Document:

exv4w4

 

Exhibit 4.4

COMMON STOCK PURCHASE WARRANT

THIS WARRANT AND THE SHARES OF COMMON STOCK WHICH MAY BE PURCHASED PURSUANT TO THE EXERCISE OF THIS
WARRANT HAVE BEEN ACQUIRED SOLELY FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE “ACT”), OR ANY STATE SECURITIES LAWS. SUCH SECURITIES MAY NOT BE
SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF SUCH REGISTRATION OR AN OPINION
OF COUNSEL SATISFACTORY TO THE COMPANY AND ITS COUNSEL THAT SUCH SALE, OFFER, PLEDGE OR
HYPOTHECATION IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF THE ACT AND
OF ANY APPLICABLE STATE SECURITIES LAWS UNLESS SOLD PURSUANT TO RULE 144 OF THE ACT.

Void After July 31, 2010

COMSCORE NETWORKS, INC.

WARRANT TO PURCHASE SHARES OF COMMON STOCK

     For value received, Kenneth Leiner (the “Holder”) is entitled to subscribe for and purchase up
to 20,100 shares (as adjusted pursuant to Section 3 hereof) of the Common Stock (the “Common
Stock”), $0.001 par value (the “Shares”), of comScore Networks, inc., a Delaware corporation (the
"Company”), at the price of $2.50 per share (the “Exercise Price”) (as adjusted pursuant to Section
3 hereof), subject to the provisions and upon the terms and conditions hereinafter set forth.

     1. Exercise and Payment.

          1.1 Exercise. The purchase rights represented by this Warrant may be exercised by the
Holder, in whole or in part, by the surrender of a duly executed exercise notice in the form
attached hereto as Exhibit A at the principal office of the Company, and by the payment to the
Company, by check or wire transfer, of an amount equal to the aggregate Exercise Price of the
shares being purchased.

          1.2 Stock Certificate. In the event of the exercise of this Warrant, a certificate
for the shares of Common Stock so purchased shall be delivered to the Holder within a reasonable
time, which shall in no event be later than thirty (30) days thereafter.

     2. Stock Fully Paid; Reservation of Shares. All of the Shares issuable upon the
exercise of this Warrant will, upon issuance and receipt of the Exercise Price therefor, be fully
paid and nonassessable. During the period within which this Warrant may be exercised, the Company
shall at all times have authorized and reserved for issuance sufficient shares of its Common Stock
to provide for the exercise of this Warrant.

     3. Adjustment of Exercise Price and Number of Shares. Subject to Section 9 hereof,
the number and kind of securities purchasable upon the exercise of this Warrant and the Exercise
Price

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therefor shall be subject to adjustment from time to time upon the occurrence of certain events, as
follows:

          3.1 Reclassification, Consolidation or Merger. In case of any reclassification or
change of the Common Stock (other than a change in par value, or as a result of a subdivision or
combination), or in case of any Merger Event (as defined herein), the Company or the successor
corporation, as the case may be, shall execute a new warrant, providing that the Holder shall have
the right to exercise such new warrant, and procure upon such exercise and payment of the same
aggregate Exercise Price, in lieu of the shares of Common Stock theretofore issuable upon exercise
of this Warrant, the kind and amount of shares of stock, other securities, money and property
receivable upon such reclassification, change, or Merger Event by a holder of an equivalent number
of shares of Common Stock. Such new warrant shall provide for adjustments which shall be as nearly
equivalent as may be practicable to the adjustments provided for in this Section 3.

          3.2 Stock Splits, Dividends and Combinations. In the event that the Company shall at
any time subdivide the outstanding shares of Common Stock, or shall issue a stock dividend on its
outstanding shares of Common Stock, the number of Shares issuable upon exercise of this Warrant
immediately prior to such subdivision or to the issuance of such stock dividend shall be
proportionately increased and the Exercise Price shall be proportionately decreased so that the
Holder of the Warrant after such time shall be entitled to receive the number of shares of Common
Stock which such Holder would have owned or been entitled to receive had such Warrant been
exercised immediately prior to such event, and in the event that the Company shall at any time
combine the outstanding shares of Common Stock, the number of Shares issuable upon exercise of this
Warrant immediately prior to such combination shall be proportionately decreased and the Exercise
Price shall be proportionately increased so that the Holder of the Warrant after such time shall be
entitled to receive the number of shares of Common Stock which such Holder would have owned or been
entitled to receive had such Warrant been exercised prior to such event, in either case effective
at the close of business on the date of such subdivision, stock dividend or combination, as the
case may be.

     4. Notice of Adjustments. In the event that: (i) the Company shall declare any
dividend or distribution upon its Common Stock, whether in cash, property, stock or other
securities; (ii) the Company shall offer for subscription pro rata to the holders of its Common
Stock any additional shares of stock of any class or other rights; (iii) there shall be any merger
or consolidation of the Company with or into a third party pursuant to which the Company’s
stockholders prior to the transaction own less than fifty percent (50%) of the surviving entity or
the sale of all or substantially all of the assets of the Company (a “Merger Event”); or (iv) there
shall be any voluntary or involuntary dissolution, liquidation or winding up of the Company; then,
in connection with each such event, the Company shall send to the Holder:

          (a) At least ten (10) days prior written notice of the date on which the books of the Company
shall close or a record shall be taken for such dividend, distribution, subscription rights
(specifying the date on which the holders of Common Stock shall be entitled thereto) or for
determining rights to vote in respect of such Merger Event, dissolution, liquidation or winding up;
and

          (b) In the case of any such Merger Event, dissolution, liquidation or winding up, at least ten
(10) days prior written notice of the date when the same shall take place (and specifying the date

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on which the holders of Common Stock shall be entitled to exchange their Common Stock for
securities or other property deliverable upon such Merger Event, dissolution, liquidation or
winding up).

     Each such written notice shall set forth, in reasonable detail, (i) the event requiring the
adjustment, (ii) the amount of the adjustment, (iii) the method by which such adjustment was
calculated, (iv) the Exercise Price, and (v) the number of shares subject to purchase hereunder
after giving effect to such adjustment, and shall be given by first class mail, postage prepaid,
addressed to the Holder, at the address as shown on the books of the Company,

     5. Fractional Shares. No fractional shares of Common Stock will be issued in
connection with any exercise hereunder. In lieu of such fractional shares the Company shall make a
cash payment therefor based upon the Exercise Price then in effect.

     6. Representations and Warranties of the Holder. The Holder hereby represents and
warrants to the Company, with respect to its acquisition of the Warrant, as follows:

          6.1 Experience. The Holder has sufficient knowledge and experience in financial and
business matters so that he is capable of evaluating the merits and risks of his investment in the
Company and has the capacity to protect his own interests.

          6.2 Investment. The Holder is acquiring the Warrant and the Shares for investment for
its own account, not as a nominee or agent, and not with the view to, or for resale in connection
with, any distribution thereof. The Holder understands that the Warrant and the Shares have not
been, and will not be, registered under the Act by reason of a specific exemption from the
registration provisions of the Act, the availability of which depends upon, among other things, the
bona fide nature of the investment intent and the accuracy of such Holder’s representations as
expressed herein.

          6.3 Rule 144. The Holder acknowledges that the Warrant and the Shares must be held
indefinitely unless subsequently registered under the Act or unless an exemption from such
registration is available. The Holder is aware of the provisions of Rule 144 promulgated under the
Act which permit limited resale of shares purchased in a private placement subject to the
satisfaction of certain conditions, including, among other things, the existence of a public market
for the shares, the availability of certain current public information about the Company, the
resale occurring not less than one (1) year after a party has purchased and paid for the security
to be sold, the sale being effected through a “broker’s transaction” or in transactions directly
with a “market maker” and the number of shares being sold during any three-month period not
exceeding specified limitations.

          6.4 No Public Market. The Holder understands that no public market now exists for any
of the securities issued by the Company and that the Company has made no assurances that a public
market will ever exist for the Company’s securities.

          6.5 No Solicitation. The Holder knows of no public solicitation or advertisement of
an offer in connection with the proposed issuance and sale of the Warrant or the Shares.

          6.6 Residence. The residence of the Holder for securities law purposes is set forth
herein on page 6.

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     7. Restrictions on Transfer.

          7.1 Restrictive Legend. Each certificate representing (i) the Shares and (ii) any
other securities issued in respect of the Shares upon any stock split, stock dividend,
recapitalization, merger, consolidation or similar event, (collectively, the “Restricted
Securities”) shall (unless otherwise permitted by the provisions of Section 7.2 below) be stamped
or otherwise imprinted with a legend in substantially the following form (in addition to any legend
required under applicable state securities laws);

THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR
INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933. THESE SHARES MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF
SUCH REGISTRATION OR AN EXEMPTION THEREFROM UNDER SAID ACT.

          7.2 Notice of Proposed Transfers. The holder of each certificate representing
Restricted Securities by acceptance thereof agrees to comply in all respects with the provisions of
this Section 7. Prior to any proposed transfer of any Restricted Securities, unless there is in
effect a registration statement under the Act covering the proposed transfer, the holder thereof
shall give written notice to the Company of such Holder’s intention to effect such transfer. Each
such notice shall describe the manner and circumstances of the proposed transfer in sufficient
detail, and shall, if the Company so requests, be accompanied by either (i) an unqualified written
opinion of legal counsel who shall be reasonably satisfactory to the Company, addressed to the
Company and reasonably satisfactory in form and substance to the Company’s counsel, to the effect
that the proposed transfer of the Restricted Securities may be effected without registration under
the Act, or (ii) a “No Action” letter from the Securities and Exchange Commission (the
“Commission”) to the effect that the transfer of such securities without registration will not
result in a recommendation by the staff of the Commission that action be taken with respect
thereto, whereupon the holder of such Restricted Securities shall be entitled to transfer such
Restricted Securities in accordance with the terms of the notice delivered by the holder to the
Company; provided, however, that no opinion or No Action letter need be obtained with respect to a
transfer to (A) the immediate family of Holder upon the Holder’s death, by will or intestacy, or to
a trust for the benefit of the Holder’s immediate family, (B) a partner, active or retired, of a
holder of Restricted Securities, (C) the estate of any such partner, or (D) an “affiliate” of a
holder of Restricted Securities as that term is defined in Rule 405 promulgated by the Commission
under the Act, provided that in such cases the transferee agrees in writing to be subject to the
terms hereof. Each certificate evidencing the Restricted Securities transferred as above provided
shall bear the appropriate restrictive legend set forth in Section 7.1 above, except that such
certificate shall not bear such restrictive legend if in the opinion of counsel for the Company
such legend is not required in order to establish compliance with any provisions of the Act.

     8. Rights of Stockholders. No holder of this Warrant shall be entitled, as a Warrant
holder, to vote or receive dividends or be deemed the holder of Common Stock or any other
securities of the Company which may at any time be issuable on the exercise hereof for any purpose,
nor shall anything contained herein be construed to confer upon the Holder, as such, any of the
rights of a stockholder of the Company or any right to vote for the election of directors or upon
any matter submitted to

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stockholders at any meeting thereof, or to give or withhold consent to any corporate action
(whether upon any recapitalization, issuance of stock, reclassification of stock, change of par
value, consolidation, merger, conveyance, or otherwise) or to receive notice of meetings, or to
receive dividends or subscription rights or otherwise until the Warrant shall have been exercised
and the Shares purchasable upon the exercise hereof shall have become deliverable, as provided
herein.

     9. Expiration of Warrant. Notwithstanding any other provision of this Warrant, this
Warrant shall expire and shall no longer be exercisable at 5:00 p.m., California time, on July 31,
2010.

     10. Miscellaneous.

          10.1 Governing Law. This Agreement shall be governed in all respects by the laws of
the State of Delaware.

          10.2 Successors and Assigns. Except as otherwise provided herein, the provisions
hereof shall inure to the benefit of, and be binding upon, the successors, assigns, heirs,
executors, and administrators of the Company and the Holder.

          10.3 Entire Agreement; Amendment. This Warrant constitutes the full and entire
understanding and agreement between the parties with regard to the subjects hereof. Neither this
Warrant nor any term hereof may be amended, waived, discharged, or terminated other than by a
written instrument signed by the party against whom enforcement of any such amendment, waiver,
discharge or termination is sought.

          10.4 Notices, etc.. All notices and other communications required or permitted
hereunder shall be in writing and shall be deemed effectively given upon delivery to the party to
be notified in person or by courier service or by registered or certified mail, postage prepaid,
addressed (a) to the Holder, at the address set forth on the last page of this Warrant or at such
other address as such Holder shall have furnished the Company in writing, or (b) if to the Company,
at the address set forth on the last page of this Warrant and addressed to the attention of the
Chief Executive Officer, or at such other address as the Company shall have furnished to the
Holder.

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Issued this 31st day of July, 2000

	 	 	 	 	 	 	 	 	 
	 	 	COMSCORE NETWORKS, INC.	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Magid Abraham	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Title:	 	C.E.O.	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Kenneth Leiner	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Address:	 	17724 Lisa Drive	 	 
	 

	 	 	 	 	 	Derwood, MD 20855	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 	 	 

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     1. The undersigned hereby elects to purchase ___shares of Common Stock (the “Common
Stock”) of COMSCORE NETWORKS, INC. pursuant to the terms of the attached Warrant.

     2. The undersigned elects to exercise the attached Warrant and tenders herewith payment in
full for the purchase price of the shares being purchased, together with all applicable transfer
taxes, if any.

     3. Please issue a certificate or certificates representing said shares of Common Stock in the
name of the undersigned or in such other name as is specified below:

(Name)

(Address)

     4. The undersigned hereby represents and warrants that the aforesaid shares of Common Stock
are being acquired for the account of the undersigned for investment and not with a view to, or for
resale, in connection with the distribution thereof, and that the undersigned has no present
intention of distributing or reselling such shares. In support thereof, the undersigned has
executed and delivered herewith an Investment Representation Statement in substantially the form
attached to the Warrant as Exhibit B.

(Signature)

Title:

(Date)

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          The Securities may be resold in certain limited circumstances subject to the provisions
of Rule 144, which requires among other things: (1) the availability of certain public information
about the Company, (2) the resale occurring not less than one year after the party has purchased,
and made full payment for, within the meaning of Rule 144, the securities to be sold; and, in the
case of an affiliate, or of a nonaffiliate who has held the securities less than two years, (2) the
sale being made through a broker in an unsolicited
“broker’s transaction” or in transactions
directly with a market maker (as said term is defined under the Securities Exchange Act of 1934)
and the amount of securities being sold during any three month period not exceeding the specified
limitations stated therein, if applicable.

     (e) Purchaser agrees, in connection with the Company’s initial underwritten public offering of
the Company’s securities, (1) not to sell, make short sale of, loan, grant any options for the
purchase of, or otherwise dispose of any shares of Common Stock of the Company held by me (other
than those shares included in the registration) without the prior written consent of the Company
and the underwriters managing such initial underwritten public offering of the Company’s securities
for one hundred eighty (180) days from the effective date of such registration, and (2) Purchaser
further agrees to execute any agreement reflecting the above as may be requested by the underwriters
at the time of the public offering.

     (f) Purchaser further understands that in the event all of the applicable requirements of Rule
144 are not satisfied, registration under the Securities Act, compliance with Regulation A, or some
other registration exemption will be required; and that, notwithstanding the fact that Rule 144 and
Regulation A are not exclusive, the Staff of the SEC has expressed its opinion that persons
proposing to sell private placement securities other than in a registered offering and otherwise
than pursuant to Rule 144 will have a substantial burden of proof in establishing that an exemption
from registration is available for such offers or sales, and that such persons and their respective
brokers who participate in such transactions do so at their own risk.

Date:                    ,                     

	 	 	 
	 

	 	 
	 

	 	(Signature of Purchaser)exv4w5

 

Exhibit 4.5

THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 AS AMENDED, OR ANY
STATE SECURITIES LAWS. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, OR HYPOTHECATED IN THE
ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL (WHICH MAY
BE COMPANY COUNSEL) REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY APPLICABLE STATE SECURITIES LAWS.

WARRANT AGREEMENT

To Purchase Shares of the Series B Preferred Stock of

COMSCORE NETWORKS, INC.

Dated as of September 29, 2000 (the “Effective Date”)

     WHEREAS, ComScore Networks, Inc. a Delaware corporation (the “Company”) has entered into a
Master Lease Agreement dated as of June 9, 2000, Equipment Schedule No. VL-3 and VL-4 dated as of
September 29, 2000, and related Summary Equipment Schedules (collectively, the “Leases”) with
Comdisco, Inc., a Delaware corporation (the “Warrantholder”); and

     WHEREAS, the Company desires to grant to Warrantholder, in consideration for such Leases, the
right to purchase shares of its Series B Preferred Stock;

     NOW, THEREFORE, in consideration of the Warrantholder executing and delivering such Leases and
in consideration of mutual covenants and agreements contained herein, the Company and Warrantholder
agree as follows:

1. GRANT OF THE RIGHT TO PURCHASE PREFERRED STOCK.

     The Company hereby grants to the Warrantholder, and the Warrantholder is entitled, upon the
terms and subject to the conditions hereinafter set forth, to subscribe for and purchase from the
Company, 9,694 fully paid and non-assessable shares of the Company’s Series B Preferred Stock
(“Preferred Stock”) at a purchase price of $4.90 per share (the “Exercise Price”). The number and
purchase price of such shares are subject to adjustment as provided in Section 8 hereof.

2. TERM OF THE WARRANT AGREEMENT.

     Except as otherwise provided for herein, the term of this Warrant Agreement and the right to
purchase Preferred Stock as granted herein shall commence on the Effective Date and shall be
exercisable for a period of (i) ten (10) years or (ii) five (5) years from the effective date of
the Company’s public offering, whichever is earlier.

3. EXERCISE OF THE PURCHASE RIGHTS.

     (a) Exercise. The purchase rights set forth in this Warrant Agreement are exercisable
by the Warrantholder, in whole or in part, at any time, or from time to time, prior to the
expiration of the term set forth in Section 2 above, by tendering to the Company at its principal
office a notice of exercise in the form attached hereto as Exhibit I (the “Notice of Exercise”),
duly completed and executed. Promptly upon receipt of the Notice of Exercise and the payment of
the purchase price in accordance with the terms set forth below, and in no event later than
twenty-one (21) days thereafter, the Company shall issue to the Warrantholder a certificate for the
number of shares of Preferred Stock purchased and shall execute the acknowledgment of exercise in
the form attached hereto as Exhibit II (the “Acknowledgment of Exercise”) indicating the number of
shares which remain subject to future purchases, if any.

     The Exercise Price may be paid at the Warrantholder’s election either (i) by cash or check, or
(ii) by surrender of Warrants (“Net Issuance”) as determined below. If the Warrantholder elects
the Net Issuance method, the Company will issue Preferred Stock in accordance with the following
formula:

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	 	X
	 	=
	 	Y (A-B)
 

    A
	 	 

	 	 	 	 	 
	Where:

	 	X =
	 	the number of shares of Preferred Stock to be issued to the Warrantholder.
	 	 	 	 	 
	 

	 	Y =
	 	the number of shares of Preferred Stock requested to be
exercised under this Warrant Agreement.
	 	 	 	 	 
	 

	 	A =
	 	the fair market value of one (1) share of Preferred Stock.

	 	 	 	 	 
	 

	 	B =
	 	the Exercise Price.

     For purposes of the above calculation, current fair market value of Preferred Stock shall mean
with respect to each share of Preferred Stock:

     (i) if the exercise is in connection with an initial public offering of the Company’s
Common Stock, and if the Company’s Registration Statement relating to such public offering
has been declared effective by the SEC, then the fair market value per share shall be the
product of (x) the initial “Price to Public” specified in the final prospectus with respect
to the offering and (y) the number of shares of Common Stock into which each share of
Preferred Stock is convertible at the time of such exercise;

     (ii) if this Warrant is exercised after, and not in connection with the Company’s
initial public offering, and:

     (a) if traded on a securities exchange, the fair market value shall be deemed to
be the product of (x) the average of the closing prices over a five (5) day period
ending three days before the day the current fair market value of the securities is
being determined and (y) the number of shares of Common Stock into which each share
of Preferred Stock is convertible at the time of such exercise; or

     (b) if actively traded over-the-counter, the fair market value shall be deemed
to be the product of (x) the average of the closing bid and asked prices quoted on
the NASDAQ system (or similar system) over the five (5) day period ending three days
before the day the current fair market value of the securities is being determined
and (y) the number of shares of Common Stock into which each share of Preferred Stock
is convertible at the time of such exercise;

     (iii) if at any time the Common Stock is not listed on any securities exchange or
quoted in the NASDAQ System or the over-the-counter market, the current fair market value of
Preferred Stock shall be the product of (x) the highest price per share which the Company
could obtain from a willing buyer (not a current employee or director) for shares of Common
Stock sold by the Company, from authorized but unissued shares, as determined in good faith
by its Board of Directors and (y) the number of shares of Common Stock into which each share
of Preferred Stock is convertible at the time of such exercise, unless the Company shall
become subject to a merger, acquisition or other consolidation pursuant to which the Company
is not the surviving party, in which case the fair market value of Preferred Stock shall be
deemed to be the value received by the holders of the Company’s Preferred Stock on a common
equivalent basis pursuant to such merger or acquisition.

     Upon partial exercise by either cash or Net Issuance, the Company shall promptly issue an
amended Warrant Agreement representing the remaining number of shares purchasable hereunder. All
other terms and conditions of such amended Warrant Agreement shall be identical to those contained
herein, including but not limited to the Effective Date hereof.

     (b) Exercise Prior to Expiration. To the extent this Warrant is not previously
exercised as to all Preferred Stock subject hereto, and if the fair market value of one share of
the Preferred is greater than the Exercise Price then in effect, this Warrant shall be deemed
automatically exercised pursuant to Section 3(a) above (even if not surrendered) immediately before
its expiration. For purposes of such automatic exercise, the fair market value of one share of the
Preferred Stock upon such expiration shall be determined pursuant to Section 3(a) above. To the
extent this Warrant or any portion thereof is deemed automatically exercised pursuant to this
Section 3(b), the Company agrees to promptly notify the Warrantholder of the number of Preferred
Stock, if any, the Warrantholder is to receive by reason of such automatic exercise.

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4. RESERVATION OF SHARES.

     During the term of this Warrant Agreement, the Company will at all times have authorized and
reserved a sufficient number of shares of its Preferred Stock to provide for the exercise of the
rights to purchase Preferred Stock as provided for herein.

5. NO FRACTIONAL SHARES OR SCRIP.

     No fractional shares or scrip representing fractional shares shall be issued upon the exercise
of the Warrant, but in lieu of such fractional shares the Company shall make a cash payment
therefor upon the basis of the Exercise Price then in effect.

6. NO RIGHTS AS SHAREHOLDER.

     This Warrant Agreement does not entitle the Warrantholder to any voting rights or other rights
as a shareholder of the Company prior to the exercise of the Warrant.

7. WARRANTHOLDER REGISTRY.

     The Company shall maintain a registry showing the name and address of the registered holder of
this Warrant Agreement.

8. ADJUSTMENT RIGHTS.

     The purchase price per share and the number of shares of Preferred Stock purchasable hereunder
are subject to adjustment, as follows:

     (a) Merger and Sale of Assets. If at any time there shall be a capital reorganization
of the shares of the Company’s stock (other than a combination, reclassification, exchange or
subdivision of shares otherwise provided for herein), or a merger or consolidation of the Company
with or into another corporation whether or not the Company is the surviving corporation, or the
sale of all or substantially all of the Company’s properties and assets to any other person
(hereinafter referred to as a “Merger Event”), than, as a part of such Merger Event, lawful
provision shall be made so that the Warrantholder shall thereafter be entitled to receive, upon
exercise of the Warrant, the number of shares of preferred stock or other securities of the
successor corporation resulting from such Merger Event, equivalent in value to that which would
have been issuable if Warrantholder had exercised this Warrant immediately prior to the Merger
Event. In any such case, appropriate adjustment (as determined in good faith by the Company’s
Board of Directors) shall be made in the application of the provisions of this Warrant Agreement
with respect to the rights and interest of the Warrantholder after the Merger Event to the end that
the provisions of this Warrant Agreement (including adjustments of the Exercise Price and number of
shares of Preferred Stock purchasable) shall be applicable to the greatest extent possible.

     (b) Reclassification of Shares. If the Company at any time shall, by combination,
reclassification, exchange or subdivision of securities or otherwise, change any of the securities
as to which purchase rights under this Warrant Agreement exist into the same or a different number
of securities or any other class or classes, this Warrant Agreement shall thereafter represent the
right to acquire such number and kind of securities as would have been issuable as the result of
such change with respect to the securities which were subject to the purchase rights under this
Warrant Agreement immediately prior to such combination, reclassification, exchange, subdivision or
other change.

     (c) Subdivision or Combination of Shares. If the Company at any time shall combine or
subdivide its Preferred Stock, the Exercise Price shall be proportionately decreased in the case of
a subdivision, or proportionately increased in the case of a combination.

     (d) Stock Dividends. If the Company at any time shall pay a dividend payable in, or
make any other distribution (except any distribution specifically provided for in the foregoing
subsections (a) or (b)) of the Company’s stock, then the Exercise Price shall be adjusted, from and
after the record date of such dividend or distribution, to that price determined by multiplying the
Exercise Price in effect immediately prior to such record date by a fraction (i) the numerator of
which shall be the total number of all shares of the Company’s stock outstanding immediately prior
to such dividend or distribution, and (ii) the denominator of which shall be the total number of
all shares of the Company’s stock outstanding immediately after such dividend or distribution. The

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Warrantholder shall thereafter be entitled to purchase, at the Exercise Price resulting from such
adjustment, the number of shares of Preferred Stock (calculated to the nearest whole share)
obtained by multiplying the Exercise Price in effect immediately prior to such adjustment by the
number of shares of Preferred Stock issuable upon the exercise hereof immediately prior to such
adjustment and dividing the product thereof by the Exercise Price resulting from such adjustment.

     (e) Right to Purchase Additional Stock. If, the Warrantholder’s total cost of
equipment leased pursuant to the Leases exceeds $1,000,000, Warrantholder shall have the right to
purchase from the Company, at the Exercise Price (adjusted as set forth herein), an additional
number of shares, which number shall be determined by (i) multiplying the amount by which the
Warrantholder’s total equipment cost exceeds $1,000,000 by 4.75%, and (ii) dividing the product
thereof by the Exercise Price per share referenced above.

     (f) Antidilution Rights. Additional antidilution rights applicable to the Preferred
Stock purchasable hereunder are as set forth in the Company’s Certificate of Incorporation, as
amended through the Effective Date, a true and complete copy of which is attached hereto as Exhibit
IV (the “Charter”). The Company shall promptly provide the Warrantholder with any restatement,
amendment, modification or waiver of the Charter. The Company shall provide Warrantholder with
prior written notice of any issuance of its stock or other equity security to occur after the
Effective Date of this Warrant, which notice shall include (a) the price at which such stock or
security is to be sold, (b) the number of shares to be issued, and (c) such other information as
necessary for Warrantholder to determine if a dilutive event has occurred.

     (g) Notice of Adjustments. If: (i) the Company shall declare any dividend or
distribution upon its stock, whether in cash, property, stock or other securities; (ii) the Company
shall offer for subscription prorata to the holders of any class of its Preferred or other
convertible stock any additional shares of stock of any class or other rights, (iii) there shall be
any Merger Event; (iv) there shall be an initial public offering; or (v) there shall be any
voluntary dissolution, liquidation or winding up of the Company; then, in connection with each such
event, the Company shall send to the Warrantholder: (A) at least twenty (20) days’ prior written
notice of the date on which the books of the Company shall close or a record shall be taken for
such dividend, distribution, subscription rights (specifying the date on which the holders of
Preferred Stock shall be entitled thereto) or for determining rights to vote in respect of such
Merger Event, dissolution, liquidation or winding up; (B) in the case of any such Merger Event,
dissolution, liquidation or winding up, at least twenty (20) days’ prior written notice of the date
when the same shall take place (and specifying the date on which the holders of Preferred Stock
shall be entitled to exchange their Preferred Stock for securities or other property deliverable
upon such Merger Event, dissolution, liquidation or winding up); and (C) in the case of a public
offering, the Company shall give the Warrantholder at least twenty (20) days written notice prior
to the effective date thereof.

     Each such written notice shall set forth, in reasonable detail, (i) the event requiring the
adjustment, (ii) the amount of the adjustment, (iii) the method by which such adjustment was
calculated, (iv) the Exercise Price, and (v) the number of shares subject to purchase hereunder
after giving effect to such adjustment, and shall be given by first class mail, postage prepaid,
addressed to the Warrantholder, at the address as shown on the books of the Company.

     (h) Timely Notice. Failure to timely provide such notice required by subsection (g)
above shall entitle Warrantholder to retain the benefit of the applicable notice period
notwithstanding anything to the contrary contained in any insufficient notice received by
Warrantholder. The notice period shall begin on the date Warrantholder actually receives a written
notice containing all the information specified above.

9. REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE COMPANY.

     (a) Reservation of Preferred Stock. The Preferred Stock issuable upon exercise of the
Warrantholder’s rights has been duly and validly reserved and, when issued in accordance with the
provisions of this Warrant Agreement, will be validly issued, fully paid and non-assessable, and
will be free of any taxes, liens, charges or encumbrances of any nature whatsoever; provided,
however, that the Preferred Stock issuable pursuant to this Warrant Agreement may be subject to
restrictions on transfer under state and/or Federal securities laws. The Company has made
available to the Warrantholder true, correct and complete copies of its Charter and Bylaws, as
amended. The issuance of certificates for shares of Preferred Stock upon exercise of the Warrant
Agreement shall be made without charge to the Warrantholder for any issuance tax in respect
thereof, or other cost incurred by the Company in connection with such exercise and the related
issuance of shares of Preferred Stock. The Company shall not be required to pay any tax which may
be payable in respect of any transfer involved and the issuance and delivery of any certificate in
a name other than that of the Warrantholder.

- 4 -

 

     (b) Due Authority. The execution and delivery by the Company of this Warrant
Agreement and the performance of all obligations of the Company hereunder, including the issuance
to Warrantholder of the right to acquire the shares of Preferred Stock, have been duly authorized
by all necessary corporate action on the part of the Company, and the Leases and this Warrant
Agreement are not inconsistent with the Company’s Charter or Bylaws, do not contravene any law or
governmental rule, regulation or order applicable to it, do not and will not contravene any
provision of, or constitute a default under, any indenture, mortgage, contract or other instrument
to which it is a party or by which it is bound, and the Leases and this Warrant Agreement
constitute legal, valid and binding agreements of the Company, enforceable in accordance with their
respective terms.

     (c) Consents and Approvals. No consent or approval of, giving of notice to,
registration with, or taking of any other action in respect of any state, Federal or other
governmental authority or agency is required with respect to the execution, delivery and
performance by the Company of its obligations under this Warrant Agreement, except for the filing
of notices pursuant to Regulation D under the 1933 Act and any filing required by applicable state
securities law, which filings will be effective by the time required thereby.

     (d) Issued Securities. All issued and outstanding shares of Common Stock, Preferred
Stock or any other securities of the Company have been duly authorized and validly issued and are
fully paid and non-assessable. All outstanding shares of Common Stock, Preferred Stock and any
other securities were issued in full compliance with all Federal and state securities laws. In
addition, as of the date hereof:

     (i) The authorized capital of the Company consists of (A) 100,000,000 shares of Common
Stock, of which 12,179,896 shares are issued and outstanding, (B) 9,187,500 shares of Series
A Preferred Stock, of which 9,187,500 shares are issued and outstanding and are convertible
into 9,187,500 shares of Common Stock at $1.00 per share, and (C) 6,326,531 shares of Series
B Preferred Stock, of which 6,254,806 shares are issued and outstanding and are convertible
into 6,254,806 shares of Common Stock at $4.90 per share,

     (ii) The Company has reserved 4,210,937 shares of Common Stock for issuance under its
1999 Stock Plan, under which 3,804,717 options are outstanding at an average price of $0.50
per share. There are no other options, warrants, conversion privileges or other rights
presently outstanding to purchase or otherwise acquire any authorized but unissued shares of
the Company’s capital stock or other securities of the Company.

     (iii) In accordance with the Company’s Certificate of Incorporation, no shareholder of
the Company has preemptive rights to purchase new issuances of the Company’s capital stock.

     (e) Insurance. The Company has in full force and effect insurance policies, with
extended coverage, insuring the Company and its property and business against such losses and
risks, and in such amounts, as are customary for corporations engaged in a similar business and
similarly situated and as otherwise may be required pursuant to the terms of any other contract or
agreement.

     (f) Other Commitments to Register Securities. Except as set forth in this Warrant
Agreement, the Company is not, pursuant to the terms of any other agreement currently in existence,
under any obligation to register under the 1933 Act any of its presently outstanding securities or
any of its securities which may hereafter be issued.

     (g) Exempt Transaction. Subject to the accuracy of the Warrantholder’s
representations in Section 10 hereof, the issuance of the Preferred Stock upon exercise of this
Warrant will constitute a transaction exempt from (i) the registration requirements of Section 5 of
the 1933 Act, in reliance upon Section 4(2) thereof, and (ii) the qualification requirements of the
applicable state securities laws.

     (h) Compliance with Rule 144. At the written request of the Warrantholder, who
proposes to sell Preferred Stock issuable upon the exercise of the Warrant in compliance with Rule
144 promulgated by the Securities and Exchange Commission, the Company shall furnish to the
Warrantholder, within ten days after receipt of such request, a written statement confirming the
Company’s compliance with the filing requirements of the Securities and Exchange Commission as set
forth in such Rule, as such Rule may be amended from time to time.

10. REPRESENTATIONS AND COVENANTS OF THE WARRANTHOLDER.

     This Warrant Agreement has been entered into by the Company in reliance upon the following
representations and covenants of the Warrantholder:

- 5 -

 

     (a) Investment Purposes. The right to acquire Preferred Stock or the Preferred Stock
issuable upon exercise of the Warrantholder’s rights contained herein will be acquired for
investment and not with a view to the sale or distribution of any part thereof, and the
Warrantholder has no present intention of selling or engaging in any public distribution of the
same except pursuant to a registration or exemption.

     (b) Private Issue. The Warrantholder understands (i) that the Preferred Stock
issuable upon exercise of this Warrant is not registered under the 1933 Act or qualified under
applicable state securities laws on the ground that the issuance contemplated by this Warrant
Agreement will be exempt from the registration and qualifications requirements thereof, and (iii)
that the Company’s reliance on such exemption is predicated on the representations set forth in
this Section 10.

     (c) Disposition of Warrantholder’s Rights. In no event will the Warrantholder make a
disposition of any of its rights to acquire Preferred Stock or Preferred Stock issuable upon
exercise of such rights unless and until (i) it shall have notified the Company of the proposed
disposition, and (ii) if requested by the Company, it shall have furnished the Company with an
opinion of counsel (which counsel may either be inside or outside counsel to the Warrantholder)
satisfactory to the Company and its counsel to the effect that (A) appropriate action necessary for
compliance with the 1933 Act has been taken, or (B) an exemption from the registration requirements
of the 1933 Act is available. Notwithstanding the foregoing, the restrictions imposed upon the
transferability of any of its rights to acquire Preferred Stock or Preferred Stock issuable on the
exercise of such rights do not apply to transfers from the beneficial owner of any of the
aforementioned securities to its nominee or from such nominee to its beneficial owner, and shall
terminate as to any particular share of Preferred Stock when (1) such security shall have been
effectively registered under the 1933 Act and sold by the holder thereof in accordance with such
registration or (2) such security shall have been sold without registration in compliance with Rule
144 under the 1933 Act, or (3) a letter shall have been issued to the Warrantholder at its request
by the staff of the Securities and Exchange Commission or a ruling shall have been issued to the
Warrantholder at its request by such Commission stating that no action shall be recommended by such
staff or taken by such Commission, as the case may be, if such security is transferred without
registration under the 1933 Act in accordance with the conditions set forth in such letter or
ruling and such letter or ruling specifies that no subsequent restrictions on transfer are
required. Whenever the restrictions imposed hereunder shall terminate, as hereinabove provided,
the Warrantholder or holder of a share of Preferred Stock then outstanding as to which such
restrictions have terminated shall be entitled to receive from the Company, without expense to such
holder, one or more new certificates for the Warrant or for such shares of Preferred Stock not
bearing any restrictive legend.

     (d) Financial Risk. The Warrantholder has such knowledge and experience in financial
and business matters as to be capable of evaluating the merits and risks of its investment, and has
the ability to bear the economic risks of its investment

     (e) Risk of No Registration. The Warrantholder understands that if the Company does
not register with the Securities and Exchange Commission pursuant to Section 12 of the 1934 Act
(the “1934 Act”), or file reports pursuant to Section 15(d), of the 1934 Act, or if a registration
statement covering the securities under the 1933 Act is not in effect when it desires to sell (i)
the rights to purchase Preferred Stock pursuant to this Warrant Agreement, or (ii) the Preferred
Stock issuable upon exercise of the right to purchase, it may be required to hold such securities
for an indefinite period. The Warrantholder also understands that any sale of its rights of the
Warrantholder to purchase Preferred Stock or Preferred Stock which might be made by it in reliance
upon Rule 144 under the 1933 Act may be made only in accordance with the terms and conditions of
that Rule.

     (f) Accredited Investor. Warrantholder is an “accredited investor” within the meaning
of the Securities and Exchange Rule 501 of Regulation D, as presently in effect.

11. RIGHT OF FIRST OFFER.

     In accordance with the provisions of Section 2 of the Investor Rights Agreement dated as of
July 5, 2000 (“Investor Rights Agreement”), if the Company proposes to offer any shares of, or
securities convertible into or exercisable for any shares of, any class of its capital stock
(“Shares”), subject to the exceptions set forth thereof, the Company shall promptly provide
Warrantholder with an offer to sell Warrantholder a portion of such Shares equal to the proportion
that the number of shares of Preferred Stock to be issued upon exercise hereunder or number of
shares of common stock upon conversion thereof, bears to the total number of shares of common stock
of the Company then outstanding (assuming full conversion of all shares of Preferred Stock).

- 6 -

 

12. TRANSFERS.

     Subject to the terms and conditions contained in Section 10 hereof, this Warrant Agreement and
all rights hereunder are transferable in whole or in part by the Warrantholder and any successor
transferee, provided, however, in no event shall the number of transfers of the rights and
interests in all of the Warrants exceed three (3) transfers. The transfer shall be recorded on the
books of the Company upon receipt by the Company of a notice of transfer in the form attached
hereto as Exhibit III (the “Transfer Notice”), at its principal offices and the payment to the
Company of all transfer taxes and other governmental charges imposed on such transfer.

13. MISCELLANEOUS.

     (a) Effective Date. The provisions of this Warrant Agreement shall be construed and
shall be given effect in all respects as if it had been executed and delivered by the Company on
the date hereof. This Warrant Agreement shall be binding upon any successors or assigns of the
Company.

     (b) Attorney’s Fees. In any litigation, arbitration or court proceeding between the
Company and the Warrantholder relating hereto, the prevailing party shall be entitled to attorneys’
fees and expenses and all costs of proceedings incurred in enforcing this Warrant Agreement.

     (c) Governing Law. This Warrant Agreement shall be governed by and construed for all
purposes under and in accordance with the laws of the State of Illinois.

     (d) Counterparts. This Warrant Agreement may be executed in two or more counterparts,
each of which shall be deemed an original, but all of which together shall constitute one and the
same instrument.

     (e) Notices. Any notice required or permitted hereunder shall be given in writing and
shall be deemed effectively given upon personal delivery, facsimile transmission (provided that the
original is sent by personal delivery or mail as hereinafter set forth) or seven (7) days after
deposit in the United States mail, by registered or certified mail, addressed (i) to the
Warrantholder at 6111 North River Road, Rosemont, Illinois 60018, Attention: Venture Lease
Administration, cc: Legal Department, Attention: General Counsel, (and/or, if by Facsimile,
(847) 518-5465 and (847)518-5088) and (ii) to the Company at 1761 Business Center Drive, Suite 250,
Reston, CA 20190, Attention: David Jones (and/or if by Facsimile, (703) 438-2033) or at
such other address as any such party may subsequently designate by written notice to the other
party.

     (f) Remedies. In the event of any default hereunder, the non-defaulting party may
proceed to protect and enforce its rights either by suit in equity and/or by action at law,
including but not limited to an action for damages as a result of any such default, and/or an
action for specific performance for any default where Warrantholder will not have an adequate
remedy at law and where damages will not be readily ascertainable. The Company expressly agrees
that it shall not oppose an application by the Warrantholder or any other person entitled to the
benefit of this Agreement requiring specific performance of any or all provisions hereof or
enjoining the Company from continuing to commit any such breach of this Agreement

     (g) No Impairment of Rights. The Company will not, by amendment of its Charter or
through any other means, avoid or seek to avoid the observance or performance of any of the terms
of this Warrant, but will at all times in good faith assist in the carrying out of all such terms
and in the taking of all such actions as may be necessary or appropriate in order to protect the
rights of the Warrantholder against impairment.

     (h) Survival. The representations, warranties, covenants and conditions of the
respective parties contained herein or made pursuant to this Warrant Agreement shall survive the
execution and delivery of this Warrant Agreement.

     (i) Severability. In the event any one or more of the provisions of this Warrant
Agreement shall for any reason be held invalid, illegal or unenforceable, the remaining provisions
of this Warrant Agreement shall be unimpaired, and the invalid, illegal or unenforceable provision
shall be replaced by a mutually acceptable valid, legal and enforceable provision, which comes
closest to the intention of the parties underlying the invalid, illegal or unenforceable provision.

     (j) Amendments. Any provision of this Warrant Agreement may be amended by a written
instrument signed by the Company and by the Warrantholder.

- 7 -

 

     IN WITNESS WHEREOF, the parties hereto have caused this Warrant Agreement to be executed by
its officers thereunto duty authorized as of the Effective Date.

	 	 	 	 	 	 	 
	COMPANY:	 	COMSCORE NETWORKS, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Title:
	 	/s/ Magid Abraham
 

/s/ CEO
 

	 	  
	 
	 	 	 	 	 	 
	WARRANTHOLDER:	 	COMDISCO, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	
Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 

- 8 -

 

EXHIBIT I

NOTICE OF EXERCISE

To: COMSCORE NETWORKS, INC.

	(1)	 	The undersigned Warrantholder hereby elects to purchase
_______ shares the Series B Preferred
Stock of ComScore Networks, Inc., pursuant to the terms of the Warrant Agreement dated the
29th day of September, 2000 (the ‘Warrant Agreement”) between ComScore Networks,
Inc. and the Warrantholder, and tenders herewith payment of the
purchase price for such shares in full, together with all applicable transfer taxes, if any.
	 
	(2)	 	In exercising Us rights to purchase the Series B Preferred Stock of ComScore Networks, Inc.,
the undersigned hereby confirms and acknowledges the investment representations and warranties
made in Section 10 of the Warrant Agreement.
	 
	(3)	 	Please issue a certificate or certificates representing said shares of Series B Preferred
Stock in the name of the undersigned or in such other name as is specified below.

	 	 	 	 	 	 	 
	 	 	 	 	 
	 

	 	(Name)	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 

	 	(Address)	 	 	 	 
	 
	 	 	 	 	 	 
	WARRANTHOLDER:
	 	COMDISCO,  INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Date:	 	 	 	 
	 

	 	 	 	 	 	 

-9-

 

EXHIBIT II

ACKNOWLEDGMENT OF EXERCISE

The undersigned ComScore Networks, Inc., hereby acknowledge receipt of the “Notice of Exercise”
from Comdisco, Inc., to

purchase                     
shares of the Series B Preferred Stock of ComScore Networks, Inc., pursuant to the terms
of the Warrant
Agreement, and further acknowledges
that                     
shares remain subject to purchase under the terms of the Warrant.
Agreement

	 	 	 	 	 	 	 
	COMPANY:	 	COMSCORE NETWORKS, INC.	 	 
	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 

	 	 
	 

	 	Date:	 	 	 	 
	 

	 	 	 	 

	 	 

-10-

 

EXHIBIT III

TRANSFER NOTICE

(To transfer or assign the foregoing Warrant Agreement execute this form and supply required
information. Do not use this form to purchase shares.)

FOR VALUE RECEIVED, the foregoing Warrant Agreement and all rights evidenced thereby are hereby
transferred and assigned to

	 	 	 	 	 
	 

	 	 

	 	 
	 

	 	(Please Print)	 	 
	 
	 	 	 	 
	 

	 	whose address is
 

	 	 
	 
	 

	 	 

	 	 

	 	 	 	 	 	 
	 

	 	Dated:  

	 	 
	 

	 	 	 	 	 
	 
	 	 	 	 	 
	 

	 	Holder’s Signature:	 	 	 
	 

	 	 	 

	 	 
	 
	 	 	 	 	 
	 

	 	Holder’s Address:	 	 	 
	 

	 	 	 

	 	 
	 
	 

	 	 

	 	 

	 	 	 	 	 
	Signature Guaranteed:
	 	 	 	 
	 

	 	 

	 	 

			
	NOTE.	 	The signature to this Transfer Notice must correspond with the name as it appears on the
face of the Warrant
Agreement, without alteration or enlargement or any change whatever. Officers of
corporations and those acting
in a fiduciary or other representative capacity should file proper evidence of authority to
assign the foregoing
Warrant Agreement.

-11-

 

EXHIBIT
IV

(INSERT
CHARTER)

-12-

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