Document:

Pledge Agreement, dated March 7, 2005

 Exhibit 10.4 
  
 PLEDGE AGREEMENT 
  
 PLEDGE AGREEMENT, dated as of March 7, 2005 (as amended, supplemented or otherwise modified from time to time, this “Agreement”), among
JUPITERMEDIA CORPORATION (the “Borrower”), the SUBSIDIARIES party hereto (collectively, together with the Borrower, the “Pledgors”) and JPMORGAN CHASE BANK, N.A., as administrative agent (in such capacity, the
“Administrative Agent”) for the Secured Parties. 
  
 (1)
Reference is made to (a) the Credit Agreement, dated as of March 7, 2005 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among the Borrower, the Lenders and the Administrative Agent and (b) the
Guarantee Agreement, dated as of March 7, 2005, delivered by the Pledgors in favor of the Administrative Agent for the benefit of the Secured Parties. The term “Secured Parties” shall mean (i) the Lenders, (ii) the Administrative Agent,
(iii) the beneficiaries of each indemnification obligation undertaken by any Pledgor under any Loan Document, (iv) each counterparty to a Swap Agreement entered into with a Pledgor if such counterparty was a Lender (or an affiliate of a Lender) at
the time the Swap Agreement was entered into and (v) the successors and assigns of each of the foregoing. Capitalized terms used herein and not otherwise defined herein shall have meanings assigned to such terms in the Credit Agreement. 

 
 (2) The Lenders have agreed to make Loans to the Borrower pursuant to, and
upon the terms and subject to the conditions specified in, the Credit Agreement. Each of the Material Subsidiaries has agreed to guarantee, among other things, all of the obligations of the Loan Parties under the Loan Documents. 
  
 (3) The obligations of the Lenders to make Loans are conditioned upon, among
other things, the execution and delivery by the Pledgors of an agreement in the form hereof to secure (a) the due and punctual payment of (i) the principal of and premium, if any, and interest (including interest accruing during the pendency of any
bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding) on the Loans, when and as due, whether at maturity, by acceleration, upon one or more dates set for prepayment or
otherwise and (ii) all other monetary obligations, including fees (including fees and disbursements of counsel), costs, expenses and indemnities, whether primary, secondary, direct, contingent, fixed or otherwise (including monetary obligations
incurred during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding), of the Loan Parties to the Secured Parties under the Credit Agreement and the other
Loan Documents, (b) the due and punctual performance of all covenants, agreements, obligations and liabilities of the Loan Parties under or pursuant to the Credit Agreement and the other Loan Documents, (c) all claims by any Secured Party under any
Guarantee by any Loan Party (whether or not any of such claims are made after the commencement of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding) and (d) the due
and punctual payment and performance of all monetary obligations of each Loan Party under each Swap Agreement entered into with any counterparty that was a Lender (or an Affiliate of a Lender) at 

  

 
the time such Swap Agreement was entered into (all of the obligations described in the preceding clauses (a) through (d) being referred to herein
collectively as the “Obligations”). 
  
 NOW THEREFORE,
in consideration of these premises and in order to induce the Lenders to make Loans to the Borrower under the Credit Agreement, the Pledgors and the Administrative Agent, for its benefit and for the ratable benefit of the Secured Parties, hereby
agree as follows: 
  
 SECTION 1. Pledge. (a) As security
for the payment and performance, as the case may be, in full of the Obligations, each Pledgor hereby grants, mortgages, pledges, hypothecates and transfers to the Administrative Agent, its successors and assigns, and hereby grants to the
Administrative Agent, its successors and assigns, for the ratable benefit of the Secured Parties, a continuing security interest in, all of such Pledgor’s right, title and interest now owned or at any time hereafter acquired by such Pledgor or
in which such Pledgor now has or at any time in the future may acquire any right, title or interest in, to or under: (i) Equity Interests (as defined below) now or in the future held by or issued to such Pledgor in corporations, partnerships,
limited liability companies, trusts and other Persons in each case whether now existing or hereafter organized, together with its interest in the property of each such Person, its interest in the capital of each such Person, its right to receive
distributions from each such Person, whether in cash or other property, and whether during the continuance of or on account of the liquidation of any such Person, and all of its rights under each certificate or articles of incorporation, bylaws,
partnership agreement, limited liability company agreement, operating agreement, declaration of trust or any other organizational document or similar agreement of each such Person and the certificates, if any, representing all such Equity Interests
(the “Pledged Equity Securities”); provided that the Pledged Equity Securities shall not include more than 65% of the issued and outstanding voting Equity Interests of any Foreign Subsidiary; (ii) all debt securities now or in the future
held by or issued to such Pledgor and the promissory notes and any other instruments evidencing such debt securities (the “Pledged Debt Securities” and, together with the Pledged Equity Securities, the “Pledged Securities”);
(iii) all other property that may be delivered to and held by the Administrative Agent pursuant to the terms hereof; (iv) subject to Section 5, all payments of principal or interest, dividends, cash, instruments and other property from time to time
received, receivable or otherwise distributed, in respect of, in exchange for or upon the conversion of the Pledged Securities; (v) subject to Section 5, all rights and privileges of each Pledgor with respect to the Pledged Securities and other
property referred to in clauses (i), (ii), (iii) and (iv) above (including, without limitation, all collateral granted to such Pledgor or for the benefit of such Pledgor as security for the Pledged Debt Securities); and (vi) all proceeds of any of
the foregoing (the items referred to in clauses (i) through (vi) above being collectively referred to as the “Collateral”). “Equity Interests” means any and all shares of capital stock, partnership interests, membership interests
in a limited liability company, beneficial interests in a trust or other equity ownership interests in a Person, and any and all warrants, options or other rights entitling the holder thereof to purchase or acquire any of the foregoing. 

 
 (b) Upon delivery to the Administrative Agent, (i) any
certificates evidencing Pledged Securities shall be accompanied by transfer powers, duly executed in blank or other instruments of transfer satisfactory to the Administrative Agent and by such other instruments 

  

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and documents as the Administrative Agent may reasonably request and (ii) all other property comprising part of the Collateral shall be accompanied by proper
instruments of assignment duly executed by the applicable Pledgor and such other instruments or documents as the Administrative Agent may reasonably request. Each delivery of Pledged Securities shall be accompanied by a schedule describing the
securities then being pledged hereunder, which schedule shall be attached hereto as a supplement to Schedule I and made a part hereof. Each schedule so delivered shall supplement any prior schedules so delivered. 
  
 (c) The security interest granted hereunder is granted as
security only and shall not subject the Administrative Agent or any other Secured Party to, or in any way alter or modify, any obligation or liability of any Pledgor with respect to or arising out of the Collateral. In no event shall the
Administrative Agent or any other Secured Party be deemed a general partner or trustee or become liable as a general partner or trustee as a result of the grant of the security interest in any interest in a partnership or trust. 
  
 SECTION 2. Delivery of the Collateral. Each Pledgor agrees promptly to
deliver or cause to be delivered to the Administrative Agent any and all certificated Pledged Securities and any and all certificates or other instruments or documents representing the Collateral (other than certificates of Subsidiaries that are not
Material Subsidiaries). Each Pledgor will cause any Indebtedness owed to the Pledgor in excess of $50,000 to be evidenced by a duly executed promissory note that is pledged and delivered to the Administrative Agent pursuant to the terms hereof.

  
 SECTION 3. Representations, Warranties and Covenants.
Each Pledgor hereby represents, warrants and covenants, as to itself and the Collateral pledged by it hereunder, to and with the Administrative Agent that: 
  
 (a) on the date hereof, the Pledged Equity Securities held by such Pledgor represent that percentage as set forth on Schedule I of the
issued and outstanding Equity Interests of the issuer with respect thereto; 
  
 (b) on the date hereof, Schedule I completely and accurately lists all of the Pledged Securities held by such Pledgor and such Pledgor (i) is and will at all times continue to be the direct owner, beneficially and of
record, of the Pledged Securities indicated on Schedule I except as otherwise permitted by the Credit Agreement, (ii) holds the same free and clear of all Liens, except for the security interest granted hereunder and under the Security Agreement and
Liens permitted by Section 6.02 of the Credit Agreement, (iii) will make no assignment, pledge, hypothecation or transfer of, or create or permit to exist any security interest in, or other Lien on, the Collateral, other than pursuant hereto and the
Security Agreement and (iv) will cause any and all Pledged Securities, whether for value paid by such Pledgor or otherwise, to be forthwith deposited with the Administrative Agent in accordance with Section 2 hereof and pledged or assigned
hereunder; 
  
 (c) such Pledgor (i) has the power
and authority to pledge the Collateral in the manner hereby done or contemplated and (ii) will defend its title or interest thereto or therein against any and all Liens (other than the Lien created by this Agreement and the Security 

  

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Agreement and Liens permitted by Section 6.02 of the Credit Agreement), however arising, of all Persons whomsoever; 
  
 (d) no consent of any other Person (including stockholders,
trustees, partners, members or creditors of such Pledgor) and no consent or approval of any Governmental Authority or any securities exchange was or is necessary to the validity of the pledge effected hereby; 
  
 (e) the Administrative Agent has a valid and perfected first
Lien upon and security interest in such Pledged Securities as security for the payment and performance of the Obligations; 
  
 (f) the pledge effected hereby is effective to vest in the Administrative Agent, on behalf of the Secured Parties, the rights of the
Administrative Agent in the Collateral as set forth herein and there are no restrictions upon the transfer (other than pursuant to state and federal securities laws) of, or the right to vote in respect of, any of the Collateral and that such Pledgor
has the right to vote, pledge and grant a security interest in or otherwise transfer such Collateral free of any Lien; 
  
 (g) except in accordance with the prudent conduct of its business prior to the continuance of an Event of Default, such Pledgor will not
permit any of the notes, instruments or other agreements evidencing the Pledged Debt Securities to be amended, modified or changed in any way, nor will such Pledgor accept any waiver, indulgence, modification or other departure by any obligor under
such Pledged Debt Securities from any provision of the Collateral, without first obtaining written consent of the Administrative Agent; 
  
 (h) all information set forth herein relating to the Pledged Securities is accurate and complete in all material respects as of the date
hereof; and 
  
 (i) the pledge of the Pledged
Securities pursuant to this Agreement does not violate Regulation T, U or X of the Board or any successor thereto as of the date hereof. 
  
 SECTION 4. Registration in Nominee Name; Denominations. The Administrative Agent, on behalf of the Secured Parties, shall have the right (in its
sole and absolute discretion) to hold the Pledged Securities in its own name as pledgee, the name of its nominee (as pledgee or as sub-agent) or the name of the Pledgors, endorsed or assigned in blank or in favor of the Administrative Agent. Upon
the continuance of an Event of Default, each Pledgor will promptly give to the Administrative Agent copies of any notices or other communications received by it with respect to Pledged Securities registered in the name of such Pledgor. The
Administrative Agent shall at all times have the right to exchange any uncertificated Pledged Securities for certificated Pledged Securities and to exchange any certificates representing Pledged Securities for certificates of smaller or larger
denominations for any purpose consistent with this Agreement. 
  

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 SECTION 5. Voting Rights; Dividends and Interest, etc. (a) Unless and until an Event of Default
shall have occurred and be continuing: 
  
 (i)
Each Pledgor shall be entitled to exercise any and all voting and/or other consensual rights and powers inuring to an owner of Pledged Securities or any part thereof for any purpose not in violation of the Credit Agreement. 
  
 (ii) The Administrative Agent shall execute and deliver to
each Pledgor, or cause to be executed and delivered to each Pledgor, all such proxies, powers of attorney and other instruments as such Pledgor may reasonably request for the purpose of enabling such Pledgor to exercise the voting and/or consensual
rights and powers it is entitled to exercise pursuant to subparagraph (i) above and to receive the dividends, distributions and payments it is entitled to receive pursuant to subparagraph (iii) below. 
  
 (iii) Each Pledgor shall be entitled to receive and retain
any and all dividends, interest, principal and other distributions and payments paid in cash on the Pledged Securities to the extent and only to the extent that such cash dividends, interest, principal and other distributions and payments are not in
violation of the Credit Agreement. All dividends, interest, principal and other distributions and payments made on or in respect of the Pledged Securities other than in cash (or that are paid in cash but are in violation of the Credit Agreement),
whether resulting from a subdivision, combination or reclassification of the outstanding Equity Securities of the issuer of any Pledged Securities or received in exchange for Pledged Securities or any part thereof, or in redemption thereof, or as a
result of any merger, consolidation, acquisition or other exchange of assets to which such issuer may be a party or otherwise, shall be and become part of the Collateral, and, if received by any Pledgor, shall not be commingled by such Pledgor with
any of its other funds or property but shall be held separate and apart therefrom, shall be held in trust for the benefit of the Administrative Agent and shall be forthwith delivered to the Administrative Agent in the same form as so received (with
any necessary endorsement). 
  
 (b) Upon the
occurrence and during the continuance of an Event of Default, all rights of any Pledgor to dividends, interest, principal or other distributions or payments that such Pledgor is authorized to receive pursuant to paragraph (a)(iii) above shall cease,
and all such rights shall thereupon become vested in the Administrative Agent, which shall have the sole and exclusive right and authority to receive and retain such dividends, interest, principal or other distributions or payments. All dividends,
interest, principal or other distributions or payments received by the Pledgor contrary to the provisions of this Section 5 shall be held in trust for the benefit of the Administrative Agent, shall be segregated from other property or funds of such
Pledgor and shall be forthwith delivered to the Administrative Agent upon demand in the same form as so received (with any necessary endorsement). Any and all money and other property paid over to or received by the Administrative Agent pursuant to
the provisions of this paragraph (b) shall be retained by the Administrative Agent in an account to be established by the Administrative Agent upon receipt of such money or other property and shall be applied in accordance with the provisions of
Section 7. 
  
 (c) Upon the occurrence and during
the continuance of an Event of Default, all rights of any Pledgor to exercise the voting and consensual rights and powers it is entitled to 

  

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exercise pursuant to paragraph (a)(i) of this Section 5, and the obligations of the Administrative Agent under paragraph (a)(ii) of this Section 5, shall
cease, and all such rights shall thereupon become vested in the Administrative Agent, which shall have the sole and exclusive right and authority to exercise such voting and consensual rights and powers. After all Events of Default have been cured
or waived, such Pledgor will have the right to exercise the voting and consensual rights and powers that it would otherwise be entitled to exercise pursuant to the terms of paragraph (a)(i) above. 
  
 SECTION 6. Remedies upon Default. Upon the occurrence and during the
continuance of an Event of Default, the Administrative Agent may sell or otherwise dispose of all or any part of the Collateral, at public or private sale or at any broker’s board or on any securities exchange, for cash, upon credit or for
future delivery as the Administrative Agent shall deem appropriate. The Administrative Agent shall be authorized at any such sale (if it deems it advisable to do so) to restrict the prospective bidders or purchasers to Persons who will represent and
agree that they are purchasing the Collateral for their own account for investment and not with a view to the distribution or sale thereof, and upon consummation of any such sale the Administrative Agent shall have the right to assign, transfer and
deliver to the purchaser or purchasers thereof the Collateral so sold. Each such purchaser at any such sale shall hold the property sold absolutely free from any claim or right on the part of any Pledgor, and, to the extent permitted by law, each
Pledgor hereby waives all rights of redemption, stay, valuation and appraisal which such Pledgor now has or may at any time in the future have under any rule of law or statute now existing or hereafter enacted. 
  
 The Administrative Agent shall give a Pledgor 10 days’ written notice
(which each Pledgor agrees is reasonable notice within the meaning of Section 9-612 of the Uniform Commercial Code as in effect in the State of New York or its equivalent in other jurisdictions) of the Administrative Agent’s intention to make
any sale of Collateral. Such notice, in the case of a public sale, shall state the time and place for such sale and, in the case of a sale at a broker’s board or on a securities exchange, shall state the board or exchange at which such sale is
to be made and the day on which the Collateral, or portion thereof, will first be offered for sale at such board or exchange. Any such public sale shall be held at such time or times within ordinary business hours and at such place or places as the
Administrative Agent may fix and state in the notice of such sale. At any such sale, the Collateral, or portion thereof, to be sold may be sold in one lot as an entirety or in separate parcels, as the Administrative Agent may (in its sole and
absolute discretion) determine. The Administrative Agent shall not be obligated to make any sale of any Collateral if it shall determine not to do so, regardless of the fact that notice of sale of such Collateral shall have been given. The
Administrative Agent may, without notice or publication, adjourn any public or private sale or cause the same to be adjourned from time to time by announcement at the time and place fixed for sale, and such sale may, without further notice, be made
at the time and place to which the same was so adjourned. In case any sale of all or any part of the Collateral is made on credit or for future delivery, the Collateral so sold may be retained by the Administrative Agent until the sale price is paid
in full by the purchaser or purchasers thereof, but the Administrative Agent shall not incur any liability in case any such purchaser or purchasers shall fail to take up and pay for the Collateral so sold and, in case of any such failure, such
Collateral may be sold again upon like notice. At any public (or, to the extent 

  

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permitted by applicable law, private) sale made pursuant to this Section 6, any Secured Party may bid for or purchase, free from any right of redemption,
stay, valuation or appraisal on the part of any Pledgor (all said rights being also hereby waived and released), the Collateral or any part thereof offered for sale and may make payment on account thereof by using any claim then due and payable to
such Secured Party from such Pledgor as a credit against the purchase price, and such Secured Party may, upon compliance with the terms of sale, hold, retain and dispose of such property without further accountability to any Pledgor therefor. For
purposes hereof, a written agreement to purchase the Collateral or any portion thereof shall be treated as a sale thereof; the Administrative Agent shall be free to carry out such sale pursuant to such agreement; and no such Pledgor shall be
entitled to the return of the Collateral or any portion thereof subject thereto, notwithstanding the fact that after the Administrative Agent shall have entered into such an agreement all Events of Default shall have been remedied and the
Obligations paid in full. As an alternative to exercising the power of sale herein conferred upon it, the Administrative Agent may proceed by a suit or suits at law or in equity to foreclose upon the Collateral and to sell the Collateral or any
portion thereof pursuant to a judgment or decree of a court or courts having competent jurisdiction or pursuant to a proceeding by a court-appointed receiver. Any sale pursuant to the provisions of this Section 6 shall be deemed to conform to the
commercially reasonable standards as provided in Section 9-610 of the Uniform Commercial Code as in effect in the State of New York or its equivalent in other jurisdictions. 
  
 SECTION 7. Application of Proceeds. The Administrative Agent shall apply the proceeds of any collection or sale of
Collateral, as well as any Collateral consisting of cash, as follows: 
  
 FIRST, to the payment of all costs and expenses incurred by the Administrative Agent (in its capacity as such hereunder or under any other Loan Document) in connection with such collection or sale or otherwise in
connection with this Agreement, any other Loan Document or any of the Obligations, including all court costs and the fees and expenses of its agents and legal counsel, the repayment of all advances made by the Administrative Agent hereunder or under
any other Loan Document on behalf of any Pledgor and any other costs or expenses incurred by the Administrative Agent in connection with the exercise of any right or remedy hereunder or under any other Loan Document; 
  
 SECOND, to the payment in full of the Obligations (the
amounts so applied to be distributed among the Secured Parties pro rata in accordance with the amounts of the Obligations owed to them on the date of any such distribution); and 
  
 THIRD, to the Pledgors, their successors or assigns, or as a court of competent jurisdiction may otherwise
direct. 
  
 The Administrative Agent shall have absolute
discretion as to the time of application of any such proceeds, moneys or balances in accordance with this Agreement. Upon any sale of the Collateral by the Administrative Agent (including pursuant to a power of sale granted by statute or under a
judicial proceeding), the receipt of the purchase money by the Administrative Agent 

  

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or of the officer making the sale shall be a sufficient discharge to the purchaser or purchasers of the Collateral so sold and such purchaser or purchasers
shall not be obligated to see to the application of any part of the purchase money paid over to the Administrative Agent or such officer or be answerable in any way for the misapplication thereof. 
  
 SECTION 8. Reimbursement of Administrative Agent. (a) Each Pledgor
jointly and severally agrees to pay upon demand to the Administrative Agent the amount of any and all reasonable expenses, including the reasonable fees, other charges and disbursements of its counsel and of any experts or agents, that the
Administrative Agent may incur in connection with (i) the administration of this Agreement, (ii) the custody or preservation of, or the sale of, collection from, or other realization upon, any of the Collateral, (iii) the exercise, enforcement or
protection of any of the rights of the Administrative Agent hereunder or (iv) the failure by any Pledgor to perform or observe any of the provisions hereof. 
  
 (b) Without limitation of its indemnification obligations under the other Loan Documents, each Pledgor jointly and severally agrees to
indemnify the Administrative Agent and the other Indemnitees against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses, including reasonable counsel fees, other charges and disbursements,
incurred by or asserted against any Indemnitee arising out of, in any way connected with, or as a result of the execution, delivery or performance of this Agreement or any other Loan Document or any agreement or instrument contemplated hereby or
thereby, the performance by the parties hereto of their respective obligations thereunder or the consummation of the Transactions and the other transactions contemplated thereby or any claim, litigation, investigation or proceeding relating to any
of the foregoing or to the Collateral, whether or not any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses are
determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or wilful misconduct of such Indemnitee or from a breach of this Agreement by such Indemnitee. 
  
 (c) Any amounts payable as provided hereunder shall be
additional Obligations secured hereby and by the other Security Documents. The provisions of this Section 8 shall remain operative and in full force and effect regardless of the termination of this Agreement or any other Loan Document, the
consummation of the transactions contemplated hereby, the repayment of any of the Obligations, the invalidity or unenforceability of any term or provision of this Agreement or any other Loan Document or any investigation made by or on behalf of the
Administrative Agent or any other Secured Party. All amounts due under this Section 8 shall be payable on written demand therefor and shall bear interest at the rate specified in Section 2.07 of the Credit Agreement. 
  
 SECTION 9. Administrative Agent Appointed Attorney-in-Fact. Each
Pledgor hereby appoints the Administrative Agent the attorney-in-fact of such Pledgor for the purpose of carrying out the provisions of this Agreement and taking any action and executing any instrument that the Administrative Agent may deem
necessary or advisable to accomplish the purposes hereof, which appointment is irrevocable and coupled with an interest, upon the 

  

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occurrence and during the continuance of an Event of Default, with full power of substitution either in the Administrative Agent’s name or in the name
of such Pledgor, to ask for, demand, sue for, collect, receive and give acquittance for any and all moneys due or to become due under and by virtue of any Collateral, to endorse checks, drafts, orders and other instruments for the payment of money
payable to the Pledgor representing any interest or dividend or other distribution payable in respect of the Collateral or any part thereof or on account thereof and to give full discharge for the same, to settle, compromise, prosecute or defend any
action, claim or proceeding with respect thereto, and to sell, assign, endorse, pledge, transfer and to make any agreement respecting, or otherwise deal with, the same; provided, however, that nothing herein contained shall be construed as requiring
or obligating the Administrative Agent to make any commitment or to make any inquiry as to the nature or sufficiency of any payment received by the Administrative Agent, or to present or file any claim or notice, or to take any action with respect
to the Collateral or any part thereof or the moneys due or to become due in respect thereof or any property covered thereby. The Administrative Agent and the other Secured Parties shall be accountable only for amounts actually received as a result
of the exercise of the powers granted to them herein, and neither they nor their officers, directors, employees or agents shall be responsible to any Pledgor for any act or failure to act hereunder, except for their own gross negligence or wilful
misconduct. 
  
 SECTION 10. Waivers; Amendment. (a) No
failure or delay of the Administrative Agent in exercising any power or right hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce
such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the Administrative Agent hereunder and of the other Secured Parties under the other Loan Documents are
cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provisions of this Agreement or any other Loan Document or consent to any departure by any Pledgor therefrom shall in any event be effective
unless the same shall be permitted by paragraph (b) below, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. No notice or demand on any Pledgor in any case shall entitle such
Pledgor to any other or further notice or demand in similar or other circumstances. 
  
 (b) Neither this Agreement nor any provision hereof may be waived, amended or modified except pursuant to a written agreement entered into
between the Administrative Agent and the Pledgor or Pledgors with respect to which such waiver, amendment or modification is to apply, subject to any consent required in accordance with Section 9.02 of the Credit Agreement. 
  
 SECTION 11. Securities Act, etc. In view of the position of the
Pledgors in relation to the Pledged Securities, or because of other current or future circumstances, a question may arise under the Securities Act of 1933, as now or hereafter in effect, or any similar statute hereafter enacted analogous in purpose
or effect (such Act and any such similar statute as from time to time in effect being called the “Federal Securities Laws”) with respect to any disposition of the Pledged Securities permitted hereunder. Each Pledgor understands that
compliance with the Federal Securities Laws might very strictly limit the course of conduct of the Administrative 

  

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Agent if the Administrative Agent were to attempt to dispose of all or any part of the Pledged Securities, and might also limit the extent to which or the
manner in which any subsequent transferee of any Pledged Securities could dispose of the same. Similarly, there may be other legal restrictions or limitations affecting the Administrative Agent in any attempt to dispose of all or part of the Pledged
Securities under applicable Blue Sky or other state securities laws or similar laws analogous in purpose or effect. Each Pledgor recognizes that in light of such restrictions and limitations the Administrative Agent may, with respect to any sale of
the Pledged Securities, limit the purchasers to those who will agree, among other things, to acquire such Pledged Securities for their own account, for investment, and not with a view to the distribution or resale thereof. Each Pledgor acknowledges
and agrees that in light of such restrictions and limitations, the Administrative Agent, in its sole and absolute discretion, (a) may proceed to make such a sale whether or not a registration statement for the purpose of registering such Pledged
Securities or part thereof shall have been filed under the Federal Securities Laws and (b) may approach and negotiate with a single potential purchaser to effect such sale. Each Pledgor acknowledges and agrees that any such sale might result in
prices and other terms less favorable to the seller than if such sale were a public sale without such restrictions. In the event of any such sale, the Administrative Agent shall incur no responsibility or liability for selling all or any part of the
Pledged Securities at a price that the Administrative Agent, in its sole and absolute discretion, may in good faith deem reasonable under the circumstances, notwithstanding the possibility that a substantially higher price might have been realized
if the sale were deferred until after registration as aforesaid or if more than a single purchaser were approached. The provisions of this Section 11 will apply notwithstanding the existence of a public or private market upon which the quotations or
sales prices may exceed substantially the price at which the Administrative Agent sells. 
  
 SECTION 12. Registration, etc. Each Pledgor agrees that, upon the occurrence and during the continuance of an Event of Default hereunder, if for any reason the Administrative Agent desires to sell any of the
Pledged Securities at a public sale, it will, at any time and from time to time, upon the written request of the Administrative Agent, use its best efforts to take or to cause the issuer of such Pledged Securities to take such action and prepare,
distribute and/or file such documents, as are required or advisable in the reasonable opinion of counsel for the Administrative Agent to permit the public sale of such Pledged Securities. Each Pledgor further agrees to indemnify, defend and hold
harmless the Administrative Agent, each other Secured Party, any underwriter and their respective officers, directors, affiliates and controlling Persons from and against all loss, liability, expenses, costs of counsel (including, without
limitation, reasonable fees and expenses to the Administrative Agent of legal counsel), and claims (including the costs of investigation) that they may incur insofar as such loss, liability, expense or claim arises out of or is based upon any
alleged untrue statement of a material fact contained in any prospectus (or any amendment or supplement thereto) or in any notification or offering circular, or arises out of or is based upon any alleged omission to state a material fact required to
be stated therein or necessary to make the statements in any thereof not misleading, except insofar as the same may have been caused by any untrue statement or omission based upon information furnished in writing to such Pledgor or the issuer of
such Pledged Securities by the Administrative Agent or any other Secured Party expressly for use therein. Each Pledgor further agrees, upon such written request referred to above, to use its best efforts to qualify, file or 

  

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register, or cause the issuer of such Pledged Securities to qualify, file or register, any of the Pledged Securities under the blue sky or other securities
laws of such states as may be requested by the Administrative Agent and keep effective, or cause to be kept effective, all such qualifications, filings or registrations. Each Pledgor will bear all costs and expenses of carrying out its obligations
under this Section 12. 
  
 SECTION 13. Security Interest
Absolute. All rights of the Administrative Agent hereunder, the grant of a security interest in the Collateral and all obligations of the Pledgors hereunder shall be absolute and unconditional irrespective of (a) any lack of validity or
enforceability of the Credit Agreement, any other Loan Document, any agreement with respect to any of the Obligations or any other agreement or instrument relating to any of the foregoing, (b) any change in the time, manner or place of payment of,
or in any other term of, all or any of the Obligations, or any other amendment or waiver of or any consent to any departure from the Credit Agreement, any other Loan Document or any other agreement or instrument relating to any of the foregoing, (c)
any exchange, release or nonperfection of any Lien on other collateral, or any release or amendment or waiver of or consent under or departure from any guarantee, securing or guaranteeing all or any of the Obligations or (d) any other circumstance
that might otherwise constitute a defense available to, or a discharge of, any Pledgor in respect of the Obligations or in respect of this Agreement (other than a termination as provided for in Section 14(a) and 14(b) hereof). 
  
 SECTION 14. Termination or Release. (a) This Agreement and the
security interests granted hereunder shall terminate when all the Obligations have been indefeasibly paid in full and the Lenders have no further commitment to lend, at which time the Administrative Agent shall execute and deliver to the Pledgors,
at the Pledgors’ expense, all Uniform Commercial Code termination statements and similar documents which the Pledgors shall reasonably request to evidence such termination. Any execution and delivery of termination statements or documents
pursuant to this Section 14 shall be without recourse to or warranty by the Administrative Agent. 
  
 (b) Upon any sale or transfer by any Pledgor of any Collateral that is permitted under the Credit Agreement to any Person that is not a
Pledgor, or, upon the effectiveness of any written consent to the release of the security interest granted hereby in any Collateral pursuant to Section 9.02(b) of the Credit Agreement, the security interest in such Collateral shall be automatically
released 
  
 SECTION 15. Notices. All communications and
notices hereunder shall (except as otherwise expressly permitted herein) be in writing and given as provided in Section 9.01 of the Credit Agreement. All communications and notices hereunder to any Pledgor shall be given to it at its address or
telecopy number set forth on the signature pages hereof. 
  
 SECTION 16. Further Assurances. Each Pledgor agrees to do such further acts and things, and to execute and deliver such additional conveyances, assignments, agreements and instruments, as the Administrative Agent may at any time
reasonably request in connection with the administration and enforcement of this Agreement or with respect to the Collateral or any 

  

 11 

 
part thereof or in order better to assure and confirm unto the Administrative Agent its rights and remedies hereunder. 
  
 SECTION 17. Binding Effect; Several Agreement; Assignments. Whenever
in this Agreement any of the parties hereto is referred to, such reference shall be deemed to include the successors and assigns of such party; and all covenants, promises and agreements by or on behalf of any Pledgor that are contained in this
Agreement shall bind and inure to the benefit of its successors and assigns. This Agreement shall become effective as to any Pledgor when a counterpart hereof executed on behalf of such Pledgor shall have been delivered to the Administrative Agent
and a counterpart hereof shall have been executed on behalf of the Administrative Agent, and thereafter shall be binding upon such Pledgor and the Administrative Agent and their respective successors and assigns, and shall inure to the benefit of
such Pledgor, the Administrative Agent and the other Secured Parties, and their respective successors and assigns, except that no Pledgor shall have the right to assign its rights hereunder or any interest herein or in the Collateral (and any such
attempted assignment shall be void), except as expressly permitted by this Agreement and the other Loan Documents. This Agreement shall be construed as a separate agreement with respect to each Pledgor and may be amended, modified, supplemented,
waived or released with respect to any Pledgor without the approval of any other Pledgor and without affecting the obligations of any other Pledgor hereunder. 
  

SECTION 18. Survival of Agreement; Severability. (a) All covenants, agreements, representations and warranties made by each Pledgor herein and
in the certificates or other instruments prepared or delivered in connection with or pursuant to this Agreement or any other Loan Document shall be considered to have been relied upon by the Secured Parties and shall survive the making by the
Lenders of the Loans, regardless of any investigation made by the Secured Parties or on their behalf. 
  
 (b) In the event any one or more of the provisions contained in this Agreement should be held invalid, illegal or unenforceable in any
respect, the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired thereby (it being understood that the invalidity of a particular provision in a particular jurisdiction
shall not in and of itself affect the validity of such provision in any other jurisdiction). 
  
 SECTION 19. Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
  
 SECTION 20. Counterparts. This Agreement may be executed in two or more counterparts, each of which shall constitute
an original, but all of which, when taken together, shall constitute a single contract, and shall become effective as provided in Section 17. Delivery of an executed counterpart of a signature page to this Agreement by facsimile transmission shall
be effective as delivery of a manually executed counterpart of this Agreement. 
  

 12 

 SECTION 21. Rules of Interpretation. The rules of interpretation specified in Section 1.03 of the
Credit Agreement shall be applicable to this Agreement. Article and Section headings used herein are for the purpose of reference only, are not part of this Agreement and are not to affect the construction of, or to be taken into consideration in
interpreting, this Agreement. 
  
 SECTION 22. Jurisdiction;
Consent to Service of Process. (a) Each Pledgor hereby irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of the Supreme Court of the State of New York sitting in New York County and of the
United States District Court of the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement or any other Loan Document, or for recognition or enforcement of
any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State or, to the extent permitted by law, in such
Federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this
Agreement shall affect any right that the Administrative Agent or any other Secured Party may otherwise have to bring any action or proceeding relating to this Agreement or any other Loan Document against any Pledgor or its properties in the courts
of any jurisdiction. 
  
 (b) Each Pledgor hereby
irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this
Agreement or the other Loan Documents in any court referred to in paragraph (b) of this Section. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of
such action or proceeding in any such court. 
  
 (c) Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 15. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other
manner permitted by law. 
  
 SECTION 23. WAIVER OF JURY TRIAL;
APPOINTMENT OF RECEIVER. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO ANY
LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT
SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND
CERTIFICATIONS IN THIS SECTION 23. 
  

 13 

 SECTION 24. Execution of Financing Statements. Pursuant to Section 9-509 of the Uniform Commercial
Code as in effect in the State of New York or its equivalent in other jurisdictions, each Pledgor authorizes the Administrative Agent to file financing statements or amendments thereto with respect to the Collateral owned by it without the signature
of such Pledgor in such form and in such filing offices as the Administrative Agent reasonably determines appropriate to perfect the security interests of the Administrative Agent under this Agreement. 
  
 SECTION 25. Additional Pledgors. Upon execution and delivery by the
Administrative Agent and a Subsidiary of any instrument satisfactory to the Administrative Agent, such Subsidiary shall become a Pledgor hereunder with the same force and effect as of if originally named as a Pledgor herein. The execution and
delivery of any such instrument shall not require the consent of any Pledgor hereunder. The rights and obligation of each Pledgor hereunder shall remain in full force and effect notwithstanding the addition of any new Pledgor as party to this
Agreement. 
  

 14 

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

					
	JUPITERMEDIA CORPORATION
		
	By:	 	 /s/ Christopher S. Cardell

	 	 	 Name:
	 	 Christopher S. Cardell

	 	 	 Title:
	 	 President and Chief Operating Officer

	
	JUPITERIMAGES CORPORATION
		
	By:	 	 /s/ Alan M. Meckler

	 	 	 Name:
	 	 Alan M. Meckler

	 	 	 Title:
	 	 President

	
	MCG FINANCE CORPORATION IH
		
	By:	 	 /s/ Christopher S. Cardell

	 	 	 Name:
	 	 Christopher S. Cardell

	 	 	 Title:
	 	 President

	
	CREATAS, L.L.C.
		
	By:	 	JUPITERIMAGES CORPORATION,
as Managing Member
			
	 	 	 By:
	 	 /s/ Alan M. Meckler

	 	 	 Name:
	 	 Alan M. Meckler

	 	 	 Title:
	 	 President

	
	DYNAMIC GRAPHICS, INC.
		
	By:	 	/s/ Alan M. Meckler
	 	 	Name:	 	 Alan M. Meckler

	 	 	Title:	 	 Chief Executive Officer and President

  

					
	
	PICTUREQUEST ACQUISITION COMPANY LLC
		
	By:	 	/s/ Christopher S. Cardell
	 	 	Name:	 	 Christopher S. Cardell

	 	 	Title	 	 President

	
	JPMORGAN CHASE BANK, N.A.,
as Administrative Agent
		
	By	 	/s/ David F. Gibbs
	 	 	Name:	 	 David F. Gibbs

	 	 	Title:	 	 Senior Vice PresidentRegistration Rights Agreement, dated as of March 7, 2005

 Exhibit 10.5 
  
 Conformed Copy 
  
 REGISTRATION RIGHTS AGREEMENT 
  
 THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made and entered into as of March 7, 2005, by and among Jupitermedia
Corporation, a Delaware corporation (the “Issuer”), Moffly-Creatas Investors, LLC, a Massachusetts limited liability company, MCG Capital Corporation, a Delaware corporation, Creatas Management Investors LLC, a Massachusetts limited
liability company, and Stoneybrook Creatas Investors (collectively, the “Holders”) and David Moffly (the “Seller Representative”). 
  
 WHEREAS, pursuant to the terms of an Equity Purchase Agreement, dated as of February 12, 2005, by and among the Issuer,
JupiterImages Corporation (the “Purchaser”), certain of the Holders and the persons identified as Seller Parties on the signature pages thereto (the “Purchase Agreement”), the Issuer has agreed, as partial
consideration for the direct or indirect acquisition (the “Acquisition”) by the Purchaser from certain of the Holders of 100% of the outstanding equity interests of Creatas, L.L.C. (“Creatas”), to issue to the
Holders an aggregate of 1,483,074 shares of unregistered common stock, par value $0.01 per share, of the Issuer (the “Shares”) in the amounts set forth on Exhibit A hereto; 
  
 WHEREAS, pursuant to the Purchase Agreement, 244,792 Shares (the
“Escrow Shares”) are being placed into escrow on or promptly after the date hereof to be held and released in accordance with the terms of an Escrow Agreement, dated as of the date hereof (the “Escrow Agreement”), among
certain of the parties to the Purchase Agreement and JPMorgan Chase Bank N.A, as escrow agent; 
  
 WHEREAS, it is a condition to the closing of the Purchase Agreement that the Issuer, the Holders and the Seller Representative execute this Agreement. 
  
 NOW, THEREFORE, the parties hereto agree as follows: 
  
 Section 1. Definitions 
  
 As used in this Agreement: 
  
 (a) the terms “register,” “registered” and “registration” refer to a registration
effected by preparing and filing a registration statement in compliance with the Securities Act (and any post-effective amendments filed or required to be filed) and the declaration or ordering of effectiveness of such registration statement;

  
 (b) the term “Registrable
Securities” means (i) the Shares and (ii) any capital stock of the Issuer issued as a dividend or other distribution with respect to, or in exchange for or in replacement of, the Shares; provided that the term “Registrable
Securities” shall exclude any Escrow Shares if and to the extent that such Escrow Shares have not yet been released from escrow pursuant to the Escrow Agreement; 
  

 (c) “Registration Expenses” shall mean all expenses incurred by the
Issuer in compliance with Section 2 hereof, including, without limitation, all registration and filing fees, printing expenses, fees and disbursements of counsel for the Issuer, blue sky fees and expenses and the expense of any special audits
incident to or required by any such registration (but excluding the compensation of regular employees of the Issuer, which shall be paid in any event by the Issuer); 
  
 (d) “Securities Act” shall mean the Securities Act of 1933, as amended. 
  
 (e) “Selling Expenses” shall mean, with
respect to a given Holder, all underwriting discounts and selling commissions applicable to the sale of the Registrable Securities of such Holder and all fees and disbursements of counsel to such Holder. 
  
 Section 2. Issuer Registration 
  
 (a) Inclusion in Registration. If the Issuer shall
determine to register any of its equity securities either for its own account or for the account of any other security holder, other than a registration relating solely to employee benefit plans, or a registration relating solely to a Securities and
Exchange Commission (“SEC”) Rule 145 transaction, or a registration on any registration form which does not permit secondary sales or does not include substantially the same information as would be required to be included in a
registration statement covering the sale of Registrable Securities (an “Eligible Registration”), the Issuer will: 
  
 (i) promptly give to the Seller Representative a written notice thereof (which shall include a list of the jurisdictions (which shall
include Virginia, Illinois and New York) in which the Issuer intends to attempt to qualify such securities under the applicable blue sky or other state securities laws), which notice shall thereupon be delivered by the Seller Representative to the
Holders; and 
  
 (ii) include in such
registration (and any related qualification under blue sky laws or other compliance), and in any underwriting involved therein, all the Registrable Securities specified in a written request made by a Holder within fifteen (15) days after receipt of
the written notice by the Seller Representative from the Issuer described in clause (i) above, except as otherwise provided in Section 2(c) below. A written request may be made by a Holder to the Seller Representative which shall thereupon be
delivered to the Issuer if it specifies all or a part of such Holder’s Registrable Securities for inclusion in such registration. 
  
 (b) Eligible Registration. The Issuer shall use commercially reasonable efforts to effect the filing of a registration statement in
connection with an Eligible Registration on or before the date that is ninety (90) days after the Closing Date (as defined in the Purchase Agreement) (which date shall be extended to the extent, and for the duration of, any delay in such filing as a
result of (i) the failure of one or more Holders to comply with the terms of any provision of this Agreement applicable to it or (ii) the Issuer’s inability, after exerting commercially reasonable efforts, to complete such audit of the
financial statements of Creatas as 

  

 -2- 

 
is required under the Securities Act and/or the Securities Exchange Act of 1934, as amended; which delay shall be referred to herein as an “Excused
Delay”). 
  
 (c) Underwriting. If
an Eligible Registration is for a registered public offering involving an underwriting, the Issuer shall so advise the Seller Representative in the written notice given pursuant to Section 2(a)(i). In such event, the right of a Holder to
registration pursuant to this Section 2 shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein. A Holder
requesting inclusion in such registration shall (together with the Issuer and any other Holders or stockholders distributing their securities through such underwriting) enter into an underwriting agreement in customary form with the representative
of the underwriter or underwriters selected by the Issuer. Notwithstanding any other provision of this Section 2, if the representative determines that marketing factors require a limitation on the number of shares to be underwritten (an
“Underwriter Cutback”), the representative may limit the number of Registrable Securities to be included in the registration and underwriting. The Issuer shall so advise all holders of securities requesting registration of such
limitation, and the securities of the Issuer held by the Holders requesting registration and any other stockholders of the Issuer participating in such registration shall be excluded from such registration and underwriting on a pro rata basis (based
on the number of shares held) to the extent required by such limitation. If a Holder disapproves of the terms of any such underwriting, such Holder may elect to withdraw therefrom by written notice to the Issuer and the underwriter. Any Registrable
Securities or other securities excluded or withdrawn from such underwriting shall be withdrawn from such registration. 
  
 Section 3. Form S-3 
  
 The Holders, collectively, shall have a one time right to request registration on Form S-3 (such request shall be in writing from the Seller
Representative and shall state the number of shares of Registrable Securities to be disposed of and the intended method of disposition of shares by each Holder participating in such registration). The Seller Representative shall have contacted each
Holder in writing prior to making a demand for registration pursuant to this Section 3 to ascertain whether such Holder intends to participate in such registration. Notwithstanding the foregoing, the Issuer shall not be obligated to file a
registration statement with the SEC to effect any registration pursuant to this Section 3: 
  
 (a) on or before the date that is ninety (90) days after the Closing Date (or such later date as may result from an Excused Delay);

  
 (b) unless the Holders, together with any
other stockholders of the Issuer participating in such registration, propose to dispose of shares of common stock of the Issuer having an aggregate price to the public (before deduction of underwriting discounts and expenses of sale) of at least
$10,000,000; 
  

 -3- 

 (c) within one hundred eighty (180) days of the effective date of an Eligible
Registration if, subject to the Underwriter Cutback, the securities held by the requesting Holders could have been included for sale or distribution on customary market terms; 
  
 (d) in any particular jurisdiction other than New York, Illinois and Virginia in which the Issuer would be
required to execute a general consent to service of process in effecting such registration, qualification or compliance, unless the Issuer is already subject to service in such jurisdiction and except as may be required by the Securities Act or
applicable rules or regulations thereunder; or 
  
 (e) if the Issuer furnishes to the Seller Representative a certificate of any officer stating that in the good faith judgment of the Board of Directors of the Issuer, it would be seriously detrimental to the Issuer and its stockholders for
such registration to be effected at such time, in which event the Issuer shall have the right to defer such filing for a period of not more than one hundred twenty (120) days after receipt of the request from the Seller Representative;
provided, that such right to delay a request shall be exercised by the Issuer not more than once in any period of three hundred sixty (360) consecutive days. 
  
 If the request for registration pursuant to this Section 3 is for an underwritten offering, the terms of Section 2(c) shall
apply to all participants in such offering. Subject to the foregoing, the Issuer will use commercially reasonable efforts to effect promptly the registration of all shares of Registrable Securities on Form S-3 to the extent requested by the holders
thereof in accordance with this Section 3. 
  
 Section 4.
Expenses of Registration 
  
 All Registration Expenses
incurred in connection with any registration, qualification or compliance pursuant to this Agreement shall be borne by the Issuer, and any and all Selling Expenses of a given Holder shall be borne by such Holder. 
  
 Section 5. Registration Procedures 
  
 In the case of each registration effected by the Issuer pursuant to this
Agreement, the Issuer will keep the Seller Representative advised in writing as to the initiation of each registration and as to the completion thereof. At its expense, the Issuer will: 
  
 (a) if necessary to facilitate the sale of all of the Registrable Securities, keep such registration
effective for a period of one hundred eighty (180) days; provided, however, that (i) such 180-day period shall be extended for a period of time equal to the period during which the Holders refrain from selling any securities included
in such registration in accordance with the provisions set forth in Section 9 hereof; and (ii) in the case of any registration of Registrable Securities on Form S-3 which are intended to be offered on a continuous or delayed basis, such 180-day
period shall be extended until all such Registrable Securities are sold, provided that Rule 415, or any successor rule under the Securities Act, permits an offering on a continuous or 

  

 -4- 

 
delayed basis, and provided further that applicable rules under the Securities Act governing the obligation to file a post-effective amendment
permit, in lieu of filing a post-effective amendment which (i) includes any prospectus required by Section 10(a) of the Securities Act or (ii) reflects facts or events representing a material or fundamental change in the information set forth in the
registration statement, the incorporation by reference of information required to be included in (i) and (ii) above to be contained in periodic reports filed pursuant to Section 12 or 15(d) of the Exchange Act in the registration statement; and

  
 (b) furnish such number of prospectuses and
other documents incident thereto to a Holder as such Holder from time to time may reasonably request. 
  
 Section 6. Indemnification 
  
 (a) The Issuer will indemnify each Holder and each of its officers and directors, as applicable, with respect to each registration which
has been effected pursuant to this Agreement, and each underwriter, if any, and each person who controls any underwriter, against all claims, losses, damages and liabilities (or actions in respect thereof) arising out of or based on any untrue
statement (or alleged untrue statement) of a material fact contained in any prospectus, offering circular or other document (including any related registration statement, notification or the like) incident to any such registration, qualification or
compliance, or based on any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, or any violation by the Issuer of the Securities Act or any rule or
regulation thereunder applicable to the Issuer and relating to action or inaction required of the Issuer in connection with any such registration, qualification or compliance, and will reimburse each Holder and its directors and officers, as
applicable, for any legal or any other expenses reasonably incurred in connection with investigating or defending any such claim, loss, damage, liability or action; provided that the Issuer will not be liable in any such case to the extent
that any such claim, loss, damage, liability or expense arises out of or is based on any untrue statement or omission based upon written information furnished to the Issuer by a Holder or underwriter. 
  
 (b) Each Holder will, if Registrable Securities held by it
are included in the securities as to which such registration, qualification or compliance is being effected, indemnify the Issuer, each of its directors and officers and each underwriter, if any, of the Issuer’s securities covered by such a
registration statement, each person who controls the Issuer or such underwriter, each other stockholder of the Issuer participating in such registration, and each of their respective officers, directors, and partners, and each person controlling
such other stockholder, in each case, against all claims, losses, damages and liabilities (or actions in respect thereof) arising out of or based on any untrue statement (or alleged untrue statement) of a material fact contained in any such
registration statement, prospectus, offering circular or other document made by such Holder, or any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to make the statements by such Holder
therein not misleading, and will reimburse the Issuer and such other stockholders, directors, officers, members, partners, persons, underwriters or control persons for any legal or any other expenses 

  

 -5- 

 
reasonably incurred in connection with investigating or defending any such claim, loss, damage, liability or action, in each case to the extent, but only to
the extent, that such untrue statement (or alleged untrue statement) or omission (or alleged omission) is made in such registration statement, prospectus, offering circular or other document in reliance upon and in conformity with written
information furnished to the Issuer by such Holder. 
  
 (c) Each party entitled to indemnification under this Section 6 (the “Indemnified Party”) shall give notice to the party required to provide indemnification (the “Indemnifying Party”) promptly after such
Indemnified Party has actual knowledge of any claim as to which indemnity may be sought, and shall permit the Indemnifying Party to assume the defense of any such claim or any litigation resulting therefrom; provided that counsel for the
Indemnifying Party, who shall conduct the defense of such claim or any litigation resulting therefrom, shall be approved by the Indemnified Party (whose approval shall not unreasonably be withheld) and the Indemnified Party may participate in such
defense at such party’s expense (unless the Indemnified Party shall have reasonably concluded that there may be a conflict of interest between the Indemnifying Party and the Indemnified Party in such action, in which case the fees and expenses
of counsel shall be at the expense of the Indemnifying Party), and provided further that the failure of any Indemnified Party to give notice as provided herein shall not relieve the Indemnifying Party of its obligations under this
Agreement unless the Indemnifying Party is materially prejudiced thereby. No Indemnifying Party, in the defense of any such claim or litigation shall, except with the consent of each Indemnified Party, consent to entry of any judgment or enter into
any settlement which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Party of a release from all liability in respect to such claim or litigation. Each Indemnified Party shall furnish
such information regarding itself or the claim in question as an Indemnifying Party may reasonably request in writing and as shall be reasonably required in connection with the defense of such claim and litigation resulting therefrom. 
  
 (d) If the indemnification provided for in this Section 6 is
held by a court of competent jurisdiction to be unavailable to an Indemnified Party with respect to any loss, liability, claim, damage or expense referred to herein, then the Indemnifying Party, in lieu of indemnifying such Indemnified Party
hereunder, shall contribute to the amount paid or payable by such Indemnified Party as a result of such loss, liability, claim, damage or expense in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party on the one
hand and of the Indemnified Party on the other in connection with the statements or omissions which resulted in such loss, liability, claim, damage or expense, as well as any other relevant equitable considerations. The relative fault of the
Indemnifying Party and of the Indemnified Party shall be determined by reference to, among other things, whether the untrue (or alleged untrue) statement of a material fact or the omission (or alleged omission) to state a material fact relates to
information supplied by the Indemnifying Party or by the Indemnified Party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. 
  

 -6- 

 (e) Notwithstanding the foregoing and subject to Section 6(g) hereof, to the extent that
the provisions on indemnification and contribution contained in the underwriting agreement entered into by, inter alia, the Holders in connection with any underwritten public offering contemplated by this Agreement are in conflict with the
foregoing provisions, the provisions in such underwriting agreement shall be controlling. 
  
 (f) The foregoing indemnity agreement of the Issuer and the Holders is subject to the condition that, insofar as they relate to any loss,
claim, liability or damage made in a preliminary prospectus but eliminated or remedied in the amended prospectus on file with the SEC at the time the registration statement in question becomes effective or the amended prospectus filed with the SEC
pursuant to SEC Rule 424(b) (the “Final Prospectus”), such indemnity agreement shall not inure to the benefit of any underwriter if a copy of the Final Prospectus was furnished to the underwriter and was not furnished to the person
asserting the loss, liability, claim or damage at or prior to the time such action is required by the Securities Act. 
  
 (g) Notwithstanding any provision of this Agreement or in any underwriting agreement contemplated hereby, in accordance with Section 17(i)
if the Investment Company Act of 1940, as amended, any provision in an underwriting agreement to be entered into in connection with the registration of Shares pursuant to this Agreement which protects or purports to protect the underwriter or
underwriters against any liability to MCG or its security holders to which such underwriter(s) would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence in the performance of their duties or by reason of such
underwriter(s) reckless disregard of their obligations and duties under the underwriting agreement shall be expressly made inapplicable to MCG. 
  
 Section 7. Information by the Holders 
  
 Each Holder shall furnish to the Issuer such information regarding such Holder and the distribution proposed by such Holder as the Issuer may reasonably
request in writing and as shall be reasonably required in connection with any registration, qualification or compliance referred to in this Agreement. 
  
 Section 8. Rule 144 Reporting 
  
 With a view to making available the benefits of certain rules and regulations of the SEC which may permit the sale of restricted securities to the public
without registration, the Issuer agrees to: 
  
 (a) make and keep public information available as those terms are understood and defined in Rule 144 at all times; 
  

 -7- 

 (b) use its commercially reasonable efforts to file with the SEC in a timely manner all
reports and other documents required of the Issuer under the Securities Act and the Exchange Act; and 
  
 (c) so long as a Holder owns any Registrable Securities, furnish to such Holder upon request a written statement by the Issuer as to its
compliance with the reporting requirements of Rule 144 and of the Securities Act and the Exchange Act, a copy of the most recent annual or quarterly report of the Issuer, and such other reports and documents so filed as such Holder may reasonably
request and as is necessary for such Holder to avail itself of any rule or regulation of the SEC allowing such Holder to sell any of such securities without registration. 
  
 Section 9. “Market Stand-off” Agreement 
  
 Each Holder agrees, if requested by the Issuer and an underwriter of common stock (or other securities) of the Issuer, not
to sell or otherwise transfer or dispose of any common stock (or other securities) of the Issuer held by the Holder during the 90-day period following the effective date of a registration statement of the Issuer filed under the Securities Act;
provided, however, that the Issuer shall not make such a request unless all similarly situated selling securityholders (regardless of the number of shares owned) are to be restricted in the same manner (including duration and nature of transfer
restrictions) without discrimination and the Issuer accompanies such request with an officer’s certificate identifying the other securityholders to be bound by such an agreement. If requested by the underwriters, each such Holder shall execute
a separate agreement to the foregoing effect. The Issuer may impose stop-transfer instructions with respect to the shares (or securities) subject to the foregoing restriction until the end of said 90-day period. The provisions of this Section 9
shall be binding upon any transferee who acquires Registrable Securities, whether or not such transferee is entitled to the registration rights provided hereunder. 
  
 Section 10. Termination 
  
 The registration rights set forth in this Agreement shall not be available to a Holder if, in the opinion of counsel to the Issuer, all of the Registrable
Securities then owned by such Holder could be sold in any 90-day period pursuant to Rule 144(k) under the Securities Act. 
  
 Section 11. Miscellaneous 
  
 (a) Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware
applicable to contracts made and to be performed entirely within such State without regard to principles of conflicts of law. 
  
 (b) Paragraph and Section Headings. The descriptive headings of the several sections of this Agreement are inserted for convenience
only and shall not control or affect the meaning or construction of any of the provisions hereof. 
  

 -8- 

 (c) Notices. All notices, demands or other communications to be given or delivered
under or by reason of the provisions of this Agreement shall be in writing and shall be deemed to have been given (a) when delivered personally to the recipient, (b) when sent to the recipient by telecopy (receipt electronically confirmed by
sender’s telecopy machine) if during normal business hours of the recipient, otherwise on the next business day, (c) one business day after the date when sent to the recipient by reputable express courier service (charges prepaid), or (d) seven
business days after the date when mailed to the recipient by certified or registered mail, return receipt requested and postage prepaid. Such notices, demands and other communications shall be sent to the Holders and to the Issuer at the addresses
indicated below: 
  

			
	If to a Holder:	  	 To the address of such Holder set forth on
 the
signature pages to this agreement.

		
	If to the Seller Representative:	  	 David Moffly
 36 West 10th Street
 New York, NY
10011
 Facsimile No. (212) 388-9719

		
	 With a copy to:
 (which shall not
 constitute notice)
	  	 Perkins Smith & Cohen LLP
 One Beacon
Street
 Boston, MA 02108-3106
 Attention: Jonathan C.
Guest
 Facsimile No. 617-854-4040

		
	If to the Issuer:	  	 Jupitermedia Corporation
 23 Old Kings Highway
South
 Darien, Connecticut 06820
 Attn: Christopher S.
Cardell
 Facsimile No. (203) 655-5079

		
	 With a copy to:
 (which shall not
 constitute notice)
	  	 Willkie Farr & Gallagher LLP
 787 Seventh
Avenue
 New York, New York 10019
 Attention: Jeffrey R. Poss,
Esq.
 Facsimile No. (212) 728-8111

  
 or to such other address as a party
hereto may, from time to time, designate in writing delivered pursuant to the terms of this Section. 
  
 (d) Amendments. The terms, provisions and conditions of this Agreement may not be changed, modified or amended in any manner
except by an instrument in writing duly executed by each of the parties hereto. 
  

 -9- 

 (e) Assignment. Neither this Agreement nor any of the rights, duties, or
obligations of any party hereunder may be assigned or delegated (by operation of law or otherwise) by either party hereto except with the prior written consent of the other party hereto; provided, however, that a Holder may assign or delegate its
rights, duties and obligations hereunder to any transferee of such Holder’s Registrable Securities who agrees in writing to become bound by the terms and conditions of this Agreement, so long as such assignment or delegation is not in violation
of any applicable law or regulation. 
  
 (f)
Counterparts. For the convenience of the parties, any number of counterparts of this Agreement may be executed by any one or more parties hereto, and each such executed counterpart shall be, and shall be deemed to be, an original, but all of
which shall constitute, and shall be deemed to constitute, in the aggregate but one and the same instrument. 
  
 (g) Entire Agreement. This Agreement embodies the entire agreement and understanding of the parties hereto in respect of the
subject matter hereof. There are no restrictions, promises, representations, warranties, covenants or undertakings, other than those expressly set forth or referred to herein. 
  
 [Signature Pages Follow] 
  

 -10- 

  
 IN WITNESS WHEREOF, each of
the parties hereto has caused this Registration Rights Agreement to be executed on its behalf by its officers thereunto duly authorized, all as of the day and year first above mentioned. 
  

											
	ISSUER:	 	 	 	 JUPITERMEDIA CORPORATION

					
	 	 	 	 	 	 	 By:
	 	 /s/ Christopher S. Cardell

	 	 	 	 	 	 	 	 	 Name:
	 	 Christopher S. Cardell

	 	 	 	 	 	 	 	 	 Title:
	 	 President and Chief Operating Officer

  

					
			
	SELLER REPRESENTATIVE:	 	 	 	 /s/ David Moffly

	 	 	 	 	 David Moffly

  
 SELLERS: 
  

											
	 MOFFLEY-CREATAS INVESTORS, LLC
	 	 	 	 Address for Notices:

				
	 By:
	 	 /s/ David Moffly
	 	 	 	 36 W. 10th Street

	 	 	 Name:
	 	 David Moffly
	 	 	 	 New York, NY 10011

	 	 	 Title:
	 	 Manager
	 	 	 	 Facsimile: (212) 388-9719

			
	 MCG CAPITAL CORPORATION
	 	 	 	 Address for Notices:

				
	 By:
	 	 /s/ Samuel G. Rubenstein
	 	 	 	 MCG Capital Corporation

	 	 	 Name:
	 	 Samuel G. Rubenstein
	 	 	 	 1100 Wilson Boulevard, Suite 3000

	 	 	 Title:
	 	 General Counsel and Executive Vice President
	 	 	 	 Arlington, VA 22209

  
 [Registration Rights
Agreement] 
  

											
	 CREATAS MANAGEMENT INVESTORS, LLC
	 	 	 	 Address for Notices:

				
	 By:
	 	 /s/ David Moffly
	 	 	 	 36 W. 10th Street

	 	 	 Name:
	 	 David Moffly
	 	 	 	 New York, NY 10011

	 	 	 Title:
	 	 Manager
	 	 	 	 Facsimile: (212) 388-9719

			
	 STONEYBROOK CREATAS INVESTORS
	 	 	 	 Address for Notices:

				
	 By:
	 	 /s/ Barry Schwimmer
	 	 	 	 Barry Schwimmer

	 	 	 Name:
	 	 Barry Schwimmer
	 	 	 	 Stoneybrook Capital LLC

	 	 	 Title:
	 	 Managing Member
	 	 	 	 59 Wilton Road

	 	 	 	 	 	 	 	 	 Westport, CT 06880

  
 [Registration Rights
Agreement] 
  

  
 EXHIBIT A 

 

			
	 Holder

	  	Shares

		
	 Moffly Creatas Investors LLC
	  	472,9961
		
	 Creatas Management Investors LLC
	  	90,1592
		
	 MCG Capital Corporation
	  	866,6003
		
	 Stoneybrook Creatas Investors
	  	53,319

	1	Of this total, 80,983 have been placed into escrow. 

  

	2	Of this total, 15,436 have been placed into escrow. 

  

	3	Of this total, 148,373 have been placed into escrow.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00079-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00079-of-00352.parquet"}]]