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Exhibit 10.1  

Execution Copy  

 
 
TECHTARGET, INC.  

 SECOND AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT  

        This Second Amended and Restated Investors' Rights Agreement is entered into as of the 17th day of December, 2004, by and among TechTarget, Inc., a
Delaware corporation (the "Company"), the persons and entities listed on Exhibit A hereto under
the heading "Investors" (individually, an "Investor", and, collectively, the "Investors") and, for the
purposes of Articles II and V only, SG Cowen Securities Corporation, a New York corporation ("SG Cowen"). 

Recitals  

        WHEREAS, the Company and certain of the Investors are parties to an Amended and Restated Investors' Rights Agreement dated as of May 21, 2004 (the
"Existing Agreement"); 

        WHEREAS,
certain Investors have on this date acquired shares of the Company's Series C Convertible Preferred Stock, $.001 par value per share (the
"Series C Preferred Stock"), pursuant to a Series C Convertible Preferred Stock Purchase Agreement (the "Purchase
Agreement"); 

        WHEREAS,
the execution of this Agreement is a condition to the Investors' acquisition of the shares of Series C Preferred Stock; and 

        WHEREAS,
the Company desires to grant to the Investors registration rights and certain other rights on the terms and conditions hereinafter set forth by amending and restating in its
entirety the Existing Agreement. 

        NOW,
THEREFORE, in consideration of the mutual promises and covenants contained in this Agreement, and for other valuable consideration, receipt of which is hereby acknowledged, the
parties hereto agree that the Existing Agreement be amended and restated in its entirety as follows: 

ARTICLE I. DEFINITIONS 

        As
used in this Agreement, the following terms shall have the following respective meanings: 

        "Commission" means the United States Securities and Exchange Commission, or any other federal agency at the time administering the
Securities Act. 

        "Common Stock" means the common stock, $0.001 par value per share, of the Company. 

        "Exchange Act" means the Securities Exchange Act of 1934, as amended, or any similar federal statute, and the rules and regulations of the
Commission issued under such Act, as they each may, from time to time, be in effect. 

        "Initial Public Offering" means the sale of shares of Common Stock in a firm commitment underwritten public offering pursuant to a
Registration Statement at a price to the public per share of at least $4.44 (subject to appropriate adjustment for stock splits, stock dividends, reclassifications, recapitalizations and other similar
events affecting such shares). 

        "Registration Statement" means a registration statement filed by the Company with the Commission for a public
offering and sale of Common Stock by the Company (other than a registration statement on Form S-8 or Form S-4, or their successors, or any other form for a
similar limited purpose, or any registration statement covering only securities proposed to be issued in exchange for securities or assets of another corporation). 

        "Registration Expenses" means the expenses described in Section 2.4 below. 

 

        "Registrable Shares" means (i) the shares of Common Stock issued or issuable upon conversion of the Shares, (ii) any shares
of Common Stock, and any shares of Common Stock issued or issuable upon the conversion or exercise of any other securities, acquired by the Investors, (iii) any other shares of Common Stock
issued in respect of such shares (because of stock splits, stock dividends, reclassifications, recapitalizations, or similar events) and (iv) shares of Common Stock issued or issuable upon
exercise of SG Cowen Warrants; provided, however, that shares of Common Stock which are Registrable Shares shall cease to be Registrable Shares (a) upon any sale of such shares pursuant to a
Registration Statement or Rule 144 under the Securities Act, (b) upon any sale of such shares in any manner to a person or entity which, by virtue of Section 5.2 of this
Agreement, is not entitled to the rights provided by this Agreement, or (c) at such time as they become eligible for resale pursuant to Rule 144(k) under the Securities Act. Wherever
reference is made in this Agreement to a request or consent of holders of a certain percentage of Registrable Shares, the determination of such percentage shall include the shares of Common Stock
issuable upon conversion of the Shares even if such conversion has not yet been effected. 

        "Securities Act" means the Securities Act of 1933, as amended, or any similar federal statute, and the rules and regulations of the
Commission issued under such Act, as they each may, from time to time, be in effect. 

        "SG Cowen Warrants" means one or more warrants granted to SG Cowen pursuant to the letter agreement between the Company and SG Cowen dated
April 6, 2000, as amended by the letter agreement dated February 2, 2001. 

        "Shares" means the Company's outstanding Series A Convertible Preferred Stock, $.001 par value per share, the Series B
Convertible Preferred Stock, $.001 par value per share, and the Series C Preferred Stock. 

        "Stockholders" means the Investors and any persons or entities to whom the rights granted to the Investors under this Agreement are
transferred by the Investors, their successors or permitted assigns pursuant to Section 5.2 below. 

ARTICLE II. REGISTRATION RIGHTS 

        2.1.    Required Registrations.    

        (a)   At
any time after the earlier of (i) six (6) months after the closing of the Company's first underwritten public offering of shares of Common Stock
pursuant to a Registration Statement or (ii) the second anniversary of the date hereof, a Stockholder or Stockholders or SG Cowen (each a
"Holder" and, collectively, the "Holders") may request, in writing, that the Company effect the
registration on Form S-1 or Form S-2 (or any successor form) of Registrable Shares owned by such Holders having an aggregate offering price of at least $7,500,000
(based on the market price or fair value at the time of such request). Upon receipt of any such request, the Company shall promptly give written notice of such proposed registration to all Holders.
Such Holders shall have the right, by giving written notice to the Company within ten (10) business days after the Company provides its notice, to elect to have included in such registration
such of their Registrable Shares as such Holders may request in such notice of election. If the Holders initiating the registration intend to distribute the Registrable Shares by means of an
underwriting, they shall so advise the Company in their request. Thereupon, the Company shall, as expeditiously as possible, use its reasonable best efforts to effect the registration on
Form S-1 or Form S-2 (or any successor form) of all Registrable Shares which the Company has been requested to so register. 

        (b)   At
any time after the Company becomes eligible to file a Registration Statement on Form S-3 (or any successor form relating to secondary
offerings), a Holder or Holders may request the Company, in writing, to effect the registration on Form S-3 (or such successor form), of Registrable Shares having 

2

 

an
aggregate offering price of at least $1,000,000 (based on the public market price at the time of such request). Upon receipt of any such request, the Company shall promptly give written notice of
such proposed registration to all Holders. Such Holders shall have the right, by giving written notice to the Company within ten (10) business days after the Company provides its notice, to
elect to have included in such registration such of their Registrable Shares as such Holders may request in such notice of election; provided, however, that if the underwriter (if any) managing the
offering determines that, because of marketing factors, not all of the Registrable Shares requested to be registered by all of the Holders may be included in the offering, then, all securities held by
other parties shall first be excluded, and thereafter all Holders who have requested registration shall participate in the registration pro rata based upon the number of Registrable Shares which they
have requested to be so registered (the "Requested Investor Shares"). Thereupon, subject to this Section 2.1(b), the Company shall, as
expeditiously as possible, use its best efforts to effect the registration on Form S-3 (or such successor form) of all Registrable Shares which the Company has been requested to so
register. The Company shall have the right to approve (such approval to not be unreasonably withheld) the managing underwriter of any underwritten offering effected pursuant to Section 2.1(a)
or this Section 2.1(b). 

        (c)   The
Company shall not be required to effect more than two registrations pursuant to paragraph (a) above; provided, however, that such obligations shall be deemed
satisfied only when a registration statement covering the applicable Registrable Shares shall have (i) become effective or (ii) been withdrawn at the request of the Holders requesting
such registration (other than as a result of information concerning the business or financial condition of the Company which is made known to the Holders after the date on which such registration was
requested). 

        (d)   If
at the time of any request to register Registrable Shares pursuant to this Section 2.1, the Company is engaged or has plans to engage within 60 days of
the time of the request in a registered public offering of securities for its own account or is engaged in any other activity which, in the good faith determination of the Company's Board of
Directors, would be adversely affected by the requested registration to the material detriment of the Company, then the Company may at its option direct that such request be delayed for a period not
in excess of three months from the effective date of such offering or the date of commencement of such other material activity, as the case may be, such right to delay a request to be exercised by the
Company not more than once in any 12-month period. 

        2.2.    Incidental Registration.    

        Except
for the Company's first underwritten public offering of shares of Common Stock pursuant to a Registration Statement, whenever the Company proposes to file a Registration
Statement at any time and from time to time, it will, prior to such filing, give written notice to all Holders of its intention to do so and, upon the written request of a Holder or Holders, given
within ten (10) business days after the Company provides such notice (which request shall state the intended method of disposition of such Registrable Shares), the Company shall use its best
efforts to cause all Registrable Shares which the Company has been requested by such Holder or Holders to register, to be registered under the Securities Act to the extent necessary to permit their
sale or other disposition in accordance with the intended methods of distribution specified in the request of such Holder or Holders; provided, however, that the Company shall have the right to
postpone or withdraw any registration effected pursuant to this Section 2.2 without obligation to any Holder. 

        (b)   In
connection with any registration under this Section 2.2 involving an underwriting, the Company shall not be required to include any Registrable Shares in such
registration unless the holders thereof accept the terms of the underwriting as agreed upon between the Company and the underwriters selected by it. If in the opinion of the managing underwriter it is
desirable because of marketing factors to limit the number of Registrable Shares to be included in the offering, then the Company shall be required to include in the registration only that number of
Registrable Shares, if any, which the managing underwriter believes should be included therein; provided, however, that no 

3

 

persons
or entities other than the Company, the Holders and other persons or entities holding registration rights shall be permitted to include securities in the offering. If the number of Registrable
Shares to be included in the offering in accordance with the foregoing is less than the total number of shares which the holders of Registrable Shares have requested to be included, then, all
securities held by other parties shall first be excluded, and thereafter the holders of Registrable Shares who have requested registration shall participate in the registration pro rata based upon
their total ownership of shares of Common Stock (giving effect to the conversion into Common Stock of all convertible securities). If any holder would thus be entitled to include more securities than
such holder requested to be registered, the excess shall be allocated among other requesting holders pro rata in the manner described in the preceding sentence. 

        2.3.    Registration Procedures.    If and whenever the Company is required by the provisions of this Agreement to use
its best efforts to effect the registration of any of the Registrable Shares under the Securities Act, the Company shall: 

        (a)   file
with the Commission a Registration Statement with respect to such Registrable Shares and use its best efforts to cause that Registration Statement to become
effective; 

        (b)   as
expeditiously as possible prepare and file with the Commission any amendments and supplements to the Registration Statement and the prospectus included in the
Registration Statement as may be necessary to keep the Registration Statement effective, in the case of a firm commitment underwritten public offering, until each underwriter has completed the
distribution of all securities purchased by it and, in the case of any other offering, until the earlier of the sale of all Registrable Shares covered thereby or 120 days after the effective
date thereof; 

        (c)   as
expeditiously as possible furnish to each selling Holder such reasonable number of copies of the prospectus, including any preliminary prospectus, in conformity with
the requirements of the Securities Act, and such other documents as the selling Holder may reasonably request in order to facilitate the public sale or other disposition of the Registrable Shares
owned by the selling Holder; and 

        (d)   as
expeditiously as possible use its best efforts to register or qualify the Registrable Shares covered by the Registration Statement under the securities or Blue Sky
laws of such states as the selling Holders shall reasonably request, and do any and all other acts and things that may be necessary or desirable to enable the selling Holders to consummate the public
sale or other disposition in such states of the Registrable Shares owned by the selling Holders; provided, however, that the Company shall not be required in connection with this paragraph (d)
to qualify as a foreign corporation or execute a general consent to service of process in any jurisdiction; and 

        If
the Company has delivered preliminary or final prospectuses to the selling Holders and after having done so the prospectus is amended to comply with the requirements of the Securities
Act, the Company shall promptly notify the selling Holders and, if requested, the selling Holders shall immediately cease making offers of Registrable Shares and return all prospectuses to the
Company. The Company shall promptly provide each selling Holder with revised prospectuses and, following receipt of the revised prospectuses, the selling Holder shall be free to resume making offers
of the Registrable Shares. 

        Notwithstanding
the foregoing, each selling Holder shall cease making offers or sales pursuant to a "shelf" Registration Statement during any Postponement Period (not to exceed
90 days in the aggregate in any 12-month period). A "Postponement Period" shall be any period in which there exists at the time
material non-public information relating to the Company disclosure of which the Company, in its good faith judgment by the Board of Directors, reasonably believes: 

          (i)  that
the filing thereof at the time requested, or the offering of Registrable Shares pursuant thereto, would materially and adversely affect (A) a pending or
scheduled public offering or private placement of the Company's securities, (B) an acquisition, merger, consolidation or any 

4

 

other
similar transaction by or of the Company, or (C) pre-existing and continuing negotiations, discussions or pending proposals with respect to any of the foregoing transactions;
and 

         (ii)  that
the failure to disclose any material information with respect to the foregoing would cause a violation of the Securities Act or the Exchange Act. 

        If,
after a registration statement becomes effective, the Company becomes engaged in any activity which, in the good faith determination of the Company's Board of Directors, involves
information that would have to be disclosed in the Registration Statement but which the Company desires to keep confidential for valid business reasons, including any event giving rise to a
Postponement Period, then the Company may at its option, by notice to such Holders, require that the Holders who have included Shares in such Registration Statement cease sales of such Shares under
such Registration Statement for a period not in excess of 90 days in the aggregate in any 12-month period. If, in connection therewith, the Company considers it appropriate for such
Registration Statement to be
amended, the Company shall so amend such Registration Statement as promptly as practicable and such Holders shall suspend any further sales of their Shares until the Company advises them that such
Registration Statement has been amended. The time periods referred to in this Section 2.3 during which such Registration Statement must be kept effective shall be extended for an additional
number of days equal to the number of days during which the right to sell shares was suspended pursuant to this paragraph. 

        2.4.    Allocation of Expenses.    The Company will pay all Registration Expenses of all registrations under this
Agreement; provided, however, that if a registration under Section 2.1 is withdrawn at the request of the initiating Holders (other than as a result of information concerning the business or
financial condition of the Company which is made known to the Holders after the date on which such registration was requested) and if the initiating Holders elect not to have such registration counted
as a registration requested under Section 2.1, the requesting Holders shall pay the Registration Expenses of such registration pro rata in accordance with the number of their Registrable Shares
included in such registration or in such other manner as they may among themselves agree. For purposes of this Section 2.4, the term "Registration
Expenses" shall mean all expenses incurred by the Company in complying with Article II, including, without limitation, all registration and filing fees, exchange listing
fees, printing expenses, fees and expenses of counsel for the Company and the reasonable fees and expenses of one counsel selected by the selling Holder(s) to represent the selling Holder(s), state
Blue Sky fees and expenses, the expense of any special audits incident to or required by any such registration, but excluding underwriting discounts, selling commissions and the fees and expenses of
any Selling Holders' counsel other than one counsel referred to above. 

        2.5.    Indemnification and Contribution.    

        (a)   In
the event of any registration of any of the Registrable Shares under the Securities Act pursuant to this Agreement, the Company will indemnify and hold harmless the
seller of such Registrable Shares, the partners, members, officers, directors and stockholders of such seller of Registrable Shares, each underwriter of such Registrable Shares, and each other person,
if any, who controls such seller or underwriter within the meaning of the Securities Act or the Exchange Act against any losses, claims, damages or liabilities, joint or several, to which such seller,
underwriter or controlling or aforementioned person may become subject under the Securities Act, the Exchange Act, state securities or Blue Sky laws or otherwise, insofar as such losses, claims,
damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of any material fact contained in any Registration Statement
under which such Registrable Shares were registered under the Securities Act, any preliminary prospectus or final prospectus contained in the Registration Statement, or any amendment or supplement to
such Registration Statement, or arise out of or are based upon the omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein not
misleading or arise out of or are based upon any violation or alleged violation by the Company of the Securities Act, the 

5

 

Exchange
Act, state securities or Blue Sky laws; and the Company will reimburse such seller, underwriter and each such controlling or aforementioned person for any legal or any other expenses
reasonably incurred by such seller, underwriter or controlling person in connection with investigating or defending any such loss, claim, damage, liability or action as such expenses are incurred;
provided, however, that the Company will not be liable in any such case to the extent that any such loss, claim, damage or liability arises out of or is based upon any untrue statement or omission
made in such Registration Statement, preliminary prospectus or final prospectus, or any such amendment or supplement, in reliance upon and in conformity with information furnished to the Company, in
writing, by or on behalf of such seller, underwriter or controlling person specifically for use in the preparation thereof. 

        (b)   In
the event of any registration of any of the Registrable Shares under the Securities Act pursuant to this Agreement, each seller of Registrable Shares, severally and
not jointly, will indemnify and hold harmless the Company, each of its directors and officers, each other seller of Registrable Shares and each underwriter (if any) and each person, if any, who
controls the Company or any such other seller or underwriter within the meaning of the Securities Act or the Exchange Act, against any losses, claims, damages or liabilities, joint or several, to
which the Company, such directors and officers, other seller, underwriter or controlling person may become subject under the Securities Act, Exchange Act, state securities or Blue Sky laws or
otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of a material fact
contained in any Registration Statement under which such Registrable Shares were registered under the Securities Act, any preliminary prospectus or final prospectus contained in the Registration
Statement, or any amendment or supplement to the Registration Statement, or arise out of or are based upon any omission or alleged omission to state a material fact required to be stated therein or
necessary to make the statements therein not misleading, if the statement or omission was made in reliance upon and in conformity with information relating to such seller furnished in writing to the
Company by or on behalf of such seller specifically for use in connection with the preparation of such Registration Statement, prospectus, amendment or supplement; provided, however, that the
obligations of such Holders hereunder shall be limited to an amount equal to the net proceeds to each Holder of Registrable Shares sold in connection with such registration. 

        (c)   Each
party entitled to indemnification under this Section 2.5 (the "Indemnified Party") shall give notice to the
party required to provide indemnification (the "Indemnifying Party") promptly after such Indemnified Party has actual knowledge of any claim as to which
indemnity may be sought, and shall permit the Indemnifying Party to assume the defense of any such claim or any litigation resulting therefrom; provided, however, that counsel for the Indemnifying
Party, who shall conduct the defense of such claim or litigation, shall be approved by the Indemnified Party (whose approval shall not be unreasonably withheld); and, provided that the failure of any
Indemnified Party to give notice as provided herein shall not relieve the Indemnifying Party of its obligations under this Section 2.5, unless and except to the extent that the Indemnifying
Party is prejudiced by the failure of the Indemnified Party to provide timely notice. The Indemnified Party may participate in such defense at such party's expense; provided, however, that the
Indemnifying Party shall pay such expense 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 the Indemnified Party and any other party represented by such counsel in such proceeding. No Indemnifying Party, in the defense of any such claim or litigation shall, except with the
consent of each Indemnified Party, consent to entry of any judgment or enter into any settlement which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such
Indemnified Party of a release from all liability in respect of such claim or litigation, and no Indemnified Party shall consent to entry of any judgment or settle such claim or litigation without the
prior written consent of the Indemnifying Party. 

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        (d)   In
order to provide for just and equitable contribution to joint liability under the Securities Act in any case in which either (i) any holder of Registrable
Shares exercising rights under this Agreement, or any controlling or aforementioned person of any such holder, makes a claim for indemnification pursuant to this Section 2.5 but it is
judicially determined (by the entry of a final judgment or decree by a court of competent jurisdiction and the expiration of time to appeal or the denial of the last right of appeal) that such
indemnification may not be enforced in such case notwithstanding the fact that this Section 2.5 provides for indemnification in such case, or (ii) contribution under the Securities Act
may be required on the part of any such selling Holder or any such controlling or aforementioned person in circumstances for which indemnification is provided under this Section 2.5; then, in
each such case, the Company and such Holder will contribute to the aggregate losses, claims, damages or liabilities to which they may be subject (after contribution from others) in such proportions as
is appropriate to reflect the relative fault of the Company on the one hand and the selling Holders on the other in connection with the statements or omissions which resulted in such losses, claims,
damages or liabilities, as well as any other relevant equitable considerations. The relative fault of the Company and the selling Holders shall be determined by reference to, among other things,
whether the untrue or alleged untrue statement of material fact related to information supplied by the Company or the selling Holders and the parties' relative intent, knowledge, access to information
and opportunity to correct or prevent such statement or omission. The Company and the selling Holders agree that it would not be just and equitable if contribution pursuant to this Section 2.5
were determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to above; provided, however, that, in any such case,
(A) no such holder will be required to contribute any amount (together with amounts otherwise paid pursuant to this Section 2.5) in excess of the net proceeds to it of all Registrable
Shares sold by it pursuant to such Registration Statement, and (B) no person or entity guilty of fraudulent misrepresentation, within the meaning of Section 11(f) of the Securities Act,
shall be entitled to contribution from any person or entity who is not guilty of such fraudulent misrepresentation. 

        2.6.    Indemnification with Respect to Underwritten Offering.    In the event that Registrable Shares are sold
pursuant to a Registration Statement in an underwritten offering pursuant to Section 2.1 hereof, the Company agrees to (a) enter into an underwriting agreement containing customary
representations and warranties with respect to the business and operations of an issuer of the securities being registered and customary covenants and agreements to be performed by such issuer,
including, without limitation, customary provisions with respect to indemnification by the Company of the underwriters of such offering, (b) use its reasonable best efforts to cause its legal
counsel to render customary opinions to the underwriters with respect to the Registration Statement; and (c) use its reasonable best efforts to cause its independent public accounting firm to
issue customary "cold comfort letters" to the underwriters with respect to the Registration Statement. 

        2.7.    Information by Holder.    Each Holder including Registrable Shares in any registration shall furnish to the
Company such information regarding such Holder and the distribution proposed by such Holder as the Company may reasonably request in writing and as shall be required in connection with any
registration, qualification or compliance referred to in this Agreement. 

        2.8.    "Stand-Off" Agreement.    Each Holder, if requested by the Company and the managing underwriter of
an offering by the Company of Common Stock or other securities of the Company pursuant to a Registration Statement, shall agree not to sell publicly or otherwise transfer or dispose of any Registrable
Shares or other securities of the Company held by such Holder for a specified period 

7

 

of
time (not to exceed 180 days) following the effective date of such Registration Statement; provided that: 

        (a)   all
officers and directors of the Company, all holders of 1% or more of the Company's equity securities and all selling stockholders in such offering (other than with
respect to shares actually being sold in such offering) enter into similar agreements; 

        (b)   such
agreement shall only apply to the first Registration Statement covering Common Stock to be sold by or on behalf of the Company to the public in an underwritten
offering; and 

        (c)   such
agreement shall not apply to securities acquired in an initial public offering or an open market transaction after such Registration Statement is declared
effective. 

Any
discretionary waiver or termination of the restrictions of any or all of such agreements by the Company or the underwriters shall apply to all Holders subject to such agreements pro rata based on
the numbers of shares subject to such agreements. 

        2.9.    Limitations on Subsequent Registration Rights.    The Company shall not, without the prior written consent of
Stockholders holding at least two-thirds of the Registrable Shares held by the Stockholders, enter into any agreement (other than this Agreement) with any holder or prospective holder of
any securities of the Company which would allow such holder or prospective holder to include securities of the Company in any Registration Statement upon terms which are more favorable to such holder
or prospective holder than the terms on which holders of Registrable Shares may include shares in such registration or which are pari passu with the rights of holders of Registrable Shares. 

        2.10.    Rule 144 Requirements.    After the earliest of (a) the closing of the sale of securities of
the Company pursuant to a Registration Statement, (b) the registration by the Company of a class of securities under Section 12 of the Exchange Act, or (c) the issuance by the
Company of an offering circular pursuant to Regulation A under the Securities Act, the Company agrees to: 

          (i)  comply
with the requirements of Rule 144(c) under the Securities Act with respect to current public information about the Company; 

         (ii)  use
its best efforts to file with the Commission in a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange
Act (at any time after it has become subject to such reporting requirements); and 

        (iii)  furnish
to any holder of Registrable Shares upon request (A) a written statement by the Company as to its compliance with the requirements of said
Rule 144(c), and the reporting requirements of the Securities Act and the Exchange Act (at any time after it has become subject to such reporting requirements), (B) a copy of the most
recent annual or quarterly report of the Company, and (C) such other reports and documents of the Company as such holder may reasonably request to avail itself of any similar rule or regulation
of the Commission allowing it to sell any such securities without registration. 

ARTICLE III. RIGHT OF FIRST REFUSAL 

        3.1.    Right of First Refusal    

        (a)   So
long as at least fifteen percent (15%) of the Shares issued as of the date hereof (subject to appropriate adjustment for stock splits, stock dividends,
reclassifications, recapitalizations and other similar events affecting such shares) remain outstanding, the Company shall not issue, sell or exchange, agree to issue, sell or exchange, or reserve or
set aside for issuance, sale or exchange, (i) any shares of its Common Stock, (ii) any other equity securities of the Company, including, without limitation, shares of preferred stock,
(iii) any option, warrant or other right to subscribe for, purchase or otherwise 

8

 

acquire
any equity securities of the Company ("Options"), or (iv) any debt securities convertible into capital stock of the Company
(collectively, the "Offered Securities"), unless in each such case the Company shall have first complied with Article III of this Agreement. 

        (b)   The
Company shall deliver to each Investor a written notice of any proposed or intended issuance, sale or exchange of Offered Securities (the
"Offer"), which Offer shall (i) identify and describe the Offered Securities, (ii) describe the price and other terms upon which they are
to be issued, sold or exchanged, and the number or amount of the Offered Securities to be issued, sold or exchanged, (iii) identify the persons or entities, if known, to which or with which the
Offered Securities are to be offered, issued, sold or exchanged, and (iv) offer to issue and sell to or exchange with such Investor (A) a pro rata portion of the Offered Securities
determined by dividing the aggregate number of shares of Common Stock then held by such Investor (giving effect to the conversion or exercise, as the case may be, of all shares of convertible
preferred stock and Options then held by such Investor) by the total number of shares of Common Stock then outstanding (giving effect to the conversion or exercise, as the case may be, of all of the
Company's outstanding shares of convertible preferred stock and Options) (the "Basic Amount") and (B) such additional portion of the Offered
Securities as such Investor shall indicate it will purchase or acquire should the other Investors subscribe for less than their Basic Amounts (the "Undersubscription
Amount"). Each Investor shall have the right, for a period of 10 days following delivery of the Offer, to accept the Offer in the manner provided in paragraph (c)
below. The Offer by its terms shall remain open and irrevocable until the earlier of the expiration of such 10-day period or the receipt by the Company of notice from all of the Investors. 

        (c)   To
accept an Offer, in whole or in part, an Investor must deliver a written notice to the Company prior to the end of the 10-day period, setting forth the
portion of the Investor's Basic Amount that such Investor elects to purchase and, if such Investor shall elect to purchase all of its Basic Amount, the Undersubscription Amount (if any) that such
Investor elects to purchase (the "Notice Acceptance"). If the Basic Amounts subscribed for by all Investors are less than the total Basic Amounts, then
each Investor who has set forth an Undersubscription Amount in its Notice of Acceptance shall be entitled to purchase, in addition to the Basic Amounts subscribed for, the Undersubscription Amount it
has subscribed for; provided, however, that should the Undersubscription Amounts subscribed for exceed the difference between the total Basic Amounts and the Basic Amounts subscribed for (the
"Available Undersubscription Amount"), each Investor who has subscribed for any Undersubscription Amount shall be entitled to purchase only that portion
of the Available Undersubscription Amount as the Undersubscription Amount subscribed for by such Investor bears to the total Undersubscription Amounts subscribed for by all Investors, subject to
rounding by the Board of Directors to the extent it reasonably deems necessary. 

        (d)   In
the event that Notices of Acceptance are not given by such Investors in respect of all the Offered Securities, the Company shall have 90 days from the
expiration of the 10-day period set forth in Section 3.1(b) hereof, to issue, sell or exchange all or any part of such Offered Securities as to which a Notice of Acceptance has not
been given by the Investors (the "Refused Securities"), but only to the offerees or purchasers described in the Offer and only upon terms and conditions
(including, without limitation, unit prices and interest rates) which are not more favorable, in the aggregate, to the acquiring person or persons or less favorable to the Company than those set forth
in the Offer. 

        (e)   In
the event the Company shall propose to sell fewer than all the Refused Securities, then each Investor may, at its sole option and in its sole discretion, reduce the
number of the Offered Securities specified in its Notice of Acceptance to a number that shall be not less than the number of the Offered Securities that the Investor elected to purchase pursuant to
Section 3.1(c) hereof, multiplied by a fraction (i) the numerator of which shall be the number of Offered Securities the Company actually proposes to issue, sell or exchange (including
Offered Securities to be issued or sold to Investors pursuant to Section 3.1(c) hereof prior to such reduction) and (ii) the denominator of which shall be the number of all Offered
Securities. In the event that the Investor so elects to reduce 

9

 

the
number of Offered Securities specified in its Notice of Acceptance, the Company may not issue, sell or exchange more than the reduced number of Offered Securities unless and until such securities
have again been offered to the Investors in accordance with Section 3.1(b) hereof. 

        (f)    Upon
the closing of the issuance, sale or exchange of all or less than all the Refused Securities, the Investors shall acquire from the Company, and the Company shall
issue to the Investors, the number of Offered Securities specified in the Notices of Acceptance, as reduced pursuant to Section 3.1(e) hereof if the Investors have so elected, upon the terms
and conditions specified in the Offer. The purchase by the Investors of any Offered Securities is subject in all cases to the preparation, execution and delivery by the Company and the Investors of a
purchase agreement relating to such Offered Securities reasonably satisfactory in form and substance to the Investors and the Company. 

        (g)   Any
Offered Securities not acquired by the Investor or other persons in accordance with Section 3.1(d) hereof may not be issued, sold or exchanged until they are
again offered to the Investors under the procedures specified in this Article. 

        3.2.    Excluded Issuances.    The rights of the Investors under this Article III shall not apply to: 

        (a)   Common
Stock issued as a stock dividend to holders of Common Stock or upon any subdivision or combination of shares of Common Stock; 

        (b)   the
issuance of any shares of Common Stock upon conversion of outstanding shares of convertible preferred stock; 

        (c)   up
to 25,443,584 shares of Common Stock (the "Reserved Option Shares"), or options exercisable therefor (subject to
appropriate adjustment for stock splits, stock dividends, reclassifications, recapitalizations and other similar events affecting such shares), issued or issuable to officers, directors, consultants
and employees of the Company or any subsidiary pursuant to any plan, agreement or arrangement approved by a majority of the Board of Directors, including in such majority all directors designated by
the holders of the Series A Preferred Stock or the Series B Preferred Stock pursuant to any agreement then in effect concerning the election of directors of the Company (a
"Majority Directors Vote"); 

        (d)   Common
Stock issued solely in connection with (i) the acquisition (whether by merger or otherwise) by the Company of all or substantially all of the stock or
assets of any other entity or (ii) any strategic arrangement, alliance, joint venture or similar arrangement, provided, in either case, such is approved by a Majority Directors Vote; 

        (e)   Common
Stock issued upon exercise of any warrants issued to financial institutions or lessors in connection with commercial credit arrangements, equipment financings or
similar transactions that in each case are approved by a Majority Directors Vote; 

        (f)    up
to an aggregate of 899,432 shares (subject to appropriate adjustment for stock splits, stock dividends, reclassifications, recapitalizations and other similar events
affecting such shares) of Common Stock issued upon exercise of warrants and up to an aggregate of 129,517 shares (subject to appropriate adjustment for stock splits, stock dividends,
reclassifications, recapitalizations and other similar events affecting such shares) of Series A Preferred Stock issued upon exercise of warrants; or 

        (g)   up
to an aggregate of 10,141,391 shares of Series C Preferred Stock (subject to appropriate adjustment for stock splits, dividends, reclassifications,
recapitalizations and other similar events affecting such shares) issued pursuant to the Purchase Agreement and shares of Common Stock issued upon conversion of such Series C Preferred Stock. 

        3.3    Termination of the Right of First Refusal.    The rights of the Investors under this Article III shall
terminate pursuant to Section 5.1 hereof. 

10

   ARTICLE IV. AFFIRMATIVE COVENANTS 

        4.1    Inspection.    So long as at least twenty percent (20%) of the Shares issued as of the date hereof (subject to
appropriate adjustment for stock splits, stock dividends, reclassifications, recapitalizations and other similar events affecting such shares), including in such number the shares of Common Stock
issued upon conversion of the Shares, remain outstanding, the Company shall permit each Investor who continues to hold at least 20% of the Shares originally issued to such Investor (subject to
appropriate adjustment for stock splits, stock dividends, reclassifications, recapitalizations and other similar events affecting such shares), or any authorized representative thereof, to visit and
inspect the properties of the Company, including its corporate and financial records, and to discuss its business and finances with officers of the Company, during normal business hours following
reasonable notice and as often as may be reasonably requested. 

        4.2    Financial Statements and Other Information.    

        (a)   So
long as at least twenty percent (20%) of the Shares issued of the date hereof (subject to appropriate adjustment for stock splits, stock dividends, reclassifications,
recapitalizations and other similar events affecting such shares), including in such number the shares of Common Stock issued upon conversion of the Shares, remain outstanding, the Company shall
deliver to each Investor who continues to hold at least 1,000,000 Shares (subject to appropriate adjustment for stock splits, stock dividends, reclassifications, recapitalizations and other similar
events affecting such shares): 

          (i)  within
120 days after the end of each fiscal year of the Company, an audited balance sheet of the Company as at the end of such year and audited statements of
income and of cash flows of the Company for such year, certified by certified public accountants of established national reputation selected by the Company, and prepared in accordance with generally
accepted accounting principles ("GAAP"); 

         (ii)  within
45 days after the end of each calendar quarter, an unaudited balance sheet of the Company as at the end of such quarter, and unaudited statements of
income and of cash flows of the Company for such quarter and for the current fiscal year; 

        (iii)  within
30 days after the end of each calendar month, an unaudited balance sheet of the Company as at the end of such month, and unaudited statements of income
and of cash flows of the Company for such month and for the current fiscal year and the fiscal quarter to the end of such month; 

        (iv)  as
soon as available, but in any event at least ten days prior to the commencement of each new fiscal year, an operating plan and budget for such fiscal year; 

         (v)  such
other notices, information and data with respect to the Company and its subsidiaries as the Company delivers to the holders of its capital stock at the same time it
delivers such items to such holders; and 

        (vi)  with
reasonable promptness, such other information and data as such Investor may from time to time reasonably request. 

        4.3    Material Changes and Litigation.    The Company shall promptly notify the Investors of any material adverse
change in the business, prospects, assets or condition, financial or otherwise, of the Company and of any litigation or governmental proceeding or investigation brought or, to the Company's knowledge,
threatened against the Company, or against any Founder, or an officer, director, key employee or principal stockholder of the Company which, if adversely determined, would have a material adverse
effect on the Company. 

        4.4    Confidentiality of Records.    Each Investor agrees, severally and not jointly, to use confidential information
provided by the Company only for monitoring its investment in Company and not to 

11

 

disclose
any such confidential information to any third party (other than any former, current or prospective partner, limited partner, general partner, member or management company of such Investor
(or any employee or representative of any of the foregoing (each, a "Permitted Disclosee")) or legal counsel, accountants or representatives of such Investor or Permitted Disclosee), except with the
consent of the Company. The foregoing requirements of confidentiality shall not apply to information: (i) that is now or in the future becomes freely available to the public through no fault of
or action by the using or disclosing party; (ii) that is in the possession of the using or disclosing party prior to the time such information was obtained from the Company or that is
independently acquired by the using or disclosing party without the aid, application or use of such other information; (iii) that is obtained by the using or disclosing party in good faith
without knowledge of any breach of a secrecy arrangement from a third party; (iv) that is required to be disclosed by applicable law or order of government agency or self-regulatory
body; provided that, before making such disclosure, such Investor gives the Company an adequate opportunity to interpose an objection and/or take action to assure confidential handling of such
information; or (v) that is disclosed in connection with any bona-fide offer to purchase any shares in the Company, provided that the proposed transferor obtains an undertaking from
the proposed transferee to keep such information confidential in accordance with the provision of this Section 4.4 prior to such disclosure. Furthermore, nothing contained herein shall prevent
any Investor from entering into any business, entering into any agreement with a third party, or investing in or engaging in investment discussions with any other company (whether or not competitive
with the Company), provided that such Investor does not, except as permitted in accordance with this Section 4.4, disclose any proprietary or confidential information of the Company in
connection with such activities. 

        4.5    Agreements with Employees.    The Company shall require each present or future employee or consultant of the
Company to enter into a non-disclosure, confidential and proprietary information, patent and invention assignment and non-solicitation agreement in the form of  Exhibit D attached to the Purchase
Agreement and shall require each present or future each employee of the Company at or above the level of
vice-president to enter into a non-competition agreement in the form of Exhibit E attached to the Purchase Agreement, or
such other forms as may be approved by the Investors. 

        4.6    Reservation of Shares.    The Company shall reserve and maintain a sufficient number of shares of Common Stock
for issuance upon conversion of the Shares. 

        4.7    Employee Stock Options and Restricted Stock.    Unless otherwise approved by a Majority Directors Vote or by
vote of a majority of the Compensation Committee created in accordance with Section 1.6 of the Stockholders' Agreement of even date herewith among the Company and certain stockholders named
therein (the "Stockholders' Agreement"), any stock options granted or restricted stock issued by the Company after the date hereof to its employees or
consultants shall vest 25% on the first anniversary of the grant or issue date with ratable quarterly vesting over the next three years. 

        4.8    Key Man Insurance.    The Company shall maintain in force "key-man" life insurance policies, each
in the amount of at least $1,000,000, naming the Company as a sole beneficiary, on the lives of Gregory Strakosch and Donald Hawk. 

        4.9    Directors and Officers Liability Insurance.    Except as otherwise approved by each Investor entitled to
designate a member of the Company's Board of Directors pursuant to the Stockholders' Agreement, the Company shall hereafter continuously maintain in force a "directors and officers liability"
insurance policy with a reputable insurer at the same or greater level of coverage than in existence on the date hereof (such policy in existence on the date hereof being described in
Schedule 3.17 to the Purchase Agreement). This Section shall not be amended without the approval of each Investor entitled to designate a member of the Company's Board of Directors pursuant to
the Stockholders' Agreement. 

12

 

        4.10    Termination of Covenants.    The covenants of the Company contained in Sections 4.3 through 4.9 shall
terminate, and be of no further force or effect upon the earlier to occur of (i) the Initial Public Offering and (ii) the date as of which no Shares remain outstanding. 

ARTICLE V. GENERAL 

        5.1.    Termination.    Article III of this Agreement shall terminate upon the earlier to occur of:
(a) immediately following the closing of an Initial Public Offering or (b) the date upon which fewer than 15% of the Shares issued as of the date hereof remain outstanding. 

        5.2.    Transfers of Rights.    This Agreement, and the rights and obligations of the Investor hereunder, may be
assigned by the Investor (i) to any person or entity to which at least 1,000,000 Shares (as adjusted for stock splits, stock dividends, recapitalizations and other similar events) are
transferred by the Investor or (ii) to any current or former partner, member, shareholder or other affiliate of, or entity under common investment management with, the Investor, provided,
however, that, in either case, the transferee is not a competitor of the Company. Such transferee shall be deemed an "Investor" for purposes of this Agreement, provided that the transferee provides
written notice of such assignment to the Company and agrees in writing to be bound by the terms and conditions set forth herein as if he or it were an original Investor. The rights under
Article II of this Agreement of SG Cowen may be assigned by SG Cowen to any person or entity to which at least 500,000 Shares (as adjusted for stock splits, stock dividends, recapitalizations
and other similar events) are transferred by SG Cowen, provided, however, that the transferee is not a competitor of the Company. Such transferee shall be deemed "SG Cowen" for purposes of this
Agreement, provided that the transferee provides written notice of such assignment to the Company and agrees in writing to be bound by the terms and
conditions set forth herein as if he or it were SG Cowen. Any determination as to whether the transferee under this Section 5.2 is a competitor of the Company shall be made in good faith by a
Majority Directors Vote. 

        5.3.    Severability.    The provisions of this Agreement are severable, so that the invalidity or unenforceability of
any provision of this Agreement shall not affect the validity or enforceability of any other term or provision of this Agreement, which shall remain in full force and effect. 

        5.4.    Specific Performance.    In addition to any and all other remedies that may be available at law in the event
of any breach of this Agreement, the Investor shall be entitled to specific performance of the agreements and obligations of the other parties hereunder and to such other injunctive or other equitable
relief as may be granted by a court of competent jurisdiction. 

        5.5.    Governing Law.    This Agreement shall be governed by, and construed and enforced in accordance with, the laws
of The Commonwealth of Massachusetts (without reference to the conflicts of law provisions thereof). 

        5.6.    Notices.    All notices, requests, consents, and other communications under this Agreement shall be in writing
and shall be delivered by hand, sent via a reputable nationwide overnight courier service or mailed by first class certified or registered mail, return receipt requested, postage prepaid: 

        (a)   If
to the Company, at 117 Kendrick Street, Suite 800, Needham, MA 02492, Attention: President, or at such other address or addresses as may have been furnished in
writing by the Company to the Investors, with a copy to Morse, Barnes-Brown & Pendleton, P.C., Reservoir Place, 1601 Trapelo Road, Waltham, MA 02451, Attention: Joseph C. Marrow, Esq. 

        (b)   If
to an Investor, at its address set forth on Exhibit A hereto, or at such other address or addresses as may have
been furnished in writing by such Investor to the Company, with a copy to Richard R. Hesp, Esq., Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, LLP, 610 Lincoln Street, Waltham, MA
02451. 

13

 

        (c)   If
to SG Cowen, at 1221 Avenue of the Americas, 12th Floor, New York, N.Y. 10020, Attention: Richard E. Gormley, Managing Director. 

        Notices
provided in accordance with this Section 5.6 shall be deemed delivered upon personal delivery, one business day after being sent via a reputable nationwide overnight
courier service, or two business days after deposit in the mail. 

        5.7.    Complete Agreement; Amendments.    

        (a)   This
Agreement constitutes the full and complete agreement of the parties hereto with respect to the subject matter hereof. Without limiting the generality of the
foregoing, this Agreement amends, restates and supersedes the Existing Agreement. The Investors hereby consent under Section 2.9 of such Existing Agreement, to the granting of registration
rights by the Company pursuant to this Agreement and hereby waive any rights under Article III of such Existing Agreement with respect to the issuance and sale by the Company of the
Series C Preferred Stock pursuant to the Purchase Agreement. 

        (b)   Except
as otherwise explicitly set forth herein, this Agreement may be amended or terminated and the observance of any term of this Agreement may be waived with respect
to all parties to this Agreement (either generally or in a particular instance and either retroactively or prospectively) at any time by a written instrument signed by the Company and Holders holding
two-thirds of the shares of Common Stock issued or issuable upon conversion of the Shares. No waivers of or exceptions to any term, condition or provision of this Agreement, in any one or
more instances, shall be deemed to be, or construed as, a further or continuing waiver of any such term, condition or provision. Any such amendment or waiver effected in accordance with this
Section 5.7(b) shall be binding on all parties hereto, even if they did not consent to such amendment or waiver. 

        5.8.    Pronouns.    Whenever the content may require, any pronouns used in this Agreement shall include the
corresponding masculine, feminine or neuter forms, and the singular form of nouns and pronouns shall include the plural and vice versa. 

        5.9.    Counterparts.    This Agreement may be executed in any number of counterparts, each of which shall be deemed
to be an original, and all of which together shall constitute one Agreement binding on all the parties hereto. 

        5.10.    Captions.    Captions of sections have been added only for convenience and shall not be deemed to be a part
of this Agreement. 

        5.11.    Aggregation of Stock.    All shares of Registrable Shares held or acquired by affiliated entities (including
affiliated venture capital funds) or persons or entities under common investment management with a Holder shall be aggregated for the purpose of determining the availability of any rights under this
Agreement. 

[Remainder of page intentionally left blank]

14

 

        IN
WITNESS WHEREOF, this Second Amended and Restated Investors' Rights Agreement has been executed under seal as of the date first written above. 

	 	 	TECHTARGET, INC.
	

 	
 	

By:	
 	

/s/  ERIC SOCKOL      
 Eric Sockol, Chief Financial Officer
	

 	
 	
INVESTORS:
	

 	
 	

POLARIS VENTURE PARTNERS IV, L.P.
	

 	
 	

By:	
 	

Polaris Venture Management Co. IV, L.L.C.,

Its General Partner
	

 	
 	

By:	
 	

/s/  WILLIAM E. BILODEAU      

	 	 	Name:	 	William E. Bilodeau
	 	 	Title:	 	Attorney-in-fact
	

 	
 	

POLARIS VENTURE PARTNERS ENTREPRENEURS' FUND IV, L.P.
	

 	
 	

By:	
 	

Polaris Venture Management Co. IV, L.L.C.

Its General Partner
	

 	
 	

By:	
 	

/s/  WILLIAM E. BILODEAU      

	 	 	Name:	 	William E. Bilodeau
	 	 	Title:	 	Attorney-in-fact
	

 	
 	

POLARIS VENTURE PARTNERS III, L.P.
	

 	
 	

By:	
 	

Polaris Venture Management Co. III, L.L.C.,

Its General Partner
	

 	
 	

By:	
 	

/s/  WILLIAM E. BILODEAU      

	 	 	Name:	 	William E. Bilodeau
	 	 	Title:	 	Attorney-in-fact
	

 	
 	

POLARIS VENTURE PARTNERS ENTREPRENEURS' FUND III, L.P.
	

 	
 	

By:	
 	

Polaris Venture Management Co. III, L.L.C.

Its General Partner
	

 	
 	

By:	
 	

/s/  WILLIAM E. BILODEAU      

	 	 	Name:	 	William E. Bilodeau
	 	 	Title:	 	Attorney-in-fact
	

 	
 	

POLARIS VENTURE PARTNERS FOUNDERS' FUND III, L.P.
	

 	
 	

By:	
 	

Polaris Venture Management Co. III, L.L.C.

Its General Partner
	

 	
 	

By:	
 	

/s/  WILLIAM E. BILODEAU      

	 	 	Name:	 	William E. Bilodeau
	 	 	Title:	 	Attorney-in-fact
	 	 	 	 	 

15

 

	

 	
 	

TCV V, L.P.

a Delaware Limited Partnership
	 	 	By:	 	Technology Crossover Management V, L.L.C.,
	 	 	Its:	 	General Partner
	

 	
 	

By:	
 	

/s/  ROBERT C. BENSKY      

	 	 	Name:	 	Robert C. Bensky
	 	 	Title:	 	Attorney in Fact
	

 	
 	

TCV V Member Fund, L.P.

a Delaware Limited Partnership
	 	 	By:	 	Technology Crossover Management V, L.L.C.,
	 	 	Its:	 	General Partner
	

 	
 	

By:	
 	

/s/  ROBERT C. BENSKY      

	 	 	Name:	 	Robert C. Bensky
	 	 	Title:	 	Attorney in Fact
	

 	
 	

SG COWEN SECURITIES CORPORATION (for the purposes of Articles II and V only):
	

 	
 	

By:	
 	

/s/  RICHARD E. GORMLEY      

	

 	
 	

RLLM LIMITED PARTNERSHIP
	

 	
 	

By:	
 	

/s/  ROGER MARINO      
 Roger Marino, Its General Partner
	

 	
 	

GRAM LIMITED PARTNERSHIP
	

 	
 	

By:	
 	

/s/  ROGER MARINO      
 Roger Marino, Its General Partner
	

 	
 	

 	
 	

/s/  ROGER MARNIO      
	 	 	

	 	 	 	 	Roger Marino
	

 	
 	

 	
 	

/s/  BRUCE LEVENSON      
	 	 	

	 	 	 	 	Bruce Levenson
	

 	
 	

 	
 	

/s/  EDWIN PESKOWITZ      
	 	 	

	 	 	 	 	Edwin Peskowitz

16

 
Exhibit A  

Investors  

Polaris
Venture Partners III, L.P.

1000 Winter Street

Waltham, MA 02457

Attn: William Bilodeau 

Polaris
Venture Partners Founders' Fund III, L.P.

1000 Winter Street

Waltham, MA 02457

Attn: William Bilodeau 

Polaris
Venture Partners Entrepreneurs' Fund III, L.P.

1000 Winter Street

Waltham, MA 02457

Attn: William Bilodeau 

Polaris
Venture Partners IV, L.P.

1000 Winter Street

Waltham, MA 02457

Attn: William Bilodeau 

Polaris
Venture Partners Entrepreneurs' Fund IV, L.P.

1000 Winter Street

Waltham, MA 02457

Attn: William Bilodeau 

TCV
V, L.P.

528 Ramona Street

Palo Alto, CA 94301

Attn: Jay Hoag

with a copy to:

528 Ramona Street

Palo Alto, CA 94301

Attn: Carla S. Newell 

TCV
V Member Fund, L.P.

528 Ramona Street

Palo Alto, CA 94301

Attn: Jay Hoag

with a copy to:

528 Ramona Street

Palo Alto, CA 94301

Attn: Carla S. Newell 

RLLM
Limited Partnership

c/o Roger Marino

254 Westfield Street

Dedham, MA 02026 

GRAM
Limited Partnership

c/o Roger Marino

254 Westfield Street

Dedham, MA 02026 

17

 

Roger
Marino

254 Westfield Street

Dedham, MA 02026 

Bruce
Levenson

11529 Twining Lane

Potomoc, MD 20814 

Edwin
Peskowitz

4817 Essex Avenue

Chevy Chase, MD 20815 

Other:  

SG
Cowen Securities Corporation (for the purposes

of Articles II and V only)

1221 Avenue of the Americas

12th Floor, New York, NY 10020

Attn: Richard E. Gormley, Managing Director 

18

QuickLinks

SECOND AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENTExhibit 10.8  

TECHTARGET.COM, INC.  

1999 Stock Option Plan  

        This Plan (this "Plan") of TechTarget.com, Inc. (the "Company") provides that options for up to 12,850,000 shares (the "Shares") of the Company's Common
Stock, $.001 par value per share (the "Stock"), may be granted to employees of the Company and its subsidiaries, as defined below, and to others who are in a position to make significant contributions
to the success of the Company and its subsidiaries. Options granted pursuant to this Plan may be either incentive stock options ("Incentive Options") as defined in Section 422 of the Internal
Revenue Code of 1986, as amended (the "Code"), or options that are not Incentive Options ("Nonqualified Options"), or both. 

        1.    PURPOSE.    The purpose of this Plan is to attract and retain employees and others who are in a position to
contribute significantly to the success of the Company and its subsidiaries, to reward such contributions, and to encourage optionholders to advance the long term interests of the Company and its
subsidiaries through ownership of the Company's Stock. 

        2.    ADMINISTRATION.    

        (a)    Board of Directors.    The Plan shall be administered by the Board of Directors of the Company (the "Board").
The Board, subject to the express provisions of this Plan, shall determine those persons to be granted options, the times when options shall be granted, the number of Shares subject to each option,
and the terms and conditions of each option, including whether each option is an Incentive Option or a Nonqualified Option. The Board shall establish the form of instruments granting options and any
other instruments under this Plan, and the rules and regulations for the administration of this Plan, and may amend and rescind such instruments, rules and regulations. The Board shall interpret this
Plan and decide any questions and settle all controversies and disputes that may arise in connection with this Plan, and such determinations of the Board shall be conclusive and shall bind all
parties. Subject to Section 16, the Board may, both generally and in particular instances, waive compliance by an optionholder with any obligation to be performed under an option and waive any
condition or provision of an option, except that in the case of an Incentive Option the Board may not (other than in accordance with Section 5) grant any such waiver if such waiver would cause
the Incentive Option to no longer qualify as an Incentive Option under Section 422 of the Code. 

        (b)    Committee.    The Board may, in its discretion, delegate its powers with respect to this Plan to a committee of
the Board (the "Committee"), in which event all references to the Board hereunder shall be deemed to refer to the Committee. The Committee shall be appointed by the Board and shall be composed solely
of two or more directors. A majority of the members of the Committee shall constitute a quorum, and all determinations of the Committee shall be made by a majority of its members. Any determination of
the Committee under this Plan may be made without notice or meeting of the Committee by a writing signed by all of the members of the Committee. 

        (c)    Public Company Committee.    From and after the date of the first registration of an equity security of the
Company under Section 12 of the Securities and Exchange Act of 1934, as amended (the "Exchange Act"), if the Board shall elect to delegate its powers with respect to this Plan to a Committee
pursuant to the provisions of Subsection (b) above, the Committee shall be composed solely of two or more directors, each of whom shall be a "Non-Employee Director", as such term is
defined from time to time in Rule 16b-3 promulgated under the Exchange Act, and each of whom shall be an "outside director" within the meaning of Section 162(m) of the Code. 

        3.    EFFECTIVE DATE AND TERM.    This Plan shall become effective upon adoption by the Board or approval by the
stockholders by at least a majority vote at a duly held meeting (or by written consent as provided by applicable law), whichever is earlier, but shall not become effective unless stockholder approval
is obtained within twelve (12) months before or after the adoption of this Plan by 

 

the
Board. The Board may grant options under this Plan prior to such approval, but any such option shall become effective as of the date of grant only upon such approval and, accordingly, no such
option may be exercisable prior to such approval. This Plan shall terminate ten years after its effective date. 

        4.    SHARES SUBJECT TO THE PLAN.    The Shares shall be reserved for issuance upon the exercise of options granted
under this Plan. Shares subject to an option which expires or is terminated may again be subjected to an option under this Plan. Shares delivered under this Plan may be authorized but unissued Stock
or treasury Stock. No fractional Shares shall be issued under this Plan. 

        5.    CHANGES IN CAPITAL STOCK.    In the event of a stock dividend, stock split or combination of shares,
recapitalization or other change in the Company's capital stock, the number and kind of shares of stock or securities of the Company subject to options then outstanding or subsequently granted under
this Plan, the maximum number of shares or securities that may be delivered under this Plan, the exercise price, and other relevant provisions shall be adjusted appropriately in a manner determined by
the Board to be equitable, whose determination shall be binding. The Board may also adjust the number of Shares subject to outstanding options, the exercise price of outstanding options and the terms
of outstanding options to take into consideration material changes in accounting practices or principles, consolidations or mergers, acquisitions or dispositions of stock or property or any other
event if it is determined by the Board that such adjustment is appropriate to avoid distortion in the operation of this Plan, provided that no such adjustment shall be made in the case of an Incentive
Option if it would constitute a modification, extension or renewal of the option within the meaning of Section 424(h) of the Code, unless the optionholder consents. 

        6.    ELIGIBILITY.    All employees of the Company and its subsidiaries, as well as those other persons or entities
who, in the opinion of the Board, are in a position to contribute significantly to the success of the Company or its subsidiaries, including, without limitation, nonemployee Directors, consultants,
advisers, independent contractors, and other service providers, shall be eligible to receive options under this Plan. A "subsidiary" for purposes of this Plan shall be a subsidiary corporation as
defined in Section 424(f) of the Code. Incentive Options shall be granted only to "employees" as defined in the applicable provisions of the Code and regulations thereunder. Receipt of options
under this Plan or of awards under any other employee benefit plan of the Company or any of its subsidiaries shall not preclude an employee from receiving options or additional options under this
Plan. In granting options the Board may include or exclude previous participants in this Plan as the Board may determine. 

        7.    TERMS AND CONDITIONS OF OPTIONS.    

        (a)    Number of Options.    The aggregate fair market value (determined as of the time of grant) of the Shares with
respect to which Incentive Options are exercisable for the first time by an employee during any calendar year (under this Plan and all other stock option plans of the Company or its subsidiaries or
any parent corporation) shall not exceed $100,000. 

        (b)    Exercise Price.    The exercise price of each option shall be determined by the Board but, in the case of an
Incentive Option, shall not be less than 100% (110% in the case of an Incentive Option granted to a ten-percent stockholder) of the fair market value of the stock subject to the option on
the date of grant; nor shall the exercise price of any option be less, in the case of an original issue of authorized stock, than par value. For this purpose, (i) "fair market value" shall be
determined by the Board in good faith on a basis consistent with the provisions of Section 422 of the Code and the regulations promulgated thereunder, and (ii) "ten percent stockholder"
shall mean any employee who at the time of grant owns directly, or is deemed to own by reason of the attribution rules set forth in Section 424(d) of the Code, more than 10% of the total
combined voting power of all classes of stock of the Company or of any of its parent or subsidiary corporations. 

2

 

        (c)    Duration, Vesting and Conditions of Exercise.    Each option shall be exercisable during such period or periods
as the Board may determine, but in no case after the expiration of ten years (five years in the case of an Incentive Option granted to a "ten percent stockholder" as defined in (b) above) from
the date of grant. In the discretion of the Board, options may be exercisable (i) in full upon grant or (ii) over or after a period of time conditioned on satisfaction of certain
Company, division, group, office, individual or other performance criteria, including the continued performance of services to the Company or its subsidiaries. In the case of an option not immediately
exercisable in full, the Board may at any time accelerate the time at which all or any part of the option may be exercised. 

        8.    EXERCISE OF OPTIONS.    Any exercise of an option shall be in writing pursuant to a written instrument in the
form prescribed by the Board, signed by the proper person and delivered to the Company, accompanied by (a) such documents as may be required by this Plan, by such written
instrument, or by the Board, and (b) payment as required by such written instrument for the number of Shares for which the option is exercised.
In addition, each exercise of an option shall be subject to such additional conditions as may be required by the Board, including without limitation those described in Section 9 of this Plan.
No exercise of an option shall be effective, and the Company shall not be obligated to deliver any Shares, until all requirements and conditions for exercise have been met to the satisfaction of the
Board. 

        9.    CONDITIONS TO EXERCISE OF OPTIONS.    Except as waived by the Board in a particular case, all the following
conditions shall be complied with as a condition to the exercise of each option granted under this Plan: 

        (a)    Legal Matters.    In the opinion of the Company's counsel all applicable federal and state laws and
regulations, including securities laws and regulations, shall have been complied with, and legal matters in connection with the issuance and delivery of such Shares shall have been approved by the
Company's counsel. 

        (b)    Listing and Registration of Shares.    If at any time the Board shall determine that the listing, registration
or qualification of the Shares covered by any option upon any securities exchange or under any state or federal law, or the consent or approval of any governmental regulatory body, is necessary or
desirable as a condition of or in connection with the granting of such option or the issuance or purchase of Shares thereunder, such option may not be exercised in whole or in part unless and until
such listing, registration, qualification, consent or approval shall have been effected or obtained free of any conditions not acceptable to the Board. 

        (c)    Tax Undertakings.    In the case of an option that is not an Incentive Option, the Board may require the
optionholder to remit to the Company an amount sufficient to satisfy any federal, state or local withholding tax requirements (or make other arrangements satisfactory to the Company with regard to
such taxes, including withholding from regular cash compensation, providing other security to the Company, or remitting or foregoing the receipt of property, including Stock, having a fair market
value (as determined by the Board in good faith in its discretion) on the date of exercise sufficient to meet such potential liability) prior to the delivery of any Shares pursuant to the exercise of
the option. In the case of an Incentive Option, if at the time the option is exercised the Board determines that under applicable law and regulations the Company could be liable for the withholding of
any federal or state tax with respect to a disposition of the Shares received upon exercise, the Board may require the optionholder to agree (i) to inform the Company promptly of any
disposition (within the meaning of Section 424(c) of the Code and the regulations thereunder) of Shares received upon exercise, and (ii) to give such security as the Board deems adequate
to meet the potential liability of the Company for the withholding of tax, and to augment such security from time to time in any amount reasonably deemed necessary by the Board to preserve the
adequacy of such security. 

3

 

        (d)    Evidence of Authority.    If an option is exercised by the legal representative of a deceased optionholder or
by a person to whom the option has been transferred by the optionholder's will or by applicable laws of descent and distribution, the Company shall not be obligated to deliver Shares until satisfied
as to the authority of the person exercising the option. 

        (e)    Restrictions on Transfer of Stock.    If the sale of Shares has not been registered under the Securities Act of
1933, as amended, or under applicable state securities laws, the Company may require, as a condition to exercise of an option, such representations or agreements from the optionholder as counsel for
the Company may consider appropriate to avoid violation of such Act or such state securities laws and may require that the certificates evidencing such Shares bear an appropriate legend restricting
transfer. In addition, the Board may require as conditions to the grant or exercise of any option that the optionholder agree in writing to (i) restrictions on the transfer of Shares,
(ii) a right of first refusal of the Company to repurchase Shares in the event the holder desires to sell such Shares, and (iii) a right of the Company to repurchase Shares in the event
of termination of employment or death or disability. Such restrictions and rights on the part of the Company shall be identified in the instrument granting the option. 

        10.    PAYMENT FOR SHARES.    

        (a)    Exercise Price.    The exercise price for Shares purchased under an option shall be paid as follows:
(i) in cash or by certified check, bank draft or money order payable to the order of the Company; (ii) if permitted by the terms of the instrument granting the option, by the delivery of
shares of Stock having a fair market value (as determined by the Board in good faith in its reasonable discretion) on the date of exercise equal to the exercise price; or (iii) by a combination
of cash and Stock; provided, however, that payment of the exercise price by delivery of shares of Common
Stock of the Company owned by
such optionholder may be made only if such payment does not result in a charge to earnings for financial accounting purposes as determined by the Board, unless the Board otherwise permits such payment
by delivery of shares of Common Stock. 

        (b)    Promissory Note.    To the extent permitted by any applicable margin regulations of the Board of Governors of
the Federal Reserve System and other provisions of applicable law, the instrument granting an option may permit the exercise price for Shares to be paid by payment of at least the par value by a
combination of cash and Stock as provided above, and delivery to the Company of the optionholder's promissory note for the balance of the exercise price. Unless otherwise specified by the Board in the
instrument granting the option, such note (i) shall bear interest at least equal to the Applicable Federal Rate, as determined under Section 1274(d) of the Code and published by the
Service on a monthly basis, in effect for the month of exercise, (ii) shall be a full recourse note, (iii) shall be secured by a pledge of the Shares acquired by exercising the option,
and (iv) shall be payable in equal annual installments of principal and interest over a period of not more than five years after the exercise date (except that any such note shall be payable on
demand in the event of termination of employment). Any such promissory note shall be in a form satisfactory to the Company. 

        11.    NO RIGHTS AS STOCKHOLDER.    Optionholders shall not have the rights of stockholders with regard to options
granted under this Plan, except as to Shares actually purchased pursuant to such options. 

        12.    NONTRANSFERABILITY OF OPTIONS.    Each option granted under this Plan shall be transferable only by will or the
laws of descent and distribution and shall be exercisable during the lifetime of the person to whom the option is granted only by such person. Except as permitted by the preceding sentence, no option
granted under this Plan or any of the rights and privileges thereby conferred shall be transferred, assigned, pledged, hypothecated or otherwise disposed of in any way (by operation of law or
otherwise), and no such option, right or privilege shall be subject to execution, attachment or similar process. Upon any attempt to so transfer, assign, pledge, hypothecate or 

4

 

otherwise
dispose of any such option, right or privilege contrary to the provisions hereof, or upon the levy of any attachment or similar process upon such option, right or privilege, the option and
such rights and privileges shall immediately become null and void. Notwithstanding the above provisions of this Section 12, any option granted under this Plan may be pledged or hypothecated to
secure an obligation to the Company. 

        13.    TERMINATION OF EMPLOYMENT; DEATH OR DISABILITY.    

        (a)    Termination In General.    Upon termination of the employment of an optionholder, any unexercised options shall
terminate immediately, except as provided in Subsections (b), (c) and (d) below. For purposes of this Section 13, employment shall not be considered terminated (i) in the
case of sick leave
or other bona fide leave of absence approved for purposes of this Plan by the Board, so long as the employee's right to re-employment is guaranteed either by statute or by contract, or
(ii) in the case of a transfer of employment among the Company and its subsidiaries, or to the employment of a corporation (or a parent or subsidiary corporation of such corporation) issuing or
assuming an option, which in the case of an Incentive Option is a transaction to which Section 424(a) of the Code applies. For all purposes of this Section 13, the term "employment"
shall include the continuing relationships of optionholders to the Company as Directors, consultants, advisers, independent contractors and other service providers; provided, however, that
notwithstanding the foregoing, in the discretion of the Board, the instrument granting options to any of the foregoing persons may provide that the option may remain in force and effect
notwithstanding the termination of the relationship between any such person and the Company. 

        (b)    Termination Not For Cause.    If such termination was not "for cause" (as hereinafter defined), the
optionholder may exercise any option which was otherwise exercisable on the date of termination for a period ending on the earlier of (i) the expiration of three months after the date of such
termination, (ii) the expiration date of such option as fixed pursuant to the first sentence of Section 7(c), and (iii) the termination of such option pursuant to the provisions
of Section 14. For purposes hereof, the term "for cause" shall mean only (i) the willful or reckless failure by the optionholder to perform his duties under, or willful or reckless
violation of, any written employment or consulting agreement (other than a failure resulting from the optionholder's death or disability), which failure or violation shall not have been cured within
the cure period, if any, provided in such agreement; (ii) the commission by the optionholder of an act of fraud or theft against the Company or any of its subsidiaries; or (iii) the
conviction of the optionholder of (or the plea by the optionholder of nolo contendere to) any felony. 

        (c)    Death.    If termination of employment results from the optionholder's death, any option which was otherwise
exercisable by such optionholder as of the time immediately before his or her death shall be exercisable by the optionholder's estate or by any person who acquired the options by bequest or
inheritance for a period ending on the earlier of (i) one year after the death of the optionholder, (ii) the expiration date of such option as fixed pursuant to the first sentence of
Section 7(c), and (iii) the termination of such option pursuant to the provisions of Section 14. The Board may permit any option to be exercised for up to the total number of
Shares subject to the option, or grant an option which by its terms is exercisable for up to the total number of Shares subject to the option, at any time within one year after the death of the
optionholder, consistent with the above provisions. 

        (d)    Disability.    If the termination of employment results from the optionholder's disability, any option which
was otherwise exercisable by such optionholder immediately prior to the termination of his employment shall be exercisable by him or her (or his or her legal representative) for a period ending on the
earlier of (i) one year after such termination, (ii) the expiration date of such option as fixed pursuant to the first sentence of Section 7(c), and (iii) the termination
of such option pursuant to the provisions of Section 14. The Board may permit any 

5

 

option
to be exercised for up to the total number of Shares subject to the option, or grant an option which by its terms is exercisable for up to the total number of Shares subject to the option, at
any time within one year after termination of employment, consistent with the above provisions. The term "disability" shall for this purpose be defined as such term is defined in
Section 22(e)(3) of the Code. 

        14.    REORGANIZATIONS; DISSOLUTION.    

        (a)    Substitute Options.    If by reason of a corporate merger, consolidation, acquisition of property or stock,
separation, reorganization, or liquidation the Board shall authorize the issuance or assumption of a stock option in a transaction to which Section 424(a) of the Code applies, then,
notwithstanding any other provision of this Plan, the Board may grant an option upon such terms and conditions as it may deem appropriate for the purpose of assumption of the old option, or
substitution of a new option for the old option, in conformity with the provisions of said Section 424(a) of the Code and the Regulations thereunder, and any such option shall not reduce the
number of shares otherwise available for issuance under this Plan. 

        (b)    Termination of Options.    In the event of a Change in Control of the Company (as defined in subsection (c),
below), and in anticipation thereof if required by the circumstances, the Board, in its sole discretion, may (i) accelerate the exercisability, prior to the effective date of such Change in
Control, of all outstanding options granted under this Plan (and redesignate as Nonqualified Options any options or portions thereof that were originally designated as Incentive Options but that no
longer so qualify under Section 422 of the Code), (ii) arrange, if there is a surviving or acquiring corporation, subject to the consummation of a Change of Control, to have that
corporation or an affiliate of that corporation grant to employees and other optionholders replacement options with substantially similar or, if not adverse to the optionholders, different provisions
with respect to exercisability (upon which grant the options granted under this Plan shall immediately terminate and be of no further force or effect) which, however, in the case of Incentive Options,
satisfy, in the determination of the Board, the requirements of Section 424(a) of the Code, (iii) cancel all outstanding options in exchange for consideration in cash or in kind in an
amount equal to the value of the Shares, as determined by the Board in good faith, the optionholder would have received had the option been exercised (to the extent then exercisable or to a greater
extent, including in full, as the Board may determine) less the option price therefor (upon which cancellation such options shall immediately terminate and be of no further force or effect),
(iv) permit the purchaser of the Company's stock or assets to deliver to the optionholders the same kind of consideration that is delivered to the stockholders of the Company in cancellation of
such options in an amount equal to the value of the Shares, as determined by the Board in good faith, the optionholder would have received had the option been exercised (to the extent then
exercisable or to a greater extent, including in full, as the Board may determine), less the option price therefor, or (v) take any combination (or none) of the foregoing actions. 

        (c)    Definition of "Change of Control".    For purposes of this Plan, a "Change in Control" shall mean and include
any of the following: 

          (i)  a
merger or consolidation of the Company with or into any other corporation or other business entity in which the Company is the surviving corporation (except one in
which the holders of capital stock of the Company immediately prior to such merger or consolidation continue to hold at least a majority of the outstanding securities having the right to vote in an
election of the Board of Directors ("Voting Stock") of the Company); or any such merger or consolidation in which the Company is not the surviving corporation; 

         (ii)  a
sale, lease, exchange or other transfer (in one transaction or a related series of transactions) of all or substantially all of the Company's assets; 

6

 

        (iii)  the
acquisition by any person or any group of persons (other than the Company, any of its direct or indirect subsidiaries, or any trustee, fiduciary or other person or
entity holding securities under any employee benefit plan or trust of the Company or any of its direct or indirect subsidiaries) acting together in any transaction or related series of transactions,
of such number of shares of the Company's Voting Stock as causes such person, or group of persons, to own beneficially, directly or indirectly, as of the time immediately after such transaction or
series of transactions, 50% or more of the combined voting power of the Voting Stock of the Company other than as a result of an acquisition of securities directly from the Company, or solely as a
result of an acquisition of securities by the Company which by reducing the number of shares of the Voting Stock outstanding increases the proportionate voting power represented by the Voting Stock
owned by any such person to 50% or more of the combined voting power of such Voting Stock; and 

        (iv)  a
change in the composition of the Company's Board of Directors following a tender offer or proxy contest, as a result of which persons who, immediately prior to a
tender offer or proxy contest, constituted the Company's Board of Directors shall cease to constitute at least a majority of the members of the Board of Directors. 

        (d)    Dissolution or Liquidation.    Upon the dissolution or liquidation of the Company, all outstanding options
granted under this Plan shall terminate, but each optionholder shall have the right, immediately prior to such dissolution or liquidation, to exercise his or her options to the extent then
exercisable. 

        15.    EMPLOYMENT RIGHTS AND OTHER BENEFITS.    Neither the adoption of this Plan nor the grant of options shall
confer upon any employee any right to continued employment with the Company or any parent or subsidiary or affect in any way the right of the Company or such parent or subsidiary to terminate the
employment of an employee at any time. Except as specifically provided by the Board in any particular case, the loss of existing or potential profit in options granted under this Plan shall not
constitute an element of damages in the event of termination of the employment of an employee even if the termination is in violation of an obligation of the Company to the employee by contract or
otherwise. Nothing in this Plan shall restrict the authority of the Board to grant stock options or to award bonuses or other benefits to employees or others otherwise than pursuant to this Plan. For
purposes of this Section 15, the term "employee" shall include those persons granted options pursuant to this Plan who are not employees of the Company, and the term "employment" shall include
the arrangement or relationship between the Company and any such person. 

        16.    DISCONTINUANCE, CANCELLATION, AMENDMENT AND TERMINATION.    The Board may at any time abandon this Plan or
discontinue granting options under this Plan. With the consent of the optionholder, the Board may at any time cancel an existing option in whole or in part and grant another option for such number of
shares as the Board specifies. The Board may at any time amend this Plan for the purpose of satisfying the requirements of Section 422 of the Code or of any changes in applicable laws or
regulations or for any other purpose which may at the time be permitted by law, or may at any time terminate this Plan as to any further grants of options, provided that (except to the extent
expressly required or permitted herein above) no such amendment shall, without the approval of the stockholders of the Company by at least a majority vote at a duly held meeting (or by written consent
as provided by applicable law), (a) increase the maximum number of shares for which options may be granted under this Plan, (b) change the group of employees eligible to receive options
under this Plan, (c) reduce the price at which Incentive Options may be granted, (d) extend the time within which options may be granted, (e) alter this Plan in such a way that
Incentive Options already granted hereunder would not be considered Incentive Options under Section 422 of the Code, (f) amend the provisions of this Section 16, or
(g) make any other change in this Plan which requires stockholder approval under applicable law or regulations, including any approval requirement which is a prerequisite for exemptive relief
under Section 16 of the Exchange Act. The termination or any 

7

 

modification
or amendment of this Plan shall not adversely affect the rights of any optionholder under any option previously granted without his or her consent. 

        17.    COMPLIANCE WITH RULE 16b-3.    It is intended that the provisions of this Plan and any option
granted thereunder to a person subject to the reporting requirements of Section 16(a) of the Exchange Act shall comply in all respects with the terms and conditions of
Rule 16b-3 promulgated under the Exchange Act or any successor provisions thereto. Any agreement granting options shall contain such provisions as are necessary or appropriate to
assure such compliance. To the extent that any provision hereof is found not to be in compliance with such Rule, such provision shall be deemed to be modified so as to be in compliance with such Rule
or, if such modification is not possible, shall be deemed to be null and void, as it relates to a recipient subject to Section 16(a) of the Exchange Act. 

        ADOPTED
by the Board of Directors of TechTarget.Com, Inc. as of the 17th day of September, 1999. 

        APPROVED
by the Stockholders of TechTarget.Com, Inc. as of the 17th day of September, 1999. 

8

   TECHTARGET.COM, INC.  

 1999 STOCK OPTION PLAN  

 CALIFORNIA SUPPLEMENT  

        Pursuant to Section 16 of the TechTarget.com, Inc. 1999 Stock Option Plan (the "Plan"), the Board has adopted this supplement for purposes of
satisfying the requirements of Section 25102(o) of the California Corporations Code. Terms not otherwise defined herein shall having the meaning ascribed to such term in the Plan. 

        Any
Incentive Options or Nonqualified Options (collectively, the "Options") granted under the Plan to an optionee who is a resident of the State of California on the date of grant (a
"California Participant") shall be subject to the following additional limitations, terms and conditions: 

        1.    Additional Limitations on Options.    

        (a)    Limitation on Maximum Number of Shares Subject to Options.    Pursuant to Section 260.140.45 of the
California Code of Regulations, the total number of securities issuable upon exercise of all outstanding Options under the Plan or under any bonus or similar plan or agreement shall not exceed 30% of
the then outstanding securities of the Corporation (calculated on an as if converted basis), unless a percentage higher than 30% is approved by at least two-thirds of the outstanding
securities entitled to vote. 

        (b)    Minimum Vesting Rate.    Except in the case of Options granted to California Participants who are officers,
directors, consultants or advisors of the Corporation or its affiliates (which Options may become exercisable at whatever rate is determined by the Board), Options granted to California Participants
shall become exercisable at a rate of no less than 20% per year over five years from the date of grant; provided, however, that such Options may be
subject to such reasonable forfeiture conditions as the Board may choose to impose and which are not inconsistent with Section 260.140.41 of the California Code of Regulations. 

        (c)    Minimum Exercise Price.    The exercise price of Options granted to California Participants may not be less
than 85% of the Fair Market Value (as defined below) of the Stock on the date of grant in the case of a Nonqualified Options or less than 100% of the Fair Market Value of the Stock on the date of
grant in the case of an Incentive Options; provided, however, that if the California Participant is a person who owns stock possessing more than 10% of
the total combined voting power of all classes of stock of the Corporation or its parent or subsidiary corporations, the exercise price shall be not less than 110% of the Fair Market Value of the
Stock on the date of grant. 

        (d)    Maximum Duration of Options.    No Options granted to California Participants may be granted for a term in
excess of 10 years. 

        (e)    Minimum Exercise Period Following Termination.    Unless a California Participant's employment is terminated
for cause (as such term is defined in any contract of employment between the Corporation and such California Participant, or if not so defined, as defined in the Option agreement with respect to such
California Participant's Option, or if not so defined, as defined in the Plan), in the event of termination of employment of such Participant, he or she shall have the right to exercise an Option, to
the extent that he or she was otherwise entitled to exercise such Option on the date employment terminated, as follows: (i) at least six months from the date of termination, if termination was
caused by such Participant's death or "permanent and total disability" (within the meaning of Section 22(e)(3) of the Code) and (ii) at least 30 days from the date of termination,
if termination was caused other than by such Participant's death or "permanent and total disability" (within the meaning of Section 22(e)(3) of the Code). 

1

 

        (f)    Limitation on Repurchase Rights.    If an Option granted to a California Participant gives the Corporation the
right to repurchase Shares issued pursuant to the Plan upon termination of employment of such Participant, the terms of such repurchase right must comply with Section 260.140.41(k) of the
California Code of Regulations. 

        2.    Additional Limitations on Transferability of Options.    Except as provided in the next sentence, Options
granted to California Participants shall not be sold, assigned, transferred, pledged or otherwise encumbered by the person to whom they are granted, either voluntarily or by operation of law, except
by will or the laws of descent and distribution, and, during the life of such Participant, shall be exercisable only by such Participant. Notwithstanding the foregoing, the Board may, in the case of
Nonqualified Options, allow them to be transferred to an inter vivos or testamentary trust in which the Options are to be passed to beneficiaries upon
the death of the trustor (settlor) or by gift to "immediate family" as that term is defined in Rule 16a-1(e) under the Exchange Act. 

        3.    Additional Requirement to Provide Information to California Participants.    The Corporation shall provide to
each California Participant and to each California Participant who acquires Stock pursuant to the Plan, not less frequently than annually, copies of annual financial statements (which need not be
audited). The Corporation shall not be required to provide such statements to key employees whose duties in connection with the Corporation assure their access to equivalent information. 

        4.    Additional Limitations on Timing of Options.    No Option granted to a California Participant shall become
exercisable, vested or realizable, as applicable to such Option, unless the Plan has been approved by the Corporation's stockholders within 12 months before or after the date the Plan was
adopted by the Board. 

        5.    Additional Limitations Relating to Definition of Fair Market Value.    For purposes of Section 1(c) of
this Supplement, "Fair Market Value" shall be determined in a manner not inconsistent with Section 260.140.50 of the California Code of Regulations. 

2

   TECHTARGET.COM, INC.  

Amendment to 1999 Stock Option Plan 

        In
accordance with the provisions of Section 16 of the TechTarget.com, Inc. 1999 Stock Option Plan (the "Plan"), the Plan is hereby amended as follows (all terms used
herein and not defined shall have the meanings set forth in the Plan): 

        1.     The
Introductory Paragraph of the Plan is hereby amended by increasing the number of shares subject to the Plan from 12,850,000 Shares to 13,593,584 Shares of the common
stock, par value $0.001 per share, of the Company. 

        2.     This
Amendment shall take effect as of the later of the date of its adoption by the Board of Directors of the Company and upon its approval by the stockholders of the
Company in accordance with Section 16 of the Plan. 

        All
other provisions of the Plan which are not inconsistent with this amendment shall remain in full force and effect. 

	Date of Board of Director Approval:	 	June 12, 2000
	Date of Stockholder Approval:	 	June 13, 2000

3

 
TECHTARGET.COM, INC.  

Amendment to 1999 Stock Option Plan 

        In
accordance with the provisions of Section 16 of the TechTarget.com, Inc. 1999 Stock Option Plan (the "Plan"), the Plan is hereby amended as follows (all terms used
herein and not defined shall have the meanings set forth in the Plan): 

        1.     The
Plan is hereby amended by deleting, in each of (i) the third line of the initial paragraph thereof, (ii) the second and fourth lines of Section 1
thereof, and (iii) the first line of the first sentence of Section 6 thereof, the phrase "the Company and its subsidiaries" and inserting in its place the phrase "of the Company, its
predecessor and affiliate, United Communications Group Limited Partnership, and their respective subsidiaries;". 

        2.     This
Amendment shall take effect as of the later of the date of its adoption by the Board of Directors of the Company and upon its approval by the stockholders of the
Company in accordance with Section 16 of the Plan. 

        All
other provisions of the Plan which are not inconsistent with this amendment shall remain in full force and effect. 

	Date of Board of Director Approval:	 	June 30, 2000
	Date of Stockholder Approval:	 	June 30, 2000

4

 
TECHTARGET.COM, INC.  

Amendment to 1999 Stock Option Plan 

        In
accordance with the provisions of Section 16 of the TechTarget.com, Inc. 1999 Stock Option Plan (the "Plan"), the Plan is hereby amended as follows (all terms used
herein and not defined shall have the meanings set forth in the Plan): 

        1.     The
Introductory Paragraph of the Plan is hereby amended by increasing the number of shares subject to the Plan from 13,593,584 Shares to 14,843,584 Shares of the common
stock, par value $0.001 per share, of the Company. 

        2.     This
Amendment shall take effect as of the later of the date of its adoption by the Board of Directors of the Company and upon its approval by the stockholders of the
Company in accordance with Section 16 of the Plan. 

        All
other provisions of the Plan which are not inconsistent with this amendment shall remain in full force and effect. 

	Date of Board of Director Approval:	 	December 11, 2000
	Date of Stockholder Approval:	 	December 14, 2000

5

 
TECHTARGET.COM, INC.  

Amendment to 1999 Stock Option Plan 

        In
accordance with the provisions of Section 16 of the TechTarget.com, Inc. 1999 Stock Option Plan (the "Plan"), the Plan is hereby amended as follows (all terms used
herein and not defined shall have the meanings set forth in the Plan): 

        1.     The
Introductory Paragraph of the Plan is hereby amended by increasing the number of shares subject to the Plan from 14,843,584 Shares to 18,843,584 Shares of the common
stock, par value $0.001 per share, of the Company. 

        2.     This
Amendment shall take effect as of the later of the date of its adoption by the Board of Directors of the Company and upon its approval by the stockholders of the
Company in accordance with Section 16 of the Plan. 

        All
other provisions of the Plan which are not inconsistent with this amendment shall remain in full force and effect. 

	Date of Board of Director Approval:	 	October 25, 2001
	Date of Stockholder Approval:	 	October 25, 2001

6

 
TECHTARGET.COM, INC.  

Amendment to 1999 Stock Option Plan 

        In
accordance with the provisions of Section 16 of the TechTarget.com, Inc. 1999 Stock Option Plan (the "Plan"), the Plan is hereby amended as follows (all terms used
herein and not defined shall have the meanings set forth in the Plan): 

        1.     The
Introductory Paragraph of the Plan is hereby amended by increasing the number of shares subject to the Plan from 18,843,584 Shares to 19,643,584 Shares of the common
stock, par value $0.001 per share, of the Company. 

        2.     This
Amendment shall take effect as of the later of the date of its adoption by the Board of Directors of the Company and upon its approval by the stockholders of the
Company in accordance with Section 16 of the Plan. 

        All
other provisions of the Plan which are not inconsistent with this amendment shall remain in full force and effect. 

	Date of Board of Director Approval:	 	December 20, 2001
	Date of Stockholder Approval:	 	December 21, 2001

7

 
TECHTARGET.COM, INC.  

Amendment to 1999 Stock Option Plan 

        In
accordance with the provisions of Section 16 of the TechTarget.com, Inc. 1999 Stock Option Plan (the "Plan"), the Plan is hereby amended as follows (all terms used
herein and not defined shall have the meanings set forth in the Plan): 

        1.     The
Introductory Paragraph of the Plan is hereby amended by increasing the number of shares subject to the Plan from 19,643,584 Shares to 21,443,584 Shares of the common
stock, par value $0.001 per share, of the Company. 

        2.     This
Amendment shall take effect as of the later of the date of its adoption by the Board of Directors of the Company and upon its approval by the stockholders of the
Company in accordance with Section 16 of the Plan. 

        All
other provisions of the Plan which are not inconsistent with this amendment shall remain in full force and effect. 

	Date of Board of Director Approval:	 	July 30, 2003
	Date of Stockholder Approval:	 	July 30, 2003

8

 
TECHTARGET, INC.  

Amendment to 1999 Stock Option Plan 

        In
accordance with the provisions of Section 16 of the TechTarget, Inc. 1999 Stock Option Plan (the "Plan"), the Plan is hereby amended as follows (all terms used herein
and not defined shall have the meanings set forth in the Plan): 

        1.     The
Introductory Paragraph of the Plan is hereby amended by increasing the number of shares subject to the Plan from 21,443,584 Shares to 22,443,584 Shares of the common
stock, par value $0.001 per share, of the Company. 

        2.     This
Amendment shall take effect as of the later of the date of its adoption by the Board of Directors of the Company and its approval by the stockholders of the Company
in accordance with Section 16 of the Plan. 

        All
other provisions of the Plan which are not inconsistent with this amendment shall remain in full force and effect. 

	Date of Board of Director Approval:	 	December 31, 2003
	Date of Stockholder Approval:	 	December 31, 2003

9

 
TECHTARGET, INC.  

Amendment to 1999 Stock Option Plan 

        In
accordance with the provisions of Section 16 of the TechTarget, Inc. 1999 Stock Option Plan (the "Plan"), the Plan is hereby amended as follows (all terms used herein
and not defined shall have the meanings set forth in the Plan): 

        1.     The
Introductory Paragraph of the Plan is hereby amended by increasing the number of shares subject to the Plan from 22,443,584 Shares to 25,443,584 Shares of the common
stock, par value $0.001 per share, of the Company. 

        2.     This
Amendment shall take effect as of the later of the date of its adoption by the Board of Directors of the Company and its approval by the stockholders of the Company
in accordance with Section 16 of the Plan. 

        All
other provisions of the Plan which are not inconsistent with this amendment shall remain in full force and effect. 

	Date of Board of Director Approval:	 	December 17, 2004
	Date of Stockholder Approval:	 	December 17, 2004

10

 
TECHTARGET, INC.  

Amendment to 1999 Stock Option Plan 

        In
accordance with the provisions of Section 16 of the TechTarget, Inc. 1999 Stock Option Plan (the "Plan"), the Plan is hereby amended as follows (all terms used herein
and not defined shall have the meanings set forth in the Plan): 

        1.     The
Introductory Paragraph of the Plan is hereby amended by increasing the number of shares subject to the Plan from 25,443,584 Shares to 49,538,584 Shares of the common
stock, par value $0.001 per share, of the Company. 

        2.     This
Amendment shall take effect as of the later of the date of its adoption by the Board of Directors of the Company and its approval by the stockholders of the Company
in accordance with Section 16 of the Plan. 

        All
other provisions of the Plan which are not inconsistent with this amendment shall remain in full force and effect. 

	Date of Board of Director Approval:	 	September 27, 2006
	Date of Stockholder Approval:	 	September 27, 2006

11

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