Stock Purchase Agreement (2002)Full Document 

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                            ZIFF DAVIS HOLDINGS INC.

                            STOCK PURCHASE AGREEMENT
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                           Dated as of August 8, 2002



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                                TABLE OF CONTENTS
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                                                                            Page

SECTION 1.   AUTHORIZATION AND CLOSING; RESTRUCTURING INVESTMENT REDUCTION ..  2

     1A. Authorization of the Purchased Equity Stock ........................  2
     1B. Purchase and Sale of the Purchased Equity ..........................  2
     1C. The Closing; Restructuring Investment Reduction ....................  3

SECTION 2.   CONDITIONS OF THE PURCHASERS' OBLIGATION AT THE CLOSING ........  3

     2A. Representations and Warranties .....................................  3
     2B. Closing Documents ..................................................  3
     2C. Proceedings ........................................................  3
     2D. Compliance with Applicable Laws ....................................  4
     2E. Waiver .............................................................  4

SECTION 3.   CONDITIONS OF THE COMPANY'S OBLIGATION AT THE CLOSING ..........  4

     3A. Representations and Warranties .....................................  4
     3B. No Action ..........................................................  4

SECTION 4.   TRANSFER OF RESTRICTED SECURITIES ..............................  4

     4A. Opinion Delivery ...................................................  4
     4B. Legend .............................................................  4
     4C. Legend Removal .....................................................  5

SECTION 5.   REPRESENTATIONS AND WARRANTIES OF THE COMPANY ..................  5

     5A. Organization, Corporate Power and Licenses .........................  5
     5B. Capital Stock and Related Matters ..................................  5
     5C. Authorization; No Breach ...........................................  6
     5D. Litigation, etc ....................................................  6
     5E. Brokerage ..........................................................  7
     5F. Governmental Consent, etc ..........................................  7
     5G. Investment Company .................................................  7

SECTION 6.   REPRESENTATIONS AND WARRANTIES OF THE PURCHASERS ...............  7

     6A. Investment Representations .........................................  7
     6B. No Breach ..........................................................  8
     6C. Organization and Limited Partnership Power .........................  8
     6D. Brokerage ..........................................................  8

SECTION 7.   DEFINITIONS ....................................................  8

     7A. Definitions ........................................................  8

SECTION 8.   RIGHT TO EXCHANGE PURCHASED EQUITY .............................  9



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     8A. Exchange of Purchased Equity ....................................... 10
     8B. Additional Actions ................................................. 10

SECTION 9.   MISCELLANEOUS .................................................. 10

     9A. Expenses ........................................................... 10
     9B. Indemnification .................................................... 10
     9C. Survival of Representations and Warranties. ........................ 11
     9D. Remedies ........................................................... 11
     9E. Consent to Amendments .............................................. 11
     9F. Successors and Assigns ............................................. 11
     9G. Severability ....................................................... 11
     9H. No Third Party Beneficiaries ....................................... 11
     9I. Counterparts ....................................................... 11
     9J. Descriptive Headings; Interpretation ............................... 11
     9K. Governing Law ...................................................... 12
     9L. Notices ............................................................ 12
     9M. No Strict Construction ............................................. 13


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Exhibits and Schedules
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Exhibit A - Fifth Amended and Restated Certificate of Incorporation
Schedule of Purchasers
Capitalization Schedule



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                            STOCK PURCHASE AGREEMENT

     THIS AGREEMENT (this "Agreement") is made as of August 8, 2002, by and
among Ziff Davis Holdings Inc., a Delaware corporation (the "Company"), and the
purchasers listed on the attached Schedule of Purchasers (the "Purchasers").
Except as otherwise indicated herein, capitalized terms used herein are defined
in Section 7 hereof.

     The Purchasers are willing to invest an aggregate $3,000,000 in the Company
(the "Equity Investment") in the form of purchasing (i) an aggregate of 2,850
shares of the Company's Series B Preferred Stock, par value $.01 per share (the
"Series B Preferred"), for an aggregate purchase price of $2,850,000 and (ii) an
aggregate of 150 shares of the Company's Series C Convertible Preferred Stock,
$.01 par value per share (the "Series C Preferred"), for an aggregate purchase
price of $150,000 (such Series B Preferred and Series C Preferred being
purchased hereunder being referred to herein as the "Purchased Equity").

     The capital structure of the Company and Ziff Davis Media Inc., the
Company's principal operating subsidiary, may be restructured pursuant to the
terms and conditions of the Offering Memorandum, Solicitation of Releases,
Consents and Acceptances and Disclosure Statement of the Company and Ziff Davis
Media Inc. dated June 17, 2002 (the "Exchange Offer") which, among other things,
requires the Purchasers to invest $80,000,000 in the Company (the "Restructuring
Investment").

     As a condition to the willingness of the Purchasers to make the Equity
Investment in the form of Series B Preferred and Series C Preferred, the
Purchasers have required that (i) the Company agree to exchange the Purchased
Equity for certain securities described in the Exchange Offer and (ii) the
Restructuring Investment be reduced dollar for dollar by the aggregate amount of
the Equity Investment.

     Pursuant to the Stock Purchase Agreement dated April 30, 2002, by and among
the Company and the Purchasers (the "April Stock Purchase Agreement"), the (i)
Purchasers previously purchased an aggregate of 2,850 shares of Series B
Preferred for an aggregate purchase price of $2,850,000 and an aggregate of 150
shares of the Company's Series C Preferred for an aggregate purchase price of
$150,000 (such Series B Preferred and Series C Preferred being referred to
herein as the "April Purchased Equity"); (ii) the Company agreed to exchange the
April Purchased Equity for certain securities described in the Exchange Offer;
and (iii) the Company agreed that the Restructuring Investment would be reduced
by $3,000,000.

     Pursuant to the Stock Purchase Agreement dated May 31, 2002, by and among
the Company and the Purchasers (the "May Stock Purchase Agreement"), the (i)
Purchasers previously purchased an aggregate of 2,945 shares of Series B
Preferred for an aggregate purchase price of $2,945,000 and an aggregate of 155
shares of the Company's Series C Preferred for an aggregate purchase price of
$155,000 (such Series B Preferred and Series C Preferred being referred to
herein as the "May Purchased Equity"); (ii) the Company agreed to exchange the

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