Document:

EXHIBIT 10.1

                              EMPLOYMENT AGREEMENT

         This AGREEMENT (the "Agreement") is made as of October, 17, 2005 (the
"Effective Date"), by and between Incentra Solutions, Inc., a Nevada corporation
with its headquarters located in Boulder, Colorado (the "Employer"), and Shawn
O'Grady (the "Executive"). In consideration of the mutual covenants contained in
this Agreement, the Employer and the Executive agree as follows:

         1. EMPLOYMENT. The Employer agrees to employ the Executive and the
Executive agrees to be employed by the Employer on the terms and conditions set
forth in this Agreement.

         2. CAPACITY; LOCATION. The Executive shall serve the Employer as
President and Chief Operating Officer. In his capacity as President and Chief
Operating Officer, Executive will report to the Chief Executive Officer, and
shall be responsible for strategic and operational matters relating to the
Employer's overall business requirements subject to the direction of the Chief
Executive Officer. In such capacity, the Executive shall perform such services
and duties in connection with the business, affairs and operations of the
Employer as may be assigned or delegated to the Executive from time to time by
or under the authority of the Chief Executive Officer. Executive's employment
with Employer will be based in Employer's Broomfield, Colorado offices;
provided, that Employee may be required from time to time to travel in
connection with Employer's business needs.

         3. TERM. The term of this Agreement shall be two (2)years, subject to
the provisions of Section 6, the employment relationship described herein may be
terminated by either Executive or Employer at any time.

         4. COMPENSATION AND BENEFITS. The regular compensation and benefits
payable to the Executive under this Agreement shall be as follows:

            (a) SALARY. For all services rendered by the Executive under this
         Agreement, the Employer shall pay the Executive a salary (the "Salary")
         at the annual rate of Two Hundred and Forty Thousand Dollars
         ($240,000.00), subject to increase from time to time in the discretion
         of the Compensation Committee of the Board of Directors (the
         "Compensation Committee"). The Salary shall be payable in periodic
         installments in accordance with the Employer's usual practice for its
         senior executives.

            (b) BONUS. For the fiscal year ending December 31, 2005 Executive
         shall be guaranteed a bonus of Forty Thousand Dollars ($40,000). The
         Executive shall be eligible for a targeted bonus up to One Hundred
         Sixty Thousand Dollars ($160,000) based upon performance at 100% of
         plan for the fiscal year ending December 31, 2006. For fiscal year
         ending December 31, 2006, executive will be guaranteed $40,000 as the
         minimum bonus paid. If performance exceeds plan by 3% or more,
         Executive will be eligible for an additional bonus payment. Performance
         is evaluated by the Board and any non-guaranteed bonus is at the
         discretion of the Board. Thereafter, Executive shall be eligible to
         participate in an incentive program established by the Compensation
         Committee, with such terms as may be established in the sole discretion
         of the Compensation Committee.

            (c) REGULAR BENEFITS. The Executive shall be reimbursed for an
         individual health insurance policy to a maximum of Seven Hundred Fifty
         Dollars ($750.00) per month or shall be entitled to health insurance
         benefits from Employer, and shall also be entitled to participate in

<PAGE>

         any employee benefit plans, life insurance plans, disability income
         plans, retirement plans, expense reimbursement plans and other benefit
         plans which the Employer may from time to time have in effect for all
         or most of its executive management employees. Such participation shall
         be subject to the terms of the applicable plan documents, generally
         applicable policies of the Employer, applicable law and the discretion
         of the Board of Directors, the Compensation Committee or any
         administrative or other committee provided for in or contemplated by
         any such plan. Except with respect to the aforementioned health
         insurance benefits, nothing contained in this Agreement shall be
         construed to create any obligation on the part of the Employer to
         establish any such plan or to maintain the effectiveness of any such
         plan which may be in effect from time to time.

            (d) ADDITIONAL LIFE INSURANCE. Employer will provide term life
         insurance in the amount of three times the Executive's base salary.

            (e) VACATION. The Executive shall be entitled to four weeks of
         vacation, such vacation time to accrue on a per-pay-period basis.

            (e) TAXATION OF PAYMENTS AND BENEFITS. The Employer shall undertake
         to make deductions, withholdings and tax reports with respect to
         payments and benefits under this Agreement to the extent that it
         reasonably and in good faith believes that it is required to make such
         deductions, withholdings and tax reports. Payments under this Agreement
         shall be in amounts net of any such deductions or withholdings. Nothing
         in this Agreement shall be construed to require the Employer to make
         any payments to compensate the Executive for any adverse tax effect
         associated with any payments or benefits or for any deduction or
         withholding from any payment or benefit.

            (f) CAR ALLOWANCE. Executive shall be entitled to a car allowance of
         $750.00 per month for the term of this Agreement.

            (g) EXPENSES. The Employer shall reimburse the Executive for all
         reasonable and necessary business related travel expenses incurred or
         paid by the Executive in performing his duties under this Agreement and
         which are consistent with applicable policies of the Employer. All
         payments for reimbursement of such expenses shall be made upon
         presentation by the Executive of expense statements or vouchers and
         such other supporting information as the Employer may from time to time
         reasonably request.

            (h) STOCK OPTIONS. Executive shall also be eligible for
         participation in Employer's Stock Option Plan and Executive shall be
         entitled to receive stock options pursuant to the terms of option
         agreements.

            (i) EXCLUSIVITY OF SALARY AND BENEFITS. The Executive shall not be
         entitled to any payments or benefits other than those provided under
         this Agreement.

         5. EXTENT OF SERVICE. During the Executive's employment under this
Agreement, the Executive shall devote the Executive's full business time, best
efforts and business judgment, skill and knowledge to the advancement of the
Employer's interests and to the discharge of the Executive's duties and
responsibilities under this Agreement. The Executive shall not engage in any
other business activity, except as may be approved by the Board of Directors;
PROVIDED, that nothing in this Agreement shall be construed as preventing the
Executive from:

            (a) investing the Executive's assets in any company or other entity
         in a manner not prohibited by Section 7(d) and in such form or manner
         as shall not require any material activities on the Executive's part in
         connection with the operations or affairs of the companies or other
         entities in which such investments are made; and

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<PAGE>

            (b) engaging in religious, charitable or other community or
         non-profit activities that do not impair the Executive's ability to
         fulfill the Executive's duties and responsibilities under this
         Agreement.

         6. TERMINATION AND TERMINATION BENEFITS. Notwithstanding the provisions
of Section 3, the Executive's employment under this Agreement shall terminate
under the following circumstances set forth in this Section 6.

            (a) TERMINATION BY THE EMPLOYER FOR CAUSE. The Executive's
         employment under this Agreement may be terminated for "Cause" without
         further liability on the part of the Employer, effective immediately
         upon a vote of the Board of Directors and written notice to the
         Executive. Only the following shall constitute "Cause" for such
         termination:

                 (i) dishonest or fraudulent statements or acts of the Executive
            with respect to the Employer or any affiliate of the Employer;

                 (ii) the Executive's conviction of, or entry of a plea of
            guilty or nolo contendere for, (A) a felony or (B) any misdemeanor
            (excluding minor traffic violations) involving moral turpitude,
            deceit, dishonesty or fraud;

                 (iii) gross negligence, willful misconduct or insubordination
            of the Executive with respect to the Employer or any affiliate of
            the Employer; or

                 (iv) material breach by the Executive of any of the Executive's
            obligations under this Agreement, or any other agreement to which
            Executive and Employer are now or hereafter a party to.

            (b) TERMINATION BY THE EXECUTIVE. The Executive's employment under
         this Agreement may be terminated by the Executive by written notice to
         Employer at least thirty (30) days prior to such termination.

            (c) TERMINATION BY THE EMPLOYER WITHOUT CAUSE. Subject to the
         payment of Termination Benefits pursuant to Section 6(d), the
         Executive's employment under this Agreement may be terminated by the
         Employer without Cause upon written notice to the Executive (a
         termination "Without Cause").

            (d) CERTAIN TERMINATION BENEFITS. Unless otherwise specifically
         provided in this Agreement or otherwise required by law, all
         compensation and benefits payable to the Executive under this Agreement
         shall terminate on the date of termination of the Executive's
         employment under this Agreement. Notwithstanding the foregoing, in the
         event of termination of the Executive's employment with the Employer
         Without Cause pursuant to Section 6(c) above, the Employer shall
         provide to the Executive the following termination benefits
         ("Termination Benefits"):

                 (i) payment of the Executive's Salary at the rate then in
            effect pursuant to Section 4(a) for the period from the date of
            termination until the date that is twelve (12) months after the date
            of termination; and

                 (ii) continuation of group health plan benefits to the extent
            authorized by and consistent with 29 U.S.C. ss. 1161 ET SEQ.
            (commonly known as "COBRA"), with the cost of the regular premium
            for such benefits shared in the same relative proportion by the
            Employer and the Executive as in effect on the date of termination
            for twelve (12) months and at a cost of 102% of premium provided
            under COBRA, for up to an additional six (6) months.

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<PAGE>

            Notwithstanding the foregoing, nothing in this Section 6(d) shall be
         construed to affect the Executive's right to receive COBRA continuation
         entirely at the Executive's own cost to the extent that the Executive
         may continue to be entitled to COBRA continuation after the Executive's
         right to cost sharing under Section 6(d)(ii) ceases.

            (e) DISABILITY. If the Executive shall be disabled so as to be
         unable to perform the essential functions of the Executive's then
         existing position or positions under this Agreement with reasonable
         accommodation, the CEO may remove the Executive from any
         responsibilities and/or reassign the Executive to another position with
         the Employer during the period of such disability. Notwithstanding any
         such removal or reassignment, the Executive shall continue to receive
         the Executive's full Salary (less any disability pay or sick pay
         benefits to which the Executive may be entitled under the Employer's
         policies) and benefits under Section 4 of this Agreement (except to the
         extent that the Executive may be ineligible for one or more such
         benefits under applicable plan terms) for a period of time equal to
         nine (9) months. If any question shall arise as to whether during any
         period the Executive is disabled so as to be unable to perform the
         essential functions of the Executive's then existing position or
         positions with reasonable accommodation, the Executive may, and at the
         request of the Employer shall, submit to the Employer a certification
         in reasonable detail by a physician selected by the Employer to whom
         the Executive or the Executive's guardian has no reasonable objection
         as to whether the Executive is so disabled or how long such disability
         is expected to continue, and such certification shall for the purposes
         of this Agreement be conclusive of the issue. The Executive shall
         cooperate with any reasonable request of the physician in connection
         with such certification. If such question shall arise and the Executive
         shall fail to submit such certification, the Employer's determination
         of such issue shall be binding on the Executive. Nothing in this
         Section 6(e) shall be construed to waive the Executive's rights, if
         any, under existing law including, without limitation, the Family and
         Medical Leave Act of 1993, 29 U.S.C. ss.2601 ET SEQ. and the Americans
         with Disabilities Act, 42 U.S.C. ss.12101 ET SEQ.

         7. CONFIDENTIAL INFORMATION, NONCOMPETITION AND COOPERATION.

            (a) CONFIDENTIAL INFORMATION. As used in this Agreement,
         "Confidential Information" means information belonging to the Employer
         which is of value to the Employer in the course of conducting its
         business and the disclosure of which could result in a competitive or
         other disadvantage to the Employer. Confidential Information includes,
         without limitation, financial information, reports, and forecasts;
         inventions, improvements and other intellectual property; trade
         secrets; know-how; designs, processes or formulae; software; market or
         sales information or plans; customer lists; and business plans,
         prospects and opportunities (such as possible acquisitions or
         dispositions of businesses or facilities) which have been discussed or
         considered by the management of the Employer. Confidential Information
         includes information developed by the Executive in the course of the
         Executive's employment by the Employer, as well as other information to
         which the Executive may have access in connection with the Executive's
         employment. Confidential Information also includes the confidential
         information of others with which the Employer has a business
         relationship. Notwithstanding the foregoing, Confidential Information
         does not include information in the public domain, unless due to breach
         of the Executive's duties under Section 7(b).

            (b) CONFIDENTIALITY. The Executive understands and agrees that the
         Executive's employment creates a relationship of confidence and trust
         between the Executive and the Employer with respect to all Confidential
         Information. At all times, both during the Executive's employment with
         the Employer and after its termination, the Executive will keep in
         confidence and trust all such Confidential Information, and will not
         use or disclose any such Confidential Information without the written
         consent of the Employer, except as may be necessary in the ordinary
         course of performing the Executive's duties to the Employer.

            (c) DOCUMENTS, RECORDS, ETC. All documents, records, data,
         apparatus, equipment and other physical property, whether or not
         pertaining to Confidential Information, which are

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<PAGE>

         furnished to the Executive by the Employer or are produced by the
         Executive in connection with the Executive's employment will be and
         remain the sole property of the Employer. The Executive will return to
         the Employer all such materials and property as and when requested by
         the Employer. In any event, the Executive will return all such
         materials and property immediately upon termination of the Executive's
         employment for any reason. The Executive will not retain with the
         Executive any such material or property or any copies thereof after
         such termination.

            (d) NONCOMPETITION AND NONSOLICITATION. Without the prior written
         consent of the CEO, during the period that Executive is employed by
         Employer and (i) for one (1) year thereafter, the Executive will not,
         directly or indirectly, whether as owner, partner, shareholder,
         consultant, agent, employee, co-venturer or otherwise, engage,
         participate, assist or invest in any Competing Business (as hereinafter
         defined); (ii) for a period of two (2) years thereafter will refrain
         from directly or indirectly employing, attempting to employ, recruiting
         or otherwise soliciting, inducing or influencing any person to leave
         employment with the Employer; and (iii) for a period of two (2) years
         thereafter will refrain from soliciting or encouraging any customer or
         supplier to terminate or otherwise modify adversely its business
         relationship with the Employer. The Executive understands that the
         restrictions set forth in this Section 7(d) are intended to protect the
         Employer's interest in its Confidential Information and established
         employee, customer and supplier relationships and goodwill, and agrees
         that such restrictions are reasonable and appropriate for this purpose.
         For purposes of this Agreement, the term "Competing Business" shall
         mean any business that provides or intends to provide the same or
         similar types of services or products as those provided or targeted by
         Employer or any of its subsidiaries in any geographic area then served
         or targeted by Employer or any of its subsidiaries. Notwithstanding the
         foregoing, the Executive may own up to two percent (2%) of the
         outstanding stock of a publicly held corporation.

            (e) THIRD-PARTY AGREEMENTS AND RIGHTS. The Executive hereby confirms
         that the Executive is not bound by the terms of any agreement with any
         previous employer or other party which restricts in any way the
         Executive's use or disclosure of information or the Executive's
         engagement in any business. The Executive represents to the Employer
         that the Executive's execution of this Agreement, the Executive's
         employment with the Employer and the performance of the Executive's
         proposed duties for the Employer will not violate any obligations the
         Executive may have to any such previous employer or other party. In the
         Executive's work for the Employer, the Executive will not disclose or
         make use of any information in violation of any agreements with or
         rights of any such previous employer or other party, and the Executive
         will not bring to the premises of the Employer any copies or other
         tangible embodiments of non-public information belonging to or obtained
         from any such previous employment or other party.

            (f) LITIGATION AND REGULATORY COOPERATION. During and after the
         Executive's employment, the Executive shall cooperate fully with the
         Employer in the defense or prosecution of any claims or actions now in
         existence or which may be brought in the future against or on behalf of
         the Employer which relate to events or occurrences that transpired
         while the Executive was employed by the Employer. The Executive's full
         cooperation in connection with such claims or actions shall include,
         but not be limited to, being available to meet with counsel to prepare
         for discovery or trial and to act as a witness on behalf of the
         Employer at mutually convenient times. During and after the Executive's
         employment, the Executive also shall cooperate fully with the Employer
         in connection with any investigation or review of any federal, state or
         local regulatory authority as any such investigation or review relates
         to events or occurrences that transpired while the Executive was
         employed by the Employer. The Employer shall reimburse the Executive
         for any reasonable out-of-pocket expenses incurred in connection with
         the Executive's performance of obligations pursuant to this Section
         7(f) and shall pay the Executive for his time at his annual salary rate
         in effect at the time of the termination of his employment.

            (g) DEVELOPMENTS. Executive will make full and prompt disclosure to
         the Employer of all inventions, discoveries, designs, developments,
         methods, modifications, improvements, processes, algorithms, databases,
         computer programs, formulae, techniques, trade secrets, graphics

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<PAGE>

         or images, audio or visual works, and other works of authorship
         (collectively "Developments"), whether or not patentable or
         copyrightable, that are created, made, conceived or reduced to practice
         by Executive (alone or jointly with others) or under Executive's
         direction during the period of his employment. Executive acknowledges
         that all work performed by Executive for Employer hereunder is on a
         "work for hire" basis, and Executive hereby assigns and transfers, and
         will assign and transfer, to the Employer and its successors and
         assigns all of Executive's right, title and interest, including but not
         limited to all patents, patent applications, trademarks and trademark
         applications, copyrights and copyright applications, and other
         intellectual property rights in all countries and territories worldwide
         and under any international conventions, in and to all Developments
         that (a) relate to the business of the Employer or any of the products
         or services of the Employer; (b) result from tasks assigned to
         Executive by the Employer; or (c) result from the use of personal
         property (whether tangible or intangible) owned, leased or contracted
         for by the Employer.

            (h) INJUNCTION. The Executive agrees that it would be difficult to
         measure any damages caused to the Employer which might result from any
         breach by the Executive of the promises set forth in this Section 7,
         and that in any event money damages would be an inadequate remedy for
         any such breach. Accordingly, subject to Section 8 of this Agreement,
         the Executive agrees that if the Executive breaches, or proposes to
         breach, any portion of this Agreement, the Employer shall be entitled,
         in addition to all other remedies that it may have, to an injunction or
         other appropriate equitable relief to restrain any such breach without
         showing or proving any actual damage to the Employer.

         8. ARBITRATION OF DISPUTES. Any controversy or claim arising out of or
relating to this Agreement or the breach thereof or otherwise arising out of the
Executive's employment or the termination of that employment (including, without
limitation, any claims of unlawful employment discrimination whether based on
age or otherwise) shall, to the fullest extent permitted by law, be settled by
arbitration in any forum and form agreed upon by the parties or, in the absence
of such an agreement, under the auspices of the American Arbitration Association
("AAA") in Denver, Colorado in accordance with the Employment Dispute Resolution
Rules of the AAA, including, but not limited to, the rules and procedures
applicable to the selection of arbitrators. In the event that any person or
entity other than the Executive or the Employer may be a party with regard to
any such controversy or claim, such controversy or claim shall be submitted to
arbitration subject to such other person or entity's agreement. Judgment upon
the award rendered by the arbitrator may be entered in any court having
jurisdiction thereof. This Section 8 shall be specifically enforceable.
Notwithstanding the foregoing, this Section 8 shall not preclude either party
from pursuing a court action for the sole purpose of obtaining a temporary
restraining order or a preliminary injunction in circumstances in which such
relief is appropriate; PROVIDED, that any other relief shall be pursued through
an arbitration proceeding pursuant to this Section 8.

         9. CONSENT TO JURISDICTION. To the extent that any court action is
permitted consistent with or to enforce Section 8 of this Agreement, the parties
hereby consent to the jurisdiction of the courts of the State of Colorado.
Accordingly, with respect to any such court action, the Executive (a) submits to
the personal jurisdiction of such courts; (b) consents to service of process;
and (c) waives any other requirement (whether imposed by statute, rule of court,
or otherwise) with respect to personal jurisdiction or service of process.

         10. INTEGRATION. This Agreement constitutes the entire agreement
between the parties with respect to the subject matter hereof and supersedes all
prior agreements between the parties with respect to any related subject matter.

         11. ASSIGNMENT; SUCCESSORS AND ASSIGNS, ETC. Neither the Employer nor
the Executive may make any assignment of this Agreement or any interest herein,
by operation of law or otherwise, without the prior written consent of the other
party; PROVIDED, that the Employer may assign its rights under this Agreement
without the consent of the Executive in the event that the Employer shall effect
a reorganization, consolidate with or merge into any other corporation,
partnership, organization or other entity, or transfer all or substantially all
of its properties or assets to any other corporation, partnership,

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organization or other entity. This Agreement shall inure to the benefit of and
be binding upon the Employer and the Executive, their respective successors,
executors, administrators, heirs and permitted assigns.

         12. ENFORCEABILITY. If any portion or provision of this Agreement
(including, without limitation, any portion or provision of any section of this
Agreement) shall to any extent be declared illegal or unenforceable by a court
of competent jurisdiction, then the remainder of this Agreement, or the
application of such portion or provision in circumstances other than those as to
which it is so declared illegal or unenforceable, shall not be affected thereby,
and each portion and provision of this Agreement shall be valid and enforceable
to the fullest extent permitted by law.

         13. WAIVER. No waiver of any provision hereof shall be effective unless
made in writing and signed by the waiving party. The failure of any party to
require the performance of any term or obligation of this Agreement, or the
waiver by any party of any breach of this Agreement, shall not prevent any
subsequent enforcement of such term or obligation or be deemed a waiver of any
subsequent breach.

         14. NOTICES. Any notices, requests, demands and other communications
provided for by this Agreement shall be sufficient if in writing and delivered
in person or sent by a nationally recognized overnight courier service or by
registered or certified mail, postage prepaid, return receipt requested, to the
Executive at the last address the Executive has filed in writing with the
Employer or, in the case of the Employer, at 1140 Pearl Street, Boulder, CO
80302, ATTN: Chief Executive Officer, and shall be effective on the date of
delivery in person or by courier or three (3) days after the date mailed.

         15. AMENDMENT. This Agreement may be amended or modified only by a
written instrument signed by the Executive and by a duly authorized
representative of the Employer.

         16. GOVERNING LAW. This is a Colorado contract and shall be construed
under and be governed in all respects by the laws of the State of Colorado,
without giving effect to the conflict of laws principles of such State.

         17. COUNTERPARTS. This Agreement may be executed in any number of
counterparts, each of which when so executed and delivered shall be taken to be
an original; but such counterparts shall together constitute one and the same
document.

         IN WITNESS WHEREOF, this Agreement has been executed by the Employer
and by the Executive as of the Effective Date.

                                            INCENTRA SOLUTIONS, INC.:

                                            By: /s/ THOMAS P. SWEENEY III
                                               --------------------------
                                            Name:  Thomas P. Sweeney, III
                                            Title: Chairman & CEO

                                            EXECUTIVE:

                                            /s/ SHAWN O'GRADY
                                            -----------------
                                            Shawn O'Grady

                                            OCTOBER 10, 2005
                                            ----------------
                                            Date

                                       7exv4w1

 

Exhibit 4.1

FIRST AMENDMENT TO RIGHTS AGREEMENT

     This First Amendment to Rights Agreement (the “Amendment”), is executed effective as of
October 2, 2005, by and between BindView Development Corporation, a Texas corporation (the
“Company”), and Mellon Investor Services LLC, a New Jersey limited liability company (the “Rights
Agent”).

     WHEREAS, the Company and the Rights Agent have entered into that certain Rights Agreement
dated as of September 17, 2001 (the “Rights Agreement”); and

     WHEREAS, the Company and the Rights Agent desire to amend the Rights Agreement as set forth
herein pursuant to Section 27 of the Rights Agreement.

     NOW, THEREFORE, in consideration of good and valuable consideration, the sufficiency of which
is hereby acknowledged, the Company and the Rights Agent agree as follows:

1.  Amendment. The Rights Agreement is amended as follows:

     A.     The definition of “Acquiring Person” set forth in Section l(a) of the Rights Agreement is
hereby amended by adding the following sentence after the closing period of such definition:

“Notwithstanding the foregoing or anything else in this Agreement to the contrary,
no Person shall be or become an Acquiring Person by reason of (1) the announcement,
execution and delivery, or amendment of, the Agreement and Plan of Merger dated as
of October 2, 2005, by and among the Company, Buena Vista Acquisition Corp., a Texas
corporation (“Merger Sub”), and Symantec Corporation, a Delaware corporation, as may
be amended from time to time in accordance with its terms (the “Merger Agreement”),
(2) the merger of Merger Sub with and into the Company or (3) the consummation of
any other transaction contemplated by the Merger Agreement.”

     B.     The definition of “Shares Acquisition Date” set forth in Section l(m) of the Rights
Agreement is hereby amended by adding the following sentence after the closing period of such
definition:

“Notwithstanding the foregoing or anything else set forth in this Agreement, no
Shares Acquisition Date shall be deemed to have occurred by reason of (i) the
announcement, execution and delivery, or amendment of the Merger Agreement, (ii) the
merger of Merger Sub with and into the Company, or (iii) the consummation of any
other transaction contemplated by the Merger Agreement.”

 

 

     C.     Section 7(a) of the Rights Agreement is amended by deleting the entire clause (i) of such
Section and replacing it with:

"(i) the earlier of the close of business on September 17, 2011 and the time that is
immediately prior to the Effective Time (as such term is defined in the Merger
Agreement) (the “Final Expiration Date”),”

2.  Ratification of Rights Agreement. This Amendment is an amendment to the Rights
Agreement, and the Rights Agreement as amended hereby is hereby ratified, approved, adopted and
confirmed in each and every respect. All references to the Rights Agreement in any other document,
instrument, agreement or writing shall hereafter be deemed to refer to the Rights Agreement as
amended hereby.

3.  GOVERNING LAW. THIS AMENDMENT SHALL BE DEEMED TO BE A CONTRACT MADE UNDER THE LAWS OF
THE STATE OF TEXAS AND FOR ALL PURPOSES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
LAWS OF SUCH STATE APPLICABLE TO CONTRACTS TO BE MADE AND PERFORMED ENTIRELY WITHIN SUCH STATE.

4.  Counterparts. This Amendment may be executed in any number of counterparts, each of such
counterparts shall for all purposes be deemed to be an original, and all such counterparts shall
together constitute but one and the same instrument.

5.  Severability. In case any one or more of the provisions in this Amendment is held
invalid, illegal or unenforceable, in any respect for any reason, the validity, legality and
enforceability of any such provision in every other respect and of the remaining provisions shall
not in any way be affected or impaired thereby, it being intended that all of the provisions hereof
shall be enforceable to the full extent permitted by law.

6.  Effectiveness. This Amendment shall be binding when executed by the Company and the
Rights Agent and the amendments to the Rights Agreement contained herein shall be effective as of
October 2, 2005.

[Signature page follows.]

2

 

     IN WITNESS WHEREOF, the parties hereto have executed this Amendment to Rights Agreement as of
the date first written above.

	 	 	 	 	 
	 	BINDVIEW DEVELOPMENT CORPORATION

 	 
	 	By:  	/s/ Edward L. Pierce
 	 
	 	 	Name:  	Edward L. Pierce 	 
	 	 	Title:  	Executive Vice President and Chief Financial
Officer 	 
	 

	 	 	 	 	 
	 	MELLON INVESTOR SERVICES LLC

 	 
	 	By:  	/s/ Deanna Akin
 	 
	 	 	Name:  	Deanna Akin 	 
	 	 	Title:  	Client Relationship Executive 	 
	 

S-1

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