Document:

Prepared by MERRILL CORPORATION

QuickLinks
 -- Click here to rapidly navigate through this document

Exhibit 10.23  

	Notice of Grant of Stock Option

and Option Agreement	 	Wind River Systems, Inc.
 ID: 94-2873391

500 Wind River Way Alameda, CA 94501	 	 
	

	

[Name of Optionholder]

[Address of Optionholder]	
 	
Option Number:

Plan:	
 	
[Option Number]

1998 Equity Incentive Plan
	

Effective
on [Date of Grant] (the "Date of Grant"), you have been granted a(n) Non-Qualified Stock Option to buy [Number of Shares] shares
of Wind River Systems, Inc. (the Company) stock at $[Price Per Share] per share. The date on which your shares begin to vest is [Vesting Start
Date] (the "Vesting Start Date"). 

The
total option price of the shares granted is [Total Exercise Price of Option]. 

Shares
in each period will become fully vested on the date shown. 

	Shares
	 	Vest Type
	 	Full Vest
	 	Expiration Date

	[Number of Shares]	 	On Vest Date	 	[Month/Day/Year]	 	[Month/Day/Year]
	[Number of Shares]	 	Monthly	 	[Month/Day/Year]	 	[Month/Day/Year]
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

	

	By your signature and the Company's signature below, you and the Company agree that this option is granted under and governed by the terms and conditions of the Company's Stock Option Plan (see above reference
to plan) as amended and made available on the Wind River internal web site and the attached Option Agreement, both of which are incorporated by reference and made a part of this document.
	 	 	 
	

	

	
 	

	Wind River Systems, Inc.	 	Date
	

	
 	

	[Name of Optionholder]	 	Date

 
 
 

ATTACHMENT I
  
    Wind River Systems, Inc.
  1998 Equity Incentive Plan
  
    Nonstatutory Stock Option Agreement    
  

    Pursuant to your Notice of Grant of Stock Option ("Grant Notice") and this Stock Option Agreement, Wind River Systems, Inc. (the "Company") has granted
you an option under its 1998 Equity Incentive Plan (the "Plan") to purchase the number of shares of the Company's Common Stock indicated in your Grant Notice at the exercise price indicated in your
Grant Notice. Defined terms not explicitly defined in this Stock Option Agreement but defined in the Plan shall have the same definitions as in the Plan. 

    The
details of your option are as follows: 

1.  Vesting.  Subject to the limitations contained herein, your option will vest as provided in your Grant Notice,
provided that vesting will cease upon the termination of your Continuous Service. 

2.  Number of Shares and Exercise Price.  The number of shares of Common Stock subject to your option and your exercise
price per share referenced in your Grant Notice may be adjusted from time to time for capitalization adjustments, as provided in Section 11 of the Plan. 

3.  Method of Payment.  Payment of the exercise price is due in full upon exercise of all or any part of your option. You
may elect to make payment of the exercise price in cash or by check or in the following manner: 

    (a)  In the Company's sole discretion at the time your option is exercised and provided that at the time of exercise the
Common Stock is publicly traded and quoted regularly in The Wall Street Journal, pursuant to a program developed under Regulation T as
promulgated by the Federal Reserve Board that, prior to the issuance of Common Stock, results in either the receipt of cash (or check) by the Company or the receipt of irrevocable instructions to pay
the aggregate exercise price to the Company from the sales proceeds. 

4.  Whole Shares.  You may exercise your option only for whole shares of Common Stock. 

5.  Securities Law Compliance.  Notwithstanding anything to the contrary contained herein, you may not exercise your
option unless the shares of Common Stock issuable upon such exercise are then registered under the Securities Act. The exercise of your option must also comply with other applicable laws and
regulations governing your option, and you may not exercise your option if the Company determines that such exercise would not be in material compliance with such laws and regulations. 

6.  Term.  You may not exercise your option before the commencement of its term or after its term expires. The term of
your option commences on the Date of Grant and expires upon the earliest of the following: 

    (a) three (3) months after the termination of your Continuous Service for any reason other than your Disability or death,
provided that if during any part of such three- (3-) month period your option is not exercisable solely because of the condition set forth in the preceding paragraph relating to
"Securities Law Compliance," your option shall not expire until the earlier of the Expiration Date or until it shall have been exercisable for an aggregate period of three (3) months after the
termination of your Continuous Service; 

    (b) twelve (12) months after the termination of your Continuous Service due to your Disability; 

2

 

    (c) eighteen (18) months after your death if you die either during your Continuous Service or within three (3) months
after your Continuous Service terminates; 

    (d) the Expiration Date indicated in your Grant Notice; or 

    (e) the day before the tenth (10th) anniversary of the Date of Grant. 

7.  Exercise.  

    (a)  You may exercise the vested portion of your option (and the unvested portion of your option if your Grant Notice so
permits) during its term by delivering a Notice of Exercise (in a form designated by the Company) together with the exercise price to the Secretary of the Company, or to such other person as the
Company may designate, during regular business hours, together with such additional documents as the Company may then require. 

    (b)  By exercising your option you agree that, as a condition to any exercise of your option, the Company may require
you to enter into an arrangement providing for the payment by you to the Company of any tax withholding obligation of the Company arising by reason of (1) the exercise of your option or
(2) the disposition of shares of Common Stock acquired upon such exercise. 

8.  Transferability.  

    [For non-officers: Your option is not transferable, except by will or by the laws of descent and distribution, and is exercisable
during your life only by you. Notwithstanding the foregoing, by delivering written notice to the Company, in a form satisfactory to the Company, you may designate a third party who, in the event of
your death, shall thereafter be entitled to exercise your option.] 

    [For
officers: If your option is a nonstatutory stock option, your option is not transferable, except (i) by will or by the laws of descent and distribution,
(ii) with the prior written approval of the Company, by instrument to an inter vivos or testamentary trust, in a form accepted by the Company, in which the option is to be passed to
beneficiaries upon the death of the trustor (settlor) and (iii) with the prior written approval of the Company, by gift, in a form accepted by the Company, to your "immediate family" as that
term is defined in 17 C.F.R. 240.16a-1(e). The term "immediate family" is defined in 17 C.F.R. 240.16a-1(e) to 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 includes adoptive relationships. Your option is exercisable during your life only by you or a transferee
satisfying the above-stated conditions. The right of a transferee to exercise the transferred portion of your option after termination of your Continuous Service shall terminate in accordance with
your right to exercise your option as specified in your option. In the event that your Continuous Service terminates due to your death, your transferee will be treated as a person who acquired the
right to exercise your option by bequest or inheritance. In addition to the foregoing, the Company may require, as a condition of the transfer of your option to a trust or by gift, that your
transferee enter into an option transfer agreement provided by, or acceptable to, the Company. The terms of your option shall be binding upon your transferees, executors, administrators, heirs,
successors, and assigns. Notwithstanding the
foregoing, by delivering written notice to the Company, in a form satisfactory to the Company, you may designate a third party who, in the event of your death, shall thereafter be entitled to exercise
your option.] 

9.  Option not a Service Contract.  Your option is not an employment or service contract, and nothing in your option shall
be deemed to create in any way whatsoever any obligation on your part to continue in the employ of the Company or an Affiliate, or of the Company or an Affiliate to continue your employment. In
addition, nothing in your option shall obligate the Company or an Affiliate, their respective shareholders, Boards of Directors, Officers or Employees to continue any relationship that you might have
as a Director or Consultant for the Company or an Affiliate. 

3

 

10. Withholding Obligations.  

    (a)  At the time you exercise your option, in whole or in part, or at any time thereafter as requested by the Company,
you hereby authorize withholding from payroll and any other amounts payable to you, and otherwise agree to make adequate provision for (including by means of a "cashless exercise" pursuant to a
program developed under Regulation T as promulgated by the Federal Reserve Board to the extent permitted by the Company), any sums required to satisfy the federal, state, local and foreign tax
withholding obligations of the Company or an Affiliate, if any, which arise in connection with your option. 

    (b)  Upon your request and subject to approval by the Company, in its sole discretion, and compliance with any
applicable conditions or restrictions of law, the Company may withhold from fully vested shares of Common Stock otherwise issuable to you upon the exercise of your option a number of whole shares of
Common Stock having a Fair Market Value, determined by the Company as of the date of exercise, not in excess of the minimum amount of tax required to be withheld by law. Any adverse consequences to
you arising in connection with such share withholding procedure shall be your sole responsibility. 

    (c)  You may not exercise your option unless the tax withholding obligations of the Company and/or any Affiliate are
satisfied. Accordingly, you may not be able to exercise your option when desired even though your option is vested, and the Company shall have no obligation to issue a certificate for such shares of
Common Stock or release such shares of Common Stock from any escrow provided for herein. 

11.  Notices.  Any notices provided for in your option or the Plan shall be given in writing and shall be deemed
effectively given upon receipt or, in the case of notices delivered by mail by the Company to you, five (5) days after deposit in the United States mail, postage prepaid, addressed to you at
the last address you provided to the Company. 

12.  Governing Plan Document.  Your option is subject to all the provisions of the Plan, the provisions of which are
hereby made a part of your option, and is further subject to all interpretations, amendments, rules and regulations which may from time to time be promulgated and adopted pursuant to the Plan. In the
event of any conflict between the provisions of your option and those of the Plan, the provisions of the Plan shall control. 

4

 
 
 

ATTACHMENT II
  
    NOTICE OF EXERCISE    
  

Wind
River Systems, Inc.

500 Wind River Way

Alameda, CA 94501 Date of Exercise:              

Ladies
and Gentlemen: 

    This
constitutes notice under my stock option that I elect to purchase the number of shares for the price set forth below. 

	Type of option (check one):	 	Incentive / /	 	Nonstatutory / /
	

Effective Date of Option/Date of Grant:	
 	

	

Number of shares as to which option is exercised:	
 	

	

Certificate(s) to be issued in the name of:	
 	

	

Total exercise price:	
 	

$

	

Cash payment delivered herewith:	
 	

$

    By
this exercise, I agree (i) to provide such additional documents as you may require pursuant to the terms of the 1998 Equity Incentive Plan and (ii) to provide for the
payment by me to you (in the manner designated by you) of your withholding obligation, if any, relating to the exercise of this option. 

	 	 	Very truly yours,
	

 	
 	

 (Signature)
	

 	
 	

 (Print Name)

5

QuickLinks

ATTACHMENT I Wind River Systems, Inc. 1998 Equity Incentive Plan Nonstatutory Stock Option Agreement

ATTACHMENT II NOTICE OF EXERCISEPrepared by MERRILL CORPORATION

QuickLinks
 -- Click here to rapidly navigate through this document

Exhibit 10.35  

 
 

STOCK PURCHASE AGREEMENT    
  

    THIS STOCK PURCHASE AGREEMENT is made this 28th day of December, 2000, between INNOTECH CORPORATION, a
corporation organized and existing under the laws of Japan and having its principal place of business at 3-7-16 SHINYOKOHAMA, KOUHOKU-KU, YOKOHAMA-SHI,
KANAGAWA, Japan ("Seller") and WIND RIVER SYSTEMS, INC., a corporation organized and existing under the laws of the State of California, USA, and
having its principal place of business at 500 Wind River Way, Alameda, California 94501, USA ("Buyer"). 

    WHEREAS,
Seller is the owner of sixty (60) par-value common stock shares ("Shares") of the corporation, Wind River Systems Kabushiki Kaisha, ("Corporation")
described in the Attachment affixed hereto and incorporated herein by this reference; and 

    WHEREAS,
Buyer desires to purchase the Shares of the Corporation owned by Seller upon the terms and conditions described below. 

    NOW,
THEREFORE, IT IS AGREED AS FOLLOWS: 

    Section 1.  Purchase Price of Seller's Stock.  Buyer hereby agrees to purchase from Seller and
Seller agrees to sell to Buyer all sixty (60) shares of par-value common stock in the Corporation now owned by Seller for the sales price per share of Six Thousand Six Hundred
Sixty-six and 67/100 United States Dollars (USD$6,666.67), which results in the aggregate price of Four Hundred Thousand and 20/100 United States Dollars (USD$400,000.20). 

    Section 2.  Representations and Warranties of Seller.  Seller hereby represents and warrants that: 

	A.
	Seller
is not in possession of a share certificate or certificates representing the Shares owned by Seller because the Corporation has never issued such a share certificate or
certificates to Seller;

	B.
	Seller
is the sole owner of the Shares and no other person or entity has or is entitled to make a claim of ownership of the Shares;

	C.
	The
Shares now stand in Seller's name in the shareholder register book of the Corporation;

	D.
	Seller
is free to transfer the Shares to Buyer;

	E.
	There
are no liens, security interests, or other encumbrances on the Shares; and

	F.
	The
Shares are fully paid and non-assessable or will not be subject to any outstanding assessment as of the date of transfer. 

    Section 3.  Share Assignment Approval.  Buyer and Seller understand and agree that the sale of the
Shares can only be consummated upon the written approval of the Board of Directors of the Corporation. Seller hereby warrants and declares that it will secure the written consent of the Board of
Directors of the Corporation prior to the date of assignment of the Shares from Seller to Buyer. 

    Section 4.  Method of Transfer of Shares.  Seller agrees to provide and deliver to Buyer a written
and sealed Share Assignment Certificate (with attached Seal Certificate of Seller) representing and warranting the items contained in Section 2 above. In addition, Seller agrees to provide and
deliver to Buyer a Certificate of Approval from the Corporation certifying that the Corporation approves of the sale of the Shares by Seller to Buyer as provided in Section 3 above. 

    Section 5.  Method of Payment.  Buyer agrees to make payment in United States Dollars by
telegraphic transfer of the total amount of the purchase price described in Section 1 above to an account designated by Seller. Moreover, Buyer agrees that it will bear the cost of the
telegraphic transfer handling charges. 

 

    Section 6.  Closing Procedure and Title Transfer.  Seller and Buyer agree that the purchase and
sale of the Shares shall be completed by 31 December 2000. 

    First,
by  December 2000, Seller agrees to mail or send by facsimile transmission to Buyer copies of the Share Assignment Certificate (with attached Seal
Certificate of Seller) and the Corporation's Certificate of Approval described in Section 4 above. Upon receipt and confirmation by Buyer of the contents of these two (2) certificates,
Buyer agrees to send by telegraphic transfer the purchase price to Seller's designated account. Upon confirmation by Seller that the purchase price has been deposited into Seller's designated account,
Seller agrees to immediately deliver to Buyer's designated representative fully-executed and sealed original copies of the above mentioned Share Assignment Certificate (with attached Seal Certificate
of Seller) and the Corporation's Certificate of Approval. Buyer shall acquire ownership of the Shares from Seller upon Buyer's deposit of the purchase price into Seller's designated account. 

    Section 7.  Law Governing.  This Stock Purchase Agreement shall be governed by and construed in
accordance with the laws of Japan. The parties hereto hereby agree that the Tokyo District Court shall have exclusive jurisdiction and shall be the court of first instance for all disputes arising
under or in connection with this Agreement. 

    Section 8.  Resignation as Officer/Director.  On or before  December 2000,
Seller hereby agrees to secure and submit the resignation of any employee or other person under its influence or control, who is an officer and director of the Corporation, effective upon acceptance
by the Board of Directors of the Corporation. 

    Section 9.  Additional Documents.  The parties shall execute and deliver all other appropriate
supplemental agreements and other instruments and take any other action necessary to make this Agreement fully and legally effective, binding and enforceable, as between the parties, and as against
third parties. 

    Section 10.  Notices.  Any notice under this Agreement shall be in writing and shall be effective
when actually delivered in person or three days after being deposited with the official, national postal service of the sender, registered or certified mail, postage prepaid and addressed to the party
at the address stated in this Agreement or such other address as either party may designate by written notice to the other. 

    Section 11.  Time.  Time is of the essence of this Agreement. 

    Section 12.  Survival.  Any of the terms and covenants contained in this Agreement which require
the performance of either party after the Closing shall survive the Closing and delivery of the deed. 

    Section 13.  Waiver.  Failure of either party at any time to require performance of any provision
of this Agreement shall not limit the party's right to enforce the provision, nor shall any waiver of any breach of any provision be a waiver of any succeeding breach of any provision or a waiver of
the provision itself for any other provision. 

    Section 14.  Assignment.  Except as otherwise provided within this Agreement, neither party hereto
may transfer or assign this Agreement without prior written consent of the other party. 

    Section 15.  Attorney Fees.  In the event a suit or action is brought by any party under this
Agreement to enforce any of its terms, or in any appeal therefrom, it is agreed that the prevailing party shall be entitled to reasonable attorneys fees. 

    Section 16.  Presumption.  This Agreement or any section thereof shall not be construed against
any party due to the fact that said Agreement or any section thereof was drafted by said party. 

2

 

    Section 17.  Titles and Captions.  All article, section and paragraph titles or captions contained
in this Agreement are for convenience only and shall not be deemed part of the context nor affect the interpretation of this Agreement. 

    Section 18.  Pronouns and Plurals.  All pronouns and any variations thereof shall be deemed to
refer to the masculine, feminine, neuter, singular or plural as the identity of the Person or Persons may require. 

    Section 19.  Entire Agreement.  This Agreement contains the entire understanding between and among
the parties and supersedes any prior understandings and agreements among them respecting the subject matter of this Agreement. 

    Section 20.  Agreement Binding.  This Agreement shall be binding upon the heirs, executors,
administrators, successors and assigns of the parties hereto. 

    Section 21.  Further Action.  The parties hereto shall execute and deliver all documents, provide
all information and take or forbear from all such action as may be necessary or appropriate to achieve the purposes of this Agreement. 

    Section 22.  Good Faith, Cooperation and Due Diligence.  The parties hereto covenant, warrant and
represent to each other good faith, complete cooperation, due diligence and honesty in fact in the performance of all obligations of the parties pursuant to this Agreement. All promises and covenants
are mutual and dependent. 

    Section 23.  Parties in Interest.  Nothing herein shall be construed to be to the benefit of any
third party, nor is it intended that any provision shall be for the benefit of any third party. 

    Section 24.  Savings Clause.  If any provision of this Agreement, or the application of such
provision to any person or circumstance, shall be held invalid, the remainder of this Agreement, or the application of such provision to persons or circumstances other than those as to which it is
held invalid, shall not be affected thereby. 

    IN
WITNESS WHEREOF, this Agreement has been made in duplicate, Seller and Buyer have each caused this Agreement to be executed by a duly authorized officer or agent as of the date
first above written, and the parties hereto shall each keep one (1) original copy of the Agreement. 

	INNOTECH CORPORATION,

a Japan corporation	 	WIND RIVER SYSTEMS, INC.,

a California corporation
	

By	
 	

/s/ LAM M. YOSHIDA   
 Lam M. Yoshida	
 	

By	
 	

/s/ MICHAEL W. ZELLNER   
 Michael W. Zellner
	 	 	Its: President & CEO	 	 	 	Its: Chief Financial Officer
	 	 	"Seller"	 	 	 	"Buyer"

3

 
 
 

ATTACHMENT    
  

	1.
	Company
Description 

	 	 	Company Name:	 	Wind River Systems Kabushiki Kaisha
	

 	
 	

Head Office:	
 	

1-1-39 Hiroo, Shibuya-Ku, Tokyo
	

 	
 	

Date of Incorporation:	
 	

14 September 1989
	

 	
 	

Purposes:	
 	

1. Sale of computer software developed by Wind River Systems, Inc., a United States of America corporation.
	

 	
 	

 	
 	

2. Licensing, sale, and development of computer software that supports the computer software described in paragraph 1 above.
	

 	
 	

 	
 	

3. Any business related or incidental to the activities described in each of the proceeding paragraphs.
	

 	
 	

Par value amount of One (1) share:	
 	

50,000 Japanese Yen
	

 	
 	

Total Number of Authorized shares:	
 	

2,400 shares
	

 	
 	

Total Number of Issued shares:	
 	

(class and number): Total Number of Issued shares: 600 shares
	

 	
 	

Amount of Paid-in Capital:	
 	

30,000,000 Japanese Yen
	

 	
 	

Transfer Restrictions on Shares:	
 	

Transfers of the shares of the Company require the approval of the Board of Directors.

	2.
	Description
of Shares to be purchased 

    Sixty (60) Par Value (50,000 Japanese Yen) Common shares issued by the company described in paragraph 1 above. 

4

QuickLinks

STOCK PURCHASE AGREEMENT

ATTACHMENT

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00024-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00024-of-00352.parquet"}]]