Document:

Prepared by MerrillDirect

Exhibit 4.1

COMMON STOCK PURCHASE AND SALE
AGREEMENT

             Common
Stock Purchase and Sale Agreement (the “Agreement”) dated as of June 15, 2001
by and among META Group, Inc., a Delaware corporation (the “Company”), and the
purchasers named in Exhibit A hereto (collectively, the “Purchasers”).

             NOW,
THEREFORE, in consideration of the mutual covenants herein contained and for
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged by the parties hereto, the Company and the Purchasers,
intending to be legally bound hereby, agree as follows:

             1.          Agreement to Purchase and Sell.  Subject to the terms and conditions of this
Agreement, the Company shall issue and sell to each Purchaser, and each
Purchaser severally and not jointly shall purchase, at the Closing (as defined
below) that number of shares of common stock, par value $.01 per share, of the
Company (collectively, the “Shares”) set forth opposite such Purchaser’s name
on Exhibit A hereto for the purchase price of $2.78 per share and an
aggregate purchase price set forth opposite such Purchaser’s name on Exhibit
A hereto (collectively, the “Purchase Price”).  The closing (the “Closing”) of the issuance and sale of the
Shares by the Company to the several Purchasers shall be held at the offices of
Testa, Hurwitz & Thibeault, LLP, 125 High Street, Boston, MA 02110 at
10:00A.M., Boston, MA time, on June 28, 2001 (or such other date as mutually
agreed in writing by all of the parties hereto)(the “Closing Date”).  At the Closing, the several Purchasers shall
pay their respective portions of the Purchase Price by wire transfer of
immediately available funds (to the wire address attached as Exhibit B
hereto) or by delivery of a check payable to the Company (or a combination
thereof) and the Company will issue and deliver certificates representing the
Shares to each Purchaser in the names and amounts set forth on Exhibit A
(collectively, the “Certificates”). 
There will be no conditions to the Closing.

             2.          Representations and Warranties of
the Purchasers.  Each Purchaser
represents and warrants to the Company, severally and not jointly, on the date
hereof and as of the Closing Date, as follows:

                           (a)         Investment.  Such Purchaser is acquiring its respective
portion of the Shares for its own account, for investment and not with a view
to, or for sale in connection with, any distribution thereof, nor with any
present intention of distributing or selling the same.

                           (b)        Opportunity to Ask Questions;
Economic Risk.  Such Purchaser has substantial experience in evaluating and
investing in private placement transactions of securities in companies similar
to the Company so that it is capable of evaluating the merits and risks of its
investment in the Company and has the capacity to protect its own
interests.  Such Purchaser must bear the
economic risk of an investment in the Shares indefinitely unless a subsequent
disposition thereof is registered pursuant to the Securities Act of 1933, as
amended (the “Securities Act”), or an exemption from registration is
available.  Such Purchaser has
had the opportunity to ask questions of, and receive answers from, management
concerning the terms and conditions of the offering of the Shares.  Such Purchaser has made detailed inquiry
concerning the Company and its business and personnel; the officers of the
Company have made available to such Purchaser any and all written information
which it has requested and have answered to such Purchaser's satisfaction all
inquiries made by it.

                           (c)         No Registration of Shares; Legend.  Such Purchaser acknowledges that the Shares
to be purchased by it have not been registered under the Securities Act and
cannot be resold or otherwise disposed of unless the Shares are subsequently
registered under the Securities Act or unless an exemption from such
registration is available.  Accordingly,
each Certificate shall bear a legend substantially in the following form:

	THE
  SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
  SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE OFFERED, SOLD OR OTHERWISE
  TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL SUCH SECURITIES ARE
  REGISTERED UNDER SUCH ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO
  THE COMPANY IS OBTAINED TO THE EFFECT THAT SUCH REGISTRATION IS NOT REQUIRED.

             Such Purchaser understands that the
Company has no present intention of registering the Shares.  Such Purchaser also understands that there
is no assurance that any exemption from registration under the Securities Act
will be available and that, even if available, such exemption may not allow
such Purchaser to transfer all or any portion of the Shares, under the
circumstances, in the amounts or at the times such Purchaser might propose.

                           (d)        Accredited Investor Status.  Such Purchaser is an “accredited investor”
as such term is defined in Rule 501(a) under the Securities Act.

                           (e)         Existence, Authority and
Enforceability.  If such Purchaser
is a corporation or partnership, such corporation or partnership is duly
incorporated or formed, as the case may be, validly existing and in good
standing under the laws of its jurisdiction of incorporation or formation, as
the case may be, and the execution, delivery and performance by such Purchaser
of this Agreement, and the consummation by such Purchaser of the transactions
contemplated hereby, are within its corporate or partnership power and
authority, and have been duly authorized by all necessary corporate or
partnership action.  This Agreement
constitutes a valid and binding obligation of such Purchaser, enforceable
against such Purchaser in accordance with its terms.

                           (f)         Confidential Information.  At all times during the Company’s offering
of the Shares to it, such Purchaser has maintained in confidence all non-public
information regarding the Company or its securities received by such Purchaser
from the Company or its agents, and covenants that it will continue to maintain
in confidence such information until such information becomes generally
publicly available other than through a violation of this provision by any such
Purchaser or its agents.

             3.          Representations and Warranties of
the Company.  The Company hereby
represents and warrants to the Purchasers, on the date hereof and as of the
Closing Date, as follows:

                           (a)         Corporate Existence and
Authorization.  The Company is a
corporation duly incorporated, validly existing and in good standing under the
laws of the State of Delaware.  The
execution, delivery and performance by the Company of this Agreement and the
consummation by the Company of the transactions contemplated hereby are within
the corporate power and authority of the Company and have been duly authorized
by all necessary corporate action.  This
Agreement has been duly authorized, executed and delivered by the Company and
constitutes a valid and binding obligation of the Company, enforceable against
the Company in accordance with its terms.

                           (b)        Governmental Authorization.  Assuming the accuracy of the representations
and warranties set forth in Section 2, the execution, delivery and performance
by the Company of this Agreement, and the consummation of the transactions
contemplated by this Agreement by the Company, do not and will not require any
consent, approval or action by or in respect of, or any declaration, filing or
registration with, any governmental authority, other than the filing of a Form
D under the Securities Act and certain filings under applicable state
securities and blue sky laws which have been made or will be made after the
Closing and other than in connection with the registration requirements set
forth in Section 4.

                           (c)         Non-Contravention.  The
execution, delivery and performance by the Company of this Agreement, and the
consummation of the transactions contemplated by this Agreement by the Company,
do not and will not, with or without the giving of notice, the lapse of time or
both: (i) contravene or conflict with the certificate of incorporation or
by-laws of the Company or any material agreement to which the Company is a
party, or (ii) assuming that the filings referred to in Section 3(b) above are
made, contravene or conflict with or constitute a violation of any provision of
any law, rule, regulation, judgment, injunction, order or decree binding upon
or applicable to the Company.

                           (d)        SEC Documents; Disclosure; Financial
Statements.  (i)  The Company has made available to the
Purchasers prior to the date hereof copies of its Annual Report on Form 10-K
for the fiscal year ended December 31, 2000 ("Form 10-K"), its
Quarterly Report on Form 10-Q for the period ended March 31, 2001 ("Form
10-Q") and all other registration statements, reports and proxy statements
filed by the Company with the Securities and Exchange Commission (the
"Commission") on or after December 31, 2000 (the Form 10-K, Form 10-Q
and such registration statements, reports and proxy statements, are
collectively referred to herein as the "SEC Documents").  Each of the SEC Documents, as of the
respective date thereof, did not, and each of the registration statements,
reports and proxy statements filed by the Company with the Commission after the
date hereof and prior to the Closing will not, as of the date thereof, contain
any untrue statement of a material fact or omit to state a material fact
necessary in order to make the statements made therein, in light of the
circumstances under which they were made, not misleading, except as may have
been corrected in a subsequent SEC Document.

             (ii)  Since January 1, 2001, the Company has duly
filed with the Commission all registration statements, reports and proxy
statements required to be filed by it under the Securities Exchange Act of
1934, as amended, and the Securities Act. 
Each of the audited and unaudited consolidated financial statements of
the Company included in the SEC Documents filed prior to the date hereof has
been prepared in accordance with generally accepted accounting principles
applied on a consistent basis (except as may be indicated therein or in the
notes thereto) and fairly presents the consolidated financial position of the Company
and its consolidated subsidiaries as at the date thereof or the consolidated
results of their operations or cash flows for the periods then ended (subject
to normal year end audit adjustments, which adjustments in the aggregate will
not be material in amount or effect, in the case of unaudited interim financial
statements).

                           (e)         No Material Adverse Change.  Except as disclosed in any of the SEC
Documents, since April 1, 2001 there has been no material adverse change in the
business, assets, condition (financial or otherwise), results of operations or
prospects of the Company and its subsidiaries, taken as a whole.

                           (f)         Eligibility to Use Form S-3.  As of the date hereof, the Company is
eligible to use Form S-3 under the Securities Act to register the Shares for
resale as contemplated by Section 4 hereof.

                           (g)        The Shares.  The Shares have been duly authorized and
will, when issued in accordance with this Agreement, be validly issued, fully
paid and nonassessable.

             4.          Registration Rights.

                           (a)         Applicability.  Notwithstanding any other provision hereof,
for the purposes of Sections 4(b)-(h) hereof only, the term “Purchasers” as
used in such Sections 4(b)-(i) shall refer to all of the Purchasers other
than Dale Kutnick and Salomon Smith Barney, as IRA custodian for the benefit of
Dale Kutnick.

                           (b)        Certain Definitions.  For purposes of this Section 4, the
following terms shall have the meanings set forth below: 

                           “Black-out
Period” shall mean, with respect to the Company, that period commencing on
the 15th day of each of March, June, September and December of any year and
ending 48 hours after the public announcement by the Company of its earnings
for its fiscal year or quarter, as the case may be, that ends on the last day
of such month.

                           “Potential
Material Event” shall mean any of the following: (a) the possession by the
Company of material non-public information required to be disclosed in the
Resale Registration Statement, and the determination in good faith by the Board
of Directors of the Company that disclosure of such information in the Resale
Registration Statement at that time would either not be advisable or may be
detrimental to the business and affairs of the Company; (b) any material
engagement or activity by the Company, including (but not limited to) any
pending or scheduled public offering of the Company’s securities, an
acquisition, merger, recapitalization, consolidation, reorganization or similar
transaction by or of the Company, any pre-existing and continuing negotiations,
discussions or pending proposals with respect to any of the foregoing
transactions, or the financial condition of the Company in view of the
disclosure of any pending or threatened litigation, claim, assessment or
governmental investigation which may be required thereby; which would, in the
good faith determination of the Board of Directors of the Company, be adversely
affected by disclosure in the Resale Registration Statement at such time, which
determination shall be accompanied by a good faith determination by the Board
of Directors of the Company that the Resale Registration Statement would be
materially misleading absent the inclusion of such information.

                           “Registration
Expenses” means the expenses incurred by the Company in complying with
Section 4 hereof, including registration and filing fees, securities exchange
or market listing fees, printing expenses, fees and disbursements of counsel
for the Company, reasonable fees and reasonable disbursements of one counsel
for the selling Purchasers, state blue sky fees and expenses, and the expense
of any special audits incident to or required by any such registration, but
excluding any underwriting commissions, discounts and selling concessions and
any stock transfer, issuance or other taxes and fees and expenses of any
additional counsel to the selling Purchasers, if any.

                           “Registrable
Shares” means any Shares originally issued to any Purchaser pursuant to
this Agreement and any additional unregistered shares of common stock of the
Company received by such Purchasers as a stock dividend on the Registrable
Shares, or pursuant to a stock split or similar recapitalization of the
Company’s common stock, provided, however, that Registrable
Shares shall not include any such shares of common stock of the Company that as
of the date of the determination (x) have previously been sold by a Purchaser
pursuant to Rule 144 under the Securities Act or the Resale Registration
Statement or (y) may be sold without limitation pursuant to Rule 144(k) under
the Securities Act.

                           (c)         Resale Registration Statement.  Upon the written request (the “Demand
Notice”) of holders of at least 40% of the Registrable Shares (which request
shall list the number of Registrable Shares desired by any such holder to be
registered and may not be made prior to October 31, 2001), the Company shall
use all commercially reasonable efforts to file with the Commission a
registration statement (the “Resale Registration Statement”) on Form S-3 (or
such other applicable short form) registering the Registrable Shares for resale
under the Securities Act so requested to be registered.  In such case, the Company shall use all
commercially reasonable efforts to cause the Resale Registration Statement to
become effective as expeditiously as possible (although the Company shall not
be required to cause the Resale Registration Statement to become effective
prior to December 31, 2001) and to remain effective until the earlier of (x)
the date which is the second anniversary of the Closing Date and (y) the date
on which all Registrable Shares shall have been either transferred pursuant to
the Resale Registration Statement or are no longer Registrable Shares.  In the event a Demand Notice is delivered,
the Company shall promptly notify all Purchasers that were not signatories to
the Demand Notice that such notice has been delivered and such Purchasers shall
have ten (10) business days after receipt of such notice to notify the Company
in writing as to whether such Purchaser desires to have any of its Registrable
Shares registered on the Resale Registration Statement.  Any such notice shall state the number of
Registrable Shares desired to be registered. 
The Company shall be obligated to register Registrable Shares pursuant
to this Section 4 on one occasion only, provided, however, that such
obligation shall be deemed satisfied only when a registration statement
covering all Registrable Shares specified in notices received as aforesaid, for
sale in accordance with the method of disposition specified by the requesting
holders, shall have become effective and, if such method of disposition is a
firm commitment underwritten public offering, all such shares shall have been
sold pursuant thereto.  Notwithstanding
the foregoing, during any Black-out Period and if at any time or from time to
time after the Closing Date, the Company notifies the Purchasers in writing of
the existence of a Potential Material Event, (i) the Company shall not be
obligated to file the Resale Registration Statement with the Commission (if
such filing has not already been made), (ii) the Company shall not be obligated
to cause the Resale Registration Statement to become effective (if the Resale
Registration Statement has been filed with the Commission), and/or (iii) the
Purchasers shall not offer or sell any Registrable Shares, or engage in any
other transaction involving or relating to the Registrable Shares (if the
Resale Registration Statement has been declared effective by the Commission),
until the Black-out Period has expired or from the time of the giving of notice
with respect to a Potential Material Event until such Purchaser receives
written notice from the Company that such Potential Material Event either has
been disclosed to the public or no longer constitutes a Potential Material
Event.  In addition, the Company shall
be entitled, upon notice to the Purchasers in writing of the existence of a
Potential Material Event, to withdraw or suspend the Resale Registration
Statement until such time as such Potential Material Event either has been
disclosed to the public or no longer constitutes a Potential Material Event, at
which time the Company shall use all commercially reasonable efforts to refile
or reinstate the Resale Registration Statement and cause it to become
effective.

                           (d)        Further Obligations of the Company.  The Company shall also do the following: 

                                        (i)          Notify the Purchasers promptly upon
the effectiveness of the Resale Registration Statement.  Furnish to each Purchaser such copies of
each preliminary and final prospectus and such other documents as such
Purchaser may reasonably request to facilitate the public offering of its
Registrable Shares;

                                        (ii)         Use commercially reasonable efforts to
register or qualify the shares covered by said registration statement under the
applicable securities or blue sky laws of such jurisdictions as any selling
Purchaser may reasonably request; provided, however, that the Company
shall not be obligated to qualify to do business in any jurisdictions where it
is not then so qualified or to take any action which would subject it to the
service of process in suits other than those arising out of the offer or sale
of the securities covered by the Resale Registration Statement in any
jurisdiction where it is not then so subject;

                                        (iii)        Furnish, upon request, to each selling
Purchaser a copy of all documents filed with and all correspondence from or to
the Commission in connection with any such offering of the Registrable Shares;
and

                                        (iv)       Notify on a timely basis each seller of
the Registrable Shares at any time when a prospectus relating to the
Registrable Shares is required to be delivered under the Securities Act of the
happening of any event as a result of which the prospectus included in such
Resale Registration Statement, as then in effect, includes an untrue statement
of a material fact or omits to state a material fact required to be stated
therein or necessary to make the statements therein not misleading in light of
the circumstances then existing and, at the request of such seller, prepare and
furnish to such seller a reasonable number of copies of a supplement to or an
amendment of such prospectus as may be necessary so that, as thereafter
delivered to the offerees of such shares, such prospectus shall not include an
untrue statement of a material fact or omit to state a material fact required
to be stated therein or necessary to make the statements therein not misleading
in light of the circumstances then existing.

                           (e)         Further Obligations of Purchasers.  In connection with any registration pursuant
to this Agreement in which Registrable Shares held by a Purchaser are to be
registered, such Purchaser shall furnish to the Company in writing such
information with respect to such Purchaser and the sale or distribution
proposed by such Purchaser as the Company reasonably requests for use in
connection with any such registration statement or prospectus or otherwise as
shall be reasonably required in connection with any registration, qualification
or compliance referred to in this Agreement. 
Such provision of information by a Purchaser is a condition precedent to
the obligations of the Company to register the Registrable Shares of such
Purchaser pursuant to Section 4 of this Agreement.

                           (f)         Allocation of Expenses.  The Company shall pay all of the Registration
Expenses incurred by the Company in complying with Section 4 of this
Agreement.  In no event shall the
Company have any obligation to pay or otherwise bear any portion of the
underwriters’ commissions or discounts and selling concessions, any fees and expenses
of more than one counsel to the selling Purchasers, if any, or stock transfer,
issuance or other tax attributable to the Registrable Shares being offered and
sold by any of the Purchasers.

                           (g)         Selection of Broker.  Unless otherwise agreed to by the Company in
writing, the Registrable Shares registered pursuant to this Agreement shall be
sold by the selling Purchasers through one of at least two brokers or dealers
selected by the Company, and reasonably acceptable to the selling Purchasers,
at the time of such registration.

                           (h)        Indemnification and Contribution.  (i) 
In the event of a registration of any of the Registrable Shares under
the Securities Act pursuant to this Section 4, the Company will indemnify and
hold harmless each seller of such Registrable Shares thereunder, each
underwriter of such Registrable Shares thereunder and each other person, if
any, who controls such seller or underwriter within the meaning of the
Securities Act, against any losses, claims, damages or liabilities, joint or
several, to which such seller, underwriter or controlling person may become
subject under the Securities Act or otherwise, insofar as such losses, claims,
damages or liabilities (or actions in respect thereof) arise out of or are
based upon any untrue statement or alleged untrue statement of any material
fact contained in any registration statement under which such Registrable
Shares were registered under the Securities Act pursuant to this Section 4, any
preliminary prospectus or final prospectus contained therein, or any amendment
or supplement thereof, or arise out of or are based upon the omission or
alleged omission to state therein a material fact required to be stated therein
or necessary to make the statements therein not misleading, and will reimburse
each such seller, each such underwriter and each such controlling person for
any legal or other expenses reasonably incurred by them in connection with
investigating or defending any such loss, claim, damage, liability or action, provided,
however, that the Company will not be liable in any such case (x) if and
to the extent that any such loss, claim, damage or liability arises out of or
is based upon an untrue statement or alleged untrue statement or omission or
alleged omission so made in conformity with information furnished by such
seller, such underwriter or such controlling person in writing specifically for
use in such registration statement or prospectus or (y) if in the case of a
sale directly by such seller of Registrable Shares, such untrue statement or
alleged untrue statement or omission or alleged omission was contained in a
preliminary prospectus and corrected in a final or amended prospectus, and such
seller of Registrable Shares failed to deliver a copy of the final or amended
prospectus at or prior to the confirmation of the sale of the Registrable
Shares to the person asserting any such loss, claim, damage or liability in any
case where such delivery is required by the Securities Act or any state
securities laws.

                                        (ii)         In the event of a registration of any
of the Registrable Shares under the Securities Act pursuant to this Section 4,
each seller of such Registrable Shares thereunder, severally and not jointly,
will indemnify and hold harmless the Company, each person, if any, who controls
the Company within the meaning of the Securities Act, each officer of the
Company who signs the registration statement, each director of the Company,
each underwriter and each person who controls any underwriter within the
meaning of the Securities Act, against all losses, claims, damages or
liabilities, joint or several, to which the Company or such officer, director,
underwriter or controlling person may become subject under the Securities Act
or otherwise, insofar as such losses, claims, damages or liabilities (or
actions in respect thereof) arise out of or are based upon any untrue statement
or alleged untrue statement of any material fact contained in the registration
statement under which such Registrable Shares was registered under the Securities
Act pursuant to this Section 4, any preliminary prospectus or final prospectus
contained therein, or any amendment or supplement thereof, or arise out of or
are based upon the omission or alleged omission to state therein a material
fact required to be stated therein or necessary to make the statements therein
not misleading, and will reimburse the Company and each such officer, director,
underwriter and controlling person for any legal or other expenses reasonably
incurred by them in connection with investigating or defending any such loss,
claim, damage, liability or action, provided, however, that such
seller will be liable hereunder in any such case (x) if and only to the extent
that any such loss, claim, damage or liability arises out of or is based upon
an untrue statement or alleged untrue statement or omission or alleged omission
made in reliance upon and in conformity with information pertaining to such
seller, as such, furnished in writing to the Company by such seller
specifically for use in such registration statement or prospectus or (y) if in
the case of a sale directly by such seller of Registrable Shares, such untrue
statement or alleged untrue statement or omission or alleged omission was
contained in a preliminary prospectus and corrected in a final or amended
prospectus, and such seller of Registrable Shares failed to deliver a copy of
the final or amended prospectus at or prior to the confirmation of the sale of
the Registrable Shares to the person asserting any such loss, claim, damage or
liability in any case where such delivery is required by the Securities Act or
any state securities laws, and provided, further, however,
that the liability of each seller hereunder shall be limited to the net
proceeds received by such seller from the sale of Registrable Shares covered by
such registration statement. 

                                        (iii)        Promptly after receipt by an indemnified
party hereunder of notice of the commencement of any action, such indemnified
party shall, if a claim in respect thereof is to be made against the
indemnifying party hereunder, notify the indemnifying party in writing thereof,
but the omission so to notify the indemnifying party shall not relieve it from
any liability which it may have to such indemnified party other than under this
Section 4(h) and shall only relieve it from any liability which it may have to
such indemnified party under this Section 4(h) if and to the extent the
indemnifying party is prejudiced by such omission.  In case any such action shall be brought against any indemnified
party and it shall notify the indemnifying party of the commencement thereof,
the indemnifying party shall be entitled to participate in and, to the extent
it shall wish, to assume and undertake the defense thereof with counsel
satisfactory to such indemnified party, and, after notice from the indemnifying
party to such indemnified party of its election so to assume and undertake the
defense thereof, the indemnifying party shall not be liable to such indemnified
party under this Section 4(h) for any legal expenses subsequently incurred by
such indemnified party in connection with the defense thereof other than
reasonable costs of investigation and of liaison with counsel so selected, provided,
however, that, if the defendants in any such action include both the
indemnified party and the indemnifying party and the indemnified party shall
have reasonably concluded that there may be reasonable defenses available to it
which are different from or additional to those available to the indemnifying
party or if the interests of the indemnified party reasonably may be deemed to
conflict with the interests of the indemnifying party, the indemnified party
shall have the right to select a separate counsel and to assume such legal
defenses and otherwise to participate in the defense of such action, with the
expenses and fees of such separate counsel and other expenses related to such
participation to be reimbursed by the indemnifying party as incurred.  No indemnified party shall settle,
compromise or consent to the entry of a judgment in any pending or threatened
action, suit, proceeding or other claim for which recovery may be available
under this Section 4 without the prior written consent of the indemnifying
party.

                                        (iv)       In order to provide for just and
equitable contribution to joint liability under the Securities Act in any case
in which either (i) any holder of Registrable Shares exercising rights under
this Agreement, or any controlling person of any such holder, makes a claim for
indemnification pursuant to this Section 4(h) but it is judicially determined
(by the entry of a final judgment or decree by a court of competent
jurisdiction and the expiration of time to appeal or the denial of the last
right of appeal) that such indemnification may not be enforced in such case
notwithstanding the fact that this Section 4(h)  provides for indemnification in such case, or (ii) contribution
under the Securities Act may be required on the part of any such selling holder
or any such controlling person in circumstances for which indemnification is
provided under this Section 4(h); then, and in each such case, the Company and
such holder will contribute to the aggregate losses, claims, damages or
liabilities to which they may be subject (after contribution from others) in such
proportion so that such holder is responsible for the portion represented by
the percentage that the public offering price of its Registrable Shares offered
by the registration statement bears to the public offering price of all
securities offered by such registration statement, and the Company is
responsible for the remaining portion; provided, however, that,
in any such case, (A) no such holder will be required to contribute any amount
in excess of the public offering price of all such Registrable Shares offered
by it pursuant to such registration statement; and (B) no person or entity
guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of
the Securities Act) will be entitled to contribution from any person or entity
who was not guilty of such fraudulent misrepresentation.

                           (i)          Transferability of Registration
Rights.  The registration rights
granted in this Section 4 may be assigned or transferred in connection with a
sale of Registrable Shares or otherwise if (x) the transferee is a partner,
stockholder or affiliate of a Purchaser, (y) the transferee is not a direct
competitor of the Company and (z) the transferor notifies the Company of the
transfer in writing and provides the Company with the transferee’s name and
address and the number of Registrable Shares acquired.  Except as provided in the previous sentence,
the registration rights granted in this Section 4 may not be assigned or
transferred in connection with a sale of the Registrable Shares or otherwise.

             5.          Miscellaneous.  Each of the parties hereto covenants and
agrees upon the request of the Company (in the case of one or more of the
Purchasers) or the request of one or more of the Purchasers (in the case of the
Company), to do, execute, acknowledge and deliver or cause to be done,
executed, acknowledged and delivered all such further acts, deeds, documents,
powers of attorney and assurances as may be reasonably necessary or desirable
to give full effect to this Agreement. 
Except as may be otherwise required by law, without the prior written
consent of the Company, Purchasers shall not make any public disclosure of the
transactions contemplated hereby until such information becomes generally
publicly available other than through a violation of this provision by any Purchaser
or its agents.  The Company and the
Purchasers shall pay all of their own fees and expenses incurred in connection
with this Agreement and the transactions contemplated hereby, including,
without limitations, those of any agents, advisors or finders retained by any
such party.  Any amendment of this
Agreement shall not be effective unless signed in writing by all parties
here.  This Agreement supercedes any
other agreement, whether written or oral, that may have been made or entered
into by the parties hereto relating to the matters contemplated hereby, and
constitutes the entire agreement by the parties.  Headings and captions in this Agreement are for convenience only
and shall not be considered a part of this Agreement.  This Agreement shall inure to the benefit of and be binding upon
the parties hereto and their respective successors and assigns.  This Agreement shall be construed and
interpreted according to the laws of the State of Delaware, without giving
effect to its principles of conflicts of laws. 
This Agreement may be executed in any number of counterparts, each of
which shall be deemed an original, but all of which together shall constitute
one agreement.  A document signed and
transmitted by facsimile machine or telecopier shall be treated as an original
document and the signature of any party on such document shall be considered as
an original signature.

[REMAINDER OF PAGE LEFT BLANK
INTENTIONALLY]

             IN
WITNESS WHEREOF, this Agreement has been executed by the parties hereto as of
the day and year first above written.

	 	META GROUP, INC.
	 	 	 	 
	 	By:	/s/
  John Piontkowski
	 	 	

	 	 	Name:	John
  Piontkowski
	 	 	Title:	Chief
  Financial Officer
	 	 	 	 
	 	PURCHASERS:
	 	 	 	 
	 	FIRST ALBANY CORPORATION
	 	 
	 	By: 	/s/ George McNamee
	 	 	

	 	 	Name:	George
  McNamee
	 	 	Title:	Chairman
	 	 	 	 
	 	ARDENT RESEARCH PARTNERS, LTD
	 	 
	 	By: 	/s/ Francis J. Saldutti
	 	 	

	 	 	Name:
  	Francis
  J. Saldutti
	 	 	Title:	General
  Partner
	 	 	 	 
	 	ARDENT RESEARCH PARTNERS, L.P.
	 	 
	 	By: 	/s/ Francis J. Saldutti
	 	 	

	 	 	Name:	Francis
  J. Saldutti
	 	 	Title:	General
  Partner
	 	 	 	 
	 	 	/s/
  Dale Kutnick
	 	 	

	 	 	Dale
  Kutnick

 

	 	JMI
  Equity Fund IV, L.P.
	 	By:	JMI
  Associates IV, L.L.C.
	 	 	its
  General Partner
	 	 	 	 
	 	By:	/s/ Bradford D. Woloson
	 	 	

	 	 	Name:	Bradford
  D. Woloson
	 	 	Title:	Managing
  Member
	 	 	 	 
	.	JMI
  Equity Fund IV (AI), L.P
	 	By:	JMI
  Associates IV, L.L.C.
	 	 	its
  General Partner
	 	 	 	 
	 	By:	/s/ Bradford D. Woloson
	 	 	

	 	 	Name:	Bradford
  D. Woloson
	 	 	Title:
  	Managing
  Member
	 	 	 	 
	 	JMI
  Euro Equity Fund IV, L.P.
	 	By:	JMI
  Associates IV, L.L.C.
	 	 	its
  General Partner
	 	 	 	 
	 	By:	/s/ Bradford D. Woloson
	 	 	

	 	 	Name:	Bradford
  D. Woloson
	 	 	Title:	Managing
  Member
	 	 	 	 
	 	JMI
  Equity Side Fund, L.P.
	 	By:	JMI
  Side Associates, L.L.C.
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Bradford D. Woloson
	 	 	

	 	 	Name:	Bradford
  D. Woloson
	 	 	Title:	Vice
  President

 

	 	Salomon
  Smith Barney,
	 	as
  IRA custodian for
	 	the
  benefit of Dale Kutnick
	 	 
	 	By:	/s/ George Parsons
	 	 	

	 	 	Name:	George Parsons
	 	 	Title:	Vice
  President/ Operations Manager

Exhibit A

 

	Name and Address of Purchaser	No.
  of Shares	 	Purchase
  Price	 
	

	

	 	

	 
	First Albany
  Corporation	719,424	 	$1,999,998.72	 
	30 South Pearl Street	 	 	 	 
	Albany, NY  12207	 	 	 	 
	Contact:  Mr. George C. McNamee	 	 	 	 
	Phone Number: (518)
  447-8501	 	 	 	 
	E-mail:  george.mcnamee@fac.com	 	 	 	 
	 	 	 	 	 
	JMI Equity Fund IV,
  L.P.	505,421	 	$1,405,070.38	 
	1119 St. Paul Street	 	 	 	 
	Baltimore, MD  21202	 	 	 	 
	Contact:  Mr. Harry Gruner	 	 	 	 
	Phone Number:  (410) 385-2691	 	 	 	 
	E-mail:  hgruner@jmi-inc.com	 	 	 	 
	 	 	 	 	 
	JMI Equity Fund IV
  (AI), L.P.	40,024	 	$111,266.72	 
	1119 St. Paul Street	 	 	 	 
	Baltimore, MD  21202	 	 	 	 
	Contact:  Mr. Harry Gruner	 	 	 	 
	Phone Number:  (410) 385-2691	 	 	 	 
	E-mail:  hgruner@jmi-inc.com	 	 	 	 
	 	 	 	 	 
	JMI Euro Equity Fund
  IV, L.P.	161,389	 	$448,661.42	 
	1119 St. Paul Street	 	 	 	 
	Baltimore, MD  21202	 	 	 	 
	Contact:  Mr. Harry Gruner	 	 	 	 
	Phone Number:  (410) 385-2691	 	 	 	 
	E-mail:  hgruner@jmi-inc.com	 	 	 	 
	 	 	 	 	 
	JMI Equity Side Fund,
  L.P.	12,590	 	$35,000.20	 
	1119 St. Paul Street	 	 	 	 
	Baltimore, MD  21202	 	 	 	 
	Contact:  Mr. Harry Gruner	 	 	 	 
	Phone Number:  (410) 385-2691	 	 	 	 
	E-mail:  hgruner@jmi-inc.com	 	 	 	 

 

	Ardent Research
  Partners, LTD	35,971	 	$99,999.38	 
	153 East 53rd
  Street   Suite 4800	 	 	 	 
	New York, NY  10022	 	 	 	 
	Contact:  Mr. Francis J. Saldutti	 	 	 	 
	Phone Number:  (212) 508-7025	 	 	 	 
	E-mail:  fsaldutti@ardentresearch.com	 	 	 	 
	 	 	 	 	 
	Ardent Research
  Partners, LP	35,971	 	$99,999.38	 
	153 East 53rd
  Street   Suite 4800	 	 	 	 
	New York, NY  10022	 	 	 	 
	Contact:  Mr. Francis J. Saldutti	 	 	 	 
	Phone Number:  (212) 508-7025	 	 	 	 
	E-mail:  fsaldutti@ardentresearch.com	 	 	 	 
	 	 	 	 	 
	Salomon Smith Barney,	121,000	 	$336,380.00	 
	as IRA custodian for	 	 	 	 
	the benefit of Dale
  Kutnick	 	 	 	 
	950 Winter Street	 	 	 	 
	Suite 4400	 	 	 	 
	Waltham, MA 02451	 	 	 	 
	Contact:  Mr. Herman Bruckner	 	 	 	 
	Phone Number:  (781) 672-5106	 	 	 	 
	E-mail:	 	 	 	 
	 	 	 	 	 
	Mr. Dale Kutnick	94,827	 	$263,619.06	 
	23 Sherman Turnpike	 	 	 	 
	Redding, CT  06875	 	 	 	 
	Phone Number:  (203) 973-6731	 	 	 	 
	E-mail:  dale.kutnick@metagroup.com	 	 	 	 
	 	 	 	 	 
	 	Totals	1,726,617	 	$4,799,995.26Prepared by MerrillDirect

Exhibit 10.1

META Group, Inc./JMI Long Term
Incentive Compensation Plan

Waiver and Release Agreement

Background

             I
understand that (i) META Group, Inc., a Delaware corporation (“META” or
the “Company”), plans to terminate the META Group, Inc./JMI Long Term
Incentive Compensation Plan (the “Plan”) pursuant Section VI.E of the
Plan; (ii) META plans to sell its entire partnership interest in all JMI Funds;
and (iii) the termination of the Plan and sale by META of its partnership
interest in all JMI Funds adversely affects my unvested ownership interest in
and to all Units granted to me under the Plan. 
Based on these express understandings, I hereby consent to the
termination of my interest and rights in and to all Units that I have been
granted pursuant to the Plan, all of which are unvested, effective as of the
date below (the “Effective Date”). 
All capitalized terms used but not defined herein shall have the
meanings ascribed thereto in the Plan.

Grant of Stock Options

             In
consideration for executing this Waiver and Release Agreement (the “Agreement”)
and subject to approval of the Company’s Board of Directors, META will grant to
me an option to purchase that number of shares of the Company’s common stock,
par value $.01 per share (“Common Stock”) equal to the number of Units
previously granted to and currently held by me multiplied by 1,000 (one
thousand).  The purchase price for a
share of Common Stock subject to such option shall be equal to the fair market
value of one share of Common Stock at the close of business on the date of the
grant (the “Exercise Price”). 
The options will be subject to the terms and conditions of the Company’s
Amended and Restated 1995 Stock Plan (the “Stock Option Plan”) and the
Company’s standard Incentive Stock Option Agreement or Non-Qualified Stock
Option Agreement, as applicable, between the Company and me.  One-third of such options shall be vested on
the date of grant, another one-third shall vest on the date which is 6 months
from the grant date and the final one-third shall vest on the date which is the
one year anniversary date of the grant date (in the latter two cases, subject
to continued employment with the Company). 
To the maximum extent possible, such options shall be intended to
qualify as “incentive stock options” under Section 422 of the Internal Revenue
Code of 1986, as amended.

Release

             In
consideration for META’s stock option grant to me as described above, I and my
representatives, agents, estate, heirs, successors and assigns absolutely and
unconditionally hereby voluntarily release, discharge, disclaim, waive,
indemnify and hold harmless META and its parents, subsidiaries or affiliates,
predecessors, successors or assigns, and its and their respective current
and/or former partners, directors, trustees, investors,
shareholders/stockholders, officers, employees, attorneys and/or agents, all
both individually and in their official capacities, from any and all actions,
claims, rights, liabilities or damages, whether existing or contingent, known
or unknown, that arise from and/or are related to the Plan, the termination of
such Plan and/or the termination of my interest and rights in and to all Units
that I have been granted pursuant to the Plan.

Documentation Provided

             Additionally,
I hereby acknowledge receipt of the following documentation provided to me in
connection with my execution of this Agreement, each of which is attached as an
exhibit to this Agreement:

	•	the
  Plan (Exhibit A),
	•	the
  Stock Option Plan (Exhibit B),
	•	the
  Company’s Annual Report on Form 10-K for the fiscal year ended December 31,
  2000 (Exhibit C),
	•	the
  Company’s Definitive Proxy Statement on Schedule 14A for the Annual Meeting
  of Stockholders to be held in May 2001 (Exhibit D),
	•	Limited
  Partnership Agreement of JMI Equity Side Fund, L.P. dated as of July 31, 1998
  (Exhibit E),
	•	Confidential
  Memorandum dated June 1998 for JMI Equity Side Fund, L.P. and Confidential
  Offering Memorandum for JMI Equity Fund III, L.P. (Exhibit F),
	•	the
  JMI Equity Side Fund, L.P. financial statements and schedule for the twelve
  months ended December 31, 2000 and 1999 (with independent auditors report
  thereon) (Exhibit G),
	•	the
  JMI Equity Side Fund, L.P. Portfolio Review as of December 31, 2000 (Exhibit
  H) and
	•	the
  JMI Equity Side Fund, L.P. Portfolio Review Schedule as of March 31, 2001 (Exhibit
  I).

 

             I
acknowledge that I have thoroughly read and understand the above documentation
and have had a sufficient amount of time and opportunity to consider these
materials and ask questions of META management about them in connection with my
execution of this Agreement.

Opportunity to Ask
Questions

             I also acknowledge that I have had
an opportunity to discuss the Company’s business, management and financial
affairs with directors, officers and management of the Company.  I have also had the opportunity to ask
questions of and receive answers from, the Company and its management regarding
the terms and conditions of this Waiver Agreement and Release and the subject
matter hereof (namely the termination of the Plan, the termination of my Units
and the granting of stock options in the Company) and the business and
operations of the Company.

             I further acknowledge that I have had an opportunity to
discuss the business, management, prospects and financial affairs of the JMI
Funds with representatives of management of the JMI Funds.  I have also had the opportunity to ask
questions of and receive answers from, such JMI Funds representatives regarding
the terms and conditions of this Waiver Agreement and Release and the subject
matter hereof (namely the historical and prospective financial performance and
direct and indirect portfolio holdings of the JMI Funds).

Miscellaneous

             I
understand that I and the other Participants under the Plan are the only
persons who are eligible to execute a form of this Agreement.  I acknowledge that the terms hereof were
made pursuant to arms’ length good faith negotiation among the parties.  I further understand that the effectiveness
of this Agreement is not contingent on any other Participant signing a form of
this Agreement.

             No
commission or other remuneration is being paid or given directly or indirectly
in connection with soliciting the transactions contemplated by this Agreement.

             Each
Participant is urged, at his or her own expense, to consult with and rely on
his or her own advisors with respect to the individual consequences – tax,
legal and otherwise – to him or her of entering into this Agreement.  I understand and acknowledge that Testa, Hurwitz
& Thibeault, LLP represents META and the JMI Funds, and not me.

             I
acknowledge and agree that I have received the advice of independent counsel in
connection with this Agreement (or I have independently and of my own free-will
decided not to obtain such advice).  I
acknowledge that I have reviewed the terms of this Agreement (with independent
counsel if I have so chosen to do so), and that I am not relying upon any other
party concerning this Agreement.  I
hereby represent and acknowledge that I have made this Agreement, including the
release stated herein, of my own free will and accord, and in accordance with
my own judgment upon advice of my own legal counsel (if applicable), and state
that I have not been induced to enter into this Agreement by any statement, act
or representation of any kind or character on the part of anyone (other than my
own counsel, if applicable).

             This
Agreement shall be interpreted, construed and enforced in accordance with the
substantive laws of the State of Connecticut without regard to its principles
of conflict of laws.

             This
Agreement and the Plan set forth the complete and sole agreement between the
parties regarding my agreement to terminate and waive all rights I have in and
to any Units, and supersedes any and all other agreements or understandings
regarding this specific subject matter, whether written or oral, express or
implied.

             I intend
this Agreement to constitute my consent pursuant to the last sentence of
Section VI.E. of the Plan.

	 	 	 	 	 
	 	 	 	 	

	 	 	 	 	   Signature
	 	 	 	 	 
	 	 	 	 	

	 	 	 	 	   Print Name
	 	 	 	 	 
	 	 	 	 	

	 	 	 	 	   Date
	Agreed
  and accepted to

  as of the date written above:	 	 
	 	 	 
	META
  GROUP, INC.	 	 
	 	 	 
	By:	 	 	 	 
	 	

	 	 
	 	Name:	 	 	 
	 	Title:

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