VALUECLICK INC/CA
EXHIBIT 10.32
<DOCUMENT>
<TYPE>EX-10.32
<SEQUENCE>3
<FILENAME>a2073397zex-10_32.htm
<DESCRIPTION>EXHIBIT 10.32
<TEXT>
<HTML>
<HEAD>
<TITLE>
</TITLE>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<FONT SIZE=3 ><A HREF="#02BHL1024_2">QuickLinks</A></FONT>
<font size=3> -- Click here to rapidly navigate through this document</font>
<P ALIGN="RIGHT"><FONT SIZE=2><A
NAME="page_km1025_1_1"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="RIGHT"><FONT SIZE=2><A
NAME="km1025_exhibit_10.32"> </A>
<A NAME="toc_km1025_1"> </A>
<BR></FONT><FONT SIZE=2><B>EXHIBIT 10.32    <BR>  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="km1025_consulting_agreement"> </A>
<A NAME="toc_km1025_2"> </A>
<BR></FONT><FONT SIZE=2><B>CONSULTING AGREEMENT    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIS CONSULTING AGREEMENT (the "Agreement") is entered into this 17th day of September&nbsp;2001, by and between ValueClick,&nbsp;Inc., a Delaware corporation
(the "Company"), and Gregory R. Raifman, an individual ("Consultant"). </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="km1025_recitals"> </A>
<A NAME="toc_km1025_3"> </A>
<BR></FONT><FONT SIZE=2><B>RECITALS    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;&nbsp;&nbsp;The
Company is in the business of providing (i)&nbsp;performance-based Internet advertising solutions for advertisers and Web site publishers using
cost-per-click, cost per impression, cost-per-action and cost-per-lead pricing models; (ii)&nbsp;third-party ad serving and
outbound email delivery solutions for online advertisers currently marketed under the "MOJO" brand name and (iii)&nbsp;certain software modules used in the production, trafficking, buying, archiving
and financial planning and billing of offline media currently marketed under the "AdWare" brand name (the "Business"). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;&nbsp;&nbsp;The
Company desires to engage Consultant, as an independent contractor, to perform the services described in this Agreement and Consultant desires to perform such
services for the Company, in accordance with the terms and conditions set forth in this Agreement. This Agreement is not an employment agreement, nor does there exist any intent between the Consultant
and Company to create an employment relationship. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="km1025_agreement"> </A>
<A NAME="toc_km1025_4"> </A>
<BR></FONT><FONT SIZE=2><B>AGREEMENT    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE, in consideration of the mutual covenants and agreements contained in this Agreement, the parties agree as follows: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Consulting Services.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Duties.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Consultant agrees to render consulting services ("Consulting Services") to the Company for the term
of this Agreement, devoting his best efforts to promote the Company's business interests. Consultant's duties and obligations shall include, without limitation, advising the Company with respect to
corporate development, strategic alliances and other strategic transactions, and such other duties as the Company may from time to time prescribe. Consultant shall report directly to the Company's
Chief Executive Officer, and shall perform those projects and tasks requested by the Company's Chief Executive Officer. Consultant shall utilize due diligence and the highest professional standards of
practice in performing his services for the Company. Consultant shall comply with all applicable laws and the Company's policies and rules, as they may be in effect from time to time, during the term
of this Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Limited Exclusivity.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;During the term of this Agreement, Consultant agrees to devote such time as is
necessary to render the Consulting Services, but in no event shall such time be less than 20% or more than 80% of his professional time. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Term.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;This Agreement is effective as of the date first set forth above and shall terminate on the first
anniversary hereof unless earlier terminated pursuant to Section&nbsp;11 below (the "Consulting Period"). Any contrary representations, which may have been made to Consultant, shall be superseded by
this Agreement. This Agreement shall constitute the full and complete agreement between Consultant and the Company on the nature of Consultant's services to be provided to the Company, which may only
be changed in an express written agreement signed by Consultant and a duly authorized officer of the Company. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>1</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=1,SEQ=1,EFW="2073397",CP="VALUECLICK, INC.",DN="2",CHK=178324,FOLIO='1',FILE='DISK013:[02BHL5.02BHL1025]KM1025A.;5',USER='AOSBORN',CD='22-MAR-2002;06:46' -->
<A NAME="page_km1025_1_2"> </A>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Fees and Expenses.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Fee.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Company shall pay Consultant, as compensation for his services, an annual consulting fee of
$250,000 (the "Consulting Fee"), payable monthly by wire transfer or automatic deposit on the last business day of each month during the Consulting Period. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Expenses.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Company shall reimburse Consultant for reasonable costs and expenses incurred by Consultant in
providing the Consulting Services, in accordance with the Company's expense reimbursement guidelines. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Non-Disclosure; Proprietary Information.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;As a condition of this Agreement, Consultant will
execute the Company's standard Proprietary Information Agreement, a copy of which is attached hereto as Exhibit&nbsp;A. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Conflict of Interest.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;It is important that the Consultant avoid conflicts of interest. A typical conflict of
interest is a situation where a Consultant's private interest interferes with his/her loyalty or responsibilities to the Company or raises question about such interference. In the course of performing
any consulting services, if the Consultant is in a situation that may possibly represent a conflict of interest with respect to the Company, the Consultant should immediately divulge such potential
conflict to the Chief Executive Officer or Board of Directors of the Company. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Non-Competition.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;During the Consulting Period, Consultant shall not without the express prior
written consent of the Company, directly or indirectly, engage in any business or activity, whether as an employee, consultant, partner, principal, agent, representative, equity holder or in any other
individual, corporate or representative capacity (without limitation by specific enumeration of the foregoing), or render any services or provide any advice to any business, activity, person or entity
(other than the Company) involving (i)&nbsp;the Business, or (ii)&nbsp;the Company, provided that this restriction shall not prohibit Consultant from owning any publicly traded stock that
constitutes not more than 1% of the outstanding capital stock of the issuer. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Non-Solicitation.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Consultant agrees that during the Consulting Period and for a one
(1)&nbsp;year period after termination of this Agreement, Consultant will not: (i)&nbsp;directly or cause others to solicit, induce, encourage or attempt to solicit or induce any Company employee
to discontinue his or her employment with the Company; (ii)&nbsp;usurp any opportunity of the Company that Consultant becomes aware of during the Consulting Period or which is made available to
Consultant on the basis of Consultant's relationship with the Company; (iii)&nbsp;directly or cause others to solicit or divert or attempt to solicit or divert away from the Company any business or
clients or customers of the Company (collectively "Client"); or (iv)&nbsp;directly or cause others to induce or encourage or attempt to induce or encourage Clients, suppliers, agents or other
persons under contract or otherwise associated or doing business with the Company to reduce or adversely alter any such association or business with the Company. "Client" shall be defined as any
individual or entity for whom the Company has performed services during the six (6)&nbsp;month period prior to the termination of this Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Independent Contractor.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;Consultant
shall act in the capacity of an independent contractor with respect to the Company, and not as an employee or authorized agent of the Company. Consultant
shall not have any authority to enter into contracts or binding commitments in the name or on behalf of the Company. Consultant will not use of the Company's logo or marks without prior written
approval, and then such use shall be only for the benefit of the Company and at the direction of the Company. Consultant shall not be, nor represent himself as being, an agent of the Company, and
shall not be, nor represent himself or herself as being authorized to bind the Company. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;Consultant
agrees, acknowledges and understands that he shall not have the status of an employee of the Company and shall not participate in any employee benefit plans
or group insurance </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>2</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=2,SEQ=2,EFW="2073397",CP="VALUECLICK, INC.",DN="2",CHK=376730,FOLIO='2',FILE='DISK013:[02BHL5.02BHL1025]KM1025A.;5',USER='AOSBORN',CD='22-MAR-2002;06:46' -->
<A NAME="page_km1025_1_3"> </A>
<BR>

<P><FONT SIZE=2>
plans or programs (including, but not limited to salary, bonus or incentive plans, stock option or purchase plans, or plans pertaining to retirement, deferred savings, disability, medical or dental),
even if he is considered eligible to participate pursuant to the terms of such plans. In addition, Consultant understands and agrees that consistent with his independent contractor status, he will not
apply for any government-sponsored benefits intended only for employees, including, but not limited to, unemployment benefits. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;Consultant
understands and agrees that he shall not participate in any plans, arrangements, or distributions by the Company pertaining to or in connection with any
pension, stock, bonus, profit-sharing, or other similar benefit program the Company may have for its employees, regardless of whether Consultant is classified as an employee for any other purpose or
is otherwise eligible to participate in such plans. Consultant's exclusion from benefit programs maintained by the Company is a material component of the terms of compensation negotiated by the
parties and is not premised on Consultant's status as a non-employee with respect to the Company. To the extent that Consultant may become eligible for any benefit programs maintained by
the Company (regardless of timing or reason for eligibility), Consultant hereby waives his right to participate in the programs. Consultant's waiver is not conditioned on any representation or
assumption concerning Consultant's legal status as a contractor or employee. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;The
Company shall issue Form&nbsp;1099 records for its payments to Consultant made pursuant to this Agreement. Because Consultant is an independent contractor, he is
solely responsible for all taxes, withholdings, and other similar statutory obligations, including, but not limited to, Workers' Compensation Insurance; and Consultant agrees to defend, indemnify and
hold Company harmless from any and all claims made by any entity on account of an alleged failure by Consultant to satisfy any such tax or withholding obligations. Consultant warrants that he has
sought and obtained independent advice regarding the tax consequences of the payments made pursuant to this Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Consultant's Representations.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Consultant agrees, represents and warrants that: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;Consultant's
performance of the Consulting Services or of any term of this Agreement will not breach any agreement or understanding that Consultant has with any other
person or entity and that there is no other contract or duty now in existence inconsistent with the terms of this Agreement; </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;During
the Consulting Period, Consultant shall not be bound by any agreement, nor assume any obligation, which would in any way conflict with or be inconsistent with the
Consulting Services to be performed by Consultant under this Agreement; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;In
performing the Consulting Services, Consultant will not use any confidential or proprietary information of any other person or entity or infringe the intellectual
property rights (including, without limitation, patent, copyright, trademark or trade secret rights) of any other person or entity nor will Consultant disclose to the Company, or bring onto the
Company's premises, or induce the Company to use any confidential information of any person or entity other than the Company or Consultant; </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;During
the Consulting Period, Consultant will not disclose to the Company, or use, or induce the Company to use, any proprietary information or trade secrets of others.
Consultant represents and warrants that Consultant has returned all property and confidential information belonging to all prior entities for whom Consultant has provided services, including, without
limitation, all files, records, documents, laboratory notebooks, drawings, prototypes, plans, specifications, computer disks, sources codes, manuals, books, forms, receipts, notes, reports, memoranda,
studies, data, calculations, recordings, catalogues, compilations of information, correspondence, and all copies, abstracts, and summaries of the foregoing, instruments, tools, and equipment, and all
other physical items related to the business of the prior entities. Consultant further represents and warrants that Consultant's performance of the terms of this Agreement will not breach any
agreement to keep in confidence proprietary information acquired by Consultant in confidence or in trust prior to or concurrent with </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>3</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=3,SEQ=3,EFW="2073397",CP="VALUECLICK, INC.",DN="2",CHK=148322,FOLIO='3',FILE='DISK013:[02BHL5.02BHL1025]KM1025A.;5',USER='AOSBORN',CD='22-MAR-2002;06:46' -->
<A NAME="page_km1025_1_4"> </A>
<BR>

<P><FONT SIZE=2>
this Agreement with the Company. Consultant has not entered into, and agrees not to enter into, any oral or written agreement in conflict with this one; and </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;Consultant
will abide by all applicable laws and the Company's safety rules in the course of performing the Consulting Services. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Indemnification.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Consultant will defend, indemnify and hold the Company harmless against any and all losses,
liabilities, damages, claims, demands, suits, costs and expenses (including, without limitation, reasonable attorneys' fees and court costs) ("Losses") arising or resulting, directly or indirectly,
from (i)&nbsp;Consultant's breach of Section&nbsp;9 above, (ii)&nbsp;infringement by Consultant's performance of the Consulting Services of any third party intellectual property rights or
(c)&nbsp;any failure (alleged or actual) by Consultant to satisfy any of his tax or withholding obligations. The Company will defend, indemnify and hold the Consultant harmless against any and all
Losses arising or resulting, directly or indirectly, from Consultant's services performed within the scope and ordinary course of the relationship between Consultant and the Company created by this
Agreement except to the extent that such Losses are a
result of Consultant's willful misconduct or gross negligence. The provision of this Section&nbsp;10 shall not be applicable to Consultant's services as a director of the Company. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Termination.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;This
Agreement may be terminated at any time upon the mutual written consent of the Company and Consultant. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;This
Agreement shall terminate automatically in the event of Consultant's death or Disability (as defined below). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;This
Agreement may be terminated at any time by the Consultant upon thirty (30)&nbsp;days' prior written notice to the Company. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;This
Agreement may be terminated by the Company upon thirty (30)&nbsp;days' prior written notice to Consultant of his material breach of this Agreement; provided,
however, that if such material breach is capable of being cured, this Agreement shall not terminate if Consultant cures such breach within thirty (30)&nbsp;days of receiving such notice. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;In
the event of termination, the Company shall promptly pay Consultant any consulting fees earned but unpaid before termination, as well as expenses reasonably incurred
by Consultant prior to termination, so long as Consultant submits appropriate expense reimbursement requests within thirty days following the date of the termination notice. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of this Section&nbsp;11, "Disability" shall mean Consultant's inability, by reason of any physical or mental injury or illness, to perform the consulting services
hereunder for a period in excess of ninety (90)&nbsp;consecutive days. In such event, this Agreement shall be terminated on the last day of such ninety (90)&nbsp;day period. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Limitation of Liability.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;THE COMPANY SHALL NOT BE LIABLE WITH RESPECT TO ANY SUBJECT MATTER OF THIS
AGREEMENT UNDER ANY CONTRACT, NEGLIGENCE, STRICT LIABILITY OR OTHER THEORY FOR ANY INDIRECT, INCIDENTAL, SPECIAL, EXEMPLARY OR CONSEQUENTIAL DAMAGES, INCLUDING WITHOUT LIMITATION, ANY LOSS OF REVENUES
OR PROFITS. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous Provisions.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Entire Agreement.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;No other agreements, representations or understandings (whether oral or written) which are
not expressly set forth in this Agreement have been made or entered into by either party with respect to the subject matter of this Agreement. This Agreement and the Proprietary Information Agreement
contain the entire understanding of the parties with respect to </FONT></P>

</UL>
<P ALIGN="CENTER"><FONT SIZE=2>4</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=4,SEQ=4,EFW="2073397",CP="VALUECLICK, INC.",DN="2",CHK=440515,FOLIO='4',FILE='DISK013:[02BHL5.02BHL1025]KM1025A.;5',USER='AOSBORN',CD='22-MAR-2002;06:46' -->
<A NAME="page_km1025_1_5"> </A>
<UL>

<P><FONT SIZE=2>
the subject matter hereof. This Agreement can only be modified by a subsequent written agreement executed by both parties hereto. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;All
notices hereunder shall be in writing and shall be delivered in person or by registered or certified mail, return receipt requested, or sent by a nationally
recognized overnight delivery service or by facsimile to the applicable party at its address set forth below (or at such different address as may be designated by such party by written notice to the
other party). All notices by mail shall be deemed delivered upon receipt. </FONT></P>

<UL>
<UL>

<P><FONT SIZE=2><I>To Company:</I></FONT><FONT SIZE=2><BR>
ValueClick,&nbsp;Inc. 4360 Park Terrace Drive, Suite 100<BR>
Westlake Village, California 91361<BR>
Telephone: (818)&nbsp;575-4500<BR>
Facsimile: (818)&nbsp;575-4503<BR>
Attn: Corporate Secretary </FONT></P>

<P><FONT SIZE=2><I>To Consultant:</I></FONT><FONT SIZE=2><BR>
Gregory R. Raifman<BR>
268 LaSalle Avenue<BR>
Piedmont, California 94610<BR>
Telephone: (510)&nbsp;451-2225<BR>
Facsimile: (510)&nbsp;451-2226 </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Modifications and Waivers.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;No provision of this Agreement shall be modified, waived or discharged unless the
modification, waiver or discharge is agreed to in writing and signed by Consultant and by an authorized officer of the Company. No waiver by either party of any breach of, or of compliance with, any
condition or provision of this Agreement by the other party shall be considered a waiver of any other condition or provision or of the same condition or provision at another time. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Choice of Law.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The validity, interpretation, construction and performance of this Agreement shall be
governed by the laws of the State of California without regard to conflict of laws provisions thereof. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Severability.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The parties agree that if one or more provisions of this Agreement are held to be illegal or
unenforceable, such illegal or unenforceable portion(s) shall be limited or excluded from this Agreement to the minimum extent required and the balance of the Agreement shall be interpreted as if such
portion(s) were so limited or excluded and shall be enforceable in accordance with its terms. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;No Assignment.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;This Agreement and all rights and obligations of Consultant hereunder are personal to
Consultant and may not be transferred or assigned by Consultant at any time. The Company may assign its rights under this Agreement to any entity that assumes the Company's obligations hereunder in
connection with any sale or transfer of all or a substantial portion of the Company's assets to such entity. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Arbitration.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Any dispute or claim arising out of or in connection with this Agreement will be finally
settled by binding arbitration in Los Angeles, California in accordance with the rules of the American Arbitration Association by one arbitrator appointed in accordance with said rules. The Consultant
and the Company shall split the cost of the arbitration filing and hearing fees and the cost of the arbitrator. Each party shall bear its own attorney fees, unless otherwise determined by the
arbitrator. The arbitrator shall apply California law, without reference to rules of conflicts of law or rules of statutory arbitration, to the resolution of any dispute. Judgment on the award
rendered by the arbitrator may be entered in any court having jurisdiction thereof. Notwithstanding the foregoing, the parties may apply to any court of competent jurisdiction for preliminary or
interim equitable relief, or to compel arbitration in accordance with this paragraph, without breach </FONT></P>

</UL>
<P ALIGN="CENTER"><FONT SIZE=2>5</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=5,SEQ=5,EFW="2073397",CP="VALUECLICK, INC.",DN="2",CHK=105878,FOLIO='5',FILE='DISK013:[02BHL5.02BHL1025]KM1025A.;5',USER='AOSBORN',CD='22-MAR-2002;06:46' -->
<A NAME="page_km1025_1_6"> </A>
<UL>
<BR>

<P><FONT SIZE=2>
of this arbitration provision. This Subsection 13(g) shall not apply to any dispute or claim relating to the Proprietary Information Agreement. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Headings.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The headings of the paragraphs contained in this Agreement are for reference purposes only and
shall not in any way affect the meaning or interpretation of any provision of this Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Counterparts.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;This 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. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Survival.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything contrary in this Agreement, Consultant agrees that all obligations under
Sections 4-10 and 13(g) of this Agreement shall continue in effect after termination of this Agreement. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>[SIGNATURE
PAGE FOLLOWS] </FONT></P>

</UL>
<P ALIGN="CENTER"><FONT SIZE=2>6</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=6,SEQ=6,EFW="2073397",CP="VALUECLICK, INC.",DN="2",CHK=732905,FOLIO='6',FILE='DISK013:[02BHL5.02BHL1025]KM1025A.;5',USER='AOSBORN',CD='22-MAR-2002;06:46' -->
<A NAME="page_km1025_1_7"> </A>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN
WITNESS WHEREOF, this Consulting Agreement is entered into on the date first set forth above. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>CONSULTANT HAS READ THIS AGREEMENT CAREFULLY AND UNDERSTANDS AND ACCEPTS THE OBLIGATIONS WHICH IT IMPOSES UPON CONSULTANT WITHOUT RESERVATION. NO PROMISES OR
REPRESENTATIONS HAVE BEEN MADE TO CONSULTANT TO INDUCE CONSULTANT TO SIGN THIS AGREEMENT. CONSULTANT SIGNS THIS AGREEMENT VOLUNTARILY AND FREELY.</B></FONT></P>

<P><FONT SIZE=2><B>ACCEPTED AND AGREED TO:  </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2>ValueClick, Inc. / "Company"</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2>Gregory R. Raifman / "Consultant"</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="5%"><FONT SIZE=2>By:</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2>/s/ Samuel J. Paisley</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>/s/ Gregory R. Raifman</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="45%"><HR NOSHADE></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="8%"><FONT SIZE=2>Name:</FONT></TD>
<TD WIDTH="41%"><FONT SIZE=2>Samuel J. Paisley</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>Name:</FONT></TD>
<TD WIDTH="41%"><FONT SIZE=2>Gregory R. Raifman</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="8%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="41%"><HR NOSHADE></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="41%"><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="8%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="41%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="41%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="8%"><FONT SIZE=2>Title:</FONT></TD>
<TD WIDTH="41%"><FONT SIZE=2>Chief Operating Officer</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="41%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="8%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="41%"><HR NOSHADE></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="41%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2>7</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=7,SEQ=7,EFW="2073397",CP="VALUECLICK, INC.",DN="2",CHK=196125,FOLIO='7',FILE='DISK013:[02BHL5.02BHL1025]KM1025A.;5',USER='AOSBORN',CD='22-MAR-2002;06:46' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<BR>
<P><br><A NAME="02BHL1024_2">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_km1025_1">EXHIBIT 10.32</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_km1025_2">CONSULTING AGREEMENT</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_km1025_3">RECITALS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_km1025_4">AGREEMENT</A></FONT><BR>
<!-- SEQ=,FILE='QUICKLINK',USER=KSOLTER,SEQ=,EFW="2073397",CP="VALUECLICK, INC.",DN="2" -->
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
