Document:

EXHIBIT 10.6
                                  ------------

================================================================================

                             STOCKHOLDERS' AGREEMENT

                                      AMONG

                          THE STOCKHOLDERS NAMED HEREIN

                                       AND

                       COMVEST INVESTMENT PARTNERS II LLC

                          DATED AS OF FEBRUARY 11, 2005

================================================================================

                                       2
<PAGE>

                                TABLE OF CONTENTS

Article I
DEFINITIONS
   SECTION 1.01. Certain Defined Terms      1
Article II
REPRESENTATIONS AND WARRANTIES OF COMVEST
   SECTION 2.01. Due Organization and Authority      4
   SECTION 2.02. No Conflict        4
Article III
REPRESENTATIONS AND WARRANTIES
OF THE STOCKHOLDERS
   SECTION 3.01. Organization and Authority 4
   SECTION 3.02. No Conflict        4
Article IV
TRANSFER OF SHARES
   SECTION 4.01. Legends   5
   SECTION 4.02. Certain Restrictions on Sale and Encumbrance 5
   SECTION 4.03. Improper Sale or Encumbrance        5
   SECTION 4.04. Tag-Along Rights   6
   SECTION 4.05. Transferees to Execute Agreement    7
Article V
MISCELLANEOUS
   SECTION 5.01. Notices.  7
   SECTION 5.02. Public Announcements       8
   SECTION 5.03. Cumulative Remedies; Specific Performance    8
   SECTION 5.04. Binding Effect; Successors in Interest       8
   SECTION 5.05. Severability       8
   SECTION 5.06. Counterparts       9
   SECTION 5.07. Entire Agreement   9
   SECTION 5.08. Governing Law; Submission to Jurisdiction    9
   SECTION 5.09. Expenses  9
   SECTION 5.10. Amendments and Waivers; Assignment  9
   SECTION 5.11. Headings  10
   SECTION 5.12. Waiver of Jury Trial       10

                                       i
<PAGE>
                             STOCKHOLDERS' AGREEMENT

This STOCKHOLDERS' AGREEMENT, dated as of February 11, 2005, is entered into
among ComVest Investment Partners II LLC ("ComVest") and each Person (other than
ComVest) who becomes a signatory hereto (such signatories, individually, a
"Stockholder" and, collectively, the "Stockholders"). Capitalized terms used
herein but not otherwise defined shall have the meanings ascribed to them in the
Purchase Agreement.

                              W I T N E S S E T H:
                              - - - - - - - - - -

WHEREAS, ComVest and CorVu Corporation (the "Company") are parties to a
Securities Purchase Agreement, dated as of February 11, 2005 (the "Purchase
Agreement"), pursuant to which ComVest purchased from the Company for an
aggregate purchase price of Six Million Five Hundred Thousand Dollars
($6,500,000), in reliance upon an exemption from registration pursuant to
Section 4(2) of the Securities Act, (i) a senior secured note (the "Senior
Secured Note") in an aggregate principal amount of $1,500,000, (ii) 22,000,000
shares of common stock, $0.01 par value per share ("Common Stock"), of the
Company for a purchase price of $3,300,000, (iii) 17,000 shares of convertible
preferred stock, par value $100 per share (the "Series C Preferred Stock"), (iv)
warrants (the "Preferred Warrant") to purchase 3,400,00 shares of Common Stock
and (v) warrants (the "Protective Warrant" and, together with the Preferred
Warrant, the "Warrants") to purchase 2,000,00 shares of Common Stock;

WHEREAS, the parties hereto desire to provide certain rights and obligations of
the Stockholders and ComVest with respect to the Stock to be held by the
Stockholders as hereinafter provided; and

NOW, THEREFORE, in consideration of the promises and the mutual representations,
covenants and agreements contained herein, and for other valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereby
agree as follows:

DEFINITIONS

CERTAIN DEFINED TERMS. o As used in this Agreement, the following terms shall
have the following meanings:

      "Affiliate" means, with respect to any specified Person, any other Person
      that directly, or indirectly through one or more intermediaries, Controls
      , is Controlled by, or is under common Control with, such specified
      Person.

      "Agreement" means this Stockholders' Agreement, dated as of February 11,
      2005 and all amendments made hereto in accordance with the provisions
      hereof.

      "Beneficial Owner," "Beneficially Own" or "Beneficially Owned" has the
      meaning given such term in Rule 13d-3 under the Exchange Act, provided
      that Beneficial Ownership under Rule 13d-3(1)(i) shall be determined based
      on whether a Person has a right to acquire Beneficial Ownership
      irrespective of whether such right is exercisable within 60 days of the
      time of determination.

      "Business Day" means any day except a Saturday, Sunday or other day on
      which commercial banking institutions in the State of New York are
      authorized or required by law or executive order to close.

      "Cash Equivalents" means (a) marketable direct obligations issued or
      unconditionally guaranteed by the United States government or issued by
      any agency thereof and backed by the full faith and credit of the United
      States, in each case maturing within one year from the date of acquisition
      thereof, (b) marketable direct obligations issued by any state of the
      United States or any political subdivision of any such state or any public
      instrumentality thereof maturing within one year from the date of
      acquisition thereof and, at the time of acquisition, having the highest
      rating obtainable from any of Standard & Poor's Ratings Services, Moody's
      Investors Service, Inc. or Duff & Phelps Credit Rating Co. or (c)
      commercial paper maturing not more than one year from the date of issuance
      thereof and, at the time of acquisition, having the highest rating
      obtainable from either Standard & Poor's Corporation or Moody's Investors
      Service, Inc.

      "Control" (including the terms "Controlled by" and "under common Control
      with") means the possession, directly or indirectly, of the power to
      direct or cause the direction of the management and policies of a Person,
      whether through the ownership of voting securities, as trustee or
      executor, by contract or otherwise, including, without limitation, the
      ownership, directly or indirectly, of securities having the power to elect
      a majority of the board of directors or similar body governing the affairs
      of such Person.

      "Encumbrance" means any security interest, pledge, mortgage, lien, charge,
      adverse claim of ownership or use, or other encumbrance of any kind.

      "Exchange Act" means the United States Securities Exchange Act of 1934, as
      amended, and the rules and regulations promulgated thereunder.

      "Losses" means any claims, suits, judgments, losses, damages, fines, costs
      or expenses (including reasonable legal fees and expenses).

      "Marketable Securities" means securities that are (a) (i) securities of or
      other interests in any Person that are traded on a United States national
      securities exchange or reported on by the National Association of
      Securities Dealers Automated Quotation System or (ii) debt securities on
      market terms of an issuer that has debt or equity securities that are so
      traded or so reported on and in which Marketable Securities a nationally
      recognized securities firm has agreed to make a market, and (b) not
      subject to restrictions on transfer as a result of any applicable
      contractual provisions or the provisions of the Securities Act or, if
      subject to such restrictions under the Securities Act, are also subject to
      registration rights reasonably acceptable to the Person receiving such
      Marketable Securities as consideration in a transaction pursuant to
      Article IV hereof.

      "Permitted Transferee" means, with respect to a specified Stockholder, (i)
      a transferee by gift of Stock who is a member of the family of such
      Person, or any trust for the benefit of any such family member and (ii) a
      transferee of Stock who is a family member and receives such Stock by will
      or the laws of descent and distribution. For purposes of this definition,
      the word "family" shall include any spouse, lineal ancestor or descendant,
      brother or sister.

      "Person" means any individual, partnership, firm, corporation,
      association, trust, unincorporated organization or other entity, as well
      as any syndicate or group that would be deemed to be a person under
      Section 13(d)(3) of the Exchange Act.

<PAGE>

      "Price Determination Date" means in connection with any Sale of Common
      Stock pursuant to Section 4.04 hereof, the date on which the Prospective
      Seller receives a Notice of Acceptance indicating ComVest's interest in
      participating such Sale.

      "Sale" means, in respect of any Stock, property or other asset, any sale,
      assignment, transfer, distribution or other disposition thereof or of a
      participation therein, or other conveyance of legal or beneficial interest
      therein, or any short position in a security or any other action or
      position otherwise reducing risk related to ownership through hedging or
      other derivative instruments, whether voluntarily or by operation of law
      or any agreement or commitment to do any of the foregoing.

      "Securities Act" means the United States Securities Act of 1933, as
      amended, and the rules and regulations promulgated thereunder.

      "Third Party" means with respect to ComVest, any Person (other than
      ComVest or an Affiliate of ComVest), and with respect to any Stockholder,
      any other Person (other than a Permitted Transferee of such Stockholder,
      ComVest or any Affiliate of ComVest).

      The following terms have the meanings set forth in the section set forth
      opposite such term:

                TERM                                              SECTION
                ----                                              -------
                Common Stock                                      Recitals
                Company                                           Recitals
                Notice of Acceptance                              4.04(c)
                Offer                                             4.04(a)
                Offer Notice                                      4.04(a)
                Offer Period                                      4.04(c)
                Offer Price                                       4.04(a)
                Offered Shares                                    4.04(a)
                ComVest                                           Preamble
                Prospective Seller                                4.04(a)
                Prospective Transferee                            4.07
                Purchase Offer                                    4.06(a)
                Purchase Offer Notice                             4.06(b)
                Stockholder(s)                                    Preamble

REPRESENTATIONS AND WARRANTIES OF COMVEST

         ComVest represents and warrants to the Stockholders as follows:

DUE ORGANIZATION AND AUTHORITY. ComVest is a limited liability company duly
organized, validly existing, in good standing and in active status under the
laws of the State of Delaware. ComVest has the absolute and unrestricted right,
power and authority to enter into and to perform its obligations under this
Agreement and to consummate the transactions contemplated by this Agreement; and
the execution, delivery and performance by ComVest of this Agreement have been
duly authorized by all necessary action on the part of ComVest. This Agreement
has been duly executed and delivered and constitutes the legal, valid and
binding obligation of ComVest, enforceable against it in accordance with its
terms, subject to (i) laws of general application relating to bankruptcy,
fraudulent conveyance, insolvency and the relief of debtors, and (ii) rules of
law governing specific performance, injunctive relief and other equitable
remedies.

NO CONFLICT. The execution, delivery and performance of this Agreement by
ComVest do not and will not (a) violate, conflict with or result in the breach
of any provision of its certificate of incorporation or by-laws or any other
document, agreement or instrument to which ComVest is subject or by which
ComVest is bound, or (b) conflict with or violate any law, governmental order or
governmental regulation applicable to it or any of its assets, properties or
businesses.

REPRESENTATIONS AND WARRANTIES
OF THE STOCKHOLDERS

     Each Stockholder severally, but not jointly, represents and warrants to
                 ComVest and each other Stockholder as follows:

ORGANIZATION AND AUTHORITY. Such Stockholder has the absolute and unrestricted
right, power and authority to enter into and to perform his obligations under
this Agreement and to consummate the transactions contemplated by this
Agreement. This Agreement has been duly executed and delivered and constitutes
the legal, valid and binding obligation of such Stockholder, enforceable against
him in accordance with its terms, subject to (i) laws of general application
relating to bankruptcy, fraudulent conveyance, insolvency and the relief of
debtors, and (ii) rules of law governing specific performance, injunctive relief
and other equitable remedies.

NO CONFLICT. The execution, delivery and performance of this Agreement by such
Stockholder do not and will not conflict with or violate any law, governmental
regulation or governmental order applicable to such Stockholder or any of his
assets, properties or businesses or any other document, agreement or instrument
to which such Stockholder is subject or by which such Stockholder is bound.

                                       3
<PAGE>

TRANSFER OF SHARES

     LEGENDS. The Company shall affix to each certificate evidencing Common
   Stock issued to Stockholders a legend in substantially the following form:

      "THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN
      RESTRICTIONS ON TRANSFER AS SET FORTH IN A STOCKHOLDERS' AGREEMENT DATED
      AS OF FEBRUARY 11, 2005, AS IT MAY BE AMENDED FROM TIME TO TIME, A COPY OF
      WHICH IS ON FILE AT THE PRINCIPAL EXECUTIVE OFFICES OF THE ISSUER. NO
      REGISTRATION OF TRANSFER OF THESE SHARES WILL BE MADE ON THE BOOKS OF THE
      ISSUER UNLESS AND UNTIL SUCH RESTRICTIONS SHALL HAVE BEEN COMPLIED WITH."

CERTAIN RESTRICTIONS ON SALE AND ENCUMBRANCE. ? Until such time as all of the
Shares, Conversion Shares and Warrant Shares are fully registered and freely
tradable as provided in the Registration Rights Agreement, no Stockholder shall,
directly or indirectly (through the transfer of any securities of the Company of
any Person that holds, or Controls any Person that holds, such securities of the
Company or otherwise) make or solicit any Sale of, or create, incur or assume
any Encumbrance with respect to, any securities of the Company Beneficially
Owned by such Stockholder, other than any Sale to a Permitted Transferee who
shall agree in writing to be bound by the provisions of this Agreement, or any
Sale in accordance with this Article IV.

      No Sale of Common Stock to a Permitted Transferee shall be effective if a
      purpose or effect of such transfer shall have been to circumvent the
      provisions of this Section 4.02. Each Stockholder shall remain responsible
      for the performance of this Agreement by each Permitted Transferee of such
      Stockholder to which Common Stock is transferred. If any Permitted
      Transferee to which any securities of the Company is transferred pursuant
      to Section 4.02(a) ceases to be a Permitted Transferee of the Stockholder
      from which or whom it acquired such securities of the Company pursuant to
      such provision, such Person shall reconvey such securities of the Company
      to such transferring Stockholder immediately before such Person ceases to
      be a Permitted Transferee of such transferring Stockholder so long as such
      Person knows of its upcoming change of status immediately prior thereto.
      If such change of status is not known until after its occurrence, the
      former Permitted Transferee shall make such transfer to such transferring
      Stockholder as soon as practicable after the former Permitted Transferee
      receives notice thereof. For all purposes of this Agreement, a Permitted
      Transferee shall be obligated under this Agreement as if he, she or it
      were the transferring Stockholder.

IMPROPER SALE OR ENCUMBRANCE. Any attempt not in compliance with this Agreement
to make any Sale of, or create, incur or assume any Encumbrance with respect to,
any securities of the Company shall be null and void and of no force and effect,
the purported transferee shall have no rights or privileges in or with respect
to the Company, and the Company shall not give any effect in the Company's stock
records to such attempted Sale or Encumbrance. Furthermore, the Stockholder and
the other parties engaging or attempting to engage in such Sale shall indemnify
and hold harmless the Company and each of the Stockholders from all Losses that
such indemnified Persons may incur (including, without limitation, incremental
tax liability and lawyers' fees and expenses) in enforcing the provisions of
this Agreement.

TAG-ALONG RIGHTS. ? If any Stockholder receives from or otherwise negotiates
with a Third Party a bona fide offer (an "Offer") to purchase for cash, Cash
Equivalents or Marketable Securities any Common Stock Beneficially Owned or held
by such Stockholder, and such Stockholder intends to sell such Common Stock to
such Third Party, such Stockholder (the "Prospective Seller") shall provide
ComVest with written notice of such Offer (an "Offer Notice"). The Offer Notice
shall identify the Third Party making the Offer, the number and type of shares
of Common Stock covered by the Offer (the "Offered Shares"), the price per share
of Common Stock at which a Sale is proposed to be made (the "Offer Price"), the
form of consideration proposed to be paid and all other material terms and
conditions of the Offer. If the Offer Price includes

ANY MARKETABLE SECURITIES, THE VALUE OF SUCH SECURITIES SHALL BE DETERMINED BY
CALCULATING A VOLUME-WEIGHTED AVERAGE OF THE CLOSING PRICES OF SUCH SECURITIES
OVER THE TEN TRADING-DAY PERIOD ENDING ON THE PRICE DETERMINATION DATE ON THE
MARKET WITH THE LARGEST TRADING VOLUME IN SUCH SECURITIES; OR

ANY CASH EQUIVALENTS, THE VALUE OF SUCH CASH EQUIVALENTS SHALL BE DETERMINED BY
REFERENCE TO THE CLOSING PRICE THEREOF ON THE MARKET WITH THE LARGEST TRADING
VOLUME IN SUCH SECURITIES ON THE PRICE DETERMINATION DATE.

      ComVest shall have the right, but not the obligation, to include the
      shares of Common Stock owned by ComVest and its Affiliates, on a pro rata
      basis in any such Sale, on the same terms and conditions as set forth in
      the Offer Notice, pursuant to the procedure set forth hereunder, provided
      that such terms and conditions, including the price per Share, are
      identical to those set forth in the Offer. The Offer Notice shall state
      that ComVest and its Affiliates may participate in the Sale by delivering,
      within 10 Business Days of having received the Offer Notice (the "Offer
      Period"), a notice to the Prospective Seller stating that it intends to
      exercise its rights pursuant to this Section 4.04 and to sell its and its
      Affiliates' pro rata shares of Common Stock (the "Tag Along Shares") for
      the consideration, and on the terms and conditions, set forth in the Offer
      (the "Notice of Acceptance"). The Notice of Acceptance shall contain a
      specific provision entitling the Prospective Seller to conclude the Sale
      on behalf of ComVest and its Affiliates; provided, however, that such
      proxy will not entitle the Prospective Seller to conclude any agreement on
      behalf of ComVest and its Affiliates which differs from the consideration,
      terms and conditions described in the Offer Notice. If no Notice of
      Acceptance is received by the Prospective Seller within the Offer Period,
      or if the Notice of Acceptance does not fulfill all of the foregoing
      requirements, ComVest shall have waived its rights hereunder. If the
      Notice of Acceptance is received by the Prospective Seller within the
      Offer Period, then the Prospective Seller shall, for a period not to
      exceed 15 Business Days, seek to obtain from the third party an offer, for
      the consideration and on the same terms and conditions described in the
      Offer Notice, of its and its Affiliates' pro rata shares of Common Stock
      as well as all of the pro rata shares of Common Stock offered for sale by
      ComVest and its Affiliates (collectively, the "Total Shares"). In case the
      prospective third party refuses to purchase all of the Total Shares, then
      the Prospective Seller shall not be entitled to consummate a Sale of any
      shares of Common Stock to such third party.

                                       4
<PAGE>

Anything in this Section 4.04 to the contrary notwithstanding, the provisions of
this Section 4.04 shall not be applicable to any Sale to a Permitted Transferee.

TRANSFEREES TO EXECUTE AGREEMENT. Each Stockholder agrees that it will not, as
long as such Stockholder or ComVest Beneficially Own any shares of Common Stock,
directly or indirectly, make any Sale of, or create, incur or assume any
Encumbrance with respect to, any shares of Common Stock Beneficially Owned by
such Stockholder unless prior to the consummation of any such Sale or the
creation, incurrence or assumption of such Encumbrance, the Person to whom such
Sale is proposed to be made or the Person in whose favor such Encumbrance is
proposed to be created, incurred or assumed (a "Prospective Transferee") (i)
executes and delivers this Agreement to ComVest and each Stockholder, and (ii)
unless such Prospective Transferee is a recognized institutional investor,
delivers to ComVest an opinion of counsel, satisfactory in form and substance to
ComVest, to the effect that the execution of this Agreement by such Prospective
Transferee makes this Agreement a legal, valid and binding obligation of such
Prospective Transferee enforceable against such Prospective Transferee in
accordance with its terms. Upon the execution and delivery by such Prospective
Transferee of this Agreement and, if required, the delivery of the opinion of
counsel referred to in clause (ii) of the preceding sentence, such Prospective
Transferee shall be deemed a "Stockholder" for purposes of this Agreement and
shall have the rights and be subject to the obligations of a Stockholder under
this Agreement, in each case with respect to the Stock owned by such Prospective
Transferee or in respect of which such Encumbrance shall have been created,
incurred or assumed.

MISCELLANEOUS

NOTICES.

      Any notice or other communication required or permitted to be delivered to
any party under this Agreement shall be in writing and shall be deemed properly
delivered, given and received when delivered (by hand, by registered mail, by
courier or express delivery service or by facsimile) to the address or facsimile
telephone number set forth beneath the name of such party below (or to such
other address or facsimile telephone number as such party shall have specified
in a written notice given to the other parties hereto):

         if to ComVest or the Surviving Corporation:

                           ComVest Investment Partners II LLC
                           830 Third Avenue
                           New York, New York  10022
                           Attn:    Carl G. Kleidman
                           Phone: (212) 829-5800
                           Facsimile No:    (212) 829-5978

         with copy to (which copy shall not constitute notice):

                           Greenberg Traurig, LLP
                           200 Park Avenue
                           New York, NewYork  10166
                           Attn:    Alan Annex, Esq.
                           Phone:  (212) 801-9200
                           Facsimile No.:    (212) 801-6400

         if to a Stockholder:  At the address specified on the signature pages.

PUBLIC ANNOUNCEMENTS. Except as required by law, no party to this Agreement
shall make, or cause to be made, any press release or public announcement in
respect of this Agreement or otherwise communicate with any news media without
the prior written consent of the other parties, and the parties shall cooperate
as to the timing and contents of any such press release or public announcement.

CUMULATIVE REMEDIES; SPECIFIC PERFORMANCE. The rights and remedies of the
parties hereto shall be cumulative (and not alternative). The parties to this
Agreement agree that, in the event of any breach or threatened breach by any
party to this Agreement of any covenant, obligation or other provision set forth
in this Agreement for the benefit of any other party to this Agreement, such
other party shall be entitled (in addition to any other remedy that may be
available to it) to seek (a) a decree or order of specific performance or
mandamus to enforce the observance and performance of such covenant, obligation
or other provision, and (b) an injunction restraining such breach or threatened
breach.

BINDING EFFECT; SUCCESSORS IN INTEREST. (a) This Agreement shall be binding upon
and inure solely to the benefit of each party hereto, and nothing in this
Agreement, express or implied, is intended to or shall confer upon any other
person any right, benefit or remedy of any nature whatsoever under or by reason
of this Agreement.

            (b) This Agreement shall be binding upon and inure to the benefit of
the parties hereto and their successors and assigns (if any). No Stockholder
shall, directly or indirectly, assign any rights or obligations hereunder to any
Person except as expressly provided herein.

SEVERABILITY. In the event that any provision of this Agreement, or the
application of any such provision to any Person or set of circumstances, shall
be determined to be invalid, unlawful, void or unenforceable to any extent, the
remainder of this Agreement, and the application of such provision to Persons or
circumstances other than those as to which it is determined to be invalid,
unlawful, void or unenforceable, shall not be impaired or otherwise affected and
shall continue to be valid and enforceable to the fullest extent permitted by
law.

                                       5
<PAGE>

COUNTERPARTS. This Agreement may be executed in several counterparts and by
facsimile, each of which shall constitute an original and all of which, when
taken together, shall constitute one agreement.

ENTIRE AGREEMENT. This Agreement sets forth the entire understanding of the
parties hereto relating to the subject matter hereof and thereof and supersedes
all prior agreements and understandings among or between any of the parties
relating to the subject matter hereof and thereof.

GOVERNING LAW; SUBMISSION TO JURISDICTION. All questions concerning the
construction, validity, enforcement and interpretation of the Transaction
Documents shall be governed by and construed and enforced in accordance with the
internal laws of the State of New York, without regard to the principles of
conflicts of law thereof. Each party hereby irrevocably submits to the exclusive
jurisdiction of the state and federal courts sitting in the City of New York,
borough of Manhattan for the adjudication of any dispute hereunder or in
connection herewith or with any transaction contemplated hereby or discussed
herein (including with respect to the enforcement of any of the Transaction
Documents), and hereby irrevocably waives, and agrees not to assert in any suit,
action or Action, any claim that it is not personally subject to the
jurisdiction of any such court, that such suit, action or Action is improper or
inconvenient venue for such Action. Each party hereby irrevocably waives
personal service of process and consents to process being served in any such
suit, action or Action by mailing a copy thereof via registered or certified
mail or overnight delivery (with evidence of delivery) to such party at the
address in effect for notices to it under this Agreement and agrees that such
service shall constitute good and sufficient service of process and notice
thereof. Nothing contained herein shall be deemed to limit in any way any right
to serve process in any manner permitted by law. The parties hereby waive all
rights to a trial by jury. If either party shall commence an action or Action to
enforce any provisions of the Transaction Documents, then the prevailing party
in such action or Action shall be reimbursed by the other party for its
attorneys' fees and other costs and expenses incurred with the investigation,
preparation and prosecution of such action or Action.

EXPENSES. Except as otherwise specified in this Agreement, all costs and
expenses, including, without limitation, fees and disbursements of counsel,
financial advisors and accountants, incurred in connection with this Agreement
and the transactions contemplated hereby shall be paid by the party incurring
such costs and expenses.

AMENDMENTS AND WAIVERS; ASSIGNMENT. ? Any provision of this Agreement may be
amended or waived if, and only if, such amendment or waiver is in writing and
signed, in the case of an amendment, by all parties hereto or, in the case of a
waiver, by the party or parties against whom the waiver is to be effective.

No failure or delay by any party in exercising any right, power or privilege
hereunder (other than a failure or delay beyond a period of time specified
herein) shall operate as a waiver thereof and no single or partial exercise
thereof shall preclude any other or further exercise thereof or the exercise of
any other right, power or privilege. The rights and remedies herein provided
shall be cumulative and not exclusive of any rights or remedies provided by law.

HEADINGS. The headings and subheadings in this Agreement are included for
convenience and identification only and are in no way intended to describe,
interpret, define or limit the scope, extent or intent of this Agreement or any
provision hereof.

WAIVER OF JURY TRIAL. Each of the parties hereto hereby waives to the fullest
extent permitted by applicable law any right it may have to a trial by jury with
respect to any litigation directly or indirectly arising out of, under or in
connection with this Agreement. Each of the parties hereto (a) certifies that no
representative, agent or attorney of any other party has represented, expressly
or otherwise, that such other party would not, in the event of litigation, seek
to enforce that foregoing waiver and (b) acknowledges that it and the other
party hereto have been induced to enter into this Agreement by, among other
things, the mutual waivers and certifications in this Section 5.12.

                                       6
<PAGE>

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

                                       COMVEST INVESTMENT PARTNERS II LLC

                                       By:      /s/ Carl Kleidman
                                                --------------------------------
                                       Name:   Carl Kleidman
                                               Title: Partner

                                       STOCKHOLDERS:

Address:                                        /s/ Justin M. MacIntosh
                                                --------------------------------
                                               (Justin M. MacIntosh)
c/o CorVu Australasia Pty. Ltd.
Level 8, 821-843 Pacific Highway
Chatswood NSW  2067
Australia

                                       7EXHIBIT 10.7
                                  ------------

                         SENIOR SECURED PROMISSORY NOTE
                         ------------------------------

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE "ACT"), NOR UNDER ANY APPLICABLE STATE SECURITIES LAWS. THIS
SECURITY HAS BEEN ACQUIRED FOR INVESTMENT AND THIS SECURITY MAY NOT BE SOLD OR
TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION OF IT UNDER THE ACT OR
AN OPINION OF COUNSEL OR OTHER EVIDENCE ACCEPTABLE TO THE MAKER THAT SUCH SALE
OR TRANSFER IS EXEMPT FROM REGISTRATION UNDER THE ACT. THIS SECURITY MAY NOT BE
TRANSFERRED EXCEPT UPON THE CONDITIONS SPECIFIED IN THIS NOTE AND THE SECURITIES
PURCHASE AGREEMENT, DATED FEBRUARY __, 2005 (THE "PURCHASE AGREEMENT"), AND NO
TRANSFER OF THIS SECURITY SHALL BE VALID OR EFFECTIVE UNLESS AND UNTIL SUCH
CONDITIONS SHALL HAVE BEEN COMPLIED WITH. THE TRANSFERABILITY OF THIS SECURITY
IS SUBJECT TO THE TRANSFER RESTRICTIONS SET FORTH HEREIN AND IN THE PURCHASE
AGREEMENT, A COPY OF WHICH WILL BE PROVIDED TO THE HOLDER HEREOF UPON WRITTEN
REQUEST TO THE MAKER.

                                CORVU CORPORATION

             FORM OF SENIOR SECURED NON-CONVERTIBLE PROMISSORY NOTE

THIS SENIOR SECURED NOTE IS MADE AND DELIVERED PURSUANT TO THE PURCHASE
AGREEMENT AND SUBJECT TO THE TERMS AND CONDITIONS THEREOF. THIS SENIOR SECURED
NOTE IS SECURED BY THE COLLATERAL DESCRIBED IN A CERTAIN SECURITY AGREEMENT,
DATED AS OF EVEN DATE HEREWITH (THE "SECURITY AGREEMENT").

                                                               February 11, 2005
$1,500,000

            FOR VALUE RECEIVED, CORVU CORPORATION, a Minnesota corporation (the
"Maker"), promises to pay to the order of COMVEST INVESTMENT PARTNERS II LLC, a
Delaware limited liability company or its registered assigns (the "Holder") on
or before a date which shall be the earlier of (i) thirty-six (36) months
following the Closing Date, (ii) a merger or combination of the Company or the
sale, transfer or other disposition of all or substantially all of the assets of
the Company or (iii) the acquisition by a single entity, person or a "group"
within the meaning of Rule 13d-1 of the Exchange Act, of more than fifty percent
(50%) of the voting power or capital stock of the Company (on a fully-diluted
basis) (the "Maturity Date") the principal amount of One Million Five Hundred
Thousand Dollars ($1,500,000) together with all accrued and unpaid interest
thereon, unless this Note is sooner converted in accordance with the terms set
forth herein. All capitalized terms used but not defined herein shall have the
meaning set forth in the Purchase Agreement.

            1. Interest Rate. The unpaid balance of the principal amount of this
Note shall accrue simple interest (the "Interest") at a rate (the "Interest
Rate") per annum as follows:

                  Months 1-12 of the Senior Secured Note      6% per annum
                  Months 13-24 of the Senior Secured Note     9% per annum
                  Months 25-36 of the Senior Secured Note     12% per annum

Interest shall begin accruing as of the date hereof through the Maturity Date.
Interest shall accrue on a quarterly basis and on the date of a conversion, if
applicable, and shall be computed on the basis of a 365-day year, for the actual
number of days involved. If any Event of Default has occurred and is continuing,
the Senior Secured Note shall bear interest at a rate of the then-applicable
Interest plus four percent (4%) per annum until such time as such Event of
Default has been cured.

            2. Payment of Principal Amount and Interest. Accrued Interest shall
be due and payable on a quarterly basis. Such payments shall be made either by
wire transfer or by delivery to the Holder of a check payable to the Holder.

            3. Prepayment.

                  (a) Optional Prepayment. Notwithstanding the foregoing, at any
time after the Closing Date, the Maker shall have the right to prepay all or any
portion of the then-outstanding principal balance of this Note, together with
accrued but unpaid Interest thereon, without premium or penalty, upon ten (10)
days' prior written notice to Holder.

                                       8
<PAGE>

                  (b) Mandatory Prepayment. In the event the Maker issues Common
Stock Equivalents other than an Exempt Issuance during the term of this Note,
the Maker shall prepay all or a portion of the then-outstanding principal amount
of this Note, together with all accrued but unpaid Interest thereon, using Fifty
Percent (50%) of the net proceeds received by the Maker from such sale (or any
lesser portion necessary) to repay the then-outstanding principal and interest
amount of the Note; provided, however, that the Preferred Shares have first been
redeemed, in whole, in accordance with its terms.

      All prepayments pursuant to this Section 3 shall be applied first to the
interest outstanding hereunder prior to their application to the outstanding
principal amount hereof. Upon full prepayment of this Note, the Holder shall
surrender this Note for cancellation, after which this Note shall be of no
further force or effect.

            4. Security Interest. This Note shall be senior in lien priority to
all other Indebtedness (existing or future) of the Maker (other than Permitted
Liens (as defined in the Security Agreement)) and shall be secured by a first
priority perfected lien and security interest in the Collateral (as defined in
the Security Agreement).

            5. Events of Default. This Note shall become due and payable upon
any of the following events, herein called "Events of Default":

                  (a) failure of the Maker to pay the principal amount, interest
or any other amounts due under this Note as and when due;

                  (b) a material breach by the Maker, or the material failure by
the Maker to perform, any representation, warranty, covenant or agreement made
by the Maker in this Note or any other Transaction Document, or any related
instrument, document or agreement (subject to any applicable cure periods);

                  (c) Maker's application for, or Maker's consent to, the
appointment of a receiver, trustee or liquidator for the Maker or any of its
properties;

                  (d) filing by the Maker of a voluntary petition in bankruptcy
or a petition or an answer seeking reorganization or an arrangement with
creditors;

                  (e) the entry against the Maker of a court order approving a
petition filed against it under the federal bankruptcy laws by a creditor other
than the Holder, which order shall not have been vacated or set aside or
otherwise terminated within sixty (60) days;

                  (f) with respect to any instrument or agreement for borrowed
money to which the Maker is or becomes a party, (i) an event of default has
occurred and has been declared by any third party to such instrument or
agreement, the amount of the declared default exceeds Fifty Thousand Dollars
($50,000), and such third party has accelerated any payments due under such
instrument or agreement or (ii) an event of default has occurred and has been
declared by any third party to such instrument or agreement, the amount of the
declared default exceeds Three Hundred Thousand Dollars ($300,000), provided,
that the foregoing shall not constitute a default if the Maker, with advise of
its legal counsel, has made a good faith determination that such amount is not
due and that the Maker has valid and reasonable defenses against non-payment of
such amount.

                  (g) the Maker agrees to pay in full settlement of any
litigation, proceeding or action, or a judgment is entered by a court of
competent jurisdiction with respect to any litigation, proceeding or action
involving the Maker (other than any settlement entered into or judgment entered
with respect to obligations incurred by the Maker in the ordinary course of
business and which were accrued for on the balance sheet of the Maker in the
ordinary course of business), of at least Three Hundred Thousand Dollars
($300,000) in any one instance or One Million Dollars ($1,000,000) in the
aggregate, in each case that is not covered by any insurance maintained by the
Maker.

            6. Transferability. Subject to compliance with applicable federal
and state securities laws, this Note shall be transferable solely in accordance
with Section 5.6 of the Purchase Agreement. In no event may the Holder assign
this Note separate from an assignment of its rights under the Security
Agreement. Any such transfer shall be effected by the presentation of this Note
to the Maker for transfer, accompanied by a duly completed and executed
Assignment Form in the form attached hereto as Exhibit A, and an opinion of
counsel of the Holder in form reasonably satisfactory to the Maker that the
transfer may be properly made under an exemption from registration under the
Securities Act and applicable state securities laws. Any transfer made in
violation of this Section 6 shall be void.

                                       9
<PAGE>

            7. Definitions. As used in this Note, the following term shall have
the following meaning:

            "Business Day" means any day that is not a Saturday, a Sunday or
other day on which banks are required or authorized by Law to be closed in The
City of New York.

            8. Notices. Any notice, request or other communication required or
permitted hereunder shall be in writing, and shall be deemed delivered upon
personal delivery or facsimile transmission, one (1) business day after being
sent via a reputable nationwide overnight courier services, or two (2) business
days after deposit in the mail addressed as follows:

            If to the Maker:

                         CORVU CORPORATION
                         3400 West 66th Street, Suite 445
                         Edina, Minnesota 55435
                         Attention: Chief Financial Officer
                         Facsimile No.: (952) 843 7752

            With copies to:

                         Justin M. MacIntosh
                         C/o CorVu Australasia Pty. Ltd.
                         Level 8, 821-843 Pacific Highway,
                         Chatswood NSW  2067
                         Australia
                         Facsimile: (011-61 2) 9495 5444

                         Fredrikson & Byron, P.A.
                         200 South Sixth Street, Suite 4000
                         Minneapolis, Minnesota 55402
                         Attention:  John H. Stout or Barbara Muller
                         Facsimile No.: (612) 492 7077

            If to the Holder:

                         COMVEST INVESTMENT PARTNERS II LLC
                         830 Third Avenue
                         New York, NY 10022
                         Attention:  Carl Kleidman
                         Facsimile No.:  (212) 829-5978

            With a copy to:

                         Greenberg Traurig, LLP
                         The MetLife Building
                         200 Park Avenue, 14th Floor
                         New York, NY 10166
                         Attention:  Alan I. Annex, Esq.
                         Facsimile No.:  (212) 801-6400

Either party may change by notice the address to which notices to it are to be
addressed.

            9. Successors and Assigns. All covenants, agreements and
undertakings in this Note by or on behalf of any of the parties shall bind and
inure to the benefit of the respective successors and assigns of the parties.

                                       10
<PAGE>

            10. Governing Law. This Note shall be governed by, construed under
and interpreted and enforced in accordance with laws of the State of New York,
without giving effect to principles of choice of law. Any action or proceeding
arising out of or relating to this Note shall be commenced in a federal or state
court having competent jurisdiction in the State of New York, and for the
purpose of any such action or proceeding, each of the parties and any assignees
thereof submits to the personal jurisdiction of the State of New York. The
parties hereby irrevocably consent to the exclusive personal jurisdiction of any
state or federal court for New York County in the State of New York or the
Southern District of New York. The parties hereby waive any objection to venue
and any objection based on a more convenient forum in any action instituted
under this Note.

            11. Remedies. The Maker stipulates that the remedies at law of the
Holder in the event of any default or threatened default by the Maker in the
performance of or compliance with any of the terms of this Note are not and will
not be adequate, and that such terms may be specifically enforced by a decree
for the specific performance of any agreement contained herein or by an
injunction against a violation of any of the terms hereof or otherwise.

            12. Amendments. The terms and provisions of this Note may not be
modified, altered or amended except in accordance with Section 9 of the Security
Agreement.

            13. Headings. The descriptive headings of the several paragraphs of
this Note are inserted for purposes of reference only, and shall not affect the
meaning or construction of any of the provisions hereof.

                                       11
<PAGE>

            IN WITNESS WHEREOF, the Maker has executed this Note and has
delivered it to the Holder, on the day and year first above written.

                                  CORVU CORPORATION

                                  By:      /s/ David C. Carlson
                                           -------------------------------------
                                           Name:   David C. Carlson
                                           Title:     Chief Financial Officer

                                       12
<PAGE>

                                    Exhibit A
                                    ---------

                                   ASSIGNMENT

       FOR VALUED RECEIVED, the undersigned Holder of the attached Senior
Secured Note (the "Note") issued by CorVu Corporation (the "Maker") hereby
sells, assigns and transfers unto the persons below, all right, title and
interest of the undersigned in and to the obligations evidenced by the Note, and
does hereby irrevocably constitute and appoint _______________________
attorney-in-fact to transfer the Note on the books of the Maker with full power
of substitution in the premises.

Dated:   _________________________

Signature:        ________________________

Fill in for new Registration of Note:

---------------------------------
Name of Noteholder

Address of Noteholder:     __________________________
                             _________________________
                             _________________________

                                       13

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00084-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00084-of-00352.parquet"}]]