Exhibit 10.21
 
OPENWAVE SYSTEMS INC.
1995 STOCK PLAN
 
RESTRICTED STOCK PURCHASE AGREEMENT
BETWEEN THE COMPANY AND EXECUTIVE OFFICERS OF THE COMPANY
LISTED ON EXHIBIT A
 
Openwave Systems Inc. (the “Company”) wishes to sell to you, and you wish to
purchase, shares of Common Stock from the Company, pursuant to the provisions of
the Company’s 1995 Stock Plan (the “Plan”).
 
Therefore, pursuant to the terms of the Restricted Stock Award Grant Notice
(“Grant Notice”) and this Restricted Stock Purchase Agreement (“Agreement”)
(collectively, the “ Award”), the Company grants you the right to purchase the
number of restricted shares of Common Stock indicated in the Grant Notice.
Defined terms not explicitly defined in this Agreement but defined in the Plan
shall have the same definitions as in the Plan.
 
The details of your Award are as follows:
 
1.  Agreement to Purchase.    You hereby agree to purchase from the Company, and
the Company hereby agrees to sell to you, the aggregate number of restricted
shares of Common Stock (the “Restricted Shares”) specified in your Grant Notice
at the specified Purchase Price per share. You may not purchase less than the
aggregate number of Restricted Shares specified in the Grant Notice.
 
2   Closing.    The purchase and sale of the Restricted Shares shall be
consummated as follows:
 
(a)  You may purchase the Restricted Shares by delivering the Total Purchase
Price specified in your Grant Notice to the Treasurer of the Company, or to such
other person as the Company may designate, during regular business hours, on the
Closing Date specified in the Grant Notice (or at such other time and place as
you and the Company may mutually agree upon in writing) provided, however, that
the closing date shall be no later than 30 days from the grant of the Award,
along with such additional documents as the Company may then require.
 
(b)  You agree to execute three (3) copies of the Assignment Separate From
Certificate (with date and number of shares blank) in the form attached to the
Grant Notice as Attachment III and to execute Joint Escrow Instructions in the
form attached to the Grant Notice as Attachment IV and to deliver the same to
the Company on the Closing Date, along with the certificate or certificates
evidencing the shares, for use by the Escrow Agent pursuant to the terms of the
Joint Escrow Instructions (or alternatively, have the shares held in electronic
form in an account by the Company’s stock transfer agent or other designee,
subject to the restrictions).
 
(c)  [NOT AVAILABLE FOR OFFICERS OR DIRECTORS] If payment is to be made in whole
or in part by promissory note, you agree to execute a Promissory Note in the
form of Attachment [    ] to the Grant Notice and to execute a pledge agreement
in the form of Attachment [    ] to the Grant Notice (the “Pledge Agreement”)
and to deliver the same to the

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Company on the Closing Date, along with the certificate or certificates
evidencing the shares, for use by the Escrow Agent pursuant to the terms of the
Joint Escrow Instructions.
 
3.  Method of Payment.    Payment of the Purchase Price may be made as follows:
 
(a)  In cash or by check.
 
(b)  By delivery of already-owned shares of Common Stock that either have been
held for the period required to avoid a charge to the Company’s reported
earnings (generally six months) or were not acquired, directly or indirectly
from the Company, that are owned free and clear of any liens, claims,
encumbrances or security interests, and that are valued at Fair Market Value on
the date of exercise as determined by the Company. “Delivery” for these purposes
shall include delivery to the Company of your attestation of ownership of such
shares of Common Stock in a form approved by the Company. Notwithstanding the
foregoing, you may not pay for the shares by tender to the Company of Common
Stock to the extent such tender would constitute a violation of the provisions
of any law, regulation or agreement restricting the redemption of the Company’s
stock.
 
(c)  Pursuant to the following deferred payment alternative or other similar
arrangement, at the discretion of the Board:
 
(i)  Not less than one hundred percent (100%) of the aggregate Purchase Price,
plus accrued interest, shall be due [four (4)] years from date of purchase or,
at the Company’s election, upon termination of your Continuous Service.
 
(ii)  Interest shall be compounded and be payable at least annually and shall be
charged at a market rate of interest that is necessary to avoid accounting for
the Award as variable under Generally Accepted Accounting Principles.
 
(iii)  Payment of the Common Stock’s “par value,” as defined in the Delaware
General Corporation Law, shall be made in cash and not by deferred payment.
 
(iv)  You shall be personally liable for the repayment of all principle and
interest (i.e., your indebtedness shall be full recourse indebtedness). You
shall have the right to prepay some or all of your indebtedness without penalty.
In addition, the Company shall be entitled to offset any amounts payable to you
whether for salary, bonus, commission, accrued vacation pay, reimbursement of
expenses, or otherwise against any amounts of principal or interest overdue
hereunder or any collection costs. You shall be responsible for all collection
costs and reasonable attorney fees incurred by the Company in successfully
enforcing its rights to collect any such overdue amounts.
 
4.  Vesting.    Subject to the limitations contained herein, the shares you
purchase will vest as provided in the Grant Notice, provided that vesting will
cease upon the termination of your employment or service with the Company and
its Subsidiaries and Affiliates (“Termination”).
 
5.  Number of Shares and Purchase Price.    The number of shares subject to your
Award and your Purchase Price may be adjusted from time to time for changes in
capitalization, as provided in the Plan.

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6.    Securities Law Compliance.    You will not be issued any shares under your
Award unless the shares are either (a) then registered under the Securities Act
or (b) the Company has determined that such issuance would be exempt from the
registration requirements of the Securities Act. Your Award must also comply
with other applicable laws and regulations governing the Award, and you will not
receive such shares if the Company determines that such receipt would not be in
material compliance with such laws and regulations.
 
7.    Repurchase Option.
 
(a)  The Company shall, simultaneously with your voluntary or involuntary
Termination for any reason (including death or Disability), have the right to
reacquire for your original Purchase Price as specified in the Grant Notice all
or a portion of the Restricted Shares that have not yet vested in accordance
with the Vesting Schedule on the Grant Notice (the “Repurchase Option”).
 
(b)  The Company shall pay for the reacquired unvested Restricted Shares in cash
or by cancellation of purchase money indebtedness within ninety (90) days after
the termination of your Continuous Service.
 
(c)  The shares issued under your Award shall be held in escrow pursuant to the
terms of the Joint Escrow Instructions attached to the Grant Notice as
Attachment IV.
 
(d)  Subject to the provisions of your Award, you shall exercise all rights and
privileges of a shareholder of the Company with respect to the shares deposited
in escrow. You shall be deemed to be the holder of the shares for purposes of
receiving any dividends that may be paid with respect to such shares and for
purposes of exercising any voting rights relating to such shares, even if some
or all of such shares have not yet vested and been released from the Company’s
Repurchase Option.
 
(e)  If, from time to time, there is any stock dividend, stock split or other
change in the character or amount of any of the outstanding stock of the
corporation the stock of which is subject to the provisions of your Award, then
in such event any and all new, substituted or additional securities to which you
are entitled by reason of your ownership of the shares acquired under your Award
shall be immediately subject to the Repurchase Option with the same force and
effect as the shares subject to this Repurchase Option immediately before such
event.
 
(f)  If at any time during the term of the Repurchase Option, there occurs: (1)
a dissolution or liquidation of the Company; (2) a merger or consolidation
involving the Company in which the Company is not the surviving corporation; (3)
a reverse merger in which the Company is the surviving corporation but the
shares of the Common Stock outstanding immediately preceding the merger are
converted by virtue of the merger into other property, whether in the form of
other securities, cash or otherwise; or ( 4) any other capital reorganization in
which at least fifty percent (50%) of the shares of the Company entitled to vote
are exchanged, then: (i) if there will be no successor to the Company, the
Company shall have the right to apply its Repurchase Option as to all or any
portion of the shares then subject to the Repurchase Option set forth above to
the same extent as if Purchaser’s Termination had occurred on the date preceding
the date of consummation of said event or transaction, or (ii) if there will be
a successor to the Company, the Company shall assign its Repurchase Option to
any successor of the Company, and the Repurchase Option shall apply in the event
of Purchaser’s Termination with such successor on the same basis as set forth
above in Section 7(a). In that case, references

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herein to the “Company” shall be deemed to refer to such successor. In addition,
such successor may elect at the time of the assignment to purchase all, but not
less than all, of the unvested Restricted Shares held by you in the manner
described in Section 7(b) at the then current Fair Market Value of the Company’s
Common Stock (or the security into which such Common Stock has been converted),
and the Repurchase Option shall thereupon immediately lapse as to all such
shares.
 
8.    Restrictive Legends.    All certificates issued under your Award shall be
endorsed with appropriate legends determined by the Company.
 
9.    Transferability.    The right to acquire the Restricted Shares may not be
assigned, alienated, pledged, attached, sold or otherwise transferred or
encumbered by the Participant without the prior written consent of the Company
and any such purported assignment, alienation, pledge, attachment, sale,
transfer or encumbrance shall be void and unenforceable against the Company or
any Affiliate; provided that the designation of a beneficiary shall not
constitute an assignment, alienation, pledge, attachment, sale, transfer or
encumbrance.
 
10.    Award Not A Service Contract.    Your Award is not an employment or
service contract, and nothing in your Award shall be deemed to create in any way
whatsoever any obligation on your part to continue in the employ of the Company
or an Affiliate, or on the part of the Company or an Affiliate to continue your
employment. In addition, nothing in your Award shall obligate the Company or an
Affiliate, their respective shareholders, boards of directors, Officers or
Employees to continue any relationship that you might have as a Director or
Consultant for the Company or an Affiliate.
 
11.    Withholding Obligations.
 
(a)  At the time your Award is made, or at any time thereafter as requested by
the Company, you hereby authorize withholding from payroll and any other amounts
payable to you, and otherwise agree to make adequate provision for any sums
required to satisfy the federal, state, local and foreign tax withholding
obligations of the Company or an Affiliate, if any, which arise in connection
with your Award.
 
(b)  Unless the tax withholding obligations of the Company and/or any Affiliate
are satisfied, the Company shall have no obligation to issue a certificate for
such shares or release such shares from any escrow provided for herein.
 
12.    Tax Consequences.    Set forth below is a brief summary as of the date of
grant of certain United States federal income tax consequences of the award of
the Restricted Shares. THIS SUMMARY DOES NOT ADDRESS EMPLOYMENT, SPECIFIC STATE,
LOCAL OR FOREIGN TAX CONSEQUENCES THAT MAY BE APPLICABLE TO GRANTEE. GRANTEE
UNDERSTANDS THAT THIS SUMMARY IS NECESSARILY INCOMPLETE, AND THE TAX LAWS AND
REGULATIONS ARE SUBJECT TO CHANGE.
 
Unless the Grantee makes a Section 83(b) election as described below, the
Grantee shall recognize ordinary income at the time or times the restrictions
lapse with respect to the Restricted Shares that have been released from the
restricted period in an amount equal to the the fair market value of such shares
on each such date and the Company shall be required to collect all the
applicable withholding taxes with respect to such income. The obligations of the

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Company under the Plan are conditioned on your making arrangements for the
payment of any such taxes.
 
13.  Section 83(B) Election.    The Grantee hereby acknowledges that he has been
informed that, with respect to the grant of Restricted Shares, an election may
be filed by the Grantee with the Internal Revenue Service, within 30 days after
the date the shares pursuant to the Award are purchased, electing pursuant to
Section 83(b) of the Internal Revenue Code of 1986, as amended, to be taxed
currently on the fair market value of the Restricted Shares on the date of
purchase.
 
IF THE GRANTEE CHOOSES TO FILE AN ELECTION UNDER SECTION 83(B) OF THE CODE, THE
GRANTEE ACKNOWLEDGES THAT IT IS THE GRANTEE’S SOLE RESPONSIBILITY AND NOT THE
COMPANY’S TO FILE TIMELY THE ELECTION UNDER SECTION 83(B) OF THE CODE, EVEN IF
THE GRANTEE REQUESTS THE COMPANY OR ITS REPRESENTATIVE TO MAKE THIS FILING ON
THE GRANTEE’S BEHALF.
 
BY SIGNING THIS AGREEMENT, THE GRANTEE REPRESENTS THAT HE HAS REVIEWED WITH HIS
OWN TAX ADVISORS THE FEDERAL, STATE, LOCAL AND FOREIGN TAX CONSEQUENCES OF THE
TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT AND THAT HE IS RELYING SOLELY ON
SUCH ADVISORS AND NOT ON ANY STATEMENTS OR REPRESENTATIONS OF THE COMPANY OR ANY
OF ITS AGENTS. THE GRANTEE UNDERSTANDS AND AGREES THAT HE (AND NOT THE COMPANY)
SHALL BE RESPONSIBLE FOR ANY TAX LIABILITY THAT MAY ARISE AS A RESULT OF THE
TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT.
 
14.  Notices.    Any notices provided for in your Award or the Plan shall be
given in writing and shall be deemed effectively given upon receipt or, in the
case of notices delivered by the Company to you, five (5) days after deposit in
the United States mail, postage prepaid, addressed to you at the last address
you provided to the Company.
 
15.  Miscellaneous.
 
(a)  The rights and obligations of the Company under your Award shall be
transferable by the Company to any one or more persons or entities, and all
covenants and agreements hereunder shall inure to the benefit of, and be
enforceable by the Company’s successors and assigns.
 
(b)  You agree upon request to execute any further documents or instruments
necessary or desirable in the sole determination of the Company to carry out the
purposes or intent of your Award.
 
(c)  You acknowledge and agree that you have reviewed your Award in its
entirety, have had an opportunity to obtain the advice of counsel prior to
executing and accepting your Award and fully understand all provisions of your
Award.
 
16.  Governing Plan Document.    Your Award is subject to all the provisions of
the Plan, the provisions of which are hereby made a part of your Award, and is
further subject to all interpretations, amendments, rules and regulations which
may from time to time be

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promulgated and adopted pursuant to the Plan. In the event of any conflict
between the provisions of your Award and those of the Plan, the provisions of
the Plan shall control.
 

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Attachment I
 
Restricted Stock Purchase Grant Notice
 

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Openwave Systems Inc.
1995 Stock Plan
Restricted Stock Purchase Grant Notice
 
Openwave Systems Inc. (the “Company”), pursuant to its 1995 Stock Plan (the
“Plan”), hereby grants to Participant the right to purchase the number of
restricted shares of the Company’s Common Stock set forth below (“Award”). This
Award is subject to all of the terms and conditions as set forth herein and in
the Restricted Stock Purchase Agreement, the Plan, the form of Assignment
Separate from Certificate and the form of Joint Escrow Instructions, all of
which are attached hereto and incorporated herein in their entirety.
 
Participant:
 

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Grant Date:
 

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Vesting Commencement Date:
 

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Number of Restricted Shares:
 

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Purchase Price (Per Share):
 

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Total Purchase Price:
 

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Closing Date:
   

 
Vesting Schedule:
[Insert vesting schedule].

 
Payment:
By one or a combination of the following items (described in the Restricted
Stock Purchase Agreement):

 

 
By cash or check

 
[By delivery of already-owned shares]

 
[By deferred payment if legally permissible1]

 
Additional Terms/Acknowledgements: The undersigned Participant acknowledges
receipt of, and understands and agrees to, this Grant Notice, the Restricted
Stock Purchase Agreement and the Plan. Participant agrees to accept as binding,
conclusive and final, all decisions or interpretations of the Administrator upon
any questions arising under this Grant Notice, the Restricted Stock Purchase
Agreement and the Plan. Participant further acknowledges that as of the Grant
Date, this Grant Notice, the Restricted Stock Purchase Agreement and the Plan
set forth the entire understanding between Participant and the Company regarding
the acquisition of stock in the Company under the Plan and supersede all prior
oral and written agreements on that subject with the exception of (i) Stock
Awards previously granted and delivered to Participant under the Plan, and (ii)
the following agreements only:
 
OTHER AGREEMENTS:
 

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OPENWAVE SYSTEMS INC.
    
PARTICIPANTS
        
By:
      

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Signature
    
Signature
Title:
    
Date:

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Date:
      

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ATTACHMENTS:
Restricted Stock Purchase Agreement, 1995 Stock Plan, form of Assignment
Separate from Certificate and form of Joint Escrow Instructions.

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1
 
Loans to executive officers and directors are prohibited under Section 402 of
the Sarbanes-Oxley Act of 2002.

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Attachment II
 
Openwave Systems Inc. 1995 Stock Plan

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Attachment III
 
Form of Assignment Separate from Certificate
 

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ASSIGNMENT SEPARATE FROM CERTIFICATE
 
For value received and pursuant to that certain Restricted Stock Award Grant
Notice and Restricted Stock Purchase Agreement (the “Award”), [Participant’s
Name] hereby sells, assigns and transfers to Openwave Systems Inc., a Delaware
corporation (“Corporation”), or its assignee,
                                         (                ) shares of the Common
Stock of the Assignee, standing in the undersigned’s name on the books of said
corporation represented by Certificate No.              herewith, or the
securities into which such shares of the Corporation’s Common Stock have been
converted under the terms of the Award, and do hereby irrevocably constitute and
appoint                                          as attorney-in-fact to transfer
the said stock on the books of the within named Corporation with full power of
substitution in the premises. This Assignment may be used only in accordance
with and subject to the terms and conditions of the Award, in connection with
the reacquisition of shares of Common Stock of the Corporation issued to the
undersigned pursuant to the Award, and only to the extent that such shares
remain subject to the Corporation’s Repurchase Option under the Award.
 
Dated:                                             
 
Signature:                                         
                                
[Participant’s Name]
 
[Instruction:    Please do not fill in any blanks other than the signature line.
The purpose of this Assignment is to enable the Company to exercise its Purchase
Option set forth in the Award without requiring additional signatures on your
part.]
 

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Attachment IV
 
Form of Joint Escrow Instructions
 
 

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JOINT ESCROW INSTRUCTIONS
 
[date]
 
Corporate Treasurer
Openwave Systems Inc.
1400 Seaport Boulevard
Redwood City, California 94063
 
Dear Sir/Madam:
 
As Escrow Agent for both Openwave Systems Inc., a Delaware corporation (the
“Company”), and the undersigned recipient of stock of the Company (“Recipient”),
you are hereby authorized and directed to hold the documents delivered to you
pursuant to the terms of that certain Restricted Stock Award Grant Notice (the
“Grant Notice”), dated              to which a copy of these Joint Escrow
Instructions is attached as Attachment IV, and pursuant to the terms of that
certain Restricted Stock Purchase Agreement (“Agreement”), which is Attachment I
to the Grant Notice, in accordance with the following instructions:
 
1.    In the event Recipient ceases to render services to the Company or an
affiliate of the Company during the vesting period set forth in the Grant
Notice, the Company or its assignee will give to Recipient and you a written
notice specifying that the shares of stock shall be transferred to the Company.
Recipient and the Company hereby irrevocably authorize and direct you to close
the transaction contemplated by such notice in accordance with the terms of said
notice.
 
2.    At the closing you are directed (a) to date any stock assignments
necessary for the transfer in question, (b) to fill in the number of shares
being transferred, and (c) to deliver same, together with the certificate
evidencing the shares of stock to be transferred, to the Company.
 
3.    Recipient irrevocably authorizes the Company to deposit with you any
certificates evidencing shares of stock to be held by you hereunder and any
additions and substitutions to said shares as specified in the Grant Notice.
Recipient does hereby irrevocably constitute and appoint you as Recipient’s
attorney-in-fact and agent for the term of this escrow to execute with respect
to such securities and other property all documents of assignment and/or
transfer and all stock certificates necessary or appropriate to make all
securities negotiable and complete any transaction herein contemplated.
 
4.    This escrow shall terminate upon the earlier of a) vesting of the shares
or (b) return of the shares to the Company.
 
5.    If at the time of termination of this escrow you should have in your
possession any documents, securities, or other property belonging to Recipient,
you shall deliver all of same to any pledgee entitled thereto or, if none, to
Recipient and shall be discharged of all further obligations hereunder.
 
6.    Your duties hereunder may be altered, amended, modified or revoked only by
a writing signed by all of the parties hereto.

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7.    You shall be obligated only for the performance of such duties as are
specifically set forth herein and may rely and shall be protected in relying or
refraining from acting on any instrument reasonably believed by you to be
genuine and to have been signed or presented by the proper party or parties or
their assignees. You shall not be personally liable for any act you may do or
omit to do hereunder as Escrow Agent or as attorney-in-fact for Recipient while
acting in good faith and any act done or omitted by you pursuant to the advice
of your own attorneys shall be conclusive evidence of such good faith.
 
8.    You are hereby expressly authorized to disregard any and all warnings
given by any of the parties hereto or by any other person or corporation,
excepting only orders or process of courts of law, and are hereby expressly
authorized to comply with and obey orders, judgments or decrees of any court. In
case you obey or comply with any such order, judgment or decree of any court,
you shall not be liable to any of the parties hereto or to any other person,
firm or corporation by reason of such compliance, notwithstanding any such
order, judgment or decree being subsequently reversed, modified, annulled, set
aside, vacated or found to have been entered without jurisdiction.
 
9.    You shall not be liable in any respect on account of the identity,
authority or rights of the parties executing or delivering or purporting to
execute or deliver the Grant Notice or any documents or papers deposited or
called for hereunder.
 
10.    You shall not be liable for the outlawing of any rights under any statute
of limitations with respect to these Joint Escrow Instructions or any documents
deposited with you.
 
11.    You shall be entitled to employ such legal counsel and other experts as
you may deem necessary to advise properly you in connection with your
obligations hereunder, may rely upon the advice of such counsel, and may pay
such counsel reasonable compensation therefor.
 
12.    Your responsibilities as Escrow Agent hereunder shall terminate if you
shall cease to be Treasurer of the Company or if you shall resign by written
notice to each party. In the event of any such termination, your successor as
Treasurer of the Company shall become the successor Escrow Agent or the Company
may appoint any officer or assistant officer of the Company as successor Escrow
Agent and Recipient hereby confirms the appointment of such successor or
successors as his attorney-in-fact and agent to the full extent of your
appointment.
 
13.    If you reasonably require other or further instruments in connection with
these Joint Escrow Instructions or obligations in respect hereto, the necessary
parties hereto shall join in furnishing such instruments.
 
14.    It is understood and agreed that should any dispute arise with respect to
the delivery and/or ownership or right of possession of the securities, you may
(but are not obligated to) retain in your possession without liability to anyone
all or any part of said securities until such dispute shall have been settled
either by mutual written agreement of the parties concerned or by a final order,
decree or judgment of a court of competent jurisdiction after the time for
appeal has expired and no appeal has been perfected, but you shall be under no
duty whatsoever to institute or defend any such proceedings.
 
15.    Any notice required or permitted hereunder shall be given in writing and
shall be deemed effectively given upon personal delivery or three business days
after deposit in any United States Post Box, by registered or certified mail
with postage and fees prepaid, addressed

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to each of the other parties hereunto entitled at the following addresses, or at
such other addresses as a party may designate by ten (10) days’ written notice
to each of the other parties hereto:
 
COMPANY:
 
Openwave Systems Inc.
1400 Seaport Boulevard
Redwood City, California 94063
Attn: General Counsel
RECIPIENT:
 
                                                               
                                                               
                                                               
                                                               
ESCROW AGENT:
 
[Company Name]
[address]
Attn: Corporate Treasurer

 
16.    By signing these Joint Escrow Instructions you become a party hereto only
for the purpose of said Joint Escrow Instructions; you do not become a party to
the Grant Notice.
 
17.    This instrument shall be binding upon and inure to the benefit of the
parties hereto, and their respective successors and permitted assigns. It is
understood and agreed that references to “you” or “your” herein refer to the
original Escrow Agent and to any and all successor Escrow Agents. It is
understood and agreed that the Company may at any time or from time to time
assign its rights under the Grant Notice and these Joint Escrow Instructions in
whole or in part.
 
Very truly yours,
 
OPENWAVE SYSTEMS INC.
 
By:                                     
                                               
Name:                                    
                                           
Title:                                    
                                             
 
RECIPIENT
 
                                                                              
             
[Participant’s Name]
 
ESCROW AGENT
 
                                                                              
             
[Escrow Agent’s Name]
 

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EXHIBIT A
 
RESTRICTED STOCK PURCHASE GRANTS UNDER THE OPENWAVE SYSTEMS INC.
1995 STOCK PLAN HAVE BEEN MADE TO THE FOLLOWING EXECUTIVE
OFFICERS OF THE COMPANY
 
Participant

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Grant Date

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Number of Restricted Shares

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Purchase Price

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Vesting Schedule

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Alan Black
  
7/20/01
  
30,000
  
$0.00
  
15,000 shares on 7/20/02, 15,000 shares on 7/20/03
Michael Mulica
  
7/20/01
  
30,000
  
$0.00
  
15,000 shares on 7/20/02, 15,000 shares on 7/20/03