Document:

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                                                                    EXHIBIT 10.4

                       PREFERRED STOCK PURCHASE AGREEMENT

                              GOMEZ ADVISORS, INC.

                      Series C Convertible Preferred Stock

                        Dated as of November 2, 1999 and
                         Amended as of December 30, 1999

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EXHIBITS
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<S>               <C>

EXHIBIT A         Purchasers

EXHIBIT B         Certificate of Designation of Series C Convertible Preferred Stock

EXHIBIT C         Form of Employee Confidentiality Agreement

EXHIBIT D         Form of Opinion of Company Counsel

EXHIBIT E         Form of Investor Rights Agreement

EXHIBIT F         Form of Certificate of Amendment to Restated Certificate of Incorporation
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SCHEDULES
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SCHEDULE 2.1               Foreign Qualifications

SCHEDULE 2.7               Material Agreements

SCHEDULE 2.12              Title to Assets

SCHEDULE 2.13              Intellectual Property Rights

SCHEDULE 2.14              Financial Information

SCHEDULE 2.15              Capitalization

SCHEDULE 2.18              Registration Rights

SCHEDULE 2.20              Transactions with Affiliates

SCHEDULE 2.21              Employees
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                       PREFERRED STOCK PURCHASE AGREEMENT

         THIS PREFERRED STOCK PURCHASE AGREEMENT (this "Agreement") is made as
of November 2, 1999 and amended as of December 30, 1999 by and among Gomez
Advisors, Inc., a corporation organized under the laws of Delaware (the
"Company"), and the Persons listed on EXHIBIT A hereto (individually, a
"Purchaser" and collectively, the "Purchasers").

         WHEREAS the Company desires to issue and sell to the Purchasers and the
Purchasers desire to acquire on the terms and subject to the conditions set
forth in this Agreement up to an aggregate amount of Five Million Eight Hundred
Eighty-Two Thousand Three Hundred Fifty-Three (5,882,353) shares of the
Company's Series C Convertible Preferred Stock, par value $.01 per share (the
"Series C Preferred Stock");

         NOW, THEREFORE, in consideration of the premises and the mutual
covenants contained in this Agreement the parties hereto agree as follows:

             ARTICLE 1 PURCHASE AND SALE OF SERIES C PREFERRED STOCK

         1.1 AUTHORIZATION OF SERIES C PREFERRED STOCK. The Company has, or
before the Initial Closing (as hereinafter defined) will have, authorized the
issuance and sale of up to Five Million Eight Hundred Eighty-Two Thousand Three
Hundred Fifty-Three (5,882,353) shares (the "Shares") of its Series C Preferred
Stock, having the rights, restrictions, privileges and preferences as set forth
in the Certificate of Designation attached to this Agreement as EXHIBIT B, as
amended pursuant to a Certificate of Amendment to Restated Certificate of
Incorporation in substantially the form of EXHIBIT F attached hereto.

         1.2 INITIAL CLOSING. Subject to the terms and conditions set forth in
this Agreement, and in reliance on the representations and warranties set forth
in this Agreement, the Company agrees to issue and sell to the Purchasers at the
Initial Closing (as hereinafter defined) and the Purchasers, severally but not
jointly, agree to purchase from the Company, that number of Shares set forth
opposite their respective names on EXHIBIT A under the caption "Number of Series
C Preferred Shares" at a purchase price per Share of Five Dollars and Ten Cents
($5.10). The purchase price of the Shares being acquired by each Purchaser is
set forth opposite such Purchaser's name on EXHIBIT A. The closing of the
purchase and sale of the Shares (the "Initial Closing") shall take place at the
offices of Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. at 10:00 a.m. on
November 2, 1999 (the "Initial Closing Date") or at such time and date
thereafter as the Purchasers and the Company may agree. At the Initial Closing,
the Company will deliver to each Purchaser certificates for the number of Shares
being purchased by such Purchaser registered in such Purchaser's name (or its
nominee), against delivery of a certified or bank check or checks payable to the
order of the Company, or a transfer of funds to the account of the Company by
wire transfer, representing the purchase price set forth opposite each such
Purchaser's name on EXHIBIT A.

         1.3 SUBSEQUENT CLOSINGS. At any time and from time to time, on or prior
to January 7, 2000, the Company may sell up to Four Million Eight Hundred
Thirty-Four Thousand One Hundred Seventy Five (4,834,175) Shares ("such Shares
being referred to as the "Additional Shares") to such

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Persons as may be approved by the Company's Board of Directors (the "Additional
Purchasers"), at a purchase price per Additional Share of Five Dollars and Ten
Cents ($5.10). All such sales shall be made subject to the terms and conditions
set forth in this Agreement and in reliance on the representations and
warranties set forth in this Agreement. The closing or closings of the purchase
and sale of Additional Shares (a "Subsequent Closing"), if any, shall take place
at the offices of Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. at such
time and date (a "Subsequent Closing Date") as such Additional Purchasers and
the Company may agree. At each Subsequent Closing, the Company shall issue and
sell to each such Additional Purchaser, and each such Additional Purchaser,
severally but not jointly, shall purchase from the Company, that number of
Additional Shares being purchased by such Additional Purchaser. At each
Subsequent Closing, the Company will deliver to each Additional Purchaser
certificates for the number of Additional Shares being purchased by such
Additional Purchaser registered in such Additional Purchaser's name (or its
nominee), against delivery of a certified or bank check or checks payable to the
order of the Company, or a transfer of funds to the account of the Company by
wire transfer, representing the purchase price for such Additional Shares. The
Initial Closing and the Subsequent Closings, if any, shall hereinafter be
referred to individually as a "Closing" and collectively as the "Closings". The
date of each Closing is hereinafter referred to as the Closing Date.

         In connection with the sale of Additional Shares to Additional
Purchasers, each such Additional Purchaser shall execute and deliver a
counterpart signature page hereto. In addition, each such Additional Purchaser
shall, if requested by the Company, execute a counterpart signature to the
Investor Rights Agreement to which the Purchasers are party, pursuant to which
such Additional Purchaser agrees to become a party to and be bound by the
provisions of this Agreement and the Investor Rights Agreement. Thereupon,
EXHIBIT A hereto shall be automatically amended without further action on the
part of any of the parties hereto to reflect the sale of Additional Shares to
each such Additional Purchaser. Upon each such Subsequent Closing, the Company
shall provide to each Purchaser a copy of EXHIBIT A as so amended. Upon the sale
of any Additional Shares to Additional Purchasers in accordance with this
Agreement, each such Additional Purchaser shall be deemed a Purchaser for all
purposes hereunder and under the Investor Rights Agreement.

         In connection with the sale of Additional Shares to any Additional
Purchaser, in the event that the Company agrees with any such Additional
Purchaser to terms or conditions that are more favorable than the terms and
conditions then contained herein or in the Investor Rights Agreement, the terms
and conditions herein and in the Investor Rights Agreement shall be amended or
modified to make such more favorable terms and conditions applicable to all
Purchasers.

         1.4 USE OF PROCEEDS. The Company agrees to use the net proceeds from
the sale of the Shares (i) to upgrade and market its products and services, (ii)
to develop and market new products and services, (iii) to add personnel, (iv) to
expand its facilities, and (v) for working capital and general corporate
purposes, including possible acquisitions of or investments in complementary
businesses, products or technologies.

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             ARTICLE 2. THE COMPANY'S REPRESENTATIONS AND WARRANTIES

         In order to induce the Purchasers to enter into this Agreement and to
consummate the transactions contemplated hereby, the Company hereby represents
and warrants to the Purchasers, as of the date hereof and as of the date of each
Closing, as follows (and, for purposes of this Article 2 the "Company" shall
refer to the Company and its Subsidiary and, where applicable, to the Company
and its Subsidiary on a consolidated basis):

         2.1 INCORPORATION, STANDING AND QUALIFICATION OF THE COMPANY. The
Company is a corporation duly incorporated, validly existing and in good
standing under the laws of its jurisdiction of organization. The Company has
requisite power and authority to own, lease and operate its properties and to
carry on its business as now being conducted and as proposed to be conducted.
The Company is qualified as a foreign corporation and in good standing in the
states listed on SCHEDULE 2.1. Except as set forth on SCHEDULE 2.1, the nature
of the Company's business and the ownership or lease of its property do not
require it to become qualified as a foreign corporation in any other state or
jurisdiction.

         2.2 SUBSIDIARIES. Other than Concord Bowling, Inc., a Delaware
corporation ("Concord"), the Company does not (i) own of record or beneficially,
directly or indirectly, (A) any shares of capital stock of any other corporation
or (B) any participating interest in any partnership, joint venture or other
non-corporate business enterprise, or (ii) control, directly or indirectly, any
other entity. All the outstanding shares of capital stock of Concord have been
duly authorized, are validly issued and are fully paid and non-assessable and
are owned of record by the Company, free and clear of any Lien.

         2.3 CORPORATE POWER AND AUTHORITY. The Company has the requisite power
and authority to execute and deliver this Agreement, the Shares, and the other
agreements and certificates contemplated hereby to which it is a party
(collectively, the "Related Agreements"), to perform its obligations hereunder
and thereunder and to engage in the transactions contemplated hereby and
thereby. The Company has taken all requisite corporate action to make all the
provisions of this Agreement, the Shares and the Related Agreements the valid
and enforceable obligations they purport to be. This Agreement is and, upon the
execution and delivery thereof, each of the Related Agreements will be, legal,
valid and binding obligations of the Company, enforceable in accordance with
their terms, subject to laws of general application from time to time in effect
affecting creditors' rights and the exercise of judicial discretion in
accordance with general equitable principles.

         2.4 CHARTER AND BY-LAWS; ASHTON STOCKHOLDERS AGREEMENT. The Company has
made available to each of the Purchasers true, correct and complete copies of
its Certificate of Incorporation and By-Laws, and all amendments to and
restatements of each as of the date hereof. Prior to the Closing, the Company
shall have properly filed amendments to the Certificate of Incorporation to
permit the Company to fulfill its obligations under this Agreement. The Company
has made available to each of the Purchasers a true, correct and complete copy
of the Stockholders Agreement (the "Original Ashton Stockholders Agreement")
dated as of January 22, 1999 by and among the Company, The Ashton Technology
Group, Inc. ("Ashton"), the Gomez Principals (as defined therein) and the Ashton
Executives (as defined therein), and the form of amended Ashton Stockholders
Agreement to be entered into by the parties thereto contemporaneously with the

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amendment of this Agreement (the Original Ashton Stockholders Agreement, as so
amended, being the "Ashton Stockholders Agreement").

         2.5      LITIGATION; COMPLIANCE WITH LAWS; BANKRUPTCY.

                  (a) LITIGATION. There is no action, suit, claim, litigation,
         proceeding, investigation, arbitration or governmental inquiry, at law
         or in equity, or before or by any Federal, state, municipal or other
         governmental department, commission, board, bureau, agency or
         instrumentality, domestic or foreign, or arbitration involving private
         parties (collectively, a "Proceeding") pending or, to the knowledge of
         the Company, threatened against the Company or affecting any of its
         properties or assets. There are no Proceedings pending or, or to the
         Company's knowledge, threatened which might call into question the
         validity of this Agreement, any of the Shares, any of the Related
         Agreements or any action taken or to be taken pursuant hereto or
         thereto. There is no Proceeding by the Company pending or threatened
         against others.

                  (b) COMPLIANCE WITH LAWS. The Company has complied in all
         material respects with, and is not in violation of or in default (with
         due notice or lapse of time or both) with respect to, all laws,
         governmental rules, governmental regulations, governmental orders,
         judgments, decrees, writs, injunctions and awards of any arbitration,
         court or governmental authority applicable to it and its business,
         which violation or default would have a material adverse impact on the
         Company, and the Company has all material permits, licenses and other
         authorizations required to conduct its business. There is no existing
         law, governmental rule, governmental regulation or governmental order
         applicable to or binding upon the Company, and the Company is not aware
         of any proposed law, governmental rule, governmental regulation or
         governmental order, whether Federal or state, which would prohibit or
         materially restrict the Company from, or otherwise materially adversely
         affect the Company in, conducting its business in any jurisdiction in
         which it is now conducting business.

                  (c) BANKRUPTCY. The Company has not admitted in writing its
         inability to pay its debts generally as they become due, filed or
         consented to the filing against it of a petition in bankruptcy or a
         petition to take advantage of any insolvency act, made an assignment
         for the benefit of creditors, consented to the appointment of a
         receiver for itself or for the whole or any substantial part of its
         property, or had a petition in bankruptcy filed against it, been
         adjudicated a bankrupt, or filed a petition or answer seeking
         reorganization or arrangement under the Federal bankruptcy laws or any
         other law or statute of the United States of America or any other
         jurisdiction.

         2.6 CONFLICTING AGREEMENTS; VIOLATIONS OF CHARTER PROVISIONS. The
Company is not bound by any agreement or instrument or subject to any charter or
other corporate restriction which materially and adversely affects the business,
properties, operations, condition, prospects or affairs, financial or otherwise,
of the Company. The Company is not in violation or default (with due notice or
lapse of time or both) of its charter, By-laws or other corporate restriction,
or of any agreement or instrument to which it is a party or by which it or any
of its assets is bound, except for violations or defaults of any agreement or
instrument other than the charter or By-laws which, individually or in the
aggregate, would not materially adversely affect the business, properties,
operations or

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condition, financial or otherwise, of the Company. Neither the authorization,
execution, delivery and performance of this Agreement or the Related Agreements,
nor the sale, issuance and delivery of the Shares, nor the consummation of the
transactions herein and therein contemplated, nor the fulfillment of or
compliance with the terms hereof and thereof, will conflict with or result in a
breach or default (with due notice or lapse of time or both) of any of the terms
of the charter or By-laws or any other corporate restriction, or of any statute,
law, rule or regulation, or of any judgment, decree, writ, injunction, order or
award of any arbitrator, court or governmental authority, or of any agreement or
instrument, which is applicable to the Company or by which the Company or any of
its assets is bound, or constitute a default (with due notice or lapse of time
or both) thereunder, or result in the creation or imposition of any Lien upon
any of the assets of the Company.

         2.7 MATERIAL AGREEMENTS. Except as set forth in SCHEDULE 2.7, the
Company is not a party to any written or oral contract, instrument, agreement,
commitment, obligation, plan or arrangement (x) between the Company and any
Affiliate of the Company, (y) requiring the Company to pay, or entitling the
Company to receive, more than $250,000 in any consecutive twelve (12) month
period or (z) not entered into in the ordinary course of business, consistent
with past practice (collectively, the "Material Agreements"). Each of the
Material Agreements is in full force and effect with no default (without regard
to notice or lapse of time or both) by the Company or, to the knowledge of the
Company, by any other party thereto. There is no anticipated or threatened
default or material failure of performance or observance of any obligations or
conditions contained in the Material Agreements by the Company or, to the
knowledge of the Company, by any other party thereto, and none of the foregoing
parties nor the Company has provided any notice of default or of its intention
to terminate these agreements.

         2.8 GOVERNMENTAL APPROVALS. Subject to the accuracy of the
representations and warranties of the Purchasers set forth in Article 3, no
registration or filing with, or consent or approval of or other action by, any
Federal, state or other governmental agency or instrumentality, domestic or
foreign, under laws and regulations thereof as now in effect is or will be
necessary for the valid execution, delivery and performance by the Company of
this Agreement, or any of the Related Agreements, the issuance, sale and
delivery of the Shares and the Conversion Shares, other than (i) filings
pursuant to state securities laws (all of which filings have been made by the
Company or will be made within the period of time required by such state
securities laws) in connection with the sale of the Shares and (ii) with respect
to the Investor Rights Agreement, the registration of the shares covered thereby
with the Commission and filings pursuant to state securities laws, and any other
registration or filing, or consent or approval or other action as a result of or
associated with any purchase or sale of securities in accordance therewith.

         2.9 TAX RETURNS AND PAYMENTS. The Company has accurately prepared and
timely filed all required tax returns and reports (other than those not required
to be filed by applicable law or regulation) and has paid, or adequately
provided for the payment of, all taxes, assessments and other governmental
charges imposed upon it or upon any of its assets, income or franchises, other
than any such charges that are currently payable without penalty or interest,
including, without limitation, all taxes which the Company is obligated to
withhold from amounts owing to employees, creditors and third parties. Adequate
reserves have been established for all taxes accrued but not yet payable. The
Federal income tax returns of the Company have never been audited by the
Internal Revenue Service or other taxing authority, domestic or foreign. No
deficiency assessment with

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respect to, or proposed adjustment of, the Company's Federal, state, county or
local taxes, domestic or foreign, is pending or threatened. There is no tax
lien, whether imposed by any Federal, state, county or local taxing authority,
outstanding against the assets, properties or business of the Company.

         2.10 ISSUANCE TAXES. All taxes imposed by law in connection with the
issuance, sale and delivery of the Shares have been fully paid, and all laws
imposing such taxes have been fully complied with.

         2.11 ERISA. The Company does not make nor has it any present intention
of making any contributions to any employee pension benefit plans for its
employees which are or would be subject to the Employee Retirement Income
Security Act of 1974, as amended.

         2.12 TITLE TO ASSETS. The Company has good and marketable title in fee
to its real property and good and merchantable title to all of its assets free
of any Liens except (i) Liens not material to the Company or any property to
which such Liens relate or Liens for current taxes not yet due and payable, and
(ii) those encumbrances listed on SCHEDULE 2.12 hereto. The Company enjoys
peaceful and undisturbed possession under all leases (both capital and operating
leases) under which it is operating, and all said leases are valid and
subsisting and in full force and effect.

         2.13 INTELLECTUAL PROPERTY RIGHTS. The Company owns or has a valid
right to use the Intellectual Property Rights being used and proposed to be used
to conduct its business as now conducted and as now proposed to be conducted. To
the Company's knowledge, the conduct of the Company's business as now operated
and as now proposed to be operated does not and is not expected to conflict with
or infringe upon the Intellectual Property Rights of others. Except as specified
on SCHEDULE 2.13, the Company has no obligation to compensate any Person for the
use of any such Intellectual Property Rights, and the Company has not granted to
or assigned to any Person any license or other right to use any of the
Intellectual Property Rights of the Company or otherwise licensed from others
the Intellectual Property Rights of third parties, whether requiring the payment
of royalties or not.

         The Company has taken all reasonable measures to protect and preserve
the security, confidentiality and value of its Intellectual Property Rights,
including its trade secrets and other confidential information. All employees of
the Company have executed the Company's standard form of Confidentiality
Agreement in the form attached hereto as EXHIBIT C. To the Company's knowledge,
all trade secrets and other confidential information of the Company are
presently valid and protectable and are not part of the public domain or
knowledge, nor have they been used, divulged or appropriated for the benefit of
any Person other than the Company or otherwise to the detriment of the Company.
The Company is the exclusive owner of all right, title and interest in the
Intellectual Property Rights purported to be owned by the Company, and such
Intellectual Property Rights are valid and in full force and effect. There is no
litigation pending or, to the Company's knowledge, threatened that the
Intellectual Property Rights owned or licensed by the Company or the use or
ownership thereof by the Company infringes, violates or conflicts with any such
right of any third party or are invalid or unenforceable.

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         2.14 FINANCIAL INFORMATION. The Company has furnished the Purchasers
with the Company's audited financial statements as of and for the year ended
March 31, 1999 and Company's unaudited financial statements for the quarters
ended June 30, 1999 and September 30, 1999 (collectively, the "Financial
Statements"). The Financial Statements have been prepared in accordance with
generally accepted accounting principles consistently applied, except for the
absence of footnotes and any year-end adjustments, and fairly present the
financial position of the Company as of such dates and the results of its
operations for the periods stated. Except as set forth in SCHEDULE 2.14 or as
reflected in the Financial Statements, the Company has not incurred any
indebtedness for money borrowed or any other liabilities except in the ordinary
course of business.

         2.15 CAPITALIZATION; STATUS OF CAPITAL STOCK. The Company has a total
authorized capitalization consisting of Fifty Million (50,000,000) shares of
Common Stock, of which 3,684,000 shares were issued and outstanding on November
2, 1999 and 3,695,666 shares were issued and outstanding on December 30, 1999,
and Ten Million (10,000,000) shares of preferred stock, $.01 par value per
share, of which (a) 10,000 shares are designated as Series A Convertible Voting
Preferred Stock, of which 4,905 shares are issued and outstanding, (b) 1,300,000
shares are designated as Series B Convertible Preferred Stock, of which
1,100,000 shares are issued and outstanding and (c) 6,000,000 shares are
designated as Series C Convertible Preferred Stock, of which 1,067,782 shares
were issued and outstanding as of December [30], 1999. Set forth on SCHEDULE
2.15 is a list of all such shares owned by Ashton, the Ashton Executives, the
Gomez Founders as of December 30, 1999, as well as the number of stock options
reserved and outstanding under the stock plans referred to below. All the
outstanding shares of capital stock of the Company have been duly authorized,
are validly issued and are fully paid and non-assessable. As of immediately
prior to the Closing, the designations, powers, preferences, rights,
qualifications, limitations and restrictions in respect of the authorized
capital stock of the Company will be as set forth in the Company's charter, and
all such designations, powers, preferences, rights, qualifications, limitations
and restrictions will be valid, binding and enforceable and in accordance with
all applicable laws. The Shares, when issued and delivered in accordance with
the terms hereof, and the shares of Common Stock when issued and delivered upon
the conversion of the Shares (as adjusted from time to time in accordance the
Certificate of Incorporation, as amended, the "Conversion Shares"), will be duly
authorized, validly issued, fully paid and non-assessable and will be free and
clear of all Liens or restrictions imposed by or through the Company except as
set forth in this Agreement and the Investor Rights Agreement. The Conversion
Shares have been duly reserved for issuance.

         Except for the Shares and as set forth on SCHEDULE 2.15, there are no
subscriptions, options, warrants or other rights (contingent or otherwise) to
purchase or otherwise acquire shares of capital stock or other securities of the
Company authorized, issued or outstanding, nor is the Company obligated in any
other manner to issue shares of its capital stock, subscriptions, warrants,
options, convertible securities, or other such rights or to distribute to
holders of any of its equity securities any evidence of Indebtedness or asset.
As of the date hereof, 600, 000 shares of Common Stock remain reserved for
issuance pursuant to the Company's 1998 Stock Plan (the "1998 Stock Plan"),
567,000 of which are subject to stock options outstanding as of December 30,
1999. As of the date hereof, 3,003,000 shares of Common Stock are reserved for
issuance pursuant to the Company's 1999 Long Term Incentive Stock Plan (the
"1999 LTI Plan"), all of which are subject to stock options outstanding as of
December 30,1999. As of the date hereof, 3,000,000 shares of Common

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Stock are reserved for issuance pursuant to the Company's 1999 Stock Plan (the
"1999 Stock Plan"), 855,000 of which are subject to stock options outstanding as
of December 30, 1999. Except as set forth in SCHEDULE 2.15 or contemplated by
this Agreement or the Ashton Stockholders Agreement, (i) there are no
restrictions on the transfer of shares of capital stock of the Company other
than those imposed by relevant state and Federal securities laws and (ii) there
are no agreements, understandings, proxies, trusts or other collaborative
arrangements concerning the voting, pledge or purchase and sale of the capital
stock of the Company. Except as set forth in SCHEDULE 2.15 or the Investor
Rights Agreement, no holder of any security of the Company is entitled to
preemptive, first refusal or similar statutory or contractual rights, either
arising pursuant to any agreement or instrument to which the Company is a party,
or which are otherwise binding upon the Company, or to the best of the Company's
knowledge, to which any other Person is a party. Except as provided for in the
Certificate of Incorporation, as amended, or as contemplated by the Ashton
Stockholders Agreement, or as set forth in the attached SCHEDULE 2.15, the
Company has no obligation (contingent or otherwise) to purchase, redeem or
otherwise acquire any of its equity securities or any interest therein or to pay
any dividend or make any other distribution in respect thereof. Assuming the
representations and warranties of the purchasers thereof were true when made,
the offer and sale of all capital stock and other securities of the Company
issued before the Closing complied with or were exempt from all applicable
Federal and state securities laws and no stockholder has a right of rescission
or damages with respect thereto. Assuming the representations and warranties of
the Purchasers contained in Article 3 of this Agreement are true when made, the
offer and sale of the Shares will comply with or be exempt from all applicable
Federal and state securities laws and no Purchaser will have a right of
rescission or damages with respect thereto.

         2.16 SECURITIES LAWS. The Company has complied and will comply with all
applicable Federal and state securities laws in connection with the offer,
issuance and sale of the Shares and Conversion Shares hereunder. Neither the
Company nor anyone authorized to act on its behalf has or will sell, offer to
sell or solicit offers to buy the Shares or Conversion Shares or similar
securities thereto, or solicit offers with respect thereto from, or enter into
any preliminary conversations or negotiations relating thereto with, any Person,
so as to bring the issuance and sale of the Shares or Conversion Shares under
the registration provisions of the Securities Act and applicable state
securities laws (including, without limitation, any offer, other issuance or
sale of any security of the Company under circumstances that might require the
integration of the offering of such security with the offering of the Shares or
Conversion Shares under the Securities Act or the rules and regulations
thereunder).

         2.17 INSURANCE. The Company carries insurance with financially sound
and reputable insurance companies or associations in such amounts and covering
such risks as are adequate and customary for the type and scope of its property
and business, but in any event in amounts sufficient to prevent the Company from
becoming a co-insurer.

         2.18 REGISTRATION RIGHTS. Other than pursuant to the terms of the
Investor Rights Agreement and the Ashton Stockholders Agreement, and other than
as set forth on SCHEDULE 2.18 attached hereto, no Person has demand or similar
rights to cause the Company to file any registration statement under the
Securities Act relating to any securities of the Company or any right to
participate in any such registration.

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         2.19 NO BROKER. Except with respect to BancBoston Robertson Stephens,
the Company has no contract, arrangement or understanding with any broker,
finder, agent, financial advisor or other intermediary with respect to the
transactions contemplated by this Agreement.

         2.20 TRANSACTIONS WITH AFFILIATES. Except as set forth in SCHEDULE
2.20, neither the Company nor, to the Company's knowledge, any of the customers
and suppliers of the Company, is a party to or bound by any agreement with any
Affiliate of the Company. All of the agreements identified on SCHEDULE 2.20
hereto were entered into by the Company in good faith and are on terms no less
favorable to the Company than those which the Company could have obtained from
non-Affiliates.

         2.21 EMPLOYEES. Except as set forth in SCHEDULE 2.21, no employee of
the Company has an employment agreement or understanding, whether oral or
written, with the Company which is not terminable on notice by the Company
without cost or other liability to the Company. Except as set forth in SCHEDULE
2.21, no employee of the Company has advised the Company (orally or in writing)
that he or she intends to terminate employment with the Company. The Company has
complied in all material respects with all applicable laws, domestic and
foreign, relating to the employment of labor, including provisions relating to
wages, hours, equal opportunity, collective bargaining and the payment of Social
Security and other taxes, and with ERISA.

         2.22 LABOR RELATIONS. No labor union or any representative thereof has
made any attempt to organize or represent employees of the Company. There are no
unfair labor practice charges, pending trials with respect to unfair labor
practice charges, pending grievance proceedings or adverse decisions of any
labor relations board against the Company or relating to the Company's employees
or consultants. The Company is not in violation in any material respect of any
applicable statute, law or regulation relating to occupational safety and
health. Furthermore, to the knowledge of the Company, relations with employees
and consultants of the Company are good and there is no reason to believe that
any labor difficulties will arise in the foreseeable future.

         2.23 ASSUMPTIONS OR GUARANTIES OF INDEBTEDNESS OF OTHER PERSONS. The
Company has not assumed, guaranteed, endorsed or otherwise become directly or
contingently liable on (including, without limitation, liability by way of
agreement, contingent or otherwise, to purchase, to provide funds for payment,
to supply funds to or otherwise invest in any debtor or otherwise to assure any
creditor against loss) any Indebtedness of any other Person.

         2.24 LOANS AND ADVANCES. The Company has not made any loan or advance
to any Person nor is the Company obligated or committed to make any such loan or
advance.

         2.25 BOOKS AND RECORDS. The books of account, ledgers, order books,
records and documents of the Company accurately and completely reflect all
material information relating to the business of the Company, the nature,
acquisition, maintenance, location and collection of the assets of the Company,
and all transactions giving rise to the obligations or accounts receivable of
the Company.

         2.26 FOREIGN CORRUPT PRACTICES ACT. The Company is not engaged, nor has
any officer, director, employee or agent of the Company engaged, in any act or
practice which would constitute a violation of the Foreign Corrupt Practices Act
of 1977, or any rules or regulations promulgated

                                       9
<PAGE>

thereunder. There is not now, and there never has been, any employment by the
Company of, or any beneficial ownership in the Company by, any governmental or
political official in any country in the world.

         2.27 U.S. REAL PROPERTY HOLDING CORPORATION. The Company is not now nor
has it ever been a "United States real property holding corporation", as defined
in Section 897(c)(2) of the Internal Revenue Code of 1986, as amended and
Section 1.897-2(b) of the Regulations promulgated by the Internal Revenue
Service.

         2.28 ENVIRONMENTAL MATTERS. The Company is not in violation of any
applicable statute, law or regulation relating to the environment or
occupational safety and health, which violation would have a material adverse
effect on the Company and, to the knowledge of the Company, no material
expenditures will be required in order to comply with any such statute, law or
regulation.

         2.29 YEAR 2000 COMPLIANCE. The hardware, software and software products
(the "Systems") used by the Company are, and will be, able to accurately (i)
process any date rollover, (ii) process calculations or computations regardless
of the dates used in such calculations whether before, on or after January 1,
2000, (iii) accept and respond to two digit year date input in a manner which
resolves any ambiguities as to the century in an appropriate manner and (iv)
store and display date data in a manner which is unambiguous as to the century,
provided in all such cases, (1) third party hardware and software used in
conjunction with the Systems (a) can accurately perform in accordance with
clauses (i) through (iv) above and (b) do not affect the performance of the
Systems and (2) the Systems have not been modified without the active
involvement of the Company. This representation is subject to the Year 2000
Information and Readiness Disclosure Act (Public Law 105-271).

         2.30 SMALL BUSINESS CONCERN. The Company together with its "affiliates"
(as that term is defined in Section 121.103 of Title 13 of the Code of Federal
Regulations) is a "small business concern" within the meaning of the Small
Business Act of 1958, as amended ("SBIA"), and the regulations thereunder (the
"SBIC Regulations"), including Title 13, C.F.R. ss. 121.301(c). The information
pertaining to the Company set forth in Small Business Administration Forms 480,
652 and 1031 delivered to each Purchaser that is a Small Business Investment
Company ("SBIC") licensed by the United States Small Business Administration
(each an "SBIC Purchaser") is accurate and complete. Neither the Company nor any
subsidiary of the Company presently engages in, or shall hereafter engage in,
any activities, nor shall the Company or any subsidiary of the Company use the
proceeds of the sale of the Shares directly or indirectly for any purpose for
which an SBIC is prohibited from providing funds by the regulations under the
SBIC Regulations (including, without limitation, 13 C.F.R. ss. 107.720). To the
best knowledge of the Company, each SBIC that owns any securities issued by the
Company, together with a description of the kinds and amounts of securities
held, are listed on SCHEDULE 2.30 hereto.

2.31 ASHTON EXECUTIVES AND ASHTON SHARES. SCHEDULE 2.15 sets forth all shares of
Common Stock owned by the Ashton Executives as of December 30, 1999. Each of
such Ashton Executives is a party to, and bound by the provisions of, the Ashton
Stockholders Agreement, and each of such shares of Common Stock constitute
"Ashton Executive Shares" as defined in and for purposes of

                                       10
<PAGE>

the Ashton Stockholders Agreement. The Ashton Stockholders Agreement constitutes
the legal, valid and binding obligations of each Ashton Executive, enforceable
in accordance with its terms, subject to laws of general application from time
to time in effect affecting creditors' rights and the exercise of judicial
discretion in accordance with general equitable principles.

            ARTICLE 3. THE PURCHASERS' REPRESENTATIONS AND WARRANTIES

         Each Purchaser severally, but not jointly, represents and warrants to
the Company solely as to itself as follows:

         3.1 INVESTMENT REPRESENTATIONS. The Purchaser's present intention is to
acquire the Shares to be acquired by it for its own account and the Shares are
being and will be acquired by it for the purpose of investment and not with a
view to distribution or resale thereof. The acquisition by the Purchaser of the
Shares acquired by it shall constitute a confirmation of this representation by
such Purchaser. The Purchaser further represents that it understands and agrees
that, except as otherwise provided in the Investor Rights Agreement, all
certificates evidencing any of the Shares or Conversion Shares, whether upon
initial issuance or upon any transfer thereof, shall bear a legend, prominently
stamped or printed thereon, reading substantially as follows:

         "The securities represented by this certificate have not been
         registered under the Securities Act of 1933 or any other securities
         laws. These securities have been acquired for investment and not with a
         view to distribution or resale. Such securities may not be offered for
         sale, sold, delivered after sale, transferred, pledged or hypothecated
         in the absence of an effective registration statement covering such
         securities under the Securities Act of 1933 and any other applicable
         securities laws, unless the holder shall have obtained an opinion of
         counsel reasonably satisfactory to the corporation that such
         registration is not required or the transferee is an Affiliate of the
         holder."

         3.2 ACCESS TO INFORMATION. The Purchaser acknowledges that such
Purchaser, during the course of this transaction and prior to the purchase of
any Shares, has had the opportunity to ask questions of and receive answers from
representatives of the Company concerning the terms and conditions of the
offering of the Shares and to obtain additional information, documents, records
and books relative to the Company, its business and an investment in the
Company.

         3.3 ACCREDITED INVESTOR STATUS. The Purchaser is an "accredited
investor" as that term is defined in Rule 501 of Regulation D promulgated under
the Securities Act.

         3.4 TRANSFER RESTRICTIONS IMPOSED BY SECURITIES LAWS. The Purchaser
understands that none of the Shares and Conversion Shares have been registered
under the Securities Act or any other applicable securities laws and, therefore,
cannot be resold unless they are subsequently registered under the Securities
Act and other applicable securities laws or unless an exemption from such
registration is available. The Purchaser agrees not to resell or otherwise
dispose of all or any part of the Shares purchased by it or the Conversion
Shares, except as permitted by law, including, without limitation, any
regulations under the Securities Act and other applicable securities laws; the
Company does not have any present intention and is under no obligation to
register the Shares or

                                       11
<PAGE>

Conversion Shares under the Securities Act and other applicable securities laws,
except as provided in the Investor Rights Agreement.

                          ARTICLE 4. CLOSING CONDITIONS

         4.1 CONDITIONS TO THE PURCHASERS' OBLIGATIONS. Each Purchaser's
obligation to purchase and pay for the Shares to be purchased by it at the
Closing is subject to the complete satisfaction by the Company, on or before
such Closing, of the following conditions:

                  (a) OPINION OF COMPANY'S COUNSEL. Each Purchaser shall each
         have received from Mintz Levin Cohn Ferris Glovsky and Popeo, P.C.,
         counsel for the Company, an opinion, dated the date of the Closing
         Date, in the form set forth in EXHIBIT D hereto with respect to the
         Closing.

                  (b) REPRESENTATIONS AND WARRANTIES; OFFICER'S CERTIFICATE. The
         Company's representations and warranties contained in Article 2 shall
         be true and correct on and as of the date of the Closing with the same
         effect as if made on and as of the date of the Closing. All agreements
         and conditions to be performed or satisfied by the Company hereunder on
         or before the date of the Closing shall have been duly performed or
         satisfied. The Company shall have delivered to each Purchaser a
         certificate, dated the date of the Closing and signed by the President
         of the Company, to such effect.

                  (c) CONSENTS AND APPROVALS. The Company shall have delivered
         to each Purchaser a certificate, dated the date of the Closing and
         signed by the President of the Company, listing any consents, waivers,
         approvals, authorizations, registrations, filings and notifications of
         the character referred to in Section 2.6 or 2.8 which are necessary, to
         which shall be attached evidence, satisfactory to each Purchaser, that
         the same have been obtained or made and are in full force and effect,
         or stating that none is necessary.

                  (d) CHARTER OF THE COMPANY. The Purchasers and their counsel
         shall have received a copy of the charter documents of the Company
         thereof, amended as necessary to permit the Company to fulfill its
         obligations under this Agreement and certified as of a recent date by
         the Delaware Secretary of State.

                  (e) CLOSING DOCUMENTS. The Purchasers and their counsel shall
         have received such certificates as to the good standing of the Company
         and certificates of officers of the Company as counsel to the
         Purchasers may reasonably request.

                  (f) PROCEEDINGS AND DOCUMENTS. All corporate and other
         proceedings and all documents incident to the transactions contemplated
         by this Agreement and the other agreements contemplated hereby shall be
         satisfactory in form and substance to each Purchaser and its counsel,
         and each Purchaser and its counsel shall have received copies of all
         documents and records relating thereto.

                  (g) INVESTOR RIGHTS AGREEMENT. Each of the Purchasers and the
         Company shall have entered into Investor Rights Agreement in the form
         attached as EXHIBIT E hereto.

                                       12
<PAGE>

         4.2 CONDITIONS TO THE COMPANY'S OBLIGATIONS. The Company's obligation
to issue the Shares to the Purchasers at the Closing is subject to the
satisfaction of the following conditions:

                  (a) REPRESENTATIONS AND WARRANTIES. The representations and
         warranties of each Purchaser contained in Article 3 shall be true,
         correct and complete in all material respects on and as of the date of
         the Closing with the same force and effect as if they had been made on
         and as of the date of the Closing.

                  (b) PAYMENT OF PURCHASE PRICE. Each Purchaser shall have
         delivered to the Company and the Company shall have received payment in
         full of the purchase price relating to the number of Shares to be
         purchased by such Purchaser at the Closing.

                             ARTICLE 5. DEFINITIONS

         5.1 DEFINITIONS. Except as otherwise defined in this Agreement or as
the context may otherwise require, the following terms shall have the respective
meanings set forth below whenever used in this Agreement:

                  "AFFILIATE" has the meaning ascribed to that term in Rule
         12b-2 under the Exchange Act or any successor rule.

                  "CLOSING" shall have the meaning assigned to that term in
         Section 1.3 of this Agreement.

                  "CLOSING DATE" shall have the meaning assigned to that term in
         Section 1.3 of this Agreement.

                  "COMMISSION" shall mean the Securities and Exchange Commission
         and any successor agency of the Federal government administering the
         Securities Act and the Exchange Act.

                  "CONVERSION SHARES" shall have the meaning assigned to that
         term in Section 2.15 of this Agreement.

                  "EXCHANGE ACT" shall mean the Securities Exchange Act of 1934,
         as amended, and any similar or successor Federal statute, and the rules
         and regulations of the Commission thereunder, all as the same shall be
         in effect from time to time.

                  "GUARANTEE" shall mean any obligation, contingent or
         otherwise, of any Person guaranteeing or having the economic effect of
         guaranteeing any Indebtedness of any other Person in any manner,
         whether directly or indirectly, and including, without limitation, any
         obligation of such Person, direct or indirect, (i) to purchase or pay
         (or advance or supply funds for the purchase or payment of) such
         Indebtedness or to purchase (or to advance or supply funds for the
         purchase of) any security for the payment of such Indebtedness, (ii) to
         purchase property, securities or services for the purpose of assuring
         the owner of such Indebtedness of the payment of such Indebtedness, or
         (iii) to maintain working capital, equity capital or other financial
         statement condition of the primary obligor so as to enable

                                       13
<PAGE>

         the primary obligor to pay such Indebtedness; provided, however, that
         the term "Guarantee" shall not include endorsements for collection or
         deposit, in either case, in the ordinary course of business.

                  "INDEBTEDNESS" shall mean, with respect to any Person, (i) all
         obligations of such Person for borrowed money, or with respect to
         deposits or advances of any kind (other than deposits, advances or
         excess payments accepted in connection with the sale by such Person of
         products or services in the ordinary course of business), (ii) all
         obligations of such Person evidenced by bonds, debentures, notes or
         similar instruments, (iii) all obligations of such Person upon which
         interest charges are customarily paid (other than obligations accepted
         in connection with the purchase by such Person of products or services
         in the ordinary course of business), (iv) all obligations of such
         Person under conditional sale or other title retention agreements
         relating to property purchased by such Person, (v) all obligations of
         such Person issued or assumed as the deferred purchase price of
         property or services (other than accounts payable to suppliers incurred
         in the ordinary course of business and paid when due), (vi) all
         Indebtedness of others secured by (or for which the holder of such
         Indebtedness has an existing right, contingent or otherwise, to be
         secured by) any Lien or security interest on property owned or acquired
         by such Person whether or not the obligations secured thereby have been
         assumed, (vii) all obligations of such Person under leases required to
         be accounted for as capital leases under generally accepted accounting
         principles, and (viii) all Guarantees of such Person.

                  "INTELLECTUAL PROPERTY RIGHTS" shall mean any and all, whether
         domestic or foreign, patents, patent applications, patent rights, trade
         secrets, confidential business information, algorithms, copyrights,
         mask works, claims of infringement against third parties, licenses,
         permits, license rights to or of technologies, contract rights with
         employees, consultants or third parties, tradenames, trademarks,
         trademark applications, trademark rights, inventions and discoveries,
         and other such rights generally classified as intangible, intellectual
         property assets in accordance with generally accepted accounting
         principles.

                  "INVESTMENT" shall mean, with respect to any Person, any loan,
         advance or extension of credit (other than in connection with the sale
         by such Person of products or services in the ordinary course of
         business) by such Person to, and any Guarantee or other contingent
         liability with respect to the capital stock, Indebtedness or other
         obligations of, and any contributions to the capital of, any other
         Person, as well as any ownership, purchase or other acquisition by such
         Person of any interest in any capital stock or other securities of any
         such other Person as well as any transfer or sale (other than in
         connection with the sale by such Person of products or services in the
         ordinary course of business) of property by such Person to any other
         Person other than upon full payment, in cash, of not less than the
         agreed sale price or the fair value of such property, whichever is
         higher.

                  "LIEN" shall mean: (i) any interest in property (whether real,
         personal or mixed and whether tangible or intangible) which secures an
         obligation owed to, or a claim by, a Person other than the owner of
         such property, whether such interest is based on the common law,
         statute or contract, including, without limitation, any such interest
         arising from a lease, mortgage, charge, pledge, security agreement,
         conditional sale, trust receipt or deposit in trust, or arising from a
         consignment of bailment given for security purposes (other than a

                                       14
<PAGE>

         trust receipt or deposit given in the ordinary course of business
         which does not secure any obligation for borrowed money), (ii) any
         encumbrance upon such property which does not secure such an
         obligation, and (iii) any exception to or defect in the title to or
         ownership interest in such property, including, without limitation,
         reservations, rights of entry, possibilities of reverter,
         encroachments, easements, rights of way, restrictive covenants and
         licenses. For purposes of this Agreement, any Person shall be deemed
         to be the owner of the leasehold or other interest in any property
         which it has acquired or holds subject to a lease and the owner of any
         property which it has acquired or holds subject to a conditional sale
         agreement or other similar arrangement pursuant to which title to the
         property has been retained by or vested in some other Person for
         security purposes.

                  "PERSON" shall include any individual, a corporation, an
         association, a partnership, a trust or estate, a government and any
         agency or political subdivision thereof, or any other entity.

                  "SECURITIES ACT" shall mean the Securities Act of 1933, as
         amended, and any similar or successor Federal statute, and the rules
         and regulations of the Commission thereunder, all as the same shall be
         in effect from time to time.

                  "STOCK PLAN" shall have the meaning assigned to that term in
         Section 2.15 of this Agreement.

                  "SUBSIDIARY" or "SUBSIDIARIES" shall mean any corporation,
         partnership, trust or other entity of which the Company and/or any of
         its other Subsidiaries directly or indirectly owns at the time a
         majority of the outstanding shares of any class of equity security of
         such corporation, partnership, trust or other entity.

         5.2 ACCOUNTING PRINCIPLES. The character or amount of any asset,
liability, capital account or reserve and of any item of income or expense
required to be determined pursuant to this Agreement, and any consolidation or
other accounting computation required to be made pursuant to this Agreement, and
the construction of any definition in this Agreement containing a financial
term, shall be determined or made, as the case may be, in accordance with
generally accepted accounting principles, to the extent applicable, unless such
principles are inconsistent with the express requirements of this Agreement.

                            ARTICLE 6. MISCELLANEOUS

         6.1 NOTICES. All notices, requests, consents and other communications
hereunder shall be in writing, shall be addressed to the receiving party's
address set forth below or to such other address as a party may designate by
notice hereunder, and shall be either (i) delivered by hand, (ii) made by
telecopy or facsimile transmission, (iii) sent by overnight courier, or (iv)
sent by certified mail, return receipt requested, postage prepaid.

         If to a Purchaser:         To its address set forth on EXHIBIT A:

         If to the Company:         Gomez Advisors, Inc
                                    55 Old Bedford Road

                                       15
<PAGE>

                           Lincoln, MA  01773
                           Tel:  (781) 257-2000
                           Fax:  (781) 257-2550
                           Attn:  General Counsel

         With a copy to:   Mintz Levin Cohn Ferris Glovsky and Popeo. P.C.
                           One Financial Center
                           Boston, MA 02111
                           Tel: (617) 542-6000
                           Fax: (617) 542-2241
                           Attn:  Lewis J. Geffen, Esq.

         All notices, requests, consents and other communications hereunder
shall be deemed to have been given (i) if by hand, at the time of the delivery
thereof to the receiving party at the address of such party set forth above,
(ii) if made by telecopy or facsimile transmission, at the time that receipt
thereof has been acknowledged by electronic confirmation or otherwise, (iii) if
sent by overnight courier, on the next business day (or if sent overseas, on the
second business day) following the day such notice is delivered to the courier
service, or (iv) if sent by registered or certified mail, on the 5th business
day (or if sent overseas, on the 10th business day) following the day such
mailing is made.

         6.2 ENTIRE AGREEMENT. This Agreement, together with the Exhibits and
Schedules hereto, and the other agreements executed and delivered herewith
embody the entire agreement and understanding between the Purchasers and the
Company, and supersede all prior oral or written agreements and understandings
relating to the subject matter hereof. No statement, representation, warranty,
covenant or agreement of any kind not set forth in this Agreement, including the
Exhibits and Schedules hereto, shall affect, or be used to interpret, change or
restrict, the express terms and provisions of this Agreement.

         6.3 MODIFICATIONS AND AMENDMENTS. This Agreement may not be amended or
modified, and no provision hereof may be waived, without the written consent of
the Company and the holders of at least a majority of the outstanding Series C
Preferred Stock. Any waiver or consent hereunder shall be effective only in the
specific instance and for the purpose for which it was given, and shall not
constitute a continuing waiver or consent.

         6.4 WAIVERS AND CONSENTS. Any waiver or consent hereunder shall be
effective only in the specific instance and for the purpose for which it was
given, and shall not constitute a continuing waiver or consent. Notwithstanding
the consummation of the transactions contemplated hereby, no Purchaser waives or
relinquishes any right it may have or may acquire against the Company or any of
its Affiliates or agents in connection with the acquisition of Series C
Preferred Stock by such Purchaser, or the ownership thereof. All such rights
shall remain unimpaired by the execution of this Agreement and the consummation
of the transactions contemplated hereby.

         6.5 BINDING EFFECT, ASSIGNMENT. This Agreement shall be binding upon
and inure to the benefit of the Company, and the Purchasers and their respective
heirs, successors (including, without limitation, by sale or transfer of all or
substantially all assets, merger or consolidation) and assigns, except that the
Company shall not have the right to delegate its obligations hereunder or to

                                       16
<PAGE>

assign its rights hereunder or any interest herein except by a consent complying
with Section 6.3 above.

         6.6 GOVERNING LAW. This Agreement and the rights and obligations of the
parties hereunder shall be construed in accordance with and governed by the law
of The Commonwealth of Massachusetts without giving effect to the conflict of
law principles thereof.

         6.7 SEVERABILITY. In the event that any court of competent jurisdiction
shall determine that any provision, or any portion thereof, contained in this
Agreement shall be unenforceable in any respect, then such provision shall be
deemed limited to the extent that such court deems it enforceable, and as so
limited shall remain in full force and effect. In the event that such court
shall deem any such provision, or portion thereof, wholly unenforceable, the
remaining provisions of this Agreement shall nevertheless remain in full force
and effect.

         6.8 INTERPRETATION. The parties hereto acknowledge and agree that (i)
each party and its counsel, if so represented, reviewed and negotiated the terms
and provisions of this Agreement excluding Schedules and Exhibits and have
contributed to its revision and (ii) the rule of construction to the effect that
any ambiguities are resolved against the drafting party shall not be employed in
the interpretation of this Agreement.

         6.9 HEADINGS AND CAPTIONS. The headings and captions of the various
subdivisions of this Agreement are for convenience of reference only and shall
in no way modify or affect the meaning or construction of any of the terms or
provisions hereof.

         6.10 NO WAIVER OF RIGHTS, POWERS AND REMEDIES. No failure or delay by a
party hereto in exercising any right, power or remedy under this Agreement, and
no course of dealing between the parties hereto, shall operate as a waiver of
any such right, power or remedy of the party. No single or partial exercise of
any right, power or remedy under this Agreement by a party hereto, nor any
abandonment or discontinuance of steps to enforce any such right, power or
remedy, shall preclude such party from any other or further exercise thereof or
the exercise of any other right, power or remedy hereunder. The election of any
remedy by a party hereto shall not constitute a waiver of the right of such
party to pursue other available remedies. No notice to or demand on a party not
expressly required under this Agreement shall entitle the party receiving such
notice or demand to any other or further notice or demand in similar or other
circumstances or constitute a waiver of the rights of the party giving such
notice or demand to any other or further action in any circumstances without
such notice or demand.

         6.11 RELIANCE. The parties hereto agree that, notwithstanding any
access to information by any party or any right of a party to this Agreement to
investigate the affairs of any other party to this Agreement, the party having
such access and right to investigate shall have the right to rely fully upon the
representations and warranties of the other party expressly contained in this
Agreement and on the accuracy of any Schedule, Exhibit or other document
attached hereto or referred to herein or delivered by such other party or
pursuant to this Agreement. Each of the Purchasers acknowledges that, based on
information provided by the Company, it has made its own analysis and decisions
regarding the transactions contemplated hereby and that it is not relying on any
of the other Purchasers in executing this Agreement or consummating the
transactions contemplated hereby.

                                       17

<PAGE>

         6.12 CONFIDENTIALITY. Each Purchaser agrees that it will keep
confidential and will not disclose or divulge any confidential, proprietary or
secret information that such Purchaser may obtain from financial statements,
reports and other materials submitted by the Company to such Purchaser pursuant
to this Agreement, or pursuant to visitation or inspection rights granted
hereunder. Notwithstanding the foregoing, a Purchaser may disclose such
information (i) as has become generally available to the public, (ii) as may be
required in any report, statement or testimony submitted to any municipal, state
or Federal regulatory body having or claiming to have jurisdiction over such
Purchaser, (iii) as may be required in response to any summons or subpoena or in
connection with any litigation, (iv) in order to comply with any law, order,
regulation or ruling applicable to such Purchaser; (v) to the extent that such
Purchaser in connection with litigation reasonably deems it necessary to enforce
its rights under this Agreement, (vi) on a confidential basis to its attorneys,
accountants, employees, consultants and other professionals to the extent
necessary to obtain their services in connection with its investment in the
Company, (vii) with the consent of the Company, to any prospective purchaser of
any of the Shares or Conversion Shares from such Purchaser as long as such
prospective purchaser agrees in writing to be bound by the provisions of this
Section 6.12 and (viii) to any Affiliate or partner of such Purchaser; provided,
that, prior to any disclosure to be made in accordance with clause (ii), (iii)
or (iv), the Purchaser proposing to make such disclosure gives the Company
written notice thereof and an opportunity to obtain a protective order or
similar order of confidential treatment. Each Purchaser acknowledges that its
breach of this Section 6.12 could cause the Company irreparable damages and
consents to the entering of a restraining order or other equitable relief for
specific performance of its obligations hereunder.

         6.13 FURTHER ASSURANCES. From and after the date of this Agreement,
upon the request of any Purchaser or the Company, the Company and the Purchasers
shall execute and deliver such instruments, documents and other writings as may
be reasonably necessary or desirable to confirm and carry out and to effectuate
fully the intent and purposes of this Agreement.

         6.14 COSTS, EXPENSES AND TAXES. As a condition precedent to the
Closing, the Company agrees to pay at the Closing in connection with the
preparation, execution and delivery of this Agreement, the reasonable legal fees
and other expenses, all appropriately documented, of one counsel for the
Purchasers, if any, not to exceed $20,000. In addition, the Company shall pay
any and all stamp, or other similar taxes payable or determined to be payable in
connection with the execution and delivery of this Agreement, the issuance of
the Shares and the other instruments and documents to be delivered hereunder or
thereunder, and agrees to save the Purchasers harmless from and against any and
all liabilities with respect to or resulting from any delay in paying or
omission to pay such taxes.

         6.15 COUNTERPARTS. This Agreement may be executed in one or more
counterparts, and by different parties hereto on separate counterparts, each of
which shall be deemed an original, but all of which together shall constitute
one and the same instrument.

         6.16 USE OF DEFINITIONS; GENDER. Any definitions used herein defined in
the plural shall be deemed to include the singular as the context may require
and any definitions used herein defined in the singular shall be deemed to
include the plural as the context may require. Wherever reference is made herein
to the male, female or neuter genders, such reference shall be deemed to include
any of the other genders as the context may require.

                                       18
<PAGE>

         6.17 JURISDICTION AND SERVICE OF PROCESS. Any legal action or
proceeding with respect to this Agreement may be brought in the courts of The
Commonwealth of Massachusetts or of the United States of America for the
District of Massachusetts. By execution and delivery of this Agreement, each of
the parties hereto accepts for itself and in respect of its property, generally
and unconditionally, the jurisdiction of the aforesaid courts. Each of the
parties hereto irrevocably consents to the service of process of any of the
aforementioned courts in any such action or proceeding by the mailing of copies
thereof by certified mail, postage prepaid, to the party at its address set
forth in Section 6.1 hereof.

         6.18 PUBLICITY. No party shall issue any press releases or otherwise
make any public statement with respect to the transactions contemplated by this
Agreement without the prior written consent of the other party, except as may be
required by law.

                   REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

                                       19
<PAGE>

         IN WITNESS WHEREOF, the parties hereto have executed this Agreement or
caused this Agreement to be executed by their duly authorized representatives,
as of the date first written above.

                                          GOMEZ ADVISORS, INC.

                                          By:   /s/ Julio Gomez
                                             ___________________________________
                                               Name  Julio Gomez
                                               Title CEO

                [Counterpart Signature Pages Begin on Next Page]

                                       20
<PAGE>

                    COUNTERPART SIGNATURE PAGE FOR PURCHASERS

         The undersigned hereby agrees to become a party to that certain
Preferred Stock Purchase Agreement dated as of November 2, 1999 and amended as
of December 30, 1999 (the "Agreement") among Gomez Advisors, Inc. (the
"Company") and others. From and after the undersigned's execution and delivery
and the Company's acceptance of this Counterpart Signature Page, the undersigned
shall be a party to the Agreement and the shares of Series C Preferred Stock
purchased by the undersigned shall be deemed to be "Shares" for all purposes of
the Agreement.

_________________________________
Printed Name of Purchaser

_________________________________
Signature of Purchaser

                                          Investment Amount:
                                                            ____________________

                                          Number of Shares:
                                                            ____________________
                                          By:
                                             ___________________________________
                                          Title:
                                                ________________________________

                                          Address:
                                                  ______________________________

                                          ______________________________________

                                          ______________________________________

                                          Date:
                                               _________________________________

Agreed and accepted to as to
_________ shares at $______ per share:

GOMEZ ADVISORS, INC.

By:
   ____________________________________
Title:
      _________________________________

Date:
     __________________________________

                                       21
<PAGE>

                                  SCHEDULE 2.1
                             Foreign Qualifications

The Commonwealth of Massachusetts

                                       22
<PAGE>

                                  SCHEDULE 2.7

                               Material Agreements

Stockholders Agreement dated as of January 22, 1999 among the Company, The
Ashton Technology Group, Inc., Julio Gomez, Alexander Stein, John M. Robb,
Fredric W. Rittereiser, K. Ivan F. Gothner and Arthur J. Bacci, as amended as of
December 30, 1999.

Secured Credit Line Agreement dated as of October 27, 1999 between The Ashton
Technology Group, Inc. and the Company

Option Agreement dated as of January 22, 1999 between the Company and Julio
Gomez.

Option Agreement dated as of January 22, 1999 between the Company and John M.
Robb.

Option Agreement dated as of January 22, 1999 between the Company and Alexander
Stein

Employment Agreement dated as of August 4, 1998 between Julio Gomez and The
Ashton Technology Group, Inc.

Employment Agreement dated as of August 4, 1998 among Alexander Stein, Gomez
Advisors, Inc. and The Ashton Technology Group, Inc.

Employment Agreement dated as of August 4, 1998 among John M. Robb, Gomez
Advisors, Inc. and The Ashton Technology Group, Inc.

Sublease Agreement dated as of June 15, 1999 by and between FASTech Integration,
Inc., and the Company, relating to premises at 55 Old Bedford Road, Lincoln, MA

GomezPro Research License dated as of May 22, 1999 between the Company and The
Ashton Technology Group, Inc.

Letter agreement between the Company and an entity relating to the Company's
services in finding a buyer for the entity's technology

Asset Purchase Agreement dated as of April 8, 1999 between the Company and THT,
Inc. (relating to account management software)

License Agreement dated as of April 8, 1999 between the Company and THT, Inc.
(relating to account management software)

Strategic Alliance Agreement dated as of April 15, 1999 between the Company and
Harris Black International, Inc.

                                       23
<PAGE>

                                  SCHEDULE 2.12

                                 Title to Assets

Security interest in equipment and receivables granted pursuant to the Secured
Credit Line Agreement dated as of October 27, 1999 between The Ashton Technology
Group, Inc. and the Company.

                                       24
<PAGE>

                                  SCHEDULE 2.13

                          Intellectual Property Rights

Asset Purchase Agreement dated as of April 8, 1999 between the Company and THT,
Inc. License Agreement dated as of April 8, 1999 between the Company and THT,
Inc.

                                       25
<PAGE>

                                  SCHEDULE 2.14

                              Financial Information

Indebtedness to The Ashton Technology Group, Inc. in the principal amount of
$400,000 (which amount was repaid in full on or about November 3, 1999)

                                       26
<PAGE>

                                  SCHEDULE 2.15

                                 Capitalization

<TABLE>
<CAPTION>

                                                     SHARES         OPTIONS        Fully-     Stock    Voting
                                                    (on as-        AVAILABLE      diluted     owner-   owner-
                                                   converted       FOR GRANT     ownership     ship     ship
                                                     basis)

SERIES A CONVERTIBLE -VOTING
<S>                                                 <C>             <C>           <C>        <C>       <C>
     Ashton Technology Group, Inc.                  4,905,000                       32.1%     45.5%     50.7%

SERIES B CONVERTIBLE (Private                       1,100,000                       7.2%      10.2%      0.0%
Placement) - Class only voting

SERIES C CONVERTIBLE (First                         1,067,782                       7.0%       9.9%     11.0%
Closing) - Voting

COMMON STOCK
     Ashton Executives - subject to
shareholder agreement
                            Fred  Rittereiser         531,000                       3.5%       4.9%      5.5%
                                  Van Gothner         300,000                       2.0%       2.8%      3.1%
                                     ArtBacci         200,000                       1.3%       1.9%      2.1%
                      Other Ashton Executives         550,000                       3.5%       5.1%      5.7%

     Gomez Founders

                                  Julio Gomez       1,051,000                       6.9%       9.8%     10.9%
                                    John Robb         526,000                       3.4%       4.9%      5.4%
                                   Alex Stein         526,000                       3.4%       4.9%      5.4%

     Ex-employees                                      11,666                       0.1%       0.1%      0.1%

                                              ----------------
            Outstanding stock                      10,768,448

Outstanding options

            1999 LTI Plan                           3,003,000                0
            1998 Stock Plan                           567,000                0
            1999 Stock Plan                           855,000        2,145,000
            Meyerson Option Grant                     100,000
                                              ---------------------------------
                   Total options and warrants       4,525,000        2,145,000     29.6%

                                              =================================
            Total stock and options                15,293,448        2,145,000    100.0%     100.0%    100.0%

                                              =================================
</TABLE>

                                       27
<PAGE>

Warrants pursuant to the engagement letter dated as of August 26, 1999 between
the Company and BancBoston Robertson Stephens, Inc.

Right of First Refusal granted to Julio Gomez pursuant to the Employment
Agreement dated as of August 4, 1998 between Julio Gomez and The Ashton
Technology Group, Inc.

                                       28
<PAGE>

                                  SCHEDULE 2.18

                               Registration Rights

Stockholders Agreement dated as of January 22, 1999 among the Company, The
Ashton Technology Group, Inc., Julio Gomez, Alexander Stein, John M. Robb,
Fredric W. Rittereiser, K. Ivan F. Gothner and Arthur J. Bacci, as amended as of
December 30, 1999.

Registration Rights of the holders of Series B Convertible Preferred Stock,
pursuant to the Subscription Agreements relating to the sale of such Series B
Convertible Preferred Stock.

                                       29
<PAGE>

                                  SCHEDULE 2.20

                          Transactions with Affiliates

Stockholders Agreement dated as of January 22, 1999 among the Company, The
Ashton Technology Group, Inc., Julio Gomez, Alexander Stein, John M. Robb,
Fredric W. Rittereiser, K. Ivan F. Gothner and Arthur J. Bacci, as amended as of
December 30, 1999.

Option Agreement dated as of January 22, 1999 between the Company and Julio
Gomez.

Option Agreement dated as of January 22, 1999 between the Company and John M.
Robb.

Option Agreement dated as of January 22, 1999 between the Company and Alexander
Stein

Employment Agreement dated as of August 4, 1998 between Julio Gomez and The
Ashton Technology Group, Inc.

Employment Agreement dated as of August 4, 1998 among Alexander Stein, Gomez
Advisors, Inc. and The Ashton Technology Group, Inc.

Employment Agreement dated as of August 4, 1998 among John M. Robb, Gomez
Advisors, Inc. and The Ashton Technology Group, Inc.

GomezPro Research License dated as of May 22, 1999 between the Company and The
Ashton Technology Group, Inc.

Secured Credit Line Agreement dated as of October 27, 1999 between The Ashton
Technology Group, Inc. and the Company

                                       30
<PAGE>

                                  SCHEDULE 2.21

                                    Employees

Employment Agreement dated as of August 4, 1998 between Julio Gomez and The
Ashton Technology Group, Inc.

Employment Agreement dated as of August 4, 1998 among Alexander Stein, Gomez
Advisors, Inc. and The Ashton Technology Group, Inc.

Employment Agreement dated as of August 4, 1998 among John M. Robb, Gomez
Advisors, Inc. and The Ashton Technology Group, Inc.

                                       31
<PAGE>

                                  SCHEDULE 2.30

                       Small Business Investment Companies

                  [IDENTIFY PURCHASERS THAT ARE SBIC'S, IF ANY]

                                       32<PAGE>

                                                                Exhibit 10.5

                            INVESTOR RIGHTS AGREEMENT

      INVESTOR RIGHTS AGREEMENT made as of November 2, 1999 and amended as of
December 30, 1999 by and among (i) Gomez Advisors, Inc., a Delaware corporation
(the "Company"), (ii) the Purchasers listed on Exhibit A hereto (the
"Purchasers"), (iii) The Ashton Technology Group, Inc. a Delaware corporation
("Ashton"), (iv) the Ashton Executives listed on Exhibit B hereto (the "Ashton
Executives") and (v) each of Julio Gomez, John Robb and Alexander Stein
(individually a "Founder and collectively the "Founders"). The Purchasers may be
referred to herein individually as an "Investor" and collectively as the
"Investors". The Investors, Ashton and the Ashton Executives may be referred to
herein individually as a "Preferred Stockholder" and collectively as the
"Preferred Stockholders".

      WHEREAS, the Company proposes to issue and sell an aggregate of up to Five
Million Eight Hundred Eighty-Two Thousand Three Hundred Fifty-Three shares of
Series C Convertible Preferred Stock, par value $.01 per share (the "Series C
Stock"), to the Investors pursuant to that certain Preferred Stock Purchase
Agreement of even date herewith (the "Purchase Agreement");

      WHEREAS, the Investors may become party to the Purchase Agreement from
time to time upon one or more Subsequent Closings (as defined in the Purchase
Agreement);

      WHEREAS, as a condition to entering into the Purchase Agreement, the
Investors have requested that the Company extend to them registration rights and
certain other rights and covenants as set forth herein;

      WHEREAS, the Company has previously granted registration rights to Ashton,
the Ashton Executives and the Founders pursuant to the Ashton Stockholders
Agreement (as defined herein); and

      WHEREAS, the Board of Directors of the Company has determined that it is
in the best interests of the Company that the Company enter into this Agreement;

      NOW, THEREFORE, in consideration of the covenants and agreements set forth
herein and for other good and valuable consideration, the receipt and
sufficiency of which are hereby mutually acknowledged, the parties hereto
covenant and agree as follows:

1. GENERAL PROVISIONS

1.1 Shares Subject to this Agreement. The Investors expressly agree that the
terms and restrictions of this Agreement shall apply to all shares of capital
stock which any of them now owns or hereafter acquires by any means, including
without limitation by purchase, assignment, conversion of convertible securities
or operation of law, or as a result of any stock dividend, stock split,
reorganization, reclassification, whether voluntary or involuntary, or other
similar transaction, and to any shares of capital stock of any successor in
interest of the Company, whether by sale, merger, consolidation or other similar
transaction (the "Shares").
<PAGE>

1.2 No Partnership Relationship. Notwithstanding, but not in limitation of, any
other provision of this Agreement, the parties understand and agree that the
creation, management and operation of the Company shall not create or imply a
general partnership between or among the Investors and shall not make any
Investor the agent or partner of any other Investor for any purpose.

1.3 Additional Investors. Upon the sale of any Additional Shares (as defined in
the Purchase Agreement) to Additional Purchasers (as defined in the Purchase
Agreement) in accordance with the Purchase Agreement, each such Additional
Purchaser shall become a party hereto, be deemed an Investor for all purposes
hereunder and be bound by the provisions of this Agreement, without any further
action by the Company or such Additional Purchaser. Each Additional Purchaser
(as defined in the Purchase Agreement) shall, if requested by the Company,
execute and deliver a counterpart signature page hereto, to further evidence
such agreement.

1.4 Registration of Transfer. The Company shall maintain a register of the
Shares and of their transfer and exchange. When certificates representing Shares
(or an affidavit as to loss thereof, as the case may be) are presented to the
Company with a request (x) to register the transfer of such Shares in accordance
with the terms and conditions of this Agreement or (y) to exchange one or more
certificates for one or more other certificates representing an equal aggregate
number of shares, the Company shall register the transfer or make the exchange
as requested if the Company's reasonable requirements for such transaction are
met; provided that the certificates surrendered for transfer or exchange shall
be duly endorsed or accompanied by a written instrument of transfer in form
reasonably satisfactory to the Company, duly executed by the holder thereof or
his attorney duly authorized in writing.

1.5 Certain Definitions. As used in this Agreement, the following terms shall
have the following respective meanings:

      "Affiliate" has the meaning ascribed to that term in Rule 12b-2 under the
Exchange Act, or any successor rule.

      "Ashton Stockholders Agreement" shall mean the Stockholders Agreement
dated as of January 22, 1999 and as amended as of December 30, 1999 by and among
the Company, Ashton, the Gomez Principals (as defined therein) and the Ashton
Executives (as defined therein).

      "Commission" shall mean the Securities and Exchange Commission and any
successor agency of the Federal government administering the Securities Act and
the Exchange Act.

      "Common Stock" shall mean (i) the common stock, $.0001 par value per
share, of the Company; (ii) any other capital stock of the Company, however
designated, authorized on or after the date hereof, which shall neither be
limited to a fixed sum or percentage of par value in respect of the rights of
the holders thereof to participate in dividends nor entitled to a preference in
the distribution of assets upon the voluntary or involuntary liquidation,
dissolution or winding up of the Company; and (iii) any other securities into
which or for which any of the securities described in (i) or (ii) may be
converted or exchanged pursuant to a plan of recapitalization, reorganization,
merger, consolidation, sale of assets or other similar transaction.

                                       2
<PAGE>

      "Exchange Act" shall mean the Securities Exchange Act of 1934, as amended,
and any similar or successor Federal statute, and the rules and regulations of
the Commission thereunder, all as the same shall be in effect from time to time.

      "Initial Public Offering" shall mean the first underwritten public
offering of Common Stock of the Company, offered on a firm commitment basis
pursuant to a registration statement filed with the Commission under the
Securities Act on Form S-1 or its then equivalent, in which (i) the aggregate
net proceeds to the Company equals or exceeds $20,000,000 and (ii) the initial
public offering price per share equals or exceeds an amount equal to $10.20
(subject to appropriate adjustment for stock splits, stock dividends,
combinations and other similar recapitalization events).

      "Person" shall include any individual, a corporation, an association, a
partnership, a trust or estate, a government and any agency or political
subdivision thereof, or any other entity

      The terms "register", "registered" and "registration" shall refer to a
registration effected by preparing and filing a registration statement in
compliance with the Securities Act and applicable rules and regulations
thereunder, and the declaration or ordering of the effectiveness of such
registration statement, or, as the context may require, under the Exchange Act
or applicable state securities laws.

      "Registrable Securities" shall mean (i) shares of Common Stock or other
securities issued or issuable pursuant to the conversion of the Series C Stock;
and (ii) any shares of Common Stock or other securities issued or issuable
pursuant to the conversion of the Series C Stock upon any stock split, stock
dividend, recapitalization, reorganization, merger, consolidation, sale of
assets or similar event, excluding in any event securities which have been (a)
registered under the Securities Act pursuant to an effective registration
statement filed thereunder and disposed of in accordance with the registration
statement covering them or (b) publicly sold pursuant to Rule 144 under the
Securities Act; provided that such shares of Common Stock or other securities
shall cease to be Registrable Securities at such time when such Common Stock or
other securities (other than Common Stock or other securities held by Persons
who are Affiliates of the Company) are eligible for sale pursuant to Rule 144
under the Securities Act. Wherever reference is made in this Agreement to a
request or consent of holders of a certain percentage of Registrable Securities,
the determination of such percentage shall be calculated on the basis of shares
of Common Stock issued or issuable upon conversion of the Series C Stock even if
such exercise has not been effected.

      "Registration Expenses" shall mean the expenses so described in Section
4.7.

      "Securities Act" shall mean the Securities Act of 1933, as amended, and
any similar or successor Federal statute, and the rules and regulations of the
Commission thereunder, all as the same shall be in effect from time to time.

      "Selling Expenses" shall mean the expenses so described in Section 4.7.

      "Subsidiary" or "Subsidiaries" shall mean any corporation, partnership,
trust or other entity of which the Company and/or any of its other Subsidiaries
directly or indirectly owns at the time a majority of the outstanding shares of
any class of equity security of such corporation, partnership, trust or other
entity.

                                       3
<PAGE>

2. PREEMPTIVE RIGHTS

2.1 Notice of New Issuance. Except with respect to "Exempt Issuances" as defined
in Section 2.3, in the event that the Company plans to issue any (i) shares of
Common Stock, (ii) warrants, options or other rights to purchase Common Stock
(collectively, "Rights"), or (iii) any debentures or other securities
convertible into or exchangeable for shares of Common Stock (collectively,
"Convertible Securities"), the Company will deliver to the Investors a notice
(the "Offer Notice"), stating the price and other terms and conditions thereof.

2.2 Right to Purchase Shares, Rights or Convertible Securities. The Company
shall not issue or sell, agree or obligate itself to issue or sell, or reserve
or set aside for issuance or sale any shares of Common Stock, Rights or
Convertible Securities (collectively, "New Issuances"), other than an Exempt
Issuance, unless in the case of each New Issuance, the Company shall have first
offered to sell such securities (the "Offered Securities") to Investors as
follows: the Company shall offer to sell to each Investor that portion of the
Offered Securities as the number of shares of capital stock of the Company then
held by such Investor bears to the total number of shares of capital stock of
the Company held by all Investors, treating each Investor, for the purpose of
such computation, as the holder of the number of shares of Common Stock which
would be issuable to it upon conversion, exercise and exchange of all Rights and
Convertible Securities held by it on the date immediately preceding the New
Issuance and assuming the like conversion, exercise and exchange of all such
securities held by other persons. The rights set forth in this Article 2 shall
be exercised by the Investors, if at all, by written notice to the Company
delivered not later than ten (10) days after the receipt by the Investors of the
Offer Notice in accordance with the terms and conditions stated therein, and
such right shall expire at the end of the tenth day after the day of the receipt
by the Investors of the Offer Notice.

2.3 Exempt Issuances. The issuances referred to in Section 2.1 which will not
give the Investors the rights described in Section 2.2 (the "Exempt Issuances")
are issuances in which shares of Common Stock or Rights or Convertible
Securities of the Company are issued or deemed issued (i) as a dividend or
distribution payable pro rata to all holders of Common Stock or other securities
of the Company; (ii) to employees, consultants, officers and directors of the
Company in the form of options to purchase shares of Common Stock pursuant to
the Company's 1998 Stock Plan, the Company's 1999 Long Term Incentive Plan, the
Company's 1999 Stock Plan or any other equity plan or arrangement approved by
the Company's Board of Directors (a "Stock Plan Issuance"); (iii) in connection
with the conversion or exercise of any options, warrants or other rights to
purchase Common Stock (A) existing on the date hereof or issued to the Investors
pursuant hereto (including any warrants, the Series A Stock and the Company's
Series B Convertible Preferred Stock) or (B) issued in accordance with the
foregoing clause (ii); or (iv) issued pursuant to the acquisition of another
corporation by the Company by merger (where the Company owns no less than 51% of
the voting power of such corporation) or by purchase of substantially all of its
stock or assets.

2.4 Termination. The respective rights and obligations of the parties under this
Article 2 shall terminate immediately prior to the consummation of the Company's
Initial Public Offering.

                                       4
<PAGE>

3. RESTRICTIONS ON TRANSFER; INVESTOR PARTICIPATION IN SALES

3.1 Restrictions on Transfer by Founders. The Founders hereby agree to the
following provisions with respect to any sale, transfer or other disposition of
Shares, in the event such sale, transfer or disposition is allowed pursuant to
Article 4 hereof:

            (a) Non-Complying Transfers Prohibited. Each Founder understands
      that he may not sell, assign, transfer, exchange, gift, devise, pledge,
      hypothecate, encumber or otherwise alienate or dispose of any Shares, or
      any right or interest therein, whether voluntarily or involuntarily, by
      operation of law or otherwise, except in accordance with this Agreement.
      Any such purported transfer in violation of any provision of this
      Agreement and all actions by the purported transferor and transferee in
      connection therewith shall be of no force or effect. The Company shall not
      be required to recognize such purported transfer for any purpose,
      including without limitation for purposes of dividend and voting rights.
      If any transfer of Shares is made or attempted contrary to the provisions
      of this Agreement or if any Shares are not offered as required by this
      Agreement, the Company or the other holders of Shares of the Company shall
      have the right to purchase such Shares from each such transferring Founder
      or each such transferee at any time before or after each such purported
      transfer, as hereinafter provided. In addition to any other legal or
      equitable remedies the Company or such other holders may have, the Company
      and such other holders may enforce this right by actions for specific
      performance, to the extent permitted by law.

            (b) Right of First Offer on Voluntary Transfers.

                  (i) In the event that a Founder (hereafter the "Selling
            Founder") desires to sell, assign, transfer or otherwise voluntarily
            alienate or dispose of any Shares ("Offered Shares"), other than
            transfers to Permitted Transferees (as defined in Section 3.3), the
            Selling Founder shall, prior to any such transfer to a third party,
            give written notice (the "Selling Founder's Notice") of such desire
            to the Company and the Preferred Stockholders. The Company shall
            have a right of first offer (the "Company's Right of First Offer")
            to purchase, all but not less than all, of the Offered Shares, as
            are proposed to be sold in the Selling Founder's Notice, at the
            monetary price per share designated in the Selling Founder's Notice,
            payable as provided in Section 3.1(b)(iii) hereof, if the Company
            gives written notice of the exercise of such right to such Selling
            Founder within thirty (30) days (the "Company's Offer Period") after
            the date of the Selling Founder's Notice to the Company. If the
            Company does not intend to exercise the Company's Right of First
            Offer in full or if the Company is not lawfully able to repurchase
            the Offered Shares, the Company will send written notice thereof
            (the "Company's Expiration Notice") to the Selling Founder and the
            Preferred Stockholders at least fifteen (15) days before the
            expiration of the Company's Offer Period. The Company's Expiration
            Notice will specify the Offered Shares subject to the Preferred
            Stockholders' Right of Second Offer described below.

                  (ii) Preferred Stockholders' Right of Second Offer. If the
            Company does not exercise its right of first offer in full, the
            Preferred Stockholders will

                                       5
<PAGE>

            have a right of second offer (the "Preferred Stockholders' Right of
            Second Offer") to purchase all of the Offered Shares not purchased
            by the Company as are proposed to be sold in the Selling Founder's
            Notice at the monetary price per share designated in the Selling
            Founder's Notice, payable as provided in Section 3.1(b)(iii) hereof.
            Not later than thirty (30) days after receipt of the Selling
            Founder's Notice (the "Preferred Stockholder Offer Period"), each
            Preferred Stockholder shall deliver written notice (such "Preferred
            Stockholder's Notice") to the Selling Founder stating whether the
            Preferred Stockholder has accepted the offer for its pro rata share
            of the Offered Shares stated in the Selling Founder's Notice. Each
            Preferred Stockholder may only accept the offer of the Selling
            Founder for its pro rata share in whole and may not accept such
            offer in part. The Preferred Stockholders shall also have a right of
            oversubscription such that if any Preferred Stockholder fails to
            accept the offer of the Selling Founder as to its full pro rata
            fraction (calculated on an as-converted basis), the remaining
            Preferred Stockholders shall, among them, have the right to purchase
            up to the balance, of such Offered Shares not so purchased. The
            Preferred Stockholders may exercise such right of oversubscription
            by accepting the offer of the Selling Founder as to more than their
            pro rata share. If, as a result thereof, such oversubscriptions
            exceed the total number of the Offered Shares available in respect
            of such oversubscription privilege, the oversubscribing Preferred
            Stockholders shall be cut back with respect to over subscriptions on
            a pro rata basis in accordance with their respective pro rata shares
            or as they may otherwise agree among themselves. If any Preferred
            Stockholder accepts the offer of the Selling Founder, such Preferred
            Stockholder's Notice shall fix a time, location and date for the
            closing of such purchase, which date shall be not less than ten (10)
            nor more than thirty (30) days after delivery of the Preferred
            Stockholder's Notice.

                  (iii) Closing. The place for the closing of any purchase and
            sale described in Section 3.1(b)(i) or Section 3.1(b)(ii) shall be
            the principal office of the Company or at such other place as the
            parties shall agree. At the closing, the Selling Founder shall
            accept payment on the monetary terms contained in the Selling
            Founder's Notice. At the closing, the Selling Founder shall deliver
            to the Company or the Preferred Stockholder(s), as the case may be,
            in exchange for Shares purchased and sold at the closing,
            certificates for the number of Shares stated in the Selling
            Founder's Notice, accompanied by duly executed instruments of
            transfer.

                  (iv) Transfers to Third Parties. If the Company and the
            Preferred Stockholders fail to accept the offer stated in the
            Selling Founder's Notice, or if such offer is accepted but the
            Company and/or the Preferred Stockholder(s) fails to consummate the
            purchase at a closing as hereinabove provided, then the Selling
            Founder shall be free, subject to the provisions of Sections 3.1(c)
            and 4.2 hereof, to sell all, but not less than all, of the Offered
            Shares to any third party (the "Third Party Purchaser") at a price
            and on terms no less favorable to the Selling Founder than described
            in the Selling Founder's Notice, provided, however, that such sale
            is consummated within ninety (90) days after the giving of the
            Selling Founder's

                                       6
<PAGE>

            Notice to the Company and the Preferred Stockholders. As a condition
            precedent to the effectiveness of a transfer pursuant to this
            Section 3.1(b)(iv), the Third Party Purchaser shall agree in writing
            prior to such transfer to become a party to this Agreement as a
            Founder and bound by the terms of this Agreement as a Founder and
            shall thereafter be permitted to transfer Shares only in accordance
            with this Agreement.

            (c) Right of Co-Sale.

                  (i) Eligible Preferred Stockholder Co-Sale Right. If any
            Preferred Stockholder (each, an "Eligible Preferred Stockholder")
            has waived or otherwise failed to timely exercise its respective
            rights of first offer to purchase all or any portion of the Offered
            Shares as provided under Section 3.1(b), then such Eligible
            Preferred Stockholder will have a right to participate in the sale
            of the remaining Offered Shares ("Remaining Offered Shares") to the
            Third Party Purchaser in a manner set forth herein ("Right of
            Co-Sale"). Each Eligible Preferred Stockholder shall have the right
            to sell to the Third Party Purchaser, at the same price per Share
            and on the same terms and conditions as the Selling Founder is
            selling to the Third Party Purchaser (the "Co-Sale Terms"), such
            number of Shares (the "Co-Sale Shares") as is equal to the number of
            Remaining Offered Shares multiplied by the Co-Sale Pro Rata Fraction
            (as defined below), if such Eligible Preferred Stockholder gives
            written notice of the exercise of such right to such Selling Founder
            within forty-five (45) days (the "Co-Sale Refusal Period") after the
            date of such Eligible Preferred Stockholder's receipt of the Selling
            Founder's Notice. For purposes of this Section 3.1(c), the "Co-Sale
            Pro Rata Fraction" shall be defined as a fraction, the numerator of
            which is the number of Shares on an as-converted basis then owned by
            such Eligible Preferred Stockholder and the denominator of which is
            the number of Shares on an as-converted basis then owned by the
            Founders plus the number of Shares on an as-converted basis then
            owned by all of the Eligible Preferred Stockholders who have elected
            to exercise the Right of Co-Sale.

                  (ii) Notices of Offer and Intent to Participate. If an
            Eligible Preferred Stockholder wishes to participate in any sale
            pursuant to this Section 3.1(c), the Eligible Preferred Stockholder
            shall notify the Selling Founder in writing of such intention as
            soon as practicable after such Eligible Preferred Stockholder's
            receipt of the notice from the Selling Founder and in any event
            within the Preferred Stockholder Offer Period. If the Selling
            Founder does not receive such notice from an Eligible Preferred
            Stockholder within the Preferred Stockholder Offer Period, the
            Selling Founder shall be free to consummate the proposed transaction
            without any obligation to include such Eligible Preferred
            Stockholder's Shares in such transaction.

                  (iii) Sale of Co-Sale Shares. The Selling Founder and, if
            participating, the Eligible Preferred Stockholder(s), shall sell,
            subject to the provisions of Section 4.2 hereof, to the Third Party
            Purchaser all, or at the option of the Third Party Purchaser, any
            part of the shares proposed to be sold by them at not less

                                       7
<PAGE>

            than the price and upon other terms and conditions, if any, not less
            favorable to the Eligible Preferred Stockholder(s) than the Co-Sale
            Terms; provided that any purchase of less than all of such shares by
            the Third Party Purchaser shall be made from the Selling Founder and
            the Eligible Preferred Stockholders pro rata based upon the relative
            amount of the shares that the Selling Founder and the Eligible
            Preferred Stockholders are otherwise entitled to sell pursuant to
            Section 3.1(c). If Co-Sale Shares are transferred under this Section
            3.1 to any Third Party Purchaser who is not a party to this
            Agreement, as a condition precedent to the effectiveness of such
            transfer pursuant to this Section 3.1(c)(iii), such Third Party
            Purchaser shall agree in writing prior to such transfer to become a
            "Founder" party to and bound by the terms of this Agreement as a
            Founder and shall thereafter be permitted to transfer Shares only in
            accordance with this Agreement.

3.2 Restrictions on Transfer by Preferred Stockholders. The Preferred
Stockholders hereby agree to the following provisions with respect to any sale,
transfer or other disposition of Shares, in the event such sale, transfer or
disposition is allowed pursuant to Article 4 hereof:

            (a) Non-Complying Transfers Prohibited. Each Preferred Stockholder
      understands that it may not sell, assign, transfer, exchange, gift,
      devise, pledge, hypothecate, encumber or otherwise alienate or dispose of
      any Shares, or any right or interest therein, whether voluntarily or
      involuntarily, by operation of law or otherwise, except in accordance with
      this Agreement. Any such purported transfer in violation of any provision
      of this Agreement and all actions by the purported transferor and
      transferee in connection therewith shall be of no force or effect. The
      Company shall not be required to recognize such purported transfer for any
      purpose, including without limitation for purposes of dividend and voting
      rights. If any transfer of Shares is made or attempted contrary to the
      provisions of this Agreement or if any Shares are not offered as required
      by this Agreement, the Company or the other holders of Shares of the
      Company shall have the right to purchase such Shares from each such
      transferring Preferred Stockholder or each such transferee at any time
      before or after each such purported transfer, as hereinafter provided. In
      addition to any other legal or equitable remedies the Company or such
      other holders may have, the Company and such other holders may enforce
      this right by actions for specific performance, to the extent permitted by
      law.

            (b) Rights of First Offer on Voluntary Transfers.

                  (i) Rights of First Offer. In the event that a Preferred
            Stockholder (hereafter the "Selling Stockholder") desires to sell,
            assign, transfer or otherwise voluntarily alienate or dispose of any
            Shares, other than transfers to Permitted Transferees, the Selling
            Stockholder shall, prior to any such transfer, give written notice
            (the "Selling Stockholder's Notice") of such desire to the Company
            and to each Preferred Stockholder. The Selling Stockholder's Notice
            shall include a proposed purchase price per share and proposed terms
            of payment of such purchase price. The Selling Stockholder's Notice
            shall constitute a binding offer by the Selling Stockholder to sell
            pro rata to the Preferred Stockholders such number of Shares (the
            "Preferred Offered Shares") then owned by the Selling

                                       8
<PAGE>

            Stockholder as are proposed to be sold in the Selling Stockholder's
            Notice at the monetary price per share designated in the Selling
            Stockholder's Notice, payable as provided in Section 3.2(b)(ii)
            hereof. Not later than thirty (30) days after receipt of the Selling
            Stockholder's Notice, each Preferred Stockholder may elect to
            purchase its pro rata share of the Preferred Offered Shares by
            delivering written notice (the "Preferred Stockholder's Notice") to
            the Selling Stockholder (with a copy to the Company). The Preferred
            Stockholders shall also have a right of oversubscription such that
            if any Preferred Stockholder fails to accept the offer of the
            Selling Stockholder as to its full pro rata fraction, the remaining
            Preferred Stockholders shall, among them, have the right to purchase
            up to the balance of such Preferred Offered Shares not so purchased.
            The Preferred Stockholders may exercise such right of
            oversubscription by accepting the offer of the Selling Stockholder
            as to more than their pro rata share. If, as a result thereof, such
            oversubscriptions exceed the total number of the Preferred Offered
            Shares available in respect of such oversubscription privilege, the
            oversubscribing Preferred Stockholders shall be cut back with
            respect to over subscriptions on a pro rata basis in accordance with
            their respective pro rata shares or as they may otherwise agree
            among themselves. If any Preferred Stockholder accepts the offer of
            the Selling Stockholder, the Preferred Stockholder's Notice shall
            fix a time, location and date for the closing of such purchase,
            which date shall be not less than ten (10) nor more than thirty (30)
            days after delivery of such notice.

                  (ii) Closing. The place for the closing of any purchase and
            sale described in Section 3.2(b)(i) shall be the principal office of
            the Company or at such other place as the parties shall agree. At
            the closing, the Selling Stockholder shall accept payment on the
            terms contained in the Selling Stockholder's Notice. At the closing,
            the Selling Stockholder shall deliver to the accepting Preferred
            Stockholder(s), in exchange for Shares purchased and sold at the
            closing, certificates for the number of Shares stated in the Selling
            Stockholder's Notice, accompanied by duly executed instruments of
            transfer.

                  (iii) Transfers to Third Parties. If the Preferred
            Stockholders fail to accept the offer stated in the Selling
            Stockholder's Notice, or if such offer is accepted but the accepting
            Preferred Stockholder(s) fail to consummate the purchase at a
            closing as hereinabove provided, then the Selling Stockholder shall
            be free, subject to the provisions of Sections 3.2(c) and 4.2
            hereof, to sell all, but not less than all, of the Preferred Offered
            Shares to a third party (the "Preferred Third Party Purchaser") at a
            price and on terms no less favorable to the Selling Stockholder than
            described in the Selling Stockholder's Notice; provided, however,
            that such sale is consummated within ninety (90) days after the
            giving of the Selling Stockholder's Notice to the Company and the
            Preferred Stockholders. Notwithstanding anything to the contrary
            contained in this Section 3.2(b), in the event Ashton is the Selling
            Stockholder and the Preferred Stockholders do not elect to purchase
            all of the Preferred Offered Shares desired to be sold by Ashton,
            then Ashton shall be free, subject to the provisions of Sections
            3.2(c) and 4.2 hereof, to sell all, but not less than all, of the
            Preferred

                                       9
<PAGE>

            Offered Shares to a Preferred Third Party Purchaser only if such
            Preferred Third Party Purchaser is a reputable institutional
            investor approved by holders of at least a majority of outstanding
            Shares held by the Investors, which approval shall not be
            unreasonably withheld at, a price and on terms no less favorable to
            Ashton than described in Ashton's Selling Stockholder's Notice;
            provided, however, that such sale is consummated within ninety (90)
            days after the giving of the Selling Stockholder's Notice by Ashton
            to the Company and the Preferred Stockholders. As a condition
            precedent to the effectiveness of a transfer pursuant to this
            Section 3.2(b)(iii), the Preferred Third Party Purchaser shall agree
            in writing prior to such transfer to become a party to and bound by
            the terms of this Agreement as an Investor or as a Preferred
            Stockholder, as the case may be, and shall thereafter be permitted
            to transfer Shares only in accordance with this Agreement.

            (c) Right of Co-Sale.

                  (i) Preferred Stockholder Co-Sale Right. If any Preferred
            Stockholders (the "Declining Preferred Stockholders") have waived or
            otherwise failed to timely exercise their respective rights of first
            offer to purchase all or any portion of the Preferred Offered Shares
            as provided under Section 3.2(b), such Declining Preferred
            Stockholders will have a right to participate in the sale of any
            remaining Preferred Offered Shares (the "Remaining Prefered Offered
            Shares") to the Preferred Third Party Purchaser in a manner set
            forth herein ("Preferred Right of Co-Sale"). Each Declining
            Preferred Stockholder shall have the right to sell to the Preferred
            Third Party Purchaser, at the same price per Share and on the same
            terms and conditions as the Selling Stockholder is selling to the
            Preferred Third Party Purchaser (the "Preferred Co-Sale Terms"),
            such number of Shares (the "Preferred Co-Sale Shares") as is equal
            to the number of Remaining Preferred Offered Shares multiplied by
            the Co-Sale Pro Rata Fraction (as defined below), if such Declining
            Preferred Stockholder gives written notice of the exercise of such
            right to such Selling Stockholder within forty-five (45) days (the
            "Co-Sale Offer Period") after the date of such Declining Preferred
            Stockholder's receipt of the Selling Stockholder's Notice. For
            purposes of this Section 3.2(c), the "Co-Sale Pro Rata Fraction"
            shall be defined as a fraction, the numerator of which is the number
            of Shares on an as-converted basis then owned by such Declining
            Preferred Stockholder and the denominator of which is the number of
            Shares on an as-converted basis then owned by the Founders plus the
            number of Shares on an as-converted basis then owned by all of the
            Declining Preferred Stockholders who have elected to exercise the
            Preferred Right of Co-Sale.

                  (ii) Notices of Offer and Intent to Participate. If a
            Declining Preferred Stockholder wishes to participate in any sale
            pursuant to this Section 3.2(c), the Declining Preferred Stockholder
            shall notify the Selling Stockholder in writing of such intention as
            soon as practicable after such Declining Preferred Stockholder's
            receipt of the notice from the Selling Stockholder and in any event
            within the Co-Sale Offer Period. If the Selling Stockholder does not
            receive such notice from a Declining Preferred Stockholder within
            the Co-Sale Offer Period, the Selling Stockholder shall be free to
            consummate the proposed transaction without any

                                       10
<PAGE>

            obligation to include such Declining Preferred Stockholder's Shares
            in such transaction.

                  (iii) Sale of Preferred Co-Sale Shares. The Selling
            Stockholder and, if participating, the Declining Preferred
            Stockholder(s), shall sell, subject to the provisions of Section 4.2
            hereof, to the Preferred Third Party Purchaser all, or at the option
            of the Preferred Third Party Purchaser, any part of the shares
            proposed to be sold by them at not less than the price and upon
            other terms and conditions, if any, not less favorable to the
            Declining Preferred Stockholder(s) than the Co-Sale Terms; provided,
            however, that any purchase of less than all of such shares by the
            Preferred Third Party Purchaser shall be made from the Selling
            Stockholder and the Declining Preferred Stockholders pro rata based
            upon the relative amount of the shares that the Selling Stockholder
            and the Declining Preferred Stockholders are otherwise entitled to
            sell pursuant to Section 3.2(c). If Preferred Co-Sale Shares are
            transferred under this Section 3.2 to any Preferred Third Party
            Purchaser who is not a party to this Agreement, as a condition
            precedent to the effectiveness of such transfer pursuant to this
            Section 3.2(c)(iii), such Preferred Third Party Purchaser shall
            agree in writing prior to such transfer to become party to and bound
            by the terms of this Agreement as an Investor, Ashton or as Ashton
            Executive as the case may be, and shall thereafter be permitted to
            transfer Shares only in accordance with this Agreement.

3.3 Transfers to Permitted Transferees. The restrictions on transfer contained
in this Article 3 shall not apply to (a) transfers by a Preferred Stockholder to
an Affiliate of such Preferred Stockholder, (b) if such Preferred Stockholder is
a partnership, transfers to a partner or retired partner of such partnership,
(c) if such Preferred Stockholder is a corporation, transfers to the
stockholders of such corporation pursuant to a duly declared dividend, (d)
transfers to any nominee of such Preferred Stockholder made solely for internal
administrative purposes, (e) transfers by a Founder or an Ashton Executive to
such person's spouse, children or other member of such person's immediate
family, or to a trust for the benefit of such persons, (f) transfers by a
Founder or an Ashton Executive to the trustee or trustees of a trust revocable
solely by such person, (g) transfers by a Founder or an Ashton Executive to such
person's guardian or conservator or (h) transfers by a Founder or an Ashton
Executive in the event of such person's death to such person's executor(s) or
administrator(s) or to trustee(s) under such person's will (collectively,
"Permitted Transferees"); provided, however, that in any such event the Shares
so transferred in the hands of each such Permitted Transferee shall remain
subject to the provisions of this Article 3, and each such Permitted Transferee
shall so acknowledge in writing as a condition precedent to the effectiveness of
such transfer.

3.4 Termination. The respective rights and obligations of the parties under this
Article 3 shall terminate upon the consummation of the Company's Initial Public
Offering.

4. TRANSFER OF REGISTRABLE SECURITIES; REGISTRATION

4.1 Restrictive Legend. Each certificate representing Registrable Securities
shall, except as otherwise provided in this Section 4.1 or in Section 4.2, be
stamped or otherwise imprinted with a

                                       11
<PAGE>

legend substantially in the following form (in addition to any legend required
under applicable state securities laws):

      "The securities represented by this certificate have not been registered
      under the Securities Act of 1933 or any other securities laws. These
      securities have been acquired for investment and not with a view to
      distribution or resale. Such securities may not be offered for sale, sold,
      delivered after sale, transferred, pledged or hypothecated in the absence
      of an effective registration statement covering such securities under the
      Securities Act of 1933 and any other applicable securities laws, unless
      the holder shall have obtained an opinion of counsel reasonably
      satisfactory to the corporation that such registration is not required or
      the transferee is an Affiliate of the holder."

      Upon request of a holder of such a certificate, the Company shall remove
the foregoing legend from the certificate or issue to such holder a new
certificate therefor free of any transfer legend, if there is an effective
registration statement covering the securities represented by such certificate
or, with such request, the Company shall have received either the opinion
referred to in Section 4.2(i) or the "no-action" letter referred to in Section
4.2(ii).

4.2 Notice of Proposed Transfer. Subject to the provisions of Article 3, prior
to any proposed sale, pledge, hypothecation or other transfer of any Registrable
Securities (other than under the circumstances described in Section 4.3, 4.4 or
4.5), the holder thereof shall give written notice to the Company of its
intention to effect such sale, pledge, hypothecation or other transfer. Each
such notice shall describe the manner of the proposed sale, pledge,
hypothecation or other transfer and, if requested by the Company shall be
accompanied by either (i) an opinion of counsel reasonably satisfactory to the
Company to the effect that the proposed sale, pledge, hypothecation or other
transfer may be effected without registration under the Securities Act or (ii) a
"no action" letter from the Commission to the effect that the distribution 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 stock shall be entitled to transfer such stock in accordance with
the terms of its notice; provided, however, that no such opinion of counsel
shall be required for a distribution to one or more partners of the transferor
(in the case of a transferor that is a partnership) or to a stockholder (in the
case of a transferor that is a corporation) in each case in respect of the
beneficial interest of such partner or stockholder. Each certificate for
Registrable Securities transferred as above provided shall bear the appropriate
restrictive legend set forth in Section 4.1, except that such certificate shall
not bear such legend if (i) such transfer is in accordance with the provisions
of Rule 144 (or any other rule permitting public sale without registration under
the Securities Act) or (ii) the opinion of counsel or "no-action" letter
referred to above is to the further effect that the transferee and any
subsequent transferee (other than an affiliate of the Company) would be entitled
to transfer such securities in a public sale without registration under the
Securities Act or that such legend is not required to establish compliance with
any provisions of the Securities Act. Notwithstanding any other provision
hereof, the restrictions provided for in this Section 4.2 shall not apply to
securities which are not required to bear the legend prescribed by Section 4.1
in accordance with the provisions of that Section.

                                       12
<PAGE>

4.3 Required Registration.

      (a) Upon the earlier to occur of (i) 180 days after consummation of the
Initial Public Offering and (ii) December 30, 2001, one or more of the holders
of Registrable Securities constituting at least a majority of the total shares
of Registrable Securities then outstanding may request the Company to register
for sale under the Securities Act all or any portion of the shares of
Registrable Securities held by such requesting holder or holders for sale in the
manner specified in such notice.

      (b) Following receipt of any notice under this Section 4.3, the Company
shall immediately notify all holders of Registrable Securities from whom notice
has not been received and such holders shall then be entitled within thirty (30)
days after receipt of such notice from the Company to request the Company to
include in the requested registration all or any portion of their shares of
Registrable Securities. The Company shall use reasonable best efforts to
register under the Securities Act, for public sale in accordance with the method
of disposition specified in the notice from requesting holders described in
paragraph (a) above, the number of shares of Registrable Securities specified in
such notice (and in all notices received by the Company from other holders
within thirty (30) days after the receipt of such notice by such holders). The
Company shall be obligated to register the Registrable Securities pursuant to
this Section 4.3 on two (2) occasions only, provided, however, that such
obligation shall be deemed satisfied only when a registration statement covering
all shares of Registrable Securities specified in notices received as aforesaid
(except to the extent reduced (but not by more than 25%) by the managing
underwriter, if any, pursuant to Section 4.3(d)), for sale in accordance with
the method of disposition specified by the requesting holders, shall have become
effective and, if such method of disposition is a firm commitment underwritten
public offering, all such shares shall have been sold pursuant thereto.
Notwithstanding anything to the contrary contained herein, no request may be
made under this Section 4.3 after the effective date of a registration statement
filed by the Company covering a firm commitment underwritten public offering and
prior to the later to occur of the completion of the period of distribution for
such offering or 180 days after the effective date of such registration
statement.

      (c) If the holders requesting such registration intend to distribute the
Registrable Securities covered by their request by means of an underwriting,
they shall so advise the Company as a part of their request made pursuant to
this Section 4.3 and the Company shall include such information in the written
notice referred to in paragraph (b) above. The right of any holder to
registration pursuant to this Section 4.3 shall be conditioned upon such
holder's agreeing to participate in such underwriting and to permit inclusion of
such holder's Registrable Securities in the underwriting. If such method of
disposition is an underwritten public offering, the Company shall designate the
managing underwriter of such offering, which managing underwriter shall be
reasonably acceptable to holders of at least a majority in interest of the
shares of Registrable Securities to be sold in such offering. A holder may elect
to include in such underwriting all or a part of the Registrable Securities it
holds.

      (d) A registration statement filed pursuant to this Section 4.3 may,
subject to the following provisions, include (i) shares of Common Stock for sale
by the Company for its own account, (ii) shares of Common Stock held by officers
or directors of the Company and (iii) shares of Common Stock held by persons who
are entitled to include such shares in such registration (the

                                       13
<PAGE>

"Other Shareholders"), in each case for sale in accordance with the method of
disposition specified by the requesting holders. If such registration shall be
underwritten, the Company, such officers and directors and Other Shareholders
proposing to distribute their shares through such underwriting shall enter into
an underwriting agreement in customary form with the representative of the
underwriter or underwriters selected for such underwriting on terms no less
favorable to such officers, directors or Other Shareholders than the terms
afforded the holders of Registrable Securities. If and to the extent that the
managing underwriter determines that marketing factors require a limitation on
the number of shares to be included in such registration, then the shares of
Common Stock held by officers or directors or by Other Shareholders (other than
Registrable Securities) and shares of Common Stock to be sold by the Company for
its own account shall be excluded from such registration to the extent so
required by such managing underwriter, and unless the holders of such shares and
the Company have otherwise agreed in writing, such exclusion shall be applied
first to the shares held by the directors and officers of the Company and the
Other Shareholders to the extent required by the managing underwriter, then to
the shares of Common Stock of the Company to be included for its own account to
the extent required by the managing underwriter. If the managing underwriter
determines that marketing factors require a limitation of the number of
Registrable Securities to be registered under this Section 4.3, then Registrable
Securities shall be excluded in such manner that the securities to be sold shall
be allocated pro rata among the selling holders pro rata based on their
ownership of Registrable Securities. In any event all securities to be sold
other than Registrable Securities will be excluded prior to any exclusion of
Registrable Securities. No Registrable Securities or any other security excluded
from the underwriting by reason of the underwriter's marketing limitation shall
be included in such registration. If any holder of Registrable Securities,
officer, director or Other Shareholder who has requested inclusion in such
registration as provided above, disapproves of the terms of the underwriting,
such holder of securities may elect to withdraw therefrom by written notice to
the Company and the managing underwriter. The securities so withdrawn shall also
be withdrawn from registration. Except for registration statements on Form S-4,
S-8 or any comparable form or successor thereto, the Company will not file with
the Commission any other registration statement with respect to its Common
Stock, whether for its own account or that of other stockholders, from the date
of receipt of a notice from requesting holders pursuant to this Section 4.3
until the completion of the period of distribution of the registration
contemplated thereby or 180 days after the effective date of such registration,
whichever is later.

      (e) If at the time of any request to register Registrable Shares by
holders pursuant to this Section 4.3, the Company is engaged or has plans to
engage in a registered public offering or is engaged in any other activity
which, in the good faith determination of the Company's Board of Directors,
would be adversely affected by the requested registration, then the Company may
at its option direct that such request be delayed for a period not in excess of
90 days from the date of such request, such right to delay a request to be
exercised by the Company not more than twice in any 12-month period.

4.4 Incidental Registration. If the Company at any time (other than pursuant to
Section 4.3) proposes to register any of its securities under the Securities Act
for sale to the public, whether for its own account or for the account of other
security holders or both (except with respect to registration statements on
Forms S-4, S-8 or any successor to such forms or another form not available for
registering the Registrable Securities for sale to the public), each such time
it will promptly give written notice to all holders of the Registrable
Securities of its intention so to do.

                                       14
<PAGE>

Upon the written request of any such holder, received by the Company within
thirty (30) days after the giving of any such notice by the Company, to register
any or all of its Registrable Securities, the Company will use reasonable best
efforts to cause the Registrable Securities as to which registration shall have
been so requested to be included in the securities to be covered by the
registration statement proposed to be filed by the Company, all to the extent
requisite to permit the sale or other disposition by the holder (in accordance
with its written request) of such Registrable Securities so registered. If the
registration of which the Company gives notice is for a registered public
offering involving an underwriting, the Company shall so advise the holders of
Registrable Securities as a part of the written notice given pursuant to this
Section 4.4. In such event the right of any holder of Registrable Securities to
registration pursuant to this Section 4.4 shall be conditioned upon such
holder's participation in such underwriting to the extent provided herein. All
holders of Registrable Securities proposing to distribute their securities
through such underwriting shall (together with the Company and the Other
Shareholders distributing their securities through such underwriting) enter into
an underwriting agreement in customary form with the underwriter or underwriters
selected for underwriting by the Company. Notwithstanding any other provision of
this Section 4.4, if the underwriter determines that marketing factors require a
limitation on the number of shares to be underwritten, the Company shall so
advise all holders of securities requesting registration of any limitations on
the number of shares to be underwritten, and the number of shares of securities
that are entitled to be included in the registration and underwriting shall be
allocated (i) first to the Company with respect to shares of Common Stock being
sold for its own account and (ii) second, to holders of Registrable Securities
and to Other Stockholders requesting registration in proportion, as nearly as
practicable, to the respective amounts of securities owned by them.
Notwithstanding the foregoing provisions, the Company may withdraw any
registration statement referred to in this Section 4.4 without thereby incurring
any liability to the holders of Registrable Securities. If any holder of
Registrable Securities disapproves of the terms of any such underwriting, it may
elect to withdraw therefrom by written notice to the Company and the
underwriter. Any Registrable Securities or other securities excluded or
withdrawn from such underwriting shall be withdrawn from such registration.

4.5 Registration on Form S-3.

      (a) In addition to the rights provided in Sections 4.3 and 4.4, subject to
a limit of one (1) registration hereunder in any twelve (12) month period, if at
any time (i) any holder or holders of the Registrable Securities request that
the Company file a registration statement on Form S-3 or any comparable or
successor form thereto for a public offering of all or any portion of the shares
of Registrable Securities held by such requesting holder or holders, the
reasonably anticipated aggregate price to the public of which would be at least
$2,000,000, and (ii) the Company is a registrant entitled to use Form S-3 or any
comparable or successor form thereto to register such shares, then the Company
shall use reasonable best efforts to register under the Securities Act on Form
S- 3 or any comparable or successor form thereto, for public sale in accordance
with the method of disposition specified in such request, the number of shares
of Registrable Securities specified in such request. Whenever the Company is
required by this Section 4.5 to use reasonable best efforts to effect the
registration of Registrable Securities, each of the procedures and requirements
of Section 4.3, including but not limited to the requirement that the Company
notify all holders of Registrable Securities from whom notice has not been
received and provide them with the opportunity to participate in the offering,
shall apply to such registration, provided, however, that except as provided
above, there shall be no limitation on the number of registrations on Form S-

                                       15
<PAGE>

3 which may be requested and obtained under this Section 4.5. Notwithstanding
any other provision of this Section 4.5, if the underwriter determines that
marketing factors require a limitation on the number of shares to be
underwritten, such limitation will be imposed pro rata with respect to all
Registrable Securities whose holders have requested inclusion in such
registration pursuant to this Section 4.5.

      (b) The Company shall use reasonable best efforts to qualify for
registration on Form S-3 or any comparable or successor form or forms; and to
that end the Company shall register (whether or not required by law to do so)
the Common Stock under the Exchange Act in accordance with the provisions of
that Act following the effective date of the first registration of any
securities of the Company on Form S-1 or any comparable or successor form.

4.6 Registration Procedures. If and whenever the Company is required by the
provisions of Section 4.3, 4.4 or 4.5 to use reasonable best efforts to effect
the registration of any Registrable Securities under the Securities Act, the
Company will, as expeditiously as possible:

      (a) prepare and file with the Commission a registration statement (which,
in the case of an underwritten public offering pursuant to Section 4.3, shall be
on Form S-1 or other form of general applicability satisfactory to the managing
underwriter selected as therein provided) with respect to such securities
including executing an undertaking to file post-effective amendments and use
reasonable best efforts to cause such registration statement to become and
remain effective for the period of the distribution contemplated thereby;

      (b) prepare and file with the Commission such amendments and supplements
to such registration statement and the prospectus used in connection therewith
as may be necessary to keep such registration statement effective for the period
specified herein and comply with the provisions of the Securities Act with
respect to the disposition of all Registrable Securities covered by such
registration statement in accordance with the sellers' intended method of
disposition set forth in such registration statement for such period;

      (c) furnish to each seller of Registrable Securities and to each
underwriter such number of copies of the registration statement and each such
amendment and supplement thereto (in each case including all exhibits) and the
prospectus included therein (including each preliminary prospectus) as such
persons reasonably may request in order to facilitate the public sale or other
disposition of the Registrable Securities covered by such registration
statement;

      (d) use reasonable best efforts to register or qualify the Registrable
Securities covered by such registration statement under the securities or "blue
sky" laws of such jurisdictions as the sellers of Registrable Securities or, in
the case of an underwritten public offering, the managing underwriter reasonably
shall request, provided, however, that the Company shall not for any such
purpose be required to qualify generally to transact business as a foreign
corporation in any jurisdiction where it is not so qualified or to consent to
general service of process in any such jurisdiction, unless the Company is
already subject to service in such jurisdiction;

      (e) use reasonable best efforts to list the Registrable Securities covered
by such registration statement with any securities exchange on which the Common
Stock of the Company is then listed;

                                       16
<PAGE>

      (f) comply with all applicable rules and regulations under the Securities
Act and Exchange Act;

      (g) immediately notify each seller of Registrable Securities and each
underwriter under such registration statement, at any time when a prospectus
relating thereto is required to be delivered under the Securities Act, of the
happening of any event of which the Company has knowledge as a result of which
the prospectus contained in such registration statement, as then in effect,
includes an untrue statement of a material fact or omits to state a material
fact required to be stated therein or necessary to make the statements therein
not misleading in light of the circumstances then existing, and promptly prepare
and furnish to such seller a reasonable number of copies of a prospectus
supplemented or amended so that, as thereafter delivered to the purchasers of
such Registrable Securities, such prospectus shall not include an untrue
statement of a material fact or omit to state a material fact required to be
stated therein or necessary to make the statements therein not misleading in
light of the circumstances then existing;

      (h) if the offering is underwritten and at the request of any seller of
Registrable Securities, use reasonable best efforts to furnish on the date that
Registrable Securities are delivered to the underwriters for sale pursuant to
such registration: (i) an opinion dated such date of counsel representing the
Company for the purposes of such registration, addressed to the underwriters to
such effects as reasonably may be requested by counsel for the underwriters, and
(ii) a letter dated such date from the independent public accountants retained
by the Company, addressed to the underwriters stating that they are independent
public accountants within the meaning of the Securities Act and that, in the
opinion of such accountants, the financial statements of the Company included in
the registration statement or the prospectus, or any amendment or supplement
thereof, comply as to form in all material respects with the applicable
accounting requirements of the Securities Act, and such letter shall
additionally cover such other financial matters (including information as to the
period ending no more than five (5) business days prior to the date of such
letter) with respect to such registration as such underwriters reasonably may
request;

      (i) make available for inspection by each seller of Registrable
Securities, any underwriter participating in any distribution pursuant to such
registration statement, and any attorney, accountant or other agent retained by
such seller or underwriter, reasonable access to all financial and other
records, pertinent corporate documents and properties of the Company, as such
parties may reasonably request, and cause the Company's officers, directors and
employees to supply all information reasonably requested by any such seller,
underwriter, attorney, accountant or agent in connection with such registration
statement;

      (j) cooperate with the selling holders of Registrable Securities and the
managing underwriter, if any, to facilitate the timely preparation and delivery
of certificates representing Registrable Securities to be sold, such
certificates to be in such denominations and registered in such names as such
holders or the managing underwriter may request at least two business days prior
to any sale of Registrable Securities; and

      (k) permit any holder of Registrable Securities which holder, in the sole
and exclusive judgment, exercised in good faith, of such holder, might be deemed
to be a controlling person of the Company, to participate in good faith in the
preparation of such registration or comparable

                                       17
<PAGE>

statement and to require the insertion therein of material, furnished to the
Company in writing, which in the reasonable judgment of such holder and its
counsel should be included.

      For purposes of this Agreement, the period of distribution of Registrable
Securities in a firm commitment underwritten public offering shall be deemed to
extend until each underwriter has completed the distribution of all securities
purchased by it, and the period of distribution of Registrable Securities in any
other registration shall be deemed to extend until the earlier of the sale of
all Registrable Securities covered thereby or 180 days after the effective date
thereof, provided, however, in the case of any registration of Registrable
Securities on Form S-3 or a comparable or successor form which are intended to
be offered on a continuous or delayed basis, such 180 day-period shall be
extended, if necessary, to keep the registration statement effective until all
such Registrable Securities are sold, provided that Rule 415, or any successor
rule under the Securities Act, permits an offering on a continuous or delayed
basis, and provided further that applicable rules under the Securities Act
governing the obligation to file a post-effective amendment, permit, in lieu of
filing a post-effective amendment which (y) includes any prospectus required by
Section 10(a)(3) of the Securities Act or (z) reflects facts or events
representing a material or fundamental change in the information set forth in
the registration statement, the incorporation by reference of information
required to be included in (y) and (z) above contained in periodic reports filed
pursuant to Section 13 or 15(d) of the Exchange Act in the registration
statement.

      In connection with each registration hereunder, the sellers of Registrable
Securities will furnish to the Company in writing such information requested by
the Company with respect to themselves and the proposed distribution by them as
shall be reasonably necessary in order to assure compliance with Federal and
applicable state securities laws.

4.7 Expenses.

      (a) All expenses incurred by the Company in complying with Sections 4.3,
4.4 and 4.5, including, without limitation, all registration and filing fees,
printing expenses, fees and disbursements of counsel and independent public
accountants for the Company, fees and expenses (including counsel fees) incurred
in connection with complying with state securities or "blue sky" laws, fees of
the National Association of Securities Dealers, Inc., transfer taxes, fees of
transfer agents and registrars, costs of any insurance which might be obtained
by the Company with respect to the offering by the Company, and fees and
disbursements (not to exceed $35,000) of one counsel selected by a majority in
interest of the sellers of Registrable Securities, but excluding any Selling
Expenses (defined below), are called "Registration Expenses". All underwriting
discounts and selling commissions applicable to the sale of Registrable
Securities are called "Selling Expenses".

      (b) The Company will pay all Registration Expenses in connection with each
registration statement under Section 4.3, 4.4 or 4.5; provided, that, in the
event of a registration pursuant to Section 4.3 hereof which is withdrawn at the
request of the Investors other than as a result of the Company's failure to
perform its obligations hereunder and other than as a result of a cutback by the
underwriter of such registration in the amount of Registrable Securities which
may be included in such registration by more than 25%, the Investors shall pay
the Registration Expenses with respect to such registration. All Selling
Expenses in connection with each registration statement under Section 4.3, 4.4
or 4.5 shall be borne by the participating sellers in

                                       18
<PAGE>

proportion to the number of shares registered by each, or by such participating
sellers other than the Company (except to the extent the Company shall be a
seller) as they may agree.

4.8 Indemnification and Contribution.

      (a) In the event of a registration of any of the Registrable Securities
under the Securities Act pursuant to Section 4.3, 4.4 or 4.5, the Company will
indemnify and hold harmless each holder of Registrable Securities, its officers,
directors and partners, each underwriter of such Registrable Securities
thereunder and each other person, if any, who controls such holder or
underwriter within the meaning of the Securities Act, against any losses,
claims, damages or liabilities, joint or several, to which such holder, officer,
director, partner, underwriter or controlling person may become subject under
the Securities Act or otherwise, insofar as such losses, claims, damages or
liabilities (or actions in respect thereof) arise out of or are based upon (i)
any untrue statement or alleged untrue statement of any material fact contained
in any prospectus, offering circular or other document incident to such
registration (including any related notification, registration statement under
which such Registrable Securities were registered under the Securities Act
pursuant to Section 4.3, 4.4 or 4.5, any preliminary prospectus or final
prospectus contained therein, or any amendment or supplement thereof), (ii) any
blue sky application or other document executed by the Company specifically for
that purpose or based upon written information furnished by the Company filed in
any state or other jurisdiction in order to qualify any or all of the
Registrable Securities under the securities laws thereof (any such application,
document or information herein called a "Blue Sky Application"), (iii) any
omission or alleged omission to state in any such registration statement,
prospectus, amendment or supplement or in any Blue Sky Applications executed or
filed by the Company, a material fact required to be stated therein or necessary
to make the statements therein not misleading, (iv) any violation by the Company
or its agents of the Securities Act or any rule or regulation promulgated under
the Securities Act applicable to the Company or its agents and relating to
action or inaction required of the Company in connection with such registration,
or (v) any failure to register or qualify the Registrable Securities in any
state where the Company or its agents has affirmatively undertaken or agreed in
writing that the Company (the undertaking of any underwriter chosen by the
Company being attributed to the Company) will undertake such registration or
qualification (provided that in such instance the Company shall not be so liable
if it has used reasonable best efforts to so register or qualify the Registrable
Securities) and will reimburse each such seller, and such officer, director and
partner, each such underwriter and each such controlling person for any legal or
other expenses reasonably incurred by them in connection with investigating or
defending any such loss, claim, damage, liability or action, promptly after
being so incurred, provided, however, that the Company will not be liable in any
such case if and to the extent that any such loss, claim, damage or liability
arises out of or is based upon an untrue statement or alleged untrue statement
or omission or alleged omission so made in conformity with written information
furnished by any such holder, any such underwriter or any such controlling
person in writing specifically for use in such registration statement or
prospectus.

      (b) In the event of a registration of any of the Registrable Securities
under the Securities Act pursuant to Section 4.3, 4.4 or 4.5, each seller of
such Registrable Securities thereunder, severally and not jointly, will
indemnify and hold harmless the Company, each person, if any, who controls the
Company within the meaning of the Securities Act, each officer of the Company
who signs the registration statement, each director of the Company, each other
seller of Registrable Securities, each underwriter and each person who controls
any underwriter within the meaning of

                                       19
<PAGE>

the Securities Act, against all losses, claims, damages or liabilities, joint or
several, to which the Company or such officer, director, other seller,
underwriter or controlling person may become subject under the Securities Act or
otherwise, insofar as such losses, claims, damages or liabilities (or actions in
respect thereof) arise out of or are based upon any untrue statement or alleged
untrue statement of any material fact contained in any prospectus, offering
circular or other document incident to such registration (including any related
notification, registration statement under which such Registrable Securities
were registered under the Securities Act pursuant to Section 4.3, 4.4 or 4.5,
any preliminary prospectus or final prospectus contained therein, or any
amendment or supplement thereof), or any Blue Sky Application or arise out of or
are based upon the omission or alleged omission to state therein a material fact
required to be stated therein or necessary to make the statements therein not
misleading, and will reimburse the Company and each such officer, director,
other seller, underwriter and controlling person for any legal or other expenses
reasonably incurred by them in connection with investigating or defending any
such loss, claim, damage, liability or action, promptly after being so incurred,
provided, however, that such seller will be liable hereunder in any such case if
and only to the extent that any such loss, claim, damage or liability arises out
of or is based upon an untrue statement or alleged untrue statement or omission
or alleged omission made in reliance upon and in conformity with information
pertaining to such seller, as such, furnished in writing to the Company by such
seller specifically for use in such registration statement or prospectus; and
provided, further, however, that the liability of each seller hereunder shall be
limited to the proportion of any such loss, claim, damage, liability or expense
which is equal to the proportion that the public offering price of the
securities sold by such seller under such registration statement bears to the
total public offering price of all securities sold thereunder, but not in any
event to exceed the net proceeds received by such seller from the sale of
Registrable Securities covered by such registration statement. Not in limitation
of the foregoing, it is understood and agreed that the indemnification
obligations of any seller hereunder pursuant to any underwriting agreement
entered into in connection herewith shall be limited to the obligations
contained in this subparagraph (b).

      (c) Promptly after receipt by an indemnified party hereunder of notice of
the commencement of any action, such indemnified party shall, if a claim in
respect thereof is to be made against the indemnifying party hereunder, notify
the indemnifying party in writing thereof, but the omission so to notify the
indemnifying party shall not relieve it from any liability which it may have to
such indemnified party other than under this Section 4.8 and shall only relieve
it from any liability which it may have to such indemnified party under this
Section 4.8 if and to the extent the indemnifying party is prejudiced by such
omission. In case any such action shall be brought against any indemnified party
and it shall notify the indemnifying party of the commencement thereof, the
indemnifying party shall be entitled to participate in and, to the extent it
shall wish, to assume and undertake the defense thereof with counsel
satisfactory to such indemnified party, and, after notice from the indemnifying
party to such indemnified party of its election so to assume and undertake the
defense thereof, the indemnifying party shall not be liable to such indemnified
party under this Section 4.8 for any legal expenses subsequently incurred by
such indemnified party in connection with the defense thereof other than
reasonable costs of investigation and of liaison with counsel so selected,
provided, however, that, if the defendants in any such action include both the
indemnified party and the indemnifying party and the indemnified party shall
have reasonably concluded that there may be reasonable defenses available to it
which are different from or additional to those available to the indemnifying
party or that the interests of the indemnified party reasonably may be deemed to
conflict with the interests of the indemnifying party, the indemnified party
shall have the

                                       20
<PAGE>

right to select a separate counsel and to assume such legal defenses and
otherwise to participate in the defense of such action, with the expenses and
fees of such separate counsel and other expenses related to such participation
to be reimbursed by the indemnifying party as incurred. No indemnifying party,
in the defense of any such claim or action, shall, except with the consent of
each indemnified party, consent to entry of any judgment or enter into any
settlement which does not include as an unconditional term thereof the giving by
the claimant or plaintiff to such indemnified party of a release from all
liability in respect to such claim or action. Each indemnified party shall
furnish such information regarding itself or the claim in question as an
indemnifying party may reasonably request in writing and as shall be reasonably
required in connection with defense of such claim and litigation resulting
therefrom.

      (d) In order to provide for just and equitable contribution to joint
liability under the Securities Act in any case in which either (i) any holder of
Registrable Securities exercising rights under this Agreement, or any
controlling person of any such holder, makes a claim for indemnification
pursuant to this Section 4.8 but it is judicially determined (by the entry of a
final judgment or decree by a court of competent jurisdiction and the expiration
of time to appeal or the denial of the last right of appeal) that such
indemnification may not be enforced in such case notwithstanding the fact that
this Section 4.8 provides for indemnification in such case, or (ii) contribution
under the Securities Act may be required on the part of any such selling holder
or any such controlling person in circumstances for which indemnification is
provided under this Section 4.8, then, and in each such case, the Company and
such holder will contribute to the aggregate losses, claims, damages or
liabilities to which they may be subject (after contribution from others) in
such proportion so that such holder is responsible for the portion represented
by the percentage that the public offering price of its Registrable Securities
offered by the registration statement bears to the public offering price of all
securities offered by such registration statement, and the Company is
responsible for the remaining portion; provided, however, that, in any such
case, (A) no such holder of Registrable Securities will be required to
contribute any amount in excess of the proceeds received from the sale of all
such Registrable Securities offered by it pursuant to such registration
statement; and (B) no person or entity guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) will be entitled to
contribution from any person or entity who was not guilty of such fraudulent
misrepresentation.

      (e) The indemnities and obligations provided in this Section 4.8 shall
survive the transfer of any Registrable Securities by such holder.

4.9 Changes in Common Stock. If, and as often as, there is any change in the
Common Stock by way of a stock split, stock dividend, combination or
reclassification, or through a merger, consolidation, reorganization or
recapitalization, or by any other means, appropriate adjustment shall be made in
the provisions hereof so that the rights and privileges granted hereby shall
continue with respect to the Common Stock as so changed.

4.10 Rule 144 Reporting. With a view to making available the benefits of certain
rules and regulations of the Commission which may at any time permit the sale of
the Registrable Securities to the public without registration, except as
provided in paragraph (c) below, at all times after ninety (90) days after any
registration statement covering a public offering of securities of the Company
under the Securities Act shall have become effective, the Company agrees to:

                                       21
<PAGE>

      (a) make and keep public information available, as those terms are
understood and defined in Rule 144 under the Securities Act (or any successor
rule);

      (b) use reasonable best efforts to file with the Commission in a timely
manner all reports and other documents required of the Company under the
Securities Act and the Exchange Act; and

      (c) furnish to each holder of Registrable Securities forthwith upon
request a written statement by the Company as to its compliance with the
reporting requirements of such Rule 144 (or any successor rule) and, at any time
after it has become subject to such reporting requirements, of the Securities
Act and the Exchange Act, a copy of the most recent annual or quarterly report
of the Company, and such other reports and documents so filed by the Company as
such holder may reasonably request in availing itself of any rule or regulation
of the Commission allowing such holder to sell any Registrable Securities
without registration.

4.11 "Market Stand-Off" Agreement. Each of the Investors agrees, severally and
not jointly, if requested by the Company and an underwriter of Common Stock (or
other securities) of the Company, not to sell or otherwise transfer or dispose
of any Common Stock (or other securities) of the Company held by such Purchaser
during a period not to exceed one hundred and eighty (180) days following the
effective date of the first registration statement of the Company filed under
the Securities Act, and to enter into an agreement to such effect; provided that
(A) all officers and directors of the Company, and all Persons known by the
Company to own 1% or more of the Company's outstanding capital stock, shall
enter into similar agreements and (B) this restriction shall not apply to shares
of Common Stock being sold by any Investor under any such registration
statement.

      The Company may impose stop-transfer instructions with respect to the
shares (or securities) subject to the foregoing restriction until the end of
said period.

4.12 Assignment of Registration Rights. The rights to cause the Company to
register Registrable Securities pursuant to this Section 4 may be assigned (but
only with all related obligations under this Agreement) by a holder of
Registrable Securities to a transferee or assignee of such securities (y) who is
not engaged in a business activity competitive with the Company (as reasonably
determined by the Company's Board of Directors) and who after such assignment or
transfer, holds at least 50,000 shares of Registrable Securities (subject to
appropriate adjustment for stock splits, stock dividends, combinations and
similar recapitalization events) or (z) who is an Affiliate or a constituent
partner of such holder; provided the Company is, within a reasonable time after
such transfer, furnished with written notice of the name and address of such
transferee or assignee and the securities with respect to which such
registration rights are being assigned; and provided, further, that such
assignment shall be effective only if (i) immediately following such transfer
the further disposition of such securities by the transferee or assignee is
restricted under the Act and (ii) the transferee or assignee shall acknowledge
in writing that the transferred or assigned Registrable Securities shall remain
subject to this Agreement. For the purposes of determining the number of shares
of Registrable Securities held by a transferee or assignee, the holdings of
transferees and assignees of a partnership who are partners or retired partners
of such partnership (including spouses and ancestors, lineal descendants and
siblings of such partners or spouses who acquire Registrable Securities by gift,
will or intestate succession) shall be aggregated together and with the

                                       22
<PAGE>

partnership; provided that all assignees and transferees who would not qualify
individually for assignment of registration rights shall have a single
attorney-in-fact for the purpose of exercising any rights, receiving notices or
taking any action under this Section 4.

5. BOARD OF DIRECTORS

5.1 Election of Directors. Each Preferred Stockholder and each Founder shall
take or cause to be taken such actions as may be required from time to time to
establish and maintain the number of persons comprising the Board of Directors
of the Company at seven (7) or at such other number as the Board of Directors
may determine from time to time, and to elect as directors (i) two
representatives of the Series C Stock designated for election by holders of at
least a majority of the Series C Stock issued and outstanding (the "Series C
Directors"), (ii) one representative of the Company's Series A Convertible
Voting Preferred Stock, par value $.01 per share (the "Series A Stock")
designated for election by holders of at least a majority of the Series A Stock
issued and outstanding (the "Class A Director"), (iii) two representatives of
the Founders designated for election by the Founders (the "Founder Directors")
and (iv) two independent directors designated for election by both (A) at least
a majority of the Series C Stock issued and outstanding, voting as a separate
class, and (B) at least a majority of the Series A Stock issued and outstanding,
voting as a separate class; provided that each such independent director shall
be a person that is not a director, officer, employee, agent, representative or
Affiliate of any Investor or of Ashton. Without limiting the generality of the
foregoing, at each annual meeting of the stockholders and at each special
meeting of the stockholders called for the purpose of electing directors of the
Company, and at any time at which the stockholders have the right to, or shall,
elect directors of the Company, then, and in each event, the Preferred
Stockholders and the Founders shall vote all Shares owned by them (or shall
consent in writing in lieu of a meeting of stockholders, as the case may be) to
set the number of, and to elect persons as, directors of the Company in
accordance with the preceding sentence.

5.2 Removal of Directors; Filling of Vacancies. Each Preferred Stockholder and
each Founder shall take all action necessary to remove forthwith any director
when such removal is requested for any reason, with or without cause, by the
Persons that designated such director for election. In the case of the death,
resignation or removal as herein provided of a director, each Preferred
Stockholder and each Founder shall vote all Shares owned by him, her or it to
elect another person designated by the Persons that designated the deceased,
resigning or removed director if, at the time such vacancy occurs, such Persons
shall have the right to have a person designated by him elected as a director
pursuant to Section 5.1.

5.3 Board Committees. The Board of Directors shall have a Compensation Committee
and an Audit Committee, and at least one Series C Director shall be a member of
each such committee. In addition, a Series C Director shall serve as Chairman of
the Compensation Committee of the Board of Directors.

5.4 Board Observer Rights. The Company shall permit one (1) authorized
representative of Ashton to attend all, but not vote at any, meetings of the
Board of Directors of the Company, and shall provide such notice of and other
information to Ashton with respect to such meetings as are delivered to the
Directors of the Company; provided that such representative may be excluded from
any "executive session" of the Board of Directors at which, in the reasonable
opinion of the

                                       23
<PAGE>

Board of Directors, such exclusion is necessary to preserve or protect the
proper functioning of the Board of Directors and the exercise of its fiduciary
duties. Such representative shall be strictly an observer at each meeting of the
Board of Directors and nothing in this paragraph shall be construed as to confer
any other function, position or title on such representative. The Company shall
promptly reimburse in full each observer of the Company for all of his or her
reasonable out-of-pocket expenses incurred in attending each meeting of the
Board of Directors of the Company.

5.5 Termination of Article. The provisions of this Article 5 shall be of no
further force or effect upon the consummation of the Company's Initial Public
Offering.

6. AFFIRMATIVE COVENANTS OF THE COMPANY

The Company covenants and agrees that, from the date of the Closing under the
Purchase Agreement and thereafter so long as any Investor owns Registrable
Securities, it will perform and observe the following covenants and provisions,
and will cause each Subsidiary, if and when such Subsidiary exists, to perform
and observe the following covenants and provisions as applicable to such
Subsidiary.

6.1 Financial Statements; Other Reports. The Company and each Subsidiary will
maintain proper books of account and records in accordance with generally
accepted accounting principles applied on a consistent basis, and will deliver
to each Investor and its Affiliates jointly owning at least fifty thousand
(50,000) shares of the Company's capital stock, treating all preferred stock on
an as converted basis but excluding any unexercised options, warrants or
purchase rights (each, a "Rights Holder"):

      (a) as soon as available and in any event within forty-five (45) days
after the end of each of the first three quarters of each fiscal year of the
Company, a consolidated balance sheet of the Company and its Subsidiaries as of
the end of such quarter and the related statements of income and stockholders'
equity and of cash flows of the Company for the period commencing at the end of
the previous fiscal year and ending with the end of such quarter, setting forth
in each case in comparative form the corresponding figures for the corresponding
period of the preceding fiscal year and the budget for such current year, all in
reasonable detail and prepared in accordance with generally accepted accounting
principles consistently applied, and duly certified (subject to year-end audit
adjustments) by the chief financial officer of the Company;

      (b) as soon as available and in any event within ninety (90) days after
the end of each fiscal year of the Company, a copy of the annual audit report
for such year for the Company, including therein a consolidated balance sheet of
the Company and its Subsidiaries as of the end of such fiscal year and
statements of income and stockholders' equity and of cash flows of the Company
for such fiscal year, setting forth in each case in comparative form the
corresponding figures for the preceding fiscal year, all duly certified by
independent public accountants of recognized standing acceptable to the Rights
Holders;

      (c) as soon as available and, in any event, within twenty (20) days after
the last day of each month, financial statements, including a balance sheet as
of the last date of such month, a statement of income (or monthly operating
expenses) for such month, together with a cumulative

                                       24
<PAGE>

statement of income from the first day of the current year to the last day of
such month, and a cash flow analysis, together with cumulative cash flow
analyses from the first day of the current year to the last day of such month;

      (d) as soon as available and, in any event at least prior to the start of
each fiscal year, a copy of the business plan for such year, including operating
budgets, operating expenses and profit and loss projections, cash flow
projections and capital expenditure budgets, as prepared for the Board of
Directors and as approved by the Board of Directors; and

      (e) promptly after sending, making available, or filing the same, such
reports and financial statements as the Company shall send or make available to
the stockholders of the Company.

      Neither the foregoing provisions of this Section nor any other provision
of this Agreement shall be in limitation of any rights which an Investor may
have with respect to the books and records of the Company and its Subsidiaries,
or to inspect their properties or discuss their affairs, finances and accounts,
under the laws of the jurisdictions in which they are incorporated.

6.2 Inspection and Other Information. Each Rights Holder and such agents,
advisors and counsel as such Rights Holder may designate, may, at its expense,
visit and inspect any of the properties of the Company and each Subsidiary,
examine the books of account of the Company and each Subsidiary, take extracts
therefrom and discuss the affairs, finances and accounts of the Company and each
Subsidiary with its officers and employees and public accountants (and by this
provision the Company and each Subsidiary hereby authorizes said accountants to
discuss with such Rights Holder and such persons its finances and accounts), at
reasonable times and with reasonable prior notice during normal business hours.
All such visits and inspections shall be conducted in a manner which will not
unreasonably interfere with the normal business operations of the Company and
each Subsidiary. The Company and each Subsidiary will furnish to each such
Rights Holder such other information as it from time to time may reasonably
request.

6.3 Independent Accountants. The Company will retain independent public
accountants approved by the Company's Board of Directors who shall certify the
Company's consolidated financial statements at the end of each fiscal year.

6.4 Preservation of Corporate Existence. The Company and each Subsidiary will
preserve and maintain its corporate existence, rights, franchises and privileges
in the jurisdiction of its incorporation and qualify and remain qualified as a
foreign corporation in each jurisdiction in which such qualification is
necessary or desirable in view of its business and operations or the ownership
of its properties.

6.5 Availability of Common Stock. The Company will, from time to time, in
accordance with the laws of the State of Delaware, increase the authorized
amount of Common Stock if at any time the number of shares of Common Stock
remaining unissued and available for issuance shall be insufficient to permit
conversion of all then outstanding shares of convertible securities and exercise
of all then outstanding options, warrants and similar purchase rights.

6.6 Termination of Affirmative Covenants. The covenants set forth in this
Article shall be of no further force or effect upon the consummation of the
Company's Initial Public Offering.

                                       25
<PAGE>

7. Small Business Investment Company Covenants.

7.1 SBIC Covenants.

      (a) Without the consent of each Investor that is a Small Business
Investment Company ("SBIC") licensed by the United States Small Business
Administration (each an "SBIC Investor"), the Company will not issue securities
to any SBIC in the future if such issuance would cause such SBIC Investor to be
deemed to be a member of an "Investor Group" in "Control" of the Company (as
such terms are defined in 13 CFR ss. 107.865).

      (b) The Company shall permit representatives of the Small Business
Administration and each SBIC Investor access to the Company's records. Upon the
request of an SBIC Investor or any of its affiliates, the Company will furnish
to such person all information reasonably requested by it in order for it to
comply with its recordkeeping, reporting and other obligations under the SBIA or
any SBIC Regulation.

      (c) For a period of one year following the last Closing hereunder, neither
the Company nor any of its Subsidiaries (if any) will change its business
activity if such change would render the Company ineligible to receive financial
assistance from an SBIC under the SBIA and the regulations thereunder (within
the meanings of 13 CFR ss.ss. 107.720 and 107.760(b)).

      (d) The Company will at all times comply with the non-discrimination
requirements of 13 C.F.R., Parts 112, 113 and 117.

7.2 Regulatory Compliance Cooperation.

      (a) In the event that an SBIC Investor determines that it has a Regulatory
Problem (as defined below), such SBIC Investor shall have the right to transfer
its shares of Series C Stock without regard to any restriction on transfer
hereunder, and the Company shall (i) take all such actions as are reasonably
requested by such SBIC Investor in order to effectuate and facilitate any
transfer by such SBIC Investor of any securities of the Company then held by
such SBIC Investor to any Person designated by such SBIC Investor or (ii) use
its best efforts to take all actions reasonably necessary to address and cure
such Regulatory Problem.

      (b) For purposes of this Agreement, a "Regulatory Problem" means any set
of facts or circumstances wherein it has been asserted by any governmental
regulatory agency (or an SBIC Investor believes that there is a substantial risk
of such assertion) that such SBIC Investor is not entitled to hold, or exercise
any significant right with respect to, the underlying Common Sock of the
Company.

7.3 Termination of Covenants. The covenants set forth in this Article 7 shall be
of no further force or effect upon the consummation of the Initial Public
Offering.

8. MISCELLANEOUS

8.1 Notices. All notices, requests, consents and other communications hereunder
shall be in writing, shall be addressed to the receiving party's address set
forth below or to such other

                                       26
<PAGE>

address as a party may designate by notice hereunder, and shall be either (i)
delivered by hand, (ii) made by telecopy or facsimile transmission, (iii) sent
by overnight courier, or (iv) sent by registered or certified mail, return
receipt requested, postage prepaid.

      If to an Investor:      To its address set forth on Exhibit A:

      If to the Company:      Gomez Advisors, Inc
                              55 Old Bedford Road
                              Lincoln, MA  01773
                              Tel:  (781) 257-2000
                              Fax:  (781) 257-2550
                              Attn:  General Counsel

      With a copy to:         Mintz Levin Cohn Ferris Glovsky and Popeo. P.C.
                              One Financial Center
                              Boston,  MA 02111
                              Tel: (617) 542-6000
                              Fax: (617) 542-2241
                              Attn:  Lewis J. Geffen, Esq.

All notices, requests, consents and other communications hereunder shall be
deemed to have been given either (i) if by hand, at the time of the delivery
thereof to the receiving party at the address of such party set forth above,
(ii) if made by telecopy or facsimile transmission, at the time that receipt
thereof has been acknowledged by electronic confirmation or otherwise, (iii) if
sent by overnight courier, on the next business day following the day such
notice is delivered to the courier service, or (iv) if sent by registered or
certified mail, on the fifth business day following the day such mailing is
made.

8.2 Entire Agreement. This Agreement embodies the entire agreement and
understanding between the parties hereto with respect to the subject matter
hereof and supersedes all prior oral or written agreements and understandings
relating to the subject matter hereof. No statement, representation, warranty,
covenant or agreement of any kind not expressly set forth in this Agreement
shall affect, or be used to interpret, change or restrict, the express terms and
provisions of this Agreement.

8.3 Modifications and Amendments. This Agreement may not be amended or modified,
and no provision hereof may be waived, without the written consent of the
Company and the holders of at least a majority of the outstanding shares of
Series C Stock. Any waiver or consent hereunder shall be effective only in the
specific instance and for the purpose for which it was given, and shall not
constitute a continuing waiver or consent.

8.4 Assignment. The rights and obligations under this Agreement may not be
assigned by the Company without the prior written consent of at least a majority
of the holders of Registrable Securities, unless specifically permitted by the
terms hereof, except that the Company may assign this Agreement and its rights
and obligations hereunder to any purchaser of all or substantially all of its
assets or to any successor corporation resulting from any merger or
consolidation of the Company.

                                       27
<PAGE>

8.5 Benefit. All statements, representations, warranties, covenants and
agreements in this Agreement shall be binding on the parties hereto and shall
inure to the benefit of the respective successors and permitted assigns of each
party hereto. Nothing in this Agreement shall be construed to create any rights
or obligations except among the parties hereto, and no person or entity shall be
regarded as a third-party beneficiary of this Agreement.

8.6 Governing Law. This Agreement and the rights and obligations of the parties
hereunder shall be construed in accordance with and governed by the law of The
Commonwealth of Massachusetts, without giving effect to the conflict of law
principles thereof.

8.7 Jurisdiction and Service of Process. Any legal action or proceeding with
respect to this Agreement shall be brought in the courts of The Commonwealth of
Massachusetts or of the United States of America for the District of
Massachusetts. By execution and delivery of this Agreement, each of the parties
hereto accepts for itself and in respect of its property, generally and
unconditionally, the jurisdiction of the aforesaid courts. Each of the parties
hereto irrevocably consents to the service of process of any of the
aforementioned courts in any such action or proceeding by the mailing of copies
thereof by certified mail, postage prepaid, to the party at its address set
forth in Section 8.1 hereof.

8.8 Severability. In the event that any court of competent jurisdiction shall
determine that any provision, or any portion thereof, contained in this
Agreement shall be unenforceable in any respect, then such provision shall be
deemed limited to the extent that such court deems it enforceable, and as so
limited shall remain in full force and effect. In the event that such court
shall deem any such provision, or portion thereof, wholly unenforceable, the
remaining provisions of this Agreement shall nevertheless remain in full force
and effect.

8.9 Interpretation. The parties hereto acknowledge and agree that: (i) each
party and its counsel reviewed and negotiated the terms and provisions of this
Agreement and have contributed to its revision; (ii) the rule of construction to
the effect that any ambiguities are resolved against the drafting party shall
not be employed in the interpretation of this Agreement; and (iii) the terms and
provisions of this Agreement shall be construed fairly as to all parties hereto
and not in favor of or against any party, regardless of which party was
generally responsible for the preparation of this Agreement.

8.10 Headings and Captions. The headings and captions of the various
subdivisions of this Agreement are for convenience of reference only and shall
in no way modify or affect the meaning or construction of any of the terms or
provisions hereof.

8.11 Enforcement. Each of the parties hereto acknowledges and agrees that the
rights acquired by each party hereunder are unique and that irreparable damage
would occur in the event that any of the provisions of this Agreement to be
performed by the other parties were not performed in accordance with their
specific terms or were otherwise breached. Accordingly, in addition to any other
remedy to which the parties hereto are entitled at law or in equity, each party
hereto shall be entitled to an injunction or injunctions to prevent breaches of
this Agreement by any other party and to enforce specifically the terms and
provisions hereof in any federal or state court to which the parties have agreed
hereunder to submit to jurisdiction.

                                       28
<PAGE>

8.12 No Waiver of Rights, Powers and Remedies. No failure or delay by a party
hereto in exercising any right, power or remedy under this Agreement, and no
course of dealing among the parties hereto, shall operate as a waiver of any
such right, power or remedy of the party. No single or partial exercise of any
right, power or remedy under this Agreement by a party hereto, nor any
abandonment or discontinuance of steps to enforce any such right, power or
remedy, shall preclude such party from any other or further exercise thereof or
the exercise of any other right, power or remedy hereunder. The election of any
remedy by a party hereto shall not constitute a waiver of the right of such
party to pursue other available remedies. No notice to or demand on a party not
expressly required under this Agreement shall entitle the party receiving such
notice or demand to any other or further notice or demand in similar or other
circumstances or constitute a waiver of the rights of the party giving such
notice or demand to any other or further action in any circumstances without
such notice or demand.

8.13 Counterparts. This Agreement may be executed in one or more counterparts,
and by different parties hereto on separate counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same
instrument.

                                       29
<PAGE>

      IN WITNESS WHEREOF, the parties hereto have executed this Agreement or
caused this Agreement to be executed by their duly authorized representatives,
as of the date first written above.

                              GOMEZ ADVISORS, INC.

                              By: /s/ Julio Gomez
                                  ------------------------
                                  Name:  Julio Gomez
                                  Title: CEO

                              THE ASHTON TECHNOLOGY GROUP, INC.

                              By: /s/ Fredric Rittereiser
                                  --------------------------
                                  Name:  Fredric Rittereiser
                                  Title: President & CEO

                              /s/ Julio Gomez
                              -------------------------------
                              JULIO GOMEZ

                              /s/ John M. Robb
                              -------------------------------
                              JOHN M. ROBB

                              /s/ Alexander D. Stein
                              -------------------------------
                              ALEXANDER D. STEIN

                              /s/ Fredric W. Rittereiser
                              ------------------------------
                              FREDRIC W. RITTEREISER

                              /s/ K. Ivan F. Gothner
                              ------------------------------
                              K. IVAN F. GOTHNER

                                       30
<PAGE>

                              /s/ Arthur J. Bacci
                              ------------------------------
                              ARTHUR J. BACCI

                              /s/ William Uchimoto
                              ------------------------------
                              WILLIAM UCHIMOTO

                              /s/ Richard Butler
                              ------------------------------
                              RICHARD BUTLER

                              /s/ Fred Weingard
                              ------------------------------
                              FRED WEINGARD

      Counterpart Signature Pages Begin on Next Page

                                       31
<PAGE>

                    Counterpart Signature Page For Investors

      The undersigned hereby agrees to become a party to that certain Investor
Rights Agreement dated as of November 2, 1999 and amended as of December 30,
1999 (the "Agreement") among Gomez Advisors, Inc. (the "Company") and others.
From and after the undersigned's execution and delivery of this Counterpart
Signature Page, the undersigned shall be a party to the Agreement and the shares
of Series C Stock purchased by the undersigned shall be deemed to be "Shares"
for all purposes of the Agreement.

______________________________________
Printed Name of Purchaser

______________________________________
Signature of Purchaser

                                       32
<PAGE>

                                    EXHIBIT A

                                   PURCHASERS

      INITIAL CLOSING:

      Paul Palandjian
      c/o Intercontinental Developers, Inc.
      1270 Soldiers Field Road
      Boston, MA  02185

      Peter Palandjian
      c/o Intercontinental Developers, Inc.
      1270 Soldiers Field Road
      Boston, MA  02185

      Leon Palandjian
      c/o Intercontinental Developers, Inc.
      1270 Soldiers Field
      Boston, MA  02185

      Marie-Louise Palandjian
      c/o Intercontinental Developers, Inc.
      1270 Soldiers Field Road
      Boston, MA  02185

      Edward G. Nardi
      c/o Intercontinental Developers, Inc.
      1270 Soldiers Field Road
      Boston, MA  02185

      Jacques DeGruyter
      17 Les Chenes du Parc Ducup
      66000 Perpignon, France

      West End Venture Partners, LLC
      1 World Trade Center, Suite 4563
      New York, NY  10048
      Attn:  Mark Nordlicht

      John Hancock Global Technology Fund
      101 Huntington Avenue, 7th Floor
      Boston, MA  02199
      Attn: Al Ouellette

      Sakura Holdings Limited

                                       33
<PAGE>

      The Tropic Isle Building
      Wickams Cay, Tortola
      British Virgin Islands
      Attn: Theodore Pun

      SUBSEQUENT CLOSING (12/30/99):

      BancBoston Ventures, Inc.
      100 Federal Street
      Boston, MA 02110
      Attn: Peter Roberts

      With a copy to:   Bingham Dana LLP
                        150 Federal Street
                        Boston, MA 02110
                        Attn:  Roger Feldman, Esq.

      Private Equity Portfolio Fund II, LP
      c/o BancBoston Ventures, Inc.
      100 Federal Street
      Boston, MA 02110
      Attn: Peter Roberts

      SOFTVEN No. 2 Investment
           Enterprise Partnership
      3-23 Kanda-Nishikcho
      Chiyoda-ku, Tokyo 101-0054
      JAPAN
      Phone - (813) 5259-2712
      Fax - (813) 5259-2762
      Attn:  Hidetoshi Sasaki

      With a copy to:   Sullivan & Cromwell
                        125 Broad Street
                        New York, NY  10004
                        Attn:  Stephen Grant, Esq.

      Jacqueline A. O'Neil
      One Exeter Street
      Boston, MA  02116

      Lee Einbinder
      c/o Lehman Brothers
      3 World Financial Center
      New York, NY 10285
      Tel: 212/526-1616

                                       34
<PAGE>

      Fax: 212/526-4986

      Mark Burton
      c/o Lehman Brothers
      3 World Financial Center
      New York, NY 10285
      Tel: 212/526-4131
      Fax: 212/526-4986

      Dave Sherwood
      c/o Lehman Brothers
      3 World Financial Center
      New York, NY 10285
      Tel: 212/526-8866
      Fax: 212/526-4986

      Nir Yarden
      c/o Lehman Brothers
      3 World Financial Center
      New York, NY 10285
      Tel: 212/526-2658
      Fax: 212/526-4986

      Lewis Geffen
      28 Fuller Brook Road
      Wellesley, MA 02482

      Eric Gleacher
      1133 Fifth Avenue
      New York, NY  10128

      Charles Phillips
      775 Park Avenue
      New York, NY  10021

      Thomas Maniatis
      187 Marsh Street
      Belmont, MA  02478-1732

      SUBSEQUENT CLOSING (2/15/00)

      HarbourVest Partners VI --
      Direct Fund, L.P.
      One Financial Center
      Boston, MA 02111
      Attn: Steven Hermsdorf

                                       35
<PAGE>

      BancBoston Ventures, Inc.
      100 Federal Street
      Boston, MA 02110
      Attn: Peter Roberts
      Phone  - 617-434-5398
      Fax:  - 617- 434-1153

      With a copy to:   Bingham Dana LLP
                        150 Federal Street
                        Boston, MA 02110
                        Attn:  Roger Feldman, Esq.
                        Phone: (617) 951-8000
                        Fax: (617) 951-8736

      Dolphin Communications Fund, L.P.
      750 Lexington Avenue, Suite 1600
      New York,  NY  10022
      Attention: Kenneth Kharbanda.

      Dolphin Communications Parallel Fund, L.P.
      750 Lexington Avenue, Suite 1600
      New York, NY  10022
      Attention: Kenneth Kharbanda.

      With a copy to:   Kirkland & Ellis
                        153 E. 53rd Street
                        New York, NY  10022
                        Attn: John Kuehn
                        Phone: (212) 446-4800
                        Fax: (212) 446-4900

                                       36
<PAGE>

                                    EXHIBIT B

                                ASHTON EXECUTIVES

Fredric W. Rittereiser
Arthur J. Bacci
K. Ivan F. Gothner
William Uchimoto
Richard Butler
Fred Weingard

Each:
c/o The Ashton Technology Group
1900 Market Street, Suite 701
Philadelphia, PA  19013
Fax:  (215) 636-3560

With a copy to:  Kronish Lieb Weiner &
                   Hellmen, LLP
                 114 Avenue of the Americas
                 New York, NY  10036
                 Attention: Herbert Kronish, Esq.

                                       37

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