Document:

2011 Employee Stock Purchase Plan

 Exhibit 10.17 
 F5 NETWORKS, INC 
 2011 EMPLOYEE STOCK PURCHASE PLAN 

 

	1.	PURPOSE. 

 (a) The
purpose of the Plan is to provide a means by which Employees of the Company and certain designated Affiliates may be given an opportunity to purchase Shares of the Company. 
 (b) The Company, by means of the Plan, seeks to retain the services of such Employees, to secure and retain the services of new Employees and to provide incentives for such persons to exert maximum
efforts for the success of the Company and its Affiliates. 
 (c) The Company intends that the Rights to purchase Shares
granted under the Plan be considered options issued under an “employee stock purchase plan,” as that term is defined in Section 423(b) of the Code. 
  

	2.	DEFINITIONS. 

 Certain
terms used in the Plan have the meanings set forth in Appendix I. 
  

	3.	ADMINISTRATION. 

 (a)
The Board shall administer the Plan unless and until the Board delegates administration to a Committee, as provided in subparagraph 3(d). Whether or not the Board has delegated administration, the Board shall have the final power to determine
all questions of policy and expediency that may arise in the administration of the Plan. 
 (b) The Board (or the
Committee) shall have the power, subject to, and within the limitations of, the express provisions of the Plan: 
 (i) To
determine when and how Rights to purchase Shares shall be granted and the provisions of each Offering of such Rights (which need not be identical). 
 (ii) To designate from time to time which Affiliates of the Company shall be eligible to participate in the Plan. 
 (iii) To construe and interpret the Plan and Rights granted under it, and to establish, amend and revoke rules and regulations for its administration. The Board, in the exercise of this power, may
correct any defect, omission or inconsistency in the Plan, in a manner and to the extent it shall deem necessary or expedient to make the Plan fully effective. 
 (iv) To amend the Plan as provided in paragraph 14. 

 (v) Generally, to exercise such powers and to perform such acts as it deems necessary
or expedient to promote the best interests of the Company and its Affiliates and to carry out the intent that the Plan be treated as an Employee Stock Purchase Plan. 
 (c) Without limitation on paragraph 3(b) and without amending the Plan, the Board (or the Committee) may grant rights or establish other procedures to provide benefits to Eligible Employees outside
of the United States on such terms and conditions different from those specified in this Plan as may, in the judgment of the Board (or the Committee), be necessary or desirable to foster and promote achievement of the purposes of the Plan and shall
have the authority to adopt such modifications, procedures, subplans and the like as may be necessary or desirable (i) to comply with provisions of the laws or regulations or conform to the requirements to operate the Plan in a qualified or tax
or accounting advantageous manner in other countries or jurisdictions in which the Company or any other Employer may operate or have employees, (ii) to ensure the viability of the benefits from the Plan to Eligible Employees employed in such
countries or jurisdictions and (iii) to meet the objectives of the Plan. Notwithstanding anything to the contrary herein, any such actions taken by the Committee with respect to Eligible Employees of any Employer may be treated as a subplan
outside of an “employee stock purchase plan” under Section 423 of the Code and not subject to the requirements of Section 423 set forth in the Code and this Plan. 

(d) The Board may delegate administration of the Plan to a Committee of the Board composed of two (2) or more members, all of
the members of which Committee may be, in the discretion of the Board, Non-Employee Directors and/or Outside Directors. If administration is delegated to a Committee, the Committee shall have, in connection with the administration of the Plan, the
powers theretofore possessed by the Board, including the power to delegate to a subcommittee of two (2) or more Outside Directors any of the administrative powers the Committee is authorized to exercise (and references in this Plan to the Board
shall thereafter be to the Committee or such a subcommittee), subject, however, to such resolutions, not inconsistent with the provisions of the Plan, as may be adopted from time to time by the Board. The Board may abolish the Committee at any time
and revest in the Board the administration of the Plan. 
  

	4.	SHARES SUBJECT TO THE PLAN. 

 (a) Subject to the provisions of paragraph 13 relating to adjustments upon changes in securities, the Shares that may be sold pursuant to Rights granted under the Plan shall not exceed in the
aggregate six million (6,000,000)1 Shares. If any Right
granted under the Plan shall for any reason terminate without having been exercised, the Shares not purchased under such Right shall again become available for the Plan. 
 (b) The Shares subject to the Plan may be unissued Shares or Shares that have been bought on the open market at prevailing market prices or otherwise. 

 

	1 	 As adjusted to reflect two-for-one forward stock split effective August 20, 2007. 

  
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	5.	GRANT OF RIGHTS; OFFERING. 

(a) The Board may from time to time grant or provide for the grant of Rights to purchase Shares of the Company under the Plan to
Eligible Employees in an Offering on an Offering Date or Dates selected by the Board. Each Offering shall be in such form and shall contain such terms and conditions as the Board shall deem appropriate, which shall comply with the requirements of
Section 423(b)(5) of the Code that all Employees granted Rights to purchase Shares under the Plan shall have the same rights and privileges. The terms and conditions of an Offering shall be incorporated by reference into the Plan and treated as
part of the Plan. The provisions of separate Offerings need not be identical, but each Offering shall include (through incorporation of the provisions of this Plan by reference in the document comprising the Offering or otherwise) the period during
which the Offering shall be effective, which period shall not exceed twenty-seven (27) months beginning with the Offering Date, and the substance of the provisions contained in paragraphs 6 through 9, inclusive. 

(b) If a Participant has more than one Right outstanding under the Plan, unless he or she otherwise indicates in agreements or
notices delivered hereunder: (i) each agreement or notice delivered by that Participant will be deemed to apply to all of his or her Rights under the Plan, and (ii) an earlier-granted Right (or a Right with a lower exercise price, if two
Rights have identical grant dates) will be exercised to the fullest possible extent before a later-granted Right (or a Right with a higher exercise price if two Rights have identical grant dates) will be exercised. 

 

	6.	ELIGIBILITY. 

 (a)
Rights may be granted only to Employees of the Company or, as the Board may designate as provided in subparagraph 3(b), to Employees of an Affiliate. Except as provided in subparagraph 6(b), an Employee shall not be eligible to be granted Rights
under the Plan unless, on the Offering Date, such Employee has been in the employ of the Company or the Affiliate, as the case may be, for such continuous period preceding such grant as the Board may require, but in no event shall the required
period of continuous employment be equal to or greater than two (2) years. 
 (b) The Board may provide that each
person who, during the course of an Offering, first becomes an Eligible Employee will, on a date or dates specified in the Offering which coincides with the day on which such person becomes an Eligible Employee or which occurs thereafter, receive a
Right under that Offering, which Right shall thereafter be deemed to be a part of that Offering. Such Right shall have the same characteristics as any Rights originally granted under that Offering, as described herein, except that: 

(i) the date on which such Right is granted shall be the “Offering Date” of such Right for all purposes, including
determination of the exercise price of such Right; 
 (ii) the period of the Offering with respect to such Right shall
begin on its Offering Date and end coincident with the end of such Offering; and 

  
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 (iii) the Board may provide that if such person first becomes an Eligible Employee
within a specified period of time before the end of the Offering, he or she will not receive any Right under that Offering. 

(c) No Employee shall be eligible for the grant of any Rights under the Plan if, immediately after any such Rights are granted,
such Employee owns stock possessing five percent (5%) or more of the total combined voting power or value of all classes of stock of the Company or of any Affiliate. For purposes of this subparagraph 6(c), the rules of Section 424(d) of
the Code shall apply in determining the stock ownership of any Employee, and stock which such Employee may purchase under all outstanding rights and options shall be treated as stock owned by such Employee. 

(d) An Eligible Employee may be granted Rights under the Plan only if such Rights, together with any other Rights granted under
all Employee Stock Purchase Plans of the Company and any Affiliates, as specified by Section 423(b)(8) of the Code, do not permit such Eligible Employee’s rights to purchase Shares of the Company or any Affiliate to accrue at a rate which
exceeds twenty five thousand dollars ($25,000) of the fair market value of such Shares (determined at the time such Rights are granted) for each calendar year in which such Rights are outstanding at any time. 

(e) The Board may provide in an Offering that Employees who are highly compensated Employees within the meaning of
Section 423(b)(4)(D) of the Code shall not be eligible to participate. 
  

	7.	RIGHTS; PURCHASE PRICE. 

(a) On each Offering Date, each Eligible Employee, pursuant to an Offering made under the Plan, shall be granted the Right to
purchase up to the number of Shares purchasable either: 
 (i) with a percentage designated by the Board not exceeding
fifteen percent (15%) of such Employee’s Earnings (as defined by the Board in each Offering) during the period which begins on the Offering Date (or such later date as the Board determines for a particular Offering) and ends on the date
stated in the Offering, which date shall be no later than the end of the Offering; or 
 (ii) with a maximum dollar
amount designated by the Board that, as the Board determines for a particular Offering, (1) shall be withheld, in whole or in part, from such Employee’s Earnings (as defined by the Board in each Offering) during the period which begins on
the Offering Date (or such later date as the Board determines for a particular Offering) and ends on the date stated in the Offering, which date shall be no later than the end of the Offering and/or (2) shall be contributed, in whole or in
part, by such Employee during such period. 
 (b) The Board shall establish one or more Purchase Dates during an Offering
on which Rights granted under the Plan shall be exercised and purchases of Shares carried out in accordance with such Offering. 

  
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 (c) In connection with each Offering made under the Plan, the Board may specify a
maximum amount of Shares that may be purchased by any Participant as well as a maximum aggregate amount of Shares that may be purchased by all Participants pursuant to such Offering. In addition, in connection with each Offering that contains more
than one Purchase Date, the Board may specify a maximum aggregate amount of Shares which may be purchased by all Participants on any given Purchase Date under the Offering. If the aggregate purchase of Shares upon exercise of Rights granted under
the Offering would exceed any such maximum aggregate amount, the Board shall make a pro rata allocation of the Shares available in as nearly a uniform manner as shall be practicable and as it shall deem to be equitable. Unless a different maximum
amount of Shares that may be purchased by any Participant during an Offering is determined by the Board prior to the start of an Offering, the maximum amount of Shares that may be purchased by any Participant during an Offering is 10,000 Shares.

 (d) The purchase price of Shares acquired pursuant to Rights granted under the Plan shall be not less than the lesser
of: 
 (i) an amount equal to eighty-five percent (85%) of the fair market value of the Shares on the Offering Date;
or 
 (ii) an amount equal to eighty-five percent (85%) of the fair market value of the Shares on the Purchase Date.

  

	8.	PARTICIPATION; WITHDRAWAL; TERMINATION. 

 (a) An Eligible Employee may become a Participant in the Plan pursuant to an Offering by delivering a participation agreement to the Company within the time specified in the Offering, in such form
as the Company provides. Each such agreement shall authorize payroll deductions of up to the maximum percentage specified by the Board of such Employee’s Earnings during the Offering (as defined in each Offering). The payroll deductions made
for each Participant shall be credited to a bookkeeping account for such Participant under the Plan and either may be deposited with the general funds of the Company or may be deposited in a separate account in the name of, and for the benefit of,
such Participant with a financial institution designated by the Company. To the extent provided in the Offering, a Participant may reduce (including to zero) or increase such payroll deductions. To the extent provided in the Offering, a Participant
may begin such payroll deductions after the beginning of the Offering. A Participant may make additional payments into his or her account only if specifically provided for in the Offering and only if the Participant has not already had the maximum
permitted amount withheld during the Offering. 
 (b) At any time during an Offering, a Participant may terminate his or
her payroll deductions under the Plan and withdraw from the Offering by delivering to the Company a notice of withdrawal in such form as the Company provides. Such withdrawal may be elected at any time prior to the end of the Offering except as
provided by the Board in the Offering. Upon such withdrawal from the Offering by a Participant, the Company shall distribute to such Participant all of his or her accumulated payroll deductions (reduced to the extent, if any, such deductions have
been used to acquire Shares for the Participant) under the Offering, without interest unless otherwise specified in the Offering, and such Participant’s interest in that Offering 

  
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shall be automatically terminated. A Participant’s withdrawal from an Offering will have no effect upon such Participant’s eligibility to participate in any other Offerings under the
Plan but such Participant will be required to deliver a new participation agreement in order to participate in subsequent Offerings under the Plan. 
 (c) Rights granted pursuant to any Offering under the Plan shall terminate immediately upon cessation of any participating Employee’s employment with the Company or a designated Affiliate for
any reason (subject to any post-employment participation period required by law) or other lack of eligibility. The Company shall distribute to such terminated Employee all of his or her accumulated payroll deductions (reduced to the extent, if any,
such deductions have been used to acquire Shares for the terminated Employee) under the Offering, without interest unless otherwise specified in the Offering. If the accumulated payroll deductions have been deposited with the Company’s general
funds, then the distribution shall be made from the general funds of the Company, without interest. If the accumulated payroll deductions have been deposited in a separate account with a financial institution as provided in subparagraph 8(a), then
the distribution shall be made from the separate account, without interest unless otherwise specified in the Offering. 
 (d)
Rights granted under the Plan shall not be transferable by a Participant otherwise than by will or the laws of descent and distribution and, otherwise during his or her lifetime, shall be exercisable only by the person to whom such Rights are
granted. 
  

	9.	EXERCISE. 

 (a) On
each Purchase Date specified therefor in the relevant Offering, each Participant’s accumulated payroll deductions and other additional payments specifically provided for in the Offering (without any increase for interest) will be applied to the
purchase of Shares up to the maximum amount of Shares permitted pursuant to the terms of the Plan and the applicable Offering, at the purchase price specified in the Offering. No fractional Shares shall be issued upon the exercise of Rights granted
under the Plan unless specifically provided for in the Offering. 
 (b) Unless otherwise specifically provided in the
Offering, the amount, if any, of accumulated payroll deductions remaining in any Participant’s account after the purchase of Shares that is equal to the amount required to purchase one or more whole Shares on the final Purchase Date of the
Offering shall be distributed in full to the Participant at the end of the Offering, without interest. If the accumulated payroll deductions have been deposited with the Company’s general funds, then the distribution shall be made from the
general funds of the Company, without interest. If the accumulated payroll deductions have been deposited in a separate account with a financial institution as provided in subparagraph 8(a), then the distribution shall be made from the separate
account, without interest unless otherwise specified in the Offering. 
 (c) No Rights granted under the Plan may be
exercised to any extent unless the Shares to be issued upon such exercise under the Plan (including Rights granted thereunder) are covered by an effective registration statement pursuant to the Securities Act and the Plan is in material compliance
with all applicable state, foreign and other securities and other laws 

  
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applicable to the Plan. If on a Purchase Date in any Offering hereunder the Plan is not so registered or in such compliance, no Rights granted under the Plan or any Offering shall be exercised on
such Purchase Date, and the Purchase Date shall be delayed until the Plan is subject to such an effective registration statement and such compliance, except that the Purchase Date shall not be delayed more than twelve (12) months and the
Purchase Date shall in no event be more than twenty-seven (27) months from the Offering Date. If, on the Purchase Date of any Offering hereunder, as delayed to the maximum extent permissible, the Plan is not registered and in such compliance,
no Rights granted under the Plan or any Offering shall be exercised and all payroll deductions accumulated during the Offering (reduced to the extent, if any, such deductions have been used to acquire Shares) shall be distributed to the
Participants, without interest unless otherwise specified in the Offering. If the accumulated payroll deductions have been deposited with the Company’s general funds, then the distribution shall be made from the general funds of the Company,
without interest. If the accumulated payroll deductions have been deposited in a separate account with a financial institution as provided in subparagraph 8(a), then the distribution shall be made from the separate account, without interest unless
otherwise specified in the Offering. 
  

	10.	ISSUANCE OF SHARES. 

(a) If on a given Purchase Date, the number of Shares with respect to which Rights are to be exercised exceeds the number of Shares
then available under the Plan, the Board shall make a pro rata allocation of the Shares remaining available under the Plan in as nearly a uniform manner as shall be practical and as it shall determine to be equitable. 

(b) If the Company is unable to obtain from any regulatory commission or agency the authority which counsel for the Company deems
necessary for the lawful issuance and sale of Shares under the Plan, the Company shall be relieved from any liability for failure to issue and sell Shares upon exercise of such Rights unless and until such authority is obtained. 

 

	11.	USE OF PROCEEDS FROM SHARES. 

 Proceeds from the sale of Shares pursuant to Rights granted under the Plan shall constitute general funds of the Company. 
  

	12.	RIGHTS AS A SHAREHOLDER. 

A Participant shall not be deemed to be the holder of, or to have any of the rights of a holder with respect to, Shares subject to Rights
granted under the Plan unless and until the Participant’s Shares acquired upon exercise of Rights under the Plan are issued. No adjustment will be made for dividends or other rights for which the record date is prior to the date of issuance.

  

	13.	ADJUSTMENTS UPON CHANGES IN SECURITIES. 

 (a) If any change is made in the Shares subject to the Plan, or subject to any Right, without the receipt of consideration by the Company (through merger, consolidation, reorganization,
recapitalization, reincorporation, stock dividend, dividend in property other than cash, stock split, liquidating dividend, combination of shares, exchange of shares, change in 

  
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corporate structure or other transaction not involving the receipt of consideration by the Company), the Plan will be appropriately adjusted in the class(es) and maximum number of Shares subject
to the Plan pursuant to subparagraph 4(a), and the outstanding Rights will be appropriately adjusted in the class(es), number of Shares and purchase limits of such outstanding Rights. The Board shall make such adjustments, and its determination
shall be final, binding and conclusive. (The conversion of any convertible securities of the Company shall not be treated as a transaction that does not involve the receipt of consideration by the Company.) 

(b) In the event of: (i) a dissolution, liquidation, or sale of all or substantially all of the assets of the Company;
(ii) a merger or consolidation in which the Company is not the surviving corporation; or (iii) a reverse merger in which the Company is the surviving corporation but the Shares outstanding immediately preceding the merger are converted by
virtue of the merger into other property, whether in the form of securities, cash or otherwise, then: (1) any surviving or acquiring corporation shall assume Rights outstanding under the Plan or shall substitute similar rights (including a
right to acquire the same consideration paid to Shareholders in the transaction described in this subparagraph 13(b)) for those outstanding under the Plan, or (2) in the event any surviving or acquiring corporation refuses to assume such Rights
or to substitute similar rights for those outstanding under the Plan, then, as determined by the Board in its sole discretion such Rights may continue in full force and effect or the Participants’ accumulated payroll deductions (exclusive of
any accumulated interest which cannot be applied toward the purchase of Shares under the terms of the Offering) may be used to purchase Shares immediately prior to the transaction described above under the ongoing Offering and the Participants’
Rights under the ongoing Offering thereafter terminated. 
  

	14.	AMENDMENT OF THE PLAN. 

(a) The Board at any time, and from time to time, may amend the Plan. However, except as provided in paragraph 13 relating to
adjustments upon changes in securities and except as to minor amendments to benefit the administration of the Plan, to take account of a change in legislation or to obtain or maintain favorable tax, exchange control or regulatory treatment for
Participants or the Company or any Affiliate, no amendment shall be effective unless approved by the shareholders of the Company to the extent shareholder approval is necessary for the Plan to satisfy the requirements of Section 423 of the Code
and any Nasdaq or other securities exchange listing requirements. Currently under the Code, shareholder approval within twelve (12) months before or after the adoption of the amendment is required where the amendment will: 

(i) Increase the amount of Shares reserved for Rights under the Plan; 

(ii) Modify the provisions as to eligibility for participation in the Plan to the extent such modification requires shareholder
approval in order for the Plan to obtain employee stock purchase plan treatment under Section 423 of the Code; or 

(iii) Modify the Plan in any other way if such modification requires shareholder approval in order for the Plan to obtain employee
stock purchase plan treatment under Section 423 of the Code. 

  
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 (b) It is expressly contemplated that the Board may amend the Plan in any respect the
Board deems necessary or advisable to provide Employees with the maximum benefits provided or to be provided under the provisions of the Code and the regulations promulgated thereunder relating to Employee Stock Purchase Plans and/or to bring the
Plan and/or Rights granted under it into compliance therewith. 
 (c) Rights and obligations under any Rights granted
before amendment of the Plan shall not be impaired by any amendment of the Plan, except with the consent of the person to whom such Rights were granted, or except as necessary to comply with any laws or governmental regulations, or except as
necessary to ensure that the Plan and/or Rights granted under the Plan comply with the requirements of Section 423 of the Code or are exempt from or comply with the requirements of Section 409A of the Code. 

 

	15.	TERMINATION OR SUSPENSION OF THE PLAN. 

 (a) The Board in its discretion may suspend or terminate the Plan at any time. Unless sooner terminated, the Plan shall terminate at the time that all of the Shares subject to the Plan’s
reserve, as increased and/or adjusted from time to time, have been issued under the terms of the Plan. No Rights may be granted under the Plan while the Plan is suspended or after it is terminated. 

(b) Rights and obligations under any Rights granted while the Plan is in effect shall not be impaired by suspension or termination
of the Plan, except as expressly provided in the Plan or with the consent of the person to whom such Rights were granted, or except as necessary to comply with any laws or governmental regulation, or except as necessary to ensure that the Plan
and/or Rights granted under the Plan comply with the requirements of Section 423 of the Code. 
  

	16.	TREATMENT OF ELIGIBLE EMPLOYEES OUTSIDE OF THE UNITED STATES. 

 Eligible Employees who are paid in foreign currency, and who contribute foreign currency to the Plan through contributions or payroll deductions will have such amounts converted to U.S. dollars. The
exchange rate and method for such conversion will be determined as prescribed by the Board or Committee. In no event will any procedure implemented for dealing with exchange rate fluctuations that may occur during an Offering result in a purchase
price below the purchase price permitted under subparagraph 6(d) of the Plan. Each Eligible Employee shall bear the risk of any currency exchange fluctuations (if applicable) between the date on which any Eligible Employee amounts are converted to
U.S. dollars and the Purchase Date. 
  

	17.	WITHHOLDING. 

 The
Employer shall have the power and the right to (a) deduct, withhold or cause the sale of Shares purchased pursuant to an Offering under the Plan to obtain, (b) deduct or withhold from any other compensation to the Participant, or
(c) require a Participant to remit to the Employer, an amount sufficient to satisfy Federal, state and local taxes, domestic or foreign, required by law or regulation to be withheld with respect to any taxable event arising as a result of the
Plan. 

  
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	18.	SECTION 409A. 

 Rights
under the Plan are intended to be exempt from the application of Section 409A of the Code and the Plan is intended to be interpreted consistent with such intention. Notwithstanding the foregoing, neither the Company nor the Board shall have any
liability to any Participant or any other party if the Rights under the Plan are not exempt from or compliant with Section 409A of the Code. 
  

	19.	NO RIGHT OF EMPLOYMENT. 

Neither the grant nor the exercise of any Right under the Plan nor anything in this Plan shall impose upon the Company or any other
Employer any obligation to employ or continue to employ any Eligible Employee. The right of the Company or any other Employer to terminate any Employee shall not be diminished or affected because any Rights have been granted to such Employee.

  

	20.	OBLIGATION TO MAINTAIN SHARES WITH BROKER. 

 Without limitation on the Participant’s or former Participant’s ability to sell, transfer, or otherwise makes a disposition of Shares purchased pursuant to an Offering under the Plan and without
limitation on paragraph 3, Participants and former Participants must maintain any Shares purchased pursuant to an Offering under the Plan at the broker designated by the Committee unless the Committee determines otherwise. 

 

	21.	EFFECTIVE DATE AND HISTORY OF PLAN. 

 The 1999 Employee Stock Purchase Plan was originally adopted by the Board and approved by shareholders in 1999 and subsequently amended as set forth on Appendix II. The 2011 Employee Stock Purchase Plan
is an amendment and restatement of the 1999 Employee Stock Purchase Plan, as amended. 

  
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 APPENDIX I 
 DEFINITIONS 
 (a) “Affiliate” means any parent
corporation or subsidiary corporation, whether now or hereafter existing, as those terms are defined in Sections 424(e) and (f), respectively, of the Code. 
 (b) “Board” means the Board of Directors of the Company. 

(c) “Code” means the United States Internal Revenue Code of 1986, as amended. 

(d) “Committee” means a Committee appointed by the Board in accordance with subparagraph 3(d) of the Plan.

 (e) “Company” means F5 Networks, Inc., a Washington corporation. 

(f) “Director” means a member of the Board. 

(g) “Earnings” means, unless otherwise determined by the Board, cash compensation actually paid to an Eligible
Employee during the specified period. 
 (h) “Eligible Employee” means an Employee who meets the
requirements set forth in the Offering for eligibility to participate in the Offering. 
 (i) “Employee”
means any person, including Officers and Directors, employed by the Company or an Affiliate of the Company. Neither service as a Director nor payment of a director’s fee shall be sufficient to constitute “employment” by the Company or
the Affiliate. 
 (j) “Employee Stock Purchase Plan” means a plan that grants rights intended to be
options issued under an “employee stock purchase plan,” as that term is defined in Section 423(b) of the Code. 

(k) “Employer” means the Company and the Affiliates designated from time to time pursuant to subparagraph 3(b) of
the plan to participate in the Plan. 
 (l) “Exchange Act” means the United States Securities Exchange
Act of 1934, as amended. 
 (m) “Fair Market Value” means the value of a security, as determined in good
faith by the Board. If the security is listed on any established stock exchange, then, except as otherwise provided in the Offering, the Fair Market Value of the security shall be the closing sales price (rounded up where necessary to the nearest
whole cent) for such security (or the closing bid, if no sales were reported) as quoted on such exchange or market (or the exchange or market with the greatest volume of trading in the relevant security of the Company) on the trading day prior to
the relevant determination date, as reported in The Wall Street Journal or such other source as the Board deems reliable. 

  
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 (n) “Non-Employee Director” means a Director who either (i) is
not a current Employee or Officer of the Company or its parent or subsidiary, does not receive compensation (directly or indirectly) from the Company or its parent or subsidiary for services rendered as a consultant or in any capacity other than as
a Director (except for an amount as to which disclosure would not be required under Item 404(a) of Regulation S K promulgated pursuant to the Securities Act (“Regulation S-K”)) and does not possess an interest in any other transaction
as to which disclosure would be required under Item 404(a) of Regulation S-K; or (ii) is otherwise considered a “non-employee director” for purposes of Rule 16b-3. 

(o) “Offering” means the grant of Rights to purchase Shares under the Plan to Eligible Employees. 

(p) “Offering Date” means a date selected by the Board for an Offering to commence. 

(q) “Outside Director” means a Director who either (i) is not a current employee of the Company or an
“affiliated corporation” (within the meaning of the Treasury regulations promulgated under Section 162(m) of the Code), is not a former employee of the Company or an “affiliated corporation” receiving compensation for prior
services (other than benefits under a tax qualified pension plan), was not an officer of the Company or an “affiliated corporation” at any time, and is not currently receiving direct or indirect remuneration from the Company or an
“affiliated corporation” for services in any capacity other than as a Director, or (ii) is otherwise considered an “outside director” for purposes of Section 162(m) of the Code. 

(r) “Participant” means an Eligible Employee who holds an outstanding Right granted pursuant to the Plan or, if
applicable, such other person who holds an outstanding Right granted under the Plan. 
 (s) “Plan” means
this F5 Networks, Inc. 2011 Employee Stock Purchase Plan. 
 (t) “Purchase Date” means one or more dates
established by the Board during an Offering on which Rights granted under the Plan shall be exercised and purchases of Shares carried out in accordance with such Offering. 
 (u) “Right” means an option to purchase Shares granted pursuant to the Plan. 
 (v) “Rule 16b-3” means Rule 16b-3 of the Exchange Act or any successor to Rule 16b-3 as in effect with respect to the Company at the time discretion is being exercised regarding
the Plan. 
 (w) “Securities Act” means the United States Securities Act of 1933, as amended.

 (x) “Share” means a share of the common stock of the Company. 

  
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 APPENDIX II 

 

			
	HISTORY:	 	 ORIGINALLY ADOPTED BY BOARD OF DIRECTORS APRIL 5, 1999
 ORIGINALLY APPROVED BY SHAREHOLDERS MAY, 1999
 AMENDMENT ADOPTED BY BOARD OF DIRECTORS JANUARY 26,
2004
 AMENDMENT ADOPTED BY SHAREHOLDERS APRIL 29, 2004
 SECOND AMENDMENT ADOPTED BY BOARD OF DIRECTORS JANUARY 7, 2009
 SECOND AMENDMENT ADOPTED BY
SHAREHOLDERS MARCH 12, 2009
 AMENDMENT ADOPTED BY BOARD OF DIRECTORS SEPTEMBER 9, 2010
 AMENDMENT AND RESTATEMENT ADOPTED BY BOARD OF DIRECTORS JULY 14, 2011
 AMENDMENT AND RESTATEMENT
ADOPTED BY BOARD OF DIRECTORS APRIL 29, 2012

 TERMINATION DATE: NONE 

  
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 Exhibit 10.3 
 THIRD AMENDMENT TO AMENDED AND  
 RESTATED SENIOR REVOLVING
CREDIT AGREEMENT 
 This Third Amendment to Amended and Restated Senior Revolving Credit Agreement (this
“Amendment”) is made as of June 15, 2012 (the “Amendment Effective Date”), by and among Terreno Realty LLC, a limited liability company organized under the laws of the State of Delaware (the
“Borrower”), KeyBank National Association, a national banking association, both individually as a “Lender” and as “Administrative Agent”, Terreno Realty Corporation, a corporation organized under
the laws of the State of Maryland, certain subsidiaries of Borrower which are signatories hereto and the financial institutions which are signatories hereto (together with KeyBank National Association in its individual capacity, collectively the
“Lenders”). Any capitalized terms used in this Amendment and not otherwise defined, are defined in the Credit Agreement described below. 
 RECITALS 
 WHEREAS, the Administrative Agent, KeyBanc Capital Markets, as lead
arranger, the Lenders and the Borrower entered into that certain Amended and Restated Senior Revolving Credit Agreement dated as of December 30, 2010, as amended by that certain First Amendment to Amended and Restated Senior Revolving Credit
Agreement dated as of June 30, 2011 and that certain Second Amendment to Amended and Restated Senior Revolving Credit Agreement dated as of January 19, 2012 (as amended, the “Credit Agreement”); 

WHEREAS, Borrower has requested that the Administrative Agent and the Lenders agree to increase the Aggregate Commitment to $100,000,000
and to make certain other modifications to the Credit Agreement; 
 WHEREAS, the Administrative Agent and the Lenders are
willing to agree to such increase and to make such modifications on the terms stated herein; 
 NOW THEREFORE in consideration
of the foregoing and the mutual covenants and agreements contained herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 

1. Amendment Effective Date. This Amendment shall become effective upon the Amendment Effective Date, which is the date on which
this Amendment has been executed by all of the parties hereto and delivered to the Administrative Agent and Borrower has paid the additional commitment fee required under Section 2 hereof. 

2. Additional Commitment Fee. Borrower agrees to pay to the Administrative Agent for the benefit of the Increasing Lenders (as
defined below) on the Amendment Effective Date a commitment fee of twenty-five hundredths of one percent (0.25%) of the $20,000,000 increase in the Aggregate Commitment, to be allocated between them in proportion to their respective Commitment
increases. 
 3. Increase in Aggregate Commitment. From and after the Amendment Effective Date, PNC Bank, National
Association and Union Bank, N.A. (collectively, the “Increasing Lenders”) shall each be deemed to have increased its Commitment to the amount shown next to their respective signatures on the signature pages of this Amendment. From
and after the Amendment Effective Date, the Aggregate Commitment shall equal One Hundred Million Dollars ($100,000,000). 

 4. Borrowing Base Diversification. Section 2.22(i)(c) of the Credit Agreement
shall be amended as of the Amendment Effective Date by replacing the third bullet point in its entirety with the following: 
  

	 	•	 	 The rental revenues paid by a single tenant (or group of tenants that are Affiliates of each other) may not comprise more than 20% of the Adjusted
Borrowing Base NOI, provided however that if Borrower adds the proposed Borrowing Base Property located in Sunnyvale, California (known as “Caribbean”) which is 100% leased to and occupied by Cepheid, the rental revenues paid by Cepheid
may comprise up to 30% of the Adjusted Borrowing Base NOI. 

 5. References. Each of the parties hereby
consents to all of the changes made to the Credit Agreement pursuant to this Amendment and agrees that each reference in the Loan Documents to the Credit Agreement shall deemed to be a reference to the Credit Agreement as amended by this Amendment.

 6. Representations and Warranties. Borrower hereby remakes, as of the Amendment Effective Date, all of the
representations and warranties of Borrower in Article 5 of the Credit Agreement and each reference therein to “the date hereof” or “the Agreement Execution Date” shall be deemed to be a reference to the Amendment Effective Date.
Borrower hereby further represents and warrants to Administrative Agent and Lenders as follows: 
 a) This
Amendment constitutes the legal, valid and binding obligation of Borrower, and is enforceable in accordance with its terms; 
 b) Except as expressly modified hereby, the Loan Documents are ratified and confirmed hereby, are in full force and effect, and Borrower has no defenses or offsets to the enforcement thereof or
counterclaims which relate thereto; 
 c) Upon execution and delivery of this Amendment and satisfaction of the
conditions to the effectiveness of this Amendment, to the best of Borrower’s knowledge, information and belief, no Default shall exist under the Loan Documents; and 

d) Borrower, the Parent Guarantor or the Subsidiary Guarantors all have full power and authority to execute this
Amendment. 
 7. Governing Law. This Amendment shall be construed in accordance with the internal laws (and not the law
of conflicts) of the State of New York, but giving effect to Federal laws applicable to national banks. 

  
 - 2 -

 8. Counterparts. This Amendment may be executed in two or more counterparts, each of
which shall be deemed to be an original, and all of which together shall constitute a single agreement. 
 9. Continued
Effect. Other than as expressly amended herein, Borrower, the Parent Guarantor and the Subsidiary Guarantors all agree that the Credit Agreement and all other Loan Documents shall remain in full force and effect and are hereby ratified and
confirmed. 
 [Signature pages follow] 

  
 - 3 -

 IN WITNESS WHEREOF, Borrower, Parent Guarantor, the Subsidiary Guarantors and the Lenders
have executed this Amendment as of the date first above written. 
  

					
	TERRENO REALTY LLC, a Delaware limited liability company
		
	By:	  	TERRENO REALTY CORPORATION, a
		  	Maryland corporation, its sole member
			
		  	By:	 	 /S/ Jaime J. Cannon

		  	Name:	 	Jaime J. Cannon
		  	Title:	 	Senior Vice President
	
	Address for Notices:
	
	16 Maiden Lane, Fifth Floor
	San Francisco, CA 94108

  
 - 4 -

							
	Commitment: $40,000,000	 		 	KEYBANK NATIONAL ASSOCIATION,
		 		 	Individually and as Administrative Agent
				
		 		 	By:	 	 /S/ Joshua K. Mayers

		 		 	Print Name:	 	 Joshua K. Mayers

		 		 	Title:	 	 Vice President

			
		 		 	127 Public Square, 8th Floor
		 		 	OH-01-27-0839
		 		 	Cleveland, Ohio 44114
		 		 	Phone: 216-689-0213
		 		 	Facsimile: 216-689-5819
		 		 	Attention: Joshua Mayers
		 		 	Joshua_Mayers@KeyBank.com
			
	With a copy to:	 		 	KeyBank Real Estate Capital
		 		 	Mailcode: OH-01-49-0424
		 		 	4900 Tiedeman Rd.; 4th Floor NE Corner
		 		 	Brooklyn, Ohio 44144-2302
		 		 	Phone: 216-813-1603
		 		 	Facsimile: 216-370-6206
		 		 	Attention: John Hyland

  
 - 5 -

					
	Commitment: $30,000,000	  	PNC BANK, NATIONAL ASSOCIATION
			
		  	By:	  	 /S/ Nicolas Zitelli

		  	Print Name:	  	Nicolas Zitelli
		  	Title:	  	Vice President

			
		
		  	500 First Avenue, MSP7-PFSC-04-V
		  	Pittsburgh, Pennsylvania 15219
		  	Phone: 412-768-2669
		  	Facsimile: 412-705-2125
		  	Attention: Kathleen Lorenzato
		  	Email: kathleen.lorenzato@pnc.com

  
 - 6 -

					
	Commitment: $30,000,000	  	UNION BANK, N.A.
			
		  	By:	  	 /S/ Katherine Davidson

		  	Print Name:	  	 Katherine Davidson

		  	Title:	  	 Vice President

			
		
		  	145 South State College Boulevard, Suite 600
		  	MC 4-35A-379
		  	Brea, California 92821
		  	Phone: 714-990-7467
		  	Facsimile: 949-752-8372
		  	Attention: Cassandra Schraff
		  	Email: cassandra.schraff@unionbank.com

  
 - 7 -

			
	The undersigned, being the Parent Guarantor under the Credit Agreement, hereby consents to and approves of this Amendment and agrees that the Parent Guaranty shall
continue in full force and effect.
	
	 TERRENO REALTY CORPORATION,
 a Maryland corporation

		
	By:	 	 /S/ Jaime J. Cannon

	Print Name:	 	Jaime J. Cannon
	Title:	 	Senior Vice President
	
	Terreno Realty Corporation
	16 Maiden Lane, Fifth Floor
	San Francisco, CA 94108
	Attention: Jaime Cannon
	Telephone: (415) 655-4593
	Facsimile: (415) 655-4599
	
	The undersigned, being all of the Subsidiary Guarantors under the Credit Agreement immediately prior to the Amendment Effective Date hereby consent to and approve of
this Amendment and agree that the Subsidiary Guaranty shall continue in full force and effect.

  

							
	TERRENO RIALTO LLC, a Delaware limited liability company
		
	By:	  	TERRENO REALTY LLC, a Delaware
		  	limited liability company, its Manager
			
		  	By:	 	TERRENO REALTY
		  		 	CORPORATION, a Maryland
		  		 	corporation, its sole member
				
		  		 	By:	 	 /S/ Jaime J. Cannon

		  		 	Print Name:	 	Jaime J. Cannon
		  		 	Title:	 	Senior Vice President

  
 - 8 -

 
							
	 TERRENO INTERSTATE LLC, a Delaware
 limited liability company

		
	By:	 	TERRENO REALTY LLC, a Delaware
		 	limited liability company, its Manager
			
		 	By:	 	TERRENO REALTY
		 		 	CORPORATION, a Maryland
		 		 	corporation, its sole member
				
		 		 	By:	 	 /S/ Jaime J. Cannon

		 		 	Print Name:	 	Jaime J. Cannon
		 		 	Title:	 	Senior Vice President
	
	 TERRENO MALTESE LLC, a Delaware limited
 liability company

		
	By:	 	TERRENO REALTY LLC, a Delaware
		 	limited liability company, its Manager
			
		 	By:	 	TERRENO REALTY
		 		 	CORPORATION, a Maryland
		 		 	corporation, its sole member
				
		 		 	By:	 	 /S/ Jaime J. Cannon

		 		 	Print Name:	 	Jaime J. Cannon
		 		 	Title:	 	Senior Vice President
	
	 TERRENO FORTUNE/QUME LLC, a Delaware
 limited liability company

		
	By:	 	TERRENO REALTY LLC, a Delaware
		 	limited liability company, its Manager
			
		 	By:	 	TERRENO REALTY
		 		 	CORPORATION, a Maryland
		 		 	corporation, its sole member
				
		 		 	By:	 	 /S/ Jaime J. Cannon

		 		 	Print Name:	 	Jaime J. Cannon
		 		 	Title:	 	Senior Vice President

  
 - 9 -

 
							
	 TERRENO WARM SPRINGS I/II LLC, a
 Delaware limited liability company

		
	By:	 	TERRENO REALTY LLC, a Delaware
		 	limited liability company, its Manager
			
		 	By:	 	TERRENO REALTY
		 		 	CORPORATION, a Maryland
		 		 	corporation, its sole member
				
		 		 	By:	 	 /S/ Jaime J. Cannon

		 		 	Print Name:	 	Jaime J. Cannon
		 		 	Title:	 	Senior Vice President
	
	 TERRENO 630 GLASGOW LLC, a
 Delaware limited liability company

		
	By:	 	TERRENO REALTY LLC, a Delaware
		 	limited liability company, its Manager
				
		 		 	By:	 	TERRENO REALTY CORPORATION, a Maryland
		 		 		 	corporation, its sole member
				
		 		 	By:	 	 /S/ Jaime J. Cannon

		 		 	Name:	 	Jaime J. Cannon
		 		 	Title:	 	Senior Vice President
	
	 TERRENO AHERN LLC, a Delaware limited
 liability company

		
	By:	 	TERRENO REALTY LLC, a Delaware
		 	limited liability company, its Manager
				
		 		 	By:	 	TERRENO REALTY CORPORATION, a Maryland
		 		 		 	corporation, its sole member
				
		 		 	By:	 	 /S/ Jaime J. Cannon

		 		 	Name:	 	Jaime J. Cannon
		 		 	Title:	 	Senior Vice President

  
 - 10 -

 
					
	 TERRENO 70TH AVENUE LLC, a Delaware
 limited liability company

		
	By:	 	 TERRENO REALTY LLC, a Delaware
 limited liability company, its Manager

			
		 	By:	 	TERRENO REALTY
		 		 	CORPORATION, a Maryland corporation, its sole member
			
		 	By:	 	 /S/ Jaime J. Cannon

		 	Name:	 	Jaime J. Cannon
		 	Title:	 	Senior Vice President
	
	TERRENO DELL LLC, a Delaware limited liability company
		
	By: 	 	 TERRENO REALTY LLC, a Delaware
 limited liability company, its Manager

			
		 	By:	 	TERRENO REALTY
		 		 	CORPORATION, a Maryland
		 		 	corporation, its sole member
			
		 	By:	 	 /S/ Jaime J. Cannon

		 	Name:	 	Jaime J. Cannon
		 	Title:	 	Senior Vice President
	
	TERRENO 8730 BOLLMAN LLC, a Delaware limited liability company
		
	By:	 	 TERRENO REALTY LLC, a Delaware
 limited liability company, its Manager

			
		 	By:	 	TERRENO REALTY
		 		 	CORPORATION, a Maryland
		 		 	corporation, its sole member
			
		 	By:	 	 /S/ Jaime J. Cannon

		 	Name:	 	Jaime J. Cannon
		 	Title:	 	Senior Vice President

  
 - 11 -

 
					
	TERRENO WHITTIER LLC, a Delaware limited liability company
		
	By:	  	TERRENO REALTY LLC, a Delaware
		  	limited liability company, its Manager
			
		  	By:	 	 TERRENO REALTY CORPORATION,

a Maryland corporation,
 its sole
member

			
		  	By:	 	 /S/ Jaime J. Cannon

		  	Name:	 	Jaime J. Cannon
		  	Title:	 	Senior Vice President
	
	TERRENO GLOBAL PLAZA LLC, a Delaware limited liability company
		
	By:	  	 TERRENO REALTY LLC, a Delaware
 limited liability company, its Manager

			
		  	By:	 	 TERRENO REALTY CORPORATION,

a Maryland corporation,
 its sole
member

			
		  	By:	 	 /S/ Jaime J. Cannon

		  	Name:	 	Jaime J. Cannon
		  	Title:	 	Senior Vice President

  
 - 12 -

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