Document:

Exhibit 10.3

THIS WARRANT AND THE SHARES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, PLEDGED, OR
OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION THEREOF UNDER SUCH ACT
OR PURSUANT TO RULE 144 OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE
CORPORATION AND ITS COUNSEL THAT SUCH REGISTRATION IS NOT REQUIRED.

                            WARRANT TO PURCHASE STOCK

Corporation:  GIGA INFORMATION GROUP, INC., a Delaware corporation
Number of Shares:  300,000
Class of Stock:  Common
Initial Exercise Price:  $.97 per share
Issue Date:  September 5, 2001
Expiration Date:  September 5, 2008

           THIS WARRANT CERTIFIES THAT, for the agreed upon value of $1.00 and
for other good and valuable consideration, SILICON VALLEY BANK ("Holder") is
entitled to purchase the number of fully paid and nonassessable shares of the
class of securities (the "Shares") of the corporation (the "Company") at the
initial exercise price per Share (the "Warrant Price") all as set forth above
and as adjusted pursuant to Article 2 of this Warrant, subject to the provisions
and upon the terms and conditions set forth in this Warrant.

Article 1. EXERCISE.

           1.1 Method of Exercise. Holder may exercise this Warrant by
delivering a duly executed Notice of Exercise in substantially the form attached
as Appendix 1 to the principal office of the Company. Unless Holder is
exercising the conversion right set forth in Section 1.2, Holder shall also
deliver to the Company a check for the aggregate Warrant Price for the Shares
being purchased.

           1.2 Conversion Right. In lieu of exercising this Warrant as specified
in Section 1.1, Holder may from time to time convert this Warrant, in whole or
in part, into a number of Shares determined by dividing (a) the aggregate fair
market value of the Shares or other securities otherwise issuable upon exercise
of this Warrant minus the aggregate Warrant Price of such Shares by (b) the fair
market value of one Share. The fair market value of the Shares shall be
determined pursuant to Section 1.3.

           1.3 Fair Market Value. If the Shares are traded in a public market,
the fair market value of the Shares shall be the closing price of the Shares (or
the closing price of the Company's stock into which the Shares are convertible)
reported for the business day immediately before Holder delivers its Notice of
Exercise to the Company. If the Shares are not traded in a public market, the
Board of Directors of the Company shall determine fair market value in its
reasonable good faith judgment. The foregoing notwithstanding, if Holder advises

<PAGE>
the Board of Directors in writing that Holder disagrees with such determination,
then the Company and Holder shall promptly agree upon a reputable investment
banking firm to undertake such valuation. If the valuation of such investment
banking firm is greater than that determined by the Board of Directors, then all
fees and expenses of such investment banking firm shall be paid by the Company.
In all other circumstances, such fees and expenses shall be paid by Holder.

           1.4 Delivery of Certificate and New Warrant. Promptly after Holder
exercises or converts this Warrant, the Company shall deliver to Holder
certificates for the Shares acquired and, if this Warrant has not been fully
exercised or converted and has not expired, a new Warrant representing the
Shares not so acquired.

           1.5 Replacement of Warrants. On receipt of evidence reasonably
satisfactory to the Company of the loss, theft, destruction or mutilation of
this Warrant and, in the case of loss, theft or destruction, on delivery of an
indemnity agreement reasonably satisfactory in form and amount to the Company
or, in the case of mutilation, on surrender and cancellation of this Warrant,
the Company shall execute and deliver, in lieu of this Warrant, a new warrant of
like tenor.

           1.6 Assumption Upon Sale, Merger, or Consolidation of the Company.

           1.6.1. "Acquisition". For the purpose of this Warrant, "Acquisition"
means of any sale, license, or other disposition of all or substantially all of
the assets of the Company or any reorganization, consolidation, or merger of the
Company where the holders of the Company's securities before the transaction
beneficially own less than 50% of the outstanding voting securities of the
surviving entity after the transaction.

           1.6.2. Assumption of Warrant. Upon the closing of any Acquisition the
successor entity shall assume the obligations of this Warrant, and this Warrant
shall be exercisable for the same securities, cash, and property as would be
payable for the Shares issuable upon exercise of the unexercised portion of this
Warrant as if such Shares were outstanding on the record date for the
Acquisition and subsequent closing. The Warrant Price shall be adjusted
accordingly.

Article 2. ADJUSTMENTS TO THE SHARES.

           2.1 Stock Dividends, Splits, Etc. If the Company (i) declares or pays
a dividend on its common stock (or the Shares if the Shares are securities other
than common stock) payable in common stock, or other securities, or (ii)
subdivides the outstanding common stock into a greater amount of common stock,
or, if the Shares are securities other than common stock, subdivides the Shares
in a transaction that increases the amount of common stock into which the Shares
are convertible, then upon exercise of this Warrant, for each Share acquired,
Holder shall receive, without cost to Holder, the total number and kind of
securities to which Holder would have been entitled had Holder owned the Shares
of record as of the date the dividend or subdivision occurred.

                                       2
<PAGE>
           2.2 Reclassification, Exchange or Substitution. Upon any
reclassification, exchange, substitution, or other event that results in a
change of the number and/or class of the securities issuable upon exercise or
conversion of this Warrant, Holder shall be entitled to receive, upon exercise
or conversion of this Warrant, the number and kind of securities and property
that Holder would have received for the Shares if this Warrant had been
exercised immediately before such reclassification, exchange, substitution, or
other event. Such an event shall include any automatic conversion of the
outstanding or issuable securities of the Company of the same class or series as
the Shares to common stock pursuant to the terms of the Company's Articles of
Incorporation upon the closing of a registered public offering of the Company's
common stock. The Company or its successor shall promptly issue to Holder a new
Warrant for such new securities or other property. The new Warrant shall provide
for adjustments which shall be as nearly equivalent as may be practicable to the
adjustments provided for in this Article 2 including, without limitation,
adjustments to the Warrant Price and to the number of securities or property
issuable upon exercise of the new Warrant. The provisions of this Section 2.2
shall similarly apply to successive reclassifications, exchanges, substitutions,
or other events.

           2.3 Adjustments for Combinations, Etc. If the outstanding shares are
combined or consolidated, by reclassification or otherwise, into a lesser number
of shares, the Warrant Price shall be proportionately increased.

           2.4 Adjustments for Diluting Issuances. The Warrant Price and the
number of Shares issuable upon exercise of this Warrant or, if the Shares are
Preferred Stock, the number of shares of common stock issuable upon conversion
of the Shares, shall be subject to adjustment, from time to time in the manner
set forth in the Company's Articles (Certificate) of Incorporation. The
provisions set forth for the Shares in the Company's Articles (Certificate) of
Incorporation relating to the above in effect as of the Issue Date may not be
amended, modified or waived, without the prior written consent of Holder unless
such amendment, modification or waiver affects Holder in the same manner as they
affect all other shareholders of the Shares.

           2.5 No Impairment. The Company shall not, by amendment of its
Articles of Incorporation or through a reorganization, transfer of assets,
consolidation, merger, dissolution, issue, or sale of securities or any other
voluntary action, avoid or seek to avoid the observance or performance of any of
the terms to be observed or performed under this Warrant by the Company, but
shall at all times in good faith assist in carrying out of all the provisions of
this Article 2 and in taking all such action as may be necessary or appropriate
to protect Holder's rights under this Article against impairment. If the Company
takes any action affecting the Shares or its common stock other than as
described above that adversely affects Holder's rights under this Warrant, the
Warrant Price shall be adjusted downward and the number of Shares issuable upon
exercise of this Warrant shall be adjusted upward in such a manner that the
aggregate Warrant Price of this Warrant is unchanged.

                                       3
<PAGE>
           2.6 Fractional Shares. No fractional shares shall be issuable upon
exercise or conversion of the Warrant and the number of Shares to be issued
shall be rounded down to the nearest whole Share. If a fractional share interest
arises upon any exercise or conversion of the Warrant, the Company shall
eliminate such fractional share interest by paying Holder an amount computed by
multiplying the fractional interest by the fair market value of a full Share.

           2.7 Certificate as to Adjustments. Upon each adjustment of the
Warrant Price, the Company at its expense shall promptly compute such
adjustment, and furnish Holder with a certificate of its Chief Financial Officer
setting forth such adjustment and the facts upon which such adjustment is based.
The Company shall, upon written request, furnish Holder a Certificate setting
forth the Warrant Price in effect upon the date thereof and the series of
adjustments leading to such Warrant Price.

Article 3. REPRESENTATIONS AND COVENANTS OF THE COMPANY.

           3.1 Representations and Warranties. The Company hereby represents and
warrants to the Holder as follows:

           (a) The initial Warrant Price referenced on the first page of this
Warrant is not greater than the fair market value of the Shares as of the date
of this Warrant.

           (b) All Shares which may be issued upon the exercise of the purchase
right represented by this Warrant, and all securities, if any, issuable upon
conversion of the Shares, shall, upon issuance, be duly authorized, validly
issued, fully paid and nonassessable, and free of any liens and encumbrances
except for restrictions on transfer provided for herein or under applicable
federal and state securities laws.

           (c) The Capitalization table attached hereto is true and correct.

           3.2 Notice of Certain Events. If the Company proposes at any time (a)
to declare any dividend or distribution upon its common stock, whether in cash,
property, stock, or other securities and whether or not a regular cash dividend;
(b) to offer for subscription pro rata to the holders of any class or series of
its stock any additional shares of stock of any class or series or other rights;
(c) to effect any reclassification or recapitalization of common stock; (d) to
merge or consolidate with or into any other corporation, or sell, lease,
license, or convey all or substantially all of its assets, or to liquidate,
dissolve or wind up; or (e) offer holders of registration rights the opportunity
to participate in an underwritten public offering of the company's securities
for cash, then, in connection with each such event, the Company shall give
Holder (1) at least 20 days prior written notice of the date on which a record
will be taken for such dividend, distribution, or subscription rights (and
specifying the date on which the holders of common stock will be entitled
thereto) of for determining rights to vote, if any, in respect of the matters
referred to in (c) and (d) above; (2) in the case of the matters referred to in
(c) and (d) above at least 20 days prior written notice of the date when the

                                       4
<PAGE>
same will take place (and specifying the date on which the holders of common
stock will be entitled to exchange their common stock for securities or other
property deliverable upon the occurrence of such event); and (3) in the case of
the matter referred to in (e) above, the same notice as is given to the holders
of such registration rights.

           3.3 Intentionally Omitted

           3.4 Registration Under Securities Act of 1933, as amended. The
Company agrees that the Shares or, if the Shares are convertible into common
stock of the Company, such common stock shall be subject to the registration
rights set forth in the Company's Investor Rights Agreement or similar
agreement. The provisions set forth in Company's Investors' Right Agreement or
similar agreement relating to the above in effect as of the Issue Date may not
be amended, modified, or waived without the prior written consent of Holder
unless such amendment, modification or waiver affects Holder in the same manner
as they affect all other shareholders of the Shares.

Article 4. MISCELLANEOUS.

           4.1 Term. This Warrant is exercisable, in whole or in part, at any
time and from time to time on or before the Expiration Date set forth above.

           4.2 Legends. This Warrant and the Shares (and the securities
issuable, directly or indirectly, upon conversion of the Shares, if any) shall
be imprinted with a legend in substantially the following form:

                THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT
                OF 1933, AS AMENDED, AND MAY NOT BE SOLD, PLEDGED OR OTHERWISE
                TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION THEREOF UNDER SUCH
                ACT OR PURSUANT TO RULE 144 AND/OR AN OPINION OF COUNSEL
                REASONABLY SATISFACTORY TO THE CORPORATION AND ITS COUNSEL THAT
                SUCH REGISTRATION IS NOT REQUIRED.

           4.3 Compliance with Securities Laws on Transfer. This Warrant and the
Shares issuable upon exercise of this Warrant (and the securities issuable,
directly or indirectly, upon conversion of the Shares, if any) may not be
transferred or assigned in whole or in part without compliance with applicable
federal and state securities laws by the transferor and the transferee
(including, without limitation, the delivery of investment representation
letters and legal opinions reasonably satisfactory to the Company, as reasonably
requested by the Company). The Company shall not require Holder to provide an
opinion of counsel if the transfer is to an affiliate of Holder or if there is
no material question as to the availability of current information as referenced
in Rule 144(c). Holder represents that it has complied with Rule 144(d) and (e)
in reasonable detail, the selling broker represents that it has complied with
Rule 144(f), and the Company is provided with a copy of Holders notice of
proposed sale.

                                       5
<PAGE>
           4.4 Transfer Procedure. Subject to the provisions of Section 4.3,
Holder may transfer all or part of this Warrant or the Shares issuable upon
exercise of this Warrant (or the securities issuable, directly or indirectly,
upon conversion of the Shares, if any) at any time to Silicon Valley Bancshares
or The Silicon Valley Bank Foundation, or, to any other transferee by giving the
Company notice of the portion of the Warrant being transferred setting forth the
name, address and taxpayer identification number of the transferee and
surrendering this Warrant to the Company for reissuance to the transferee(s)
(and Holder if applicable). Unless the Company is filing financial information
with the SEC pursuant to the Securities Exchange Act of 1934, the Company shall
have the right to refuse to transfer any portion of this Warrant to any person
who directly competes with the Company.

           4.5 Notices. All notices and other communications from the Company to
the Holder or vice versa, shall be deemed delivered and effective when given
personally or mailed by first-class registered or certified mail, at such
address as may have been furnished to the Company or the Holder, as the case may
be, in writing by the Company or such holder from time to time. All notices to
be provided under this Warrant shall be sent to the following address:

                     Silicon Valley Bank
                     Attn: Treasury Department HG100
                     3003 Tasman Drive
                     Santa Clara, CA 95054

           4.6 Waiver. This Warrant and any term hereof may be changed, waived,
discharged or terminated only by an instrument in writing signed by the party
against which enforcement of such change, waiver, discharge or termination is
sought.

           4.7 Attorneys' Fees. In the event of any dispute between the parties
concerning the terms and provisions of this Warrant, the party prevailing in
such dispute shall be entitled to collect from the other party all costs
incurred in such dispute, including reasonable attorney's fees.

                                       6
<PAGE>

           4.8 Governing Law. This Warrant shall be governed by and construed in
accordance with the laws of the State of California, without giving effect to
its principles regarding conflicts of law.

                                     "COMPANY"

                                      GIGA INFORMATION, INC.

                                      By:    /s/ Robert K. Weiler
                                             ---------------------------------
                                      Name:  Robert K. Weiler
                                             ---------------------------------
                                             (Print)
                                      Title: Chairman of the Board,
                                             President or Vice President

                                      By:    /s/ VM Lynch
                                             ---------------------------------
                                      Name:  Victoria M. Lynch
                                             ---------------------------------
                                             (Print)
                                      Title: Chief Financial Officer,
                                             Secretary, Assistant Treasurer
                                             or Assistant Secretary

                                       7
<PAGE>
                                   APPENDIX 1

                               NOTICE OF EXERCISE

           1. The undersigned hereby elects to purchase _________ shares of the
Common Stock of GIGA INFORMATION GROUP, INC. pursuant to the terms of the
attached Warrant, and tenders herewith payment of the purchase price of such
shares in full,

or

           2. The undersigned hereby elects to convert the attached Warrant into
Shares/cash [strike one] in the manner specified in the Warrant. This conversion
is exercised with respect to ___________________ of the Shares covered by the
Warrant,

           3. Please issue a certificate or certificates representing said
shares in the name of the undersigned or in such other name as is specified
below:

                                     --------------------------------
                                                   (Name)

                                     --------------------------------

                                     --------------------------------
                                                  (Address)

           4. The undersigned represents it is acquiring the shares solely for
its own account and not as a nominee for any other party and not with a view
toward the resale or distribution thereof except in compliance with applicable
securities laws.

                                      -------------------------
                                             (Signature)

---------------------
       (Date)

                                       8Exhibit 10.4

                   LOAN MODIFICATION AND FORBEARANCE AGREEMENT

           This Loan Modification and Forbearance Agreement (this "Agreement")
is entered into as of November 6, 2001, by and between GIGA INFORMATION GROUP,
INC. ("Borrower") and Silicon Valley Bank ("Bank").

1. DESCRIPTION OF EXISTING INDEBTEDNESS. Among other indebtedness which may be
owing by Borrower to Bank, Borrower is indebted to Bank pursuant to, among other
documents, an Accounts Receivable Financing Agreement dated April 7, 2000, as
may be amended from time to time, (the "Loan Agreement"). Hereinafter the Loan
Agreement shall be referred to as the "Loan Agreement." Defined terms used but
not otherwise defined herein shall have the same meanings as in the Loan
Agreement. Hereinafter, all indebtedness owing by Borrower to Bank shall be
referred to as the "Indebtedness."

2. DESCRIPTION OF COLLATERAL AND GUARANTIES. Repayment of the Indebtedness is
secured by the Collateral as described in the Loan Agreement.

Hereinafter, the above-described security documents and guaranties, together
with all other documents securing repayment of the Indebtedness shall be
referred to as the "Security Documents". Hereinafter, the Security Documents,
together with all other documents evidencing or securing the Indebtedness shall
be referred to as the "Existing Loan Documents".

3. FORBEARANCE. Bank agrees to forebear until December 31, 2001 (the Forbearance
Period") from exercising its remedies under the Existing Loan Documents,
notwithstanding Borrower's existing default under the Loan Agreement as a result
of Borrower's failure to meet the Adjusted Quick Ratio for the quarter ending
September 2001, (the foregoing being referred to as "Existing Defaults") or any
future breaches under the Existing Loan Documents, as modified by this Loan
Modification and Forbearance Agreement (as so modified, the "Loan Documents").

By signing below, Borrower acknowledges that they are currently in default and
as a result of such default, Bank is entitled to exercise its remedies as
provided in the Existing Loan Documents and as provided under applicable law.
Nothing in this Agreement in any way shall constitute Bank's waiver of
Borrower's Existing Defaults.

A breach by Borrower of any of the terms set forth in this Agreement or the
occurrence of any default (other than the Existing Defaults) under the Existing
Loan Documents shall result in immediate termination of Bank's forbearance,
whereupon Bank, at its option, without any notice to Borrower, may immediately
cease making any Advances and may immediately exercise any remedies available to
Bank under the Existing Loan Documents and this Agreement, and under applicable
law.

Upon termination of the Forbearance Period described above, without any notice
to Borrower, Bank may exercise any remedies available to Bank under the Loan
Documents and under applicable law. In addition, Bank's agreement to continue to
forbear from enforcing its remedies under the Existing Loan Documents until the
end of the Forbearance Period, notwithstanding Borrower's Existing Defaults
under the Existing Loan Documents, (a) in no way shall be deemed an agreement by
Bank to waive Borrower's compliance with all other terms of the Existing Loan
Documents, as modified by this Loan Modification and Forbearance Agreement and
(b) shall not limit or impair Bank's right to demand strict performance of all
other terms and covenants as of any date. The Borrower further agrees that the
exercise of any rights or remedies allowed to Bank when an Event of Default
occurs, as provided for in the Existing Loan Documents (the "Default Rights")
upon termination of the Forbearance Period shall not be affected by reason of
this Agreement and the Borrower shall not assert as a defense thereto the
passage of time, estoppel, laches or any statute of limitations to the extent
that the exercise of any Default Rights was precluded by this Agreement.

<PAGE>
4. DESCRIPTION OF CHANGE IN TERMS.

         A.       Modification to Loan Agreement.

                  None

5. CONSISTENT CHANGES. The Existing Loan Documents are hereby amended wherever
necessary to reflect the changes described above.

6. NO DEFENSES OF BORROWER. Borrower (and each guarantor and pledgor signing
below) agrees that, as of the date hereof, it has no defenses against the
obligations to pay any amounts under the Indebtedness.

7. WAIVER AND RELEASE OF CLAIMS.

(a) Borrower and each Guarantor signing below (each of the foregoing being a
"Releasing Party") hereby releases, acquits, and discharges Bank and Bank's
employees, agents, representative, consultants, attorneys, fiduciaries,
servants, officers, directors, partners, predecessors, successors and assigns,
subsidiary corporations, parent corporations, and related corporate divisions
(all of the foregoing hereinafter called the "Released Parties"), from all
actions and causes of action, judgments, executions, suits, debts, claims,
demands, liabilities, obligations, damages, and expenses of any and every
character, known or unknown, direct and/or indirect, at law or in equity, of
whatsoever kind or nature, whether heretofore or hereafter arising, for or
because of any matter or things done, omitted or suffered to be done by any of
the Released Parties prior to and including the date of execution hereof, and in
any way directly or indirectly arising out of or in any way connect to this
Agreement and the Existing Loan Documents, including, but not limited to, claims
relating to any settlement negotiation (all of the foregoing hereinafter called
the "Released Matters"). Each Releasing Party acknowledges that the agreements
in this section are intended to be in full satisfaction of all or any alleged
injuries or damages arising in connection with the Released Matters.

(b) Each Releasing Party acknowledges that it has not relied, in executing the
release set forth in this section, upon any representations, warranties, or
conditions by Bank or any other entity except as are specifically set forth in
this Agreement.

(c) Nothing contained herein shall be construed at any time as an admission by
Bank of any liability to Borrower or any other entity.

(d) Each Releasing Party warrants to Bank that it has not purported to transfer,
assign, or otherwise convey any right, title or interest of such Releasing Party
in any Released Matter to any other entity, and that the foregoing constitutes a
full and complete release of all Released Matters.

(e) Each Releasing Party hereby waives all rights which it may have under the
provisions of California Civil Code Section 1542, which reads as follows:

A general release does not extend to claims which the creditor does not know or
suspect to exist in his favor at the time of executing the release, which if
known by him must have materially affected his settlement with the debtor.

8. CONTINUING VALIDITY. Borrower (and each Guarantor signing below) understands
and agrees that in modifying the existing Indebtedness, Bank is relying upon
Borrower's representations, warranties, and agreements, as set forth in the
Existing Loan Documents. Except as expressly modified pursuant to this
Agreement, the terms of the Existing Loan Documents remain unchanged and in full
force and effect. Bank's agreement to modifications to the existing Indebtedness
pursuant to this Agreement in no way shall obligate Bank to make any future
modifications to the Indebtedness. Nothing in this Agreement shall constitute a

                                       2
<PAGE>
satisfaction of the Indebtedness. It is the intention of Bank and Borrower to
retain as liable parties all makers and endorsers of Existing Loan Documents,
unless the party is expressly released by Bank in writing. No maker, endorser,
or guarantor will be released by virtue of this Agreement. The terms of this
Paragraph apply not only to this Agreement, but also to all subsequent loan
modification agreements.

9. INTEGRATION. This Agreement, together with the Existing Loan Documents,
constitutes the entire agreement and understanding among the parties relating to
the subject matter hereof, and supersedes all prior and contemporaneous
proposals, negotiations, agreements, and understandings relating to the subject
matter. In entering into this Agreement, Borrower acknowledges that it is
relying on no statement, representation, warranty, covenant, or agreement of any
kind made by the Bank or any employee or agent of Bank, except for the
agreements of Bank set forth herein. No modification, rescission, waiver,
release, or amendment of any provision of this Agreement shall be made, except
by a written agreement signed by Bank and Borrower.

           This Forbearance Agreement is executed as of the date first written
above.

BORROWER:                                BANK:

GIGA INFORMATION GROUP, INC.             SILICON VALLEY BANK

By: /s/ VM LYNCH                         By: /s/ David Reich
   --------------------------------         -----------------------------------

Name: Victoria M. Lynch                  Name: David Reich
     ------------------------------           ---------------------------------

Title: Senior Vice President and         Title: Senior Vice President
      -----------------------------            --------------------------------
       Chief Financial Officer
      -----------------------------

                                       3

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