Document:

Exhibit 10.50

 

META GROUP, INC.

 

EMPLOYMENT AGREEMENT

 

This Employment Agreement (the “Agreement”) is
dated as of November 5, 2004 (the “Effective Date”) by and between
CD Hobbs (“Executive”) and META Group, Inc., a Delaware corporation, and
any of its subsidiaries, divisions and affiliates, and its and their
predecessors, successors and assigns (the “Company”).

 

1.                                       Duties and Scope of Employment.

 

(a)                                  Position. 
As of the Effective Date, Executive will serve as President and Chief
Operating Officer of the Company.  In
such capacity he will report to and be subject to the direction and control of
the Company’s Board of Directors (the “Board”). Executive will render
such business and professional services in the performance of his duties,
consistent with Executive’s position within the Company, as shall reasonably be
assigned to him by the Board.  The period
of Executive’s employment under this Agreement is referred to herein as the “Employment
Term.”

 

(b)                                 Obligations to the Company.  Executive agrees to
the best of his ability and experience that he will at all times loyally and
conscientiously perform all of the duties and obligations required of and from
Executive pursuant to the terms hereof. 
During the term of Executive’s employment relationship with the Company,
Executive further agrees that he will devote all of his business time and
attention to the business of the Company, he will not render commercial or
professional services of any nature to any person or organization, whether or
not for compensation, without the prior written consent of the Board, and he
will not directly or indirectly engage or participate in any business that is
competitive in any manner with the business of the Company.  Nothing in this Agreement will prevent
Executive from accepting speaking engagements in exchange for honoraria, from
serving on boards of charitable organizations (with prior Board consent), or
from investing in other businesses provided he is not actively participating in
any such business as a director, employee, independent contractor, partner,
principal, agent or otherwise, and provided further that any such business is
not competitive with the business conducted by the Company (as conducted now or
during the term of Executive’s employment), and except as noted above with
respect to boards of charitable organizations no consent from the Board shall
be required for any such activities. 
Executive agrees that if a corporation on whose board he serves
subsequently commences a business that is competitive with the business
conducted by the Company, Executive shall notify the Board, following which
Executive shall resign from that board if requested to do so by the Board.  Executive will comply with and be bound by
the Company’s operating policies, procedures and practices from time to time in
effect during the term of Executive’s employment.

 

 

2.                                       Compensation.  For the duties and services to be performed
by Executive hereunder, the Company shall pay Executive, and Executive agrees
to accept, the salary, bonuses stock and other benefits described below in this
Section 2 during the Employment Term.

 

(a)                                  Salary.  Executive shall initially receive a monthly
salary of $25,000, $300,000 on an annualized basis (the “Base Salary”),
payable in two equal payments per month pursuant to the Company’s normal
payroll practices.  The Base Salary shall
be deemed to have commenced on October 18, 2004 and shall be reviewed
annually by the Company’s Board of Directors or its Compensation Committee, and
any change will be effective as of the date determined appropriate by the Board
or its Compensation Committee.

 

(b)                                 Bonus.  Within three months of the Effective Date,
the Company shall establish a bonus structure for Executive.  The bonus shall be appropriate in structure
and amount, in the Company’s good faith judgment, for someone in Executive’s
position with the Company.

 

(c)                                  Stock.  On the Effective Date, the Board shall grant
to Executive 50,000 shares of Common Stock pursuant to the Company’s 2004 Stock
Plan, plus a one-time cash gross-up for federal (not state) income tax purposes
on such grant.  Executive shall be
responsible for the payment of applicable withholding taxes on such grant.

 

(d)                                 Executive Benefits.  Executive shall be entitled to participate,
to the extent he is eligible under the terms and conditions thereof, in any
medical insurance plans, 401(k) plans, deferred compensation plans, life
insurance plans, vacation, retirement or other Executive benefit plans which
are generally available to executives of the Company or are available to senior
executives or a select group of executives of the Company and which may be in
effect from time to time during Executive’s employment with the Company.  The Company shall be under no obligation to
institute or continue the existence of any Executive benefit plan described
herein and may from time to time amend, modify or terminate any such Executive
benefit plan.

 

(e)                                  Reimbursement of Expenses.  Executive shall be authorized to incur on
behalf and for the benefit of, and shall be reimbursed by, the Company for
reasonable expenses, provided that such expenses are substantiated in
accordance with Company policies.

 

3.                                       Nature of Employment.

 

(a)                                  At-Will Employment.  Executive’s employment with the Company shall
at all times be “at will,” which means that either Executive or the Company may
terminate Executive’s employment at any time, for any or no reason, with or
without cause, subject only to the specific provisions of this Agreement.  Any contrary representations that may have
been made or may be made to Executive at any time shall be superseded and
governed by this Section 3.  This
Employment Agreement shall constitute the full and complete agreement between
Executive and the Company on the “at will” nature of Executive’s employment,
which may only be changed in an express written agreement signed by Executive
and a duly authorized officer of the Company.

 

2

 

(b)                                 Termination.  The Company may terminate Executive’s
Employment at any time and for any or no reason, and with “Cause” or “Without
Cause,” by giving Executive notice in writing. 
Executive may terminate his Employment at any time by giving the Company
notice in writing.  Executive’s
Employment shall terminate automatically in the event of his death.

 

(c)                                  Termination of Agreement.  This Agreement shall terminate when all
obligations of the parties hereunder have been satisfied.  The termination of this Agreement shall not
limit or otherwise affect any of Executive’s obligations under Section 8
or the Company’s obligations under Sections 10 and 11.

 

4.                                       Termination Benefits.  Executive shall be entitled to receive
benefits upon termination of his employment by the Company only as set forth in
this Section 4 (and, to the extent applicable, as set forth in Section 2).  Executive’s entitlement to such termination
benefits shall be conditioned upon Executive’s execution and delivery to the
Company of (i) a general release of all claims (the “Release”) and (ii)
a resignation from all of Executive’s positions with the Company and its
affiliates.

 

(a)                                  Termination Following a Change of Control or After
an Involuntary Termination. 
If (A) the Company terminates Executive’s employment without Cause
within six months following the consummation of a Change of Control or (B)
Executive resigns from all positions of employment with the Company not less
than three months and not more than six months following the consummation of a
Change of Control, or (C) Executive resigns from all positions of employment
with the Company after an Involuntary Termination prior to or within six months
following the consummation of a Change of Control, Executive shall be entitled
to receive the following severance benefits:

 

(i)                                     The
Company shall continue to pay Executive his Base Salary for a period of eight
(8) months following the termination date. 
Each payment will be reduced by applicable income and employment taxes
and will be paid on the Company’s regular payroll dates, commencing with the
first regular payroll date following the effective date of the Release (as
determined in that agreement).  In
addition, the Company shall make a lump sum payment to Executive equal to the
target bonus for the fiscal year in which the termination occurs, prorated for
the number of days during such year in which the Company employed
Executive.  Such payment shall be reduced
by applicable income and employment taxes and shall be made within fifteen (15)
business days of the effective date of the Release.

 

(ii)                                  Provided
Executive timely and accurately elects to continue his group medical insurance
coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act of
1985, as amended (“COBRA”), the Company shall reimburse Executive for
the costs of Executive’s group medical insurance premiums for himself and his
dependents under COBRA for the eight (8) month period immediately following his
termination; thereafter, Executive may continue such coverage at his own
expense in accordance with the Company’s standard policies.

 

3

 

(b)                                 Voluntary Termination.  If Executive’s employment terminates by
voluntary termination for any reason (other than in a situation provided for in
Section 4(a)(B) or 4(a)(C) above), then Executive shall not be entitled to
receive payment of any severance benefits. Executive will receive payment(s)
for all salary and unpaid vacation accrued as of the date of Executive’s
termination of employment plus the amount of Executive’s target bonus for the
fiscal year in which the termination occurs to the extent that the bonus has
been earned as of such date, as determined by the Board or its Compensation
Committee based upon the specific corporate and individual performance targets
established for such fiscal year.  If
such targets have not been established for the fiscal year in which the
termination occurs, Executive will receive the amount of his target bonus for
that year, prorated for the number of days during such year in which the
Company employed Executive.  In addition,
Executive’s benefits will be continued under the Company’s then existing
benefit plans and policies to the extent, if any, provided for under such plans
and policies in effect on the date of termination and in accordance with
applicable law.

 

(c)                                  Termination
by Reason of Death or Disability. 
If Executive’s employment with the Company terminates as a result of
Executive’s death or Disability (as defined in Section 7 below), Executive
or Executive’s estate or representative will receive all salary and unpaid vacation
accrued as of the date of Executive’s death or Disability and any other
benefits payable under the Company’s then existing benefit plans and policies
in accordance with such plans and policies in effect on the date of death or
Disability and in accordance with applicable law.  In addition, Executive’s estate or
representative will receive the amount of Executive’s target bonus for the
fiscal year in which the death or Disability occurs, prorated for the number of
days during such year in which the Company employed Executive.

 

(d)                                 Termination for Cause.  If Executive’s employment is terminated for
Cause, then Executive shall not be entitled to receive payment of any severance
benefits. Executive will receive payment(s) for all salary and unpaid vacation
accrued as of the date of Executive’s termination of employment and Executive’s
benefits will be continued under the Company’s then existing benefit plans and
policies to the extent, if any, provided for under such plans and policies in
effect on the date of termination and in accordance with applicable law.

 

(e)                                  No Other Rights.  Except as set forth in Section 4 herein,
Executive shall not be entitled to any severance benefits upon the termination
of his employment.

 

5.                                       Definition of Cause.  For purposes of this Agreement, “Cause”
for Executive’s termination will exist at any time after the happening of one
or more of the following events, in each case as determined in good faith by
the Board of:

 

(a)                                  Executive’s
(i) willful misconduct or gross negligence in performance of his duties
hereunder, or (ii) refusal or failure to comply with the legal directives
of the Board so long as such directives are not inconsistent with Executive’s
position and duties, which is not remedied (if remediable) within twenty (20)
working days after written notice from the Board, which written notice shall
state that failure to remedy such conduct may result in termination for Cause;

 

4

 

(b)                                 Executive’s
deliberate attempt to do an injury to the Company;

 

(c)                                  Executive’s
conviction of a felony or a crime involving moral turpitude causing material
harm to the standing and reputation of the Company; or

 

(d)                                 Executive’s
material breach of any material provision of the Company’s Confidentiality
Agreement (as more fully described in Section 8), including without
limitation, Executive’s theft or other misappropriation of the Company’s
proprietary information.

 

6.                                       Definitions
of Involuntary Termination and Change of Control.

 

(a)                                  For
purposes of this Agreement, if Executive terminates his employment with the
Company within thirty (30) days after the occurrence of any of the following
events, to which Executive has not expressly consented in writing, such
termination shall be treated as an “Involuntary Termination”:
(a) any reduction in Executive’s Base Salary except as part of a general
salary reduction applicable to all of the Company’s executive officers;
(b)  a material reduction or change in job duties, responsibilities and
requirements inconsistent with Executive’s current or prior positions with the
Company and Executive’s current or prior duties and responsibilities; or (c) a
relocation of Executive to a facility or location more than fifty (50) miles
from the address of the Company’s headquarters office as of the Effective
Date.  For the avoidance of doubt, it is
acknowledged and agreed that Involuntary Termination for purposes of Section 6(b)
above shall be deemed not to have occurred in the event Executive ceases
being President and Chief Operating Officer and returns to his job as
constituted immediately prior to his appointment as such in October 2004.

 

(b)                                 For
purposes of this Agreement, “Change of Control” shall mean (a) the
purchase by a third party or series of related purchases by a third party of
fifty percent (50%) or more of the Company’s outstanding stock or securities,
or (b) an acquisition or transfer of all or substantially all of the assets or
business of the Company to a third party. 
A reincorporation of the Company or other corporate reorganization (such
as the assignment of this Agreement to a subsidiary of the Company) shall not
be a Change of Control of the Company hereunder.

 

7.                                       Definition of Disability.  For purposes of this Agreement, “Disability”
shall mean that Executive has been unable to perform his duties hereunder as
the result of his incapacity due to physical or mental illness, and such
inability, which continues for at least 120 consecutive calendar days or 150
calendar days during any consecutive twelve-month period, if shorter, after its
commencement, is determined to be total and permanent by a physician selected
by the Company and its insurers and acceptable to Executive or to Executive’s
legal representative (with such agreement on acceptability not to be
unreasonably withheld).

 

8.                                       Confidentiality Agreement.  Executive has signed an Employee
Noncompetition, Nondisclosure and Developments Agreement dated September 14,
2003 (the “Confidentiality Agreement”). 
Executive hereby agrees to continue to abide by the terms of the
Confidentiality Agreement and further agrees that the provisions of the
Confidentiality Agreement shall survive any termination of this Agreement or of
Executive’s employment relationship with the Company.

 

5

 

9.                                       Conflicts.  Executive represents that his
performance of all the terms of this Agreement will not breach any other
agreement to which Executive is a party. 
Executive has not and will not during the term of this Agreement enter into
any oral or written agreement conflicting with any provision of this
Agreement.  Executive further represents
that he is entering into or has entered into an employment relationship with
the Company of his own free will.

 

10.                                 Successors.

 

(a)                                  Company’s Successors.  This Employment Agreement shall be binding
upon any successor (whether direct or indirect and whether by purchase, lease,
merger, consolidation, liquidation or otherwise) to all or substantially all of
the Company’s business and/or assets.  For
all purposes under this Employment Agreement, the term “Company” shall include
any successor to the Company’s business and/or assets, which becomes bound by
this Employment Agreement.

 

(b)                                 Executive’s Successors.  This Employment Agreement and all rights of
Executive hereunder shall inure to the benefit of, and be enforceable by,
Executive’s personal or legal representatives, executors, administrators,
successors, heirs, distributees, devisees and legatees.

 

11.                                 Indemnification.  The Company will indemnify Executive to the
maximum extent permitted by law and the Company’s Bylaws for actions taken in
connection with his employment as the Company’s President and Chief Operating
Officer.

 

12.                                 Miscellaneous Provisions.

 

(a)                                  No Duty to Mitigate.  Executive shall not be required to mitigate
the amount of any payment contemplated by this Agreement (whether by seeking
new employment or in any other manner), nor, except as otherwise provided in
this Agreement, shall any such payment be reduced by any earnings that Executive
may receive from any other source.

 

(b)                                 Amendments and Waivers.  Any term of this Agreement may be amended or
waived only with the written consent of the parties.

 

(c)                                  Sole Agreement.  This Agreement, including any Exhibits
hereto, constitutes the sole agreement of the parties and supersedes all oral
negotiations and prior writings with respect to the subject matter hereof.

 

(d)                                 Notices. Any notice required or
permitted by this Agreement shall be in writing and shall be deemed sufficient
upon receipt, when delivered personally or by a nationally-recognized delivery
service (such as Federal Express or UPS), or forty-eight (48) hours after being
deposited in the U.S. mail as certified or registered mail with postage
prepaid, if such notice is addressed to the party to be notified at such party’s
address as set forth below or as subsequently modified by written notice.

 

6

 

(e)                                  Choice of Law.  The validity, interpretation, construction
and performance of this Agreement shall be governed by the laws of the State of
Connecticut, without giving effect to the principles of conflict of laws.

 

(f)                                    Severability.  If one or more provisions of this Agreement
are held to be unenforceable under applicable law, the parties agree to
renegotiate such provision in good faith. 
In the event that the parties cannot reach a mutually agreeable and
enforceable replacement for such provision, then (i) such provision shall
be excluded from this Agreement, (ii) the balance of the Agreement shall
be interpreted as if such provision were so excluded and (iii) the balance
of the Agreement shall be enforceable in accordance with its terms.

 

(g)                                 Counterparts.  This Agreement may be executed in
counterparts, each of which shall be deemed an original, but all of which
together will constitute one and the same instrument.

 

(h)                                 Arbitration.    Any dispute
or claim arising out of or in connection with this Agreement shall be finally
settled by binding arbitration in Stamford, Connecticut in accordance with the
rules of the American Arbitration Association applicable to commercial
arbitration by one arbitrator appointed in
accordance with said rules.  The
arbitrator shall apply Connecticut law, without reference to rules of conflicts
of law or rules of statutory arbitration, to the resolution of any
dispute.  Judgment on the award rendered
by the arbitrator may be entered in any court having jurisdiction thereof.  Notwithstanding the foregoing, the parties
may apply to any court of competent jurisdiction for preliminary or interim
equitable relief, or to compel arbitration in accordance with this paragraph,
without breach of this arbitration provision. 
This Section 12(h) shall not apply to the Confidentiality
Agreement.

 

(i)                                     Advice of Counsel.  Each Party to this
Agreement acknowledges that, in executing this Agreement, such party has had
the opportunity to seek the advice of independent legal counsel, and has read
and understood all of the terms and provisions of this Agreement.  This Agreement shall not be construed against
any party by reason of the drafting of preparation hereof.

 

The parties have executed
this Agreement as of the date first written above.

 

	
   

  	
  META GROUP, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ John W. Riley

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Vice President – Chief Financial Officer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Address:

  	
  c/o META Group,
  Inc.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  208 Harbor Drive, Stamford, CT 06912

  	
   

  
								

 

7

 

	
   

  	
  CD HOBBS

  
	
   

  	
   

  	
   

  
	
   

  	
  Signature:

  	
  /s/ CD Hobbs

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Address:

  	
  c/o META Group,
  Inc.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  208 Harbor Drive, Stamford, CT 06912

  	
   

  
						

 

8

 

META
GROUP, INC.

STOCK GRANT NOTICE

(2004 Stock Plan)

 

META Group, Inc. (the “Company”), pursuant to its 2004
Stock Plan (the “Plan”), hereby grants to the participant under the Plan (the “Participant”)
50,000 shares of the Company’s common stock (the “Common Stock”) (the “Award”).
This Award is subject to all of the terms and conditions as set forth in this
Stock Grant Notice (the “Grant Notice”), the attached Stock Agreement, and the
Plan, all of which are attached hereto and incorporated herein in their
entirety.

 

	
  Participant:

  	
  CD Hobbs

  
	
  Date of Grant:

  	
  11/5/04

  
	
   

  	
   

  
	
  Number of Shares Subject to Award:

  	
  50,000

  

 

Additional Terms/Acknowledgements:
The undersigned Participant acknowledges receipt of, and understands and agrees
to the terms and conditions of this Grant Notice, the Stock Agreement and the
Plan. Participant further acknowledges that as of the Date of Grant, this Grant
Notice, the Stock Agreement and the Plan set forth the entire understanding
between Participant and the Company regarding the Award and supersede all prior
oral and written agreements relating thereto.

 

	
  META Group, Inc.

  	
  Participant:

  
	
   

  	
   

  
	
  By:

  	
  /s/
  John W. Riley

  	
   

  	
  By:

  	
  /s/ CD Hobbs

  	
   

  
	
  Signature

  	
   

  	
   

  	
  Signature

  	
   

  
	
   

  	
   

  
	
  Title:

  	
  Date:

  	
  November 5, 2004

  	
   

  
	
  Vice President – Chief Financial Officer

  	
   

  	
   

  
	
   

  	
   

  
	
  Date:

  	
  November 5, 2004

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Attachment I: Stock Agreement

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Attachment II: 2004 Stock Plan

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Attachment III: Spousal Consent

  	
   

  
											

 

2

 

ATTACHMENT
I

 

META
GROUP, INC. 

2004 STOCK PLAN 

STOCK AGREEMENT

 

THIS STOCK AGREEMENT (the
“Agreement”), dated November 5, 2004, is entered into by and between CD
Hobbs (“Participant”) and META Group, Inc., a Delaware corporation (the “Company”).

 

RECITALS

 

WHEREAS, the Company has
adopted the META Group, Inc. 2004 Stock Plan (the “Plan”), which provides,
among other things, for awards of stock to the Company’s Employees, Consultants
and Directors; and

 

WHEREAS, Participant is
currently serving as an Employee of the Company; and

 

WHEREAS, the Company
desires to grant Participant shares of Common Stock, $0.01 par value, of the
Company (the “Common Stock”), pursuant to the provisions of the Plan.

 

NOW THEREFORE, in
consideration of the foregoing, and the mutual covenants and agreements set
forth herein, the parties hereto agree as follows:

 

1.                                       Definitions.

 

Capitalized terms not
explicitly defined in this Agreement but defined in the Plan shall have the
same meanings ascribed to them in the Plan.

 

2.                                       Grant
of Shares.

 

The Company hereby grants to Participant, pursuant to
the terms of the Stock Grant Notice (the “Grant Notice”) and this Agreement
(collectively, the “Award”), the number of shares of Common Stock indicated in
the Grant Notice (the “Shares”).

 

The Award of the Shares shall be consummated as
follows:

 

2.1                                 Participant executes the Grant Notice,
along with such additional documents as the Company may then require.

 

2.2                                 Participant shall deliver to the Company
a signed spousal consent substantially in the form attached hereto as
Attachment III.

 

3.                                       Award not a Service Contract.

 

The Award is not an employment or service contract,
and nothing in the Award shall be deemed to create in any way whatsoever any
obligation on the Company or an Affiliate to continue Participant’s employment
or service. In addition, nothing in the Award shall obligate the Company or an
Affiliate, their respective stockholders, Boards of Directors, officers or
Employees to continue any relationship that Participant may have as an Employee
or Director of, or a Consultant to, the Company or an Affiliate.

 

4.                                       Withholding
Obligations.

 

4.1                                 At the time the Award is granted, or at
any time thereafter as requested by the

 

 

Company, Participant authorizes withholding from payroll and any other
amounts payable to Participant, and otherwise agrees to make adequate provision
for, any sums required to satisfy the federal, state, local and foreign tax
withholding obligations of the Company or an Affiliate, if any, which arise in
connection with the Award.

 

4.2                                 Unless the tax withholding obligations of
the Company or any Affiliate are satisfied, the Company shall have no
obligation to issue a certificate for any of the Shares.

 

5.                                       Representations.

 

Participant has reviewed with his or her own
tax advisors the federal, state, local and foreign tax consequences of this
investment and the transactions contemplated by this Agreement. Participant is
relying solely on such advisors and not on any statements or representations of
the Company or any of its agents. Participant understands that he or she (and
not the Company) shall be responsible for any tax liability that may arise as a
result of this investment or the transactions contemplated by this Agreement.

 

6.                                       Notices.

 

Any notices provided for in the Award or the Plan
shall be given in writing and shall be deemed effectively given upon receipt
or, in the case of notices delivered by mail by the Company to Participant,
five (5) days after deposit in the United States mail, postage prepaid, addressed
to Participant at the last address provided by Participant to the Company.

 

7.                                       Survival
of Terms.

 

This Agreement shall apply to and bind Participant and
the Company and their respective permitted assignees and transferees, heirs,
legatees, executors, administrators and legal successors.

 

8.                                       Amendments.

 

This Agreement may be amended or modified at any time
only by an instrument in writing signed by each of the parties hereto.

 

9.                                       Miscellaneous.

 

9.1                                 The rights and obligations of the Company
under Participant’s Award shall be transferable to any one or more persons or
entities, and all covenants and agreements hereunder shall inure to the benefit
of, and be enforceable by the Company’s successors and assigns.

 

9.2                                 Participant agrees upon request to execute
any further documents or instruments necessary or desirable in the sole
determination of the Company to carry out the purposes or intent of the Award.

 

9.3                                 Participant acknowledges and agrees that
he or she has reviewed the Award in its entirety, has had an opportunity to
obtain the advice of counsel prior to executing and accepting the Award and
fully understands all provisions of the Award.

 

9.4                                 This Agreement may be signed in
counterparts, each of which shall be deemed an original, and all of which
together shall constitute one and the same instrument.

 

10.                                 Governing
Plan Document.

 

The Award is subject to all the provisions of the
Plan, the provisions of which are hereby made a part of Participant’s  Award, and is further subject to all
interpretations, amendments, rules and regulations which may from time to time
be promulgated and adopted pursuant to the Plan. In the event of any conflict
between the provisions of the Award and those of the Plan, the provisions of
the Plan shall control.  Participant
represents that he or she has read this

 

2

 

Agreement, the Grant Notice and the Plan, and is
familiar with their terms and provisions. Participant hereby agrees the
Committee has full authority to interpret and construe the terms of this
Agreement and that the determination of the Committee as to any such matter of
interpretation or construction is final, binding and conclusive.

 

3

 

IN WITNESS WHEREOF, the parties hereto have executed
this Agreement on the date first above written.

 

 

	
  META GROUP, INC.

  	
  CD HOBBS

  
	
   

  	
   

  
	
  By:

  	
  /s/
  John W. Riley

  	
   

  	
  By:

  	
  /s/ CD Hobbs

  	
   

  
	
  Signature

  	
   

  	
   

  	
  Signature

  	
   

  
	
   

  	
   

  
	
  Name:

  	
  John W. Riley

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Title:

  	
  Vice President – Chief Financial Officer

  	
   

  	
   

  
										

 

 

[SIGNATURE PAGE TO STOCK AGREEMENT]

 

 

ATTACHMENT
II

2004 STOCK  PLAN

 

(Previously filed as
Exhibit 10.46 of the Company’s Form S-8 filed with the Securities and Exchange
Commission on October 5, 2004).

 

 

ATTACHMENT III

 

SPOUSAL CONSENT

 

I, Lori Hobbs, spouse of CD Hobbs, have read and hereby
approve the META Group, Inc. (the “Company”) Grant Notice, dated November 5,
2004, and all attachments thereto (the “Agreement”).  In consideration of the granting of
securities to my spouse as set forth in the Agreement, I hereby appoint my
spouse as my attorney-in-fact with respect to the exercise of any rights under
the Agreement and agree to be bound by the provisions of the Agreement insofar
as I may have any rights in said Agreement, or any securities issued
thereunder, under the community property laws or similar laws relating to
marital property in effect in our state of residence as of the date of
execution of the Agreement.

 

 

	
  Dated:

  	
  November 5,
  2004

  	
   

  	
  Signature:

  	
  /s/ Lori HobbsExhibit 10.51

 

META
Group, Inc.

208
Harbor Drive

Stamford,
CT  06912

 

November 5, 2004

 

VIA
COURIER

 

Mr.
Herb VanHook

1613
Chathams Ford Place

Vienna,
VA  22182

 

Re: Severance
Agreement and Release

 

Dear Herb,

 

This
letter summarizes the terms of your termination and severance agreement with
META Group, Inc., (hereinafter the “Company”).

 

1.                                      Termination
Date:

 

Your
termination from the employment of the Company was effective as of October 18,
2004 (the “Termination Date”).  As of the
Termination Date, your salary ceased, and any entitlement you had or might have
had under a Company provided benefit plan, program or practice terminated,
except as required by federal or state law, or as otherwise described below.

 

2.                                      Consideration:

 

(a)                                  Severance
Pay and Pro-Rated Bonus: Upon your full execution of this Agreement and the
expiration of the seven-day revocation period set forth in Section 9
below, the Company will make a lump sum payment to you equal to twenty (20)
weeks of your current base salary, ninety-six thousand one hundred fifty-three
dollars and eighty-five ($96,153.85), plus ten thousand dollars ($10,000.00)
representing a pro-rated performance bonus for your efforts in 2004 (as
determined by the Board of Directors), less applicable taxes. The severance payment
will be made to you on the first regular payroll date following the effective
date of this Agreement.

 

(b)                                 Health
Insurance: You will remain on the Company’s health insurance through the
end of February (February 28, 2005). This date shall be the date of
the “qualifying event” under the Consolidated Omnibus Budget Reconciliation Act
of 1985 (“COBRA”).  Thereafter, health
insurance coverage shall be continued only to the extent required by COBRA and
only to the extent you timely pay the premium payments yourself.

 

 

(c)                                  Extended Exercise
Period for Vested Options.  In consideration for your release of claims
and other obligations set forth in this Agreement, all vested stock options
held by you as of the Termination Date that have an exercise price at or below
$10.00 per share shall be modified to extend their exercisability and shall
remain exercisable until the close of business (5:00 p.m. Eastern time) on October 18,
2005; provided, however, that in no event shall any stock option be exercisable
following the expiration of the original term of such stock option.  You acknowledge and agree that the stock
options that qualify as Incentive Stock Options as of the Termination Date
shall retain such incentive stock option status for three (3) months after the
Termination Date, after which such options shall be treated for tax purposes as
non-statutory stock options.

 

(d)                                 All
payments set forth in this Section 2 shall be subject to all applicable
federal, state and/or local withholding and/or payroll taxes.

 

2

 

3.                                      Release:

 

In
exchange for the consideration described in Section 2 (a) and (b) above,
which are in addition to anything of value to which you are entitled to
receive, and other good and valuable consideration, the receipt of which is
hereby acknowledged, you and your representatives, agents, estate, heirs,
successors and assigns, absolutely and unconditionally hereby release, remise,
discharge, indemnify and hold harmless the Company Releasees (defined to
include the Company and/or any of its parent, subsidiaries or affiliates,
predecessors, successors or assigns, and its and their respective current
and/or former partners, directors, shareholders/stockholders, officers,
employees, attorneys and/or agents, all both individually and in their official
capacities), from any and all actions or causes of action, suits, claims,
complaints, contracts, liabilities, agreements, promises, contracts, torts,
debts, damages, controversies, judgments, rights and demands, whether existing
or contingent, known or unknown, which arise out of your employment with,
change in employment status with, and/or separation of employment from, the
Company.  This release is intended by you
to be all encompassing and to act as a full and total release of any claims,
whether specifically enumerated herein or not, that you may have or have had
against the Company Releasees arising from conduct occurring up to and through
the date of this Agreement, including, but not limited to, any claims arising
from any federal or state law or regulation dealing with either employment,
employment benefits or employment discrimination such as those laws or
regulations concerning discrimination on the basis of race, color, creed,
religion, age, sex, sex harassment, sexual orientation, national origin,
ancestry, handicap or disability, veteran status or any military service or
application for military service; any contract, whether oral or written,
express or implied; any tort; any claim for equity or other benefits; or any
other statutory and/or common law claim.

 

4.                                      Accord
and Satisfaction:

 

The amounts set forth
above in Section 2 shall be complete and unconditional payment,
settlement, accord and/or satisfaction with respect to all obligations and liabilities
of the Company Releasees to you, including, without limitation, all claims for
back wages, salary, vacation pay, draws, incentive pay, bonuses, stock and
stock options, commissions, severance pay, any and all other forms of
compensation or benefits, attorney’s fees, or other costs or sums.

 

5.                                      Waiver
of Rights and Claims Under the Age Discrimination  and Employment Act of
1967:

 

Since you are 40 years of
age or older, you are being informed that you have or may have specific rights
and/or claims under the Age Discrimination in Employment Act of 1967 (ADEA) and
you agree that:

 

(a)                                  in
consideration for the amounts and benefits described in Section 2 of this
Agreement, which you are not otherwise entitled to receive, you specifically
and voluntarily waive such rights and/or claims under the ADEA you might have
against the Company Releasees to the extent such rights and/or claims arose
prior to or on the date this Agreement was executed;

 

(b)                                 you
understand that rights or claims under the ADEA which may arise after the date
this Agreement is executed are not waived by you;

 

3

 

(c)                                  you
are advised to consider the terms of this Agreement carefully and consult with
or seek advice from an attorney of your choice or any other person of your
choosing prior to executing this Agreement;

 

(d)                                 you
acknowledge that you were informed and understand that you have twenty-one (21)
days within which to consider this Agreement;

 

(e)                                  you have carefully read and fully understand
all of the provisions of this Agreement, and you knowingly and voluntarily
agree to all of the terms set forth in this Agreement;

 

(f)                                    in entering into this Agreement you are
not relying on any representation, promise or inducement made by the Company or
its attorneys with the exception of those promises described in this document;
and

 

(g)                                 the 21-day review period will not be
affected or extended by any revisions which might be made to this Agreement.

 

6.                                      Company
Files, Documents and Other Property:

 

On or
before the Effective Date of this Agreement, you will safely package and return
to the Company all Company property and materials, including but not limited
to, fax machines, scanners, copiers, Company credit cards and telephone charge
cards, manuals, building keys and passes, courtesy parking passes, diskettes,
intangible information stored on diskettes, software programs and data compiled
with the use of those programs, software passwords or codes, tangible copies of
trade secrets and confidential information, sales forecasts, names and
addresses of Company customers and potential customers, customer lists,
customer contacts, sales information, sales forecasts, memoranda, sales
brochures, business or marketing plans, reports, projections, and any and all
other information or property previously or currently held or used by you that
is or was related to your employment with the Company (“Company Property”). The
Company has agreed to allow you to purchase your laptop for the price of $50
and to keep you cell phone, provided the phone number is transitioned to a
personal account.

 

All
other Company Property will be sent to the Company’s headquarters address in
Stamford, Connecticut (to the attention of “Human Resources Department”).  You agree that in the event that you discover
any other Company Property in your possession after the Termination Date, you
will immediately return such materials to the Company.

 

7.                                      Future
Conduct; Further Agreements:

 

(a)                                  Nondisparagement:  You agree not to make disparaging, critical
or otherwise detrimental comments to any person or entity concerning the
Company, its officers, directors or employees; the products, services or
programs provided or to be provided by the Company; the business affairs or the
financial condition of the Company; or the circumstances surrounding your
employment and/or separation of employment from the Company.

 

4

 

(b)                                 Confidentiality
of this Agreement: You shall maintain confidentiality concerning the consideration
provided and all other terms of this Agreement. 
Except as required pursuant to legal process, you will not discuss the
same with anyone except your immediate family and accountants or attorneys when
such disclosure is necessary for the accountants or attorneys to render
professional services.  Prior to any such
disclosure that you may make, you shall secure from your attorney or accountant
their agreement to maintain the confidentiality of such matters.  Nothing herein shall prohibit or bar you from
providing truthful testimony in any legal proceeding or in communicating with
any governmental agency or representative or from making any truthful
disclosure required, authorized or permitted under law; provided however, that
in providing such testimony or making such disclosures or communications, you
will use your best efforts to ensure that this Section is complied with to
the maximum extent possible.

 

8.                                      Representations
and Governing Law:

 

(a)                                  This Agreement sets forth the complete
and sole agreement between the parties and supersedes any and all other
agreements or understandings, whether oral or written except the Employee
Non-Competition, Non-Disclosure and Developments Agreement dated October 4,
1996, between the parties hereto, as to
which the fourth paragraph is hereby amended to expire at February 28,
2005 except as to Gartner Inc., Forrester and AMR, and which otherwise shall
remain in full force and effect, the Policy Against Insider Trading and the
Stock Option Agreements #653, dated February 7, 1997; #733, dated April 3,
1997; #1037 dated January 13, 1998; #1598, dated April 16, 1999;
#2200, dated April 6, 2000; #2865, dated December 6, 2000; #3498,
dated September 24, 2001; #3833, dated April 23, 2002 and #3887,
dated June 27, 2002, which shall remain in full force and effect except as
modified by the express terms of Section 2(c) above. This Agreement may
not be changed, amended, modified, altered or rescinded except upon the express
written consent of both the President of the Company  and
you.

 

(b)                                 If
any provision of this Agreement, or part thereof, is held invalid, void or
voidable as against public policy or otherwise, the invalidity shall not affect
other provisions, or parts thereof, which may be given effect without the
invalid provision or part.  To this
extent, the provisions, and parts thereof, of this Agreement are declared to be
severable.  Any waiver of any provision
of this Agreement shall not constitute a waiver of any other provision of this
Agreement unless expressly so indicated otherwise.

 

(c)                                  This Agreement shall be deemed to be made
and entered into in the State of Connecticut. This Agreement and any claims
arising out of this Agreement (or any other claims arising out of the
relationship between the parties) shall be governed by and construed in

 

5

 

accordance with
the laws of the State of Connecticut and shall in all respects be interpreted,
enforced and governed under the internal and domestic laws of Connecticut, without
giving effect to the principles of conflicts of laws of such state.  Any claims or legal actions by one party
against the other shall be commenced and maintained in state or federal court
located in Connecticut, and you hereby submit to the jurisdiction and venue of
any such court.

 

(d)                                 This Agreement cannot be assigned by you
and shall inure to the benefit of the Company’s successors and assigns.

 

9.                                      Effective
Date:

 

After
signing this letter, you may revoke this Agreement for a period of seven (7)
days following said execution.  The
Agreement shall not become effective or enforceable until this revocation
period has expired.

 

If
this letter correctly states the understanding we have reached, please indicate
your acceptance by countersigning the enclosed copy and returning it to me.

 

	
  Very truly
  yours,

  
	
   

  
	
  /s/ John Riley

  	
   

  
	
  John Riley

  
	
  CFO

  

 

 

I REPRESENT THAT I HAVE
READ THE FOREGOING AGREEMENT, THAT I FULLY UNDERSTAND THE TERMS AND CONDITIONS
OF SUCH AGREEMENT AND THAT I AM KNOWINGLY AND VOLUNTARILY EXECUTING THE
SAME.  IN ENTERING INTO THIS AGREEMENT, I
DO NOT RELY ON ANY REPRESENTATION, PROMISE OR INDUCEMENT MADE BY THE COMPANY OR
ITS ATTORNEYS WITH THE EXCEPTION OF THE CONSIDERATION DESCRIBED IN THIS
DOCUMENT.

 

	
  ACCEPTED:

  	
   

  
	
   

  	
   

  
	
  /s/
  Herb VanHook

  	
   

  	
  November 5,
  2004

  	
   

  
	
  (Herb VanHook)

  	
  (DATE)

  	
   

  
				

 

6

 

IF
YOU DO NOT WISH TO USE THE 21-DAY PERIOD,

PLEASE
CAREFULLY REVIEW AND SIGN THIS DOCUMENT

 

I,
Herb VanHook, acknowledge that I was informed and understand that I have 21
days within which to consider the attached Severance Agreement and Release,
have been advised of my right to consult with an attorney regarding such
Agreement and have considered carefully every provision of the Agreement, and
that after having engaged in those actions, I prefer to and have requested that
I enter into the Agreement prior to the expiration of the 21-day period.

 

 

	
  Dated:

  	
  November 5,
  2004

  	
   

  	
  /s/ Herb VanHook

  	
   

  
	
   

  	
   

  	
  (Herb VanHook)

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Dated:

  	
  November 5,
  2004

  	
   

  	
   

  	
  /s/ M. Abel

  	
   

  
	
   

  	
  Witness:

  	
   

  
							

 

7

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