Document:

Riverbed Technology, Inc. 2002 Stock Plan

 Exhibit 10.2 
 RIVERBED TECHNOLOGY, INC. 
 2002 STOCK
PLAN 
 ADOPTED ON SEPTEMBER 27, 2002 
 (Amended on November 6, 2002, September 23, 2003, 
 November 18, 2004, December 10, 2004, May 12, 2005, July 20, 2005, 
 September 7, 2005, December 20, 2005, February 9, 2006, March 28, 2006 and April 12, 2006) 

 TABLE OF CONTENTS 
  

			
	 	  	Page No.
	SECTION 1. ESTABLISHMENT AND PURPOSE.	  	1
		
	SECTION 2. ADMINISTRATION.	  	1
		
	 (a) Committees of the Board of Directors.
	  	1
	 (b) Authority of the Board of Directors.
	  	1
		
	SECTION 3. ELIGIBILITY.	  	1
		
	 (a) General Rule.
	  	1
	 (b) Ten-Percent Stockholders.
	  	1
		
	SECTION 4. STOCK SUBJECT TO PLAN.	  	2
		
	 (a) Basic Limitation.
	  	2
	 (b) Additional Shares.
	  	2
		
	SECTION 5. TERMS AND CONDITIONS OF AWARDS OR SALES.	  	2
		
	 (a) Stock Purchase Agreement.
	  	2
	 (b) Duration of Offers and Nontransferability of Rights.
	  	2
	 (c) Purchase Price.
	  	2
	 (d) Withholding Taxes.
	  	3
	 (e) Restrictions on Transfer of Shares and Minimum Vesting.
	  	3
		
	SECTION 6. TERMS AND CONDITIONS OF OPTIONS.	  	3
		
	 (a) Stock Option Agreement.
	  	3
	 (b) Number of Shares.
	  	3
	 (c) Exercise Price.
	  	3
	 (d) Exercisability.
	  	4
	 (e) Accelerated Exercisability
	  	4
	 (f) Basic Term.
	  	4
	 (g) Termination of Service (Except by Death).
	  	4
	 (h) Leaves of Absence.
	  	5
	 (i) Death of Optionee.
	  	5
	 (j) Restrictions on Transfer of Shares and Minimum Vesting.
	  	5
	 (k) Transferability of Options.
	  	5
	 (l) Withholding Taxes.
	  	6
	 (m) No Rights as a Stockholder.
	  	6
	 (n) Modification, Extension and Assumption of Options.
	  	6

  

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	SECTION 7. PAYMENT FOR SHARES.	  	6
		
	 (a) General Rule.
	  	6
	 (b) Surrender of Stock.
	  	6
	 (c) Services Rendered.
	  	6
	 (d) Promissory Note.
	  	7
	 (e) Exercise/Sale.
	  	7
	 (f) Exercise/Pledge.
	  	7
		
	SECTION 8. ADJUSTMENT OF SHARES.	  	7
		
	 (a) General.
	  	7
	 (b) Mergers and Consolidations.
	  	7
	 (c) Reservation of Rights.
	  	8
		
	SECTION 9. SECURITIES LAW REQUIREMENTS.	  	8
		
	 (a) General
	  	8
	 (b) Financial Reports.
	  	8
		
	SECTION 10. NO RETENTION RIGHTS.	  	8
		
	SECTION 11. DURATION AND AMENDMENTS.	  	9
		
	 (a) Term of the Plan.
	  	9
	 (b) Right to Amend or Terminate the Plan.
	  	9
	 (c) Effect of Amendment or Termination.
	  	9
		
	SECTION 12. DEFINITIONS.	  	9

  

 ii 

 RIVERBED TECHNOLOGY, INC. 2002 STOCK
PLAN 
 SECTION 1. ESTABLISHMENT AND PURPOSE. 
 The purpose of the Plan is to offer selected persons an opportunity to acquire a proprietary interest in the success of the Company, or to increase such interest, by purchasing Shares of the Company’s Stock. The
Plan provides both for the direct award or sale of Shares and for the grant of Options to purchase Shares. Options granted under the Plan may include Nonstatutory Options as well as ISOs intended to qualify under Section 422 of the Code.

 Capitalized terms are defined in Section 12. 
 SECTION 2. ADMINISTRATION. 
 (a) Committees of the Board of Directors. The Plan may be administered by one or more
Committees. Each Committee shall consist of one or more members of the Board of Directors who have been appointed by the Board of Directors. Each Committee shall have such authority and be responsible for such functions as the Board of Directors has
assigned to it. If no Committee has been appointed, the entire Board of Directors shall administer the Plan. Any reference to the Board of Directors in the Plan shall be construed as a reference to the Committee (if any) to whom the Board of
Directors has assigned a particular function. 
 (b) Authority of the Board of Directors. Subject to the provisions of the Plan, the
Board of Directors shall have full authority and discretion to take any actions it deems necessary or advisable for the administration of the Plan. All decisions, interpretations and other actions of the Board of Directors shall be final and binding
on all Purchasers, all Optionees and all persons deriving their rights from a Purchaser or Optionee. 
 SECTION 3. ELIGIBILITY. 
 (a) General Rule. Only Employees, Outside Directors and Consultants shall be eligible for the grant of Nonstatutory Options or the direct award or
sale of Shares. Only Employees shall be eligible for the grant of ISOs. 
 (b) Ten-Percent Stockholders. A person who owns more than
10% of the total combined voting power of all classes of outstanding stock of the Company, its Parent or any of its Subsidiaries shall not be eligible for designation as an Optionee or Purchaser unless (i) the Exercise Price is at least 110% of
the Fair Market Value of a Share on the date of grant, (ii) the Purchase Price (if any) is at least 100% of the Fair Market Value of a Share and (iii) in the case of an ISO, such ISO by its terms is not exercisable after the expiration of
five years from the date of grant. For purposes of this Subsection (b), in determining stock ownership, the attribution rules of Section 424(d) of the Code shall be applied. 

 SECTION 4. STOCK SUBJECT TO PLAN. 
 (a) Basic Limitation. Not more than 10,212,743 Shares1 may be issued under
the Plan (subject to Subsection (b) below and Section 8). The number of Shares that are subject to Options or other rights outstanding at any time under the Plan shall not exceed the number of Shares that then remain available for issuance
under the Plan. The Company, during the term of the Plan, shall at all times reserve and keep available sufficient Shares to satisfy the requirements of the Plan. Shares offered under the Plan may be authorized but unissued Shares or treasury
Shares. 
 (b) Additional Shares. In the event that Shares previously issued under the Plan are reacquired by the Company pursuant to
a forfeiture provision, right of repurchase or right of first refusal, such Shares shall be added to the number of Shares then available for issuance under the Plan. However, the aggregate number of Shares issued upon the exercise of ISOs (including
Shares reacquired by the Company) shall in no event exceed 200% of the number specified in Subsection (a) above. In the event that an outstanding Option or other right for any reason expires or is canceled, the Shares allocable to the
unexercised portion of such Option or other right shall not reduce the number of Shares available for issuance under the Plan. 
 SECTION 5. TERMS AND
CONDITIONS OF AWARDS OR SALES. 
 (a) Stock Purchase Agreement. Each award or sale of Shares under the Plan (other than upon
exercise of an Option) shall be evidenced by a Stock Purchase Agreement between the Purchaser and the Company. Such award or sale shall be subject to all applicable terms and conditions of the Plan and may be subject to any other terms and
conditions which are not inconsistent with the Plan and which the Board of Directors deems appropriate for inclusion in a Stock Purchase Agreement. The provisions of the various Stock Purchase Agreements entered into under the Plan need not be
identical. 
 (b) Duration of Offers and Nontransferability of Rights. Any right to acquire Shares under the Plan (other than an
Option) shall automatically expire if not exercised by the Purchaser within 30 days after the grant of such right was communicated to the Purchaser by the Company. Such right shall not be transferable and shall be exercisable only by the Purchaser
to whom such right was granted. 
 (c) Purchase Price. The Purchase Price of Shares to be offered under the Plan shall not be less
than 85% of the Fair Market Value of such Shares, and a higher percentage may be required by Section 3(b). Subject to the preceding sentence, the Board of Directors shall determine the Purchase Price at its sole discretion. The Purchase Price
shall be payable in a form described in Section 7. 
  

	1	Includes the 1,785,714-share increase approved by the Board of Directors on November 6, 2002, the 173,889-share increase approved by the Board of Directors on
November 18, 2004, the 638,890-share increase approved by the Board of Directors on December 10, 2004, the 2,729,250 share increase approved by the Board of Directors on May 12, 2005, the 317,000-share increase approved by the Board
of Directors on July 20, 2005, the 356,500-share increase approved by the Board of Directors on September 7, 2005, the 1,211,500-share increase approved by the Board of Directors on December 20, 2005, the 500,000-share increase
approved by the Board of Directors on February 9, 2006, the 15,000-share increase approved by the Board of Directors on March 28, 2006 and the 1,800,000-share increase approved by the Board of Directors on April 12, 2006.

  

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 (d) Withholding Taxes. As a condition to the purchase of Shares, the Purchaser shall make such
arrangements as the Board of Directors may require for the satisfaction of any federal, state, local or foreign withholding tax obligations that may arise in connection with such purchase. 
 (e) Restrictions on Transfer of Shares and Minimum Vesting. Any Shares awarded or sold under the Plan shall be subject to such special forfeiture
conditions, rights of repurchase, rights of first refusal and other transfer restrictions as the Board of Directors may determine. Such restrictions shall be set forth in the applicable Stock Purchase Agreement and shall apply in addition to any
restrictions that may apply to holders of Shares generally. In the case of a Purchaser who is not an officer of the Company, an Outside Director or a Consultant: 
 (i) Any right to repurchase the Purchaser’s Shares at the original Purchase Price (if any) upon termination of the Purchaser’s
Service shall lapse at least as rapidly as 20% per year over the five-year period commencing on the date of the award or sale of the Shares; 
 (ii) Any such right may be exercised only for cash or for cancellation of indebtedness incurred in purchasing the Shares; and 
 (iii) Any such right may be exercised only within 90 days after the termination of the Purchaser’s Service. 
 SECTION 6. TERMS AND CONDITIONS OF OPTIONS. 
 (a)
Stock Option Agreement. Each grant of an Option under the Plan shall be evidenced by a Stock Option Agreement between the Optionee and the Company. The Option shall be subject to all applicable terms and conditions of the Plan and may be
subject to any other terms and conditions which are not inconsistent with the Plan and which the Board of Directors deems appropriate for inclusion in a Stock Option Agreement. The provisions of the various Stock Option Agreements entered into under
the Plan need not be identical. 
 (b) Number of Shares. Each Stock Option Agreement shall specify the number of Shares that are
subject to the Option and shall provide for the adjustment of such number in accordance with Section 8. The Stock Option Agreement shall also specify whether the Option is an ISO or a Nonstatutory Option. 
 (c) Exercise Price. Each Stock Option Agreement shall specify the Exercise Price. The Exercise Price of an ISO shall not be less than 100% of the
Fair Market Value of a Share on the date of grant, and a higher percentage may be required by Section 3(b). The Exercise Price of a Nonstatutory Option shall not be less than 85% of the Fair Market Value of a Share on the date of grant, and a
higher percentage may be required by Section 3(b). Subject to the preceding two sentences, the Exercise Price under any Option shall be determined by the Board of Directors at its sole discretion. The Exercise Price shall be payable in a form
described in Section 7. 
  

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 (d) Exercisability. Each Stock Option Agreement shall specify the date when all or any installment
of the Option is to become exercisable. No Option shall be exercisable unless the Optionee has delivered an executed copy of the Stock Option Agreement to the Company. In the case of an Optionee who is not an officer of the Company, an Outside
Director or a Consultant, an Option shall become exercisable at least as rapidly as 20% per year over the five-year period commencing on the date of grant. Subject to the preceding sentence, the Board of Directors shall determine the
exercisability provisions of the Stock Option Agreement at its sole discretion. 
 (e) Accelerated Exercisability. Unless the
applicable Stock Option Agreement provides otherwise, all of an Optionee’s Options shall become exercisable in full if (i) the Company is subject to a Change in Control before the Optionee’s Service terminates, (ii) such Options
do not remain outstanding, (iii) such Options are not assumed by the surviving corporation or its parent and (iv) the surviving corporation or its parent does not substitute options with substantially the same terms for such Options.

 (f) Basic Term. The Stock Option Agreement shall specify the term of the Option. The term shall not exceed 10 years from the date
of grant, and a shorter term may be required by Section 3(b). Subject to the preceding sentence, the Board of Directors at its sole discretion shall determine when an Option is to expire. 
 (g) Termination of Service (Except by Death). If an Optionee’s Service terminates for any reason other than the Optionee’s death, then
the Optionee’s Options shall expire on the earliest of the following occasions: 
 (i) The expiration date determined
pursuant to Subsection (f) above; 
 (ii) The date three months after the termination of the Optionee’s Service for
any reason other than Disability, or such later date as the Board of Directors may determine; or 
 (iii) The date six months
after the termination of the Optionee’s Service by reason of Disability, or such later date as the Board of Directors may determine. 
 The Optionee may
exercise all or part of the Optionee’s Options at any time before the expiration of such Options under the preceding sentence, but only to the extent that such Options had become exercisable before the Optionee’s Service terminated (or
became exercisable as a result of the termination) and the underlying Shares had vested before the Optionee’s Service terminated (or vested as a result of the termination). The balance of such Options shall lapse when the Optionee’s
Service terminates. In the event that the Optionee dies after the termination of the Optionee’s Service but before the expiration of the Optionee’s Options, all or part of such Options may be exercised (prior to expiration) by the
executors or administrators of the Optionee’s estate or by any person who has acquired such Options directly from the Optionee by beneficiary designation, bequest or inheritance, but only to the extent that such Options had become exercisable
before the Optionee’s Service terminated (or became exercisable as a result of the termination) and the underlying Shares had vested before the Optionee’s Service terminated (or vested as a result of the termination). 
  

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 (h) Leaves of Absence. For purposes of Subsection (g) above, Service shall be deemed to
continue while the Optionee is on a bona fide leave of absence, if such leave was approved by the Company in writing and if continued crediting of Service for this purpose is expressly required by the terms of such leave or by applicable law (as
determined by the Company). 
 (i) Death of Optionee. If an Optionee dies while the Optionee is in Service, then the Optionee’s
Options shall expire on the earlier of the following dates: 
 (i) The expiration date determined pursuant to
Subsection (f) above; or 
 (ii) The date 12 months after the Optionee’s death, or such later date as the Board of
Directors may determine. 
 All or part of the Optionee’s Options may be exercised at any time before the expiration of such Options under the preceding
sentence by the executors or administrators of the Optionee’s estate or by any person who has acquired such Options directly from the Optionee by beneficiary designation, bequest or inheritance, but only to the extent that such Options had
become exercisable before the Optionee’s death (or became exercisable as a result of the death) and the underlying Shares had vested before the Optionee’s death (or vested as a result of the Optionee’s death). The balance of such
Options shall lapse when the Optionee dies. 
 (j) Restrictions on Transfer of Shares and Minimum Vesting. Any Shares issued upon
exercise of an Option shall be subject to such special forfeiture conditions, rights of repurchase, rights of first refusal and other transfer restrictions as the Board of Directors may determine. Such restrictions shall be set forth in the
applicable Stock Option Agreement and shall apply in addition to any restrictions that may apply to holders of Shares generally. In the case of an Optionee who is not an officer of the Company, an Outside Director or a Consultant: 
 (i) Any right to repurchase the Optionee’s Shares at the original Exercise Price upon termination of the Optionee’s Service
shall lapse at least as rapidly as 20% per year over the five-year period commencing on the date of the option grant; 
 (ii) Any such right may be exercised only for cash or for cancellation of indebtedness incurred in purchasing the Shares; and 
 (iii) Any such right may be exercised only within 90 days after the later of (A) the termination of the Optionee’s Service or (B) the date of the option exercise. 
 (k) Transferability of Options. An Option shall be transferable by the Optionee only by (i) a beneficiary designation, (ii) a will or
(iii) the laws of descent and distribution, except as provided in the next sentence. If the applicable Stock Option Agreement 
  

 5 

 so provides, an NSO shall also be transferable by the Optionee by (i) a gift to a member of the Optionee’s
Immediate Family or (ii) a gift to an inter vivos or testamentary trust in which members of the Optionee’s Immediate Family have a beneficial interest of more than 50% and which provides that such NSO is to be transferred to the
beneficiaries upon the Optionee’s death. An ISO may be exercised during the lifetime of the Optionee only by the Optionee or by the Optionee’s guardian or legal representative. 
 (l) Withholding Taxes. As a condition to the exercise of an Option, the Optionee shall make such arrangements as the Board of Directors may
require for the satisfaction of any federal, state, local or foreign withholding tax obligations that may arise in connection with such exercise. The Optionee shall also make such arrangements as the Board of Directors may require for the
satisfaction of any federal, state, local or foreign withholding tax obligations that may arise in connection with the disposition of Shares acquired by exercising an Option. 
 (m) No Rights as a Stockholder. An Optionee, or a transferee of an Optionee, shall have no rights as a stockholder with respect to any Shares
covered by the Optionee’s Option until such person becomes entitled to receive such Shares by filing a notice of exercise and paying the Exercise Price pursuant to the terms of such Option. 
 (n) Modification, Extension and Assumption of Options. Within the limitations of the Plan, the Board of Directors may modify, extend or assume
outstanding Options or may accept the cancellation of outstanding Options (whether granted by the Company or another issuer) in return for the grant of new Options for the same or a different number of Shares and at the same or a different Exercise
Price. The foregoing notwithstanding, no modification of an Option shall, without the consent of the Optionee, impair the Optionee’s rights or increase the Optionee’s obligations under such Option. 
 SECTION 7. PAYMENT FOR SHARES. 
 (a) General
Rule. The entire Purchase Price or Exercise Price of Shares issued under the Plan shall be payable in cash or cash equivalents at the time when such Shares are purchased, except as otherwise provided in this Section 7. 
 (b) Surrender of Stock. To the extent that a Stock Option Agreement so provides, all or any part of the Exercise Price may be paid by
surrendering, or attesting to the ownership of, Shares that are already owned by the Optionee. Such Shares shall be surrendered to the Company in good form for transfer and shall be valued at their Fair Market Value on the date when the Option is
exercised. The Optionee shall not surrender, or attest to the ownership of, Shares in payment of the Exercise Price if such action would cause the Company to recognize compensation expense (or additional compensation expense) with respect to the
Option for financial reporting purposes. 
 (c) Services Rendered. At the discretion of the Board of Directors, Shares may be awarded
under the Plan in consideration of services rendered to the Company, a Parent or a Subsidiary prior to the award. 
  

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 (d) Promissory Note. To the extent that a Stock Option Agreement or Stock Purchase Agreement so
provides, all or a portion of the Exercise Price or Purchase Price (as the case may be) of Shares issued under the Plan may be paid with a full-recourse promissory note. However, the par value of the Shares, if newly issued, shall be paid in cash or
cash equivalents. The Shares shall be pledged as security for payment of the principal amount of the promissory note and interest thereon. The interest rate payable under the terms of the promissory note shall not be less than the minimum rate (if
any) required to avoid the imputation of additional interest under the Code. Subject to the foregoing, the Board of Directors (at its sole discretion) shall specify the term, interest rate, amortization requirements (if any) and other provisions of
such note. 
 (e) Exercise/Sale. To the extent that a Stock Option Agreement so provides, and if Stock is publicly traded, payment may
be made all or in part by the delivery (on a form prescribed by the Company) of an irrevocable direction to a securities broker approved by the Company to sell Shares and to deliver all or part of the sales proceeds to the Company in payment of all
or part of the Exercise Price and any withholding taxes. 
 (f) Exercise/Pledge. To the extent that a Stock Option Agreement so
provides, and if Stock is publicly traded, payment may be made all or in part by the delivery (on a form prescribed by the Company) of an irrevocable direction to pledge Shares to a securities broker or lender approved by the Company, as security
for a loan, and to deliver all or part of the loan proceeds to the Company in payment of all or part of the Exercise Price and any withholding taxes. 
 SECTION 8. ADJUSTMENT OF SHARES. 
 (a) General. In the event of a subdivision of the outstanding Stock, a declaration
of a dividend payable in Shares, a declaration of an extraordinary dividend payable in a form other than Shares in an amount that has a material effect on the Fair Market Value of the Stock, a combination or consolidation of the outstanding Stock
into a lesser number of Shares, a recapitalization, a spin-off, a reclassification or a similar occurrence, the Board of Directors shall make appropriate adjustments in one or more of (i) the number of Shares available for future grants under
Section 4, (ii) the number of Shares covered by each outstanding Option or (iii) the Exercise Price under each outstanding Option. 
 (b) Mergers and Consolidations. In the event that the Company is a party to a merger or consolidation, outstanding Options shall be subject to the agreement of merger or consolidation. Such agreement shall provide for: 
 (i) The continuation of such outstanding Options by the Company (if the Company is the surviving corporation); 
 (ii) The assumption of the Plan and such outstanding Options by the surviving corporation or its parent; 
 (iii) The substitution by the surviving corporation or its parent of options with substantially the same terms for such outstanding
Options; 
  

 7 

 (iv) The full exercisability of such outstanding Options and full vesting of the Shares
subject to such Options, followed by the cancellation of such Options; or 
 (v) The settlement of the full value of such
outstanding Options (whether or not then exercisable) in cash or cash equivalents, followed by the cancellation of such Options. 
 (c)
Reservation of Rights. Except as provided in this Section 8, an Optionee or Purchaser shall have no rights by reason of (i) any subdivision or consolidation of shares of stock of any class, (ii) the payment of any dividend or
(iii) any other increase or decrease in the number of shares of stock of any class. Any issuance by the Company of shares of stock of any class, or securities convertible into shares of stock of any class, shall not affect, and no adjustment by
reason thereof shall be made with respect to, the number or Exercise Price of Shares subject to an Option. The grant of an Option pursuant to the Plan shall not affect in any way the right or power of the Company to make adjustments,
reclassifications, reorganizations or changes of its capital or business structure, to merge or consolidate or to dissolve, liquidate, sell or transfer all or any part of its business or assets. 
 SECTION 9. SECURITIES LAW REQUIREMENTS. 
 (a)
General. Shares shall not be issued under the Plan unless the issuance and delivery of such Shares comply with (or are exempt from) all applicable requirements of law, including (without limitation) the Securities Act of 1933, as amended, the
rules and regulations promulgated thereunder, state securities laws and regulations, and the regulations of any stock exchange or other securities market on which the Company’s securities may then be traded. 
 (b) Financial Reports. The Company each year shall furnish to Optionees, Purchasers and stockholders who have received Stock under the Plan its
balance sheet and income statement, unless such Optionees, Purchasers or stockholders are key Employees whose duties with the Company assure them access to equivalent information. Such balance sheet and income statement need not be audited.

 SECTION 10. NO RETENTION RIGHTS. 
 Nothing in the Plan or in any right or Option granted under the Plan shall confer upon the Purchaser or Optionee any right to continue in Service for any period of specific duration or interfere with or otherwise restrict in any way the
rights of the Company (or any Parent or Subsidiary employing or retaining the Purchaser or Optionee) or of the Purchaser or Optionee, which rights are hereby expressly reserved by each, to terminate his or her Service at any time and for any reason,
with or without cause. 
  

 8 

 SECTION 11. DURATION AND AMENDMENTS. 
 (a) Term of the Plan. The Plan, as set forth herein, shall become effective on the date of its adoption by the Board of Directors, subject to the approval of the Company’s stockholders. If the stockholders
fail to approve the Plan within 12 months after its adoption by the Board of Directors, then any grants, exercises or sales that have already occurred under the Plan shall be rescinded and no additional grants, exercises or sales shall thereafter be
made under the Plan. The Plan shall terminate automatically 10 years after the later of (i) its adoption by the Board of Directors or (ii) the most recent increase in the number of Shares reserved under Section 4 that was approved by
the Company’s stockholders. The Plan may be terminated on any earlier date pursuant to Subsection (b) below. 
 (b) Right to
Amend or Terminate the Plan. The Board of Directors may amend, suspend or terminate the Plan at any time and for any reason; provided, however, that any amendment of the Plan shall be subject to the approval of the Company’s stockholders if
it (i) increases the number of Shares available for issuance under the Plan (except as provided in Section 8) or (ii) materially changes the class of persons who are eligible for the grant of ISOs. Stockholder approval shall not be
required for any other amendment of the Plan. If the stockholders fail to approve an increase in the number of Shares reserved under Section 4 within 12 months after its adoption by the Board of Directors, then any grants, exercises or sales
that have already occurred in reliance on such increase shall be rescinded and no additional grants, exercises or sales shall thereafter be made in reliance on such increase. 
 (c) Effect of Amendment or Termination. No Shares shall be issued or sold under the Plan after the termination thereof, except upon exercise of an
Option granted prior to such termination. The termination of the Plan, or any amendment thereof, shall not affect any Share previously issued or any Option previously granted under the Plan. 
 SECTION 12. DEFINITIONS. 
 (a) “Board of
Directors” shall mean the Board of Directors of the Company, as constituted from time to time. 
 (b) “Change in
Control” shall mean: 
 (i) The consummation of a merger or consolidation of the Company with or into another entity
or any other corporate reorganization, if persons who were not stockholders of the Company immediately prior to such merger, consolidation or other reorganization own immediately after such merger, consolidation or other reorganization 50% or more
of the voting power of the outstanding securities of each of (A) the continuing or surviving entity and (B) any direct or indirect parent corporation of such continuing or surviving entity; or 
 (ii) The sale, transfer or other disposition of all or substantially all of the Company’s assets. 
  

 9 

 A transaction shall not constitute a Change in Control if its sole purpose is to change the state of the Company’s
incorporation or to create a holding company that will be owned in substantially the same proportions by the persons who held the Company’s securities immediately before such transaction. 
 (c) “Code” shall mean the Internal Revenue Code of 1986, as amended. 
 (d) “Committee” shall mean a committee of the Board of Directors, as described in Section 2(a). 
 (e) “Company” shall mean Riverbed Technology, Inc., a Delaware corporation. 
 (f) “Consultant” shall mean a person who performs bona fide services for the Company, a Parent or a Subsidiary as a consultant or
advisor, excluding Employees and Outside Directors. 
 (g) “Disability” shall mean that the Optionee is unable to engage in
any substantial gainful activity by reason of any medically determinable physical or mental impairment. 
 (h) “Employee”
shall mean any individual who is a common-law employee of the Company, a Parent or a Subsidiary. 
 (i) “Exercise Price”
shall mean the amount for which one Share may be purchased upon exercise of an Option, as specified by the Board of Directors in the applicable Stock Option Agreement. 
 (j) “Fair Market Value” shall mean the fair market value of a Share, as determined by the Board of Directors in good faith. Such determination shall be conclusive and binding on all persons.

 (k) “Immediate Family” shall mean any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling,
mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law or sister-in-law and shall include adoptive relationships. 
 (l)
“ISO” shall mean an employee incentive stock option described in Section 422(b) of the Code. 
 (m)
“Nonstatutory Option” shall mean a stock option not described in Sections 422(b) or 423(b) of the Code. 
 (n)
“Option” shall mean an ISO or Nonstatutory Option granted under the Plan and entitling the holder to purchase Shares. 
 (o)
“Optionee” shall mean a person who holds an Option. 
  

 10 

 (p) “Outside Director” shall mean a member of the Board of Directors who is not an
Employee. 
 (q) “Parent” shall mean any corporation (other than the Company) in an unbroken chain of corporations ending
with the Company, if each of the corporations other than the Company owns stock possessing 50% or more of the total combined voting power of all classes of stock in one of the other corporations in such chain. A corporation that attains the status
of a Parent on a date after the adoption of the Plan shall be considered a Parent commencing as of such date. 
 (r) “Plan”
shall mean this Riverbed Technology, Inc. 2002 Stock Plan. 
 (s) “Purchase Price” shall mean the consideration for which
one Share may be acquired under the Plan (other than upon exercise of an Option), as specified by the Board of Directors. 
 (t)
“Purchaser” shall mean a person to whom the Board of Directors has offered the right to acquire Shares under the Plan (other than upon exercise of an Option). 
 (u) “Service” shall mean service as an Employee, Outside Director or Consultant. 
 (v) “Share” shall mean one share of Stock, as adjusted in accordance with Section 8 (if applicable). 
 (w) “Stock” shall mean the Common Stock of the Company, with a par value of $0.0001 per Share. 
 (x) “Stock Option Agreement” shall mean the agreement between the Company and an Optionee that contains the terms, conditions and
restrictions pertaining to the Optionee’s Option. 
 (y) “Stock Purchase Agreement” shall mean the agreement between
the Company and a Purchaser who acquires Shares under the Plan that contains the terms, conditions and restrictions pertaining to the acquisition of such Shares. 
 (z) “Subsidiary” shall mean any corporation (other than the Company) in an unbroken chain of corporations beginning with the Company, if each of the corporations other than the last corporation in the
unbroken chain owns stock possessing 50% or more of the total combined voting power of all classes of stock in one of the other corporations in such chain. A corporation that attains the status of a Subsidiary on a date after the adoption of the
Plan shall be considered a Subsidiary commencing as of such date. 
  

 11Form of 2002 Stock Plan Option Agreement

 Exhibit 10.3 
 RIVERBED TECHNOLOGY, INC. 2002 STOCK PLAN 
 NOTICE OF STOCK OPTION GRANT 
 You have been granted the following option to purchase shares of the Common Stock of Riverbed Technology, Inc. (the “Company”): 
  

			
	Name of Optionee:	  	«Name»
		
	Total Number of Shares:	  	«TotalShares»
		
	Type of Option:	  	«ISO» Incentive Stock Option (ISO)
		
		  	«NSO» Nonstatutory Stock Option (NSO)
		
	Exercise Price Per Share:	  	$«PricePerShare»
		
	Date of Grant:	  	«DateGrant»
		
	Date Exercisable:	  	This option may be exercised at any time after the Date of Grant for all or any part of the Shares subject to this option.
		
	Vesting Commencement Date:	  	«VestComDate»
		
	Vesting Schedule:	  	The Right of Repurchase shall lapse with respect to the first 25% of the Shares subject to this option when the Optionee completes 12 months of continuous Service after the Vesting Commencement
Date. The Right of Repurchase shall lapse with respect to an additional 2.0833% of the Shares subject to this option when the Optionee completes each month of continuous Service thereafter.
		
	Expiration Date:	  	«ExpDate». This option expires earlier if the Optionee’s Service terminates earlier, as provided in Section 6 of the Stock Option Agreement.

 By your signature and the signature of the Company’s representative below, you and the Company agree that
this option is granted under and governed by the terms and conditions of the 2002 Stock Plan and the Stock Option Agreement, both of which are attached to and made a part of this document. 
  

					
	OPTIONEE:	 	RIVERBED TECHNOLOGY, INC.
			
	  
	 	By:	 	  

		 	Title:	 	  

 THE OPTION GRANTED PURSUANT TO THIS AGREEMENT AND THE SHARES ISSUABLE UPON THE EXERCISE THEREOF HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, PLEDGED, OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION THEREOF UNDER SUCH ACT OR AN OPINION OF COUNSEL, SATISFACTORY TO THE COMPANY AND ITS COUNSEL, THAT SUCH
REGISTRATION IS NOT REQUIRED. 
 RIVERBED TECHNOLOGY, INC. 2002 STOCK
PLAN: 
 STOCK OPTION AGREEMENT 
 SECTION 1. GRANT OF OPTION. 
 (a) Option. On
the terms and conditions set forth in the Notice of Stock Option Grant and this Agreement, the Company grants to the Optionee on the Date of Grant the option to purchase at the Exercise Price the number of Shares set forth in the Notice of Stock
Option Grant. The Exercise Price is agreed to be at least 100% of the Fair Market Value per Share on the Date of Grant (110% of Fair Market Value if Section 3(b) of the Plan applies). This option is intended to be an ISO or an NSO, as provided
in the Notice of Stock Option Grant. 
 (b) $100,000 Limitation. Even if this option is designated as an ISO in the Notice of Stock
Option Grant, it shall be deemed to be an NSO to the extent (and only to the extent) required by the $100,000 annual limitation under Section 422(d) of the Code. 
 (c) Stock Plan and Defined Terms. This option is granted pursuant to the Plan, a copy of which the Optionee acknowledges having received. The provisions of the Plan are incorporated into this Agreement by this
reference. Capitalized terms are defined in Section 14 of this Agreement. 
 SECTION 2. RIGHT TO EXERCISE. 
 (a) Exercisability. Subject to Subsection (b) below and the other conditions set forth in this Agreement, all or part of this option may be
exercised prior to its expiration at the time or times set forth in the Notice of Stock Option Grant. Shares purchased by exercising this option may be subject to the Right of Repurchase under Section 7. 
 (b) Stockholder Approval. Any other provision of this Agreement notwithstanding, no portion of this option shall be exercisable at any time prior
to the approval of the Plan by the Company’s stockholders. 
 SECTION 3. NO TRANSFER OR ASSIGNMENT OF OPTION. 
 Except as otherwise provided in this Agreement, this option and the rights and privileges conferred hereby shall not be sold, pledged or otherwise
transferred (whether by operation of law or otherwise) and shall not be subject to sale under execution, attachment, levy or similar process. 
  

 1 

 SECTION 4. EXERCISE PROCEDURES. 
 (a) Notice of Exercise. The Optionee or the Optionee’s representative may exercise this option by giving written notice to the Company pursuant to Section 13(c). The notice shall specify the election
to exercise this option, the number of Shares for which it is being exercised and the form of payment. The person exercising this option shall sign the notice. In the event that this option is being exercised by the representative of the Optionee,
the notice shall be accompanied by proof (satisfactory to the Company) of the representative’s right to exercise this option. The Optionee or the Optionee’s representative shall deliver to the Company, at the time of giving the notice,
payment in a form permissible under Section 5 for the full amount of the Purchase Price. 
 (b) Issuance of Shares. After
receiving a proper notice of exercise, the Company shall cause to be issued one or more certificates evidencing the Shares for which this option has been exercised. Such Shares shall be registered (i) in the name of the person exercising this
option, (ii) in the names of such person and his or her spouse as community property or as joint tenants with the right of survivorship or (iii) with the Company’s consent, in the name of a revocable trust. In the case of Restricted
Shares, the Company shall cause such certificates to be deposited in escrow under Section 7(c). In the case of other Shares, the Company shall cause such certificates to be delivered to or upon the order of the person exercising this option.

 (c) Withholding Taxes. In the event that the Company determines that it is required to withhold any tax as a result of the exercise
of this option, the Optionee, as a condition to the exercise of this option, shall make arrangements satisfactory to the Company to enable it to satisfy all withholding requirements. The Optionee shall also make arrangements satisfactory to the
Company to enable it to satisfy any withholding requirements that may arise in connection with the vesting or disposition of Shares purchased by exercising this option. 
 SECTION 5. PAYMENT FOR STOCK. 
 (a) Cash. All or part of the Purchase Price may be paid in cash
or cash equivalents. 
 (b) Surrender of Stock. All or any part of the Purchase Price may be paid by surrendering, or attesting to the
ownership of, Shares that are already owned by the Optionee. Such Shares shall be surrendered to the Company in good form for transfer and shall be valued at their Fair Market Value on the date when this option is exercised. The Optionee shall not
surrender, or attest to the ownership of, Shares in payment of the Purchase Price if such action would cause the Company to recognize compensation expense (or additional compensation expense) with respect to this option for financial reporting
purposes. 
 (c) Exercise/Sale. If Stock is publicly traded, all or part of the Purchase Price and any withholding taxes may be paid
by the delivery (on a form prescribed by the Company) of an irrevocable direction to a securities broker approved by the Company to sell Shares and to deliver all or part of the sales proceeds to the Company. 
  

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 (d) Exercise/Pledge. If Stock is publicly traded, all or part of the Purchase Price and any
withholding taxes may be paid by the delivery (on a form prescribed by the Company) of an irrevocable direction to pledge Shares to a securities broker or lender approved by the Company, as security for a loan, and to deliver all or part of the loan
proceeds to the Company. 
 SECTION 6. TERM AND EXPIRATION. 
 (a) Basic Term. This option shall in any event expire on the expiration date set forth in the Notice of Stock Option Grant, which date is 10 years after the Date of Grant (five years after the Date of Grant if
this option is designated as an ISO in the Notice of Stock Option Grant and Section 3(b) of the Plan applies). 
 (b) Termination of
Service (Except by Death). If the Optionee’s Service terminates for any reason other than death, then this option shall expire on the earliest of the following occasions: 
 (i) The expiration date determined pursuant to Subsection (a) above; 
 (ii) The date three months after the termination of the Optionee’s Service for any reason other than Disability; or 
 (iii) The date six months after the termination of the Optionee’s Service by reason of Disability. 
 The Optionee may exercise all or part of this option at any time before its expiration under the preceding sentence, but only to the extent that this option is
exercisable for vested Shares on or before the date when the Optionee’s Service terminates. When the Optionee’s Service terminates, this option shall expire immediately with respect to the number of Shares for which this option is not yet
exercisable and with respect to any Restricted Shares. In the event that the Optionee dies after termination of Service but before the expiration of this option, all or part of this option may be exercised (prior to expiration) by the executors or
administrators of the Optionee’s estate or by any person who has acquired this option directly from the Optionee by beneficiary designation, bequest or inheritance, but only to the extent that this option was exercisable for vested Shares on or
before the date when the Optionee’s Service terminated. 
 (c) Death of the Optionee. If the Optionee dies while in Service, then
this option shall expire on the earlier of the following dates: 
 (i) The expiration date determined pursuant to
Subsection (a) above; or 
 (ii) The date 12 months after the Optionee’s death. 
  

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 All or part of this option may be exercised at any time before its expiration under the preceding sentence by the
executors or administrators of the Optionee’s estate or by any person who has acquired this option directly from the Optionee by beneficiary designation, bequest or inheritance, but only to the extent that this option is exercisable for vested
Shares on or before the Optionee’s death. When the Optionee dies, this option shall expire immediately with respect to the number of Shares for which this option is not yet exercisable and with respect to any Restricted Shares. 
 (d) Leaves of Absence. Except as set forth in the next sentence, for any purpose under this Agreement, Service shall be deemed to continue while
the Optionee is on a bona fide leave of absence, if such leave was approved by the Company in writing. To the extent provided under the Company’s policy governing leaves of absence, vesting shall be suspended during any leave of absence
and shall resume upon the Optionee returning to active Service. 
 (e) Notice Concerning ISO Treatment. Even if this option is
designated as an ISO in the Notice of Stock Option Grant, it ceases to qualify for favorable tax treatment as an ISO to the extent that it is exercised: 
 (i) More than three months after the date when the Optionee ceases to be an Employee for any reason other than death or permanent and total disability (as defined in Section 22(e)(3) of the Code); 
 (ii) More than 12 months after the date when the Optionee ceases to be an Employee by reason of permanent and total disability (as defined
in Section 22(e)(3) of the Code); or 
 (iii) More than three months after the date when the Optionee has been on a leave
of absence for 90 days, unless the Optionee’s reemployment rights following such leave were guaranteed by statute or by contract. 
 SECTION 7. RIGHT
OF REPURCHASE. 
 (a) Scope of Repurchase Right. Until they vest in accordance with the Notice of Stock Option Grant and
Subsection (b) below, the Shares acquired under this Agreement shall be Restricted Shares and shall be subject to the Company’s Right of Repurchase. The Company, however, may decline to exercise its Right of Repurchase or may exercise its
Right of Repurchase only with respect to a portion of the Restricted Shares. The Company may exercise its Right of Repurchase only during the Repurchase Period following the termination of the Optionee’s Service. The Right of Repurchase may be
exercised automatically under Subsection (d) below. If the Right of Repurchase is exercised, the Company shall pay the Optionee an amount equal to the Exercise Price for each of the Restricted Shares being repurchased. 
 (b) Lapse of Repurchase Right. The Right of Repurchase shall lapse with respect to the Restricted Shares in accordance with the vesting schedule
set forth in the Notice of Stock Option Grant. 
  

 4 

 (c) Escrow. Upon issuance, the certificate(s) for Restricted Shares shall be deposited in escrow
with the Company to be held in accordance with the provisions of this Agreement. Any additional or exchanged securities or other property described in Subsection (f) below shall immediately be delivered to the Company to be held in escrow. All
ordinary cash dividends on Restricted Shares (or on other securities held in escrow) shall be paid directly to the Optionee and shall not be held in escrow. Restricted Shares, together with any other assets held in escrow under this Agreement, shall
be (i) surrendered to the Company for repurchase upon exercise of the Right of Repurchase or the Right of First Refusal or (ii) released to the Optionee upon his or her request to the extent that the Shares have ceased to be Restricted
Shares (but not more frequently than once every six months). In any event, all Shares that have ceased to be Restricted Shares, together with any other vested assets held in escrow under this Agreement, shall be released within 90 days after the
earlier of (i) the termination of the Optionee’s Service or (ii) the lapse of the Right of First Refusal. 
 (d) Exercise
of Repurchase Right. The Company shall be deemed to have exercised its Right of Repurchase automatically for all Restricted Shares as of the commencement of the Repurchase Period, unless the Company during the Repurchase Period notifies the
holder of the Restricted Shares pursuant to Section 13(c) that it will not exercise its Right of Repurchase for some or all of the Restricted Shares. During the Repurchase Period, the Company shall pay to the holder of the Restricted Shares the
purchase price determined under Subsection (a) above for the Restricted Shares being repurchased. Payment shall be made in cash or cash equivalents and/or by canceling indebtedness to the Company incurred by the Optionee in the purchase of the
Restricted Shares. The certificate(s) representing the Restricted Shares being repurchased shall be delivered to the Company properly endorsed for transfer. 
 (e) Termination of Rights as Stockholder. If the Right of Repurchase is exercised in accordance with this Section 7 and the Company makes available the consideration for the Restricted Shares being
repurchased, then the person from whom the Restricted Shares are repurchased shall no longer have any rights as a holder of the Restricted Shares (other than the right to receive payment of such consideration). Such Restricted Shares shall be deemed
to have been repurchased pursuant to this Section 7, whether or not the certificate(s) for such Restricted Shares have been delivered to the Company or the consideration for such Restricted Shares has been accepted. 
 (f) Additional or Exchanged Securities and Property. In the event of a merger or consolidation of the Company with or into another entity, any
other corporate reorganization, a stock split, the declaration of a stock dividend, the declaration of an extraordinary dividend payable in a form other than stock, a spin-off, an adjustment in conversion ratio, a recapitalization or a similar
transaction affecting the Company’s outstanding securities, any securities or other property (including cash or cash equivalents) that are by reason of such transaction exchanged for, or distributed with respect to, any Restricted Shares shall
immediately be subject to the Right of Repurchase. Appropriate adjustments to reflect the exchange or distribution of such securities or property shall be made to the number and/or class of the Restricted Shares. Appropriate adjustments shall also
be made to the price per share to be paid upon the exercise of the Right of Repurchase, provided that the aggregate purchase price payable for the Restricted Shares shall remain the same. In the event of a merger or consolidation of the Company with
or into another entity or any other corporate reorganization, the Right of Repurchase may be exercised by the Company’s successor. 
  

 5 

 (g) Transfer of Restricted Shares. The Optionee shall not transfer, assign, encumber or otherwise
dispose of any Restricted Shares without the Company’s written consent, except as provided in the following sentence. The Optionee may transfer Restricted Shares to one or more members of the Optionee’s Immediate Family or to a trust
established by the Optionee for the benefit of the Optionee and/or one or more members of the Optionee’s Immediate Family, provided in either case that the Transferee agrees in writing on a form prescribed by the Company to be bound by all
provisions of this Agreement. If the Optionee transfers any Restricted Shares, then this Agreement shall apply to the Transferee to the same extent as to the Optionee. 
 (h) Assignment of Repurchase Right. The Board of Directors may freely assign the Company’s Right of Repurchase, in whole or in part. Any person who accepts an assignment of the Right of Repurchase from the
Company shall assume all of the Company’s rights and obligations under this Section 7. 
 SECTION 8. RIGHT OF FIRST REFUSAL. 
 (a) Right of First Refusal. In the event that the Optionee proposes to sell, pledge or otherwise transfer to a third party any Shares acquired
under this Agreement, or any interest in such Shares, the Company shall have the Right of First Refusal with respect to all (and not less than all) of such Shares. If the Optionee desires to transfer Shares acquired under this Agreement, the
Optionee shall give a written Transfer Notice to the Company describing fully the proposed transfer, including the number of Shares proposed to be transferred, the proposed transfer price, the name and address of the proposed Transferee and proof
satisfactory to the Company that the proposed sale or transfer will not violate any applicable federal or state securities laws. The Transfer Notice shall be signed both by the Optionee and by the proposed Transferee and must constitute a binding
commitment of both parties to the transfer of the Shares. The Company shall have the right to purchase all, and not less than all, of the Shares on the terms of the proposal described in the Transfer Notice (subject, however, to any change in such
terms permitted under Subsection (b) below) by delivery of a notice of exercise of the Right of First Refusal within 30 days after the date when the Transfer Notice was received by the Company. 
 (b) Transfer of Shares. If the Company fails to exercise its Right of First Refusal within 30 days after the date when it received the
Transfer Notice, the Optionee may, not later than 90 days following receipt of the Transfer Notice by the Company, conclude a transfer of the Shares subject to the Transfer Notice on the terms and conditions described in the Transfer Notice,
provided that any such sale is made in compliance with applicable federal and state securities laws and not in violation of any other contractual restrictions to which the Optionee is bound. Any proposed transfer on terms and conditions different
from those described in the Transfer Notice, as well as any subsequent proposed transfer by the Optionee, shall again be subject to the Right of First Refusal and shall require compliance with the procedure described in Subsection (a) above. If
the Company exercises its Right of First Refusal, the parties shall consummate the sale of the Shares on the terms set forth in the Transfer Notice within 60 days 
  

 6 

 after the date when the Company received the Transfer Notice (or within such longer period as may have been specified in
the Transfer Notice); provided, however, that in the event the Transfer Notice provided that payment for the Shares was to be made in a form other than cash or cash equivalents paid at the time of transfer, the Company shall have the option of
paying for the Shares with cash or cash equivalents equal to the present value of the consideration described in the Transfer Notice. 
 (c)
Additional or Exchanged Securities and Property. In the event of a merger or consolidation of the Company with or into another entity, any other corporate reorganization, a stock split, the declaration of a stock dividend, the declaration of
an extraordinary dividend payable in a form other than stock, a spin-off, an adjustment in conversion ratio, a recapitalization or a similar transaction affecting the Company’s outstanding securities, any securities or other property (including
cash or cash equivalents) that are by reason of such transaction exchanged for, or distributed with respect to, any Shares subject to this Section 8 shall immediately be subject to the Right of First Refusal. Appropriate adjustments to reflect
the exchange or distribution of such securities or property shall be made to the number and/or class of the Shares subject to this Section 8. 
 (d) Termination of Right of First Refusal. Any other provision of this Section 8 notwithstanding, in the event that the Stock is readily tradable on an established securities market when the Optionee desires to transfer Shares,
the Company shall have no Right of First Refusal, and the Optionee shall have no obligation to comply with the procedures prescribed by Subsections (a) and (b) above. 
 (e) Permitted Transfers. This Section 8 shall not apply to (i) a transfer by beneficiary designation, will or intestate succession or
(ii) a transfer to one or more members of the Optionee’s Immediate Family or to a trust established by the Optionee for the benefit of the Optionee and/or one or more members of the Optionee’s Immediate Family, provided in either case
that the Transferee agrees in writing on a form prescribed by the Company to be bound by all provisions of this Agreement. If the Optionee transfers any Shares acquired under this Agreement, either under this Subsection (e) or after the Company
has failed to exercise the Right of First Refusal, then this Agreement shall apply to the Transferee to the same extent as to the Optionee. 
 (f) Termination of Rights as Stockholder. If the Company makes available, at the time and place and in the amount and form provided in this Agreement, the consideration for the Shares to be purchased in accordance with this
Section 8, then after such time the person from whom such Shares are to be purchased shall no longer have any rights as a holder of such Shares (other than the right to receive payment of such consideration in accordance with this Agreement).
Such Shares shall be deemed to have been purchased in accordance with the applicable provisions hereof, whether or not the certificate(s) therefor have been delivered as required by this Agreement. 
 (g) Assignment of Right of First Refusal. The Board of Directors may freely assign the Company’s Right of First Refusal, in whole or in part.
Any person who accepts an assignment of the Right of First Refusal from the Company shall assume all of the Company’s rights and obligations under this Section 8. 
  

 7 

 SECTION 9. LEGALITY OF INITIAL ISSUANCE. 
 No Shares shall be issued upon the exercise of this option unless and until the Company has determined that: 
 (a) It and the Optionee have taken any actions required to register the Shares under the Securities Act or to perfect an exemption from
the registration requirements thereof; 
 (b) Any applicable listing requirement of any stock exchange or other securities
market on which Stock is listed has been satisfied; and 
 (c) Any other applicable provision of federal, state or foreign law
has been satisfied. 
 SECTION 10. NO REGISTRATION RIGHTS. 
 The Company may, but shall not be obligated to, register or qualify the sale of Shares under the Securities Act or any other applicable law. The Company shall not be obligated to take any affirmative action in order
to cause the sale of Shares under this Agreement to comply with any law. 
 SECTION 11. RESTRICTIONS ON TRANSFER. 
 (a) Securities Law Restrictions. Regardless of whether the offering and sale of Shares under the Plan have been registered under the Securities Act
or have been registered or qualified under the securities laws of any state, the Company at its discretion may impose restrictions upon the sale, pledge or other transfer of such Shares (including the placement of appropriate legends on stock
certificates or the imposition of stop-transfer instructions) if, in the judgment of the Company, such restrictions are necessary or desirable in order to achieve compliance with the Securities Act, the securities laws of any state or any other law.

 (b) Market Stand-Off. In connection with any underwritten public offering by the Company of its equity securities pursuant to an
effective registration statement filed under the Securities Act, including the Company’s initial public offering, the Optionee or a Transferee shall not directly or indirectly sell, make any short sale of, loan, hypothecate, pledge, offer,
grant or sell any option or other contract for the purchase of, purchase any option or other contract for the sale of, or otherwise dispose of or transfer, or agree to engage in any of the foregoing transactions with respect to, any Shares acquired
under this Agreement without the prior written consent of the Company or its underwriters. Such restriction (the “Market Stand-Off”) shall be in effect for such period of time following the date of the final prospectus for the offering as
may be requested by the Company or such underwriters. In no event, however, shall such period exceed 180 days. The Market Stand-Off shall in any event terminate two years after the date of the Company’s initial public offering. In the event of
the declaration of a stock dividend, a spin-off, a stock split, an adjustment in conversion ratio, a recapitalization or a similar transaction affecting the Company’s outstanding securities without receipt of consideration, any new, substituted
or additional securities which are by reason of such transaction distributed with respect to any Shares subject to the Market Stand-Off, or into which such Shares thereby become 
  

 8 

 convertible, shall immediately be subject to the Market Stand-Off. In order to enforce the Market Stand-Off, the Company
may impose stop-transfer instructions with respect to the Shares acquired under this Agreement until the end of the applicable stand-off period. The Company’s underwriters shall be beneficiaries of the agreement set forth in this
Subsection (b). This Subsection (b) shall not apply to Shares registered in the public offering under the Securities Act. 
 (c)
Investment Intent at Grant. The Optionee represents and agrees that the Shares to be acquired upon exercising this option will be acquired for investment, and not with a view to the sale or distribution thereof. 
 (d) Investment Intent at Exercise. In the event that the sale of Shares under the Plan is not registered under the Securities Act but an exemption
is available which requires an investment representation or other representation, the Optionee shall represent and agree at the time of exercise that the Shares being acquired upon exercising this option are being acquired for investment, and not
with a view to the sale or distribution thereof, and shall make such other representations as are deemed necessary or appropriate by the Company and its counsel. 
 (e) Legends. All certificates evidencing Shares purchased under this Agreement shall bear the following legend: 
 “THE SHARES REPRESENTED HEREBY MAY NOT BE SOLD, ASSIGNED, TRANSFERRED, ENCUMBERED OR IN ANY MANNER DISPOSED OF, EXCEPT IN COMPLIANCE WITH THE TERMS OF A WRITTEN AGREEMENT BETWEEN THE COMPANY AND THE REGISTERED
HOLDER OF THE SHARES (OR THE PREDECESSOR IN INTEREST TO THE SHARES). SUCH AGREEMENT GRANTS TO THE COMPANY CERTAIN RIGHTS OF FIRST REFUSAL UPON AN ATTEMPTED TRANSFER OF THE SHARES AND CERTAIN REPURCHASE RIGHTS UPON TERMINATION OF SERVICE WITH THE
COMPANY. THE SECRETARY OF THE COMPANY WILL UPON WRITTEN REQUEST FURNISH A COPY OF SUCH AGREEMENT TO THE HOLDER HEREOF WITHOUT CHARGE.” 
 All
certificates evidencing Shares purchased under this Agreement in an unregistered transaction shall bear the following legend (and such other restrictive legends as are required or deemed advisable under the provisions of any applicable law):

 “THE SHARES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, PLEDGED, OR
OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION THEREOF UNDER SUCH ACT OR AN OPINION OF COUNSEL, SATISFACTORY TO THE COMPANY AND ITS COUNSEL, THAT SUCH REGISTRATION IS NOT REQUIRED.” 
 (f) Removal of Legends. If, in the opinion of the Company and its counsel, any legend placed on a stock certificate representing Shares sold under
this Agreement is no longer required, the holder of such certificate shall be entitled to exchange such certificate for a certificate representing the same number of Shares but without such legend. 
  

 9 

 (g) Administration. Any determination by the Company and its counsel in connection with any of the
matters set forth in this Section 11 shall be conclusive and binding on the Optionee and all other persons. 
 SECTION 12. ADJUSTMENT OF SHARES.

 In the event of any transaction described in Section 8(a) of the Plan, the terms of this option (including, without limitation,
the number and kind of Shares subject to this option and the Exercise Price) shall be adjusted as set forth in Section 8(a) of the Plan. In the event that the Company is a party to a merger or consolidation, this option shall be subject to the
agreement of merger or consolidation, as provided in Section 8(b) of the Plan. 
 SECTION 13. MISCELLANEOUS PROVISIONS. 
 (a) Rights as a Stockholder. Neither the Optionee nor the Optionee’s representative shall have any rights as a stockholder with respect to any
Shares subject to this option until the Optionee or the Optionee’s representative becomes entitled to receive such Shares by filing a notice of exercise and paying the Purchase Price pursuant to Sections 4 and 5. 
 (b) No Retention Rights. Nothing in this option or in the Plan shall confer upon the Optionee any right to continue in Service for any period of
specific duration or interfere with or otherwise restrict in any way the rights of the Company (or any Parent or Subsidiary employing or retaining the Optionee) or of the Optionee, which rights are hereby expressly reserved by each, to terminate his
or her Service at any time and for any reason, with or without cause. 
 (c) Notice. Any notice required by the terms of this
Agreement shall be given in writing. It shall be deemed effective upon (i) personal delivery, (ii) deposit with the United States Postal Service, by registered or certified mail, with postage and fees prepaid or (iii) deposit with
Federal Express Corporation, with shipping charges prepaid. Notice shall be addressed to the Company at its principal executive office and to the Optionee at the address that he or she most recently provided to the Company in accordance with this
Subsection (c). 
 (d) Entire Agreement. The Notice of Stock Option Grant, this Agreement and the Plan constitute the entire
contract between the parties hereto with regard to the subject matter hereof. They supersede any other agreements, representations or understandings (whether oral or written and whether express or implied) which relate to the subject matter hereof.

 (e) Choice of Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, as
such laws are applied to contracts entered into and performed in such State. 
 SECTION 14. DEFINITIONS. 
 (a) “Agreement” shall mean this Stock Option Agreement. 
  

 10 

 (b) “Board of Directors” shall mean the Board of Directors of the Company, as
constituted from time to time or, if a Committee has been appointed, such Committee. 
 (c) “Change in Control” shall mean:

 (i) The consummation of a merger or consolidation of the Company with or into another entity or any other corporate
reorganization, if persons who were not stockholders of the Company immediately prior to such merger, consolidation or other reorganization own immediately after such merger, consolidation or other reorganization 50% or more of the voting power of
the outstanding securities of each of (A) the continuing or surviving entity and (B) any direct or indirect parent corporation of such continuing or surviving entity; or 
 (ii) The sale, transfer or other disposition of all or substantially all of the Company’s assets. 
 A transaction shall not constitute a Change in Control if its sole purpose is to change the state of the Company’s incorporation or to create a holding company that
will be owned in substantially the same proportions by the persons who held the Company’s securities immediately before such transaction. 
 (d) “Code” shall mean the Internal Revenue Code of 1986, as amended. 
 (e) “Committee” shall mean
a committee of the Board of Directors, as described in Section 2 of the Plan. 
 (f) “Company” shall mean Riverbed
Technology, Inc., a Delaware corporation. 
 (g) “Consultant” shall mean a person who performs bona fide services for the
Company, a Parent or a Subsidiary as a consultant or advisor, excluding Employees and Outside Directors. 
 (h) “Date of
Grant” shall mean the date specified in the Notice of Stock Option Grant, which date shall be the later of (i) the date on which the Board of Directors resolved to grant this option or (ii) the first day of the Optionee’s
Service. 
 (i) “Disability” shall mean that the Optionee is unable to engage in any substantial gainful activity by reason
of any medically determinable physical or mental impairment. 
 (j) “Employee” shall mean any individual who is a common-law
employee of the Company, a Parent or a Subsidiary. 
 (k) “Exercise Price” shall mean the amount for which one Share may be
purchased upon exercise of this option, as specified in the Notice of Stock Option Grant. 
  

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 (l) “Fair Market Value” shall mean the fair market value of a Share, as determined by
the Board of Directors in good faith. Such determination shall be conclusive and binding on all persons. 
 (m) “Immediate
Family” shall mean any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law or sister-in-law and shall include adoptive relationships.

 (n) “ISO” shall mean an employee incentive stock option described in Section 422(b) of the Code. 
 (o) “Notice of Stock Option Grant” shall mean the document so entitled to which this Agreement is attached. 
 (p) “NSO” shall mean a stock option not described in Sections 422(b) or 423(b) of the Code. 
 (q) “Optionee” shall mean the person named in the Notice of Stock Option Grant. 
 (r) “Outside Director” shall mean a member of the Board of Directors who is not an Employee. 
 (s) “Parent” shall mean any corporation (other than the Company) in an unbroken chain of corporations ending with the Company, if each
of the corporations other than the Company owns stock possessing 50% or more of the total combined voting power of all classes of stock in one of the other corporations in such chain. 
 (t) “Plan” shall mean the Riverbed Technology, Inc. 2002 Stock Plan, as in effect on the Date of Grant. 
 (u) “Purchase Price” shall mean the Exercise Price multiplied by the number of Shares with respect to which this option is being
exercised. 
 (v) “Repurchase Period” shall mean a period of 90 consecutive days commencing on the date when the
Optionee’s Service terminates for any reason, including (without limitation) death or disability. 
 (w) “Restricted
Share” shall mean a Share that is subject to the Right of Repurchase. 
 (x) “Right of First Refusal” shall mean
the Company’s right of first refusal described in Section 8. 
 (y) “Right of Repurchase” shall mean the
Company’s right of repurchase described in Section 7. 
 (z) “Securities Act” shall mean the Securities Act of
1933, as amended. 
  

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 (aa) “Service” shall mean service as an Employee, Outside Director or Consultant.

 (bb) “Share” shall mean one share of Stock, as adjusted in accordance with Section 8 of the Plan (if applicable).

 (cc) “Stock” shall mean the Common Stock of the Company, with a par value of $0.0001 per Share. 
 (dd) “Subsidiary” shall mean any corporation (other than the Company) in an unbroken chain of corporations beginning with the Company,
if each of the corporations other than the last corporation in the unbroken chain owns stock possessing 50% or more of the total combined voting power of all classes of stock in one of the other corporations in such chain. 
 (ee) “Transferee” shall mean any person to whom the Optionee has directly or indirectly transferred any Share acquired under this
Agreement. 
 (ff) “Transfer Notice” shall mean the notice of a proposed transfer of Shares described in Section 8.

  

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