Document:

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                                                                    EXHIBIT 10.2

                             STOCKHOLDERS AGREEMENT

                                       of

                              GOMEZ ADVISORS, INC.

                            (A Delaware Corporation)

                        Effective as of January 22, 1999

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            STOCKHOLDERS AGREEMENT, dated as of January 22, 1999, by and among
GOMEZ ADVISORS, INC., a Delaware corporation (the "Company"), THE ASHTON
TECHNOLOGY GROUP, INC., a Delaware corporation ("Ashton"), JULIO GOMEZ, an
individual ("Gomez"), JOHN M. ROBB, an individual ("Robb"), ALEXANDER STEIN, an
individual ("Stein", and together with Gomez and Robb, the "Gomez Principals"),
FREDRIC W. RITTEREISER, an individual ("Rittereiser"), K. IVAN F. GOTHNER, an
individual ("Gothner"), and ARTHUR J. BACCI, an individual ("Bacci").

                                    RECITALS:

            As of the date of this Agreement, the Company is entering into an
Exchange Agreement (the "Exchange Agreement") with the other parties hereto.

            After giving effect to the transactions contemplated by the Exchange
Agreement, the Company is authorized by its Restated Certificate of
Incorporation (the "Certificate of Incorporation") to issue (i) 60,000 shares of
its Common Stock, par value $.0001 per share, of which no shares are
outstanding, (ii) 29,940,000 shares of its Class A Common Stock, par value
$.0001 per share (the "Common Stock"), of which 3,003 are outstanding, (iii)
2,990,000 shares of its preferred stock, par value $.01 per share, of which no
shares are outstanding, and (iv) 10,000 shares of its Series A Convertible
Voting Preferred Stock, par value $.01 per share, of which 4,905 shares are
outstanding.

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            The parties wish to (i) provide for the voting of the Shares (as
defined herein), certain rights and obligations relating to the transfer of
Shares and certain other arrangements concerning the governance of the Company
and related business matters, and (ii) provide registration rights with respect
to certain shares of Common Stock, all as set forth herein.

            In consideration of the foregoing recitals and of the mutual
agreements contained herein, the parties agree as follows:

1. Construction.

            1.1  Definitions.  As used herein the following terms shall have the
following meanings:

            Affiliate: with respect to a specified Person, an officer or
director of such Person, or a Person who, directly or indirectly through one or
more intermediaries, owns, Controls, is owned or Controlled by, or is under
common ownership or Control with, the Person specified.

            Agreement: this Stockholders Agreement, dated as of the date hereof,
as amended from time to time.

            Appraiser: the meaning set forth in Section 6.3.

            Ashton Executives: together, Rittereiser, Gothner, Bacci and any
other person who, after the date of this Agreement,

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purchases shares of Common Stock pursuant to Section 6.3 of the Exchange
Agreement.

            Ashton Executive Shares: all shares of Common Stock owned now or in
the future by the Ashton Executives and their Permitted Transferees, and any
Common Stock issued with respect to such Common Stock by way of a stock dividend
or stock split or in connection with a combination of shares, recapitalization,
merger, consolidation or other reorganization.

            Ashton Shares: all shares of Common Stock owned now or in the future
by Ashton, the Ashton Executives and their Permitted Transferees, the shares of
Common Stock issued upon conversion of the Preferred Stock and any Common Stock
issued with respect to such Common Stock by way of a stock dividend or stock
split or in connection with a combination of shares, recapitalization, merger,
consolidation or other reorganization.

            ATG Shares: all shares of Common Stock owned now or in the future by
Ashton and its Permitted Transferees, the shares of Common Stock issued upon
conversion of the Preferred Stock and any Common Stock issued with respect to
such Common Stock by way of a stock dividend or stock split or in connection
with a combination of shares, recapitalization, merger, consolidation or other
reorganization.

            Board: the Board of Directors of the Company.

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            Certificate of Incorporation: the meaning set forth in the Recitals.

            Common Stock: the meaning set forth in the Recitals.

            Company: the meaning set forth in the introductory paragraph.

            Control: (including, with correlative meaning, the terms "Controlled
by" and "under common Control with"), as used with respect to any Person, means
the possession, direct or indirect, of the power to direct or cause the
direction of the management and policies of a Person, whether through the
ownership of voting securities, by contract or otherwise.

            Disability: an individual's inability, due to physical or mental
incapacity or impairment, to fully perform the tasks usually encountered in such
individual's employment with the Company for at least 90 consecutive days, or
for a period shorter than 90 consecutive days as determined by the Board after
consultation with a medical expert.

            for cause: with respect to any Stockholder who has an employment
agreement with the Company, as set forth in such employment agreement;
otherwise, any of the following: (i) the willful failure or refusal, after
notice thereof, to perform specific directives of the Board, Chief Executive
Officer or President of the Company, when such directives are consistent

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with the scope and nature of the employee's duties and responsibilities; (ii)
willful dishonesty of the employee affecting the Company; (iii) chronic
alcoholism or drug abuse; (iv) the employee's conviction for committing a felony
or any crime involving moral turpitude or fraud; (iv) engagement in negligence
or conduct injurious to the Company or its affiliates; or (v) substantial and
repeated failure of the employee to adequately perform the employee's duties and
responsibilities to the Company, continuing after notice thereof.

            Gomez Shares: all shares of Common Stock owned now or in the future
by the Gomez Principals and their Permitted Transferees, the shares of Common
Stock issued upon exercise of the Gomez Principals Options (as defined in the
Exchange Agreement) and any Common Stock issued with respect to such Common
Stock by way of a stock dividend or stock split or in connection with a
combination of shares, recapitalization, merger, consolidation or other
reorganization.

            IPO: an initial underwritten public offering pursuant to an
effective registration statement under the Securities Act covering the offer and
sale of Common Stock to the public.

            Nominee: the meaning set forth in Section 2.1.

            Note: a subordinated promissory note of the Company with the
following terms: (i) a maturity date four years after the Note Issue Date (but
which may be prepaid at any time without

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penalty); (ii) principal and interest payments to commence on the first
anniversary of the Note Issue Date; (iii) principal and interest payable in
annual installments comprising 25% of the original principal amount of the Note
plus interest accrued on the unpaid principal amount of the Note to the date of
such payment; (iv) interest to accrue on all unpaid principal from the date of
the Note at a rate equal to the lowest rate that would not cause the recognition
of imputed or deemed interest pursuant to the Internal Revenue Code of 1986, as
amended, and the rules and regulations thereunder; and (v) payment subordinated
to the payment of all other indebtedness of the Company except Notes (all of
which shall rank pari passu).

            Note Issue Date: the date of issuance by the Company of any Note.

            Permitted Transferee: the issue, spouse or family trust of a
Stockholder to whom Shares are transferred by such Stockholder (i) by will or
the laws of descent or distribution or (ii) by gift without consideration of any
kind.

            Person: an individual, firm, corporation, trust, joint venture,
partnership, limited liability company, association, unincorporated organization
or other entity or any governmental body or subdivision, agency, commission or
authority thereof.

            Preferred Stock: the Series A Convertible Voting Preferred Stock,
par value $.01 per share, of the Company.

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            Securities Act: the Securities Act of 1933, as amended.

            Shares: outstanding shares of Common Stock and Preferred Stock,
including, without limitation, any shares of Common Stock or other securities
resulting from the exercise of stock options, a conversion, split-up,
combination, recapitalization, dividend or exchange.

            Stockholder: Each Person (other than the Company) who shall be a
party to this Agreement whether in connection with the execution and delivery
hereof as of the date hereof, as a purchaser of any shares of Common Stock
pursuant to Section 6.3 of the Exchange Agreement, as a transferee of Shares who
becomes bound by the provisions hereof pursuant to Section 6 of this Agreement
or otherwise, so long as such Person shall beneficially own any Shares.

            Subsidiary: as to any Person, a corporation, limited liability
company or other entity of which shares or other rights or securities having
voting power to elect a majority of the board of directors or other governing
body are at the time owned, directly or indirectly, through one or more
intermediaries, by such Person.

            Termination Date: the earlier to occur of (i) the date that is two
years following the date hereof and (ii) the consummation of the IPO.

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            Transfer: the meaning set forth in Section 5.1.

            1.2 Interpretation. When the context in which words are used in this
Agreement indicates that such is the intent, singular words include the plural
and vice versa and masculine words include the feminine and the neuter and vice
versa. References herein to Sections are to the appropriate sections of this
Agreement unless otherwise expressly so stated. The words "herein", "hereof" and
"hereunder" and other words of similar import refer to this Agreement as a whole
and not to any particular Section or other subdivision.

            1.3 Headings. The headings or captions included in this Agreement
are inserted for convenience of reference only and shall not be construed to
define or limit the scope, extent or intent of this Agreement or any of its
provisions.

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            2. Board of Directors.

            2.1 Voting for Directors. Initially, the Board shall consist of the
following six directors: Stein and Rittereiser as Class III Directors, Robb and
Gothner as Class II Directors, and Gomez and Bacci as Class I Directors. For so
long as the IPO shall not have occurred, such number of directors shall not be
increased or decreased. Each Stockholder shall vote all Shares now or hereafter
owned by him or her, at any regular or special meeting of stockholders called
for the purpose, for, or otherwise consent to, the election to the Board of the
individuals nominated in accordance with Section 2.2 (the "Nominees").

            2.2 Nominees. (a) For so long as the IPO shall not have occurred,
Nominees for election to the Board shall be selected as follows:

            (i) Gomez shall be entitled to designate one Nominee which shall
            initially be Gomez; provided, however, that if such designated
            Nominee is a Person other than Gomez, then such designee shall not
            be eligible to be elected to the Board unless such designee is
            approved by a majority of the other directors of the Company;
            provided, further, that if Gomez shall cease to be an executive
            officer of the Company, the right to designate one Nominee pursuant
            to this paragraph (i) shall be vested in Robb and Stein; and
            provided, further, that if both Robb and Stein shall cease to be

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            executive officers of the Company, the right to designate one
            Nominee pursuant to this paragraph (i) shall be vested in the Board.

            (ii) Robb shall be entitled to designate one Nominee which shall
            initially be Robb; provided, however, that if such designated
            Nominee is a Person other than Robb, then such designee shall not be
            eligible to be elected to the Board unless such designee is approved
            by a majority of the other directors of the Company; provided,
            further, that if Robb shall cease to be an executive officer of the
            Company, the right to designate one Nominee pursuant to this
            paragraph (ii) shall be vested in Gomez (for so long as Gomez is an
            executive officer of the Company), subject to the approval of Ashton
            which shall not be unreasonably withheld; and provided, further,
            that if Gomez shall cease to be an executive officer of the Company,
            the right to designate one Nominee pursuant to this paragraph (ii)
            shall be vested in the Board.

            (iii) Stein shall be entitled to designate one Nominee which shall
            initially be Stein; provided, however, that if such designated
            Nominee is a Person other than Stein, then such designee shall not
            be eligible to be elected to the Board unless such designee is
            approved by a majority of the other directors of the Company;
            provided, further, that if Stein shall cease to be an

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            executive officer of the Company, the right to designate one Nominee
            pursuant to this paragraph (iii) shall be vested in Gomez (for so
            long as Gomez is an executive officer of the Company), subject to
            the approval of Ashton which shall not be unreasonably withheld; and
            provided, further, that if Gomez shall cease to be an executive
            officer of the Company, the right to designate one Nominee pursuant
            to this paragraph (iii) shall be vested in the Board.

            (iv) Ashton shall be entitled to designate three Nominees which
            shall initially be Rittereiser, Gothner and Bacci; provided,
            however, that if Ashton and the Ashton Executives shall together own
            less than 5% of the outstanding Shares, then the Board shall be
            entitled to remove from the Board any Nominees then serving as a
            director pursuant to this paragraph (iv), and the right to designate
            three Nominees pursuant to this paragraph (iv) shall be vested in
            the Board.

            (b) From and after such time as the IPO shall have been consummated,
subject to the approval of Ashton, which approval shall not be unreasonably
withheld, two additional independent Nominees who are not employees of the
Company, Stockholders or Permitted Transferees of Stockholders shall be
designated by Gomez; provided, however, that following the election of such two
independent Nominees to the Board, the

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voting requirements of this Section 2 shall terminate and have no further force
or effect.

            2.3 Substitution. If any Nominee designated as provided in Section
2.2 shall be unable or unwilling to serve on the Board or shall resign
therefrom, the Person or Persons who designated such Nominee shall be entitled
to designate a replacement (provided that such Person or Persons are then
entitled to designate a Nominee pursuant to the provision of Section 2.2 that
governed the designation of the original Nominee), and the Person designated as
a replacement shall then be a Nominee for the purposes of this Agreement.

            2.4 Removal. Each Stockholder agrees that if, at any time, such
Stockholder is then entitled to vote for the removal of directors of the Company
(other than any vote to remove a director for cause), then such Stockholder will
not vote any of his or her Shares in favor of the removal of (i) any director
who shall have been designated or nominated by the Board unless the Board
consents to such removal or (ii) any director who shall have been designated or
nominated by a Stockholder unless such removal shall have been consented to in
writing by the Stockholder making such designation or nomination.

            3. Voting of Ashton Executives Shares. From the date hereof until
the Termination Date, each Ashton Executive shall cause the shares of Common
Stock owned by such Ashton Executive to be voted at any meeting of the
stockholders of the Company or

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in any consent in lieu of such a meeting for and/or against any proposal in the
same proportion as all other Shares are voted at such meeting or consent in lieu
of meeting, as the case may be.

            4. Forfeiture of Shares by Ashton Executives. Notwithstanding the
provisions of Section 6 of this Agreement, if any Ashton Executive is no longer
employed (as a direct employee or as a consultant) by Ashton or any of its
Subsidiaries (including the Company) on or after the date hereof and prior to
the Termination Date, then such Ashton Executive shall forfeit his Shares to the
Company and the Company shall have the right and obligation to purchase from
such Ashton Executive (including any Permitted Transferees of such Ashton
Executive) or his or her estate, and such Ashton Executive (including any
Permitted Transferees of such Ashton Executive) or his or her estate shall have
the right and obligation to sell to the Company, all of the Shares owned by such
Ashton Executive (and such Ashton Executive's Permitted Transferees) promptly
after such event at a purchase price equal to the purchase price paid by such
Ashton Executive for such Shares.

            5. Restrictions on Transferability of Shares.

            5.1 Certain Definitions. For the purposes of this Section 5
"Transfer", as to any Shares, means any transfer, sale, exchange, assignment,
the creation of any option or right to purchase, security interest or other
encumbrance, and any other disposition of any kind, whether voluntary or
involuntary,

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affecting title to, possession of or voting rights in respect of such Shares, or
any interest therein.

            5.2 Restriction on Transfer. Except as required hereunder, until the
consummation of the IPO, no Stockholder may Transfer or permit the Transfer of
any of his or her Shares to any Person except (i) with the prior approval of the
Board or (ii) to a Permitted Transferee who shall have been approved by the
Board, but, in each case, only if such transferee shall agree to be bound by the
terms and conditions of this Agreement, including, without limitation, the
obligations to sell Shares set forth in Section 6. The Company shall not
Transfer on its books any certificates evidencing Shares or certificates in lieu
thereof unless the related provisions of this Agreement shall have been complied
with. Any purported Transfer in violation of this Agreement shall be void.

            5.3 Legends. Each certificate evidencing Shares now or hereafter
registered in the name of any Stockholder shall be endorsed with a legend
substantially as follows:

            The shares evidenced by this certificate are subject to the
            restrictions contained in a Stockholders Agreement, effective as of
            January __, 1999, among the Company and certain stockholders of the
            Company, a copy of which is on file in the offices of the Company
            and will be furnished to the holder of this certificate upon

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            written request and without charge. Ownership, voting and transfer
            of such shares are subject to the terms of such Agreement. The
            holder of this certificate, by acceptance hereof, agrees to be bound
            by all the terms of such Agreement, as the same is in effect from
            time to time. No vote, sale, assignment, encumbrance, pledge,
            transfer or other hypothecation or disposition of such shares shall
            be made except in compliance with such Agreement.

            60 Mandatory Purchase on Death, Disability, or Termination of
Employment.

            6.1 Death or Disability. Subject to the provisions of Section 4 of
this Agreement, in the event of the death or Disability of a Stockholder prior
to the IPO, the Company shall have the right and obligation to purchase from
such Stockholder (including any Permitted Transferees of such Stockholder) or
his or her estate, and such Stockholder (including any Permitted Transferees of
such Stockholder) or his or her estate shall have the right and obligation to
sell to the Company, all of the Shares held by such Stockholder (and such
Stockholder's Permitted Transferees) at the time of such event at a purchase
price equal to the Share Value (as defined in Section 6.3) of such Shares. The
purchase price for the Shares to be purchased shall be paid, at the option of
the Company in its sole discretion, in cash or by delivery of cash (equal to at
least 20% of the purchase price)

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and a Note in principal amount equal to the balance of such purchase price,
against receipt by the Company of all duly executed instruments and documents
necessary to transfer all right, title and interest of the sellers in the Shares
to the Company, free and clear of all liens, claims and encumbrances. Except as
provided in the next sentence, the closing of such purchase and sale shall take
place within 10 business days of the event giving rise to such purchase and
sale, except that in the event of an appraisal as contemplated by the first
sentence of Section 6.3, such closing shall take place within 10 business days
after the issuance of the report of the Appraiser. Notwithstanding the previous
sentence, if the event giving rise to the purchase and sale is the death of the
Stockholder, then the closing of such purchase and sale shall take place as
promptly as practicable (including, if possible, within the periods specified in
the previous sentence), but in no event more than five business days after the
appointment of the legal representative of the deceased Stockholder.

            6.2 Termination of Employment. Subject to the provisions of Section
4 of this Agreement, in the event that, prior to the IPO, any Stockholder's
employment with Ashton and/or its Subsidiaries (including the Company) is (i)
terminated by Ashton and/or its Subsidiaries for cause, or (ii) voluntarily
terminated by a Stockholder other than as a result of such Stockholder's death
or Disability, then the Company shall have the right and obligation to purchase
from the Stockholder (including any Permitted Transferees of such Stockholder),
and

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such Stockholder (including any Permitted Transferees of such Stockholder) shall
have the right and obligation to sell to the Company, all of the Shares held by
such Stockholder (and such Stockholder's Permitted Transferees) promptly after
such event. The purchase price for such Shares shall be determined as follows:
(i) if such Stockholder voluntarily terminates his employment with the Company
other than because of a Disability, then the purchase price shall be the Share
Value for such Shares, provided, that, in determining the Share Value, the
Appraiser (as defined in Section 6.3) shall take into account the diminution in
value of the Company resulting from the termination of employment of such
Stockholder; or (ii) if the employment of such Stockholder is terminated by the
Company for cause, then the purchase price shall be for an amount equal to the
lesser of (X) the Share Value for such Shares or (Y) the purchase price paid by
such Stockholder for such Shares. The purchase price for the Shares to be so
purchased shall be paid, at the option of the Company in its sole discretion, in
cash or by delivery at the closing of cash (equal to at least 20% of the
purchase price) and a Note in principal amount equal to the balance of such
purchase price, against receipt by the Company of all duly executed instruments
and documents necessary to transfer all right, title and interest of the sellers
in the Shares to the Company, free and clear of all liens, claims and
encumbrances. The closing of such purchase and sale shall take place within 10
business days of the event giving rise to such purchase and sale, except that in
the event of an appraisal as contemplated by the first sentence of Section 6.3,
such closing shall take place within 10

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business days after the issuance of the report of the Appraiser.

            6.3 Determination of Share Value. Subject to the provisions set
forth below, for purposes of this Agreement, "Share Value" shall be determined
by an appraisal of the Shares made by an independent accountant or investment
banking professional selected by the Board who shall be knowledgeable in valuing
the capital stock of companies engaged in businesses similar to the business
engaged in by the Company (the "Appraiser"); provided, however, that if such an
appraisal shall have been issued at any time during the preceding 12 months,
then, unless the Board elects to make a new appraisal of the Shares, the Share
Value shall be as set forth in such appraisal and no new appraisal shall be
required. Notwithstanding the preceding sentences, the Board may order an
appraisal of the Shares to determine Share Value at any time if the Board
believes that there has been, since the date of the last determination of Share
Value, a material adverse change in the business, operations, assets or
liabilities, employee relationships, customer relationships, results of
operations, prospects or the condition (financial or otherwise) of the Company.
The fees and disbursements of the Appraiser shall be paid by the Company. Within
30 days after being retained by the Company, the Appraiser shall issue a report
setting forth the value of the Shares and a reasonably detailed explanation of
the methods used to determine such value.

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            6.4 Voting of Shares. Notwithstanding anything to the contrary
contained in this Agreement, in the event of a Stockholder's death, Disability
or termination of employment with the Company (for any reason), such Stockholder
and such Stockholder's Permitted Transferees, if any, shall be required to vote
all Shares held by such Stockholder and such Permitted Transferees (including,
without limitation, abstaining from voting) as directed by the Board.

      70 Registration Rights.

            7.1 Registration of the Gomez Shares in the IPO. (a) Holders of the
Gomez Shares have the right to request that such Gomez Shares be registered in
the registration statement (other than a registration statement on Form S-4, S-8
or similar form) (the "IPO Registration Statement") that the Company files with
the Securities and Exchange Commission (the "Commission") for the purpose of
effecting the IPO; provided, however, that the maximum number of Gomez Shares to
be included in the IPO Registration Statement shall equal 10% of the total
number of shares of Common Stock offered in the IPO (exclusive of any
overallotment). The inclusion of such Gomez Shares in the IPO Registration
Statement is subject to any restrictions, cutbacks, lockups or other conditions
imposed by the managing underwriter of the Company's IPO (the "Underwriter")
which the Underwriter determines in its sole discretion are necessary to effect
the IPO.

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            (b) If the Underwriter informs the Company in writing that in the
Underwriter's opinion the total number of shares of the Common Stock which the
Company, the holders of the Gomez Shares and any other holders of shares of the
Common Stock entitled to participate in the IPO Registration Statement request
to include in the IPO Registration Statement is an amount which would adversely
affect the success of the IPO including, without limitation, the price at which
the Common Stock can be offered, then the Company will be required to include in
the IPO Registration Statement only the amount of shares of Common Stock which
it is so advised by the Underwriter. In such event, the shares shall be included
on the IPO Registration Statement pursuant to the following priority: first, the
shares of the Common Stock to be sold for the account of the Company (including
any shares to be sold pursuant to any overallotment); second, the Gomez Shares;
and third, the shares of Common Stock to be sold for the account of such holders
who in the future may be granted incidental registration rights in the IPO
Registration Statement. In the event that the Underwriter determines that some,
but less than all, of the Gomez Shares requested for inclusion can be included
in the IPO Registration Statement, then a pro rata amount of the Gomez Shares
requested by each holder shall be included in the IPO Registration Statement
(subject to the rights of the Company to include all of its shares in the IPO
Registration Statement as provided above). The Underwriter may determine in its
sole discretion that none of the Gomez Shares should be included in the IPO
Registration Statement.

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            (c) Other than pursuant to Section 7.3, the Gomez Principals shall
not have any additional registration rights with respect to the Gomez Shares if
all or any portion of the Gomez Shares are cutback or not otherwise permitted to
be included in the IPO Registration Statement in accordance with this Agreement.

            (d) If requested by the Underwriter, each holder of the Gomez Shares
participating in the IPO Registration Statement will enter into an underwriting
agreement with the Underwriter and the Company. Each holder of the Gomez Shares
will be required to make such representations and warranties to, and agreements
with, the Company and the Underwriter as are customarily contained in an
underwriting agreement of this type including, without limitation,
representations, warranties and agreements, including indemnities, regarding the
holders of the Gomez Shares, the Gomez Shares and the holders' of the Gomez
Shares intended method of distribution and any other representations required by
law.

            (e) Each holder of the Gomez Shares hereby agrees that it/he will
not sell or otherwise dispose of any of the Gomez Shares during the period
beginning seven days prior to the effective date of the IPO Registration
Statement and ending 180 days after the effective date of the IPO Registration
Statement; provided, however, this Section 7.1(e) shall not apply to any of the
Gomez Shares which are included in the IPO Registration Statement.

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            (f) The Company shall notify each holder of the Gomez Shares
appearing on the Company's records as a record holder of the Gomez Shares as of
the date 10 business days prior to the filing of the preliminary IPO
Registration Statement with the Commission of their right to request
registration of their Gomez Shares in the IPO Registration Statement pursuant to
the terms and conditions of this Agreement within 10 business days prior to the
filing of such preliminary IPO Registration Statement. In order to exercise its
registration rights under this Section 7.1, holders of the Gomez Shares must
notify the Company in writing of its request to include its Gomez Shares in the
IPO Registration Statement within 10 business days after the Company has
delivered such notice.

            7.2 Registration Rights of the Ashton Shares. (a) Commencing 180
days following the consummation of the IPO, holders of the Ashton Shares shall
have the right to require the Company (subject to (x) the shares of the Common
Stock to be sold for the account of such holders who in the future may be
granted demand registration rights expressly senior to those of the holders of
the Ashton Shares and (y) the conditions set forth in Section 7.4) on four
separate occasions, to exercise its reasonable best efforts to (i) cause a
registration statement (each, a "Demand Registration Statement") to be declared
effective for the public sale under the Securities Act of the Ashton Shares, and
(ii) maintain the effectiveness of each such Demand Registration Statement for
at least 180 days.

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            (b) The Company shall include in each Demand Registration Statement
at least 25% of the total number of Ashton Shares outstanding as of the date of
this Agreement; provided, however, if market conditions allow, the Board may by
written resolution permit more than 25% of the total number of such shares to be
included in a Demand Registration Statement.

            (c) Unless Ashton and each Ashton Executive otherwise unanimously
agree in writing:

            (i) the first Demand Registration Statement shall contain (A) at
least 50% of the Ashton Executive Shares, if so requested, and (B) a number of
ATG Shares which, when added to the Ashton Executive Shares equals at least 25%
of the total number of Ashton Shares outstanding as of the date of this
Agreement;

            (ii) the second Demand Registration Statement shall contain (A) the
remaining Ashton Executive Shares, if so requested, and (B) a number of ATG
Shares which, when added to the remaining Ashton Executive Shares, equals at
least 25% of the total number of Ashton Shares outstanding as of the date of
this Agreement;

            (iii) the third Demand Registration Statement shall contain a number
of ATG Shares equal to at least 25% of the total number of Ashton Shares
outstanding as of the date of this Agreement; and

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            (iv) the fourth Demand Registration Statement shall contain all
remaining ATG Shares.

Unless otherwise unanimously agreed to in writing by each Ashton Executive, the
number of Ashton Executive Shares to be included in a Demand Registration
Statement for the account of each Ashton Executive shall be proportionate to the
total number of Ashton Executive Shares outstanding.

            (d) The first demand registration right granted hereunder may be
exercised no earlier than 180 days after the consummation of the IPO, and each
successive demand registration right may be exercised no earlier than one year
after the effective date of the preceding Demand Registration Statement.

            (e) Ashton and the Ashton Executives shall be entitled to use an
underwriter to effect the offering of the Ashton Shares pursuant to the Demand
Registration Statements. Ashton shall select the underwriters, if any, to use in
connection therewith, subject to the approval of the Board, which shall not be
unreasonably withheld. Ashton shall be entitled to select the form of the Demand
Registration Statement for the Company to use in connection with the offering of
the Ashton Shares.

            (f) Gomez, Robb and Stein agree not to sell any shares of Common
Stock for their respective accounts for a period beginning seven days prior to
the effective date of each Demand

                                       24
<PAGE>

Registration Statement and ending on the earlier of (i) 180 days after each such
effective date, or (ii) the date that all shares included in the Demand
Registration Statement are sold.

            (g) In order for the registration rights set forth in this Section
7.2 to be exercised, a written request with the signatures of holders of at
least 67% of the Ashton Shares then outstanding must be delivered to the
Company. Upon the Company's receipt of such written request, which must include
the intended method of distribution of the Ashton Shares to be sold pursuant to
such registration statement, the Company within 20 business days shall give
notice of the exercise of this registration right to each holder (the
"Non-Participating Ashton Holders") of the Ashton Shares (other than those
included in such request) appearing on the Company's records as a record holder
of Ashton Shares as of the date the Company receives such request. In order to
exercise registration rights under this Section 7.2, each Non-Participating
Ashton Holder must notify the Company in writing of its/his intention to be
included in the registration request within 10 business days after the Company
has delivered such notice.

            7.3 Piggyback Registration. If, after one year following the
consummation of the IPO, the Company proposes to register Common Stock under the
Securities Act (otherwise than (i) in connection with the registration of
securities issuable pursuant to an employee stock option, stock purchase or
similar plan, (ii) pursuant to a merger, exchange offer or a transaction

                                       25
<PAGE>

of the type specified in Rule 145(a) under the Securities Act, or (iii) in
connection with the first Demand Registration Statement requested by the holders
of the Ashton Shares pursuant to Section 7.2), the Company shall give each
holder of Ashton Shares and Gomez Shares notice of such proposed registration at
least 30 days prior to the filing of a registration statement. At the written
request of any such holder within 15 days after the receipt of the notice from
the Company, any such request stating the number of Ashton Shares or Gomez
Shares that such holder wishes to sell or distribute publicly under the
registration statement proposed to be filed by the Company, the Company shall
use its reasonable best efforts to register under the Securities Act the sale of
such Ashton Shares and/or Gomez Shares (which, in the aggregate, shall not
exceed 25% of the shares being registered), and to cause such registration
statement (the "Piggyback Registration") to become and remain effective for 180
days; provided, however, that the holders of the Gomez Shares shall not have the
right to include any such Gomez Shares in the first Demand Registration
Statement requested by the holders of the Ashton Shares pursuant to Section 7.2;
and provided, further, that the holders of the Ashton Shares shall not have the
right to include any such Ashton Shares in the first registration statement
filed by the Company following the IPO which does not involve an underwritten
offering of the securities so being registered. The Company may at any time
withdraw or cease proceeding with the Piggyback Registration if it shall at the
same time withdraw or cease proceeding with the registration of all the
securities originally proposed to be registered.

                                       26
<PAGE>

            If the Piggyback Registration involves an underwritten offering of
the securities so being registered and the managing underwriters advise the
Company in writing that in their opinion the number of securities requested to
be included in such registration exceeds the number which can be sold in such
offering, then the shares to be included in the registration and underwriting
shall be allocated (i) if the Piggyback Registration is also a Demand
Registration Statement (other than the first Demand Registration Statement)
initiated by the holders of the Ashton Shares pursuant to Section 7.2, first, to
the minimum number of Ashton Shares required to be included in such Demand
Registration Statement pursuant to Section 7.2(c), second, to the Company for
shares being sold for its own account, and third, in the ratio of one Ashton
Share for every Gomez Share requested by the holders thereof to be included in
such registration statement, or (ii) if the Piggyback Registration is not also a
Demand Registration Statement, first, to the Company for shares being sold for
its own account, second, to shares of Common Stock to be sold for the account of
such holders who in the future may be granted registration rights expressly
senior to those of the holders of the Ashton Shares and the Gomez Shares
hereunder, and third, in the ratio of one Ashton Share for every Gomez Share
requested by the holders thereof to be included in such registration statement.

            7.4 General Registration Rights Provisions. The following
provisions, unless otherwise stated, shall be

                                       27
<PAGE>

applicable to any registration to be effected pursuant to the rights exercised
under Section 7.1, 7.2 or 7.3 hereof.

            (a) The holders whose Ashton Shares or Gomez Shares are to be
included in any registration statement as provided in Section 7.1 or 7.2 (the
"Sellers") agree to furnish the Company with such information regarding the
Sellers and the distribution of the Ashton Shares or Gomez Shares, as the case
may be, as the Company shall from time to time reasonably request in writing and
as shall be required by applicable federal or state law or the Commission in
connection therewith.

            (b) Following the effective date of the applicable registration
statement, the Company shall upon the request of any Seller supply a reasonable
number of prospectuses meeting the requirements of the Securities Act as shall
be requested by such Seller to permit such Seller to make a public offering of
the securities of such Seller included therein.

            (c) The Company shall use reasonable efforts (i) to qualify the
securities included in an applicable registration statement for sale in such
states as the Sellers shall reasonably designate, provided that no such
qualification shall be required in any jurisdiction where, as a result thereof,
the Company would be subject to service of general process or to taxation as a
foreign corporation doing business in such jurisdiction to which it is not then
subject and (ii) to qualify such offering with the National Association of
Securities Dealers, Inc., if applicable.

                                       28
<PAGE>

            (d) The Company's obligations under Section 7.2 to exercise
reasonable best efforts to cause a registration statement to be declared
effective by the Commission for the public sale of Ashton Shares under the
Securities Act are limited to the following:

                  (i) The Company will prepare and file with the Commission the
form of registration statement selected by Ashton pursuant to Section 7.2(e) to
effect such registration and thereafter use reasonable best efforts in good
faith to cause such registration statement to become effective; provided,
however, that the Company may discontinue any registration of securities or
suspend the effectiveness of any registration statement in accordance with
Section 7.4(i); and

                  (ii) The Company will prepare and file with the Commission
such amendments and supplements to the applicable registration statement and the
prospectus used in connection therewith as may be necessary to keep such
registration statement effective and to comply with the provisions of the
Securities Act with respect to the disposition of all Ashton Shares covered by
such registration statement for 180 days or such earlier time as all of such
Ashton Shares included in such registration statement have been disposed of in
accordance with the intended methods of disposition by the Sellers set forth in
such registration statement; provided, however, that the Company may discontinue
any registration of securities or suspend the effectiveness of any registration
statement in accordance with Section 7.4(i).

                                       29
<PAGE>

            (e) The Company shall indemnify and hold harmless each Seller and
each underwriter (if applicable), within the meaning of the Securities Act, who
may purchase from or sell for any Seller any Gomez Shares or Ashton Shares, as
the case may be, from and against any and all loss, liability, claim, damage and
expense whatsoever (including, but not limited to, any and all expenses
reasonably incurred in investigating, preparing or defending against any
litigation, commenced or threatened, or any claim whatsoever) arising out of any
untrue statement or alleged untrue statement of a material fact contained in the
applicable registration statement or any prospectus included therein required to
be filed or furnished by reason of this Section 7 or any amendment or supplement
thereto, or caused by any omission or alleged omission to state therein a
material fact required to be stated therein or necessary to make the statements
therein, in light of the circumstances under which they were made, not
misleading, except insofar as such loss, liability, claim, damage or expense is
caused by any such untrue statement or alleged untrue statement or omission or
alleged omission based upon written information furnished to the Company by a
Seller or underwriter expressly for use therein. This indemnification shall
include each person, if any, who controls a Seller or underwriter within the
meaning of the Securities Act; provided, however, that the indemnity agreement
set forth in this Section 7 with respect to any registration statement or
prospectus which shall be subsequently amended prior to the written confirmation
of the sale of any Ashton Shares or Gomez Shares, as the case may

                                       30
<PAGE>

be, pursuant thereto, shall not inure to the benefit of any Seller or
underwriter from whom the person asserting any such loss, liability, claim,
damage or expense purchased the Ashton Shares or Gomez Shares, as the case may
be, which are the subject thereof (or to the benefit of any person controlling
such Seller or underwriter), if such Seller or underwriter failed to send or
give a copy of the prospectus as so amended to such person at or prior to the
written confirmation of the sale of such Ashton Shares or Gomez Shares, as the
case may be, and if the amended prospectus did not contain any untrue statement
or alleged untrue statement or omission or alleged omission giving rise to such
loss, liability, claim, damage or expense.

            (f) Each Seller and underwriter (if applicable) shall at the same
time indemnify the Company, its directors, its executive officers, each officer
signing the applicable registration statement and each person who controls the
Company, within the meaning of the Securities Act, from and against any and all
loss, liability, claim, damage and expense whatsoever (including, but not
limited to, any and all expenses reasonably incurred in investigating, preparing
or defending against any litigation, commenced or threatened, or any claim
whatsoever) arising out of any untrue statement of a material fact contained in
the applicable registration statement or any prospectus included therein
required to be filed or furnished by reason of this Section 7 or any amendment
or supplement thereto, or caused by any omission or alleged omission to state
therein a material fact to be stated therein or necessary to make the statements

                                       31
<PAGE>

therein, in light of the circumstances under which they were made, not
misleading, insofar as such loss, liability, claim, damage or expense is caused
by any untrue statement or alleged untrue statement or omission or alleged
omission based upon written information furnished to the Company by any such
Seller or underwriter expressly for use therein.

            (g) If for any reason the foregoing indemnity is unavailable under
either Section 7.4(e) or 7.4(f), then the indemnifying party shall contribute to
the amount paid or payable by the indemnified party as a result of such losses,
liabilities, claims, damages or expenses (i) in such proportion as is
appropriate to reflect the relative benefits received by the indemnifying party
on the one hand and the indemnified party on the other, or (ii) if the
allocation provided by clause (i) above is not permitted by applicable law or
provides a lesser sum to the indemnified party than is appropriate to reflect
not only the relative benefits received by the indemnifying party on the one
hand and the indemnified party on the other but also the relative fault of the
indemnifying party and the indemnified party as well as any other relevant
equitable considerations, then in such proportion as is appropriate to reflect
the relative fault of the indemnifying party and the indemnified party as well
as any other equitable considerations. Notwithstanding the foregoing, neither
party shall be required to contribute any amount in excess of the amount the
indemnifying party would have been required to pay to an indemnified party if
the indemnity under this Section 7.4(e) or 7.4(f) was available. No person
guilty of fraudulent

                                       32
<PAGE>

misrepresentation (within the meaning of the Securities Act) shall be entitled
to contribution from any person who was not guilty of such fraudulent
misrepresentation.

            (h) In their applicable request for registration of their Ashton
Shares or Gomez Shares, the Sellers must inform the Company of their intended
method of distribution of the Ashton Shares or Gomez Shares, as the case may be.
In the event that Ashton and/or the Ashton Executives request pursuant to
Section 7.2 an underwritten offering of the Ashton Shares, each Seller selling
Ashton Shares pursuant to such underwritten offering hereby agrees to enter into
an underwriting agreement with the underwriter and the Company whereby such
Seller will be required to make such representations and warranties to, and
agreements with, the Company and the underwriter as are customarily contained in
an underwriting agreement of this type, including without limitation,
representations, warranties and agreements, including indemnities, regarding the
Sellers, the Ashton Shares and the Seller's intended method of distribution and
any other representations required by law.

            (i) Subject to the next sentence of this paragraph, the Company
shall be entitled to postpone, for a reasonable period of time, the filing or
effectiveness of, or suspend the rights of any Sellers to make sales pursuant
to, any registration statement otherwise required to be prepared, filed and kept
effective by it under this Section 7; provided, however, that the duration of
such postponement or suspension may not exceed the

                                       33
<PAGE>

earlier to occur of (A) 15 business days after the cessation of the
circumstances described in the next sentence of this paragraph on which such
postponement or suspension is based or (B) 180 days after the date of the
determination of the Board referred to in the next sentence, or if the Company
is filing a registration statement under the Securities Act for the purpose of
raising capital, 180 days after the effective date of such registration
statement. Such postponement or suspension may only be effected if the Board
determines in good faith that the filing or effectiveness of, or sales pursuant
to, the applicable registration statement would materially impede, delay or
interfere with any financing, offer or sale of securities, acquisition,
corporate reorganization or other significant transaction involving the Company
or any of its affiliates (whether or not planned, proposed or authorized prior
to an exercise of registration rights hereunder or any other registration rights
agreement) or require disclosure of material information which the Company has a
bona fide business purpose for preserving as confidential. If (i) the Company
shall postpone the filing or effectiveness of a Demand Registration Statement or
suspend the rights of Sellers to make sales thereunder, (ii) a Demand
Registration Statement does not continue in effect for at least 180 days or
until the sale of all Ashton Shares included thereunder, or (iii) a Demand
Registration Statement is interfered with by a stop order, injunction or other
order or requirement of the SEC or other governmental agency or court for any
reason not the fault of Ashton or the Ashton Executives, the Company shall as
promptly as practicable notify

                                       34
<PAGE>

any participating Sellers of such determination, and the holders of the Ashton
Shares shall have the right, upon the affirmative vote of such holders holding
not less than 51% of the Ashton Shares to be included in such registration
statement which are not sold, to withdraw the request for registration by giving
written notice to the Company within 10 business days after receipt of such
notice. Any registration right as to which the withdrawal election referred to
in the preceding sentence has been effected shall not be counted for purposes of
the registration rights which Ashton and the Ashton Executives have been granted
pursuant to Section 7.2.

            (j) The registration rights set forth in Section 7.1 and 7.2 shall
terminate with respect to any holder of Ashton Shares and/or Gomez Shares at
such time as the Company receives a written opinion (the "Rule 144 Opinion")
from counsel to the Company that all of the Ashton Shares and/or Gomez Shares
owned by such holder will be eligible to be sold pursuant to Rule 144
promulgated under the Securities Act ("Rule 144") by the end of the calendar
quarter in which it receives such Rule 144 Opinion.

            (k) The Company shall pay all expenses incurred in complying with
Section 7.1 and 7.2 including, without limitation, all registration and filing
fees, printing expenses, expenses of complying with securities or blue sky laws
(including fees and disbursements of counsel for the Company and counsel for any
underwriters of such offerings, but excluding fees and disbursements of counsel
representing the Sellers), all fees and

                                       35
<PAGE>

disbursements of counsel for the Company and accountants' fees and expenses
incident to the applicable registration statement; provided, however, that the
Sellers shall pay for all underwriting fees and commissions, all fees and
disbursements of counsel for any Seller and any transfer and similar taxes to be
incurred by any Seller (collectively, the "Selling Expenses"). Unless the
Sellers otherwise unanimously agree in writing, the Sellers shall bear the
Selling Expenses in direct proportion to the number of Ashton Shares or Gomez
Shares, as the case may be, that they are seeking to register.

            80 Amendments to Employment Agreements.

            8.1 Section 5 and Section 6 of the Employment Agreement between the
Company and Gomez, dated as of May 15, 1997, are hereby deleted.

            8.2 Section 5 and Section 6 of the Employment Agreement between the
Company and Robb, dated as of May 15, 1997, are hereby deleted.

            8.3 Section 5 and Section 6 of the Employment Agreement between the
Company and Stein, dated as of May 15, 1997, are hereby deleted.

            90 Representations and Warranties by the Company. the Company hereby
represents and warrants to the Stockholders as follows:

                                       36
<PAGE>

            (a) the Company is a corporation duly organized, validly existing
and in good standing under the laws of the State of Delaware.

            (b) the Company has the full right, power and authority to enter
into this Agreement and to carry out the transactions contemplated hereby. The
execution and delivery of this Agreement by the Company and the consummation by
the Company of the transactions contemplated hereby have been duly authorized by
all requisite action on the part of the Company. This Agreement has been duly
executed and delivered by the Company and is a legal, valid and binding
obligation of the Company, enforceable in accordance with its terms, except as
such enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or similar laws and general principles of equity.

            (c) There is no material claim, and no legal action, suit,
arbitration, governmental investigation or other legal or administrative
proceeding pending or threatened against, or relating to the Company or any of
its respective material properties or businesses, which would if adversely
determined prevent or impede the consummation of, or have a material adverse
effect on, any of the transactions contemplated by this Agreement nor is there
any basis known to the Company for any such action, investigation or proceeding.

                                       37
<PAGE>

            100 Term and Termination.

            10.1 Term. This Agreement is effective as of the date hereof and,
unless earlier terminated, shall continue in force until the dissolution or
liquidation of the Company.

            10.2 Effect of Termination. Termination of this Agreement shall not
affect or impair any rights or obligations that arise prior to or at the time of
the termination of this Agreement, or which may arise by reason of an event
causing the termination of this Agreement, and all such rights and obligations,
including the rights and obligations under any provision of this Agreement,
which by their terms are to survive termination, shall also survive. The rights
and remedies provided in this Agreement and in such other agreements shall be
cumulative and not exclusive and shall be in addition to any other rights and
remedies which the Stockholders may have under this Agreement or otherwise.

            110 Miscellaneous.

            11.1 Entire Agreement. This Agreement supersedes all prior oral and
written agreements between the parties with respect to the subject matter
hereof, and this Agreement and the other documents and agreements between the
parties which are referred to herein or executed contemporaneously herewith set
forth the entire agreement among the parties with respect to the transactions
contemplated hereby.

                                       38
<PAGE>

            11.2 Amendment. Any term of this Agreement may be amended and the
observance of any such term may be waived (either generally or in a particular
instance and either retroactively or prospectively) only with the written
consent of (i) the Board and (ii) Stockholders holding at least 67% of the
outstanding Shares held by Stockholders and their Permitted Transferees (after
notice to all Stockholders of the proposal to adopt such amendment). Anything in
this Section 11.2 to the contrary notwithstanding, (i) none of the terms of this
Agreement may be amended in a manner that would adversely affect the rights
hereunder of the Gomez Principals under Sections 2 and 7 without their prior
written consent and (ii) none of the terms of this Agreement may be amended in a
manner that would adversely affect the rights hereunder of the Ashton Executives
and Ashton under Sections 2 and 7 without their prior written consent, as the
case may be. Any amendment so adopted shall become effective upon the giving of
notice of such adoption to all of the Stockholders. Each Stockholder shall be
bound by any amendment or waiver adopted in accordance with this Section 11.2,
whether or not such Stockholder shall have consented thereto.

            11.3 Binding Effect. This Agreement shall be binding upon and inure
to the benefit of the parties hereto and their respective heirs and permitted
successors and assigns. Except as otherwise expressly provided herein, neither
this Agreement nor any rights or obligations hereunder shall be assignable or
otherwise transferable by any party, voluntarily or by operation

                                       39
<PAGE>

of law, without the prior written consent of the other parties hereto, and any
assignment or transfer without such consent shall be null and void.

            11.4 Counterparts. This Agreement may be executed in one or more
counterparts, each of which shall be deemed to be an original and all of which
taken together shall constitute a single agreement.

            11.5 Governing Law. This Agreement is made under and shall be
governed by and construed in accordance with the laws of the State of Delaware
(without regard to the conflict of laws principles thereof).

            11.6 Further Assurances. Each party shall, at any time and from time
to time after the date hereof, do, execute, acknowledge and deliver, or cause to
be done, executed, acknowledged and delivered, all such further acts, deeds,
assignments, transfers, conveyances, powers of attorney, receipts,
acknowledgments, acceptances and assurances as may be reasonably required to
procure for any party, his, her or its successors and assigns, the benefits
intended to be conferred upon such party under this Agreement.

            11.7 Severability. If any term or other provision of this Agreement
is invalid, illegal or incapable of being enforced by reason of any rule of law
or public policy, all other conditions and provisions of this Agreement shall
nevertheless

                                       40
<PAGE>

remain in full force and effect so long as the economic or legal substance of
the transactions or agreements of the parties contemplated hereby are not
affected in any manner materially adverse to any party. Upon the determination
that any term or other provision is invalid, illegal or incapable of being
enforced, the parties hereto shall negotiate in good faith to modify this
Agreement so as to effect the original intent of the parties as closely as
possible in a mutually acceptable manner.

            11.8 Negotiation and Arbitration. (a) The parties shall attempt in
good faith to resolve any dispute arising out of or relating to this Agreement
promptly by negotiation. If a matter in dispute has not been resolved within 60
days of a party's request for negotiation, any of the parties to the dispute may
initiate arbitration as provided hereinafter. Any dispute arising out of or
relating to this Agreement or the breach, termination or validity thereof,
including, without limitation, the determination of the scope or applicability
of this agreement to arbitrate, which has not been resolved by negotiation
within 60 days after a party's request for negotiation shall be settled by
arbitration before a panel of three arbitrators in the State of Massachusetts.
The arbitration shall be governed by the Federal Arbitration Act and
administered by the American Arbitration Association under its Commercial
Arbitration Rules, provided that persons eligible to be selected as arbitrators
shall be limited to persons who are either (i) retired judges of the state or
Federal courts in New York or Massachusetts or (ii) attorneys-at-law who have
engaged in the

                                       41
<PAGE>

private practice of law in the Borough of Manhattan or the city of Boston for at
least 10 years concentrating either in general commercial litigation or general
corporate and commercial matters. To assure the parties that disputes and
controversies subject to arbitration will be resolved expeditiously, the
arbitration hearing shall occur within 60 days after the arbitration is
initiated and any discovery prior to the arbitration hearing shall be limited
(including no more than two depositions per party). The arbitrators shall not
have authority to award punitive or exemplary damages. Each of the parties
shall, subject to the award of the arbitrators, pay an equal share of the
arbitrators' fees. The arbitrators shall have the power to award recovery of all
costs (including attorneys' fees, administrative fees, arbitrators' fees and
court costs) to the prevailing party. Judgment upon the award rendered may be
entered in any court having jurisdiction.

            (b) No provision of, nor the exercise of any rights under, this
Section 11.8 shall limit the right of any party to request and obtain from a
court of competent jurisdiction before, during or after the pendency of any
arbitration, provisional or ancillary remedies and relief including, but not
limited to, the remedies provided for in Section 11.9. The institution and
maintenance of an action or judicial proceeding for, or pursuit of, provisional
or ancillary remedies shall not constitute a waiver of the right of any party,
even if it is the plaintiff, to submit the dispute to arbitration if such party
would otherwise have such right. Each of the parties hereby, for purposes of

                                       42
<PAGE>

this provision, submits unconditionally to the non-exclusive jurisdiction of the
state and federal courts located in the State of New York, Borough of Manhattan,
waives objection to the venue of any proceeding in any such court or that any
such court provides an inconvenient forum and consents to the service of process
upon it in connection with any proceeding instituted under this Section 11.8 in
the same manner as provided for the giving of notice hereunder.

            11.9 Equitable Relief. Since a party may sustain irreparable harm in
the event there is a breach of any of the covenants contained in this Agreement,
in addition to any other rights or remedies which a party may have under this
Agreement or otherwise (including the rights to require negotiation and
arbitration in accordance with Section 11.8), a party shall be entitled to
obtain specific performance or injunctive relief against any other party in any
court of competent jurisdiction for the purposes of restraining the other party
from any actual or threatened breach of any of such covenants or to compel such
other party to perform any of such covenants, without the necessity of proving
irreparable injury or the inadequacy of remedies at law or posting bond or other
security.

            11.10 Notices. Any and all notices, requests, demands, consents and
other communications required or permitted under this Agreement shall be in
writing, signed by or on behalf of the party by which given, and shall be
considered to have been duly given when (i) delivered by hand, (ii) sent by
telecopier

                                       43
<PAGE>

(with receipt confirmed), provided that a copy is mailed (on the same date) by
first class mail, postage prepaid, or (iii) received by the addressee, if sent
by Express Mail, Federal Express or other reputable express delivery service
(receipt requested), or by first class certified or registered mail, return
receipt requested, postage prepaid, in each case to the appropriate addresses
and telecopier numbers set forth below (or to such other addresses and
telecopier numbers as a party may from time to time designate as to itself by
notice similarly given to the other parties in accordance herewith). A notice of
change of address shall not be deemed given until received by the addressee.
Notice shall be given:

            (1)   to the Company at:

                  Gomez Advisors, Inc.
                  97 Lowell Road, Suite 13
                  Concord, MA 01742
                  Attn:  President
                  Telecopier:  (978) 287-0086

            (2)   to Ashton at:

                  The Ashton Technology Group, Inc.
                  1900 Market Street, Suite 701
                  Philadelphia, PA 19103
                  Attn:  President
                  Telecopier:  (215) 636-3560

            (3)   to the Ashton Executives at:

                  c/o The Ashton Technology Group, Inc.
                  1900 Market Street, Suite 701
                  Philadelphia, PA 19103
                  Attn:  President
                  Telecopier:  (215) 636-3560

                                       44
<PAGE>

            (4)   to the Gomez Principals at:

                  c/o Gomez Advisors, Inc.
                  97 Lowell Road, Suite 13
                  Concord, MA 01742
                  Attn:  President
                  Telecopier:  (978) 287-0086

            11.11 Additional Stockholders. Notwithstanding anything to the
contrary contained herein, in connection with the issuance of Common Stock to an
employee of Ashton pursuant to Section 6.3 of the Exchange Agreement, the
parties agree to permit such person to become a party to this Agreement and
succeed to all of the rights and obligations of a "Stockholder" and "Ashton
Executive" under this Agreement by obtaining an executed counterpart signature
page to this Agreement, and, upon such execution, such person shall for all
purposes be a "Stockholder" and "Ashton Executive" party to this Agreement.

                                       45
<PAGE>

            IN WITNESS WHEREOF, the Company has caused this Agreement to be
executed, and the Stockholders have executed this Agreement, as of the date
first above written.

                              GOMEZ ADVISORS, INC.

                              By: /s/ Julio Gomez
                                  ----------------------------------------------
                                  Name:  Julio Gomez
                                  Title: CEO

                              THE ASHTON TECHNOLOGY GROUP, INC.

                              By: /s/ Fredric W. Rittereiser
                                  ----------------------------------------------
                                  Name:  Fredric W. Rittereiser
                                  Title: President & CEO

                              /s/ Julio Gomez
                              --------------------------------------------------
                              JULIO GOMEZ

                              /s/ John M. Robb
                              --------------------------------------------------
                              JOHN M. ROBB

                              /s/ Alexander D. Stein
                              --------------------------------------------------
                              ALEXANDER STEIN

                              /s/ Fredric W. Rittereiser
                              --------------------------------------------------
                              FREDRIC W. RITTEREISER

                                       46
<PAGE>

                              /s/ K. Ivan F. Gothner
                              --------------------------------------------------
                              K. IVAN F. GOTHNER

                              /s/ Arthur J. Bacci
                              --------------------------------------------------
                              ARTHUR J. BACCI

                                       47
<PAGE>

            IN WITNESS WHEREOF, the Company has caused this Agreement to be
executed, and the Stockholders have executed this Agreement, as of the date
first above written.

                              /s/ William Uchimoto
                              --------------------------------------------------
                              WILLIAM UCHIMOTO

                              /s/ John Blohm
                              --------------------------------------------------
                              John Blohm

                              /s/ Richard Butler
                              --------------------------------------------------
                              Richard Butler

                              /s/ Fred Weingard
                              --------------------------------------------------
                              Fred Weingard

                                       48<PAGE>

                                                                Exhibit 10.3

                             SUBSCRIPTION AGREEMENT

THE SECURITIES BEING OFFERED HEREBY HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS OR THE
RULES AND REGULATIONS PROMULGATED THEREUNDER NOR HAS THE SECURITIES AND EXCHANGE
COMMISSION OR ANY STATE REGULATORY AUTHORITY PASSED UPON OR ENDORSED THE MERITS
OF THIS OFFERING. THE SECURITIES ARE BEING OFFERED AND SOLD PURSUANT TO AN
EXEMPTION PROVIDED BY SECTION 4(2), 4(6) AND/OR REGULATION D OF THE SECURITIES
ACT AND EXEMPTIONS UNDER CERTAIN STATE SECURITIES LAWS OR CERTAIN RULES AND
REGULATIONS PROMULGATED THEREUNDER. ANY REPRESENTATION TO THE CONTRARY IS
UNLAWFUL AND MAY BE A CRIMINAL OFFENSE. THE SECURITIES MAY NOT BE SUBSEQUENTLY
TRANSFERRED BY INVESTORS IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS OR AN OPINION OF
COUNSEL ACCEPTABLE TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

Gomez Advisors, Inc.
c/o The Ashton Technology Group, Inc.
1900 Market Street, Suite 701
Philadelphia, Pennsylvania  19103
Attn:  Arthur J.  Bacci

Gentlemen:

     1.   SUBSCRIPTION

     SUBSCRIPTION FOR THE SHARES. Subject to the terms and conditions of this
Subscription Agreement and the terms of the Offering described in the
Confidential Private Placement Memorandum, dated February 8, 1999, as
supplemented and amended through the date hereof (the "Memorandum"), the
undersigned hereby subscribes for and agrees to purchase from Gomez Advisors,
Inc., a Delaware corporation (the "Company"),           shares (the "Shares") of
                                             -----------
the Company's Series B Convertible Preferred Stock, par value $.01 per share
(the "Preferred Stock"), at a purchase price of $5.00 per Share. Unless
previously redeemed, each Share is automatically convertible into one share of
the Company's Class A Common Stock, par value $.0001 per share (the "Common
Stock"), subject to certain adjustments, concurrently with the consummation of
an initial underwritten public offering pursuant to an effective registration
statement (the "IPO Registration Statement") filed with the Securities and
Exchange Commission (the "Commission") covering the offer and sale of the Common
Stock to the public (the "IPO").

If this Subscription Agreement is being executed prior to the Initial Closing
(as defined in the Memorandum), then the undersigned herewith shall deliver a
check to the Company at the address stated above payable to "Continental Stock
Transfer & Trust Company, as Escrow

<PAGE>

Agent, f/b/o Gomez Advisors, Inc." in the
amount of $       , which amount represents the aggregate purchase price of the
           -------
Shares to which the undersigned is subscribing. If this Subscription Agreement
is being executed after the Initial Closing, then the undersigned herewith shall
deliver a check to the Company at the address stated above payable to "Gomez
Advisors, Inc." or effect a wire transfer in immediately available funds to the
Company in the amount of $     , which amount represents the aggregate purchase
                          -----
price of the Shares to which the undersigned is subscribing.

     ACCEPTANCE OF SUBSCRIPTION. The undersigned understands that the first
200,000 Shares are being offered by the Company on a "best efforts, all-or-none"
basis and the remaining 400,000 Shares on a "best efforts" basis. If
subscriptions for at least 200,000 Shares are not received and accepted by the
Company during the Offering Period (as defined in the Memorandum), the Offering
(as defined in the Memorandum) will terminate and subscriptions will be returned
to investors without interest or deduction. The Offering will continue for a
period of 60 days from the date of the Memorandum, subject to extension in the
sole discretion of the Company for an additional period of up to 60 days. The
Offering Period may also be extended for up to an additional 10 business days
for bank collection purposes. All subscriptions for the Shares are being offered
through the Company when, as and if received and accepted by the Company, and
are subject to prior sale, allotment and withdrawal. Subscriptions are also
subject to the right of the Company in its sole discretion to reject any
subscription in whole or in part, to approval of certain legal matters by the
Company's counsel and to certain further conditions. The undersigned further
understands that if and to the extent that this subscription is not accepted, in
whole or in part, any amount received by the Company from the undersigned as a
purchase price for a rejected subscription will be returned without interest or
deduction.

     2.   ACCESS TO INFORMATION. By executing this Subscription Agreement, the
undersigned acknowledges receipt of a copy of the Memorandum and represents that
the undersigned has read, understood and carefully reviewed the Memorandum,
including the Risk Factors and the Exhibits contained therein. The undersigned
acknowledges that the Company has made available to the undersigned, or the
undersigned's personal advisors, the opportunity to obtain additional
information to verify the accuracy of the information contained in the
Memorandum and to evaluate the merits and risks of the undersigned's investment
in the Shares.

     3.   REPRESENTATIONS AND WARRANTIES. The undersigned hereby represents
and warrants to the Company and to each other purchaser of the Shares:

     (a) The Company has answered all inquiries that the undersigned has made of
it concerning the Company, its business and financial condition or any other
matter relating to the operation of the Company and the offer and sale of the
Shares. No oral or written statement or inducement which is contrary to the
information set forth in the Memorandum has been made by or on behalf of the
Company to the undersigned.

     (b) The undersigned has such knowledge and experience in financial and
business matters in general, and financial and business matters of the type in
which the Company engages in particular, that the undersigned is capable of
evaluating the merits and risks of an investment in the Shares and in the
Company.

                                       2
<PAGE>

     (c) The undersigned is familiar with the nature of and risks attendant to
an investment of this type, is financially capable of bearing the economic risk
of this investment and can afford the loss of the total amount of his, her or
its investment in the Shares.

     (d) The undersigned qualifies as an "Accredited Investor" as defined in
Regulation D ("Regulation D") under the Securities Act of 1933, as amended, and
the rules and regulations promulgated thereunder (the "Securities Act").

     (e) The undersigned is aware that the purchase of the Shares is a
speculative investment involving a high degree of risk, that there is no
guarantee that the undersigned will realize any gain from this investment and
that the undersigned could lose the entire amount of this investment.

     (f) If the undersigned is a corporation, partnership, limited liability
company, trust or entity other than an individual person (an "Organization"), it
is duly organized and validly existing under the laws of the state and country
of its incorporation or formation, has full right and power to perform its
obligations under this Subscription Agreement and was not formed for the purpose
of acquiring the Shares. The person executing this Subscription Agreement in a
representative or fiduciary capacity has full power and authority to execute and
deliver this Subscription Agreement in such capacity and on behalf of the
subscribing Organization.

     (g) The undersigned hereby acknowledges that this Subscription Agreement is
a valid and binding obligation of the undersigned, enforceable against the
undersigned in accordance with its terms.

     (h) The undersigned (X) if an individual (i) is a citizen of the United
States and at least 21 years of age, and (ii) is a bona fide permanent resident
of, and is domiciled in, the state set forth on the signature page hereof and
has no present intention of becoming a resident or domicile of any other state
or jurisdiction, or (Y) if an Organization, has a principal place of business
and is domiciled in the state set forth on the signature page hereof and has no
present intention of changing its principal place of business or its domicile to
any other state or jurisdiction.

     (i) The undersigned represents that the funds provided for this investment
are either separate property of the undersigned, community property over which
the undersigned has the right of control or are otherwise funds as to which the
undersigned has the sole right of management.

     4. AUTHORITY. If the undersigned is an Organization, please provide the
name(s) of the officer(s), trustee(s), partner(s) or other representative(s) of
the Organization who is (are) authorized to subscribe for the purchase of the
Shares and who will be effecting the purchase:

--------------------------------------------------------------------------------
                                       3
<PAGE>

     5. ACCREDITED INVESTOR STATUS (TO BE COMPLETED BY INDIVIDUALS ONLY)

     (a) Did your individual annual income(1) during EACH of the last two years
exceed $200,000, and do you expect your annual income during the current year to
exceed $200,000; or did your joint annual income (together with your spouse)
during EACH of the last two years exceed $300,000, and do you expect your joint
annual income during the current year to exceed $300,000?

     |_|  YES                      |_| NO

     (b) If the answer to the preceding questions was no, does your individual
or joint net worth (together with your spouse) exceed $1,000,000?

     |_|  YES                      |_| NO

     (c) If your answers to questions 5(a) and 5(b) were no, are you an
executive officer or director of the Company?

     |_|  YES                      |_| NO

     6. ACCREDITED INVESTOR STATUS (TO BE COMPLETED BY ORGANIZATIONS ONLY)

     (a) Does the Organization qualify as: (i) a bank as defined in section
3(a)(2) of the Securities Act or a savings and loan association or other
institution as defined in Section 3(a)(5)(A) of the Securities Act, whether
acting in its individual or fiduciary capacity; a broker dealer registered
pursuant to Section 15 of the Securities Exchange Act of 1934, as amended, and
the rules and regulations promulgated thereunder; an insurance company as
defined in section 2(13) of the Securities Act; an investment company registered
under the Investment Company Act of 1940, as amended, and the rules and
regulations promulgated thereunder (the "Investment Company Act"), or a business
development company as defined in section 2(a)(48) of the Investment Company
Act; a Small Business Investment Company licensed by the U.S. Small Business
Administration under Section 301(c) or (d) of the Small Business Investment Act
of 1958, as amended, and the rules and regulations promulgated thereunder; a
plan established and maintained by a state, its political subdivisions, or any
agency or instrumentality of a state or its political subdivisions, for the
benefit of its employees, and such plan has total assets in excess of
$5,000,000; an employee benefit plan within the meaning of the Employee
Retirement Income Security Act of 1974, as amended, and the rules and
regulations promulgated thereunder (the "Employee Retirement Income Act") and
the investment decision is made by a plan fiduciary, as defined in section 3(21)
of Employee Retirement Income Act, which is either a bank, savings

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

1 For this purpose, a person's income is the amount of his or her individual
adjusted gross income (as reported on a federal income tax return), increased by
the following amounts: (a) any deduction for depletion (Sections 611 ET SEC. of
the Internal Revenue Code of 1986, as amended, and the rules and regulations
promulgated thereunder (the "Code"); (b) any exclusion for interest on tax
exempt municipal obligations (Section 103 of the Code); and (c) any losses of a
partnership allocated to the individual (Schedule E of Form 1040).

                                       4
<PAGE>

and loan association, insurance company, or registered investment adviser, or
the employee benefit plan has total assets in excess of $5,000,000 or, a
self-directed plan with investment decisions made solely by persons that are
accredited investors; (ii) a private business development company as defined in
Section 202(a)(22) of the Investment Advisers Act of 1940, as amended, and the
rules and regulations promulgated thereunder; or (iii) an organization described
in Section 501(c)(3) of the Code, a corporation, a Massachusetts or similar
business trust, or a partnership not formed for the specific purpose of
acquiring the securities offered hereby, with total assets in excess of
$5,000,000?

     |_|  YES                      |_| NO

     (b) If this Subscription Agreement is completed on behalf of a trust, does
the trust have total assets in excess of $5,000,000, was the trust not formed
for the specific purpose of acquiring the securities offered hereby and is the
trust's purchase directed by a "sophisticated person" (as defined in Rule
506(b)(2) under the Securities Act)? If the answer to the question is yes,
further confirmation regarding such "sophisticated person" may be required.

     |_|  YES                      |_| NO

     (c) If this Subscription Agreement is completed on behalf of a corporation,
partnership, limited liability company or similar entity, does each shareholder,
partner (including general and limited partners), member or similar holder of
such interests either: (i) have an individual or joint net worth (together with
his or her spouse) in excess of $1,000,000; or (ii) expect to have an annual
income during the current year, and represent that he or she had an annual
income during EACH of the last two years, in excess of $200,000 (or joint annual
income together with his or her spouse in excess of $300,000)?

     |_|  YES                      |_| NO

     7. ADEQUATE NET WORTH. The undersigned represents and warrants to the
Company and to each other purchaser of the Shares that the undersigned: (a) has
sufficient liquid assets to pay the full purchase price of the Shares to which
the undersigned is subscribing; (b) does not have an overall commitment to
investments which are not readily marketable that is disproportionate to the
undersigned's net worth, and that the undersigned's investment in the Shares
will not cause such overall commitment to become excessive; and (c) has adequate
net worth and means or providing for the undersigned's current needs and
personal contingencies to sustain a complete loss of the undersigned's
investment in the Shares and has no need for liquidity in the undersigned's
investment in the Shares.

     8. INVESTMENT REPRESENTATIONS. The undersigned hereby represents and
warrants to the Company and to each other purchaser of the Shares:

     (a) The undersigned understands that the Shares, any Preferred Stock issued
as dividends on the Shares (the "Dividend Shares") and the shares of Common
Stock issuable upon the conversion of the Shares and the Dividend Shares (the
"Conversion Shares" and; together with the Shares and the Conversion Shares, the
"Securities") have not been registered under the

                                       5
<PAGE>

Securities Act or the securities laws of any state and that the undersigned is
purchasing the Shares for investment only. The undersigned agrees and represents
that the undersigned will not sell, assign, pledge or otherwise dispose of any
of the Securities or any portion thereof unless (i) the Securities shall have
been registered or qualified under applicable federal and state securities laws
and an appropriate registration statement shall then be in effect or (ii) the
Company receives an opinion of counsel satisfactory to the Company that the same
may be legally sold or disposed of without registration or qualification under
the applicable state or federal securities laws. The undersigned understands
that the undersigned must bear the economic risk of this investment for an
indefinite period of time.

     (b) The undersigned is fully aware that the Shares are being issued and
sold in reliance upon the exemption provided for in Section 4(2) and/ or 4(6) of
the Securities Act and Regulation D promulgated thereunder and similar
exemptions provided under state securities laws on the grounds that the Shares
are being offered to a limited number of "accredited investors" (as defined in
Regulation D) and that no public offering is involved. The undersigned also
understands that the representations, warranties and agreements of the
undersigned set forth in this Subscription Agreement are essential to the
claiming of such exemptions.

     (c) The undersigned is purchasing the Shares with the undersigned's
personal funds and not with the funds of any other person, firm or entity, and
is acquiring the Shares for the undersigned's personal account for investment
purposes only, without any intention of selling or distributing all or any part
thereof. The undersigned has no reason to anticipate any change in personal
circumstances, financial or otherwise, which would cause the undersigned to
sell, distribute or necessitate or require any sale or distribution of the
Shares. If the undersigned is an individual, corporation, partnership, limited
liability company or similar entity, then no person other than the undersigned
will have any beneficial interest in the Shares purchased by the undersigned.
The undersigned has no present intention to hold the Shares for a fixed period
of time or until the occurrence of a certain event.

     (d) The undersigned hereby accepts and acknowledges the following legend
which will be placed on the Securities:

THE SECURITIES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, OR THE RULES AND REGULATIONS PROMULGATED THEREUNDER
(THE "SECURITIES ACT") OR ANY STATE OR OTHER SECURITIES LAWS. NEITHER THIS
SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD,
ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE
ABSENCE OF SUCH REGISTRATION OR UNLESS THE TRANSACTION IS EXEMPT FROM, OR NOT
SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND APPLICABLE
STATE LAWS. THE HOLDER OF THIS SECURITY BY HIS, HER OR ITS ACCEPTANCE HEREOF (1)
REPRESENTS THAT HE, SHE OR IT IS AN "ACCREDITED INVESTOR" (AS DEFINED IN RULE
501 UNDER THE SECURITIES ACT), (2) AGREES THAT HE, SHE OR IT WILL NOT OFFER,
SELL OR OTHERWISE TRANSFER THIS SECURITY EXCEPT (A) TO THE COMPANY OR ANY
SUBSIDIARY THEREOF, (B) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN
DECLARED

                                       6
<PAGE>

EFFECTIVE UNDER THE SECURITIES ACT OR (C) PURSUANT TO ANOTHER AVAILABLE
EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND
APPLICABLE STATE LAWS PROVIDED THAT THE HOLDER PROVIDES THE COMPANY WITH AN
OPINION OF COUNSEL ACCEPTABLE TO THE COMPANY STATING THAT REGISTRATION OF THE
SECURITIES IS NOT REQUIRED FOR SUCH TRANSFER AND (3) AGREES THAT HE, SHE OR IT
WILL GIVE TO EACH PERSON TO WHOM THIS SECURITY IS TRANSFERRED A NOTICE
SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND.

     9. INDEMNIFICATION. The undersigned shall indemnify and hold harmless the
Company, its officers, directors, employees, stockholders and affiliates, and
any person acting on behalf of the Company, from and against any and all damage,
loss, liability, cost and expense (including attorneys' fees) which any of them
may incur by reason of the failure by the undersigned to fulfill any of the
terms and conditions of this Subscription Agreement or by reason of any breach
of the representations and warranties made by the undersigned herein, in the
Confidential Subscriber Questionnaire or in any other document provided by the
undersigned to the Company in connection with the Offering. All representations,
warranties and covenants contained in this Subscription Agreement, and the
indemnification contained in this Section 9, shall survive the acceptance by the
Company of this Subscription Agreement.

     10. REGISTRATION RIGHTS. The undersigned hereby acknowledges and accepts
the following registration rights in respect of the Shares, and agrees to the
following restrictions and conditions in connection with such registration
rights.

     (A) INCIDENTAL REGISTRATION OF THE CONVERSION SHARES UPON THE IPO OF THE
COMMON STOCK.

          (i) Holders of the Shares will have the right to request that their
Conversion Shares be registered on the IPO Registration Statement that the
Company files with the Commission for the purpose of effecting the IPO. However,
the inclusion of such Conversion Shares on the IPO Registration Statement is
subject to any restrictions, cutbacks, lockups or other conditions imposed by
the managing underwriter of the Company's IPO (the "Underwriter") which the
Underwriter determines in its sole discretion are necessary to effect the IPO.

          (ii) If the Underwriter informs the Company in writing that in the
Underwriter's opinion the total number of shares of the Common Stock which the
Company, the holders of the Conversion Shares and any other holders of shares of
the Common Stock entitled to participate in the IPO Registration Statement
request to include in the IPO Registration Statement is an amount which would
adversely affect the success of the IPO, including without limitation the price
at which the Common Stock can be offered, then the Company will be required to
include in the IPO Registration Statement only the amount of shares of Common
Stock which it is so advised by the Underwriter. In such event, shares of Common
Stock shall be included on the IPO Registration Statement pursuant to the
following priority: FIRST, the shares of the Common Stock to be sold for the
account of the Company (including any shares to be sold pursuant to any
overallotment); SECOND, shares of Common Stock owned by Julio Gomez, John M.
Robb and Alexander Stein (collectively, the "Gomez Principals") or any issue,
spouse or

                                       7
<PAGE>

family trust of the Gomez Principals, to whom such shares of Common Stock
were duly transferred, not to exceed 10% of the total number of shares of Common
Stock offered in the IPO (exclusive of any overallotment); THIRD, the shares of
the Common Stock to be sold for the account of such holders who in the future
may be granted registration rights in connection with the IPO senior to those of
the holders of the Conversion Shares (the "Senior Holders"); and FOURTH, the
Conversion Shares to be sold for the account of the holders of the Conversion
Shares. In the event that the Underwriter determines that some, but less than
all, of the Conversion Shares requested for inclusion can be included in the IPO
Registration Statement, then a pro rata amount of the Conversion Shares
requested by each holder shall be included in the IPO Registration Statement
(subject to the rights of the Company, the Gomez Principals and the Senior
Holders to include all of their shares in the IPO Registration Statement as
provided above). The Underwriter may determine in its sole discretion that none
of the Conversion Shares should be included in the IPO Registration Statement.

          (iii) If requested by the Underwriter, each holder of the Conversion
Shares participating in the IPO Registration Statement will enter into an
underwriting agreement with the Underwriter and the Company. Each holder of the
Conversion Shares will be required to make such representations and warranties
to, and agreements with, the Company and the Underwriter as are customarily
contained in an underwriting agreement of this type, including without
limitation, representations, warranties and agreements, including indemnities,
regarding the holders of the Conversion Shares, the Conversion Shares and the
holders' of the Conversion Shares intended method of distribution and any other
representations required by law.

          (iv) Each holder of the Conversion Shares hereby agrees that it will
not sell or otherwise dispose of any of the Conversion Shares during the period
beginning seven days prior to the effective date of the IPO Registration
Statement and ending 180 days after the effective date of the IPO Registration
Statement; PROVIDED, HOWEVER, this paragraph 10(a)(iv) shall not apply to any of
the Conversion Shares which are included in the IPO Registration Statement.

          (v) The Company shall notify each holder of the Shares appearing on
the Company's records as a record holder of the Shares as of the date of the
filing of the preliminary IPO Registration Statement with the Commission of
their right to request registration of their Conversion Shares in the IPO
pursuant to the terms and conditions of this Subscription Agreement within 20
business days after the filing of such preliminary IPO Registration Statement.
In order to exercise its registration rights under this Section 10, holders of
the Shares must notify the Company in writing of its request to include its
Conversion Shares in the IPO Registration Statement within 10 business days
after the Company has delivered such notice.

     (b) REGISTRATION RIGHT OF THE CONVERSION SHARES. (i) In the event that (1)
any of the Conversion Shares which are validly and timely requested to be
included in the IPO Registration Statement pursuant to Section 10(a) are cutback
or otherwise not permitted to be included in the IPO Registration Statement
(other than as a result of the holder's refusal to comply with the provisions of
Section 10(a)(iii) or 10(d)) or (2) the IPO Registration Statement is not filed
with the Commission within one year after date that the Shares are issued, then,
subject to the limitations set forth in this Section 10, holders of 67% of
the Conversion Shares then outstanding (the "Demand Stockholders") can
require the Company (subject to the conditions set forth in

                                       8
<PAGE>

 Section 10(d)), on one occasion, to exercise reasonable efforts to
cause a registration statement to be declared effective by the Commission for
the public sale of such Conversion Shares under the Securities Act ("Demand
Registration Rights"). The Demand Registration Rights shall be senior to and
have priority over any demand registration rights granted under that certain
Stockholders Agreement, effective as of January 22, 1999, by and among the
Company, The Ashton Technology Group, Inc. and certain other stockholders of the
Company, to holders of the Ashton Shares (as defined therein).

          (ii) In order for the registration right set forth in this Section
10(b) to be exercised, a written request with the signatures of Demand
Stockholders holding 67% of the Conversion Shares then outstanding must be
delivered to the Company. Upon the Company's receipt of such written request,
which must include the intended means of distribution of each requesting Demand
Stockholder's Conversion Shares, the Company within 20 business days shall give
notice of the exercise of this registration right to each Demand Stockholder
appearing on the Company's records as a record holder of the Shares and/or
Conversion Shares as of the date the Company receives such request who are not
included in such request (the "Non-Participating Stockholders"). In order to
exercise registration rights under this Section 10(b), each Non-Participating
Stockholder must notify the Company in writing of its intention to be included
in the registration request within 10 business days after the Company has
delivered such notice.

          (iii) The registration right set forth in this Section 10(b) may be
exercised only once by the class of Demand Stockholders, and, if the IPO
Registration Statement has been filed with the Commission, cannot be exercised
until at least 270 days after the consummation of the IPO.

          (c) GENERAL REGISTRATION RIGHTS PROVISIONS. The following provisions,
unless otherwise stated, shall be applicable to any registration to be effected
pursuant to the rights exercised under Section 10(a) or 10(b) hereof.

          (i) The holders whose Conversion Shares are to be included in any
registration statement as provided in Section 10(a) or 10(b) (the "SELLERS")
agree to furnish the Company with such information regarding the Sellers and the
distribution of the Conversion Shares, as the case may be, as the Company shall
from time to time reasonably request in writing and as shall be required by
applicable federal or state law or the Commission in connection therewith.

          (ii) Following the effective date of the applicable registration
statement, the Company shall upon the request of any Seller supply a reasonable
number of prospectuses meeting the requirements of the Securities Act as shall
be requested by such Seller to permit such Seller to make a public offering of
the securities of such Seller included therein.

          (iii) The Company shall use reasonable efforts (A) to qualify the
securities included in an applicable registration statement for sale in such
states as the Sellers shall reasonably designate, provided that no such
qualification shall be required in any jurisdiction where, as a result thereof,
the Company would be subject to service of general process or to

                                       9
<PAGE>

taxation as a foreign corporation doing business in such jurisdiction to which
it is not then subject and (B) to qualify such offering with the National
Association of Securities Dealers, Inc., if applicable.

          (iv) The Company's obligations under Section 10(b) to exercise
reasonable efforts to cause a registration statement to be declared effective by
the Commission for the public sale of Conversion Shares, as the case may be,
under the Securities Act are limited to the following:

               (A) The Company will prepare and file with the Commission the
requisite registration statement to effect such registration and thereafter use
reasonable efforts in good faith to cause such registration statement to become
effective; provided that the Company may discontinue any registration of
securities or suspend the effectiveness of any registration statement in
accordance with Section 10(d)(ix); and

               (B) The Company will prepare and file with the Commission such
amendments and supplements to the applicable registration statement and the
prospectus used in connection therewith as may be necessary to keep such
registration statement effective and to comply with the provisions of the
Securities Act with respect to the disposition of all Conversion Shares, as the
case may be, covered by such registration statement for 60 days or such earlier
time as all of such Conversion Shares, as the case may be, have been disposed of
in accordance with the intended methods of disposition by the Sellers set forth
in such registration statement; provided that the Company may discontinue any
registration of securities or suspend the effectiveness of any registration
statement in accordance with Section 10(d)(ix).

               (v) The Company shall indemnify and hold harmless each Seller and
each underwriter (if applicable), within the meaning of the Securities Act, who
may purchase from or sell for any Seller any Conversion Shares, from and against
any and all loss, liability, claim, damage and expense whatsoever (including,
but not limited to, any and all expenses reasonably incurred in investigating,
preparing or defending against any litigation, commenced or threatened, or any
claim whatsoever) arising out of any untrue statement or alleged untrue
statement of a material fact contained in the applicable registration statement
or any prospectus included therein required to be filed or furnished by reason
of this Section 10 or any amendment or supplement thereto, or caused by any
omission or alleged omission to state therein a material fact requiring to be
stated therein or necessary to make the statements therein, in light of the
circumstances under which they were made, not misleading, except insofar as such
loss, liability, claim, damage or expense is caused by any such untrue statement
or alleged untrue statement or omission or alleged omission based upon
information furnished to the Company by a Seller or underwriter expressly for
use therein. This indemnification shall include each person, if any, who
controls a Seller or underwriter within the meaning of the Securities Act;
provided, however, that the indemnity agreement set forth in this Section 10
with respect to any registration statement or prospectus which shall be
subsequently amended prior to the written confirmation of the sale of any
Conversion Shares pursuant thereto, shall not inure to the benefit of any Seller
or underwriter from whom the person asserting any such loss, liability, claim,
damage or expense purchased the Conversion Shares which are the subject thereof
(or to the benefit of any person controlling such Seller or underwriter), if
such Seller or underwriter failed

                                       10
<PAGE>

to send or give a copy of the prospectus as so amended to such person at or
prior to the written confirmation of the sale of such Conversion Shares, and if
the amended prospectus did not contain any untrue statement or alleged untrue
statement or omission or alleged omission giving rise to such loss, liability,
claim, damage or expense.

               (vi) Each Seller and underwriter (if applicable) shall at the
same time indemnify the Company, its directors, its executive officers, each
officer signing the applicable registration statement and each person who
controls the Company, within the meaning of the Securities Act, from and against
any and all loss, liability, claim, damage and expense whatsoever (including,
but not limited to, any and all expenses reasonably incurred in investigating,
preparing or defending against any litigation, commenced or threatened, or any
claim whatsoever) arising out of any untrue statement of a material fact
contained in the applicable registration statement or any prospectus included
therein required to be filed or furnished by reason of this Section 10 or any
amendment or supplement thereto, or caused by any omission or alleged omission
to state therein a material fact to be stated therein or necessary to make the
statements therein, in light of the circumstances under which they were made,
not misleading, insofar as such loss, liability, claim, damage or expense is
caused by any untrue statement or alleged untrue statement or omission or
alleged omission based upon information furnished to the Company by any such
Seller or underwriter expressly for use therein.

               (vii) If for any reason the foregoing indemnity is unavailable
under either Section 10(d)(v) or 10(d)(vi), then the indemnifying party shall
contribute to the amount paid or payable by the indemnified party as a result of
such losses, liabilities, claims, damages or expenses (A) in such proportion as
is appropriate to reflect the relative benefits received by the indemnifying
party on the one hand and the indemnified party on the other, or (B) if the
allocation PROVIDED BY subdivision (A) above is not permitted by applicable law
or provides a lesser sum to the indemnified party than is appropriate to reflect
not only the relative benefits received by the indemnifying party on the one
hand and the indemnified party on the other but also the relative fault of the
indemnifying party and the indemnified party as well as any other relevant
equitable considerations, then in such proportion as is appropriate to reflect
the relative fault of the indemnifying party and the indemnified party as well
as any other equitable considerations. Notwithstanding the foregoing, neither
party shall be required to contribute any amount in excess of the amount the
indemnifying party would have been required to pay to an indemnified party if
the indemnity under this Section 10(d)(v) or 10(d)(vi) was available. No person
guilty of fraudulent misrepresentation (within the meaning of the Securities
Act) shall be entitled to contribution from any person who was not guilty of
such fraudulent misrepresentation.

               (viii) In their applicable request for registration of their
Conversion Shares, the Sellers must inform the Company of their intended method
of distribution of the Conversion Shares. In the event that the Sellers request
pursuant to Section 10(b) an underwritten offering of the Conversion Shares, the
Company shall have the right in its sole discretion to select the underwriter
for such offerings. Each Seller selling Conversion Shares pursuant to such
underwritten offering hereby agrees to enter into an underwriting agreement with
the underwriter and the Company whereby such Seller will be required to make
such representations and warranties to, and agreements with, the Company and the
underwriter as are customarily contained in an underwriting agreement of this
type, including without limitation,

                                       11
<PAGE>

representations, warranties and agreements, including indemnities, regarding the
Sellers, the Conversion Shares and the Seller's intended method of distribution
and any other representations required by law. The Company shall have the right
in its sole discretion to select the form of the applicable registration
statement.

               (ix) Subject to the next sentence of this paragraph, the Company
shall be entitled to postpone, for a reasonable period of time, the filing or
effectiveness of, or suspend the rights of any Sellers to make sales pursuant
to, any registration statement otherwise required to be prepared, filed and kept
effective by it under this Section 10; PROVIDED, HOWEVER, that the duration of
such postponement or suspension may not exceed the earlier to occur of (A) 15
business days after the cessation of the circumstances described in the next
sentence of this paragraph on which such postponement or suspension is based or
(B) 180 days after the date of the determination of the Board of Directors of
the Company referred to in the next sentence, or if the Company is filing a
registration statement under the Securities Act for the purpose of raising
capital, 180 days after the effective date of such registration statement. Such
postponement or suspension may only be effected if the Board of Directors of the
Company determines in good faith that the filing or effectiveness of, or sales
pursuant to, the applicable registration statement would materially impede,
delay or interfere with any financing, offer or sale of securities, acquisition,
corporate reorganization or other significant transaction involving the Company
or any of its affiliates (whether or not planned, proposed or authorized prior
to an exercise of registration rights hereunder or any other registration rights
agreement) or require disclosure of material information which the Company has a
bona fide business purpose for preserving as confidential. If the Company shall
postpone the filing or effectiveness of a registration statement or suspend the
rights of Sellers to make sales thereunder, it shall as promptly as practicable
notify any participating Sellers of such determination, and the Sellers shall
have the right, upon the affirmative vote of Sellers holding not less than 67%
of the Conversion Shares to be included in such registration statement, as the
case may be, to withdraw the request for registration by giving written notice
to the Company within 10 business days after receipt of such notice. Any
registration right as to which the withdrawal election referred to in the
preceding sentence has been effected shall not be counted for purposes of the
registration rights which the Sellers have been granted pursuant to Section
10(b) hereof.

               (x) The registration rights set forth in Section 10(a) and 10(b)
shall terminate with respect to all holders of the Conversion Shares at such
time as the Company receives a written opinion (the "Rule 144 Opinion") from
counsel to the Company that all of the Conversion Shares owned by holders of the
Conversion Shares that acquired Shares in the Offering and are not "affiliates"
of the Company (as defined in the Securities Act) will be eligible to be sold
pursuant to Rule 144 promulgated under the Securities Act ("Rule 144") by the
end of the calendar quarter that it receives such Rule 144 Opinion.

               (xi) The Company shall pay all expenses incurred in complying
with Section 10(a), and 10(b) including, without limitation, all registration
and filing fees, printing expenses, expenses of complying with securities or
blue sky laws (including fees and disbursements of counsel for the Company and
counsel for any underwriters of such offerings, but excluding fees and
disbursements of counsel representing the Sellers), all fees and disbursements
of counsel for the Company and accountants' fees and expenses incident to the

                                       12
<PAGE>

applicable registration statement; PROVIDED, HOWEVER, that the Sellers shall pay
for all underwriting fees and commissions, all fees and disbursements of counsel
for any Seller and any transfer and similar taxes to be incurred by any Seller
(collectively, the "Selling Expenses"). Unless the Sellers otherwise unanimously
agree in writing, the Sellers shall bear the Selling Expenses in direct
proportion to the number of Conversion Shares that they are seeking to register.

     11. TRANSFERABILITY: BINDING EFFECT. The undersigned hereby agrees that
this Subscription Agreement may not be sold, assigned, pledged, transferred or
otherwise disposed of, except as otherwise provided for herein, in any manner by
the undersigned, without the prior written consent of the Company. This
Subscription Agreement shall inure to the benefit of and be binding upon the
Company and its successors and assigns and the undersigned and the undersigned's
heirs, personal representatives, successors and permitted assigns.

     12. ACCEPTANCE OF SUBSCRIPTION. The Company shall have the right in its
sole discretion to accept or reject this Subscription Agreement, in whole or in
part, and this Subscription Agreement shall be deemed to be accepted only when
the acceptance attached hereto is signed by the Company. The undersigned
acknowledges that the completion date of this Offering may be extended.

     13. NO WAIVER. Except as otherwise specifically provided for hereunder, no
party shall be deemed to have waived any of his, hers or its rights hereunder
unless such waiver is in writing and signed by the party waiving said right.
Except as otherwise specifically provided for hereunder, no delay or omission by
any party in exercising any right with respect to the subject matter hereof
shall operate as a waiver of such right. A waiver on any one occasion with
respect to the subject matter hereof shall not be construed as a bar to, or
waiver of, any right or remedy on any future occasion. All rights and remedies
with respect to the subject matter hereof, whether evidenced hereby or by any
other agreement, instrument or document, will be cumulative, and may be
exercised separately or concurrently. Notwithstanding any of the
representations, warranties, acknowledgements or agreements made herein by the
undersigned, the undersigned has not waived any of the rights granted to the
undersigned under federal or state securities laws.

     14. ENTIRE AGREEMENT. The parties have not made any representations or
warranties with respect to the subject matter hereof that are not set forth in
this Subscription Agreement or in the Memorandum. This Subscription Agreement
and the Memorandum constitute the entire agreement between the parties with
respect to the subject matter hereof. All prior understandings and agreements
between the parties with respect to the subject matter hereof are merged in this
Subscription Agreement and the Memorandum, which fully and completely expresses
their agreement.

     15. AMENDMENTS. This Subscription Agreement may only be amended, changed,
modified, extended, terminated or discharged by an agreement in writing which is
signed by all of the parties to this Subscription Agreement.

                                       13
<PAGE>

         16. FURTHER ASSURANCES. The parties agree to execute any and all such
other and further instruments and documents, and to take any and all such
further actions reasonably required to effectuate this Subscription Agreement
and the intent and purposes hereof.

         17. GOVERNING LAW. This Subscription Agreement shall be construed and
enforced in accordance with the internal laws of the State of New York, without
giving effect to the principles of conflicts of law.

         18. NOTICES. All notices, requests, claims, demands, consents and other
communications hereunder shall be in writing and shall be deemed given if
delivered personally or by fax or deemed delivered three business days after
mailing if mailed by U.S. Postal Service registered or certified mail (return
receipt requested) to the parties at the following addresses (or at such other
address for a party as shall be specified by like notice):

To the Purchaser:    At the Address listed on the last page of this
                     Subscription Agreement

To the Company:      Gomez Advisers, Inc.
                     co The Ashton Technology Group, Inc.
                     1900 Market Street, Suite 701
                     Philadelphia, PA 19103
                     Telecopy: (215) 970-3481

with a copy to:      Kronish Lieb Weiner & Hellman LLP
                     1114 Avenue of the Americas
                     New York, NY 10036
                     Attention:  Herbert Kronish, Esq.  or Eric Simonson, Esq.
                     Telecopy:  (212) 479-6275

                                       14
<PAGE>

FOR INDIVIDUALS:

     IN WITNESS WHEREOF, the undersigned has executed this Subscription
Agreement this ___ day of __________,19___.

Amount of Shares Subscribed For: _________________________
Purchase Price of Shares Subscribed For: $___________________

Name:                                         Age:
     ------------------------------                ----------------------------
Residence Address (including Zip Code):

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

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

Business Address (including Zip Code):

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

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

Telephone: Daytime:                        Evening:
                   ---------------------             -------------------

Preferred Mailing Address: Residence                   Business
                                     -----------------          ---------------

Subscriber's Social Security Number:
                                    -------------------------------------------
SIGNATURE:

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

Amount of Shares accepted by the Company:

Accepted and Agreed to this ___ day of ___________, 19

GOMEZ ADVISORS, INC.

By:
   --------------------------------------
Title:
      ------------------------------------

                                      15
<PAGE>

FOR ORGANIZATIONS:

         IN WITNESS WHEREOF, the undersigned has executed this Subscription
 Agreement this ___ day of ________________, ______.

Amount of Shares Subscribed For: _________________________
Purchase Price of Shares Subscribed For: $___________________

Name of Organization:
                     ---------------------------------------------------------

Address of Principal Office (including Zip Code):

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

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

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

Telephone No.:
              ----------------------------------------------------------------

Type of Organization (e.g., corporation, trust, limited partnership, general
partnership):
             -----------------------------------------------------------------

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

Date of Formation or Incorporation:
                                   -------------------------------------------

State of Formation or Incorporation:
                                    ------------------------------------------

Purchaser's Taxpayer Identification Number:
                                           -----------------------------------

SIGNATURE:

---------------------------------------------
Name of Entity:

By:
   ------------------------------------------
Name:
Title:

Amount of Shares accepted by the Company:

Accepted and Agreed to this _____ day of ____________, 19__

GOMEZ ADVISORS, INC.

By:
   --------------------------------------
Title:
      ------------------------------------

                                      16

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