Document:

2007 Equity Incentive Plan

 Exhibit 10.23 
 GLASSHOUSE TECHNOLOGIES, INC. 
 2007
EQUITY INCENTIVE PLAN 
 (AS ADOPTED
EFFECTIVE UPON THE IPO) 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	ARTICLE 1.	  	INTRODUCTION	  	1
			
	ARTICLE 2.	  	ADMINISTRATION	  	1
	            2.1  	  	Committee Composition	  	1
	            2.2  	  	Committee Responsibilities	  	1
	            2.3  	  	Committee for Non-Officer Grants	  	2
			
	ARTICLE 3.	  	SHARES AVAILABLE FOR GRANTS	  	2
	            3.1  	  	Basic Limitation	  	2
	            3.2  	  	Annual Increase in Shares	  	2
	            3.3  	  	Shares Returned to Reserve	  	2
	            3.4	  	Dividend Equivalents	  	2
			
	ARTICLE 4.	  	ELIGIBILITY	  	3
	            4.1  	  	Incentive Stock Options	  	3
	            4.2  	  	Other Grants	  	3
			
	ARTICLE 5.	  	OPTIONS	  	3
	            5.1  	  	Stock Option Agreement	  	3
	            5.2  	  	Number of Shares	  	3
	            5.3  	  	Exercise Price	  	3
	            5.4  	  	Exercisability and Term	  	3
	            5.5  	  	Modification or Assumption of Options	  	4
	            5.6  	  	Buyout Provisions	  	4
			
	ARTICLE 6.	  	PAYMENT FOR OPTION SHARES	  	4
	            6.1  	  	General Rule	  	4
	            6.2  	  	Surrender of Stock	  	4
	            6.3  	  	Exercise/Sale	  	4
	            6.4  	  	Promissory Note	  	4
	            6.5  	  	Other Forms of Payment	  	4
			
	ARTICLE 7.	  	STOCK APPRECIATION RIGHTS	  	5
	            7.1  	  	SAR Agreement	  	5
	            7.2  	  	Number of Shares	  	5
	            7.3  	  	Exercise Price	  	5
	            7.4  	  	Exercisability and Term	  	5
	            7.5  	  	Exercise of SARs	  	5
	            7.6  	  	Modification or Assumption of SARs	  	5
			
	ARTICLE 8.	  	RESTRICTED SHARES	  	6
	            8.1  	  	Restricted Stock Agreement	  	6
	            8.2  	  	Payment for Awards	  	6
	            8.3  	  	Vesting Conditions	  	6

  

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	            8.4  	  	Voting and Dividend Rights	  	6
			
	ARTICLE 9.	  	STOCK UNITS	  	6
	            9.1  	  	Stock Unit Agreement	  	6
	            9.2  	  	Payment for Awards	  	7
	            9.3  	  	Vesting Conditions	  	7
	            9.4  	  	Voting and Dividend Rights	  	7
	            9.5  	  	Form and Time of Settlement of Stock Units	  	7
	            9.6  	  	Death of Recipient	  	7
	            9.7  	  	Creditors’ Rights	  	8
			
	ARTICLE 10.	  	CHANGE IN CONTROL	  	8
			
	ARTICLE 11.	  	PROTECTION AGAINST DILUTION	  	8
	            11.1  	  	Adjustments	  	8
	            11.2  	  	Dissolution or Liquidation	  	9
	            11.3  	  	Reorganizations	  	9
			
	ARTICLE 12.	  	AWARDS UNDER OTHER PLANS	  	10
			
	ARTICLE 13.	  	PAYMENT OF DIRECTOR’S FEES IN SECURITIES	  	10
	            13.1  	  	Effective Date	  	10
	            13.2  	  	Elections to Receive NSOs, Restricted Shares or Stock Units	  	10
	            13.3  	  	Number and Terms of NSOs, Restricted Shares or Stock Units	  	11
			
	ARTICLE 14.	  	LIMITATION ON RIGHTS	  	11
	            14.1  	  	Retention Rights	  	11
	            14.2  	  	Stockholders’ Rights	  	11
	            14.3  	  	Regulatory Requirements	  	11
			
	ARTICLE 15.	  	WITHHOLDING TAXES	  	11
	            15.1  	  	General	  	11
	            15.2  	  	Share Withholding	  	11
			
	ARTICLE 16.	  	FUTURE OF THE PLAN	  	12
	            16.1  	  	Term of the Plan	  	12
	            16.2  	  	Amendment or Termination	  	12
	            16.3  	  	Stockholder Approval	  	12
			
	ARTICLE 17.	  	DEFINITIONS	  	12

  

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 GLASSHOUSE TECHNOLOGIES, INC.

 2007 EQUITY INCENTIVE PLAN 
 ARTICLE 1. INTRODUCTION. 
 The Plan
was adopted by the Board to be effective at the IPO. The purpose of the Plan is to promote the long-term success of the Company and the creation of stockholder value by (a) encouraging Employees, Outside Directors and Consultants to focus on
critical long-range objectives, (b) encouraging the attraction and retention of Employees, Outside Directors and Consultants with exceptional qualifications and (c) linking Employees, Outside Directors and Consultants directly to
stockholder interests through increased stock ownership. The Plan seeks to achieve this purpose by providing for Awards in the form of Restricted Shares, Stock Units, Options (which may constitute ISOs or NSOs) or stock appreciation rights.

 The Plan shall be governed by, and construed in accordance with, the laws of the State of Delaware (except their choice-of-law
provisions). 
 ARTICLE 2. ADMINISTRATION. 
 2.1 Committee Composition. The Committee shall administer the Plan. The Committee shall consist exclusively of two or more directors of the Company, who shall be appointed by the Board. In addition, each member
of the Committee shall meet the following requirements: 
 (a) Any listing standards prescribed by the principal securities
market on which the Company’s equity securities are traded; 
 (b) Such requirements as the Internal Revenue Service may
establish for outside directors acting under plans intended to qualify for exemption under section 162(m)(4)(C) of the Code; 
 (c) Such requirements as the Securities and Exchange Commission may establish for administrators acting under plans intended to qualify for exemption under Rule 16b-3 (or its successor) under the Exchange Act; and 
 (d) Any other requirements imposed by applicable law, regulations or rules. 
 2.2 Committee Responsibilities. The Committee shall (a) select the Employees, Outside Directors and Consultants who are to receive Awards
under the Plan, (b) determine the type, number, vesting requirements and other features and conditions of such Awards, (c) interpret the Plan, (d) make all other decisions relating to the operation of the Plan and (e) carry out
any other duties delegated to it by the Board. The Committee may adopt such rules or guidelines as it deems appropriate to implement the Plan. The Committee’s determinations under the Plan shall be final and binding on all persons. 

 2.3 Committee for Non-Officer Grants. The Board may also appoint a secondary committee of the
Board, which shall be composed of the entire Board or of one or more directors of the Company who need not satisfy the requirements of Section 2.1. Such secondary committee may administer the Plan with respect to Employees and Consultants who
are not Outside Directors and are not considered executive officers of the Company under section 16 of the Exchange Act, may grant Awards under the Plan to such Employees and Consultants and may determine all features and conditions of such
Awards. Within the limitations of this Section 2.3, any reference in the Plan to the Committee shall include such secondary committee. 
 ARTICLE 3. SHARES AVAILABLE FOR GRANTS. 
 3.1 Basic Limitation. Common Shares issued pursuant to the Plan may be
authorized but unissued shares or treasury shares. The aggregate number of Common Shares issued under the Plan shall not exceed (a) 7,000,000 plus the number of Common Shares remaining available for issuance under the Predecessor Plan on the
date of the IPO plus (b) the additional Common Shares described in Sections 3.2 and 3.3. The number of Common Shares that are subject to Awards outstanding at any time under the Plan shall not exceed the number of Common Shares that
then remain available for issuance under the Plan. All Common Shares available under the Plan may be issued upon the exercise of ISOs. No more than 700,000 Common Shares may be issued under the Plan as Restricted Shares. The limitations of this
Section 3.1 and Section 3.2 shall be subject to adjustment pursuant to Article 11. 
 3.2 Annual Increase in Shares. As of
the first day of each fiscal year of the Company, commencing on January 1, 2008 and ending on January 1, 2012, the aggregate number of Common Shares that may be issued under the Plan shall automatically increase by a number equal to 4% of
the total number of Common Shares then outstanding. 
 3.3 Shares Returned to Reserve. If Options, SARs or Stock Units under this Plan
or the Predecessor Plan are forfeited or terminate for any other reason before being exercised or settled, then the Common Shares subject to such Options, SARs or Stock Units shall again become available for issuance under this Plan. If Restricted
Shares or Common Shares issued upon the exercise of Options under this Plan or the Predecessor Plan are reacquired by the Company pursuant to a forfeiture provision or for any other reason, then such Common Shares shall again become available for
issuance under this Plan. If SARs are exercised, then only the number of Common Shares (if any) actually issued in settlement of such SARs shall reduce the number available under Section 3.1 and the balance shall again become available for
issuance under the Plan. If Stock Units are settled, then only the number of Common Shares (if any) actually issued in settlement of such Stock Units shall reduce the number available under Section 3.1 and the balance shall again become
available for issuance under the Plan. 
 3.4 Dividend Equivalents. Any dividend equivalents paid or credited under the Plan shall not
be applied against the number of Common Shares that may be issued under the Plan, whether or not such dividend equivalents are converted into Stock Units. 
  

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 ARTICLE 4. ELIGIBILITY. 
 4.1 Incentive Stock Options. Only Employees who are common-law employees of the Company, a Parent or a Subsidiary shall be eligible for the grant
of ISOs. In addition, an Employee who owns more than 10% of the total combined voting power of all classes of outstanding stock of the Company or any of its Parents or Subsidiaries shall not be eligible for the grant of an ISO unless the
requirements set forth in section 422(c)(5) of the Code are satisfied. 
 4.2 Other Grants. Only Employees, Outside
Directors and Consultants shall be eligible for the grant of Restricted Shares, Stock Units, NSOs or SARs. The Committee may provide that instead of granting an Award to an Outside Director, such Award may instead be granted to an affiliate of such
Outside Director. Such affiliate shall then be deemed to be an Outside Director for purposes of the Plan, provided that any Service-related vesting and termination provisions pertaining to an Award shall be applied with regard to the Service of the
Outside Director. 
 ARTICLE 5. OPTIONS. 
 5.1 Stock Option Agreement. Each grant of an Option under the Plan shall be evidenced by a Stock Option Agreement between the Optionee and the Company. Such Option shall be subject to all applicable terms of
the Plan and may be subject to any other terms that are not inconsistent with the Plan. The Stock Option Agreement shall specify whether the Option is an ISO or an NSO. The provisions of the various Stock Option Agreements entered into under the
Plan need not be identical. Options may be granted in consideration of a reduction in the Optionee’s other compensation. A Stock Option Agreement may provide that a new Option will be granted automatically to the Optionee when he or she
exercises a prior Option and pays the Exercise Price in the form described in Section 6.2. 
 5.2 Number of Shares. Each Stock
Option Agreement shall specify the number of Common Shares subject to the Option and shall provide for the adjustment of such number in accordance with Article 11. Options granted to any Optionee in a single calendar year shall not cover more than
1,000,000 Common Shares, except that Options granted to a new Employee in the calendar year in which his or her Service as an Employee first commences shall not cover more than 2,000,000 Common Shares. The limitation set forth in the preceding
sentence shall be subject to adjustment in accordance with Article 11. 
 5.3 Exercise Price. Each Stock Option Agreement shall
specify the Exercise Price; provided that the Exercise Price shall in no event be less than 100% of the Fair Market Value of a Common Share on the date of grant. 
 5.4 Exercisability and Term. Each Stock Option Agreement shall specify the date or event when all or any installment of the Option is to become exercisable. The Stock Option Agreement shall also specify the
term of the Option; provided that the term of an ISO shall in no event exceed 10 years from the date of grant. A Stock Option Agreement may provide for accelerated exercisability in the event of the Optionee’s death, disability or
retirement or other events and may provide for expiration prior to the end of its term in the event 

  

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of the termination of the Optionee’s Service. Options may be awarded in combination with SARs, and such an Award may provide that the Options will not
be exercisable unless the related SARs are forfeited. 
 5.5 Modification or Assumption of Options. Within the limitations of the
Plan, the Committee may modify, reprice, extend or assume outstanding options or may accept the cancellation of outstanding options (whether granted by the Company or by another issuer) in return for the grant of new options for the same or a
different number of shares and at the same or a different exercise price. The foregoing notwithstanding, no modification of an Option shall, without the consent of the Optionee, alter or impair his or her rights or obligations under such Option.

 5.6 Buyout Provisions. The Committee may at any time (a) offer to buy out for a payment in cash or cash equivalents an Option
previously granted or (b) authorize an Optionee to elect to cash out an Option previously granted, in either case at such time and based upon such terms and conditions as the Committee shall establish. 
 ARTICLE 6. PAYMENT FOR OPTION SHARES. 
 6.1 General Rule. The entire Exercise Price of Common Shares issued upon exercise of Options shall be payable in cash or cash equivalents at the time when such Common Shares are purchased, except that the Committee at its sole
discretion may accept payment of the Exercise Price in any other form(s) described in this Article 6. However, if the Optionee is an Outside Director or executive officer of the Company, he or she may pay the Exercise Price in a form other than
cash or cash equivalents only to the extent permitted by section 13(k) of the Exchange Act. 
 6.2 Surrender of Stock. With the
Committee’s consent, all or any part of the Exercise Price may be paid by surrendering, or attesting to the ownership of, Common Shares that are already owned by the Optionee. Such Common Shares shall be valued at their Fair Market Value on the
date the new Common Shares are purchased under the Plan. 
 6.3 Exercise/Sale. With the Committee’s consent, all or any part of
the Exercise Price and any withholding taxes may be paid by delivering (on a form prescribed by the Company) an irrevocable direction to a securities broker approved by the Company to sell all or part of the Common Shares being purchased under the
Plan and to deliver all or part of the sales proceeds to the Company. 
 6.4 Promissory Note. With the Committee’s consent, all
or any part of the Exercise Price and any withholding taxes may be paid by delivering (on a form prescribed by the Company) a full-recourse promissory note. 
 6.5 Other Forms of Payment. With the Committee’s consent, all or any part of the Exercise Price and any withholding taxes may be paid in any other form that is consistent with applicable laws, regulations
and rules. 
  

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 ARTICLE 7. STOCK APPRECIATION RIGHTS. 
 7.1 SAR Agreement. Each grant of an SAR under the Plan shall be evidenced by an SAR Agreement between the Optionee and the Company. Such SAR shall
be subject to all applicable terms of the Plan and may be subject to any other terms that are not inconsistent with the Plan. The provisions of the various SAR Agreements entered into under the Plan need not be identical. SARs may be granted in
consideration of a reduction in the Optionee’s other compensation. 
 7.2 Number of Shares. Each SAR Agreement shall specify the
number of Common Shares to which the SAR pertains and shall provide for the adjustment of such number in accordance with Article 11. SARs granted to any Optionee in a single calendar year shall in no event pertain to more than 100,000 Common Shares,
except that SARs granted to a new Employee in the calendar year in which his or her Service as an Employee first commences shall not pertain to more than 200,000 Common Shares. The limitation set forth in the preceding sentence shall be subject to
adjustment in accordance with Article 11. 
 7.3 Exercise Price. Each SAR Agreement shall specify the Exercise Price; provided that
the Exercise Price shall in no event be less than 100% of the Fair Market Value of a Common Share on the date of grant. 
 7.4
Exercisability and Term. Each SAR Agreement shall specify the date all or any installment of the SAR is to become exercisable. The SAR Agreement shall also specify the term of the SAR. An SAR Agreement may provide for accelerated exercisability
in the event of the Optionee’s death, disability or retirement or other events and may provide for expiration prior to the end of its term in the event of the termination of the Optionee’s Service. SARs may be awarded in combination with
Options, and such an Award may provide that the SARs will not be exercisable unless the related Options are forfeited. An SAR may be included in an ISO only at the time of grant but may be included in an NSO at the time of grant or thereafter. An
SAR granted under the Plan may provide that it will be exercisable only in the event of a Change in Control. 
 7.5 Exercise of SARs.
Upon exercise of an SAR, the Optionee (or any person having the right to exercise the SAR after his or her death) shall receive from the Company consideration in the form of (a) Common Shares, (b) cash or (c) a combination of Common
Shares and cash, as the Committee shall determine. Each SAR Agreement shall specify the amount and/or Fair Market Value of the consideration that the Optionee will receive upon exercising the SAR; provided that the aggregate consideration shall not
exceed the amount by which the Fair Market Value (on the date of exercise) of the Common Shares subject to the SAR exceeds the Exercise Price of the SAR. If, on the date an SAR expires, the Exercise Price of the SAR is less than the Fair Market
Value of the Common Shares subject to the SAR on such date but any portion of the SAR has not been exercised, then the SAR shall automatically be deemed to be exercised as of such date with respect to such portion. An SAR Agreement may also provide
for an automatic exercise of the SAR on an earlier date. 
 7.6 Modification or Assumption of SARs. Within the limitations of the
Plan, the Committee may modify, reprice, extend or assume outstanding SARs or may accept the 

  

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cancellation of outstanding SARs (whether granted by the Company or by another issuer) in return for the grant of new SARs for the same or a different number
of shares and at the same or a different exercise price. The foregoing notwithstanding, no modification of an SAR shall, without the consent of the Optionee, alter or impair his or her rights or obligations under such SAR. 
 ARTICLE 8. RESTRICTED SHARES. 
 8.1
Restricted Stock Agreement. Each grant of Restricted Shares under the Plan shall be evidenced by a Restricted Stock Agreement between the recipient and the Company. Such Restricted Shares shall be subject to all applicable terms of the Plan and
may be subject to any other terms that are not inconsistent with the Plan. The provisions of the various Restricted Stock Agreements entered into under the Plan need not be identical. 
 8.2 Payment for Awards. Restricted Shares may be sold or awarded under the Plan for such consideration as the Committee may determine, including
(without limitation) cash, cash equivalents, property, full-recourse promissory notes, past services and future services. If the Participant is an Outside Director or executive officer of the Company, he or she may pay for Restricted Shares with a
promissory note only to the extent permitted by Section 13(k) of the Exchange Act. Within the limitations of the Plan, the Committee may accept the cancellation of outstanding options in return for the grant of Restricted Shares. 
 8.3 Vesting Conditions. Each Award of Restricted Shares may or may not be subject to
vesting. Vesting shall occur, in full or in installments, upon satisfaction of the conditions specified in the Restricted Stock Agreement. The Committee may include among such conditions the requirement that the performance of the Company or a
business unit of the Company for a specified period of one or more fiscal years equal or exceed a target determined in advance by the Committee. The Committee shall determine such performance. Such target shall be based on one or more of the
criteria set forth in Appendix A. The Committee shall identify such target not later than the 90th day of such period. In no event shall more than
350,000 Restricted Shares that are subject to performance-based vesting conditions be granted to any Participant in a single fiscal year of the Company, subject to adjustment in accordance with Article 11. A Restricted Stock Agreement may provide
for accelerated vesting in the event of the Participant’s death, disability or retirement or other events. 
 8.4 Voting and
Dividend Rights. The holders of Restricted Shares awarded under the Plan shall have the same voting, dividend and other rights as the Company’s other stockholders. A Restricted Stock Agreement, however, may require that the holders of
Restricted Shares invest any cash dividends received in additional Restricted Shares. Such additional Restricted Shares shall be subject to the same conditions and restrictions as the Award with respect to which the dividends were paid. 

ARTICLE 9. STOCK UNITS. 
 9.1
Stock Unit Agreement. Each grant of Stock Units under the Plan shall be evidenced by a Stock Unit Agreement between the recipient and the Company. Such Stock Units shall be subject to all applicable terms of the Plan and may be subject to any
other terms 

  

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that are not inconsistent with the Plan. The provisions of the various Stock Unit Agreements entered into under the Plan need not be identical. Stock Units
may be granted in consideration of a reduction in the recipient’s other compensation. 
 9.2 Payment for Awards. To the extent
that an Award is granted in the form of Stock Units, no cash consideration shall be required of the Award recipients. 
 9.3 Vesting Conditions. Each Award of Stock Units may or may not be subject to vesting.
Vesting shall occur, in full or in installments, upon satisfaction of the conditions specified in the Stock Unit Agreement. The Committee may include among such conditions the requirement that the performance of the Company or a business unit of the
Company for a specified period of one or more fiscal years equal or exceed a target determined in advance by the Committee. The Committee shall determine such performance. Such target shall be based on one or more of the criteria set forth in
Appendix A. The Committee shall identify such target not later than the 90th day of such period. In no event shall more than 250,000 Stock Units that
are subject to performance-based vesting conditions be granted to any Participant in a single fiscal year of the Company, subject to adjustment in accordance with Article 11. A Stock Unit Agreement may provide for accelerated vesting in the event of
the Participant’s death, disability or retirement or other events. 
 9.4 Voting and Dividend Rights. The holders of Stock
Units shall have no voting rights. Prior to settlement or forfeiture, any Stock Unit awarded under the Plan may, at the Committee’s discretion, carry with it a right to dividend equivalents. Such right entitles the holder to be credited with an
amount equal to all cash dividends paid on one Common Share while the Stock Unit is outstanding. Dividend equivalents may be converted into additional Stock Units. Settlement of dividend equivalents may be made in the form of cash, in the form of
Common Shares, or in a combination of both. Prior to distribution, any dividend equivalents that are not paid shall be subject to the same conditions and restrictions as the Stock Units to which they attach. 
 9.5 Form and Time of Settlement of Stock Units. Settlement of vested Stock Units may be made in the form of (a) cash, (b) Common Shares
or (c) any combination of both, as determined by the Committee. The actual number of Stock Units eligible for settlement may be larger or smaller than the number included in the original Award, based on predetermined performance factors.
Methods of converting Stock Units into cash may include (without limitation) a method based on the average Fair Market Value of Common Shares over a series of trading days. Vested Stock Units may be settled in a lump sum or in installments. The
distribution may occur or commence when all vesting conditions applicable to the Stock Units have been satisfied or have lapsed, or it may be deferred to any later date. The amount of a deferred distribution may be increased by an interest factor or
by dividend equivalents. Until an Award of Stock Units is settled, the number of such Stock Units shall be subject to adjustment pursuant to Article 11. 
 9.6 Death of Recipient. Any Stock Units Award that becomes payable after the recipient’s death shall be distributed to the recipient’s beneficiary or beneficiaries. Each recipient of a Stock Units
Award under the Plan shall designate one or more beneficiaries for this purpose by filing the prescribed form with the Company. A beneficiary designation may be 

  

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changed by filing the prescribed form with the Company at any time before the Award recipient’s death. If no beneficiary was designated or if no
designated beneficiary survives the Award recipient, then any Stock Units Award that becomes payable after the recipient’s death shall be distributed to the recipient’s estate. 
 9.7 Creditors’ Rights. A holder of Stock Units shall have no rights other than those of a general creditor of the Company. Stock Units
represent an unfunded and unsecured obligation of the Company, subject to the terms and conditions of the applicable Stock Unit Agreement. 
 ARTICLE 10. CHANGE IN CONTROL. 
 The Committee shall have the discretion, exercisable either at the time an Award is granted
or at any time while the Award remains outstanding, to provide for the automatic acceleration of vesting upon the occurrence of a Change in Control, whether or not the Award is to be assumed or replaced in the Change in Control, or in connection
with a termination of a Participant’s Service following a Change in Control. 
 ARTICLE 11. PROTECTION AGAINST DILUTION.

 11.1 Adjustments. In the event of a subdivision of the outstanding Common Shares, a declaration of a dividend payable in Common
Shares or a combination or consolidation of the outstanding Common Shares (by reclassification or otherwise) into a lesser number of Common Shares, corresponding adjustments shall automatically be made in each of the following: 
 (a) The number of Options, SARs, Restricted Shares and Stock Units available for future Awards under Article 3, including the share
limitation set forth in Section 3.1 and the share limitation set forth in Section 3.2; 
 (b) The limitations set
forth in Sections 5.2, 7.2, 8.3 and 9.3; 
 (c) The number of Common Shares covered by each outstanding Option and SAR;

 (d) The Exercise Price under each outstanding Option and SAR; or 
 (e) The number of Stock Units included in any prior Award that has not yet been settled. 
 In the event of a declaration of an extraordinary dividend payable in a form other than Common Shares in an amount that has a material effect on the price of Common
Shares, a recapitalization, a spin-off or a similar occurrence, the Committee shall make such adjustments as it, in its sole discretion, deems appropriate in one or more of the foregoing. Except as provided in this Article 11, a Participant shall
have no rights by reason of any issuance by the Company of stock of any class or securities convertible into stock of any class, any subdivision or consolidation of shares of stock of any class, the payment of any stock dividend or any other
increase or decrease in the number of shares of stock of any class. 
  

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 11.2 Dissolution or Liquidation. To the extent not previously exercised or settled, Options, SARs
and Stock Units shall terminate immediately prior to the dissolution or liquidation of the Company. 
 11.3 Reorganizations. In the
event that the Company is a party to a merger or consolidation, all outstanding Awards shall be subject to the agreement of merger or consolidation. Such agreement shall provide for one or more of the following: 
 (a) The continuation of such outstanding Awards by the Company (if the Company is the surviving corporation). 
 (b) The assumption of such outstanding Awards by the surviving corporation or its parent, provided that the assumption of Options or SARs
shall comply with section 424(a) of the Code (whether or not the Options are ISOs). 
 (c) The substitution by the
surviving corporation or its parent of new awards for such outstanding Awards, provided that the substitution of Options or SARs shall comply with section 424(a) of the Code (whether or not the Options are ISOs). 
 (d) The cancellation of such outstanding Options without payment of any consideration. The Optionees shall be able to exercise such
Options and SARs during a period of not less than five full business days preceding the closing date of such merger or consolidation, unless (i) a shorter period is required to permit a timely closing of such merger or consolidation and
(ii) such shorter period still offers the Optionees a reasonable opportunity to exercise such Options and SARs. Any exercise of such Options and SARs during such period may be contingent on the closing of such merger or consolidation.

 (e) Full exercisability of outstanding Options and SARs and full vesting of the Common Shares subject to such Options and
SARs, followed by the cancellation of such Options and SARs. The full exercisability of such Options and SARs and full vesting of such Common Shares may be contingent on the closing of such merger or consolidation. The Optionees shall be able to
exercise such Options and SARs during a period of not less than five full business days preceding the closing date of such merger or consolidation, unless (i) a shorter period is required to permit a timely closing of such merger or
consolidation and (ii) such shorter period still offers the Optionees a reasonable opportunity to exercise such Options and SARs. Any exercise of such Options and SARs during such period may be contingent on the closing of such merger or
consolidation. 
 (f) The cancellation of outstanding Options and SARs and a payment to the Optionees equal to the excess of
(i) the Fair Market Value of the 

  

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Common Shares subject to such Options and SARs (whether or not such Options and SARs are then exercisable or such Common Shares are then vested) as of the
closing date of such merger or consolidation over (ii) their Exercise Price. Such payment shall be made in the form of cash, cash equivalents, or securities of the surviving corporation or its parent with a Fair Market Value equal to the
required amount. Such payment may be made in installments and may be deferred until the date or dates when such Options and SARs would have become exercisable or such Common Shares would have vested. Such payment may be subject to vesting based on
the Optionee’s continuing Service, provided that the vesting schedule shall not be less favorable to the Optionee than the schedule under which such Options and SARs would have become exercisable or such Common Shares would have vested. If the
Exercise Price of the Common Shares subject to such Options and SARs exceeds the Fair Market Value of such Common Shares, then such Options and SARs may be cancelled without making a payment to the Optionees. For purposes of this
Subsection (e), the Fair Market Value of any security shall be determined without regard to any vesting conditions that may apply to such security. 
 (g) The cancellation of outstanding Stock Units and a payment to the Participants equal to the Fair Market Value of the Common Shares subject to such Stock Units (whether or not such Stock Units are then vested) as of
the closing date of such merger or consolidation. Such payment shall be made in the form of cash, cash equivalents, or securities of the surviving corporation or its parent with a Fair Market Value equal to the required amount. Such payment may be
made in installments and may be deferred until the date or dates when such Stock Units would have vested. Such payment may be subject to vesting based on the Participant’s continuing Service, provided that the vesting schedule shall not be less
favorable to the Participant than the schedule under which such Stock Units would have vested. For purposes of this Subsection (f), the Fair Market Value of any security shall be determined without regard to any vesting conditions that may
apply to such security. 
 ARTICLE 12. AWARDS UNDER OTHER PLANS. 
 The Company may grant awards under other plans or programs. Such awards may be settled in the form of Common Shares issued under this Plan. Such Common
Shares shall be treated for all purposes under the Plan like Common Shares issued in settlement of Stock Units and shall, when issued, reduce the number of Common Shares available under Article 3. 
 ARTICLE 13. PAYMENT OF DIRECTOR’S FEES IN SECURITIES. 
 13.1 Effective Date. No provision of this Article 13 shall be effective unless and until the Board has determined to implement such provision. 
 13.2 Elections to Receive NSOs, Restricted Shares or Stock Units. An Outside Director may elect to receive his or her annual retainer payments and/or meeting fees from the Company in the form of cash, NSOs,
Restricted Shares or Stock Units, or a 

  

 10 

 
combination thereof, as determined by the Board. Such NSOs, Restricted Shares and Stock Units shall be issued under the Plan. An election under this Article
13 shall be filed with the Company on the prescribed form. 
 13.3 Number and Terms of NSOs, Restricted Shares or Stock Units. The
number of NSOs, Restricted Shares or Stock Units to be granted to Outside Directors in lieu of annual retainers and meeting fees that would otherwise be paid in cash shall be calculated in a manner determined by the Board. The Board shall also
determine the terms of such NSOs, Restricted Shares or Stock Units. 
 ARTICLE 14. LIMITATION ON RIGHTS. 
 14.1 Retention Rights. Neither the Plan nor any Award granted under the Plan shall be deemed to give any individual a right to remain an Employee,
Outside Director or Consultant. The Company and its Parents, Subsidiaries and Affiliates reserve the right to terminate the Service of any Employee, Outside Director or Consultant at any time, with or without cause, subject to applicable laws, the
Company’s certificate of incorporation and by-laws and a written employment agreement (if any). 
 14.2 Stockholders’
Rights. A Participant shall have no dividend rights, voting rights or other rights as a stockholder with respect to any Common Shares covered by his or her Award prior to the time when a stock certificate for such Common Shares is issued or, if
applicable, the time when he or she becomes entitled to receive such Common Shares by filing any required notice of exercise and paying any required Exercise Price. No adjustment shall be made for cash dividends or other rights for which the record
date is prior to such time, except as expressly provided in the Plan. 
 14.3 Regulatory Requirements. Any other provision of the Plan
notwithstanding, the obligation of the Company to issue Common Shares under the Plan shall be subject to all applicable laws, rules and regulations and such approval by any regulatory body as may be required. The Company reserves the right to
restrict, in whole or in part, the delivery of Common Shares pursuant to any Award prior to the satisfaction of all legal requirements relating to the issuance of such Common Shares, to their registration, qualification or listing or to an exemption
from registration, qualification or listing. 
 ARTICLE 15. WITHHOLDING TAXES. 
 15.1 General. To the extent required by applicable federal, state, local or foreign law, a Participant or his or her successor shall make
arrangements satisfactory to the Company for the satisfaction of any withholding tax obligations that arise in connection with the Plan. The Company shall not be required to issue any Common Shares or make any cash payment under the Plan until such
obligations are satisfied. 
 15.2 Share Withholding. To the extent that applicable law subjects a Participant to tax withholding
obligations, the Committee may permit such Participant to satisfy all or part of such obligations by having the Company withhold all or a portion of any Common Shares that otherwise would be issued to him or her or by surrendering all or a portion
of any Common Shares that he or she previously acquired. Such Common Shares shall be valued at their Fair Market Value on the date they are withheld or surrendered. 
  

 11 

 ARTICLE 16. FUTURE OF THE PLAN. 
 16.1 Term of the Plan. The Plan, as set forth herein, shall become effective on the
effective date of the IPO. The Plan shall remain in effect until the earlier of (a) the date the Plan is terminated under Section 16.2 or (b) the 10th anniversary of the date the Board adopted the Plan. The Plan shall serve as the successor to the Predecessor Plan, and no further option grants shall be made under the Predecessor Plan after the Plan effective date. All options outstanding
under the Predecessor Plan as of such date shall, immediately upon effectiveness of the Plan, be deemed incorporated into the Plan but shall remain outstanding in accordance with their terms. Each outstanding option granted under the Predecessor
Plan shall continue to be governed solely by the terms of the documents evidencing such option, and no provision of the Plan shall be deemed to affect or otherwise modify the rights or obligations of the holders of such options with respect to their
acquisition of Common Shares. 
 16.2 Amendment or Termination. The Board may, at any time and for any reason, amend or
terminate the Plan. No Awards shall be granted under the Plan after the termination thereof. The termination of the Plan, or any amendment thereof, shall not affect any Award previously granted under the Plan. 
 16.3 Stockholder Approval. An amendment of the Plan shall be subject to the approval of the Company’s stockholders only to the extent
required by applicable laws, regulations or rules. However, section 162(m) of the Code may require that the Company’s stockholders approve: 
 (a) The Plan not later than the first regular meeting of stockholders that occurs in the fourth calendar year following the calendar year in which the Company’s initial public offering occurred; and 

(b) The performance criteria set forth in Appendix A not later than the first meeting of stockholders that occurs in the fifth
year following the year in which the Company’s stockholders previously approved such criteria. 
 ARTICLE 17. DEFINITIONS.

 17.1 “Affiliate” means any entity other than a Subsidiary, if the Company and/or one or more Subsidiaries own not less
than 50% of such entity. 
 17.2 “Award” means any award of an Option, an SAR, a Restricted Share or a Stock Unit under the
Plan. 
 17.3 “Board” means the Company’s Board of Directors, as constituted from time to time. 
 17.4 “Change in Control” means: 
 (a) The consummation of a merger or consolidation of the Company with or into another entity or any other corporate reorganization, if persons who were not stockholders of the Company immediately prior to such merger,
consolidation or other reorganization own immediately after such merger, consolidation or other reorganization 50% or more of the voting power of the outstanding securities of each of (i) the continuing or surviving entity and (ii) any
direct or indirect parent corporation of such continuing or surviving entity; 
  

 12 

 (b) The sale, transfer or other disposition of all or substantially all of the
Company’s assets; 
 (c) A change in the composition of the Board, as a result of which fewer than 50% of the incumbent
directors are directors who either: 
 (i) Had been directors of the Company on the date 24 months prior to the date of such
change in the composition of the Board (the “Original Directors”); or 
 (ii) Were appointed to the Board, or
nominated for election to the Board, with the affirmative votes of at least a majority of the aggregate of (A) the Original Directors who were in office at the time of their appointment or nomination and (B) the directors whose appointment
or nomination was previously approved in a manner consistent with this Paragraph (ii); or 
 (d) Any transaction as a
result of which any person is the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing at least 50% of the total voting power represented by the
Company’s then outstanding voting securities. For purposes of this Subsection (d), the term “person” shall have the same meaning as when used in sections 13(d) and 14(d) of the Exchange Act but shall exclude (i) a
trustee or other fiduciary holding securities under an employee benefit plan of the Company or of a Parent or Subsidiary and (ii) a corporation owned directly or indirectly by the stockholders of the Company in substantially the same
proportions as their ownership of the common stock of the Company. 
 A transaction shall not constitute a Change in Control if its sole purpose is to change
the state of the Company’s incorporation or to create a holding company that will be owned in substantially the same proportions by the persons who held the Company’s securities immediately before such transaction. 
 17.5 “Code” means the Internal Revenue Code of 1986, as amended. 
 17.6 “Committee” means a committee of the Board, as described in Article 2. 
 17.7 “Common Share” means one share of the common stock of the Company. 
  

 13 

 17.8 “Company” means GlassHouse Technologies, Inc., a Delaware corporation. 

17.9 “Consultant” means a consultant or adviser who provides bona fide services to the Company, a Parent, a Subsidiary or an
Affiliate as an independent contractor. 
 17.10 “Employee” means a common-law employee of the Company, a Parent, a
Subsidiary or an Affiliate. 
 17.11 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
 17.12 “Exercise Price,” in the case of an Option, means the amount for which one Common Share may be purchased upon exercise of such
Option, as specified in the applicable Stock Option Agreement. “Exercise Price,” in the case of an SAR, means an amount, as specified in the applicable SAR Agreement, which is subtracted from the Fair Market Value of one Common Share in
determining the amount payable upon exercise of such SAR. 
 17.13 “Fair Market Value” means the market price of Common
Shares, determined by the Committee in good faith on such basis as it deems appropriate. Whenever possible, the determination of Fair Market Value by the Committee shall be based on the prices reported in The Wall Street Journal. Such
determination shall be conclusive and binding on all persons. 
 17.14 “IPO” means the initial public offering of the
Company’s Common Stock. 
 17.15 “ISO” means an incentive stock option described in section 422(b) of the Code.

 17.16 “NSO” means a stock option not described in sections 422 or 423 of the Code. 
 17.17 “Option” means an ISO or NSO granted under the Plan and entitling the holder to purchase Common Shares. 
 17.18 “Optionee” means an individual or estate who holds an Option or SAR. 
 17.19 “Outside Director” means a member of the Board who is not an Employee. 
 17.20 “Parent” means any corporation (other than the Company) in an unbroken chain of corporations ending with the Company, if each of
the corporations other than the Company owns stock possessing 50% or more of the total combined voting power of all classes of stock in one of the other corporations in such chain. A corporation that attains the status of a Parent on a date after
the adoption of the Plan shall be considered a Parent commencing as of such date. 
 17.21 “Participant” means an individual
or estate who holds an Award. 
  

 14 

 17.22 “Plan” means this GlassHouse Technologies, Inc. 2007 Equity Incentive Plan, as
amended from time to time. 
 17.23 “Predecessor Plan” means the Company’s existing Amended and Restated 2001 Stock
Option and Grant Plan. 
 17.24 “Restricted Share” means a Common Share awarded under the Plan. 
 17.25 “Restricted Stock Agreement” means the agreement between the Company and the recipient of a Restricted Share that contains the
terms, conditions and restrictions pertaining to such Restricted Share. 
 17.26 “SAR” means a stock appreciation right
granted under the Plan. 
 17.27 “SAR Agreement” means the agreement between the Company and an Optionee that contains the
terms, conditions and restrictions pertaining to his or her SAR. 
 17.28 “Service” means service as an Employee, Outside
Director or Consultant. 
 17.29 “Stock Option Agreement” means the agreement between the Company and an Optionee that
contains the terms, conditions and restrictions pertaining to his or her Option. 
 17.30 “Stock Unit” means a bookkeeping
entry representing the equivalent of one Common Share, as awarded under the Plan. 
 17.31 “Stock Unit Agreement” means the
agreement between the Company and the recipient of a Stock Unit that contains the terms, conditions and restrictions pertaining to such Stock Unit. 
 17.32 “Subsidiary” means any corporation (other than the Company) in an unbroken chain of corporations beginning with the Company, if each of the corporations other than the last corporation in the unbroken chain owns stock
possessing 50% or more of the total combined voting power of all classes of stock in one of the other corporations in such chain. A corporation that attains the status of a Subsidiary on a date after the adoption of the Plan shall be considered a
Subsidiary commencing as of such date. 
  

 15 

 APPENDIX A 
 PERFORMANCE CRITERIA FOR RESTRICTED SHARES AND STOCK UNITS

 The performance goals that may be used by the Committee for such awards shall consist of: operating profits (including EBITDA), net profits, earnings
per share, profit returns and margins, revenues, stockholder return and/or value, stock price and working capital. Performance goals may be measured solely on a corporate, subsidiary or business unit basis, or a combination thereof. Further,
performance criteria may reflect absolute entity performance or a relative comparison of entity performance to the performance of a peer group of entities or other external measure of the selected performance criteria. Profit, earnings and revenues
used for any performance goal measurement shall exclude: gains or losses on operating asset sales or dispositions; asset write-downs; litigation or claim judgments or settlements; accruals for historic environmental obligations; effect of changes in
tax law or rate on deferred tax liabilities; accruals for reorganization and restructuring programs; uninsured catastrophic property losses; the cumulative effect of changes in accounting principles; and any extraordinary non-recurring items as
described in Accounting Principles Board Opinion No. 30 and/or in management’s discussion and analysis of financial performance appearing in the Company’s annual report to stockholders for the applicable year.2007 Employee Stock Purchase Plan

 Exhibit 10.24 
 GLASSHOUSE TECHNOLOGIES, INC. 
 2007
EMPLOYEE STOCK PURCHASE PLAN 
 (AS ADOPTED
EFFECTIVE UPON THE IPO) 

 TABLE OF CONTENTS 
  

					
	 	 	 	  	Page
	 SECTION 1. PURPOSE OF THE PLAN
	  	1
		
	 SECTION 2. ADMINISTRATION OF THE PLAN
	  	1
		 	 (a) Committee Composition
	  	1
		 	 (b) Committee Responsibilities
	  	1
		
	 SECTION 3. STOCK OFFERED UNDER THE PLAN
	  	1
		 	 (a) Authorized Shares
	  	1
		 	 (b) Anti-Dilution Adjustments
	  	1
		 	 (c) Reorganizations
	  	1
		
	 SECTION 4. ENROLLMENT AND PARTICIPATION
	  	2
		 	 (a) Offering Periods
	  	2
		 	 (b) Accumulation Periods
	  	2
		 	 (c) Enrollment at IPO
	  	2
		 	 (c) Enrollment After IPO
	  	2
		 	 (d) Duration of Participation
	  	2
		 	 (e) Applicable Offering Period
	  	3
		
	 SECTION 5. EMPLOYEE CONTRIBUTIONS
	  	3
		 	 (a) Commencement of Payroll Deductions
	  	3
		 	 (b) Amount of Payroll Deductions
	  	3
		 	 (c) Changing Withholding Rate
	  	4
		 	 (d) Discontinuing Payroll Deductions
	  	4
		 	 (e) Limit on Number of Elections
	  	4
		
	 SECTION 6. WITHDRAWAL FROM THE PLAN
	  	4
		 	 (a) Withdrawal
	  	4
		 	 (b) Re-Enrollment After Withdrawal
	  	4
		
	 SECTION 7. CHANGE IN EMPLOYMENT STATUS
	  	4
		 	 (a) Termination of Employment
	  	4
		 	 (b) Leave of Absence
	  	4
		 	 (c) Death
	  	5
		
	 SECTION 8. PLAN ACCOUNTS AND PURCHASE OF SHARES
	  	5
		 	 (a) Plan Accounts
	  	5
		 	 (b) Purchase Price
	  	5
		 	 (c) Number of Shares Purchased
	  	5
		 	 (d) Available Shares Insufficient
	  	5
		 	 (e) Issuance of Stock
	  	6
		 	 (f) Tax Withholding
	  	6

  

 i 

					
		  	(g) Unused Cash Balances	  	6
		  	(h) Stockholder Approval	  	6
		
	SECTION 9. LIMITATIONS ON STOCK OWNERSHIP	  	6
		  	(a) Five Percent Limit	  	6
		  	(b) Dollar Limit	  	6
		
	SECTION 10. RIGHTS NOT TRANSFERABLE	  	7
		
	SECTION 11. NO RIGHTS AS AN EMPLOYEE	  	7
		
	SECTION 12. NO RIGHTS AS A STOCKHOLDER	  	8
		
	SECTION 13. SECURITIES LAW REQUIREMENTS	  	8
		
	SECTION 14. AMENDMENT OR DISCONTINUANCE	  	8
		  	(a) General Rule	  	8
		  	(b) Impact on Purchase Price	  	8
		
	SECTION 15. DEFINITIONS	  	9
		  	(a) Accumulation Period	  	9
		  	(b) Board	  	9
		  	(c) Code	  	9
		  	(d) Committee	  	9
		  	(e) Company	  	9
		  	(f) Compensation	  	9
		  	(g) Corporate Reorganization	  	9
		  	(h) Eligible Employee	  	9
		  	(i) Exchange Act	  	10
		  	(j) Fair Market Value	  	10
		  	(k) IPO	  	10
		  	(l) Offering Period	  	10
		  	(m) Participant	  	10
		  	(n) Participating Company	  	10
		  	(o) Plan	  	10
		  	(p) Plan Account	  	10
		  	(q) Purchase Price	  	10
		  	(r) Stock	  	10
		  	(s) Subsidiary	  	10
		
	SECTION 16. EXECUTION	  	Error! Bookmark not defined.

  

 ii 

 GLASSHOUSE TECHNOLOGIES, INC.

 2007 EMPLOYEE STOCK PURCHASE PLAN 
 SECTION 1. PURPOSE OF THE PLAN. 
 The Board adopted
the Plan effective as of the date of the IPO. The purpose of the Plan is to provide Eligible Employees with an opportunity to increase their proprietary interest in the success of the Company by purchasing Stock from the Company on favorable terms
and to pay for such purchases through payroll deductions. The Plan is intended to qualify for favorable tax treatment under section 423 of the Code. 
 SECTION 2. ADMINISTRATION OF THE PLAN. 
 (a) Committee Composition. The Committee shall administer the Plan. The
Committee shall consist exclusively of one or more directors of the Company, who shall be appointed by the Board. 
 (b) Committee
Responsibilities. The Committee shall interpret the Plan and make all other policy decisions relating to the operation of the Plan. The Committee may adopt such rules, guidelines and forms as it deems appropriate to implement the Plan. The
Committee’s determinations under the Plan shall be final and binding on all persons. 
 SECTION 3. STOCK OFFERED UNDER THE PLAN. 
 (a) Authorized Shares. The number of shares of Stock available for purchase under the Plan
shall be 3,000,000 (subject to adjustment pursuant to Subsection (b) below). On January 1st of each year, commencing with January 1, 2008,
the aggregate number of shares of Stock available for purchase during the life of the Plan shall automatically be increased by the number equal to 1% of the total number of shares of Stock then outstanding. 
 (b) Anti-Dilution Adjustments. The aggregate number of shares of Stock offered under the Plan, the 2,500-share limitation described in
Section 8(c) and the price of shares that any Participant has elected to purchase shall be adjusted proportionately for any increase or decrease in the number of outstanding shares of Stock resulting from a subdivision or consolidation of
shares or the payment of a stock dividend, any other increase or decrease in such shares effected without receipt or payment of consideration by the Company, the distribution of the shares of a Subsidiary to the Company’s stockholders, or a
similar event. 
 (c) Reorganizations. Any other provision of the Plan notwithstanding, immediately prior to the effective time of a
Corporate Reorganization, the Offering Period and Accumulation Period then in progress shall terminate and shares shall be purchased pursuant to Section 8, unless the Plan is continued or assumed by the surviving corporation or its parent
corporation. The Plan shall in no event be construed to restrict in any way the Company’s right to undertake a dissolution, liquidation, merger, consolidation or other reorganization. 

 SECTION 4. ENROLLMENT AND PARTICIPATION. 
 (a) Offering Periods. While the Plan is in effect, the Committee shall determine the duration and commencement date of each Offering Period,
provided that an Offering Period shall in no event be longer than 27 months. Offering Periods may be consecutive or overlapping. 
 (b)
Accumulation Periods. While the Plan is in effect, the Committee shall determine the duration and commencement date of each Accumulation Period. The Committee may determine that the first Accumulation Period applicable to the Eligible
Employees of a new Participating Company shall commence on any date specified by the Committee. 
 (c) Enrollment at IPO. Each
individual who, on the day of the IPO, qualifies as an Eligible Employee shall automatically become a Participant on such day. Each Participant who was automatically enrolled on the day of the IPO shall file the prescribed enrollment form with the
Company. The enrollment form shall be filed at the prescribed location within 10 business days after the Company filed a registration statement on Form S-8 for the shares of Stock offered under the Plan. If a Participant who was automatically
enrolled on the day of the IPO fails to file such form in a timely manner, then such Participant shall be deemed to have withdrawn from the Plan under Section 6(a). A former Participant who is deemed to have withdrawn from the Plan shall not be
a Participant until he or she re-enrolls in the Plan under Subsection (d) below. Re-enrollment may be effective only at the commencement of an Offering Period. 
 (d) Enrollment After IPO. In the case of any individual who qualifies as an Eligible Employee on the first day of any Offering Period other than the first Offering Period, he or she may elect to become a
Participant on such day by filing the prescribed enrollment form with the Company. The enrollment form shall be filed at the prescribed location not later than such day. 
 (e) Duration of Participation. Once enrolled in the Plan, a Participant shall continue to participate in the Plan until he or she: 
 (i) Reaches the end of the Accumulation Period in which his or her employee contributions were discontinued under Section 5(d) or
9(b); 
 (ii) Is deemed to withdraw from the Plan under Subsection (c) above; 
 (iii) Withdraws from the Plan under Section 6(a); or 
 (iv) Ceases to be an Eligible Employee. 
  

 2 

 A Participant whose employee contributions were discontinued automatically under Section 9(b) shall automatically
resume participation at the beginning of the earliest Accumulation Period ending in the next calendar year, if he or she then is an Eligible Employee. In all other cases, a former Participant may again become a Participant, if he or she then is an
Eligible Employee, by following the procedure described in Subsection (d) above. 
 (f) Applicable Offering Period. For purposes
of calculating the Purchase Price under Section 8(b), the applicable Offering Period shall be determined as follows: 
 (i) Once a Participant is enrolled in the Plan for an Offering Period, such Offering Period shall continue to apply to him or her until the earliest of (A) the end of such Offering Period, (B) the end of his or her participation
under Subsection (e) above or (C) re-enrollment for a subsequent Offering Period under Paragraph (ii), (iii) or (iv) below. 
 (ii) In the event that the Fair Market Value of Stock on the last trading day before the commencement of the Offering Period for which the Participant is enrolled is higher than on the last trading day before the
commencement of any subsequent Offering Period, the Participant shall automatically be re-enrolled for such subsequent Offering Period. 
 (iii) If Section 14(b) applies, the Participant shall automatically be re-enrolled for a new Offering Period. 
 (iv) Any other provision of the Plan notwithstanding, the Company (at its sole discretion) may determine prior to the commencement of any new Offering Period that all Participants shall be re-enrolled for such new
Offering Period. 
 (v) When a Participant reaches the end of an Offering Period but his or her participation is to continue,
then such Participant shall automatically be re-enrolled for the Offering Period that commences immediately after the end of the prior Offering Period. 
 SECTION 5. EMPLOYEE CONTRIBUTIONS. 
 (a) Commencement of Payroll Deductions. A Participant may purchase shares of
Stock under the Plan solely by means of payroll deductions. Payroll deductions shall commence as soon as reasonably practicable after the Company has received the prescribed enrollment form. 
 (b) Amount of Payroll Deductions. An Eligible Employee shall designate on the enrollment form the portion of his or her Compensation that he or
she elects to have withheld for the purchase of Stock. Such portion shall be a whole percentage of the Eligible Employee’s Compensation, but not less than 1% nor more than 15%. 
  

 3 

 (c) Changing Withholding Rate. If a Participant wishes to change the rate of payroll withholding,
he or she may do so by filing a new enrollment form with the Company at the prescribed location at any time. The new withholding rate shall be effective as soon as reasonably practicable after the Company has received such form. The new withholding
rate shall be a whole percentage of the Eligible Employee’s Compensation, but not less than 1% nor more than 15%. 
 (d)
Discontinuing Payroll Deductions. If a Participant wishes to discontinue employee contributions entirely, he or she may do so by filing a new enrollment form with the Company at the prescribed location at any time. Payroll withholding shall
cease as soon as reasonably practicable after the Company has received such form. (In addition, employee contributions may be discontinued automatically pursuant to Section 9(b).) A Participant who has discontinued employee contributions may
resume such contributions by filing a new enrollment form with the Company at the prescribed location. Payroll withholding shall resume as soon as reasonably practicable after the Company has received such form. 
 (e) Limit on Number of Elections. No Participant shall make more than one election under Subsection (c) or (d) above during any
Accumulation Period. 
 SECTION 6. WITHDRAWAL FROM THE PLAN. 
 (a) Withdrawal. A Participant may elect to withdraw from the Plan by filing the prescribed form with the Company at the prescribed location at any time before the last day of an Accumulation Period. As soon as
reasonably practicable thereafter, payroll deductions shall cease and the entire amount credited to the Participant’s Plan Account shall be refunded to him or her in cash, without interest. No partial withdrawals shall be permitted. 

(b) Re-Enrollment After Withdrawal. A former Participant who has withdrawn from the Plan shall not be a Participant until he or she re-enrolls
in the Plan under Section 4(d). Re-enrollment may be effective only at the commencement of an Offering Period. 
 SECTION 7. CHANGE IN EMPLOYMENT
STATUS. 
 (a) Termination of Employment. Termination of employment as an Eligible Employee for any reason, including death, shall
be treated as an automatic withdrawal from the Plan under Section 6(a). (A transfer from one Participating Company to another shall not be treated as a termination of employment.) 
 (b) Leave of Absence. For purposes of the Plan, employment shall not be deemed to terminate when the Participant goes on a military leave, a sick
leave or another bona fide leave of absence, if the leave was approved by the Company in writing. Employment, however, shall be deemed to terminate 90 days after the Participant goes on a leave, unless a contract or statute guarantees his or
her right to return to work. Employment shall be deemed to terminate in any event when the approved leave ends, unless the Participant immediately returns to work. 
  

 4 

 (c) Death. In the event of the Participant’s death, the amount credited to his or her Plan
Account shall be paid to a beneficiary designated by him or her for this purpose on the prescribed form or, if none, to the Participant’s estate. Such form shall be valid only if it was filed with the Company at the prescribed location before
the Participant’s death. 
 SECTION 8. PLAN ACCOUNTS AND PURCHASE OF SHARES. 
 (a) Plan Accounts. The Company shall maintain a Plan Account on its books in the name of each Participant. Whenever an amount is deducted from the
Participant’s Compensation under the Plan, such amount shall be credited to the Participant’s Plan Account. Amounts credited to Plan Accounts shall not be trust funds and may be commingled with the Company’s general assets and applied
to general corporate purposes. No interest shall be credited to Plan Accounts. 
 (b) Purchase Price. The Purchase Price for each
share of Stock purchased at the close of an Accumulation Period shall be the lower of: 
 (i) 85% of the Fair Market Value of
such share on the last trading day before the commencement of the applicable Offering Period (as determined under Section 4(f)) or, in the case of the first Offering Period under the Plan, 85% of the price at which one share of Stock is offered
to the public in the IPO; or 
 (ii) 85% of the Fair Market Value of such share on the last trading day in such Accumulation
Period. 
 (c) Number of Shares Purchased. As of the last day of each Accumulation Period, each Participant shall be deemed to have
elected to purchase the number of shares of Stock calculated in accordance with this Subsection (c), unless the Participant has previously elected to withdraw from the Plan in accordance with Section 6(a). The amount then in the
Participant’s Plan Account shall be divided by the Purchase Price, and the number of shares that results shall be purchased from the Company with the funds in the Participant’s Plan Account. The foregoing notwithstanding, no Participant
shall purchase more than 2,500 shares of Stock with respect to any Accumulation Period nor more than the amounts of Stock set forth in Sections 3(a) and 9(b). The Committee may determine with respect to all Participants that any fractional
share, as calculated under this Subsection (c), shall be (i) rounded down to the next lower whole share or (ii) credited as a fractional share. 
 (d) Available Shares Insufficient. In the event that the aggregate number of shares that all Participants elect to purchase during an Accumulation Period exceeds the maximum number of shares remaining available
for issuance under Section 3, then the number of shares to which each Participant is entitled shall be determined by multiplying the number of shares available for issuance by a fraction. The numerator of such fraction is the number of shares
that such Participant has elected to purchase, and the denominator of such fraction is the number of shares that all Participants have elected to purchase. 
  

 5 

 (e) Issuance of Stock. Certificates representing the shares of Stock purchased by a Participant
under the Plan shall be issued to him or her as soon as reasonably practicable after the close of the applicable Accumulation Period, except that the Committee may determine that such shares shall be held for each Participant’s benefit by a
broker designated by the Committee (unless the Participant has elected that certificates be issued to him or her). Shares may be registered in the name of the Participant or jointly in the name of the Participant and his or her spouse as joint
tenants with right of survivorship or as community property. 
 (f) Tax Withholding. To the extent required by applicable federal,
state, local or foreign law, a Participant shall make arrangements satisfactory to the Company for the satisfaction of any withholding tax obligations that arise in connection with the Plan. The Company shall not be required to issue any shares of
Stock under the Plan until such obligations are satisfied. 
 (g) Unused Cash Balances. An amount remaining in the Participant’s
Plan Account that represents the Purchase Price for any fractional share shall be carried over in the Participant’s Plan Account to the next Accumulation Period. Any amount remaining in the Participant’s Plan Account that represents the
Purchase Price for whole shares that could not be purchased by reason of Subsection (c) above, Section 3 or Section 9(b) shall be refunded to the Participant in cash, without interest. 
 (h) Stockholder Approval. Any other provision of the Plan notwithstanding, no shares of Stock shall be purchased under the Plan unless and until
the Company’s stockholders have approved the adoption of the Plan. 
 SECTION 9. LIMITATIONS ON STOCK OWNERSHIP. 
 (a) Five Percent Limit. Any other provision of the Plan notwithstanding, no Participant shall be granted a right to purchase Stock under the Plan
if such Participant, immediately after his or her election to purchase such Stock, would own stock possessing more than 5% of the total combined voting power or value of all classes of stock of the Company or any parent or Subsidiary of the Company.
For purposes of this Subsection (a), the following rules shall apply: 
 (i) Ownership of stock shall be determined after
applying the attribution rules of section 424(d) of the Code; 
 (ii) Each Participant shall be deemed to own any stock
that he or she has a right or option to purchase under this or any other plan; and 
 (iii) Each Participant shall be deemed
to have the right to purchase 2,500 shares of Stock under this Plan with respect to each Accumulation Period. 
 (b) Dollar Limit. Any
other provision of the Plan notwithstanding, no Participant shall purchase Stock with a Fair Market Value in excess of the following limit: 
 (i) In the case of Stock purchased during an Offering Period that commenced in the current calendar year, the limit shall be equal to (A) $25,000 minus (B) the Fair Market Value of the Stock that the
Participant previously purchased in the current calendar year (under this Plan and all other employee stock purchase plans of the Company or any parent or Subsidiary of the Company). 
  

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 (ii) In the case of Stock purchased during an Offering Period that commenced in the
immediately preceding calendar year, the limit shall be equal to (A) $50,000 minus (B) the Fair Market Value of the Stock that the Participant previously purchased (under this Plan and all other employee stock purchase plans of the Company
or any parent or Subsidiary of the Company) in the current calendar year and in the immediately preceding calendar year. 
 (iii) In the case of Stock purchased during an Offering Period that commenced in the second preceding calendar year, the limit shall be equal to (A) $75,000 minus (B) the Fair Market Value of the Stock that the Participant
previously purchased (under this Plan and all other employee stock purchase plans of the Company or any parent or Subsidiary of the Company) in the current calendar year and in the two preceding calendar years. 
 For purposes of this Subsection (b), the Fair Market Value of Stock shall be determined in each case as of the beginning of the Offering Period in which such Stock
is purchased. Employee stock purchase plans not described in section 423 of the Code shall be disregarded. If a Participant is precluded by this Subsection (b) from purchasing additional Stock under the Plan, then his or her employee
contributions shall automatically be discontinued and shall automatically resume at the beginning of the earliest Accumulation Period ending in the next calendar year (if he or she then is an Eligible Employee). 
 SECTION 10. RIGHTS NOT TRANSFERABLE. 
 The rights of
any Participant under the Plan, or any Participant’s interest in any Stock or moneys to which he or she may be entitled under the Plan, shall not be transferable by voluntary or involuntary assignment or by operation of law, or in any other
manner other than by beneficiary designation or the laws of descent and distribution. If a Participant in any manner attempts to transfer, assign or otherwise encumber his or her rights or interest under the Plan, other than by beneficiary
designation or the laws of descent and distribution, then such act shall be treated as an election by the Participant to withdraw from the Plan under Section 6(a). 
 SECTION 11. NO RIGHTS AS AN EMPLOYEE. 
 Nothing in the Plan or in any right granted under the Plan
shall confer upon the Participant any right to continue in the employ of a Participating Company for any period of specific duration or interfere with or otherwise restrict in any way the rights of the Participating Companies or of the Participant,
which rights are hereby expressly reserved by each, to terminate his or her employment at any time and for any reason, with or without cause. 
  

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 SECTION 12. NO RIGHTS AS A STOCKHOLDER. 
 A Participant shall have no rights as a stockholder with respect to any shares of Stock that he or she may have a right to purchase under the Plan until
such shares have been purchased on the last day of the applicable Accumulation Period. 
 SECTION 13. SECURITIES LAW REQUIREMENTS. 
 Shares of Stock shall not be issued under the Plan unless the issuance and delivery of such shares comply with (or are exempt from) all applicable
requirements of law, including (without limitation) the Securities Act of 1933, as amended, the rules and regulations promulgated thereunder, state securities laws and regulations, and the regulations of any stock exchange or other securities market
on which the Company’s securities may then be traded. 
 SECTION 14. AMENDMENT OR DISCONTINUANCE. 
 (a) General Rule. The Board shall have the right to amend, suspend or terminate the Plan at any time and without notice. Except as provided in
Section 3, any increase in the aggregate number of shares of Stock that may be issued under the Plan shall be subject to the approval of the Company’s stockholders. In addition, any other amendment of the Plan shall be subject to the
approval of the Company’s stockholders to the extent required by any applicable law or regulation. The Plan shall terminate automatically 10 years after its adoption by the Board, unless (a) the Plan is extended by the Board and
(b) the extension is approved within 12 months by a vote of the stockholders of the Company. 
 (b) Impact on Purchase Price.
This Subsection (b) shall apply in the event that (i) the Company’s stockholders during an Accumulation Period approve an increase in the number of shares of Stock that may be issued under Section 3 and (ii) the aggregate
number of shares to be purchased at the close of such Accumulation Period exceeds the number of shares that remained available under Section 3 before such increase. In such event, the Purchase Price for each share of Stock purchased at the
close of such Accumulation Period shall be the lower of: 
 (i) The higher of (A) 85% of the Fair Market Value of such
share on the last trading day before the commencement of the applicable Offering Period or, in the case of the first Offering Period under the Plan, 85% of the price at which one share of Stock is offered to the public in the IPO or (B) 85% of
the Fair Market Value of such share on the last trading day before the date when the Company’s stockholders approve such increase; or 
 (ii) 85% of the Fair Market Value of such share on the last trading day in such Accumulation Period. 
 Immediately after the
close of such Accumulation Period, a new Offering Period shall commence for all Participants. 
  

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 SECTION 15. DEFINITIONS. 
 (a) “Accumulation Period” means a period during which contributions may be made toward the purchase of Stock under the Plan, as determined pursuant to Section 4(b). 
 (b) “Board” means the Board of Directors of the Company, as constituted from time to time. 
 (c) “Code” means the Internal Revenue Code of 1986, as amended. 
 (d) “Committee” means a committee of the Board, as described in Section 2. 
 (e) “Company” means GlassHouse Technologies, Inc., a Delaware corporation. 
 (f) “Compensation” means (i) the total compensation paid in cash to a Participant by a Participating Company, including salaries,
wages, bonuses, incentive compensation, commissions, overtime pay and shift premiums, plus (ii) any pre-tax contributions made by the Participant under section 401(k) or 125 of the Code. “Compensation” shall exclude all non-cash
items, moving or relocation allowances, cost-of-living equalization payments, car allowances, tuition reimbursements, imputed income attributable to cars or life insurance, severance pay, fringe benefits, contributions or benefits received under
employee benefit plans, income attributable to the exercise of stock options, and similar items. The Committee shall determine whether a particular item is included in Compensation. 
 (g) “Corporate Reorganization” means: 
 (i) The consummation of a merger or consolidation of the Company with or into another entity or any other corporate reorganization; or 
 (ii) The sale, transfer or other disposition of all or substantially all of the Company’s assets or the complete liquidation or
dissolution of the Company. 
 (h) “Eligible Employee” means any employee of a Participating Company who meets both of the
following requirements: 
 (i) His or her customary employment is for more than five months per calendar year and for more
than 20 hours per week; and 
 (ii) He or she has been an employee of a Participating Company for such period as the
Committee may determine before the beginning of the applicable Offering Period. 
 The foregoing notwithstanding, an individual shall not be considered an
Eligible Employee if his or her participation in the Plan is prohibited by the law of any country that has jurisdiction over him or her or if he or she is subject to a collective bargaining agreement that does not provide for participation in the
Plan. 
  

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 (i) “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
 (j) “Fair Market Value” means the market price of Stock, determined by the Committee as follows: 
 (i) If the Stock was traded on The Nasdaq National Market or The Nasdaq SmallCap Market on the date in question, then the Fair Market
Value shall be equal to the last-transaction price quoted for such date by such Market; 
 (ii) If the Stock was traded on a
stock exchange on the date in question, then the Fair Market Value shall be equal to the closing price reported by the applicable composite transactions report for such date; or 
 (iii) If none of the foregoing provisions is applicable, then the Committee shall determine the Fair Market Value in good faith on such
basis as it deems appropriate. 
 Whenever possible, the determination of Fair Market Value by the Committee shall be based on the prices reported in The
Wall Street Journal or as reported directly to the Company by Nasdaq or a stock exchange. Such determination shall be conclusive and binding on all persons. 
 (k) “IPO” means the effective date of the registration statement filed by the Company with the Securities and Exchange Commission for its initial offering of Stock to the public. 
 (l) “Offering Period” means a period with respect to which the right to purchase Stock may be granted under the Plan, as determined
pursuant to Section 4(a). 
 (m) “Participant” means an Eligible Employee who participates in the Plan, as provided in
Section 4. 
 (n) “Participating Company” means (i) the Company and (ii) each present or future Subsidiary
designated by the Committee as a Participating Company. 
 (o) “Plan” means this GlassHouse Technologies, Inc. 2007 Employee
Stock Purchase Plan, as it may be amended from time to time. 
 (p) “Plan Account” means the account established for each
Participant pursuant to Section 8(a). 
 (q) “Purchase Price” means the price at which Participants may purchase Stock
under the Plan, as determined pursuant to Section 8(b). 
 (r) “Stock” means the Common Stock of the Company.

 (s) “Subsidiary” means any corporation (other than the Company) in an unbroken chain of corporations beginning with the
Company, if each of the corporations other than the last corporation in the unbroken chain owns stock possessing 50% or more of the total combined voting power of all classes of stock in one of the other corporations in such chain. 
  

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