4 1 form4.txt 4 FORM 4 [ ] Check this box if no ------------------------------------ longer subject to OMB APPROVAL Section 16. Form 4 or ------------------------------------ Form 5 obligations may OMB Number 3235-0287 continue. See Instruction 1(b) Expires: December 31, 2001 Estimated average burden hours per response .............0.5 ------------------------------------ U.S. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940 ------------------------------------------------------------------------------- 1. Name and Address of Reporting Person* SCP Private Equity Partners II, L.P. -------------------------------------------------------------------- (Last) (First) (MI) 435 Devon Park Drive, Building 300 -------------------------------------------------------------------- (Street) Wayne, PA 19087 -------------------------------------------------------------------- (City) (State) (Zip) ------------------------------------------------------------------------------- 2. Issuer Name and Ticker or Trading Symbol Breakaway Solutions, Inc. (BWAY) ------------------------------------------------------------------------------- 3. IRS or Social Security Number of Reporting Person (Voluntary) ------------------------------------------------------------------------------- 4. Statement for Month/Year | 5. If Amendment, Date of | Original (Month/Year) 08/2001 | ------------------------------------------------------------------------------- 6. Relationship of Reporting Person to Issuer (Check all applicable) [ ] Director [ X ] 10% Owner [ ] Officer [ ] Other (specify below) (give title below) ------------------------------------------------------- ------------------------------------------------------------------------------- 7. Individual or Joint/Group Reporting (Check Applicable Line) Form filed by One Reporting Person --- X Form filed by More than One Reporting Person --- ------------------------------------------------------------------------------- TABLE I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned -------------------------------------------------------------------------------

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. * If the form is filed by more than one reporting person, see Instruction 4(b)(v). (Over) SEC 2270 (7-96) FORM 4 (continued) ------------------------------------------------------------------------------- TABLE II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities) -------------------------------------------------------------------------------

Explanation of Responses: (FN1) On August 29, 2001 SCP Private Equity Partners II, L.P. ("SCP") entered into the Indemnification Agreement with ICG Holdings, Inc. ("ICG"), Internet Capital Group, Inc. and the Issuer (the "Indemnification Agreement"), under which ICG has agreed to indemnify SCP with respect to one-third of any loss or liability SCP may suffer under its guaranty of the Issuer's obligations under the Loan and Security Agreement dated July 3, 2001, between the Issuer and Silicon Valley Bank (the "Bank") and the Master Lease Agreement dated as of September 28, 1999, between the Issuer and the Bank. As consideration for such indemnification, SCP assigned a one-third interest in its July 3, 2001 warrant to purchase up to 20,000 shares of the Issuer's Series A Preferred Stock, $.0001 par value (the "Series A Preferred Stock") to ICG, which entitles ICG to purchase up to 6,667 shares of the Series A Preferred Stock. The initial exercise price of the warrant and the number of shares of Series A Preferred Stock underlying the warrant are subject to adjustment upon certain events as set forth in the warrant. Each share of Series A Preferred Stock is initially convertible into 100 shares of common stock of the Issuer, subject to increase for dividends and dilutive issuances as set forth in the Issuer's Designation of the Series A Preferred Stock. In addition to the remaining 13,333 shares of Preferred Stock under the warrant, as of the end of the month, the following derivative securities of the Issuer are beneficially owned by the reporting persons: (1) warrants to purchase up to 35,063,060 shares of the Issuer's common stock and (2) 214,286 shares of Series A Preferred (collectively the "SCP Securities"). For purposes of Section 16 reporting, SCP is deemed to be a direct beneficial owner of the SCP Securities. SCP Private Equity II, LLC (the "Manager") is deemed to be an indirect beneficial owner of the SCP Securities because of a contractual agreement with SCP which grants the Manager the power to make voting and investment decisions regarding the securities held by SCP. ** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). /s/ Wayne B. Weisman September 7, 2001 --------------------------------- ----------------- ** Signature of Reporting Person Date Name: Wayne B. Weisman Title: A Manager of SCP Private Equity II, LLC, the Manager of SCP Private Equity II General Partner, L.P., the General Partner of the Reporting Person Note: File three copies of this Form, one of which must be manually signed. If space provided is insufficient, see Instruction 6 for procedure. Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB number. Page 2 SEC 2270 (7-96) Joint Filer Information Name: SCP Private Equity II, LLC Address: 435 Devon Park Drive, Building 300 Wayne, Pennsylvania 19087 Designated Filer: SCP Private Equity Partners II, L.P. Issuer & Ticker Symbol: Breakaway Solutions, Inc. (BWAY) Date of Event Requiring Statement: August 29, 2001 Signature: By: /s/ Wayne B. Weisman -------------------------- Name: Wayne B. Weisman -------------------------- Title: Manager -------------------------- Page 3 of 3 Pages

BREAKAWAY SOLUTIONS INC 4