Information Services Group Inc. — Director's Dealing 2010

Apr 6, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Information Services Group Inc. (III)
CIK: 0001371489
Period of Report: 2010-04-01

Reporting Person: SEMLER ERIC (10% Owner)
Reporting Person: TCS Capital GP, LLC (10% Owner)
Reporting Person: TCS Capital Investments, L.P. (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-04-01	Common Stock	S	193000	$3.41	Disposed	4268400	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-04-01	Common Stock Warrant (Right to Buy)	$6.00	S	179900	Disposed	2011-01-31	Common Stock (179900)	Indirect

Footnotes

F1: The filing of this Form 4 shall not be construed as an admission that TCS Capital Investments, L.P. ("TCS Offshore"), TCS Capital GP, LLC ("TCS") or Eric Semler, the managing member of TCS, is or was for the purposes of Section 16(a) of the Securities Exchange act of 1934, as amended, or otherwise the beneficial owner of any of the common stock, par value $0.001 per share (the "Common Stock"), or any of the redeemable common stock purchase warrants (the "Warrants") of Information Services Group, Inc. (the "Issuer") owned by TCS Capital, L.P., TCS Capital II, L.P. ("TCS II"), and TCS Offshore (collectively, the "Funds"). Pursuant to Rule 16a-1, the reporting persons disclaim such beneficial ownership beyond their pecuniary interest.

F2: TCS Offshore holds Common Stock and Warrants for its own account. TCS holds indirectly Common Stock and Warrants for the accounts of the Funds, of which TCS is the general partner. TCS receives an allocation of a portion of net profits from and owns a partnership interest in the Funds. Mr. Semler reports the shares held indirectly by TCS because, as the manager of TCS, at the time of sale, Mr. Semler controlled the disposition and voting of the securities.

F3: This Form 4 is being filed to report the rebalancing sale of Common Stock and Warrants by TCS Offshore Fund to the other Funds. Therefore, after the transactions reported herein, the amount of securities beneficially owned in the aggregate by the Reporting Persons did not change. However, the amount of securities held by TCS Offshore following the transactions reported herein did change so that as of the date of this filing TCS Offshore holds 1,774,700 shares of Common Stock and 1,654,500 Warrants.

F4: TCS II purchased Common Stock and Warrants in the rebalance described herein, and the aggregate amount of Common Stock and Warrants reported herein includes Common Stock and Warrants held by TCS II. On or around the date of this filing, TCS II has filed a Form 3 with respect to the Issuer. With respect to any subsequent transactions in the Issuer's Common Stock or Warrants by the Reporting Persons or TCS II, the Reporting Persons and TCS II will file a joint Form 4.