Document:

Registration Rights Agreement dated May 30, 2003

 Exhibit 4.04 
  
 REGISTRATION RIGHTS AGREEMENT 
  

This Registration Rights Agreement (this “Agreement”) is made and entered into as of May 30, 2003 by and between Interwoven,
Inc., a Delaware corporation (“Parent”), and the entities listed on Exhibit A attached hereto (the “Holders”). 
  

RECITALS 
  
 A. This Agreement is entered into pursuant to that certain Agreement and Plan of Merger dated as of May 30, 2003 (the “Merger
Agreement”) by and among Parent, Maryland Acquisition Corp., a Georgia corporation and wholly-owned subsidiary of Parent (“Merger Sub”), and MediaBin, Inc., a Georgia corporation
(“Company”). Terms used herein but not defined herein shall have the meaning ascribed to them in the Merger Agreement. 
  
 B. The Merger Agreement provides that, subject to the terms and conditions of the Merger Agreement, Merger Sub will be merged with and into Company in a
statutory merger (the “Merger”). 
  
 C. In
the Merger, all outstanding shares of Company Common Stock will be converted into the right to receive, and will be exchangeable for cash and up to $1,075,000 of principal amount of indebtedness owed to the Holders may be converted into, shares of
Parent Common Stock pursuant to the terms of the Subscription Agreement dated as of the date hereof among Parent and each of the Holders (the “Subscription Agreement”). 
  
 D. As an inducement for the Holders to agree to enter into the Subscription
Agreement, to agree to the restrictions on resale of the shares of Parent Common Stock issued thereunder, to approve the Merger Agreement, the Merger and the transactions contemplated by the Merger Agreement, Parent desires to grant the registration
rights to the Holders as contained herein. 
  
 E. This Agreement
will be effective as of the closing of the Merger. 
  
 NOW,
THEREFORE, in consideration of the foregoing recitals and the mutual promises hereinafter set forth, the parties hereto agree as follows: 
  
 1. Definitions and References. 
  
 Unless otherwise defined herein, the capitalized terms in this Agreement have the same meanings given to them in the Merger Agreement. For purposes of
this Agreement, in addition to the definitions set forth elsewhere herein, the following terms shall have the following respective meanings: 
  
 (a) “Form S-3” means a registration statement filed under Form S-3 under the Securities Act, as such is in effect at the Effective
Time, or any successor form of registration statement under the Securities Act subsequently adopted by the SEC that permits inclusion or 

 incorporation of a substantial amount of information by reference to other documents filed by Parent with the SEC.

  
 (b) “Register,”
“registered” and “registration” refer to a registration effected by preparing and filing a registration statement in compliance with the Securities Act, and the declaration or ordering of effectiveness
of such registration statement. 
  
 (c) “Registrable
Securities” means the shares of Restricted Stock; excluding in all cases, however, from the definition of “Registrable Securities” any such shares that are: (w) registered under the Securities Act other than pursuant to
a registration statement filed pursuant to this Agreement; (x) sold by a person in a transaction in which rights under this Agreement with respect to such shares are not assigned in accordance with the terms of this Agreement; (y) sold pursuant to a
registration statement filed pursuant to this Agreement; or (z) sold pursuant to Rule 144 promulgated under the Securities Act or otherwise sold to the public. Only shares of Parent Common Stock shall be Registrable Securities. Except as provided in
the definition of Restricted Stock below, without limitation, the term “Registrable Securities” does not include any shares of Parent Common Stock that were not issued under the Subscription Agreement. 
  
 (d) “Restricted Stock” means (i) the shares of Parent
Common Stock that are issued to the Holders pursuant to Section 2.1 of the Subscription Agreement and (ii) any shares of Parent Common Stock that may be issued as a dividend or other distribution (including shares of Parent Common Stock issued in a
subdivision and split of outstanding shares of Parent Common Stock) with respect to, or in exchange for, or in replacement of, shares of Parent Common Stock described in clause (i) of this Section 1(d) or in this clause (ii). 
  
 (e) “Rule 415” means Rule 415 promulgated under the
Securities Act, as such Rule may be amended from time to time, or any similar or successor rule or regulation hereafter adopted by the SEC. 
  
 (f) “Securities Act” means the Securities Act of 1933, as amended. 
  
 2. Form S-3 Holder Registration. 
  
 (a) Filing and Registration Period. Subject to the terms and conditions of this Agreement, Parent will use best
efforts to, within 15 business days after the Closing Date, prepare and file with the SEC a registration statement on Form S-3 for an offering to be made on a continuous basis pursuant to Rule 415 covering all of the then outstanding Registrable
Securities (the “Registration”). Parent shall use commercially reasonable efforts to cause the Registration to be declared effective as soon as practicable after its filing. Parent shall use commercially reasonable efforts to
keep the Registration continuously effective under the Securities Act for a continuous period of time (such period of time being hereinafter called the “Registration Period”) commencing on the date the Registration is
declared effective under the Securities Act by the SEC and ending on the one-year anniversary of the Closing Date. The Registration Period shall be extended by the length of any Suspension Period(s) (as defined in Section 2(e)). Parent shall have no
duty or obligation to keep the Registration effective after the 

 
expiration of the Registration Period. Parent will only be obligated to prepare and file with the SEC one registration pursuant to this Section 2(a).

  
 (b) Supplements and Amendments. Subject to the
provisions of Section 2(e) during the Registration Period Parent shall supplement and amend the Registration if, as and when required by the Securities Act, the rules and regulations promulgated thereunder or the rules, regulations or instructions
applicable to the registration form used by Parent for the Registration. 
  
 (c) Timing and Manner of Sales. Any sale of Registrable Securities pursuant to the Registration under this Section 2 may be made only during the Registration Period. In addition, any sale of Registrable
Securities pursuant to a Registration under this Section 2 may only be made in accordance with the method or methods of distribution of such Registrable Securities that are described in the registration statement for the Registration and permitted
by such form of registration statement. Subject to Section 2(d) below, the method or methods of distribution of Registrable Securities that are described in the registration statement will be provided by Holders holding a majority of the Registrable
Securities. Subject to Section 3 below or any other agreements between the Holder and Parent or the Surviving Corporation, notwithstanding the terms and conditions of this Agreement, a Holder may also sell Registrable Securities in a bona fide
private offering if the selling Holder provides Parent with a written opinion of legal counsel, satisfactory to Parent’s legal counsel acting in a reasonable manner, that such offer and sale is an exempt transaction under the Securities Act and
applicable state securities laws, complies with all requirements for such exemptions and is not made with use of the prospectus for the Registration. 
  
 (d) No Underwritings. No sale of Registrable Securities under the Registration effected pursuant to this Section 2 may be effected pursuant to any
underwritten offering without Parent’s prior written consent, which may be withheld in its sole and absolute discretion. 
  
 (e) Suspension. If Parent determines pursuant to the good faith judgment of its Board of Directors, that it would be seriously detrimental to
Parent and its stockholders for resales of Registrable Securities to be made pursuant to the Registration due to (A) the existence of a material development or potential material development with respect to or involving Parent which Parent would be
obligated to disclose in the prospectus contained in the Registration, which disclosure would, in the good faith judgment of Parent’s Board of Directors, be premature or otherwise inadvisable at such time or could reasonably be expected to have
a material adverse effect upon Parent and its stockholders, or (B) the occurrence of any event that makes any statement made in the Registration or prospectus related thereto, or any document incorporated or deemed to be incorporated therein by
reference, untrue in any material respect or that requires the making of any changes in the Registration or the prospectus relating thereto so that it will not contain any untrue statement of a material fact required to be stated therein or
necessary to make the statements therein not misleading or omit to state any material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, then
Parent shall deliver to all Holders a certificate in writing to the effect of the foregoing and, upon receipt of such certificate, the use of the Registration and the prospectus related thereto will be deferred or suspended and will not recommence
until (1) all Holders receive from Parent copies of the supplemented or amended prospectus related to the Registration or (2) all Holders are advised in writing by Parent that the prospectus related to the 

 
Registration may be used. Parent will use its commercially reasonable efforts to ensure that the use of the Registration and the prospectus related threreto
may be resumed as soon as practicable. The time during which use of the Registration is deferred or suspended is defined herein as the “Suspension Period(s).” 
  
 3. Restrictions on Resale. 
  
 (a) Resale Restriction. Each Holder agrees that, subject to the
following sentence, during the period beginning from the Closing Date and continuing to and including the date that is the 90 days after the Closing Date, it will not offer, sell, contract to sell, pledge, hypothecate, grant any option to purchase,
make any short sale, encumber, transfer or otherwise dispose of any shares of Restricted Stock (other than transfers to persons to whom rights under this Agreement may be assigned pursuant to Section 12, provided that such transfer shall not impose
any additional burden on Parent). This restriction will expire as to 33% of each Holder’s shares of Restricted Stock (rounded to the nearest whole share) at the close of business on the date 30 days after the Closing Date, and as to an
additional 33% of each Holder’s shares of Restricted Stock (rounded to the nearest whole share) at the close of business on the date 60 days after the Closing Date. 
  
 (b) Prohibition on Hedging Transactions. The foregoing restriction contained in Section 3(a) is expressly agreed to
preclude the Holders from engaging in any hedging or other transaction which is designed to or which reasonably could be expected to lead to or result in a sale or disposition of a Holder’s shares of Restricted Stock even if such shares would
be disposed of by someone other than such Holder. Such prohibited hedging or other transactions would include without limitation any short sale or any purchase, sale or grant of any right (including without limitation any put or call option) with
respect to any of a Holder’s shares of Restricted Stock or with respect to any security that includes, relates to, or derives any significant part of its value from such shares. 
  
 4. Limitations. 
  
 Notwithstanding the provisions of Section 2, Parent shall not be obligated to effect any registration, qualification or compliance of Registrable
Securities, pursuant to Section 2, and the Holders shall not be entitled to sell Registrable Securities, pursuant to any registration statement filed under Section 2: 
  
 (a) if Form S-3 is not then available for such offering by the Holders; 
  
 (b) if Parent shall furnish to the Holders a certificate signed by the chief
executive officer of Parent stating that, in the good faith judgment of the chief executive officer, it would be seriously detrimental to Parent and its stockholders for the Registration to be in effect at such time, due, for example, to the
existence of a material development or potential material development with respect to or involving Parent which Parent would be obligated to disclose in the prospectus contained in the Registration, which disclosure would, in the good faith judgment
of such officer, be premature or otherwise inadvisable at such time or could reasonably be expected to have a material adverse effect upon Parent and its stockholders, in which event 

 Parent will have the right to defer the filing of the Registration for a period of not more than 60 days after delivery
of such certificate to the Holders; 
  
 (c) if Parent is acquired
and shares of Parent Common Stock cease to be publicly traded; 
  
 (d) in any particular jurisdiction in which Parent would be required to qualify to do business or to execute a general consent to service of process in effecting such registration, qualification or compliance, unless Parent is already
subject to service of process in such jurisdiction; or 
  
 (e) if
the SEC refuses to declare such registration effective due to the participation of any particular Holder in such registration (unless such Holder withdraws all such Holder’s Registrable Securities, from such registration statement) or if the
manner in which any Registrable Securities are disposed of pursuant to the Registration is not included within the plan of distribution set forth in the prospectus for the Registration. 
  
 5. Shares Otherwise Eligible for Resale. 
  
 Notwithstanding anything herein to the contrary, Parent shall not be obligated to effect or continue to keep effective any
such registration, registration statement, qualification or compliance with respect to the Registrable Securities held by any particular Holder: 
  
 (a) if all Registrable Securities, then held by such Holder may be resold by such Holder within a three-month period without registration under the
Securities Act pursuant to the provisions of Rule 144 promulgated under the Securities Act (or successor provisions), or otherwise; or 
  
 (b) after expiration or termination of the Registration Period. 
  

6. Expenses. 
  
 Parent shall pay all expenses incurred in connection with any registration effected by Parent pursuant to this Agreement (excluding brokers’
discounts and commissions), including all filing, registration and qualification fees, printers’ and accounting fees, and fees and expenses of counsel for Parent. 
  
 7. Obligations of Parent. 
  
 Subject to Section 2, when required to effect the registration of any Registrable Securities, under the terms of this
Agreement, Parent will, as expeditiously as reasonably possible: 
  
 (a) furnish to the Holders such number of copies of the prospectus for the Registration, including a preliminary prospectus (and amendments or supplements thereto), in conformity with the requirements of the Securities Act, and such other
documents as they may reasonably request in order to facilitate the disposition of the Registrable Securities; 

 (b) notify each Holder promptly by electronic mail, if the Holder has provided a valid email address,
and, if requested by such Holder, confirm such notification in writing promptly (i) when the Registration has become effective and when any post-effective amendments and supplements thereto become effective (except with respect to a post-effective
amendment filed to terminate an offering following expiration of the Registration Period), (ii) of any request by the SEC or any state securities authority for post-effective amendments and supplements to the Registration that has become effective,
(iii) of the issuance by the SEC or any state securities authority of any stop order suspending the effectiveness of the Registration or the initiation of any proceedings for that purpose, (iv) of the receipt by Parent of any notification with
respect to the suspension of the qualification of the Registrable Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose, and (v) of any determination by Parent that a post-effective amendment to
the Registration would be appropriate (except with respect to a post-effective amendment filed to terminate an offering following expiration of the Registration Period); 
  
 (c) use all commercially reasonable efforts to (i) Register and qualify the securities covered by the Registration, as
applicable, under such other securities or blue sky laws of such jurisdictions in the United States as will be reasonably requested by the Holders; provided, however, that Parent will not be required in connection therewith or as a condition
thereto to qualify to do business or to file a general consent to service of process in any such state or jurisdiction unless Parent is already so qualified or subject to service of process, respectively, in such jurisdiction; and (ii) cause such
Registrable Securities to be registered with or approved by such other governmental agencies or authorities, including the National Association of Securities Dealers, as may be necessary by virtue of Parent’s business and operations;
provided, however, that Parent will not be required to (A) qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this paragraph (c), (B) subject itself to taxation in any jurisdiction
where it would not otherwise be subject to taxation, or (C) consent to general service of process in any such jurisdiction where it has not otherwise consented to general service of process except as may be required by the Securities Act;

  
 (d) promptly notify each Holder covered by the Registration
when a prospectus relating thereto is required to be delivered under the Securities Act, of the happening of any event as a result of which the prospectus included in the Registration, as then in effect, includes an untrue statement of a material
fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing and, subject to the provisions of this Agreement, at the request of any
Holder, prepare and furnish to each Holder a reasonable number of copies of a supplement to or an amendment of the prospectus as may be necessary to correct the untrue statement or omission; and 
  
 (e) upon the request of any Holder, promptly provide the name, address and
other contract information regarding Parent’s transfer agent for the Registrable Securities, and the CUSIP number for the Registrable Securities. 
  
 8. Furnish Information. 
  
 It shall be a condition precedent to the obligations of Parent to take any action pursuant to this Agreement that the selling Holders will furnish to
Parent such information regarding 

 
themselves, the Registrable Securities held by them, and the intended method of disposition and plan of distribution of such Registrable Securities as shall
be required to timely effect the registration of their Registrable Securities (the “Holders Information”). The Holders will use best efforts to provide Parent with the Holders Information prior to the Closing Date.

  
 9. Delay of Registration. 
  
 No Holder will have any right to obtain or seek an injunction restraining or
otherwise delaying any registration that is the subject of this Agreement as the result of any controversy that might arise with respect to the interpretation or implementation of this Agreement. 
  
 10. Indemnification. 
  
 (a) By Parent. To the extent permitted by law, Parent will indemnify,
defend and hold harmless each Holder against any losses, claims, damages or liabilities to which such Holder may become subject under the Securities Act, the Exchange Act or other U.S. federal or state law, insofar as such losses, claims, damages or
liabilities (or actions in respect thereof) arise out of or are based upon any of the following statements, omissions or violations (collectively, a “Violation”): 
  
 (i) any untrue statement or alleged untrue statement of a material fact contained in, or incorporated by reference in, a
registration statement filed by Parent pursuant to this Agreement pursuant to which Registrable Securities are sold, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto; 
  
 (ii) the omission or alleged omission to state in such registration
statement, preliminary prospectus or final prospectus, or any amendments or supplements thereto, a material fact required to be stated therein or necessary to make the statements therein not misleading; or 
  
 (iii) any violation or alleged violation by Parent of the Securities Act, the
Exchange Act, any U.S. federal or state securities law or any rule or regulation promulgated under the Securities Act, the Exchange Act or any U.S. federal or state securities law in connection with the offering of Registrable Securities covered by
such registration statement; 
  
 and Parent will reimburse each such Holder for
any legal or other expenses reasonably incurred by such Holder in connection with investigating or defending any such loss, claim, damage, liability or action, as incurred; provided, however, that the indemnity agreement contained in this
Section 10(a) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without Parent’s written consent (which consent shall not be unreasonably withheld), nor shall
Parent be liable in any such case for any such loss, claim, damage, liability or action to the extent that it arises out of or is based upon a Violation which occurs in reliance upon and in conformity with written information furnished for use in
connection with such registration by such Holder. 
  
 (b) By
Selling Holders. To the extent permitted by law, (i) each selling Holder will indemnify and hold harmless Parent, each of its directors, each of its officers who have signed the registration statement, each person, if any, who controls Parent
within the meaning of the 

 
Securities Act, any underwriter and any other Holder selling securities under such registration statement, against any losses, claims, damages or liabilities
to which Parent or any such director, officer, controlling person, underwriter or other such Holder may become subject under the Securities Act, the Exchange Act or other U.S. federal or state law, insofar as such losses, claims, damages or
liabilities (or actions in respect thereof) arise out of or are based upon any Violation, in each case to the extent (and only to the extent) that such Violation occurs in reliance upon and in conformity with written information furnished expressly
for use in connection with such registration by such Holder; (ii) and each such Holder will reimburse Parent or any such director, officer, controlling person, underwriter or other Holder for any reasonable attorneys’ fees and other expenses
reasonably incurred by Parent or any such director, officer, controlling person, underwriter or other Holder in connection with investigating or defending any such loss, claim, damage, liability or action, as incurred; provided,
however, that the indemnity agreement contained in this Section 10(b) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the written consent of the Holders
of a majority of the Registrable Securities held by all Holders (which consent shall not be unreasonably withheld), nor shall Holder be liable in any such case for any such loss, claim, damage, liability or action to the extent that it arises out of
or is based upon a Violation which occurs in reliance upon and in conformity with written information furnished for use in connection with such registration by Parent. Each selling Holder’s liability pursuant to this Section 10 shall be limited
to an amount equal to the net proceeds received by such selling Holder pursuant to sales under the registration statement. 
  
 (c) Notice. Promptly after receipt by an indemnified party under this Section 10 of notice of the commencement of any action (including any
governmental action) against such indemnified party, such indemnified party will, if a claim for indemnification or contribution in respect thereof is to be made against any indemnifying party under this Section 10, deliver to the indemnifying party
a written notice of the commencement thereof and, if the indemnifying party is Parent, Parent shall have the right and obligation to control the defense of such action, and if Parent fails to defend such action it shall indemnify and reimburse the
selling Holders for any reasonable attorneys’ fees and other expenses reasonably incurred by them in connection with investigating or defending such action; provided, however, that: (i) Parent shall also have the right, at its
option, to assume and control the defense of any action with respect to which Parent or any person entitled to be indemnified by the selling Holders under Section 10(b) is entitled to indemnification from the selling Holders; (ii) the indemnified
party or parties shall have the right to participate at its own expense in the defense of such action and (but only to the extent agreed in writing with Parent and any other indemnifying party similarly noticed) to assume the defense thereof with
legal counsel mutually satisfactory to the parties; and (iii) an indemnified party shall have the right to retain its own legal counsel, with the fees and expenses of such legal counsel to be paid by the indemnifying party, if representation of such
indemnified party by the legal counsel retained by the indemnifying party would be inappropriate due to an actual or potential conflict of interest between such indemnified party and any other party represented by such legal counsel in such
proceeding. The failure of an indemnified party to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action, if prejudicial to the ability of the indemnifying party to defend such action, shall
relieve such indemnifying party of any liability to the indemnified party under this Section 10, but the omission so to deliver written notice to the indemnifying party will not relieve the indemnifying 

 
party of any liability that it may have to any indemnified party otherwise than under this Section 10. 
  
 (d) Defect Eliminated in Final Prospectus. The foregoing indemnity
agreements of Parent and the Holders are subject to the condition that, insofar as they relate to any Violation made in a preliminary prospectus but eliminated or remedied in the amended or supplemented prospectus on file with the SEC and effective
at the time the sale of Registrable Securities under such registration statement occurs (the “Amended Prospectus”), such indemnity agreement shall not inure to the benefit of any person if a copy of the Amended Prospectus was
furnished to the indemnified party and was not furnished to the person asserting the loss, liability, claim or damage in the action giving rise to indemnity claims under this Section 10, at or prior to the time such action is required by the
Securities Act. 
  
 (e) Contribution. In order to provide
for just and equitable contribution to joint liability under the Securities Act in any case in which either (1) a Holder or any controlling person of a Holder, makes a claim for indemnification pursuant to this Section 10 but it is judicially
determined (by the entry of a final judgment or decree by a court of competent jurisdiction and the expiration of time to appeal or the denial of the last right of appeal) that such indemnification may not be enforced in such case notwithstanding
the fact that this Section 10 provides for indemnification in such case or (2) contribution under the Securities Act may be required on the part of a Holder or any such officer, director or controlling person in circumstances for which
indemnification is provided under this Section 10; then, and in each such case, Parent and such Holder will contribute to the aggregate losses, claims, damages or liabilities to which they may be subject (after contribution from others) in such
proportion as is appropriate to reflect the relative faults of the indemnifying party, on the one hand, and of the indemnified party, on the other hand, in connection with the statements or omissions which resulted in such losses, claims, damages,
liabilities or judgments, as well as any other relevant equitable considerations. The relative fault of the indemnifying party, on the one hand, and of the indemnified party, on the other hand, shall be determined by reference to, among other
things, whether the untrue or alleged untrue statement of a material fact relates to information supplied by Parent, on the one hand, or by such Holder, on the other, and the parties’ relative intent, knowledge, access to information and
opportunity to correct or prevent such statement or omission. Parent and the Holders agree that it would not be just and equitable if contribution pursuant to this Section 10(e) were determined by pro rata allocation or by any other method of
allocation which does not take account of the equitable considerations referred to in the immediately preceding sentence. Notwithstanding any other provision of this Section 10, (A) no Holder will not be required to contribute any amount in excess
of the public offering price of all Registrable Securities offered and sold by such Holder pursuant to such registration statement less the amount of any damages which such Holder has otherwise been required to pay by reason of such untrue or
alleged untrue statement or omission or alleged omission and (B) no person or entity guilty of fraudulent misrepresentation (within the meaning of Section 10(f) of the Securities Act) will be entitled to contribution from any person or entity who
was not guilty of such fraudulent misrepresentation. 
  
 (f)
Survival. The obligations of Parent and the Holders under this Section 10 shall survive the completion of any offering of Registrable Securities in a registration statement 

 
pursuant to this Agreement, and otherwise for a period of 3 years following the closing date of the Merger. 
  
 11. Duration, Effective Time and Termination. 
  
 Parent will have no obligations pursuant to Section 2 with respect to
effecting or inclusion of Registrable Securities in a registration or to maintain or continue to keep effective any registration or registration statement: (a) after the expiration or termination of the Registration Period; (b) with respect to a
particular Holder if all such Registrable Securities proposed to be sold by such Holder may be sold in a three-month period without registration under the Securities Act pursuant to Rule 144 promulgated under the Securities Act or otherwise; or (c)
if all Registrable Securities have been registered and sold pursuant to a registration effected pursuant to this Agreement and/or have been transferred in transactions in which registration rights hereunder have not been assigned in accordance with
this Agreement. This Agreement is effective as of the closing of the Merger, will have no force and effect if the Merger does not occur. This Agreement will terminate on the earliest to occur of (i) the termination of the Merger Agreement, (ii) the
termination of the Subscription Agreement, and (iii) the satisfaction in full of Parent’s obligations under Section 2 (other than the provisions of Section 10 which shall survive such termination). 
  
 12. Assignment. 
  
 Notwithstanding anything herein to the contrary, the rights of a Holder
hereunder may be assigned only with Parent’s express prior written consent, which may be withheld in Parent’s sole discretion; provided, however, that the rights of a Holder hereunder may be assigned without Parent’s express
prior written consent: (a) to a Permitted Assignee (as defined below); or (b) (if applicable) by will or by the laws of intestacy, descent or distribution, provided that the assignee first agrees in writing to be bound by all the obligations
of the Holders hereunder. Any attempt to assign any rights of a Holder hereunder without Parent’s express prior written consent in a situation in which such consent is required by this Section shall be null and void and without effect. Subject
to the foregoing restrictions, all rights, covenants and agreements in this Agreement by or on behalf of the parties hereto will bind and inure to the benefit of the respective permitted successors and assigns of the parties hereto. Each of the
following parties are “Permitted Assignees” for purposes of this Section: (a) a trust whose beneficiaries consist solely of a Holder and such Holder’s immediate family; (b) the personal representative (such as an
executor of a Holder’s will), custodian or conservator of a Holder, in the case of the death, bankruptcy or adjudication of incompetency of that Holder; (c) immediate family members of a Holder; (d) partners of a Holder that is a partnership;
or (e) members of a Holder that is a limited liability company. 
  
 13. Governing Law, Jurisdiction. 
  
 This
Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, regardless of the laws that might otherwise govern under applicable principles of conflicts of law thereof. Each party to this Agreement hereby
irrevocably agrees that any legal action or proceeding arising out of or related to this Agreement may be brought in the courts of the State of Delaware and federal courts located in the State of Delaware and hereby 

 
expressly submits to the personal jurisdiction and venue of such courts for the purpose thereof and expressly waives any claim of improper venue and any
claim that such courts are an inconvenient forum. 
  
 [Remainder
of page intentionally left blank.] 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date and year first above
written. 
  
  

	 INTERWOVEN, INC.:
	 	 	 	 HOLDERS:
  
  
 VENTUROS
AS

					
	By:	 	 /s/  Martin Brauns

	 	 	 	By:	 	 /s/  Rune Dybesland

	Name:	 	Martin Brauns	 	 	 	Name:	 	Rune Dybesland
	Title:	 	President and CEO	 	 	 	Title:	 	CFO
			
	 	 	 	 	 GLASTAD HOLDING, LTD.

					
	 	 	 	 	 	 	By:	 	 /s/  Endre Glastad

	 	 	 	 	 	 	Name:	 	Endre Glastad
	 	 	 	 	 	 	Title:	 	Board Member
			
	 	 	 	 	 GEZINA AS

					
	 	 	 	 	 	 	By:	 	 /s/  Erik Engebretsen

	 	 	 	 	 	 	Name:	 	Erik Engebretsen
	 	 	 	 	 	 	Title:	 	CEOXM Satellite Radio Holdings Inc. 1998 Shares Award Plan, as Amended

 
Exhibit 4.1

 
XM SATELLITE RADIO HOLDINGS INC.

 
1998 SHARES AWARD PLAN 
(AS AMENDED) 
 
Effective as of June 16, 1998 
 

XM Satellite Radio Holdings Inc. 
1998 Shares Award Plan 
(as amended) 
 
INTRODUCTION 
 
XM
Satellite Radio Holdings Inc., a Delaware corporation (hereinafter referred to as the “Corporation”), hereby establishes an incentive compensation plan to be known as the “XM 1998 Shares Award Plan” (hereinafter referred to as
the “Plan”), as set forth in this document. The Plan permits the grant of Incentive Stock Options, Non-Qualified Stock Options, Phantom Stock Awards, Stock Appreciation Rights, Restricted Stock Awards and Other Stock-Based Awards. Subject
to the terms of the Plan, the Plan shall become effective on June 16, 1998. 
 
The purpose of the Plan is to promote the success and enhance the value of the Corporation by linking the personal interests of Participants to those of the Corporation’s shareholders by providing
Participants with an incentive for outstanding performance. The Plan is further intended to assist the Corporation in its ability to motivate, and retain the services of, Participants upon whose judgment, interest and special effort the successful
conduct of its operations is largely dependent. 
 
DEFINITIONS 
 
For purposes
of this Plan, the following terms shall be defined as follows unless the context clearly indicates otherwise: 
 
(a) “Affiliate” shall mean (i) any parent, including American Mobile Satellite Corporation and any other entity which
owns directly or indirectly at least 50% of the total combined voting power of all classes of stock of the Corporation and (ii) any entity in which the Corporation directly or indirectly owns at least 50% of the total combined voting power of all
classes of stock. 
 
(b) “Award”
shall mean any award to a participant of an Option, Stock Appreciation Right, Phantom Share, Restricted Stock or any other stock-based award under the Plan. 
 
(c) “Award Agreement” shall mean the written agreement, executed by an appropriate officer of the Corporation, pursuant
to which an Award is granted. 
 
(d) “Board
of Directors” shall mean the Board of Directors of the Corporation. 
 
(e) “Change of Control” shall have the meaning set forth in Section 11(d) hereof. 
 
(f) “Code” shall mean the Internal Revenue Code of 1986, as amended, and the rules and regulations thereunder.

 
(g) “Committee” shall mean the
Board of Directors of the Corporation or any committee of two or more Non-Employee Directors (as defined under Rule 16b promulgated under the Exchange Act) designated by the Board of Directors to serve as the Committee. 
 
(h) “Consultant” shall mean an individual or
entity who is in a consulting relationship with the Corporation or any parent or subsidiary of the Corporation. 
 
(i) “Corporation” shall mean XM Satellite Radio Holdings Inc., a Delaware corporation. 
 
(j) “Employee” shall mean a common-law
employee of the Corporation or of any Affiliate. 
 
(k) “Equivalent Award” shall mean, in connection with a Change of Control, a continuation of the Award by the Corporation to a Participant, an agreement by the person(s) acquiring the Corporation that to honor or
assume the Award following the Change of Control, or the substitution of a new Award with an inherent value 
 

1 

 
equivalent to that of the
original Award and on terms at least as beneficial to the Participant as those contained in the Participant’s original Award Agreement. 
 
(l) “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder.

 
(m) “Fair Market Value” of the
Corporation’s Common Shares on a Trading Day shall mean the last reported sale price for Common Shares or, in case no such reported sale takes place on such Trading Day, the average of the closing bid and asked prices for the Common Shares for
such Trading Day, in either case on the principal national securities exchange on which the Common Shares are listed or admitted to trading, or if the Common Shares are not listed or admitted to trading on any national securities exchange but are
traded in the over-the-counter market, the closing sale price of the Common Shares or, if no sale is publicly reported, the average of the closing bid and asked quotations for the Common Shares, as reported by the National Association of Securities
Dealers Automated Quotation System (“NASDAQ”) or any comparable system or, if the Common Shares are not listed on NASDAQ or a comparable system, the average of the bid and asked prices of the Common Shares or, if no sale is publicly
reported, the average of the closing bid and asked prices, as furnished by two members of the National Association of Securities Dealers, Inc., who make a market in the Common Shares selected from time to time by the Corporation for that purpose. In
addition, for purposes of this definition, a “Trading Day” shall mean, if the Common Shares are listed on any national securities exchange, a business day during which such exchange was open for trading and at least one trade of Common
Shares was effected on such exchange on such business day, or, if the Common Shares are not listed on any national securities exchange but are traded in the over-the-counter market, a business day during which the over-the-counter market was open
for trading and at least one “broker-dealer” quoted both a bid and asked price for the Common Shares (if a broker-dealer quoted only a bid or only an asked price for such day, such day will not be a Trading Day). In the event the
Corporation’s Common Shares are not publicly traded, the Fair Market Value of such Common Shares shall be determined by the Committee in good faith and in its sole discretion. 
 
(n) “Good Cause” shall mean, with respect to any Participant, the meaning of such term as
set forth in the employment agreement between the Corporation (or any Affiliate) and the Participant or, in the event there is no such employment agreement (or if any such employment agreement does not contain such a definition), such term shall
mean (i) willful or gross misconduct or willful or gross negligence in the performance of his or her duties for the Corporation or any Affiliate, (ii) neglect of his or her duties for the Corporation or any Affiliate after written notice and
opportunity to cure, (iii) dishonesty, fraud, theft, embezzlement or misappropriation of funds, properties or assets of the Corporation or of any Affiliate, (iv) conviction of a felony, (v) a direct or indirect material breach of the terms of any
agreement with the Corporation or any Affiliate or (vi) acting in a manner or making any statements which the Committee reasonably determines to have a material adverse effect on the reputation, operations, prospects or business relations of the
Company or its Affiliates. 
 
(o)
“Incentive Stock Option” shall mean a right to purchase Shares from the Corporation that is granted under Section 5 of the Plan and that is intended to meet the requirements of Section 422 of the Code or any successor provision
thereto. 
 
(p) “Non-Employee
Director” shall mean a member of the Board of Directors who is not a full-time employee of the Corporation. 
 
(q) “Non-Qualified Stock Option” shall mean a shares option which does not satisfy the requirements for, or which is not
intended to be eligible for, tax-favored treatment under Section 422 of the Code. 
 
(r) “Option” shall mean an Incentive Stock Option or a Non-Qualified Stock Option. 
 
(s) “Optionee” shall mean a Participant who is granted an Option under the terms of the Plan. 
 
(t) “Other Stock-Based Award” shall mean any
right granted under Section 9 of the Plan. 
 
(u)
“Participant” shall mean any Employee, Consultant or Non-Employee Director participating under the Plan. 
 

2 

 
(v)
“Phantom Share” shall mean a hypothetical Share which is cancelled by the delivery of an actual Share or, in the discretion of the Corporation, by the payment of cash (or a combination of cash and Shares) in an amount equal to the
Fair Market Value of a Share on the date of surrender. 
 
(w) “Plan” shall mean this XM 1998 Shares Award Plan as the same shall be amended, revised or terminated from time to time. 
 
(x) “Restoration Option” shall mean an Option granted under Section 5(f). 
 
(y) “Restricted Stock” shall mean any Share
granted under Section 7 of the Plan. 
 
(z)
“Securities Act” shall mean the Securities Act of 1933, as amended, and the rules and regulations thereunder. 
 
(aa) “Share” shall mean a share of the Class A common stock, par value $.01 per share, of the Corporation, or such other
securities of the Corporation as may be designated by the Committee from time to time. 
 
(bb) “Stock Appreciation Right” shall mean any right granted under Section 6 of the Plan. 
 
SECTION 1 
ADMINISTRATION 
 
The Plan
shall be administered by the Committee. Subject to the provisions of the Plan, the Committee may establish from time to time such regulations, provisions, proceedings and conditions of awards which, in its sole opinion, may be advisable in the
administration of the Plan. A majority of the Committee shall constitute a quorum, and, subject to the provisions of Section 4 of the Plan, the acts of a majority of the members present at any meeting at which a quorum is present, or acts approved
in writing by a majority of the Committee, shall be the acts of the Committee as a whole. 
 
SECTION 2 
SHARES AVAILABLE 
 
Subject to the adjustments provided in Section 11 of the
Plan, the aggregate number of Shares with respect to which Awards may be granted under the Plan shall be 25,000,000 shares. The Shares underlying Awards shall be counted against the limitation set forth in the immediately preceding sentence and may
be reused to the extent that the related Award to any individual is settled in cash, expires, is terminated unexercised, or is forfeited without the delivery of Shares. Shares granted to satisfy Awards under the Plan may be authorized and unissued
shares, issued Shares held in the Corporation’s treasury or Shares acquired on the open market. Subject to the adjustments provided in Section 11 of the Plan, the maximum number of Shares with respect to which Awards may be granted under the
Plan to any individual in any calendar year shall be equal to 1,000,000 Shares. 
 
SECTION 3 
ELIGIBILITY 
 
All (i) Employees who are regularly employed, (ii)
Consultants and (iii) Non-Employee Directors shall be eligible to participate in the Plan. 
 

3 

 
SECTION 4

AUTHORITY OF COMMITTEE 
 
The Plan shall be administered by, or under the direction of, the Committee, which shall administer the Plan so as to comply at all times
with applicable law, and shall otherwise have the sole and exclusive authority to interpret the Plan and to make all determinations specified in or permitted by the Plan or deemed necessary or desirable for its administration or for the conduct of
the Committee’s business. Subject to the provisions of Section 12 hereof, all interpretations and determinations of the Committee may be made on an individual or group basis and shall be final, conclusive and binding on all persons. Subject to
the express provisions of the Plan, the Committee shall have authority, in its discretion, to determine, without limitation, the persons to whom Awards shall be granted, the times when Awards shall be granted, the number of Shares subject to any
Awards, the terms of Awards, any other restrictions, including any vesting requirements, and the other provisions thereof (which need not be identical with respect to each Award). In addition, the authority of the Committee shall include, without
limitation, the following with respect to an Award of an Option: 
 
(a) Financing. The arrangement of temporary financing for a Participant by registered broker-dealers, under the rules and regulations of the Federal Reserve Board, for the purpose of assisting a Participant in the exercise of
an Option, such authority to include the payment by the Corporation of the commissions of the broker-dealer; 
 
(b) Procedures for Exercise of Option. The establishment of procedures for a Participant (i) to exercise an Option by payment of
cash or (ii) with the consent of the Committee, (A) to have withheld from the total number of Shares to be acquired upon the exercise of an Option that number of shares having a Fair Market Value, which, together with such cash as will be paid in
respect of fractional shares, shall equal the Option exercise price of the total number of Shares to be acquired, (B) to exercise all or a portion of an Option by delivering that number of Shares already owned by him or her having a Fair Market
Value which shall equal the Option exercise price for the portion exercised and, in cases where an Option is not exercised in its entirety, and subject to the requirements of the Code, to permit the Participant to deliver the Shares thus acquired by
him or her in payment of Shares to be received pursuant to the exercise of additional portions of such Option, the effect of which shall be that a Participant can in sequence utilize such newly acquired shares of Common Shares in payment of the
exercise price of the entire Option, together with such cash as shall be paid in respect of fractional shares or (C) to engage in any form of “cashless” exercise. 
 
(c) Withholding. The establishment of a procedure whereby a number of Shares may be withheld from the
total number of Shares to be issued upon exercise of an Award or for the tender of Shares owned by any Participant to meet any obligation of withholding for taxes incurred by the Participant upon such exercise. 
 
SECTION 5 
SHARE OPTIONS 
 
(a) Grant. Subject to the provisions of the Plan, the Committee shall have sole and complete discretion and authority to determine
the Employees, Consultants and Non-Employee Directors to whom Options shall be granted, the number of Shares to be covered by each Option, the option price therefor and the conditions and limitations applicable to the exercise of the Option. The
Committee shall have the discretion and authority to grant Incentive Stock Options (but only to Employees who meet the requirements of Section 422(a)(2) of the Code), Non-Qualified Stock Options, and any combination thereof (provided that Incentive
Stock Options shall be granted only to Employees who meet the requirements of Section 422(a)(2) of the Code). In the case of Incentive Stock Options, the terms and conditions of such grants shall be subject to and comply with such rules as may be
prescribed by Section 422 of the Code, as from time to time amended, and any regulations implementing such statute. 
 
(b) Exercise Price. Subject to the requirement set forth in Section 5(a) with respect to Incentive Stock Options, the Committee in
its sole discretion shall establish the exercise price at the time each option is granted. The exercise price shall be subject to adjustment in accordance with the provisions of Section 11 of the Plan. 
 
(c) Term. Subject to the provisions of the Plan, the
term of any Option granted hereunder shall be not more than 10 years from the date of grant. 
 

4 

 
(d)
Exercisability. Except as provided in Section 5(e) hereof, each Option shall be exercisable in whole or in installments, and at such time(s), and subject to the fulfillment of any conditions on, and to any limitations on, exercisability as
may be determined by the Committee at the time of the grant of such Options. The right to purchase Shares shall be cumulative so that when the right to purchase any Shares has accrued such Shares or any part thereof may be purchased at any time
thereafter until the expiration or termination of the Option. Notwithstanding the above, no Option shall be exercisable by a Participant until he or she has fully repaid any and all loans made to him or her by the Corporation (or by any parent or
subsidiary of the Corporation); provided, however, that a repayment (whether in the form of cash or Shares) made contemporaneously with an exercise of an Option granted hereunder (including a repayment in the form of withholding on
Shares to be received upon the exercise of such Option) shall be considered to have occurred prior to such Option exercise. 
 
(e) Payment of Exercise Price. The price per share of Shares with respect to each Option shall be payable at the time the Option is
exercised. Such price shall be payable in cash or pursuant to any of the methods set forth in Sections 4(a) or (b) hereof, as determined by the Participant and approved by the Committee. Common Shares delivered to the Corporation in payment of the
exercise price shall be valued at the Fair Market Value of the Common Shares on the date preceding the date of the exercise of the Option. 
 
(f) Restoration Options. In the event that any Participant delivers Shares in payment of the exercise price of any Option granted
hereunder, or in the event that the withholding tax liability arising upon exercise of any such Option by a Participant is satisfied through the withholding by the Corporation of Shares otherwise deliverable upon exercise of the Option, the
Committee shall have the authority to grant or provide for the automatic grant of a Restoration Option to such Participant. The grant of a Restoration Option shall be subject to the satisfaction of such conditions or criteria as the Committee in its
sole discretion shall establish from time to time. A Restoration Option shall entitle the holder thereof to purchase a number of Shares equal to the number of such Shares so delivered or withheld upon exercise of the original Option. A Restoration
Option shall have a per share exercise price of not less than 100% of the per Share Fair Market Value as of the date of grant of such Restoration Option and such other terms and conditions as the Committee in its sole discretion shall determine.

 
SECTION 6 
STOCK APPRECIATION RIGHTS 
 
(a) Grant. Subject to the provisions of the Plan, the Committee shall have sole and complete discretion and authority to determine
the eligible persons to whom Stock Appreciation Rights shall be granted, the number of Shares to be covered by each Stock Appreciation Right Award, the grant price thereof and the conditions and limitations applicable to the exercise thereof. Stock
Appreciation Rights may be granted in tandem with another Award, in addition to another Award or freestanding and unrelated to another Award. Stock Appreciation Rights granted in tandem with or in addition to an Award may be granted either at the
same time as the Award or at a later time. Stock Appreciation Rights shall not be exercisable earlier than six months after grant and shall have a grant price as determined by the Committee on the date of grant. 
 
(b) Exercise and Payment. A Stock Appreciation Right
shall entitle the Participant to receive an amount equal to the excess of the Fair Market Value of a Share on the date of exercise of the Stock Appreciation Right over the grant price thereof, provided that the Committee may for administrative
convenience determine that, with respect to any Stock Appreciation Right that is not related to an Incentive Stock Option and that can only be exercised for cash during limited periods of time in order to satisfy the conditions of Rule 16b-3, the
exercise of such Stock Appreciation Right for cash during such limited period shall be deemed to occur for all purposes hereunder on the day during such limited period on which the Fair Market Value of the Shares is the highest. Any such
determination by the Committee may be changed by the Committee from time to time and may govern the exercise of Stock Appreciation Rights granted prior to such determination as well as Stock Appreciation Rights thereafter granted. The Committee
shall determine whether a Stock Appreciation Right shall be settled in cash, Shares or a combination of cash and Shares. 
 
(c) Other Terms and Conditions. Subject to the terms of the Plan and any applicable Award Agreement, the Committee shall determine,
at or after the grant of a Stock Appreciation Right, the term, methods of exercise, methods and form of settlement, and any other terms and conditions of any Stock Appreciation Right. Any 
 

5 

 
such determination by the
Committee may be changed by the Committee from time to time and may govern the exercise of Stock Appreciation Rights granted or exercised prior to such determination as well as Stock Appreciation Rights granted or exercised thereafter. The Committee
may impose such conditions or restrictions on the exercise of any Stock Appreciation Right as it shall deem appropriate. 
 
SECTION 7 
RESTRICTED STOCK 
 
(a)
Grant. Subject to the provisions of the Plan, the Committee shall have sole and complete discretion and authority to determine the eligible persons to whom Shares of Restricted Stock shall be granted, the number of Shares of Restricted Stock
to be granted to each Participant, the duration of the period during which, if any, and the conditions under which, the Restricted Stock may be forfeited to the Corporation, and the other terms and conditions of such Awards. 
 
(b) Transfer Restrictions. Shares of Restricted Stock
may not be sold, assigned, transferred, pledged or otherwise encumbered, except, in the case of Restricted Stock, as provided in the Plan or the applicable Award Agreements. Certificates issued in respect of Shares of Restricted Stock shall be
registered in the name of the Participant and deposited by such Participant, together with a stock power endorsed in blank, with the Corporation. Upon the lapse of the restrictions applicable to such Shares of Restricted Stock, the Corporation shall
deliver such certificates to the Participant or the Participant’s legal representative. 
 
(c) Dividends and Distributions. Dividends and other distributions paid on or in respect of any Shares of Restricted Stock may be paid directly to the Participant, or may be reinvested in
additional Shares of Restricted Stock, as determined by the Committee in its sole discretion. 
 
SECTION 8 
PHANTOM SHARES 
 
(a) Grant. Subject to the provisions of the Plan, the
Committee shall have sole and complete discretion and authority to determine the eligible persons to whom Phantom Shares shall be granted, the number of Phantom Shares to be granted to each Participant, the duration of the period during which, and
the conditions under which, the Phantom Shares may be forfeited to the Corporation and the other terms and conditions of such Awards. 
 
(b) Surrender. Each Award Agreement with respect to a Phantom Stock Unit shall specify the date on which the Phantom Stock Unit
shall be surrendered, and thereby cancelled by delivery of a Share with respect thereto, subject to such terms and conditions as the Committee may specify, in its sole discretion, in the applicable Award Agreement or thereafter. The date on which
the Phantom Shares shall be surrendered may be accelerated upon the occurrence of certain events, as determined by the Committee in its sole discretion and as set forth in the applicable Award Agreement. 
 
(c) Dividends and Distributions. Payments may be made
to Participants who have been awarded Phantom Shares in an amount equal to dividends and other distributions paid on or in respect of an equivalent number of Shares. Such payments may be paid directly to the Participant or may be reinvested in
additional Phantom Shares, as determined by the Committee in its sole discretion. 
 
SECTION 9 
OTHER STOCK-BASED AWARDS 
 
The Committee shall have the discretion and authority to
grant to eligible persons an “Other Stock-Based Award,” which shall consist of any right that is (i) not an Award described in Sections 5 through 8 above and (ii) an Award of Shares or an Award denominated or payable in, valued in whole or
in part by reference to, or otherwise based on or related to, Shares (including, without limitation, securities or rights convertible into Shares), as deemed by the Committee to be consistent with the purposes of the Plan. Subject to the terms of
the Plan and any applicable Award Agreement, the Committee shall determine the terms and conditions of any such Other Stock-Based Award. 
 

6 

 
SECTION 10

TERMINATION OF SERVICES 
 
The following provisions shall apply in the event that the Participant ceases to provide services to the Corporation or any Affiliate,
either as an Employee, a Consultant or a Non-Employee Director, unless the Committee shall have provided otherwise, either at the time of the grant of the Award or thereafter. 
 
(a) Non-Qualified Stock Options and Stock Appreciation Rights. 
 
(i) Upon Termination of Services as Employee or
Consultant. The Participant’s right to exercise any Non-Qualified Stock Option or Stock Appreciation Right shall terminate, and such Option or Stock Appreciation Right shall expire, as set forth in the Award Agreement. The exercise periods
and rights to acceleration, if any, in the event of termination of employment, including for Good Cause, or upon death, total and permanent disability or retirement, or as a result of a change of control or otherwise shall be as set forth in the
Award Agreement as determined by the Committee in its sole discretion. 
 
(ii) For purposes of determining whether a Participant’s employment or consulting relationship has terminated, a Participant who is both an Employee (or Consultant) and a director of the Corporation or any Affiliate
shall be considered to have terminated his or her employment or consulting relationship only upon his or her termination of service both as an Employee (or Consultant) and as a director. 
 
(b) Incentive Stock Options. 
 
(i) Except as otherwise determined by the Committee at the time of grant, if the Participant’s
employment with the Corporation terminates for any reason, the Participant shall have the right to exercise any Incentive Stock Option and any related Stock Appreciation Right during the 90 days after such termination of employment to the extent it
was exercisable at the date of such termination, but in no event later than the date the Option would have expired had it not been for the termination of such employment. If the Participant does not exercise such Option or related Stock Appreciation
Right to the full extent permitted by the preceding sentence, the remaining exercisable portion of such Option automatically will be deemed a Non-Qualified Stock Option (except to the extent otherwise provided by Section 421 or Section 422 of the
Code), and such Option and any related Stock Appreciation Right will be exercisable during the period set forth in Section 10(a) of the Plan, provided that in the event that employment terminates because of death or the Participant dies in such
90-day period, the option will continue to be an Incentive Stock Option to the extent provided by Section 421 or Section 422 of the Code, or any successor provisions, and any regulations promulgated thereunder. Notwithstanding the forgoing, if a
Participant’s employment is terminated by the Corporation or by any Affiliate for Good Cause or as otherwise set forth in the Award Agreement, then the Participant shall immediately forfeit his or her rights to exercise any and all of
outstanding Options or Stock Appreciation Rights theretofore granted to him or her. 
 
(ii) For purposes of determining whether a Participant’s employment or consulting relationship has terminated, a Participant who is both an Employee (or Consultant) and a director of the
Corporation or any Affiliate shall be considered to have terminated his or her employment or consulting relationship only upon his or her termination of service both as an Employee (or Consultant) and as a director. 
 
(c) Restricted Stock. Except as otherwise determined by
the Committee at the time of grant, upon termination of employment for any reason during the restriction period, all shares of Restricted Stock still subject to restriction shall be forfeited by the Participant and reacquired by the Corporation at
the price (if any) paid by the Participant for such Restricted Stock, provided that in the event of a Participant’s retirement, permanent and total disability or death, or in cases of special circumstances, the Committee may, in its sole
discretion, when it finds that a waiver would be in the best interests of the Corporation, waive in whole or in part any or all remaining restrictions with respect to such Participant’s shares of Restricted Stock. 
 
(d) Phantom Shares and Other Stock-Based
Awards. Upon termination of a Participant’s employment or consulting relationship with the Corporation for any reason, the Participant who has been granted Phantom Shares or Other Stock-Based Awards under the Plan shall surrender
such Awards, and such Awards shall either be 
 

7 

 
cancelled or shall be paid as
determined by the Committee at the time of grant and as set forth in the relevant Award Agreement. 
 
SECTION 11 
ADJUSTMENT OF SHARES; MERGER OR

CONSOLIDATION, ETC. OF THE CORPORATION 
 
(a) Recapitalization, Etc. In the event there is any change in the common shares of the Corporation by
reason of any stock dividend, stock split, adoption of stock rights plans, split-ups, split-offs, spin-offs, liquidations, combination or exchanges of shares, recapitalizations, mergers, consolidations or reorganizations of or by the corporation or
any distribution to common stockholders other than ordinary cash dividends, there shall be substituted for or added to each Share theretofore appropriated or thereafter subject, or which may become subject, to any Award, the number and kind of
shares or other securities into which each outstanding Share shall be so changed or for which each such Share shall be exchanged, or to which each such Share be entitled, as the case may be, and the per share price thereof also shall be
appropriately adjusted. 
 
(b) Merger or
Consolidation of Corporation. Upon (i) the merger or consolidation of the Corporation with or into another corporation (pursuant to which the shareholders of the Corporation immediately prior to such merger or consolidation will not, as of the
date of such merger or consolidation, own a beneficial interest in shares of voting securities of the corporation surviving such merger or consolidation having at least a majority of the combined voting power of such corporation’s then
outstanding securities), if the agreement of merger or consolidation does not provide for (1) the continuance of the Awards granted hereunder or (2) the substitution of new awards for Awards granted hereunder, or for the assumption of such Awards by
the surviving corporation or (ii) the dissolution, liquidation, or sale of all or substantially all the assets of the Corporation, the holder of any such Award theretofore granted and still outstanding (and not otherwise expired) who satisfies such
other requirements, if any, that may be required by the Committee and set forth in the related Award Agreement, shall have the right immediately prior to the effective date of such merger, consolidation, dissolution, liquidation or sale of assets of
the Corporation to exercise such Awards in whole or in part without regard to any installment provision regarding exercisability that may have been made part of the terms and conditions of such Awards. The Corporation, to the extent practicable,
shall give advance notice to affected Participants of such merger, consolidation, dissolution, liquidation or sale of assets of the Corporation. All such Awards which are not so exercised shall be forfeited as of the effective time of such merger,
consolidation, dissolution, liquidation or sale of assets of the Corporation. 
 
(c) Change of Control of the Corporation. Notwithstanding the foregoing, if a Change of Control occurs during the period commencing on the date of grant of an Award and terminating on the date
of expiration of the Award, the Participant shall be entitled to receive an Equivalent Award. If, despite the best efforts of the Corporation, the Participant cannot receive an Equivalent Award in connection with such Change in Control, (i) the
Participant shall be entitled to receive immediately prior to such Change in Control, in exchange for his or her Award, cash in an amount equal to the excess of the highest price paid for a Share in connection with the Change of Control over the
exercise price per Share under the Award, multiplied by the total number of Shares subject to the Award, including all Shares with respect to which the Award has not yet become exercisable under the provisions of the Plan but excluding any Shares
with respect to which the Award has previously been exercised or (ii) if the Participant is an insider who would be subject to suit under Section 16(b) of the Exchange Act if the Participant were to receive the cash payment described above, the
Award may be exercised by the Participant in full beginning on the date two weeks before such Change of Control. If the Participant receives an Equivalent Award in connection with a Change of Control, and the Optionee’s employment with the
Corporation or an Affiliate is terminated within one year following the Change of Control by reason of involuntary termination, the Equivalent Award may be exercised in full beginning on the date of such termination if and for such period as the
Committee, in its sole discretion, shall determine. 
 
(d) Definition of Change of Control of the Corporation. A “Change of Control” shall be deemed to have occurred if (i) any person or group of persons (as defined in Section 13(d) and 14(d) of the Exchange Act)
together with its affiliates, excluding employee benefit plans of the Corporation, is or becomes, directly or indirectly, the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act) of securities of the Corporation
representing 40% or more of the combined voting power of the Corporation’s then outstanding securities; or (ii) 
 

8 

 
individuals who at the
beginning of any two-year period constitute the Board, plus new directors of the Corporation whose election or nomination for election by the Corporation’s shareholders is approved by a vote of at least two-thirds of the directors of the
Corporation still in office who were directors of the Corporation at the beginning of such two-year period, cease for any reason during such two-year period to constitute at least two-thirds of the members of the Board; or (iii) the shareholders of
the Corporation approve a merger or consolidation of the Corporation with any other corporation or entity regardless of which entity is the survivor, other than a merger or consolidation which would result in the voting securities of the Corporation
outstanding immediately prior thereto continuing to represent (either by remaining outstanding or being converted into voting securities of the surviving entity) at least 60% of the combined voting power of the voting securities of the Corporation
or such surviving entity outstanding immediately after such merger or consolidation; or (iv) the shareholders of the Corporation approve a plan of complete liquidation or winding-up of the Corporation or an agreement for the sale or disposition by
the Corporation of all or substantially all of the Corporation’s assets. Notwithstanding anything herein to the contrary, in no event shall (A) an initial public offering of the Corporation, (B) any change in the percentage ownership of the
Corporation by American Mobile Satellite Corporation or its affiliates, or (C) a private placement of less than $150,000,000 be deemed to constitute a Change of Control hereunder. 
 
SECTION 12 
MISCELLANEOUS PROVISIONS 
 
(a) Administrative Procedures. The Committee may establish any procedures determined by it to be appropriate in discharging its responsibilities under the Plan. All actions and decisions of the
Committee shall be final. 
 
(b) Investment
Representation. With respect to Shares received pursuant to the exercise of an Option, the Committee may require, as a condition of receiving such securities, that the Participant furnish to the Corporation such written representations and
information as the Committee deems appropriate to permit the Corporation, in light of the existence or nonexistence of an effective registration statement under the Securities Act, to deliver such securities in compliance with the provisions of the
Securities Act. 
 
(c) Withholding Taxes.
The Corporation shall have the right to deduct from all cash payments hereunder any federal, state, local or foreign taxes required by law to be withheld with respect to such payments. In the case of the issuance or distribution of Common Shares
upon the exercise of an Award, the Corporation, as a condition of such issuance or distribution, may require the payment (through withholding from the Participant’s salary, reduction of the number of Shares or other securities to be issued, or
otherwise) of any such taxes. Each Participant may satisfy the withholding obligations by paying to the Corporation a cash amount equal to the amount required to be withheld or by tendering to the Corporation a number of Shares having a value
equivalent to such cash amount, or by use of any available procedure as described under Section 4(c) hereof. 
 
(d) Compliance with Applicable Law and Regulations. The adoption of the Plan and the grant and exercise of the Awards thereunder
shall be subject to receipt of all required regulatory approvals, including without limitation any required approvals of the Federal Communications Commission. Should any provision of the Plan that is intended to comply with the provisions of Rule
16b-3 under the Exchange Act at the date of the adoption of the Plan by the Board not be necessary for such compliance, or become no longer necessary for such compliance, such provision of the Plan shall have no force or effect under the Plan as of
the date that such provision is not required for the purpose of satisfying the provisions of Rule 16b-3 under the Exchange Act. 
 
(e) Costs and Expenses. The costs and expenses of administering the Plan shall be borne by the Corporation and shall not be charged
against any Award or to any employee receiving an Award. 
 
(f) Funding of Plan. The Plan shall be unfunded. Neither the Participants nor any other persons shall have any interest in any fund or in any specific asset or assets of the Corporation or any other entity by reason of any
Award. The interests of each Participant and former Participant hereunder are unsecured and shall be subject to the general creditors of the Corporation. 
 

9 

 
(g) Other
Incentive Plans. The adoption of the Plan does not preclude the adoption by appropriate means of any other incentive plan for employees. 
 
(h) Plurals. Where appearing in the Plan, singular terms shall include the plural, and vice versa, unless the context clearly
indicates a different meaning. 
 
(i)
Headings. The headings and sub-headings in the Plan are inserted for the convenience of reference only and are to be ignored in any construction of the provisions hereof. 
 
(j) Severability. In case any provision of the Plan shall be held illegal or void, such illegality or
invalidity shall not affect the remaining provisions of the Plan, but shall be fully severable, and the Plan shall be construed and enforced as if said illegal or invalid provisions had never been inserted herein. 
 
(k) Liability and Indemnification. (i) Neither the
Corporation nor any Affiliate shall be responsible in any way for any action or omission of the Committee, or any other fiduciaries in the performance of their duties and obligations as set forth in the Plan. Furthermore, neither the Corporation nor
any Affiliate shall be responsible for any act or omission of any of their agents, or with respect to reliance upon advice of their counsel provided that the Corporation and/or the appropriate Affiliate relied in good faith upon the action of such
agent or the advice of such counsel. 
 
(ii) Except
for their own gross negligence or willful misconduct regarding the performance of the duties specifically assigned to them under, or their willful breach of the terms of, the Plan, the Corporation, each Affiliate and the Committee shall be held
harmless by the Participants, former Participants, beneficiaries and their representatives against liability or losses occurring by reason of any act or omission. Neither the Corporation, any Affiliate, the Committee, nor any agents, employees,
officers, directors or shareholders of any of them, nor any other person shall have any liability or responsibility with respect to the Plan, except as expressly provided herein. 
 
(l) Cooperation of Parties. All parties to the Plan and any person claiming any interest hereunder
agree to perform any and all acts and execute any and all documents and papers which the Committee deems necessary or desirable for carrying out the Plan or any of its provisions. 
 
(m) Governing Law. All questions pertaining to the validity, construction and administration of the
Plan shall be determined in accordance with the laws of the State of Delaware. 
 
(n) Nonguarantee of Employment or Consulting Relationship. Nothing contained in the Plan shall be construed as a contract of employment (or as a consulting contract) between the Corporation (or
any Affiliate) and any Employee or Participant, as a right of any Employee or Participant to be continued in the employment of (or in a consulting relationship with) the Corporation (or any Affiliate), or as a limitation on the right of the
Corporation or any Affiliate to discharge any of its Employees or Consultants, at any time, with or without cause. 
 
(o) Notices. Each notice relating to the Plan shall be in writing and delivered in person or by certified mail to the proper
address. All notices to the Corporation or the Committee shall be addressed to it at c/o General Counsel, 1500 Eckington Place, N.E., Washington, D.C. 20002. All notices to Participants, former Participants, beneficiaries or other persons acting for
or on behalf of such persons shall be addressed to such person at the last address for such person maintained in the Committee’s records. 
 
(p) Written Agreements. Each Award shall be evidenced by a signed Award Agreement between the Corporation and the Participant
containing the terms and conditions of the Award. 
 
SECTION 13 
AMENDMENT OR TERMINATION OF PLAN 
 
The Board of Directors of the Corporation shall have the
right to amend, suspend or terminate the Plan at any time except that no amendment, suspension or termination of the Plan shall alter or impair any Award previously 
 

10 

 granted under the Plan without the consent of the holder thereof. Any provision of the Plan or any Award Agreement
notwithstanding, the Committee may cause any Award granted hereunder to be cancelled in consideration of a cash payment or alternative Award made to the holder of such cancelled Award equal to the Fair Market Value of such cancelled Award.

  
 SECTION 14 
 TERM OF PLAN 
  
 The Plan shall automatically terminate on the day immediately preceding the tenth anniversary of the date the Plan was adopted by the Board of Directors,
unless sooner terminated by the Board of Directors. No Award may be granted under the Plan subsequent to the termination of the Plan. 
  
 SECTION 15 
 EFFECTIVE DATE

  
 The Plan shall become effective as of June 16, 1998, the
date as of which it was approved by the Board of Directors. 
  
 * *
* * * 
  
 The Plan was duly adopted and approved by the Board on
June 16, 1998, and was duly adopted and approved by the stockholders of the Corporation on June 16, 1998. The Board duly adopted certain amendments to the Plan on February 3, 1999 and June 6, 1999. The Board duly adopted certain amendments to the
Plan on July 8, 1999, including an amendment to increase the number of authorized Shares under the Plan; the stockholders of the Company approved the amendment for such increase in the number of authorized Shares on July 8, 1999. The Board duly
adopted certain amendments to the Plan on March 9, 2000, including an amendment to increase the number of authorized Shares under the plan; the stockholders of the Company approved the amendment for such increase in the number of authorized Shares
on May 31, 2000. The Board duly adopted certain amendments to the Plan on January 11, 2001, including an amendment to increase the number of authorized Shares under the plan; the stockholders of the Company approved the amendment for such increase
in the number of authorized Shares on May 24, 2001. The Board duly adopted certain amendments to the Plan on March 14, 2002, including an amendment to increase the number of authorized Shares under the Plan; the stockholders of the Company approved
the amendments on May 23, 2002. The Board duly adopted certain amendments to the Plan on March 20, 2003, including an amendment to increase the number of authorized Shares under the Plan; the stockholders of the Company approved the amendments on
May 22, 2003.  
  

	/S/    JOSEPH M.
TITLEBAUM        
	
 Joseph M. Titlebaum
 XM Satellite Radio Holdings Inc.
 Executive Vice President,
 General Counsel and Secretary

  

 11

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