Document:

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                                                                   EXHIBIT  10.5

                                                    INDEMNITEE: EDWARD L. PIERCE

                              BINDVIEW CORPORATION

                            INDEMNIFICATION AGREEMENT

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

1.       BACKGROUND.

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

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

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

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

2.1      ACQUIRING PERSON means a Person referred to in Section 2.8(a) or
         Section 2.8(b).

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

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

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

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                                                    INDEMNITEE: EDWARD L. PIERCE

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

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

2.7      BOARD means the Board of Directors of the Company.

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

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

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

         (c)      The consummation of a Merger Transaction if (a) the Company is
                  not the surviving entity or (b) as a result of the Merger
                  Transaction, 50 percent or less of the combined voting power
                  of the then-outstanding securities of the other party to the
                  Merger Transaction, immediately after the Change of Control
                  Date, are held in the aggregate by the holders of Voting Stock
                  immediately prior to the Change of Control Date.

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

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

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

         (g)      During any period of 12 consecutive months, the individuals
                  who at the beginning of that period constituted the Board of
                  Directors shall cease to constitute a majority of the Board of
                  Directors. The previous sentence will not apply if the
                  election, or the nomination for election

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                                                    INDEMNITEE: EDWARD L. PIERCE

                  by the Company's stockholders, of each director of the Company
                  first elected during such period was approved by a vote of at
                  least two-thirds of the directors of the Company then still in
                  office who were directors of the Company at the beginning of
                  any such period.

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

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

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

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

2.13     EXPENSE ADVANCE - see Section 5.

2.14     EXPENSES shall include attorneys' fees and all other costs, expenses
         and obligations paid or incurred in connection with investigating,
         defending, being a witness in or participating in, or preparing to
         defend, be a witness in or participate in, any Indemnifiable Claim,
         together with interest, computed at the Company's average cost of funds
         for short-term borrowings, accrued from the date of incurrence of such
         expense to that date the Indemnitee receives reimbursement therefor.

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

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

2.17     INDEMNIFIABLE CLAIM means a Claim arising out of (in whole or in part)
         or relating to an Indemnifiable Event.

2.18     INDEMNIFIABLE EVENT means any event or occurrence related to:

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

         (b)      the fact that the Indemnitee is or was serving at the request
                  of the Company as a director, officer, employee, trustee,
                  agent or fiduciary of another corporation of any type or kind,
                  foreign or domestic, partnership, joint venture, trust,
                  employee benefit plan or other enterprise. Without limiting
                  any indemnification provided hereunder, if the Indemnitee
                  serves, in any capacity, either (i) another corporation,
                  partnership, joint venture or trust of which 20% or more of
                  the voting power or residual economic interest is held,
                  directly or indirectly, by the Company or (ii) any employee
                  benefit plan of the Company or any entity referred to in
                  clause (i) above, such service shall be deemed to be at the
                  request of the Company; or

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                                                    INDEMNITEE: EDWARD L. PIERCE

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

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

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

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

2.22     REVIEWING PARTY means:

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

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

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

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

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

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

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

3.       RIGHT TO INDEMNIFICATION.

3.1      If (a) the Indemnitee was, is, becomes at any time, or is threatened to
         be made, (i) a party to, or (ii) a witness in, or (iii) otherwise a
         participant in, an Indemnifiable Claim, then (b) subject to a
         determination in accordance with Section 4 that the Indemnity is
         entitled to indemnification, the Company shall indemnify the
         Indemnitee, to the maximum extent permitted by law, against any and all
         Expenses, judgments, fines (including excise taxes assessed on an
         Indemnitee with respect to an employee benefit plan), penalties, and
         amounts paid in settlement (including all interest, assessments

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                                                    INDEMNITEE: EDWARD L. PIERCE

         and other charges paid or payable in connection with, or in respect of,
         such Expenses, judgments, fines, penalties or amounts paid in
         settlement) in respect of such Claim.

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

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

3.4      If (a) the Indemnitee asserts a claim or brings an action for (i)
         indemnification or advance payment of Expenses by the Company under its
         Indemnity Obligations, or (ii) recovery under any directors' and
         officers' liability insurance policies maintained by the Company, then
         (b) the Company shall indemnify the Indemnitee against any and all
         expenses (including attorneys' fees) that are incurred by the
         Indemnitee in connection with such claim or action. The Company's
         obligation under this Section 3.4 shall be subject to the Indemnitee's
         ultimately being determined to be entitled to such indemnification,
         advance expenses payment or insurance recovery, as the case may be.

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

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

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

4.       DETERMINATIONS OF ENTITLEMENT TO INDEMNITY

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

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                                                    INDEMNITEE: EDWARD L. PIERCE

         Party with respect to such Claim. The Indemnitee shall be afforded the
         opportunity to make submissions to the Reviewing Party with respect to
         such Claim.

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

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

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

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

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

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

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

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

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                                                    INDEMNITEE: EDWARD L. PIERCE

5.       EXPENSE ADVANCES.

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

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

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

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

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

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

         (a)      any determination under Section 5.2 shall not be binding, and

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

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

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

8.       NONEXCLUSIVITY, ETC. The rights of the Indemnitee hereunder shall be in
         addition to any other rights the Indemnitee may have under the
         Company's Articles and Bylaws, the TBCA, or otherwise. To the extent
         that a change in the TBCA (whether by statute or judicial decision)
         permits greater indemnification by agreement than would be afforded
         currently under the Articles and Bylaws and this Agreement, it is the
         intent of the parties hereto that the Indemnitee shall enjoy by this
         Agreement the greater benefits so afforded by such change.

9.       INSURANCE. To the extent the Company maintains an insurance policy or
         policies providing directors' and officers' liability insurance, the
         Indemnitee shall be covered by such policy or policies,

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                                                    INDEMNITEE: EDWARD L. PIERCE

         in accordance with its or their terms, to the maximum extent of the
         coverage available for any director or officer of the Company.

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

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

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

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

14.      OTHER PROVISIONS.

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

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

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                                                    INDEMNITEE: EDWARD L. PIERCE

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

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

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

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

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

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

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

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

                            (Signature page follows)

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                                                    INDEMNITEE: EDWARD L. PIERCE

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

BINDVIEW CORPORATION, BY:                         INDEMNITEE

------------------------------                    -----------------------------
Richard P. Gardner, President                     Signature
and Chief Executive Officer

                                                                         PAGE 10<PAGE>   1
                                                                    EXHIBIT 10.6

                                                    OPTIONEE: RICHARD P. GARDNER

[BINDVIEW LOGO]

                               NONQUALIFIED STOCK
                                OPTION AGREEMENT

<Table>
<S>                     <C>
-----------------------------------------------------------------
NUMBER OF SHARES:       Omnibus Incentive Plan:
                        372,069 shares

                        Incentive Stock Option Plan:
                        137,931 shares

                        1997 Incentive Plan:
                        315,000 shares
-----------------------------------------------------------------
GRANT DATE:             May 1, 2001
-----------------------------------------------------------------
PLAN:                   Omnibus Incentive Plan
-----------------------------------------------------------------
EXPIRATION DATE:        Grant Date plus ten (10) years
-----------------------------------------------------------------
STRIKE PRICE:           $ 2.90
-----------------------------------------------------------------
PRIOR                   First Amended and Restated Nonqualified
AGREEMENT:              Stock Option Agreement of BindView
                        Development Corporation Omnibus
                        Incentive Plan between the parties
                        dated May 1, 2000, for 1,650,000 shares

-----------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
-----------------------------------------------------------------
                        VESTING SCHEDULE
                      (FOUR-YEAR VESTING)
-----------------------------------------------------------------
                                                NO. OF SHARES
        EVENT               DATE                   VESTED
-----------------------------------------------------------------
<S>                     <C>                   <C>
Vesting                 May 1, 2001           None
Start Date:
-----------------------------------------------------------------
First Vesting Date      August 1, 2001        one-sixteenth
                                              (1/16) of the
                                              full number of
                                              Shares
-----------------------------------------------------------------
Subsequent vesting      each three (3)        an additional
dates                   months after the      one-sixteenth
                        First Vesting Date    (1/16) of the
                                              full number of
                                              Shares, until
                                              vested as to 100%
                                              of the Shares
-----------------------------------------------------------------
</Table>

         BindView Corporation ("BINDVIEW" or "US") hereby grants to the
"OPTIONEE" identified above ("YOU") the option to purchase from BindView up to
but not exceeding in the aggregate the number of shares of common stock, no par
value per share, of BindView (the "SHARES") at the "STRIKE PRICE" per share, as
set forth above. Because such option covers multiple Shares, it is referred to
herein in plural form as the "OPTIONS." The grant of the Options is subject to
the terms and conditions of this "AGREEMENT" and to the terms and conditions of
the Omnibus Incentive Plan ( "PLAN") as amended by BindView's Board of Directors
("BOARD") from time to time, which is incorporated herein by reference, and a
copy of which will be provided to you upon request. All Section references are
to sections of this Agreement except as otherwise indicated. [BindView
Corporation is a registered assumed name of BindView Development Corporation.]

         1. The Options are granted on the same terms and conditions as set
forth in the Prior Agreement (which is incorporated herein by reference). In the
case of any inconsistency between this Agreement and the Prior Agreement, the
Prior Agreement shall control, except for the following:

                  a. the Options shall be for the Shares and at the Strike Price
set forth above;

                  b. the Options shall be for a term commencing on the "GRANT
DATE" and ending on the "EXPIRATION DATE," each as set forth above, unless the
Options are terminated earlier by reason of termination of your employment, in
which case the applicable provisions of the Plan will control; and

                  c. the Options shall vest and become exercisable as provided
in the "VESTING SCHEDULE" above (subject to any accelerated-vesting provisions
in the Prior Agreement, which shall control to the extent applicable in
accordance with their terms).

         2. This Agreement does not amend or modify the Prior Agreement in
respect of the option grant referred to therein.

         3. Nothing in this Agreement shall be deemed (i) to constitute an
employment contract, express or implied, nor (ii) to impose any obligation on us
or any of our affiliates to employ you at all or on any particular terms, nor
(iii) to amend any other agreement between you and us, nor (iv) to impose any
obligation on you to work for us, nor (v) to limit our right to terminate your
employment for any reason, with or without cause, nor (vi) to limit your right
to resign from your employment.

Executed to be effective as of the Grant Date.

BINDVIEW CORPORATION, BY:

----------------------------------
Eric J. Pulaski, Chairman and
Chief Technology Officer

The Option has been accepted by the above-named Optionee, subject to the terms
and provisions of the Plan and of this Agreement, by which the Optionee agrees
to be bound

X __________________________________
    RICHARD P. GARDNER

<PAGE>   2
                                OPTIONEE:  RICHARD P. GARDNER - 1,650,000 SHARES

                           FIRST AMENDED AND RESTATED
                       NONQUALIFIED STOCK OPTION AGREEMENT
                                       OF
                        BINDVIEW DEVELOPMENT CORPORATION
                             OMNIBUS INCENTIVE PLAN

BACKGROUND RECITATIONS

         A. By resolution dated January 5, 2000, the Board of Directors
("Board") of BindView Development Corporation (the "Company") approved the
contingent grant, to the "Optionee" identified above, of options (the "Prior
Options") to purchase 1,000,000 shares of the Company's common stock at a strike
price of $46.75 per share and an additional 250,000 shares at a strike price of
$80 per share, respectively.

         B. Such approval by the Board was expressly given subject to a
condition subsequent, namely the subsequent approval by the shareholders of the
Company of an increase in the number of shares of common stock of the Company
reserved and authorized for issuance under the BindView Development Corporation
Omnibus Incentive Plan (the "Plan").

         C. On January 5, 2000, the Optionee and the chairman of the Board
executed two agreements dated January 5, 2000 ("Prior Option Agreements"), which
respectively provided for the grant of the Prior Options. The Prior Option
Agreements were each made subject to the Plan, which was incorporated by
reference into each Prior Option Agreement.

         D. The Plan provides that stock option grants are made either by the
Board of Directors of the Company ("Board") or by the Compensation Committee or
other committee of the Board consisting solely of at least two members each of
whom are Non-Employee Directors and Outside Directors.

         E. The Prior Option Agreements therefore were entered into subject to
the condition subsequent set forth in the Board's approval referred to in
paragraph B above, namely the subsequent shareholder approval referred to in
that paragraph.

         F. As of the date hereof, the subsequent shareholder approval referred
to in paragraph B above has not occurred. The Company's grant of the Prior
Options therefore remains a contingent grant.

         G. By resolution dated May 1, 2000, the Compensation Committee of the
Board approved the Company's entering into an agreement with the Optionee to
amend the Prior Option Agreements and to exchange the Optionee's
contingently-granted Prior Options for a new option (also contingently granted)
to purchase common stock. Such agreement is set forth in this First Amended and
Restated Nonqualified Option Agreement (this "Agreement").

         H. This Agreement constitutes a single combined and consolidated
amendment and restatement of both of the Prior Option Agreements, both of which
are superseded hereby, and both of which the parties agree may be marked with an
appropriate legend to that effect.

GRANT

         The Company hereby grants to the Optionee, subject to the condition
subsequent set forth below, the option ("New Option") to purchase from the
Company up to but not exceeding in the aggregate ONE MILLION SIX HUNDRED
THOUSAND AND FIFTY (1,650,000) shares of common stock, no par value per share,
of the Company (the "Shares") at the "Strike Price" of TEN DOLLARS ($10.00) per
Share, effective May 1, 2000 (the "Grant Date"). The New Option is granted
subject to the terms and conditions of this Agreement and to the

                                                                     PAGE 1 OF 7

<PAGE>   3
                                OPTIONEE:  RICHARD P. GARDNER - 1,650,000 SHARES

terms and conditions of the Plan. The New Option is also granted subject to and
conditioned on the shareholder approval referred to in paragraph B above (such
approval is scheduled to be voted on by the shareholders at the Company's annual
meeting on May 5, 2000). If the outstanding shares of common stock or other
securities of the Company, or both, for which the New Option is then exercisable
shall at any time be changed or exchanged by declaration of a stock dividend,
stock split, combination of shares, or recapitalization, the number and kind of
shares of common stock or other securities subject to the Plan or subject to the
New Option and the Strike Price, shall be appropriately and equitably adjusted
so as to maintain the proportionate number of shares or other securities without
changing the aggregate Strike Price. All Section references are to sections of
this Agreement except as otherwise indicated.

     1. TERM. The New Option shall expire on January 5, 2010 unless such New
Option is terminated earlier by reason of the Optionee's termination of
employment as provided in the Plan and in this Agreement.

     2. VESTING. Subject to the acceleration provisions of Section 7, the New
Option shall vest and become exercisable as to twenty percent (20%) of its
associated Shares on January 5, 2001, and an additional 20% on each anniversary
thereof until such New Option becomes fully vested.

     3. EXERCISE. The Optionee is entitled to exercise the New Option granted by
this Agreement as to all or any part of the Shares as to which such New Option
has vested.

     4. NONCOMPETITION. As a condition to, and in consideration of, the
Company's granting to the Optionee the New Option to acquire securities of the
Company, and giving the Optionee access to certain confidential and proprietary
information, as well as special training and knowledge, which the Optionee
recognizes is valuable to the Company and, therefore, its protection and
maintenance constitutes a legitimate interest to be protected by the provisions
of this Section 4 as applied to the Optionee and all other optionholders
similarly situated to the Optionee, the Optionee hereby agrees as follows:

            (a) For "a reasonable period of time" after termination of the
Optionee's employment with the Company and within "a reasonable territory,"
defined in Sections 4(b) and 4(c), the Optionee will not for any reason,
directly or indirectly, by any means or device, for himself or on behalf of or
in conjunction with any person, partnership or corporation (i) compete with the
Company in the development or marketing of systems-management and/or
security-management software products which manage distributed client/server
networks operating in the Microsoft Windows NT, Novell NetWare, or UNIX
(including without limitation LINUX) environments, (ii) solicit any customers of
the Company to purchase the products or services which, as of the date of such
termination, would compete directly or indirectly, with those which were offered
by the Company or were reasonably foreseeable to be offered by the Company
during such period of time or (iii) work on or develop, directly or indirectly,
for any competitor of the Company any programs or software similar to those upon
which the Optionee worked or assisted during the Optionee's employment with the
Company. The aforementioned period of time specified in this paragraph will not
run during any period when the Optionee is committing any act prohibited by this
Agreement.

            (b) As used in this Agreement, "a reasonable period of time" means
one year, except as otherwise provided herein. If the Optionee violates the
covenants set forth in Section 4(a), and the Company brings a legal action for
injunctive or other relief, the Company shall not be deprived of the benefit of
the full reasonable period of time. Accordingly, the covenants set forth in the
preceding paragraph shall be deemed to have a duration of the reasonable period
of time, with such period commencing upon the later of (i) the termination of
the Optionee's employment with the Company and (ii) if the Company brings a
action to enforce the covenants contained in Section 4(a), the date of entry by
a court of competent jurisdiction of a final judgment enforcing such covenants.

                                                                     PAGE 2 OF 7

<PAGE>   4
                                OPTIONEE:  RICHARD P. GARDNER - 1,650,000 SHARES

            (c) As used in this Agreement, "a reasonable territory", in view of
the international nature of the markets in which the Company competes, means the
United States of America and any foreign market in which the Company's products
are sold or are reasonably foreseeable to be sold during the reasonable period
of time.

            (d) The covenants set forth in Section 4(a) will accrue to the
benefit of the Company, regardless of the reason(s) for the termination of the
Optionee's employment with the Company, provided, however, that in the event of
termination following a Change of Control or for Good Reason, the term
"reasonable period of time" will mean six (6) months.

            (e) The Optionee acknowledges that the obligations of this Agreement
are directly related to the grant of the New Option by the Company and are
necessary to protect the Company's legitimate business interests. The Optionee
acknowledges that the Company's need for the covenants set forth in this
Agreement is based on the following: (i) the substantial time, money and effort
expended and to be expended by the Company in developing technical designs,
computer program source codes, marketing plans and similar confidential
information; (ii) the fact that the Optionee will be personally entrusted with
the Company's confidential and proprietary information; (iii) the fact that,
after having access to the Company's technology and other confidential
information, the Optionee could become a competitor of the Company; and (iv) the
highly competitive nature of the Company's industry, including the premium that
competitors of the Company place on acquiring proprietary and competitive
information.

            (f) Notwithstanding the foregoing, the Optionee may acquire an
ownership interest, directly or indirectly, of not more than 5% of the
outstanding securities of any corporation which is engaged in a business
competitive with the Company and which is listed on any recognized securities
exchange or traded in the over the counter market in the United States;
provided, that such investment is of a totally passive nature and does not
involve the Optionee devoting time to the management or operations of such
corporation.

     5. NONQUALIFIED NEW OPTION. Each New Option is a nonqualified stock option
that is not intended to be governed by Section 422 of the Internal Revenue Code
of 1986, as amended.

     6. ACCEPTANCE. The Optionee in accepting the New Option accepts and agrees
to be bound by all the terms and conditions of this Agreement and of the Plan
which pertain to non-qualified stock options granted under the Plan.

     7. ACCELERATION OF VESTING.

            (a) As to any New Option granted under this Agreement that has not
yet vested as to any portion of its associated Shares (i.e., the vesting date(s)
has not yet been reached as to that portion of the Shares), the unvested portion
of such New Option shall be accelerated and shall automatically vest and become
fully exercisable (referred to below as becoming "fully vested," as follows.

                (1) ACCELERATION DUE TO CERTAIN TERMINATIONS OF EMPLOYMENT. As
of the effective date of any termination of the Optionee's employment with the
Company ("Termination Date"), any unvested portion of the New Option that had
been granted by this Agreement on or before the Termination Date shall become
fully vested as to a portion of any remaining unvested portion of the Shares
associated with such New Option, as set forth in the table below:

                                                                     PAGE 3 OF 7

<PAGE>   5
                                OPTIONEE:  RICHARD P. GARDNER - 1,650,000 SHARES

         <Table>
         <Caption>
         <S>                                                 <C>
                                                             REMAINING UNVESTED PORTION
         REASON FOR TERMINATION OF EMPLOYMENT                THAT BECOMES FULLY VESTED
         ----------------------------------------------------------------------------------
         The Optionee's death or disability                  As stated in the Plan
         ----------------------------------------------------------------------------------
         By Gardner, for Good Reason, other than in          50%
         connection with a Change of Control (defined
         below)
         ----------------------------------------------------------------------------------
         By Gardner, following a Change of Control           100%
         (defined below)
         ----------------------------------------------------------------------------------
         By Gardner, other than for Good Reason              None
         ----------------------------------------------------------------------------------
         By the Company, for Cause (defined below)           None
         ----------------------------------------------------------------------------------
         By the Company, other than for Cause, except in     50%
         connection with a Change of Control
         ----------------------------------------------------------------------------------
         By the Company, other than for Cause, in            As provided in Section 7(a)(2)
         connection with a Change of Control
         ----------------------------------------------------------------------------------
         </Table>

         HYPOTHETICAL EXAMPLE: Suppose that (i) the New Option had previously
         become vested as to 40% of the associated Shares, and (ii) the
         Optionee's employment with the Company is terminated by him for Good
         Reason. Upon such termination, the New Option will become fully vested
         as to an additional 30% (i.e., 100% minus 40%, times one-half) of the
         associated Shares.

As used herein:

            (A) "Cause" means either (i) the willful commission by the Optionee
of an act constituting a dishonest or other act of material misconduct, or
conviction of a fraudulent act or a felony under the laws of any state or of the
United States to which the Company or the Optionee is subject, and such act
results (or is intended to result directly or indirectly) in the Optionee's
substantial gain or personal enrichment to the material and demonstrable
detriment of the Company; or (ii) the material breach by the Optionee of any
representation or covenant made in his employment agreement with the Company
("Employment Agreement"); or (iii) the commission by the Optionee of repeated
breaches of the Employment Agreement, where the Company notifies the Optionee in
writing of each such breach, and prior to termination, the Company gives the
Optionee thirty (30) days advance written notice of its intention to terminate
the Optionee's employment for Cause at the end of such thirty-day period. For
purposes of clause (i) of the previous sentence, any act, or failure to act,
based upon authority given pursuant to a resolution duly adopted by the Board or
based upon the advice of counsel for the Company shall be conclusively presumed
to be done, or omitted to be done, by the Optionee in good faith and in the best
interests of the Company.

            (B) "Good Reason" means the occurrence of any of the following,
other than with the Optionee's prior written consent: (i) any removal of the
Optionee from, or any failure to reelect or to reappoint the Optionee to, the
office of Chief Executive Officer or Director of the Company; (ii) a reduction
by the Company in the amount of, or the Company's failure to pay, the Optionee's
base salary at the time and in the manner and amount specified in his Employment
Agreement; (iii) a reduction by the Company in the amount of, or the Company's
failure to pay, any Bonus required to be paid to the Optionee at the time and in
the manner and amount specified in his Employment Agreement; or (iv) the failure
by the Company to comply with its obligations under Section 8 of this Agreement
(concerning assumption of this Agreement by any successor or assign of the
Company).

                                                                     PAGE 4 OF 7

<PAGE>   6
                                OPTIONEE:  RICHARD P. GARDNER - 1,650,000 SHARES

            (C) A "Change of Control" of the Company shall be deemed to have
occurred if, after the effective date written below:

                (i) a report on Schedule 13D or Schedule 14D-1 (or any successor
schedule, form or report) shall be filed with the Commission pursuant to the
Exchange Act and that report discloses that any person (within the meaning of
Section 13(d) or Section 14(d)(2) of the Exchange Act), other than the Company
(or one of its subsidiaries) or any employee benefit plan sponsored by the
Company (or one of its subsidiaries), is the beneficial owner (as that term is
defined in Rule 13d-3 or any successor rule or regulation promulgated under the
Exchange Act), directly or indirectly, of 20 percent or more of the outstanding
Voting Stock;

                (ii) any person (within the meaning of Section 13(d) or Section
14(d)(2) of the Exchange Act), other than the Company (or one of its
subsidiaries) or any employee benefit plan sponsored by the Company (or one of
its subsidiaries), shall purchase securities pursuant to a tender offer or
exchange offer to acquire any Voting Stock (or any securities convertible into
Voting Stock) and, immediately after consummation of that purchase, that person
is the beneficial owner (as that term is defined in Rule 13d-3 or any successor
rule or regulation promulgated under the Exchange Act), directly or indirectly,
of 20 percent or more of the outstanding Voting Stock (such person's beneficial
ownership to be determined, in the case of rights to acquire Voting Stock,
pursuant to paragraph (d) of Rule 13d-3 or any successor rule or regulation
promulgated under the Exchange Act);

                (iii) the consummation of:

                      (x) a merger, consolidation or reorganization of the
Company with or into any other person if (a) the Company is not the surviving
entity or (b) as a result of such merger, consolidation or reorganization, 50
percent or less of the combined voting power of the then-outstanding securities
of such other person immediately after such merger, consolidation or
reorganization are held in the aggregate by the holders of Voting Stock
immediately prior to such merger, consolidation or reorganization;

                      (y) any sale, lease, exchange or other transfer of all or
substantially all the assets of the Company and its consolidated subsidiaries to
any other person if as a result of such sale, lease, exchange or other transfer,
50 percent or less of the combined voting power of the then-outstanding
securities of such other person immediately after such sale, lease, exchange or
other transfer are held in the aggregate by the holders of Voting Stock
immediately prior to such sale, lease, exchange or other transfer; or

                      (z) a transaction immediately after the consummation of
which any person (within the meaning of Section 13(d) or Section 14(d)(2) of the
Exchange Act) would be the beneficial owner (as that term is defined in Rule
13d-3 or any successor rule or regulation promulgated under the Exchange Act),
directly or indirectly, of more than 50 percent of the outstanding Voting Stock;

                (iv) the stockholders of the Company approve the dissolution of
the Company; or

                (v) during any period of 12 consecutive months, the individuals
who at the beginning of that period constituted the Board of Directors shall
cease to constitute a majority of the Board of Directors, unless the election,
or the nomination for election by the Company's stockholders, of each director
of the Company first elected during such period was approved by a vote of at
least a two-thirds of the directors of the Company then still in office who were
directors of the Company at the beginning of any such period.

                                                                     PAGE 5 OF 7

<PAGE>   7
                                OPTIONEE:  RICHARD P. GARDNER - 1,650,000 SHARES

            (D) "Voting Stock" means shares of capital stock of the Company the
holders of which are entitled to vote for the election of directors, but
excluding shares entitled to so vote only upon the occurrence of a contingency
unless that contingency shall have occurred.

         (2) ACCELERATION DUE TO CHANGE OF CONTROL. In the event of a Change of
Control, any unvested portion of the New Option as of the effective date of such
Change of Control shall become fully vested unless the Optionee remains Chief
Executive Officer and a member of Board of Directors (i) of the Company, or (ii)
of the surviving entity in any merger, consolidation or reorganization of the
Company with or into any other person in which the Company is not the surviving
entity.

         (b) ACCELERATION SAVINGS CLAUSE.

         (1) Notwithstanding the foregoing, acceleration shall not occur if all
of the following occur: (i) a contemplated Change of Control would occur prior
to the date two (2) years following the Grant Date; (ii) such potential
acceleration of vesting (and exercisability) would by itself result in a
contemplated Change of Control that would otherwise be eligible to be accounted
for as a "pooling of interests" accounting transaction to become ineligible for
such accounting treatment; and (iii) the potential acquiror of the Company
desires to account for such contemplated Change of Control as a "pooling of
interests" transaction. The restriction on acceleration in this Section 7(b)(1)
is referred to as the "Acceleration Restriction."

         (2) The Acceleration Restriction shall be deemed inoperative with
respect to a contemplated Change of Control if by itself it would result in such
Change of Control being ineligible to be accounted for as a "pooling of
interests" accounting transaction.

         (3) The applicability of the Acceleration Restriction with respect to a
particular Change of Control shall not limit any potential acceleration of
vesting (and exercisability) with respect to any subsequent Change of Control.
Likewise, the application of the Acceleration Restriction to any such subsequent
Change of Control shall be determined without regard to the applicability of
such restrictions to any prior Change of Control.

         (4) Any and all accounting issues arising under this Section 7(b) shall
be determined by the Company's independent public accountants applying generally
accepted accounting principles.

     8. SUCCESSORS. This Agreement shall inure to the benefit of and be binding
upon (i) the Company and its successors and assigns, and (ii) the Optionee and
his heirs and legal representatives. The Company will require any successor
(whether direct or indirect, by purchase, merger, consolidation or otherwise) to
all or substantially all of the business and/or assets of the Company to assume
expressly and agree to perform this Agreement in the same manner and to the same
extent that the Company would be required to perform it if no such succession
had taken place. As used in this Agreement, "Company" shall mean the Company as
hereinbefore defined and any successor to its business and/or assets as
aforesaid which assumes and agrees to perform this Agreement by operation of
law, or otherwise.

     9. CANCELLATION OF PRIOR OPTIONS. The parties agree that the
contingently-granted Prior Options are hereby irrevocably canceled and forfeited
in favor of the New Option granted by this Agreement.

                                                                     PAGE 6 OF 7

<PAGE>   8
                                OPTIONEE:  RICHARD P. GARDNER - 1,650,000 SHARES

Executed to be effective as of May 1, 2000.

BINDVIEW DEVELOPMENT CORPORATION, BY:     The New Option has been accepted by
                                          the undersigned, subject to the terms
                                          and provisions of the Plan and of this
                                          Agreement.

----------------------------------        --------------------------------------
Eric J. Pulaski, Chairman of the          Richard P. Gardner
Board, on behalf of the Company
and the Board

                                                                     PAGE 7 OF 7

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