Document:

Exhibit to Form S-8

 Exhibit 10.1 
  
 OCTEL CORP. 
  

  
 RULES 
 of the 
 OCTEL CORP. PERFORMANCE
RELATED STOCK OPTION PLAN 
  

  
 Approved by the Compensation Committee on 10 May 1998 
  
 Amended by the Compensation Committee on 2 November 1998 
  
 Amended by the Compensation Committee on 13 August 2002 
  
 PRICEWATERHOUSECOOPERS 
 Bond Street 
 Leeds 
 LS1 2SN 

 The Rules of the Octel Corp. Performance Related Stock Option Plan 
  

 CONTENTS 
  

							
	1.	 	DEFINITIONS	  	1
	2.	 	GRANT OF OPTIONS	  	2
	 	 	2.1	  	Procedure for Grant Options	  	2
	 	 	2.2	  	Requirement to Issue Option Certificate	  	3
	 	 	2.3	  	Right to Disclaim Option	  	3
	 	 	2.4	  	Options may not be transferred	  	3
	3.	 	CONDITIONS RELATING TO THE GRANT OF OPTIONS	  	3
	 	 	3.1	  	Performance Conditions	  	3
	 	 	3.2	  	Variation of Performance Conditions	  	4
	 	 	3.3	  	Modified Terms and Conditions	  	4
	 	 	3.4	  	Additional Requirements	  	4
	4.	 	RIGHTS OF EXERCISE	  	4
	 	 	4.1	  	Earliest Date of Exercise	  	4
	 	 	4.2	  	Requirement to remain in Employment	  	5
	 	 	4.3	  	Death of Option Holder	  	5
	 	 	4.4	  	Right to Exercise Prematurely irrespective of Performance Conditions	  	5
	 	 	4.5	  	Right to Exercise Prematurely if Performance Conditions Achieved	  	5
	 	 	4.6	  	Transfer of Employment within Group	  	6
	 	 	4.7	  	Transfer of Employment Overseas	  	6
	 	 	4.8	  	Lapse of Options	  	6
	5.	 	TAKE-OVER, RECONSTRUCTION & AMALGAMATION & LIQUIDATION	  	7
	 	 	5.1	  	Take-over pursuant to General Offer	  	7
	 	 	5.2	  	Voluntary Winding Up of the Company	  	7
	 	 	5.3	  	Meaning of Obtaining Control	  	7
	 	 	5.4	  	Rollover of Options	  	7
	 	 	5.5	  	Meaning of “appropriate period”	  	8
	6.	 	MANNER OF EXERCISE	  	8
	 	 	6.1	  	Actions Required of the Option Holder	  	8
	 	 	6.2	  	Actions Required of the Company	  	8
	 	 	6.3	  	Partial Exercise	  	8
	 	 	6.4	  	Indemnity against Taxation of the Option Holder	  	8
	7.	 	ISSUE OF SHARES	  	9
	 	 	7.1	  	Ranking of Shares	  	9
	 	 	7.2	  	Admission to Official List of the New York Stock Exchange	  	9
	8.	 	ADJUSTMENTS	  	9
	 	 	8.1	  	General Power of Adjustment	  	9
	 	 	8.2	  	Notification of Option Holders	  	9
	9.	 	ADMINISTRATION	  	9
	 	 	9.1	  	Delivery of Notices or Documents	  	9
	 	 	9.2	  	Copies of Shareholder Communications	  	10
	 	 	9.3	  	Maintenance of Unissued Share Capital	  	10
	 	 	9.4	  	The Committee’s Power to Administer Plan	  	10
	 	 	9.5	  	The Committee’s Decisions is Final and Conclusive	  	10
	 	 	9.6	  	Costs of Administering Plan	  	10
	10.	 	ALTERATIONS	  	10
	 	 	10.1	  	Power to alter Rules	  	10
	 	 	10.2	  	Alterations which affects subsisting rights of Option Holders	  	10
	 	 	10.3	  	Notification to Option Holders	  	10

 The Rules of the Octel Corp. Performance Related Stock Option Plan 
  

							
	11.	 	GENERAL	  	11
	 	 	11.1	  	Termination of the Plan	  	11
	 	 	11.2	  	No Compensation for loss of Option Rights	  	11
	 	 	11.3	  	Governing Law	  	11
	12.	 	DISCRETION TO PAY CASH ON EXERCISE OF AN OPTION	  	11
		
	SCHEDULE ONE	  	12

 The Rules of the Octel Corp. Performance Related Stock Option Plan 
  

	1.	DEFINITIONS 

  
 In this Plan, the following words and expressions shall, where the context so permits, have the meanings set forth below: 
  

					
	“Acquiring Company”	  	the person mentioned in Rule 5.1;
		
	“the Code”	  	the United States Internal Revenue Code of 1986 (as amended);
		
	“the Committee”	  	the Octel Corp Compensation Committee;
		
	“Date of Grant”	  	the date on which the Committee resolves to grant an Option under the Plan pursuant to Rule 2;
		
	“Dealing Day”	  	a day on which the New York Stock Exchange is open for business;
		
	“the Company”	  	save as provided in Rule 5.4, Octel Corp a Delaware Corporation, registered in the United States;
		
	“Eligible Employee”	  	any person who is listed in Schedule 1 of the Rules (or added to the list in Schedule 1 of the Rules at the discretion of the Committee) and who is a director or employee of a
Member of the Group at the date of Grant;
		
	“Fair Market Value”	  	in relation to a Share on any day:
			
	 	  	(1)	  	if and so long as the Shares are listed on the New York Stock Exchange, the reported closing price of Octel Corp. common stock on the New York Stock Exchange for the Dealing
Day;
			
	 	  	(2)	  	save as mentioned in (1) above, its market value as determined in accordance with Part VIII of the Taxation of Chargeable Gains Act 1992 and agreed in advance with the Shares Valuation
Division of the Inland Revenue;
		
	“Grant Period”	  	a period of 180 days commencing on the Dealing Day following any of:
			
	 	  	(1)	  	the date of the spin of the Company from Great Lakes Chemicals Corporation; or

  

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 The Rules of the Octel Corp. Performance Related Stock Option Plan 
  

					
	 	  	(2)	  	any anniversary of the date of the spin of the Company from Great Lakes Chemicals Corporation or any date that the Committee shall determine;
		
	“Group”	  	the Company and its Subsidiaries and “Member of the Group” shall be construed accordingly;
		
	“Option”	  	a right to acquire Shares for no payment pursuant to the Plan;
		
	“Option Certificate”	  	a certificate issued under Rule 2.2;
		
	“Option Holder”	  	a person to whom an Option has been granted (or, as the context requires, his personal representatives);
		
	“the Parent”	  	a parent corporation within the meaning of Section 424(e) of the Code;
		
	“the Plan”	  	the Octel Corp. Performance Related Stock Option Plan in its present form, or as from time to time altered in accordance with the Rules;
		
	“Rules”	  	the Rules of the Plan and “Rule” shall be construed accordingly;
		
	“Salary”	  	the annual salary of an Eligible Employee (excluding benefits in kind), for a year in which Options are granted to an Eligible Employee;
		
	“Share”	  	save as provided in Rule 5.4, a share in the Company;
		
	“Subsidiary”	  	a subsidiary corporation within the meaning of Section 424(f) of the Code;
		
	“Vested Options”	  	any Options remaining after the cancellation of part of an initial Option originally granted;

  
 References to any statutory provision
are to that provision as amended or re-enacted from time to time, and, unless the context otherwise requires, words in the singular shall include the plural (and vice versa) and words importing the masculine the feminine (and vice
versa). 
  

	2.	GRANT OF OPTIONS 

  

	 	2.1	Procedure for Grant of Options 

  

	 	(a)	Within a Grant Period, the Committee may, at its absolute discretion, grant Options under the Plan to Eligible Employees. The Committee has decided that initially, the level of
Options granted to Eligible Employees will be linked to salary. 

  

 2 

	 	(b)	The Committee may adopt such procedure as they think fit for granting Options, whether by invitation to Eligible Employees to apply for Options or by granting Options without
issuing invitations. 

  

	 	2.2	Requirement to Issue Option Certificate 

  
 The Company shall issue to each Option Holder an Option Certificate which shall be in such a form as the Committee shall from time to time determine. The
Option Certificate shall include details of: 
  

	 	(a)	the Date of Grant of the Option; 

  

	 	(b)	the maximum number of Shares subject to the Option; 

  

	 	(c)	any date or dates determined by the Committee in accordance with Rule 3.1 upon which the Option is first exercisable in whole and/or part and, where on any date only part is first
exercisable, the number of Shares over which such partial exercise may be made; and 

  

	 	(d)	the performance targets or conditions to be satisfied as a condition of the exercise of the Option in accordance with Rule 3.1. 

  

	 	2.3	Right to Disclaim Option 

  
 Each Eligible Employee to whom an Option is granted may by notice in writing within 30 days of the Date of Grant disclaim in whole or in part his rights
under the Option in which case the Option shall for all purposes be deemed never to have been granted. 
  

	 	2.4	Options may not be transferred 

  
 Subject to the rights of an Option Holder’s personal representatives to exercise an Option as provided in Rule 4.3, every Option shall be personal to
the Eligible Employee to whom it is granted and shall not be capable of being transferred, assigned or charged. Each Option Certificate shall carry a statement to this effect. 
  

	3.	CONDITIONS RELATING TO THE GRANT OF OPTIONS 

  

	 	3.1	Performance Conditions 

  
 Every Option shall be granted subject to the condition that (save as provided in Rules 4.3, 4.4 and 5) it shall only be exercisable in whole or in part
following the attainment of the performance conditions as advised at the Date of Grant of the Option. Performance criteria will set at the absolute discretion of the Committee. Initially Options granted under the Plan will be “Cliff Edge”
Options. “Cliff Edge” Options will be granted in three tranches and are only 
  

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 The Rules of the Octel Corp. Performance Related Stock Option Plan 
  
 exercisable subject to the Company achieving performance targets measured
against the Company’s cumulative cashflow before debt repayments, share buy backs and dividends. For the first tranche of “Cliff Edge” Options, the performance conditions are as set out in Schedule 1 of these Rules. 
  

	 	3.2	Variation of Performance Conditions 

  
 In the application of Rule 3.1, when events have happened which cause the Committee to consider that the existing constraints and/or conditions (as the
case may be) have become unfair or impractical, it may, in its discretion (provided such discretion is exercised fairly and reasonably), amend, relax, waive or substitute such constraints or conditions so that such constraints or conditions so
amended, relaxed, waived or substituted would, in the reasonable opinion of the Committee, be no more or less difficult to abide by or satisfy than when they were originally imposed or last amended or relaxed (as the case may be). After any such
amendment, relaxation, waiver or substitution the Committee shall issue to the Option Holder a replacement Option Certificate or other notice including the details specified in Rule Error! Reference source not found. 
  

	 	3.3	Modified Terms and Conditions 

  
 The Committee may determine that any Option shall be subject to additional and/or modified terms and conditions relating to the grant and terms of
exercise as may be necessary to comply with or take account of any securities, exchange control or taxation laws, regulations or practice of any territory which may have application to the relevant Eligible Employee, Option Holder or Member of the
Group. 
  

	 	3.4	Additional Requirements 

  
 In exercising their discretion under Rule 3.3, the Committee may: 
  

	 	(a)	require an Option Holder to make such declarations or take such other action (if any) as may be required for the purpose of any securities, taxes or other laws of any territory
which may be applicable to him at the Date of Grant or on exercise; and 

  

	 	(b)	adopt any supplemental rules or procedures governing the grant or exercise of Options as may be required for the purpose of any securities, tax or other laws of any territory which
may be applicable to an Eligible Employee or Option Holder. 

  

	4.	RIGHTS OF EXERCISE 

  

	 	4.1	Earliest Date of Exercise 

  
 Save as provided in Rules 4.3, 4.4 and 5, a Vested Option that Vests in accordance with Schedule 1 may not be exercised before whichever is the latest of:

  

	 	(a)	1 January 2001; and 

  

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 The Rules of the Octel Corp. Performance Related Stock Option Plan 
  

	 	(b)	any date or dates which may have been specified in accordance with Rule 2.2 in the relevant Option Certificate; and 

  

	 	(c)	the date on which the conditions specified in accordance with Rule 3.1 have been satisfied whether as originally provided or as subsequently amended, relaxed, waived or substituted
pursuant to Rule 3.2, but in any event may not be exercised later than the tenth anniversary of the Date of Grant. 

  

	 	4.2	Requirement to remain in Employment 

  
 Save as provided in Rules 4.3, 4.4, 4.5 and 5, a Vested Option may only be exercised by an Option Holder while he is a director or employee of a Member of
the Group. 
  

	 	4.3	Death of Option Holder 

  
 An Option may be exercised by the personal representatives of a deceased Option Holder during the period of one year following the date of death.

  

	 	4.4	Right to Exercise Prematurely irrespective of Performance Conditions 

  

Where an Option Holder ceases to hold office or employment with a Member of the Group on account of: 
  

	 	(a)	injury, ill-health or disability; or 

  

	 	(b)	redundancy (within the meaning of the Employment Rights Act 1996); or 

  

	 	(c)	the transfer of the undertaking or part-undertaking in which the Option Holder is employed to a person other than a Member of the Group; or 

  

	 	(d)	the Company by which the Option Holder is employed ceasing to be under the Control of the Company. 

  
 Options will lapse and will only be exercisable at the absolute discretion of the Committee, in which circumstances Options
will be exercisable by the Option Holder within a period of one year following the date of termination of any office or employment with a Member of the Group. 
  

	 	4.5	Right to Exercise Prematurely if Performance Conditions Achieved 

  
 If the condition required by Rule 3.1 has been achieved, a Vested Option may be exercised by an Option Holder within the period of one year following the
date on which he ceases to hold any office or employment with a Member of the Group on account of: 
  

	 	(a)	retirement at contractual retirement age including late retirement; or 

  

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 The Rules of the Octel Corp. Performance Related Stock Option Plan 
  

	 	(b)	early retirement by agreement with his employer; or 

  

	 	(c)	any other reason in the absolute discretion of the Committee. 

  

	 	4.6	Transfer of Employment within Group 

  
 An Option Holder shall not be treated for the purposes of Rules 4.4, 4.5 and 4.8, as ceasing to hold an office or employment with a Member of the Group
until such time as he is no longer a director or employee of any Member of the Group and an Option Holder (being a woman) who ceases to be such a director or employee by reason of pregnancy or confinement and who exercises her right to return to
work before exercising an Option, shall be treated for those purposes as not having ceased to hold such an office or employment. 
  

	 	4.7	Transfer of Employment Overseas 

  
 Subject to the satisfaction of the conditions imposed pursuant to Rule 3.1 if an Option Holder, whilst remaining a director or employee of a Member of the
Group, is transferred to work in another country and as a result of that transfer will either: 
  

	 	(a)	become subject to tax on his remuneration in the country to which he is transferred and the Committee is satisfied that as a result he will suffer a tax disadvantage upon exercising
an Option; or 

  

	 	(b)	become subject to restrictions on his ability to exercise his Option or to hold or deal in the shares or the proceeds of the sale of the shares he may acquire on exercise of that
Option by reason of or in consequence of the securities laws or exchange control laws of the country to which he is transferred; 

  
 the Option Holder may exercise that Option in the period commencing three months before and ending three months after the transfer takes place. If he
chooses not to exercise his Option at that time, it will not thereby lapse. 
  

	 	4.8	Lapse of Options 

  
 An Option or Vested Option shall lapse on the occurrence of the earliest of the following: 
  

	 	(a)	the tenth anniversary of the Date of Grant; or 

  

	 	(b)	the expiry of the period (if any) allowed for the satisfaction of any condition of exercise specified in the Option Certificate pursuant to Rule 3.1 without such condition having
been satisfied or the date on which it becomes apparent that any such condition has become incapable of being satisfied; or 

  

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 The Rules of the Octel Corp. Performance Related Stock Option Plan 
  

	 	(c)	subject to Rule 5.4, the expiry of any of the applicable periods specified in Rules 4.3, 4.4, 4.5, 5.1 and 5.2, but where an Option Holder dies while time is running under Rules 4.4
or 4.5, the Option shall not lapse until the expiry of the period in Rule 4.3; or 

  

	 	(d)	the date on which an Option Holder ceases to be a director or employee of any Member of the Group for any reason other than his death or those specified in Rules 4.4 and 4.5; or

  

	 	(e)	the date on which a resolution is passed, or an order is made by the Court, for the compulsory winding up of the Company; or 

  

	 	(f)	the date on which the Option Holder becomes bankrupt or does or attempts or omits to do anything as a result of which he is derived of the legal or beneficial ownership of the
Option. 

  

	5.	TAKE-OVER, RECONSTRUCTION AND AMALGAMATION AND LIQUIDATION 

  

	 	5.1	Take-over pursuant to General Offer 

  
 If any company (“the Acquiring Company”) becomes a Parent of the Company as a result of making either a general offer to acquire the
whole of the Company’s issued share capital (other than any shares already owned by the Acquiring Company or any Subsidiary of the Acquiring Company) and which is made on a condition that if it is satisfied the Acquiring Company will become the
Parent, or a general offer to acquire all the Shares in the Company which are of the same class as the Shares then an Option may be exercised and within the period of six months of the date on which the Acquiring Company becomes the Parent, any
condition subject to which the offer is made is satisfied. 
  

	 	5.2	Voluntary Winding Up of the Company 

  
 If a resolution is passed for the voluntary winding-up of the Company, an Option may be exercised during the period of six months starting on commencement
of such winding-up provided that any issue of shares pursuant to such exercise is authorised by the liquidator or the Court (if appropriate) upon the application of and at the sole cost and expense of the Option Holder. 
  

	 	5.3	Meaning of Obtaining Control 

  
 For the purpose of this Rule 5, a person shall be deemed to have obtained Control of the Company if he and other acting in concert with him have together
obtained Control. 
  

	 	5.4	Rollover of Options 

  
 Notwithstanding anything to the contrary in these Rules, where any person mentioned in Rule 5.1 applies, an Option Holder may, by agreement with the
Acquiring Company and within the appropriate period release his Option under 
  

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 The Rules of the Octel Corp. Performance Related Stock Option Plan 
  
 the Plan (“the Old Option”) in consideration of the grant to
him of a new Option (“the New Option”) which is equivalent to the Old Option but relates to shares in a different company (whether the Acquiring Company or some other company). With effect from the date of release references in
Rules 4, 5, 6, 7, 8, 9, 10 and 11 (and, in relation to expressions used in those Rules, in Rule 1) to “the Company” and “Shares” shall, in relation to the New Option, be construed as references to the Acquiring
Company and Shares in the Acquiring Company or that other company as the case may be. 
  

	 	5.5	Meaning of “appropriate period” 

  
 For the purpose of Rule 5.4, the “appropriate period” is the period mentioned in Rule 5.1 or Rule 5.2 as the case may be. 
  

	6.	MANNER OF EXERCISE 

  

	 	6.1	Actions Required of the Option Holder 

  
 An Option may be exercised, in whole or in part, on giving 30 days notice, by the delivery to the secretary of the Company, or his duly appointed agent,
of an Option Certificate covering not less than all the Shares over which the Option is then to be exercised, with the notice of exercise in the prescribed form duly completed and signed by the Option Holder. 
  

	 	6.2	Actions Required of the Company 

  
 The relevant Shares shall be allotted or transferred (as the case may be) within 28 days following such delivery and, accordingly in cases where Shares
are to be transferred, the Company shall use its best endeavours to ensure due transfer thereof. At the request of the Option Holder, the Shares may be allotted or transferred (as the case may be) to a nominee provided the Option Holder has
beneficial ownership of the Shares at the time of such allotment and transfer. 
  

	 	6.3	Partial Exercise 

  
 Where an Option is exercised in part the minimum number of Shares which may be exercised is 100 Shares and the Company shall issue a balancing Option
Certificate to the Option Holder. 
  

	 	6.4	Indemnity against Taxation of the Option Holder 

  
 The Option Holder shall indemnify the Company (and, where relevant, any Member of the Group) against any tax arising in respect of the exercise of the
Option which is a liability of the Option Holder but for which such company is required to account under the laws of any relevant territory. Such company may recover the tax from the Option Holder in such manner as the Committee thinks fit including
(but without prejudice to the generality of the foregoing):- 
  

	 	(a)	withholding shares when the Option is exercised and selling the same; 

  

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 The Rules of the Octel Corp. Performance Related Stock Option Plan 
  

	 	(b)	deducting the necessary amount from the Option Holder’s remuneration; or 

  

	 	(c)	requiring the Option Holder to account directly to such company for such tax. 

  

	7.	ISSUE OF SHARES 

  

	 	7.1	Ranking of Shares 

  
 All Shares issued pursuant to the exercise of Options under the Plan shall as to voting, dividend, transfer and other rights (including those arising on a
liquidation) rank pari passu in all respects with the Shares then in issue, except that they shall not rank for any dividend or other rights declared by reference to a record date preceding the date of such exercise. 
  

	 	7.2	Admission to Official List of the New York Stock Exchange 

  
 If and so long as the Shares are listed on the New York Stock Exchange the Company shall use its best endeavours to procure that as soon as practicable
after the allotment of any Shares pursuant to the Plan application shall be made to the New York Stock Exchange for permission to deal in these shares unless such application has already been made. 
  

	8.	ADJUSTMENTS 

  

	 	8.1	General Power of Adjustment 

  
 The number of Shares over which an Option is granted may be adjusted in such manner as the Committee shall determine following any capitalisation issue,
sub-division, consolidation or reduction of share capital and in respect of any discount element in any rights issue or other variation of share capital. 
  

	 	8.2	Notification of Option Holder 

  
 The Committee may take such steps as they may consider necessary to notify Option Holders of any adjustments made under Rule 8.1 and to call in, cancel,
endorse, issue or re-issue any Option Certificate consequent upon such adjustment. 
  

	9.	ADMINISTRATION 

  

	 	9.1	Delivery of Notices or Documents 

  
 Notices or documents required to be given to an Eligible Employee or to an Option Holder shall either be delivered to him by hand or sent to him by post
at his last known home or business address according to the information provided by him. Notices sent by post shall be deemed to have been given on the day following the date of posting. 
  

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 The Rules of the Octel Corp. Performance Related Stock Option Plan 
  

	 	9.2	Copies of Shareholder Communications 

  
 The Company may distribute to Option Holders copies of any notices or document sent by the Company to its shareholders generally. 
  

	 	9.3	Maintenance of Unissued Share Capital 

  
 The Company shall at all times either keep available sufficient unissued Shares to satisfy the exercise of all Options which have neither lapsed nor been
exercised (taking account of any other obligations of the Company to allot unissued Shares) or shall ensure that sufficient issued Shares will be available to satisfy the exercise of such Options. 
  

	 	9.4	The Committee’s Power to Administer Plan 

  
 The Committee may make such regulations for the administration of the Plan as they deem fit, provided that no regulation shall be valid to the extent it
is inconsistent with the Rules. 
  

	 	9.5	The Committee’s Decision is Final and Conclusive 

  
 The decision of the Committee in any dispute relating to an Option, or the due exercise thereof, or any other matter in respect of the Plan, shall be
final and conclusive subject to the determination of the Auditors when so required by Rule 8.1. 
  

	 	9.6	Costs of Administering Plan 

  
 The costs of introducing and administering the Plan shall be borne by the Company. 
  

	10.	ALTERATIONS 

  

	 	10.1	Power to alter Rules 

  
 Subject to Rule 10.2, the Committee may in its discretion alter the Rules in any way it thinks fit. 
  

	 	10.2	Alteration which affects subsisting rights of Option Holders 

  
 No alteration which would abrogate or adversely affect the subsisting rights of Option Holders. 
  

	 	10.3	Notification to Option Holders 

  
 Written notice of any amendment made in accordance with this Rule 10 shall be given to all Option Holders. 
  

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 The Rules of the Octel Corp. Performance Related Stock Option Plan 
  

	11.	GENERAL 

  

	 	11.1	Termination of the Plan 

  
 The Plan shall terminate on the tenth anniversary of the date on which it is approved by the Company in general meeting or at any earlier time by the
passing of a resolution by the Committee. Termination of the Plan shall be without prejudice to the subsisting rights of Option Holders. 
  

	 	11.2	No Compensation for loss of Option Rights 

  
 If an Option Holder shall cease for any reason to be in the employment of a Member of the Group, he shall not be entitled, by way of compensation for loss
of office or otherwise howsoever, to any sum or any benefit to compensate him for the loss of any right or benefit accrued or in prospect under the Plan. 
  

	 	11.3	Governing Law 

  
 This Plan and all Options shall be governed by and construed in accordance with English Law. 
  

	12.	DISCRETION TO PAY CASH ON EXERCISE OF AN OPTION 

  
 If an Option Holder exercise an Option the Committee may in lieu of allotting or procuring the transfer of Shares in accordance with Rule 6.2 pay to such
Option Holder a cash sum equal to the value of the Shares in respect of which the notice of exercise was given (calculated as the average of the middle market quotations on the New York Stock Exchange for the three Dealing Days prior to the date of
exercise). 
  
 If payment is made pursuant to this Rule to an
Option Holder, he shall have no further rights in respect of the Shares for which the notice of exercise was given. The Company may make any deductions in respect of such payment which it is required to make under the laws of any territory which
laws are applicable to the Option Holder and the Company. 
  

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 The Rules of the Octel Corp. Performance Related Stock Option Plan 
  
 SCHEDULE ONE 
  
 Entitlement to Share Options 
  
 The grant of Options to an Eligible Employee is at the absolute discretion of the Committee. The number of Options to be granted under the Plan to Eligible Employees will
be linked to Salary. “Cliff Edge” Options will be granted based on the “ Value of Options Awarded” as set out in the table below. Three tranches of “Cliff Edge” Options will be granted. 
  
 The final number of Options that vest under the Plan and are therefore exercisable by an
Option Holder will be dependent upon performance criteria. Any Options that do not vest are cancelled. The proportion of Options granted that ultimately vest (together with an example) is set out below. 
  
 “Cliff Edge” Options Granted 
  
 The number of Shares over which Options will be granted for the first two tranches of
“Cliff Edge” Options (1998 – 2000 and 1999 – 2000) will be equal to: 
  
 Value of Options Awarded 
  
 Final
average buyback price of a Share in the Company in 1998 ($15.83). 
  

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 The Rules of the Octel Corp. Performance Related Stock Option Plan 
  
 Example for a Grant of “Cliff Edge”
(1998-2000) Options 
  

														
	 Eligible Employees

	  	Annual Salary
for Year of
Grant

	  	Converted at
1.67

	  	Percentage
Applied to
Salary

	 	 	Initial Award
Value

	  	Maximum
Value of
Annual
Option Award

	  	Maximum
Number of
Shares

	 	  	(effective
from May
1998)

	  	A

	  	B

	 	 	((A) x (B) = (C)

	  	((C) x 1.5)

	  	($15.83)

	 	  	£	  	$	  	 	 	 	$	  	$	  	$
	 D J Kerrison
	  	265,000	  	442,550	  	75	%	 	331,912	  	497,869	  	31,451
	 S W Williams
	  	150,000	  	250,500	  	50	%	 	125,250	  	187,875	  	11,868
	 A G Jarvis
	  	150,000	  	250,500	  	50	%	 	125,250	  	187,875	  	11,868
	 R A Lee
	  	133,000	  	222,111	  	50	%	 	111,055	  	166,583	  	10,523
	 G J Hignett
	  	127,000	  	121,090	  	50	%	 	106,045	  	159,068	  	10,049
	 H A Hanslip
	  	102,000	  	170,340	  	50	%	 	85,170	  	127,755	  	8,070
	 G M Leathes
	  	102,000	  	170,340	  	50	%	 	85,170	  	127,755	  	8,070
	 R T Shone
	  	85,000	  	141,950	  	50	%	 	70,975	  	106,462	  	6,725
	 W E Martin
	  	80,000	  	133,600	  	30	%	 	40,808	  	60,120	  	3,798
	 M H Pimbley
	  	70,000	  	116,900	  	30	%	 	35,070	  	52,605	  	3,323
	 W O Clark
	  	75,000	  	125,250	  	30	%	 	37,575	  	56,363	  	3,561
	 T P Revington
	  	85,000	  	141,950	  	30	%	 	42,585	  	63,878	  	4,035
	 D P Turner
	  	72,000	  	120,950	  	30	%	 	36,072	  	54,108	  	3,418

  
 Performance measures and vesting
of Options 
  
 Performance will be measured against the Company’s
cumulative cash flow before debt repayments, share buyback and dividends for the period commencing on the date of the spin and ending on 31 December 2002 (“ Adjusted Cumulative Cash Flow”). 
  
 For Cliff Edge Options (1998 – 2000), the Adjusted Cumulative Cash Flow target will be
for the year ended 31 December 2000, and is $344,500,000. If this target is reached 66.67 % of the Options granted in 1998 will vest. This equates to the Option Holders’ Initial Award Value shown above. Should performance exceed or
under achieve this target the number of Options that vest are calculated pro-rata as follows: 
  

			
	 Performance Adjusted Cumulative Cash Flow

	  	 Percentage of Options That Vest

		
	 Less than $310,050,000
	  	 Nil

		
	 $310,050,001 - $344,500,000
	  	 53.33% - 66.67%

		
	 $344,500,001 - $378,950,000
	  	 66.68% - 80.00%

		
	 $378,950,001 - $400,000,000
	  	 80.01% - 99.99%

		
	 Over $400,000,000
	  	 100%

  
 By way of example, if the target of
$344,500,000 is reached, Mr HA Hanslip will have vest 66.67% of his Options. This equates to 66.67% of his Annual Option Award ($122,400) i.e. $81,600, equates to his Initial Award Value of $81,600 shown in the table above. If the target was
exceeded to the maximum possible, Mr Hanslip would have all his Options vest, which equates to the maximum Award of $122,400. 
  

 13 

 The Rules of the Octel Corp. Performance Related Stock Option Plan 
  
 Similar performance criteria will be set by the Committee for Cliff Edge Options 1999 –
2001 and 2000 - 2002, relating Performance to the years ended 31 December 2001 and 31 December 2002. 
  

 14FORM OF RESTRICTED STOCK AGREEMENT

 Exhibit 10.1 
  
 BOTTOMLINE TECHNOLOGIES (DE), INC. 
  
 Restricted Stock Agreement  
 Granted Under 2000 Stock Incentive Plan 
  
 AGREEMENT made November 17, 2005 (the “Grant Date”), between Bottomline Technologies (de), Inc., a Delaware corporation (the
“Company”), and Joseph Barry, Jr. (the “Participant”). 
  
 For valuable consideration, receipt of which is acknowledged, the parties hereto agree as follows: 
  

	 	1.	Purchase of Shares. 

  
 In consideration of services rendered to the Company by the Participant, the Company shall issue to the Participant, subject to the terms and conditions
set forth in this Agreement and in the Company’s 2000 Stock Incentive Plan (the “Plan”), 3,000 shares (the “Shares”) of common stock, $.001 par value per share, of the Company (“Common Stock”).
The Shares will be held in book entry by the Company’s transfer agent in the name of the Participant for that number of Shares issued to the Participant. The Participant agrees that the Shares shall be subject to the forfeiture provisions set
forth in Section 2 of this Agreement and the restrictions on transfer set forth in Section 3 of this Agreement. 
  

	 	2.	Vesting. 

  
 (a) In the event that the Participant ceases to be a director of, or advisor or consultant to, the Company, for any reason or no reason,
with or without cause, prior to the Vesting Date (as defined below), any Unvested Shares (as defined below) shall be forfeited immediately and automatically to the Company. Notwithstanding anything herein to the contrary, if the Shares
do not vest on or before the occurrence of one or more of the events set forth in this Section 2 or as otherwise provided in any other agreement with the Company or any parent or subsidiary of the Company, the Shares shall automatically be
forfeited to the Company. 
  
 (b)
“Unvested Shares” means the total number of Shares multiplied by the Applicable Percentage at the time the Shares are forfeited. Except as provided in the Plan or in paragraph (c) of this Section 2, the “Applicable
Percentage” shall be 100% during the period ending on the date immediately preceding the Vesting Date and 0% on or after the earlier of the one-year anniversary of the Grant Date or the date of the next annual meeting of stockholders of the
Company (the “Vesting Date”). 
  
 (c) Notwithstanding the foregoing, upon the occurrence of an Acquisition Event (as defined below), the Applicable Percentage shall be 0%. For purposes of this paragraph (c), an “Acquisition Event” shall be deemed to have occurred
only if any of the following events occurs: (i) any merger or consolidation which results in the voting securities of the Company outstanding immediately prior thereto representing immediately thereafter (either by remaining outstanding or by
being converted into voting securities of the surviving or acquiring entity) less than 50% of the combined voting power of the voting securities of the Company or such surviving or acquiring entity outstanding immediately after such merger or
consolidation; (ii) any 

 
sale of all or substantially all of the assets of the Company; or (iii) the complete liquidation of the Company. 
  

	 	3.	Restrictions on Transfer. 

  
 (a) The Participant shall not sell, assign, transfer, pledge, hypothecate or otherwise dispose of, by operation of law or otherwise
(collectively “transfer”) any Shares, or any interest therein, until such Shares have vested, except that the Participant may transfer such Shares (i) to or for the benefit of any spouse, children, parents, uncles, aunts,
siblings, grandchildren and any other relatives approved by the Board of Directors (collectively, “Approved Relatives”) or to a trust established solely for the benefit of the Participant and/or Approved Relatives, provided
that such Shares shall remain subject to this Agreement (including without limitation the restrictions on transfer set forth in this Section 3 and the forfeiture provisions contained in Section 2) and such permitted transferee shall, as a
condition to such transfer, deliver to the Company a written instrument confirming that such transferee shall be bound by all of the terms and conditions of this Agreement or (ii) as part of the sale of all or substantially all of the shares of
capital stock of the Company (including pursuant to a merger or consolidation), provided that, in accordance with the Plan and except as otherwise provided herein, the securities or other property received by the Participant in connection
with such transaction shall remain subject to this Agreement. 
  
 (b) The Company shall not be required (i) to transfer on its books any of the Shares which have been transferred in violation of any of the provisions set forth in this Agreement or (ii) to treat as owner of
such Shares or to pay dividends to any transferee to whom such Shares have been transferred in violation of any of the provisions of this Agreement. 
  

	 	4.	Restrictive Legends. 

  
 All Shares subject to this Agreement shall be subject to the following restriction, in addition to any other restrictions that may be required under
federal or state securities laws: 
  
 “The shares of stock
represented by this certificate are subject to forfeiture provisions and restrictions on transfer set forth in a certain Restricted Stock Agreement between the corporation and the registered owner of these shares (or his predecessor in interest),
and such Agreement is available for inspection without charge at the office of the Secretary of the corporation.” 
  

	 	5.	Provisions of the Plan. 

  
 This Agreement is subject to the provisions of the Plan, a copy of which is furnished to the Participant with this Agreement. 
  

	 	6.	Withholding Taxes; Section 83(b) Election. 

  
 (a) The Participant acknowledges and agrees that the Company has the right to deduct from payments of any kind otherwise due to the
Participant any federal, state or local 

  

 - 2 - 

 
taxes of any kind required by law to be withheld with respect to the issuance of the Shares to the Participant or the lapse of the forfeiture provisions.

  
 (b) The Participant has reviewed with the
Participant’s own tax advisors the federal, state, local and foreign tax consequences of this investment and the transactions contemplated by this Agreement. The Participant is relying solely on such advisors and not on any statements or
representations of the Company or any of its agents. The Participant understands that the Participant (and not the Company) shall be responsible for the Participant’s own tax liability that may arise as a result of this investment or the
transactions contemplated by this Agreement. 
  
 THE PARTICIPANT AGREES NOT TO FILE AN ELECTION UNDER SECTION 83(B) OF THE CODE WITH RESPECT TO THE PURCHASE OF THE SHARES. 
  

	 	7.	Miscellaneous. 

  
 (a) No Rights to Service. The Participant acknowledges and agrees that the vesting of the Shares pursuant to Section 2 hereof
is earned only by continuing service as a director of, or advisor or consultant to, the Company, (not through the act of being granted the Shares hereunder). The Participant further acknowledges and agrees that the transactions contemplated
hereunder and the vesting schedule set forth herein do not constitute an express or implied promise of continued engagement as a director or consultant for the vesting period, for any period, or at all. 
  
 (b) Severability. The invalidity or unenforceability
of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, and each other provision of this Agreement shall be severable and enforceable to the extent permitted by law. 
  
 (c) Waiver. Any provision for the benefit of the
Company contained in this Agreement may be waived, either generally or in any particular instance, by the Board of Directors of the Company. 
  
 (d) Binding Effect. This Agreement shall be binding upon and inure to the benefit of the Company and the Participant and their
respective heirs, executors, administrators, legal representatives, successors and assigns, subject to the restrictions on transfer set forth in Section 3 of this Agreement. 
  
 (e) Notice. Each notice relating to this Agreement shall be in writing and delivered in person or by
first class mail, postage prepaid, to the address as hereinafter provided. Each notice shall be deemed to have been given on the date it is received. Each notice to the Company shall be addressed to it at its offices at 325 Corporate Drive,
Portsmouth, New Hampshire 03801 (Attention: President). Each notice to the Participant shall be addressed to the Participant at the Participant’s last known address. 
  
 (f) Pronouns. Whenever the context may require, any pronouns used in this Agreement shall include the
corresponding masculine, feminine or neuter forms, and the singular form of nouns and pronouns shall include the plural, and vice versa. 
  

 - 3 - 

 (g) Entire Agreement. This Agreement and the Plan constitute the entire agreement
between the parties, and supersede all prior agreements and understandings, relating to the subject matter of this Agreement. 
  
 (h) Amendment. This Agreement may be amended or modified only by a written instrument executed by both the Company and the
Participant. 
  
 (i) Governing Law. This
Agreement shall be construed, interpreted and enforced in accordance with the internal laws of the State of Delaware without regard to any applicable conflicts of laws. 
  
 (j) Continuance of Service. The issuance of the Shares hereunder is in consideration of the
Participant’s continuing directorship with or consultancy to the Company; provided, however, nothing in this Agreement shall confer upon the Participant the right to continue as a director of, or advisor or consultant to, the
Company or affect the right of the Company to terminate the Participant’s directorship with or consultancy to, the Company at any time in the sole discretion of the Company, with or without cause. 
  
 (k) Interpretation. The interpretation and
construction of any terms or conditions of the Plan, or of this Agreement or other matters related to the Plan by the Compensation Committee of the Board of Directors of the Company shall be final and conclusive. 
  
 (l) Participant’s Acknowledgments. The
Participant acknowledges that he or she: (i) has read this Agreement; (ii) has been represented in the preparation, negotiation, and execution of this Agreement by legal counsel of the Participant’s own choice or has voluntarily
declined to seek such counsel; (iii) understands the terms and consequences of this Agreement; (iv) is fully aware of the legal and binding effect of this Agreement; and (v) understands that the law firm of Wilmer Cutler Pickering
Hale and Dorr LLP, is acting as counsel to the Company in connection with the transactions contemplated by the Agreement, and is not acting as counsel for the Participant. 
  
 (m) Delivery of Certificates. The Participant may request that the Company deliver the Shares in
certificated form with respect to any Shares that have ceased to be subject to forfeiture pursuant to Section 2. 
  
 [Remaining of Page Intentionally Left Blank] 
  

 - 4 - 

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

					
	 BOTTOMLINE TECHNOLOGIES (DE), INC.

		
	 By:
	 	 /s/ Kevin Donovan

	 	 	 Name:
	 	 Kevin Donovan

	 	 	 Title:
	 	 Chief Financial Officer

	
	 /s/ Joseph Leo Barry

	 Joseph Barry, Jr.

		
	 Address:
	 	 
	 	 	 

  

 - 5 - 

 BOTTOMLINE TECHNOLOGIES (DE), INC. 

 
 Restricted Stock Agreement  
 Granted Under 2000 Stock Incentive Plan 
  
 AGREEMENT made November 17, 2005 (the “Grant Date”), between Bottomline Technologies (de), Inc., a Delaware corporation (the
“Company”), and John Barter (the “Participant”). 
  
 For valuable consideration, receipt of which is acknowledged, the parties hereto agree as follows: 
  

	 	1.	Purchase of Shares. 

  
 In consideration of services rendered to the Company by the Participant, the Company shall issue to the Participant, subject to the terms and conditions
set forth in this Agreement and in the Company’s 2000 Stock Incentive Plan (the “Plan”), 3,000 shares (the “Shares”) of common stock, $.001 par value per share, of the Company (“Common Stock”).
The Shares will be held in book entry by the Company’s transfer agent in the name of the Participant for that number of Shares issued to the Participant. The Participant agrees that the Shares shall be subject to the forfeiture provisions set
forth in Section 2 of this Agreement and the restrictions on transfer set forth in Section 3 of this Agreement. 
  

	 	2.	Vesting. 

  
 (a) In the event that the Participant ceases to be a director of, or advisor or consultant to, the Company, for any reason or no reason,
with or without cause, prior to the Vesting Date (as defined below), any Unvested Shares (as defined below) shall be forfeited immediately and automatically to the Company. Notwithstanding anything herein to the contrary, if the Shares
do not vest on or before the occurrence of one or more of the events set forth in this Section 2 or as otherwise provided in any other agreement with the Company or any parent or subsidiary of the Company, the Shares shall automatically be
forfeited to the Company. 
  
 (b)
“Unvested Shares” means the total number of Shares multiplied by the Applicable Percentage at the time the Shares are forfeited. Except as provided in the Plan or in paragraph (c) of this Section 2, the “Applicable
Percentage” shall be 100% during the period ending on the date immediately preceding the Vesting Date and 0% on or after the earlier of the one-year anniversary of the Grant Date or the date of the next annual meeting of stockholders of the
Company (the “Vesting Date”). 
  
 (c) Notwithstanding the foregoing, upon the occurrence of an Acquisition Event (as defined below), the Applicable Percentage shall be 0%. For purposes of this paragraph (c), an “Acquisition Event” shall be deemed to have occurred
only if any of the following events occurs: (i) any merger or consolidation which results in the voting securities of the Company outstanding immediately prior thereto representing immediately thereafter (either by remaining outstanding or by
being converted into voting securities of the surviving or acquiring entity) less than 50% of the combined voting power of the voting securities of the Company or such surviving or acquiring entity outstanding immediately after such merger or
consolidation; (ii) any 

 
sale of all or substantially all of the assets of the Company; or (iii) the complete liquidation of the Company. 
  

	 	3.	Restrictions on Transfer. 

  
 (a) The Participant shall not sell, assign, transfer, pledge, hypothecate or otherwise dispose of, by operation of law or otherwise
(collectively “transfer”) any Shares, or any interest therein, until such Shares have vested, except that the Participant may transfer such Shares (i) to or for the benefit of any spouse, children, parents, uncles, aunts,
siblings, grandchildren and any other relatives approved by the Board of Directors (collectively, “Approved Relatives”) or to a trust established solely for the benefit of the Participant and/or Approved Relatives, provided
that such Shares shall remain subject to this Agreement (including without limitation the restrictions on transfer set forth in this Section 3 and the forfeiture provisions contained in Section 2) and such permitted transferee shall, as a
condition to such transfer, deliver to the Company a written instrument confirming that such transferee shall be bound by all of the terms and conditions of this Agreement or (ii) as part of the sale of all or substantially all of the shares of
capital stock of the Company (including pursuant to a merger or consolidation), provided that, in accordance with the Plan and except as otherwise provided herein, the securities or other property received by the Participant in connection
with such transaction shall remain subject to this Agreement. 
  
 (b) The Company shall not be required (i) to transfer on its books any of the Shares which have been transferred in violation of any of the provisions set forth in this Agreement or (ii) to treat as owner of
such Shares or to pay dividends to any transferee to whom such Shares have been transferred in violation of any of the provisions of this Agreement. 
  

	 	4.	Restrictive Legends. 

  
 All Shares subject to this Agreement shall be subject to the following restriction, in addition to any other restrictions that may be required under
federal or state securities laws: 
  
 “The shares of stock
represented by this certificate are subject to forfeiture provisions and restrictions on transfer set forth in a certain Restricted Stock Agreement between the corporation and the registered owner of these shares (or his predecessor in interest),
and such Agreement is available for inspection without charge at the office of the Secretary of the corporation.” 
  

	 	5.	Provisions of the Plan. 

  
 This Agreement is subject to the provisions of the Plan, a copy of which is furnished to the Participant with this Agreement. 
  

	 	6.	Withholding Taxes; Section 83(b) Election. 

  
 (a) The Participant acknowledges and agrees that the Company has the right to deduct from payments of any kind otherwise due to the
Participant any federal, state or local 

  

 - 2 - 

 
taxes of any kind required by law to be withheld with respect to the issuance of the Shares to the Participant or the lapse of the forfeiture provisions.

  
 (b) The Participant has reviewed with the
Participant’s own tax advisors the federal, state, local and foreign tax consequences of this investment and the transactions contemplated by this Agreement. The Participant is relying solely on such advisors and not on any statements or
representations of the Company or any of its agents. The Participant understands that the Participant (and not the Company) shall be responsible for the Participant’s own tax liability that may arise as a result of this investment or the
transactions contemplated by this Agreement. 
  
 THE PARTICIPANT AGREES NOT TO FILE AN ELECTION UNDER SECTION 83(B) OF THE CODE WITH RESPECT TO THE PURCHASE OF THE SHARES. 
  

	 	7.	Miscellaneous. 

  
 (a) No Rights to Service. The Participant acknowledges and agrees that the vesting of the Shares pursuant to Section 2 hereof
is earned only by continuing service as a director of, or advisor or consultant to, the Company, (not through the act of being granted the Shares hereunder). The Participant further acknowledges and agrees that the transactions contemplated
hereunder and the vesting schedule set forth herein do not constitute an express or implied promise of continued engagement as a director or consultant for the vesting period, for any period, or at all. 
  
 (b) Severability. The invalidity or unenforceability
of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, and each other provision of this Agreement shall be severable and enforceable to the extent permitted by law. 
  
 (c) Waiver. Any provision for the benefit of the
Company contained in this Agreement may be waived, either generally or in any particular instance, by the Board of Directors of the Company. 
  
 (d) Binding Effect. This Agreement shall be binding upon and inure to the benefit of the Company and the Participant and their
respective heirs, executors, administrators, legal representatives, successors and assigns, subject to the restrictions on transfer set forth in Section 3 of this Agreement. 
  
 (e) Notice. Each notice relating to this Agreement shall be in writing and delivered in person or by
first class mail, postage prepaid, to the address as hereinafter provided. Each notice shall be deemed to have been given on the date it is received. Each notice to the Company shall be addressed to it at its offices at 325 Corporate Drive,
Portsmouth, New Hampshire 03801 (Attention: President). Each notice to the Participant shall be addressed to the Participant at the Participant’s last known address. 
  
 (f) Pronouns. Whenever the context may require, any pronouns used in this Agreement shall include the
corresponding masculine, feminine or neuter forms, and the singular form of nouns and pronouns shall include the plural, and vice versa. 
  

 - 3 - 

 (g) Entire Agreement. This Agreement and the Plan constitute the entire agreement
between the parties, and supersede all prior agreements and understandings, relating to the subject matter of this Agreement. 
  
 (h) Amendment. This Agreement may be amended or modified only by a written instrument executed by both the Company and the
Participant. 
  
 (i) Governing Law. This
Agreement shall be construed, interpreted and enforced in accordance with the internal laws of the State of Delaware without regard to any applicable conflicts of laws. 
  
 (j) Continuance of Service. The issuance of the Shares hereunder is in consideration of the
Participant’s continuing directorship with or consultancy to the Company; provided, however, nothing in this Agreement shall confer upon the Participant the right to continue as a director of, or advisor or consultant to, the
Company or affect the right of the Company to terminate the Participant’s directorship with or consultancy to, the Company at any time in the sole discretion of the Company, with or without cause. 
  
 (k) Interpretation. The interpretation and
construction of any terms or conditions of the Plan, or of this Agreement or other matters related to the Plan by the Compensation Committee of the Board of Directors of the Company shall be final and conclusive. 
  
 (l) Participant’s Acknowledgments. The
Participant acknowledges that he or she: (i) has read this Agreement; (ii) has been represented in the preparation, negotiation, and execution of this Agreement by legal counsel of the Participant’s own choice or has voluntarily
declined to seek such counsel; (iii) understands the terms and consequences of this Agreement; (iv) is fully aware of the legal and binding effect of this Agreement; and (v) understands that the law firm of Wilmer Cutler Pickering
Hale and Dorr LLP, is acting as counsel to the Company in connection with the transactions contemplated by the Agreement, and is not acting as counsel for the Participant. 
  
 (m) Delivery of Certificates. The Participant may request that the Company deliver the Shares in
certificated form with respect to any Shares that have ceased to be subject to forfeiture pursuant to Section 2. 
  
 [Remaining of Page Intentionally Left Blank] 
  

 - 4 - 

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

					
	 BOTTOMLINE TECHNOLOGIES (DE), INC.

		
	 By:
	 	 /s/ Kevin Donovan

	 	 	 Name:
	 	 Kevin Donovan

	 	 	 Title:
	 	 Chief Financial Officer

	
	 /s/ John Barter

	 John Barter

		
	 Address:
	 	 
	 	 	 

  

 - 5 - 

 BOTTOMLINE TECHNOLOGIES (DE), INC. 

 
 Restricted Stock Agreement  
 Granted Under 2000 Stock Incentive Plan 
  
 AGREEMENT made November 17, 2005 (the “Grant Date”), between Bottomline Technologies (de), Inc., a Delaware corporation (the
“Company”), and William Grabe (the “Participant”). 
  
 For valuable consideration, receipt of which is acknowledged, the parties hereto agree as follows: 
  

	 	1.	Purchase of Shares. 

  
 In consideration of services rendered to the Company by the Participant, the Company shall issue to the Participant, subject to the terms and conditions
set forth in this Agreement and in the Company’s 2000 Stock Incentive Plan (the “Plan”), 3,000 shares (the “Shares”) of common stock, $.001 par value per share, of the Company (“Common Stock”).
The Shares will be held in book entry by the Company’s transfer agent in the name of the Participant for that number of Shares issued to the Participant. The Participant agrees that the Shares shall be subject to the forfeiture provisions set
forth in Section 2 of this Agreement and the restrictions on transfer set forth in Section 3 of this Agreement. 
  

	 	2.	Vesting. 

  
 (a) In the event that the Participant ceases to be a director of, or advisor or consultant to, the Company, for any reason or no reason,
with or without cause, prior to the Vesting Date (as defined below), any Unvested Shares (as defined below) shall be forfeited immediately and automatically to the Company. Notwithstanding anything herein to the contrary, if the Shares
do not vest on or before the occurrence of one or more of the events set forth in this Section 2 or as otherwise provided in any other agreement with the Company or any parent or subsidiary of the Company, the Shares shall automatically be
forfeited to the Company. 
  
 (b)
“Unvested Shares” means the total number of Shares multiplied by the Applicable Percentage at the time the Shares are forfeited. Except as provided in the Plan or in paragraph (c) of this Section 2, the “Applicable
Percentage” shall be 100% during the period ending on the date immediately preceding the Vesting Date and 0% on or after the earlier of the one-year anniversary of the Grant Date or the date of the next annual meeting of stockholders of the
Company (the “Vesting Date”). 
  
 (c) Notwithstanding the foregoing, upon the occurrence of an Acquisition Event (as defined below), the Applicable Percentage shall be 0%. For purposes of this paragraph (c), an “Acquisition Event” shall be deemed to have occurred
only if any of the following events occurs: (i) any merger or consolidation which results in the voting securities of the Company outstanding immediately prior thereto representing immediately thereafter (either by remaining outstanding or by
being converted into voting securities of the surviving or acquiring entity) less than 50% of the combined voting power of the voting securities of the Company or such surviving or acquiring entity outstanding immediately after such merger or
consolidation; (ii) any 

 
sale of all or substantially all of the assets of the Company; or (iii) the complete liquidation of the Company. 
  

	 	3.	Restrictions on Transfer. 

  
 (a) The Participant shall not sell, assign, transfer, pledge, hypothecate or otherwise dispose of, by operation of law or otherwise
(collectively “transfer”) any Shares, or any interest therein, until such Shares have vested, except that the Participant may transfer such Shares (i) to or for the benefit of any spouse, children, parents, uncles, aunts,
siblings, grandchildren and any other relatives approved by the Board of Directors (collectively, “Approved Relatives”) or to a trust established solely for the benefit of the Participant and/or Approved Relatives, provided
that such Shares shall remain subject to this Agreement (including without limitation the restrictions on transfer set forth in this Section 3 and the forfeiture provisions contained in Section 2) and such permitted transferee shall, as a
condition to such transfer, deliver to the Company a written instrument confirming that such transferee shall be bound by all of the terms and conditions of this Agreement or (ii) as part of the sale of all or substantially all of the shares of
capital stock of the Company (including pursuant to a merger or consolidation), provided that, in accordance with the Plan and except as otherwise provided herein, the securities or other property received by the Participant in connection
with such transaction shall remain subject to this Agreement. 
  
 (b) The Company shall not be required (i) to transfer on its books any of the Shares which have been transferred in violation of any of the provisions set forth in this Agreement or (ii) to treat as owner of
such Shares or to pay dividends to any transferee to whom such Shares have been transferred in violation of any of the provisions of this Agreement. 
  

	 	4.	Restrictive Legends. 

  
 All Shares subject to this Agreement shall be subject to the following restriction, in addition to any other restrictions that may be required under
federal or state securities laws: 
  
 “The shares of stock
represented by this certificate are subject to forfeiture provisions and restrictions on transfer set forth in a certain Restricted Stock Agreement between the corporation and the registered owner of these shares (or his predecessor in interest),
and such Agreement is available for inspection without charge at the office of the Secretary of the corporation.” 
  

	 	5.	Provisions of the Plan. 

  
 This Agreement is subject to the provisions of the Plan, a copy of which is furnished to the Participant with this Agreement. 
  

	 	6.	Withholding Taxes; Section 83(b) Election. 

  
 (a) The Participant acknowledges and agrees that the Company has the right to deduct from payments of any kind otherwise due to the
Participant any federal, state or local 

  

 - 2 - 

 
taxes of any kind required by law to be withheld with respect to the issuance of the Shares to the Participant or the lapse of the forfeiture provisions.

  
 (b) The Participant has reviewed with the
Participant’s own tax advisors the federal, state, local and foreign tax consequences of this investment and the transactions contemplated by this Agreement. The Participant is relying solely on such advisors and not on any statements or
representations of the Company or any of its agents. The Participant understands that the Participant (and not the Company) shall be responsible for the Participant’s own tax liability that may arise as a result of this investment or the
transactions contemplated by this Agreement. 
  
 THE PARTICIPANT AGREES NOT TO FILE AN ELECTION UNDER SECTION 83(B) OF THE CODE WITH RESPECT TO THE PURCHASE OF THE SHARES. 
  

	 	7.	Miscellaneous. 

  
 (a) No Rights to Service. The Participant acknowledges and agrees that the vesting of the Shares pursuant to Section 2 hereof
is earned only by continuing service as a director of, or advisor or consultant to, the Company, (not through the act of being granted the Shares hereunder). The Participant further acknowledges and agrees that the transactions contemplated
hereunder and the vesting schedule set forth herein do not constitute an express or implied promise of continued engagement as a director or consultant for the vesting period, for any period, or at all. 
  
 (b) Severability. The invalidity or unenforceability
of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, and each other provision of this Agreement shall be severable and enforceable to the extent permitted by law. 
  
 (c) Waiver. Any provision for the benefit of the
Company contained in this Agreement may be waived, either generally or in any particular instance, by the Board of Directors of the Company. 
  
 (d) Binding Effect. This Agreement shall be binding upon and inure to the benefit of the Company and the Participant and their
respective heirs, executors, administrators, legal representatives, successors and assigns, subject to the restrictions on transfer set forth in Section 3 of this Agreement. 
  
 (e) Notice. Each notice relating to this Agreement shall be in writing and delivered in person or by
first class mail, postage prepaid, to the address as hereinafter provided. Each notice shall be deemed to have been given on the date it is received. Each notice to the Company shall be addressed to it at its offices at 325 Corporate Drive,
Portsmouth, New Hampshire 03801 (Attention: President). Each notice to the Participant shall be addressed to the Participant at the Participant’s last known address. 
  
 (f) Pronouns. Whenever the context may require, any pronouns used in this Agreement shall include the
corresponding masculine, feminine or neuter forms, and the singular form of nouns and pronouns shall include the plural, and vice versa. 
  

 - 3 - 

 (g) Entire Agreement. This Agreement and the Plan constitute the entire agreement
between the parties, and supersede all prior agreements and understandings, relating to the subject matter of this Agreement. 
  
 (h) Amendment. This Agreement may be amended or modified only by a written instrument executed by both the Company and the
Participant. 
  
 (i) Governing Law. This
Agreement shall be construed, interpreted and enforced in accordance with the internal laws of the State of Delaware without regard to any applicable conflicts of laws. 
  
 (j) Continuance of Service. The issuance of the Shares hereunder is in consideration of the
Participant’s continuing directorship with or consultancy to the Company; provided, however, nothing in this Agreement shall confer upon the Participant the right to continue as a director of, or advisor or consultant to, the
Company or affect the right of the Company to terminate the Participant’s directorship with or consultancy to, the Company at any time in the sole discretion of the Company, with or without cause. 
  
 (k) Interpretation. The interpretation and
construction of any terms or conditions of the Plan, or of this Agreement or other matters related to the Plan by the Compensation Committee of the Board of Directors of the Company shall be final and conclusive. 
  
 (l) Participant’s Acknowledgments. The
Participant acknowledges that he or she: (i) has read this Agreement; (ii) has been represented in the preparation, negotiation, and execution of this Agreement by legal counsel of the Participant’s own choice or has voluntarily
declined to seek such counsel; (iii) understands the terms and consequences of this Agreement; (iv) is fully aware of the legal and binding effect of this Agreement; and (v) understands that the law firm of Wilmer Cutler Pickering
Hale and Dorr LLP, is acting as counsel to the Company in connection with the transactions contemplated by the Agreement, and is not acting as counsel for the Participant. 
  
 (m) Delivery of Certificates. The Participant may request that the Company deliver the Shares in
certificated form with respect to any Shares that have ceased to be subject to forfeiture pursuant to Section 2. 
  
 [Remaining of Page Intentionally Left Blank] 
  

 - 4 - 

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

					
	 BOTTOMLINE TECHNOLOGIES (DE), INC.

		
	 By:
	 	 /s/ Kevin Donovan

	 	 	 Name:
	 	 Kevin Donovan

	 	 	 Title:
	 	 Chief Financial Officer

	
	 /s/ William Grabe

	 William Grabe

		
	 Address:
	 	 
	 	 	 

  

 - 5 - 

 BOTTOMLINE TECHNOLOGIES (DE), INC. 

 
 Restricted Stock Agreement  
 Granted Under 2000 Stock Incentive Plan 
  
 AGREEMENT made November 17, 2005 (the “Grant Date”), between Bottomline Technologies (de), Inc., a Delaware corporation (the
“Company”), and James Loomis (the “Participant”). 
  
 For valuable consideration, receipt of which is acknowledged, the parties hereto agree as follows: 
  

	 	1.	Purchase of Shares. 

  
 In consideration of services rendered to the Company by the Participant, the Company shall issue to the Participant, subject to the terms and conditions
set forth in this Agreement and in the Company’s 2000 Stock Incentive Plan (the “Plan”), 3,000 shares (the “Shares”) of common stock, $.001 par value per share, of the Company (“Common Stock”).
The Shares will be held in book entry by the Company’s transfer agent in the name of the Participant for that number of Shares issued to the Participant. The Participant agrees that the Shares shall be subject to the forfeiture provisions set
forth in Section 2 of this Agreement and the restrictions on transfer set forth in Section 3 of this Agreement. 
  

	 	2.	Vesting. 

  
 (a) In the event that the Participant ceases to be a director of, or advisor or consultant to, the Company, for any reason or no reason,
with or without cause, prior to the Vesting Date (as defined below), any Unvested Shares (as defined below) shall be forfeited immediately and automatically to the Company. Notwithstanding anything herein to the contrary, if the Shares
do not vest on or before the occurrence of one or more of the events set forth in this Section 2 or as otherwise provided in any other agreement with the Company or any parent or subsidiary of the Company, the Shares shall automatically be
forfeited to the Company. 
  
 (b)
“Unvested Shares” means the total number of Shares multiplied by the Applicable Percentage at the time the Shares are forfeited. Except as provided in the Plan or in paragraph (c) of this Section 2, the “Applicable
Percentage” shall be 100% during the period ending on the date immediately preceding the Vesting Date and 0% on or after the earlier of the one-year anniversary of the Grant Date or the date of the next annual meeting of stockholders of the
Company (the “Vesting Date”). 
  
 (c) Notwithstanding the foregoing, upon the occurrence of an Acquisition Event (as defined below), the Applicable Percentage shall be 0%. For purposes of this paragraph (c), an “Acquisition Event” shall be deemed to have occurred
only if any of the following events occurs: (i) any merger or consolidation which results in the voting securities of the Company outstanding immediately prior thereto representing immediately thereafter (either by remaining outstanding or by
being converted into voting securities of the surviving or acquiring entity) less than 50% of the combined voting power of the voting securities of the Company or such surviving or acquiring entity outstanding immediately after such merger or
consolidation; (ii) any 

 
sale of all or substantially all of the assets of the Company; or (iii) the complete liquidation of the Company. 
  

	 	3.	Restrictions on Transfer. 

  
 (a) The Participant shall not sell, assign, transfer, pledge, hypothecate or otherwise dispose of, by operation of law or otherwise
(collectively “transfer”) any Shares, or any interest therein, until such Shares have vested, except that the Participant may transfer such Shares (i) to or for the benefit of any spouse, children, parents, uncles, aunts,
siblings, grandchildren and any other relatives approved by the Board of Directors (collectively, “Approved Relatives”) or to a trust established solely for the benefit of the Participant and/or Approved Relatives, provided
that such Shares shall remain subject to this Agreement (including without limitation the restrictions on transfer set forth in this Section 3 and the forfeiture provisions contained in Section 2) and such permitted transferee shall, as a
condition to such transfer, deliver to the Company a written instrument confirming that such transferee shall be bound by all of the terms and conditions of this Agreement or (ii) as part of the sale of all or substantially all of the shares of
capital stock of the Company (including pursuant to a merger or consolidation), provided that, in accordance with the Plan and except as otherwise provided herein, the securities or other property received by the Participant in connection
with such transaction shall remain subject to this Agreement. 
  
 (b) The Company shall not be required (i) to transfer on its books any of the Shares which have been transferred in violation of any of the provisions set forth in this Agreement or (ii) to treat as owner of
such Shares or to pay dividends to any transferee to whom such Shares have been transferred in violation of any of the provisions of this Agreement. 
  

	 	4.	Restrictive Legends. 

  
 All Shares subject to this Agreement shall be subject to the following restriction, in addition to any other restrictions that may be required under
federal or state securities laws: 
  
 “The shares of stock
represented by this certificate are subject to forfeiture provisions and restrictions on transfer set forth in a certain Restricted Stock Agreement between the corporation and the registered owner of these shares (or his predecessor in interest),
and such Agreement is available for inspection without charge at the office of the Secretary of the corporation.” 
  

	 	5.	Provisions of the Plan. 

  
 This Agreement is subject to the provisions of the Plan, a copy of which is furnished to the Participant with this Agreement. 
  

	 	6.	Withholding Taxes; Section 83(b) Election. 

  
 (a) The Participant acknowledges and agrees that the Company has the right to deduct from payments of any kind otherwise due to the
Participant any federal, state or local 

  

 - 2 - 

 
taxes of any kind required by law to be withheld with respect to the issuance of the Shares to the Participant or the lapse of the forfeiture provisions.

  
 (b) The Participant has reviewed with the
Participant’s own tax advisors the federal, state, local and foreign tax consequences of this investment and the transactions contemplated by this Agreement. The Participant is relying solely on such advisors and not on any statements or
representations of the Company or any of its agents. The Participant understands that the Participant (and not the Company) shall be responsible for the Participant’s own tax liability that may arise as a result of this investment or the
transactions contemplated by this Agreement. 
  
 THE PARTICIPANT AGREES NOT TO FILE AN ELECTION UNDER SECTION 83(B) OF THE CODE WITH RESPECT TO THE PURCHASE OF THE SHARES. 
  

	 	7.	Miscellaneous. 

  
 (a) No Rights to Service. The Participant acknowledges and agrees that the vesting of the Shares pursuant to Section 2 hereof
is earned only by continuing service as a director of, or advisor or consultant to, the Company, (not through the act of being granted the Shares hereunder). The Participant further acknowledges and agrees that the transactions contemplated
hereunder and the vesting schedule set forth herein do not constitute an express or implied promise of continued engagement as a director or consultant for the vesting period, for any period, or at all. 
  
 (b) Severability. The invalidity or unenforceability
of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, and each other provision of this Agreement shall be severable and enforceable to the extent permitted by law. 
  
 (c) Waiver. Any provision for the benefit of the
Company contained in this Agreement may be waived, either generally or in any particular instance, by the Board of Directors of the Company. 
  
 (d) Binding Effect. This Agreement shall be binding upon and inure to the benefit of the Company and the Participant and their
respective heirs, executors, administrators, legal representatives, successors and assigns, subject to the restrictions on transfer set forth in Section 3 of this Agreement. 
  
 (e) Notice. Each notice relating to this Agreement shall be in writing and delivered in person or by
first class mail, postage prepaid, to the address as hereinafter provided. Each notice shall be deemed to have been given on the date it is received. Each notice to the Company shall be addressed to it at its offices at 325 Corporate Drive,
Portsmouth, New Hampshire 03801 (Attention: President). Each notice to the Participant shall be addressed to the Participant at the Participant’s last known address. 
  
 (f) Pronouns. Whenever the context may require, any pronouns used in this Agreement shall include the
corresponding masculine, feminine or neuter forms, and the singular form of nouns and pronouns shall include the plural, and vice versa. 
  

 - 3 - 

 (g) Entire Agreement. This Agreement and the Plan constitute the entire agreement
between the parties, and supersede all prior agreements and understandings, relating to the subject matter of this Agreement. 
  
 (h) Amendment. This Agreement may be amended or modified only by a written instrument executed by both the Company and the
Participant. 
  
 (i) Governing Law. This
Agreement shall be construed, interpreted and enforced in accordance with the internal laws of the State of Delaware without regard to any applicable conflicts of laws. 
  
 (j) Continuance of Service. The issuance of the Shares hereunder is in consideration of the
Participant’s continuing directorship with or consultancy to the Company; provided, however, nothing in this Agreement shall confer upon the Participant the right to continue as a director of, or advisor or consultant to, the
Company or affect the right of the Company to terminate the Participant’s directorship with or consultancy to, the Company at any time in the sole discretion of the Company, with or without cause. 
  
 (k) Interpretation. The interpretation and
construction of any terms or conditions of the Plan, or of this Agreement or other matters related to the Plan by the Compensation Committee of the Board of Directors of the Company shall be final and conclusive. 
  
 (l) Participant’s Acknowledgments. The
Participant acknowledges that he or she: (i) has read this Agreement; (ii) has been represented in the preparation, negotiation, and execution of this Agreement by legal counsel of the Participant’s own choice or has voluntarily
declined to seek such counsel; (iii) understands the terms and consequences of this Agreement; (iv) is fully aware of the legal and binding effect of this Agreement; and (v) understands that the law firm of Wilmer Cutler Pickering
Hale and Dorr LLP, is acting as counsel to the Company in connection with the transactions contemplated by the Agreement, and is not acting as counsel for the Participant. 
  
 (m) Delivery of Certificates. The Participant may request that the Company deliver the Shares in
certificated form with respect to any Shares that have ceased to be subject to forfeiture pursuant to Section 2. 
  
 [Remaining of Page Intentionally Left Blank] 
  

 - 4 - 

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

					
	 BOTTOMLINE TECHNOLOGIES (DE), INC.

		
	 By:
	 	 /s/ Kevin Donovan

	 	 	 Name:
	 	 Kevin Donovan

	 	 	 Title:
	 	 Chief Financial Officer

	
	 
	 James Loomis

		
	 Address:
	 	 
	 	 	 

  

 - 5 - 

 BOTTOMLINE TECHNOLOGIES (DE), INC. 

 
 Restricted Stock Agreement  
 Granted Under 2000 Stock Incentive Plan 
  
 AGREEMENT made November 17, 2005 (the “Grant Date”), between Bottomline Technologies (de), Inc., a Delaware corporation (the
“Company”), and Dan McGurl (the “Participant”). 
  
 For valuable consideration, receipt of which is acknowledged, the parties hereto agree as follows: 
  

	 	1.	Purchase of Shares. 

  
 In consideration of services rendered to the Company by the Participant, the Company shall issue to the Participant, subject to the terms and conditions
set forth in this Agreement and in the Company’s 2000 Stock Incentive Plan (the “Plan”), 3,000 shares (the “Shares”) of common stock, $.001 par value per share, of the Company (“Common Stock”).
The Shares will be held in book entry by the Company’s transfer agent in the name of the Participant for that number of Shares issued to the Participant. The Participant agrees that the Shares shall be subject to the forfeiture provisions set
forth in Section 2 of this Agreement and the restrictions on transfer set forth in Section 3 of this Agreement. 
  

	 	2.	Vesting. 

  
 (a) In the event that the Participant ceases to be a director of, or advisor or consultant to, the Company, for any reason or no reason,
with or without cause, prior to the Vesting Date (as defined below), any Unvested Shares (as defined below) shall be forfeited immediately and automatically to the Company. Notwithstanding anything herein to the contrary, if the Shares
do not vest on or before the occurrence of one or more of the events set forth in this Section 2 or as otherwise provided in any other agreement with the Company or any parent or subsidiary of the Company, the Shares shall automatically be
forfeited to the Company. 
  
 (b)
“Unvested Shares” means the total number of Shares multiplied by the Applicable Percentage at the time the Shares are forfeited. Except as provided in the Plan or in paragraph (c) of this Section 2, the “Applicable
Percentage” shall be 100% during the period ending on the date immediately preceding the Vesting Date and 0% on or after the earlier of the one-year anniversary of the Grant Date or the date of the next annual meeting of stockholders of the
Company (the “Vesting Date”). 
  
 (c) Notwithstanding the foregoing, upon the occurrence of an Acquisition Event (as defined below), the Applicable Percentage shall be 0%. For purposes of this paragraph (c), an “Acquisition Event” shall be deemed to have occurred
only if any of the following events occurs: (i) any merger or consolidation which results in the voting securities of the Company outstanding immediately prior thereto representing immediately thereafter (either by remaining outstanding or by
being converted into voting securities of the surviving or acquiring entity) less than 50% of the combined voting power of the voting securities of the Company or such surviving or acquiring entity outstanding immediately after such merger or
consolidation; (ii) any 

 
sale of all or substantially all of the assets of the Company; or (iii) the complete liquidation of the Company. 
  

	 	3.	Restrictions on Transfer. 

  
 (a) The Participant shall not sell, assign, transfer, pledge, hypothecate or otherwise dispose of, by operation of law or otherwise
(collectively “transfer”) any Shares, or any interest therein, until such Shares have vested, except that the Participant may transfer such Shares (i) to or for the benefit of any spouse, children, parents, uncles, aunts,
siblings, grandchildren and any other relatives approved by the Board of Directors (collectively, “Approved Relatives”) or to a trust established solely for the benefit of the Participant and/or Approved Relatives, provided
that such Shares shall remain subject to this Agreement (including without limitation the restrictions on transfer set forth in this Section 3 and the forfeiture provisions contained in Section 2) and such permitted transferee shall, as a
condition to such transfer, deliver to the Company a written instrument confirming that such transferee shall be bound by all of the terms and conditions of this Agreement or (ii) as part of the sale of all or substantially all of the shares of
capital stock of the Company (including pursuant to a merger or consolidation), provided that, in accordance with the Plan and except as otherwise provided herein, the securities or other property received by the Participant in connection
with such transaction shall remain subject to this Agreement. 
  
 (b) The Company shall not be required (i) to transfer on its books any of the Shares which have been transferred in violation of any of the provisions set forth in this Agreement or (ii) to treat as owner of
such Shares or to pay dividends to any transferee to whom such Shares have been transferred in violation of any of the provisions of this Agreement. 
  

	 	4.	Restrictive Legends. 

  
 All Shares subject to this Agreement shall be subject to the following restriction, in addition to any other restrictions that may be required under
federal or state securities laws: 
  
 “The shares of stock
represented by this certificate are subject to forfeiture provisions and restrictions on transfer set forth in a certain Restricted Stock Agreement between the corporation and the registered owner of these shares (or his predecessor in interest),
and such Agreement is available for inspection without charge at the office of the Secretary of the corporation.” 
  

	 	5.	Provisions of the Plan. 

  
 This Agreement is subject to the provisions of the Plan, a copy of which is furnished to the Participant with this Agreement. 
  

	 	6.	Withholding Taxes; Section 83(b) Election. 

  
 (a) The Participant acknowledges and agrees that the Company has the right to deduct from payments of any kind otherwise due to the
Participant any federal, state or local 

  

 - 2 - 

 
taxes of any kind required by law to be withheld with respect to the issuance of the Shares to the Participant or the lapse of the forfeiture provisions.

  
 (b) The Participant has reviewed with the
Participant’s own tax advisors the federal, state, local and foreign tax consequences of this investment and the transactions contemplated by this Agreement. The Participant is relying solely on such advisors and not on any statements or
representations of the Company or any of its agents. The Participant understands that the Participant (and not the Company) shall be responsible for the Participant’s own tax liability that may arise as a result of this investment or the
transactions contemplated by this Agreement. 
  
 THE PARTICIPANT AGREES NOT TO FILE AN ELECTION UNDER SECTION 83(B) OF THE CODE WITH RESPECT TO THE PURCHASE OF THE SHARES. 
  

	 	7.	Miscellaneous. 

  
 (a) No Rights to Service. The Participant acknowledges and agrees that the vesting of the Shares pursuant to Section 2 hereof
is earned only by continuing service as a director of, or advisor or consultant to, the Company, (not through the act of being granted the Shares hereunder). The Participant further acknowledges and agrees that the transactions contemplated
hereunder and the vesting schedule set forth herein do not constitute an express or implied promise of continued engagement as a director or consultant for the vesting period, for any period, or at all. 
  
 (b) Severability. The invalidity or unenforceability
of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, and each other provision of this Agreement shall be severable and enforceable to the extent permitted by law. 
  
 (c) Waiver. Any provision for the benefit of the
Company contained in this Agreement may be waived, either generally or in any particular instance, by the Board of Directors of the Company. 
  
 (d) Binding Effect. This Agreement shall be binding upon and inure to the benefit of the Company and the Participant and their
respective heirs, executors, administrators, legal representatives, successors and assigns, subject to the restrictions on transfer set forth in Section 3 of this Agreement. 
  
 (e) Notice. Each notice relating to this Agreement shall be in writing and delivered in person or by
first class mail, postage prepaid, to the address as hereinafter provided. Each notice shall be deemed to have been given on the date it is received. Each notice to the Company shall be addressed to it at its offices at 325 Corporate Drive,
Portsmouth, New Hampshire 03801 (Attention: President). Each notice to the Participant shall be addressed to the Participant at the Participant’s last known address. 
  
 (f) Pronouns. Whenever the context may require, any pronouns used in this Agreement shall include the
corresponding masculine, feminine or neuter forms, and the singular form of nouns and pronouns shall include the plural, and vice versa. 
  

 - 3 - 

 (g) Entire Agreement. This Agreement and the Plan constitute the entire agreement
between the parties, and supersede all prior agreements and understandings, relating to the subject matter of this Agreement. 
  
 (h) Amendment. This Agreement may be amended or modified only by a written instrument executed by both the Company and the
Participant. 
  
 (i) Governing Law. This
Agreement shall be construed, interpreted and enforced in accordance with the internal laws of the State of Delaware without regard to any applicable conflicts of laws. 
  
 (j) Continuance of Service. The issuance of the Shares hereunder is in consideration of the
Participant’s continuing directorship with or consultancy to the Company; provided, however, nothing in this Agreement shall confer upon the Participant the right to continue as a director of, or advisor or consultant to, the
Company or affect the right of the Company to terminate the Participant’s directorship with or consultancy to, the Company at any time in the sole discretion of the Company, with or without cause. 
  
 (k) Interpretation. The interpretation and
construction of any terms or conditions of the Plan, or of this Agreement or other matters related to the Plan by the Compensation Committee of the Board of Directors of the Company shall be final and conclusive. 
  
 (l) Participant’s Acknowledgments. The
Participant acknowledges that he or she: (i) has read this Agreement; (ii) has been represented in the preparation, negotiation, and execution of this Agreement by legal counsel of the Participant’s own choice or has voluntarily
declined to seek such counsel; (iii) understands the terms and consequences of this Agreement; (iv) is fully aware of the legal and binding effect of this Agreement; and (v) understands that the law firm of Wilmer Cutler Pickering
Hale and Dorr LLP, is acting as counsel to the Company in connection with the transactions contemplated by the Agreement, and is not acting as counsel for the Participant. 
  
 (m) Delivery of Certificates. The Participant may request that the Company deliver the Shares in
certificated form with respect to any Shares that have ceased to be subject to forfeiture pursuant to Section 2. 
  
 [Remaining of Page Intentionally Left Blank] 
  

 - 4 - 

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

					
	 BOTTOMLINE TECHNOLOGIES (DE), INC.

		
	 By:
	 	 /s/ Kevin Donovan

	 	 	 Name:
	 	 Kevin Donovan

	 	 	 Title:
	 	 Chief Financial Officer

	
	 
	 Dan McGurl

		
	 Address:
	 	 
	 	 	 

  

 - 5 - 

 BOTTOMLINE TECHNOLOGIES (DE), INC. 

 
 Restricted Stock Agreement  
 Granted Under 2000 Stock Incentive Plan 
  
 AGREEMENT made November 17, 2005 (the “Grant Date”), between Bottomline Technologies (de), Inc., a Delaware corporation (the
“Company”), and James Zilinski (the “Participant”). 
  
 For valuable consideration, receipt of which is acknowledged, the parties hereto agree as follows: 
  

	 	1.	Purchase of Shares. 

  
 In consideration of services rendered to the Company by the Participant, the Company shall issue to the Participant, subject to the terms and conditions
set forth in this Agreement and in the Company’s 2000 Stock Incentive Plan (the “Plan”), 3,000 shares (the “Shares”) of common stock, $.001 par value per share, of the Company (“Common Stock”).
The Shares will be held in book entry by the Company’s transfer agent in the name of the Participant for that number of Shares issued to the Participant. The Participant agrees that the Shares shall be subject to the forfeiture provisions set
forth in Section 2 of this Agreement and the restrictions on transfer set forth in Section 3 of this Agreement. 
  

	 	2.	Vesting. 

  
 (a) In the event that the Participant ceases to be a director of, or advisor or consultant to, the Company, for any reason or no reason,
with or without cause, prior to the Vesting Date (as defined below), any Unvested Shares (as defined below) shall be forfeited immediately and automatically to the Company. Notwithstanding anything herein to the contrary, if the Shares
do not vest on or before the occurrence of one or more of the events set forth in this Section 2 or as otherwise provided in any other agreement with the Company or any parent or subsidiary of the Company, the Shares shall automatically be
forfeited to the Company. 
  
 (b)
“Unvested Shares” means the total number of Shares multiplied by the Applicable Percentage at the time the Shares are forfeited. Except as provided in the Plan or in paragraph (c) of this Section 2, the “Applicable
Percentage” shall be 100% during the period ending on the date immediately preceding the Vesting Date and 0% on or after the earlier of the one-year anniversary of the Grant Date or the date of the next annual meeting of stockholders of the
Company (the “Vesting Date”). 
  
 (c) Notwithstanding the foregoing, upon the occurrence of an Acquisition Event (as defined below), the Applicable Percentage shall be 0%. For purposes of this paragraph (c), an “Acquisition Event” shall be deemed to have occurred
only if any of the following events occurs: (i) any merger or consolidation which results in the voting securities of the Company outstanding immediately prior thereto representing immediately thereafter (either by remaining outstanding or by
being converted into voting securities of the surviving or acquiring entity) less than 50% of the combined voting power of the voting securities of the Company or such surviving or acquiring entity outstanding immediately after such merger or
consolidation; (ii) any 

 
sale of all or substantially all of the assets of the Company; or (iii) the complete liquidation of the Company. 
  

	 	3.	Restrictions on Transfer. 

  
 (a) The Participant shall not sell, assign, transfer, pledge, hypothecate or otherwise dispose of, by operation of law or otherwise
(collectively “transfer”) any Shares, or any interest therein, until such Shares have vested, except that the Participant may transfer such Shares (i) to or for the benefit of any spouse, children, parents, uncles, aunts,
siblings, grandchildren and any other relatives approved by the Board of Directors (collectively, “Approved Relatives”) or to a trust established solely for the benefit of the Participant and/or Approved Relatives, provided
that such Shares shall remain subject to this Agreement (including without limitation the restrictions on transfer set forth in this Section 3 and the forfeiture provisions contained in Section 2) and such permitted transferee shall, as a
condition to such transfer, deliver to the Company a written instrument confirming that such transferee shall be bound by all of the terms and conditions of this Agreement or (ii) as part of the sale of all or substantially all of the shares of
capital stock of the Company (including pursuant to a merger or consolidation), provided that, in accordance with the Plan and except as otherwise provided herein, the securities or other property received by the Participant in connection
with such transaction shall remain subject to this Agreement. 
  
 (b) The Company shall not be required (i) to transfer on its books any of the Shares which have been transferred in violation of any of the provisions set forth in this Agreement or (ii) to treat as owner of
such Shares or to pay dividends to any transferee to whom such Shares have been transferred in violation of any of the provisions of this Agreement. 
  

	 	4.	Restrictive Legends. 

  
 All Shares subject to this Agreement shall be subject to the following restriction, in addition to any other restrictions that may be required under
federal or state securities laws: 
  
 “The shares of stock
represented by this certificate are subject to forfeiture provisions and restrictions on transfer set forth in a certain Restricted Stock Agreement between the corporation and the registered owner of these shares (or his predecessor in interest),
and such Agreement is available for inspection without charge at the office of the Secretary of the corporation.” 
  

	 	5.	Provisions of the Plan. 

  
 This Agreement is subject to the provisions of the Plan, a copy of which is furnished to the Participant with this Agreement. 
  

	 	6.	Withholding Taxes; Section 83(b) Election. 

  
 (a) The Participant acknowledges and agrees that the Company has the right to deduct from payments of any kind otherwise due to the
Participant any federal, state or local 

  

 - 2 - 

 
taxes of any kind required by law to be withheld with respect to the issuance of the Shares to the Participant or the lapse of the forfeiture provisions.

  
 (b) The Participant has reviewed with the
Participant’s own tax advisors the federal, state, local and foreign tax consequences of this investment and the transactions contemplated by this Agreement. The Participant is relying solely on such advisors and not on any statements or
representations of the Company or any of its agents. The Participant understands that the Participant (and not the Company) shall be responsible for the Participant’s own tax liability that may arise as a result of this investment or the
transactions contemplated by this Agreement. 
  
 THE PARTICIPANT AGREES NOT TO FILE AN ELECTION UNDER SECTION 83(B) OF THE CODE WITH RESPECT TO THE PURCHASE OF THE SHARES. 
  

	 	7.	Miscellaneous. 

  
 (a) No Rights to Service. The Participant acknowledges and agrees that the vesting of the Shares pursuant to Section 2 hereof
is earned only by continuing service as a director of, or advisor or consultant to, the Company, (not through the act of being granted the Shares hereunder). The Participant further acknowledges and agrees that the transactions contemplated
hereunder and the vesting schedule set forth herein do not constitute an express or implied promise of continued engagement as a director or consultant for the vesting period, for any period, or at all. 
  
 (b) Severability. The invalidity or unenforceability
of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, and each other provision of this Agreement shall be severable and enforceable to the extent permitted by law. 
  
 (c) Waiver. Any provision for the benefit of the
Company contained in this Agreement may be waived, either generally or in any particular instance, by the Board of Directors of the Company. 
  
 (d) Binding Effect. This Agreement shall be binding upon and inure to the benefit of the Company and the Participant and their
respective heirs, executors, administrators, legal representatives, successors and assigns, subject to the restrictions on transfer set forth in Section 3 of this Agreement. 
  
 (e) Notice. Each notice relating to this Agreement shall be in writing and delivered in person or by
first class mail, postage prepaid, to the address as hereinafter provided. Each notice shall be deemed to have been given on the date it is received. Each notice to the Company shall be addressed to it at its offices at 325 Corporate Drive,
Portsmouth, New Hampshire 03801 (Attention: President). Each notice to the Participant shall be addressed to the Participant at the Participant’s last known address. 
  
 (f) Pronouns. Whenever the context may require, any pronouns used in this Agreement shall include the
corresponding masculine, feminine or neuter forms, and the singular form of nouns and pronouns shall include the plural, and vice versa. 
  

 - 3 - 

 (g) Entire Agreement. This Agreement and the Plan constitute the entire agreement
between the parties, and supersede all prior agreements and understandings, relating to the subject matter of this Agreement. 
  
 (h) Amendment. This Agreement may be amended or modified only by a written instrument executed by both the Company and the
Participant. 
  
 (i) Governing Law. This
Agreement shall be construed, interpreted and enforced in accordance with the internal laws of the State of Delaware without regard to any applicable conflicts of laws. 
  
 (j) Continuance of Service. The issuance of the Shares hereunder is in consideration of the
Participant’s continuing directorship with or consultancy to the Company; provided, however, nothing in this Agreement shall confer upon the Participant the right to continue as a director of, or advisor or consultant to, the
Company or affect the right of the Company to terminate the Participant’s directorship with or consultancy to, the Company at any time in the sole discretion of the Company, with or without cause. 
  
 (k) Interpretation. The interpretation and
construction of any terms or conditions of the Plan, or of this Agreement or other matters related to the Plan by the Compensation Committee of the Board of Directors of the Company shall be final and conclusive. 
  
 (l) Participant’s Acknowledgments. The
Participant acknowledges that he or she: (i) has read this Agreement; (ii) has been represented in the preparation, negotiation, and execution of this Agreement by legal counsel of the Participant’s own choice or has voluntarily
declined to seek such counsel; (iii) understands the terms and consequences of this Agreement; (iv) is fully aware of the legal and binding effect of this Agreement; and (v) understands that the law firm of Wilmer Cutler Pickering
Hale and Dorr LLP, is acting as counsel to the Company in connection with the transactions contemplated by the Agreement, and is not acting as counsel for the Participant. 
  
 (m) Delivery of Certificates. The Participant may request that the Company deliver the Shares in
certificated form with respect to any Shares that have ceased to be subject to forfeiture pursuant to Section 2. 
  
 [Remaining of Page Intentionally Left Blank] 
  

 - 4 - 

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

					
	 BOTTOMLINE TECHNOLOGIES (DE), INC.

		
	 By:
	 	 /s/ Kevin Donovan

	 	 	 Name:
	 	 Kevin Donovan

	 	 	 Title:
	 	 Chief Financial Officer

	
	 
	 James Zilinski

		
	 Address:
	 	 
	 	 	 

  

 - 5 -

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