Document:

EXHIBIT 10.31  

THE SECURITIES REPRESENTED BY THIS
NOTE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR THE SECURITIES LAWS OF
ANY APPLICABLE STATE, AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED OR HYPOTHECATED UNLESS
THERE IS AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT COVERING SUCH SECURITIES, THE
SALE IS MADE IN ACCORDANCE WITH RULE 144 UNDER THE ACT, OR THE COMPANY RECEIVES AN
OPINION OF COUNSEL FOR THE HOLDER OF THESE SECURITIES REASONABLY SATISFACTORY TO THE
COMPANY STATING THAT SUCH SALE, TRANSFER, ASSIGNMENT OR HYPOTHECATION IS EXEMPT FROM
REGISTRATION UNDER THE SECURITIES ACT OF 1933, AND IN EACH CASE SUCH TRANSACTION IS
REGISTERED OR EXEMPT UNDER THE SECURITIES LAWS OF ALL APPLICABLE STATES. 

SECURED CONVERTIBLE
PROMISSORY NOTE 

		
	$[XXXX]	 	July [XX], 2003	 

        FOR
VALUE RECEIVED, the undersigned, Aptimus, Inc., a Washington corporation (the “Company”),
promises to pay to the order of [Name] (“Holder”), at such place as may
be designated from time to time in writing by Holder, the principal sum of [XXXX] Dollars
($XXXX), in lawful money of the United States of America.  

        This
Note is being issued in connection with a certain Convertible Note Purchase Agreement
(the “Purchase Agreement”) dated July 1, 2003 by and among the Company
and certain investors, including Holder. Capitalized terms used herein without definition
shall have the meanings given such terms in the Purchase Agreement.  

        1.    Payment
Terms.  The unpaid principal balance of this Convertible           Promissory Note
(this “Note”) shall bear simple interest           beginning on the date
hereof at the rate of six percent (6.0%) per annum           (365-day year, actual days
elapsed). Unless paid (as described in Section 4           hereof) or converted (as
described in Section 5 hereof) on or prior thereto, the           unpaid principal
balance of, and all unpaid and accrued interest of this Note           shall be due and
payable on the date that is three (3) years after the date           hereof (such date,
the “Maturity Date”). Accrued interest shall           be payable
commencing one (1) year from the date hereof and quarterly thereafter           until
this Note is paid in full. Unpaid interest shall be cumulative.  

        2.    Security
Interest.  Pursuant to the terms of the Security Agreement           attached as Exhibit
B to the Purchase Agreement, the Company has granted           to each Holder a
security interest in all of the Company’s assets (of every           nature and type
whatsoever), to secure the payment of all of the Company’s           indebtedness
hereunder.  

        3.    Event
of Default.  Upon the occurrence of an Event of Default (as defined           in the
Purchase Agreement), Holder shall have the rights and remedies described           in the
Purchase Agreement.  

        4.    Prepayment.  Commencing on the earlier of (a) the closing of a transaction           or series of
transactions resulting in the merger or sale of substantially all           of the assets
of the Company, or (b) twelve (12) months from and after the date           hereof, the
Company may prepay this Note and any accrued but unpaid interest           thereon at any
time and from time to time, in whole or in part, without penalty           or premium,
upon fourteen (14) calendar days notice. Company’s prepayment           right shall
be subject to Holder’s conversion rights set forth in Section 5           hereof.  

        5.              Conversion.  

        
       (a)    Holder
Conversion.  Commencing on the earlier of (i) the closing of a           transaction
or series of transactions resulting in the merger or sale of           substantially all
of the assets of the Company, or (ii) twelve (12) months from           and after the
date hereof,, Holder shall have the right at any time prior to the           Maturity
Date to convert all or any portion of the principal and accrued           interest due on
this Note into shares of the Company’s Common Stock           (“Common Stock”);
provided that upon any such conversion, Company           shall have the right in its
sole discretion to pay then accrued interest in cash           or Common Stock. Upon any
such optional conversion, this Note shall convert into           that number of fully
paid and nonassesable shares of Common Stock determined by           dividing the portion
of the unpaid principal and interest due on this Note which           the Holder elects
so to convert by the Conversion Price set forth in Section           5(b) hereof. Holder
shall initiate such conversion by issuing written notice           thereof (a “Conversion
Notice”) to Company; the date of such notice           shall be deemed the “Conversion
Date.” 

        
       (b)        Conversion
Price.  The “Conversion Price” shall be $0.80.  

        
       (c)       Issuance
of Securities/Cash on Conversion.  Within three (3) trading days           following
receipt of a Conversion Notice, the Company will direct its transfer           agent in
writing to issue in the name of and deliver to the Holder or its           designee, a
certificate or certificates representing the number of fully paid           and
nonassessable shares of the Common Stock to which the Holder shall be           entitled
on such conversion. In the event Company elects to pay interest accrued           as of a
Conversion Date in cash, it shall issue such payment not more than three           (3)
trading days following receipt of a Conversion Notice. No fractional shares
          will be issued on conversion of this Note and in lieu thereof the Holder shall
          be entitled to payment in cash of the amount of the Note not converted into
          shares.  

        
       (d)       Termination
of Rights.  In the event of a conversion of all of the unpaid           balance of
principal and interest under this Note pursuant to this Section 5,           all rights
with respect to this Note shall terminate upon the issuance of the           Conversion
Shares, whether or not this Note has been surrendered.           Notwithstanding the
foregoing, Holder agrees to surrender this Note to the           Company for cancellation
as soon as is practicable following conversion of all           of the unpaid balance of
principal and interest under this Note, and a           certificate representing the
Conversion Shares in such instance shall be issued           contemporaneous with the
surrender of this Note for cancellation. In the event           of partial conversion of
the unpaid principal and interest under this Note           pursuant to this Section 5,
the Company shall issue a written receipt           memorializing the unpaid principal
and accrued interest, if any, under this Note           remaining after such conversion.  

-2- 

        6.    Representations
and Warranties.  The respective representations and           warranties of the
Company and Holder set forth in the Purchase Agreement are           incorporated herein
by reference.  

        7.    Successors
and Assigns.  Subject to the restrictions on transfer described           in Section 8
below, the rights and obligations of the Company and Holder shall           be binding
upon and benefit the successors, assigns, heirs, administrators and           transferees
of the parties.  

        8.    Transfer.  This
  Note may not be transferred or assigned by Holder           except by operation of law.  

        9.    Waiver
and Amendment.  Except as otherwise provided in the Purchase           Agreement or
the Security Agreement, any provision of this Note may be amended,           waived or
modified only by an instrument in writing signed by the Company and           Holder.  

        10.   Assignment
by the Company.  Except as otherwise provided in the Purchase           Agreement or
the Security Agreement, neither this Note nor any of the rights,           interests or
obligations hereunder may be assigned, by operation of law or           otherwise, in
whole or in part, by the Company without the prior written consent           of Holder.  

        11.   Notices.  Notices
and communications hereunder shall be given in           accordance with the Purchase
Agreement.  

        12.   Governing
Law.  The Note shall be enforced and construed in accordance           with the laws
of the State of Washington, excluding that body of law concerning           conflict of
laws.  

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

        14.   
Miscellaneous.  

        
       (a)              No
delay or omission on the part of Holder in exercising any right under this           Note
shall operate as a waiver of such right or of any other right under this           Note.  

        
       (b)              The
Company hereby waives presentment for payment, demand, notice of demand and           of
dishonor and non-payment of this Note, protest and notice of protest,           diligence
in collecting, and the bringing of suit against any other party. The           pleading
of any statute of limitations as a defense to any demand against the           Company,
any endorsers, guarantors and sureties of this Note is expressly waived           by such
parties to the extent permitted by law.  

        
       (c)              Any
payment hereunder shall be made in lawful tender of the United States and           shall
first be applied to any collection costs, then against accrued and unpaid
          interest hereunder and then against the outstanding principal balance of this
          Note.  

	  	
ORAL
AGREEMENTS OR ORAL COMMITMENTS TO LOAN MONEY, EXTEND CREDIT, OR TO FORBEAR FROM ENFORCING  

-3- 

	  	
REPAYMENT
OF A DEBT ARE NOT ENFORCEABLE UNDER WASHINGTON LAW.  

-4- 

        IN
WITNESS WHEREOF, the Company has caused this Note to be issued as of the date first
written above. 

		
	 	 	APTIMUS, INC.,	 
	 	 	a Washington corporation	 
	 	 	 	 
	 	 
	 	 	By:
              
               
               	 
	 	 	Name:              
               
             	 
	 	 	Title:              
               
            	 

SIGNATURE PAGE TO
SECURED CONVERTIBLE PROMISSORY NOTEEXHIBIT 10.32

	  	
THIS
WARRANT HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“ACT”), OR APPLICABLE STATE SECURITIES LAWS AND MAY NOT BE SOLD, OFFERED FOR
SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF A REGISTRATION STATEMENT IN EFFECT WITH
RESPECT TO THE SECURITIES UNDER THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS OR AN
OPINION OF COUNSEL SATISFACTORY TO THE COMPANY AND ITS COUNSEL THAT SUCH REGISTRATION IS
NOT REQUIRED. 

		
	No. W- [XX]	 	Warrant to Purchase [XXXX] Shares of	 
	 	 	Common Stock (subject to adjustment)	 

WARRANT TO PURCHASE
COMMON STOCK 
  of 

APTIMUS, INC. 
 Void after July [XX],
2008  

        This
certifies that, for value received, SF Tech JV, or registered assigns (“Holder”)
is entitled, subject to the terms set forth below, to purchase from Aptimus, Inc., a
Washington corporation (the “Company”), [XXXX] shares of the common stock,
without par value (“Common Stock”) of the Company, upon surrender hereof at the
principal office of the Company referred to below, with the subscription form attached
hereto duly executed, and simultaneous payment therefor in lawful money of the United
States or otherwise as hereinafter provided, at the Exercise Price as set forth in
Section 2 below. The number, character and Exercise Price of such shares of Common Stock
are subject to adjustment as provided below. The term “Warrant” as used herein
shall include this Warrant and any warrants delivered in substitution or exchange
therefor as provided herein.  

        1.       Term
of Warrant. Subject to the terms and conditions set forth herein,           this
Warrant shall be exercisable, in whole or in part, during the term           commencing
on the date hereof (the “Warrant Issue Date”) and ending at           5:00
p.m., Pacific Time, on July [XX], 2008, and shall be void thereafter.  

        2.       Exercise
Price. The Exercise Price at which this Warrant may be exercised           shall be
$0.50 per share of Common Stock, as adjusted from time to time pursuant           to
Section 12 hereof.  

        3.       Exercise
of Warrant. 

     
            (a)                 The
purchase rights represented by this Warrant are exercisable by the Holder in
          whole or in part, but not for less than 10,000 shares at a time (or such lesser
          number of shares which may then constitute the maximum number purchasable; such
          number being subject to adjustment as provided in Section 12 below), at any
          time, or from time to time, during the term hereof as described in Section 1
          above, by the surrender of this Warrant and the Notice of Exercise annexed
          hereto duly completed and executed on behalf of the Holder, at the office of
the           Company (or such other office or agency of the Company as it may designate
by           notice  in

1 
'

writing to the Holder at the
address of the Holder appearing on the           books of the Company), upon payment in
cash or by check acceptable to the           Company of the purchase price of the shares
to be purchased.  

     
            (b)                 This
Warrant shall be deemed to have been exercised immediately prior to the           close
of business on the date of its surrender for exercise as provided above,           and
the person entitled to receive the shares of Common Stock issuable upon such
          exercise shall be treated for all purposes as the holder of record of such
          shares as of the close of business on such date. As promptly as practicable on
          or after such date, the Company at its expense shall issue and deliver to the
          person or persons entitled to receive the same a certificate or certificates
for           the number of shares issuable upon such exercise. In the event that this
Warrant           is exercised in part, the Company at its expense will execute and
deliver a new           Warrant of like tenor exercisable for the number of shares for
which this           Warrant may then be exercised.  

        4.       No
Fractional Shares or Scrip. No fractional shares or scrip representing
          fractional shares shall be issued upon the exercise of this Warrant. In lieu of
          any fractional share to which the Holder would otherwise be entitled, the
          Company shall make a cash payment equal to the Exercise Price multiplied by
such           fraction.  

        5.       Replacement
of Warrant. On receipt of evidence reasonably satisfactory to           the Company
of the loss, theft, destruction or mutilation of this Warrant and on           delivery
of an indemnity agreement reasonably satisfactory in form and substance           to the
Company or, in the case of mutilation, on surrender and cancellation of           this
Warrant, the Company at its expense shall execute and deliver, in lieu of           this
Warrant, a new warrant of like tenor and amount.  

        6.       Rights
of Shareholders. Subject to Sections 10 and 12 of this Warrant,           the Holder
shall not be entitled to vote or receive dividends or be deemed the           holder of
Common Stock or any other securities of the Company that may at any           time be
issuable on the exercise hereof for any purpose, nor shall anything           contained
herein be construed to confer upon the Holder, as such, any of the           rights of a
stockholder of the Company or any right to vote for the election of           directors
or upon any matter submitted to shareholders at any meeting thereof,           or to give
or withhold consent to any corporate action (whether upon any           recapitalization,
issuance of stock, reclassification of stock, change of par           value, or change of
stock to no par value, consolidation, merger, conveyance, or           otherwise) or to
receive notice of meetings, or to receive dividends or           subscription rights or
otherwise until the Warrant shall have been exercised as           provided herein.  

        7.       Transfer
of Warrant. 

     
            (a)       Warrant
Register. The Company shall maintain a register (the           “Warrant Register”)
containing the names and addresses of the Holder           or Holders. Any Holder of this
Warrant or any portion thereof may change his or           her address as shown on the
Warrant Register by written notice to the Company           requesting such change. Any
notice or written communication required or           permitted to be given to the Holder
may be delivered or given by mail to such           Holder as shown on the Warrant
Register and at the address shown on the Warrant           Register. Until this Warrant
is transferred on the Warrant Register of the           Company, the Company may treat
the Holder as shown on the Warrant Register as           the absolute owner of this
Warrant for all purposes, notwithstanding any notice           to the contrary.  

2 

     
            (b)       Warrant
Agent. The Company may, by written notice to the Holder, appoint           an agent
for the purpose of maintaining the Warrant Register referred to in           Section 7(a)
above, issuing the Common Stock or other securities then issuable           upon the
exercise of this Warrant, exchanging this Warrant, replacing this           Warrant, or
any or all of the foregoing. Thereafter, any such registration,           issuance,
exchange, or replacement, as the case may be, shall be made at the           office of
such agent.  

     
            (c)       Transferability
and Nonnegotiability of Warrant. This Warrant may not be           transferred or
assigned in whole or in part without compliance with all           applicable federal and
state securities laws by the transferor and the           transferee (including the
delivery of investment representation letters and           legal opinions reasonably
satisfactory to the Company, if such are requested by           the Company). Subject to
the provisions of this Warrant with respect to           compliance with the Securities
Act of 1933, as amended (the “Act”),           and applicable state securities
laws, title to this Warrant may be transferred           by endorsement (by the Holder
executing the Assignment Form annexed hereto) and           delivery in the same manner
as a negotiable instrument transferable by           endorsement and delivery; provided,
however, that this Warrant may not be           transferred in part unless such transfer
is to a transferee who pursuant to such           transfer receives the right to purchase
at least 10,000 shares hereunder.  

     
            (d)       Exchange
of Warrant Upon a Transfer. On surrender of this Warrant for           exchange,
properly endorsed on the Assignment Form and subject to the provisions           of this
Warrant with respect to compliance with the Act and with the limitations           on
assignments and transfers and contained in this Section 7, the Company at its
          expense shall issue to or on the order of the Holder a new warrant or warrants
          of like tenor, in the name of the Holder or as the Holder (on payment by the
          Holder of any applicable transfer taxes) may direct, for the number of shares
          issuable upon exercise hereof.  

     
            (e)       Compliance
with Securities Laws. 

     
             
           (i)                 The
Holder of this Warrant, by acceptance hereof, acknowledges that this Warrant
          and the shares of Common Stock to be issued upon exercise hereof are being
          acquired solely for the Holder’s own account and not as a nominee for any
          other party, and for investment, and that the Holder will not offer, sell or
          otherwise dispose of this Warrant or any shares of Common Stock to be issued
          upon exercise hereof except under circumstances that will not result in a
          violation of the Act or any state securities laws. Upon exercise of this
          Warrant, the Holder shall, if requested by the Company, confirm in writing, in
a           form satisfactory to the Company, that the shares of Common Stock so
purchased           are being acquired solely for the Holder’s own account and not
as a nominee           for any other party, for investment, and not with a view toward
distribution or           resale.  

     
             
           (ii)                 This
Warrant and all shares of Common Stock issued upon exercise hereof shall be
          stamped or imprinted with a legend in substantially the following form (in
          addition to any legend required by state securities laws):  

	  	
THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE “ACT”), OR APPLICABLE STATE SECURITIES LAWS AND MAY 

3 

	  	
NOT
BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF A REGISTRATION
STATEMENT IN EFFECT WITH RESPECT TO THE SECURITIES UNDER THE ACT AND ANY APPLICABLE STATE
SECURITIES LAWS OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY AND ITS COUNSEL THAT
SUCH REGISTRATION IS NOT REQUIRED.  

        8.       Reservation
of Stock. The Company covenants that during the term this           Warrant is
exercisable, the Company will reserve from its authorized and           unissued Common
Stock a sufficient number of shares to provide for the issuance           of Common Stock
upon the exercise of this Warrant and, from time to time, will           take all steps
necessary to amend its Articles of Incorporation (the           “Articles”) to
provide sufficient reserves of shares of Common Stock           issuable upon exercise of
the Warrant. The Company further covenants that all           shares that may be issued
upon the exercise of rights represented by this           Warrant and payment of the
Exercise Price, all as set forth herein, will be free           from all taxes, liens and
charges in respect of the issue thereof (other than           taxes in respect of any
transfer occurring contemporaneously or otherwise           specified herein). The
Company agrees that its issuance of this Warrant shall           constitute full
authority to its officers who are charged with the duty of           executing stock
certificates to execute and issue the necessary certificates for           shares of
Common Stock upon the exercise of this Warrant.  

        9.       Capital
Stock of the Company. The Company represents and warrants that it           has (i)
100,000,000 authorized shares of common stock, of which 4,220,933 shares           were
outstanding as of May 20, 2003, and (ii) 6,814,516 authorized shares of
          preferred stock, of which none were outstanding as of the date hereof. All of
          the outstanding shares of common stock have been duly authorized and validly
          issued and are fully paid and nonassessable and were not issued in violation of
          any subscription or preemptive rights. When issued in accordance with the terms
          of this Warrant, the shares of Common Stock issued upon the exercise of this
          Warrant will be duly authorized, validly issued, fully paid and nonassessable,
          and shall not have been issued in violation of any subscription or preemptive
          rights.  

        10.       Notices. 

     
             (a)                 Whenever
the Exercise Price or number of shares purchasable hereunder shall be           adjusted
pursuant to Section 12 hereof, the Company shall issue a certificate           signed by
its Chief Financial Officer setting forth, in reasonable detail, the           event
requiring the adjustment, the amount of the adjustment, the method by           which
such adjustment was calculated, and the Exercise Price and number of           shares
purchasable hereunder after giving effect to such adjustment, and shall           cause a
copy of such certificate to be mailed (by U.S. mail, registered or           certified,
return receipt requested, postage prepaid, and signed confirmation of           receipt,
or by personal delivery with signed acknowledgment of receipt) to the           Holder of
this Warrant at such address set forth in the Warrant Register.  

     
             (b)                 In
case:  

     
             
             (i)                 the
Company shall take a record of the holders of its Common Stock for the           purpose
of entitling them to receive any dividend or other distribution, or any           right 

4 

to subscribe for or purchase any
shares of stock of any class or any other           securities, or to receive any other
right, or  

     
             
             (ii)                 of
any capital reorganization of the Company, any reclassification of the           capital
stock of the Company, any consolidation or merger of the Company with or           into
another corporation, or any conveyance of all or substantially all of the
          assets of the Company to another corporation, or  

     
             
             (iii)                 of
any voluntary dissolution, liquidation or winding-up of the Company,  

then, and in each such case, the
Company will mail or cause to be mailed to the Holder or Holders a notice specifying, as
the case may be, (A) the date on which a record is to be taken for the purpose of such
dividend, distribution or right, and stating the amount and character of such dividend,
distribution or right, or (B) the date on which such reorganization, reclassification,
consolidation, merger, conveyance, dissolution, liquidation or winding-up is to take
place, and the time, if any is to be fixed, as of which the holders of record of Common
Stock shall be entitled to exchange their shares of Common Stock for securities or other
property deliverable upon such reorganization, reclassification, consolidation, merger,
conveyance, dissolution, liquidation or winding-up. Such notice shall be mailed at least
15 days prior to the date therein specified.  

     
             (c)                 All
such notices, advices and communications shall be deemed to have been           received
(i) in the case of personal delivery, on the date of such delivery and           (ii) in
the case of mailing, on the third business day following the date of           such
mailing.  

     
   11.     
Amendments.  

     
            (a)                 Any
term of this Warrant may be amended only with the written consent of the
          Company and the Holder.  

     
             (b)                 No
waivers of, or exceptions to, any term, condition or provision of this           Warrant,
in any one or more instances, shall be deemed to be, or construed as, a           further
or continuing waiver of any such term, condition or provision.  

        12.       Adjustments. The
Exercise Price and the number of shares purchasable           hereunder are subject to
adjustment from time to time as follows:  

     
             (a)       Merger,
Sale of Assets, etc. If at any time while this Warrant, or any           portion
thereof, is outstanding and unexpired there shall be (i) a           reorganization
(other than a combination, reclassification, exchange or           subdivision of shares
otherwise provided for herein), (ii) a merger or           consolidation of the Company
with or into another corporation in which the           Company is not the surviving
entity, or a reverse triangular merger in which the           Company is the surviving
entity but the shares of the Company’s capital           stock outstanding
immediately prior to the merger are converted by virtue of the           merger into
other property, whether in the form of securities, cash, or           otherwise, or (iii)
a sale or transfer of the Company’s properties and           assets as, or
substantially as, an entirety to any other person, then, as a part           of such
reorganization, merger, consolidation, sale or transfer, lawful           provision shall
be made so that the holder of this Warrant 

5 

shall thereafter be
          entitled to receive upon exercise of this Warrant, during the period specified
          herein and upon payment of the Exercise Price then in effect, the number of
          shares of stock or other securities or property of the successor corporation
          resulting from such reorganization, merger, consolidation, sale or transfer
that           a holder of the shares deliverable upon exercise of this Warrant would
have been           entitled to receive in such reorganization, consolidation, merger,
sale or           transfer if this Warrant had been exercised immediately before such
          reorganization, merger, consolidation, sale or transfer, all subject to further
          adjustment as provided in this Section 13. The foregoing provisions of this
          Section 12(a) shall similarly apply to successive reorganizations,
          consolidations, mergers, sales and transfers and to the stock or securities of
          any other corporation that are at the time receivable upon the exercise of this
          Warrant. If the per-share consideration payable to the holder hereof for shares
          in connection with any such transaction is in a form other than cash or
          marketable securities, then the value of such consideration shall be determined
          in good faith by the Company’s Board of Directors. In all events,
          appropriate adjustment (as determined in good faith by the Company’s Board
          of Directors) shall be made in the application of the provisions of this
Warrant           with respect to the rights and interests of the Holder after the
transaction, to           the end that the provisions of this Warrant shall be applicable
after that           event, as near as reasonably may be, in relation to any shares or
other property           deliverable after that event upon exercise of this Warrant.  

     
             (b)       Reclassification,
etc. If the Company, at any time while this Warrant, or           any portion
thereof, remains outstanding and unexpired by reclassification of           securities or
otherwise, shall change any of the securities as to which purchase           rights under
this Warrant exist into the same or a different number of           securities of any
other class or classes, this Warrant shall thereafter           represent the right to
acquire such number and kind of securities as would have           been issuable as the
result of such change with respect to the securities that           were subject to the
purchase rights under this Warrant immediately prior to such           reclassification
or other change and the Exercise Price therefor shall be           appropriately
adjusted, all subject to further adjustment as provided in this           Section 12.  

     
             (c)       Split,
Subdivision or Combination of Shares. If the Company at any time           while this
Warrant, or any portion thereof, remains outstanding and unexpired           shall split,
subdivide or combine the securities as to which purchase rights           under this
Warrant exist, into a different number of securities of the same           class, the
Exercise Price for such securities shall be proportionately decreased           in the
case of a forward split or subdivision or proportionately increased in           the case
of a reverse split or combination.  

     
             (d)       Certificate
as to Adjustments. Upon the occurrence of each adjustment or           readjustment
pursuant to this Section 12, the Company at its expense shall           promptly compute
such adjustment or readjustment in accordance with the terms           hereof and furnish
to each Holder of this Warrant a certificate setting forth           such adjustment or
readjustment and showing in detail the facts upon which such           adjustment or
readjustment is based. The Company shall, upon the written           request, at any
time, of any such Holder, furnish or cause to be furnished to           such Holder a
like certificate setting forth: (i) such adjustments and           readjustments; (ii)
the Exercise Price at the time in effect; and (iii) the           number of shares and
the amount, if any, of other property that at the time           would be received upon
the exercise of the Warrant.  

        13.       Miscellaneous. 

6 

     
             (a)       Applicable
Law. This Warrant shall be governed by and construed in           accordance with the
laws of the State of Washington applicable to contracts made           and to be
performed entirely within the State of Washington.  

     
             (b)       Attorneys
Fees. In the event of any dispute between the parties           concerning the terms
and provisions of this Warrant, the party prevailing in           such dispute shall be
entitled to collect from the other party all costs           incurred in such dispute,
including reasonable attorney’s fees.  

     
             (c)    Captions. The
captions for the sections and subsections of this Warrant           have been inserted
for convenience only and shall have no substantive effect.  

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

[signature page follows] 

7 

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

		
	 	APTIMUS, INC.
	 	 
	 	 
	 	By          
              
              
              
	 	Its          
              
              
              
	 
	 
	 	HOLDER 
	 
	 
	 	By:          
              
              
              
	 	Title:          
               
              
           

Warrant Signature Page 

8 

NOTICE OF EXERCISE 

        1.                 The
undersigned hereby elects to purchase _____ shares of Common Stock of           Aptimus,
Inc. pursuant to the terms of the attached Warrant, and tenders           herewith
payment of the purchase price of such shares in full.  

        2.                 In
exercising this Warrant, the undersigned hereby confirms and acknowledges           that
the shares of Common Stock are being acquired solely for the account of the
          undersigned and not as a nominee for any other party, and for investment, and
          that the undersigned will not offer, sell or otherwise dispose of any such
          shares of Common Stock except under circumstances that will not result in a
          violation of the Securities Act of 1933, as amended, or any state securities
          laws.  

        3.                 Please
issue a certificate or certificates representing said shares of Common           Stock in
the name of the undersigned or in such other name as is specified           below:  

		
	  	  
	      
             
             
               	   
	(Name) 	  
	 	  
	      
             
             
              	  
	      
             
             
              	  
	(Address) 	  

        4.                 Please
issue a new Warrant for the unexercised portion of the attached Warrant           in the
name of the undersigned or in such other name as is specified below:  

		
	  	  
	      
             
             
               	   
	(Name) 	  
	 	  
	      
             
             
              	  
	      
             
             
              	  
	(Address) 	  

		
	 	 	 	 
	 	 	      
             
             
             	 
	 	 	(Name)	 
	 	 	 	 
	 	 	 	 
	      
             
             
             	 	      
             
             
             	 
	(Date)	 	(Signature	 

9 

WARRANT ASSIGNMENT 

        FOR
VALUE RECEIVED, the undersigned registered owner of this Warrant hereby sells, assigns
and transfers unto the Assignee named below all of the rights of the undersigned under
the within Warrant, with respect to the number of shares of Common Stock (or Common
Stock) set forth below:  

Name of Assignee
              Address
              No. of Shares  

and does hereby irrevocably
constitute and appoint           
                
       to make such transfer on the books of
Aptimus, Inc., maintained for the purpose, with full power of substitution in the
premises.  

        The
undersigned also represents that, by assignment hereof, the Assignee acknowledges that
this Warrant and the shares of stock to be issued upon exercise hereof are being acquired
for investment and that the Assignee will not offer, sell or otherwise dispose of any
such shares of stock to be issued upon exercise hereof or conversion thereof except under
circumstances that will not result in a violation of the Securities Act of 1933, as
amended, or any state securities laws. Further, the Assignee has acknowledged that upon
exercise of this Warrant, the Assignee shall, if requested by the Company, confirm in
writing, in a form satisfactory to the Company, that the shares of stock so purchased are
being acquired for investment and not with a view toward distribution or resale.  

		
	 	 
	     
             
              
              	     
             
              
              
	(Date)	(Signature of Holder)

10

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