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Exhibit 10.4    
    

 
 

KEY EMPLOYEE AGREEMENT    
    

        This KEY EMPLOYEE AGREEMENT (hereinafter referred to as the ("Agreement") is made and entered into as of the 11th day of February, 2004, by and between
Fastclick.com, Inc., a California corporation (hereinafter referred to as the "Company") and JAMES AVIANI (hereinafter referred to as "Executive"). 

        WHEREAS,
Company is a provider of Internet-based advertising products and services; 

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

        WHEREAS,
in light of the foregoing, Company desires to employ Executive as Chief Technology Officer (CTO), 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 CTO, reporting to the CEO with such duties that may be defined from time to time by the Board and/or CEO. To the
fullest extent permitted by California 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 with the fulfillment of his duties on Company's behalf. 

        2.     TERM
OF EMPLOYMENT. Company hereby agrees to employ Executive and Executive hereby agrees to accept employment with Company upon the terms and conditions set forth
herein, commencing on March 15th, 2004 and shall continue unless and until terminated by Company or by Executive pursuant to Section 11 below. 

        3.     SALARY.
Executive shall be entitled to receive from Company a starting annual base salary of $200,000. Salary is calculated from the date of Executive's commencement of
employment, pursuant to Section 2 above. The base salary shall be paid Executive in 24 equal bi-monthly installments per year and shall be reviewed and may be increased by the Board
annually or at such earlier time or times as it determines; provided that the Board shall have no obligation to increase the base salary at the end of any year, in any particular amount or at any time
other than the end of a year; and provided further that Company may reduce Executive's base salary with Executive's prior consent. 

        4.     BONUS.
Executive shall be entitled to participate in such bonus plans as the Board shall determine. Bonus will be calculated based on achievement of reasonable business
goals for revenue and profitability as defined by the CEO and/or Board. Annual bonus, if any, is to be paid within 90 days following year-end. 

        5.     STOCK
OPTIONS. In addition to Executive's salary described in Section 3, above, Executive shall receive a tandem right grant of 20,000 Ownership Equivalents (OEs)
convertible to Incentive Stock Options (ISOs) as to 20,000 shares of Company Common Stock. 

        5.1   The
ISO grant will have a fair value price established by the Board at a time no later than the Executive's commencement date of employment, will vest on a quarterly
basis over a period of four (4) years with an initial vesting date of October 1, 2004, with the ISO becoming vested on such date with respect to one-eighth (1/8) of the
shares subject to the ISO, and will be subject to the other terms and conditions of the Fastclick 2000 Equity Participation Plan, including 50% vesting in the event of an initial public offering or
significant change in control (as defined in Section 11), restrictions on transfer, expiration on termination, repurchase of shares on termination, and cancellation on competition with
forfeiture and return of economic value provisions. 

        5.2   The
OE grant, in tandem with the ISO grant, will vest on a quarterly basis over a period of four (4) years with initial vesting date of October 1, 2004
with the OE becoming vested on such date with respect to one-eighth (1/8) of the OE. The OE grant is subject to the 2003 Ownership Equivalency Plan. This OE grant, due to the tandem nature
of the ISO/OE grant, will not be subject to the "unpaid FMV credit" that is deducted from typical OE income distributions. 

        5.3   On
any exercise of the ISO, voluntary or automatic, the OE will be reduced by the number of shares of stock with respect to the ISO exercise. As such, the combined
shares of the ISO grant and the OE grant shall never exceed 20,000. 

        6.     EXTENT
OF SERVICES. So long as he serves as CTO, Executive shall devote his full time, attention and energies to the business of Company and, without the CEO's or Board's
prior written consent, 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 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 Executive and in which 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 Executive's owning beneficially at any time five percent (5%) or more of the equity securities of a
corporation or other entity 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 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 is four
(4) weeks annual combined vacation and personal leave. Vacations shall be taken at such times 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. 

        9.     OTHER
BENEFITS. In addition to the benefits specifically described herein, during the term of this Agreement, Executive shall be entitled to receive, on an equivalent
basis, all other benefits of employment generally made available to other members of Company's management, including, without limitation, benefits as a result of any present or future medical
insurance, disability insurance, life insurance, retirement or pension plans (including participation in any such benefits by Executive's dependents). 

        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 CTO may be terminated by either party, for any reason or no reason and with or without cause,
immediately upon fifteen (15) days written notice given to the other party. 

        11.1 In
the event Executive's employment is terminated for any reason, other than: (1) cause (i.e. fraud, gross negligence, willful misconduct, insubordination,
failure to comply with Company's general policies, violation of the Employee and Contractor Confidentiality Non-Disclosure Agreement); (2) voluntary termination by Executive; or
(3) a Change in Control as defined below, Executive shall be entitled to the following severance benefits: (a) all compensation Executive earned through the date of termination;
(b) severance compensation equal to the then applicable base salary specified in Section 3 above for a period of six (6) months after the date of termination, which salary shall
be paid on a bi-monthly basis over such period; (c) vesting and exercise of the OE and the ISO during a period of six (6) months after the date of termination; 

and
(d) continued coverage under Company's health and welfare plans for a period of six (6) months after the date of termination. 

        11.2 In
the event Executive's employment is terminated by Company due to a Change in Control, (as defined below) or during the twelve (12) month period subsequent to
the Change in Control event, Executive shall be entitled to the following severance benefits: (a) all compensation earned through the date of termination; (b) severance compensation
equal to the then applicable base salary specified in Section 3 above for a period of twelve (12) months after the date of termination, which salary shall be paid on a
bi-monthly basis over such period; (c) vesting and exercise of the OE and the ISO during a period of twelve (12) months after the date of termination; and
(d) continued coverage under Company's health and welfare plans for a period of twelve (12) months after the date of termination. 

        11.3 In
the event Executive's employment is terminated for cause (i.e. fraud, gross negligence, willful misconduct, insubordination, failure to comply with Company's general
policies, violation of the Employee and Contractor Confidentiality Non-Disclosure Agreement), Executive shall be entitled only to the following: (a) all compensation earned through
the date of termination; (b) no severance compensation; (c) no extension of the vesting and exercise periods of the OE and the ISO; and (d) no continued coverage under Company's
health and welfare plans for any period after the date of termination, other than for Executive's rights under COBRA. 

        11.4 In
the event Executive terminates his employment for Good Reason (as defined below) during the twelve (12) month period subsequent to the Change in Control
event, Executive shall be entitled to the following severance benefits: (a) all compensation earned through the date of termination; (b) severance compensation equal to the then
applicable base salary specified in Section 3 above for a period of twelve (12) months after the date of termination, which salary shall be paid on a bi-monthly basis over
such period; (c) vesting and exercise of the OE and the ISO during a period of twelve (12) months after the date of termination; and (d) continued coverage under Company's health
and welfare plans for a period of twelve (12) months after the date of termination. 

        11.5 Executive
agrees that if either Section 11.1 or 11.2 above are application in connection with the termination of Executive's employment, the ISO shall be
converted to a non-qualified
stock option so as to permit the extended exercise periods. In addition, if Executive is entitled to any severance benefits under either Section 11.1 or 11.2 above and Executive during the
applicable period of such benefits, Executive shall be entitled to the continue to receive such benefits for the balance of the applicable period. 

        11.6 Accordingly,
Executive and Company acknowledge and agree that this Agreement and any employment hereunder are to be considered AT-WILL EMPLOYMENT. 

        11.7 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 of Executive's employment with Company and that this Agreement can only be modified in a writing signed by the Board's
delegate and Executive. 

        11.8 "Change
In Control" means the occurrence of any of the following events: 

        11.8.1 An
acquisition (other than directly from Company) of any voting securities of Company by any person or group of affiliated or related persons (as such term is defined
in Sections 13(d) and 14(d)(2) of the Securities exchange Act of 1934), immediately after which such person or group has beneficial ownership (within the meaning of the Exchange Act) of more than
fifty percent (50%) of the combined voting power of Company's then outstanding voting securities; provided that this Section shall not apply to an acquisition of voting 

securities
by any employee benefit plan or trust maintained by or for the benefit of Company or its employees; 

        11.8.2 A
merger, consolidation or reorganization involving Company, unless all of the following conditions are satisfied: 

        11.8.2.1 the
shareholders of Company, immediately before such transaction, own, directly or indirectly, immediately after such transaction, in substantially the same
proportion as their ownership of the voting securities of Company immediately before such transaction, more than fifty percent (50%) of the outstanding voting securities of (a) the corporation
resulting from such transaction (the "Surviving Corporation") or (b) the immediate parent corporation of the Surviving Corporation; and 

        11.8.2.2 the
individuals who were Directors of Company at the time of the execution of the agreement providing for such transaction constitute, immediately after the
transaction, at least a majority of the members of the board of directors of (a) the Surviving Corporation or (b) a corporation beneficially owning, directly or indirectly, a majority of
the voting securities of the Surviving Corporation; or 

        11.8.3 A
complete liquidation or dissolution of Company; or 

        11.8.4 The
sale or other disposition of all or substantially all of Company's assets to any person other than a sale or transfer of all or any portion of Company's assets to
another corporation in which Company owns, immediately after such sale or transfer, eighty percent (80%) or more of the outstanding voting securities of such corporation. 

        11.9 In
the event of the death of Executive during the term of this Agreement, Company shall pay to Executive's estate or legal representative any amounts to which Executive
otherwise would have been entitled hereunder prior to the date of his death or which become payable by reason of his death. 

        11.10 "Good
Reason" shall mean and include only the occurrence of any of the following events within twelve (12) months after the occurrence of a Change in Control
event: 

        11.10.1 Company
reduces Executive's base salary from that in effect immediately prior to the occurrence of the Change of Control event; 

        11.10.2 Company
discontinues providing to Executive any material fringe benefit or other benefit provided to Executive immediately prior to the occurrence of the Change of
Control event and fails to provide Executive with substantially equivalent alternative benefits; provided that Executive shall not have "Good Reason" on the occurrence of any event described in this
clause if the discontinuation of the benefit is as a result of the discontinuation of such benefit for all members of Company's management; 

        11.10.3 A
material change occurs (other than for cause) in the functions, duties, responsibilities, reporting relationship, location of work, and/or title of Executive which
is not agreed to by Executive, provided that none of the following shall by itself constitute an event described in this clause: (i) a change in Executive's title following the merger or
consolidation of Company with or into any other corporation or entity or (ii) a temporary change in any of Executive's duties for a period of no more than sixty (60) consecutive days as
a result of Executive's incapacity or disability. 

        12.   SUCCESSORS
TO 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 RESPONSIBILITY. Should Executive's position as CTO be changed by Company or successors to Company for any reason other than cause, and without written
acceptance of 

such
change by Executive, pursuant to Section 11 above, Executive shall be entitled to twelve (12) months compensation, stock options and health and welfare benefits 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. 

        16.   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. 

        17.   ARBITRATION.
In the event any claim or controversy arises under or concerning any provision of this Agreement or in connection with Executive's employment with Company,
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 arbitrator shall be chosen as follows: if Company and Executive are unable to agree upon an 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. 

        18.   ENTIRE
AGREEMENT. This Agreement, any stock option and ownership equivalency agreements, the CTO job description, the 90-day goals, and the Employee and
Contractor Confidentiality Non-Disclosure Agreement signed by Executive contain the entire agreement of the parties and supersede and replace any other Agreement. 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 Key Employee Agreement as of the day and year first above written. 

	COMPANY:	 	EXECUTIVE:
	Fastclick.com, Inc.	 	 
	

/s/  DAVID GROSS      
 Dave Gross, CEO	
 	

/s/  JAMES AVIANI      
 James Aviani

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Exhibit 10.4

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Exhibit 10.5    
    

EMPLOYMENT AGREEMENT  

        This EMPLOYMENT AGREEMENT (hereinafter referred to as the ("Agreement") is made and entered into as of December 1, 2004, the effective date of this
agreement (hereinafter referred to as the "Effective Date"), by and between Fastclick.com, Inc., a California corporation (hereinafter referred to as the "Company"), and MICHAEL HUGHES
(hereinafter referred to as "Executive"). 

        WHEREAS,
the Company is a provider of Internet-based advertising products and services; 

        WHEREAS,
the Company believes that a critical contributor to its success has been its team-oriented, cooperative corporate culture (the "Company Culture"), which the Company
believes fosters innovation, individual thinking and creativity, promotes interaction and the exchange of ideas among employees and is critical to the Company's continuing development of its products
and services; 

        WHEREAS,
Executive possesses unique business skills, knowledge and industry experience which are valuable to the business and financial prospects of the Company; 

        WHEREAS,
the Company desires to employ Executive as its Chief Marketing Officer ("CMO"), and Executive desires to accept such employment pursuant to the terms hereof. 

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

        1.     DUTIES.
The Company hereby employs Executive to serve as CMO, reporting to the Company's Chief Executive Officer ("CEO") with such duties may be defined from time to time
by the Chief Executive Officer or the Company's Board of Directors (the "Board"). 

        2.     TERM
OF EMPLOYMENT. The Company hereby agrees to employ Executive and Executive agrees to accept employment upon the terms and conditions set forth herein, commencing on
the date hereof and continuing for a period of three (3) years, unless and until terminated by the Company or by Executive pursuant to Paragraph 11 below. Thereafter, and unless and
until terminated by the Company or by Executive pursuant to Paragraph 11 below, this Agreement shall automatically renew on its anniversary date for successive additional one (1) year
periods unless either party provides written notice of their intention not to renew this Agreement to the other at least sixty (60) days in advance of the anniversary date. 

        3.     SALARY.
Executive shall be entitled to receive from the Company a starting annual base salary of $200,000. Salary is calculated from the date of Executive's commencement
of employment, pursuant to Paragraph 2 above. The base salary shall be paid to Executive in equal installments according to the Company's regular payroll practices and shall be reviewed and may
be increased by the Board annually or at such earlier time or times as it determines. 

        4.     BONUS.
Executive shall be entitled to participate in such bonus plans as the Board shall determine from time to time. In the first year of Executive's employment with the
Company hereunder, Executive shall be eligible to receive an annual bonus in an amount of up to $100,000, of which $50,000 (the "Performance Bonus") shall be based on Executive's achievement of
reasonable business goals as defined by the CEO and/or Board and $50,000 (the "Quarterly Bonus") shall accrue and be paid without regard to Executive's achievement of specified business goals. The
Quarterly Bonus shall be paid in four (4) equal quarterly increments of $12,500 beginning on the date that is three (3) months from the date hereof. Following the first year of
Executive's employment with the Company, Executive shall be eligible to receive an annual bonus in an amount of up to $100,000 or more, all of which shall be based on Executive's achievement of
reasonable business goals as defined by the CEO and/or Board and shall be deemed "Performance Bonus" pursuant to the terms hereof. Executive shall be eligible to receive Performance Bonus amounts in
excess of the amounts set forth in this Section 4 in the discretion of the CEO and Board. Any Performance Bonus shall accrue and be calculated in accordance with the Company's then applicable
bonus policies. Any Quarterly Bonus or Performance 

 

Bonus
accrued and payable by the Company shall be paid within five (5) days following the end of the applicable accrual and calculation period or otherwise in accordance with the Company's then
applicable bonus policies, provided Executive remains employed by Company on the date upon which such bonus may be payable. The Company reserves the right to amend and revise the Company's bonus
accrual and calculation policies in the Company's sole discretion with respect to Executive and other Company executives of similar position, responsibilities or duties. 

        5.     STOCK
OPTIONS. In addition to Executive's salary described in Paragraph 3, above, Executive shall receive a stock option grant (the "Stock Option") pursuant to the
Company's 2004 Stock Incentive Plan (the "2004 Plan"). The Stock Option grant will give Executive the right to purchase shares of common stock in the amount of 1.0% of the combined common and
preferred shares outstanding as of the date hereof, on a fully-diluted basis, per the Company's post-Series A capital structure. 

        The
Stock Option will have an exercise price of $17.50 per share, 25% of which will vest on the first anniversary of the date of this Agreement, with the remaining amount vesting in
equal installments on a quarterly basis through the fourth anniversary of this Agreement (subject to the accelerated vesting set forth in Section 11), and will be subject to the other terms and
conditions of the 2004 Plan. 

        6.     EXTENT
OF SERVICES. So long as he serves as CMO, Executive shall devote his full time, attention and energies to the business of the Company and shall not during such
time be engaged (whether or not during normal business hours) in any other business or professional activity which may impair his ability to attend to the business of Company to the best of his
abilities, whether or not such activity is pursued for gain, profit or other pecuniary advantage. This prohibition shall not be construed as preventing the Executive from: (a) investing
personal assets in businesses which do not compete with the 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; or (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 the Company. 

        7.     VACATIONS
AND LEAVE. Executive shall be entitled to vacation and other leave in accordance with the normal Company policy applicable to management employees, which is two
(2) weeks annual vacation and two (2) weeks personal time off (accrued on a semi-monthly basis). Vacations shall be taken at such times as Executive and the CEO shall mutually
agree. 

        8.     EXPENSE
REIMBURSEMENT. Upon presentation of supporting documentation and consistent with the Company policy, the Company will reimburse Executive for any reasonable and
necessary business expenses incurred by Executive in connection with the performance of the Executive's duties for Company. 

        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 the 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. 

        10.   TAXES.
The Company shall 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. 

        11.1 This
Agreement and Executive's employment as CMO may be terminated by either party, for any reason or no reason, upon thirty (30) days written notice given to
the other party. The 

2

 

Company
reserves the right to pay salary in lieu of notice in its sole discretion. In the event Executive's employment is terminated for any reason, other than: (1) Cause ("Cause" as used
herein shall refer to: fraud, gross negligence, willful misconduct, insubordination, material failure to comply with the Company's general policies, violation of the Employee Inventions Assignment
Agreement, a form of which is attached as Exhibit A to this Agreement or conviction of any felony or a misdemeanor involving moral turpitude;
(2) voluntary termination by Executive; or (3) circumstances described in Sections 11.2 or 11.3 below, then Executive shall be entitled to the following severance benefits:
(a) nine (9) months salary at the base salary specified in Section 3 above applicable as of the date of termination, which salary shall be paid in accordance with the Company's
normal payroll practices over the nine (9) months following termination of employment; (b) continued coverage under the Company's health and welfare plans for a period of nine
(9) months after the date of termination and (c) to the extent then-unvested, 18.75% of the options granted pursuant to the Stock Option will immediately vest in accordance
with the terms of the Stock Option. 

        11.2 In
the event Executive's employment is terminated for Cause, by reason of Executive's death or disability or is terminated voluntarily by Executive, Executive shall not
be entitled to any severance benefits. 

        11.3 In
the event Executive's employment with the Company is terminated (other than for the circumstances described in Section 11.2) upon a Change in Control (as
defined in Section 11.4 below) or during the twelve (12) month period subsequent to a Change in Control event, Executive shall be entitled to the following severance benefits:
(a) twelve (12) months salary at the base salary specified in Section 3 above applicable as of the date of termination, which salary shall be paid in accordance with the Company's
normal payroll practices over the twelve (12) months following termination of employment; (b) continued coverage under the Company's health and welfare plans for a period of twelve
(12) months after the date of termination and (c) 100% of any remaining unvested options will immediately vest upon such termination in accordance with the terms of the Stock Option. 

        11.4 "Change
In Control" means any of the following events occurring after the date hereof: 

        11.4.1 An
acquisition (other than directly from the Company) of any voting securities of the Company by any person or group of affiliated or related persons (as such term is
defined in Sections 13(d) and 14(d)(2) of the Securities exchange Act of 1934), immediately after which such person or group has
beneficial ownership (within the meaning of the Exchange Act) of more than fifty percent (50%) of the combined voting power of the Company's then outstanding voting securities; provided that this
Section shall not apply to an acquisition of voting securities by any employee benefit plan or trust maintained by or for the benefit of the Company or its employees; or 

        11.4.2 A
merger, consolidation or reorganization involving the Company, unless all of the conditions set forth in Sections 11.4.2 (a) and (b) below are
satisfied: 

        (a)   the
shareholders of the Company, immediately before such transaction, own, directly or indirectly, immediately after such transaction, in substantially the same
proportion as their ownership of the voting securities of the Company immediately before such transaction, more than fifty percent (50%) of the outstanding voting securities of (a) the
corporation resulting from such transaction (the "Surviving Corporation") or (b) the immediate parent corporation of the Surviving Corporation; and 

        (b)   individuals
who were Directors of the Company at the time of the execution of the agreement providing for such transaction constitute, immediately after the transaction,
at least a majority of the members of the board of directors of (a) the Surviving 

3

 

Corporation
or (b) a corporation beneficially owning, directly or indirectly, a majority of the voting securities of the Surviving Corporation; or 

        11.4.3 A
complete liquidation or dissolution of the Company; or 

        11.4.4 The
sale or other disposition of all or substantially all of the Company's assets to any person other than a sale or transfer of all or any portion of the Company's
assets to another corporation in which the Company owns, immediately after such sale or transfer, eighty percent (80%) or more of the outstanding voting securities of such corporation. 

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

        13.   NOTICE.
All notices, requests, demands and other communications required or permitted to be given hereunder shall be in writing and shall be deemed to have been duly
given (i) upon receipt, if delivered personally or via courier, (ii) upon confirmation of receipt, if given by facsimile provided that another copy is sent by another means permitted by
this subsection within two (2) business days thereafter, and (iii) on the third business day following mailing, if mailed first-class, postage prepaid, registered or certified mail as
follows: 

If
to Company to: 

Fastclick.com, Inc.

360 Olive Street

Santa Barbara, CA 93101

Facsimile: (805) 568-5332

Attn: Kurt Johnson, Chief Executive Officer 

If
to Employee to: 

Michael
Hughes

28057 Acana Road

Rancho Palos Verdes, CA 90275

Phone: (310) 377-9766

Email: michaelshughes@hotmail.com 

Any
party may by notice given in accordance with this subsection to the other party to designate another address or person for receipt of notices hereunder. 

        14.   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. 

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

        16.   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. 

        17.   ARBITRATION.
In the event any claim or controversy arises under or concerning any provision of this Agreement or in connection with Executive's employment with the
Company, the Company and Executive hereby agree that such claim or controversy shall be settled by binding arbitration in accordance with the Employment Dispute Resolution Rules of the American
Arbitration 

4

 

Association,
provided, however, that the arbitrator shall be chosen as follows: if the Company and Executive are unable to agree upon an 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. The arbitrator shall issue a written decision setting forth the essential findings of fact and conclusions
upon which the decision is based. 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. Notwithstanding the
foregoing, nothing herein shall preclude or limit either party from seeking a temporary restraining order, preliminary injunction, or other interim or conservatory relief, as necessary, from a court
of competent jurisdiction without abridging the powers of the arbitrator. The parties acknowledge and agree that, by agreeing to this provision, they are agreeing to arbitrate any claim relating to
Executive's employment, whether or not it arises under the terms of this Agreement, to the fullest extent permitted by law. 

        THE
PARTIES FURTHER UNDERSTAND THAT BY AGREEING TO ARBITRATE EMPLOYMENT CLAIMS THEY ARE WAIVING THE RIGHT TO BRING AN ACTION IN A COURT OF LAW, EITHER STATE OR FEDERAL, AND WAIVE THE
RIGHT TO HAVE CLAIMS AND DAMAGES, IF ANY, DETERMINED BY A JURY. 

        18.   ENTIRE
AGREEMENT. This Agreement, any stock option agreements, and the Employee Inventions Assignment Agreement signed by the Executive contain the entire agreement of
the parties and supersede and replace any other Agreement. 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 the Company's CEO and Board have the authority to make such modifications of this Agreement on behalf of the Company. 

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

	THE COMPANY:

Fastclick.com, Inc.	 	EXECUTIVE:	 
	

By:	

/s/  KURT JOHNSON      
 Name: Kurt Johnson

Title: CEO	
 	

/s/  MICHAEL HUGHES      
 MICHAEL HUGHES	

 
	 	 	 	 	 

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EXHIBIT A

Employee Inventions Assignment Agreement  

       

      

      

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QuickLinks

Exhibit 10.5

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