additional Actions. The Company shall take all actions necessary
(including executing all necessary agreements and instruments and obtaining all
necessary third party and stockholder consents) in order to effect promptly any
exchange of securities requested by the Purchasers pursuant to this Section 8.
The Purchased Equity delivered by the Purchasers in any exchange pursuant to
this Section 8 will be deemed to have cash value equal to the aggregate purchase
price paid by the Purchasers for such Purchased Equity plus the aggregate amount
of accumulated and unpaid dividends thereon through the date of such exchange.

     Section 9. Miscellaneous.

     9A. Expenses. The Company shall pay to the Purchasers, and hold the
Purchasers harmless against liability for the payment of, (i) the reasonable
fees and expenses of its special counsel arising in connection with the
negotiation and execution of this Agreement and the consummation of the
transactions contemplated by this Agreement (excluding the transactions
contemplated by Section 8), which shall be payable at the Closing, (ii) the
reasonable fees and expenses of its special counsel arising in connection with
the consummation of the transactions contemplated by Section 8 of this
Agreement, which shall be payable upon consummation of such transactions, (iii)
the fees and expenses incurred with respect to any amendments or waivers
(whether or not the same become effective) under or in respect of this Agreement
or the agreements contemplated hereby (including any agreements under or in
respect of Section 8 of this Agreement) and (iv) the reasonable fees and
expenses incurred with respect to the enforcement of the rights granted under
this Agreement or the agreements contemplated hereby (including any agreements
under or in respect of Section 8 of this Agreement).

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     9B. Indemnification. The Company hereby covenants and agrees to indemnify
and hold harmless the Purchasers, their respective officers, directors,
stockholders, partners, affiliates, successors, assigns, agents and other
representatives, from and against any and all damages, losses, claims,
liabilities, deficiencies, costs and expenses (including, without limitation,
reasonable attorneys' fees), resulting from any material breach of any of the
representations, warranties or covenants of the Company under this Agreement.

     9C. Survival of Representations and Warranties. All representations and
warranties contained herein or made in writing by any party in connection
herewith shall survive the execution and delivery of this Agreement and the
consummation of the transactions contemplated hereby, regardless of any
investigation made by the Purchasers or on their behalf, through the first
anniversary of the Closing; provided, however, that the representations and
warranties contained in Section 5B, Section 5C and Section 5E hereof shall
survive the Closing for the applicable statute of limitations, giving effect to
any waiver, mitigation or extension thereof.

     9D. Remedies. The Purchasers shall have all rights and remedies set forth
in this Agreement, the Investor Rights Agreement, the Fourth Charter and all
rights and remedies which the Purchasers have been granted at any time under any
other agreement or contract and all of the rights which the Purchasers have
under any law. The Purchasers shall be entitled to enforce such rights
specifically (without posting a bond or other security), to recover damages by
reason of any breach of any provision of this Agreement and to exercise all
other rights granted by law.

     9E. Consent to Amendments. Except as otherwise expressly provided herein,
the provisions of this Agreement may be amended and the Company may take any
action herein prohibited, or omit to perform any act herein required to be
performed by it, only if the Company has obtained the written consent of the
Purchasers.

     9F. Successors and Assigns. Except as otherwise expressly provided herein,
all covenants and agreements contained in this Agreement by or on behalf of any
of the parties hereto shall bind and inure to the benefit of the respective
successors and assigns of the parties hereto whether so expressed or not. In
addition, and whether or not any express assignment has been made, the
provisions of this Agreement which are for the Purchasers' benefit as a
purchaser or holder of any class of the Company's preferred stock are also for
the benefit of, and enforceable by, any subsequent holder of such preferred
stock.

     9G. Severability. Whenever possible, each provision of this Agreement shall
be interpreted in such manner as to be effective and valid under applicable law,
but if any provision of this Agreement is held to be prohibited by or invalid
under applicable law, such provision shall be ineffective only to the extent of
such prohibition or invalidity, without invalidating the remainder of this
Agreement.

     9H. No Third Party Beneficiaries. Nothing herein expressed or implied is
intended or shall be construed to confer upon or give to any Person other than
the parties hereto and their respective permitted successors and assigns, any
rights or remedies under or by reason of this Agreement.

<PAGE>

     9I. Counterparts. This Agreement may be executed simultaneously in two or
more counterparts, any one of which need not contain the signatures of more than
one party, but all such counterparts taken together shall constitute one and the
same Agreement.

     9J. Descriptive Headings; Interpretation. The descriptive headings of this
Agreement are inserted for convenience only and do not constitute a substantive
part of this Agreement. The use of the word "including" in this Agreement shall
be by way of example rather than by limitation.

     9K. Governing Law. All issues and questions concerning the construction,
validity, enforcement and interpretation of this Agreement and the exhibits and
schedules hereto shall be governed by, and construed in accordance with, the
laws of the State of New York, without giving effect to any choice of law or
conflict of law rules or provisions (whether of the State of New York or any
other jurisdiction) that would cause the application of the laws of any
jurisdiction other than the State of New York. In furtherance of the foregoing,
the internal law of the State of New York shall control the interpretation and
construction of this Agreement (and all schedules and exhibits hereto), even
though under that jurisdiction's choice of law or conflict of law analysis, the
substantive law of some other jurisdiction would ordinarily apply.

     9L. Notices. All notices, demands or other communications to be given or
delivered under or by reason of the provisions of this Agreement shall be in
writing and shall be deemed to have been given (i) when delivered personally to
the recipient, (ii) one business day after being sent to the recipient by
reputable overnight courier service (charges prepaid), (iii) upon
machine-generated acknowledgment of receipt after transmittal by facsimile if so
acknowledged to have been received before 5:00 p.m. on a business day at the
location of receipt and otherwise on the next following business day, provided
that such notice, demand or other communication is also deposited within 24
hours thereafter with a reputable overnight courier service (charges prepaid)
for delivery to the same Person, or (iv) 5 days after being mailed to the
recipient by certified or registered mail, return receipt requested and postage
prepaid. Such notices, demands and other communications shall be sent to the
Purchasers at the addresses and telecopier numbers indicated on the Schedule of
Purchasers attached hereto, and to the Company at the following address and
telecopier number:

                  Ziff Davis Holdings Inc.
                  28 East 28th Street
                  New York, NY  10016
                  Telecopy: (212) 503-3550
                  Attention:  Chief Executive Officer

                  with a copy to:

                  Ziff Davis Holdings Inc.
                  28 East 28th Street
                  New York, NY  10016

<PAGE>
                  Telecopy: (212) 503-3560
                  Attention:  General Counsel

or to such other address and telecopier number or to the attention of such other
person as the recipient party has specified by prior written notice to the
sending party.

     9M. No Strict Construction. The parties hereto have participated jointly in
the negotiation and drafting of this Agreement. In the event an ambiguity or
question of intent or interpretation arises, this Agreement shall be construed
as if drafted jointly by the parties hereto, and no presumption or burden of
proof shall arise favoring or disfavoring any party by virtue of the authorship
of any of the provisions of this Agreement.

                                      * * *

<PAGE>

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

                          ZIFF DAVIS HOLDINGS INC.

                          By:  /s/ Bart W. Catalane
                               -------------------------------------

                          Its: Chief Operating Officer and
                               Chief Financial Officer

                          WILLIS STEIN & PARTNERS III, L.P.
                          WILLIS STEIN & PARTNERS DUTCH III-A, L.P.
                          WILLIS STEIN & PARTNERS DUTCH III-B, L.P.
                          WILLIS STEIN & PARTNERS III-C, L.P.

                          By:  Willis Stein & Partners Management III, L.P.
                          Its: General Partner

                          By:  Willis Stein & Partners Management III, L.L.C.
                          Its: General Partner

                          By:  /s/ Avy H. Stein
                               -------------------------------------
                          Its: Member

<PAGE>

                                    EXHIBIT A
                         PROPOSED TERMS OF RESTRUCTURING

See attached.

<PAGE>

                                    EXHIBIT B
                           FOURTH AMENDED AND RESTATED
                   CERTIFICATE OF INCORPORATION OF THE COMPANY

See attached.

<PAGE>

                             SCHEDULE OF PURCHASERS

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------
            HOLDER                                  NUMBER OF              NUMBER OF               PURCHASE
                                                    SHARES OF              SHARES OF               PRICE TO BE
                                                    SERIES B               SERIES C                PAID BY
                                                    PREFERRED              PREFERRED               HOLDER
----------------------------------------------------------------------------------------------------------------
<S>                                                <C>                     <C>                   <C>
Willis Stein & Partners III, L.P.                  2,755.19270             145.01013             $2,900,202.83
c/o Willis Stein & Partners
227 West Monroe Street
Chicago, IL 60606
----------------------------------------------------------------------------------------------------------------
Willis Stein & Partners Dutch                         82.95773               4.36620             $   87,323.93
III-A, L.P.
c/o Willis Stein & Partners
227 West Monroe Street
Chicago, IL 60606
----------------------------------------------------------------------------------------------------------------
Willis Stein & Partners Dutch III-B, L.P.             82.95773               4.36620             $   87,323.93
c/o Willis Stein & Partners
227 West Monroe Street
Chicago, IL 60606
----------------------------------------------------------------------------------------------------------------
Willis Stein & Partners III-C, L.P.                   23.89184               1.25747             $   25,149.31
c/o Willis Stein & Partners
227 West Monroe Street
Chicago, IL 60606
----------------------------------------------------------------------------------------------------------------
Total                                                 2,945.00                155.00             $3,100,000.00
----------------------------------------------------------------------------------------------------------------
</TABLE><PAGE>

                                                                    EXHIBIT 10.4

================================================================================

                         ------------------------------
                            ZIFF DAVIS HOLDINGS INC.

                            STOCK PURCHASE AGREEMENT
                         ------------------------------

                            Dated as of June 28, 2002

================================================================================

<PAGE>

                                TABLE OF CONTENTS

                                                                            Page

SECTION 1.  AUTHORIZATION AND CLOSING; RESTRUCTURING INVESTMENT REDUCTION ...  2
   1A.      Authorization of the Purchased Equity Stock .....................  2
   1B.      Purchase and Sale of the Purchased Equity .......................  2
   1C.      The Closing; Restructuring Investment Reduction .................  2
SECTION 2.  CONDITIONS OF THE PURCHASERS' OBLIGATION AT THE CLOSING .........  3
   2A.      Representations and Warranties ..................................  3
   2B.      Closing Documents ...............................................  3
   2C.      Proceedings .....................................................  3
   2D.      Compliance with Applicable Laws .................................  3
   2E.      Waiver ..........................................................  3
SECTION 3.  CONDITIONS OF THE COMPANY'S OBLIGATION AT THE CLOSING ...........  3
   3A.      Representations and Warranties ..................................  4
   3B.      No Action .......................................................  4
SECTION 4.  TRANSFER OF RESTRICTED SECURITIES ...............................  4
   4A.      Opinion Delivery ................................................  4
   4B.      Legend ..........................................................  4
   4C.      Legend Removal ..................................................  4
SECTION 5.  REPRESENTATIONS AND WARRANTIES OF THE COMPANY ...................  5
   5A.      Organization, Corporate Power and Licenses ......................  5
   5B.      Capital Stock and Related Matters ...............................  5
   5C.      Authorization; No Breach ........................................  6
   5D.      Litigation, etc .................................................  6
   5E.      Brokerage .......................................................  6
   5F.      Governmental Consent, etc .......................................  6
   5G.      Investment Company ..............................................  7
SECTION 6.  REPRESENTATIONS AND WARRANTIES OF THE PURCHASERS ................  7
   6A.      Investment Representations ......................................  7
   6B.      No Breach .......................................................  7
   6C.      Organization and Limited Partnership Power ......................  7
   6D.      Brokerage .......................................................  8
SECTION 7.  DEFINITIONS .....................................................  8
   7A.      Definitions .....................................................  8
SECTION 8.  RIGHT TO EXCHANGE PURCHASED EQUITY ..............................  9

                                       i

<PAGE>
   8A.      Exchange of Purchased Equity ....................................  9
   8B.      Additional Actions ..............................................  9
SECTION 9.  MISCELLANEOUS ................................................... 10
   9A.      Expenses ........................................................ 10
   9B.      Indemnification ................................................. 10
   9C.      Survival of Representations and Warranties ...................... 10
   9D.      Remedies ........................................................ 10
   9E.      Consent to Amendments ........................................... 10
   9F.      Successors and Assigns .......................................... 11
   9G.      Severability .................................................... 11
   9H.      No Third Party Beneficiaries .................................... 11
   9I.      Counterparts .................................................... 11
   9J.      Descriptive Headings; Interpretation ............................ 11
   9K.      Governing Law ................................................... 11
   9L.      Notices ......................................................... 11
   9M.      No Strict Construction .......................................... 12

                                       ii

<PAGE>

Exhibits and Schedules

Exhibit A - Proposed Terms of Restructuring
Exhibit B - Fourth Amended and Restated Certificate of Incorporation
Schedule of Purchasers
Capitalization Schedule

                                      iii

<PAGE>

                            STOCK PURCHASE AGREEMENT

         THIS AGREEMENT (this "Agreement") is made as of June 28, 2002, by and
among Ziff Davis Holdings Inc., a Delaware corporation (the "Company"), and the
purchasers listed on the attached Schedule of Purchasers (the "Purchasers").
Except as otherwise indicated herein, capitalized terms used herein are defined
in Section 7 hereof.

         The Purchasers are willing to invest an aggregate $4,000,000 in the
Company (the "Equity Investment") in the form of purchasing (i) an aggregate of
3,800 shares of the Company's Series B Preferred Stock, par value $.01 per share
(the "Series B Preferred"), for an aggregate purchase price of $3,800,000; and
(ii) an aggregate of 200 shares of the Company's Series C Convertible Preferred
Stock, $.01 par value per share (the "Series C Preferred"), for an aggregate
purchase price of $200,000 (such Series B Preferred and Series C Preferred being
purchased hereunder being referred to herein as the "Purchased Equity").

         The capital structure of the Company and Ziff Davis Media Inc., the
Company's principal operating subsidiary, may be restructured pursuant to the
terms and conditions of a proposed restructuring set forth on the term sheet
attached hereto as Exhibit A (the "Proposed Terms of Restructuring") which,
among other things, requires the Purchasers to invest $80,000,000 in the Company
(the "Restructuring Investment"), subject to purchase rights set forth in
Section 4 of the Investor Rights Agreement and certain adjustments described
below.

         As a condition to the willingness of the Purchasers to make the Equity
Investment in the form of Series B Preferred and Series C Preferred, the
Purchasers have required that (i) the Company agree to exchange the Purchased
Equity for certain securities described in the Proposed Terms of Restructuring
in the event that the transactions contemplated by the Proposed Terms of
Restructuring are consummated (or any transactions substantially similar to
those contemplated by the Proposed Terms of Restructuring) and (ii) the
Restructuring Investment be reduced dollar for dollar by the aggregate amount of
the Equity Investment.

         Pursuant to the Stock Purchase Agreement dated April 30, 2002, by and
among the Company and the Purchasers (the "April Stock Purchase Agreement"), the
(i) Purchasers previously purchased an aggregate of 2,850 shares of Series B
Preferred for an aggregate purchase price of $2,850,000 and an aggregate of 150
shares of the Company's Series C Preferred for an aggregate purchase price of
$150,000 (such Series B Preferred and Series C Preferred being referred to
herein as the "April Purchased Equity"); (ii) the Company agreed to exchange the
April Purchased Equity for certain securities described in the Proposed Terms of
Restructuring in the event that the transactions contemplated by the Proposed
Terms of Restructuring are consummated (or any transactions substantially
similar to those contemplated by the Proposed Terms of Restructuring); and (iii)
the Company agreed that the Restructuring Investment would be reduced by
$3,000,000.

         Pursuant to the Stock Purchase Agreement dated May 31, 2002, by and
among the Company and the Purchasers (the "May Stock Purchase Agreement"), the
(i) Purchasers previously purchased an aggregate of 2,945 shares of Series B
Preferred for an aggregate purchase price of $2,945,000 and an aggregate of 155
shares of the Company's Series C Preferred for an aggregate

<PAGE>

purchase price of $155,000 (such Series B Preferred and Series C Preferred being
referred to herein as the "May Purchased Equity"); (ii) the Company agreed to
exchange the May Purchased Equity for certain securities described in the
Proposed Terms of Restructuring in the event that the transactions contemplated
by the Proposed Terms of Restructuring are consummated (or any transactions
substantially similar to those contemplated by the Proposed Terms of
Restructuring); and (iii) the Company agreed that the Restructuring Investment
would be reduced by $3,100,000.

         The Purchasers and the Company have agreed that, in exchange for the
Purchasers foregoing the receipt of $7,368,600 in cash as partial consideration
for the Purchasers exchanging their 12% Senior Subordinated Notes due 2010 of
Ziff Davis Media Inc., the Restructuring Investment would be reduced by
$7,368,600.

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

         Section 1. Authorization and Closing; Restructuring Investment
Reduction.

         1A. Authorization of the Purchased Equity Stock. Prior to Closing (as
defined below), the Company shall authorize the issuance and sale to the
Purchasers of the Purchased Equity, having the rights and preferences set forth
in the Fourth Restated Certificate of Incorporation of the Company attached
hereto as Exhibit B (the "Fourth Charter").

         1B. Purchase and Sale of the Purchased Equity. On the basis of the
representations, warranties, covenants and agreements set forth herein, but
subject to the terms and conditions set forth herein (including without
limitation the condition set forth in Section 1C below and the covenants of the
Company set forth in Section 8 below), at the Closing the Company shall sell to
the Purchasers and the Purchasers shall purchase from the Company an aggregate
of 3,800 shares of Series B Preferred for an aggregate purchase price of
$3,800,000 and an aggregate of 200 shares of Series C Preferred for an aggregate
purchase price of $200,000. The obligations of each Purchaser shall be several,
with each Purchaser obligated only to purchase the number of shares of Purchased
Equity set forth opposite such Purchaser's name on the Schedule of Purchasers
attached hereto.

         1C. The Closing; Restructuring Investment Reduction. The closing of the
purchase and sale of the Purchased Equity (the "Closing") shall take place at
the offices of Kirkland & Ellis, 200 East Randolph Drive, Chicago, IL 60601, at
10:00 a.m. on June 28, 2002, or at such other place or on such other date as may
be mutually agreeable to the Company and the Purchasers. At the Closing, the
Company shall deliver to each Purchaser stock certificates evidencing the
Purchased Equity to be purchased by such Purchaser, registered in the
Purchaser's or its nominee's name, upon payment of the purchase price thereof by
wire transfer of immediately available funds in the amount set forth opposite
such Purchaser's name on the Schedule of Purchasers attached hereto. Upon
payment of the aggregate amount set forth on the Schedule of Purchasers, the
Restructuring Investment will automatically be reduced dollar for dollar by the
aggregate amount of the Equity Investment and the Purchasers will only be
obligated to fund the Restructuring Investment (as previously reduced by the
April Stock Purchase Agreement, the May Stock Purchase Agreement and

                                       2

<PAGE>

the transactions described in the last recital of this Agreement) as it has been
reduced by this Section 1C.

         Section 2. Conditions of the Purchasers' Obligation at the Closing. The
obligations of the Purchasers to purchase and pay for the Purchased Equity at
the Closing is subject to the satisfaction as of the Closing of the following
conditions:

         2A. Representations and Warranties. The representations and warranties
contained in Section 5 hereof shall be true and correct in all material respects
at and as of the Closing as though then made.

         2B. Closing Documents. The Company shall have delivered to the
Purchaser all of the following documents:

          (1) certified copies of the resolutions duly adopted by the Company's
     board of directors authorizing the execution, delivery and performance of
     this Agreement, the issuance and sale of the Purchased Equity and the
     consummation of all other transactions contemplated by this Agreement (the
     "Transactions");

          (2) certified copies of the Fourth Charter and Bylaws, each as in
     effect at the Closing;

          (3) certificates evidencing the Purchased Equity, issued in the
     Purchasers' respective names; and

          (4) such other documents relating to the Transactions as the
     Purchasers or their special counsel may reasonably request.

         2C. Proceedings. All corporate and other proceedings taken or required
to be taken by the Company in connection with the Transactions to be consummated
at or prior to the Closing and all documents incident thereto shall be
reasonably satisfactory in form and substance to the Purchasers.

         2D. Compliance with Applicable Laws. The purchase of the Purchased
Equity by the Purchasers hereunder shall not be prohibited by any applicable law
or governmental rule or regulation.

         2E. Waiver. Any condition specified in this Section 2 may be waived if
consented to by the Purchasers.

         Section 3. Conditions of the Company's Obligation at the Closing. The
obligations of the Company to consummate the transactions contemplated hereby is
subject to satisfaction of the following conditions:

                                       3

<PAGE>

         3A. Representations and Warranties. The representations and warranties
contained in Section 6 hereof shall be true and correct in all material respects
at and as of the Closing as though then made.

         3B. No Action. No action or proceeding before any court or government
body will be pending or, to the knowledge of the Company, threatened which, in
the reasonable judgment of the Company, makes it inadvisable or undesirable to
consummate the transactions contemplated by this Agreement by reason of the
probability that the action or proceeding will result in a judgment, decree or
order that would prevent the carrying out of this Agreement or any of the
transactions contemplated hereby, declare unlawful the transactions contemplated
hereby or cause such transactions to be rescinded.

         Section 4. Transfer of Restricted Securities.

         4A. Opinion Delivery. In connection with the transfer of any shares of
Restricted Stock, upon the request of the Company, the holder thereof shall
deliver written notice to the Company describing in reasonable detail the
transfer or proposed transfer, together with an opinion of Kirkland & Ellis or
other counsel which (to the Company's reasonable satisfaction) is knowledgeable
in securities law matters to the effect that such transfer of shares of
Restricted Stock may be effected without registration of such shares under the
Securities Act. In addition, if the holder of the shares of Restricted Stock
delivers to the Company an opinion of Kirkland & Ellis or such other counsel
that no subsequent transfer of such shares shall require registration under the
Securities Act, the Company shall promptly upon such contemplated transfer
deliver new certificates for such shares which do not bear the Securities Act
legend set forth in Section 4B. If the Company is not required to deliver new
certificates for such shares not bearing such legend, the holder thereof shall
not transfer the same until the prospective transferee has confirmed to the
Company in writing its agreement to be bound by the conditions contained in this
Section 4.

         4B. Legend. Each certificate representing shares of Restricted Stock
shall be imprinted with a legend in substantially the following form:

         "The securities represented by this certificate were originally issued
         on _________ __, 2002, and have not been registered under the
         Securities Act of 1933, as amended or any applicable state securities
         laws. The transfer of the securities represented by this certificate is
         subject to the conditions specified in a Stock Purchase Agreement dated
         as of _________ __, 2002 and an Investor Rights Agreement, dated as of
         April 5, 2000 as amended and modified from time to time, between the
         issuer (the "Company") and certain investors, and the Company reserves
         the right to refuse the transfer of such securities until such
         conditions have been fulfilled with respect to such transfer. A copy of
         such conditions shall be furnished by the Company to the holder hereof
         upon written request and without charge."

         4C. Legend Removal. If any shares of Restricted Stock become eligible
for sale pursuant to Rule 144(k), the Company shall, upon the written request of
the holder of such Restricted

                                       4

<PAGE>

Securities, remove the legend set forth in Section 4B from the certificates for
such Restricted Securities.

         Section 5. Representations and Warranties of the Company. As a material
inducement to the Purchasers to enter into this Agreement and purchase the
Purchased Equity, the Company hereby represents and warrants to each Purchaser
as of date hereof as follows:

         5A. Organization, Corporate Power and Licenses. The Company is a
corporation duly organized, validly existing and in good standing under the laws
of Delaware and is qualified to do business in every jurisdiction in which the
failure to so qualify would reasonably be expected to have a material adverse
effect on the financial condition, operating results, assets, operations or
business prospects of the Company and its Subsidiaries taken as a whole. The
Company possesses all requisite corporate power and authority and all material
licenses, permits and authorizations necessary to own and operate its
properties, to carry on its businesses as now conducted and presently proposed
to be conducted and to carry out the transactions contemplated by this Agreement
(including, without limitation, the issuance of the Purchased Equity hereunder).
The copies of the Company's Fourth Charter and Bylaws which have been furnished
to the Purchasers reflect all amendments made thereto at any time prior to the
date of this Agreement and are correct and complete.

         5B. Capital Stock and Related Matters

          (1) Immediately prior to the Closing, the authorized capital stock of
     the Company shall consist of (a) 400,000,000.00 shares of Common Stock, of
     which 70,839,784.83 shares shall be issued and outstanding; (b) 350,000.00
     shares of Series A Preferred, of which 329,127.50 shares shall be issued
     and outstanding, (c) 142,500.00 shares of Series B Preferred, of which
     104,080.57 shares shall be issued and outstanding and (d) 7,500.00 shares
     of Series C Preferred, of which 5,477.92 shares shall be issued and
     outstanding. The attached Capitalization Schedule sets forth the ownership
     of the Company immediately prior to the Closing. As of the Closing, the
     Company shall not have outstanding (or any commitments to issue) any stock
     or securities convertible or exchangeable for any shares of its capital
     stock or containing any profit participation features, nor shall it have
     outstanding any rights or options to subscribe for or to purchase its
     capital stock or any stock or securities convertible into or exchangeable
     for its capital stock or any stock appreciation rights or phantom stock
     plans, except as set forth on the attached Capitalization Schedule or as
     contemplated by this Agreement or the Proposed Terms of Restructuring. As
     of the Closing, the Company shall not be subject to any obligation
     (contingent or otherwise) to repurchase or otherwise acquire or retire any
     shares of its capital stock or any warrants, options or other rights to
     acquire its capital stock, except pursuant to the Executive Stock
     Agreements and the Investor Rights Agreement or as contemplated by this
     Agreement or the Proposed Terms of Restructuring. All of the outstanding
     shares of the Company's capital stock are, and as of the Closing shall be,
     validly issued, fully paid and nonassessable.

          (2) There are no statutory or, to the Company's actual knowledge,
     contractual stockholders preemptive rights or rights of refusal with
     respect to the issuance of the Purchased Equity hereunder or any other
     capital stock or other securities of the Company,

                                       5

<PAGE>

     except as set forth in the Investor Rights Agreement. Based upon the
     representations and warranties of the Purchasers set forth herein, and to
     the Company's knowledge, the Company has not violated any applicable
     federal or state securities laws in connection with the offer, sale or
     issuance of any of its capital stock or other securities, and the offer,
     sale and issuance of the Purchased Equity hereunder do not require
     registration under the Securities Act or any applicable state securities
     laws. To the Company's actual knowledge, there are no agreements between
     the Company's stockholders with respect to the voting or transfer of the
     Company's capital stock or with respect to any other aspect of the
     Company's affairs, except for the Investor Rights Agreement and Executive
     Stock Agreements. The Company has not granted any registration rights other
     than under the Investor Rights Agreement.

         5C. Authorization; No Breach. The execution, delivery and performance
of this Agreement (including the issuance and delivery of the Purchased Equity
hereunder) have been duly and validly authorized by the Company's board of
directors. This Agreement constitutes a valid and binding obligation of the
Company, enforceable in accordance with its terms. The execution and delivery by
the Company of this Agreement, the offering, sale and issuance of the Purchased
Equity hereunder and the fulfillment of and compliance with the respective terms
hereof and thereof by the Company, do not and shall not (i) conflict with or
result in a breach of the terms, conditions or provisions of, (ii) constitute a
default under, (iii) result in the creation of any lien, security interest,
charge or encumbrance upon the Company's capital stock or assets pursuant to,
(iv) give any third party the right to modify, terminate or accelerate any
obligation under, (v) result in a violation of, or (vi) require any
authorization, consent, approval, exemption or other action by or notice or
declaration to, or filing with, any court or administrative or governmental body
or agency or other Person pursuant to, the Fourth Charter or Bylaws of the
Company, or any law, statute, rule or regulation to which the Company is
subject, or any agreement, instrument, order, judgment or decree to which the
Company is subject.

         5D. Litigation, etc. There are no actions, suits, proceedings, orders,
investigations or claims pending or, to the Company's actual knowledge,
threatened against the Company or pending or threatened by the Company against
any third party, at law or in equity, or before or by any governmental
department, commission, board, bureau, agency or instrumentality (including any
actions, suits, proceedings or investigations with respect to the transactions
contemplated by this Agreement) or otherwise.

         5E. Brokerage. There are no claims for brokerage commissions, finders'
fees or similar compensation in connection with the transactions contemplated by
this Agreement based on any arrangement or agreement binding upon the Company.

         5F. Governmental Consent, etc. To the actual knowledge of the Company:
(i) no permit, consent, approval or authorization of, or declaration to or
filing with, any governmental authority is required in connection with the
execution, delivery and performance by the Company of this Agreement, or the
consummation by the Company of the Transactions and (ii) no permit, consent,
approval or authorization of, or declaration to or filing with, any governmental
authority was required in connection with the formation of the Company, other
than filing with the Delaware Secretary of State.

                                       6

<PAGE>

         5G. Investment Company. The Company is not an "investment company" as
defined under the Investment Company Act of 1940, as amended.

         Section 6. Representations and Warranties of the Purchasers. As a
material inducement to the Company to enter into this Agreement and to sell the
Purchased Equity hereunder, each Purchaser represents and warrants, severally
and not jointly, to the Company as of the date hereof as follows:

         6A. Investment Representations.

          (1) Such Purchaser is acquiring the Restricted Stock purchased
     hereunder for its own account with the present intention of holding such
     securities for purposes of investment, has no intention of selling such
     securities in a public distribution in violation of the federal securities
     laws or any applicable state securities laws, was not organized or
     reorganized for the purpose of purchasing the Restricted Stock purchased
     hereunder, and conducts other business or holds other investments; provided
     that nothing contained herein shall prevent such Purchaser and subsequent
     holders of Restricted Stock from transferring such securities in compliance
     with the provisions of Section 4 hereof and the Investor Rights Agreement.

          (2) Such Purchaser is an "accredited investor" (as defined under
     Regulation D under the Securities Act), is sophisticated in financial
     matters and is able to evaluate the risks and benefits of the investment in
     the Purchased Equity.

          (3) Such Purchaser is able to bear the economic risk of its investment
     in the Purchased Equity for an indefinite period of time because the
     Purchased Equity has not been registered under the Securities Act and,
     therefore, cannot be sold unless subsequently registered under the 1933 Act
     or an exemption from such registration is available.

          (4) Such Purchaser has had an opportunity to ask questions and receive
     answers concerning the terms and conditions of the offering of the
     Purchased Equity and has had full access to such other information
     concerning the Company as it has requested.

          (5) Such Purchaser is a resident of the state indicated in its address
     as set forth on the Schedule of Purchasers attached hereto.

         6B. No Breach. This Agreement constitutes the legal, valid and binding
obligation of such Purchaser, enforceable in accordance with its terms, and the
execution, delivery and performance of this Agreement by such Purchaser does not
and shall not conflict with, violate or cause a breach of any agreement,
contract or instrument to which such Purchaser is a party or any judgment, order
or decree to which such Purchaser is subject.

         6C. Organization and Limited Partnership Power. Such Purchaser is a
limited partnership duly organized, validly existing and in good standing under
the laws of the state of its formation. Such Purchaser possesses all requisite
limited partnership power and authority to carry out the transactions
contemplated by this Agreement.

                                       7

<PAGE>

         6D. Brokerage. There are no claims for brokerage commissions, finders'
fees or similar compensation in connection with the transactions contemplated by
this Agreement based on any arrangement or agreement binding upon such
Purchaser.

         Section 7. Definitions

         7A. Definitions. For the purposes of this Agreement, the following
terms have the meanings set forth below:

         "Common Stock" means the Company's Common Stock, par value $.01 per
share.

         "Executive Stock Agreements" means the Executive Stock Agreements
entered into by the Company from time to time with certain of its executives.

         "Investor Rights Agreement" means the that certain agreement dated as
of April 5, 2000, as amended, by and among the Company and its stockholders.

         "Person" means an individual, a partnership, a corporation, a limited
liability company, an association, a joint stock company, a trust, a joint
venture, an unincorporated organization and a governmental entity or any
department, agency or political subdivision thereof.

         "Restricted Stock" means (i) the Purchased Equity issued hereunder, and
(ii) any preferred stock issued with respect to the Purchased Equity referred to
in clause (i) above by way of a stock dividend or stock split or in connection
with a combination of shares, recapitalization, merger, consolidation or other
reorganization. As to any particular shares of Restricted Stock, such shares
shall cease to be Restricted Stock when they have (a) been effectively
registered under the Securities Act and disposed of in accordance with the
registration statement covering them, (b) been distributed to the public through
a broker, dealer or market maker pursuant to Rule 144 (or any similar provision
then in force) under the Securities Act or become eligible for sale pursuant to
Rule 144(k) (or any similar provision then in force) under the Securities Act or
(c) been otherwise transferred and new certificates for them not bearing the
Securities Act legend set forth in Section 4B have been delivered by the
Company. Whenever any particular securities cease to be Restricted Stock, the
holder thereof shall be entitled to receive from the Company, without expense,
new shares of like tenor not bearing a Securities Act legend of the character
set forth in Section 4B.

         "Securities Act" means the Securities Act of 1933, as amended, or any
similar federal law then in force.

         "Securities and Exchange Commission" means the U.S. Securities and
Exchange Commission and includes any governmental body or agency succeeding to
the functions thereof.

         "Securities Exchange Act" means the Securities Exchange Act of 1934, as
amended, or any similar federal law then in force.

                                       8

<PAGE>

         "Series A Preferred" means the Company's Series A Preferred Stock, par
value $.01 per share.

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

         Section 8. Right to Exchange Purchased Equity.

         8A. Exchange of Purchased Equity. Concurrently with the consummation of
the transactions contemplated by the Proposed Terms of Restructuring (or any
transactions substantially similar to those contemplated by the Proposed Terms
of Restructuring), the Purchasers shall exchange all, but not less than all, of
the Purchased Equity for (i) shares of the Company's New Series D Redeemable
Preferred Stock (as defined in the Proposed Terms of Restructuring) or, in the
event the rights and preferences of such New Series D Redeemable Preferred Stock
are changed, the equity securities of the Company issued to the Purchasers in
connection with the consummation of the transactions contemplated by the
Proposed Terms of Restructuring or any transactions substantially similar to
those contemplated by the Proposed Terms of Restructuring (collectively, the
"Exchange Equity") and (ii) a proportionate amount of the Equity Sponsor
Warrants (as defined in the Proposed Terms of Restructuring), or, in the event
the features of such Equity Sponsor Warrants are changed, warrants to purchase
shares of common stock of the Company (in the amounts as would have been issued
for such Equity Sponsor Warrants) with the same features as the warrants that
are issued to the Purchasers in connection with the consummation of the
transactions contemplated by the Proposed Terms of Restructuring (or any
transactions substantially similar to those contemplated by the Proposed Terms
of Restructuring). The numbers of shares of Exchange Equity that the Purchasers
shall receive in exchange for the Purchased Equity shall be the number of shares
of Exchange Equity that have an aggregate liquidation value equal to the
aggregate liquidation value of the Purchased Equity plus all accumulated and
unpaid dividends thereon.

         8B. Additional Actions. The Company shall take all actions necessary
(including executing all necessary agreements and instruments and obtaining all
necessary third party and stockholder consents) in order to effect promptly any
exchange of securities requested by the Purchasers pursuant to this Section 8.
The Purchased Equity delivered by the Purchasers in any exchange pursuant to
this Section 8 will be deemed to have cash value equal to the aggregate

                                       9

<PAGE>

purchase price paid by the Purchasers for such Purchased Equity plus the
aggregate amount of accumulated and unpaid dividends thereon through the date of
such exchange.

         Section 9. Miscellaneous.

         9A. Expenses. The Company shall pay to the Purchasers, and hold the
Purchasers harmless against liability for the payment of, (i) the reasonable
fees and expenses of its special counsel arising in connection with the
negotiation and execution of this Agreement and the consummation of the
transactions contemplated by this Agreement (excluding the transactions
contemplated by Section 8), which shall be payable at the Closing, (ii) the
reasonable fees and expenses of its special counsel arising in connection with
the consummation of the transactions contemplated by Section 8 of this
Agreement, which shall be payable upon consummation of such transactions, (iii)
the fees and expenses incurred with respect to any amendments or waivers
(whether or not the same become effective) under or in respect of this Agreement
or the agreements contemplated hereby (including any agreements under or in
respect of Section 8 of this Agreement) and (iv) the reasonable fees and
expenses incurred with respect to the enforcement of the rights granted under
this Agreement or the agreements contemplated hereby (including any agreements
under or in respect of Section 8 of this Agreement).

         9B. Indemnification. The Company hereby covenants and agrees to
indemnify and hold harmless the Purchasers, their respective officers,
directors, stockholders, partners, affiliates, successors, assigns, agents and
other representatives, from and against any and all damages, losses, claims,
liabilities, deficiencies, costs and expenses (including, without limitation,
reasonable attorneys' fees), resulting from any material breach of any of the
representations, warranties or covenants of the Company under this Agreement.

         9C. Survival of Representations and Warranties. All representations and
warranties contained herein or made in writing by any party in connection
herewith shall survive the execution and delivery of this Agreement and the
consummation of the transactions contemplated hereby, regardless of any
investigation made by the Purchasers or on their behalf, through the first
anniversary of the Closing; provided, however, that the representations and
warranties contained in Section 5B, Section 5C and Section 5E hereof shall
survive the Closing for the applicable statute of limitations, giving effect to
any waiver, mitigation or extension thereof.

         9D. Remedies. The Purchasers shall have all rights and remedies set
forth in this Agreement, the Investor Rights Agreement, the Fourth Charter and
all rights and remedies which the Purchasers have been granted at any time under
any other agreement or contract and all of the rights which the Purchasers have
under any law. The Purchasers shall be entitled to enforce such rights
specifically (without posting a bond or other security), to recover damages by
reason of any breach of any provision of this Agreement and to exercise all
other rights granted by law.

         9E. Consent to Amendments. Except as otherwise expressly provided
herein, the provisions of this Agreement may be amended and the Company may take
any action herein prohibited, or omit to perform any act herein required to be
performed by it, only if the Company has obtained the written consent of the
Purchasers.

                                       10

<PAGE>

         9F. Successors and Assigns. Except as otherwise expressly provided
herein, all covenants and agreements contained in this Agreement by or on behalf
of any of the parties hereto shall bind and inure to the benefit of the
respective successors and assigns of the parties hereto whether so expressed or
not. In addition, and whether or not any express assignment has been made, the
provisions of this Agreement which are for the Purchasers' benefit as a
purchaser or holder of any class of the Company's preferred stock are also for
the benefit of, and enforceable by, any subsequent holder of such preferred
stock.

         9G. Severability. Whenever possible, each provision of this Agreement
shall be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Agreement is held to be prohibited
by or invalid under applicable law, such provision shall be ineffective only to
the extent of such prohibition or invalidity, without invalidating the remainder
of this Agreement.

         9H. No Third Party Beneficiaries. Nothing herein expressed or implied
is intended or shall be construed to confer upon or give to any Person other
than the parties hereto and their respective permitted successors and assigns,
any rights or remedies under or by reason of this Agreement.

         9I. Counterparts. This Agreement may be executed simultaneously in two
or more counterparts, any one of which need not contain the signatures of more
than one party, but all such counterparts taken together shall constitute one
and the same Agreement.

         9J. Descriptive Headings; Interpretation. The descriptive headings of
this Agreement are inserted for convenience only and do not constitute a
substantive part of this Agreement. The use of the word "including" in this
Agreement shall be by way of example rather than by limitation.

         9K. Governing Law. All issues and questions concerning the
construction, validity, enforcement and interpretation of this Agreement and the
exhibits and schedules hereto shall be governed by, and construed in accordance
with, the laws of the State of New York, without giving effect to any choice of
law or conflict of law rules or provisions (whether of the State of New York or
any other jurisdiction) that would cause the application of the laws of any
jurisdiction other than the State of New York. In furtherance of the foregoing,
the internal law of the State of New York shall control the interpretation and
construction of this Agreement (and all schedules and exhibits hereto), even
though under that jurisdiction's choice of law or conflict of law analysis, the
substantive law of some other jurisdiction would ordinarily apply.

         9L. Notices. All notices, demands or other communications to be given
or delivered under or by reason of the provisions of this Agreement shall be in
writing and shall be deemed to have been given (i) when delivered personally to
the recipient, (ii) one business day after being sent to the recipient by
reputable overnight courier service (charges prepaid), (iii) upon
machine-generated acknowledgment of receipt after transmittal by facsimile if so
acknowledged to have been received before 5:00 p.m. on a business day at the
location of receipt and otherwise on the

                                       11

<PAGE>

next following business day, provided that such notice, demand or other
communication is also deposited within 24 hours thereafter with a reputable
overnight courier service (charges prepaid) for delivery to the same Person, or
(iv) 5 days after being mailed to the recipient by certified or registered mail,
return receipt requested and postage prepaid. Such notices, demands and other
communications shall be sent to the Purchasers at the addresses and telecopier
numbers indicated on the Schedule of Purchasers attached hereto, and to the
Company at the following address and telecopier number:

                  Ziff Davis Holdings Inc.
                  28 East 28th Street
                  New York, NY  10016
                  Telecopy: (212) 503-3550
                  Attention: Chief Executive Officer

                  with a copy to:

                  Ziff Davis Holdings Inc.
                  28 East 28th Street
                  New York, NY  10016
                  Telecopy: (212) 503-3560
                  Attention: General Counsel

or to such other address and telecopier number or to the attention of such other
person as the recipient party has specified by prior written notice to the
sending party.

         9M. No Strict Construction. The parties hereto have participated
jointly in the negotiation and drafting of this Agreement. In the event an
ambiguity or question of intent or interpretation arises, this Agreement shall
be construed as if drafted jointly by the parties hereto, and no presumption or
burden of proof shall arise favoring or disfavoring any party by virtue of the
authorship of any of the provisions of this Agreement.

                                     * * *

                                       12

<PAGE>

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

                                       ZIFF DAVIS HOLDINGS INC.

                                       By:   /s/ Robert F. Callahan

                                       Its:  Chief Executive Officer

                                       WILLIS STEIN & PARTNERS III, L.P.
                                       WILLIS STEIN & PARTNERS DUTCH III-A, L.P.
                                       WILLIS STEIN & PARTNERS DUTCH III-B, L.P.
                                       WILLIS STEIN & PARTNERS III-C, L.P.

                                       By:  Willis Stein & Partners Management
                                            III, L.P.
                                       Its: General Partner

                                       By:  Willis Stein & Partners Management
                                            III, L.L.C.
                                       Its: General Partner

                                       By:  /s/ Daniel H. Blumenthal
                                       Its: Member

<PAGE>

                                    EXHIBIT A
                         PROPOSED TERMS OF RESTRUCTURING

See attached.

<PAGE>

                                    EXHIBIT B
                           FOURTH AMENDED AND RESTATED
                   CERTIFICATE OF INCORPORATION OF THE COMPANY

See attached.

<PAGE>

<TABLE>
<CAPTION>
                                             SCHEDULE OF PURCHASERS

---------------------------------------------------------------------------------------------------------------
                   HOLDER                   NUMBER OF SHARES OF      NUMBER OF SHARES OF    PURCHASE PRICE TO
                                             SERIES B PREFERRED      SERIES C PREFERRED     BE PAID BY HOLDER
------------------------------------------ ----------------------- ------------------------ -------------------
<S>                                        <C>                       <C>                    <C>
Willis Stein & Partners III, L.P.               3,555.08734                187.10986         $3,742,197.20
c/o Willis Stein & Partners
227 West Monroe Street
Chicago, IL 60606
------------------------------------------ ----------------------- ------------------------ -------------------
Willis Stein & Partners Dutch III-A, L.P.         107.04224                  5.63380           $112,676.04
c/o Willis Stein & Partners
227 West Monroe Street
Chicago, IL 60606
------------------------------------------ ----------------------- ------------------------ -------------------
Willis Stein & Partners Dutch III-B, L.P.         107.04224                  5.63380           $112,676.04
c/o Willis Stein & Partners
227 West Monroe Street
Chicago, IL 60606
------------------------------------------ ----------------------- ------------------------ -------------------
Willis Stein & Partners III-C, L.P.                30.82818                  1.62254            $32,450.72
c/o Willis Stein & Partners
227 West Monroe Street
Chicago, IL 60606
------------------------------------------ ----------------------- ------------------------ ---------------------
Total                                                 3,800                      200            $4,000,000
------------------------------------------ ----------------------- ------------------------ ---------------------
</TABLE>

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