Document:

EX-10.2

 Exhibit 10.2 
 Sara Lee Corporation 
 3500 Lacey Road 

Downers Grove, IL 60515 
 (630) 598-6000

  

			
	December 30, 2011	  	

 Mr. Sean Connolly 
 {home address} 
 Dear Sean: 
 With the enthusiastic support of the Company’s full Board of Directors, I am pleased to offer you the position of Chief Executive Officer (CEO) of the North America Retail and Foodservice (NARF)
business of Sara Lee Corporation (the “Company”). After the Company spins off its International Coffee and Tea business as a newly established public company, retaining its Retail and Foodservice business (“MeatCo”), your
position will become Chief Executive Officer of MeatCo. Prior to the spin-off, you will report to me, as Executive Chairman of the Board. 

This offer and the attached MeatCo Chief Executive Officer (CEO) Term Sheet (“Term Sheet”) have been approved by the Board. This offer is
irrevocable and will remain open for your acceptance until January 3, 2012 at 10:00 p.m. (Central Time). The Term Sheet is incorporated into this letter and sets forth the important points of our offer to you. This letter and the Term Sheet are
binding on the Company, and binding on you when signed by you, and may not be terminated or changed without the parties’ written agreement, except as provided therein. 
 We look forward to you joining our team in January. If you accept this offer, your first day of employment with the Company would be January 17, 2012. 

Your responsibilities prior to and after the spin-off will be as described on the Term Sheet. Additionally, you will be eligible for the benefits and
perquisites applicable to the Company’s Senior Executives, several of which are described in the attached Term Sheet. We also have other policies and programs applicable to the Company’s Senior Executives that would apply to you upon
joining the Company. Summaries of these policies and programs that we have not yet provided to you will be made available to you upon your arrival at the Company. 
 Sean, the Board of Directors has enjoyed getting to know you and we look forward to you becoming an integral member of Sara Lee’s senior leadership team. I am excited about the opportunity to work
together as we write the next chapter in Sara Lee’s history. 
  

			
	Sincerely,	  	Accepted by:
		  	
	/s/ Jan Bennink	  	/s/ Sean Connolly
	Executive Chairman of the Board	  	
		  	Date: 1/2/2012

 MeatCo Chief Executive Officer (CEO) Term Sheet 

Title: On the start date, you (“CEO”) will be the Chief Executive Officer, North America Retail & Foodservice
(“NARF”) until Sara Lee spins off its International Coffee and Tea business, from its North America business (“MeatCo”), as a newly established public company (the “Spin Off”); at the time of the Spin Off, CEO’s
title will become CEO MeatCo and a member of MeatCo’s Board of Directors. CEO will be appointed an Executive Vice President of Sara Lee at its next meeting of the Board of Directors. As used in this Term Sheet, for the period occurring after
the Spin Off, references to “Sara Lee” and to “MeatCo” are synonymous. 
 Start Date: January 17, 2012

 Reports To: Jan Bennink, Executive Chairman of Sara Lee Corporation prior to the Spin Off. After the Spin Off, the CEO will report
only to the MeatCo Board of Directors. 
 Authority: The CEO shall have all of the authority, duties and responsibilities of his then
position in a company of similar size and type. All senior functional executives and senior executives leading operations of NARF or MeatCo, as the case may be, shall report to CEO. 
 Location: Current NARF executive offices in Downers Grove, Illinois or, as announced, future MeatCo offices in Chicago, Illinois (or in either case within 50 miles thereof). 

Hiring Payment: Sara Lee will provide a buyout of existing Campbell Soup (the “Prior Employer”) Long Term incentives, equal to $3.65
million. This payment will be done in the following manner: 
  

	 	•	 	 $1.65 million in cash, payable at the end of January 2012 (“Cash Payment”). If CEO voluntarily terminates his employment (other than due to a
Special Event (defined below)) or is terminated by Sara Lee for Cause (as defined in the Sara Lee Corporation Severance Plans for Corporate Officers (the “Severance Plans”) and applicable for all purposes of this Term Sheet) prior to
December 31, 2012, he will be immediately required to repay the sum of $1.65 million in cash to Sara Lee (or, if after the Spin Off is completed, to MeatCo). 

 

	 	•	 	 $2.0 million grant, on the date of the Sara Lee Board meeting at the end of January 2012, in the form of restricted common stock of Sara Lee that will
fully vest on September 30, 2013 or earlier in the event of the termination of the CEO by Sara Lee or MeatCo without Cause or termination of employment by CEO due to a Special Event, and will continue to vest in the event of CEO’s death,
or Total Disability (as defined under the appropriate long term disability benefit plan in which CEO participates), (“Sign On Stock”). For sake of clarity, the restrictions on the Sign On Stock will not lapse as a result of the Spin Off.
The number of shares granted will be based on the fair market value of Sara Lee common stock on the date of grant. Upon vesting, the Sign On Stock delivered will be reduced by the number of shares having a value necessary to cover minimum tax
withholding, after applying accrued dividend equivalents to such withholding. 

 In addition, Sara Lee will provide a buyout
of CEO’s existing Prior Employer annual cash bonus, at target payout, prorated for the period from the start of the Prior Employer’s current fiscal year through the date of CEO’s termination of employment with the Prior Employer. This
buyout will be in the form of a $250,000 cash payment, payable no later than February 28, 2012 (this amount, collectively with the Cash Payment, the “Sign On Cash”). 

  
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 Starting Base Salary: $900,000 per annum, with next review scheduled for September 1, 2012. Base
Salary may be increased but not decreased (other than decreases affecting other senior executive officers on a like proportionate basis or decreases due to requirements of law or regulation). 
 Annual Incentive Plan (AIP): FY12 AIP target will be 100% of base salary (with maximum payout of 150%), based on actual performance of the businesses that will comprise MeatCo at the time of the
Spin Off (per the FY12 AIP plan). For FY12 AIP, payout is guaranteed at target. For the purpose of FY12 AIP, the bonus will be pro-rated from the start date (provided, in the event of a Postponed Start (defined below), such proration will be based
on the assumed start date above). CEO’s participation in the AIP will be governed by the terms and conditions of the plan, except as otherwise provided herein. 
 Long Term Incentive (LTI): CEO will receive an LTI award for FY12-14 with a value of $1.8 million. For the FY12-14 period, this grant will be distributed as follows: 

 

	 	•	 	 Form of grant: All of the FY12-14 LTI will be paid 50% in Performance Share Units (PSUs) and 50% in Stock Options, with the number of shares
granted contingent on the stock price and respecting the stock options the Black-Scholes value at close of business on the day of the grant. 

  

	 	•	 	 Timing: 1/3 of the LTI grant ($600,000 value) will be made in January 2012, and the PSU payout will be contingent on Sara Lee’s Operating
Income for FY12, as set forth in the FY12-14 program. This PSU grant will have a maximum payout of 150%. The grants shall be in the same form as the previously granted FY 12-14 LTI grants to other senior executives, as modified to conform with this
Term Sheet. The remaining 2/3 of the grant ($1,200,000), 50% as PSU’s and 50% as Stock Options, will be granted after the Spin Off is complete, but in no event later than December 31, 2012. If the grant date is after completion of the Spin
Off, then the PSU payout will be based on MeatCo’s Total Shareholder Return (TSR) against a peer group (still to be defined) for the period from grant date through the last day of fiscal 2014. If the grant date is before completion of the Spin
Off, then the PSU payout will be based on Sara Lee’s Operating Income for FY12, as set forth in the FY12-14 program. This PSU grant is intended to have a maximum payout of 150% (to be formally approved by the Compensation & Benefits
Committee once the performance peer group is finalized and the award granted by December 31, 2012). These grants will be in substantially the same form as the grants made to other senior executives at such time (to the extent granted to other
senior executives), as modified to conform with this Term Sheet. 

  

	 	•	 	 Vesting: The FY12-14 grant will vest in full at the end of August 2014 and will be subject to the terms of Sara Lee’s FY12-14 LTI program.
All vesting shall be measured from the start date (provided, in the event of a Postponed Start, vesting will be measured from the assumed start date above). 

  
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 FY 13-15 LTI grants: The next grant, with a target value of $3,000,000 will be given for the FY13-15
LTI period, which begins in July 2012. The FY13-15 LTI grant is expected to be made on the date of the Board meeting at the end of August 2012, which is the normal annual grant date, but in no event will CEO’s FY13-15 LTI grant be made later
than December 31, 2012. The form of the FY13-15 LTI grant has not yet been determined. If the Spin Off has been completed prior to the grant date, the LTI grant will be made by MeatCo. If the Spin Off has not been completed by the August 2012
grant date, CEO will receive an LTI grant consistent with the grants made to similarly situated Sara Lee executive officers and MeatCo will make any remainder grant after the Spin Off has been completed, but in any event a grant with a target value
of $3,000,000 will be fully made by December 31, 2012. All vesting will be measured from the date of the first grant. All forms of grant shall be modified to conform with this Term Sheet. 

Vacation: CEO will be entitled to vacation in accordance with Sara Lee practice, which is currently 20 days per calendar year. 

Company Car: $1,000 per month (gross payment, paid in accordance with payroll schedule) 
 Benefits: CEO will be eligible for benefits as a salaried employee, including participation in the medical, dental, vision, and 401(k) plans. Additional details will be provided separately.

 Termination/Severance: In the event CEO’s employment is terminated without Cause, or CEO terminates due to a Special Event, then
(i) CEO will be provided with benefits in accordance with the Severance Plans, (ii) CEO will not be required to repay the Sign On Cash, (iii) the Sign On Stock would vest in full, as of the date of CEO’s termination,
(iv) any unvested FY12-14 or FY13-15 LTI grants would vest pro rata from the start date (or if a Postponed Start, the assumed start date above) in accordance with the terms of the applicable grant notice and agreement, provided, in the event
(and only in such event) that such termination occurs before the Spin Off, CEO will be entitled to one year of additional vesting credit under such awards, and (iv) any vested stock options held by CEO on the date of termination would remain
exercisable by CEO until the earlier of the expiration date of the stock option or one year after the date of termination of employment, (v) CEO would be entitled to any accrued but unpaid amounts and any other amounts or benefits due under the
Severance Plans. For purposes of this Term Sheet, a “Special Event” shall mean the occurrence of any, without CEO’s consent, of (w) the Spin Off does not occur by March 31, 2013, (x) CEO is not the Chief Executive
Officer of MeatCo effective on the date of the Spin Off, (y) not all senior functional executives and senior executives leading operations (A) of NARF before the Spin Off and (B) of MeatCo after the Spin Off, as the case may be,
report to CEO or (z) CEO’s salary is reduced other than as permitted under “Starting Base Salary” above; provided, no Special Event shall occur unless all of (1) CEO notifies Sara Lee or MeatCo, as the case may be, in
writing within 90 days (or, for an event under (w) or (x) above, as provided at “Non-occurrence of the Spin Off’ below) of the occurrence of, and details describing, such Special Event, (2) which Special Event is not cured
by Sara Lee or MeatCo (as the case may be), if curable, within 30 days of receipt of such written notice and which, as a result thereof, (3) CEO voluntarily terminates employment within 10 days after the end of such cure period. Neither Sara
Lee nor MeatCo will reduce or terminate the benefits available to CEO under, or otherwise materially adversely amend, the Involuntary Termination Plan as set forth in Article II of the Severance Plans in effect on the date hereof prior to the first
anniversary of the date of completion of the Spin Off, except as required by applicable law. 

  
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 Change in Control: Until the date of the Spin Off, CEO will be eligible for the Change of Control
Plan benefits as set forth in Article III of the Severance Plans, on the same terms and conditions as are applicable generally to other officers who are eligible to participate in the Severance Plans. The Spin Off does not constitute a change of
control. After the Spin Off, CEO will be eligible to continue to participate in the Severance Plans, or any other change of control plan, as modified or adopted by MeatCo; provided, no reduction or termination or other material amendment of the
benefits available to CEO under the Change of Control Plan as set forth in the Severance Plans in effect on the date hereof shall be effective with respect to CEO prior to the date that is 18 months following the date of completion of the Spin Off
except as required by applicable law. 
 Non-occurrence of the Spin Off or Non-appointment as CEO: As provided above, a Special Event
will occur in the event that the Spin Off is not completed by March 31, 2013 with CEO as Chief Executive Officer of MeatCo; provided, that this Special Event shall require that CEO provide Sara Lee written notice thereof by the earlier of
(i) 30 days after completion of the Spin Off or (ii) April 30, 2013, and (it being agreed herein that such event is not curable) CEO’s termination shall be effective 10 days after Sara Lee’s receipt of such notice.

 Relocation Costs: CEO will be eligible for relocation benefits pursuant to the Sara Lee Relocation Policy, including movement of
household belongings & furnishings from his current residence to Chicago. Additional details have been provided in a separate document. 
 Legal Fees: Sara Lee will pay legal expenses incurred in connection with the negotiation of the terms of CEO’s employment (apart from any fees applicable with respect to Indemnification and
Defense below) up to a maximum of $50,000, subject to Sara Lee’s receipt of reasonable documentation of such expenses, plus, if such amount is treated as taxable income to CEO, an additional amount such that CEO has no after tax cost for the
legal fees or such additional amount. 
 Sara Lee Restrictive Covenants: Any Sara Lee restrictive covenants shall not apply in the event
CEO does not commerce active service activity with Sara Lee (even if on payroll). Upon the Spin Off, any restrictive covenants shall apply only to MeatCo. In the event the Spin Off does not occur, the restrictive covenants shall apply to Sara Lee,
but only with regard to MeatCo generally and to employment or service with the material competitors of the coffee or tea businesses. If CEO has commenced employment, the Sara Lee restrictive covenants will apply following such termination in
accordance with their terms, as modified by this Term Sheet. The provisions of this “Sara Lee Restrictive Covenants” section will apply to provisions in other Sara Lee documents and agreements that restrict or prohibit CEO from performing
services or taking other actions that compete with Sara Lee, or that would result in a forfeiture or penalty if CEO competes with Sara Lee, including but not limited to the “Non-Competition, Non-Solicitation and Confidentiality Agreement”
that CEO will be required to accept in connection with the grant of Sara Lee equity awards described in this Term Sheet. 

  
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 Limitation on Providing Service for Sara Lee. In the event that as a result of any action of the
Prior Employer, CEO is prohibited from commencing on the assumed start date above or continuing his service to Sara Lee or Sara Lee decides to delay said start date or suspend the providing of such services (“Postponed Start”), CEO shall
still be fully compensated as if he has started employment in the position on said date and continued uninterrupted thereafter. 
 Release
Form: The release form to be used in connection with any requirement under the Severance Plan shall be that in effect at the time of any such termination, with the following provision as to Disparagement inserted therein in lieu of any other
such provision therein: “Each of the Executive and the Employer (for purposes hereof, “the Employer” shall mean only (i) the Employer by press release or other formally released announcement and, (ii) the executive officers
thereof and not any other employee), agrees that during the Term and thereafter not to, directly or indirectly, make any public statements that disparage the other party, or in the case of the Employer, its respective affiliates, employees,
officers, directors, products or services. Notwithstanding the foregoing, statements made in the course of sworn testimony in administrative, judicial or arbitral proceedings (including, without limitation, depositions in connection with such
proceedings), normal competitive-type statements, statements made in the good faith performance of the Executive’s duties and good faith statements in rebuttal of the other party’s statements shall not be subject to this paragraph.
There shall be no third party beneficiaries of this provision. This non-disparagement provision shall expire three (3) years after the termination of Executive’s employment hereunder.” 

Indemnification and Defense: The provisions set forth in Attachment A hereto are incorporated by reference and apply as if stated herein.

 409A: 
 The intent of the
parties is that payments and benefits under this Agreement comply with, or be exempt from, Code Section 409A and, accordingly, to the maximum extent permitted, this Agreement shall be limited, construed and interpreted in accordance with such
intent. If the Executive notifies Sara Lee or MeatCo, as the case may be (with specificity as to the reason therefore) that the Executive believes that any provision of this Agreement (or of any award of compensation, including equity compensation
or benefits) would cause the Executive to incur any additional tax or interest under Code Section 409A and Sara Lee or MeatCo, as the case may be, concurs with such belief or Sara Lee or MeatCo, as the case may be (without any obligation
whatsoever to do so) independently makes such determination, and modifying such provision would avoid such additional tax or interest, Sara Lee or MeatCo, as the case may be, shall, after consulting with the Executive, reform such provision to try
to comply with Code Section 409A through good faith modifications to the minimum extent reasonably appropriate to conform with Code Section 409A. To the extent that any provision hereof is modified in order to comply with Code
Section 409A, such modification shall be made in good faith and shall, to the maximum extent reasonably possible, maintain the original intent and economic benefit to the Executive and Sara Lee or MeatCo, as the case may be, of the applicable
provision without violating the provisions of Code Section 409A. 

  
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 A termination of employment shall not be deemed to have occurred for purposes of any provision of this
Agreement providing for the payment of any amounts or benefits upon or following a termination of employment unless such termination is also a “Separation from Service” within the meaning of Code Section 409A and, for purposes of any
such provision of this Plan, references to a “termination,” “termination of employment” or like terms shall mean Separation from Service. Notwithstanding any provision to the contrary in this Agreement, if the Executive is deemed
on the date of his termination to be a “specified employee” within the meaning of that term under Code Section 409A(a)(2)(B) and using the identification methodology selected by Sara Lee or MeatCo, as the case may be, from time to
time, or if none, the default methodology set forth in Code Section 409A, then with regard to any payment or the providing of any benefit that constitutes “non-qualified deferred compensation” pursuant to Code Section 409A that
is payable due to the Executive’s Separation from Service, to the extent required to be delayed in compliance with Code Section 409A(a)(2)(B) (and the Treasury Regulations thereunder), it being understood that where no delay is required
payments (or partial payments) shall be commenced as soon as otherwise provided herein, such payment or benefit shall not be made or provided to the Executive (subject to the last sentence of this Section 25(b)) prior to the earlier of
(i) the expiration of the six (6)-month period measured from the date of the Executive’s Separation from Service, and (ii) the date of the Executive’s death (the “Delay Period”). For avoidance of doubt, the Severance
Payment shall not be treated as non-qualified deferred compensation that is required to be delayed in compliance with Code Section 409A(a)(2)(B) to the extent that it meets the exemption set forth in Department of Treasury Regulation
Section 1.409A-1(b)(9)(iii) (for separation pay due to involuntary separation from service) and only that portion, if any, of the Severance Payment that exceeds the exempt amount shall be subject the delay, if any, required pursuant to the
preceding sentence. On the first day of the seventh month following the date of the Executive’s Separation from Service or, if earlier, on the date of the Executive’s death, all payments delayed pursuant to this Section 409A provision
(whether they would have otherwise been payable in a single sum or in installments in the absence of such delay) shall be paid or reimbursed to the Executive in a lump sum, and any remaining payments and benefits due to the Executive under this
Agreement shall be paid or provided in accordance with the normal payment dates specified for them herein. 
 Notwithstanding the foregoing, to
the extent that the provision of any welfare benefits provided to the Executive following his Separation from Service will be treated as non-qualified deferred compensation that is required to be delayed (after taking into account the exemption in
Department of Treasury Regulation Section 1.409A-1(b)(9)(v)) but would not be required to be delayed if the premiums therefor were paid by the Executive, the Executive shall pay the full cost of the premiums for such welfare benefits during the
Delay Period and Sara Lee or MeatCo, as the case may be, shall pay the Executive an amount equal to the amount of such premiums paid by the Executive during the Delay Period promptly after its conclusion. 

In no event whatsoever shall Sara Lee or MeatCo, as the case may be, be liable for any additional tax, interest or penalties that may be imposed on the
Executive by Code Section 409A or any damages for failing to comply with Code Section 409A. 
 To the extent any reimbursement of
costs and expenses provided for under this Agreement constitutes taxable income to the Executive for Federal income tax purposes, such reimbursements shall be made no later than December 31 of the calendar year next following the calendar year
in which the expenses to be reimbursed are incurred. 

  
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 With regard to any provision herein that provides for reimbursement of expenses or in-kind benefits, except
as permitted by Code Section 409A, (i) the right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit, (ii) the amount of expenses eligible for reimbursement, or in-kind benefits, provided
during any taxable year shall not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year, provided that the foregoing clause (ii) shall not be violated with regard to expenses reimbursed
under any arrangement covered by Section 105(b) of the Code solely because such expenses are subject to a limit related to the period the arrangement is in effect. 
 If under this Agreement, an amount is to be paid in two or more installments, for purposes of Code Section 409A, each installment shall be treated as a separate payment. 

Whenever a payment under the Agreement specifies a payment period with reference to a number of days, the actual date of payment within the specified
period shall be within the sole discretion of Sara Lee or MeatCo, as the case may be. 
 To the extent that this Agreement provides for your
indemnification by Sara Lee or MeatCo, as the case may be, and/or the payment or advancement of costs and expenses associated with indemnification, any such amounts shall be paid or advanced to the Executive only in a manner and to the extent that
such amounts are exempt from the application of Code Section 409A in accordance with the provisions of Treasury Regulation 1.409A-1(b)(10) or that are provided in accordance with Code Section 409A. 

  
 8Employment Agreement

 Exhibit 10.1 
 EMPLOYMENT AGREEMENT 
 This EMPLOYMENT AGREEMENT (the
“Agreement”) is made as of May 4, 2012 (the “Effective Date”) by and between TechTarget, Inc., a Delaware corporation with a principal place of business at 275 Grove Street, Newton, MA 02466 (the
“Employer”), and Janice Kelliher (the “Executive”). 
 WHEREAS, in connection with the promotion of
the Executive to the position detailed in Section 2 below, the parties desire to enter into this Agreement. 
 NOW,
THEREFORE, in consideration of the mutual covenants contained in this Agreement, the Employer and the Executive agree as follows. 
 1. Employment. The Employer agrees to employ the Executive and the Executive agrees to be employed by the Employer upon the terms and subject to the conditions set forth in this Agreement.

 2. Capacity. The Executive shall serve the Employer as Chief Financial Officer. The Executive shall
also serve the Employer in such other or additional offices as the Executive may be requested to serve by the Chief Executive Officer. In such capacity or capacities, the Executive shall perform such services and duties in connection with the
business, affairs and operations of the Employer as may be assigned or delegated to the Executive from time to time, consistent with the Executive’s education and experience, by or under the authority of the Chief Operating Officer. The
Executive shall report directly to the Chief Operating Officer. 
 3. Term. Subject to the provisions of
Section 6, the term of employment pursuant to this Agreement (the “Term”) shall be one (1) year from the Effective Date and shall be renewed automatically for periods of one (1) year commencing at the first anniversary of
the Effective Date and on each subsequent anniversary thereafter unless either the Executive or the Employer gives written notice to the other not less than sixty (60) days prior to the date of any such anniversary of such party’s election
not to extend the Term. In the event that the Employer elects to not extend this Agreement on such an anniversary date, the Executive shall be entitled to the benefits described in Section 7(b) below. 

4. Compensation and Benefits. The regular compensation and benefits payable to the Executive under this Agreement
shall be as follows: 
 (a) Salary. For all services rendered by the Executive under this Agreement, the Employer shall
pay the Executive a salary (the “Salary”) at the annual rate of Two Hundred Fifty Thousand Dollars ($250,000), subject to increase from time to time in the discretion of the Board of Directors or the Compensation Committee of the Board of
Directors (the “Compensation Committee”). The Salary shall be payable in periodic installments in accordance with the Employer’s usual practice for its senior executives. 

(b) Bonus. Beginning with the fiscal year starting January 1, 2012, the Executive shall be entitled to participate in an
annual incentive program established by the Board of Directors or the Compensation Committee for the executive management team with such terms as may be established in the sole discretion of the Board of Directors or Compensation Committee. For
fiscal year 2012, the Executive’s annual target bonus amount shall equal Fifty Thousand Dollars ($50,000). For all subsequent years, the amount of the Executive’s annual target bonus amount shall be established by the Board of Directors or
the Compensation Committee. The specific terms of the bonus plan, including bonus targets, methods of payment and performance goals will be documented by the Board of Directors or the Compensation Committee. 

 (c) Regular Benefits. The Executive shall also be entitled to participate in any
qualified retirement plans, deferred compensation plans, stock option and incentive plans, stock purchase plans, medical insurance plans, life insurance plans, disability income plans, retirement plans, vacation plans, expense reimbursement plans
and other benefit plans which the Employer may from time to time have in effect for its senior executives. Such participation shall be subject to the terms of the applicable plan documents, generally applicable policies of the Employer, applicable
law and the discretion of the Board of Directors, the Compensation Committee or any administrative or other committee provided for in, or contemplated by, any such plan. Nothing contained in this Agreement shall be construed to create any obligation
on the part of the Employer to establish any such plan or to maintain the effectiveness of any such plan which may be in effect from time to time. 
 (d) Equity Grants. The Executive shall be provided equity awards as determined by the Board of Directors or the Compensation Committee, with such terms as may be established in the sole discretion
of the Board of Directors or Compensation Committee. In connection with any grants of stock options, restricted stock units, or other equity instruments granted by the Employer to the Executive, the Employer and the Executive hereby acknowledge and
agree that in the event of a Change of Control within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended ) (1) with respect to any stock grants or stock option grants under the Employer’s 2007 Stock Option
Plan (each an “Option Agreement”) and (2) with respect to any restricted stock units, all unvested shares shall thereupon become fully-vested and all such stock options may thereafter be immediately exercised and all such restricted
stock units shall become fully vested and shall be delivered in accordance with any Restricted Stock Unit Agreement between the Executive and the Employer. 
 (e) Reimbursement of Business Expenses. The Employer shall reimburse the Executive for all reasonable expenses incurred by him in performing services during the Term, in accordance with the
Employer’s policies and procedures for its senior executive officers, as in effect from time to time. 
 (f) Taxation of
Payments and Benefits. The Employer shall undertake to make deductions, withholdings and tax reports with respect to payments and benefits under this Agreement to the extent that it reasonably and in good faith believes that it is required to
make such deductions, withholdings and tax reports. Payments under this Agreement shall be in amounts net of any such deductions or withholdings. Nothing in this Agreement shall be construed to require the Employer to make any payments to compensate
the Executive for any adverse tax effect associated with any payments or benefits or for any deduction or withholding from any payment or benefit. 
 (g) Exclusivity of Salary and Benefits. The Executive shall not be entitled to any payments or benefits other than those provided under this Agreement. During the Term, the Employer is obligated to
document any changes in compensation terms applicable to the Agreement. 
 5. Extent of Service. During
the Executive’s employment under this Agreement, the Executive shall, devote the Executive’s best efforts and business judgment, skill and knowledge to the advancement of the Employer’s interests and to the discharge of the
Executive’s duties and responsibilities under this Agreement. Notwithstanding anything contained herein to the contrary, this Agreement shall not be construed as preventing the Executive from: 

(a) investing the Executive’s assets in any company or other entity in a manner not prohibited by Section 8(d) and in such form
or manner as shall not require any material activities on the Executive’s part in connection with the operations or affairs of the companies or other entities in which such investments are made; 

  
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 (b) serving on the Board of another company; provided, that, such service does not
impair or compromise the Executive’s ability to fulfill the Executive’s duties and responsibilities under this Agreement; or 
 (c) engaging in religious, charitable or other community or non-profit activities that do not impair the Executive’s ability to fulfill the Executive’s duties and responsibilities under this
Agreement. 
 6. Termination. Notwithstanding the provisions of Section 3, the Executive’s
employment under this Agreement shall terminate under the following circumstances set forth in this Section 6. 
 (a)
Termination by the Employer for Cause. The Executive’s employment under this Agreement may be terminated for Cause (as defined below) on the part of the Employer effective upon a vote of the Board of Directors, prior to which the
Employer shall have given the Executive ten (10) days prior written notice and the opportunity to be heard on such matter at a meeting of the Board. Only the following shall constitute “Cause” for such termination: 

(i) any act, whether or not involving the Employer or any affiliate of the Employer, of fraud or gross misconduct;

 (ii) the commission by the Executive of (A) a felony or (B) any misdemeanor involving moral
turpitude, deceit, dishonesty or fraud; or 
 (iii) gross negligence or willful misconduct of the Executive with
respect to the Employer or any affiliate of the Employer. 
 (b) Termination by the Employer Without Cause. Subject to
the payment of Termination Benefits pursuant to Section 7(b), the Executive’s employment under this Agreement may be terminated by the Employer without Cause upon no less than sixty (60) days prior written notice to the Executive.

 (c) Termination by the Executive for Good Reason. Subject to the payment of Termination Benefits pursuant to
Section 7(b), the Executive’s employment under this Agreement may be terminated by the Executive for Good Reason by written notice to the Board of Directors at least sixty (60) days prior to such termination. Only the following shall
constitute “Good Reason” for such termination: 
 (i) a material reduction of the Executive’s
annual base salary and/or annual target bonus other than a such reduction that is similar to a reduction made to such salary and/or target bonus of all other senior executives of the Employer; 

(ii) a change in the Executive’s responsibilities and/or duties which constitutes a demotion or is inconsistent with
the terms of Section 2 hereof; 
 (iii) a failure of the Company to pay any amounts due hereunder;

 (iv) the failure of any successor in interest to the business of the Employer to assume the Employer’s
obligations under this Agreement; or 

  
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 (v) the relocation of the offices at which the Executive is principally
employed to a location more than 50 miles from such offices, which relocation is not approved by the Executive. 
 (d)
Death. The Executive’s employment with the Employer shall terminate upon his death. 
 (e) Disability. If the
Executive shall be disabled so as to be unable to perform the essential functions of the Executive’s then-existing position or positions under this Agreement, with or without reasonable accommodation, the Chief Executive Officer may remove the
Executive from any responsibilities and/or reassign the Executive to another position with the Employer for the remainder of the Term or during the period of such disability. Notwithstanding any such removal or reassignment, the Executive shall
continue to receive the Executive’s full Salary (less any disability pay or sick pay benefits to which the Executive may be entitled under the Employer’s policies) and benefits under Section 4 of this Agreement (except to the extent
that the Executive may be ineligible for one or more such benefits under applicable plan terms) for a period of time equal to the period set forth in Section 7(b)(i) below. If any question shall arise as to whether during any period the
Executive is disabled so as to be unable to perform the essential functions of the Executive’s then existing position or positions with or without reasonable accommodation, the Executive may, and at the request of the Employer shall, submit to
the Employer a certification in reasonable detail by a physician selected by the Employer (to whom the Executive or the Executive’s guardian has no reasonable objection) as to whether the Executive is so disabled or how long such disability is
expected to continue, and such certification shall for the purposes of this Agreement be conclusive of the issue. The Executive shall cooperate with any reasonable request of the physician in connection with such certification. If such question
shall arise and the Executive shall fail to submit such certification, the Employer’s determination of such issue shall be binding on the Executive. Nothing in this Section 6(e) shall be construed to waive the Executive’s rights, if
any, under existing law including, without limitation, the Family and Medical Leave Act of 1993, 29 U.S.C. §2601 et seq. and the Americans with Disabilities Act, 42 U.S.C. §12101 et seq. 

(f) Termination by the Executive without Good Reason. The Executive may terminate this Agreement at any time on no less than sixty
(60) days prior written notice. If the Executive terminates this Agreement without Good Reason, the Executive is not entitled to any additional compensation or benefits other than his Accrued Benefit (as defined in Section 7(a) below).

 7. Compensation Upon Termination. 

(a) Termination Generally. If the Executive’s employment with the Employer is terminated for any reason during the Term, the
Employer shall pay or provide to the Executive (or to his authorized representative or estate) any earned but unpaid base salary, incentive compensation earned but not yet paid, unpaid expense reimbursements, accrued but unused vacation and any
vested benefits the Executive may have under any employee benefit plan of the Employer (the “Accrued Benefit”). 
 (b)
Termination by the Employer Without Cause or upon Executive Disability or Death, or by the Executive for Good Reason. In the event of termination of the Executive’s employment with the Employer pursuant to Section 6(b), (c),
(d) or (e) above, or the failure of the Company to extend this Agreement following the expiration of the then-current Term, the Employer shall provide to the Executive the following termination benefits (“Termination Benefits”):

 (i) payments that provide for the continuation of the Executive’s Salary at the rate then in effect
pursuant to Section 4(a) for a period of 9 months; 

  
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 (ii) continuation of group health plan benefits to the extent authorized by
and consistent with 29 U.S.C. § 1161 et seq. (commonly known as “COBRA”), payment of premiums of which shall continue to be made by the Employer at the active employee’s rate for the period set forth in clause 7(b)(i) above;

 (iii) payments (pro rated over the period described in Section 7(b)(i) above) equal in the aggregate to
the greater of (x) fifty percent (50%) of the targeted bonus amount that was established by the Board of Directors or Compensation Committee for the Executive for the then-current fiscal year (the “Target Bonus Amount”) or
(y) the product of (I) the Target Bonus Amount multiplied by (II) a fraction, the numerator for which equals the number of months in the then-current fiscal year that have elapsed, and the denominator of which equals 12; and 

(iv) for each year that the Executive has been employed by the Employer in any capacity, an additional ten percent
(10%) of (x) all then unvested options to purchase shares of the Employer’s stock that have been granted to the Executive shall become immediately, and without further action, exercisable by the Executive and (y) all then
unvested restricted stock units that have been granted to the Executive shall become immediately, and without further action, vested and shall be delivered to the Executive in accordance with the Restricted Stock Unit Agreement(s) by and between the
Company and the Executive; provided, that, in the event that the foregoing calculation results in the acceleration of less than 50% of Executive’s then unvested such options and restricted stock units, the number of shares subject
to such acceleration shall be deemed to be increased to equal fifty percent (50%) (utilizing restricted stock units first and then options for any balance).. 
 (c) Termination by the Employer with Cause or the Executive without Good Reason. If the Executive’s employment is terminated by the Employer with Cause under Section 6(a) or by the
Executive without Good Reason under Section 6(f), the Employer shall have no further obligation to the Executive other than payment of his Accrued Benefit. 
 (d) Certain Tax Matters. 
 (i) The Company and the Executive
agree to cooperate and negotiate with each other in good faith to minimize the impact of Sections 280G and 4999 of the Code on the Company and the Executive, respectively. 

(ii) Distributions. The following rules shall apply with respect to distribution of the payments and benefits, if
any, to be provided to Executive under Section 7 
 (1) It is intended that each installment of the
payments and benefits provided under Section 7 shall be treated as a separate “payment” for purposes of Section 409A of the U.S. Internal Revenue Code of 1986, as amended, and the guidance issued thereunder (“Section
409A”). Neither Employer nor Executive shall have the right to accelerate or defer the delivery of any such payments or benefits except to the extent specifically permitted or required by Section 409A; 

(2) If, as of the date of the Executive’s “separation from service” (as defined below) from Employer,
Executive is not a “specified employee” (within the meaning of Section 409A), then each installment of the payments and benefits shall be made on the dates and terms set forth in Section 7; and 

  
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 (3) If, as of the date of the Executive’s “separation from
service” from Employer, Executive is a “specified employee” (within the meaning of Section 409A), then: 
 (A) Each installment of the payments and benefits due under Section 7 that, in accordance with the dates and terms set forth herein, will in all circumstances, regardless of when the separation from
service occurs, be paid within the Short-Term Deferral Period (as hereinafter defined) shall be treated as a short-term deferral within the meaning of Treasury Regulation Section 1.409A-1(b)(4) to the maximum extent permissible under
Section 409A. For purposes of this Agreement, the “Short-Term Deferral Period” means the period ending on the later of the 15th day of the third month following the end of Executive’s tax year in which the separation from service occurs and
the 15th day of the third month following the end of
Employer’s tax year in which the separation from service occurs; and 
 (B) Each installment of the
payments and benefits due under Section 7 that is not paid within the Short-Term Deferral Period and that would, absent this subsection, be paid within the six-month period following the “separation from service” of Executive from
Employer shall not be paid until the date that is six months and one day after such separation from service (or, if earlier, the Executive’s death), with any such installments that are required to be delayed being accumulated during the
six-month period and paid in a lump sum on the date that is six months and one day following Executive’s separation from service and any subsequent installments, if any, being paid in accordance with the dates and terms set forth herein;
provided, however, that the preceding provisions of this sentence shall not apply to any installment of payments and benefits if and to the maximum extent that that such installment is deemed to be paid under a separation pay plan that
does not provide for a deferral of compensation by reason of the application of Treasury Regulation 1.409A-1(b)(9)(iii) (relating to separation pay upon an involuntary separation from service). Any installments that qualify for the exception
under Treasury Regulation Section 1.409A-1(b)(9)(iii) must be paid no later than the last day of Executive’s second taxable year following the taxable year of yours in which the separation from service occurs. 

(4) For purposes of this Agreement, the determination of whether and when a separation from service has occurred shall be
made in accordance with this subparagraph and in a manner consistent with Treasury Regulation Section 1.409A-1(h). Solely for purposes of this Section 7, “Employer” shall include all persons with whom the Employer would be
considered a single employer under Sections 414(b) and 414(c) of the Internal Revenue Code of 1986, as amended. 

  
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 8. Confidential Information, Noncompetition and Cooperation.

 (a) Confidential Information. As used in this Agreement, “Confidential Information” means information
belonging to the Employer which is of value to the Employer in the course of conducting its business and the disclosure of which could result in a competitive or other disadvantage to the Employer. Confidential Information includes, without
limitation, financial information, reports, and forecasts; inventions, improvements and other intellectual property; trade secrets; know-how; designs, processes or formulae; software; market or sales information or plans; customer lists; and
business plans, prospects and opportunities (such as possible acquisitions or dispositions of businesses or facilities) which have been discussed or considered by the management of the Employer. Confidential Information includes information
developed by the Executive in the course of the Executive’s employment by the Employer, as well as other information to which the Executive may have access in connection with the Executive’s employment. Confidential Information also
includes the confidential information of others with which the Employer has a business relationship. Notwithstanding the foregoing, Confidential Information does not include information in the public domain, unless due to breach of the
Executive’s duties under Section 8(b). 
 (b) Confidentiality. The Executive understands and agrees that the
Executive’s employment creates a relationship of confidence and trust between the Executive and the Employer with respect to all Confidential Information. At all times, both during the Executive’s employment with the Employer and after its
termination, the Executive will keep in confidence and trust all such Confidential Information, and will not use or disclose any such Confidential Information without the written consent of the Employer, except as may be necessary in the ordinary
course of performing the Executive’s duties to the Employer. 
 (c) Documents, Records, etc. All documents, records,
data, apparatus, equipment and other physical property, whether or not pertaining to Confidential Information, which are furnished to the Executive by the Employer or are produced by the Executive in connection with the Executive’s employment
will be and remain the sole property of the Employer. The Executive will return to the Employer all such materials and property as and when requested by the Employer. In any event, the Executive will return all such materials and property
immediately upon termination of the Executive’s employment for any reason. The Executive will not retain with the Executive any such material or property or any copies thereof after such termination. 

(d) Noncompetition and Nonsolicitation. During the Term and for a period of 9 months thereafter, the Executive (i) will not,
directly or indirectly, whether as owner, partner, shareholder, consultant, agent, employee, co-venturer or otherwise, engage, participate, assist or invest in any Competing Business (as hereinafter defined); (ii) will refrain, either alone or
in association with others, from directly or indirectly employing, attempting to employ, recruiting or otherwise soliciting, inducing or influencing any person to leave employment with the Employer (other than terminations of employment of
subordinate employees undertaken in the course of the Executive’s employment with the Employer); and (iii) will refrain, either alone or in association with others, from soliciting or encouraging any customer or supplier to terminate or
otherwise modify adversely its business relationship with the Employer. The Executive understands that the restrictions set forth in this Section 8(d) are intended to protect the Employer’s interest in its Confidential Information and
established employee, customer and supplier relationships and goodwill, and agrees that such restrictions are reasonable and appropriate for this purpose. For purposes of this Agreement, the term “Competing Business” shall mean any of the
following: a media company that publishes technology-related content or operates technology-related events and, in any case, derives its revenue from selling products and services similar to products and services offered by the Employer to customers
and prospects similar to Employer’s own customers and prospects. The Executive acknowledges that the following specific companies are considered competitors of Employer; CNet (CBS Interactive), IDG, United Business Media, Ziff Davis, PennWell,
JupiterMedia, 101 Communications, Penton Media, Toolbox, CRMGuru, NewsFactor, Sys-Con, Fawcete, Digital Consulting, Byte & Switch, Haymarket Media/West Coast Publishing, SANS Institute, Computer Security Institute, Reed Expo, Netline,
Tippit, Ziff Davis Enterprise Media, and MIS Training Institute. The Executive further acknowledges that the specific companies mentioned as competitors create only a limited list of potential competitors and that other companies or entities maybe
deemed to be competitors based on the nature of their products and services and how they compete in the marketplace against Employer’s customers and prospects. At the Executive’s request, Employer will update the listing of specific
companies mentioned above. Notwithstanding the foregoing, the Executive may own up to one percent (1%) of the outstanding stock of a publicly held corporation which constitutes or is affiliated with a Competing Business. 

  
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 (e) Third-Party Agreements and Rights. The Executive hereby confirms that the
Executive is not bound by the terms of any agreement with any previous employer or other party which restricts in any way the Executive’s use or disclosure of information or the Executive’s engagement in any business. The Executive
represents to the Employer that the Executive’s execution of this Agreement, the Executive’s employment with the Employer and the performance of the Executive’s proposed duties for the Employer will not violate any obligations the
Executive may have to any such previous employer or other party. In the Executive’s work for the Employer, the Executive will not disclose or make use of any information in violation of any agreements with or rights of any such previous
employer or other party, and the Executive will not bring to the premises of the Employer any copies or other tangible embodiments of non-public information belonging to or obtained from any such previous employment or other party. 

(f) Litigation and Regulatory Cooperation. During and after the Executive’s employment, the Executive shall cooperate fully
with the Employer in the defense or prosecution of any claims or actions now in existence or which may be brought in the future against or on behalf of the Employer which relate to events or occurrences that transpired while the Executive was
employed by the Employer. The Executive’s full cooperation in connection with such claims or actions shall include, but not be limited to, being available to meet with counsel to prepare for discovery or trial and to act as a witness on behalf
of the Employer at mutually convenient times. During and after the Executive’s employment, the Executive also shall cooperate fully with the Employer in connection with any investigation or review of any federal, state or local regulatory
authority as any such investigation or review relates to events or occurrences that transpired while the Executive was employed by the Employer. The Employer shall reimburse the Executive for any reasonable out-of-pocket expenses incurred in
connection with the Executive’s performance of obligations pursuant to this Section 8(f). 
 (g) Injunction.
The Executive agrees that it would be difficult to measure any damages caused to the Employer which might result from any breach by the Executive of the promises set forth in this Section 8, and that in any event money damages would be an
inadequate remedy for any such breach. Accordingly, subject to Section 9 of this Agreement, the Executive agrees that if the Executive breaches, or proposes to breach, any portion of this Agreement, the Employer shall be entitled, in addition
to all other remedies that it may have, to an injunction or other appropriate equitable relief to restrain any such breach without showing or proving any actual damage to the Employer and without posting a bond. 

(h) The Executive agrees that during the non-competition and non-solicitation period, he will give notice to the Employer of each new
business activity he plans to undertake, at least ten (10) business days prior to beginning any such activity. The notice shall state the name and address of the individual, corporation, association or other entity or organization
(“Entity”) for whom such activity is undertaken and the name of the Employee’s business relationship or position with the entity. The Executive further agrees to provide the Employer with other pertinent information concerning such
business activity as the Employer may reasonably request in order to determine the Executive’s continued compliance with his obligations under this Agreement. The Executive agrees to provide a copy of the Agreement to all persons and Entities
with whom the Executive seeks to be hired or do business before accepting employment or engagement with any of them. 

  
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 (i) If the Executive violates the provisions of any of the preceding paragraphs of this
Section, the Executive shall continue to be bound by the restrictions set forth in such paragraph until a period of 9 months has expired without any violation of such provisions. 

9. Arbitration of Disputes. Any controversy or claim arising out of or relating to this Agreement or the breach
thereof or otherwise arising out of the Executive’s employment or the termination of that employment (including, without limitation, any claims of unlawful employment discrimination whether based on age or otherwise) shall, to the fullest
extent permitted by law, be settled by arbitration in any forum and form agreed upon by the parties or, in the absence of such an agreement, under the auspices of the American Arbitration Association (“AAA”) in Boston, Massachusetts in
accordance with the Employment Dispute Resolution Rules of the AAA, including, but not limited to, the rules and procedures applicable to the selection of arbitrators. In the event that any person or entity other than the Executive or the Employer
may be a party with regard to any such controversy or claim, such controversy or claim shall be submitted to arbitration subject to such other person or entity’s agreement. Judgment upon the award rendered by the arbitrator may be entered in
any court having jurisdiction thereof. This Section 9 shall be specifically enforceable. Notwithstanding the foregoing, this Section 9 shall not preclude either party from pursuing a court action for the sole purpose of obtaining a
temporary restraining order or a preliminary injunction in circumstances in which such relief is appropriate; provided that any other relief shall be pursued through an arbitration proceeding pursuant to this Section 9. 

10. Consent to Jurisdiction. To the extent that any court action is permitted consistent with or to enforce
Section 9 of this Agreement, the parties hereby consent to the jurisdiction of the Superior Court of the Commonwealth of Massachusetts and the United States District Court for the District of Massachusetts. Accordingly, with respect to any such
court action, the Executive (a) submits to the personal jurisdiction of such courts; (b) consents to service of process; and (c) waives any other requirement (whether imposed by statute, rule of court, or otherwise) with respect to
personal jurisdiction or service of process. 
 11. Integration. This Agreement constitutes the entire
agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements between the parties with respect to any related subject matter. The Executive agrees that any change or changes in his employment duties, or
compensation after the signing of this Agreement shall not affect the validity or scope of this Agreement. 

12. Assignment; Successors and Assigns, etc. Neither the Employer nor the Executive may make any assignment of
this Agreement or any interest herein, by operation of law or otherwise, without the prior written consent of the other party; provided that the Employer may assign its rights under this Agreement without the consent of the Executive in the event
that the Employer shall effect a reorganization, consolidate with, or merge into, any other corporation, partnership, organization or other entity, or transfer all or substantially all of its properties or assets to any other corporation,
partnership, organization or other entity. This Agreement shall inure to the benefit of and be binding upon the Employer and the Executive, their respective successors, executors, administrators, heirs and permitted assigns. 

  
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 13. Enforceability. If any portion or provision of this Agreement
(including, without limitation, any portion or provision of any section of this Agreement) shall to any extent be declared illegal or unenforceable by a court of competent jurisdiction, then the remainder of this Agreement, or the application of
such portion or provision in circumstances other than those as to which it is so declared illegal or unenforceable, shall not be affected thereby, and each portion and provision of this Agreement shall be valid and enforceable to the fullest extent
permitted by law. 
 14. Waiver. No waiver of any provision hereof shall be effective unless made in
writing and signed by the waiving party. The failure of any party to require the performance of any term or obligation of this Agreement, or the waiver by any party of any breach of this Agreement, shall not prevent any subsequent enforcement of
such term or obligation or be deemed a waiver of any subsequent breach. 
 15. Notices. Any notices,
requests, demands and other communications provided for by this Agreement shall be sufficient if in writing and delivered in person or sent by a nationally recognized overnight courier service or by registered or certified mail, postage prepaid,
return receipt requested, to the Executive at the last address the Executive has filed in writing with the Employer or, in the case of the Employer, at its main offices, attention of the Chief Executive Officer, and shall be effective on the date of
delivery in person or by courier or three (3) days after the date mailed. 
 16. Amendment. This
Agreement may be amended or modified only by a written instrument signed by the Executive and by a duly authorized representative of the Employer. 
 17. Governing Law. This is a Massachusetts contract and shall be construed under and be governed in all respects by the law of the Commonwealth of Massachusetts, without giving effect to the
conflict of laws principles of such Commonwealth. With respect to any disputes concerning federal law, such disputes shall be determined in accordance with the law as it would be interpreted and applied by the United States Court of Appeals for the
First Circuit. 
 18. Counterparts. This Agreement may be executed in any number of counterparts, each of
which when so executed and delivered shall be taken to be an original; but such counterparts shall together constitute one and the same document. 
 IN WITNESS WHEREOF, this Agreement has been executed as a sealed instrument by the Employer, by its duly authorized officer, and by the Executive, as of the Effective Date. 

 

			
	TechTarget, Inc.
		
	 By:
	 	 /s/ Greg Strakosch

	 Name:
	 	Greg Strakosch
	 Title:
	 	Chief Executive Officer
	
	 /s/ Janice Kelliher

	Executive: Janice Kelliher

  
 10

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