Document:

EXHIBIT 10.8

 

STOCK ESCROW AGREEMENT

 

This Stock
Escrow Agreement (this “Agreement”) is made and entered into as of
January    , 2007, by and among Continental Stock Transfer
and Trust Company, a New York corporation (“Escrow Agent”), Information
Services Group, Inc., a Delaware corporation (the “Company”), and the
stockholders of the Company who are signatories hereto (collectively, the “Stockholders”)
and Oenoke Partners, LLC (“Oenoke”), with reference to the following
facts:

 

A.            The Company has entered into an
Underwriting Agreement dated January    , 2007 (“Underwriting
Agreement”), with Deutsche Bank Securities, Inc., acting as representative
(“Representative”) of the underwriters (collectively, the “Underwriters”),
pursuant to which, among other matters, the Underwriters have agreed to
purchase 28,125,000 units (“Units”) to be issued by the Company. Each
Unit consists of one share of the Company’s common stock, par value $.0001 per
share (“Common Stock”), and one warrant (“Warrant”), and each
Warrant entitles the holder thereof to purchase one share of Common Stock for
an exercise price of $6.00, all as more fully described in the Company’s final
prospectus, dated January   , 2007 (“Prospectus”) comprising
part of the Company’s Registration Statement on Form S-1 (File No. 333-136536)
under the Securities Act of 1933, as amended (“Registration Statement”).

 

B.            The number of shares owned by Oenoke
and each of the other Stockholders is set forth on Exhibit A hereto.

 

C.            The Company has also entered into a
Private Placement Securities Purchase Agreement dated as of January 29,
2007 with Oenoke (the “Private Placement Agreement”), pursuant to which
Oenoke has agreed to purchase an aggregate of 6,500,000 warrants in a form
substantially identical to the warrants provided in the Units being offered by
the Underwriters.

 

D.            In order to facilitate the public
offering of the Units, (i) the Stockholders have agreed to deposit all shares
of Common Stock they own as of the date hereof (the “Escrow Shares”),
and (ii) Oenoke has agreed to deposit all warrants it is to purchase pursuant
to the Private Placement Agreement (the “Escrow Warrants”, and together
with the Escrow Shares, the “Escrow Securities”) in escrow as
hereinafter provided.

 

E.             The Company and the Stockholders
desire that the Escrow Agent accept the Escrow Securities, in escrow, to be
held and disbursed as hereinafter provided.

 

NOW,
THEREFORE, with reference to the foregoing facts, the parties agree as follows:

 

1.             Appointment of Escrow Agent.
The Company and the Stockholders hereby appoint the Escrow Agent to act in
accordance with and subject to the terms of this Agreement, and the Escrow
Agent hereby accepts such appointment and agrees to act in accordance with and
subject to such terms.

 

2.             Deposit of Escrow Securities.
On or before the effective date of the Registration Statement, the Stockholders
(or the Company on behalf of any or all of the Stockholders) shall each deliver
to the Escrow Agent a certificate or certificates representing

 

 

their Escrow Securities, to be
held and disbursed subject to the terms and conditions of this Agreement. The
Stockholders acknowledge that the certificate or certificates representing
their Escrow Securities are legended to reflect that such Escrow Securities are
subject to the terms and conditions of this Agreement.

 

3.             Disbursement of the Escrow
Securities.

 

3.1           The Escrow Agent shall hold the
Escrow Securities from the date of delivery until the Release Date (the “Escrow
Period”).

 

3.2           For purposes of this Agreement:

 

3.2.1        “Business Combination” shall mean
a merger, capital stock exchange, asset or stock acquisition or other similar
business combination with one or more operating businesses.

 

3.2.2        “Release Date” shall mean the
earliest to occur of: (a) (i) that date which is one year following the
closing of the Business Combination; (b) the Sale Date; and (c) the
Trust Account Liquidation Date.

 

3.2.3        “Sale Date” shall mean the date
after completion of a Business Combination on which a Stockholder Liquidation
Event occurs.

 

3.2.4        “Stockholder Liquidation Event”
shall mean, after the completion of a Business Combination:  (a) the merger, consolidation,
reorganization or similar transaction involving the Company (or a successor to
the Company) in which the common stockholders of the Company (or such
successor) have the right to exchange their shares of Common Stock (or
successor securities) for cash, securities or other property, but excluding a
reorganization in which the common stockholders exchange their shares for shares
of a newly formed holding company and have substantially the same proportionate
interests in the holding company that they had in the Company (or successor);
(b) the liquidation of the Company; or (c) the sale of all or
substantially all of the assets of the Company.

 

3.2.5        “Trust Account” shall mean a
trust account at Deutsche Bank Trust Company Americas, maintained by
Continental Stock Transfer & Trust Company, acting as trustee.

 

3.2.6        “Trust Account Liquidation Date”
shall mean a date prior to the completion of a Business Combination upon which
the Trust Account is liquidated and the funds in the Trust Account are
distributed to the beneficial owners of the Trust Account.

 

3.3           Upon any applicable Release Date, the
Escrow Agent shall disburse to each of the Stockholders, their respective
Escrow Securities (for which the Release Date has occurred) to the address on
record of each of the Stockholders, or as may otherwise be directed by any of
the Stockholders in writing.

 

3.4           The Company agrees to notify the
Escrow Agent in advance of any anticipated Stockholder Liquidation Event or
Trust Account Liquidation Date and upon the

 

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occurrence thereof. The Escrow
Agent shall be entitled to rely upon a certificate (the “Officer’s
Certificate”), executed by the Chairman and Chief Executive Officer of the
Company, in form reasonably acceptable to the Escrow Agent, that certifies that
the Release Date has occurred, and shall not be required to disburse the Escrow
Securities unless and until it receives the Officer’s Certificate.

 

4.             Rights of the Stockholders in
Escrow Securities.

 

4.1           Rights as a Stockholder. Except
as provided in this Section 4 and the Insider Letters (as defined below), the
Stockholders shall retain all of their rights as security-holders of the
Company with respect to their Escrow Securities during the applicable Escrow
Periods, including, without limitation:

 

4.1.1        the right to vote; and

 

4.1.2        the right to receive dividends and
distributions, if any, with cash dividends paid to the Stockholders and
dividends paid in stock or other non-cash property (“Non-Cash Dividends”)
delivered to the Escrow Agent to hold in accordance with the terms hereof (and
the term “Escrow Securities “shall be deemed to include any Non-Cash Dividends
distributed with respect to any Escrow Securities held by the Escrow Agent
prior to the distribution).

 

4.2           Restrictions on Transfer. During
the applicable Escrow Period, the Stockholders agree not to sell, transfer or assign
any or all of their Escrow Securities (for which Release Date has not occurred)
except in the case of Oenoke to its members. Notwithstanding the foregoing, the
Stockholders may transfer any of their Escrow Securities to their respective
ancestors, descendants or spouse or to trusts established for the benefit of
such persons or the member, or to affiliated companies; provided, however,
that any such permissive transfers may be implemented only upon the respective
transferee’s written agreement to be bound by the terms and conditions of this
Agreement as a stockholder and of the Insider Letter signed by transferring
Stockholder. During the applicable Escrow Period, the Stockholders each agree
that they may not pledge or grant a security interest in the Escrow Securities
or grant a security interest in their rights under this Agreement.

 

4.3           Insider Letters. Each of the
Stockholders has executed a letter agreement with the Representative and the
Company, dated as indicated on Exhibit B hereto, and which is filed as an
exhibit to the Registration Statement (“Insider Letter”), respecting
their rights and obligations in certain events, including but not limited to
the liquidation of the Company.

 

5.             Concerning the Escrow Agent.

 

5.1           Good Faith Reliance. The Escrow
Agent shall not be liable for any action taken or omitted by it in good faith
and in the exercise of its own best judgment, and may rely conclusively and
shall be protected in acting upon any order, notice, demand, certificate,
opinion or advice of counsel (including counsel chosen by the Escrow Agent),
statement, instrument, report or other paper or document (not only as to its
due execution and the validity and effectiveness of its provisions, but also as
to the truth and acceptability of any information

 

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therein contained) which is
believed by the Escrow Agent to be genuine and to be signed or presented by the
proper person or persons. The Escrow Agent shall not be bound by any notice or
demand, or any waiver, modification, termination or rescission of this
Agreement unless evidenced by a writing delivered to the Escrow Agent signed by
the proper party or parties and, if the duties or rights of the Escrow Agent
are affected, unless it shall have given its prior written consent thereto.

 

5.2           Indemnification. The Company
agrees to indemnify and hold the Escrow Agent harmless from and against any
expenses, including counsel fees and disbursements, or losses suffered by the
Escrow Agent in connection with any action, suit or other proceeding involving
any claim which in any way, directly or indirectly, arises out of or relates to
this Agreement, the services of the Escrow Agent hereunder, or the Escrow
Securities held by it hereunder, other than expenses or losses arising from the
gross negligence or willful misconduct of the Escrow Agent. Promptly after the
receipt by the Escrow Agent of notice of any demand or claim or the
commencement of any action, suit or proceeding, the Escrow Agent shall notify
the other parties hereto in writing. In the event of the receipt of such
notice, the Escrow Agent, in its sole discretion, may commence an action in the
nature of interpleader in an appropriate court to determine ownership or
disposition of the Escrow Securities or it may deposit the Escrow Securities
with the clerk of any appropriate court or it may retain the Escrow Securities
pending receipt of a final, non appealable order of a court having jurisdiction
over all of the parties hereto directing to whom and under what circumstances
the Escrow Securities are to be disbursed and delivered. The provisions of this
Section 5.2 shall survive in the event the Escrow Agent resigns or is
discharged pursuant to Sections 5.5 or 5.6 below.

 

5.3           Compensation. The Escrow Agent
shall be entitled to reasonable compensation from the Company for all services
rendered by it hereunder. The Escrow Agent shall also be entitled to
reimbursement from the Company for all expenses paid or incurred by it in the
administration of its duties hereunder including, but not limited to, all
counsel, advisors’ and agents’ fees and disbursements and all taxes or other
governmental charges.

 

5.4           Further Assurances. From time
to time on and after the date hereof, the Company and the Stockholders shall
deliver or cause to be delivered to the Escrow Agent such further documents and
instruments and shall do or cause to be done such further acts as the Escrow
Agent shall reasonably request to carry out more effectively the provisions and
purposes of this Agreement, to evidence compliance herewith or to assure itself
that it is protected in acting hereunder.

 

5.5           Resignation. The Escrow Agent
may resign at any time and be discharged from its duties as escrow agent
hereunder by giving the other parties hereto written notice, and such
resignation shall become effective as hereinafter provided. Such resignation
shall become effective at such time that the Escrow Agent shall turn over to a
successor escrow agent appointed by the Company the Escrow Securities held
hereunder. If no new escrow agent is so appointed within the 60-day period
following the giving of such notice of resignation, the Escrow Agent may
deposit the Escrow Securities with any court it reasonably deems appropriate.

 

5.6           Discharge of Escrow Agent. The
Escrow Agent shall resign and be discharged from its duties as escrow agent
hereunder if so requested in writing at any time by

 

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the Company and the holders of
a majority of the Escrow Securities, provided, however, that such
resignation shall become effective only upon acceptance of appointment by a
successor escrow agent as provided in Section 5.5.

 

5.7           Liability. Notwithstanding
anything herein to the contrary, the Escrow Agent shall not be relieved from
liability hereunder for its own gross negligence or willful misconduct.

 

5.8           Waiver. Notwithstanding
anything herein to the contrary, the Escrow Agent hereby waives any and all
right, title, interest or claim of any kind (“Claim”) in or to any
distribution of the Trust Account, and hereby agrees not to seek recourse,
reimbursement, payment or satisfaction for any Claim against the Trust Account
for any reason whatsoever.

 

6.             Miscellaneous.

 

6.1           Governing Law. This Agreement
shall for all purposes be deemed to be made under and shall be construed in
accordance with the laws of the State of New York, without giving effect to
conflicts of law principles that would result in the application of the
substantive laws of another jurisdiction.

 

6.2           Entire Agreement. This
Agreement together with the Insider Letters contains the entire agreement of
the parties hereto with respect to the subject matter hereof and, except as
expressly provided herein, may not be changed or modified except by an
instrument in writing signed by the party to be charged. This Agreement may be
executed in one or more counterparts, each of which shall constitute an
original, and together shall constitute one and the same instrument.

 

6.3           Headings. The headings
contained in this Agreement are for reference purposes only and shall not
affect in any way the meaning or interpretation thereof.

 

6.4           Binding Effect. This Agreement
shall be binding upon and inure to the benefit of the respective parties hereto
and their legal representatives, successors and assigns.

 

6.5           Notices. Any notice or other
communication required or which may be given hereunder shall be in writing and
either be delivered personally or be mailed, certified or registered mail, or
by private courier service, return receipt requested, postage prepaid, and
shall be deemed given when so delivered personally or, if mailed, two days
after the date of mailing, as follows:

 

If to the Company, to:

 

Information
Services Group, Inc.

Four Stamford Plaza

107 Elm Street

Stamford, CT 06902

Attention:  Michael P. Connors

Facsimile:

 

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with a copy to:

 

Information
Services Group, Inc.

Four Stamford Plaza

107 Elm Street

Stamford, CT 06902

Attention:  Earl H. Doppelt

Facsimile:

 

If to any of
the Stockholders to:

 

c/o
Information Services Group, Inc.

Four Stamford Plaza

107 Elm Street

Stamford, CT 06902

Attention:  Michael P. Connors

Facsimile:

 

and if to the Escrow Agent, to:

 

Continental
Stock Transfer & Trust Company

17 Battery Place

New York, New York  10004

Attn:  Chairman

Facsimile:

 

A copy of any notice sent hereunder shall be sent to:

 

Deutsche Bank
Securities, Inc. 

60 Wall Street, 4th Floor

New York, New York  10005

Attn:                   

Facsimile:

 

and:

 

Kaye Scholer
LLP

425 Park Avenue

New York, NY  10022

Attn:  Emanuel Cherney, Esq.

Facsimile:  (212) 836-8689

 

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and:

 

Kramer Levin
Naftalis & Frankel LLP

1177 Avenue of the Americas

New York, NY 10036 

Attn:  Christopher S. Auguste, Esq.

Facsimile:

 

Any party may
change the person and address to which the notices or other communications are
to be sent by giving written notice to any such change in the manner provided
herein for giving notice.

 

6.6           Third Party Beneficiaries. Each
of the Stockholders and Oenoke hereby acknowledges that the Underwriters are
third party beneficiaries of this Agreement and this Agreement may not be
modified or changed without the prior written consent of the Representative.

 

6.7           Liquidation of the Company. The
Company shall give the Escrow Agent written notification of the liquidation and
dissolution of the Company in the event that the Company fails to consummate a
Business Combination within the time period(s) specified in the Prospectus and
a liquidation and dissolution of the Company is effectuated.

 

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WITNESS the
execution of this Agreement as of the date first above written.

 

	
   

  	
  INFORMATION
  SERVICES GROUP, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Michael P.
  Connors, Chairman and Chief

  Executive Officer

  
	
   

  	
   

  
	
   

  	
  CONTINENTAL STOCK TRANSFER

  & TRUST COMPANY

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
  OENOKE
  PARTNERS, LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Michael
  Connors, Managing Member

  
	
   

  	
   

  
	
   

  	
  OTHER
  STOCKHOLDERS OF INFORMATION 

  SERVICES GROUP, INC.

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
				

 

 

Exhibit A

 

[List of Stockholders]

 

 

Exhibit B

 

[Form of Insider Letter]Exhibit 10.16

 

IN MAKING AN INVESTMENT DECISION WITH RESPECT TO THE
SECURITIES TRANSFERRED HEREBY, INVESTORS MUST RELY ON THEIR OWN EXAMINATION OF
THE ISSUER AND THE TERMS OF THE OFFERING MADE WITH RESPECT TO SUCH SECURITIES,
INCLUDING THE MERITS AND RISKS INVOLVED. 
THESE SECURITIES HAVE NOT BEEN RECOMMENDED BY ANY FEDERAL OR STATE
SECURITIES COMMISSION OR REGULATORY AUTHORITY. 
FURTHERMORE, THE FOREGOING AUTHORITIES HAVE NOT CONFIRMED THE ACCURACY
OR DETERMINED THE ADEQUACY OF ANY DOCUMENT IN CONNECTION WITH SUCH
OFFERING.  ANY REPRESENTATION TO THE
CONTRARY IS A CRIMINAL OFFENSE.

 

 

STOCK
TRANSFER AGREEMENT

 

This Stock Transfer Agreement (this “Agreement”)
is made as of December 21, 2006, by and among Oenoke Partners, LLC a
Delaware limited liability company (“Oenoke”), Information Services
Group, Inc. (the “Company”) and the individual whose name is set
forth on Exhibit A (the “Transferee”).

 

WHEREAS, pursuant to the terms of the Management Unit
Purchase Agreement, dated August 2, 2006, by and between Oenoke and the
Company (the “Management Unit Purchase Agreement”), Oenoke purchased
4,687,500 units (the “Initial Units”), each of which consists of a share
of Common Stock of the Company (the “Stock”; the shares of Stock
underlying the Initial Units, the “Initial Shares”) and a warrant to
purchase a share of Stock (the “Warrants”; the Warrants underlying the
Initial Units, the “Initial Warrants”) at $0.002 per Initial Unit, for
an aggregate purchase price of $9,375.00;

 

WHEREAS, the Company subsequently redeemed the Initial
Warrants from Oenoke;

 

WHEREAS, the Transferee served as a real estate
consultant for the Company;

 

WHEREAS, the Company anticipates issuing units (the “Public
Units”) to the public (the “IPO”) pursuant to the terms and
conditions set forth in the registration statement on Form S-1 (the “Registration
Statement”) initially filed with the Securities and Exchange Commission
(the “SEC”) on August 11, 2006;

 

WHEREAS, the Company desires that the Transferee own
an interest in the Company; and

 

WHEREAS, on the terms and conditions contained in this
Agreement, each Transferee desires to purchase from Oenoke, and Oenoke desires
to transfer to each Transferee, the number of Initial Shares set forth opposite
such Transferee’s name on Exhibit A hereto (collectively, the “Transferred
Shares”) in cash for the amount set forth thereon.

 

NOW, THEREFORE, in consideration of the premises and
other good and valuable consideration, the Company, Oenoke and the Transferee
hereby agree as follows:

 

 

1.             Purchase and Sale of Shares.  The Transferee hereby agrees to purchase from
Oenoke, and Oenoke hereby agrees to transfer to the Transferee, that number of
Transferred Shares set forth on Exhibit A at the purchase price set
forth on Exhibit A, payable in cash.

 

2.             Closing.

 

(a)           The closing hereunder,
including payment for and transfer of the Transferred Shares shall occur at the
offices of the Company immediately following the execution of this Agreement,
or at such other time and place as the parties may mutually agree.

 

(b)           At the closing, (i) the
Transferee shall pay to Oenoke in cash the purchase price set forth on Exhibit A,
(ii) Oenoke shall return to the Company for cancellation the
certificate(s) representing the Initial Shares, (iii) the Company shall
deliver to the Transferee a certificate representing the Transferred Shares
transferred to such Transferee hereunder, and (iv) the Company shall
reissue to Oenoke a certificate(s) representing that number of shares equal to
the Initial Shares minus the aggregate number of Transferred Shares (the “Remaining
Shares”).

 

3.             Representations and Warranties.

 

(a)           Oenoke represents and
warrants to the Company and the Transferee that:

 

i.              Oenoke is a limited liability company
duly organized, validly existing and in good standing under the laws of the
State of Delaware, with full power and authority to execute and deliver this
Agreement and to perform its obligations hereunder.  This Agreement has been duly and validly
authorized by all necessary limited liability company action of Oenoke and has
been duly and validly executed and delivered by Oenoke and constitutes the
valid and binding obligation of Oenoke, enforceable against it in accordance
with its terms.  Oenoke has good and
valid title to the Transferred Shares, free and clear of all liens and
encumbrances.

 

(b)           The Company represents
and warrants to Oenoke and each Transferee that:

 

i.              it is a corporation duly organized,
validly existing and in good standing under the laws of the State of Delaware,
with full power and authority to execute and deliver this Agreement and to
perform its obligations hereunder.  This
Agreement has been duly and validly authorized by all necessary corporate
action of the Company and has been duly and validly executed and delivered by
the Company and constitutes the valid and binding obligation of the Company,
enforceable against it in accordance with its terms.

 

ii.             the Transferred Shares will be duly and
validly authorized at the time of issuance, and, when issued and delivered
against payment therefor as provided herein, will be duly and validly issued
and fully paid and nonassessable.

 

2

 

(c)           The Transferee
represents to the Company and to Oenoke as follows:

 

i.              the Transferee is an “accredited investor”
as that term is defined in Rule 501 of Regulation D promulgated under the
Securities Act of 1933, as amended (the “Securities Act”), a copy of
which is annexed hereto.

 

ii.             the Transferred Shares are being acquired
for the Transferee’s own account, only for investment purposes and not with a
view to, or for resale in connection with, any distribution or public offering
thereof within the meaning of the Securities Act.

 

iii.            the Transferee has the full right, power
and authority to enter into this Agreement and this Agreement is a valid and
legally binding obligation of the Transferee enforceable against it in
accordance with its terms.

 

4.             Repurchase Right. 
The Transferee hereby agrees that Oenoke may, at any time prior to the
consummation of the IPO, elect to repurchase the Transferred Shares from the
Transferee, at a purchase price equal to $0.001 per Transferred Share.  In the event Oenoke elects to exercise its
repurchase right pursuant to this Section 4, the Transferee shall promptly
sell to Oenoke, and Oenoke shall repurchase from the Transferee, at a price per
share equal to $0.001, in cash, all of the Transferred Shares which are being
transferred to the Transferee pursuant to the terms and conditions of this
Agreement.

 

5.             Limitations on Transfer.  The Transferee shall not assign, hypothecate,
donate, encumber or otherwise dispose of any interest in the Transferred
Shares, except in compliance with the provisions hereof, the Management Unit
Purchase Agreement and applicable securities laws.  The Transferee acknowledges that the Company
shall not be required (a) to transfer on its books any shares of Stock
which shall have been transferred in violation of any of the provisions set
forth herein or in the Management Unit Purchase Agreement or (b) to treat
as owner of such shares or to accord the right to vote as such owner or to pay
dividends to any purported transferee to whom such shares shall be sought to be
transferred in violation of this Agreement. 
The Transferee hereby further
acknowledges that it may be required to hold the Transferred Shares
indefinitely.  During the period of time
during which the Transferee holds the Transferred Shares, the value of such
Transferred Shares may increase or decrease, and any risk associated with such
Transferred Shares and such fluctuation in value shall be borne by the
Transferee.

 

6.             Voting of Shares; Waiver of Conversion Rights;
Lock-Up.  In connection with the vote
required to consummate a Business Combination (as defined in the Company’s
Certificate of Incorporation), each Transferee shall vote the Transferred
Shares in accordance with the majority of the shares of Stock voted by the
Company’s public stockholders, and therefore waives any conversion rights such
Transferee might have with respect to such Transferred Shares, as provided in
the Company’s Certificate of Incorporation. 
Transferee hereby waives any right to receive distributions with respect
to the shares of Stock transferred or reissued hereunder upon the liquidation
of the Trust Fund (as defined in the Company’s Certificate of Incorporation),
or as part of the Company’s plan of dissolution and distribution in the event
the Company fails to consummate such Business Combination by the Termination
Date

 

3

 

(as defined in the Company’s Certificate of Incorporation).  In the event that the Company fails to
consummate a Business Combination by the Termination Date, the Transferee shall
vote the Transferred Shares in favor of any plan of dissolution and liquidation
recommended by the Company’s board of directors.  The Transferred Shares will be subject to a
lock-up as referred to in the Registration Statement.  Subject to certain limited exceptions to be
set forth therein, the Transferred Shares will not be transferable until the
date that is one year after the closing of a Business Combination.

 

7.             Restrictive Legends.  The Transferee acknowledges that all
certificates representing the Transferred Shares shall have endorsed thereon
legends in substantially the following forms (in addition to any other legend
which may be required by other agreements between the parties hereto):

 

(a)           “THESE SECURITIES ARE
SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE
TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, AND THE APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR
EXEMPTION THEREFROM.  INVESTORS SHOULD BE
AWARE THAT THEY MAY BE REQUIRED TO BEAR THE FINANCIAL RISKS OF AN
INVESTMENT IN THE SHARES REPRESENTED BY THIS CERTIFICATE FOR AN INDEFINITE
PERIOD OF TIME.”

 

(b)           “THE SECURITIES
REPRESENTED BY THIS CERTIFICATE ARE ALSO FURTHER SUBJECT TO THE PROVISIONS OF
THE STOCK TRANSFER AGREEMENT AMONG THE ISSUER OF SUCH SECURITIES (THE “COMPANY”),
OENOKE PARTNERS, LLC (“OENOKE”) AND THE TRANSFEREE NAMED THEREIN AND THE
MANAGEMENT UNIT PURCHASE AGREEMENT, DATED AUGUST 2, 2006 BY AND BETWEEN
OENOKE AND THE COMPANY (THE “MANAGEMENT UNIT PURCHASE AGREEMENT”) AS THE SAME MAY BE
AMENDED FROM TIME TO TIME, COPIES OF WHICH ARE AVAILABLE FOR INSPECTION AT THE
PRINCIPAL OFFICES OF THE COMPANY, AND, WITHOUT LIMITING THE GENERALITY OF THE
FOREGOING, NO SALE, ASSIGNMENT, TRANSFER OR OTHER DISPOSITION OF THESE SHARES
SHALL BE VALID OR EFFECTIVE UNLESS MADE IN COMPLIANCE WITH ALL OF THE TERMS AND
CONDITIONS OF THOSE AGREEMENTS.”

 

8.             Registration Rights.  Transferee (and its assignees and
transferees) shall be granted certain registration rights pursuant to the
registration rights agreement (the “Registration Rights Agreement”)
referred to in the Management Unit Purchase Agreement.

 

9.             Miscellaneous.

 

(a)           Notices. 
All notices required or permitted hereunder shall be in writing and
shall be deemed effectively given:  (i) upon
personal delivery to the party to be notified, (ii) when sent by confirmed
telex or facsimile if sent during normal business hours of the recipient, and
if not during normal business hours of the recipient, then on the next business
day, (iii) five (5) calendar days after having been sent by
registered or certified mail, return receipt requested, postage prepaid, or (iv) one (1) business
day after deposit with a nationally recognized overnight courier, specifying
next day delivery, with written verification of receipt.  All

 

4

 

communications shall be sent to
the other party hereto at such party’s address hereinafter set forth on the
signature page hereof, or at such other address as such party may
designate by ten (10) days advance written notice to the other party
hereto.

 

(b)           Successors and Assigns.  This Agreement shall inure to the benefit of
the successors and assigns of the Company, and, subject to the restrictions on
transfer herein set forth, be binding upon each Transferee and Oenoke and their
respective successors and assigns.

 

(c)           Governing Law; Venue.  This Agreement shall be governed by,
construed and enforced in accordance with the laws of the State of New York,
without giving effect to the conflicts of laws principles thereof.  Each of the parties hereby agrees to submit
to the jurisdiction of any Federal or State court located in the Borough of
Manhattan in New York City with respect to any actions, claims or proceeding
arising under this Agreement.  Each party
hereby irrevocably waives any defense or objection to such submission to
jurisdiction.

 

(d)           Further Execution.  The parties agree to take all such further
action(s) as may reasonably be necessary to carry out and consummate this
Agreement as soon as practicable, and to take whatever steps may be necessary
to obtain any governmental approval in connection with or otherwise qualify the
issuance of the securities that are the subject of this Agreement.

 

(e)           Entire Agreement; Amendment.  This Agreement constitutes the entire
agreement between the parties with respect to the subject matter hereof and
supersedes and merges all prior agreements or understandings, whether written
or oral.  This Agreement may not be
amended, modified or revoked, in whole or in part, except by an agreement in writing
signed by each of the parties hereto.

 

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

 

(g)           Counterparts.  This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original and all of which
together shall constitute one instrument.

 

[Signatures on following page]

 

5

 

In Witness Whereof,
the parties hereto have executed this Agreement as of the day and year first
above written.

 

 

	
   

  	
  Information Services Group, Inc.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Michael Connors

  	
   

  
	
   

  	
   

  	
  Michael Connors

  
	
   

  	
   

  	
  Chief Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address: Four Stamford Plaza

  
	
   

  	
   

  	
  107 Elm Street

  
	
   

  	
   

  	
  Stamford, CT 06902

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Oenoke Partners, LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Michael Connors

  	
   

  
	
   

  	
   

  	
  Michael Connors

  
	
   

  	
   

  	
  Managing Member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address: Four Stamford Plaza

  
	
   

  	
   

  	
  107 Elm Street

  
	
   

  	
   

  	
  Stamford, CT 06902

  

 

[Stock Transfer
Agreement]

 

 

	
   

  	
  Transferee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ William Fitzgerald

  	
   

  
	
   

  	
   

  	
  William Fitzgerald

  

 

[Stock Transfer
Agreement]

 

 

EXHIBIT A

 

[Transferee,
Shares, Purchase Price]

 

	
  Transferee

  	
   

  	
  Number of Shares

  	
   

  	
  Aggregate Purchase Price

  	
   

  
	
  William Fitzgerald

  	
   

  	
  12,500

  	
   

  	
  $

  	
  12.50

  	
   

  
							

 

 

ANNEX - ACCREDITED INVESTOR UNDER
REGULATION D

 

Accredited
Investor - The undersigned hereby confirms to the Company
that the undersigned (check each category which applies):

 

	
  o

  	
  a)

  	
  is a bank as defined in Section 3(a)(2) of the Securities
  Act or a savings and loan association or other institution as defined in
  Section 3(a)(5)(A) of the Securities Act, whether acting in its
  individual or fiduciary capacity; a broker dealer registered pursuant to
  Section 15 of the Securities Exchange Act of 1934; an insurance company
  as defined in Section 2(13) of the Securities Act; an investment company
  registered under the Investment Company Act of 1940 or a business development
  company as defined in Section 2(a)(48) of the Investment Company Act of
  1940; a Small Business Investment Company licensed by the U.S. Small Business
  Administration under Section 301(c) or (d) of the Small
  Business Investment Act of 1958; a plan established and maintained by a
  state, its political subdivisions, or any agency or instrumentality of a
  state or its political subdivisions, for the benefit of its employees, if
  such plan has total assets in excess of $5,000,000; an employee benefit plan
  within the meaning of the Employee Retirement Income Security Act of 1974, if
  the investment decision is made by a plan fiduciary, as defined in
  Section 3(21) of such Act, which plan fiduciary is either a bank,
  savings and loan association, insurance company, or registered investment adviser,
  or if the employee benefit plan has total assets in excess of $5,000,000 or,
  if a self-directed plan, with investment decisions made solely by persons
  that are accredited investors;

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  o

  	
  b)

  	
  is a private business development company as defined in
  Section 202(a)(22) of the Investment Advisers Act of 1940;

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  o

  	
  c)

  	
  is an organization described in Section 501(c)(3) of the
  Internal Revenue Code of 1986, as amended (the “Code”), a corporation,
  Massachusetts or similar business trust, or a partnership, not formed for the
  specific purpose of acquiring the Purchased Stock, with total assets in
  excess of $5,000,000;

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  o

  	
  d)

  	
  is a director, executive officer or general partner of the Company,
  or any director, executive officer, or a general partner of a general partner
  of the Company;

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  x

  	
  e)

  	
  is a natural person whose individual net worth, individually or
  together with his or her spouse, exceeds $1,000,000 at the time of his or her
  purchase;

  
	
   

  	
   

  	
   

  
	
  x

  	
  f)

  	
  x

  	
  i)

  	
  is a natural person who had an individual income in excess of $200,000 in both 2004 and 2005 and
  who reasonably expects reaching the same income level in 2006; or

  
							

 

9

 

	
   

  	
   

  	
  o

  	
  ii)

  	
  is a natural person who had a joint income with his or her spouse in
  excess of $300,000 in both 2004 and 2005 and who reasonably expects reaching
  the same income level in 2006;

  
	
   

  	
   

  	
   

  
	
  o

  	
  g)

  	
  is a trust, with total assets in excess of $5,000,000, not formed for
  the specific purpose of acquiring the Purchased Stock, whose purchase is
  directed by a person who either alone or with his purchaser representative
  has such knowledge and experience in financial and business matters that he
  or she is capable of evaluating the merits and risks of the prospective
  investment, or that the Company reasonably believes immediately prior to
  making any sale that such purchaser comes within this definition;

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  o

  	
  h)

  	
  is an entity in which all of the equity owners are Accredited
  Investors meeting one or more of the tests under subparagraphs (a) -
  (g).

  
							

 

 

	
  IF AN ENTITY:

  	
   

  	
  IF AN INDIVIDUAL

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  William Fitzgerald

  	
   

  
	
  Print Name of Entity

  	
   

  	
  Print Name of Individual

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  	
  /s/ William Fitzgerald

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  	
  Signature

  
	
   

  	
  Title:

  	
   

  	
   

  	
   

  

 

10

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