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                                                                   EXHIBIT 10.31

                                                   INDEMNITEE: ARMAND S. SHAPIRO



                              BINDVIEW CORPORATION

                            INDEMNIFICATION AGREEMENT

THIS INDEMNIFICATION AGREEMENT (this "AGREEMENT") is made between BindView
Corporation, a Texas corporation (the "COMPANY"),1 and the "INDEMNITEE"
identified above. Unless otherwise indicated, all references to Sections are to
Sections in this Agreement. This Agreement is effective the date the Indemnitee
first became (or becomes) an officer or director of the Company ("EFFECTIVE
DATE").

1.     BACKGROUND.

1.1    The Indemnitee is (or is about to become) a director or officer of the
       Company. The Company regards it as essential to continue to attract and
       retain, as directors and officers, the most capable persons available.

1.2    The Company and the Indemnitee recognize the increased risk of litigation
       and other claims being asserted against directors and officers. Depending
       on the nature of the litigation or other claim in question, the Company's
       directors' and officers' liability insurance coverage might not provide
       as much protection as could be desirable in a given situation.

1.3    The Company regards it as crucial to secure the continued service of
       competent and experienced people in senior corporate positions and to
       assure that they will be able to exercise judgment without fear of
       personal liability so long as they fulfill the basic duties of honesty,
       care and good faith. Accordingly, the Company wishes to provide in this
       Agreement (a) for the indemnification of, and the advancing of expenses
       to, the Indemnitee to the fullest extent, whether partial or complete,
       permitted by law and as set forth in this Agreement, and (b) to the
       extent insurance is maintained, for the continued coverage of Indemnitee
       under the Company's directors' and officers' liability insurance
       policies.

2.     DEFINITIONS. For purposes of this Agreement, the following terms have the
       meanings set forth below.

2.1    ACQUIRING PERSON means a Person referred to in Section 4.4.

2.2    ACQUISITION REPORT means a report filed by or on behalf of a stockholder
       or group of stockholders on Schedule 13D or Schedule 14D-1 or any
       successor schedule, form or report under the Exchange Act.

2.3    APPROVED LAW FIRM means any law firm that (a) is located in Houston,
       Texas, (b) is rated "AV" by the Martindale-Hubbell Law Directory, and (c)
       has not, for a five-year period prior to the Indemnifiable Event in
       question, been engaged by the Company, by a Person filing an Acquisition
       Report, or by the Indemnitee.

2.4    ARTICLE 2.02-1 means Article 2.02-1 of the TBCA.


-------------------
(1) "BindView Corporation" is a registered assumed name of BindView Development
    Corporation.

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                                                   INDEMNITEE: ARMAND S. SHAPIRO


2.5    ARTICLES AND BYLAWS means the articles of incorporation of the Company
       and/or the bylaws of the Company, in either case as now in effect or as
       hereafter amended and/or restated (including any substitute articles of
       incorporation and/or bylaws).

2.6    BENEFICIAL OWNER means a Person who is a beneficial owner (as defined in
       Rule 13d-3 or any successor rule or regulation promulgated under the
       Exchange Act), directly or indirectly, of Voting Stock, of rights to
       acquire Voting Stock, or of securities convertible into Voting Stock, as
       applicable. If a Person owns rights to acquire Voting Stock, that
       Person's beneficial ownership shall be determined pursuant to paragraph
       (d) of Rule 13d-3 or any successor rule or regulation promulgated under
       the Exchange Act.

2.7    BOARD means the Board of Directors of the Company.

2.8    CHANGE IN CONTROL of the Company shall be deemed to have occurred if any
       of the following events occurs after the Effective Date:

       (a)    An Acquisition Report is filed with the Commission disclosing that
              any Person is the Beneficial Owner of 20 percent or more of the
              outstanding Voting Stock. The previous sentence shall not apply if
              such Person is (1) the Company, one of its subsidiaries, or any
              employee benefit plan sponsored by either, or (2) Eric J. Pulaski.

       (b)    Any Person purchases securities pursuant to a tender offer or
              exchange offer to acquire any Voting Stock (or any securities
              convertible into Voting Stock) and, immediately after consummation
              of that purchase, that Person is the Beneficial Owner of 20
              percent or more of the outstanding Voting Stock. The previous
              sentence shall not apply if such Person is (1) the Company, one of
              its subsidiaries, or any employee benefit plan sponsored by
              either, or (2) Eric J. Pulaski.

       (c)    The consummation of a Merger Transaction if as a result of the
              Merger Transaction, 50 percent or less of the combined voting
              power of the then-outstanding securities of the other party to the
              Merger Transaction, immediately after the Change of Control Date,
              are held in the aggregate by the holders of Voting Stock
              immediately prior to the Change of Control Date.

       (d)    The consummation of a Sale Transaction if as a result of the Sale
              Transaction, 50 percent or less of the combined voting power of
              the then-outstanding securities of the other party to the Sale
              Transaction, immediately after the Change of Control Date, are
              held in the aggregate by the holders of Voting Stock immediately
              prior to the Change of Control Date.

       (e)    The consummation of a transaction, immediately after which any
              Person would be the Beneficial Owner, directly or indirectly, of
              more than 50 percent of the outstanding Voting Stock.

       (f)    The stockholders of the Company approve the dissolution of the
              Company.

       (g)    During any period of 12 consecutive months, the individuals who at
              the beginning of that period constituted the Board of Directors
              shall cease to constitute a majority of the Board of Directors.
              The previous sentence will not apply if the election, or the
              nomination for election by the Company's stockholders, of each
              director of the Company first elected during such period was
              approved by a vote of at least two-thirds of the directors of the
              Company then still in office who were directors of the Company at
              the beginning of any such period.


INDEMNIFICATION AGREEMENT  92.3274                                        PAGE 2

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                                                   INDEMNITEE: ARMAND S. SHAPIRO


2.9    CHANGE OF CONTROL DATE means the date of an event constituting a Change
       of Control. In the case of a Merger Transaction or a Sale Transaction
       constituting a Change of Control, the Change of Control Date shall be the
       effective date of such transaction.

2.10   CLAIM means (a) any threatened, pending or completed action, suit or
       proceeding, whether civil, criminal, administrative, investigative or
       otherwise; (b) any appeal in such an action, suit, or proceeding; and (c)
       any inquiry or investigation, whether conducted by the Company or some
       other party (either private or governmental), that the Indemnitee
       reasonably believes could lead to the institution of any such action,
       suit or proceeding.

2.11   COMMISSION means the Securities and Exchange Commission or any successor
       agency.

2.12   EXCHANGE ACT means the Securities Exchange Act of 1934, as amended from
       time to time, or any successor statute.

2.13   EXPENSE ADVANCE - see Section 5.

2.14   EXPENSES shall include (a) attorneys' fees and all other costs, expenses
       and obligations paid or incurred in connection with (1) investigating,
       defending, prosecuting, being a witness in or participating in any
       Indemnifiable Claim, or (2) preparing to conduct any of the activities
       listed in clause (1), together with (b) interest, computed at the
       Company's average cost of funds for short-term borrowings, accrued from
       the date of incurrence of the items listed in subparagraph (a) to that
       date the Indemnitee receives reimbursement therefor.

2.15   FINAL JUDGMENT means a final judgment or other final adjudication, by a
       court of competent jurisdiction, from which no further appeal is taken or
       possible.

2.16   INCLUDING (in lower case), unless otherwise specified, means including
       but not limited to.

2.17   INDEMNIFIABLE CLAIM means (a) a Claim, made by a person or entity other
       than the Indemnitee, arising out of (in whole or in part) or relating to
       an Indemnifiable Event, or (b) a Claim made by the Indemnitee pursuant to
       Section 4.3.

2.18   INDEMNIFIABLE EVENT means any event or occurrence related to:

       (a)    the fact that the Indemnitee is or was a director, officer,
              employee, agent or fiduciary of the Company; or

       (b)    the fact that the Indemnitee is or was serving at the request of
              the Company as a director, officer, employee, trustee, agent or
              fiduciary of another corporation of any type or kind, foreign or
              domestic, partnership, joint venture, limited liability company,
              trust, employee benefit plan or other enterprise. Without limiting
              any indemnification provided hereunder, if the Indemnitee serves,
              in any capacity, either (i) another corporation, partnership,
              joint venture, limited liability company, trust, or other
              enterprise of which 20% or more of the voting


INDEMNIFICATION AGREEMENT  92.3274                                        PAGE 3

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                                                   INDEMNITEE: ARMAND S. SHAPIRO


              power or residual economic interest is held, directly or
              indirectly, by the Company or (ii) any employee benefit plan of
              the Company or any entity referred to in clause (i) above, such
              service shall be deemed to be at the request of the Company; or

       (c)    anything done or not done by the Indemnitee in any capacity
              described in subparagraphs (a) and (b).

2.19   INDEMNITY OBLIGATIONS means the Company's obligations to indemnify the
       Indemnitee under this Agreement or any other agreement or any provision
       of the Articles and Bylaws relating to Indemnifiable Claims.

2.20   MERGER TRANSACTION means a merger, consolidation or reorganization of the
       Company with or into any other person or entity.

2.21   PERSON means a person within the meaning of Section 13(d) or Section
       14(d)(2) or any successor rule or regulation promulgated under the
       Exchange Act.

2.22   REVIEWING PARTY means:

       (a)    the Board acting by quorum consisting of directors who are not
              parties to the particular Claim with respect to which the
              Indemnitee is seeking indemnification, or

       (b)    if such a quorum is not obtainable (or, even if such a quorum is
              obtainable, if a quorum of disinterested directors so directs):

              (1)    the Board upon the opinion in writing of independent legal
                     counsel that indemnification is proper in the circumstances
                     because the applicable standard of conduct set forth in
                     Section 3 of this Agreement and/or in Article 2.02-1 of the
                     TBCA has been met by the Indemnitee, or

              (2)    the shareholders upon a finding that the Indemnitee has met
                     the applicable standard of conduct referred to in clause
                     (b)(1) of this definition.

2.23   SALE TRANSACTION means a sale, lease, exchange or other transfer of all
       or substantially all the assets of the Company and its consolidated
       subsidiaries to any other person.

2.24   TBCA means the Texas Business Corporation Act or any successor statute. A
       reference to a specific article of the TBCA shall encompass any
       corresponding renumbered or amended article or any corresponding article
       of any successor statute.

2.25   VOTING STOCK means shares of capital stock of the Company the holders of
       which are entitled to vote for the election of directors, but excluding
       shares entitled to so vote only upon the occurrence of a contingency
       unless that contingency shall have occurred.

3.     RIGHT TO INDEMNIFICATION.

3.1    If (a) the Indemnitee was, is, becomes at any time, or is threatened to
       be made, (i) a party to, or (ii) a witness in, or (iii) otherwise a
       participant in, an Indemnifiable Claim, then (b) subject to a
       determination in accordance with Section 4 that the Indemnity is entitled
       to indemnification, the


INDEMNIFICATION AGREEMENT  92.3274                                        PAGE 4

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                                                   INDEMNITEE: ARMAND S. SHAPIRO


       Company shall indemnify the Indemnitee, to the maximum extent permitted
       by law, against any and all Expenses, judgments, fines (including excise
       taxes assessed on an Indemnitee with respect to an employee benefit
       plan), penalties, and amounts paid in settlement (including all interest,
       assessments and other charges paid or payable in connection with, or in
       respect of, such Expenses, judgments, fines, penalties or amounts paid in
       settlement) in respect of such Claim.

3.2    The Indemnitee shall not be entitled to indemnification pursuant to
       Section 3.1 if a Final Judgment, adverse to the Indemnitee, establishes
       that (a) the Indemnitee's acts were committed in bad faith or were the
       result of active and deliberate dishonesty and in either case, were
       material to the cause of action adjudicated in the Final Judgment, or (b)
       the Indemnitee personally and improperly gained a material financial
       profit or other material benefit to which the Indemnitee was not
       entitled.

3.3    Prior to a Change of Control, the Indemnitee shall not be entitled to
       indemnification pursuant to Section 3.1 in connection with any Claim
       initiated by the Indemnitee against the Company or any director or
       officer of the Company unless (a) the Company has joined in or consented
       to the initiation of such Claim, or (b) such Claim is initiated pursuant
       to Section 3.4.

3.4    If (a) the Indemnitee asserts a claim or brings an action for (i)
       indemnification or advance payment of Expenses by the Company under its
       Indemnity Obligations, or (ii) a determination or challenge pursuant to
       Section 4.3, or (ii) recovery under any directors' and officers'
       liability insurance policies maintained by the Company, then (b) the
       Company shall indemnify the Indemnitee against any and all expenses
       (including attorneys' fees) that are incurred by the Indemnitee in
       connection with such claim or action, and such claim or action shall be
       an Indemnifiable Claim for all purposes of this Agreement.

3.5    If (a) the Indemnitee is entitled under any provision of this Agreement
       to indemnification by the Company for some or a portion of the Expenses,
       judgments, fines, penalties and amounts paid in settlement of a Claim but
       not, however, for all of the total amount thereof, then (b) the Company
       shall nevertheless indemnify the Indemnitee for the portion of such total
       amount to which the Indemnitee is entitled.

3.6    Without limiting Section 3.5, if (a) one or more Indemnifiable Claims is
       made or occurs in respect of multiple Indemnifiable Events, and (b) as to
       a particular Indemnifiable Event, the Indemnitee has been successful on
       the merits or otherwise in defense of any or all Indemnifiable Claims
       relating in whole or in part to such Indemnifiable Event, or in defense
       of any issue or matter related thereto, including dismissal without
       prejudice, then (c) the Company shall indemnify the Indemnitee, to the
       maximum extent permitted by law, against all Expenses incurred in
       connection with such defense.

3.7    The Company's indemnification obligations in this Section 3 shall in no
       event be deemed to preclude or limit any right to indemnification to
       which the Indemnitee may be entitled under Article 2.02-1, the Articles
       and Bylaws, or any other applicable statutory, regulatory, or contractual
       provision.


INDEMNIFICATION AGREEMENT  92.3274                                        PAGE 5

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                                                   INDEMNITEE: ARMAND S. SHAPIRO


4.     DETERMINATIONS OF ENTITLEMENT TO INDEMNITY

4.1    The Company's Indemnity Obligations shall be subject to the condition
       that the Reviewing Party shall have authorized such indemnification in
       the specific case by having determined that the Indemnitee is permitted
       to be indemnified under the applicable standard of conduct set forth in
       this Agreement and/or applicable law. The Company shall promptly call a
       meeting of the Board concerning such Claim and use its best efforts to
       facilitate a prompt determination by the Reviewing Party with respect to
       such Claim. The Indemnitee shall be afforded the opportunity to make
       submissions to the Reviewing Party with respect to such Claim.

4.2    To the extent that the Reviewing Party determines that the Indemnitee
       substantively is permitted to be indemnified (in whole or in part), such
       determination shall be conclusive and binding to that extent on both the
       Company and the Indemnitee.

4.3    If (a) there has been no determination by the Reviewing Party pursuant to
       Section 4.1, or (b) the Reviewing Party determines pursuant to Section
       4.1 that the Indemnitee would not be permitted to be indemnified in whole
       or in part, then (c) the Indemnitee shall have the right to commence
       litigation in any court in the State of Texas having subject matter
       jurisdiction thereof and in which venue is proper, seeking an initial
       determination by the court or challenging any such determination by the
       Reviewing Party or any aspect thereof. The Company hereby consents to
       service of process and agrees to appear in any such litigation. Such
       litigation shall be an Indemnifiable Claim for all purposes of this
       Agreement.

4.4    In the event of a Change of Control of the Company (other than a Change
       of Control which has been approved by a majority of the Board who were
       directors immediately prior to such Change of Control), then all
       determinations pursuant to Section 4.1 and Article 2.02-1 shall be made
       pursuant to subparagraph (F)(1), (F)(2), or (F)(3) of Article 2.02-1.
       With respect to all matters relating to such determinations, or
       concerning the rights of the Indemnitee to indemnity payments and Expense
       Advances under the Indemnity Obligations (including any opinion to be
       rendered pursuant to Article 2.02-1), the following provisions shall
       apply:

       (a)    The Company (including the Board) shall seek legal advice from,
              and only from (and if special legal counsel is selected under
              subparagraph (F)(3) of Article 2.02-1, the Board shall select
              only), special, independent legal counsel selected by the
              Indemnitee and approved by the Company, which approval shall not
              be unreasonably withheld.

       (b)    Such counsel shall not have otherwise performed services for (A)
              the Company or any subsidiary of the Company, (B) the Acquiring
              Person or any affiliate or associate of such Acquiring Person
              within the last five years (other than in connection with such
              matters) or (C) the Indemnitee. As used in this Section 4.4, the
              terms "affiliate" and "associate" shall have the respective
              meanings ascribed to such terms in Rule 12b-2 of the General Rules
              and Regulations under the Exchange Act and in effect on the date
              of this Agreement.

       (c)    Unless the Indemnitee has theretofore selected counsel pursuant to
              this Section 4.4 and such counsel has been approved by the
              Company, any Approved Law Firm shall be deemed to satisfy the
              requirements set forth above.


INDEMNIFICATION AGREEMENT  92.3274                                        PAGE 6

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                                                   INDEMNITEE: ARMAND S. SHAPIRO


       (d)    Such counsel, among other things, shall render its written opinion
              to the Company, the Board and the Indemnitee as to whether and to
              what extent the Indemnitee would be permitted to be indemnified
              under applicable law and/or this Agreement.

       (e)    The Company agrees to pay the reasonable fees of such counsel and
              to fully indemnify such counsel against any and all expenses
              (including attorneys' fees), claims, liabilities and damages
              arising out of or relating to this Agreement or its engagement
              pursuant hereto.

5.     EXPENSE ADVANCES.

5.1    If so requested by the Indemnitee from time to time, the Company shall
       advance within ten business days of such request any and all Expenses to
       the Indemnitee (an "EXPENSE ADVANCE").

5.2    If, when and to the extent that the Reviewing Party determines pursuant
       to Section 4 that the Indemnitee is not entitled to be indemnified
       against the Claim in question, then:

       (a)    the Company shall be entitled to be reimbursed by the Indemnitee
              for all Expense Advances previously paid;

       (b)    upon request by the Indemnitee, the Company may continue to make
              Expense Advances to the Indemnity for up to 30 days pending the
              commencement of legal proceedings under Section 4.3; and

       (c)    the Indemnitee hereby agrees and undertakes to reimburse the
              Company for Expense Advances to the full extent required by
              Section K of Article 2.02-1.

5.3    If the Indemnitee commences legal proceedings in a court of competent
       jurisdiction to secure a determination that the Indemnitee should be
       indemnified, then:

       (a)    any determination under Section 4 shall not be binding, and

       (b)    the Company shall continue to make Expense Advances as provided in
              Section 5.1, and the Indemnitee shall not be required to reimburse
              the Company for any Expense Advance, until the occurrence of a
              Final Judgment that makes a determination adverse to the
              Indemnitee concerning such indemnification.

6.     TIMING. The Company shall carry out its Indemnity Obligations as soon as
       practicable, but in any event no later than 30 days after written demand
       is presented to the Company.

7.     NO PRESUMPTION. For purposes of this Agreement, the termination of any
       claim, action, suit or proceeding, whether civil or criminal, by
       judgment, order, settlement (whether with or without court approval) or
       conviction, or upon a plea of nolo contendere or its equivalent, shall
       not create a presumption that the Indemnitee did not meet any particular
       standard of conduct or have any particular belief or that a court has
       determined that indemnification is not permitted by applicable law.

8.     NONEXCLUSIVITY, ETC. The rights of the Indemnitee hereunder shall be in
       addition to any other rights the Indemnitee may have under the Company's
       Articles and Bylaws, the TBCA, or otherwise.


INDEMNIFICATION AGREEMENT  92.3274                                        PAGE 7

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                                                   INDEMNITEE: ARMAND S. SHAPIRO


       To the extent that a change in the TBCA (whether by statute or judicial
       decision) permits greater indemnification by agreement than would be
       afforded currently under the Articles and Bylaws and this Agreement, it
       is the intent of the parties hereto that the Indemnitee shall enjoy by
       this Agreement the greater benefits so afforded by such change.

9.     INSURANCE. To the extent the Company maintains an insurance policy or
       policies providing directors' and officers' liability insurance, the
       Indemnitee shall be covered by such policy or policies, in accordance
       with its or their terms, to the maximum extent of the coverage available
       for any director or officer of the Company.

10.    LIMITATION PERIOD. No legal action shall be brought and no cause of
       action shall be asserted by or on behalf of the Company or any affiliate
       of the Company against the Indemnitee, the Indemnitee's spouse, heirs,
       executors or personal or legal representatives after the expiration of
       two years from the date of accrual of such cause of action. Any claim or
       cause of action of the Company or its affiliate shall be extinguished and
       deemed released unless asserted by the timely filing of a legal action
       within such two year period. If any shorter period of limitations is
       otherwise applicable to any such cause of action, such shorter period
       shall govern.

11.    SUBROGATION. In the event of payment under this Agreement, the Company
       shall be subrogated to the extent of such payment to all of the rights of
       recovery of the Indemnitee, who shall execute all papers required and
       shall do everything that may be necessary to secure such rights,
       including the execution of such documents necessary to enable the Company
       effectively to bring suit to enforce such rights.

12.    NO DUPLICATION OF PAYMENTS. The Company shall not be liable under this
       Agreement to make any payment in connection with any claim made against
       the Indemnitee to the extent the Indemnitee has otherwise actually
       received payment (under any insurance policy, under the Articles and
       Bylaws, otherwise) of the amounts otherwise indemnifiable hereunder.

13.    SPECIFIC PERFORMANCE. The parties recognize that if any provision of this
       Agreement is violated by the Company, the Indemnitee may be without an
       adequate remedy at law. Accordingly, in the event of any such violation,
       the Indemnitee shall be entitled, if the Indemnitee so elects, to
       institute proceedings, either in law or at equity, to obtain damages, to
       enforce specific performance, to enjoin such violation or to obtain any
       relief or any combination of the foregoing as the Indemnitee may elect to
       pursue.

14.    OTHER PROVISIONS.

14.1   This Agreement shall inure to the benefit of and be binding upon (i) the
       Company and its successors and assigns, including any direct or indirect
       successor by purchase, merger, consolidation or otherwise to all or
       substantially all of the business and/or assets of the Company, and (ii)
       the Indemnitee and the Indemnitee's spouse, heirs, and personal and legal
       representatives.


INDEMNIFICATION AGREEMENT  92.3274                                        PAGE 8

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                                                   INDEMNITEE: ARMAND S. SHAPIRO


14.2   All notices and statements with respect to this Agreement must be in
       writing and shall be delivered by certified mail return receipt
       requested; hand delivery with written acknowledgment of receipt; FAX
       transmission with machine-printed confirmation of delivery; or overnight
       courier with delivery-tracking capability. Notices to the Company shall
       be addressed to the Company's general counsel at the Company's
       then-current principal operating office. Notices to the Indemnitee may be
       delivered to the Indemnitee in person or to the Indemnitee's then-current
       home address as indicated on the Indemnitee's pay stubs or, if no address
       is so indicated, as set forth in the Company's payroll records.

14.3   This Agreement sets forth the entire agreement of the parties concerning
       the subjects covered herein; there are no promises, understandings,
       representations, or warranties of any kind concerning those subjects
       except as expressly set forth in this Agreement.

14.4   Any modification of this Agreement must be in writing and signed by all
       parties; any attempt to modify this Agreement, orally or in writing, not
       executed by all parties will be void.

14.5   If any provision of this Agreement, or its application to anyone or under
       any circumstances, is adjudicated to be invalid or unenforceable in any
       jurisdiction, such invalidity or unenforceability will not affect any
       other provision or application of this Agreement which can be given
       effect without the invalid or unenforceable provision or application and
       will not invalidate or render unenforceable such provision or application
       in any other jurisdiction.

14.6   This Agreement will be governed and interpreted under the laws of the
       United States of America and of the State of Texas as applied to
       contracts made and carried out in entirely Texas by residents of that
       State.

14.7   No failure on the part of any party to enforce any provisions of this
       Agreement will act as a waiver of the right to enforce that provision. No
       waiver of any of the provisions of this Agreement shall be deemed or
       shall constitute a waiver of any other provisions hereof (whether or not
       similar) nor shall such waiver constitute a continuing waiver.

14.8   This Agreement shall continue in effect regardless of whether the
       Indemnitee continues to serve as an officer, director, or employee of the
       Company (or at the Company's request, of any other enterprise).

14.9   Section headings are for convenience only and shall not define or limit
       the provisions of this Agreement.

14.10  This Agreement may be executed in several counterparts, each of which is
       an original. It shall not be necessary in making proof of this Agreement
       or any counterpart hereof to produce or account for any of the other
       counterparts. A copy of this Agreement manually signed by one party and
       transmitted to the other party by FAX or in image form via email shall be
       deemed to have been executed and delivered by the signing party as though
       an original. A photocopy of this Agreement shall be effective as an
       original for all purposes.

                            (Signature page follows)


INDEMNIFICATION AGREEMENT  92.3274                                        PAGE 9

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                                                   INDEMNITEE: ARMAND S. SHAPIRO


By signing this Agreement, the Indemnitee acknowledges that the Indemnitee (1)
has read and understood the entire Agreement; (2) has received a copy of it (3)
has had the opportunity to ask questions and consult counsel or other advisors
about its terms; and (4) agrees to be bound by it.

BINDVIEW CORPORATION, BY:                          INDEMNITEE


---------------------------                        ---------------------------
Eric J. Pulaski, President                         Signature
and Chief Executive Officer





INDEMNIFICATION AGREEMENT  92.3274                                       PAGE 10