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Exhibit 10.34    
  

        Diogo Abreu, a current director and nominee, entered into an oral consulting agreement with the Company in November 2000 that provides for monthly cash
compensation of $15,000 and payment of certain living expenses which are not to exceed $100,000 in a given year, as well as reimbursement of Mr. Abreu's actually and reasonable travel and
business expenses incurred and paid by Mr. Abreu in the course of his services for the Company. In addition, on March 26, 2001, Mr. Abreu was granted warrants to purchase 450,000
shares of the Company's Common Stock at an exercise price of $0.87 per share, 112,500 of which warrants were vested upon the date of grant with the remaining 337,500 warrants vesting quarterly over a
three-year period as consideration for his consulting services to the Company. Mr. Abreu's consulting relationship indefinitely and to continue to compensate him on substantially
the same terms described above. 

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Exhibit 10.34QuickLinks
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Exhibit 10.8    
  

         

  

June 19,
2001 

Lowell
Trangsrud 

Subject:
Employment Offer 

Dear
Lowell: 

I
am pleased to offer you employment as Vice President, Operations, reporting directly to me. As an officer of the company, this offer is contingent upon the approval of Ditech's Board of
Directors—Compensation Committee. 

Your
compensation package consists of the following: 

	•
	Annual
Base salary of $190,000.

	•
	Management
By Objectives Bonus of $60,000. This is guaranteed for the first year of employment, (total annual compensation is $250,000, with the bonus to be
pro-rata over the year and paid on the fiscal quarters).

	•
	Subject
to the approval of the Company's Board of Directors or its Compensation Committee, you will be granted stock options to purchase 200,000 shares of
the Company's Common Stock. The exercise
price per share will be equal to the fair market value per share on the date the option is granted. The option will be subject to the terms and conditions applicable to options granted under the
defined Plan, as described in that Plan and the applicable stock option agreement. The option will be immediately exercisable and are Non-qualified options. The purchased shares will be
subject to repurchase by the Company at the exercise price in the event that your service terminates before you vest in the shares. You will vest in 25% of the option shares after 12 months of
continuous service and the balance will vest in monthly installments over the next 36 months.

	•
	If
the company terminates your employment for any reason other than cause or permanent disability during your first year of service, then the Company will
continue to pay your base salary until the anniversary of your first day of employment. The same period will be credited as continuous service for purposes of the stock options described above.
However, this paragraph will not apply unless you (a) have executed a general release (in a form prescribed by the Company) of all known and unknown claims that you may then have against the
Company or persons affiliated with the Company and (b) have agreed not to prosecute any legal action for other proceedings based on those claims. This paragraph is subject to Board approval.

	•
	Subject
to approval of the Company's Board of Directors or its Compensation Committee, if the Company is acquired within your first 24 months of your
employment and you are relieved of your position or a comparable one in the Acquiring company within the 24 month period (from commencement of employment at Ditech), you will leave with no less
than 24 months of vesting in your original option grant noted above. 

Executive
compensation is reviewed at the beginning of our fiscal year on May 1st. 

Your
benefit package with Ditech Communications Corporation will include Health insurance coverage (with partial premium due if for family coverage) beginning the first of the month after date of 

employment, Life and Long Term Disability insurance with option for additional coverage, Flexible Spending Program participation, Employee Stock Purchase Program (ESPP) upon eligibility and 401(k)
participation. Eligibility for 401(k) is effective after 90 days of employment. 

Your
employment with Ditech Communications Corporation is at-will. You will be asked to sign the statement of your acceptance and a confidentiality agreement when you report to work. 

I
look forward to working with you and having you as a part of our valuable and dynamic team! Please indicate your acceptance by signing and returning this letter immediately. You may fax your
acceptance to (650) 564-9593. We anticipate your start date to be on or before July 9, 2001. 

	Sincerely,	 	Accepted by:	 	 
	

/s/ Tim Montgomery
 Tim Montgomery

President, CEO & Chairman of the Board	
 	

/s/ Lowell Trangsrud
 Lowell Trangsrud	
 	

June 21, 2001
 Date

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Exhibit 10.8<PAGE>

                                                                    EXHIBIT 10.8

             This document constitutes part of a prospectus covering
                 securities that have been registered under the
                             Securities Act of 1933.

                  ADE CORPORATION EMPLOYEE STOCK PURCHASE PLAN

                                    ARTICLE I

                                     PURPOSE

 1.01       Purpose. The ADE Corporation Employee Stock Purchase Plan (the
            "Plan") is intended to provide a method whereby eligible employees
            of ADE Corporation and its participating subsidiary corporations
            (hereinafter collectively referred to, unless the context otherwise
            requires, as "ADE" or the "Company") will have an opportunity to
            acquire or increase proprietary interest in the Company through the
            purchase of shares of the Common Stock of ADE. The Plan is designed
            to encourage eligible employees to remain in the employ of the
            Company. It is the intention of the Company to have the Plan qualify
            as an "employee stock purchase plan" under Section 423 of the
            Internal Revenue Code of 1986, as amended (the "Code"). The
            provisions of the Plan shall be construed so as to extend and limit
            participation in a manner consistent with the requirements of that
            Section of the Code, and, except as specifically provided herein,
            all options granted to participants hereunder shall give the holders
            thereof the same rights and privileges.

                                   ARTICLE II

                                   DEFINITIONS

 2.01       Committee. "Committee" shall mean those individuals who shall, from
            time to time, constitute the Compensation Committee of the Board of
            Directors of ADE Corporation (the "Board of Directors").

 2.02       Common Stock. "Common Stock" shall mean shares of the $.01 par value
            common stock of the Company and any other stock or securities
            resulting from the adjustment thereof or substitution thereof as
            described in Section 12.04.

 2.03       Employee. "Employee" means any person who is customarily employed by
            the Company and paid on the United States payroll on a full-time
            regular or part-time regular basis by the Company and is regularly
            scheduled to work more than 20 hours per week.

 2.04       Offering. "Offering" or "Offerings" shall have the meanings set
            forth in Section 4.01 below.

 2.05       Offering Commencement Date. "Offering Commencement Date" means
            January 1, April 1, July 1, and October 1, as the case may be, on
            which a particular Offering begins.

 2.06       Offering Termination Date. "Offering Termination Date" means March
            31, June 30, September 30, or December 31, as the case may be, on
            which a particular Offering terminates.

 2.07       Option Price. "Option Price" means the price established under
            Section 6.02 below.

 2.08       Pay. "Pay" shall mean total earnings, including regular
            straight-time earnings and payments for overtime, shift premiums,
            bonuses and other special payments, commissions and other incentive
            payments.

<Page>

 2.09       Subsidiary Corporation. "Subsidiary Corporation" shall mean any
            present or future corporation which (i) would be a "subsidiary
            corporation" of ADE Corporation, as that term is defined in Section
            424 of the Code, and (ii) is designated as a participant in the Plan
            by the Committee.

                                   ARTICLE III

                          ELIGIBILITY AND PARTICIPATION

 3.01       Initial Eligibility. Any Employee who shall have completed at least
            ninety (90) days' employment and shall be employed by the Company on
            the date his/her participation in the Plan is to become effective
            shall be eligible to participate in Offerings under the Plan which
            commence on or after such ninety day period has concluded.

 3.02       Leave of Absence. For purposes of participation in the Plan, a
            person on leave of absence shall be deemed to be an Employee for the
            first 90 days of such leave of absence and, subject to applicable
            Federal and State laws, such Employee's employment shall be deemed
            to have terminated at the close of business on the 90th day of such
            leave of absence unless such Employee shall have returned to regular
            full-time or regular part-time employment (as the case may be) prior
            to the close of business on such 90th day or unless otherwise agreed
            to by the Company and the Employee. Termination by the Company of
            any Employee's leave of absence, other than termination of such
            leave of absence on return to full-time or part-time employment,
            shall terminate such Employee's participation in the Plan and right
            to exercise any option.

 3.03       Restrictions on Participation. Notwithstanding any provisions of the
            Plan to the contrary, no Employee shall be granted an option to
            participate in the Plan:

            (a)  if, immediately after the grant, such Employee would own stock,
                 and/or hold outstanding options to purchase stock, possessing
                 5% or more of the total combined voting power or value of all
                 classes of stock of the Company (for purposes of this
                 paragraph, the rules of Section 424(d) of the Code shall apply
                 in determining stock ownership of any Employee); or

            (b)  which permits his/her rights to purchase stock under this Plan
                 and all other employee stock purchase plans of the Company
                 intended to qualify under Section 423 of the Code to accrue at
                 a rate which exceeds $25,000 in fair market value of the stock
                 (determined at the time such option is granted) for each
                 calendar year in which such an option is outstanding.

 3.04       Commencement of Participation. An eligible Employee may become a
            participant by completing an authorization for a payroll deduction
            on the form provided by the Company and filing it with the office of
            the Treasurer of the Company on or before the next date set therefor
            by the Committee, which date shall be prior to the Offering
            Commencement Date for the next Offering. Payroll deductions for a
            participant shall commence on the applicable Offering Commencement
            Date when his/her authorization for a payroll deduction becomes
            effective and shall end on the Offering Termination Date of the
            Offering to which such authorization is applicable unless sooner
            terminated by the participant as provided in Article VIII.

                                   ARTICLE IV

                                    OFFERINGS

 4.01       Quarterly Offerings. A total of ONE MILLION (1,000,000) shares of
            the Company's Common Stock shall be offered under the Plan, over a
            period of ten (10) years; during the first five (5) years, the
            shares shall be offered in quarterly offerings of FIFTY THOUSAND
            (50,000) shares each plus any shares not issued in any previous
            quarter and during the second five (5) years, the quarterly
            offerings shall consist of any shares not issued in any previous
            quarter, including during the first five (5) years (the
            "Offerings"). The Offerings will , commence on the first day of the
            first Offering Commencement Date after the Board of Director's
            approval and thereafter on the first day of each subsequent quarter

<Page>

            within the duration of the Plan until the Plan expires. Any shares
            not issued in any Offering shall be available for issuance in
            subsequent Offerings.

                                    ARTICLE V

                               PAYROLL DEDUCTIONS

 5.01       Amount of Deduction. At the time a participant files his/her
            authorization for payroll deduction, he/she shall elect to have
            deductions made from his/her Pay on each payday during the time
            he/she is a participant in an Offering at the rate of 1, 2, 3, 4, 5,
            6, 7, 8, 9 or 10% of his/her Pay.

 5.02       Participant's Account. All payroll deductions made for a participant
            shall be credited to his/her account under the Plan. A participant
            may not make any separate cash payment into such account except when
            on a leave of absence and then only as provided in Section 5.04.

 5.03       Changes in Payroll Deductions. A participant may discontinue his/her
            participation in the Plan as provided in Article VIII, but no other
            change can be made during an Offering and, specifically, a
            participant may not alter the amount of his/her payroll deductions
            for that Offering.

 5.04       Leave of Absence. If a participant goes on a leave of absence, such
            participant shall have the right to elect: (a) to withdraw the cash
            balance in his/her account pursuant to Section 8.01; (b) to
            discontinue contributions to the Plan but remain a participant in
            the Plan; or (c) to remain a participant in the Plan during such
            leave of absence, authorizing deductions to be made from payments by
            the Company to the participant during such leave of absence and
            undertaking to make cash payments to the Plan at the end of each
            payroll period to the extent that amounts payable by the Company to
            such participant are insufficient to meet such participant's
            authorized Plan deductions.

                                   ARTICLE VI

                               GRANTING OF OPTIONS

 6.01       Number of Option Shares. On the Offering Commencement Date of each
            Offering, each participating Employee shall be deemed to have been
            granted an option to purchase a maximum number of shares of Common
            Stock of the Company equal to an amount determined as follows: an
            amount equal to (i) that percentage of the Employee's Pay which
            he/she has elected to have withheld (but not in any case in excess
            of 10% of his/her Pay) multiplied by (ii) the Employee's Pay during
            the period of the Offering divided by (iii) the Option Price
            determined under Section 6.02 below.

 6.02       Option Price. The Option Price of stock purchased with payroll
            deductions made during each Offering for a participant therein shall
            be the lower of:

            (a)  Eighty-five percent (85%) of the closing price of the stock on
                 the Offering Commencement Date or the nearest prior business
                 day on which trading occurred on the Nasdaq National Market
                 System; or

            (b)  Eighty-five percent (85%) of the closing price of the stock on
                 the Offering Termination Date or the nearest prior business day
                 on which trading occurred on the Nasdaq National Market System

            If the Common Stock of the Company is not admitted to trading on any
            of the aforesaid dates for which closing prices of the stock are to
            be determined, then reference shall be made to the fair market value
            of the stock on that date, as determined on such basis as shall be
            established or specified for the purpose by the Committee.

<PAGE>

                                   ARTICLE VII

                               EXERCISE OF OPTION

 7.01       Automatic Exercise. A participant who elects to participate in an
            Offering shall be deemed to have exercised his/her option to
            purchase stock with payroll deductions for the purchase of the
            number of full or partial shares of stock which the accumulated
            payroll deductions in his/her account at the Offering Termination
            Date will purchase at the applicable Option Price.

 7.02       Fractional Shares. Fractional shares will be purchased under the
            Plan and held in the Employee's account for the next subsequent
            Offering or, if the Employee ceases to participate in the Plan,
            shall be returned to the Employee in cash promptly following the
            termination of an Offering, without interest.

 7.03       Transferability of Option. During a participant's lifetime, options
            held by such participant shall be exercisable only by that
            participant and shall not be transferable.

 7.04       Delivery of Stock. As promptly as practicable after the Offering
            Termination Date of each Offering, the Company will either, at the
            Company's discretion: (i) deliver to each participant, as
            appropriate, a certificate representing the number of shares of
            Common Stock purchased upon exercise of his/her option; or (ii)
            deliver (a) to any brokerage firm then retained by the Company to
            administer the Plan the total number of shares purchased by all
            participants in the Plan for allocation among the various accounts
            of such participants and (b) to each participant after the end of
            each Offering a statement which shall indicate the number of shares
            of Common Stock purchased upon exercise of his/her option and the
            aggregate number of shares of Common Stock held on behalf of each
            such participant under the Plan.

                                  ARTICLE VIII

                                   WITHDRAWAL

 8.01       In General. Upon at least ten (10) days prior written notice, an
            Employee may direct the discontinuance of future payroll deductions.
            All of the participant's payroll deductions previously credited to
            his/her account shall be used to purchase stock for his/her account
            on the next Offering Termination Date, and no further payroll
            deductions will be made from his/her Pay during such Offering or
            during any future Offering unless the Employee shall elect to
            participate in any future Offering.

 8.02       Effect on Subsequent Participation. Subject to applicable Federal
            and State securities laws and tax laws, a participant's withdrawal
            from any Offering will not have any effect upon his/her eligibility
            to participate in any succeeding Offering or in any similar plan
            which may hereafter be adopted by the Company.

 8.03       Termination of Employment. Upon termination of the participant's
            employment for any reason, including retirement or pursuant to
            Section 3.02 herein (but excluding death while in the employ of the
            Company), the payroll deductions credited to his/her account will be
            returned in cash to him/her, or, in the case of his/her death
            subsequent to the termination of his/her employment, to the person
            or persons entitled thereto under Section 12.01. No interest is paid
            on such payments.

 8.04       Termination of Employment Due to Death. Upon termination of the
            participant's employment because of his/her death, his/her
            beneficiary (as defined in Section 12.01) shall have the right to
            elect, by written notice given to the office of the Treasurer of the
            Company prior to earliest of the next Offering Termination Date or
            the expiration of a period of sixty (60) days commencing with the
            date of the death of the participant, either:

<Page>

            (a)  to withdraw in cash all of the payroll deductions credited to
                 the participant's account under the Plan during the Offering
                 outstanding at the time of death; or

            (b)  to exercise the participant's option for the purchase of stock
                 on the Offering Termination Date next following the date of the
                 participant's death for the purchase of the number of full
                 shares of stock which the accumulated payroll deductions in the
                 participant's account at the date of the participant's death
                 will purchase at the applicable Option Price, and any excess in
                 such account will be returned in cash to said beneficiary,
                 without interest.

            In the event that no such written notice of election shall be duly
            received by the office of the Treasurer of the Company, the
            beneficiary shall automatically be deemed to have elected, pursuant
            to paragraph (b), to exercise the participant's option.

                                   ARTICLE IX

                                    INTEREST

 9.01       Payment of Interest. No interest will be paid or allowed on any
            money paid into the Plan or credited to the account of any
            participant Employee.

                                    ARTICLE X

                                      STOCK

10.01       Maximum Shares. The maximum number of shares which shall be issued
            under the Plan, subject to adjustment upon changes in capitalization
            of the Company as provided in Section 12.04, shall be 50,000 shares
            in each Offering plus in each Offering all unissued shares from
            prior Offerings not to exceed 1,000,000 shares for all Offerings. If
            the total number of shares for which options are exercised on any
            Offering Termination Date in accordance with Article VI exceeds the
            maximum number of shares for the applicable Offering, the Company
            shall make a pro rata allocation of the shares available for
            delivery and distribution in as nearly a uniform manner as shall be
            practicable and as it shall determine to be equitable, and the
            balance of payroll deductions credited to the account of each
            participant under the Plan shall be returned to him/her as promptly
            as possible, without interest.

            Further, in accordance with Article III, no Employee shall be
            granted an option which permits the Employee's right to purchase
            stock under the Plan, and under all other Section 423(b) employee
            stock purchase plans of the Company, to accrue at a rate which
            exceeds $25,000 of market value of such stock (determined on the
            date or dates that options on such stock were granted) for each
            calendar year in which such option is outstanding at any time. The
            purpose of the limitation in the preceding sentence is to comply
            with Section 423(b)(8) of the Code. If the participant's accumulated
            payroll deductions on the Offering Termination Date of the last
            Offering of the calendar year would otherwise enable the participant
            to purchase Common Stock in excess of the Section 423(b)(8)
            limitation described in this paragraph, the excess of the amount of
            the accumulated payroll deductions over the aggregate purchase price
            of the shares actually purchased shall be promptly refunded to the
            participant by the Company, without interest.

10.02       Participant's Interest in Option Stock. The participant will have no
            interest in stock covered by his/her option until the Offering
            Termination Date on which the participant purchases such stock.

10.03       Registration of Stock. Stock to be delivered to or held by a
            brokerage firm for a participant under the Plan will be registered
            in the name of the participant or, if the participant so directs by
            written notice to the Treasurer of the Company prior to the Offering
            Termination Date applicable thereto, in the names of the participant
            and one such other person as may be designated by the participant as
            joint tenants with rights of survivorship or as tenants by the
            entireties, to the extent permitted by applicable law.

<Page>

10.04       Restrictions on Exercise. The Board of Directors may, in its
            discretion, require as conditions to the exercise of any option that
            the shares of Common Stock reserved for issuance upon the exercise
            of the option shall have been duly listed, upon official notice of
            issuance, upon a stock exchange, and that either:

            (a)  a Registration Statement under the Securities Act of 1933, as
                 amended, with respect to said shares shall be effective; or

            (b)  the participant shall have represented at the time of purchase,
                 in form and substance satisfactory to the Company, that it is
                 his/her intention to purchase the shares for investment and not
                 for resale or distribution.

10.05       Limits on Sale of Stock Purchased Under the Plan. The Plan is
            intended to provide shares of Common Stock for investment and not
            for resale. The Company does not, however, intend to restrict or
            influence any Employee in the conduct of his/her own affairs. An
            Employee may, therefore, sell stock purchased under the Plan at any
            time the Employee chooses, subject to compliance with any applicable
            federal or state securities laws and tax laws. THE EMPLOYEE ASSUMES
            THE RISK OF ANY MARKET FLUCTUATIONS IN THE PRICE OF THE STOCK.

10.06       Notice to Company of Disqualifying Disposition. By electing to
            participate in the Plan, each participant agrees to notify the
            Company in writing immediately after the participant transfers
            Common Stock acquired under the Plan, if such transfer occurs within
            two years after the Offering Commencement Date of the Offering in
            which such Common Stock was acquired. Each participant further
            agrees to provide any information about such a transfer as may be
            requested by the Company in order to assist it in complying with the
            tax laws. Such dispositions are generally treated as "disqualifying
            dispositions" under Sections 421 and 424 of the Code, which have
            certain tax consequences to participants and to the Company.

                                   ARTICLE XI

                                 ADMINISTRATION

11.01       Appointment of Committee. The Committee which shall administer the
            Plan shall be the Compensation Committee appointed from time to time
            by the Board of Directors. No member of the Committee shall be
            eligible to purchase stock under the Plan.

11.02       Authority of Committee. Subject to the express provisions of the
            Plan, the Committee shall have plenary authority in its discretion
            to interpret and construe any and all provisions of the Plan, to
            adopt rules and regulations for administering the Plan, to designate
            certain administrative functions under the Plan regarding the
            custody and distribution of stock to an outside brokerage firm and
            to make all other determinations deemed necessary or advisable for
            administering the Plan. The Committee's determination on the
            foregoing matters shall be conclusive.

                                   ARTICLE XII

                                  MISCELLANEOUS

12.01       Designation of Beneficiary. A participant may file a written
            designation of a beneficiary who is to receive any stock and/or
            cash. Such designation of beneficiary may be changed by the
            participant at any time by written notice to the office of the
            Treasurer of the Company. Upon the death of a participant and upon
            receipt by the Company of proof of identity and existence at the
            participant's death of a beneficiary validly designated by him/her
            under the Plan, the Company, or any brokerage firm with custody of
            such stock, shall deliver such stock and/or cash to such
            beneficiary. In the event of the death of a participant and in the
            absence of a beneficiary validly designated under the Plan who is
            living at the time of such participant's death, such stock and/or
            cash shall be

<Page>

            delivered to the executor or administrator of the estate of the
            participant, or if no such executor or administrator has been
            appointed (to the knowledge of the Company), to the spouse or to any
            one or more dependents of the participant as the Company may
            designate. No beneficiary shall, prior to the death of the
            participant by whom he/she has been designated, acquire any interest
            in the stock or cash credited to the participant under the Plan.

12.02       Transferability. Neither payroll deductions credited to a
            participant's account nor any rights with regard to the exercise of
            an option or to receive stock under the Plan may be assigned,
            transferred, pledged, or otherwise disposed of in any way by the
            participant other than by will or the laws of descent and
            distribution. Any such attempted assignment, transfer, pledge or
            other disposition shall be without effect, except that the Company
            may treat such act as an election to withdraw funds in accordance
            with Section 8.01. Option rights granted under the Plan are
            exercisable during a participant's lifetime only by the participant.

12.03       Use of Funds. All payroll deductions received or held by the Company
            under this Plan may be used by the Company for any corporate purpose
            and the Company shall not be obligated to segregate such payroll
            deductions.

12.04       Effect on Certain Transactions. The number of shares of Common Stock
            reserved for the Plan pursuant to Section 4.01, the maximum number
            of shares of Common Stock offered pursuant to Section 4.01, and the
            determination under Section 6.02 of the purchase price per share of
            the shares of Common Stock offered to participants pursuant to an
            Offering shall be appropriately adjusted to reflect any increase or
            decrease in the number of issued shares of Common Stock resulting
            from a stock split, a consolidation of shares, the payment of a
            stock dividend, or any other capital adjustment affecting the number
            of issued shares of the Common Stock of the Company.

            In the event that the outstanding shares of Common Stock shall be
            changed into or exchanged for a different number or kind of shares
            of stock or other securities of the Company or another corporation,
            whether through reorganization, recapitalization, merger,
            consolidation, or otherwise, then there shall be substituted for
            each share of Common Stock reserved for issuance under the Plan but
            not yet purchased by participants, the number and kind of shares of
            stock or other securities into which each outstanding share of
            Common Stock shall be so changed or for which each such share shall
            be exchanged. Notwithstanding the foregoing, a dissolution or
            liquidation of the Company shall cause the Plan and any Offering
            hereunder to terminate and any payroll deductions credited to a
            participant's account under the Plan during the Offering outstanding
            at the time of dissolution or liquidation shall be refunded to the
            participant without interest.

12.05       Amendment and Termination.

            (a)  Amendment of Plan. The Company expressly reserves the right, at
                 any time and from time to time, to amend in whole or in part
                 any of the terms and provisions of the Plan; provided, however,
                 no amendment may without the approval of the shareholders of
                 the Company (i) increase the number of shares of Common Stock
                 reserved under the Plan, (ii) change the method of determining
                 the purchase price for shares of Common Stock, (iii) materially
                 increase the benefits accruing to participants, or (iv)
                 materially change the eligibility requirements for
                 participation in the Plan.

            (b)  Termination of Plan. The Company expressly reserves the right,
                 at any time and for whatever reason it may deem appropriate, to
                 terminate the Plan. If not sooner terminated pursuant to the
                 preceding sentence, the Plan shall continue in effect through
                 September 30, 2006. Upon any termination of the Plan, the
                 entire amount credited to the account of each participant shall
                 be distributed to each such participant, without interest.

            (c)  Procedure for Amendment or Termination. Any amendment to the
                 Plan or termination of the Plan may be retroactive to the
                 extent not prohibited by applicable law. Any amendment to the
                 Plan or termination of the Plan shall be made by the Company by
                 resolution of the Board of Directors

<Page>

                 (subject to Section 12.05(a)) and shall not require the
                 approval or consent of any participant in order to be
                 effective.

12.06       Effective Date. The Plan shall become effective as of July 1, 1996
            subject to approval and ratification on or before February 28, 1997
            by the stockholders of the Company. In the event the Plan is not so
            approved, all amounts deducted from the Pay of each participant and
            credited to his/her account shall be refunded to each such
            participant without interest as soon as administratively practicable
            and the Plan shall be terminated.

12.07       No Employment Rights. Participation in the Plan does not, directly
            or indirectly, create in any Employee or class of Employees any
            right with respect to continuation of employment by the Company, and
            it shall not be deemed to interfere in any way with the Company's
            right to terminate, or otherwise modify, an Employee's employment at
            any time.

12.08       Effect of Plan. The provisions of the Plan shall, in accordance with
            its terms, be binding upon, and inure to the benefit of, all
            successors of each Employee participating in the Plan, including,
            without limitation, such Employee's estate and the executors,
            administrators or trustees thereof, heirs and legatees, and any
            receiver, trustee in bankruptcy or representative of creditors of
            such Employee.

12.09       Governmental Regulations. The Company's obligation to sell and
            deliver or retain shares of Common Stock under the Plan is subject
            to the approval of any governmental authority required in connection
            with the authorization, issuance or sale of such shares. Government
            regulations may impose reporting or other obligations on the Company
            with respect to the Plan. For example, the Company may be required
            to identify shares of Common Stock issued under the Plan on its
            stock ownership records and send tax information statements to
            Employees and former Employees who transfer title to such shares.

12.10       Construction. Article, Section and paragraph headings have been
            inserted in the Plan for convenience of reference only and are to be
            ignored in any construction of the provisions hereof. If any
            provision of the Plan shall be invalid or unenforceable, the
            remaining provisions shall nevertheless be valid, enforceable, and
            fully effective. It is the intent that the Plan shall at all times
            constitute an "employee stock purchase plan" within the meaning of
            Section 423(b) of the Code, and the Plan shall be construed, and
            interpreted to remain such. The Plan shall be construed,
            administered, regulated, and governed by the laws of the United
            States to the extent applicable, and to the extent such laws are not
            applicable, by the laws of the Commonwealth of Massachusetts.

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