Document:

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EXHIBIT 10.37

                        UNANIMOUS SHAREHOLDER AGREEMENT

                          Made as of December 20, 1999

                                    Between

                       THE ASHTON TECHNOLOGY GROUP, INC.
                                    as "ATG"

                                      and

                              3690822 CANADA INC.
                                 as "NumberCo"

                                      and

                         ASHTON TECHNOLOGY CANADA INC.
                                as "Corporation"

                                MCMILLAN BINCH
                                   ----------
                            BARRISTERS & SOLICITORS
<PAGE>

                               TABLE OF CONTENTS

RECITALS..........................................................   1

SECTION 1 - INTERPRETATION .......................................   1
     1.1  Definitions.............................................   1
          (1)  Adoption Agreement.................................   1
          (2)  Agreement..........................................   2
          (3)  Affiliate..........................................   2
          (4)  Applicable Law.....................................   2
          (5)  Arm's Length.......................................   2
          (6)  Articles...........................................   2
          (7)  Bankruptcy Proceedings.............................   2
          (8)  Business Corporations Act..........................   2
          (9)  Business Day.......................................   2
          (10) By-laws............................................   2
          (11) Canadian Securities................................   3
          (12) Closing Date.......................................   3
          (13) Confidential Information...........................   3
          (14) Control............................................   3
          (15) Corporate Shareholder..............................   3
          (16) Fair Market Value..................................   3
          (17) GAAP...............................................   3
          (18) Governmental Authority.............................   3
          (19) Indebtedness.......................................   4
          (20) Individual Shareholder.............................   4
          (21) Licence and Services Agreement.....................   4
          (22) Lien                                                  4
          (23) Notice.............................................   4
          (24) Permitted Transferee...............................   4
          (25) Person.............................................   4
          (26) Principal Shareholders.............................   4
          (27) Purchase Price.....................................   4
          (28) Purchasing Shareholder.............................   4
          (29) Question...........................................   4
          (30) Selling Shareholder................................   4
          (31) Shares.............................................   4
          (32) Shareholders.......................................   5
          (33) Triggering Event...................................   5
     1.2  Headings and Table of Contents..........................   5
     1.3  References..............................................   5
     1.4  Number and Gender.......................................   5
     1.5  Time of Day.............................................   5
     1.6  Business Day............................................   5
     1.7  Governing Law...........................................   5
     1.8  Conflict................................................   5

                                      (i)
<PAGE>

     1.9  Severability............................................   6
     1.10 Time of Essence.........................................   6
     1.11 Statutory References....................................   6
     1.12 Schedules...............................................   6
     1.13 Entire Agreement........................................   6
     1.14 GAAP....................................................   6
     1.15 Unanimous Shareholder Agreement.........................   6

SECTION 2 - MANAGEMENT ...........................................   6
     2.1  Number of Directors.....................................   6
     2.2  Election of Directors...................................   6
     2.3  Quorum..................................................   7
     2.4  Officers................................................   7
     2.5  Restrictions on Management..............................   7
     2.6  Amalgamation with NumberCo..............................   8
     2.7  Signing Authority.......................................   8

SECTION 3 - SHAREHOLDER MATTERS ..................................   8
     3.1  Meetings of Shareholders................................   8
     3.2  Non-Competition Covenant................................   9
     3.3  Non-Solicitation Covenant...............................   9
     3.4  Confidentiality.........................................   9
     3.5  Breach of Obligations...................................  10

SECTION 4 - FINANCIAL AND SUPPORT OBLIGATIONS ....................  10
     4.1  ATG Funding and Support Obligations.....................  10
     4.2  Further Obligations.....................................  11
     4.3  Dividends...............................................  11
     4.4  Auditors................................................  11

SECTION 5 - DEALING WITH SHARES ..................................  11
     5.1  Ownership of Shares.....................................  11
     5.2  Restrictions on Transfer of Shares......................  11
     5.3  Permitted Transfers.....................................  12
     5.4  Employee Stock Option Plan..............................  12
     5.5  Put/Call................................................  12

SECTION 6 - COMPLETION OF PURCHASE AND SALE ......................  13
     6.1  Purchase Price..........................................  13
     6.2  Determination and Notification of Fair Market Value.....  13
     6.3  Outstanding Indebtedness................................  14
     6.4  Title to Shares Free and Clear..........................  14
     6.5  Closing and Closing Date................................  14
     6.6  Time and Place of Closing...............................  15
     6.7  Payment of Purchase Price and Delivery of Certificates..  15
     6.8  Failure to Complete Transaction of Purchase and Sale....  15

SECTION 7 - GENERAL ..............................................  16
     7.1  Carrying out of Agreement...............................  16
     7.2  Assignment and Enurement................................  16
     7.3  Notices.................................................  16

                                      (ii)
<PAGE>

     7.4  No Set-off..............................................  17
     7.5  Waivers.................................................  17
     7.6  Further Assurances......................................  17
     7.7  Remedies Cumulative.....................................  17
     7.8  Counterparts and Adoption Agreement.....................  17
     7.9  Amendments..............................................  18
     7.10 Submission to Jurisdiction..............................  18
     7.11 Termination.............................................  18

Schedule 1.1(1) - Adoption Agreement
Schedule 1.1(6) - Articles
Schedule 1.1(10) - By-Laws

                                     (iii)
<PAGE>

EXHIBIT 10.37

                        UNANIMOUS SHAREHOLDER AGREEMENT

This Agreement is made as of December 20, 1999 , between

                    THE ASHTON TECHNOLOGY GROUP, INC.
                    a corporation subsisting under the laws of Delaware
                    as "ATG"

                                      and

                    3690822 CANADA INC. a corporation subsisting under
                    the laws of Canada
                    as "NumberCo"

                                      and

                    ASHTON TECHNOLOGY CANADA INC. a
                    corporation subsisting under the laws of Canada
                    as "Corporation"

RECITALS

A. The authorized capital of the Corporation consists of an unlimited number of
common shares in two classes, of which 100,000 shares are issued and
outstanding;

B. At the date of this Agreement all of the issued and outstanding shares of the
Corporation are legally and beneficially owned by ATG and NumberCo;

C. The parties have agreed to enter into this Agreement to provide for certain
rights and obligations concerning the Corporation and to record their agreement
as to the manner in which the affairs of the Corporation shall be conducted.

FOR VALUE RECEIVED, the parties agree as follows:

SECTION 1 - INTERPRETATION

1.1  Definitions. In this Agreement:

                                   1.1(10)-1
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(1) Adoption Agreement means an agreement by which a Person agrees to be bound
by the terms of this Agreement, substantially in the form of Schedule 1.1(1);

(2) Agreement means this agreement including any recitals and schedules to this
agreement, as amended, supplemented or restated from time to time;

(3) Affiliate has the meaning ascribed thereto in the Business Corporation Act;

(4) Applicable Law in respect of any Person, property, transaction or event,
means all present and future laws, statutes, regulations, treaties, judgments
and decrees applicable to that Person, property, transaction or event and,
whether or not having the force of law, all applicable official directives,
rules, consents, approvals, authorizations, guidelines, orders and policies of
any Governmental Authority having or purporting to have authority over that
Person, property, transaction or event;

(5) Arm's Length has the meaning given to it in the Income Tax Act (Canada) as
amended or re-enacted from time to time;

(6) Articles means the articles of the Corporation attached to this Agreement as
Schedule Schedule 1.1(6), as amended, restated or replaced from time to time in
accordance with this Agreement;

(7) Bankruptcy Proceedings by or against a Person means any voluntary or
involuntary case or proceeding (including the filing of any notice) under any
insolvency, incorporation or other Applicable Law in any jurisdiction in respect
of the:

     (a)  bankruptcy, liquidation, winding-up, dissolution or suspension of
          general operations;

     (b)  composition, rescheduling, reorganization, arrangement or readjustment
          of, or other relief from, or stay or proceedings to enforce, some or
          all of the debts or obligations;

     (c)  appointment of a trustee, receiver, receiver and manager, liquidator,
          administrator, custodian or other official for, all or a substantial
          part of the assets; or

     (d)  possession, foreclosure or retention, or sale or other disposition of,
          or other proceedings to enforce security over, all or a substantial
          part of the assets;

of that Person;

(8) Business Corporations Act means the Canada Business Corporations Act, as
amended or re-enacted from time to time;

(9) Business Day means a day on which banks are open for business in the City of
Toronto, but does not include a Saturday, Sunday or statutory holiday in the
Province of Ontario. The Business Day will end at 5:00 p.m. on that day;
<PAGE>

(10) By-laws means the by-laws of the Corporation attached to this Agreement as
Schedule Schedule 1.1(10), as amended or replaced from time to time in
accordance with this Agreement;

(11) Canadian Securities means the securities issued by any company domiciled in
Canada or whose principal place of business is Canada. "Canadian Securities"
shall also mean the securities of any company listed for trading on any
registered Canadian exchange.

(12) Closing Date means in the case of a purchase and sale under Section 5.5,
the date determined under Section 6.5, unless otherwise agreed by the parties to
the transaction of purchase and sale;

(13) Confidential Information means all information, documentation, knowledge,
data or know-how owned, possessed or controlled by, or relating to, the
Corporation or acquired or developed for its benefit, that the Corporation
treats as confidential including, without limitation, supplier and customer
lists, price lists, marketing information, product information, trade secrets
and computer software, but excluding any information:

     (a)  that is or becomes part of the public domain by publication or
          otherwise without any breach of this Agreement;

     (b)  that is obtained on a non-confidential basis from another source
          acting in good faith without any breach of this Agreement; or

     (c)  that was not obtained from another source and that can be demonstrated
          by the recipient to have been known or independently developed by the
          recipient before disclosure to the recipient;

(14) Control means the possession of the power to direct or cause the direction
of the management and policies of a corporation or a trust through, in the case
of a corporation, legal and beneficial ownership of a majority of voting shares
in the corporation, or, in the case of a trust, through legal ownership of a
trust's assets;

(15) Corporate Shareholder means a corporation which owns Shares;

(16) Fair Market Value of any class of Shares means the fair market value of all
the issued and outstanding Shares of that class on any particular date
determined in accordance with Section 6.2 and for the purposes of this
definition "fair market value" means the highest price expressed in money or
money's worth, available in an open and unrestricted market between informed and
willing parties acting at arm's length and under no compulsion to act, with no
discount for minority interests, illiquid markets or restrictions on transfers
of shares and no premium for a control block of Shares;

(17) GAAP means generally accepted accounting principles in effect in Canada
including, without limitation, the accounting recommendations published in the
Handbook of the Canadian Institute of Chartered Accountants;

(18) Governmental Authority means any domestic or foreign government, including,
without limitation, any federal, provincial, state, territorial or municipal
government, and any
<PAGE>

government agency, tribunal, commission or other authority exercising or
purporting to exercise executive, legislative, judicial, regulatory or
administrative functions of, or pertaining to, government;

(19) Indebtedness of a Person means all debts, liabilities and other obligations
of that Person however incurred;

(20) Individual Shareholder means an individual who:

     (a)  owns Shares; or

     (b)  owns shares of a Corporate Shareholder;

(21) Licence and Services Agreement means the Licence and Services Agreement
dated the date hereof between the Corporation, ATG and Universal Trading
Technologies Corporation;

(22) Lien means any lien, mortgage, charge, hypothec, encumbrance, security
interest, pledge, hypothecation, deposit arrangement, priority, conditional sale
agreement, other title retention agreement or other security arrangement of any
kind;

(23) Notice means any notice, approval, demand, direction, consent, designation,
request, document, instrument, certificate or other communication required or
permitted to be given under this Agreement;

(24) Permitted Transferee means a single Affiliate of a Shareholder and of which
the Shareholder has Control;

(25) Person means any natural person, sole proprietorship, partnership,
corporation, trust, joint venture, any Governmental Authority or any
incorporated or unincorporated entity or association of any nature;

(26) Principal Shareholders means ATG and NumberCo;

(27) Purchase Price has the meaning given to it in Section 6.1;

(28) Purchasing Shareholder means a Shareholder purchasing Shares pursuant to
Section 5.5(1) or 5.5(2), as the case may be;

(29) Question includes any resolution, by-law, or other matter submitted to
directors or Shareholders of the Corporation, as applicable;

(30) Selling Shareholder means a Shareholder selling Shares pursuant to Section
5.5(1) or 5.5(2), as the case may be;

(31) Shares means:

     (a)  common and preference shares in the capital of the Corporation,
<PAGE>

     (b)  any other securities into which those common or preference shares may
          be converted, exchanged, reclassified, redesignated, subdivided,
          consolidated or otherwise changed from time to time,

     (c)  any securities of any successor corporation to or corporation
          continuing from the Corporation which those common or preference
          shares or other securities are changed into or become as a result of
          any amalgamation, continuance, merger, consolidation, plan of
          arrangement or reorganization, statutory or otherwise, and

     (d)  any securities received as a stock dividend or other distribution on
          or in respect of those common shares or preference or other
          securities;

(32) Shareholders means ATG, NumberCo and any other Person who at the relevant
time owns Shares;

(33) Triggering Event means a change in Control of a Shareholder, a sale of all
or substantially all of the assets of a Shareholder, or, in the event Shares in
the Corporation held by a Shareholder have been transferred to a Permitted
Transferee under Section 5.3, a change in Control of such Permitted Transferee
or a sale of all or substantially all of the assets of such Permitted
Transferee.

1.2 Headings and Table of Contents. The division of this Agreement into
sections, the insertion of headings and the provision of a table of contents are
for convenience of reference only and are not to affect the construction or
interpretation of this Agreement.

1.3 References. Unless otherwise specified, references in this Agreement to
Sections and Schedules are to sections of, and schedules to, this Agreement.

1.4 Number and Gender. Unless otherwise specified, words importing the singular
include the plural and vice versa and words importing gender include all
genders.

1.5 Time of Day. Unless otherwise specified, references to time of day or date
mean the local time or date in the City of Toronto, Province of Ontario.

1.6 Business Day. If under this Agreement any payment or calculation is to be
made or any other action is to be taken, on or as of a day which is not a
Business Day, that payment or calculation is to be made, and that other action
is to be taken, as applicable, on or as of the next day that is a Business Day.
Any extension of time will be included for the purposes of computation of
interest.

1.7 Governing Law. This Agreement and each of the documents contemplated by or
delivered under or in connection with this Agreement are governed by, and are to
be construed and interpreted in accordance with, the laws of the Province of
Ontario and the laws of Canada applicable in the Province of Ontario.

1.8 Conflict. If there is a conflict between the provisions of this Agreement
and the Articles or By-laws, the provisions of this Agreement prevail and the
Articles and By-laws are to be amended accordingly. If there is a conflict
between any provision of this Agreement and any
<PAGE>

other document contemplated by or delivered under or in connection with this
Agreement, the relevant provision of this Agreement is to prevail.

1.9 Severability. If any provision of this Agreement is or becomes illegal,
invalid or unenforceable in any jurisdiction, the illegality, invalidity or
unenforceability of that provision will not affect:

(1) the legality, validity or enforceability of the remaining provisions of this
Agreement; or

(2) the legality, validity or enforceability of that provision in any other
jurisdiction.

1.10 Time of Essence. For every provision of this Agreement, time is of the
essence.

1.11 Statutory References. Each reference to an enactment is deemed to be a
reference to that enactment, and to the regulations made under that enactment,
as amended or re-enacted from time to time.

1.12 Schedules. The following Schedules are attached to and form part of this
Agreement:

                  Schedule                  Description

                  Schedule 1.1(1)           Adoption Agreement
                  Schedule 1.1(6)           Articles
                  Schedule 1.1(10)          By-laws

1.13 Entire Agreement. This Agreement and all documents contemplated by or
delivered under or in connection with this Agreement, constitute the entire
agreement between the parties with respect to the subject matter and supersede
all prior agreements, negotiations, discussions, undertakings, representations,
warranties and understandings, whether written or verbal.

1.14 GAAP. Unless otherwise specified, any financial statements to be prepared
in respect of any accounting period are to be prepared in accordance with GAAP
applied on a consistent basis.

1.15 Unanimous Shareholder Agreement. This Agreement is a unanimous shareholder
agreement within the meaning of the Business Corporations Act. To the extent
that this Agreement specifies that any matter may only be or shall be dealt with
or approved by or requires action by the Shareholders, the powers of the
directors of the Corporation to manage and supervise the management of the
business and affairs of the Corporation with respect to those matters are
correspondingly restricted.

SECTION 2 - MANAGEMENT

2.1 Number of Directors. The board of directors of the Corporation shall consist
of five directors, the majority of whom shall be resident Canadians.

2.2 Election of Directors. ATG shall nominate three directors and NumberCo shall
nominate two directors. The Shareholders shall vote at all meetings of the
Shareholders and act in all other respects in connection with the corporate
proceedings of the Corporation to ensure
<PAGE>

that ATG's three nominees and NumberCo's two nominees are elected and maintained
in office from time to time as directors.

2.3 Quorum. The quorum for the transaction of business at any meeting of the
board of directors of the Corporation shall be at least three directors present
in person or by telecommunication of which at least two of the directors present
in person or by telecommunication are ATG's nominees. For greater certainty, all
Questions before the board of directors of the Corporation shall be decided by a
majority of the votes cast on the Question. The Chairman of the meeting shall
not have a second or casting vote.

2.4 Officers. Until changed by resolution of the directors, the officers of the
Corporation shall be:

          Office                                               Name
          ------                                               ----

          Chairman                                    Frederic W. Rittereiser
          President and Chief Executive Officer       Robert F. Wilson
          Chief Technology Officer                    Duane R. Erickson
          Treasurer                                   Arthur J. Bacci
          Secretary                                   Chris N. Germanakos

2.5 Restrictions on Management. Except as otherwise expressly contemplated by
this Agreement, none of the following actions shall be taken without the consent
of all the Shareholders:

(1) any change in the authorized or issued share capital of the Corporation;

(2) the allotting or issuing of any Shares, the entering into of any agreement,
or the making of any offer or the granting of any right capable of becoming an
agreement, to allot or issue any Shares;

(3) the redemption, purchase or other acquisition of any Shares by the
Corporation;

(4) the taking of any steps to amalgamate or merge the Corporation with another
person or to continue the Corporation under the laws of another jurisdiction;

(5) the taking of any steps to wind-up, dissolve, reorganize or terminate the
corporate existence of the Corporation or the taking of any steps in respect of
Bankruptcy Proceedings by or against the Corporation;

(6) the taking of any steps in connection with the distribution of Shares of the
Corporation to the public;

(7) the borrowing of money from, or the giving of security, to any Shareholder;
<PAGE>

(8) the sale, lease, exchange, encumbrance, transfer or other disposition of all
or a substantial part of the assets of the Corporation or any subsidiary of the
Corporation, including the granting of an option for any such transaction;

(9) the entering into of a partnership, joint venture or any other arrangement
for the sharing of profits with any Person;

(10) any material change in the business to be carried on by the Corporation at
the date of this Agreement , namely the business contemplated in the Licence and
Services Agreement;

(11) any change in the number of directors of the Corporation, the establishment
of any committee of directors or the delegation of any power of the directors to
a committee of directors or a managing director;

(12) the entering into of any contract or commitment with any Shareholder or a
Shareholder's Affiliate;

(13) any agreement by the Corporation with respect to any of the matters listed
in this Section; and

(14) any other matters required by the Business Corporations Act to be approved
by the shareholders of a corporation.

2.6 Amalgamation with NumberCo. Subject to the proviso in the next sentence,
prior to any distribution of Shares of the Corporation to the public or any sale
of the Corporation or all or substantially all of its assets to a third party,
NumberCo shall have the right to require the Corporation to amalgamate with
NumberCo (and/or its Permitted Transferee, if any) and upon exercise of such
right by notice in writing from NumberCo to the Corporation and the other
Shareholder(s), the parties hereto will vote at all meetings of the Corporation
and act in all other respects so as to implement the amalgamation as
expeditiously as possible. NumberCo's right to require an amalgamation shall be
subject to (i) NumberCo (and its Permitted Transferee, if applicable) having no
assets or liabilities at the time of the amalgamation, other than an interest in
Shares and such other assets and liabilities contemplated in this Agreement or
consented to by the other Shareholders; and (ii) there being no material
detriment to ATG (or its Permitted Transferree, if any) as a result of such
amalgamation.

2.7 Signing Authority.

(1) All deeds, contracts, obligations, documents or other instruments in writing
shall be signed on behalf of the Corporation by the President or such other
Persons authorized by the Corporation's board of directors.

(2) All cheques drawn by the Corporation shall be signed by either the President
or Treasurer of the Corporation or such other Persons authorized by the
Corporation's board of directors. The Shareholders and the Corporation shall
work together to establish appropriate banking and internal accounting
mechanisms for the Corporation as soon as possible following the execution of
this Agreement.
<PAGE>

SECTION 3 - SHAREHOLDER MATTERS

3.1 Meetings of Shareholders.

(1) The quorum for the transaction of business at any meeting of the
Shareholders shall be two persons present in person or by proxy holding at least
66 2/3% of the Shares entitled to vote at the meeting. No meeting shall continue
with the transaction of business in the absence of a quorum.

(2) Subject to Section 2.5 and the Business Corporations Act, all Questions
before the Shareholders shall be decided by a majority of the votes cast on the
question. The chairman of a meeting of the Shareholders shall not have a second
or casting vote.

3.2 Non-Competition Covenant. No Shareholder, while a Shareholder or for a
period of 2 years after ceasing to be a Shareholder, shall directly or
indirectly, alone or in partnership or in conjunction with any Person:

(1) engage in a business, or

(2) advise, invest in, lend money to, guarantee the debts or obligations of, or
permit its name or any part of its name to be used by any Person engaged in a
business,

that competes with the business carried on by the Corporation in Canada with
respect to the development, licensing and marketing of technology and related
services for the trading of Canadian Securities.

3.3 Non-Solicitation Covenant.

(1) No Shareholder, while a Shareholder or for a period of 2 years after ceasing
to be a Shareholder, shall directly or indirectly, alone or in partnership or
conjunction with any Person, solicit business from any Person who is a customer
of the Corporation at any time while it is a Shareholder or within six months
after it ceases to be a Shareholder, if that business competes with the business
carried on by the Corporation in Canada at any time while it is a Shareholder,
or at the time it ceases to be a Shareholder.

(2) Except with the written consent of the Corporation, no Shareholder, while a
Shareholder or for a period of 2 years after ceasing to be a Shareholder, shall
directly or indirectly, alone or in partnership or in conjunction with any
Person:

     (a)  employ any Person who is an employee of the Corporation at any time
          while it is a Shareholder or at the time it ceases to be a
          Shareholder, or

     (b)  induce or attempt to induce any Person who is an employee of the
          Corporation at any time while it is a Shareholder or at the time it
          ceases to be a Shareholder, to leave his or her employment with the
          Corporation.

3.4 Confidentiality.
<PAGE>

(1) No Shareholder, while a Shareholder or any time after ceasing to be a
Shareholder, shall disclose any Confidential Information to any other Person,
except:

     (a)  to those of its employees or agents having a need to know and who
          either are bound by the duties of their employment or engagement to
          maintain the confidentiality of the Confidential Information or enter
          into a confidentiality agreement in a form reasonably acceptable to
          the Corporation,

     (b)  as authorized by the Corporation, or

     (c)  as required by law (if the Shareholder has immediately notified the
          Corporation of that requirement of law, unless precluded by law from
          doing so).

(2) Each Shareholder shall use at least the same degree of care in maintaining
the confidentiality of the Confidential Information as it uses in maintaining
the confidentiality of its own confidential or proprietary information, but in
no event with less care than is reasonable given the nature of the information.

(3) No Shareholder shall use or copy any Confidential Information, except:

     (a)  to advance the business of the Corporation,

     (b)  as authorized by the Corporation, or

     (c)  as required by law (if the Shareholder has immediately notified the
          Corporation of that requirement of law, unless precluded by law from
          doing so).

(4) The Corporation may at any time require a Shareholder that ceases to be a
Shareholder to immediately deliver to the Corporation or, at the Corporation's
option, to immediately erase or destroy, any documents and other materials and
copies and translations of them (whether recorded, stored or reproduced in or on
any medium or by means of any device) containing any Confidential Information in
the Shareholder's possession or control. The Shareholder shall provide evidence
satisfactory to the Corporation that all those documents, materials, copies and
translations have been delivered, erased or destroyed.

3.5 Breach of Obligations.

(1) Each Shareholder acknowledges that a breach or threatened breach of its
obligations under Sections 3.2, 3.3, or 3.4 would result in irreparable harm to
the Corporation which could not be calculated or adequately compensated by
recovery of damages alone. Each Shareholder therefore agrees that the
Corporation shall be entitled to interim or permanent injunctive relief,
specific performance and other equitable remedies.

(2) The obligations of the parties under Sections 3.2, 3.3, and 3.4 shall
survive termination of this Agreement and are in addition to and not in
substitution of the provisions in the Licence and Services Agreement.
<PAGE>

SECTION 4 - FINANCIAL AND SUPPORT OBLIGATIONS

4.1 ATG Funding and Support Obligations. ATG shall provide a loan and/or equity
of (U.S.)$1 million in the aggregate to the Corporation to cover the
Corporation's short-term operating requirements. Initially, ATG shall invest
(U.S.) $333,400 by way of equity in the Class A common shares of the
Corporation. The balance of ATG's (U.S.) $1 million obligation will be provided
to the Corporation as and when required by the Corporation in accordance with
the Corporation's annual business plan which has been approved by the board of
directors of the Corporation. In addition, ATG shall provide all necessary
technical and administrative support to the Corporation, in accordance with the
requests of the Corporation's officers as they are made from time to time and
subject to the Licence and Services Agreement.

4.2 Further Obligations. The Shareholders shall have no further funding or
support obligations except as expressly contemplated by this Agreement or the
Licence and Services Agreement.

4.3 Dividends. Dividends shall be paid at the discretion of the board of
directors of the Corporation. However, the Shareholders acknowledge that they do
not expect to receive any dividends or other distributions from the Corporation
for at least three years from the date of formation of the Corporation.

4.4 Auditors. The auditors of the Corporation shall be a nationally recognized
accounting firm in Canada as selected by the Shareholders. The auditors shall be
instructed to prepare and deliver to the Shareholders audited financial
statements on an annual basis.

SECTION 5 - DEALING WITH SHARES

5.1 Ownership of Shares.

(1) The Shareholders acknowledge that at the date of this Agreement all of the
issued and outstanding Shares are legally owned as follows:

          Shareholder               Series and No. of Shares

          ATG                       51,000     Class A common shares
          NumberCo                  49,000     Class B common shares

(2) Each Shareholder represents and warrants to the other Shareholder that it is
the beneficial owner of the Shares legally owned by it at the date of this
Agreement, and shall be deemed to represent and warrant to the other Shareholder
throughout the term of this Agreement that subject to Section 5.4 it is the
beneficial owner of all those Shares and all other Shares legally held by it
after the date of this Agreement.

(3) The Corporation represents and warrants to the Shareholders that the Shares
described above are the only issued and outstanding shares of the Corporation at
the date of this Agreement and there are no outstanding options or other rights
obligating the Corporation to issue additional shares to any Person.
<PAGE>

5.2 Restrictions on Transfer of Shares. No Shareholder shall directly or
indirectly sell, assign, transfer, devise, bequeath, give, mortgage, charge,
pledge, create a Lien against, or otherwise encumber or dispose of any Shares it
owns or permit those Shares to become encumbered except as otherwise permitted
by this Agreement or with the prior written consent of all the Shareholders.

5.3 Permitted Transfers. Notwithstanding Section 5.2, Shareholders are hereby
permitted to transfer their Shares in the Corporation to a Permitted Transferee.
However, no such transfer shall be effective unless and until the proposed
Permitted Transferee has executed an Adoption Agreement. In addition, the
Shareholder who has transferred its shares to its Permitted Transferee shall
continue to be bound by this Agreement notwithstanding such transfer of Shares
and shall at all times cause its Permitted Transferee to carry out the
provisions of this Agreement and any other agreement entered into pursuant to
this Agreement.

5.4 Employee Stock Option Plan

(1) The directors of the Corporation shall be entitled at any time to establish
an employee stock option plan providing for the transfer of Shares held by
NumberCo to employees of the Corporation designated by the directors, to a
maximum of 5% in the aggregate of the total Shares outstanding as of the date of
this Agreement.

(2) In the event that the board of directors of the Corporation elects to make
available to the Corporation's employees options on Shares of the Corporation,
NumberCo hereby agrees, on the exercise of such options by any employee, to
transfer (or cause its Permitted Transferee to transfer as the case may be) to
such employee that number of its Shares as required by the options exercised by
the employee (up to a maximum of 5% in the aggregate of all outstanding Shares
as of the date of this Agreement), provided such employee to whom such Shares
are transferred enters into an Adoption Agreement.

(3) The strike price for the employee stock options shall be established by the
directors of the Corporation and shall be within 25% of the fair market value
(as determined by the Corporation and notwithstanding Section 6.2 of this
Agreement) of the Shares and such options may only be exercised on a
distribution of Shares to the public or on a sale of the Corporation to a Person
other than a Shareholder or its Affiliates. Until duly exercised, such options
shall not entitle the holder thereof to any rights as a Shareholder of the
Corporation and, in particular, shall not entitle the holder to any rights as a
Shareholder under this Agreement, to vote at any meetings of the Corporation or
to participate in any dividends or other distributions by the Corporation.

5.5 Put/Call.

(1) If, at any time, a Triggering Event with respect to ATG or ATG's Permitted
Transferee occurs, NumberCo (or NumberCo's Permitted Transferee, as the case may
be) shall, for a period of 45 days from the date on which it has become aware or
received actual notice of the Triggering Event, have the option to sell all its
Shares in the Corporation to ATG and upon exercise of that option ATG shall
purchase such Shares at the Purchase Price as determined in accordance with
Section 6.2.
<PAGE>

(2) If, at any time, both Lee Simpson and Mark Valentine are no longer officers,
directors or employees of Thomson Kernaghan and Co. Ltd. or its Affiliates and
Lee Simpson and Mark Valentine do not at such time, either individually or
collectively, Control NumberCo, ATG (or ATG's Permitted Transferee, as the case
may be) shall, for a period of 45 days from the date on which it has become
aware or received actual notice of such event, have the option to purchase all
of NumberCo's Shares (or the Shares of NumberCo's Permitted Transferee, as the
case may be) in the Corporation, and upon exercise of that option, NumberCo
shall sell (or NumberCo. shall cause its Permitted Transferee to sell) its
Shares to ATG (or ATG's Permitted Transferee, as the case may be) at the
Purchase Price as determined in accordance with Section 6.2.

(3) If, at any time, a purchase of NumberCo's Shares (or NumberCo's Permitted
Transferee's Shares, as the case may be) in the Corporation is effected under
Sections 5.5(1) or 5.5(2), ATG agrees to assume all the obligations of NumberCo
with respect to transferring Shares of the Corporation to employees of the
Corporation who hold options as contemplated in Section 5.4.

(4) The purchase of Shares under Sections 5.5(1) or 5.5(2) shall be completed in
accordance with Section 6, which shall be applicable only to purchases and sales
under Sections 5.5(1) and 5.1(2).

SECTION 6 - COMPLETION OF PURCHASE AND SALE

6.1 Purchase Price

(1) The purchase price ("Purchase Price") for Shares to be purchased and sold
pursuant to Sections 5.5(1) or 5.5(2) shall be the Fair Market Value of those
Shares on the date on which the applicable option referred to therein becomes
exercisable.

6.2 Determination and Notification of Fair Market Value

(1) The Fair Market Value of Shares to be purchased and sold pursuant to
Sections 5.5(1) or 5.5(2) shall be such amount as agreed by the Principal
Shareholders. If the Principal Shareholders fail to agree on such amount within
10 Business Days of the delivery of notice of the exercise of an option under
Section 5.5, then the Fair Market Value shall be determined by an Arm's Length,
nationally recognized investment banking firm in Canada selected by the
Principal Shareholders jointly, subject only to the parameters set out in
Section 1.1(16).

(2) If the Principal Shareholders cannot agree on the choice of a nationally
recognized investment banking firm, the Principal Shareholders agree to choose
one nationally recognized investment banking firm in Canada each which is at
Arm's Length to both the Principal Shareholders. The Fair Market Value of Shares
to be purchased and sold pursuant to Sections 5.5(1) or 5.5(2) shall be the mean
of the values proposed by each such investment banking firm. All costs
associated with the determination of Fair Market Value under Section 6,
including the fees of any nationally recognized investment banking firm
retained, shall be paid by the Corporation.

(3) The determination of Fair Market Value under Sections 6.2(1) or 6.2(2) shall
be final and no Shareholder shall dispute it.
<PAGE>

(4) The Principal Shareholders shall request that the nationally recognized
investment banking firm(s) retained provide both Principal Shareholders written
notification of the Fair Market Value immediately after the determination of
such value is made.

6.3 Outstanding Indebtedness. Concurrently with the completion of a transaction
of purchase and sale under Sections 5.5(1)or 5.5(2) of this Agreement:

(1) the Selling Shareholder shall repay, or cause to be repaid, to the
Corporation any Indebtedness then owing by that Shareholder (including, in the
case of a Corporate Shareholder, any indebtedness owing by the Individual
Shareholder who owns shares of that Corporate Shareholder) whether or not the
Indebtedness is then due and payable and the Purchasing Shareholder may
discharge that Indebtedness out of the purchase price payable to the Selling
Shareholder;

(2) if at that time the Corporation is indebted to the Selling Shareholder
(including, in the case of a Corporate Shareholder, any Indebtedness owing to
the Individual Shareholder who owns shares of that Corporate Shareholder) the
Purchasing Shareholder shall purchase that Indebtedness for a purchase price
equal to the amount of the Indebtedness against delivery of an assignment by the
selling Shareholder of the Indebtedness and any Liens for that Indebtedness or
the Corporation shall repay that Indebtedness;

(3) if at the Closing Date the Selling Shareholder (including, in the case of a
Corporate Shareholder, the Individual Shareholder who owns shares of that
Corporate Shareholder) is responsible for any guarantee of, or has given any
Lien for any of the Corporation's Indebtedness, the Purchasing Shareholder shall
use his best efforts to cause the Selling Shareholder or Individual Shareholder
to be released from all those guarantees and security, failing which the
Purchasing Shareholder shall indemnify the Selling Shareholder (and in the case
of a Corporate Shareholder, the Individual Shareholder who owns shares of that
Corporate Shareholder) from all claims arising out of those guarantees and
security.

6.4 Title to Shares Free and Clear.

(1) The Selling Shareholder represents and warrants to the Purchasing
Shareholder that it legally and beneficially owns, and has good and marketable
title to, and the right to sell, the Shares being purchased and sold, free and
clear of all Liens, Indebtedness, and claims of others.

(2) The obligation of a Purchasing Shareholder to complete a purchase of Shares
is subject to the conditions that:

(3) the representation and warranty of the Selling Shareholder under Section
6.4(1) is true and correct as at the Closing Date; and

(4) all consents and approvals necessary to complete the purchase and to
transfer good title to the Shares have been obtained.

     These conditions are for the exclusive benefit of the Purchasing
Shareholder and may be waived in whole or in part by it.
<PAGE>

6.5 Closing and Closing Date. Unless otherwise agreed, a transaction of purchase
and sale of Shares under Sections 5.5(1) or 5.5(2) shall take place on the 30th
Business Day following the date on which the Principal Shareholders agreed to
the Purchase Price under Section 6.2 or on which the determination of the
Purchase Price is notified to the Principal Shareholders under Section 6.2.

6.6 Time and Place of Closing. Unless otherwise agreed by the parties to a
transaction of purchase and sale, the closing of the transaction shall take
place at the registered office of the Corporation at 11:00 a.m. on the Closing
Date.

6.7 Payment of Purchase Price and Delivery of Certificates. The Purchase Price
shall be paid in full by certified cheque or bank draft in immediately available
funds against receipt by the Purchasing Shareholder of the share certificate or
certificates representing the Shares being purchased and sold, duly endorsed in
blank for transfer together with signed and dated resignations and releases by
the Selling Shareholder (and his nominees) as directors, officers and employees
of the Corporation. All payments required to be made in connection with a
transaction of purchase and sale shall be made by cheque, certified by a
Canadian chartered bank or trust company, or an official bank draft drawn on a
Canadian chartered bank.

6.8 Failure to Complete Transaction of Purchase and Sale.

(1) If the Selling Shareholder fails to complete the transaction of purchase and
sale on the Closing Date, the Purchasing Shareholder may, in addition to any
other rights or remedies he may have, complete the transaction of purchase and
sale in accordance with the provisions of this Section.

(2) If the Purchasing Shareholder deposits the purchase price due on the Closing
Date to an account at a branch of the Corporation's bankers in the name of the
Corporation in trust for the Selling Shareholder, then from and after the date
of that deposit, (and even though the certificates evidencing the Shares held by
the Selling Shareholder have not been delivered to the Purchasing Shareholder),
the purchase of the Shares owned by the Selling Shareholder shall be deemed to
have been completed and all right, title and interest in and to those Shares
shall be conclusively deemed to have been transferred and assigned to the
Purchasing Shareholder and all right, title and interest, of the Selling
Shareholder in and to those Shares shall cease;

(3) The Selling Shareholder irrevocably constitutes and appoints the Purchasing
Shareholder as its true and lawful attorney and agent for, in the name of and on
behalf of the Selling Shareholder to execute and deliver in the name of the
Selling Shareholder all documents or instruments that may be necessary to
transfer and assign his Shares, to the Purchasing Shareholder, or its nominee or
nominees, on the books of the Corporation. This appointment and power of
attorney, being coupled with an interest, shall not be revoked by the
insolvency, bankruptcy or incapacity of the Selling Shareholder. The Selling
Shareholder ratifies and confirms and agrees to ratify and confirm all that the
Purchasing Shareholder may lawfully do or cause to be done by virtue of the
provisions of this Section. This power of attorney will not revoke any other
powers of attorney granted by the Selling Shareholder. The Selling Shareholder
declares that it has given or intends to give multiple continuing powers of
attorney.
<PAGE>

(4) If the Purchasing Shareholder fails to complete the transaction of purchase
and sale on the Closing Date, the Selling Shareholder may, in addition to any
other rights or remedies he may have, give the purchaser within 10 Business Days
after default, a notice that in 30 Business Days after the Closing Date the
Selling Shareholder (the "New Purchasing Shareholder") will purchase from the
defaulting purchaser (the "New Selling Shareholder") all the Shares owned by the
New Selling Shareholder for an amount equal to 50% of the Purchase Price payable
pursuant to this Agreement. In that case, the provisions of Section 6.8 shall
apply mutatis mutandis except that all references in Section 6.8 to the "Selling
Shareholder" and the "Purchasing Shareholder", respectively, shall be deemed to
be references to the New Purchasing Shareholder and the New Selling Shareholder,
respectively.

SECTION 7 - GENERAL

7.1 Carrying out of Agreement.

(1) Each of the Shareholders shall vote at all meetings of the Shareholders and
act in all other respects in connection with the corporate proceedings of the
Corporation so as to carry out and cause the Corporation to carry out the
provisions of this Agreement and any agreement entered into pursuant to this
Agreement.

(2) The Corporation confirms its knowledge of this Agreement and shall carry out
and be bound by the provisions of this Agreement to the full extent that it has
the capacity and power at law to do so.

7.2 Assignment and Enurement. Except as expressly provided under this Agreement,
no party may assign this Agreement without the prior written consent of all the
Shareholders. This Agreement enures to the benefit of and binds the parties,
their respective heirs, executors, administrators, personal and legal
representatives, successors and permitted assigns and all permitted transferees
of Shares.

7.3 Notices. Unless otherwise specified, each Notice to a party must be given in
writing and delivered personally or by courier, or transmitted by fax to the
party as follows:

         If to ATG:

                  Name:             The Ashton Technology Group, Inc.
                  Address:          1900 Market Street,
                                    Suite 701
                                    Philadelphia, PA
                                    19103
                                    USA

                  Attention:        Arthur J. Bacci
                  Fax No:           (215) 636-3560

         If to NumberCo:
<PAGE>

                  Name:             3690822 Canada Inc.
                  Address:          365 Bay Street, 10th Floor
                                    Toronto, Ontario
                                    M5H 2V2

                  Attention:        Lee Simpson
                  Fax No:           (416) 860-8323

         If to the Corporation:

                  Name:             Ashton Technology Canada Inc.
                  Address:          365 Bay Street, 8th Floor
                                    Toronto, Ontario
                                    M5H 2V2

                  Attention:        Robert F. Wilson
                  Fax No:           (416) 860-8860

or to any other address, fax number or Person that the party designates. Any
Notice, if delivered personally or by courier, will be deemed to have been given
when actually received, if transmitted by fax before 3:00 p.m. on a Business
Day, will be deemed to have been given on that Business Day, and if transmitted
by fax after 3:00 p.m. on a Business Day, will be deemed to have been given on
the Business Day after the date of the transmission.

7.4 No Set-off. Except as permitted in Section 6.3(1), payments made under this
Agreement or any document delivered under this Agreement shall be made without
set-off or counterclaim.

7.5 Waivers. No waiver of any provision of this Agreement is binding unless it
is in writing and signed by all the parties to this Agreement entitled to grant
the waiver. No failure to exercise, and no delay in exercising, any right or
remedy under this Agreement will be deemed to be a waiver of that right or
remedy. No waiver of any breach of any provision of this Agreement will be
deemed to be a waiver of any subsequent breach of that provision.

7.6 Further Assurances. Each party shall from time to time promptly execute and
deliver and take all further action as may be reasonably necessary or
appropriate to give effect to the provisions and intent of this Agreement and to
complete the transactions contemplated by this Agreement.

7.7 Remedies Cumulative. The rights and remedies under this Agreement are
cumulative and in addition to, and not in substitution for, any other rights and
remedies, available at law or in equity or otherwise. No single or partial
exercise by a party of any right or remedy precludes or otherwise affects the
exercise of any other right or remedy to which that party may be entitled.

7.8 Counterparts and Adoption Agreement.
<PAGE>

(1) This Agreement and any amendment, supplement, restatement or termination of
any provision of this Agreement may be executed and delivered in any number of
counterparts, each of which when executed and delivered is an original but all
of which taken together constitute one and the same instrument.

(2) Each Person who proposes from time to time to become a Shareholder shall be
required to execute an Adoption Agreement. No Person shall become a Shareholder
and no issue or transfer of Shares shall be registered by the Corporation unless
the Person and any Person having Control of the Person have executed an Adoption
Agreement.

7.9 Amendments. Except as expressly provided in this Agreement, no amendment,
supplement, restatement, replacement or termination of any provision of this
Agreement is binding unless it is in writing and signed by all the Shareholders
that are, at the time of the amendment, supplement, restatement, replacement or
termination, parties to this Agreement.

7.10 Submission to Jurisdiction. Each of the parties irrevocably submits to the
non-exclusive jurisdiction of the courts of the Province of Ontario.

7.11 Termination. Except as otherwise provided, this Agreement shall terminate
upon the earlier of:

(1) the written agreement of all the Shareholders;

(2) one Shareholder becoming the owner of all of the Shares; or

(3) the offering of Shares of the Corporation to the public.

All obligations of the parties which expressly or by their nature survive
termination of this Agreement shall continue in full force and effect subsequent
to and not withstanding termination of this Agreement until they are fully
satisfied or by their nature expire. No party shall by reason of termination of
this Agreement be relieved of any obligation or liability towards any other
party accrued under this Agreement before termination, and all those obligations
and liabilities shall remain enforceable until they are fully satisfied or by
their nature expire.

The parties have executed this Agreement.

                           THE ASHTON TECHNOLOGY GROUP,
                           INC.

                           By: /s/ Arthur J. Bacci
                               -----------------------------------------------
                               Name:  Arthur J. Bacci
                               Title: President & Chief Financial Officer
<PAGE>

                           3690822 CANADA INC.

                           By: /s/ Lee Simpson
                               -----------------------------------------------
                               Name:  Lee Simpson
                               Title: President

                           ASHTON TECHNOLOGY CANADA INC.

                           By: /s/ Duane Erickson
                               -----------------------------------------------
                               Name:  Duane Erickson
                               Title: Chief Technology Officer

                      Schedule 1.1(1) - Adoption Agreement

                           Schedule 1.1(6) - Articles

                           Schedule 1.1(10) - By-Laws<PAGE>

EXHIBIT 10.38

                        AMENDED STOCKHOLDERS AGREEMENT

                                      of

                             GOMEZ ADVISORS, INC.

                           (A Delaware Corporation)

                         Dated as of December 30, 1999

     AMENDED STOCKHOLDERS AGREEMENT, dated as of December 30, 1999, by and
among GOMEZ ADVISORS, INC., a Delaware corporation (the "Company"), THE ASHTON
TECHNOLOGY GROUP, INC., a Delaware corporation ("Ashton"), JULIO GOMEZ, an
individual ("Gomez"), JOHN M. ROBB, an individual ("Robb"), ALEXANDER STEIN, an
individual ("Stein"), and together with Gomez and Robb, (the "Gomez
Principals"), FREDRIC W. RITTEREISER, an individual ("Rittereiser"), K. IVAN F.
GOTHNER, an individual ("Gothner"), and ARTHUR J. BACCI, an individual
("Bacci").

                                   RECITALS:

     WHEREAS, the parties previously entered into a Stockholders' Agreement
effective as of January 22, 1999 (the "Original Agreement").

     WHEREAS, as of the date of the Original Agreement, the Company entered into
an Exchange Agreement (the "Exchange Agreement") with the other parties.
<PAGE>

     WHEREAS, in connection with the Company's issuance of shares of its Series
C Convertible Preferred Stock, par value $.01 per share (the "Series C Stock"),
the parties desire to amend the terms and provisions of the Original Agreement
(the Original Agreement, as so amended hereby and as further amended from time
to time in accordance with its terms being referred to as this "Agreement").

     WHEREAS, the Company is authorized by its Restated Certificate of
Incorporation (the "Certificate of Incorporation") to issue (i) 50,000,000
shares of its Common Stock, par value $.0001 per share (the "Common Stock") and
(ii) 10,000,000 shares of preferred stock, par value $.01 per share (the
"Preferred Stock"), of which (a) 10,000 shares are designated as Series A
Convertible Preferred Stock (the "Series A Stock"), of which 4,905 shares are
issued and outstanding, (b) 1,300,000 shares are designated as Redeemable Series
B Convertible Preferred Stock ("Series B Stock"), of which 1,100,000 shares are
issued and outstanding and (c) 6,000,000 shares are designated as Series C
Stock, of which no shares were issued and outstanding as of November 2, 1999.

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

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

                                       2
<PAGE>

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

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

          Agreement:  the meaning set forth in the Recitals.

          Appraiser:  the meaning set forth in Section 6.3.

          Ashton Executives: together, Rittereiser, Gothner, Bacci and any other
person who, after the date of the Original Agreement, purchases shares of Common
Stock pursuant to Section 6.3 of the Exchange Agreement.

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

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

                                       3
<PAGE>

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

          Board:  the Board of Directors of the Company.

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

          Common Stock:  the meaning set forth in the Recitals.

          Company:  the meaning set forth in the introductory paragraph.

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

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

          for cause:  with respect to any Stockholder who has an employment
agreement with the Company, as set forth in such employment agreement;
otherwise, any of the following: (i) the

                                       4
<PAGE>

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

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

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

          Nominee:  the meaning set forth in Section 2.1.

          Note:  a subordinated promissory note of the Company with the
following terms: (i) a maturity date four years after the Note Issue Date (but
which may be prepaid at any time without penalty); (ii) principal and interest
payments to commence on the first anniversary of the Note Issue Date; (iii)
principal and interest payable in annual installments comprising 25% of the
original principal amount of the Note plus interest accrued on

                                       5
<PAGE>

the unpaid principal amount of the Note to the date of such payment; (iv)
interest to accrue on all unpaid principal from the date of the Note at a rate
equal to the lowest rate that would not cause the recognition of imputed or
deemed interest pursuant to the Internal Revenue Code of 1986, as amended, and
the rules and regulations thereunder; and (v) payment subordinated to the
payment of all other indebtedness of the Company except Notes (all of which
shall rank pari passu).

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

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

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

          Preferred Stock:  the meaning set forth in the Recitals.

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

          Series A Stock:  the meaning set forth in the Recitals.

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

                                       6
<PAGE>

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

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

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

          Transfer:   the meaning set forth in Section 5.1.

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

          1.3  Headings.     The headings or captions included in this Agreement
are inserted for convenience of reference only and

                                       7
<PAGE>

shall not be construed to define or limit the scope, extent or intent of this
Agreement or any of its provisions.

          2.   [INTENTIONALLY OMITTED].

          3.  Voting of Ashton Executives Shares.  From the date of the Original
Agreement until the Termination Date, each Ashton Executive shall cause the
shares of Common Stock owned by such Ashton Executive to be voted at any meeting
of the stockholders of the Company or in any consent in lieu of such a meeting
for and/or against any proposal in the same proportion as all other Shares are
voted at such meeting or consent in lieu of meeting, as the case may be.

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

          5.  [INTENTIONALLY OMMITTED].

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

                                       8
<PAGE>

          6.1  Death or Disability. Subject to the provisions of Section 4 of
this Agreement, in the event of the death or Disability of a Stockholder prior
to the IPO, the Company shall have the right and obligation to purchase from
such Stockholder (including any Permitted Transferees of such Stockholder) or
his or her estate, and such Stockholder (including any Permitted Transferees of
such Stockholder) or his or her estate shall have the right and obligation to
sell to the Company, all of the Shares held by such Stockholder (and such
Stockholder's Permitted Transferees) at the time of such event at a purchase
price equal to the Share Value (as defined in Section 6.3) of such Shares. The
purchase price for the Shares to be purchased shall be paid, at the option of
the Company in its sole discretion, in cash or by delivery of cash (equal to at
least 20% of the purchase price) and a Note in principal amount equal to the
balance of such purchase price, against receipt by the Company of all duly
executed instruments and documents necessary to transfer all right, title and
interest of the sellers in the Shares to the Company, free and clear of all
liens, claims and encumbrances. Except as provided in the next sentence, the
closing of such purchase and sale shall take place within 10 business days of
the event giving rise to such purchase and sale, except that in the event of an
appraisal as contemplated by the first sentence of Section 6.3, such closing
shall take place within 10 business days after the issuance of the report of the
Appraiser. Notwithstanding the previous sentence, if the event giving rise to
the purchase and sale is the death of the Stockholder, then the closing of such
purchase and sale shall take place as promptly as practicable (including, if
possible, within the periods specified in the previous sentence), but in no
event more than five business days after the appointment of the legal
representative of the deceased Stockholder.

                                       9
<PAGE>

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

                                       10
<PAGE>

in the event of an appraisal as contemplated by the first sentence of Section
6.3, such closing shall take place within 10 business days after the issuance of
the report of the Appraiser.

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

          6.4  Voting of Shares.    Notwithstanding anything to the contrary
contained in this Agreement, in the event of a Stockholder's death, Disability
or termination of employment with the Company (for any reason), such Stockholder
and such Stockholder's Permitted Transferees, if any, shall be required to vote
all Shares held by such Stockholder and such Permitted

                                       11
<PAGE>

Transferees (including, without limitation, abstaining from voting) as directed
by the Board.

     7.  Registration Rights.

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

          (b) If the Underwriter informs the Company in writing that in the
Underwriter's opinion the total number of shares of the Common Stock which the
Company, the holders of the Gomez Shares and any other holders of shares of the
Common Stock entitled to participate in the IPO Registration Statement request
to include in the IPO Registration Statement is an amount which would adversely
affect the success of the IPO including, without limitation, the price at which
the Common Stock can be offered, then the Company will be required to include in
the IPO Registration Statement only the amount of shares of Common Stock which
it is so advised by the Underwriter. In such event, the shares shall be included
on the IPO Registration Statement pursuant to the following priority: first, the
shares of the

                                       12
<PAGE>

Common Stock to be sold for the account of the Company (including any shares to
be sold pursuant to any overallotment); and second, pro rata among the Gomez
Shares and shares of Common Stock to be sold for the account of such holders who
in the future may be granted incidental registration rights in the IPO
Registration Statement. In the event that the Underwriter determines that some,
but less than all, of the Gomez Shares requested for inclusion can be included
in the IPO Registration Statement, then a pro rata amount of the Gomez Shares
requested by each holder shall be included in the IPO Registration Statement
(subject to the rights of the Company to include all of its shares in the IPO
Registration Statement as provided above). The Underwriter may determine in its
sole discretion that none of the Gomez Shares should be included in the IPO
Registration Statement.

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

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

                                       13
<PAGE>

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

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

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

                                       14
<PAGE>

Ashton Shares, and (ii) maintain the effectiveness of each such Demand
Registration Statement for at least 180 days.

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

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

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

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

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

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

                                       15
<PAGE>

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

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

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

          (f) Gomez, Robb and Stein agree not to sell any shares of Common Stock
for their respective accounts for a period beginning seven days prior to the
effective date of each Demand Registration Statement and ending on the earlier
of (i) 180 days after each such effective date, or (ii) the date that all shares
included in the Demand Registration Statement are sold.

          (g) In order for the registration rights set forth in this Section 7.2
to be exercised, a written request with the signatures of holders of at least
67% of the Ashton Shares then outstanding must be delivered to the Company.
Upon the Company's receipt of such written request, which must include the
intended method of distribution of the Ashton Shares to be sold pursuant to such
registration statement, the Company within 20 business

                                       16
<PAGE>

days shall give notice of the exercise of this registration right to each holder
(the "Non-Participating Ashton Holders") of the Ashton Shares (other than those
included in such request) appearing on the Company's records as a record holder
of Ashton Shares as of the date the Company receives such request. In order to
exercise registration rights under this Section 7.2, each Non-Participating
Ashton Holder must notify the Company in writing of its/his intention to be
included in the registration request within 10 business days after the Company
has delivered such notice.

          7.3  Piggyback Registration.  If, after one year following the
consummation of the IPO, the Company proposes to register Common Stock under the
Securities Act (otherwise than (i) in connection with the registration of
securities issuable pursuant to an employee stock option, stock purchase or
similar plan, (ii) pursuant to a merger, exchange offer or a transaction of the
type specified in Rule 145(a) under the Securities Act, or (iii) in connection
with the first Demand Registration Statement requested by the holders of the
Ashton Shares pursuant to Section 7.2), the Company shall give each holder of
Ashton Shares and Gomez Shares notice of such proposed registration at least 30
days prior to the filing of a registration statement. At the written request of
any such holder within 15 days after the receipt of the notice from the Company,
any such request stating the number of Ashton Shares or Gomez Shares that such
holder wishes to sell or distribute publicly under the registration statement
proposed to be filed by the Company, the Company shall use its reasonable best
efforts to register under the Securities Act the sale of such Ashton Shares
and/or Gomez Shares (which, in the aggregate, shall not exceed 25% of the shares
being registered), and to cause such registration statement (the "Piggyback
Registration") to become and remain effective for 180 days; provided, however,
that the holders of the Gomez Shares shall not have the right to include any
such Gomez Shares in the

                                       17
<PAGE>

first Demand Registration Statement requested by the holders of the Ashton
Shares pursuant to Section 7.2; and provided, further, that the holders of the
Ashton Shares shall not have the right to include any such Ashton Shares in the
first registration statement filed by the Company following the IPO which does
not involve an underwritten offering of the securities so being registered. The
Company may at any time withdraw or cease proceeding with the Piggyback
Registration if it shall at the same time withdraw or cease proceeding with the
registration of all the securities originally proposed to be registered.

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

                                       18
<PAGE>

hereunder, and third, in the ratio of one Ashton Share for every Gomez Share
requested by the holders thereof to be included in such registration statement.

          7.4  General Registration Rights Provisions.  The following
provisions, unless otherwise stated, shall be applicable to any registration to
be effected pursuant to the rights exercised under Section 7.1, 7.2 or 7.3
hereof.

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

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

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

                                       19
<PAGE>

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

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

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

          (e) The Company shall indemnify and hold harmless each Seller and each
underwriter (if applicable), within the meaning of the Securities Act, who may
purchase from or sell for any Seller any Gomez Shares or Ashton Shares, as the
case may be, from and against any and all loss, liability, claim, damage and
expense whatsoever (including, but not limited to, any and all

                                       20
<PAGE>

expenses reasonably incurred in investigating, preparing or defending against
any litigation, commenced or threatened, or any claim whatsoever) arising out of
any untrue statement or alleged untrue statement of a material fact contained in
the applicable registration statement or any prospectus included therein
required to be filed or furnished by reason of this Section 7 or any amendment
or supplement thereto, or caused by any omission or alleged omission to state
therein a material fact required to be stated therein or necessary to make the
statements therein, in light of the circumstances under which they were made,
not misleading, except insofar as such loss, liability, claim, damage or expense
is caused by any such untrue statement or alleged untrue statement or omission
or alleged omission based upon written information furnished to the Company by a
Seller or underwriter expressly for use therein. This indemnification shall
include each person, if any, who controls a Seller or underwriter within the
meaning of the Securities Act; provided, however, that the indemnity agreement
set forth in this Section 7 with respect to any registration statement or
prospectus which shall be subsequently amended prior to the written confirmation
of the sale of any Ashton Shares or Gomez Shares, as the case may be, pursuant
thereto, shall not inure to the benefit of any Seller or underwriter from whom
the person asserting any such loss, liability, claim, damage or expense
purchased the Ashton Shares or Gomez Shares, as the case may be, which are the
subject thereof (or to the benefit of any person controlling such Seller or
underwriter), if such Seller or underwriter failed to send or give a copy of the
prospectus as so amended to such person at or prior to the written confirmation
of the sale of such Ashton Shares or Gomez Shares, as the case may be, and if
the amended prospectus did not contain any untrue statement or alleged untrue
statement or omission or alleged omission giving rise to such loss, liability,
claim, damage or expense.

                                       21
<PAGE>

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

          (g) If for any reason the foregoing indemnity is unavailable under
either Section 7.4(e) or 7.4(f), then the indemnifying party shall contribute to
the amount paid or payable by the indemnified party as a result of such losses,
liabilities, claims, damages or expenses (i) in such proportion as is
appropriate to reflect the relative benefits received by the indemnifying party
on the one hand and the indemnified party on the other, or (ii) if the
allocation provided by clause (i) above is not permitted by applicable law or
provides a lesser sum to the indemnified party than is appropriate to reflect
not only the relative benefits received by the indemnifying party on the one
hand and the indemnified party on the other but also the relative fault of the
indemnifying party and the indemnified party as well

                                       22
<PAGE>

as any other relevant equitable considerations, then in such proportion as is
appropriate to reflect the relative fault of the indemnifying party and the
indemnified party as well as any other equitable considerations. Notwithstanding
the foregoing, neither party shall be required to contribute any amount in
excess of the amount the indemnifying party would have been required to pay to
an indemnified party if the indemnity under this Section 7.4(e) or 7.4(f) was
available. No person guilty of fraudulent misrepresentation (within the meaning
of the Securities Act) shall be entitled to contribution from any person who was
not guilty of such fraudulent misrepresentation.

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

          (i) Subject to the next sentence of this paragraph, the Company shall
be entitled to postpone, for a reasonable period of time, the filing or
effectiveness of, or suspend the rights of any Sellers to make sales pursuant
to, any registration statement otherwise required to be prepared, filed and kept
effective by it under this Section 7; provided, however, that the

                                       23
<PAGE>

duration of such postponement or suspension may not exceed the earlier to occur
of (A) 15 business days after the cessation of the circumstances described in
the next sentence of this paragraph on which such postponement or suspension is
based or (B) 180 days after the date of the determination of the Board referred
to in the next sentence, or if the Company is filing a registration statement
under the Securities Act for the purpose of raising capital, 180 days after the
effective date of such registration statement. Such postponement or suspension
may only be effected if the Board determines in good faith that the filing or
effectiveness of, or sales pursuant to, the applicable registration statement
would materially impede, delay or interfere with any financing, offer or sale of
securities, acquisition, corporate reorganization or other significant
transaction involving the Company or any of its affiliates (whether or not
planned, proposed or authorized prior to an exercise of registration rights
hereunder or any other registration rights agreement) or require disclosure of
material information which the Company has a bona fide business purpose for
preserving as confidential. If (i) the Company shall postpone the filing or
effectiveness of a Demand Registration Statement or suspend the rights of
Sellers to make sales thereunder, (ii) a Demand Registration Statement does not
continue in effect for at least 180 days or until the sale of all Ashton Shares
included thereunder, or (iii) a Demand Registration Statement is interfered with
by a stop order, injunction or other order or requirement of the SEC or other
governmental agency or court for any reason not the fault of Ashton or the
Ashton Executives, the Company shall as promptly as practicable notify any
participating Sellers of such determination, and the holders of the Ashton
Shares shall have the right, upon the affirmative vote of such holders holding
not less than 51% of the Ashton Shares to be included in such registration
statement which are not sold, to withdraw the request for registration by giving
written notice to the Company within 10 business days after

                                       24
<PAGE>

receipt of such notice. Any registration right as to which the withdrawal
election referred to in the preceding sentence has been effected shall not be
counted for purposes of the registration rights which Ashton and the Ashton
Executives have been granted pursuant to Section 7.2.

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

          (k)  The Company shall pay all expenses incurred in complying with
Section 7.1 and 7.2 including, without limitation, all registration and filing
fees, printing expenses, expenses of complying with securities or blue sky laws
(including fees and disbursements of counsel for the Company and counsel for any
underwriters of such offerings, but excluding fees and disbursements of counsel
representing the Sellers), all fees and disbursements of counsel for the Company
and accountants' fees and expenses incident to the applicable registration
statement; provided, however, that the Sellers shall pay for all underwriting
fees and commissions, all fees and disbursements of counsel for any Seller and
any transfer and similar taxes to be incurred by any Seller (collectively, the
"Selling Expenses").  Unless the Sellers otherwise unanimously agree in writing,
the Sellers shall bear the Selling Expenses in direct proportion to the number
of Ashton Shares or Gomez Shares, as the case may be, that they are seeking to
register.

          8.   Amendments to Employment Agreements.

                                       25
<PAGE>

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

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

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

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

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

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

          (c) There is no material claim, and no legal action, suit,
arbitration, governmental investigation or other legal or administrative
proceeding pending or threatened against, or

                                       26
<PAGE>

relating to the Company or any of its respective material properties or
businesses, which would if adversely determined prevent or impede the
consummation of, or have a material adverse effect on, any of the transactions
contemplated by this Agreement nor is there any basis known to the Company for
any such action, investigation or proceeding.

          10.  Term and Termination.

          10.1  Term.    This Agreement is effective as of the date hereof and,
unless earlier terminated, shall continue in force until the earlier of (A) five
years from the date of the Original Agreement, (B) three years from the closing
date of the IPO and (C) dissolution or liquidation of the Company.

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

                                       27
<PAGE>

          11.0   Miscellaneous.

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

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

          11.3  Binding Effect.  This Agreement shall be binding upon and inure
to the benefit of the parties hereto and their respective heirs and permitted
successors and assigns.  Except as otherwise expressly provided herein, neither
this Agreement nor

                                       28
<PAGE>

any rights or obligations hereunder shall be assignable or otherwise
transferable by any party, voluntarily or by operation of law, without the prior
written consent of the other parties hereto, and any assignment or transfer
without such consent shall be null and void.

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

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

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

          11.7  Severability.  If any term or other provision of this Agreement
is invalid, illegal or incapable of being enforced by reason of any rule of law
or public policy, all other conditions and provisions of this Agreement shall
nevertheless remain in full force and effect so long as the economic or legal
substance of the transactions or agreements of the parties contemplated hereby
are not affected in any manner materially adverse to any party. Upon the
determination that any term or other provision is invalid, illegal or incapable
of being

                                       29
<PAGE>

enforced, the parties hereto shall negotiate in good faith to modify this
Agreement so as to effect the original intent of the parties as closely as
possible in a mutually acceptable manner.

          11.8  Negotiation and Arbitration.  (a)  The parties shall attempt in
good faith to resolve any dispute arising out of or relating to this Agreement
promptly by negotiation.  If a matter in dispute has not been resolved within 60
days of a party's request for negotiation, any of the parties to the dispute may
initiate arbitration as provided hereinafter.  Any dispute arising out of or
relating to this Agreement or the breach, termination or validity thereof,
including, without limitation, the determination of the scope or applicability
of this agreement to arbitrate, which has not been resolved by negotiation
within 60 days after a party's request for negotiation shall be settled by
arbitration before a panel of three arbitrators in the State of Massachusetts.
The arbitration shall be governed by the Federal Arbitration Act and
administered by the American Arbitration Association under its Commercial
Arbitration Rules, provided that persons eligible to be selected as arbitrators
shall be limited to persons who are either (i) retired judges of the state or
Federal courts in New York or Massachusetts or (ii) attorneys-at-law who have
engaged in the private practice of law in the Borough of Manhattan or the city
of Boston for at least 10 years concentrating either in general commercial
litigation or general corporate and commercial matters.  To assure the parties
that disputes and controversies subject to arbitration will be resolved
expeditiously, the arbitration hearing shall occur within 60 days after the
arbitration is initiated and any discovery prior to the arbitration hearing
shall be limited (including no more than two depositions per party).  The
arbitrators shall not have authority to award punitive or exemplary damages.
Each of the parties shall, subject to the award of the arbitrators, pay an equal
share of the arbitrators' fees.  The arbitrators shall have the

                                       30
<PAGE>

power to award recovery of all costs (including attorneys' fees, administrative
fees, arbitrators' fees and court costs) to the prevailing party. Judgment upon
the award rendered may be entered in any court having jurisdiction.

          (b)  No provision of, nor the exercise of any rights under, this
Section 11.8 shall limit the right of any party to request and obtain from a
court of competent jurisdiction before, during or after the pendency of any
arbitration, provisional or ancillary remedies and relief including, but not
limited to, the remedies provided for in Section 11.9.  The institution and
maintenance of an action or judicial proceeding for, or pursuit of, provisional
or ancillary remedies shall not constitute a waiver of the right of any party,
even if it is the plaintiff, to submit the dispute to arbitration if such party
would otherwise have such right.  Each of the parties hereby, for purposes of
this provision, submits unconditionally to the non-exclusive jurisdiction of the
state and federal courts located in the State of New York, Borough of Manhattan,
waives objection to the venue of any proceeding in any such court or that any
such court provides an inconvenient forum and consents to the service of process
upon it in connection with any proceeding instituted under this Section 11.8 in
the same manner as provided for the giving of notice hereunder.

          11.9  Equitable Relief.  Since a party may sustain irreparable harm in
the event there is a breach of any of the covenants contained in this Agreement,
in addition to any other rights or remedies which a party may have under this
Agreement or otherwise (including the rights to require negotiation and
arbitration in accordance with Section 11.8), a party shall be entitled to
obtain specific performance or injunctive relief against any other party in any
court of competent jurisdiction for the purposes of restraining the other party
from any actual or threatened breach of any of such covenants or to compel such

                                       31
<PAGE>

other party to perform any of such covenants, without the necessity of proving
irreparable injury or the inadequacy of remedies at law or posting bond or other
security.

          11.10  Notices.  Any and all notices, requests, demands, consents and
other communications required or permitted under this Agreement shall be in
writing, signed by or on behalf of the party by which given, and shall be
considered to have been duly given when (i) delivered by hand, (ii) sent by
telecopier (with receipt confirmed), provided that a copy is mailed (on the same
date) by first class mail, postage prepaid, or (iii) received by the addressee,
if sent by Express Mail, Federal Express or other reputable express delivery
service (receipt requested), or by first class certified or registered mail,
return receipt requested, postage prepaid, in each case to the appropriate
addresses and telecopier numbers set forth below (or to such other addresses and
telecopier numbers as a party may from time to time designate as to itself by
notice similarly given to the other parties in accordance herewith).  A notice
of change of address shall not be deemed given until received by the addressee.
Notice shall be given:

          (1)  to the Company at:
               Gomez Advisors, Inc.
               55 Old Bedford Road
               Lincoln, MA 01773
               Attn:  President
               Telecopier: (781) 257-2550

          (2)  to Ashton at:

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

          (3)  to the Ashton Executives at:
               c/o The Ashton Technology Group, Inc.
               1900 Market Street, Suite 701

                                       32
<PAGE>

               Philadelphia, PA 19103
               Attn:  President
               Telecopier:  (215) 636-3560

          (4)  to the Gomez Principals at:

               c/o Gomez Advisors, Inc.
               55 Old Bedford Road
               Lincoln, MA 01773
               Attn:  President
               Telecopier:  (781) 257-2550

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

                                       33
<PAGE>

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

                         GOMEZ ADVISORS, INC.

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

                         THE ASHTON TECHNOLOGY GROUP, INC.

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

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

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

                              /s/ Alexander Stein
                             ----------------------------
                                  ALEXANDER STEIN

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

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

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

                                       34
<PAGE>

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

                              /s/ Richard Butler
                             ----------------------------
                                  RICHARD BUTLER

                              /s/ Fred Weingard
                             ----------------------------
                                  FRED WEINGARD

                                       35

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