Document:

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Exhibit 4.2

FOURTH AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT

     THIS FOURTH AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT (this ’’Agreement”) is made as of
August 1, 2003, by and among comScore Networks. Inc., a Delaware corporation (the “Company”), the
stockholders of the Company listed on the signature pages hereto (the “Purchasers”) and the
founders of the Company listed on the signature pages hereto (the “Founders”). Capitalized terms
used but not defined herein shall have the meanings ascribed thereto in the Purchase Agreement
(defined below),

RECITALS

     WHEREAS, certain of the Purchasers (the “Prior Purchasers”) hold shares of the Company’s
Series A Preferred Stock (“Series A Preferred”), Series B Preferred Stock (“Series B Preferred”),
Series C Preferred Stock (“Series C Preferred”) and Series D Preferred Stock (“Series D
Preferred”);

     WHEREAS, certain of the Founders (the “Series C-1 Purchasers”) hold shares of the Company’s
Series C-l Preferred Stock (“Series C-1 Preferred”);

     WHEREAS, the Company, the Founders and the Prior Purchasers have previously entered into a
Third Amended and Restated Investor Rights Agreement dated as of June 6, 2002, providing certain
registration and other rights to the Prior Purchasers and certain of the Founders in their capacity
as Series C-1 Purchasers (the “Prior Agreement”);

     WHEREAS, the Company and certain of the Purchasers (the “Series E Purchasers”) are entering
into that certain Series E Preferred Stock Purchase Agreement of even date herewith (the “Purchase
Agreement”) pursuant to which, among other things, the Series E Purchasers have agreed to purchase
up to 24,005,548 shares of the Company’s Series E Preferred Stock (the “Series E Preferred”) at a
purchase price of $0.50 per share (the “Series E Price”);

     WHEREAS, in order to induce the Series E Purchasers to enter into the Purchase Agreement and
to contribute funds to the Company pursuant thereto, the Company, the Founders and the Prior
Purchasers desire that the Company (and the Prior Purchasers, as applicable) grant to the Series E
Purchasers certain registration rights and rights of participation, first refusal, co-sale, first
offer, voting, information and other rights as set forth herein, and further desire to conform the
existing registration and other rights and provisions applicable to the Prior Purchasers and
certain of the Founders in their capacity as Series C-1 Purchasers to such rights and provisions as
applied to the Series E Purchasers as set forth herein; and

     WHEREAS, the Company, the Founders, the Series E Purchasers, and the Prior Purchasers holding
not less than the minimum number of shares required to amend the Prior Agreement desire that this
Agreement shall govern the registration and other rights of all Purchasers and shall supersede and
replace the Prior Agreement in its entirety;

 

 

     NOW, THEREFORE, in consideration of the promises and mutual covenants contained herein, the
parties hereto hereby agree as follows:

     1. Registration Rights. The Company covenants and agrees as follows:

          (a) Definitions, For purposes of this Section 1:

               (i) The term “1934 Act” means the Securities Exchange Act of 1934, as amended.

               (ii) An “Affiliate” of a specified person means a person that directly, or indirectly through
one or more intermediaries, controls or is controlled by, or is under common control with, the
person specified.

               (iii) The term “Act” means the Securities Act of 1933, as amended.

               (iv) The term “Closing” has the meaning ascribed to it in the Purchase Agreement.

               (v) The term “Form S-3” means such form under the Act as in effect on the date hereof or any
registration form under the Act subsequently adopted by the SEC which permits inclusion or
incorporation of substantial information by reference to other documents filed by the Company with
the SEC.

               (vi) The term “Holder” means any person owning or having the right to acquire Registrable
Securities or any assignee thereof in accordance with Section 1(k) hereof.

               (vii) The terms “register,” “registered” and “registration” refer to a registration effected
by preparing and filing a registration statement or similar document in compliance with the Act,
and the declaration or ordering of effectiveness of such registration statement or document by the
SEC.

               (viii) The
term “Registrable Securities” means (i) Common Stock issuable or issued upon
conversion of the Series A Preferred, the Series B Preferred, the Series C Preferred, the Series
C-l Preferred, the Series D Preferred and the Series E Preferred, and (ii) any Common Stock of the
Company issued as (or issuable upon the conversion or exercise of any warrant, right or other
security which is issued as) a dividend or other distribution with respect to, or in exchange for
or in replacement of the shares referenced in (i) above, excluding in all cases, however, (x) any
Registrable Securities sold by a person in a transaction in which his rights under this Section 1
are not duly assigned as provided herein, (y) any Registrable Securities after such securities have
been sold to the public or sold pursuant to Rule 144 promulgated under the Act, and (z) Registrable
Securities held by any Holder of less than 1% of the aggregate outstanding Common Stock (on a
fully-diluted, as-converted basis), but only so long as such securities are freely transferable by
such Holder pursuant to SEC Rule 144(k) without restriction as to volume or otherwise. For purposes
hereof, a person shall be deemed to be a holder of Registrable Securities whenever such person has
the right to acquire such Registrable Securities (upon conversion, exchange or otherwise, but

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disregarding any limitations or restrictions upon the exercise of such right) whether or not such
acquisition has actually been effected.

               (ix) The number of shares of “Registrable Securities then outstanding” shall be determined by
the number of shares of Common Stock which are Registrable Securities and (1) are then issued and
outstanding or (2) are then issuable pursuant to the exercise or conversion of then outstanding and
then exercisable options, warrants, Preferred Stock or other convertible securities

               (x) The term “SEC” shall mean the Securities and Exchange Commission.

          (b) Request for Registration.

               (i) Registration Rights. If the Company shall receive at any time after the earlier of
(i) three (3) years following the Closing, or (ii) six (6) months after the effective date of the
first registration statement for a public offering of securities of the Company (other than a
registration statement relating either to the sale of securities to employees of the Company
pursuant to a stock option, stock purchase or similar plan or an SEC Rule 145 transaction), a
written request from Holders of at least a majority of the Registrable Securities (“Initiating
Holders”) requesting that the Company file a registration statement under the Act covering the
registration of a portion of the Registrable Securities then outstanding, then, provided
that, such request must demand registration of the lesser of (x) 3,000,000 shares of
Registrable Securities and (y) such number of shares of Registrable Securities anticipated to have,
an aggregate offering price to the public (before deducting any underwriter discounts, commission
or concessions) of at least $10,000,000, the Company shall:

                    (1) within fifteen (15) days of the receipt thereof, give written notice of such request to
all Holders; and

                    (2) effect as soon as practicable, and in any event within ninety (90) days of the receipt of
such request, the registration under the Act of all Registrable Securities which the Holders
request to be registered, subject to the limitations of subsection 1(b)(ii), within fifteen (15)
days of the mailing of such notice by the Company in accordance with Section 7(e).

               (ii) Underwriting Requirements. If the Initiating Holders intend to distribute the
Registrable Securities covered by their request by means of an underwriting, they shall so advise
the Company as a part of their request made pursuant to subsection 1(b)(i) and the Company shall
include such information in the written notice referred to in subsection 1(b)(i). The underwriter
will be selected by a majority in interest of the Initiating Holders, and shall be reasonably
acceptable to the Company. In such event, the right of any Holder or other holder of securities of
the Company to include securities in such registration shall be conditioned upon such Holder’s or
Holders’ participation in such underwriting and the inclusion of such Holder’s or Holders’
securities in the underwriting (unless otherwise mutually agreed by a majority in interest of the
Initiating Holders and such Holder or holder) to the extent provided herein. All Holders and other
holders of securities of the Company proposing to distribute their securities through such
underwriting shall (together with the Company as provided in subsection 1(e)(v)) enter into an

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underwriting agreement in customary form with the underwriter or underwriters selected for such
underwriting. Notwithstanding any other provision of this Section 1(b), if the underwriter advises
the Initiating Holders in writing that marketing factors require a limitation of the number of
shares to be underwritten, then the Initiating Holders shall so advise all Holders of Registrable
Securities and other holders of registration rights which would otherwise be underwritten pursuant
hereto, and the number of securities that may be included in the underwriting on behalf of each
Holder or other holder shall be allocated on a pro-rata basis among the selling stockholders
according to the total number of Registrable Securities held by each such selling stockholder and
entitled to inclusion therein on the basis of a registration rights agreement with the Company;
provided, however, that the number of shares of Registrable Securities to be
included in such underwriting shall not be reduced unless all other securities are first entirely
excluded from the underwriting and registration. For purposes of allocation of securities to be
included in any offering, for any selling stockholder which is a partnership, corporation or other
entity, the Affiliates, partners (or members) or retired partners (or retired members) of such
holder, or the estates and family members of any persons and any trusts for the benefit of any of
the foregoing persons shall be deemed to be a single “selling stockholder,” and any pro-rata
reduction with respect to such “selling stockholder” shall be based upon the aggregate amount of
shares carrying registration rights owned by all entities and individuals included in such “selling
stockholder,” as defined in this sentence. To facilitate the allocation of shares in accordance
with the above provisions, the Company may round the number of shares allocated to any Holder to
the nearest 100 shares.

               (iii) Notwithstanding the foregoing, if the Company shall furnish to Holders requesting a
registration statement pursuant to this Section 1(b), a certificate signed by the Chief Executive
Officer of the Company stating that in the good faith judgment of the Board of Directors of the
Company, it would be seriously detrimental to the Company and its stockholders for such
registration statement to be filed and it is therefore essential to defer the filing of such
registration statement, the Company shall have the right to defer taking action with respect to
such filing; provided, however, that the Company may not utilize this right more
than twice in any twelve-month period nor may the Company delay registration statements more than
an aggregate of 120 days following receipt of requests from Initiating Holders in any twelve-month
period.

               (iv) In addition, the Company shall not be obligated to effect, or to take any action to
effect, any registration pursuant to this Section 1(b):

                    (1) After the Company has effected two (2) registrations pursuant to this Section 1(b) and
such registrations have been declared or ordered effective;

                    (2) During the period starting with the date sixty (60) days prior to the Company’s good faith
estimate of the date of filing of, and ending on a date one hundred eighty (180) days after the
effective date of, (x) the Company’s initial registered offering of its securities to the general
public (other than a registration statement relating to either the sale of securities to employees
of the Company pursuant to a stock option, stock purchase or similar plan or an SEC Rule 145
transaction), (y) a previous registration subject to Section 1(b) hereof or (z) a previous
registration subject to Section 1(c) hereof; provided that, the Company is actively
employing in good faith reasonable efforts to cause such registration statement to become
effective; or

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                    (3) If
the Initialing Holders propose to dispose of shares of Registrable Securities that may
be immediately registered on Form S-3 (or any successor form) pursuant to a request made pursuant
to Section 1(d) below (in which case, such Registrable Securities shall be registered pursuant to
Section 1(d) below), unless the registration in question is to be underwritten and the managing
underwriter is of the opinion that marketing factors would make a registration on Form S-l
advisable.

          (c) Company Registration.

               (i) Registration Rights. If (but without any obligation to do so) the Company proposes
to register (including for this purpose a registration effected by the Company for stockholders
other than the Holders) any of its stock or other securities under the Act in connection with the
public offering of such securities solely for cash (other than a registration relating solely to
the sale of securities to participants in a Company stock plan, a registration pursuant to a Rule
145 transaction, a registration on any form which does not include substantially the same
information as would be required to be included in a registration statement covering the sale of
the Registrable Securities or a registration in which the only Common Stock being registered is
Common Stock issuable upon conversion of debt securities which are also being registered), the
Company shall, at such time, promptly give each Holder written notice of such registration. Upon
the written request of each Holder given within fifteen (15) days after mailing of such notice by
the Company in accordance with Section 7(e), the Company shall, subject to the provisions of
paragraph (ii) below, cause to be registered under the Act all
of the Registrable Securities that
each such Holder has requested to be registered.

               (ii) Underwriting Requirements. In connection with any offering involving an
underwriting of shares of the Company’s capital stock, the Company shall not be required under this
Section 1(c) to include any of the Holders’ securities in such underwriting unless they accept the
terms of the underwriting as agreed upon between the Company and the underwriters selected by it
(or by other persons entitled to select the underwriters), and then only in such quantity as the
underwriters determine in their sole discretion will not jeopardize the success of the offering by
the Company. If the total amount of securities, including Registrable Securities, requested by
stockholders to be included in such offering exceeds the amount of securities sold other than by
the Company that the underwriters determine in their sole discretion is compatible with the success
of the offering, then the Company shall be required to include in the offering only that number of
such securities, including Registrable Securities, which the underwriters determine in their sole
discretion will not jeopardize the success of the offering, but in no event shall the amount of
Registrable Securities of the selling Holders included in the offering be reduced below ten percent
(10%) of the total amount of securities included in such offering, unless such offering is the
initial public offering of the Company’s securities, in which case the Holders may be excluded
entirely if the underwriters make the determination described above and no other stockholder’s
securities are included. Allocation of securities to be sold in any such offering shall be made on
a pro-rata basis among the selling stockholders according to the total number of Registrable
Securities held by each such selling stockholder and entitled to inclusion therein on the basis of
a registration rights agreement with the Company; provided, however, that the number of shares of
Registrable Securities to be included in such offering shall not be reduced unless all other
securities (other than shares to be issued by the Company) are first entirely excluded from the
offering. For purposes of allocation of securities to be

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included in any offering, for any selling stockholder which is a partnership, corporation or other
entity, the Affiliates, partners (or members) or retired partners (or retired members) of such
holder, or the estates and family members of any persons and any trusts for the benefit of any of
the foregoing persons shall be deemed to be a single “selling stockholder,” and any pro-rata
reduction with respect to such “selling stockholder” shall be based upon the aggregate amount of
shares carrying registration rights owned by all entities and individuals included in such “selling
stockholder,” as defined in this sentence.

          (d) Form S-3 Registration. In case the Company shall receive from Holders of the
lesser of (x) at least 3,000,000 shares of Registrable Securities and (y) such number of shares of
Registrable Securities anticipated to have an aggregate offering price to the public (before
deducting any underwriter discounts, commissions or concessions) of at least $2,000,000, a written
request or requests that the Company effect a registration on Form S-3 and any related
qualification or compliance with respect to all or a part of the Registrable Securities owned by
such Holder or Holders, the Company will:

               (i) promptly give written notice of the proposed registration, and any related qualification
or compliance, to all other Holders; and

               (ii) as soon as practicable, effect such registration and all such qualifications and
compliances as may be so requested and as would permit or facilitate the sale and distribution of
all or such portion of such Holder’s or Holders’ Registrable Securities as are specified in such
request, together with all or such portion of the Registrable Securities of any other Holder or
Holders joining in such request as are specified in a written request given within fifteen (15)
days after receipt of such written notice from the Company; provided, however, that
the Company shall not be obligated to effect any such registration, qualification or compliance,
pursuant to this Section 1(d): (1) if Form S-3 is not available for such offering by the Holders;
(2) if the Company shall furnish to the Holders a certificate signed by the Chief Executive Officer
of the Company stating that in the good faith judgment of the Board of Directors of the Company, it
would be seriously detrimental to the Company and its stockholders for such Form S-3 Registration
to be effected at such time, in which event the Company shall have the right to defer the filing of
the Form S-3 registration statement; provided, however, that the Company shall not
utilize this right more than twice in any twelve-month period, nor may the Company delay the filing
of Form S-3 registration statements more than an aggregate of 120 days following receipt of the
request of the Holder or Holders under this Section 1(d) during any twelve-month period; or (3) if
the Company has, within the twelve-month period preceding the date of such request, already
effected two (2) or more registrations on Form S-3 for the Holders pursuant to this Section 1(d).

               (iii) Subject to the foregoing, the Company shall file a registration statement covering the
Registrable Securities and other securities so requested to be registered as soon as practicable
after receipt of the request or requests of the Holders. Registrations effected pursuant to this
Section 1(d) shall not be counted as demands for registration or registrations effected pursuant to
Sections 1(b) or 1(c), respectively.

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          (e) Obligations of the Company. Whenever required under this Section 1 to effect the
registration of any Registrable Securities, the Company shall, as expeditiously as reasonably
possible:

               (i) Prepare and file with the SEC (and afford one counsel for the selling Holders of
Registrable Securities an opportunity to review) a registration statement with respect to such
Registrable Securities and use its best efforts to cause such registration statement to become
effective, and, upon the request of the Holders of a majority of the Registrable Securities
registered thereunder, keep such registration statement effective for a period of up to 120 days or
until the distribution contemplated in the Registration Statement has been completed; provided,
however, that such 120-day period shall be extended for a period of time equal to the period the
Holder refrains from selling any securities included in such registration at the request of an
underwriter of Common Stock (or other securities) of the Company.

               (ii) Prepare and file with the SEC (and afford one counsel for the selling Holders of
Registrable Securities an opportunity to review) such amendments and supplements to such
registration statement and the prospectus used in connection with such registration statement as
maybe necessary to comply with the provisions of the Act with respect to the disposition of all
securities covered by such registration statement.

               (iii) Furnish to the Holders such numbers of copies of a prospectus, including a preliminary
prospectus, in conformity with the requirements of the Act, and such other documents as they may
reasonably request in order to facilitate the disposition of Registrable Securities owned by them.

               (iv) Use its best efforts to register and qualify the securities covered by such registration
statement under such other securities or blue sky laws of such jurisdictions as shall be reasonably
requested by the Holders; provided that the Company shall not be required in connection
therewith or as a condition thereto to qualify to do business or to file a general consent to
service of process in any such states or jurisdictions.

               (v) In the event of any underwritten public offering, enter into and perform its obligations
under an underwriting agreement, in usual and customary form, with the managing underwriter of such
offering. Each Holder participating in such underwriting shall also enter into and perform its
obligations under such an agreement.

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

               (vii) Cause all such Registrable Securities registered pursuant hereunder to be listed on each
securities exchange on which similar securities issued by the Company are then listed.

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               (viii) Provide
a transfer agent and registrar for all Registrable Securities registered
pursuant hereunder and a CUSIP number for all such Registrable Securities, in each case not later
than the effective date of such registration.

               (ix) Make available for reasonable inspection by each seller, any underwriter participating in
any distribution pursuant to such registration statement, and any attorney, accountant or other
agent retained by such seller or underwriter, all financial and other records, pertinent corporate
documents and properties of the Company, and cause the Company’s officers, directors and employees
to supply all information reasonably requested by any such seller, underwriter, attorney,
accountant or agent in connection with such registration statement.

               (x) Use its best efforts (if the offering is underwritten and at the request of any seller of
Registrable Securities), to furnish, at the request of any seller, on the date that Registrable
Securities are delivered to the underwriters for sale pursuant to such registration, (1) an opinion
of counsel representing the Company for the purposes of registration, addressed to the
underwriters, stating that such registration statement has become effective under the Act and that
(A) to the best knowledge of such counsel, no stop order suspending the effectiveness thereof has
been issued and no proceedings for that purpose have been instituted or are pending or contemplated
under the Act, (B) the registration statement, the related prospectus, and each amendment or
supplement thereof, comply as to form in all material respects with the Act and the applicable
rules and regulations of the SEC thereunder (except that such counsel need express no opinion as to
financial statements, the notes thereto, the financial schedules and other financial, numerical,
accounting and statistical data contained therein, other than opinions as to the capitalization of
the Company) and (C) to such other effects as may reasonably be requested by counsel for the
underwriters, and (2) a letter dated such date from the independent public accountants retained by
the Company, addressed to the underwriters, stating that they are independent public accountants
within the meaning of the Act and that, in the opinion of such accountants, the financial
statements of the Company included in the registration statement or the prospectus, or any
amendment or supplement thereof, comply as to form in all material respects with the applicable
accounting requirements of the Act, and such letter shall additionally cover such other financial
matters (including information as to the period ending no more than five business days prior to the
date of such letter) with respect to the registration in respect of which such letter is being
given, as such underwriters may reasonably request.

               (xi) In the event of any underwritten public offering, cooperate with the Holder requesting
registration pursuant to this Section, the underwriters participating in the offering and their
counsel in any due diligence investigation reasonably requested by the Holders or the underwriters
in connection therewith, and participate, to the extent reasonably requested by the managing
underwriter for the offering or the Holders, in efforts to sell the Registrable Securities under
the offering (including, without limitation, participating in “roadshow” meetings with prospective
investors) that would be customary for underwritten primary offerings of a comparable amount of
equity securities by the Company.

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          (f) Furnish Information.

               (i) It shall be a condition precedent to the obligations of the Company to take any action
pursuant to this Section 1 with respect to the Registrable Securities of any selling Holder that
such Holder shall furnish to the Company such information regarding itself, the Registrable
Securities held by it, and the intended method of disposition of such securities as shall be
reasonably required to effect the registration of such Holder’s Registrable Securities.

               (ii) The Company shall have no obligation with respect to any registration requested pursuant
to Section 1(b) or Section 1(d) if, due to the operation of subsection 1(f)(i), the number of
shares or the anticipated aggregate offering price of the Registrable Securities to be included in
the registration does not equal or exceed the number of shares or the anticipated aggregate
offering price required to originally trigger the Company’s obligation to initiate such
registration as specified in subsection 1(b)(i) or Section 1(d), whichever is applicable.

          (g) Expenses of Demand. Company or S-3 Registration. All expenses (exclusive of
underwriting discounts and commissions and stock transfer taxes) incurred in connection with
registrations, filings or qualifications pursuant to this Section 1 including (without limitation)
all registration, filing and qualification fees, printers’ and accounting fees, fees and
disbursements of counsel for the Company and the reasonable fees and disbursements of one counsel
for all selling Holders of Registrable Securities shall be borne by the Company; provided,
however, that the Company shall not be required to pay any expenses of a registration under
Section 1(b) if such registration has been withdrawn at the request of the Holders and such
registration has not been delayed by the Company pursuant to Section 1(b)(iii), unless the Holders
of a majority of the Registrable Securities then outstanding agree in writing to forfeit one of the
registrations to which the Holders are entitled under Section 1(b).

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

          (i) Indemnification. In the event any Registrable Securities are included in a
registration statement under this Section 1:

               (i) To the extent permitted by law, the Company will indemnify and hold harmless each Holder,
any underwriter (as defined in the Act) for such Holder and each person, if any, who controls such
Holder or underwriter within the meaning of the Act or the 1934 Act, against any losses, claims,
damages, or liabilities (joint or several) to which they may become subject under the Act, the 1934
Act or other federal or state law, insofar as such losses, claims, damages, or liabilities (or
actions in respect thereof) arise out of or are based upon any of the following statements,
omissions or violations (collectively, a “Violation”): (i) any untrue statement or alleged untrue
statement of a material fact contained in such registration statement, including any preliminary
prospectus or final prospectus contained therein or any amendments or supplements thereto, (ii) the
omission or alleged omission to state therein a material fact required to be stated therein, or
necessary to make the statements therein not misleading, or (iii) any violation or alleged
violation by the Company of the Act, the 1934 Act, any state securities law or any rule or
regulation

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promulgated under the Act, the 1934 Act or any state securities law; and the Company will pay to
each such Holder, underwriter or controlling person any legal or other expenses reasonably incurred
by them in connection with investigating or defending any such loss, claim, damage, liability, or
action, as such expenses are incurred; provided, however, that the indemnity
agreement contained in this subsection 1(i)(i) shall not apply to amounts paid in settlement of any
such loss, claim, damage, liability, or action if such settlement is effected without the consent
of the Company (which consent shall not be unreasonably withheld), nor shall the Company be liable
in any such case for any such loss, claim, damage, liability, or action to the extent that it
arises out of or is based upon a Violation which occurs in reliance upon and in conformity with
written information furnished expressly for use in connection with such registration by any such
Holder, underwriter or controlling person.

               (ii) To the extent permitted by law, each selling Holder will indemnify and hold harmless the
Company, each of its directors, each of its officers who has signed the registration statement,
each person, if any, who controls the Company within the meaning of the Act, any underwriter, any
other Holder selling securities in such registration statement and any controlling person of any
such underwriter or other Holder, severally but not jointly, against any losses, claims, damages,
or liabilities (joint or several) to which any of the foregoing persons may become subject, under
the Act, the 1934 Act or other federal or state law, insofar as such losses, claims, damages, or
liabilities (or actions in respect thereto) arise out of or are based upon any Violation, in each
case to the extent (and only to the extent) that such Violation occurs in reliance upon and in
conformity with written information furnished by such Holder expressly for use in connection with
such registration; and each such Holder will pay any legal or other expenses reasonably incurred by
any person intended to be indemnified pursuant to this subsection 1(i)(ii), in connection with
investigating or defending any such loss, claim, damage, liability, or action; provided,
however, that the indemnity agreement contained in this subsection 1(i)(ii) shall not apply
to amounts paid in settlement of any such loss, claim, damage, liability or action if such
settlement is effected without the consent of the Holder, which consent shall not be unreasonably
withheld; provided that, in no event shall Holder’s cumulative, aggregate liability under
this subsection 1(i)(ii) under Section 1(i)(iv), or under such sections together, exceed the gross
proceeds received by such Holder (net of underwriters’ discounts and commissions and stock transfer
taxes) from the offering out of which such Violation arises.

               (iii) Promptly after receipt by an indemnified party under this Section 1(i) of notice of the
commencement of any action (including any governmental action), such indemnified party will, if a
claim in respect thereof is to be made against any indemnifying party under this Section 1(i),
deliver to the indemnifying party a written notice of the commencement thereof and the indemnifying
party shall have the right to participate in, and, to the extent the indemnifying party so desires,
jointly with any other indemnifying party similarly noticed, to assume the defense thereof with one
counsel mutually satisfactory to the parties; provided, however, that an
indemnified party (together with all other indemnified parties which may be represented without
conflict by one counsel) shall have the right to retain one separate counsel, with the fees and
expenses to be paid by the indemnifying party, if representation of such indemnified party by the
counsel retained by the indemnifying party would be inappropriate due to actual or potential
differing interests between such indemnified party and any other party represented by such counsel
in such proceeding. The failure to deliver written notice to the indemnifying party within a
reasonable time of the commencement of any such action shall not relieve such indemnifying party of
any liability to the indemnified party under this Section 1(i) unless the failure to deliver notice
is materially prejudicial to its ability to

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defend such action. Any omission to so deliver written notice to the indemnifying party will not
relieve it of any liability that it may have to any indemnified party otherwise than under this
Section 1(i).

               (iv) If the indemnification provided for in this Section 1(i) is held by a court of competent
jurisdiction to be unavailable to an indemnified party with respect to any loss, liability, claim,
damage, or expense referred to therein, then the indemnifying party, in lieu of indemnifying such
indemnified party hereunder, shall contribute to the amount paid or payable by such indemnified
party as a result of such loss, liability, claim, damage, or expense in such proportion as is
appropriate to reflect the relative fault of the indemnifying party on the one hand, and of the
indemnified party on the other, in connection with the statements or omissions that resulted in
such loss, liability, claim, damage, or expense as well as any other relevant equitable
considerations. The relative fault of the indemnifying party and of the indemnified party shall be
determined by reference to, among other things, whether the untrue or alleged untrue statement of a
material fact or the omission to state a material fact relates to information supplied by the
indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access
to information, and opportunity to correct or prevent such statement or omission.

               (v) Notwithstanding the foregoing, to the extent that the provisions on indemnification and
contribution contained in the underwriting agreement entered into in connection with the
underwritten public offering are in conflict with the foregoing provisions, the provisions in the
underwriting agreement shall control.

               (vi) The obligations of the Company and Holders under this Section 1(i) shall survive the
completion of any offering of Registrable Securities in a registration statement under this Section
1, and otherwise.

          (j) Reports under Securities Exchange Act of 1934. With a view to making available to
the Holders the benefits of Rule 144 promulgated under the Act and any other rule or regulation of
the SEC that may at any time permit a Holder to sell securities of the Company to the public
without registration or pursuant to a registration on Form S-3., the Company agrees to:

               (i) make and keep public information available, as those terms are understood and defined in
SEC Rule 144, at all times after ninety (90) days after the effective date of the first
registration statement filed by the Company for the offering of its securities to the general
public;

               (ii) take such action, including the voluntary registration of its Common Stock under Section
12 of the 1934 Act, as is necessary to enable the Holders to utilize Form S-3 for the sale of their
Registrable Securities, such action to be taken as soon as practicable after the end of the fiscal
year in which the first registration statement filed by the Company for the offering of its
securities to the general public is declared effective;

               (iii) file with the SEC in a timely manner all reports and other documents required of the
Company under the Act and the 1934 Act; and

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               (iv) furnish to any Holder, so long as the Holder owns any Registrable Securities, forthwith
upon request (i) a written statement by the Company that it has complied with the reporting
requirements of SEC Rule 144 (at any time after ninety (90) days after the effective date of the
first registration statement filed by the Company), the Act and the 1934 Act (at any time after it
has become subject to such reporting requirements), or that it qualifies as a registrant whose
securities may be resold pursuant to Form S-3 (at any time after it so qualifies), (ii) a copy of
the most recent annual or quarterly report of the Company and such other reports and documents so
filed by the Company, and (iii) such other information as may be reasonably requested in availing
any Holder of any rule or regulation of the SEC which permits the selling of any such securities
without registration or pursuant to such form.

          (k) Assignment of Registration Rights. The rights to cause the Company to register
Registrable Securities pursuant to this Section 1 may be assigned (but only with all related
obligations) by a Holder to, (i) in the case of any Holder that is a partnership, limited liability
company or corporation, any current and former constituent partners, members, stockholders and
Affiliates of that Holder, and (ii) in the case of any Holder, (w) to any other Holder, (x) a
transferee or assignee of such securities who, after such assignment or transfer, holds (together
with Affiliates) at least 1.000,000 shares of the Company’s outstanding capital stock, or all of
such transferring Holder’s shares if a lesser amount is transferred, (y) a transferee or assignee
who is a spouse, lineal descendant, father, mother, brother or sister (each, a “Family Member”) of
such transferring Holder or (z) or to a trust, the beneficiaries of which are exclusively the
Holder and/or Family Members, provided, in each case, that: (a) the Company is,
within a reasonable time after such transfer, furnished with written notice of the name and address
of such transferee or assignee and the securities with respect to which such registration rights
are being assigned; (b) such transferee or assignee agrees in writing to be bound by and subject to
the terms and conditions of this Agreement, including without limitation the provisions of Section
1(l) below; and (c) such assignment shall be effective only if immediately following such transfer
the further disposition of such securities by the transferee or assignee is restricted under the
Act. For the purposes of determining the number of shares of Registrable Securities held by a
transferee or assignee of a holder of Registrable Securities, the holdings of affiliated
partnerships and other entities, constituent or retired partners or members of such partnerships or
other entities (as well as Family Members of such partners or members or spouses who acquire
Registrable Securities by gift, will or intestate succession) shall be aggregated together and with
such partnership and its affiliated partnerships and other entities; provided that all
assignees and transferees who would not qualify individually for assignment of registration rights
shall have a single attorney-in-fact for the purpose of exercising any rights, receiving notices or
taking any action under this Section 1.

          (l) “Market Stand-Off” Agreement. Each Holder hereby agrees that, during the period of
duration specified by the managing underwriter of common stock or other securities of the Company
following the effective date of a registration statement for the initial public offering of the
Company’s Common Stock filed under the Act, it shall not, to the extent requested by such
underwriter, directly or indirectly sell, offer to sell, contract to sell (including, without
limitation, any short sale), grant any option to purchase or otherwise transfer or dispose of
(other than to donees who agree to be similarly bound) any securities of the Company held by it at
any time during such period except Common Stock included in such registration; provided,
however, that:

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               (i) all officers and directors of the Company enter into similar agreements or are bound by
similar agreements with the Company;

               (ii) the Company uses all reasonable efforts to obtain from persons who hold in excess of one
percent (1%) of the Company’s outstanding capital stock, a lock-up agreement similar to that set
forth in this Section 1(l); and

               (iii) such market stand-off time period shall not exceed one hundred eighty (180) days.

     Each Holder agrees to provide to the other underwriters of any such initial public offering
such further agreements as such underwriter may reasonably request in connection with this market
stand-off agreement, provided that the terms of such agreements are substantially
consistent with the provisions of this Section 1(l). In order to enforce the foregoing covenant,
the Company may impose stop-transfer instructions with respect to the Registrable Securities of
each Holder (and the shares or securities of every other person subject to the foregoing
restriction) until the end of such period.

     Notwithstanding anything to the contrary contained herein, this Agreement shall not restrict
Lehman Brothers, J.P. Morgan Chase & Co. or their respective Affiliates from engaging in any
brokerage, investment advisory, financial advisory, anti-raid advisory, merger advisory, financing,
asset management, trading, market making, arbitrage or other similar activities conducted in the
ordinary course of its or its Affiliates’ business, so long as such activities are not conducted
with respect to any Registrable Securities.

     Notwithstanding the foregoing, the obligations described in this Section 1 (l) shall not apply
to a registration relating solely to employee benefit plans on Form S-1 or Form S-8 or similar
forms which may be promulgated in the future, or a registration relating solely to an SEC Rule 145
transaction.

          (m) Termination of Registration Rights. The right of any Holder to request
registration or inclusion in any registration pursuant to this Section 1 shall terminate upon the
earlier of (i) the date which is five (5) years after the effective date of the first registration
statement for an initial public offering of securities of the Company (other than a registration
statement relating either to the sale of securities to employees of the Company pursuant to a stock
option, stock purchase or similar plan or an SEC Rule 145 transaction) or (ii) such date as (x) a
public trading market shall exist for the Company’s Common Stock and (y) all shares of Registrable
Securities beneficially owned or subject to Rule 144 aggregation by such Holder may immediately be
sold under Rule 144 (without regard to Rule 144(k)) during any 90-day period, provided that
such Holder is not then an “affiliate” of the Company within the meaning of Rule 144 and such
Holder’s shares represent less than 1% of the Company’s outstanding capital stock.

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     2. Covenants.

          (a) Information and Inspection Rights.

               (i) The Company shall deliver to each holder of at least five hundred thousand (500,000)
shares of Preferred (or Common Stock issuable upon conversion thereof; subject to appropriate
adjustments for stock splits, stock dividends, combinations and other recapitalizations) (each, a
“Major Holder”):

                    (1) as soon as practicable, but in any event within one hundred twenty (120) days after the
end of each fiscal year of the Company, an income statement for such fiscal year, a balance sheet
of the Company and statement of stockholders’ equity as of the end of such year, and a statement of
cash flows for such year, such year-end financial reports to be in reasonable detail, prepared in
accordance with generally accepted accounting principles (“GAAP”), and audited and certified by
independent public accountants of nationally recognized standing selected by the Company;

                    (2) as soon as practicable, but in any event within forty-five (45) days after the end of each
quarter of each fiscal year of the Company, an unaudited profit or loss statement, a statement of
cash flows for such fiscal quarter and an unaudited balance sheet as of the end of such fiscal
quarter;

                    (3) at the time of delivery of each statement pursuant to Section 2(a)(2), a management
narrative report explaining all significant variances from forecasts and all significant current
developments in staffing, marketing, sales and operations;

                    (4) no later than 10 days subsequent to board approval of such documents, (consolidated)
capital and operating expense budgets, cash flow projections and income and loss projections for
the Company (and its subsidiaries, if any) in respect of such fiscal year, all itemized in
reasonable detail and prepared on a monthly basis, and promptly after preparation, any revisions of
the foregoing;

                    (5) promptly following receipt by the Company, each audit response letter, accountants
management letter and other written report submitted to the Company by its independent public
accountants in connection with an annual or interim audit of the books of the Company or any of its
subsidiaries;

                    (6) promptly after the commencement thereof, notice of all actions, suits, claims,
proceedings, investigations and inquiries that could materially adversely affect the Company or any
of its subsidiaries, if any;

                    (7) promptly upon sending, making available or filing the same, all press releases, reports
and financial statements that the Company sends or makes available to its stockholders or directors
or files with the SEC; and

                    (8) such other information relating to the financial condition, business, prospects or
corporate affairs of the Company as the Holder or any assignee of the Holder

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may from time to time request, provided, however, that the Company shall not be
obligated under this subsection (a)(i)(8) or any other subsection of Section 2(a) to provide
information which it deems in good faith to be a trade secret or similar confidential information
unless the Holder or assignee receiving such information shall have first entered into a
confidentiality agreement acceptable in form and substance to the Company.

               (ii) The Company shall afford each Major Holder, at the principal offices of the Company,
reasonable access to material documents of the Company and rights to examine the books and records
of the Company and to inspect the facilities and offices of the Company, upon at least five (5)
days notice in advance of such visit to the Company from such Major Holder specifying which
documents, offices and facilities such Major Holder wishes to inspect and the purpose of such
inspection, but in any event not more than once every fiscal quarter.

               (iii) The Company shall deliver to each holder of at least three million (3,000,000) shares of
Preferred (or Common Stock issuable upon conversion thereof; subject to appropriate adjustments for
stock splits, stock dividends, combinations and other recapitalizations) copies of any materials
distributed to members of the Board of Directors in connection with any meeting of the Board of
Directors as and when distributed to such persons by the Company.

          (b) Termination of Covenants. The covenants set forth in Section 2(a) shall terminate
and be of no further force or effect when the sale of securities pursuant to a registration
statement filed by the Company under the Act in connection with the first firm commitment
underwritten offering of its securities to the general public is consummated or when the Company
first becomes subject to the periodic reporting requirements of Sections 12(g) or 15(d) of the 1934
Act, whichever event shall first occur.

          (c) Right to Maintain Proportionate Ownership.

               (i) In the event the Company desires to sell and issue shares of its capital stock or rights,
options or other securities exercisable for or convertible into shares of its capital stock
(directly or indirectly) and whether or not such right or option is immediately exercisable or
convertible (“Shares”), then the Company shall first notify each Holder of the material
terms of the proposed sale and shall permit such Holders to acquire, at the time of consummation of
such proposed issuance and sale and on such terms as are specified in the Company’s notice pursuant
hereto, such number of Shares proposed for issuance and sale as would be required to enable each to
maintain its voting and ownership rights in the Company following such issuance, on an
as-converted, fully-diluted percentage basis, at a level maintained by it immediately prior to such
proposed issuance. Each Holder shall have thirty (30) days after the date of any such notice to
elect by notice to the Company to purchase any such Shares on such terms and at the time the
proposed sale is consummated. If any Holder does not agree to purchase its full allotment of such
Shares within such 30-day period (including by operation of a waiver under Section 7(g)), the
Company shall notify each Holder that has elected to purchase its full allotment of such Shares of
the number of Shares that were not subscribed for. Each such Holder shall then have ten (10) days
to elect by notice to the Company to purchase its pro rata portion of the remaining Shares not
purchased by such non-purchasing Holders. For the purposes of determining the number of Shares held
by a transferee or assignee of Shares, the holdings of Affiliates, partners (or members) or retired
partners

-15-

 

(or retired members) of such assigning or transferring Holder, or the estates and family members of
any persons and any trusts for the benefit of any of the foregoing persons shall be aggregated
together with such assigning or transferring Holder; provided that all assignees and
transferees who would not qualify individually for assignment of rights hereunder shall have a
single attorney-in-fact for the purpose of exercising any rights, receiving notices or taking any
action under this Section 2(c).

               (ii) The right to maintain proportionate ownership set forth in this Section 2(c) shall not be
applicable:

                    (1) to the issuance or sale of shares (or options or warrants therefor) to officers,
directors, employees, advisors, contractors or consultants, or to other providers of goods,
services, technology, distribution channels or marketing opportunities pursuant to a stock purchase
agreement, stock grant, option plan or purchase plan or other stock incentive program or
arrangement approved by the Compensation Committee of the Board of Directors, or, in the absence of
such a committee, the Company’s Board of Directors;

                    (2) to or after consummation of a bona fide, firm commitment underwritten public offering of
shares of Common Stock, at a per share public offering price as shown on the cover page of the
final prospectus relating to such offering (prior to underwriter discounts, commissions,
concessions and expenses) of at least $2.50 (as adjusted for stock splits, stock dividends,
combinations and the like), registered under the Act pursuant to a registration statement on Form
S-1 or SB-2, which results in aggregate gross proceeds to the Company of at least $25,000,000 (a
“Qualified IPO”);

                    (3) to the issuance of securities pursuant to currently outstanding options, warrants, notes,
or other rights to acquire securities of the Company;

                    (4) to the issuance of shares upon conversion of the Series A Preferred, Series B Preferred,
Series C Preferred, Series C-1 Preferred, Series D Preferred or Series E Preferred that is
outstanding immediately following the closing under the Purchase Agreement;

                    (5) to the issuance of securities in connection with a bona fide business acquisition of or by
the Company approved by the Board of Directors, whether by merger, consolidation, sale of assets,
sale or exchange of stock or otherwise;

                    (6) to the issuance of securities to financial institutions, landlords or lessors in
connection with commercial credit arrangements, real property leases, equipment financings or
similar transactions undertaken for other than equity financing purposes (not to exceed 1,275,000
shares in the aggregate, excluding any shares issued or issuable to DoubleClick, Inc.
(“DoubleClick”) in connection with a Master Alliance Agreement between DoubleClick and the
Company); or

                    (7) to the issuance of securities in connection with any stock split, stock dividend or
recapitalization by the Company.

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               (iii) The right to maintain proportionate ownership set forth in this Section 2(c) shall
terminate immediately prior to the consummation of, and shall not be applicable with respect to, a
Qualified IPO.

          (d) Right of First Refusal. In the event that any Founder proposes to offer any Shares
for sale or transfer to a third party (other than any transfer or a sale of shares, that, when
aggregated with all shares previously transferred by such Founder and not subject to the right of
first refusal provisions of this Section 2(d), do not exceed 10% of the aggregate Shares held by
such Founder on the date hereof (such transfer, an “Exempt Transfer”)), the Founder proposing to
offer such Shares (the “Offering Founder”) shall make an offering of such Shares to the Company
(first) and the Holders (second) prior to any transfer to any such third party, in accordance with
the following provisions:

               (i) The Offering Founder shall deliver a notice in accordance with Section 7(e) (a “Transfer
Notice”) to the Company stating (i) its bona fide intention to offer such Shares, (ii) the number
of such Shares to be offered and (iii) the price and terms, if any, upon which it proposes to offer
such Shares.

               (ii) Within fifteen (15) days after giving of the Transfer Notice to the Company, the Company
may elect to purchase by delivering notice of such election to the Offering Founder, at the price
and on the terms specified in the Transfer Notice, all, but not less than all, of the Shares
proposed to be offered.

               (iii) If the Company does not elect to purchase all of the shares proposed to be offered
within the fifteen (15) day period specified in Section 2(d)(ii), the Offering Founder shall then
deliver a Transfer Notice to each Holder.

               (iv) Within fifteen (15) days after giving of the Transfer Notice to the Holders, each Holder
may elect to purchase by delivering notice of such election to the Offering Founder that number of
Shares equal to the product obtained by multiplying the number of Shares to be offered by a
fraction, (x) the numerator of which shall be the number of shares of Common Stock (on a
fully-diluted, as-convened basis) at the time owned by such Holder and (y) the denominator of which
shall be the number of shares of Common Stock (on a fully-diluted, as-converted basis) at the time
owned by all Holders. If any Holder does not agree to purchase its full allotment of such Shares
within such 15-day period, the Company shall notify each Holder which elects to purchase its full
allotment of such Shares of the number of Shares that were not subscribed for, Each such Holder
shall then have ten (10) days to elect by notice to the Company to purchase its pro rata portion of
the remaining Shares not purchased by such non-purchasing Holders.

               (v) If all Shares referred to in the Notice are not elected to be purchased as provided in
subsection 2(d)(ii) and 2(d)(iv) hereof, then, subject to Section 2(e), the Offering Founder may,
within a sixty (60) day period following the expiration of the period provided in subsection
2(d)(iv) hereof, offer the remaining unsubscribed portion of such Shares to any person or persons
at a price not less than, and upon terms no more favorable to the offeree, than those specified in
the Notice. If the Offering Founder does not enter into an agreement for the sale of such Shares
within such period, or if such agreement is not consummated within thirty (30) days of the
execution

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thereof, the right provided hereunder shall be deemed to be revived and such Shares shall not be
offered unless first reoffered to the Company and the Holders in accordance with this Section 2(d).

          (e) Co-Sale Rights.

               (i) Notice of Transfer. If a Founder (a “Selling Founder”) receives one or more bona
fide offers or otherwise undertakes to effect any transaction that would result in the transfer of
Shares held by such Selling Founder (including a sale to which Section 2(d) may apply, other than a
sale to the Company or a Holder or Holders pursuant to the exercise of rights under Section 2(d))
(collectively, a ''Purchase Offer”), from any person to purchase from the Selling Founder any of
such Selling Founder’s Shares upon specific terms and conditions (including a specified purchase
price payable in cash or other property), then the Selling Founder shall promptly notify each
Holder in writing, in accordance with Section 7(e), of the terms and conditions of such Purchase
Offer (a “Disposition Notice”), which notice, to the extent applicable, may be the same as the
Transfer Notice.

               (ii) Grant of Right. To the extent that a Holder has not exercised its right of first
offer set forth in Section 2(d) hereof, such Holder shall have the right, exercisable upon written
notice to the Selling Founder within thirty (30) business days after effectiveness of the
Disposition Notice of the Purchase Offer, to participate in the Selling Founder’s sale of the
Shares pursuant to the specified terms and conditions of such Purchase Offer. To the extent a
Holder exercises such right of participation in accordance with the terms and conditions set forth
below, the number of Shares that the Selling Founder may sell pursuant to such Purchase Offer shall
be correspondingly reduced. The right of participation of the Holders shall be subject to the
following terms and conditions:

                    (1) Each Holder may sell all or any part of that number of Shares equal to the product
obtained by multiplying the aggregate number of Shares covered by the Purchase Offer by a fraction,
(x) the numerator of which shall be the number of shares of Common Stock (on an as-converted,
fully-diluted basis) at the time owned by such Holder and (y) the denominator of which shall be the
number of shares of Common Stock (on an as-converted, fully-diluted basis) then outstanding.

                    (2) Each Holder may effect its participation in the sale by delivering to the Selling Founder,
for transfer to the purchase offerer, one or more certificates, properly endorsed for transfer,
that represents the number of Shares that such Holder elects to sell pursuant to this Section 2(e).

                    (3) To the extent that any prospective purchaser or purchasers prohibit such exercise of
co-sale right or otherwise refuses to purchase Shares from a Holder exercising its co-sale right
hereunder, the Selling Founder shall not sell to such prospective purchaser or purchasers any
Shares unless and until, simultaneously with such sale, the Selling Founder shall purchase such
Shares from such Holder for the same consideration and on the same terms and conditions as the
proposed transfer described in the Disposition Notice.

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               (iii) Mechanics of Transfer. The stock certificates that the Holders deliver to the
Selling Founder pursuant to Section 2(e)(ii) shall be transferred by such Selling Founder to the
purchase offeror in consummation of the sale of the Selling Founder’s Shares pursuant to the terms
and conditions specified in the Disposition Notice, and the Selling Founder shall promptly
thereafter remit to each Holder that portion of the sale proceeds to which such Holder is entitled
by reason of its participation in such sale. In the event that less than all the shares represented
by such a stock certificate are sold pursuant to Section 2(e)(ii), the Selling Founder shall
instruct the Company to issue a new certificate to the Holder representing the shares not sold.

               (iv) No Effect on Subsequent Rights. The exercise or non-exercise of the rights of any
Holder hereunder to participate in one or more sales of the Selling Founders Shares made by a
Selling Founder shall not adversely affect the Holder’s rights to participate in subsequent sales
of Shares by a Selling Founder.

          (f) Prohibited Founder Transfers. Exclusions from and Expiration of Co-Sale Rights and
Rights of First Refusal.

               (i) Agreement Not to Transfer. Any attempt by a Founder to transfer any Shares in
violation of Section 2(d) or 2(e) shall be void and the Company agrees that it will not effect such
a transfer nor will it treat any alleged transferee as the holder of such shares without the
written consent of a majority in interest of the Holders.

               (ii) Repurchase. In the event that a Founder should sell any Shares in contravention
of the participation rights of the Company or the Holders under Section 2(d) or 2(e) (a “Prohibited
Founder Transfer”), each Holder shall have the option to sell to such Founder a number of Shares
equal to such Holder’s pro rata share (as determined pursuant to Section 2(e)(ii)(l) above),
provided that, the date of the Disposition Notice shall be understood to mean the date of
the Prohibited Founder Transfer, on the following terms and conditions:

                    (1) The price per share at which such Shares are to be sold to such Founder shall be equal to
the price per share paid by the third-party purchaser or purchasers of the Shares (the “Contingent
Purchaser”) to such Founder.

                    (2) Such Holder shall deliver to such Founder within ninety (90) days after such Holder has
received notice from such Founder or otherwise become aware of the Prohibited Founder Transfer, the
certificate or certificates representing Shares to be sold, each certificate to be properly
endorsed for transfer.

                    (3) Such Founder shall, immediately upon receipt of the certificates for the Shares, pay the
aggregate purchase price therefore, by certified check or bank draft made payable to the order of
such Holder, and shall reimburse such Holder for any reasonable additional expenses, including
legal fees and expenses, incurred in effecting such purchase and sale.

               (iii) Exclusions. The participation rights of the Holders set forth in Sections 2(d)
and 2(e) shall not pertain or apply to (i) any pledge of a Founder’s Shares made by a Founder that
creates only a security interest, (ii) any transfer to the ancestors, descendants or spouse

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of a Founder or to trusts for the benefit of such persons or such Founder or (iii) any bona fide
gift; provided that, the pledgee, transferee or donee shall furnish the Holders with a
written agreement to be bound by and comply with all provisions of this Agreement applicable to the
Holders.

               (iv) Expiration. The provisions of Section 2(d) and 2 (e) shall terminate as to any
Series A Preferred, Series B Preferred, Series C Preferred, Series C-1 Preferred, Series D
Preferred or Series E Preferred immediately prior to the closing of a Qualified IPO,

          (g) Series E Purchaser Right of First Offer. Except to the extent such transaction or
series of related transactions constitutes a Liquidation Event as defined in the Company’s Amended
and Restated Certificate of Incorporation, in the event that any Holder proposes to offer any
Shares for sale or transfer to a third party, the Holder proposing to offer such Shares (the
“Offering Holder”) shall make an offering of such Shares to the Series E Purchasers prior to any
transfer to any such third party, in accordance with the following provisions:

               (i) The Offering Holder shall deliver a Transfer Notice in accordance with Section 7(e) to
each Series E Purchaser stating (i) its bona fide intention to offer such Shares, (ii) the number
of such Shares to be offered and (iii) the price and terms, if any, upon which it proposes to offer
such Shares.

               (ii) Within fifteen (15) days after giving of the Transfer Notice to the Series E Purchasers,
each Series E Purchaser may elect to purchase, by delivering notice of such election to the
Offering Holder, that number of Shares equal to the product obtained by multiplying the number of
Shares to be offered by a fraction, (x) the numerator of which shall be the number of shares of
Common Stock (on a fully-diluted, as-converted basis) at the time owned by such Series E Purchaser
and (y) the denominator of which shall be the number of shares of Common Stock (on a fully-diluted,
as-converted basis) at the time owned by all Series E Purchasers. If any Series E Purchaser does
not agree to purchase its full allotment of such Shares within such 15-day period, the Offering
Holder shall notify each Series E Purchaser which elects to purchase its full allotment of such
Shares of the number of Shares that were not subscribed for. Each such Series E Purchaser shall
then have ten (10) days to elect by notice to the Offering Holder to purchase its pro rata portion
of the remaining Shares not purchased by such non-purchasing Series E Purchasers.

               (iii) If all Shares referred to in the Transfer Notice are not elected to be purchased as
provided in subsection 2(g)(ii) hereof, then the Offering Holder may, within a sixty (60) day
period following the expiration of the period provided in subsection 2(g)(ii) hereof, offer all of
such Shares referred to in the Transfer Notice to any person or persons at a price not less than,
and upon terms no more favorable to the offeree, than those specified in the Transfer Notice. If
the Offering Holder does not enter into an agreement for the sale of such Shares within such
period, or if such agreement is not consummated within thirty (30) days of the execution thereof,
the right provided hereunder shall be deemed to be revived and such Shares shall not be offered
unless first reoffered to the Series E Purchasers in accordance with this Section 2(g).

               (iv) Exclusions. The participation rights of the Series E Purchasers set forth in this
Section 2(g) shall not pertain or apply to any transfer, (i) in the case of a Holder that is a
partnership, limited liability company or corporation, to any current and former constituent
parties,

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members, stockholders and Affiliates of that Holder, or (ii) in the case of any other Holders, to
Family Members of such Holder or to a trust the beneficiaries of which are exclusively the Holder
and/or Family Members of the Holder; provided that, the transferee shall furnish the
Company and the Series E Purchasers with a written agreement to be bound by and shall comply with
all provisions of this Agreement applicable to the Holders.

               (v) The provisions of this Section 2(g) shall terminate immediately prior to the closing of a
Qualified IPO.

          (h) Prohibited Holder Transfers.

               (i) Agreement Not to Transfer. Any attempt by a Holder to transfer any Shares in
violation of Section 2(g) shall be void and the Company agrees that it will not effect such a
transfer nor will it treat any alleged transferee as the holder of such shares without the written
consent of a majority in interest of the Series E Purchasers.

               (ii) Repurchase. In the event that a Holder should sell any Shares in contravention of
the right of first offer of the Series E Purchasers under Section 2(g) (a “Prohibited Holder
Transfer”), each Series E Purchaser shall have the option to sell to such Holder a number of Shares
equal to such Series E Purchaser’s pro rata share (as determined pursuant to Section 2(g)(ii)
above), provided that, the date of the Transfer Notice shall be understood to mean the date
of the Prohibited Holder Transfer, on the following terms and conditions:

               (1) The price per share at which such Shares are to be sold to such Holder shall be equal to
the price per share paid by the Contingent Purchaser to such Holder.

               (2) Such Series E Purchaser shall deliver to such Holder within ninety (90) days after such
Series E Purchaser has received notice from such Holder or otherwise become aware of the Prohibited
Holder Transfer, the certificate or certificates representing Shares to be sold, each certificate
to be properly endorsed for transfer.

               (3) Such Holder shall, immediately upon receipt of the certificates for the Shares, pay the
aggregate purchase price therefore, by certified check or bank draft made payable to the order of
such Series E Purchaser, and shall reimburse such Series E Purchaser for any reasonable additional
expenses, including legal fees and expenses, incurred in effecting such purchase and sale.

     3. Voting.

          (a) Board Composition. During the term of this Section 3 and subject to Section 5 of
Article IV(B) of the Company’s Seventh Amended and Restated Certificate of Incorporation (the
“Certificate of Incorporation”) and the relevant sections of the Company’s Bylaws (if any), each
Holder and each Founder agrees to vote all Shares now or hereafter directly or indirectly acquired
(of record or beneficially) by such Holder or Founder, in such manner as may be necessary to elect
(and maintain in office) as members of the Company’s Board of Directors, the following individuals:

-21-

 

               (i) one (1) individual designated by the J.P. Morgan Purchasers (as indicated on the signature
pages hereto) from time to time; provided that, the J.P. Morgan Purchasers continue to hold
at least 1,000,000 shares of Preferred (or Common Stock issuable upon conversion thereof) (as
adjusted for stock splits, stock dividends, combinations and the like);

               (ii) one (1) individual designated by the Accel Purchasers (as indicated on the signature
pages hereto) from time to time, provided that, the Accel Purchasers continue to hold at
least 1,000,000 shares of Preferred (or Common Stock issuable upon conversion thereof) (as adjusted
for stock splits, stock dividends, combinations and the like);

               (iii) one (1) individual designated by the Adams Street Purchasers (as indicated on the
signature pages hereto) from time to time, provided that, the Adams Street Purchasers
continue to hold at least 1,000,000 shares of Preferred (or Common Stock issuable upon conversion
thereof) (as adjusted for stock splits, stock dividends, combinations and the like);

               (iv) one (1) individual designated by the Topspin Purchasers (as indicated on the signature
pages hereto) from time to time, provided that, the Topspin Purchasers continue to hold at
least 750,000 shares of Preferred (or Common Stock issuable upon conversion thereof) (as adjusted
for stock splits, stock dividends, combinations and the like);

               (v) one
(1) individual designated by Citadel Equity Fund Ltd. or its
affiliates (“Citadel”),
who shall initially be a member of the senior executive management of Citadel; provided
that, Citadel or its Affiliates continue to hold at least 3,000,000 shares of Preferred (or
Common Stock issuable upon conversion thereof) (as adjusted for stock splits, stock dividends,
combinations and the like);

               (vi) two (2) individuals designated by the holders of a majority of the Common Stock and
acceptable to a majority of the members of the Company’s Board of Directors other than those
designated pursuant to this Section 3(a)(vi);

               (vii) that number of individuals as required to elect the remaining number of directors
authorized to be elected as a director pursuant to the Company’s Bylaws or Certificate of
Incorporation, designated by the holders of a majority of the Preferred and the Common Stock,
voting together as a single class.

     The individuals designated pursuant to clauses (i) and (ii) above shall be the directors
elected by the holders of the Series A Preferred pursuant to Section 5(g) of Article IV(B) of the
Company’s Certificate of Incorporation, the individual designated pursuant to clause (iii) above
shall be the director elected by the holders of the Series C Preferred pursuant to Section 5(g) of
Article IV(B) of the Company’s Certificate of Incorporation, the individual designated pursuant to
clause (iv) above shall be the director elected by the holders of Series D Preferred pursuant to
Section 5(g) of Article IV(B) of the Company’s Certificate of Incorporation and the individual
designated pursuant to clause (v) above (the “Series E Director”) shall be the director elected by
the holders of the Series E Preferred pursuant to Section 5(g) of Article IV(B) of the Company’s
Certificate of Incorporation. The Company shall provide that the Series E Director designated
pursuant to this Section 3 is appointed to the compensation committee of the Board of Directors.
For purposes of this

-22-

 

     Agreement: (i) any individual who is designated for election to the Company’s Board of
Directors pursuant to the foregoing provisions of this Section 3(a) is hereinafter referred to as a
“Board Designee”; and (ii) any individual, entity, or group of individuals and/or entities who has
the right to designate one or more Board Designees for election the Company’s Board of Directors
pursuant to the foregoing provisions of this Section 3(a) is hereinafter referred to as a
“Designator” or as “Designators,” as applicable.

          (b) Changes in Board Designees. From time to time during the term of this Agreement, a
Designator or Designators shall, in their sole discretion, have the sole right to:

               (i) elect to remove from the Company’s Board of Directors any incumbent Board Designee who
occupies a Board seat for which such Designator or Designators are entitled to designate the Board
Designee under Section 3(a); and/or

               (ii) designate a new Board Designee for election to a Board seat for which such Designator or
Designators are entitled to designate the Board Designee under Section 3(a) (whether to replace a
prior Board Designee or to fill a vacancy in such Board seat); provided that, such removal
and/or designation of a Board Designee is approved in a writing signed by Designators who are
entitled to designate such Board Designee under Section 3(a), in which case such election to remove
a Board Designee and/or elect a new Board Designee will be binding on all such Designators. In the
event of such a removal and/or designation of a Board Designee under this Section 3(b)(ii), the
Holders and the Founders shall vote their shares of the Company’s capital stock as provided in
Section 3(a) to cause: (a) the removal from the Company’s Board of Directors of the Board Designee
or Designees so designated for removal by the appropriate Designator or Designators; and (b) the
election to the Company’s Board of Directors of any new Board Designee or Designees so designated
for election to the Company’s Board of Directors by the appropriate Designator or Designators.

               (iii) Notwithstanding anything to the contrary in this Section 3, if a Board Designee
designated pursuant to Section 3(a)(vi) who is an employee of the Company subsequently ceases to be
an employee of the Company, such Board Designee may be removed from the Company’s Board of
Directors by the holders of a majority of the Preferred and the Common Stock, voting together as a
single class. If such a Board Designee is so removed, the Designators entitled to designate such
Board Designee may designate a new Board Designee for election to the Company’s Board of Directors
in accordance with Sections 3(a)(vi) and 3(b)(ii).

          (c) Notice. The Company shall promptly give each of the Holders and the Founders
written notice of any change in composition of the Company’s Board of Directors and of any proposal
by a Designator or Designators to remove or elect a new Board Designee.

          (d) Further Assurances. Each of the Holders, each of the Founders and the Company
agree not to vote any shares of Company capital stock, or to take any other actions, that would in
any manner defeat, impair, be inconsistent with or adversely affect the stated intentions of the
parties under Section 3 of this Agreement.

-23-

 

          (e) Term. The provisions of this Section 3 shall commence on the Closing and shall
terminate upon the consummation of a Qualified IPO.

     4. Regulatory Matters.

          (a) Cooperation of Stockholders. Each Holder and each Founder agrees to cooperate with
the Company in all reasonable respects in complying with the terms and provisions of the letter
agreements (i) between the Company and JP Morgan Partners (SBIC), LLC (“JP Morgan SBIC”) and (ii)
between the Company and vSpring SBIC, L.P. (“vSpring”), copies of which are attached to the
Purchase Agreement as Exhibit G and Exhibit H, respectively, regarding regulatory
matters (the “Regulatory Side Letters”), including without limitation, voting to approve amending
the Company’s Certificate of Incorporation, the Company’s by-laws or this Agreement in a manner
reasonably acceptable to the Holders, Founders, JP Morgan SBIC, vSpring or any Affiliate of JP
Morgan SBIC or vSpring entitled to make such request pursuant to the Regulatory Side Letters in
order to remedy a Regulatory Problem (as defined in the relevant Regulatory Side Letter). Anything
contained in this Section 4(a) to the contrary notwithstanding, no Holder or Founder shall be
required under this Section 4(a) to take any action that would adversely affect in any material
respect such Holder or Founder’s rights under this Agreement or as a stockholder of the Company.

          (b) Covenant not to Amend. The Company and each Holder and Founder agree not to amend
or waive the voting or other provisions of the Company’s Certificate of Incorporation, the
Company’s By-laws or this Agreement if such amendment or waiver would cause any Regulated Holder to
have a Regulatory Problem (as defined in the relevant Regulatory Side Letter). Each of JP Morgan
SBIC and vSpring agree to notify the Company as to whether or not it would have a Regulatory
Problem promptly after such party has notice of such amendment or waiver.

     5. HSR. The Company will reimburse the Holders for all expenses, including filing fees
and attorney fees, incurred in connection with any necessary Hart Scott Rodino filings with respect
to this financing and any future financing transactions involving the Company.

     6. Observer Rights. Each of Lehman Brothers Venture Partners L.P., vSpring and Citadel
shall have the right to designate one individual as an observer at all meetings of the Board of
Directors of the Company and any committees thereof, and to receive any materials distributed to
members of the Board of Directors or of such committees, as the case may be, as and when
distributed to such persons by the Company. The Company will reimburse the reasonable out-of-pocket
expenses incurred by the observer in connection with attending any such meeting.

     7. Miscellaneous.

          (a) Successors and Assigns. Except as otherwise provided herein, the terms and
conditions of this Agreement shall inure to the benefit of and be binding upon the respective
successors and assigns of the parties (including transferees of any shares of Registrable
Securities). Nothing in this Agreement, express or implied, is intended to confer upon any party
other than the parties hereto or their respective successors and assigns any rights, remedies,
obligations, or liabilities under or by reason of this Agreement, except as expressly provided in
this Agreement.

-24-

 

          (b) Governing Law. This Agreement shall be governed by and construed under the laws of
the State of Delaware as applied to agreements among Delaware residents entered into and to be
performed entirely within Delaware.

          (c) Counterparts. This Agreement may be executed in two or more counterparts, each of
which shall be deemed an original, but all of which together shall constitute one and the same
instrument.

          (d) Titles and Subtitles. The titles and subtitles used in this Agreement are used for
convenience only and are not to be considered in construing or interpreting this Agreement.

          (e) Notices. All notices and other communications required or permitted hereunder
shall be in writing, shall be effective when given, and shall in any event be deemed to be given
upon receipt or, if earlier, (a) five (5) days after deposit with the U.S. Postal Service or other
applicable postal service, if delivered by first class mail, postage prepaid, (b) upon delivery, if
delivered by hand, (c) one (1) business day after the business day of deposit with Federal Express
or similar overnight courier, freight prepaid or (d) upon confirmation of receipt, if delivered by
facsimile or electronic (email) transmission, and shall be addressed (i) if to a Purchaser, at such
Purchaser’s address as set forth beneath its signature to this Agreement and (ii) if to the
Company, at the address of its principal corporate offices (attention: Chief Financial Officer), or
at such other address as a party may designate by ten (10) days’ advance written notice to the
other party pursuant to the provisions above.

          (f) Expenses. Except as otherwise provided herein, if any action at law or in equity
is necessary to enforce or interpret the terms of this Agreement, the prevailing party shall be
entitled to reasonable attorneys’ fees, costs and necessary disbursements in addition to any other
relief to which such party may be entitled.

          (g) Amendments and Waivers. Except as otherwise specified, any term of this Agreement
may be amended and the observance of any term of this Agreement may be waived (either generally or
in a particular instance and either retroactively or prospectively), only with the written consent
of (i) the Company, (ii) the holders of a majority of the Registrable Securities then outstanding
and (iii) the holders of a majority of the Series E Preferred (or Common Stock issued upon
conversion of the Series E Preferred) (with respect to (iii), the “Series E Consent”); provided
that (A) adding new parties to this Agreement or the proportionate adjustments in rights that
would result from adding new parties (including proportionate waivers of preemptive rights under
Section 2(c) obtained in connection with adding such parties to the Agreement) shall not be deemed
to be amendments requiring the Series E Consent and (B) no amendment shall be effective to the
extent it disproportionately and adversely affects any class or series of equity securities
vis-a-vis any other class or series, unless such amendment is approved by the holders of a majority
in interest of the securities adversely affected. Any amendment or waiver effected in accordance
with this paragraph shall be binding upon each holder of any Registrable Securities then
outstanding, each future holder of all such Registrable Securities, and the Company.
Notwithstanding the foregoing, the consent of Founders holding a majority of the total number of
shares held by the Founders shall be required for any amendment of Sections 2(d)-2(f) which
adversely affects the Founders; the consent of the J.P. Morgan Purchasers shall be required for any
amendment of this Agreement that affects the

-25-

 

manner in which the director seat provided for in clause (i) of Section 3(a) hereof is designated
or for any amendment of Section 4; the consent of the Accel Purchasers shall be required for any
amendment of this Agreement that affects the manner in which the director seat provided for in
clause (ii) of Section 3(a) hereof is designated; the consent of the Adams Street Purchasers shall
be required for any amendment of this Agreement that affects the manner in which the director seat
provided for in clause (iii) of Section 3(a) hereof is designated; the consent of the Topspin
Purchasers shall be required for any amendment of this Agreement that affects the manner in which
the director seat provided for in clause (iv) of Section 3(a) hereof is designated; the consent of
vSpring shall be required for any amendment of Sections 4 or 6 of this Agreement; the consent of
Citadel shall be required for any amendment of this Agreement that affects the manner in which the
director seat provided for in clause (v) of Section 3(a) hereof is designated or the provisions of
Section 6 of this Agreement; and the consent of the holders of a majority of the Common Stock and a
majority of the members of the Company’s Board of Directors other than those designated pursuant to
Section 3(a)(vi) shall be required for any amendment of this Agreement that affects the manner in
which the director seats provided for in clause (vi) of Section 3(a) hereof are designated.

          (h) Aggregation of Stock. All shares of the Series A Preferred, Series B Preferred,
Series C Preferred, Series C-l Preferred, Series D Preferred and Series E Preferred held or
acquired (or Common Stock issuable upon conversion thereof) by entities, partnerships, former
partnerships or persons affiliated with a Holder or Family Members of such Holder, or trusts the
beneficiaries of which are affiliated entities or persons and/or Family Members of such Holder
shall be aggregated together for the purpose of determining the availability or discharge of any
rights of such Holder under this Agreement. Any such affiliated group shall be entitled to
designate one person as representative of such group for the purpose of exercising any right or
undertaking any obligation of such group hereunder, and the Company shall be entitled to rely on
the representative for such purposes.

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

          (j) Entire Agreement. This Agreement (including the Exhibits hereto, if any)
constitutes the full and entire understanding and Agreement between the parties with regard to the
subjects hereof and thereof.

          (k) Waiver of Right to Maintain Proportionate Ownership. By execution of this
Agreement, each Prior Purchaser and Founder, on behalf of itself and each of the other Prior
Purchasers and Founders, hereby waives the Right to Maintain Proportionate Ownership (including the
notice requirements thereof and the over-allotment right contained therein) pursuant to Section
2(c) of the Prior Agreement to purchase any of the shares of Series E Preferred being offered
pursuant to the Purchase Agreement (or the shares of Common Stock into which such Series E
Preferred are convertible).

-26-

 

          (l) Termination of Prior Agreement. By executing and delivering this Agreement, the
Company, each Purchaser and each Founder agree that the Prior Agreement is hereby terminated and of
no further force and effect.

-27-

 

     IN WITNESS WHEREOF, the parties have executed this Fourth Amended and Restated Investor Rights
Agreement as of the date first above written.

	 	 	 	 	 	 	 
	 	 	COMSCORE NETWORKS, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Magid Abraham	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Magid Abraham	 	 
	 

	 	 	 	President and Chief Executive Officer	 	 
	 
	 	 	 	 	 	 
	 	 	Address for Notices:	 	 
	 	 	11465 Sunset Hills Road	 	 
	 	 	Reston, VA 20190	 	 

[Signature Page to Investor Rights Agreement]

 

 

	 	 	 	 	 	 	 
	 	 	Citadel Purchasers	 	 
	 
	 	 	CITADEL EQUITY FUND LTD.	 	 
	 

	 	By:
	 	Citadel Limited Partnership, Portfolio

Manager	 	 
	 

	 	By:
	 	GLB Partners, L.P., its General Partner	 	 
	 

	 	By:
	 	Citadel Investment Group, L.L.C., its	 	 
	 

	 	 	 	General Partner	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Adam Cooper	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Adam Cooper	 	 
	 

	 	 	 	Title: General Counsel	 	 
	 
	 	 	 	 	 	 
	 	 	Address for Notices:

131 South Dearborn

37th Floor

Chicago, IL 60603

Tel: (312) 395-2100

Fax:(312) 977-0250	 	 
	 
	 	 	 	 	 	 
	 	 	With a copy to:	 	 
	 
	 	 	 	 	 	 
	 	 	131 South Dearborn

32nd Floor

Chicago, IL 60603

Attn: General Counsel

Tel: (312) 395-3067

Fax:(312)977-0280	 	 

[Signature Page to Investor Rights Agreement]

 

 

	 	 	 	 	 	 	 
	 	 	Topspin Purchasers	 	 
	 
	 	 	 	 	 	 
	 	 	TOPSPIN PARTNERS L.P,	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	Topspin Management, LLC	 	 
	 

	 	By:
	 	LG Capital Appreciation, LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Leo Guthart	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Leo Guthart	 	 
	 

	 	 	 	Member, LG Capital Appreciation, LLC	 	 
	 
	 	 	 	 	 	 
	 	 	Address for Notices:

3 Expressway Plaza

Suite 100

Roslyn Heights, NY 11577

Attention: Leo Guthart

Tel.: (516) 625-9400

Fax:(516) 625-9499	 	 
	 
	 	 	 	 	 	 
	 	 	TOPSPIN ASSOCIATES, L.P.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	Topspin Management, LLC	 	 
	 

	 	By:
	 	LG Capital Appreciation, LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Leo Guthart	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Leo Guthart	 	 
	 

	 	 	 	Member, LG Capital Appreciation, LLC	 	 
	 
	 	 	 	 	 	 
	 	 	Address for Notices:

3 Expressway Plaza

Suite 100

Roslyn Heights, NY 11577

Attention: Leo Guthart

Tel: (516) 625-9400

Fax:(516) 625-9499	 	 

[Signature Page to Investor Rights Agreement]

 

 

	 	 	 	 	 	 	 
	 	 	vSpring Purchaser	 	 
	 
	 	 	 	 	 	 
	 	 	vSPRING SBIC, L.P.	 	 
	 
	 	 	 	 	 	 
	 	 	vSpring SBIC, L.P., a Delaware limited
partnership	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	vSpring SBIC Management, L.L.C., a	 	 
	 	 	Delaware limited liability company,	 	 
	 

	 	 	 	its General Partner	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Scott Petty	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Scott Petty, Managing Member	 	 
	 
	 	 	 	 	 	 
	 	 	Address for Notices:

vSpring Capital

2795 East Cottonwood Parkway

Suite 360

Salt Lake City, UT 84121

Attention: Scott Petty

Tel.: (801) 942-8999

Fax: (801) 942-1636	 	 

[Signature Page to Investor Rights Agreement]

 

 

	 	 	 	 	 	 	 
	 	 	Adams Street Purchasers	 	 
	 
	 	 	 	 	 	 
	 	 	BVCF IV, L.P.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	J. W. Puth Associates, LLC, its General
Partner	 	 
	 

	 	By:
	 	Brinson Venture Management, LLC, its

   Attorney-in-fact	 	 
	 

	 	By:
	 	Adams Street Partners, LLC, its

   Administrative Member	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Thomas D. Berman	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Thomas D. Berman

Partner	 	 
	 
	 	 	 	 	 	 
	 	 	Address for Notices for Adams Street
Purchasers:

209 South LaSalle Street

Chicago, IL 60604

Attention: Thomas D. Berman

Tel: (312) 553-7866

Fax: (312) 553-7870	 	 

[Signature Page to Investor Rights Agreement]

 

 

	 	 	 	 	 	 	 
	 	 	IVP Purchasers	 	 
	 
	 	 	 	 	 	 
	 	 	INSTITUTIONAL VENTURE	 	 
	 	 	PARTNERS X, L.P.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	Institutional Venture Management X, LLC	 	 
	 

	 	Its:
	 	General Partner	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Norm Fogelsong	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Managing Director	 	 
	 
	 	 	 	 	 	 
	 	 	INSTITUTIONAL VENTURE	 	 
	 	 	PARTNERS X GmbH & CO.	 	 
	 	 	BETEILIGUNGS KG	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	Institutional Venture Management-X LLC	 	 
	 

	 	Its:
	 	Managing Limited Partner	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Norm Fogelsong	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Managing Director	 	 
	 
	 	 	 	 	 	 
	 	 	Address for Notices for IVP Purchasers:

3000 Sand Hill Road

Building 2, Suite 290

Menlo Park, CA 94025

Attn: Todd Chaffee	 	 

[Signature Page to Investor Rights Agreement]

 

 

	 	 	 	 	 	 	 	 	 
	 	 	Accel Purchasers	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	ACCEL VII L.P.	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	Accel VII Associates L.L.C.	 	 
	 	 	 	 	Its General Partner	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ Tracy L. Sedlock	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	     ATTORNEY-IN-FACT	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	ACCEL INTERNET FUND III L.P.	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	Accel Internet Fund III Associates L.L.C.	 	 
	 	 	 	 	Its General Partner	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ Tracy L. Sedlock	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	     ATTORNEY-IN-FACT	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	ACCEL INVESTORS ‘99 L.P.	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ Tracy L. Sedlock	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	     ATTORNEY-IN-FACT	 	 

[Signature Page to Investor Rights Agreement]

 

 

	 	 	 	 	 	 	 
	 	 	J.P Morgan Purchasers	 	 
	 
	 	 	 	 	 	 
	 	 	THE FLATIRON FUND 2000, LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Frederick Wilson	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Managing Member	 	 
	 
	 	 	 	 	 	 
	 	 	FLATIRON ASSOCIATES II, LLC	 	 
	 

	 	By:
	 	Flatiron Partners, LLC	 	 
	 	 	Its Manager	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Frederick Wilson	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Managing Partner	 	 
	 
	 	 	 	 	 	 
	 	 	THE FLATIRON FUND 1998/99, LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Frederick Wilson	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Managing Member	 	 
	 
	 	 	 	 	 	 
	 	 	FLATIRON ASSOCIATES, LLC	 	 
	 

	 	By:
	 	Flatiron Partners, LLC	 	 
	 	 	Its Manager	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Frederick Wilson	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Managing Partner	 	 
	 
	 	 	 	 	 	 
	 	 	THE FLATIRON FUND 2001, LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Frederick Wilson	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Managing Member	 	 

[Signature Page to Investor Rights Agreement]

 

 

	 	 	 	 	 	 	 
	 	 	JP MORGAN PARTNERS (SBIC), LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Stephen P. Murray	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Stephen P. Murray	 	 
	 

	 	 	 	Its: Managing Director	 	 
	 
	 	 	 	 	 	 
	 	 	J.P. MORGAN PARTNERS (BHCA), L.P.	 	 
	 

	 	By:
	 	JPMP Master Fund Manager, L.P.,	 	 
	 

	 	 	 	Its General Partner	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	JPMP Capital Corp,	 	 
	 

	 	 	 	Its General Partner	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Stephen P. Murray	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Stephen P. Murray	 	 
	 

	 	 	 	Title: Managing Director	 	 
	 
	 	 	 	 	 	 
	 	 	Addresses for Notices for J.P. Morgan
Purchasers:

c/o J.P. Morgan Partners, LLC

1221 Avenue of the Americas, 39th Floor

New York, NY 10020	 	 
	 

	 	Attn:
	 	Official Notices Clerk	 	 
	 

	 	FBO:
	 	Fred Wilson	 	 
	 

	 	 	 	Ingrid Mazul	 	 
	 
	 	 	 	 	 	 
	 	 	With a copy to:	 	 
	 
	 	 	 	 	 	 
	 	 	O’Melveny & Myers LLP

30 Rockefeller Plaza

New York, NY 10112	 	 
	 

	 	Attn:
	 	Nicole J. Macarchuk	 	 

[Signature Page to Investor Rights Agreement]

 

 

	 	 	 	 	 	 	 
	 	 	Lehman Brothers Purchasers	 	 
	 
	 	 	 	 	 	 
	 	 	LEHMAN BROTHERS VENTURE	 	 
	 	 	CAPITAL PARTNERS I, L.P.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	LBI Group Inc., as General Partner	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Michael S. Castleman	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Michael S. Castleman	 	 
	 

	 	 	 	Its: Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	LEHMAN BROTHERS VENTURE	 	 
	 	 	PARTNERS L.P.	 	 
	 

	 	By:
	 	Lehman Brothers Venture G.P. Partnership	 	 
	 

	 	 	 	     L.P., as General Partner	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	Lehman Brothers Venture Associates Inc.,	 	 
	 

	 	 	 	     as General Partner	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Michael S. Castleman	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Michael S. Castleman	 	 
	 

	 	 	 	Its: Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	LB I GROUP INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Michael S. Castleman	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Michael S. Castleman	 	 
	 

	 	 	 	Its: Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	Addresses for Notices for Lehman Purchasers:

Michael S. Castleman

Lehman Brothers Inc.

399 Park Avenue, 9th Floor

New York, NY 10022

Tel.: (212) 526-2969

Fax: (646) 758-4210	 	 

[Signature Page to Investor Rights Agreement]

 

 

	 	 	 	 	 
	 

	 	FOUNDERS AND SERIES C-l
	 	 
	 

	 	PURCHASERS	 	 
	 
	 	 	 	 
	 

	 	     /s/ Magid Abraham	 	 
	 

	 	 	 	 
	 

	 	Magid Abraham	 	 
	 
	 	 	 	 
	 

	 	     /s/ Gian Fulgoni	 	 
	 

	 	 	 	 
	 

	 	Gian Fulgoni	 	 
	 
	 	 	 	 
	 

	 	FOUNDERS	 	 
	 
	 	 	 	 
	 

	 	     /s/ George Garrick	 	 
	 

	 	 	 	 
	 

	 	George Garrick	 	 
	 
	 	 	 	 
	 

	 	     /s/ Michael Santer	 	 
	 

	 	 	 	 
	 

	 	Michael Santer	 	 

[Signature Page to Investor Rights Agreement]exv4w3

 

Exhibit 4.3

[COMDISCO LETTERHEAD]

FEDERAL EXPRESS

August 16, 2000

David Jones

ComScore, Inc.

1761 Business Center Drive

Suite 250

Reston, VA 20190

Re: Preferred Stock Warrant Agreement Dated June 9, 2000 to the Master Lease Agreement Dated June
9, 2000, Equipment Schedule Nos. VL-1 and VL-2 Dated as of June 9, 2000 by and between Comdisco,
Inc. (“Warrantholder”) and ComScore, Inc. (“Company”)

Dear David,

Pursuant to the closing of your Series B Preferred financing on July 5, 2000, this letter is to
confirm that Comdisco, Inc., as Warrantholder, hereby agrees that the price per share shall be
equal to $2.90/sh providing the right to purchase 46,551 shares for an aggregate price of
$134,997.90 pursuant to the above referenced warrant.

Except as specifically set forth above, all other terms and conditions of the Warrant shall remain
in full force and effect including any adjustments under Section 8.

Please indicate your acceptance by signing in the space provided below and returning to the
undersigned and I will have it countersigned and will forward a copy to you to attach to your copy
of the warrant. If you have any questions, please do not hesitate to call me at (650) 566-4912.

	 	 	 	 	 	 	 
	Sincerely,	 	ComScore, Inc.	 	 
	 
	 	 	 	 	 	 
	/s/ Vika Tonga

	 	By:
	 	/s/David B. Jones	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Vika Tonga

	 	Title:
	 	Controller	 	 
	Information/Document Specialist
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	Comdisco, Inc.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/Jill C. Hanses	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Title:
	 	/s/SVP	 	 

 

 

THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 AS AMENDED, OR ANY
STATE SECURITIES LAWS. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, OR HYPOTHECATED IN THE
ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL (WHICH MAY
BE COMPANY COUNSEL) REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY APPLICABLE STATE SECURITIES LAWS.

WARRANT AGREEMENT

To Purchase Shares of the Series B Preferred Stock, or Upon Certain Terms, the Series A Preferred Stock of

COMSCORE, INC.

Dated as of June 9, 2000 (the “Effective Date”)

     WHEREAS, ComScore, Inc., a Delaware corporation (the “Company”) has entered into a Master
Lease Agreement dated as of June 9, 2000, Equipment Schedule No. VL-1 and VL-2 dated as of June 9,
2000, and related Summary Equipment Schedules (collectively, the “Leases”) with Comdisco, Inc., a
Delaware corporation (the “Warrantholder”); and

     WHEREAS, the Company desires to grant to Warrantholder, in consideration for such Leases, the
right to purchase shares of its Series B Preferred Stock if the Next Round, as defined below, is a
private equity financing, or if the Next Round is a Merger Event, as defined below, or an Initial
Public Offering, as defined below, then shares of its Series A Preferred Stock;

     NOW, THEREFORE, in consideration of the Warrantholder executing and delivering such Leases and
in consideration of mutual covenants and agreements contained herein, the Company and Warrantholder
agree as follows:

1. GRANT OF THE RIGHT TO PURCHASE PREFERRED STOCK.

     For Value received, the Company hereby grants to the Warrantholder, and the Warrantholder is
entitled, upon the terms and subject to the conditions hereinafter set forth, to subscribe for and
purchase from the Company that number of fully paid and non-assessable shares of the Company’s
Preferred Stock (“Preferred Stock”) equal to One Hundred Thirty-five Thousand Dollars ($135,000.00)
(“Aggregate Purchase Price”), divided by the Exercise Price (“Exercise Price”). .In the event the
Next Round is a financing as defined in (i) below and successfully completed on or before August
31, 2000, Warrantholder shall have the right to purchase from the Company its Series B Preferred
Stock, and the Exercise Price shall be defined as the sum of $1.00 per share (the “Last Round
Price”) plus the product of (a) the difference between the price per share of the next round of
equity financing (the “Next Round”) and the Last Round, multiplied by (b) the fraction resulting
from dividing (x) the number of days from the date of closing of the Last Round to the date of the
Lease proposal (April 12, 2000), by (y) the number of days from the date of the closing of the Last
Round to the date of closing of the Next Round. Notwithstanding the foregoing, the price per share
of the Next Round shall be capped at a Ninety-five Million Dollar Pre-money Valuation. “Nine-five
Million Dollar Pre-Money Valuation” shall be calculated by dividing Nine-five Million Dollars
($95,000,000.00) by the number of fully diluted shares of the Company’s authorized Common Stock,
Preferred Stock, warrants and options, as converted to Common Stock outstanding immediately prior
to the closing of the Next Round. In the event the Next Round is an event as described in (ii) or
(iii) below or the Next Round is not successfully completed by August 31, 2000, then Warrantholder
shall have the right to purchase 135,000 shares of Series A Preferred Stock from the Company at an
Exercise Price of $1.00 per share. The number and purchase price of such shares are subject to
adjustment as provided in Section 8 hereof.

     “Next Round” shall be defined as the earlier to occur of (i) preferred stock financing of at
least $2,000,000.00, (ii) the sale, conveyance disposal, or encumbrance of all or substantially all
of the Company’s property or business or Company’s merger into or consolidation with any other
corporation (other than a wholly-owned subsidiary corporation) or any other transaction or series
of related transactions in which more than fifty percent (50%) of the voting power of Company is
disposed of (“Merger Event”), provided that a Merger Event shall not apply to a merger effected
exclusively for the purpose of changing the domicile of the company, or (iii) an initial public
offering of the Company’s Common Stock which such public offering has been declared effective by
the SEC.

- 1 -

 

2. TERM OF THE WARRANT AGREEMENT.

     Except as otherwise provided for herein, the term of this Warrant Agreement and the right to
purchase Preferred Stock as granted herein shall commence on the Effective Date and shall be
exercisable for a period of (i) ten (10) years or (ii) five (5) years from the effective date of
the Company’s initial public offering, whichever is earlier.

3. EXERCISE OF THE PURCHASE RIGHTS.

     (a) Exercise. The purchase rights set forth in this Warrant Agreement are exercisable
by the Warrantholder, in whole or in part, at any time, or from time to time, prior to the
expiration of the term set forth in Section 2 above, by tendering to the Company at its principal
office a notice of exercise in the form attached hereto as Exhibit I (the “Notice of Exercise”),
duly completed and executed. Promptly upon receipt of the Notice of Exercise and the payment of
the purchase price in accordance with the terms set forth below, and in no event later than
twenty-one (21) days thereafter, the Company shall issue to the Warrantholder a certificate for the
number of shares of Preferred Stock purchased and shall execute the acknowledgment of exercise in
the form attached hereto as Exhibit II (the “Acknowledgment of Exercise”) indicating the number of
shares which remain subject to future purchases, if any.

     The Exercise Price may be paid at the Warrantholder’s election either (i) by cash or check, or
(ii) by surrender of Warrants (“Net Issuance”) as determined below. If the Warrantholder elects
the Net Issuance method, the Company will issue Preferred Stock in accordance with the following
formula:

X = Y(A-B)

          A

	 	 	 	 	 
	Where:

	 	X =
	 	the number of shares of Preferred Stock to be issued to the Warrantholder,
	 
	 	 	 	 
	 

	 	Y =
	 	the number of shares of Preferred Stock requested to be exercised under this Warrant Agreement.
	 
	 	 	 	 
	 

	 	A =
	 	the fair market value of one (1) share of Preferred Stock.
	 
	 	 	 	 
	 

	 	B =
	 	the Exercise Price.

     For purposes of the above calculation, current fair market value of Preferred Stock shall mean
with respect to each share of Preferred Stock:

     (i) if the exercise is in connection with an initial public offering of the Company’s
Common Stock, and if the Company’s Registration Statement relating to such public offering
has been declared effective by the SEC, then the fair market value per share shall be the
product of (x) the initial “Price to Public” specified in the final prospectus with respect
to the offering and (y) the number of shares of Common Stock into which each share of
Preferred Stock is convertible at the time of such exercise;

     (ii) if this Warrant is exercised after, and not in connection with the Company’s
initial public offering, and:

     (a) if traded on a securities exchange, the fair market value shall be deemed to
be the product of (x) the average of the closing prices over a five (5) day period
ending three days before the day the current fair market value of the securities is
being determined and (y) the number of shares of Common Stock into which each share
of Preferred Stock is convertible at the time of such exercise; or

     (b) if actively traded over-the-counter, the fair market value shall be deemed
to be the product of (x) the average of the closing bid and asked prices quoted on
the NASDAQ system (or similar system) over the five (5) day period ending three days
before the day the current fair market value of the securities is being determined
and (y) the number of shares of Common Stock into which each share of Preferred Stock
is convertible at the time of such exercise;

     (iii) if at any time the Common Stock is not listed on any securities exchange or
quoted in the NASDAQ System or the over-the-counter market, the current fair market value of
Preferred Stock shall be the product of (x) the highest price per share which the Company
could obtain from a willing buyer (not a current employee or director) for shares of Common
Stock sold by the Company, from authorized but unissued shares, as determined in good faith
by its Board of Directors and (y) the number of shares of

- 2 -

 

Common Stock into which each share of Preferred Stock is convertible at the time of such exercise,
unless the Company shall become subject to a merger, acquisition or other consolidation pursuant to
which the Company is not the surviving party, in which case the fair market value of Preferred
Stock shall be deemed to be the value received by the holders of the Company’s Preferred Stock on a
common equivalent basis pursuant to such merger or acquisition.

     Upon partial exercise by either cash or Net Issuance, the Company shall promptly issue an
amended Warrant Agreement representing the remaining number of shares purchasable hereunder. All
other terms and conditions of such amended Warrant Agreement shall be identical to those contained
herein, including, but not limited to the Effective Date hereof.

     (b) Exercise Prior to Expiration. To the extent this Warrant is not previously
exercised as to all Preferred Stock subject hereto, and if the fair market value of one share of
the Preferred is greater than the Exercise Price then in effect, this Warrant shall be deemed
automatically exercised pursuant to Section 3(a) above (even if not surrendered) immediately before
its expiration. For purposes of such automatic exercise, the fair market value of one share of the
Preferred Stock upon such expiration shall be determined pursuant to Section 3(a) above. To the
extent this Warrant or any portion thereof is deemed automatically exercised pursuant to this
Section 3(b), the Company agrees to promptly notify the Warrantholder of the number of Preferred
Stock, if any, the Warrantholder is to receive by reason of such automatic exercise.

4. RESERVATION Of SHARES.

     During the term of this Warrant Agreement, the Company will at all times have authorized and
reserved a sufficient number of shares of its Preferred Stock to provide for the exercise of the
rights to purchase Preferred Stock as provided for herein.

5. NO FRACTIONAL SHARES OR SCRIP.

     No fractional shares or scrip representing fractional shares shall be issued upon the exercise
of the Warrant, but in lieu of such fractional shares the Company shall make a cash payment
therefor upon the basis of the Exercise Price then in effect.

6. NO RIGHTS AS SHAREHOLDER.

     This Warrant Agreement does not entitle the Warrantholder to any voting rights or other rights
as a shareholder of the Company prior to the exercise of the Warrant.

7. WARRANTHOLDER REGISTRY.

     The Company shall maintain a registry showing the name and address of the registered holder of
this Warrant Agreement.

8. ADJUSTMENT RIGHTS.

     The purchase price per share and the number of shares of Preferred Stock purchasable hereunder
are subject to adjustment, as follows:

     (a) Merger and Sale of Assets. If at any time there shall be a capital reorganization
of the shares of the Company’s stock (other than a combination, reclassification, exchange or
subdivision of shares otherwise provided for herein), or a merger or consolidation of the Company
with or into another corporation whether or not the Company is the surviving corporation, or the
sale of all or substantially all of the Company’s properties and assets to any other person
(hereinafter referred to as a “Merger Event”), then, as a part of such Merger Event, lawful
provision shall be made so that the Warrantholder shall thereafter be entitled to receive, upon
exercise of the Warrant, the number of shares of preferred stock or other securities of the
successor corporation resulting from such Merger Event, equivalent in value to that which would
have been issuable if Warrantholder had exercised this Warrant immediately prior to the Merger
Event. In any such case, 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 Agreement
with respect to the rights and interest of the Warrantholder after the Merger Event to the end that
the provisions of this Warrant Agreement (including adjustments of the Exercise Price and number of
shares of Preferred Stock purchasable) shall be applicable to the greatest extent possible.

- 3 -

 

     (b) Reclassification of Shares. If the Company at any time shall, by combination,
reclassification, exchange or subdivision of securities or otherwise, change any of the securities
as to which purchase rights under this Warrant Agreement exist into the same or a different number
of securities of any other class or classes, this Warrant Agreement 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 which were subject to the purchase rights under this
Warrant Agreement immediately prior to such combination, reclassification, exchange, subdivision or
other change.

     (c) Subdivision or Combination of Shares. If the Company at any time shall combine or
subdivide its Preferred Stock, the Exercise Price shall be proportionately decreased in the case of
a subdivision, or proportionately increased in the case of a combination.

     (d) Stock Dividends. If the Company at any time shall pay a dividend payable in, or
make any other distribution (except any distribution specifically provided for in the foregoing
subsections (a) or (b)) of the Company’s stock, then the Exercise Price shall be adjusted, from and
after the record date of such dividend or distribution, to that price determined by multiplying the
Exercise Price in effect immediately prior to such record date by a fraction (i) the numerator of
which shall be the total number of all shares of the Company’s stock outstanding immediately prior
to such dividend or distribution, and (ii) the denominator of which shall be the total number of
all shares of the Company’s stock outstanding immediately after such dividend or distribution. The
Warrantholder shall thereafter be entitled to purchase, at the Exercise Price resulting from such
adjustment, the number of shares of Preferred Stock (calculated to the nearest whole share)
obtained by multiplying the Exercise Price in effect immediately prior to such adjustment by the
number of shares of Preferred Stock issuable upon the exercise hereof immediately prior to such
adjustment and dividing the product thereof by the Exercise Price resulting from such adjustment.

     (e) Right to Purchase Additional Stock. If, the Warrantholder’s total cost of
equipment leased pursuant to the Leases exceeds $3,000,000, Warrantholder shall have the right to
purchase from the Company, at the Exercise Price (adjusted as set forth herein), an additional
number of shares, which number shall be determined by (i) multiplying the amount by which the
Warrantholder’s total equipment cost exceeds $3,000,000 by 4.5%, and (ii) dividing the product
thereof by the Exercise Price per share referenced above.

     (f) Antidilution Rights. Additional antidilution rights applicable to the Preferred
Stock purchasable hereunder are as set forth in the Company’s Certificate of Incorporation, as
amended through the Effective Date, a true and complete copy of which is attached hereto as Exhibit
IV (the “Charter”). The Company shall promptly provide the Warrantholder with any restatement,
amendment, modification or waiver of the Charter. The Company shall provide Warrantholder with
prior written notice of any issuance of its stock or other equity security to occur after the
Effective Date of this Warrant, which notice shall include (a) the price at which such stock or
security is to be sold, (b) the number of shares to be issued, and (c) such other information as
necessary for Warrantholder to determine if a dilutive event has occurred.

     (g) Notice of Adjustments. If: (i) the Company shall declare any dividend or
distribution upon its stock, whether in cash, property, stock or other securities; (ii) the Company
shall offer for subscription prorata to the holders of any class of its Preferred or other
convertible stock any additional shares of stock of any class or other rights; (iii) there shall be
any Merger Event; (iv) there shall be an initial public offering; or (v) there shall be any
voluntary dissolution, liquidation or winding up of the Company; then, in connection with each such
event, the Company shall send to the Warrantholder: (A) at least twenty (20) days’ prior written
notice of the date on which the books of the Company shall close or a record shall be taken for
such dividend, distribution, subscription rights (specifying the date on which the holders of
Preferred Stock shall be entitled thereto) or for determining rights to vote in respect of such
Merger Event, dissolution, liquidation or winding up; (B) in the case of any such Merger Event,
dissolution, liquidation or winding up, at least twenty (20) days’ prior written notice of the date
when the same shall take place (and specifying the date on which the holders of Preferred Stock
shall be entitled to exchange their Preferred Stock for securities or other property deliverable
upon such Merger Event, dissolution, liquidation or winding up); and (C) in the case of a public
offering, the Company shall give the Warrantholder at least twenty (20) days written notice prior
to the effective date thereof.

     Each such written notice shall set forth, in reasonable detail, (i) the event requiring the
adjustment, (ii) the amount of the adjustment, (iii) the method by which such adjustment was
calculated, (iv) the Exercise Price, and (v) the number of shares subject to purchase hereunder
after giving effect to such adjustment, and shall be given by first class mail, postage prepaid,
addressed to the Warrantholder, at the address as shown on the books of the Company.

- 4 -

 

     (h) Timely Notice. Failure to timely provide such notice required by subsection (g)
above shall entitle Warrantholder to retain the benefit of the applicable notice period
notwithstanding anything to the contrary contained in any insufficient notice received by
Warrantholder. The notice period shall begin on the date Warrantholder actually receives a written
notice containing all the information specified above.

9. REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE COMPANY.

     (a) Reservation of Preferred Stock. The Preferred Stock issuable upon exercise of the
Warrantholder’s rights has been duly and validly reserved and, when issued in accordance with the
provisions of this Warrant Agreement, will be validly issued, fully paid and non-assessable, and
will be free of any taxes, liens, charges or encumbrances of any nature whatsoever: provided,
however, that the Preferred Stock issuable pursuant to this Warrant Agreement may be subject to
restrictions or transfer under state and/or Federal securities laws. The Company has made
available to the Warrantholder true, correct and complete copies of its Charter and Bylaws, as
amended. The issuance of certificates for shares of Preferred Stock upon exercise of the Warrant
Agreement shall be made without charge to the Warrantholder for any issuance tax in respect
thereof, or other cost incurred by the Company in connection with such exercise and the related
issuance of shares of Preferred Stock. The Company shall not be required to pay any tax which may
be payable in respect of any transfer involved and the issuance and delivery of any certificate in
a name other than that of the Warrantholder.

     (b) Due Authority. The execution and delivery by the Company of this Warrant
Agreement and the performance of all obligations of the Company hereunder, including the issuance
to Warrantholder of the right to acquire the shares of Preferred Stock, have been duly authorized
by all necessary corporate action on the part of the Company, and the Leases and this Warrant
Agreement are not inconsistent with the Company’s Charter or Bylaws, do not contravene any law or
governmental rule, regulation or order applicable to it, do not and will not contravene any
provision of, or constitute a default under, any indenture, mortgage, contract or other instrument
to which it is a party or by which it is bound, and the Leases and this Warrant Agreement
constitute legal, valid and binding agreements of the Company, enforceable in accordance with their
respective terms.

     (c) Consents and Approvals. No consent or approval of, giving of notice to,
registration with, or taking of any other action in respect of any state, Federal or other
governmental authority or agency is required with respect to the execution, delivery and
performance by the Company of its obligations under this Warrant Agreement, except for the filing
of notices pursuant to Regulation D under the 1933 Act and any filing required by applicable state
securities law, which filings will be effective by the time required thereby.

     (d) Issued Securities. All issued and outstanding shares of Common Stock, Preferred
Stock or any other securities of the Company have been duly authorized and validly issued and are
fully paid and nonassessable. All outstanding shares of Common Stock, Preferred Stock and any
other securities were issued in full compliance with all Federal and state securities laws. In
addition, as of the date hereof:

     (i) The authorized capital of the Company consists of (A) 50,000,000 shares of Common
Stock, of which 12,122,396 shares are issued and outstanding, and (B) 9,187,500 shares of
Series A Preferred Stock, of which 9,187,500 shares are issued and outstanding and are
convertible into 9,187,500 shares of Common Stock at $1.00 per share.

     (ii) The Company has reserved 4,210,937 shares of Common Stock for issuance under its
1999 Stock Plan, under which 3,411,200 options are outstanding at an average price of $0.10
per share. There are no other options, warrants, conversion privileges or other rights
presently outstanding to purchase or otherwise acquire any authorized but unissued shares of
the Company’s capital stock or other securities of the Company.

     (iii) In accordance with the Company’s Certificate of Incorporation, no shareholder of
the Company has preemptive rights to purchase new issuances of the Company’s capital stock.

     (e) Insurance. The Company has in full force and effect insurance policies, with
extended coverage, insuring the Company and its property and business against such losses and
risks, and in such amounts, as are customary for corporations engaged in a similar business and
similarly situated and as otherwise may be required pursuant to the terms of any other contract or
agreement.

     (f) Other Commitments to Register Securities. Except as set forth in this Warrant
Agreement, the Company is not, pursuant to the terms of any other agreement currently in existence,
under any obligation to register under the 1933 Act any of its presently outstanding securities or
any of its securities which may hereafter be issued.

- 5 -

 

     (g) Exempt Transaction. Subject to the accuracy of the Warrantholder’s
representations in Section 10 hereof, the issuance of the Preferred Stock upon exercise of this
Warrant will constitute a transaction exempt from (i) the registration requirements of Section 5 of
the 1933 Act, in reliance upon Section 4(2) thereof, and (ii) the qualification requirements of the
applicable state securities laws.

     (h) Compliance with Rule 144. At the written request of the Warrantholder, who
proposes to sell Preferred Stock issuable upon the exercise of the Warrant in compliance with Rule
144 promulgated by the Securities and Exchange Commission, the Company shall furnish to the
Warrantholder, within ten days after receipt of such request, a written statement confirming the
Company’s compliance with the filing requirements of the Securities and Exchange Commission as set
forth in such Rule, as such Rule may be amended from time to time.

10. REPRESENTATIONS AND COVENANTS OF THE WABRANTHOLDER.

     This Warrant Agreement has been entered into by the Company in reliance upon the following
representations and covenants of the Warrantholder:

     (a) Investment Purpose. The right to acquire Preferred Stock or the Preferred Stock
issuable upon exercise of the Warrantholder’s rights contained herein will be acquired for
investment and not with a view to the sale or distribution of any part thereof, and the
Warrantholder has no present intention of selling or engaging in any public distribution of the
same except pursuant to a registration or exemption.

     (b) Private Issue. The Warrantholder understands (i) that the Preferred Stock
issuable upon exercise of this Warrant is not registered under the 1933 Act or qualified under
applicable state securities laws on the ground that the issuance contemplated by this Warrant
Agreement will be exempt from the registration and qualifications requirements thereof, and (ii)
that the Company’s reliance on such exemption is predicated on the representations set forth in
this Section 10.

     (c) Disposition of Warrantholder’s Rights. In no event will the Warrantholder make a
disposition of any of its rights to acquire Preferred Stock or Preferred Stock issuable upon
exercise of such rights unless and until (i) it shall have notified the Company of the proposed
disposition, and (ii) if requested by the Company, it shall have furnished the Company with an
opinion of counsel (which counsel may either be inside or outside counsel to the Warrantholder)
satisfactory to the Company and its counsel to the effect that (A) appropriate action necessary for
compliance with the 1933 Act has been taken, or (B) an exemption from the registration requirements
of the 1933 Act is available. Notwithstanding the foregoing, the restrictions imposed upon the
transferability of any of its rights to acquire Preferred Stock or Preferred Stock issuable on the
exercise of such rights do not apply to transfers from the beneficial owner of any of the
aforementioned securities to its nominee or from such nominee to its beneficial owner, and shall
terminate as to any particular share of Preferred Stock when (1) such security shall have been
effectively registered under the 1933 Act and sold by the holder thereof in accordance with such
registration or (2) such security shall have been sold without registration in compliance with Rule
144 under the 1933 Act, or (3) a letter shall have been issued to the Warrantholder at its request
by the staff of the Securities and Exchange Commission or a ruling shall have been issued to the
Warrantholder at its request by such Commission stating that no action shall be recommended by such
staff or taken by such Commission, as the case may be, if such security is transferred without
registration under the 1933 Act in accordance with the conditions set forth in such letter or
ruling and such letter or ruling specifies that no subsequent restrictions on transfer are
required. Whenever the restrictions imposed hereunder shall terminate, as hereinabove provided,
the Warrantholder or holder of a share of Preferred Stock then outstanding as to which such
restrictions have terminated shall be entitled to receive from the Company, without expense to such
holder, one or more new certificates for the Warrant or for such shares of Preferred Stock not
bearing any restrictive legend.

     (d) Financial Risk. The Warrantholder has such knowledge and experience in financial
and business matters as to be capable of evaluating the merits and risks of its investment, and has
the ability to bear the economic risks of its investment.

     (e) Risk of No Registration. The Warrantholder understands that if the Company does
not register with the Securities and Exchange Commission pursuant to Section 12 of the 1934 Act
(the “1934 Act”), or file reports pursuant to Section 15(d), of the 1934 Act, or if a registration
statement covering the securities under the 1933 Act is not in effect when it desires to sell (i)
the rights to purchase Preferred Stock pursuant to this Warrant Agreement, or (ii) the Preferred
Stock issuable upon exercise of the right to purchase, it may be required to hold such securities
for an indefinite period. The Warrantholder also understands that any sale of its rights of the
Warrantholder to purchase Preferred Stock or Preferred Stock which might be made by it in reliance
upon Rule 144 under the 1933 Act may be made only in accordance with the terms and conditions of
that Rule.

- 6 -

 

     (f) Accredited Investor. Warrantholder is an “accredited investor” within the meaning
of the Securities and Exchange Rule 501 of Regulation D, as presently in effect.

11. TRANSFERS.

     Subject to the terms and conditions contained in Section 10 hereof, this Warrant Agreement and
all rights hereunder are transferable in whole or in part by the Warrantholder and any successor
transferee, provided, however, in no event shall the number of transfers of the rights and
interests in all of the Warrants exceed three (3) transfers. The transfer shall be recorded on the
books of the Company upon receipt by the Company of a notice of transfer in the form attached
hereto as Exhibit III (the “Transfer Notice”), at its principal offices and the payment to the
Company of all transfer taxes and other governmental charges imposed on such transfer,

12. MISCELLANEOUS.

     (a) Effective Date. The provisions of this Warrant Agreement shall be construed and
shall be given effect in all respects as if it had been executed and delivered by the Company on
the date hereof. This Warrant Agreement shall be binding upon any successors or assigns of the
Company.

     (b) Attorney’s Fees. In any litigation, arbitration or court proceeding between the
Company and the Warrantholder relating hereto, the prevailing party shall be entitled to attorneys’
fees and expenses and all costs of proceedings incurred in enforcing this Warrant Agreement.

     (c) Governing Law. This Warrant Agreement shall be governed by and construed for all
purposes under and in accordance with the laws of the State of Illinois.

     (d) Counterparts. This Warrant Agreement may be executed in two or more counterparts,
each of which shall be deemed an original, but all of which together shall constitute one and the
same instrument.

     (e) Notices. Any notice required or permitted hereunder shall be given in writing and
shall be deemed effectively given upon personal delivery, facsimile transmission (provided that the
original is sent by personal delivery or mail as hereinafter set forth) or seven (7) days after
deposit in the United States mail, by registered or certified mail, addressed (i) to the
Warrantholder at 6111 North River Road, Rosemont, Illinois 60018, Attention: Venture Lease
Administration, cc: Legal Department, Attention: General Counsel, (and/or, if by Facsimile, (847)
518-5465 and (847)518-5088) and (ii) to the Company at 1761 Business Center Drive, Suite 250,
Reston, CA 20190, Attention: David Jones (and/or if by Facsimile, (703) 438-2091) or at
such other address as any such party may subsequently designate by written notice to the other
party.

     (f) Remedies. In the event of any default hereunder, the non-defaulting party may
proceed to protect and enforce its rights either by suit in equity and/or by action at law,
including but not limited to an action for damages as a result of any such default, and/or an
action for specific performance for any default where Warrantholder will not have an adequate
remedy at law and where damages will not be readily ascertainable. The Company expressly agrees
that it shall not oppose an application by the Warrantholder or any other person entitled to the
benefit of this Agreement requiring specific performance of any or all provisions hereof or
enjoining the Company from continuing to commit any such breach of this Agreement.

     (g) No Impairment of Rights. The Company will not, by amendment of its Charter or
through any other means, avoid or seek to avoid the observance or performance of any of the terms
of this Warrant, but will at all times in good faith assist in the carrying out of all such terms
and in the taking of all such actions as may be necessary or appropriate in order to protect the
rights of the Warrantholder against impairment.

     (h) Survival. The representations, warranties, covenants and conditions of the
respective parties contained herein or made pursuant to this Warrant Agreement shall survive the
execution and delivery of this Warrant Agreement.

     (i) Severability. In the event any one or more of the provisions of this Warrant
Agreement shall for any reason be held invalid, illegal or unenforceable, the remaining provisions
of this Warrant Agreement shall be unimpaired, and the invalid, illegal or unenforceable provision
shall be replaced by a mutually acceptable valid, legal and enforceable provision, which comes
closest to the intention of the parties underlying the invalid illegal or unenforceable provision.

     (j) Amendments. Any provision of this Warrant Agreement may be amended by a written
instrument signed by the Company and by the Warrantholder.

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     (k) Additional Documents. The Company, upon execution of this Warrant Agreement,
shall provide the Warrantholder with certified resolutions with respect to the representations,
warranties and covenants set forth in subparagraphs (a) through (d), (f) and (g) of Section 9
above. If the purchase price for the Leases referenced in the preamble of this Warrant Agreement
exceeds $1,000,000, the Company will also provide Warrantholder with an opinion from the Company’s
counsel with respect to those same representations, warranties and covenants. The Company shall
also supply such other documents as the Warrantholder may from time to time reasonably request.

     IN WITNESS WHEREOF, the parties hereto have caused this Warrant Agreement to be executed by
its officers thereunto duty authorized as of the Effective Date.

	 	 	 	 	 	 	 
	COMPANY:	 	COMSCORE, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/Magid Abraham	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Title:
	 	CEO	 	 
	 
	 	 	 	 	 	 
	WARRANTHOLDER:	 	COMDISCO	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/Jill C. Hanses	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Title:
	 	SVP	 	 

- 8 -

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