Document:

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                                                                    EXHIBIT 10.7

                            ZIFF DAVIS HOLDINGS INC.

                                       and

                      DEUTSCHE BANK TRUST COMPANY AMERICAS

                                as Warrant Agent

                                WARRANT AGREEMENT

                           Dated as of August 12, 2002

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                                WARRANT AGREEMENT

                                TABLE OF CONTENTS

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SECTION 1.        Certain Definitions...........................................................................1

SECTION 2.        Appointment of Warrant Agent; Issuance, Form, Execution, Delivery and Registration
                   of Warrant Certificates......................................................................3

SECTION 3.        Terms of Warrants; Exercise of Warrants......................................................11

SECTION 4.        Payment of Taxes.............................................................................13

SECTION 5.        Reservation of Warrant Shares................................................................13

SECTION 6.        Distribution Rights..........................................................................14

SECTION 7.        Adjustment of Exercise Price and Number of Warrant Shares Issuable...........................14

SECTION 8.        Statement on Warrants........................................................................16

SECTION 9.        Fractional Interests.........................................................................16

SECTION 10.       When Adjustment Not Required.................................................................17

SECTION 11.       Escrow of Warrant Stock......................................................................17

SECTION 12.       Challenge to Good Faith Determination........................................................17

SECTION 13.       Notices to Warrant Holders...................................................................17

SECTION 14.       Merger, Consolidation or Change of Name of Warrant Agent.....................................18

SECTION 15.       Warrant Agent................................................................................19

SECTION 16.       Resignation and Removal of Warrant Agent; Appointment of Successor...........................21

SECTION 17.       Notices to Company and Warrant Agent.........................................................22

SECTION 18.       Supplements and Amendments...................................................................23

SECTION 19.       Severability.................................................................................23

SECTION 20.       Successors...................................................................................23

SECTION 21.       Termination..................................................................................23
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SECTION 22.       GOVERNING LAW................................................................................23

SECTION 23.       Benefits of This Agreement...................................................................23

SECTION 24.       Entire Agreement.............................................................................24

SECTION 25.       Counterparts.................................................................................24

EXHIBIT A         A-1
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                                       ii

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                                WARRANT AGREEMENT

     THIS WARRANT AGREEMENT dated as of August 12, 2002 (this "Agreement")
between Ziff Davis Holdings Inc., a Delaware corporation ("Parent"), and
Deutsche Bank Trust Company Americas, a New York banking corporation, as warrant
agent (the "Warrant Agent").

     Pursuant to the Exchange Offer (as defined below), Parent and Ziff Davis
Media Inc., a Delaware corporation and a wholly-owned subsidiary of Parent (the
"Company"), have offered to exchange all of the Company's outstanding 12% Senior
Subordinated Notes due 2010 (the "Notes") for a combination of (i) $22.6 million
in cash (except for the Willis Stein Investors (as defined below) who will
receive 7,400 shares of Series D Preferred (as defined below) in lieu of their
cash consideration), (ii) new senior subordinated compounding notes of the
Company in the aggregate principal amount of $95.0 million, (iii) shares of a
new series E redeemable preferred stock of Parent having a liquidation
preference of $30.0 million; and (iv) 5.5 million warrants (as hereinafter
described, the "Warrants") each representing the right to purchase one share of
Parent's Common Stock (as defined below).

     Parent desires the Warrant Agent to act on behalf of Parent, and the
Warrant Agent is willing so to act, in connection with the issuance, exercise,
exchange and replacement of Warrant Certificates (as defined below) and other
matters as provided herein.

     NOW, THEREFORE, in consideration of the premises and the mutual agreements
herein set forth, and for the purpose of defining the respective rights and
obligations of Parent, the Warrant Agent and the Holders (as defined below), the
parties hereto agree as follows:

     SECTION 1. Certain Definitions. Unless otherwise defined, capitalized terms
used herein have the meanings set forth in this Section 1.

     "Affiliate" of any Person means any Person directly or indirectly
controlling or controlled by or under direct or indirect common control with
such Person. For purposes of this definition, "control" when used with respect
to any Person means the power to direct the management and policies of such
Person, directly or indirectly, whether through the ownership of voting
securities, by contract or otherwise, and the terms "controlling" and
"controlled" have meanings correlative to the foregoing.

     "Business Day" means each Monday, Tuesday, Wednesday, Thursday and Friday
that is not a day on which the New York Stock Exchange or banking institutions
in the City of New York, New York are authorized or obligated by law, executive
order or regulation to close.

     "Capital Stock" means any and all shares, interests, participations,
warrants, options, rights or other equivalents of or interests in (however
designated and whether voting or non-voting) corporate stock of a corporation
and any and all equivalent ownership interests in a Person (other than a
corporation), in each case whether outstanding as of the date hereof or
thereafter issued, including any preferred stock.

     "Commission" means the Securities and Exchange Commission.

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     "Common Stock" of any Person means Capital Stock of such Person that does
not rank prior, as to the payment of dividends or as to the distribution of
assets upon any voluntary or involuntary liquidation, dissolution or winding up
of such Person, to shares of Capital Stock of any other class of such Person,
and, in the case of Parent, means the Common Stock, par value $.001 per share,
of Parent.

     "Convertible Securities" mean any shares of stock or securities which are
convertible or exchangeable, either immediately or upon the occurrence of a
specified date or a specified event, for shares of Common Stock.

     "Depositary" means The Depository Trust Company, a New York corporation.

     "Exchange Act" means the Securities Exchange Act of 1934, as amended (or
any successor act), and the rules and regulations promulgated thereunder.

     "Exchange Offer" means the offer of Parent and the Company to exchange the
Notes for a combination of cash and securities as described more fully in the
Offering Memorandum, Solicitation of Releases, Consents and Acceptances and
Disclosure Statement dated June 17, 2002 as supplemented from time to time.

     "Exchange Offer Closing Date" means August 12, 2002.

     "Exercise Price" means the purchase price per share of Common Stock to be
paid upon the exercise of each Warrant in accordance with the terms hereof,
which price shall initially be $0.001 per share, subject to adjustment from time
to time pursuant to Section 7 hereof.

     "Expiration Date" means August 12, 2012.

     "Holder" means the registered holder of a Warrant.

     "Majority Holders" means the Holders of Warrants exercisable for in excess
of 50% of the aggregate number of shares of Parent's Common Stock then issuable
upon exercise of all Warrants.

     "Officer's Certificate" means a certificate signed by the President, Vice
President, Chief Executive Officer, Chief Accounting Officer, Chief Financial
Officer or the Treasurer of Parent and delivered to the Warrant Agent, which
shall comply with the provisions of Section 15(j) hereof.

     "Person" means any individual, corporation, partnership, limited liability
company, joint venture, association, joint stock company, trust, unincorporated
organization, government or any agency or political subdivision thereof or any
other entity.

     "Record Holder" means the holder of a Note as of the Business Day
immediately preceding the date of this Agreement.

     "Securities Act" means the Securities Act of 1933, as amended.

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     "Series D Preferred" means the Series D Redeemable Preferred Stock, par
value $.01 per share, of the Parent.

     "Transfer Agent" has the meaning specified in Section 5.

     "Warrant Certificates" means the certificates evidencing the Warrants to be
delivered pursuant to this Agreement, substantially in the form of Exhibit A
hereto.

     "Warrants" shall mean the warrants issued pursuant to this Agreement and
all warrants issued upon transfer, division or combination of, or in
substitution for, any thereof. All Warrants shall at all times be identical as
to terms and conditions and date.

     "Warrant Shares" has the meaning specified in Section 2.2 hereof.

     "Willis Stein Investors" means, collectively, Willis Stein & Partners III,
L.P., Willis Stein & Partners Dutch III-A, L.P., Willis Stein & Partners Dutch
III-B, L.P. and Willis Stein & Partners III-C, L.P.

     SECTION 2. Appointment of Warrant Agent; Issuance, Form, Execution,
Delivery and Registration of Warrant Certificates.

     2.1. Appointment of Warrant Agent. Parent hereby appoints the Warrant Agent
to act as agent for Parent in accordance with the instructions set forth in this
Agreement and the Warrant Agent hereby accepts such appointment, subject to the
terms and conditions of this Agreement.

     2.2. Issuance of Warrants.

     (a) Upon consummation of the Exchange Offer, Parent shall issue to each
Record Holder, in exchange for Notes held of record by such Record Holder on the
Exchange Offer Closing Date and validly tendered to the Company for exchange as
set forth in the Exchange Offer (without withdrawal of such tender), Warrants to
purchase shares of Parent's Common Stock. Each Record Holder who validly tenders
its Notes shall receive per $1,000 principal amount of such Notes so tendered,
22 Warrants, each representing the right to purchase one share of Parent's
Common Stock.

     Warrants to acquire fractional shares of the Parent's Common Stock shall
not be issued pursuant to this Section 2.2. Instead, if calculation of the
number of Warrants issuable to any Record Holder in accordance with the
foregoing results in a fractional number of Warrants, the number of Warrants
issuable to such Record Holder shall be rounded to the next highest whole number
in the case of a fractional interest equal to or greater than 0.5 and to the
preceding whole number in the case of a fractional interest less than 0.5;
provided that Parent may consolidate holdings of Warrants by Affiliates for
purposes of any such calculation. The Holders, by their acceptance of the
Warrant Certificates, expressly waive any and all rights to receive any fraction
of a share of Parent's Common Stock or a stock certificate representing a
fraction of a share of Parent's Common Stock. The Warrants shall be delivered to
each Record Holder at no cost to such Record Holder.

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     Each Warrant Certificate shall evidence the number of Warrants specified
therein, and each Warrant evidenced thereby shall represent the right, subject
to the provisions contained herein and therein, to purchase from Parent (and
Parent shall issue and sell to such Holder) one (1) fully paid and
non-assessable share of Parent's Common Stock (the shares purchasable upon
exercise of a Warrant being hereinafter referred to as the "Warrant Shares" and,
where appropriate, such term shall also mean any other securities or property
purchasable and deliverable upon exercise of a Warrant as provided in Section 3
at the price specified herein and therein, in each case subject to adjustment as
provided herein and therein).

     2.3. Form of Warrant Certificates. The Warrant Certificates will initially
be issued either in global form (the "Global Warrants") or in registered form as
definitive Warrant Certificates (the "Definitive Warrants"). The Warrant
Certificates evidencing the Global Warrants or the Definitive Warrants to be
delivered pursuant to this Agreement shall be substantially in the form set
forth in Exhibit A hereto. Such Global Warrants shall represent such of the
outstanding Warrants as shall be specified therein and each shall provide that
it shall represent the aggregate amount of outstanding Warrants from time to
time endorsed thereon and that the aggregate amount of outstanding Warrants
represented thereby may from time to time be decreased or increased, as
appropriate. Any endorsement of a Global Warrant to reflect the amount of any
increase or decrease in the amount of outstanding Warrants represented thereby
shall be made by the Warrant Agent in accordance with instructions given by the
Holder thereof. Upon written request, and subject to Section 2.8 hereof, a
Holder may receive from the Warrant Agent Definitive Warrants as set forth in
Section 2.8 hereof.

     2.4. Execution of Warrant Certificates. The Warrant Certificates shall be
executed on behalf of Parent by the Chairman of its Board of Directors, its
President or any Vice President and attested by its Secretary or Assistant
Secretary. Such signatures may be the manual or facsimile signatures of such
officers. Typographical and other minor errors or defects in any such
reproduction of any such signatures shall not affect the validity or
enforceability of any Warrant Certificate that has been duly countersigned and
delivered by the Warrant Agent.

     In case any authorized officer of Parent who shall have signed any of the
Warrant Certificates shall cease to be such an officer before the Warrant
Certificate so signed shall be countersigned and delivered by the Warrant Agent
or disposed of by Parent, such Warrant Certificate nevertheless may be
countersigned and delivered or disposed of as though the Person who signed such
Warrant Certificate had not ceased to be such an officer of Parent; and any
Warrant Certificate may be signed on behalf of Parent by such Persons as, at the
actual date of the execution of such Warrant Certificate, shall be the proper
officers of Parent, although at the date of the execution and delivery of this
Agreement any such Person was not such an officer.

     2.5. Countersignature and Delivery. Subject to the immediately following
paragraph, Warrant Certificates shall be countersigned by manual signature and
dated the date of countersignature by the Warrant Agent and shall not be valid
for any purpose unless so countersigned and dated. The Warrant Certificates
shall be numbered and shall be registered in the Warrant Register (as defined in
Section 2.7 hereof).

     Upon the receipt by the Warrant Agent of a written order of an officer of
Parent, which order shall be signed by the Chairman of its Board of Directors,
its President or any Vice

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President and attested by its Secretary or Assistant Secretary, and shall
specify the amount of Warrants to be countersigned, whether the Warrants are to
be Global Warrants or Definitive Warrants, the date of such Warrants and such
other information as the Warrant Agent may reasonably request, without any
further action by Parent, the Warrant Agent is authorized, upon receipt from
Parent at any time and from time to time of the Warrant Certificates, duly
executed as provided in Section 2.4 hereof, to authenticate, countersign and
deliver the Warrant Certificates. Such countersignature shall be by a duly
authorized signatory of the Warrant Agent (although it shall not be necessary
for the same signatory to sign all Warrant Certificates).

     In case any authorized signatory of the Warrant Agent who shall have
countersigned any of the Warrant Certificates shall cease to be such an
authorized signatory before the Warrant Certificate shall be disposed of by
Parent, such Warrant Certificate nevertheless may be delivered or disposed of as
though the Person who countersigned such Warrant Certificate had not ceased to
be such an authorized signatory of the Warrant Agent; and any Warrant
Certificate may be countersigned on behalf of the Warrant Agent by such Persons
as, at the actual time of countersignature of such Warrant Certificates, shall
be the duly authorized signatories of the Warrant Agent, although at the time of
the execution and delivery of this Agreement any such Person is not such an
authorized signatory.

     2.6. Temporary Warrant Certificates. Pending the preparation of definitive
Warrant Certificates, Parent may execute, and, upon the written order of the
Parent, the Warrant Agent shall countersign and deliver, temporary Warrant
Certificates, which are printed, lithographed, typewritten or otherwise
produced, substantially of the tenor of the definitive Warrant Certificates in
lieu of which they are issued and with such appropriate insertions, omissions,
substitutions and other variations as the officers executing such Warrant
Certificates may determine, as evidenced by their execution of such Warrant
Certificates.

     If temporary Warrant Certificates are issued, Parent will cause definitive
Warrant Certificates to be prepared without unreasonable delay. After the
preparation of definitive Warrant Certificates, the temporary Warrant
Certificates shall be exchangeable for definitive Warrant Certificates upon
surrender of the temporary Warrant Certificates at the corporate office of the
Warrant Agent. Subject to the provisions of Section 4 hereof, such exchange
shall be without charge to the Holder. Upon surrender for cancellation of any
one or more temporary Warrant Certificates, Parent shall execute, and the
Warrant Agent shall authenticate, countersign and deliver in exchange therefor,
one or more Definitive Warrants representing in the aggregate the same number of
Warrants. Until so exchanged, the holder of a temporary Warrant Certificate
shall in all respects be entitled to the same benefits under this Agreement as a
holder of a Definitive Warrant.

     2.7. Registration. Parent from time to time shall designate a Person to
register the transfer and exchange of the Warrants (such Person being referred
to herein as the "Registrar"). Parent hereby initially appoints the Warrant
Agent as Registrar and the Warrant Agent hereby accepts its appointment as
Registrar. The Registrar will keep at its corporate office a register or
registers in which, subject to such reasonable regulations as it may prescribe,
it will provide for the registration of, and registration of transfer and
exchange of, Warrants as provided in Section 2.8 and Section 2.9. Upon written
notice to the Warrant Agent and any acting Registrar, Parent may appoint a
successor Registrar for such purposes.

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     Parent will at all times designate one Person (who may be Parent and who
need not be a Registrar) to act as repository of a master list of names and
addresses of the Holders (the "Warrant Register"). The Warrant Agent will act as
such repository unless and until some other Person is, by written notice from
Parent to the Warrant Agent and the Registrar, designated by Parent to act as
such. In the event the Registrar is not the repository, Parent shall cause the
Registrar to furnish to such repository, on a current basis, such information as
to all registrations of transfer and exchanges effected by the Registrar, as may
be necessary to enable such repository to maintain the Warrant Register on as
current a basis as is practicable.

     2.8. Registration of Transfers and Exchanges.

     (a) Transfer and Exchange of Definitive Warrants. When Definitive Warrants
are presented to the Warrant Agent with a request to:

          (i)  register the transfer of the Definitive Warrants; or

          (ii) exchange such Definitive Warrants for an equal number of
               Definitive Warrants of other authorized denominations,

the Warrant Agent shall register the transfer or make the exchange as requested
if the requirements under this Warrant Agreement as set forth in this Section
2.8 hereof for such transactions are met; provided, however, that the Definitive
Warrants presented or surrendered for registration of transfer or exchange shall
be duly endorsed or accompanied by a written instruction of transfer in form
satisfactory to Parent and the Warrant Agent, duly executed by the holder
thereof or by his attorney, duly authorized in writing.

     (b) Restrictions on Transfer of a Definitive Warrant for a Beneficial
Interest in a Global Warrant. A Definitive Warrant may not be exchanged for a
beneficial interest in a Global Warrant except upon satisfaction of the
requirements set forth below. Upon receipt by the Warrant Agent of a Definitive
Warrant, duly endorsed or accompanied by appropriate instruments of transfer, in
form satisfactory to the Warrant Agent, together with written instructions
directing the Warrant Agent to make, or to direct the Depositary to make, an
endorsement on the Global Warrant to reflect an increase in the aggregate amount
of the Warrants represented by the Global Warrant, the Warrant Agent shall
cancel such Definitive Warrant and cause, or direct the Depositary to cause, in
accordance with the standing instructions and procedures existing between the
Depositary and the Warrant Agent, the number of Warrants represented by the
Global Warrant to be increased accordingly. If no Global Warrant is then
outstanding, Parent shall issue and the Warrant Agent shall countersign a new
Global Warrant in the appropriate amount.

     (c) Transfer and Exchange of Global Warrants. The transfer and exchange of
Global Warrants or beneficial interests therein shall be effected through the
Depositary in accordance with this Warrant Agreement (including the restrictions
on transfer set forth herein) and the procedures of the Depositary therefor.

     (d) Transfer of a Beneficial Interest in a Global Warrant for a Definitive
Warrant.

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          (i)  Any Person having a beneficial interest in a Global Warrant may
               upon written request to the Warrant Agent exchange such
               beneficial interest for a Definitive Warrant. Upon receipt by the
               Warrant Agent of written instructions or such other form of
               instructions as is customary for the Depositary from the
               Depositary or its nominee on behalf of any Person having a
               beneficial interest in a Global Warrant and upon receipt by the
               Warrant Agent of a written order or such other form of
               instructions as is customary for the Depositary or the Person
               designated by the Depositary as having such a beneficial interest
               containing registration instructions, the Warrant Agent will
               cause, in accordance with the standing instructions and
               procedures existing between the Depositary and the Warrant Agent,
               the aggregate amount of the Global Warrant to be reduced and,
               following such reduction, Parent will execute and, upon receipt
               of a countersignature order in the form of an Officer's
               Certificate, the Warrant Agent will authenticate and deliver to
               the transferee a Definitive Warrant.

          (ii) Definitive Warrants issued in exchange for a beneficial interest
               in a Global Warrant pursuant to this Section 2.8(d) shall be
               registered in such names and in such authorized denominations as
               the Depositary, pursuant to instructions from its direct or
               indirect participants or otherwise, shall instruct the Warrant
               Agent in writing. The Warrant Agent shall deliver such Definitive
               Warrants to the Persons in whose names such Warrants are so
               registered.

     (e) Restrictions on Transfer and Exchange of Global Warrants.
Notwithstanding any other provisions of this Warrant Agreement (other than the
provisions set forth in subsection (f) of this Section 2.8), a Global Warrant
may not be transferred as a whole except by the Depositary to a nominee of the
Depositary or by a nominee of the Depositary to the Depositary or another
nominee of the Depositary or by the Depositary or any such nominee to a
successor Depositary or a nominee of such successor Depositary.

     (f) Countersignature of Definitive Warrants in Absence of Depositary. If at
any time:

          (i)  the Depositary for the Warrants notifies Parent that the
               Depositary is unwilling or unable to continue as Depositary for
               the Global Warrant and a successor Depositary for the Global
               Warrant is not appointed by Parent within 90 days after delivery
               of such notice; or

          (ii) Parent, at its sole discretion, notifies the Warrant Agent in
               writing that it elects to cause the issuance of Definitive
               Warrants in place of the Global Warrant under this Warrant
               Agreement,

then Parent will execute, and the Warrant Agent, upon receipt of an Officer's
Certificate requesting the countersignature and delivery of Definitive Warrants,
will authenticate and deliver Definitive Warrants, in an aggregate number equal
to the aggregate number of Warrants represented by the Global Warrant, in
exchange for such Global Warrant.

<PAGE>

     (g) Cancellation and/or Adjustment of a Global Warrant. At such time as all
beneficial interests in a Global Warrant have either been exchanged for
Definitive Warrants, redeemed, repurchased or cancelled, such Global Warrant
shall be returned to or retained and cancelled by the Warrant Agent. At any time
prior to such cancellation, if any beneficial interest in a Global Warrant is
exchanged for Definitive Warrants, redeemed, repurchased or cancelled, the
number of Warrants represented by such Global Warrant shall be reduced and an
endorsement shall be made on such Global Warrant by the Warrant Agent to reflect
such reduction.

     (h) Obligations with Respect to Transfers and Exchanges of Definitive
Warrants.

          (i)  To permit registrations of transfers and exchanges, Parent shall
               deliver to the Warrant Agent from time to time sufficient
               inventory of executed Definitive Warrants and Global Warrants.

          (ii) All Definitive Warrants and Global Warrants issued upon any
               registration, transfer or exchange of Definitive Warrants or
               Global Warrants shall be the valid obligations of Parent,
               entitled to the same benefits under this Warrant Agreement as the
               Definitive Warrants or Global Warrants surrendered upon the
               registration of transfer or exchange.

          (iii)Prior to due presentment for registration of transfer of any
               Warrant, the Warrant Agent and Parent may deem and treat the
               Person in whose name any Warrant is registered as the absolute
               owner of such Warrant, and neither the Warrant Agent nor Parent
               shall be affected by notice to the contrary.

     (i) General. The Warrant Agent shall be under no duty to monitor compliance
with any federal, state or other securities laws.

     2.9. Lost, Stolen, Destroyed, Defaced or Mutilated Warrant Certificates.
Upon receipt by Parent and the Warrant Agent (or any agent of Parent or the
Warrant Agent, if requested by Parent) of evidence satisfactory to them of the
loss, theft, destruction, defacement, or mutilation of any Warrant Certificate
and of indemnity satisfactory to them (which shall include the posting of an
open-penalty bond) and, in the case of mutilation or defacement, upon surrender
thereof to the Warrant Agent for cancellation, then, in the absence of notice to
Parent or the Warrant Agent that such Warrant Certificate has been acquired by a
protected purchaser or holder in due course (as such terms are defined in the
Uniform Commercial Code), Parent shall execute, and an authorized signatory of
the Warrant Agent shall manually countersign and deliver, in exchange for or in
lieu of the lost, stolen, destroyed, defaced or mutilated Warrant Certificate, a
new Warrant Certificate representing the same number of Warrants, bearing a
number or other distinguishing symbol not contemporaneously outstanding. Upon
the issuance of any new Warrant Certificate under this Section 2.9, Parent may
require the payment from the Holder of such Warrant Certificate of a sum
sufficient to cover any tax, stamp tax or other governmental charge that may be
imposed in relation thereto and any other expenses (including the fees and
expenses of the Warrant Agent and the Registrar) in connection therewith. Every
substitute Warrant Certificate executed and delivered pursuant to this Section
2.9 in lieu of any

<PAGE>

lost, stolen, destroyed, defaced or mutilated Warrant Certificate shall
constitute an additional contractual obligation of Parent, whether or not the
lost, stolen or destroyed Warrant Certificate shall be at any time enforceable
by anyone, and shall be entitled to the benefits of (but shall be subject to all
the limitations of rights set forth in) this Agreement equally and
proportionately with any and all other Warrant Certificates duly executed and
delivered hereunder. The provisions of this Section 2.9 are exclusive with
respect to the replacement of lost, stolen, destroyed, defaced or mutilated
Warrant Certificates and shall preclude (to the extent lawful) any and all other
rights or remedies notwithstanding any law or statute existing or hereafter
enacted to the contrary with respect to the replacement of lost, stolen,
destroyed, defaced or mutilated Warrant Certificates.

     The Warrant Agent is hereby authorized to countersign in accordance with
the provisions of this Agreement, and deliver the new Warrant Certificates
required pursuant to the provisions of this Section 2.9.

     2.10. Offices for Exercise, etc. So long as any of the Warrants remain
outstanding, Parent will designate and maintain in the Borough of Manhattan, The
City of New York: (a) an office or agency where the Warrant Certificates may be
presented for exercise, (b) an office or agency where the Warrant Certificates
may be presented for registration of transfer and for exchange (including the
exchange of temporary Warrant Certificates for definitive Warrant Certificates
pursuant to Section 2.6 hereof), and (c) an office or agency where notices and
demands to or upon Parent in respect of the Warrants or of this Agreement may be
served. Parent may from time to time change or rescind such designation, as it
may deem desirable or expedient; provided, however, that an office or agency
shall at all times be maintained in the Borough of Manhattan, The City of New
York, as provided in the first sentence of this Section 2.10. In addition to
such office or offices or agency or agencies, Parent may from time to time
designate and maintain one or more additional offices or agencies within or
outside The City of New York, where Warrant Certificates may be presented for
exercise or for registration of transfer or for exchange, and Parent may from
time to time change or rescind such designation, as it may deem desirable or
expedient. Parent will give to the Warrant Agent written notice of the location
of any such office or agency and of any change of location thereof. Parent
hereby designates the Warrant Agent located at 60 Wall Street, MS JCY03-0604,
New York, New York 10005 in the Borough of Manhattan, The City of New York (the
"Warrant Agent Office"), as the initial agency maintained for each such purpose.
In case Parent shall fail to maintain any such office or agency or shall fail to
give such notice of the location or of any change in the location thereof,
presentations and demands may be made and notice may be served at the Warrant
Agent Office and Parent appoints the Warrant Agent as its agent to receive all
such presentations, surrenders, notices and demands.

     2.11. Legends.

     (a) Each Warrant will contain a legend substantially to the following
effect:

          "THE SECURITIES REPRESENTED BY THIS CERTIFICATE WERE ORIGINALLY ISSUED
          ON __________ __, 2002 AND HAVE NOT BEEN REGISTERED UNDER THE
          SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS. THE
          TRANSFER OF THE SECURITIES

<PAGE>

          REPRESENTED BY THIS CERTIFICATE IS SUBJECT TO THE CONDITIONS SPECIFIED
          IN THE WARRANT AGREEMENT DATED AS OF AUGUST 12, 2002, AMONG ZIFF DAVIS
          HOLDINGS INC. (THE "COMPANY") AND DEUTSCHE BANK TRUST COMPANY
          AMERICAS, AS WARRANT AGENT. THE COMPANY RESERVES THE RIGHT TO REFUSE
          THE TRANSFER OF SUCH SECURITIES UNTIL SUCH CONDITIONS HAVE BEEN
          FULFILLED WITH RESPECT TO SUCH TRANSFER. A COPY OF THE WARRANT
          AGREEMENT SHALL BE FURNISHED BY THE COMPANY TO THE REGISTERED HOLDER
          HEREOF UPON WRITTEN REQUEST AND WITHOUT CHARGE."

Upon reasonable request of the Parent in connection with any transfer of the
Warrant (other than a transfer pursuant to a public offering registered under
the Securities Act, pursuant to Rule 144 or Rule 144A promulgated under the
Securities Act (or any similar rules then in effect) or to an Affiliate of the
applicable Holder), the applicable Holder will deliver, if requested by the
Parent, an opinion of counsel knowledgeable in securities laws reasonably
satisfactory to the Parent to the effect that such transfer may be effected
without registration under the Securities Act.

     (b) Each Global Warrant will contain a legend substantially to the
following effect:

          "UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR WARRANTS IN
          DEFINITIVE FORM, THIS WARRANT MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE
          BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF
          THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY
          OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR
          A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS
          PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
          COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER OR ITS AGENT
          FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE
          ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS
          REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS
          MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS IS REQUESTED BY AN
          AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE
          HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH
          AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN."

<PAGE>

     SECTION 3. Terms of Warrants; Exercise of Warrants. Subject to the terms of
this Agreement, each Holder shall have the right to receive from Parent the
number of fully paid and non-assessable Warrant Shares which the Holder may at
the time be entitled to receive on exercise of such Warrants and payment of the
Exercise Price then in effect for such Warrant Shares. No payments or
adjustments shall be made on account of any dividends on the Warrant Shares
issuable upon exercise of the Warrants.

     A Warrant may be exercised commencing 9:00 a.m. EST on the Exchange Offer
Closing Date until 9:00 a.m. EST on the Expiration Date upon surrender to Parent
at the principal office of the Warrant Agent of the Warrant Certificates to be
exercised with the form of election to purchase on the reverse thereof duly
filled in and signed, which signature shall be guaranteed by a member of the
"Medallion System", and upon payment to the Warrant Agent for the account of
Parent of the Exercise Price, as adjusted as herein provided, for each of the
Warrant Shares in respect of which such Warrant is then exercised. Each Warrant
not exercised prior to 9:00 a.m. EST on the Expiration Date shall become void
and all rights thereunder and all rights in respect thereof under this Agreement
shall cease as of such time. In connection with the exercise of a Warrant by a
Holder, such Holder will be required to certify to Parent that the Holder is an
"accredited investor" within the meaning of Rule 501(a) of Regulation D,
promulgated under Section 4(2) of the Securities Act. The Parent reserves the
right to refuse to honor exercise of any Warrant in the event that the Holder
thereof is not an accredited investor or fails to certify that such Holder is an
accredited investor as required by this Agreement.

     Payment of the aggregate Exercise Price shall be made, at the option of the
Holder, (i) by wire transfer or by certified or official bank check payable to
the order of Parent, in each case, in immediately available funds, (ii) by
"Warrant Cashless Exercise," which shall mean the surrender (which surrender
shall be evidenced by cancellation of the number of Warrants represented by any
Warrant Certificate presented in connection with a Warrant Cashless Exercise) of
a Warrant or Warrants (represented by one or more Warrant Certificates), and
without payment of the Exercise Price in cash, in return for such number of
Warrant Shares equal to the product of (1) the number of Warrant Shares for
which such Warrant is exercisable with payment in cash of the aggregate Exercise
Price as of the date of exercise and (2) the Cashless Exercise Ratio (as defined
below), (iii) by "Other Security Cashless Exercise," which shall mean the
surrender of any securities of Parent (other than Parent's Common Stock or
Warrants), and without payment of the Exercise Price in cash, in an amount equal
to (a) in the case where the securities so surrendered are shares of Parent's
preferred stock, the aggregate liquidation preference of the preferred stock so
surrendered plus all accrued and unpaid dividends thereon and (b) in the case
where the securities so surrendered are certificates representing subordinated
debt of Parent, the aggregate principal amount of the subordinated debt so
surrendered plus all accrued and unpaid interest thereon or (iv) with any
combination of (i), (ii) and (iii); provided that the Warrant Cashless Exercise
cannot be used unless and until Parent's Common Stock is listed or quoted on a
recognized securities exchange or on the Nasdaq National Market ("NASDAQ") or
traded over-the-counter (other than on the NASDAQ).

     For purposes of this Agreement, the "Cashless Exercise Ratio" shall equal a
fraction, the numerator of which is the excess of the Current Market Price per
share of the Common

<PAGE>

Stock on the date of exercise over the Exercise Price per share as of the date
of exercise, and the denominator of which is the Current Market Price per share
of the Common Stock on the date of exercise. Upon surrender of a Warrant
Certificate representing more than one Warrant in connection with the Holder's
option to elect a Warrant Cashless Exercise, the number of Warrant Shares
deliverable upon a Warrant Cashless Exercise shall be equal to the Cashless
Exercise Ratio multiplied by the number of Warrant Shares purchasable under the
Warrant or, if only a portion of the Warrant is being exercised, the portion of
the Warrant being exercised (without giving effect to the Warrant Cashless
Exercise option). All provisions of this Agreement shall be applicable with
respect to an exercise of a Warrant Certificate pursuant to a Warrant Cashless
Exercise for less than the full number of Warrants represented thereby. If, at
the time of the exercise of any Warrant, Parent does not have an effective
registration statement under the Securities Act of the offer and sale of the
Warrant Shares by Parent to the Holder upon the exercise thereof, Parent may, in
its sole discretion, elect to require that the Holder effect the exercise of the
Warrant solely pursuant to the Warrant Cashless Exercise option and may also
amend the Warrants to eliminate the requirement for payment of the Exercise
Price with respect to the Warrant Cashless Exercise option. The Warrant Agent
shall have no obligation under this section to calculate the Cashless Exercise
Ratio. Parent shall calculate the Exercise Price and the Cashless Exercise Ratio
whenever such calculation is necessary and shall deliver an Officer's
Certificate to the Warrant Agent specifying such numbers.

     For purposes of this Agreement, the "Current Market Price" per share of
Common Stock on any date shall be (i) if the Common Stock is listed or quoted on
a recognized securities exchange or on the NASDAQ, the average of the last sales
prices (or, if no sale occurred on such date, at the last "bid" price thereon)
for the ten consecutive trading days before such date or (ii) if the Common
Stock is traded over-the-counter (other than on the NASDAQ), the average of the
last "bid" prices for the ten consecutive trading days before such date.

     Subject to the provisions of Section 4 hereof, upon surrender of Warrants
and payment of the Exercise Price or exercise through the Warrant Cashless
Exercise or Other Security Cashless Exercise option as provided above, the
Warrant Agent shall thereupon promptly notify Parent of the number of Warrants
exercised, delivery of Warrant Certificates evidencing the balance, if any,
remaining after such exercise and such other information as the Parent may
reasonably request, and Parent shall transfer to the Holder of such Warrant
Certificate appropriate evidence of ownership of any Warrant Shares or other
securities or property (including any money) to which the Holder is entitled,
registered or otherwise placed in, or payable to the order of, such name or
names as may be directed in writing by the Holder, and shall deliver such
evidence of ownership and any other securities or property (including any money)
to the Person or Persons entitled to receive the same. Any such evidence of
ownership shall be deemed to have been issued and any Person so designated to be
named therein shall be deemed to have become a holder of record of such Warrant
Shares as of the date of the surrender of such Warrants and payment of the
Exercise Price.

     The Warrants shall be exercisable in full or from time to time in part and,
in the event that a certificate evidencing Warrants is exercised in respect of
fewer than all of the Warrant Shares issuable on such exercise at any time prior
to the date of expiration of the Warrants, a new certificate evidencing the
remaining Warrant or Warrants will be issued, and the Warrant Agent is hereby
irrevocably authorized to countersign and to deliver the required new Warrant
Certificate or Certificates pursuant to the provisions of this Section 3 and of
Section 2.4

<PAGE>

hereof, and Parent, whenever required by the Warrant Agent, will supply the
Warrant Agent with Warrant Certificates duly executed on behalf of Parent for
such purpose.

     All Warrant Certificates surrendered for the purpose of exercise (in whole
or in part), exchange, substitution or transfer shall, if surrendered to Parent
or to any of its agents, be delivered to the Warrant Agent for cancellation or
in cancelled form, or if surrendered to the Warrant Agent shall be cancelled by
it, and no Warrant Certificates shall be issued in lieu thereof except as
expressly permitted by any of the provisions of this Agreement. If Parent
purchases or acquires Warrants and if Parent so chooses, Parent may deliver to
the Warrant Agent for cancellation and retirement, and the Warrant Agent shall
so cancel and retire, the Warrant Certificates evidencing said Warrants. The
Warrant Agent shall destroy such canceled Warrant Certificates, and in such case
shall upon the written request of Parent deliver a certificate of destruction
thereof to Parent.

     The Warrant Agent shall account promptly to Parent with respect to Warrants
exercised and concurrently pay to Parent all monies received by the Warrant
Agent for the purchase of the Warrant Shares through the exercise of such
Warrants.

     The Warrant Agent shall keep copies of this Agreement and any notices given
or received hereunder by or from Parent available for inspection by the Holders
during normal business hours at its office. Parent shall supply the Warrant
Agent from time to time with such numbers of copies of this Agreement as the
Warrant Agent may reasonably request.

     SECTION 4. Payment of Taxes. Parent will pay all documentary stamp taxes
attributable to the initial issuance of the Warrants and the Warrant Shares
issuable upon the exercise of Warrants; provided, however, that Parent shall not
be required to pay any tax or taxes which may be payable in respect of any
transfer involved in the issue of any Warrant Certificates or any certificates
for Warrant Shares in a name other than that of the Holder of a Warrant
Certificate surrendered upon the exercise of a Warrant, and Parent shall not be
required to issue or deliver such Warrant Certificates unless or until the
Person or Persons requesting the issuance thereof shall have paid to Parent the
amount of such tax or shall have established to the satisfaction of Parent that
such tax has been paid.

     SECTION 5. Reservation of Warrant Shares. From the date hereof until the
Expiration Date, Parent will at all times reserve and keep available, free from
preemptive rights, out of the aggregate of its authorized but unissued Common
Stock or its authorized and issued Common Stock held in its treasury, for the
purpose of enabling it to satisfy any obligation to issue Warrant Shares upon
exercise of Warrants, the maximum number of shares of Common Stock which may
then be deliverable upon the exercise of all outstanding Warrants.

     Parent or, if appointed, the transfer agent for the Common Stock (the
"Transfer Agent") and every subsequent transfer agent for any shares of Parent's
capital stock issuable upon the exercise of any of the rights of purchase
aforesaid will be irrevocably authorized and directed at all times to reserve
such number of authorized shares as shall be required for such purpose. Parent
will keep a copy of this Agreement on file with the Transfer Agent and with
every subsequent transfer agent for any shares of Parent's capital stock
issuable upon the exercise of the rights of purchase represented by the
Warrants. The Warrant Agent is hereby irrevocably

<PAGE>

authorized to requisition from time to time from such Transfer Agent the stock
certificates required to honor outstanding Warrants upon exercise thereof in
accordance with the terms of this Agreement. Parent will supply such Transfer
Agent with duly executed certificates for such purposes and will provide or
otherwise make available any cash which may be payable as provided in Section
10. Parent will furnish such Transfer Agent a copy of all notices of adjustments
and certificates related thereto, transmitted to each Holder of the Warrants
pursuant to Section 15 hereof. As of the date of this Agreement, the Transfer
Agent is Parent.

     Before taking any action which would cause an adjustment pursuant to
Section 7 hereof to reduce the Exercise Price below the then par value (if any)
of the Warrant Shares, Parent will take any corporate action which may, in the
opinion of its counsel, be necessary in order that Parent may validly and
legally issue fully paid and non-assessable Warrant Shares at the Exercise Price
as so adjusted.

     Parent covenants that all Warrant Shares which may be issued upon exercise
of Warrants will, upon issue and payment of the Exercise Price therefor, be duly
and validly issued, fully paid, non-assessable, free of preemptive rights and
free from all taxes, liens, charges and security interests with respect to the
issue thereof (other than taxes in respect of any transfer or as otherwise
specified herein).

     SECTION 6. Distribution Rights. From the date hereof until the Expiration
Date, in case Parent shall hereafter grant, issue or sell any options,
convertible securities, or rights to purchase Capital Stock, the Warrants or
other securities of Parent to the record holders of its Common Stock or make any
dividend or other distribution, including (subject to applicable law) pursuant
to any plan of liquidation, on its Common Stock, then Parent shall grant, issue
or sell or make to each Holder, the aggregate distribution (without any
duplication under Section 7 below) which such Holder would have acquired if such
Holder held the maximum number of shares of Common Stock acquirable upon
complete exercise of such Holder's Warrants (without giving effect to the
Warrant Cashless Exercise option) immediately before the record date for such
grant, issuance or sale of such options, convertible securities, or rights to
purchase such Capital Stock, Warrants or other securities or dividend or other
distribution, as the case may be.

     SECTION 7. Adjustment of Exercise Price and Number of Warrant Shares
Issuable. The number and kind of shares purchasable upon the exercise of
Warrants and the Exercise Price shall be subject to adjustment from time to time
as follows:

     (a) Dividends, Stock Splits, Combinations, etc. From the date hereof until
the Expiration Date, in case Parent shall hereafter (i) pay a dividend or make a
distribution on its Common Stock in shares of its Capital Stock, (ii) subdivide
its outstanding shares of Common Stock or (iii) combine its outstanding shares
of Common Stock into a smaller number of shares, the Exercise Price and the
number and kind of shares purchasable upon the exercise of each Warrant in
effect immediately prior to such action shall be adjusted so that the Holder of
any Warrant thereafter exercised in full shall be entitled to receive upon
payment of the same aggregate exercise price as prior to such adjustment the
number of shares of Capital Stock of Parent which such Holder would have owned
immediately following such action had such Warrant been exercised immediately
prior thereto. An adjustment made pursuant to this Section 7(a) shall become
effective immediately after the record date in the case of a dividend and shall

<PAGE>

become effective immediately after the effective date in the case of a
subdivision or combination. If, as a result of an adjustment made pursuant to
this Section 7(a), the Holder of any Warrant thereafter exercised shall become
entitled to receive shares of two or more classes of Capital Stock of Parent,
the Board of Directors of Parent (whose determination shall be conclusive) shall
determine the allocation of the adjusted Exercise Price between or among shares
of such classes of Capital Stock.

     (b) Reclassification, Combinations, Mergers, etc. From the date hereof
until the Expiration Date, in case of any reclassification or change of
outstanding shares of Common Stock issuable upon exercise of the Warrants (other
than as set forth in Section 7(a) above and other than a change in par value, or
from par value to no par value, or from no par value to par value or as a result
of a subdivision or combination), or in case of any consolidation or merger of
Parent with or into another corporation (other than a merger in which Parent is
the continuing corporation and which does not result in any reclassification or
change of the then outstanding shares of Common Stock or other Capital Stock
issuable upon exercise of the Warrants (other than a change in par value, or
from par value to no par value, or from no par value to par value or as a result
of a subdivision or combination)) or in case of any sale or conveyance to
another corporation of all or substantially all of the assets of Parent, then,
as a condition of such reclassification, change, consolidation, merger, sale or
conveyance, Parent or such a successor or purchasing corporation, as the case
may be, shall forthwith make lawful and adequate provision whereby the Holder of
such Warrant then outstanding shall have the right thereafter to receive (and
shall thereafter have the right only to receive) on exercise of such Warrant the
kind and amount of shares of stock and other securities and property receivable
upon such reclassification, change, consolidation, merger, sale or conveyance by
a holder of the number of shares of Common Stock issuable upon exercise of such
Warrant immediately prior to such reclassification, change, consolidation,
merger, sale or conveyance and enter into a supplemental warrant agreement so
providing. Such provisions shall include provision for adjustments which shall
be as nearly equivalent as may be practicable to the adjustments provided for in
this Section 7. If the issuer of securities deliverable upon exercise of
Warrants under the supplemental warrant agreement is an Affiliate of the formed,
surviving or transferee corporation, that issuer shall join in the supplemental
warrant agreement. The above provisions of this paragraph (b) shall similarly
apply to successive reclassifications and changes of shares of Common Stock and
to successive consolidations, mergers, sales or conveyances.

     In case of any such reorganization, reclassification, merger, consolidation
or disposition of assets, the successor or acquiring corporation (if other than
Parent) shall expressly assume the due and punctual observance and performance
of each and every covenant and condition of this Warrant Agreement to be
performed and observed by Parent and all the obligations and liabilities
hereunder, subject to such modifications as may be deemed appropriate (as
determined by resolution of the Board of Directors of Parent) in order to
provide for adjustments of shares of the Common Stock for which this Warrant is
exercisable which shall be as nearly equivalent as practicable to the
adjustments provided for in this Section 7. For purposes of this Section 7(b)
"shares of stock and other securities" of a successor or acquiring corporation
shall include stock of such corporation of any class whether or not preferred as
to dividends or assets over any other class of stock of such corporation and
whether or not subject to redemption and shall also include any evidences of
indebtedness, shares of stock or other securities which are convertible into or
exchangeable for any such stock, either immediately or

<PAGE>

upon the arrival of a specified date or the happening of a specified event and
any warrants or other rights to subscribe for or purchase any such stock. The
foregoing provisions of this Section 7(b) shall similarly apply to successive
reorganizations, reclassifications, mergers, consolidations or disposition of
assets.

     Notwithstanding the foregoing provisions of this Section 7(b), in
connection with any merger or consolidation of Parent with any other corporation
in which the consideration paid to holders of Parent's Common Stock or other
Capital Stock issuable upon exercise of the Warrants consists solely of cash,
Parent may, in its discretion, (i) cancel any or all outstanding Warrants in
consideration for payment to the holders thereof of an amount equal to the
portion of the consideration that would have been payable to such holders
pursuant to such transaction if their Warrant had been fully exercised
immediately prior to such transaction, less the aggregate exercise price that
would have been payable therefor, or (ii) if the amount that would have been
payable to the Warrant Holders pursuant to such transaction if their Warrants
had been fully exercised immediately prior thereto would be equal to or less
than the aggregate exercise price that would have been payable therefor, cancel
any or all such Warrants for no consideration or payment of any kind. The
foregoing provisions of this Section 7(b) shall similarly apply to successive
reorganizations, reclassifications, mergers, consolidations or disposition of
assets.

     (c) Deferral of Certain Adjustments. No adjustment to the Exercise Price
(including the related adjustment to the number of shares of Common Stock
purchasable upon the exercise of each Warrant) shall be required hereunder
unless such adjustment, together with other adjustments carried forward as
provided below, would result in an increase or decrease of at least one percent
(1%) of the Exercise Price; provided that any adjustments which by reason of
this Section 7 are not required to be made shall be carried forward and taken
into account in any subsequent adjustment. No adjustment need be made for a
change in the par value of the Common Stock. All calculations under this Section
7 shall be made to the nearest 1/1,000 of one cent or to the nearest 1/1,000th
of a share, as the case may be.

     (d) Other Adjustments. In the event that at any time, as a result of an
adjustment made pursuant to this Section 7, the Holders shall become entitled to
receive any securities of Parent other than shares of Common Stock, thereafter
the number of such other securities so receivable upon exercise of the Warrants
and the Exercise Price applicable to such exercise shall be subject to
adjustment from time to time in a manner and on terms as nearly equivalent as
practicable to the provisions with respect to the shares of Common Stock
contained in this Section 7, as determined in good faith by the Board of
Directors of Parent.

     SECTION 8. Statement on Warrants. Irrespective of any adjustment in the
number or kind of shares issuable upon the exercise of the Warrants or the
Exercise Price, Warrants theretofore or thereafter issued may continue to
express the same number and kind of shares as are stated in the Warrants
initially issuable pursuant to this Agreement.

     SECTION 9. Fractional Interests. Parent shall not be required to issue
fractional shares of Common Stock on the exercise of Warrants. If more than one
Warrant shall be presented for exercise in full at the same time by the same
Holder, the number of full shares of Common Stock which shall be issuable upon
such exercise shall be computed on the basis of the aggregate number of shares
of Common Stock acquirable on exercise of the Warrants so

<PAGE>

presented. If any fraction of a share of Common Stock would, except for the
provisions of this Section 9, be issuable on the exercise of any Warrant (or
specified portion thereof), such fractional interest shall be rounded to the
next highest whole number in the case of fractional interests equal to or
greater than 0.5 and to the preceding whole number in the case of fractional
interests less than 0.5. The Holders, by their acceptance of the Warrant
Certificates, expressly waive any and all rights to receive any fraction of a
share of Common Stock or a stock certificate representing a fraction of a share
of Common Stock.

     SECTION 10. When Adjustment Not Required. If Parent shall take a record of
the holders of its Common Stock for the purpose of entitling them to receive a
dividend or distribution or subscription or purchase rights and shall,
thereafter and before the distribution to stockholders thereof, legally abandon
its plan to pay or deliver such dividend, distribution, subscription or purchase
rights, then thereafter no adjustment shall be required by reason of the taking
of such record and any such adjustment previously made in respect thereof shall
be rescinded and annulled.

     SECTION 11. Escrow of Warrant Stock. If after any property becomes
distributable pursuant to Section 7 by reason of the taking of any record of the
holders of Common Stock, but prior to the occurrence of the event for which such
record is taken, and the Holder exercises this Warrant, any additional shares of
Common Stock issuable upon exercise by reason of such adjustment shall be deemed
the last shares of Common Stock for which this Warrant is exercised
(notwithstanding any other provision to the contrary herein) and such shares or
other property shall be held in escrow for the Holder by Parent to be issued to
the Holder upon and to the extent that the event actually takes place.
Notwithstanding any other provision to the contrary herein, if the event for
which such record was taken fails to occur or is rescinded, then such escrowed
shares shall be cancelled by Parent and escrowed property returned.

     SECTION 12. Challenge to Good Faith Determination. Whenever the Board of
Directors of Parent shall be required to make a determination in good faith of
the fair value of any item under Section 7, such determination may be challenged
in good faith by the Majority Holders, and any dispute shall be resolved by an
investment banking firm of national standing selected by Parent. The fee of such
investment banking firm shall be paid by Parent, unless such fair market value
as determined by the investment banking firm is within 10% of the fair market
value determined by the Board of Directors of Parent, in which case the
challenging Holders shall be jointly and severally liable for such fee. Parent
may require, as a condition to its obligation to engage any such investment
banking firm for such purposes, that the challenging Holders shall have executed
and delivered to Parent an undertaking in form reasonably satisfactory to Parent
acknowledging their obligations pursuant to the preceding sentence.

     SECTION 13. Notices to Warrant Holders. Upon any adjustment of the Exercise
Price pursuant to Section 7, Parent shall promptly thereafter (i) cause to be
filed with the Warrant Agent an Officer's Certificate setting forth the Exercise
Price after such adjustment and setting forth in reasonable detail the method of
calculation and the facts upon which such calculations are based and setting
forth the number of Warrant Shares (or portion thereof) issuable after such
adjustment in the Exercise Price, upon exercise of a Warrant and payment of the
adjusted Exercise Price, which certificate shall be conclusive evidence of the
correctness of the matters set forth therein (absent manifest error and subject
to Section 12 and this Section 13),

<PAGE>

and (ii) cause the Warrant Agent to give to each of the registered Holders of
the Warrant Certificates at such Holder's address appearing on the Warrant
Register written notice of such adjustments by first-class mail, postage
prepaid; provided, that the failure by Parent to file an Officer's Certificate
or for such notice to be given by the Warrant Agent shall not invalidate any
corporate action taken by Parent. The Warrant Agent shall be entitled to
conclusively rely on the above-referenced Officer's Certificate and shall be
under no duty or responsibility with respect to any such certificate, except to
exhibit the same from time to time to any Holder desiring an inspection thereof
during normal business hours upon reasonable notice. The Warrant Agent shall not
at any time be under any duty or responsibility to any Holder to determine
whether any facts exist that may require any adjustment of the number of shares
of Common Stock or other stock or property issuable on exercise of the Warrants
or the Exercise Price, or with respect to the nature or extent of any such
adjustment when made, or with respect to the method employed in making such
adjustment or the validity or value (or the kind or amount) of any shares of
Common Stock or other stock or property which may be issuable on exercise of the
Warrants. The Warrant Agent shall not be responsible for any failure of Parent
to make any cash payment or to issue, transfer or deliver any shares of Common
Stock or stock certificates or other common stock or property upon the exercise
of any Warrant. In the event that the Majority Holders shall challenge any of
the calculations set forth in such notice within 20 days after Parent's delivery
thereof, Parent shall retain a firm of independent certified public accountants
of national standing selected by Parent to prepare and execute a certificate
verifying that no adjustment is required. Parent shall keep at its office or
agency designated pursuant to Section 2.10 copies of all such certificates and
cause the same to be available for inspection at said office during normal
business hours upon reasonable notice by any Holder or any prospective purchaser
of a Warrant designated by a Holder thereof.

     SECTION 14. Merger, Consolidation or Change of Name of Warrant Agent. Any
corporation into which the Warrant Agent may be merged or with which it may be
consolidated, or any corporation resulting from any merger or consolidation to
which the Warrant Agent shall be a party, or any corporation succeeding to the
business of the Warrant Agent, shall be the successor to the Warrant Agent
hereunder without the execution or filing of any paper or any further act on the
part of any of the parties hereto, provided that such corporation would be
eligible for appointment as a successor warrant agent under the provisions of
Section 16 or is a wholly owned subsidiary of the Warrant Agent. Any such
successor Warrant Agent shall promptly cause notice of its succession as Warrant
Agent to be mailed at the expense of Parent (by first class mail, postage
prepaid) to each Holder at such Holder's last address as shown on the Warrant
Register. In case at the time such successor to the Warrant Agent shall succeed
to the agency created by this Agreement, and in case at that time any of the
Warrant Certificates shall have been countersigned but not delivered, any such
successor to the Warrant Agent may adopt the countersignature of the original
Warrant Agent; and in case at that time any of the Warrant Certificates shall
not have been countersigned, any successor to the Warrant Agent may countersign
such Warrant Certificates either in the name of the predecessor Warrant Agent or
in the name of the successor to the Warrant Agent; and in all such cases such
Warrant Certificates shall have the full force and effect provided in the
Warrant Certificates and in this Agreement. In case at any time the name of the
Warrant Agent shall be changed and at such time any of the Warrant Certificates
shall have been countersigned but not delivered, the Warrant Agent whose name
has been changed may adopt the countersignature under its prior name, and in
case at that time any of the Warrant Certificates shall not have been
countersigned,

<PAGE>

the Warrant Agent may countersign such Warrant Certificates either in its prior
name or in its changed name, and in all such cases such Warrant Certificates
shall have the full force and effect provided in the Warrant Certificates and in
this Agreement.

     SECTION 15. Warrant Agent. The Warrant Agent undertakes the duties and
obligations imposed by this Agreement upon the following terms and conditions,
by all of which Parent and the holders of Warrants, by their acceptance thereof,
shall be bound:

     (a) The statements contained herein and in the Warrant Certificates shall
be taken as statements of Parent and the Warrant Agent assumes no responsibility
for the correctness of any of the same, except such statements as describe the
Warrant Agent or action taken or to be taken by it. The Warrant Agent assumes no
responsibility with respect to the distribution of the Warrant Certificates
except as herein otherwise provided.

     (b) The Warrant Agent shall not be responsible for any failure of Parent to
comply with any of the covenants contained in this Agreement or in the Warrant
Certificates to be complied with by Parent.

     (c) The Warrant Agent may consult at any time with counsel satisfactory to
it (who may be counsel for Parent) and the Warrant Agent shall incur no
liability or responsibility to Parent or to any holder of any Warrant
Certificate in respect of any action taken, suffered or omitted by it hereunder
in good faith and in accordance with the written opinion or the written advice
of such counsel.

     (d) The Warrant Agent shall incur no liability or responsibility to Parent
or to any holder of any Warrant Certificate for any action taken in reliance on
any Warrant Certificate, certificate of shares, notice, resolution, waiver,
consent, order, certificate, opinion, direction or other paper, document or
instrument believed by it to be genuine and to have been signed, sent or
presented by the proper party or parties.

     (e) Parent agrees to pay to the Warrant Agent reasonable compensation, as
agreed in writing from time to time, for all services rendered by the Warrant
Agent in connection with this Agreement, to reimburse the Warrant Agent for all
reasonable expenses, taxes and governmental charges and other charges of any
kind and nature reasonably incurred by the Warrant Agent in connection with this
Agreement (including, without limitation, reasonable fees and expenses of
counsel) and to indemnify the Warrant Agent, its officers, directors, employees
and agents and save it harmless against any and all losses, liabilities, damages
and expenses of any nature whatsoever, including, without limitation, judgments,
costs and counsel fees and actual expenses, for any action taken or omitted by
the Warrant Agent or arising out of or in connection with this Agreement and the
exercise by the Warrant Agent of its rights hereunder and the performance by the
Warrant Agent of any of its obligations hereunder except as a result of the
Warrant Agent's gross negligence or willful misconduct, which finding of
liability shall have been determined by a court of competent jurisdiction. The
provisions of this Section 15 shall survive the resignation or removal of the
Warrant Agent and the termination of this Agreement. In no event shall the
Warrant Agent be liable for any indirect, special, punitive or consequential
loss or damage of any kind whatsoever, including, but not limited to, lost
profits, even if the Warrant Agent has been advised of the likelihood of such
loss or damage and

<PAGE>

regardless of the form of action. In no event shall the Warrant Agent be liable
for any failure or delay in the performance of its obligations hereunder because
of circumstances beyond its control, including, but not limited to, acts of God,
flood, war (whether declared or undeclared), terrorism, fire, riot, embargo,
government action, including any laws, ordinances, regulations, governmental
action or the like which delay, restrict or prohibit the providing of the
services contemplated by this Agreement.

     (f) The Warrant Agent shall be under no obligation to institute any action,
suit or legal proceeding or to take any other action likely to involve expense
unless Parent or one or more Holders of Warrant Certificates shall furnish the
Warrant Agent with reasonable security and indemnity reasonably satisfactory to
the Warrant Agent for any costs and expenses which may be incurred, but this
provision shall not affect the power of the Warrant Agent to take such action as
it may consider proper, whether with or without any such security or indemnity.
All rights of action under this Agreement or under any of the Warrants may be
enforced by the Warrant Agent without the possession of any of the Warrant
Certificates or the production thereof at any trial or other proceeding relative
thereto, and any such action, suit or proceeding instituted by the Warrant Agent
shall be brought in its name as Warrant Agent and any recovery of judgment shall
be for the ratable benefit of the Holders of the Warrants, as their respective
rights or interests may appear.

     (g) The Warrant Agent, and any stockholder, director, officer or employee
of it, may buy, sell or deal in any of the Warrants or other securities of
Parent or become pecuniarily interested in any transaction in which Parent may
be interested, or contract with or lend money to Parent or otherwise act as
fully and freely as though it were not Warrant Agent under this Agreement.
Nothing herein shall preclude the Warrant Agent from acting in any other
capacity for Parent or for any other legal entity.

     (h) The Warrant Agent shall act hereunder solely as agent for Parent, and
its duties shall be determined solely by the provisions hereof. The Warrant
Agent shall not be liable for anything which it may do or refrain from doing in
connection with this Agreement except for its own willful misconduct, negligence
or bad faith.

     (i) The Warrant Agent shall not at any time be under any duty or
responsibility to any holder of any Warrant Certificate to make or cause to be
made any adjustment of the Exercise Price or number of the Warrant Shares or
other securities or property deliverable as provided in this Agreement, or to
determine whether any facts exist which may require any of such adjustments, or
with respect to the nature or extent of any such adjustments, when made, or with
respect to the method employed in making the same. The Warrant Agent shall not
be accountable with respect to the validity or value or the kind or amount of
any Warrant Shares or of any securities or property which may at any time be
issued or delivered upon the exercise of any Warrant or with respect to whether
any such Warrant Shares or other securities will when issued be validly issued
and fully paid and non-assessable, and makes no representation with respect
thereto.

     (j) The Warrant Agent is hereby authorized and directed to accept
instructions with respect to the performance of its duties hereunder from the
Chairman of the Board, the President, a Vice President, the Secretary, an
Assistant Secretary, the Treasurer or an

<PAGE>

Assistant Treasurer of Parent, and to apply to such officers for advice or
instructions in connection with its duties, and it shall not be liable for any
action taken or suffered to be taken by it in good faith in accordance with
instructions of any such officer.

     (k) The Warrant Agent shall not have any duty to calculate or determine any
adjustments with respect either to the Exercise Price or the kind and amount of
shares or other securities or any property receivable by holders of Warrant
Certificates upon the exercise or tender of Warrants required from time to time,
and the Warrant Agent shall have no duty or responsibility in determining the
accuracy or correctness of such calculations.

     (l) Parent will perform, execute, acknowledge and deliver or cause to be
performed, executed, acknowledged and delivered all such further acts,
instruments and assurances as may be required by the Warrant Agent in order to
enable it to carry out or perform its duties under this Agreement.

     (m) The Warrant Agent shall account promptly to Parent with respect to
Warrants exercised and shall concurrently pay to Parent all moneys received by
the Warrant Agent from the exercise of Warrants.

     SECTION 16. Resignation and Removal of Warrant Agent; Appointment of
Successor. No resignation or removal of the Warrant Agent and no appointment of
a successor warrant agent shall become effective until the acceptance of
appointment by the successor warrant agent as provided herein. The Warrant Agent
may resign its duties and be discharged from all further duties and liability
hereunder (except liability arising as a result of the Warrant Agent's own
negligence, willful misconduct or bad faith) upon not less than 30 days' prior
written notice to Parent and to any transfer agent of Parent's Common Stock by
registered or certified mail. Parent may remove the Warrant Agent upon written
notice, and the Warrant Agent shall thereupon be discharged from all further
duties and liabilities hereunder (except liability arising as a result of the
Warrant Agent's own negligence, willful misconduct or bad faith). The Warrant
Agent shall, at Parent's expense, cause to be mailed (by first class mail,
postage prepaid) to each Holder of a Warrant at his last address as shown on the
Warrant Register a copy of said notice of resignation or notice of removal, as
the case may be. Upon such resignation or removal, Parent shall appoint in
writing a new warrant agent. If Parent shall fail to make such appointment
within a period of 30 days after it has been notified in writing of such
resignation by the resigning Warrant Agent or after such removal, then the
resigning Warrant Agent or the Holder of any Warrant may apply to any court of
competent jurisdiction for the appointment of a new warrant agent. Any new
warrant agent, whether appointed by Parent or by such a court, shall be a
corporation or other entity doing business under the laws of the United States
or any state thereof, in good standing and having a combined capital and surplus
of not less than $50,000,000. The combined capital and surplus of any such new
warrant agent shall be deemed to be the combined capital and surplus as set
forth in the most recent annual report of its condition published by such
warrant agent prior to its appointment, provided that such reports are published
at least annually pursuant to law or to the requirements of a federal or state
supervising or examining authority. After acceptance in writing of such
appointment by the new warrant agent, it shall be vested with the same powers,
rights, duties and responsibilities as if it had been originally named herein as
the Warrant Agent, without any further assurance, conveyance, act or deed; but
if for any reason it shall be necessary or

<PAGE>

expedient to execute and deliver any further assurance, conveyance, act or deed,
the same shall be done at the expense of Parent and shall be legally and validly
executed and delivered by the resigning or removed Warrant Agent. Not later than
the effective date of any such appointment, Parent shall give notice thereof to
the resigning or removed Warrant Agent. Failure to give any notice provided for
in this Section 16, however, or any defect therein, shall not affect the
legality or validity of the resignation of the Warrant Agent or the appointment
of a new warrant agent, as the case may be. Notwithstanding any resignation or
removal of the Warrant Agent or the failure to exercise the Warrants, Parent's
obligations under Section 15(e) shall survive for the benefit of the retiring
Warrant Agent.

     SECTION 17. Notices to Company and Warrant Agent. Any notice or demand
authorized by this Agreement to be given or made by (i) the Warrant Agent or by
the Holder of any Warrant Certificate to or on Parent or (ii) the Parent or by
the Holder of any Warrant Certificate to the Warrant Agent shall be sufficiently
given or made (i) five business days after deposited in the mail, first class or
registered, postage prepaid, (ii) one business day after being timely delivered
to a reputable next-day air courier, postage prepaid, or (ii) by telecopy or
facsimile transmission (and receipt is confirmed), when transmitted at or before
5:00 p.m. local time at the location of receipt on a Business Day, and if
received after 5:00 p.m. or on a day other than a Business Day, on the next
following Business Day, but only if also sent by reputable next-day air courier
within one Business Day following transmission, addressed (until another address
is filed in writing by Parent with the Warrant Agent), as follows:

                  To Parent

                  Ziff Davis Holdings Inc.
                  28 E. 28th Street
                  New York, NY 10016
                  Telecopy:     (212) 503-3550
                  Telephone:  (212) 503-3500
                  Attention:  Chief Financial Officer

                  with a copy to:

                  Ziff Davis Holdings Inc.
                  28 East 28th Street
                  New York, NY 10016
                  Facsimile: (212) 503-3560
                  Telephone: (212) 503-3561
                  Attention: General Counsel

In case Parent shall fail to maintain such office or agency or shall fail to
give such notice of the location or of any change in the location thereof,
presentations may be made and notices and demands may be served at the principal
office of the Warrant Agent.

                  To Warrant Agent

<PAGE>

                  Deutsche Bank Trust Company Americas
                  60 Wall Street -- MS JCY03-0604
                  New York, New York 10005
                  Facsimile: (201) 593-6443
                  Attention: Corporate Trust and Agency Services

     SECTION 18. Supplements and Amendments. Parent and the Warrant Agent may
from time to time supplement or amend this Agreement without the approval of any
holders of Warrant Certificates in order to cure any ambiguity or to correct or
supplement any provision contained herein which may be defective or inconsistent
with any other provision herein, or to make any other provisions in regard to
matters or questions arising hereunder which Parent and the Warrant Agent may
deem necessary or desirable and which shall not in any way adversely affect the
interests of the holders of Warrant Certificates. Any amendment or supplement to
this Agreement that has an adverse effect on the interests of holders shall
require the written consent of the Majority Holders. The consent of each Holder
of a Warrant affected shall be required for any amendment pursuant to which the
Exercise Price would be increased or the number of Warrant Shares purchasable
upon exercise of Warrants would be decreased (except pursuant to Section 7
herein).

     SECTION 19. Severability. Wherever possible, each provision of this Warrant
Agreement shall be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Warrant Agreement shall be
prohibited by or invalid under applicable law, such provision shall be
ineffective to the extent of such prohibition or invalidity, without
invalidating the remainder of such provision or the remaining provisions of this
Warrant Agreement.

     SECTION 20. Successors. All the covenants and provisions of this Agreement
by or for the benefit of Parent or the Warrant Agent shall bind and inure to the
benefit of their respective successors and assigns hereunder.

     SECTION 21. Termination. This Agreement (other than Parent's obligations
with respect to Warrants previously exercised) shall terminate at 9:00 a.m., New
York City time on the Expiration Date, except for Section 15(e) hereto.

     SECTION 22. GOVERNING LAW. THIS AGREEMENT AND EACH WARRANT CERTIFICATE
ISSUED HEREUNDER SHALL BE DEEMED TO BE A CONTRACT MADE UNDER THE LAWS OF THE
STATE OF NEW YORK AND FOR ALL PURPOSES SHALL BE CONSTRUED IN ACCORDANCE WITH THE
INTERNAL LAWS OF SAID STATE. Service of process on Parent or Holder in any
action arising out of or relating to this Agreement shall be effective if mailed
to such party in accordance with the procedures and requirements set forth in
Section 17. Nothing herein shall preclude any Holder or Parent from bringing
suit or taking other legal action in any other jurisdiction.

     SECTION 23. Benefits of This Agreement.

     (a) Nothing in this Agreement shall be construed to give to any Person or
corporation other than Parent, the Warrant Agent and the holders of the Warrant
Certificates any

<PAGE>

legal or equitable right, remedy or claim under this Agreement; but this
Agreement shall be for the sole and exclusive benefit of Parent, the Warrant
Agent and the holders of the Warrant Certificates.

     (b) Except as specifically set forth in this Agreement, prior to the
exercise of the Warrants, no Holder of a Warrant Certificate, as such, shall be
entitled to any rights of a stockholder of Parent, including, without
limitation, the right to receive dividends or subscription rights, the right to
vote, to consent, to exercise any preemptive right, to receive any notice of
meetings of stockholders for the election of directors of Parent, to share in
the assets of Parent in the event of the liquidation, dissolution or winding up
of Parent's affairs or any other matter or to receive any notice of any
proceedings of Parent, except as may be specifically provided for herein.

     (c) All rights of action in respect of this Agreement are vested in the
Holders of the Warrants, and any Holder of any Warrant, without the consent of
the Warrant Agent or the Holder of any other Warrant, may, on such Holder's own
behalf and for such Holder's own benefit, enforce, and may institute and
maintain any suit, action or proceeding against Parent suitable to enforce, or
otherwise in respect of, such Holder's rights hereunder, including the right to
exercise, exchange or surrender for purchase such Holder's Warrants in the
manner provided in this Agreement.

     SECTION 24. Entire Agreement. This Agreement is intended by the parties as
a final expression of their agreement, and is intended to be a complete and
exclusive statement of the agreement and understanding of the parties hereto in
respect of the subject matter contained herein and therein. Such agreements
supersede all prior agreements and understandings between the parties with
respect to such subject matter.

     SECTION 25. Counterparts. This Agreement may be executed in any number of
counterparts and each of such counterparts shall for all purposes be deemed to
be an original, and all such counterparts shall together constitute but one and
the same instrument.

                            (Signature Page Follows)

<PAGE>

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

                                              ZIFF DAVIS HOLDINGS INC.

                                              By: /s/ Bart W. Catalane
                                              Name: Bart W. Catalane
                                              Title: Chief Operating Officer and
                                              Chief Financial Officer

                                              DEUTSCHE BANK TRUST COMPANY
                                              AMERICAS, as Warrant Agent

                                              By /s/ Irina Golovashchuk
                                              Name: Irina Golovashchuk
                                              Title: Associate

<PAGE>

                                                                       EXHIBIT A

                          [FORM OF WARRANT CERTIFICATE]

THE SECURITIES REPRESENTED BY THIS CERTIFICATE WERE ORIGINALLY ISSUED ON AUGUST
12, 2002 AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, OR ANY STATE SECURITIES LAWS. THE TRANSFER OF THE SECURITIES
REPRESENTED BY THIS CERTIFICATE IS SUBJECT TO THE CONDITIONS SPECIFIED IN THE
WARRANT AGREEMENT DATED AS OF AUGUST 12, 2002, AMONG ZIFF DAVIS HOLDINGS INC.
(THE "COMPANY") AND DEUTSCHE BANK TRUST COMPANY AMERICAS, AS WARRANT AGENT. THE
COMPANY RESERVES THE RIGHT TO REFUSE THE TRANSFER OF SUCH SECURITIES UNTIL SUCH
CONDITIONS HAVE BEEN FULFILLED WITH RESPECT TO SUCH TRANSFER. A COPY OF SUCH
WARRANT AGREEMENT SHALL BE FURNISHED BY THE COMPANY TO THE REGISTERED HOLDER
HEREOF UPON WRITTEN REQUEST AND WITHOUT CHARGE.

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR WARRANTS IN DEFINITIVE
FORM, THIS WARRANT MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO
A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY
OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO
A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS
CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH
OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

                     EXERCISABLE ON OR AFTER AUGUST 12, 2002
                    AND BEFORE 9:00 a.m. EST AUGUST 12, 2012

<PAGE>

                                                               CUSIP No. _______

No. _________                                                  ________ Warrants

                               Warrant Certificate

                            Ziff Davis Holdings Inc.

     This Warrant Certificate certifies that __________________ or registered
assigns, is the registered holder of the number of Warrants set forth above,
expiring August 12, 2012 (the "Warrants"), to purchase Common Stock, par value
$.001 per share (the "Common Stock"), of Ziff Davis Holdings Inc., a Delaware
corporation ("Parent"). Each Warrant entitles the registered holder upon
exercise on or before 9:00 a.m. EST on August 12, 2012, to receive from Parent
one fully paid and non-assessable share of Common Stock (each such share a
"Warrant Share") at the initial exercise price (the "Exercise Price") of $0.001
per share payable in lawful money of the United States of America upon surrender
of this Warrant Certificate and payment of the Exercise Price at the office or
agency of the Warrant Agent (including by cashless exercise pursuant to the
provisions of the Warrant Agreement), but only subject to the conditions set
forth herein and in the Warrant Agreement referred to on the reverse hereof. The
Exercise Price and number of Warrant Shares issuable upon exercise of the
Warrants are subject to adjustment upon the occurrence of certain events set
forth in the Warrant Agreement. In the event of any conflict between the
provisions of this Warrant Certificate and the Warrant Agreement, the provisions
of the Warrant Agreement shall control. By acceptance of this Warrant
Certificate, the holder acknowledges that this Warrant Certificate is subject to
the terms and conditions of the Warrant Agreement.

     Reference is hereby made to the further provisions of this Warrant
Certificate set forth on the reverse hereof and such further provisions shall
for all purposes have the same effect as though fully set forth at this place.

     This Warrant Certificate shall not be valid unless countersigned by the
Warrant Agent, as such term is used in the Warrant Agreement.

     This Warrant Certificate shall for all purposes be construed in accordance
with the internal laws of the State of New York.

<PAGE>

     IN WITNESS WHEREOF, Parent has caused this Warrant Certificate to be signed
by its ____________________ and by its ____________________.

Dated: _______________________

                                                ZIFF DAVIS HOLDINGS INC.

                                                By:_____________________________
                                                Name:___________________________
                                                Title:__________________________

                                                By:_____________________________
                                                Name:___________________________
                                                Title:__________________________

Countersigned:

__________________________,
as Warrant Agent

By:_______________________
Authorized Signature

<PAGE>

                         REVERSE OF WARRANT CERTIFICATE

     The Warrants evidenced by this Warrant Certificate are part of a duly
authorized issue of Warrants expiring August 12, 2012, entitling the Holder on
exercise to receive shares of Common Stock, par value $.001, of Parent (the
"Common Stock"), and are issued or to be issued pursuant to a Warrant Agreement
dated as of August 12, 2002 (the "Warrant Agreement"), duly executed and
delivered by Parent to Deutsche Bank Trust Company Americas, as warrant agent
(the "Warrant Agent"), which Warrant Agreement is hereby incorporated by
reference in and made a part of this instrument and is hereby referred to for a
description of the rights, limitation of rights, obligations, duties and
immunities thereunder of the Warrant Agent, Parent and the holders (the words
"holders" or "holder" meaning the registered holders or registered holder) of
the Warrants. A copy of the Warrant Agreement may be obtained by the holder
hereof upon written request to the Warrant Agent at the following address:

                      Deutsche Bank Trust Company Americas
                         60 Wall Street -- MS JCY03-0604
                            New York, New York 10005
                            Facsimile: (201) 593-6443
                 Attention: Corporate Trust and Agency Services

     In the event that upon any exercise of Warrants evidenced hereby the number
of Warrants exercised shall be less than the total number of Warrants evidenced
hereby, there shall be issued to the holder hereof or his assignee a new Warrant
Certificate evidencing the number of Warrants not exercised. No adjustment or
payments shall be made for any dividends on any Common Stock issuable upon
exercise of this Warrant, except as provided in the Warrant Agreement.

     No fractions of a share of Common Stock will be issued upon the exercise of
any Warrant, but Parent will round such fractional interest to the nearest whole
share as provided in the Warrant Agreement.

     Warrant Certificates when surrendered at the office of the Warrant Agent by
the registered holder thereof in person or by legal representative or attorney
duly authorized in writing, may be exchanged, in the manner and subject to the
limitations provided in the Warrant Agreement, but without payment of any
service charge, for another Warrant Certificate or Warrant Certificates of like
tenor and evidencing in the aggregate the same number of Warrants.

     Upon due presentation for registration of transfer of this Warrant
Certificate at the Office of the Warrant Agent a new Warrant Certificate or
Warrant Certificates of like tenor and evidencing in the aggregate the same
number of Warrants shall be issued to transferree(s) in exchange for this
Warrant Certificate, subject to the limitations provided in the Warrant
Agreement, without charge except for any tax or other governmental charge
imposed in connection therewith.

     Parent and the Warrant Agent may deem and treat the registered holder(s)
thereof as the absolute owner(s) of this Warrant Certificate (notwithstanding
any notation of ownership or other writing hereon made by anyone), for the
purpose of any exercise hereof, of any

<PAGE>

distribution to the holder(s) hereof, and for all other purposes, and neither
Parent nor the Warrant Agent shall be affected by any notice to the contrary.
Neither the Warrants nor this Warrant Certificate entitles any holder hereof to
any rights of a stockholder of Parent.

<PAGE>

                              ELECTION TO EXERCISE

         (To be executed upon exercise of Warrants on the Exercise Date)

     The undersigned hereby irrevocably elects to exercise ___ of the Warrants
represented by this Warrant Certificate and purchase the whole number of Warrant
Shares issuable upon the exercise of such Warrants and herewith tenders payment
for such Warrant Shares in the amount of $_____ either (i) by wire transfer or
by certified or official bank check, in each case, in immediately available
funds, (ii) by Warrant Cashless Exercise in accordance with the provisions of
the Warrant Agreement, (iii) by Other Security Cashless Exercise in accordance
with the provisions of the Warrant Agreement or (iv) any combination of (i),
(ii) and (iii), in accordance with the terms of the Warrant Agreement. The
undersigned requests that a certificate representing such Warrant Shares be
registered in the name of ________________ whose address is ____________________
and that such certificate be delivered to __________________ whose address is
__________________.

        Dated _____________, 20__

        Name of holder of Warrant Certificate: _________________________________
                                                        (Please Print)

        Tax Identification or Social Security Number: __________________________

        Address ________________________________________________________________

                ________________________________________________________________

        Signature:______________________________________________________________
                    Note:    The above signature must correspond with the name
                             as written upon the face of this Warrant
                             Certificate in every particular, without alteration
                             or enlargement or any change whatever and if the
                             certificate representing the Warrant Shares or any
                             Warrant Certificate representing Warrants not
                             exercised is to be registered in a name other than
                             that in which this Warrant Certificate is
                             registered, or if any cash payment to be paid in
                             lieu of a fractional share is to be made to a
                             Person other than the registered holder of this
                             Warrant Certificate, the signature of the holder
                             hereof must be guaranteed as provided in the
                             Warrant Agreement.

Dated ______________, 20__

         Signature Guaranteed: ______________________________

<PAGE>

                                   ASSIGNMENT

    (To be executed if Holder desires to transfer Warrants evidenced hereby)

                  For value received ____________________ hereby sells, assigns
and transfers to __________________ (Tax Identification or Social Security
Number _________________), the Warrant Certificate, together with all right,
title and interest therein, and does hereby irrevocably constitute and appoint
________________ attorney, to transfer said Warrant Certificate on the books of
the within-named Company, with full power of substitution in the premises.

Dated ____________, 20__

                  Signature: ___________________________________________________
                             Note: The above signature must correspond with the
                             name as written upon the face of this Warrant
                             Certificate in every particular, without alteration
                             or enlargement or any change whatever.

                  Signature Guaranteed: ________________________________________

<PAGE>

              SCHEDULE OF INCREASES OR DECREASES IN GLOBAL WARRANTS

     The following increases or decreases in this Global Warrant have been made:

<TABLE>
<CAPTION>
Date of            Amount of decrease in   Amount of increase in   Number of Warrants of   Signature of authorized
Exchange           Number of Warrants of   Number of Warrants of   this Global Warrant     officer of Warrant Agent
                   the Global Warrant      This Global Warrant     following such
                                                                   decrease or increase
<S>                <C>                     <C>                     <C>                     <C>
--------------------------------------------------------------------------------------------------------------------

</TABLE>

<PAGE>

                    CERTIFICATE TO BE DELIVERED UPON EXCHANGE
                     OR REGISTRATION OF TRANSFER OF WARRANTS

Re:  Warrants to Purchase Common Stock (the "Warrants") of Ziff Davis Holdings
     Inc.

     This Certificate relates to _____ Warrants held in* book-entry or* ______
certificated form by _______ (the "Transferor").

The Transferor: *

     [_] has requested the Warrant Agent by written order to deliver in exchange
for its beneficial interest in the Global Warrant held by the Depositary a
Warrant or Warrants in definitive, registered form of authorized denominations
and an aggregate number equal to its beneficial interest in such Global Warrant
(or the portion thereof indicated above); or

     [_] has requested the Warrant Agent by written order to exchange or
register the transfer of a Warrant or Warrants.

     In connection with such request and in respect of each such Warrant, the
Transferor does hereby certify that Transferor is familiar with the Warrant
Agreement relating to the above captioned Warrants and the restrictions on
transfers thereof as provided in Section 2.8 of such Warrant Agreement.

                                              (INSERT NAME OF TRANSFEROR)

                                              By: ______________________________

Date: ________________<PAGE>

                                                                    EXHIBIT 10.8

                       DISTRIBUTION AND PAYMENT AGREEMENT

                  THIS AGREEMENT (this "Agreement") is made as of August 12,
2002, by and among Ziff Davis Holdings Inc., a Delaware corporation (the
"Company"), and Willis Stein & Partners III, L.P., Willis Stein & Partners Dutch
III-A, L.P., Willis Stein & Partners Dutch III-B, L.P. and Willis Stein &
Partners III-C, L.P. (collectively, the "Willis Stein Funds").

                  WHEREAS, the board of directors of the Company (the "Board")
has adopted the 2002 Ziff Davis Holdings Inc. Employee Stock Option Plan (as
amended, supplemented or restated from time to time, the "Plan") pursuant to
which the Company may issue, inter alia, options to purchase an aggregate of
14,100 shares of its Series D Redeemable Preferred Stock, $.01 par value per
share (the "Series D Preferred").

                  WHEREAS, as part of a restructuring of the Company and its
principal operating subsidiary, Ziff Davis Media Inc. ("Ziff Davis Media"),
certain holders (the "Exchanging Holders") of the 12% Senior Subordinated Notes
due 2010 of Ziff Davis Media (the "Senior Notes") are exchanging their Senior
Notes for a combination of cash, new senior subordinated compounding notes of
Ziff Davis Media, shares of the Company's Series E Redeemable Preferred Stock,
$.01 par value per share (the "Series E Preferred"), and warrants with an
exercise price of $0.001 per share to purchase shares of the Company's common
stock (the "Exchange").

                  WHEREAS, pursuant to the Company's Fifth Amended and Restated
Certificate of Incorporation (as amended, supplemented or restated from time to
time, the "Charter"), if the assets of the Company are insufficient on a
liquidation, dissolution or winding up of the Company to permit payment to
holders of the Company's preferred stock of the aggregate amounts which they are
entitled to be paid, then all of the assets of the Company are to be distributed
to the holders of Series D Preferred until the holders thereof are entitled to
receive the entire amount which they are entitled to be paid in respect of their
Series D Preferred prior to any payment being made in respect of the Series E
Preferred.

                  WHEREAS, pursuant to the Charter, the Company may not redeem,
purchase or otherwise acquire any Series E Preferred, and may not directly or
indirectly pay or declare any dividend or make any distribution upon any Series
E Preferred as long as any Series D Preferred remains outstanding.

                  WHEREAS, pursuant to the terms and conditions set forth
herein, the Willis Stein Funds shall not be entitled to receive any
distributions or payments from the Company as set forth in the Charter or from a
third-party with respect to the Escrowed Shares (as hereinafter defined) held by
such Willis Stein Funds until the earliest of (i) such time as of which the
outstanding shares of Series E Preferred have been redeemed, repurchased, or
otherwise acquired by the Company, or have been converted into common stock of
the Company, or (ii) such time as of which all of the outstanding shares of
Series E Preferred have been acquired by or transferred to a third party or
third parties in connection with a transaction in which a person or group of
persons (other than the Willis Stein

<PAGE>

Funds) acquires the power (whether by contract, acquisition of voting securities
or otherwise) to elect a majority of the Company's board of directors (the
earlier of such events, the "Termination Time").

                  NOW, THEREFORE, in consideration of the mutual covenants
contained herein and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto, intending to
be legally bound, agree as follows:

                  Section 1. Mechanics. Solely for purposes of satisfying its
obligations hereunder, each of the Willis Stein Funds agrees that on the date on
which the Exchange is consummated (the "Closing"), it shall deliver to the
Company for deposit into escrow, its Pro Rata Share of [_____] shares of Series
D Preferred. The Escrowed Shares shall at all times be not less than the number
of Option Shares and if at any time, the number of Option Shares exceeds the
Escrowed Shares, each of the Willis Stein Funds shall promptly deliver to the
Company for deposit into escrow a number of shares of Series D Preferred equal
to its Pro Rata Share of such excess. If in complying with its obligations
pursuant to this Section 1, any of the Willis Stein Funds delivers a certificate
which represents more shares than its Pro Rata Share of the aggregate number of
shares of Series D Preferred then required to be delivered into escrow by all
Willis Stein Funds, the Company shall promptly, but not later than the third
(3rd) business day after delivery by such Willis Stein Fund of its certificate,
(x) issue a new certificate to such Willis Stein Fund representing the shares of
Series D Preferred delivered by such Willis Stein Fund to the Company which are
not required to be delivered into escrow and (y) issue a new certificate
representing the Escrowed Shares for such Willis Stein Fund in the name of such
Willis Stein Fund for delivery into escrow. In the event that at any time the
number of Escrowed Shares exceeds the number of Option Shares issuable pursuant
to the Plan (such excess, the "Excess Shares"), the Company shall release and
deliver to each of the Willis Stein Funds such Willis Stein Fund's Pro Rata
Share of the Excess Shares. Notwithstanding anything else herein to the
contrary, the Willis Stein Funds (or their transferees) shall, at all times, be
deemed for all purposes to be the beneficial and record owners of the Escrowed
Shares. When used herein, (a) "Escrowed Shares" means the number of shares of
Series D Preferred actually delivered by the Willis Stein Funds into escrow
pursuant to this Agreement and not subsequently released therefrom, (b) "Option
Shares" means the number of shares of Series D Preferred which were granted
pursuant to, plus the number of shares of Series D Preferred issuable upon
exercise of options issued pursuant to, the Plan and which remain outstanding
and, (c) "Pro Rata Share" means, for any Willis Stein Fund, the percentage
determined by dividing the number of shares of Series D Preferred issued to such
Willis Stein Fund divided by the number of shares of Series D Preferred issued
to all Willis Stein Funds.

                  Section 2. Delay of Receipt of Distributions or Payments.

                  2A. Dividends; Distributions. Unless the Termination Time has
already occurred as of such date, in the event that the Company pays any cash
dividend or makes any cash distribution in respect of the Series D Preferred,
such dividend or distribution in respect of the Escrowed Shares shall be held by
the Company in a separate interest-bearing escrow account for the benefit of the
Willis Stein Funds (the "Escrow Account").

                                       2

<PAGE>

                  2B. Liquidation; Dissolution; Winding Up; Redemption. Unless
the Termination Time has already occurred as of such date, in the event that (i)
the Company makes any payment or distribution to the holders of Series D
Preferred upon any liquidation, dissolution or winding up of the Company or
redeems, repurchases or otherwise acquires any Series D Preferred, or (ii) any
third party acquires Escrowed Shares, all payments or other distributions to be
paid in respect of the Escrowed Shares shall be paid to the Escrow Account (and
the Willis Stein Funds covenant to direct any third-party transferee or acquirer
to pay such amounts into the Escrow Account).

                  2C. Exceptions. Notwithstanding anything in paragraph 2A or 2B
to the contrary, if at the time of any payment or distribution referenced in
paragraph 2A or 2B, (i) the number of Escrowed Shares exceeds the number of
Option Shares entitled to participate in such payment or distribution (including
as a result of all or any portion of an option to acquire Option Shares not then
being issued or having been forfeited and not reissued or all or any portion of
any option to acquire any Option Shares not then being exercisable or exercised
in connection with such event), the Company shall make, and the Willis Stein
Funds may direct any third-party to make, such payment or distribution in
respect of such excess number of shares directly to the Willis Stein Funds or
(ii) any payment made in respect of options to acquire Series D Preferred is
reduced by the aggregate exercise price for then unexercised options, the
Company shall make, and Willis Stein may direct any third-party to make, a
payment or distribution in an amount equal to such aggregate exercise price
directly to the Willis Stein Funds; provided that the aggregate amount payable
pursuant to clause (ii) foregoing shall not exceed the aggregate Liquidation
Value plus accrued and unpaid dividends of the Escrowed Shares.

                  2D. Payments from Escrow Account.

                      (1) Subject to paragraph 2D(2), if the Termination Time
                  has not theretofore occurred, upon any liquidation,
                  dissolution or winding up of the Company (whether voluntary or
                  involuntary), the Company shall pay (and the Willis Stein
                  Funds shall take such actions as may be necessary such that
                  the Company may pay) all amounts in the Escrow Account (other
                  than amounts attributable to option exercise proceeds placed
                  in the Escrow Account pursuant to paragraph 2E) to the holders
                  of Series E Preferred (ratably among such holders on the basis
                  of the number of shares of Series E Preferred held by each
                  such holder); provided that the amounts distributed to the
                  holders of Series E Preferred pursuant to this paragraph 2D(1)
                  upon such liquidation, dissolution or winding up shall in no
                  event exceed the excess of the aggregate Liquidation Value
                  plus accrued and unpaid dividends with respect to shares of
                  Series E Preferred then outstanding over other amounts or
                  assets available for distribution to the holders of Series E
                  Preferred then outstanding upon a liquidation, dissolution or
                  winding up of the Company and amounts previously paid with
                  respect to the shares of Series E Preferred then outstanding.

                      (2) As of the Termination Time, the Company shall pay all
                  amounts in the Escrow Account (including amounts remaining in
                  the Escrow Account after payments pursuant to paragraph 2D(1))
                  to the Willis Stein Funds; provided that any amounts paid into
                  the Escrow Account in respect of paragraph 2A shall be paid to
                  the Willis Stein Funds

                                       3

<PAGE>

                  (ratably based on each Willis Stein Fund's Pro Rata Share
                  thereof) upon and after such time as all accrued but unpaid
                  dividends in respect of the Series E Preferred have been paid
                  in full.

                  2E. Option Exercise Price. In the event that any person or
entity exercises an option to acquire any Series D Preferred under the Plan, the
Company shall place the option exercise proceeds in connection therewith into
the Escrow Account. In the event that any payment is made to the holders of
Series E Preferred pursuant to paragraph 2D(1), any portion of the Escrow
Account allocable to such option exercise proceeds pursuant to this paragraph 2E
shall be paid to the Willis Stein Funds; provided that the amounts payable
pursuant to this sentence shall not exceed the amounts actually made to the
holders of Series E Preferred pursuant to paragraph 2D(1). Furthermore, (i) if
(x) the Company makes any payment or distribution to the holders of Series D
Preferred or redeems, repurchases or otherwise acquires any Series D Preferred
or (y) any third party acquires Escrowed Shares and (ii) if the Willis Stein
Funds are required to place proceeds of any transaction contemplated in the
foregoing clause (i) into the Escrow Account to satisfy its obligations
hereunder or any Escrowed Shares are not entitled to participate in a
transaction contemplated by the foregoing clause (i), any portion of the Escrow
Account allocable to option exercise proceeds placed in the Escrow Account
pursuant to this paragraph 2E shall be paid to the Willis Stein Funds; provided
that the amounts payable pursuant to this sentence shall not exceed the proceeds
of the particular transaction contemplated in clause (i) foregoing.

                  Section 3. Miscellaneous.

                  3A. Consent to Amendments. The provisions of this Agreement
may be amended only by the written consent of the Company and each Willis Stein
Fund; provided that if any amendment to this Agreement were to adversely effect
the holders of Series E Preferred in a manner different than the Company or the
Willis Stein Funds, then such amendment shall not be effective until consented
to in writing by the holders of a majority of Series E Preferred who are not
affiliates of the Company (the "Majority Holders").

                  3B. Successors and Assigns. This Agreement shall bind and
inure to the benefit of the respective successors and assigns of the parties
hereto, and the respective transferees of any shares of Series D Preferred held
by the Willis Stein Funds or any shares of Series E Preferred, whether so
expressed or not.

                  3C. Severability. Whenever possible, each provision of this
Agreement shall be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Agreement is held to be prohibited
by or invalid under applicable law, such provision shall be ineffective only to
the extent of such prohibition or invalidity, without invalidating the remainder
of this Agreement.

                  3D. Third Party Beneficiaries. The holders of Series E
Preferred shall be third party beneficiaries to this Agreement; provided that
upon the written request of the Majority Holders, the Company shall take such
actions as may be reasonably requested by the Majority Holders in furtherance of
its obligations hereunder and to enforce the obligations of the Willis Stein
Funds hereunder for the ratable benefit of all holders of Series E Preferred,
unless the Company determines

                                       4

<PAGE>

in the exercise of its good faith discretion that the actions requested by the
Majority Holders to be taken would require the Company to act in breach of this
Agreement or applicable law or that the action requested by the Majority Holders
to be enforced against the Willis Stein Funds is not required of the Willis
Stein Funds pursuant to this Agreement. Except as set forth in the immediately
preceding sentence, nothing herein expressed or implied is intended or shall be
construed to confer upon or give to any person other than the parties hereto and
their respective permitted successors and assigns, any rights or remedies under
or by reason of this Agreement.

                  3E. Counterparts. This Agreement may be executed
simultaneously in two or more counterparts, any one of which need not contain
the signatures of more than one party, but all such counterparts taken together
shall constitute one and the same Agreement.

                  3F. Descriptive Headings; Interpretation. The descriptive
headings of this Agreement are inserted for convenience only and do not
constitute a substantive part of this Agreement. The use of the word "including"
in this Agreement shall be by way of example rather than by limitation.

                  3G. Governing Law. All issues and questions concerning the
construction, validity, enforcement and interpretation of this Agreement shall
be governed by, and construed in accordance with, the laws of the State of New
York, without giving effect to any choice of law or conflict of law rules or
provisions (whether of the State of New York or any other jurisdiction) that
would cause the application of the laws of any jurisdiction other than the State
of New York. In furtherance of the foregoing, the internal law of the State of
New York shall control the interpretation and construction of this Agreement,
even though under that jurisdiction's choice of law or conflict of law analysis,
the substantive law of some other jurisdiction would ordinarily apply.

                  3H. No Strict Construction. The parties hereto have
participated jointly in the negotiation and drafting of this Agreement. In the
event an ambiguity or question of intent or interpretation arises, this
Agreement shall be construed as if drafted jointly by the parties hereto, and no
presumption or burden of proof shall arise favoring or disfavoring any party by
virtue of the authorship of any of the provisions of this Agreement.

                  3I. Several Liability. Notwithstanding anything else to the
contrary set forth herein, the liability of each of the Willis Stein Funds shall
be several and not joint.

                  3J. Termination. Except for obligations of the Company to
return the Escrowed Shares to the Willis Stein Funds or make payments or
distributions in accordance with the terms of this Agreement at such time, the
obligations of the parties hereto shall terminate as of the Termination Time.

                                  *   *   *

                                       5

<PAGE>

                  IN WITNESS WHEREOF, the parties hereto have executed this
Agreement on the date first written above.

                              ZIFF DAVIS HOLDINGS INC.

                              By:   /s/ Bart W. Catalane
                                    --------------------
                              Its:  Chief Operating Officer and
                                    Chief Financial Officer

                              WILLIS STEIN & PARTNERS III, L.P.
                              WILLIS STEIN & PARTNERS DUTCH III-A, L.P.
                              WILLIS STEIN & PARTNERS DUTCH III-B, L.P.
                              WILLIS STEIN & PARTNERS III-C, L.P.

                              By:   Willis Stein & Partners Management III, L.P.
                              Its:  General Partner

                              By:   Willis Stein & Partners Management III,
                                    L.L.C.
                              Its:  General Partner

                              By:   /s/ Daniel H. Blumenthal
                                    ------------------------
                              Its:  Member

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