Document:

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                                                                  EXHIBIT 10.34

                             KEY EMPLOYEE AGREEMENT

         This KEY EMPLOYEE AGREEMENT (hereinafter referred to as the
("Agreement") is made and entered into as of the 14th day of February, 2000, by
and between ValueClick, Inc., a Delaware corporation (hereinafter referred to as
the "Company") and EARLE MALM (hereinafter referred to as "Executive").

         WHEREAS, Company is a global Internet advertising network enabling
advertisers to take advantage of the Internet to sell their products and
increase brand awareness;

         WHEREAS, Executive possesses unique technical and operational skills
which are valuable to the business and financial prospects of Company;

         WHEREAS, in light of the foregoing, Company desires to employ Executive
as President and Chief Operating Officer (COO), and Executive desires to accept
such employment;

         NOW, THEREFORE, in consideration of the mutual promises contained
herein, Company and Executive agree as follows:

1. DUTIES. Company hereby employs Executive to serve as President and COO,
reporting to the CEO with such duties as are specified in Company's Bylaws and
as may be defined from time to time by the Board and/or CEO. To the fullest
extent permitted by Delaware law, Company shall indemnify and defend Executive
from all costs, expenses and losses whether direct or indirect, including
consequential damages and attorney's fees, incurred or sustained by Executive in
consequence of the discharge of his duties on Company's behalf.

2. TERM OF EMPLOYMENT. Company hereby agrees to employ Executive and Executive
agrees to accept employment upon the terms and conditions set forth herein,
commencing on February 14, 2000 and shall continue, for a period of four (4)
years, unless and until terminated by Company or by Executive pursuant to
Paragraph 10 below.

3. SALARY. Executive shall be entitled to receive from Company a starting base
salary of $25,000 per month, which if annualized is $300,000. Salary is
calculated from the date of Executive's commencement of employment, pursuant to
Paragraph 2 above. The base salary shall be paid Executive in two equal
installments per month and shall be reviewed and may be increased by the Board
annually or at such earlier time or times as it determines.

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4. BONUS. Executive shall be entitled to receive from Company an annual bonus of
$200,000. Bonus will be calculated based on achievement of reasonable business
goals for revenue and profitability as defined by the CEO and/or Board and
agreed upon by the President and COO. Annual bonus is to be paid within 90 days
following year end.

4. STOCK OPTIONS. In addition to Executive's salary described in Paragraph 3,
above, Executive shall receive Incentive Stock Options at a striking price of
$5.50 per share as to 1,000,000 shares of Company Common Stock, which shall vest
in forty eight (48) equal monthly installments over the forty eight (48) month
period commencing on February 14, 2000. All of the aforementioned stock options
shall otherwise be subject to the terms and conditions of the Company's 1999
Stock Incentive Plan.

6. EXTENT OF SERVICES. So long as he serves as President and COO, Executive
shall devote his full time, attention and energies to the business of Company
and shall not during such time be engaged (whether or not during normal business
hours) in any other business or professional activity, whether or not such
activity is pursued for gain, profit or other pecuniary advantage, but this
shall not be construed as preventing the Executive from (a) investing personal
assets in businesses which do not compete with Company in such form or manner as
will not require any substantial services on the part of the Executive and in
which the Executive's participation is principally that of an investor; (b)
purchasing securities in any corporation whose securities are regularly traded,
provided that such purchase shall not result in the Executive's collectively
owning beneficially at any time five percent (5%) or more of the equity
securities of a corporation engaged in a business competitive to that of
Company; and (c) participating in conferences, preparing or publishing papers or
books or teaching, so long as the Board and/or the CEO approves of such
activities prior to the Executive engaging in them.

7. VACATIONS AND LEAVE. Executive shall be entitled to vacation and other leave
in accordance with normal Company policy applicable to management employees,
which at the date hereof is three (3) weeks annual combined vacation and sick
leave. Vacations shall be taken at such times the Executive and the Board and/or
the CEO shall mutually agree.

8. EXPENSE REIMBURSEMENT. Upon presentation of supporting documentation and
consistent with Company policy, Company will reimburse Executive for any
reasonable and necessary business expenses incurred by Executive in connection
with the business of Company. The parties acknowledge that Executive may incur
certain

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business-related expenses which Company will not reimburse but which nonetheless
further the business interests of Company and Executive's professional interest.

9. OTHER BENEFITS. In addition to the benefits specifically described herein,
during the term of this Agreement, Executive and his dependents shall be
entitled to receive, on an equivalent basis, all other benefits of employment
generally made available to other members of Company's management and their
families, including, without limitation, benefits as a result of any present or
future medical insurance, disability insurance, life insurance, retirement or
pension plans. It is understood that any 401(k) plan implemented by Company will
be made available to Executive at the time and upon the equivalent terms as made
available to Company's other management employees.

10. TAXES. Company may withhold from any amounts payable under this Agreement
such federal, state, or local taxes as shall be required to be withheld pursuant
to any applicable law or regulation.

11. TERMINATION OF EMPLOYMENT. This Agreement and Executive's employment as
President and COO may be terminated by either party, for any reason or no
reason, immediately upon ten (10) days written notice given to the other party.
In the event the Executive's employment is terminated for any reason other than
cause (i.e. gross negligence, willful misconduct, insubordination); or, in the
event the Executive is terminated for any reason following a Change in Control,
as defined below, the Executive shall be entitled to all compensation, stock
option and health and welfare benefits the Executive would have been eligible
for during a period equivalent to twelve (12) month's of employment.
Accordingly, Executive and Company acknowledge and agree that this Agreement and
any employments hereunder are to be considered AT-WILL EMPLOYMENT. Termination
pursuant to this Section shall not prejudice any other remedy to which the
terminating party may be entitled at law, in equity, or under this Agreement.
This is the only Agreement concerning termination between Company and Executive,
and the parties acknowledge that this Agreement supersedes and replaces any
other written or oral agreement, representation or understanding between the
parties concerning termination and that this Agreement can only be modified in a
writing signed by the Board's delegate and Executive.

         "Change In Control" shall be deemed to have occurred for purposes
hereof (i)when a change of stock ownership of Company of a nature that would be
required to be reported in response to Item 6(e) of Schedule 14A promulgated
under the Securities Exchange Act of 1934, as amended (the "Exchange Act") and
any successor item of

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a similar nature has occurred; or (ii) upon the acquisition of beneficial
ownership, directly or indirectly, by any person (as such term is used in
Sections 13(d) and 14(d)(2) of the Exchange Act) of securities of Company
representing 50% or more of the combined voting power of Company's then
outstanding securities; provided that a Change In Control will not be deemed to
have occurred for purposes hereof with respect to any person meeting the
requirements of clauses (i) and (ii) of Rule 13(b)(1) promulgated under the
Exchange Act.

12. SUCCESSORS TO THE COMPANY. Except as otherwise provided herein, this
Agreement shall be binding upon and inure to the benefit of Company and any
successors of Company, or any corporation which acquires directly or indirectly
all of the assets of Company, whether by merger, consolidation, sale or
otherwise, and shall not be otherwise assignable by Company. This Agreement is
not assignable by Executive.

13. CHANGE IN RESPONSBILITY. Should the Executives responsibility be changed by
the Company or successors to the Company for any reason other than cause,
pursuant to paragraph 11 above, the Executive shall be entitled to twelve (12)
months base salary, stock options and health and welfare benefits the Executive
would have been eligible for during a period equivalent to twelve (12) months of
employment.

14. NOTICE. Any notice to be given under the terms of this Agreement shall be
given as follows: Notice to Company shall be addressed to its CEO at Company's
principal office; notices to Executive shall be addressed to Executive's home as
last shown on the records of Company or given by personal delivery. Notice of a
change of address under this section shall have been duly given when personally
delivered or three (3) days after being enclosed in a properly sealed envelope
addressed as aforesaid, and deposited (postage paid) with the United States
Postal Service.

15. WAIVER. Neither party's failure to enforce any provision of this Agreement
shall be deemed or in any way construed as a waiver of any such provision, nor
prevent that party from thereafter enforcing each and every provision of this
Agreement. The rights granted both parties herein are cumulative and shall not
constitute a waiver of either party's right to assert all other legal remedies
available under the circumstances.

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16. SEVERABILITY. If one or more of the provisions or paragraphs of this
Agreement shall be held to be illegal or otherwise void or invalid, the
remainder of this Agreement shall not be affected and shall remain in full force
and effect.

17. GOVERNING LAW. This Agreement shall be interpreted under the laws of the
State of California, without regard to or application of choice of law rules or
principles.

18. ARBITRATION. In the event any claim or controversy arises under or
concerning any provision of this Agreement, excluding the termination provision
(Paragraph 10), Company and Executive hereby agree that such claim or
controversy shall be settled by final, binding arbitration in accordance with
the Employment Dispute Resolution Rules of the American Arbitration Association,
provided, however, that the impartial arbitrator shall be chosen as follows: if
Company and Executive are unable to agree upon an impartial arbitrator within
five (5) days of a request for arbitration, the parties shall request a panel of
five (5) labor and employment arbitrators from the American Arbitration
Association and shall alternatively strike names until a single arbitrator
remains. Arbitration shall occur, if practicable, in Santa Barbara County, CA.
Judgment upon the award rendered by the arbitrator may be entered in any court
having jurisdiction thereof. Depositions may be taken and other discovery may be
obtained during such arbitration proceedings to the same extent as authorized in
civil judicial proceedings, subject to any limitations placed on discovery by
the arbitrator. The parties shall share equally in the costs of conducting the
arbitration and shall each pay their expenses, but the prevailing party shall be
entitled to recover its reasonable attorneys' fees. Notwithstanding the
foregoing, nothing herein shall preclude or limit Company from seeking
injunctive relief from a court of competent jurisdiction. Executive acknowledges
and agrees that, by agreeing to this provision, he is agreeing to arbitrate any
claim relating to his employment, whether or not it arises under the terms of
this Agreement, that may arise under federal and state laws including, but not
limited to, claims arising under Title VII, the Age Discrimination in Employment
Act, the Americans with Disabilities Act and the Fair Employment and Housing
Act. EXECUTIVE FURTHER UNDERSTANDS THAT BY AGREEING TO ARBITRATE EMPLOYMENT
CLAIMS HE IS WAIVING HIS RIGHT TO BRING AN ACTION AGAINST COMPANY IN A COURT OF
LAW, EITHER STATE OR FEDERAL, AND IS WAIVING HIS RIGHT TO HAVE HIS CLAIMS AND
DAMAGES, IF ANY, DETERMINED BY A JURY.

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19. ENTIRE AGREEMENT. This Agreement, any stock option agreements and the
Employee Proprietary Information Agreement signed by the Executive contain the
entire agreement of the parties and supersede and replace any other Agreement
with the exception of stock options that had been granted to the executive under
a previous assignment as Chief Marketing Officer (CMO). Except as provided
herein, this Agreement may be modified only by an agreement in writing signed by
the party against whom enforcement of any waiver, change, modification,
extension or discharge is sought. Only Company's Board has the authority to make
such modifications of this Agreement on behalf of Company.

         IN WITNESS WHEREOF, the parties have duly executed this Agreement as of
the day and year first above written.

                                    COMPANY:

                                    ValueClick, Inc.

                                    By: /s/ JAMES R. ZARLEY
                                       --------------------------------
                                        CEO, James R. Zarley

                                    EXECUTIVE:
                                    /s/ EARLE MALM
                                    -----------------------------
                                    Earle Malm

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                                                                 EXHIBIT 10.13

                                BUSYBOX.COM, INC.

                                        &

                            M2 SOFTWARE EQUITY, LLC

                             DISTRIBUTION AGREEMENT

     This distribution agreement ("Agreement") is entered into as of the date
specified on the signature page ("Effective Date") by and between
busybox.com, inc., a Delaware corporation located at 701 Battery Street, 2nd
Floor, San Francisco, California 94111 ("Busybox") and M2 Software Equity,
LLC, a California limited liability company locate at 119 East Union Street,
Suite D, Pasadena, California 91103 ("M2").

                                RECITALS

R1.   Busybox commercially distributes digital media content, principally
      through its Web site www.reelstock.com.

R2.   M2 commercially distributes digital media content, principally through
      physical distribution channels.

R3.   The parties desire to collaborate for the purpose of leveraging and
      commercially exploiting their respective assets and distribution
      channels.

R4.   The parties hereby agree to be bound under the terms and conditions of
      this Agreement.

                              TERMS & CONDITIONS

1.    APPOINTMENT OF DISTRIBUTOR: Each party appoints the other as a
      non-exclusive distributor of certain digital media content as more fully
      described below.

2.    LICENSED CONTENT: Each party shall select and specify its respective
      digital media content subject to this Agreement ("Licensed Content"),
      which shall be more fully set forth in contemporaneous or subsequent
      Exhibit(s) hereto signed by such party's authorized representative.

2.1   MASTER: Each party shall at its own expense deliver the Licensed
      Content to the other party in the form of cassette, CD-ROM or such other
      suitable storage medium containing the respective digital files
      ("Master(s)").

3.    LICENSE: Each party grants to the other party a revocable,
      royalty-bearing, worldwide, non-exclusive license under the licensing
      party's intellectual property rights (including copyright, trademark,
      moral and related rights) to copy, reproduce, sub-license (pursuant to
      End-User License Agreement more fully described below), distribute and
      promote licensing party's Licensed Content, as well as to advertise
      and promote the

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      licensing party's trade identity and branded image, inclusive of
      applicable trademarks and service marks, with respect to the same as
      more fully set forth below.

3.1   REVOCATION: The licensing party may at any time upon confirming written
      notice to the other party revoke the license granted above with respect
      to any and all of such Licensed Content previously licensed; provided,
      however, that the licensee may for a period of thirty (30) days
      thereafter continue to distribute such revoked Licensed Content which
      has already been reproduced from the Master(s) and is in licensee's
      inventory ("Inventory").

3.1.1 INVENTORY PURCHASE: The above notwithstanding, the licensing party may
      elect to reimburse licensee for its duplication cost for such Inventory,
      payment terms net-30, in which case the licensee shall have no further
      rights of any kind with respect to the same.

3.2   END-USER LICENSE: All Licensed Content distributed to end users shall
      be subject to an end-user license Agreement ("End-User License
      Agreement") in the form of a template provided by or approved by the
      licensing party.

4.    ROYALTY RATES: The royalty rates and payment terms for all Licensed
      Content under this Agreement shall be set forth in contemporaneous or
      subsequent Exhibit(s) hereto signed by both party's authorized
      representatives.

5.    ADVERTISING & PROMOTION: All advertising and promotion by one party of
      the other party's trade identity and branded image, inclusive of
      applicable trademarks and service marks, shall be subject to that
      party's prior written approval, which shall not be unreasonably
      withheld. Each party shall submit to the other party all proposed
      advertising and promotional materials, including press releases, at
      least fourteen (14) days prior to such proposed use, and all such
      submissions shall be deemed approved unless approval is expressly
      withheld by written notice delivered to the requesting party at
      least seven (7) days prior to such proposed use, and such notice
      specifies the reason approval is withheld.

6.    WARRANTIES: Each party represents and warrants the following with
      respect to the Licensed Content delivered and licensed by it:

      - That it owns all right, title and interest in such Licensed Content;

      - That it has procured all necessary or applicable releases; and,

      - That it has not granted rights to any third party which would
        conflict with the rights granted to the other party under this
        Agreement.

7.    INDEMNITY: Each party shall defend, indemnify, and hold the other party
      harmless from and against all liability, loss, damage, cost

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      and expense, including reasonable attorneys' fees, paid or incurred by
      the other party in connection with the former party's breach of any
      representations and warranties above; provided, however, that the
      indemnifying party shall have the right to participate in the defense
      of all such claims.

8.    BOOKS & RECORDS: Each party shall maintain accurate and up-to-date
      books and records of account with respect to all Licensed Content
      distributed by it ("Books"). Each party may, once within any 12-month
      period, request an audit of the other party's Books to be performed by
      a reputable certified public accounting firm. The scope of such audit
      shall be limited to review and disclosure of information in the Books
      relevant to the calculation and payment of royalties to the other
      party. All costs and expenses of the audit shall be directly borne by
      the auditing party, unless the audit reveals a discrepancy of greater
      than FIVE percent (5%), in which case the costs and expenses of the
      audit shall be borne by the audited party.

9.    CONFIDENTIALITY: Developer shall respect and strictly preserve the
      confidentiality of all information of consequence obtained from Busybox
      in the course of performance of this Agreement ("Confidential
      Information"). Confidential Information shall include, among others,
      the technologies, trade secrets, business plans and activities,
      customers, and finances of Busybox and its clients and customers.

10.    TERM AND TERMINATION: This Agreement shall take effect as of the
       Effective Date and continue in effect through March 30, 2001 ("Initial
       Term"), thereafter automatically renewing for successive one-year terms
       ("Renewal Term(s)") until otherwise terminated as set forth below.

10.1   FOR CAUSE: If either party breaches any material term or condition
       under this Agreement and fails to cure such breach with thirty (30)
       days following written notice thereof, the non-breaching party may
       terminate this Agreement immediately upon confirming written notice.

10.2   WITHOUT CAUSE: Either party may terminate this Agreement, effective
       upon expiration of the Initial Term or any Renewal Term, as applicable,
       upon ninety (90) days prior written notice.

11.    INTEGRATION: This Agreement is the complete agreement between the
       parties respecting all subject matter addressed herein, superseding
       any and all prior oral or written understandings between the
       parties relating thereto. In the event of any conflict between this
       Agreement, and any Exhibit hereto, the terms and conditions of this
       Agreement shall prevail.

12.    MODIFICATION: This Agreement may be modified in whole or in part only
       in writing signed by the authorized representatives of the parties.

13.    GENERAL: If any provision of this Agreement is found illegal or
       unenforceable, the legality and enforceability of the other

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      provisions of this Agreement will not be affected. No failure of either
      party to exercise or enforce any of its rights hereunder will act as a
      waiver of such rights.

14.   GOVERNING LAW & JURISDICTION: This Agreement shall be interpreted and
      governed by the laws of the state of California, excluding its body of
      law relating to conflicts of law. All disputes between the parties
      arising under this Agreement shall be finally decided through binding
      arbitration before Judicial Arbitration & Mediation Services, Inc.
      ("JAMS/ENDISPUTE") in San Francisco, California, and judgement on any
      arbitration award may be entered in any court having jurisdiction
      over the parties or their assets. Notwithstanding the foregoing, the
      provisions of this section shall not prohibit either party from seeking
      injunctive relief to protect its intellectual property rights. The
      prevailing party in any dispute under or in connection with this
      Agreement will be entitled to recover reasonable attorneys fees and
      costs of proceedings.

This Agreement is hereby executed as of this date, February 11, 2000, by and
between Busybox and M2.

BUSYBOX.COM, INC.:                           M2 SOFTWARE EQUITY, LLC:

By:         /s/                          By:            /s/
   ---------------------------               --------------------------

Name: Robert S. Sherman                  Name:
President & Chief Operations Officer     Title:
                                         Fed ID:

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                                   EXHIBIT A

                        SUPPLEMENTAL TERMS & CONDITIONS

1.  DESCRIPTION OF SERVICE AND IMPLEMENTATION

     1.1 Busybox shall provide commercial distribution of M2 content through
it's web site WWW.REELSTOCK.COM and other web sites that it manages.

     1.2 M2 shall provide distribution for Busybox content through M2's
multiple direct mail and catalog distribution channels including but not
limited to Dynamic Graphics, Corbis, Digital Vision, 24-7-footage.com, the
Video Library, Eyewire, AVID Education Centers, AVID Resellers, Islip Media,
Hot Shots, Cool Cuts, Media 100 Platinum Resellers, Film & Video Stock
Shots. Busybox shall have the right to approve M2 distribution partners,
which will not be unreasonably withheld.

     1.3 Busybox shall provide M2 the video clips on D-1 or digibeta formats.
M2 will digitize the clips in the format necessary for mastering for the
distribution channels.

     1.4 Busybox shall provide Busybox the video clips of their choice on D-1
or digibeta formats.

     1.5 M2 and Busybox shall each provide the other with monthly reports
from their distribution channels within 30 days of the end of each month,
showing the gross sales of the others content by distribution channel.

     1.6 Busybox shall review their current footage resources and future
footage acquisitions plans and submit a plan to fulfill at Busybox option
(based on acceptable footage) the following general categories to be filled
in January, February and March:

     Active Children
     Active Seniors
     Aerials
     Architectural Icons
     Archival 60's
     Archival 70's
     Archival 80's
     Archival Communications
     Archival Sports
     Archival Technology
     Beauty and Health
     Body Beautiful
     Business on the Move
     Business Situations (4)
     Computer Technology
     Conventions
     Couples
     Disasters
     Domestic Animals
     Emergency
     Engineering Icons

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     Factory at Work
     Family Life
     Gaming
     Glamour
     Golf
     Home & Garden
     Junior Executives
     Medical (4)
     Office Icons
     Romantic Moments
     Senior Executives
     Time Lapse - City
     WW 1
     WW 2

     The following titles to be filled by May 1, 2000.

     Active Lifestyles
     Anytown USA 1&2
     Archives: 1900's
     Business 1 & 2
     City Facades
     City Life
     Clouds & Skies
     Digital FX
     Exotic Locations
     Exploring Space
     Face of Industry 1 & 2
     Faces of the Century
     Fast Forward
     Intriguing Locations
     Natural Textures
     Natures Backdrops
     Natures Creatures
     Planetary Movements
     Rest & Relaxation
     Scenic Water
     The Great Outdoors
     Transportation 1 & 2
     Travel & Leisure 1 & 2
     Under the Sea
     Urban Sprawl
     Water Reflections

2.  ROYALTY RATES AND PAYMENT TERMS

     2.1 Busybox Licensed Content: M2 shall pay Busybox a royalty of twenty
percent (20%) of the gross proceeds from the sale and sublicensing of Busybox
Licensed Content.

     2.1.1 www.24-7-footage.com: M2 shall pay Busybox a royalty of forty
percent (40%) of the gross proceeds from the sale and sub-licensing of
Busybox Licensed Content transacted through www.24-7-footage.com, a Web site
owned and operated by M2.

     2.2 M2 LICENSED CONTENT: Busybox shall pay M2 a royalty of twenty percent
(20%) of the gross proceeds from the sale and sub-licensing of

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     M2 Licensed Content transacted through www.reelstock.com or any other
Busybox affiliated Web site.

     2.3 PAYMENT TERMS: All royalty payments shall be made within 30 days of
receipt and shall be accompanied by a reasonably detailed accounting for
the relevant royalty period, identifying the number and identity of the
Licensed Content sold and sub-licensed, and including a calculation of the
royalty payment.

          This SCHEDULE A is subject to all terms and conditions contained in
the Agreement.

     This Agreement is hereby executed as of this date, February 11, 2000, by
and between Busybox and M2.

BUSYBOX.COM, INC.:                           M2 SOFTWARE EQUITY, LLC:

By:         /s/                          By:            /s/
   ---------------------------               --------------------------

Name: Robert S. Sherman                  Name:
President & Chief Operations Officer     Title:
                                         Fed ID:

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