Document:

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                                                                   EXHIBIT 10.2

NEITHER THE WITHIN WARRANTS NOR THE UNDERLYING SHARES (TOGETHER, THE
"SECURITIES") HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE "ACT"), OR ANY STATE SECURITIES LAWS. SUCH SECURITIES MAY NOT BE SOLD,
OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF SUCH REGISTRATION OR
AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH
DISPOSITION IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS
OF THE ACT AND OF ANY APPLICABLE STATE SECURITIES LAWS.

                           BREAKAWAY SOLUTIONS, INC.

                         COMMON STOCK PURCHASE WARRANTS

         THIS CERTIFIES THAT, for value received, ICG Holdings, Inc. a Delaware
corporation, or registered assigns (the "HOLDER"), is hereby issued 9,737,447
warrants ("WARRANTS") to purchase from Breakaway Solutions, Inc., a Delaware
corporation (the "COMPANY"), at any time until January 11, 2006 (the "Expiration
Date"), fully paid and non-assessable shares of the Company's Common Stock, par
value $.000125 per share ("COMMON STOCK"), at the exercise price of $0.6875 per
Warrant (the "EXERCISE PRICE"), subject to the provisions hereinafter set forth
and the provisions of the Loan and Security Agreement between ICG Holdings, Inc.
and the Company dated January 11, 2001 (the "LOAN AND SECURITY AGREEMENT");
provided, that if the average Closing Bid Price of the Common Stock for the five
trading days immediately prior to January 31, 2001, is less than $0.6875, then
the Exercise Price shall be reduced to such average Closing Bid Price; and
provided, further, that if the average Closing Bid Price of the Common Stock for
the five trading days immediately prior to January 31, 2002 is less than the
Exercise Price then in effect, the Exercise Price shall be reduced to such
average Closing Bid Price. "CLOSING BID PRICE" means (i) the closing bid price
on Nasdaq (ii) or, if the Common Stock is not trading on Nasdaq, on the OTC
Bulletin Board (iii) or, if there is no bid price for the Common Stock on the
OTC Bulletin Board on any relevant date, the price agreed by the Company and the
Holder for such date. Each Warrant is initially exercisable for one share of
Common Stock, subject to adjustment as set forth herein.

         The Warrants are subject to the following terms and conditions:

         1.   METHOD OF EXERCISE: PAYMENT.

              (a) CASH EXERCISE. Any number of Warrants may be exercised by the
Holder from time to time by the surrender of this instrument along with the
notice of exercise form attached hereto as EXHIBIT A (the "NOTICE OF EXERCISE")
at the principal office of the Company, and by payment to the Company of an
amount equal to the Exercise Price multiplied by the number of Warrants being
exercised, which amount may be paid in cash, by wire transfer, by certified
check payable to the order of the Company, or as set forth in Section 1(b)
below. The person or persons in whose name(s) any certificate(s) representing
Common Stock shall be issuable upon exercise of Warrants shall be deemed to have
become the holder(s) of record of,

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and shall be treated for all purposes as the record holder(s) of, the Common
Stock represented thereby (and such Common Stock shall be deemed to have been
issued) immediately prior to the close of business on the day on which the
Holder either delivers this instrument and the Notice of Exercise to the Company
or delivers this instrument and the Notice of Exercise to a nationally
recognized courier service for next business day delivery to the Company (the
"EXERCISE DATE.")

              (b) NET ISSUE EXERCISE. The Holder may elect to pay the Exercise
Price in Common Stock by surrender of this instrument at the principal office of
the Company along with the Notice of Exercise in which Alternative No. 2 is
elected by the Holder. In such event, the Company shall issue to the Holder a
number of shares of Common Stock computed using the following formula:

                                   X = Y (A-B)
                                       -------
                                         A

             Where X         =      the number of shares of Common Stock
                                    to be issued to the Holder.

                   Y         =      the number of shares of Common Stock as
                                    to which this instrument is being exercised.

                   A         =      the fair market value of one share of
                                    Common Stock as of the date of exercise.

                   B         =      the Exercise Price

              (c) FAIR MARKET VALUE. For purposes of this Section 1, the fair
market value of one Warrant Share shall mean:

                  (i) The highest sale price of a share of Common Stock over the
ten trading days immediately preceding the Exercise Date on the Nasdaq Stock
Market, the Over-The-Counter Market, or any other exchange on which the Common
Stock is listed, whichever is applicable; or

                  (ii) If the Company's Common Stock is not traded on the Nasdaq
Stock Market or Over-The-Counter or on an exchange, the fair market value of a
share of Common Stock shall be determined in good faith by the Company's Board
of Directors using similar diligence and valuation methods as applied by the
Company's Board of Directors in determining the fair market value of incentive
stock options.

              (d) STOCK CERTIFICATES. In the event of any exercise of the rights
represented by this instrument, as promptly as practicable on or after the date
of exercise and in any event within ten business days thereafter, the Company at
its expense shall issue and deliver to the person or persons entitled to receive
the same a certificate or certificates for the number of shares of Common Stock
issuable upon such exercise. In the event this instrument is exercised in part,

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the Company at its expense will execute and deliver to the Holder a new
instrument of like tenor exercisable for the number of unexercised Warrants.

              (e) TAXES. The issuance of Common Stock upon the exercise of this
instrument, and the delivery of certificates or other instruments representing
such Common Stock, shall be made without charge to the Holder for any tax or
other charge in respect of such issuance.

         2.   STOCK FULLY PAID: RESERVATION OF COMMON STOCK. The Company agrees
that (i) all of the Common Stock issuable upon the exercise of the rights
represented by this instrument will, upon issuance and receipt of the Exercise
Price therefor, be fully paid and nonassessable, and free from all preemptive
rights, rights of first refusal or first offer, share transfer taxes, liens and
charges with respect to the issuance thereof and (ii) the issuance of this
instrument is free from all preemptive rights, rights of first refusal or first
offer, share transfer taxes, liens and charges with respect to the issuance
hereof. During the period within which the rights represented by this instrument
may be exercised, the Company shall at all times have authorized and reserved
for issuance sufficient shares of Common Stock to provide for the exercise of
the rights represented by this instrument. The Company agrees that its issuance
of this instrument shall constitute full authority to its officers who are
charged with the duty of executing stock certificates to execute and issue the
necessary certificates for Common Stock upon the exercise of this instrument.
The Company shall not take any action which results in a Conversion Price
adjustment if the fully-diluted number of shares of Common Stock outstanding
after the action would exceed the total number of shares of Common Stock
authorized for issuance by the Company's Certificate of Incorporation.

         3.   CONVERSION. The Holders of this instrument shall have exercise
rights as follows (the "EXERCISE RIGHTS"):

              (a) RIGHT TO CONVERT. Each Warrant shall be exercisable in
accordance with Section 1, at the option of the Holder, at any time after the
date of issuance of this instrument, at the office of the Company or any
transfer agent for the Warrants, into such number of fully paid and
nonassessable shares of Common Stock as is determined by dividing $0.6875 (or
such lesser amount as equals the Exercise Price, if the Exercise Price is
reduced pursuant to the introductory provisions hereof which precede Section 1)
(the "ORIGINAL PRICE") by the conversion price (the "CONVERSION PRICE") at the
time in effect. The initial Conversion Price per Warrant shall be the Original
Price; PROVIDED, HOWEVER, that the Conversion Price shall be subject to
adjustment as set forth in Section 3(b) hereof; and PROVIDED, FURTHER, that the
Conversion Price shall be reduced to equal the Exercise Price upon a reduction
in the Exercise Price pursuant to the introductory provisions hereof which
precede Section 1 if such reduced Exercise Price is less than the Conversion
Price then in effect.

              (b) CONVERSION PRICE ADJUSTMENTS. The Conversion Price shall be
subject to adjustment from time to time as follows:

                                      -3-

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                  (i) (A) Upon each issuance (or deemed issuance pursuant to the
provisions hereof) by the Company of any Additional Stock (as defined in Section
3(b)(ii)) after the date of issuance of this instrument, without consideration
or for an Effective Price per share less than the Conversion Price in effect
immediately prior to the issuance (or deemed issuance) of such Additional Stock,
then the Conversion Price in effect immediately prior to each issuance (or
deemed issuance) shall be reduced to the Effective Price received by the Company
upon such issuance (determined in accordance with this Section 3(b)). The
"Effective Price" of shares of Additional Stock means the quotient determined by
dividing (i) the total number of such shares of Additional Stock issued or sold,
or deemed to have been issued or sold, by the Company under Section 3 hereof,
into (ii) the consideration received (or deemed received) by the Company under
Section 3 hereof for the issuance of such shares of Additional Stock.

                      (B) No adjustment of the Conversion Price shall be made in
an amount less than one-half of one cent ($0.005) per share, provided that any
adjustments which are not required to be made by reason of this sentence shall
be carried forward and shall be taken into account in any subsequent adjustment
to the Conversion Price.

                      (C) In the case of the issuance of securities of the
Company for cash, the amount of consideration received by the Company for such
securities shall be deemed to be the amount of cash paid therefor before
deducting any discounts, commissions or other expenses allowed, paid or incurred
by the Company for any underwriting or otherwise in connection with the issuance
and sale thereof.

                      (D) In the case of the issuance of securities of the
Company for a consideration in whole or in part other than cash, the
consideration other than cash shall be deemed to have a dollar value equal to
the fair market value of such non-cash consideration as determined in good faith
by the Board of Directors, irrespective of any accounting treatment thereof.

                      (E) In the case of the issuance (whether before, on or
after the date of issuance of this instrument) of Options or Convertible
Securities, the following provisions shall apply for all purposes of this
Section 3(b)(i) and Section 3(b)(ii) hereof. "OPTION" means rights, options or
warrants to subscribe for, purchase or otherwise acquire Common Stock or
Convertible Securities. "CONVERTIBLE SECURITIES" means any debt or equity
security convertible into or exchangeable for Common Stock.

                         (1) With respect to Options to purchase Common Stock,
the aggregate maximum number of shares of Common Stock deliverable upon exercise
of such Options shall be deemed to have been issued at the time such Options
were issued and for a consideration equal to the consideration (determined in
the manner provided in Section 3(b)(i)(C) and Section 3(b)(i)(D) hereof), if
any, received by the Company for such Options plus the minimum exercise price
provided in such Options for Common Stock covered thereby.

                         (2) With respect to Convertible Securities and Options
to purchase Convertible Securities, the aggregate maximum number of shares of
Common Stock

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deliverable upon the conversion or exchange of any such Convertible Securities
and the aggregate maximum number of shares of Common Stock issuable upon the
exercise of such Options to purchase Convertible Securities and the subsequent
conversion or exchange of such Convertible Securities shall be deemed to have
been issued at the time such Convertible Securities or such Options were issued
and for a consideration equal to the consideration, if any, received by the
Company for any such Convertible Securities and Options, plus the minimum
additional consideration, if any, to be received by the Company upon the
conversion or exchange of such Convertible Securities or the exercise of such
Options and the conversion or exchange of the Convertible Securities issuable
upon exercise of such Options (the consideration in each case to be determined
in the manner provided in Section 3(b)(i)(C) and 3(b)(i)(D) hereof).

                         (3) In the event of any change in the number of shares
of Common Stock deliverable, or in the consideration payable to the Company,
upon exercise of such Options or upon conversion or exchange of such Convertible
Securities, including, but not limited to, a change resulting from the
antidilution provisions thereof, the Conversion Price, to the extent in any way
affected by or computed using such Options or Convertible Securities, shall be
recomputed to reflect such change, but no further adjustment shall be made for
the actual issuance of Common Stock or any payment of such consideration upon
the exercise of any such Options or the conversion or exchange of such
Convertible Securities.

                         (4) Upon the expiration or termination of any such
Options or any such rights to convert or exchange Convertible Securities, the
Conversion Price, to the extent in any way affected by or computed using such
Options or Convertible Securities, shall be recomputed to reflect the issuance
of only the number of shares of Common Stock (and Options and Convertible
Securities which remain in effect) that were actually issued upon the exercise
of such Options or upon the conversion or exchange of such Convertible
Securities.

                         (5) The number of shares of Common Stock deemed issued
and the consideration deemed paid therefor pursuant to Section 3(b)(i)(E)(1) and
(2) hereof shall be appropriately adjusted to reflect any change, termination or
expiration of the type described in either Section 3(b)(i)(E)(3) or (4) hereof.

                  (ii) "ADDITIONAL STOCK" shall mean any shares of Common Stock
issued (or deemed to have been issued pursuant to Section 3(b)(i)(E) hereof) by
the Company after the date of issuance of this instrument other than:

                      (A) Common Stock issued pursuant to a transaction
described in Section 3(b)(iii) hereof;

                      (B) Common Stock issued or issuable upon exercise of any
warrants issued pursuant to the terms of the Loan and Security Agreement;

                      (C) Common Stock, Options or Convertible Securities issued
under the terms of stock option plans approved by the Company's Board of
Directors, but not exceeding the number of shares available for new grants under
such plans on January 11, 2001,

                                      -5-

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plus the number of shares subject to options outstanding under such plans on
such date which become available for new grants (e.g., due to cancellation,
forfeiture or expiration of the related options) plus 2,500,000 (in each case as
adjusted for any stock dividends, splits or combinations with respect to the
Common Stock) and not including any Options or Convertible Securities
outstanding under such plans on January 11, 2001, all of which are intended to
be excluded from the definition of Additional Stock by virtue of clause (D)
below;

                      (D) Common Stock issued upon conversion or exercise of any
Options or Convertible Securities described in the Company's filings made prior
to January 11, 2001 under the Securities Exchange Act of 1934, as amended; and

                      (E) Common Stock issued upon conversion or exercise of any
Options or Convertible Securities issued by the Company on or about December 11,
2000 to Invest, Inc.

                  (iii) In the event the Company at any time or from time to
time after the date of issuance of this instrument fixes a record date for the
effectuation of a split or subdivision of the outstanding shares of Common Stock
or the determination of holders of shares of Common Stock entitled to receive a
dividend or other distribution payable in additional shares of Common Stock or
other securities or rights convertible into, or entitling the holder thereof to
receive directly or indirectly, additional shares of Common Stock (hereinafter
referred to as "COMMON STOCK EQUIVALENTS") without payment of any consideration
by such holder for the additional shares of Common Stock or Common Stock
Equivalents (including the additional shares of Common Stock issuable upon
conversion or exercise thereof), then, as of such record date (or the date of
such dividend, distribution, split or subdivision if no record date is fixed),
the Conversion Price shall be appropriately decreased so that the number of
shares of Common Stock issuable on exercise of each Warrant shall be increased
in proportion to such increase in the aggregate number of shares of Common Stock
or shares issuable with respect to Common Stock Equivalents, with the number of
shares issuable with respect to Common Stock Equivalents determined from time to
time in the manner provided for deemed issuances in Section 3(b)(i)(E) hereof.

                  (iv) If the number of shares of Common Stock outstanding at
any time after the date of issuance of this instrument is decreased by a
combination of the outstanding shares of Common Stock, then, following the
record date of such combination, the Conversion Price shall be appropriately
increased so that the number of shares of Common Stock issuable on exercise of
each Warrant shall be decreased in proportion to such decrease in the
outstanding shares of Common Stock.

              (c) OTHER DISTRIBUTIONS. In the event the Company shall declare a
distribution payable in securities of other persons, evidences of indebtedness
issued by the Company or other persons, assets or options or rights not referred
to in Section 3(b)(iii) hereof, then, in each such case for the purpose of this
Section 3(c), the Holder shall be entitled to a proportionate share of any such
distribution as though it was the holder of the number of shares of Common Stock
for

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which the Warrants are exercisable as of the record date fixed for the
determination of the holders of shares of Common Stock entitled to receive such
distribution.

              (d) RECLASSIFICATION, CONSOLIDATION OR MERGER. If while this
instrument, or any portion hereof, remains outstanding and unexpired there shall
be (i) a reorganization (other than a combination or subdivision of shares
otherwise provided for herein), (ii) a merger or consolidation of the Company
with or into another corporation in which the Company is not the surviving
entity, or a merger in which the Company is the surviving entity but the shares
of the Company's capital stock outstanding immediately prior to the merger are
converted by virtue of the merger into other property, whether in the form of
securities, cash, or otherwise, or (iii) a sale or transfer of the Company's
properties and assets as, or substantially as, an entirety to any other person,
then, as a part of such reorganization, merger, consolidation, sale or transfer,
lawful provision shall be made so that the holder of this instrument shall
thereafter be entitled to receive upon exercise of this instrument, during the
period specified herein and upon payment of the Exercise Price then in effect,
the number of shares of stock or other securities or property of the successor
or purchasing corporation resulting from such reorganization, merger,
consolidation, sale or transfer that a holder of the shares deliverable upon
exercise of this instrument would have been entitled to receive in such
reorganization, consolidation, merger, sale or transfer if this instrument had
been exercised immediately before such reorganization, merger, consolidation,
sale or transfer, all subject to further adjustment as provided in this Section
3. The foregoing provisions of this section shall similarly apply to successive
reorganizations, consolidations, mergers, sales and transfers and to the stock
or securities of any other corporation that are at the time receivable upon the
exercise of this instrument. If the per share consideration payable to the
Holder in connection with any such transaction is in a form other than cash or
marketable securities, then the value of such consideration shall be agreed upon
by the parties hereto, provided that if the parties cannot agree, the value
shall be determined in good faith by the Company's Board of Directors. In all
events, appropriate adjustment shall be made in the application of the
provisions of this instrument (including adjustment of the Exercise Price and
number of shares of Common Stock purchasable pursuant to the terms and
conditions of this instrument) with respect to the rights and interests of the
Holder after the transaction, to the end that the provisions of this instrument
shall be applicable after that event, as near as reasonably may be, in relation
to any shares or other property deliverable after that event upon exercise of
this instrument.

              (e) NO IMPAIRMENT. The Company will not in any manner avoid or
seek to avoid the observance or performance of any of the terms to be observed
or performed hereunder by the Company, but will at all times in good faith
assist in the carrying out of all the provisions of this Section 3 and in the
taking of all such action as may be necessary or appropriate in order to protect
the Exercise Rights of the Holder against any manner of impairment.

              (f) CERTIFICATE AS TO ADJUSTMENTS. Upon the occurrence of each
adjustment or readjustment of the Conversion Price pursuant to this Section 3,
the Company, at its expense, shall promptly compute such adjustment or
readjustment in accordance with the terms hereof and prepare and furnish to the
Holder a certificate setting forth such adjustment or readjustment and

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showing in detail the facts upon which such adjustment or readjustment is based.
The Company shall, upon the written request at any time of the Holder, furnish
or cause to be furnished to the Holder a like certificate setting forth (A) such
adjustment and readjustment, (B) the Conversion Price at the time in effect, and
(C) the number of shares of Common Stock and the amount, if any, of other
property which at the time would be received upon exercise of a Warrant.

         4.   NOTICES.

              (a) In the event that the Company shall propose at any time:

                  (i) to declare any dividend or distribution upon its Common
Stock (or other stock or securities at the time receivable upon the exercise of
this instrument) whether in cash, property, stock or other securities, whether
or not a regular cash dividend and whether or not out of earnings or earned
surplus;

                  (ii) to offer for subscription pro rata to the holders of any
class or series of its stock any additional shares of stock of any class or
series or other rights;

                  (iii) to effect any reclassification or recapitalization of
its Common Stock (or other stock or securities at the time receivable upon the
exercise of this instrument) outstanding involving a change in such securities;
or

                  (iv) to merge or consolidate with or into any other
corporation, or sell, lease or convey all or substantially all its property or
business, or to voluntarily liquidate, dissolve or wind up; then, in connection
with each such event, the Company shall send to the Holder (1) at least ten (10)
days' prior written notice of the date on which a record shall be taken for such
dividend, distribution or subscription rights (and specifying the date on which
the holders of Common Stock shall be entitled thereto) or for determining rights
to vote, if any; and (2) at least ten (10) days' prior written notice of the
date when the same shall take place, and the date, if any is to be fixed, on
which the holders of record of Common Stock shall be entitled to exchange their
Common Stock for securities or other property deliverable upon the occurrence of
such event.

              (b) Any written notice by the Company required or permitted
hereunder shall be given by hand delivery, by an overnight courier of national
reputation or first class mail, postage prepaid, addressed to the Holder at the
address shown on the books of the Company for the Holder.

         5.   LEGEND. Each certificate evidencing the Common Stock issued upon
exercise of this instrument, or upon transfer of such shares (other than a
transfer registered under the Act or any subsequent transfer of shares so
registered) shall be stamped or imprinted with a legend substantially in the
following form:

         THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
         1933. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR

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         HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS
         TO THE SECURITIES UNDER SAID ACT OR AN OPINION OF COUNSEL REASONABLY
         SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

         6.   REMOVAL OF LEGEND. Upon request of a holder of a certificate with
the legends referred to in Section 5 hereof, the Company shall issue to such
holder a new certificate therefor free of any transfer legend, if, with such
request, the Company shall have received an opinion of counsel to the effect
that any transfer by such holder of the shares evidenced by such certificate
will not violate the Act.

         7.   FRACTIONAL SHARES. No fractional shares will be issued in
connection with any exercise hereunder. Any fraction of a share resulting from
any calculation will be rounded up to the next whole share.

         8.   TRANSFERABLITY. Subject to compliance with applicable federal and
state securities laws, this instrument and all rights hereunder are
transferable, in whole or in part, without charge to the Holder hereof (except
for transfer taxes), upon surrender of this instrument properly endorsed. The
Company shall register any such transfer upon surrender of this instrument and
the duly completed assignment form attached hereto as Exhibit B. In addition,
this instrument may be exchanged or combined at the option of the Holder for
another instrument of like tenor and representing in the aggregate a like number
of Warrants upon presentation thereof to the Company with written notice signed
by the Holder specifying the denominations in which the new Warrants are to be
issued. Upon surrender of this instrument pursuant to this Section 8, the
Company shall, without charge, execute and deliver a new instrument of like
tenor in the requested amounts and in the requested names and, if the Holder's
entire interest is not being transferred, in the name of the Holder with respect
to the portion not transferred, and the instrument(s) surrendered shall be
canceled.

         9.   REPRESENTATIONS AND WARRANTIES OF THE COMPANY. The Company
represents and warrants to the Holder as follows:

              (a) This instrument has been duly authorized and executed by the
Company and is a valid and binding obligation of the Company enforceable in
accordance with its terms.

              (b) The shares of Common Stock issuable upon exercise hereof have
been duly authorized and reserved for issuance by the Company.

              (c) The execution and delivery of this instrument are not, and the
issuance of Common Stock upon exercise of this instrument in accordance with the
terms hereof will not be, inconsistent with the Company's charter documents or
any agreement by which the Company is bound.

         10.  REPRESENTATIONS AND WARRANTIES BY THE HOLDER. The Holder
represents and warrants to the Company as follows:

                                      -9-

<PAGE>

              (a) This instrument and the shares of Common Stock issuable upon
exercise hereof, are being acquired for its own account, for investment and not
with a view to any distribution thereof.

              (b) The Holder understands that this instrument and the shares of
Common Stock issuable upon exercise hereof have not been registered under the
Act by reason of their issuance in a transaction exempt from the registration
and prospectus delivery requirements of the Act pursuant to Section 4(2)
thereof, and that they must be held by the Holder indefinitely, and that the
Holder must therefore bear the economic risk of such investment indefinitely,
unless a subsequent disposition thereof is registered under the Act or is
exempted from such registration.

              (c) The Holder has such knowledge and experience in financial and
business matters that it is capable of evaluating the merits and risks of the
purchase of this instrument and the shares of Common Stock issuable upon
exercise hereof purchasable pursuant to the terms of this instrument and of
protecting its interests in connection therewith.

         11.  RIGHTS OF STOCKHOLDERS. Except as otherwise provided herein, no
holder of this instrument shall be entitled, as such a holder, to vote or
receive dividends or be deemed the holder of Common Stock or any other
securities of the Company that may at any time be issuable on the exercise
hereof for any purpose, nor shall anything contained herein be construed to
confer upon the holder of this instrument, as such, any of the rights of a
stockholder of the Company or any right to vote for the election of directors or
upon any matter submitted to stockholders at any meeting thereof, or to give or
withhold consent to any corporate action (whether upon any recapitalization,
issuance of stock, reclassification of stock, change of par value,
consolidation, merger, conveyance, or otherwise) or to receive notice of
meetings, or to receive dividends or subscription rights or otherwise until this
instrument shall have been exercised and the shares of Common Stock issuable
upon exercise hereof purchasable upon the exercise hereof shall have become
deliverable, as provided herein.

         12.  AUTHORIZED SHARES. If upon any exercise of this instrument the
Company does not have a sufficient number of shares of Common Stock authorized
and available for issuance upon such exercise, then the Company shall issue to
the Holder the maximum available number of shares of Common Stock and, in lieu
of the remaining shares of Common Stock as to which this instrument has been
exercised (the "REMAINING SHARES"), the Company shall pay the Holder a cash sum
equal to the product of (i) the Remaining Shares, and (ii) the difference
obtained by subtracting (A) the Conversion Price in effect on the Exercise Date
from (B) the Closing Bid Price on the Exercise Date. Notwithstanding the
foregoing, if the Holder effects such exercise prior to March 16, 2001, then the
Company may delay making any cash payment until the Payment Date; provided, that
if the Company has a sufficient number of authorized shares of Common Stock
prior to the Payment Date to issue to the Holder all the Remaining Shares, the
Company shall promptly issue to the Holder the Remaining Shares, and such
issuance shall relieve the Company of its obligation to make a cash payment in
accordance with the preceding sentence. "PAYMENT DATE" shall mean the first to
occur of (i) March 16, 2001, (ii) the date

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following a special meeting of the Company's stockholders held not later than
March 15, 2001 to vote upon an amendment (the "AMENDMENT") to the Company's
Certificate of Incorporation to increase the number of authorized shares of
Common Stock to up to 160,000,000 shares (the "SPECIAL MEETING"), (iii) February
23, 2001, if the Company has not filed a preliminary proxy statement with the
Securities and Exchange Commission with respect to the Special Meeting by such
date, or (iv) March 5, 2001, if the Company has not mailed definitive proxy
materials to its stockholders for the Special Meeting by such date.
Notwithstanding the foregoing, the Company shall be under no obligation to make
a cash payment in lieu of issuing Remaining Shares (but shall remain obligated
to issue Remaining Shares) if (i) the Amendment is duly approved at the Special
Meeting and promptly thereafter the Company files the Amendment with the
Secretary of State of the State of Delaware or (ii) Internet Capital Group, Inc.
and its wholly-owned subsidiaries shall not have voted all shares of Common
Stock over which they have voting control in favor of the Amendment.

         13.  MISCELLANEOUS.

              (a) This instrument shall be construed and enforced in accordance
with, and the rights of the parties shall be governed by, the laws of the State
of Delaware without regard to principles of conflicts of law.

              (b) The headings in this instrument are for purposes of reference
only, and shall not limit or otherwise affect any of the terms hereof.

              (c) The representations, warranties, covenants and conditions of
the respective parties contained herein or made pursuant to this instrument
shall survive the execution and delivery of this instrument.

              (d) The terms of this instrument shall be binding upon and shall
inure to the benefit of any successors or assigns of the Company and of the
holder or holders hereof and of the Common Stock issued or issuable upon the
exercise hereof.

              (e) The Company shall not, by amendment of its charter documents,
or through any other means, directly or indirectly, avoid or seek to avoid the
observance or performance of any of the terms of this instrument and shall at
all times in good faith assist in the carrying out of all such terms and in the
taking of all such action as may be necessary or appropriate in order to protect
the rights of the holder of this instrument against impairment.

              (f) Upon receipt of evidence reasonably satisfactory to the
Company of the loss, theft, destruction or mutilation of this instrument and, in
the case of any such loss, theft or destruction, upon delivery of an indemnity
agreement reasonably satisfactory in form and amount to the Company or, in the
case of any such mutilation, upon surrender and cancellation of such instrument,
the Company, at its expense, will execute and deliver to the holder of record,
in lieu thereof, a new instrument of like date and tenor.

                                      -11-

<PAGE>

              (g) This instrument and any provision hereof may be amended,
waived or terminated only by an instrument in writing signed by the Company and
the Holder.

                                      -12-

<PAGE>

         IN WITNESS WHEREOF, the Company has caused this instrument to be signed
by its duly authorized officer.

         Issued this 19th day of January, 2001.

                                    BREAKAWAY SOLUTIONS, INC.

                                    By: /s/ Gordon Brooks
                                       ------------------------
                                    Name:  Gordon Brooks
                                    Title: President and Chief Executive Officer

Acknowledged and Accepted:

ICG HOLDINGS, INC.

By:  /s/ Henry Nassau
     ---------------------------
     Name:  Henry Nassau
     Title: Vice President and Secretary

                                      -13-

<PAGE>

                                    EXHIBIT A
                               NOTICE OF EXERCISE

TO:   Breakaway Solutions, Inc.
      Attention: General Counsel

Alternative No. 1.   In lieu of exercising the attached instrument for cash or
check, the undersigned hereby elects to effect the net issuance provision of
Section 1(b) of this instrument. This exercise is for ____________ shares of
Common Stock.

Alternative No. 2.   The undersigned hereby elects to purchase ________________
shares of Common Stock pursuant to the terms of this instrument, and tenders
herewith payment of the purchase price of such shares in full.

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

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

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

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

                                              -------------------------
                                              (Signature and Date)

                                              Title:
                                                     ------------------

                                      A-1

<PAGE>

                                    EXHIBIT B
                                 ASSIGNMENT FORM

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

Name
     ------------------------------------------------
      (please typewrite or print in block letters)

Address
        ------------------------------------

Taxpayer Identification No.
                            ----------------------------------

its right represented by this instrument to purchase ________________
shares of Common Stock and does hereby irrevocably constitute and appoint
_______________ attorney-in-fact to transfer the same on the books of
___________________ with full power of substitution in the premises.

Date:
     -------------------------------

Signature/Title
                ----------------------------------------------
                  Note:  The signature must conform in all respects to name of
                         the holder as specified on the face of this instrument.

--------------------------------------------
Taxpayer Identification number of transferor

                                      B-1<PAGE>

                                                                  EXHIBIT 10.3

                            BREAKAWAY SOLUTIONS, INC.

                          REGISTRATION RIGHTS AGREEMENT

                                January 19, 2001

<PAGE>

                          REGISTRATION RIGHTS AGREEMENT

              This Registration Rights Agreement (the "Agreement") is made and
entered into as of January 19, 2001 by and between Breakaway Solutions, Inc., a
Delaware corporation (the "Company"), and ICG Holdings, Inc., a Delaware
corporation ("ICG").

                                    RECITALS

              WHEREAS, the Company desires ICG to loan money to the Company
pursuant to a Loan and Security Agreement dated of even date herewith (the "Loan
Agreement");

              WHEREAS, pursuant to the Loan Agreement, the Company will issue to
ICG a Warrant each time ICG makes an Advance under the Loan Agreement; and

              WHEREAS, as an inducement for ICG to enter into the Loan
Agreement, the Company desires to enter into this Agreement with ICG.

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

         1.   DEFINITIONS. All capitalized terms used but not otherwise defined
herein shall have the meanings ascribed to them in the Loan Agreement.

         2.   REGISTRATION RIGHTS.

              2.1.  DEFINITIONS.

                    (a) "AS-CONVERTED BASIS" means assuming the conversion into
Common Stock or exercise for Common Stock of all securities directly or
indirectly convertible into, or exercisable for, Common Stock.

                    (b) "EXCHANGE ACT" means the Securities Exchange Act of
1934, as amended.

                    (c) "FORM S-3" means such form under the Securities Act as
is in effect on the date hereof or any successor registration form under the
Securities Act subsequently adopted by the SEC which permits inclusion or
incorporation of substantial information by reference to other documents filed
by the Company with the SEC.

                    (d) "HOLDER" means any person owning of record Registrable
Securities that have not been sold to the public or pursuant to Rule 144
promulgated under the Securities Act or any assignee of record of such
Registrable Securities to whom rights under this Section have been duly assigned
in accordance with this Agreement.

<PAGE>

                    (e) "REGISTER," "REGISTERED" AND "REGISTRATION" refer to a
registration effected by preparing and filing a registration statement in
compliance with the Securities Act, and the declaration or ordering of
effectiveness of such registration statement.

                    (f) "REGISTRABLE SECURITIES" means: (i) all shares of Common
Stock issued or issuable pursuant to the exercise of the Warrants and (ii) any
shares of Common Stock or other securities issued in connection with any stock
split, stock dividend, recapitalization, reorganization, merger, sale of assets
or similar event relating to the foregoing; excluding in all cases, however, any
securities that would otherwise be Registrable Securities that have been sold by
a person in a transaction in which rights under this Section 2 are not assigned
in accordance with this Agreement or any securities that would otherwise be
Registrable Securities that have been sold to the public or sold pursuant to
Rule 144 promulgated under the Securities Act

                    (g) "REGISTRATION EXPENSES" means all expenses incurred by
the Company in complying with Sections 2.3 and 2.5 hereof, including, without
limitation, all registration and filing fees, printing expenses, fees and
disbursements of counsel and accountants for the Company, fees and expenses of
one counsel for all the Holders, blue sky fees and expenses and the expense of
any special audits incident to or required by any such registration (but
excluding the compensation of regular employees of the Company, which shall be
paid in any event by the Company).

                    (h) "SELLING EXPENSES" means all underwriting discounts and
selling commissions applicable to the sale of Registrable Securities.

              2.2.  [INTENTIONALLY DELETED.]

              2.3.  PIGGYBACK REGISTRATIONS.

                    (a) NOTICE. The Company shall notify all Holders of
Registrable Securities in writing at least 30 days prior to filing any
registration statement under the Securities Act for purposes of effecting a
public offering of securities of the Company whether for its own account or the
account of other stockholders or both (excluding any registration statements on
Form S-4, Form S-8 or successor forms thereto, and a registration under Section
2.22.5) and will afford each such Holder an opportunity to include in such
registration statement all or any part of the Registrable Securities then held
by such Holder. Each Holder desiring to include in any such registration
statement all or any part of the Registrable Securities held by such Holder
shall, within 15 days after receipt of the above-described notice from the
Company, so notify the Company in writing, and in such notice shall inform the
Company of the number of Registrable Securities such Holder wishes to include in
such registration statement. If a Holder decides not to include all of its
Registrable Securities in any registration statement thereafter filed by the
Company, such Holder shall nevertheless continue to have the right to include
any Registrable Securities in any subsequent registration statement or
registration statements as may be filed by the Company with respect to offerings
of its securities, all upon the terms and conditions set forth herein.

                                      -2-

<PAGE>

                    (b) UNDERWRITING. If a registration statement under which
the Company gives notice under Section 2.3(a) is for an underwritten offering,
then the Company shall so advise the Holders of Registrable Securities in the
notice delivered under Section 2.3(a). In such event, the right of any such
Holder's Registrable Securities to be included in a registration pursuant to
this Section 2.3 shall be conditioned upon such Holder's participation in such
underwriting and the inclusion of such Holder's Registrable Securities in the
underwriting to the extent provided herein. All Holders proposing to distribute
their Registrable Securities through such underwriting shall enter into an
underwriting agreement in customary form with the managing underwriter or
underwriter(s) selected for such underwriting. Notwithstanding any other
provision of this Agreement, if the managing underwriter(s) determine(s) in good
faith that marketing factors require a limitation of the number of shares to be
underwritten, then the managing underwriter(s) may exclude shares (including
Registrable Securities) from the registration and the underwriting, and the
number of shares that may be included in the registration and the underwriting
shall be allocated, first, to the Company, second, to each of the Holders of
Registrable Securities requesting inclusion of their Registrable Securities in
such registration statement, to be allocated among such Holders pro rata based
on the amount of Registrable Securities (calculated on an As-Converted Basis)
owned by each such Holder and third, to any other holders of the Company's
securities; provided, however, that the right of the underwriters to exclude
Registrable Securities from the registration and underwriting as described above
shall be restricted so that the number of Registrable Securities included in any
such registration is not reduced below twenty-five percent (25%) of the
Registrable Securities that the Holders initially proposed to be registered. Any
Registrable Securities excluded or withdrawn from such underwriting shall be
excluded and withdrawn from the registration. For any Holder which is a
partnership or corporation, the partners, retired partners and stockholders of
such Holder, or the estates and family members of any such partners and retired
partners and any trusts for the benefit of any of the foregoing persons shall be
deemed to be a single "Holder," and any pro rata reduction with respect to such
"Holder" shall be based upon the aggregate amount of shares carrying
registration rights owned by all entities and individuals included in such
"Holder," as defined in this sentence.

              2.4.  EXPENSES OF REGISTRATION. All Registration Expenses incurred
in connection with all piggyback registrations (pursuant to Section 2.3) and all
S-3 registrations (pursuant to Section 2.5) shall be borne by the Company, and
all Selling Expenses shall be borne by the Holders of the securities so
registered pro rata on the basis of the number of their shares so registered.

              2.5. FORM S-3 REGISTRATION. In case the Company shall receive from
one or more Holders a written request or requests that the Company effect a
registration on Form S-3 with respect to all or a part of the Registrable
Securities owned by such Holders, provided the number of shares requested to be
sold would have an aggregate price to the public of at least $1,000,000, then
the Company will:

                    (a) promptly give written notice of the proposed
registration to all other Holders of Registrable Securities; and

                                       -3-

<PAGE>

                    (b) as soon as practicable, use its best efforts to effect
the registration of the sale of the Registrable Securities specified in such
request, together with all or such portion of the Registrable Securities of any
Holder or Holders joining in such request as are specified in a written request
received by the Company within 20 days after written notice from the Company is
given under Section 2.5(a) above; provided, however, that the Company shall not
be obligated to effect any such registration pursuant to this Section 2.5:

                        (i) if Form S-3 is not available for such offering by
the Holders;

                        (ii) if the Company shall furnish to the Holders a
certificate signed by the President or Chief Executive Officer of the Company
stating that in the good faith judgment of the Board of Directors of the
Company, it would be seriously detrimental to the Company and its stockholders
for such Form S-3 Registration to be effected at such time, in which event the
Company shall have the right to defer the filing of the Form S-3 registration
statement for an aggregate of not more than 90 days after receipt of the request
of the Holders; provided, however, that the Company may not utilize this right
more than twice in any twelve-month period; or

                        (iii) in any particular jurisdiction in which the
Company would be required to qualify to do business or to execute a general
consent to service of process in effecting such registration, unless the Company
is already subject to service in such jurisdiction and except as may be required
by the Securities Act or applicable rules or regulations thereunder.

              2.6.  OBLIGATIONS OF THE COMPANY. Whenever required to effect the
registration of any Registrable Securities under this Agreement, the Company
shall, as expeditiously as reasonably possible:

                    (a) Prepare and file with the SEC a registration statement
with respect to such Registrable Securities and use its best efforts to cause
such registration statement to become effective, and keep such registration
statement effective until the distribution is completed, but not more than 180
days, provided that such 180-day period shall be extended for a period of time
equal to the period the Holder refrains from selling any Registrable Securities
included in such registration statement due to circumstances described in
Section 2.6(f), provided, that such extension of time shall not exceed an
additional 30 days after delivery to each Holder of all amendments and
supplements delivered pursuant to Section 2.6(f).

                    (b) Prepare and file with the SEC such amendments and
supplements to such registration statement and the prospectus used in connection
with such registration statement as may be necessary to comply with the
provisions of the Securities Act with respect to the disposition of all
securities covered by such registration statement.

                    (c) Furnish to the Holders such number of copies of a
prospectus, including a preliminary prospectus, in conformity with the
requirements of the Securities Act, and all amendments and supplements thereto,
and such other documents as they may reasonably request in order to facilitate
the disposition of the Registrable Securities owned by them that are included in
such registration.

                                      -4-

<PAGE>

                    (d) Use its best efforts to register and qualify the
securities covered by such registration statement under such other securities or
Blue Sky laws of such jurisdictions as shall be reasonably requested by the
Holders, provided, however, that the Company shall not be required in connection
therewith or as a condition thereto to qualify to do business or to file a
general consent to service of process in any such states or jurisdictions unless
the Company is already subject to service in such jurisdiction and except as may
be required by the Securities Act or applicable rules or regulations thereunder.

                    (e) In the event of any underwritten public offering, enter
into and perform its obligations under an underwriting agreement, in usual and
customary form, with the managing underwriter(s) of such offering. Each Holder
participating in such underwriting shall also enter into and perform its
obligations under such an agreement.

                    (f) Notify each Holder of Registrable Securities covered by
such registration statement at any time when a prospectus relating thereto is
required to be delivered under the Securities Act if such 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 the light of the circumstances
then existing and, following such notification, promptly deliver to each Holder
copies of all amendments or supplements referred to in paragraphs (b) and (c) of
this Section 2.6.

                    (g) Furnish, at the request of any Holder registering
Registrable Securities, on the date that such Registrable Securities are
delivered to the underwriters for sale, if such securities are being sold
through underwriters, or on the date that the registration statement becomes
effective, if such securities are not being sold through underwriters, (i) an
opinion, dated as of such date, of the counsel representing the Company for the
purposes of such registration, in form and substance as is customarily given to
underwriters in an underwritten public offering addressed to the underwriters,
if any, and if there are no underwriters, to the Holders requesting registration
of Registrable Securities and (ii) a "comfort" letter dated as of such date,
from the independent certified public accountants of the Company, in form and
substance as is customarily given by independent certified public accountants to
underwriters in an underwritten public offering and reasonably satisfactory to a
majority in interest of the Holders requesting registration, addressed to the
underwriters, if any, and if there are no underwriters, to the Holders
requesting registration of Registrable Securities.

                    (h) Use its best efforts to list the Registrable Securities
covered by such registration statement with any securities exchange or
interdealer quotation system on which the Common Stock is then listed or quoted.

                    (i) Make available for inspection by each seller of
Registrable Securities, any underwriter participating in any distribution
pursuant to such registration statement, and any attorney, accountant or other
agent retained by such seller or underwriter (an "Advisor"), all financial and
other records, pertinent corporate documents and properties of the Company, and
cause the Company's officers, directors and employees to supply all information
reasonably requested by any such seller, underwriter, attorney, accountant or
agent in connection with such registration

                                      -5-

<PAGE>

statement. Such seller will keep, and will cause its Advisors to keep, such
information confidential subject to Section 3.14.

              2.7.  FURNISH INFORMATION. It shall be a condition precedent to
the obligations of the Company to take any action pursuant to Sections 2.22.3
and 2.5 that the selling Holders shall furnish to the Company such information
regarding themselves, the Registrable Securities held by them, and the intended
method of disposition of such securities as shall be required to timely effect
the registration of Registrable Securities.

              2.8.  INDEMNIFICATION. In the event any Registrable Securities are
included in a registration statement under Sections 2.22.3 or 2.5:

                    (a) BY THE COMPANY. To the extent permitted by law, the
Company will indemnify and hold harmless each Holder, the partners, members,
officers and directors of each Holder, any underwriter (as defined in the
Securities Act) for such Holder and each person, if any, who controls such
Holder or underwriter within the meaning of the Securities Act or the Exchange
Act against any losses, claims, damages, or liabilities (joint or several) to
which they may become subject under the Securities Act, the Exchange Act or
other federal or state law, insofar as such losses, claims, damages, or
liabilities (or actions in respect thereof) arise out of or are based upon any
of the following statements, omissions or violations (collectively a
"VIOLATION"):

                        (i) any untrue statement or alleged untrue statement of
a material fact contained or incorporated by reference in such registration
statement, including any preliminary prospectus or final prospectus contained
therein or any amendments or supplements thereto;

                        (ii) 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, or

                        (iii) any violation or alleged violation by the Company
of the Securities Act, the Exchange Act, any federal or state securities law or
any rule or regulation promulgated under the Securities Act, the Exchange Act or
any federal or state securities law in connection with the offering covered by
such registration statement;

and the Company will reimburse each such Holder, partner, member, officer or
director, underwriter or controlling person for any legal or other expenses
reasonably incurred by them, as incurred, in connection with investigating or
defending any such loss, claim, damage, liability or action; provided, however,
that the indemnity agreement contained in this subsection shall not apply to
amounts paid in settlement of any such loss, claim, damage, liability or action
if such settlement is effected without the consent of the Company (which consent
shall not be unreasonably withheld), nor shall the Company be liable in any such
case for any such loss, claim, damage, liability or action to the extent that it
arises out of or is based upon a Violation which occurs in reliance upon and in
conformity with written information furnished in writing and expressly stated
for use in connection with such registration by such Holder, partner, member,
officer, director, underwriter or controlling person of such Holder.

                                      -6-

<PAGE>

                    (b) BY SELLING HOLDERS. To the extent permitted by law, each
selling Holder will, severally and not jointly, if Registrable Securities held
by such Holder are included in the securities as to which such registration is
being effected, indemnify and hold harmless the Company, each of its directors,
each of its officers who have signed the registration statement, each person, if
any, who controls the Company within the meaning of the Securities Act, any
underwriter (as defined in the Securities Act) and any other Holder selling
securities under such registration statement or any of such other Holder's
partners, members, directors or officers or any person who controls such
underwriter or other Holder within the meaning of the Securities Act or the
Exchange Act, against any losses, claims, damages or liabilities (joint or
several) to which the Company or any such director, officer, controlling person,
underwriter or other such Holder, or a member, partner, director, officer or
controlling person of such underwriter or other Holder may become subject under
the Securities Act, the Exchange Act, any federal or state securities law or any
rule or regulation promulgated under the Securities Act, the Exchange Act or any
federal or state securities law in connection with the offering covered by such
registration statement, insofar as such losses, claims, damages or liabilities
(or actions in respect thereto) arise out of or are based upon any Violation, in
each case to the extent (and only to the extent) that such Violation occurs in
reliance upon and in conformity with written information furnished by such
Holder by an instrument duly executed by such Holder and stated to be
specifically for use in such registration; and each such Holder will reimburse
any legal or other expenses reasonably incurred by the Company or any such
director, officer, controlling person, underwriter or other Holder, partner,
member, officer, director or controlling person of such other Holder or
underwriter in connection with investigating or defending any such loss, claim,
damage, liability or action; provided, however, that the indemnity agreement
contained in this subsection shall not apply to amounts paid in settlement of
any such loss, claim, damage, liability or action if such settlement is effected
without the consent of the Holder, which consent shall not be unreasonably
withheld; and provided further, that the total amounts payable in indemnity by a
Holder under this Section 2.8(b) in respect of any Violation shall not exceed
the net proceeds received by such Holder in the registered offering out of which
such Violation arises.

                    (c) NOTICE. Promptly after receipt by an indemnified party
of notice of the commencement of any action (including any governmental action),
such indemnified party will, if a claim in respect thereof is to be made against
any indemnifying party under this Section 2.8, deliver to the indemnifying party
a written notice of the commencement thereof and the indemnifying party shall
have the right to participate in, and, to the extent the indemnifying party so
desires, jointly with any other indemnifying party similarly noticed, to assume
the defense thereof with counsel mutually satisfactory to the parties; provided,
however, that an indemnified party shall have the right to retain its own
counsel, with the fees and expenses to be paid by the indemnifying party, if the
defendants include both the indemnifying party and the indemnified 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 failure to deliver written notice to the indemnifying party within a
reasonable time of the commencement of any such action, if materially
prejudicial to its ability to defend such action, shall relieve such
indemnifying party of any liability to the indemnified party under this Section
2.8, but the omission

                                      -7-

<PAGE>

so to deliver written notice to the indemnifying party will not relieve it of
any liability that it may have to any indemnified party otherwise than under
Section 2.8.

                    (d) CONTRIBUTION. If the indemnification provided for in
this Section 2.8 is unavailable to a party entitled to indemnification, then the
indemnifying party shall contribute to the aggregate losses, claims, damages or
liabilities of the indemnified party as is appropriate to reflect the relative
fault of the indemnified party and the indemnifying party, as well as any other
relevant equitable considerations. The relative fault of the indemnifying party
and indemnified party shall be determined by reference to, among other things,
whether any action in question, including any untrue or alleged untrue statement
of a material fact or omission or alleged omission to state a material fact, has
been made by, or relates to information supplied by, such indemnifying party or
indemnified party, and the parties' relative intent, knowledge, access to
information and opportunity to correct or prevent such action; provided,
however, that, in any such case, (1) no Holder shall be required to contribute
any amount in excess of the public offering price of all Registrable Securities
offered and sold by such Holder pursuant to such registration statement; and (2)
no person guilty of fraudulent misrepresentation (within the meaning of Section
11(f) of the Securities Act) shall be entitled to contribution from any person
who was not guilty of such fraudulent misrepresentation.

                    (e) SURVIVAL. The obligations of the Company and Holders
under this Section 2.8 shall survive the completion of any offering of
Registrable Securities in a registration statement.

              2.9.  RULE 144 REPORTING. With a view to making available the
benefits of certain rules and regulations of the SEC which may at any time
permit the sale of the Registrable Securities to the public without
registration, after such time as a public market exists for the Common Stock,
the Company agrees to:

                    (a) Make and keep public information available, as those
terms are understood and defined in Rule 144 under the Securities Act, at all
times after the effective date of the first registration under the Securities
Act filed by the Company for an offering of its securities to the general
public;

                    (b) File with the SEC in a timely manner all reports and
other documents required of the Company under the Securities Act and the
Exchange Act (at any time after it has become subject to such reporting
requirements); and

                    (c) So long as a Holder owns any Registrable Securities,
furnish to the Holder forthwith upon request a written statement by the Company
as to its compliance with the reporting requirements of Rule 144 (at any time
after 90 days after the effective date of the first registration statement filed
by the Company for an offering of its securities to the general public), and of
the Securities Act and the Exchange Act (at any time after it has become subject
to the reporting requirements of the Exchange Act), a copy of the most recent
annual or quarterly report of the Company, and such other reports and documents
of the Company as a Holder may reasonably request in availing itself of any rule
or regulation of the SEC allowing a Holder to sell any such

                                      -8-

<PAGE>

securities without registration (at any time after the Company has become
subject to the reporting requirements of the Exchange Act).

              2.10. TERMINATION OF REGISTRATION RIGHTS. The registration rights
granted pursuant to Section 2 will terminate with respect to a particular Holder
upon the earlier to occur of (i) such time as such Holder can sell all of its
Registrable Securities under Rule 144 during any three-month period and (ii) the
five year anniversary of the date hereof.

              2.11. SUBORDINATION. Notwithstanding anything contained herein to
the contrary, the registration rights granted hereunder are subordinate to all
registration rights which the Company has granted to holders of the Company's
equity securities prior to the date hereof.

         3.   MISCELLANEOUS.

              3.1.  SUCCESSORS AND ASSIGNS. Except as otherwise expressly
provided herein, the terms and conditions of this Agreement shall inure to the
benefit of and be binding upon the respective successors and permitted
transferees and permitted assigns of the parties.

              3.2.  GOVERNING LAW. This Agreement shall be governed in all
respects by the laws of the Commonwealth of Pennsylvania as applied to contracts
made and to be performed entirely within that state between residents of that
state.

              3.3.  COUNTERPARTS. This Agreement may be executed in any number
of counterparts, each of which shall be deemed an original, and all of which
together shall constitute one instrument.

              3.4.  TITLES AND SUBTITLES. The titles of the paragraphs and
subparagraphs of this Agreement are used for convenience only and are not to be
considered in construing or interpreting this Agreement.

              3.5.  STOCK SPLITS, ETC. All share numbers used in this Agreement
are subject to adjustment in the case of any stock split, reverse stock split,
combination or similar events.

              3.6.  NOTICES. Any notice required or permitted to be given to a
party pursuant to the provisions of this Agreement will be in writing and will
be effective on (a) the date of delivery in person, or the date of delivery by
facsimile with confirmation receipt, (b) the business day after deposit with a
nationally-recognized courier or overnight service, including Express Mail, for
United States deliveries or (c) five (5) business days after deposit in the
United States mail by registered or certified mail for United States deliveries.
All notices not delivered personally or by facsimile will be sent with postage
and other charges prepaid and properly addressed to the party to be notified at
the address set forth below such party's signature on this Agreement or at such
other address as such party may designate by ten (10) days advance written
notice to the other parties hereto. All notices for delivery outside the United
States will be sent by facsimile, or by nationally recognized courier or
overnight service. Any notice given hereunder to more than one person will be
deemed to have been given, for purposes of counting time periods hereunder, on
the date given to the last party

                                      -9-

<PAGE>

required to be given such notice. Notices to the Company will be marked to the
attention of the Chief Financial Officer. Notices shall be sent to the addresses
set forth in the introductory paragraph of the Loan Agreement, or such other
addresses as a party may provide to the other parties from time to time.

              3.7.  ATTORNEYS' FEES. If any action at law or in equity is
necessary to enforce or interpret the terms of this Agreement, the prevailing
party shall be entitled to reasonable attorneys' fees, costs and necessary
disbursements in addition to any other relief to which such party may be
entitled.

              3.8.  AMENDMENTS AND WAIVERS. Any term of this Agreement may be
amended and the observance of any term of this Agreement may be waived (either
generally or in a particular instance and either retroactively or
prospectively), only with the written consent of the party against whom
enforcement of such amendment or waiver is sought; provided, however, that with
respect to any Holder, the consent of Holders holding more than 50% of the
Registrable Securities shall be sufficient to bind any and all Holders.

              3.9.  SEVERABILITY. If any provision of this Agreement is held to
be unenforceable under applicable law, then such provision shall be excluded
from this Agreement and the balance of the Agreement shall be interpreted as if
such provision was so excluded and shall be enforceable in accordance with its
terms.

              3.10. ENTIRE AGREEMENT. The Loan Documents constitute the full and
entire understanding and agreement between the parties with respect to the
subject matter hereof and supersedes all prior negotiations, correspondence,
agreements, understandings, duties or obligations among the parties with respect
to the subject matter hereof.

              3.11. FURTHER ASSURANCES. From and after the date of this
Agreement, upon the request of a party, the other parties shall execute and
deliver such instruments, documents or other writings as may be reasonably
necessary or desirable to confirm and carry out and to effectuate fully the
intent and purposes of this Agreement.

              3.12. ASSIGNMENT. Rights under this Agreement may be assigned in
connection with any transfer or assignment of Registrable Securities provided
that: (a) such transfer may otherwise be effected in accordance with applicable
securities laws, and (b) such other party agrees in writing with the Company to
be bound by all of the provisions of this Agreement to the same extent as the
transferor.

              3.13. CHANGES IN STOCK. If, and as often as, there is any change
in the Common Stock by way of a stock split, stock dividend, combination or
reclassification, or through a merger, consolidation, reorganization or
recapitalization, or by any other means, appropriate adjustment shall be made to
the provisions hereof so that the rights granted hereby shall continue with
respect to the Common Stock as so changed.

                                      -10-

<PAGE>

              3.14. CONFIDENTIALITY. Information that ICG has agreed to keep
confidential pursuant to this Agreement shall not be considered to be
confidential, and may therefore be disclosed by ICG free of restrictions
hereunder, if such information (i) is or becomes generally available to the
public other than by disclosure in violation of this Agreement, (ii) was
properly within such ICG's possession prior to its being furnished by the
Company to ICG, or (iii) becomes available to ICG through disclosure by third
parties who have the right to disclose such information.

                  [Remainder of Page Intentionally Left Blank]

                                      -11-

<PAGE>

                  IN WITNESS WHEREOF, the parties hereto have executed this
Registration Rights Agreement as of the date first above written.

                                BREAKAWAY SOLUTIONS, INC.

                                By: /s/ Gordon Brooks
                                    -------------------
                                    Name:  Gordon Brooks
                                    Title: President and Chief Executive Officer

                                ICG HOLDINGS, INC.

                                By: /s/ Henry Nassau
                                    --------------------
                                    Name:  Henry Nassau
                                    Title: Vice President and Secretary

                                      -12-

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