Document:

Prepared by MERRILL CORPORATION

Exhibit 10.2  

PERFICIENT INC.

INVESTOR RIGHTS AGREEMENT  

        THIS INVESTOR RIGHTS AGREEMENT (the "Agreement") is entered into as of January 7, 2002, by and among
Perficient, Inc., a Delaware corporation (the "Company"), and the holders of the Company's Series A Preferred Stock (the "Series A Preferred Stock") set forth on Exhibit A
hereto. All of the holders of the Series A Preferred Stock shall be referred to hereinafter as the "Investors" and each individually as an "Investor." 

RECITALS  

        WHEREAS, the Company and each of the Investors have entered into that certain Convertible Preferred Stock Purchase Agreement, dated as of the date hereof,
pursuant to which the Investors have purchased an aggregate of up to 2,200,000 shares of Series A Preferred Stock and warrants to purchase up to 1,100,000 shares of Common Stock of the Company
(the Purchase Agreement"); 

        WHEREAS,
the Investors requested that the Company extend to them registration rights, information rights and other rights as set forth below as a condition of purchasing the shares of
Series A Preferred Stock; 

        NOW,
THEREFORE, in consideration of the mutual promises, representations, warranties, covenants and conditions set forth in this Agreement and the investment of the Investors in the
Series A Preferred Stock, the parties mutually agree as follows: 

SECTION 1. GENERAL  

        1.1  Definitions. As used in this Agreement the following terms shall have the following respective meanings: 

        "Common Stock" means common stock of the Company, par value $.001. 

        "Exchange Act" means the Securities Exchange Act of 1934, as amended. 

        "Form S-3" means such form under the Securities Act as in effect on the date hereof or any successor registration form
under the Securities Act subsequently adopted by the SEC which permits inclusion or incorporation of substantial information by reference to other documents filed by the Company with the SEC. 

        "Holder" means any person owning of record Registrable Securities that have not been sold to the public or any assignee of record of such
Registrable Securities in accordance with Section 2.7 hereof. 

        "Register," "registered," and "registration" refer to a registration effected by preparing
and filing a registration statement in compliance with the Securities Act, and the declaration or ordering of effectiveness of such registration statement or document by the SEC. 

        "Registrable Securities" means (a) Common Stock of the Company issued or issuable upon conversion of the Shares; (b) Common
Stock of the Company issued or issuable upon exercise of the Warrants; and (c) any Common Stock of the Company issued as (or issuable upon the conversion or exercise of any warrant, right or
other security which is issued as) a dividend or other distribution with respect to, or in exchange for or in replacement of, such above described securities. Notwithstanding the foregoing,
Registrable Securities shall not include any securities sold by a person to the public pursuant to a registration statement or Rule 144 or sold in a private transaction in which the
transferor's rights under Section 2 of this Agreement are not assigned. 

        "Registrable Securities then outstanding" shall be the number of shares determined by calculating the total number of shares of the
Company's Common Stock that are Registrable 

 

Securities and either (a) are then issued and outstanding or (b) are issuable pursuant to then exercisable or convertible securities. 

        "Registration Expenses" shall mean all expenses incurred by the Company in complying with Sections 2.2, 2.3 and 2.4 hereof, including,
without limitation, all registration and filing fees, printing expenses, fees and disbursements of counsel for the Company, reasonable fees and disbursements of a single special counsel for the
Holders, blue sky fees and expenses and the expense of any special audits incident to or required by any such registration (but excluding the compensation of regular employees of the Company which
shall be paid in any event by the Company). 

        "SEC" or "Commission" means the Securities and Exchange Commission. 

        "Securities Act" shall mean the Securities Act of 1933, as amended. 

        "Selling Expenses" shall mean all underwriting discounts and selling commissions applicable to a sale. 

        "Shares" shall mean the Company's Series A Preferred Stock owned by the Investors listed on Exhibit A hereto and their
permitted assigns. 

        "Warrants" shall mean the Stock Purchase Warrants to purchase initially one share of Common Stock at a price of $2.00 per share, issued in
connection with the sale of the Series A Preferred Stock. 

SECTION 2. REGISTRATION; RESTRICTIONS ON TRANSFER  

 2.1    Restrictions on Transfer.  

        (a)  Each
certificate representing Shares or Registrable Securities shall (unless otherwise permitted by the provisions of the Agreement) be stamped or otherwise imprinted
with a legend substantially similar to the following (in addition to any legend required under applicable state securities laws): 

THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE "ACT") AND MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, ASSIGNED, PLEDGED OR HYPOTHECATED UNLESS
AND UNTIL REGISTERED UNDER THE ACT OR UNLESS THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL OR OTHER EVIDENCE SATISFACTORY TO THE COMPANY AND ITS COUNSEL THAT SUCH REGISTRATION IS NOT REQUIRED. 

        (b)  The
Company shall be obligated to reissue promptly unlegended certificates at the request of any holder thereof if the holder shall have obtained an opinion of counsel
(which counsel may be counsel to the Company) reasonably acceptable to the Company to the effect that the securities proposed to be unlegended may lawfully be so disposed of without registration,
qualification or legend. 

        (c)  Any
legend endorsed on an instrument pursuant to applicable state securities laws and the stop transfer instructions with respect to such securities shall be removed
upon receipt by the Company of an order of the appropriate blue sky authority authorizing such removal. 

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 2.2    Automatic Registration.  

          (i)  (a)
Subject to the conditions of this Section 2.2, the Company shall, within 15 days of the Special Meeting of Stockholders of the Company (the "Special
Meeting") at which the issuance of Common Sock upon the conversion of the Shares (the "Issuance") is approved by the Stockholders of the Company, give notice to all Holders. The Holders shall have the
right, by giving written notice to the Company within 10 days after their receipt of the Company's notice, to elect to have included in a
Registration Statement on Form S-3 to be filed by the Company such of their Registrable Securities as such Holders may request in such notice of election, and the Company shall
file, within 30 days of the Special Meeting, a registration statement covering the resale of all Registrable Securities that the Holders request to be registered in such notice of election. The
Company shall not be required to effect a registration pursuant to this Section 2.2:prior to the date that is 30 days following the Special Meeting; or 

        (ii)  if
the Company shall furnish to the Holders a certificate signed by the Chairman of the Board stating that in the good faith judgment of the Board of Directors, it
would be seriously detrimental to the Company and its stockholders for such registration statement to be effected at such time, in which event the Company shall have the right to defer such filing for
a period of not more than ninety (90) days after the date of the Special Meeting. 

        2.3    Expenses of Registration.    Except as specifically provided herein, all Registration Expenses incurred in
connection with the registration, qualification or compliance pursuant to Section 2.2 herein shall be borne by the Company. All Selling Expenses incurred in connection with the registrations
hereunder, shall be borne by the Holdersselling the securities, as the case may be. Notwithstanding the foregoing, the Holders shall be solely responsible for the fees and expenses of any counsel
retained by the individual Holders in connection with such registration and any transfer taxes or Selling Expenses incurred by the Holders in connection therewith. 

        2.4    Obligations of the Company.    In connection with the registration of Registrable Securities pursuant to
Section 2.2 hereunder, the Company shall: 

        (a)  Use
its best effots to cause such registration statement and shall keep such registration statement effective until the Holder or Holders have completed the distribution
thereof. 

        (b)  Prepare
and file with the SEC such amendments and supplements to such registration statement and the prospectus used in connection with such registration statement as
may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement for the period set forth in
paragraph (a) above, including such amendments and supplements as may be necessary for the Holders to sell their Registrable Shares in an underwritten offering. 

        (c)  Furnish
to the Holders such number of copies of a prospectus, including a preliminary prospectus, in conformity with the requirements of the Securities Act, and such
other documents as they may reasonably request in order to facilitate the disposition of Registrable Securities owned by them. 

        (d)  Use
its best efforts to register and qualify the securities covered by such registration statement under such other securities or Blue Sky laws of such jurisdictions as
shall be reasonably requested by
the Holders; provided that, the Company shall not be required in connection therewith or as a condition thereto to qualify to do business or to
file a general consent to service of process in any such states or jurisdictions. 

        (e)  In
the event of any underwritten public offering, enter into and perform its obligations under an underwriting agreement, in usual and customary form, with the managing
underwriter(s) of such offering, and otherwise cooperate with the Holders as requested in connection with such 

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offering, including, without limitation causing its Chief Executive Officer and Chief Financial Officer to participate in a "road show" in connection with such underwritten offering. 

        (f)    Notify
each Holder of Registrable Securities covered by 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 as a result of which the prospectus included 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 the light of the circumstances then existing. 

        (g)  Use
its best efforts to furnish, on the date that such Registrable Securities are delivered to the underwriters for sale, if such securities are being sold through
underwriters, (i) an opinion, dated as of such date, of the counsel representing the Company for the purposes of such registration, in form and substance as is customarily given to underwriters
in an underwritten public offering, addressed to the underwriters, and (ii) a letter dated as of such date, from the independent certified public accountants of the Company, in form and
substance as is customarily given by independent certified public accountants to underwriters in an underwritten public offering addressed to the underwriters. 

        (h)  Cause
the Registrable Securities to be listed or included on each securities exchange on which similar securities are then listed or included. 

        2.5    Furnishing Information.    It shall be a condition precedent to the obligations of the Company to take any
action pursuant to Section 2.2, that the selling Holders shall furnish to the Company such information regarding themselves, the Registrable Securities held by them and the intended method of
disposition of such securities and such other information as shall be required to effect the registration of their Registrable Securities and otherwise comply with the Securities Act. 

        2.6    Indemnification.    In the event any Registrable Securities are included in a registration statement under
Section 2.2: 

        (a)  To
the extent permitted by law, the Company will indemnify and hold harmless each Holder and the partners, officers, directors and stockholders of each Holder, any
underwriter (as defined in the Securities Act) for such Holder and each person, if any, who controls such Holder or underwriter within the meaning of the Securities Act or the Exchange Act, against
any losses, claims, damages, or liabilities (joint or several) to which they may become subject under the Securities Act, the Exchange Act or other federal or state law, insofar as such losses,
claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon any of the following statements, omissions or violations (collectively a "Violation") by the Company:
(i) any untrue statement or alleged untrue statement of a material fact contained in such registration statement, including any preliminary prospectus or final prospectus contained therein or
any amendments or supplements thereto, (ii) 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, or (iii) any violation or alleged violation by the Company of the Securities Act, the Exchange Act, any state securities law or any rule or regulation promulgated under the
Securities Act, the Exchange Act or any state securities law in connection with the offering covered by such registration statement. The Company will pay as incurred to each such Holder, partner,
officer, director, stockholder, underwriter or controlling person any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage,
liability or action arising from or related to a Violation (subject to recoupment if this indemnification is determined to be inapplicable); provided however, that the indemnity agreement contained in
this Section 2.6(a) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Company, which
consent shall not be unreasonably withheld, nor shall the Company be liable in 

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any such case for any such loss, claim, damage, liability or action to the extent that it arises out of or is based upon a Violation which occurs in reliance upon and in conformity with written
information furnished expressly for use in connection with such registration by such Holder, partner, officer, director, stockholder, underwriter or controlling person of such Holder. 

        (b)  To
the extent permitted by law, each Holder will, if Registrable Securities held by such Holder are included in the securities as to which such registration,
qualification or compliance is being effected, severally and not jointly, indemnify and hold harmless the Company, each of its directors, its officers and each person, if any, who controls the Company
within the meaning of the Securities Act, any underwriter and any other Holder selling securities under such registration statement or any of such other Holder's partners, directors, officers or
stockholders or any person who controls such Holder, against any losses, claims, damages or liabilities to which the Company or any such person may become subject under the Securities Act, the
Exchange Act or other federal or state law, insofar as such losses, claims, damages or liabilities (or actions in respect thereto) arise out of or are based upon any Violation, in each case to the
extent (and only to the extent) that such Violation occurs in reliance upon and in conformity with written information furnished by such Holder under an instrument duly executed by such Holder and
stated to be specifically for use in connection with such registration; and each such Holder will pay as incurred any legal or other expenses reasonably incurred by the Company or any such person in
connection with investigating or defending any such loss, claim, damage, liability or action if it is judicially determined that there was such a Violation; provided,
however, that the indemnity agreement contained in this Section 2.6(b) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action
if such settlement is effected without the consent of the Holder, which consent shall not be unreasonably withheld; provided further, that in no event
shall any indemnity under this Section 2.6 exceed the net proceeds from the offering received by such Holder. 

        (c)  Promptly
after receipt by an indemnified party under this Section 2.6 of notice of the commencement of any action (including any governmental action), such
indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Section 2.6, deliver to the indemnifying party a written notice of the commencement
thereof and the indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume
the defense thereof with counsel mutually satisfactory to the parties; provided, however, that an indemnified party shall have the right to retain its
own counsel, with the fees and expenses to be paid by the indemnifying party, if representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due
to actual or potential differing interests between such indemnified party and any other party represented by such counsel in such proceeding. The failure to deliver written notice to the indemnifying
party within a reasonable time of the commencement of any such action, if materially prejudicial to its ability to defend such action, shall relieve such indemnifying party of any liability to the
indemnified party under this Section 2.6, but the omission so to deliver written notice to the indemnifying party will not relieve it of any liability that it may have to any indemnified party
otherwise than under this Section 2.6. 

        (d)  If
the indemnification provided for in this Section 2.6 is held by a court of competent jurisdiction to be unavailable to an indemnified party with respect to any
losses, claims, damages or liabilities referred to herein, the indemnifying party, in lieu of indemnifying such indemnified party thereunder, shall to the extent permitted by applicable law contribute
to the amount paid or payable by such indemnified party as a result of such loss, claim, damage or liability in such proportion as is appropriate to reflect the relative fault of the indemnifying
party on the one hand and of the indemnified party on the other in connection with the Violation(s) that resulted in such loss, claim, damage or liability, as well as any other relevant equitable
considerations. The relative 

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fault of the indemnifying party and of the indemnified party shall be determined by a court of law by reference to, among other things, whether the untrue or alleged untrue statement of a material
fact or the omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified party and the parties' relative intent, knowledge, access to information
and opportunity to correct or prevent such statement or omission; provided, that in no event shall any contribution by a Holder hereunder exceed the net
proceeds from the offering received by such Holder. 

        (e)  The
obligations of the Company and Holders under this Section 2.6 shall survive completion of any offering of Registrable Securities in a registration statement
and the termination of this Agreement. No indemnifying party, in the defense of any such claim or litigation, 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 litigation. 

        2.7    Assignment of Registration Rights.    The right to cause the Company to register Registrable Securities
pursuant to this Section 2 may be assigned by a Holder to a transferee or assignee of Registrable Securities which (a) is a subsidiary, parent, general partner, limited partner, retired
partner, member, retired member or affiliate of a Holder, (b) is a Holder's immediate family member or trust for the benefit of an individual Holder or immediate family members, or
(c) acquires at least 50,000 shares of Registrable Securities (as adjusted for stock splits, combinations and similar events); provided, however,
(i) the transferor shall, within ten (10) days after such transfer, furnish to the Company 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 (ii) such transferee shall agree to be subject to
all restrictions set forth in this Agreement by executing a counterpart signature page hereto (which shall not be deemed to be an amendment hereto). 

        2.8    Amendment of Registration Rights.    Any provision of this Section 2 may be amended and the observance
thereof may be waived (either generally or in a particular instance and either retroactively or prospectively), only with the written consent of the Company and the Holders of at least a majority of
the Registrable Securities then outstanding. Any amendment or waiver effected in accordance with this Section 2.8 shall be binding upon each Holder and the Company. By acceptance of any
benefits under this Section 2, Holders of Registrable Securities hereby agree to be bound by the provisions hereunder. 

        2.9    "Market Stand-Off" Agreement.    Each Holder hereby agrees that such Holder shall not sell or
otherwise transfer or dispose of any Common Stock (or other securities) of the Company held by such Holder (other than those included in the registration) for a period specified by the representative
of the underwriters of Common Stock (or other securities) of the Company, if any, not to exceed one hundred eighty (180) days following the effective date of a registration statement of the
Company filed under the Securities Act in connection with a firm commitment underwritten public offering; provided that all officers and directors of the Company and each holder of of at least 1% of
the Company's voting securities enter into similar agreements.Each Holder agrees to execute and deliver such other agreements as may be reasonably requested by the Company or the underwriter which are
consistent with the foregoing or which are necessary to give further effect thereto. The provisions of this Section 2.9 shall not apply to any registration statement related solely to
securities offered under any employee benefit plan, including any registration statement filed on Form S-8 and similar or successor forms, or any registration statement relating to
a transaction subject to Rule 145 under the Securities Act and filed on Form S-4 and similar or successor forms. 

        2.10    Rule 144 Reporting.    With a view to making available to the Holders the benefits of certain rules and
regulations of the SEC which may permit the sale of the Registrable Securities to the public 

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without registration under Rule 144 or any similar or analogous rule, the Company agrees to use its best efforts to file with the SEC, in a timely manner, all reports and other documents
required to be filed by the Company under the Exchange Act and to furnish each Holder, upon request, a written statement as to its compliance with such requirements and such other reports and
documents as the Holder may reasonably request in availing itself of any rule or regulation of the SEC allowing it to sell any Registrable Securities without registration. 

SECTION 3. COVENANTS OF THE COMPANY  

 3.1    Basic Financial Information and Reporting.  

        (a)  The
Company will maintain true books and records of account in which full and correct entries will be made of all its business transactions pursuant to a system of
accounting established and administered in accordance with generally accepted accounting principles consistently applied, and will set aside on its books all such proper accruals and reserves as shall
be required under generally accepted accounting principles consistently applied. 

        (b)  Within
90 days after the end of each fiscal year of the Company, the Company will furnish each Holder a balance sheet of the Company, as at the end of such fiscal
year, and a statement of income and a statement of cash flows of the Company, for such year, all prepared in accordance with generally accepted accounting principles consistently applied. 

        (c)  If
the following information is not made available generally by the Company in filings with the SEC, the Company will furnish each Holder within 45 days after the
end of the first three quarterly accounting periods in each fiscal year, a balance sheet of the Company as of the end of each such quarterly period, and statements of income, cash flows and
stockholders equity of the Company for such period and for the current fiscal year to date, prepared in accordance with GAAP, with the exception that no notes need be attached and year end audit
adjustments may not have been made. 

        (d)  Upon
the request of an Investor who beneficially owns in excess of 250,000 Shares, the Company will furnish to such Investor, prior to the beginning of a fiscal year an
annual budget and operating plans for such fiscal year (and if so requested, any subsequent revisions thereto) 

        3.2    Inspection Rights.    Each Holder shall have the right to visit and inspect any of the properties of the
Company or any of its subsidiaries, and to discuss the affairs, finances and accounts of the Company or any of its subsidiaries with its officers, and to review such information as is reasonably
requested all at such reasonable times and as often as may be reasonably requested; provided, however, that the Company shall not be obligated under
this Section with respect to a competitor of the Company or with respect to information which the Board of Directors determines in good faith is confidential and should not, therefore, be disclosed. 

        3.3    Confidentiality of Records.    Each Holder agrees to use, and to use its best efforts to insure that its
authorized representatives use, the same degree of care as such Holder uses to protect its own confidential information to keep confidential any information furnished to it which the Company
identifies in writing as being confidential or proprietary (so long as such information is not in the
public domain), except that such Holder may disclose such proprietary or confidential information to any partner, subsidiary or parent of such Holder for the purpose of evaluating its investment in
the Company as long as such partner, subsidiary or parent is advised of, and agrees to comply with, the confidentiality provisions of this Section 3.3 Reservation of Common Stock. The Company
will at all times reserve and keep available such number of shares of Common Stock as is issuable upon the conversion of the Series A Preferred Stock and the exercise of the Warrants. 

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        3.4    Indemnification with respect to Holders; Advancement.    Subject to Section 2.6 hereof, the Company
hereby agrees to hold harmless and indemnify the Holders, the Holders' direct and indirect subsidiaries, affiliated entities and corporations, and each of their partners, officers, directors,
employees, stockholders, agents, and representatives (collectively, referred to as the "Holder Indemnitees") against any and all expenses (including attorneys' fees), damages, judgments, fines,
amounts paid in settlements, or any other amounts that an Holder Indemnitee incurs as a result of any claim or claims made against him or it in connection with any threatened, pending or completed
action, suit, arbitration, investigation or other proceeding arising out of, or relating to the compliance by the Company of its obligations under this Agreement. 

        The
Company's indemnity obligations set forth above are subject to the Holders providing prompt written notice of a claim. The Company shall control the defense of any such action and,
at its discretion, may enter into a stipulation of discontinuance or settlement thereof; provided that the Company may not discontinue any action or settle any claim in a manner that does not
unconditionally release the Holders without the Holders' prior written approval. The Holders shall, at the Company's expense and reasonable request, cooperate with the Company in any such defense and
shall make available to the Company at the Company's expense all those persons, documents (excluding attorney/client or attorney work product materials) reasonably required by the Company in the
defense of any such action. The Holders may, at their expense, assist in such defense. 

        The
Company's liability to any Holder Indemnitee under this section shall be limited to the amount received by the Company from such Holder Indemnitee, and the Company's aggregate
cumulative liability under this Section shall be limited to the amount received by the Company pursuant to the transactions contemplated by this Agreement. 

        3.5    Election of Director.    Immediately following the Closing under the Purchase Agreement, notwithstanding that
the condition for the release from escrow of the Shares has not been satisfied, and continuing until the Shares are released to the Investors or the Company, the Investors shall have the right to
designate to the Board of Directors one member who shall be elected by the Board of Directors to fill a vacancy created therein substantially in accordance with the terms of the Certificate of
Designation as if the Shares were outstanding. 

SECTION 4. MISCELLANEOUS  

        4.1    Governing Law.    This Agreement shall be governed by and construed under the laws of the State of Delaware as
applied to agreements among Delaware residents entered into and to be performed entirely within Delaware. 

        4.2    Survival.    Except as expressly provided herein, the representations, warranties, covenants, and agreements
made herein shall survive any investigation made by any Holder and the closing of the transactions contemplated hereby. All statements as to factual matters contained in any certificate or other
instrument delivered by or on behalf of the Company pursuant hereto in connection with the transactions contemplated hereby shall be deemed to be representations and warranties by the Company
hereunder solely as of the date of such certificate or instrument. 

        4.3    Successors and Assigns.    Except as otherwise expressly provided herein, the provisions hereof shall inure to
the benefit of, and be binding upon, the successors, assigns, heirs, executors, and administrators of the parties hereto and shall inure to the benefit of and be enforceable by each person who shall
be a holder of Registrable Securities from time to time; provided, however, that prior to the receipt by the Company of adequate written notice of the
transfer of any Registrable Securities specifying the full name and address of the transferee, the Company may deem and treat the person listed as the holder of such shares in its records as the
absolute owner and holder of such shares for all purposes, including the payment of dividends. 

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        4.4    Entire Agreement.    This Agreement, the Exhibits and Schedules hereto, the Series A Preferred Stock
Purchase Agreement between each of the Holders and the Company and the other documents delivered pursuant thereto constitute the full and entire understanding and agreement between the parties with
regard to the subjects hereof and no party shall be liable or bound to any other in any manner by any representations, warranties, covenants and agreements except as specifically set forth herein and
therein. 

        4.5    Severability.    In case any provision of the Agreement shall be invalid, illegal, or unenforceable, the
validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

        4.6    Amendment and Waiver.    

        (a)  Except
as otherwise expressly provided, this Agreement may be amended or modified only upon the consent of (i) the Company, and (ii) the holders of at
least a majority of the Series A Preferred Stock. 

        (b)  Except
as otherwise expressly provided, the obligations of the Company and the rights of the Holders under this Agreement may be waived only with the consent of the
holders of at least a majority of the Series A Preferred Stock. 

        4.7    Delays or Omissions.    It is agreed that no delay or omission to exercise any right, power, or remedy accruing
to any Holder, upon any breach, default or noncompliance of the Company under this Agreement shall impair any such right, power, or remedy, nor shall it be construed to be a waiver of any such breach,
default or noncompliance, or any acquiescence therein, or of any similar breach, default or noncompliance thereafter occurring. It is further agreed that any waiver, permit, consent, or approval of
any kind or character on any Holder's part of any breach, default or noncompliance under the Agreement or any waiver on such Holder's part of any provisions or conditions of this Agreement must be in
writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement, by law, or otherwise afforded to Holders, shall be cumulative and
not alternative. 

        4.8    Notices and Consents.    All notices and consents required or permitted hereunder must be in writing and shall
be deemed effectively given: (a) upon personal delivery to the party to be notified, (b) when sent by facsimile if sent during normal business hours of the recipient; if not, then on the
next business day, (c) five days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one business day after deposit with a
nationally recognized overnight courier, specifying next day delivery, with written verification of receipt. All communications shall be sent to the party to be notified at the address as set forth on
the signature pages hereof or Exhibit A hereto or at such other address as such party may designate by ten (10) days advance written notice to the other parties hereto. 

        4.9    Titles and Subtitles.    The titles of the sections and subsections of this Agreement are for convenience of
reference only and are not to be considered in construing this Agreement. 

        4.10    Attorneys' Fees.    In the event that any suit or action is instituted to enforce any provision in this
Agreement, the prevailing party in such dispute shall be entitled to recover from the losing party all fees, costs and expenses of enforcing any right of such prevailing party under or with respect to
this Agreement, including without limitation, such reasonable fees and expenses of attorneys and accountants, which shall include, without limitation, all fees, costs and expenses of appeals. 

        4.11    Counterparts.    This Agreement may be executed in any number of counterparts, each of which shall be an
original, but all of which together shall constitute one instrument. 

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        IN WITNESS WHEREOF, the parties hereto have executed this INVESTOR RIGHTS AGREEMENT as of
the date set forth in the first paragraph hereof. 

	 	 	PERFICIENT, INC.
	

 	
 	

By:	

/s/  JOHN T. MCDONALD      

	 	 	Name:	John T. McDonald
	 	 	Title:	Chief Executive Officer
	

 	
 	

	

 	
 	

 (Address)

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INVESTORS:

Exhibit A  

	Investor
 
	 	Number of Shares of Series A

Preferred Stock

	Daniel Hilliard	 	20,000
	Hilliard Limited Partnership	 	10,000
	Daniel Hilliard TTEE Flint Trust Amended 6/19/98 UA DTD 12/20/97 FBO Wallace J Hilliard	 	100,000
	Julie A. Maccoux & Neal J. Maccoux JT TEN	 	12,000
	Andrew Hilliard	 	20,000
	Hilliard Family Foundation Inc.	 	12,000
	Daniel Hilliard TTEE Wallace J. Hilliard Irrevocable Trust UA DTD 10/25/99	 	5,000
	Paul Hilliard	 	10,000
	Chris Cline	 	10,000
	Richard Chernick	 	5,000
	Frederick Seipp	 	5,000
	Watershed-Perficient, LLC	 	625,000
	WWC Capital Fund, L.P.	 	600,000
	Samuel J. Fatigato	 	50,000
	John T. McDonald	 	100,000
	Eric Simone	 	50,000
	Jalak Investments BV	 	250,000

11<PAGE>

                                                                     Exhibit 4.6

     WARRANT AGREEMENT (the "Agreement"), dated as of December 11, 2001, between
Mercator Software, Inc., a Delaware corporation (the "Company"), and William
Blair & Company, L.L.C. a Delaware limited liability company (the "Holder").

     WHEREAS, in accordance with the Engagement Letter, dated as of June 5, 2001
by and between the Company and Holder, (the "Engagement Letter") the Company may
from time to time issue Warrants (the "Warrants") to the Holder, each Warrant
entitling the Holder to purchase, upon the terms and subject to the conditions
contained in this Agreement and the Warrant Certificates (as defined below), one
share of common stock of the Company, subject to adjustment as provided in
Section 11 hereof;

     WHEREAS, the Company will issue certificates evidencing the Warrants (the
"Warrant Certificates") and other matters as provided herein.

     NOW, THEREFORE, in consideration of the premises and the mutual agreements
herein set forth, the parties hereto agree as follows:

     Section 1.  Warrant Certificates. The Warrant Certificates (and the Forms
                 --------------------
of Exercise to be set forth on the reverse thereof) shall be substantially in
the forms set forth in Exhibit A attached hereto, and may have such letters,
                       ---------
numbers or other marks of identification and such legends printed, lithographed
or engraved thereon as the Company may deem appropriate and as are not
inconsistent with the provisions of this Agreement.

     Section 2.  Execution and Countersignature of Warrant Certificates. The
                 ------------------------------------------------------
Warrant Certificates shall be executed on behalf of the Company by its Chief
Executive Officer, President, Chief Financial Officer or Treasurer (each, a
"Company Officer") under its corporate seal reproduced
<PAGE>

thereon attested by its Secretary or Assistant Secretary. The signature of any
of these Company Officers on any Warrant Certificate may be manual or facsimile.
Warrant Certificates bearing the manual or facsimile signatures of individuals
who were at any time Company Officers shall bind the Company even if any such
individual ceased to be a Company Officer prior to the execution and delivery of
such Warrant Certificate or was not a Company Officer at the date of this
Agreement.

     Section 3.  Issuance of Warrant Certificates. The Company may, from time
                 --------------------------------
to time execute Warrant Certificates representing the number of Warrants
issuable pursuant to the Engagement Letter. The terms and conditions of all such
Warrants shall be identical, except for the Exercise Price, the Grant Date and
Expiration Date provided in the Warrant Certificates.

     Section 4.  Transfers. Warrants are not transferable or assignable, in
                 ---------
whole or in part. Warrant Certificates cancelled pursuant to any provisions of
this Agreement shall not be reissued, and shall be returned to the Company.

     Section 5.  Duration and Exercise of Warrants. Each series of Warrants
                 ---------------------------------
shall expire at 5:00 p.m. Connecticut time on the fifth anniversary of the Grant
Date, provided, that if such date falls on a day other than a Business Day, then
the Warrants shall expire at 5:00 p.m. Connecticut time on the next succeeding
Business Day (such date of expiration being herein referred to as the
"Expiration Date"). A "Business Day" shall mean a day other than a Saturday,
Sunday or a public or national bank holiday or the equivalent for banks
generally under the laws of the State of Connecticut.

     The Warrants are immediately exercisable upon grant. The Warrants
represented by each Warrant Certificate shall only be exercisable for shares of
Common Stock of the Company from the Exercise Date with respect to such Warrants
through and including the Expiration Date with respect

                                       2
<PAGE>

to such Warrants. Each Warrant may be exercised on any Business Day on or prior
to 5:00 p.m. Connecticut time on the Expiration Date. After 5:00 p.m.
Connecticut time on the Expiration Date, unexercised Warrants will become wholly
void and of no value.

     Subject to the provisions of this Agreement, the Holder shall have the
right to purchase from the Company (and the Company shall issue and sell to the
Holder) one fully paid and nonassessable share of Common Stock at the exercise
price (the "Exercise Price") at the time in effect hereunder, upon surrender to
the Company of the Warrant Certificate evidencing the Warrant exercised, with
the Form of Exercise attached therewith duly completed and signed, and upon
payment of the Exercise Price in lawful money of the United States of America by
certified or official bank check payable to the order of the Company or as
pursuant to Section 13 herein. The Exercise Price shall be as provided in the
Warrant Certificates. The Exercise Price and the number of shares of Common
Stock purchasable upon exercise of a Warrant shall be subject to adjustment as
provided in Section 11. Except as provided in Section 11, no adjustment shall be
made for any cash dividends or other distributions on or in respect of the
Common Stock or other securities purchasable upon the exercise of a Warrant.

     Subject to Sections 7 and 13, upon surrender of a Warrant Certificate and
payment of the Exercise Price at the time in effect thereunder and an amount
equal to any applicable transfer tax in cash or by certified check or official
bank check payable to the order of the Company, the Company shall thereupon
promptly cause to be issued and shall deliver to the Holder within a reasonable
time, not exceeding three (3) trading days, after each Warrant represented by
the Warrant Certificate shall have been exercised, a certificate for the shares
of Common Stock issuable upon the exercise of each Warrant evidenced by such
Warrant Certificate. The Holder shall be deemed to have become the

                                       3
<PAGE>

holder of record of such shares of Common Stock (a "Shareholder") as of the date
of the surrender of such Warrant Certificate and payment of the Exercise Price.

     The Warrants evidenced by a Warrant Certificate shall be exercisable at the
election of the Holder, either as an entirety or from time to time for part only
of the number of Warrants evidenced by the Warrant Certificate. In the event
that less than all of the Warrants evidenced by a Warrant Certificate
surrendered upon the exercise of Warrants are exercised, a new Warrant
Certificate or Certificates shall be issued for the remaining number of Warrants
evidenced by the Warrant Certificate so surrendered. All Warrant Certificates
surrendered upon exercise of Warrants shall be cancelled by the Company.
Notwithstanding anything herein to the contrary, the Company may elect to pay
cash in lieu of issuing Common Stock as provided in Section 13(a) of this
Agreement.

     Section 6.  Exercise Price. The Exercise Price of each Warrant shall be as
                 --------------
set forth in Section 2(a) and 2(b) of the Engagement Letter, as may be amended
and supplemented from time to time subject to adjustment as provided in Section
11.

     Section 7.  Payment of Taxes. The Company shall pay all documentary stamp
                 ----------------
taxes, if any, attributable to the issuance of Warrants and the issuance of
Common Stock upon the exercise of any Warrant; provided, however, that the
Company shall not be required to pay any tax or taxes which may be payable in
respect of any transfer involved in the issuance of any certificates for shares
of Common Stock in a name other than that of the Holder of a Warrant Certificate
surrendered upon the exercise of a Warrant and the Company shall not be required
to issue or deliver such certificates unless or until the persons requesting the
issuance thereof shall have paid to the Company the amount of such tax or shall
have established to the satisfaction of the Company that such tax has been paid.

                                       4
<PAGE>

     Section 8.  Mutilated or Missing Warrant Certificates. In case any of the
                 -----------------------------------------
Warrant Certificates shall be mutilated, lost, stolen or destroyed, the Company
shall issue, in exchange and substitution for and upon cancellation of the
mutilated Warrant Certificate, or in lieu of and in substitution for the Warrant
Certificate lost, stolen or destroyed, a new Warrant Certificate of like tenor
and representing an equivalent number of Warrants, but only upon receipt of
evidence satisfactory to the Company of such loss, theft or destruction of such
Warrant Certificate and indemnity, if requested, also satisfactory to the
Company. Applicants for such substitute Warrant Certificates shall also comply
with such other reasonable requirements and pay such other reasonable charges as
the Company may prescribe.

     Section 9.  Reservation of Common Stock. The Company will at all times
                 ---------------------------
reserve and keep available, free from preemptive rights, out of the aggregate of
its authorized but unissued shares of Common Stock and shares of Common Stock
held in its Treasury, for the purpose of enabling it to satisfy any obligation
to issue shares of Common Stock upon the exercise of Warrants the maximum number
of shares of Common Stock which are required to be delivered upon the exercise
of all outstanding Warrants.

     The Company covenants that all shares of Common Stock which may be issued
upon the exercise of Warrants will, upon issuance, be duly issued and
outstanding; fully paid and nonassessable and free from all taxes, liens,
charges and security interests with respect to the issuance thereof.

     The Company is authorized to requisition from time to time from a transfer
agent for the Common Stock (including the Company if then acting as a transfer
agent) stock certificates required to honor the exercise of outstanding
Warrants.  The Company hereby authorizes its present and any future such
transfer agent to comply with all such requests.  The Company will supply such
transfer

                                       5
<PAGE>

agent with duly executed Common Stock certificates for such purposes and will
itself provide or otherwise make available any cash which may be payable as
provided in Section 11.

     Section 10.  Stock Exchange or Nasdaq Listings. The Company will use its
                  ---------------------------------
best efforts to have the shares of Common Stock which are issuable upon exercise
of Warrants listed for trading on any securities exchange or the National
Association of Securities Dealers Automated Quotation System on which the then
outstanding Common Stock is then listed.

     Section 11.  Adjustment of Exercise Price and Number and Kind of Securities
                  --------------------------------------------------------------
Purchasable upon Exercise of Warrants.
-------------------------------------

     (a)    Adjustment of Exercise Price and Number of Warrants. The Exercise
            ---------------------------------------------------
Price shall be subject to adjustment from time to time as provided in this
Section 11. No adjustment of the Exercise Price, however, shall be made in an
amount less than $.01 per share, but any such lesser adjustment shall be carried
forward and shall be made at the time and together with the next subsequent
adjustment, if any, which together with any subsequent adjustments so carried
forward shall amount to $.01 per share or more. Upon each adjustment of the
Exercise Price, the Holder shall thereafter, at or prior to the Expiration Date,
be entitled to purchase, at the Exercise Price resulting from such adjustment,
the number of shares issuable upon exercise of the Warrants (calculated to the
nearest whole share) obtained by multiplying the Exercise Price in effect
immediately prior to such adjustment by the number of shares issuable upon
exercise of the Warrants immediately prior to such adjustment and dividing the
product so obtained by the Exercise Price resulting from such adjustment.

     (b)    Subdivision or Combination of Stock. In case the Company shall at
            -----------------------------------
any time subdivide the outstanding shares of Common Stock into a greater number
of shares, the Exercise Price in effect immediately prior to such subdivision
shall be proportionately reduced and the

                                       6
<PAGE>

number of shares issuable upon exercise of the Warrants immediately prior to
such subdivision shall be proportionately increased, and conversely, in case the
outstanding shares of Common Stock shall be combined at any time into a smaller
number of shares, the Exercise Price in effect immediately prior to such
combination shall be proportionately increased and the number of shares issuable
upon exercise of the Warrants immediately prior to such combination shall be
proportionately reduced.

     (c)   Adjustments for Consolidation, Merger, Sale of Assets,
           ------------------------------------------------------
Reorganization, etc. In case the Company (i) consolidates with or merges into
-------------------
any other corporation and is not the continuing or surviving corporation of such
consolidation or merger, or (ii) permits any other corporation to consolidate
with or merge into the Company and the Company is the continuing or surviving
corporation but, in connection with such consolidation or merger, the Common
Stock of the Company is changed into or exchanged for stock or other securities
of any other corporation or cash or any other assets, or (iii) transfers all or
substantially all of its properties and assets to any other corporation, or (iv)
effects a capital reorganization or reclassification of the capital stock of the
Company in such a way that holders of Common Stock shall be entitled to receive
stock, securities, cash or assets with respect to or in exchange for Common
Stock, then, and in each such case, proper provision shall be made so that, upon
the basis and upon the terms and in the manner provided in this subsection (c),
the Holder, upon the exercise of the Warrants at any time after the consummation
of such consolidation, merger, transfer, reorganization or reclassification,
shall be entitled to receive (at the aggregate Exercise Price in effect for
shares issuable upon such exercise of the Warrants prior to such consummation,
the stock and other securities, cash and assets to which such Holder would have
been entitled upon such consummation if such Holder had so exercised such
Warrants immediately prior thereto (subject to adjustments subsequent to such
corporate action as nearly equivalent as possible to the adjustments provided
for in this Section 11). Notwithstanding the foregoing, in the

                                       7
<PAGE>

event that a definitive agreement (a "Sale Agreement") is executed with respect
to an all cash transaction involving (i) either a merger or consolidation of the
Company with and into another corporation or (ii) the sale of all or
substantially all of the outstanding shares of Common Stock of the Company, the
Company shall have the right, on three (3) days prior written notice to the
Holder, to pay or cause to be paid to the Holder on or immediately prior to the
closing date of the transactions under the Sale Agreement in full and complete
satisfaction and cancellation of the Warrants, an amount in cash equal to (A)
the product of (x) the price per share of Common Stock payable to the holders of
Common Stock under the Sale Agreement and (y) the number of shares of Common
Stock issuable upon exercise of the Warrants on such date minus (B) the product
of (x) the Exercise Price in effect at such date and (y) the number of shares of
Common Stock issuable upon exercise of the Warrants on such date.

     (d)   Notice of Adjustment. Whenever the number of shares issuable upon the
           --------------------
exercise of the Warrants or the Exercise Price is adjusted, as provided in this
Section 11, the Company shall prepare and mail to the Holder a certificate
setting forth (i) the Exercise Price and the number of shares issuable upon the
exercise of the Warrants after such adjustment, (ii) a brief statement of the
facts requiring such adjustment and (iii) the computation by which such
adjustment was made.

     (e)   No Change of Warrant Necessary. Irrespective of any adjustment in the
           ------------------------------
Exercise Price or in the number or kind of shares issuable upon exercise of the
Warrants, the Warrants may continue to express the same price and number and
kind of shares as are stated in the Warrants as initially issued.

     (f)   Successive Transactions. The provisions of this Section 11 shall
           -----------------------
similarly apply to successive transactions.

                                       8
<PAGE>

     Section 12. Fractional Shares of Common Stock. The Company may, but will
                 ---------------------------------
not be required to, issue fractions of shares of Common Stock or to distribute
shares of Common Stock certificates which evidence fractions of shares upon the
exercise of the Warrants; provided, however, that in lieu of fractional shares
of Common Stock the Company shall make a cash payment thereof for equal in
amount to the product of the applicable fraction multiplied by the current
market price of shares of the Company's Common Stock then in effect.

     Section 13. Exercise Options.
                 ----------------

     (a)  Cash In Lieu of Exercise. At any time prior to the Expiration Date,
          ------------------------
the Holder may notify the Company of its intent to exchange the Warrants
represented by the Warrant Certificates in whole or in part (a "Warrant
Exchange") into the number of fully paid and non-assessable shares of Common
Stock determined in accordance with this Section 13, by surrendering such
Warrant Certificate(s) at the principal office of the Company or at the office
of its Transfer Agent, accompanied by a notice stating such Holder's intent to
effect such exchange and the number of Warrants to be exchanged (the "Notice of
Exchange"). Upon receipt of a Notice of Exchange, the Company shall have the
option in its sole discretion to pay to Holder cash in lieu of Common Stock
issuable upon Holder's exercise of Warrants, if, on a fully diluted basis,
Holder's total ownership in the Company on the date of a Notice of Exchange
(defined below) exceeds ten percent (10%) of the total outstanding Common Stock
on the date on which the Notice of Exchange is received by the Company. For the
purpose of this Section 13(a), "ownership" means Holder's ownership of the
Company's Common or Preferred Stock and securities convertible into shares of
Common or Preferred Stock. If the Company elects to exercise its cash payment
option under this Section 13(a), the Company shall notify Holder of such
election within five (5) days of the Company's receipt of the Notice of
Exchange. If the Company elects to exercise its cash payment option, the Company

                                       9
<PAGE>

shall pay to Holder in cash an amount per share equal to the difference between
the Exercise Price and Market Price. The Company shall pay any cash due to
Holder as follows: one third of such sum within ten (10) days of the date of the
Company's receipt of the Notice of Exchange and the balance in cash paid one
third thereof on each of the first and second anniversaries of the day after the
date of Notice of Exchange. Any unpaid sums shall accrue interest at six percent
(6%) per year.

     (b)  Cashless Exercise. At any time prior to the Expiration Date and
          -----------------
subject to Section 13(a), the Holder may do a Warrant Exchange for the number of
fully paid and non-assessable shares of Common Stock determined in accordance
with this Section 13(b), by surrendering such Warrant Certificate(s) at the
principal office of the Company or at the office of its Transfer Agent,
accompanied by a Notice of Exchange. Certificates for the shares issuable upon
such Warrant Exchange and, if applicable, a Warrant Certificate of like tenor
evidencing the balance of the shares remaining subject to the Holder's Warrant
Certificate(s), shall be issued as of the date of the Notice of Exchange and
delivered to the Holder within fifteen (15) business days following the date
that the Notice of Exchange is received by the Company (the "Exchange Date"). In
connection with any Warrant Exchange, the Holder's Warrant Certificate(s) shall
represent the right to subscribe for and acquire the number of shares of Common
Stock (rounded to the next highest integer) equal to the product of (A) the
number of shares covered by the Warrant Certificate(s) that are being exchanged
as specified by the Holder in its Notice of Exchange (the "Total Share Number")
multiplied by (B) a fraction, the numerator of which is the Market Price
(defined below) of the Company's Common Stock less the then existing Exercise
Price per share and the denominator of which is the Market Price.

     (c)  For the purpose of this Section 13, Market Price, which shall be
calculated on the date on which the Notice of Exchange is received by the
Company, shall be the last reported sale price, or

                                       10
<PAGE>

in case no such reported sale takes place on such day, the average of the last
reported sale prices for the last three trading days, in either case as
officially reported by the principal securities exchange on which the Common
Stock is listed or admitted to trading or as reported in the Nasdaq Market
System (National or SmallCap system, as applicable) or, if the Common Stock is
not listed or admitted to trading on any national securities exchange or quoted
on the Nasdaq Market System, the last reported sale price as furnished by the
National Association of Securities Dealers, Inc. through Nasdaq or similar
organization if Nasdaq is no longer reporting such information, or if the Common
Stock is not quoted on Nasdaq, as determined in good faith by resolution of the
Board of Directors of the Company, based on the best information available to it
for the two (2) days immediately preceding such issuance or sale and the day of
such issuance or sale.

     Section 14. Restrictions on Transferability.
                 -------------------------------

     The Warrant Certificates and the shares of Common Stock issuable upon
exercise of the Warrants shall not be transferable except upon the conditions
specified in this Section 14, which conditions are intended to insure compliance
with the provisions of the Securities Act in respect of the transfer of any
Warrant Certificate or any shares of Common Stock issuable upon exercise of the
Warrants.

          (a)    Restrictive Legend; Holder's Representation. Unless and until
                 -------------------------------------------
otherwise permitted by this Section 14, each certificate representing shares of
Common Stock issuable upon exercise of the Warrants, and any certificate issued
at any time upon transfer of, or in exchange for or replacement of, any
certificate bearing the legend set forth below shall be stamped or otherwise
imprinted with a legend in substantially the following form:

        "THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED
     UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS
     AND, THE TRANSFER, RESALE OR OTHER

                                       11
<PAGE>

     DISPOSITION OF SUCH SECURITIES MAY BE MADE ONLY PURSUANT TO AN EFFECTIVE
     REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR A VALID EXEMPTION
     THEREFROM AND IN COMPLIANCE WITH ALL APPLICABLE STATE SECURITIES LAWS, AND
     BY DELIVERY OF AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT THERE
     IS SUCH AN EXEMPTION.

     THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE TERMS AND
     CONDITIONS OF THAT CERTAIN WARRANT AGREEMENT DATED AS OF DECEMBER 11, 2001,
     BY AND BETWEEN THE HOLDER AND THE COMPANY.  COPIES OF SUCH AGREEMENT MAY BE
     OBTAINED UPON WRITTEN REQUEST TO THE SECRETARY OF THE COMPANY."

     The Holder represents to the Company that it is acquiring the Warrants and
will acquire the shares of Common Stock issuable upon exercise of the Warrants
(if at all) for its own account and not with a view to any public distribution
thereof. The acquisition of any Warrants or shares of Common Stock issuable upon
exercise of the Warrants by the Holder on the date of this Agreement or upon
exercise of a Warrant shall constitute the Holder's reaffirmation of such
representation. The Holder further represents to the Company that it is an
"accredited investor" as defined in Regulation D under the Securities Act. The
Holder understands that the Warrants and the shares of Common Stock issuable
upon exercise of the Warrants have not been registered under the Securities Act
and may only be sold or otherwise disposed of in compliance with the Securities
Act. The Holder by its acceptance of such security further understands that such
security may bear a legend as contemplated by this Section 14.

     All Warrant Certificates issued upon transfer, division or combination of,
or in substitution for, any Warrant Certificate or Warrant Certificates entitled
to bear such legend shall have a similar legend endorsed thereon.

     Section 15. Registration Rights. (a) For a period of two (2) years from the
                 -------------------
Grant Date, the Company shall determine to register any of its securities, for
its own account or the account of any of its shareholders, other than a
registration on Form S-8 or on Form S-4 or on Form S-3 relating solely

                                       12
<PAGE>

to an SEC Rule 145 transaction or relating solely to a merger, recapitalization,
share exchange, consolidation, acquisition or similar transaction, the Company
will:

     (i)  promptly give to the Holder written notice thereof; and

     (ii) include in such registration, and in any underwriting involved
therein, all the shares of Common Stock issued or issuable upon exercise of the
Warrants specified in a written request or requests, made within 30 days after
receipt of such written notice from the Company, by the Holder, except as set
forth in subsection 15(b) and (c) below.

     (b)  Underwriting. If the registration of which the Company gives notice
          ------------
is for a registered public offering involving a firm-commitment underwriting,
the Company shall so advise the Holder as a part of the written notice given
pursuant to subsection 15(a)(i). In such event the right of the Holder pursuant
to this subsection 15 shall be conditioned upon the Holder's participation in
such underwriting and the inclusion of the Holder's Common Stock in the
underwriting to the extent provided herein. The Holder proposing to distribute
its 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 (and not inconsistent
with the terms hereof) with the underwriter or underwriters selected for such
underwriting by the Company.

     (c)  In the case of any registration of Common Stock by the Company in a
firm-commitment underwriting, if the managing underwriters give written advice
to the Company that marketing factors require a limitation on all or any part of
the number of shares of Common Stock (or other securities convertible into or
exercisable or exchangeable for Common Stock) to be offered and sold by
stockholders of the Company in such offering, there shall be included in the
offering: (i) first, all securities proposed by the Company to be sold for its
account; and (ii) second, that number of shares of Common Stock, if any,
requested to be included in such registration statement by the

                                       13
<PAGE>

Holder and by other stockholders of the Company having contractual rights to
include shares in such registration, on a pro rata basis based upon the number
of shares of Common Stock each Holder and each such other stockholder
beneficially owns, except that where such a registration is solely for another
shareholder, such shareholder shall be considered before the Holder.

     (d)  The shares of Common Stock issuable upon exercise of the Warrants
covered by an effective registration statement may be transferred by the Holder
for as long as the registration statement is effective. Not withstanding the
foregoing, the Holder shall not offer or sell on the open market more than
100,000 shares of such Common Stock issuable upon exercise of the Warrants
during a period of five (5) consecutive trading days at any time for the term of
this Agreement. If the Holder does not comply with this section 15(d), the
Company has a right to amend the registration statement and to remove from
registration any of Common Stock issuable upon exercise of the Warrants which
remains unsold by the Holder.

     (e)  If at any time after giving notice pursuant to 15(a) hereof and prior
to the effective date of any such registration statement, the Company shall
determine for any reason not to register or to delay registration of its
securities, the Company may give written notice of such determination to Holder
who has requested inclusion of Common Stock issuable upon exercise of the
Warrants in such registration statement and, thereupon the Company (i) in the
case of a determination not to register, shall be relieved of its obligation to
register any Common Stock and (ii) in the case of a determination to delay
registration, shall be permitted to delay registering any Common Stock for the
same period as the delay in registering other securities included in such
registration statement.

     (f)  The Company will notify Holder at any time when a prospectus relating
thereto is required to be delivered under the Securities Act of the happening of
any event as a result of which the prospectus included in such registration
statement, as then in effect, includes an untrue statement

                                       14
<PAGE>

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 the light
of the circumstances then existing, and Holder shall thereupon forthwith
discontinue use of such prospectus until receipt of notice from the Company that
use of such prospectus may be resumed or receipt of prospectus supplement or
amendment so that such prospectus will not contain such untrue statement or
omission.

     (g)  Holder included in any registration shall promptly furnish to the
Company such information regarding the Holder and the distribution proposed by
the Holder as the Company may request in writing and as shall be required in
connection with any registration, qualification or compliance referred to
herein.

     Section 16. Notices. All notices, demands or other communications
                 -------
hereunder shall be in writing and shall be deemed to have been duly given if
delivered in person, via registered or certified mail, return receipt requested,
postage prepaid, or by nationally recognized overnight courier services:

               (a)  If to the Company, to:

                    Mercator Software, Inc.
                    45 Danbury Road,
                    Wilton, Connecticut 06897
                    Attention: Chief Executive Officer

                    with a copy to:

                    Gould & Wilkie LLP
                    One Chase Manhattan Plaza
                    New York, N.Y. 10005-1401
                    Attention: Paul A. Soden, Esq.

               (b)  if to Holder, to:

                    William Blair & Company, L.L.C.
                    222 West Adams
                    Chicago, Illinois 60606

                                       15
<PAGE>

                 Attention: Kelly Martin

                 with a copy to:

                 William Blair & Company, L.L.C.
                 222 West Adams
                 Chicago, Illinois 60606
                 Attention: Arthur J. Simon, General Counsel

or at such other address as may have been furnished by such person in writing to
the other parties. Any such notice, demand or other communication shall be
deemed to have been given on the date actually delivered (or delivery is
refused) or as of the date deposited with the courier, as the case may be.

     Section 17. Supplements and Amendments.
                 --------------------------

     (a)  The Company may from time to time supplement or amend this Agreement
without the approval of the Holder in order to cure any ambiguity, to correct or
supplement any provision contained herein which may be defective or inconsistent
with any provisions herein, or to make any other provisions with regard to
matters or questions arising hereunder which the Company may deem necessary or
desirable and which shall not adversely affect the interests of the Holder.

     (b)  This Agreement may be changed, waived or terminated only with the
written consent of the Company and Holder.

     Section 18. No Rights as Shareholders. Nothing contained in this Agreement
                 -------------------------
or in any of the Warrant Certificates shall be construed as conferring upon the
Holder any rights of a shareholder, including without limitation, the right to
vote, to receive dividends or to consent to, or receive notice as a shareholder
in respect of, any meeting of shareholders for the election of directors of the
Company or for any other matter.

                                       16
<PAGE>

     Section 19.  Successors.  All the covenants and provisions of this
                  ----------
Agreement by or for the benefit of the Company or the Holder shall bind and
inure to the benefit of their respective successors and permitted assigns
hereunder.

     Section 20.  Termination.  This Agreement shall terminate and be of no
                  -----------
further force and effect at, and no Warrant may be exercised after, 5:00 p.m.
Connecticut time on the Expiration Date provided for in Section 5 of this
Agreement.  Notwithstanding the foregoing, this Agreement will terminate on such
earlier date when all Warrants have been exercised and no Warrants remain
outstanding.

     Section 21.  Governing Law. This Agreement and each Warrant issued
                  -------------
hereunder shall be governed by and construed in accordance with the internal
laws of the State of Connecticut, without regard to its conflicts of laws
provisions.

     Section 22.  Jurisdiction:  Service of Process. Any action or proceeding
                  ---------------------------------
arising out of this Agreement may be brought against any of the parties in the
courts of the state of Connecticut, County of Fairfield, or, if it has or can
acquire jurisdiction, in the United States District Court for the District of
Connecticut, and each of the parties consents to the jurisdiction of the state
and federal courts of the State of Connecticut (and of the appropriate appellate
courts) in any such action or proceeding and waives any objection to venue laid
therein.

     Section 23.  Benefits of this Agreement; Rights of Action.  Nothing in this
                  --------------------------------------------
Agreement shall be construed to give to any person or corporation other than the
Company and the Holder any legal or equitable right, remedy or claim under this
Agreement; and this Agreement shall be for the sole and exclusive benefit of the
Company and the Holder.
<PAGE>

     Section 24.  Counterparts. This Agreement may be executed in one or more
                  ------------
counterparts by facsimile signature, and with counterpart signature pages, each
of which shall be an original, and all of which together shall constitute one
and the same Agreement.

     Section 25.  Headings.  The descriptive headings of the several paragraphs
                  --------
of this Agreement are inserted for convenience only and do not constitute a part
of this Agreement.

     Section 26.  Severability.  If any term, provision, covenant or restriction
                  ------------
of this Agreement is held by a court of competent jurisdiction or other
authority to be invalid, void or unenforceable, the remainder of the terms,
provisions, covenants and restrictions of this Agreement shall remain in full
force and effect and shall in no way be affected, impaired or invalidated.

                                      18
<PAGE>

     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed, as of the day and year first above written.

                                   MERCATOR SOFTWARE, INC.

                                   By:_______________________________________
                                       Name:
                                       Title:

Attest:

_______________________________

                                   WILLIAM BLAIR & COMPANY, L.L.C.

                                   By:_______________________________________
                                       Name:
                                       Title:

Attest:

_______________________________

                                      19
<PAGE>

                                   EXHIBIT A

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS AND,
ACCORDINGLY, THE TRANSFER, RESALE OR OTHER DISPOSITION OF SUCH SECURITIES MAY
ONLY BE MADE PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
SECURITIES ACT OR A VALID EXEMPTION THEREFROM AND IN COMPLIANCE WITH ALL
APPLICABLE STATE SECURITIES LAWS, AND BY DELIVERY OF AN OPINION OF COUNSEL
SATISFACTORY TO COUNSEL FOR THE COMPANY THAT THERE IS SUCH AN EXEMPTION.

THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE TERMS AND
CONDITIONS OF THAT CERTAIN WARRANT AGREEMENT DATED AS OF DECEMBER 11, 2001, BY
AND BETWEEN THE HOLDER AND THE COMPANY, COPIES OF SUCH AGREEMENT MAY BE OBTAINED
UPON WRITTEN REQUEST TO THE SECRETARY OF THE COMPANY.

                         [FORM OF WARRANT CERTIFICATE]

                                    [FACE]

           EXERCISABLE ONLY ON OR BEFORE 5:00 P.M. CONNECTICUT TIME

                                    , 200_

No. W-                                                       _________ Warrants

                              WARRANT CERTIFICATE

                            MERCATOR SOFTWARE, INC.

     This Warrant Certificate certifies that William Blair & Company, L.L.C., a
Delaware limited liability company is the registered holder (the "Holder") of
_______ Warrants (the "Warrants") expiring ____________, 200_ to purchase shares
of common stock of Mercator Software, Inc., a Delaware corporation (the
"Company").  Each Warrant entitles the Holder to purchase from the Company, on
or after the issuance hereof, and on or before 5:00 p.m. Connecticut time on
________ one fully paid and nonassessable share of common stock of the Company,
par value $.01 per share ("Common Stock"), at the exercise price of $__________
per share (the "Exercise Price") at the time

                                      A-1
<PAGE>

in effect under the Warrant Agreement (as defined on the reverse hereof),
payable in lawful money of the United States of America, upon surrender of this
Warrant Certificate and payment of such Exercise Price to the Company in Wilton,
Connecticut, subject to the conditions set forth herein and in the Warrant
Agreement, provided, however, that the number or kinds of shares of Common Stock
or other securities (or in certain events other property) purchasable upon
exercise of the Warrants and the Exercise Price referred to on the reverse
hereof may as of the date of this Warrant Certificate have been, or may after
such date be, adjusted as a result of the occurrence of certain events, as more
fully provided in the Warrant Agreement. Payment of the Exercise Price shall be
made by certified or official bank check payable to the order of the Company or
as provided in Section 13 of the Warrant Agreement.

     No Warrant may be exercised after 5:00 p.m. Connecticut time on __________,
200_ (the "Expiration Date").

     Reference is hereby made to the further provisions of this Warrant
Certificate set forth on the reverse hereof and such further provisions shall
for all purposes have the same effect as though fully set forth at this place.

     This Warrant Certificate shall not be valid unless countersigned by the
Holder by the manual signature of one of its authorized officers.

                                      A-2
<PAGE>

                         Void after ____________, 200_

                         [FORM OF WARRANT CERTIFICATE]

                                   [REVERSE]

                            MERCATOR SOFTWARE, INC.

     The Warrants evidenced by this Warrant Certificate are part of a duly
authorized issue of Warrants issued pursuant to a Warrant Agreement, dated as of
December 11, 2001 (the "Warrant Agreement"), between the Company and Holder,
which Warrant Agreement is hereby incorporated by reference in and made a part
of this instrument and is hereby referred to for a description of the rights,
limitation of rights, obligations, duties and immunities thereunder of the
Company and the Holder.  Initially capitalized terms used but not defined herein
shall have the meanings assigned to such terms in the Warrant Agreement.  A copy
of the Warrant Agreement is available for inspection at the Company, located at
45 Danbury Road, Wilton, Connecticut, during regular business hours.

     Warrants may be exercised to purchase shares of Common Stock from the
Company at any time, or from time to time on or after ________, 200_ and on or
before the Expiration Date, at the Exercise Price then in effect.  The Holder
may exercise the Warrants represented by this Warrant Certificate by
surrendering the Warrant Certificate with the Form of Exercise set forth hereon
properly completed and executed, together with payment of the Exercise Price at
the time in effect, to the Company.  In the event that an exercise of Warrants
evidenced hereby shall be an exercise of less than the total number of Warrants
evidenced hereby, there shall be issued to the Holder a new Warrant Certificate
evidencing the number of Warrants not exercised.  The Holder may exchange the
Warrants represented by this Warrant Certificate by surrendering the Warrant
Certificate with the Form of Exercise set forth hereon properly completed and
executed, together with a Notice of

                                      A-3
<PAGE>

Exchange, to the Company. In the event that an exchange of Warrants evidenced
hereby shall be an exchange of less than the total number of Warrants evidenced
hereby, there shall be issued to the Holder a new Warrant Certificate evidencing
the number of Warrants not exchanged. No adjustment will be made for any
dividends on any shares of Common Stock issuable upon exercise or exchange of
this Warrant.

     The Warrant Agreement provides that upon the occurrence of certain events
the Exercise Price may, subject to certain conditions, be adjusted and under
certain circumstances the Warrant may become exercisable for securities or other
assets other than the shares of Common Stock referred to on the face hereof.  If
the Exercise Price is adjusted, the Warrant Agreement provides that the number
of shares of Common Stock purchasable upon the exercise of each Warrant shall be
adjusted.

     The Company may, but shall not be required to, issue fractions of shares of
Common Stock or any certificates that evidence fractional shares of Common
Stock.  In lieu of fractional shares of Common Stock, the Company shall make a
cash payment therefor equal in amount to the product of the applicable fraction
multiplied by the current market price then in effect.

     The Warrants represented by this Warrant Certificate are not transferable
or assignable, in whole or in part.

     The Company shall make no service or other charge in connection with any
such exchange of this Warrant Certificate, for the purpose of any exercise
hereof, any distribution to the Holder hereof, and for all other purposes.

                                      A-4
<PAGE>

                              [FORM OF EXERCISE]

          To Be Executed by the Holder in Order to Exercise Warrants

     THE UNDERSIGNED HOLDER hereby irrevocably elects to exercise _____________
Warrants represented by this Warrant Certificate, and to purchase the securities
issuable upon the exercise of such Warrants, and requests that certificates for
such securities shall be issued in the name of

            _______________________________________________________
            (please insert name and taxpayer identification number)

and be delivered to

            _______________________________________________________

            _______________________________________________________

            _______________________________________________________

            _______________________________________________________
                    (please print or type name and address)

and if such number of Warrants shall not be all the Warrants evidenced by this
Warrant Certificate, that a new Warrant Certificate for the balance of such
Warrants be registered in the name of, and delivered to, the Holder at the
address stated below:

            _______________________________________________________

            _______________________________________________________

            _______________________________________________________
                                   (Address)

                       ________________________________
                                    (Date)

                       ________________________________
                           (Signature of the Holder)

                                      A-5

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