Document:

Exhibit
4.6

 

THESE
SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, OR ANY APPLICABLE STATE SECURITIES LAWS AND HAVE BEEN ACQUIRED FOR
INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR
DISTRIBUTION THEREOF.  NO SUCH SALE OR
DISTRIBUTION MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT
OR QUALIFICATION RELATED THERETO OR AN OPINION OF COUNSEL IN A FORM SATISFACTORY
TO THE COMPANY THAT SUCH REGISTRATION OR QUALIFICATION IS NOT REQUIRED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY APPLICABLE STATE SECURITIES
LAWS.

 

	
  Issue Date:  March 5, 2007

  	
   

  

 

OPENTABLE, INC.

 

COMMON STOCK PURCHASE WARRANT

 

THIS CERTIFIES
THAT, for value received, Deborah Meredith,
and her registered assigns (the “Holder”), is entitled to purchase from
OpenTable, Inc., a Delaware corporation (the “Company”), at any
time after the date specified in Section 1 hereof and ending at 5:00 p.m.
California time on the Expiration Date, as such term is defined in Section 1
hereof, 44,271 shares of the Company’s Common Stock (the “Warrant Shares”)
at an exercise price (the “Exercise Price”) of $0.39 per share, upon the
terms and subject to the conditions set forth herein (the “Warrant”).

 

1.                                     Term. 
This Warrant shall be exercisable through the first to occur of (a) March 4,
2017, (b) a Liquidation Event (as defined in the Company’s Amended and
Restated Certificate of Incorporation as in effect on the date hereof) or (c) the
consummation of the initial public offering of shares of the Company’s Common
Stock (the “Expiration Date”).

 

2.                                     Method of
Exercise; Payment; Issuance of New Warrant. 
Subject to Section 1 hereof, the purchase right represented by this
Warrant may be exercised by the Holder, in whole or in part, by:

 

(a)                                  the surrender of this Warrant (with
the Notice of Exercise form attached hereto as Attachment A) at the
principal office of the Company; and

 

(b)                                 the payment to the Company, by check
or wire transfer, of an amount equal to the then applicable Exercise Price per
share multiplied by the number of Warrant Shares then being purchased.

 

If this
Warrant should be exercised in part only, the Company shall, upon surrender of
this Warrant, execute and deliver a new Warrant evidencing the rights of the
Holder thereof to purchase the balance of the Warrant Shares purchasable
hereunder.  Upon receipt by the Company
of this Warrant and such notice of exercise, together with, if applicable, the
aggregate Exercise Price, at such office, or by the stock transfer agent or
warrant agent of the Company at its office, the Holder shall be deemed to be
the holder of record of the applicable Warrant Shares, notwithstanding that the
stock transfer books of the Company shall then be closed or that

 

 

certificates
representing such Warrant Shares shall not then be actually delivered to the
Holder.  The Holder shall pay any and all
documentary stamp or similar issue or transfer taxes payable in respect of the
issue or delivery of the Warrant Shares.

 

3.                                     Net
Exercise.  In addition to and without limiting the
rights of the Holder under the terms of this Warrant, the Holder may elect to
convert this Warrant or any portion thereof (the “Conversion Right”)
into Warrant Shares, the aggregate value of which Warrant Shares shall be equal
to the value of this Warrant or the portion thereof being converted.  The Conversion Right may be exercised by the
Holder by surrender of this Warrant at the principal office of the Company
together with notice of the Holder’s intention to exercise the Conversion
Right, in which event the Company shall issue to the Holder a number of Warrant
Shares computed using the following formula:

 

X = Y(A-B)

    A

 

Where:

 

X =                             The
number of Warrant Shares to be issued to the holder upon exercise of Conversion
Right.

 

Y =          The number of Warrant
Shares issuable upon exercise of this Warrant (or such lesser number as are
being exercised).

 

A =         The fair market value of
one Warrant Share, as determined by the Board of Directors of the Company, at
the time the Conversion Right is exercised pursuant to Section 3.

 

B =                              Exercise
Price for one Warrant Share under this Warrant (as adjusted to the date of such
calculations).

 

4.                                     Stock
Fully Paid; Reservation of Warrant Shares. 
All shares of stock which may be issued upon the exercise of the rights
represented by this Warrant will, upon issuance, be fully paid and
nonassessable, and free from all taxes, liens and charges with respect to the
issue thereof.  During the period within
which the rights represented by this Warrant may be exercised, the Company will
at all times have authorized and reserved for the purpose of issue upon
exercise of the purchase rights evidenced by this Warrant, a sufficient number
of shares of its Common Stock to provide for the exercise of the rights
represented by this Warrant.

 

5.                                     Adjustment
of Exercise Price and Number of Warrant Shares. 
The number and kind of Warrant Shares purchasable upon the exercise of
this Warrant and the Exercise Price shall be subject to adjustment from time to
time upon the occurrence of certain events, as follows:

 

5.1                                 Reclassification;
Merger.  In case of any reclassification or change of
outstanding securities of the class issuable upon exercise of this Warrant
(other than a change in par value, or from par value to no par value, or from
no par value to par value, or as a result of a subdivision or combination), or
in case of any consolidation or merger of the Company with or

 

2

 

into another
corporation (other than a merger with another corporation in which the Company
is a continuing corporation and which does not result in any reclassification
or change of outstanding securities issuable upon exercise of this Warrant), or
any other corporate reorganization in which the Company shall not be the continuing
or surviving entity of such consolidation, merger or reorganization, the Holder
shall have the right to receive, in lieu of each share of stock theretofore
issuable upon exercise of this Warrant, the kind and amount of shares of stock,
other securities, money and property receivable upon such reclassification,
change or merger by a holder of one share of stock.  The provisions of this Section 5.1 shall
similarly apply to successive reclassifications, changes and mergers.

 

5.2                                 Subdivision
or Combination of Warrant Shares.  If the
Company at any time while this Warrant remains outstanding and unexpired shall
subdivide or combine its stock, including without limitation through a reverse
stock split, the Exercise Price shall be proportionately decreased in the case
of a subdivision or increased in the case of a combination.

 

5.3                                 Stock
Dividends.  If the Company at any time while this Warrant
is outstanding and unexpired shall pay a dividend with respect to stock payable
in, or make any other distribution with respect to stock (except any
distribution specifically provided for in the foregoing Sections 5.1 and 5.2)
of, stock, then the Exercise Price shall be adjusted, from and after the date
of determination of stockholders entitled to receive such dividend or
distribution, to that price determined by multiplying the Exercise Price in
effect immediately prior to such date of determination by a fraction (a) the
numerator of which shall be the total number of shares of stock outstanding
immediately prior to such dividend or distribution, and (b) the
denominator of which shall be the total number of shares of stock outstanding
immediately after such dividend or distribution.

 

5.4                                 Adjustment
of Number of Warrant Shares.  Upon each
adjustment in the Exercise Price, the number of shares of stock purchasable
hereunder shall be adjusted, to the nearest whole share, to the product
obtained by multiplying the number of Warrant Shares purchasable immediately
prior to such adjustment in the Exercise Price by a fraction, the numerator of
which shall be the Exercise Price immediately prior to such adjustment and the
denominator of which shall be the Exercise Price immediately thereafter.

 

6.                                     Fractional
Warrant Shares.  No fractional Warrant Shares will be issued in
connection with any exercise hereunder, but in lieu of such fractional shares
the Company shall make a cash payment therefor upon the basis of the Exercise
Price then in effect.

 

7.                                     Holder
Representations, Warranties and Covenants.

 

The
Holder hereby represents and warrants to and covenants with the Company as
follows:

 

7.1                                 Authorization. 
The Holder has full power and authority to enter into this Warrant, and
this Warrant constitutes her valid and legally binding obligation, enforceable
in accordance with its terms except (a) as limited by applicable
bankruptcy, insolvency, reorganization, moratorium and other laws of general
application affecting enforcement of

 

3

 

creditors’ rights
generally and (b) as limited by laws relating to the availability of
specific performance, injunctive relief or other equitable remedies.

 

7.2                                 Investment
Experience.  The Holder represents that she is an “accredited
investor” within the meaning of Rule 501(a) of the Securities Act of
1933, as amended (the “Securities Act”), and has experience in
evaluating and investing in securities of companies similar to the Company so
that she is capable of evaluating the merits and risks of her investment in the
Warrant (together with the Warrant Shares issuable upon exercise of the
Warrant, the “Securities”) and has the capacity to protect her own
interests.

 

7.3                                 Acquired
Entirely for Own Account.  This Warrant
is issued to the Holder in reliance upon the Holder’s representation to the
Company, which by the Holder’s execution of this Warrant the Holder hereby
confirms, that the Securities to be received by the Holder will be acquired for
investment for the Holder’s own account, not as a nominee or agent, and not
with a view to the resale or distribution of any part thereof, and that the
Holder has no present intention of selling, granting any participation in, or
otherwise distributing the same.  The
Holder further represents that she does not have any contract, undertaking,
agreement or arrangement with any person to sell, transfer or grant
participations, to such person or to any third person, with respect to the
Securities.

 

7.4                                 Restricted
Securities.  The Holder understands that the Securities
are characterized as “restricted securities” under the federal securities laws
inasmuch as they are being acquired from the Company in a transaction not
involving a public offering and that under such laws and applicable regulations
such Securities may be resold without registration under the Securities Act only
in certain limited circumstances.  In
this connection, the Holder represents that she is familiar with Rule 144,
as presently in effect, and understands the resale limitations imposed thereby
and by the Securities Act.  The Holder
must bear the economic risk of this investment indefinitely unless the
Securities are registered pursuant to the Securities Act or an exemption from
registration is available.  The Holder
understands that the Company has no present intention of registering the
Securities.  The Holder also understands
that there is no assurance that any exemption from registration under the
Securities Act will be available and that, even if available, such exemption
may not allow the Holder to transfer all or any portion of the Securities under
the circumstances, in the amounts or at the times the Holder might propose.

 

7.5                                 No Public
Market.  The Holder understands that no public market
now exists for any of the securities issued by the Company, and that the
Company has made no assurances that a public market will ever exist for the
Securities.

 

7.6                                 Disclosure
of Information.  The Holder has conducted the due diligence
she determined in her sole judgment was necessary or appropriate and has
received all the information she considers necessary or appropriate for
deciding whether to acquire the Securities. 
The Holder has received and reviewed information about the Company and
has had an opportunity to discuss the Company’s business, management and
financial affairs with its management. 
The Holder understands and acknowledges that such discussions, as well
as any written information issued by the Company, (a) were intended to
describe the aspects of the Company’s business which the Company believes to be
material, but were not necessarily an exhaustive description, and (b) may
have contained forward-looking statements involving known

 

4

 

and unknown risks and
uncertainties which may cause the Company’s actual results in future periods or
plans for future periods to differ materially from what was anticipated and
that no representations or warranties were or are being made with respect to
any such forward-looking statements or the probability of achieving any of the
results projected in any of such forward-looking statements.

 

7.7                                 Market
Standoff.  The Holder agrees, if requested by the
Company in connection with the Company’s initial public offering, not to sell
or otherwise transfer or dispose of any Common Stock (or other securities) of
the Company held by the Holder during a period of time determined by the
Company and its underwriters (not to exceed one hundred eighty (180) days
following the effective date of the registration statement of the Company filed
under the Securities Act relating to such initial public offering, but subject
to extension as may be required to comply with Rule 2711 of the National
Association of Securities Dealers, Inc. (or any successor rule thereto)).  The Holder agrees to execute and deliver such
other agreements as may be reasonably requested by the Company or the
underwriters in connection with the Company’s initial public offering which are
consistent with the foregoing and which are necessary to give further effect
thereto.  The underwriters in connection
with the Company’s initial public offering are intended third party
beneficiaries of this Section 7.7 and shall have the right, power and
authority to enforce the provisions hereof as though they were a party
hereto.  In order to enforce the
foregoing covenant, the Company may impose stop-transfer instructions with
respect to the Common Stock (or other securities) of the Company held by the
Holder until the end of such period.

 

7.8                                 Residence. 
The Holder’s principal residence is in
the state identified in the address of the Holder set forth beneath her
signature hereto.

 

7.9                                 Legends. 
The Holder understands that the Securities, and any securities issued in
respect thereof or exchange therefor, may bear one or all of the following
legends:

 

(a)                                  “THESE
SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, OR ANY APPLICABLE STATE SECURITIES LAWS AND HAVE BEEN ACQUIRED FOR
INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR
DISTRIBUTION THEREOF.  NO SUCH SALE OR
DISTRIBUTION MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT
OR QUALIFICATION RELATED THERETO OR AN OPINION OF COUNSEL IN A FORM SATISFACTORY
TO THE COMPANY THAT SUCH REGISTRATION OR QUALIFICATION IS NOT REQUIRED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY APPLICABLE STATE SECURITIES
LAWS.”

 

(b)                                 Any
legend required by the blue sky laws of any state to the extent such laws are
applicable to the securities represented by the certificate or other document
so legended.

 

(c)                                  Any
legend required by the Company’s bylaws.

 

7.10                           Representations
on Exercise.  Upon exercise of this Warrant and as a
condition thereof, the Holder hereof shall confirm in writing, in a form of Attachment
A, that the

 

5

 

representations and
warranties in Section 7 are true and correct as of the date of
exercise.  In addition, the Holder shall
provide such additional information regarding such Holder’s financial and
investment background, as the Company may reasonably request, as is relevant
for purposes of determining the Holder’s suitability with respect to a purchase
of the Warrant Shares.

 

7.11                           Transferability
of Warrant.  Neither this Warrant nor the Warrant Shares
issuable upon exercise thereof shall be transferred or assigned in whole or in
part unless (a) the Holder shall have notified the Company of the proposed
disposition and shall have furnished the Company with a detailed statement of
the circumstances surrounding the proposed disposition, (b) the transferee
has agreed in writing for the benefit of the Company to be bound by the
provisions of this Warrant and (c):

 

(i)                                     There is then in effect a
registration statement under the Securities Act covering such proposed
disposition and such disposition is made in accordance with such registration
statement; or

 

(ii)                                  The Holder shall have furnished the
Company with an opinion of counsel, reasonably satisfactory to the Company,
that such disposition will not require registration of such shares under the
Securities Act.

 

8.                                     Rights of
Stockholders.
 No Holder of this Warrant shall be
entitled to vote or receive dividends or be deemed the holder of stock or any
other securities of the Company which may at any time be issuable on the
exercise hereof for any purpose, nor shall anything contained herein be
construed to confer upon the Holder of this Warrant, as such, any of the rights
of a stockholder of the Company or any right to vote for the election of
directors or upon any matter submitted to stockholders at any meeting thereof,
or to give or withhold consent to any corporate action (whether upon any
recapitalization, issuance of stock, reclassification of stock, change of par
value or change of stock to no par value, consolidation, merger, conveyance or
otherwise) or to receive notice of meetings, or to receive dividends or
subscription rights or otherwise until this Warrant has been exercised and the
Warrant Shares shall have become deliverable, as provided herein.

 

9.                                     Governing
Law.  The terms and conditions of this Warrant
shall be governed by and construed in accordance with Delaware law, without
giving effect to principles of conflicts of law.

 

10.                               Notices. 
Any notice required or permitted under this Warrant shall be given in
writing and shall be deemed to have been adequately given if (a) delivered
in person (in a manner through which delivery may be verified), (b) sent
by nationally recognized overnight delivery service or (c) mailed,
certified mail, return receipt requested, to the party to be notified at the
address indicated beneath its signature hereto, or at such other address as
such party may designate by ten (10) days’ advance written notice to the
other party.

 

11.                               Amendments
and Waivers.  Any term of this Warrant may be amended or
waived with the written consent of the Company and the Holder.

 

6

 

12.                               Counterparts. 
This Warrant may be executed in two or more counterparts, and
counterparts by facsimile or PDF e-mail, all of which taken together shall
constitute one and the same instrument.

 

[Remainder of page intentionally left
blank]

 

7

 

IN WITNESS
WHEREOF, the parties hereto have executed this Warrant or caused this Warrant
to be duly executed on its behalf by its officer thereunto duly authorized, as
of the day and year first above written.

 

 

	
   

  	
  THE
  COMPANY:

  
	
   

  	
   

  
	
   

  	
  OPENTABLE, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ Thomas H. Layton

  
	
   

  	
   

  	
  Thomas H. Layton

  
	
   

  	
   

  	
  Chief Executive Officer

  
	
   

  	
   

  
	
   

  	
  Address:

  
	
   

  	
  799 Market Street, 4th Floor

  
	
   

  	
  San Francisco, CA 94103

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  THE HOLDER:

  
	
   

  	
   

  
	
   

  	
  DEBORAH MEREDITH

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Deborah Meredith

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Address: 

  	
   

  
	
   

  	
   

  	
   

  
				

 

 

SIGNATURE PAGE TO COMMON STOCK PURCHASE
WARRANT

 

 

ATTACHMENT A

 

NOTICE OF EXERCISE

 

TO:                            OpenTable, Inc.

 

1.                                     The
undersigned hereby elects to purchase
                        
shares of Common Stock of OpenTable, Inc. pursuant to the terms of the
attached Warrant, and tenders herewith payment of the purchase price of such
shares in full, together with all applicable transfer taxes, if any.

 

1.                                     The
undersigned hereby elects to convert the attached Warrant into Warrant Shares
in the manner specified in Section 3 of the Warrant.  This conversion is exercised with respect to
                                              
of the shares covered by the Warrant.

 

[Strike
paragraph above that does not apply.]

 

2.                                     Please
issue a certificate or certificates representing said shares of stock in the
name of the undersigned or in such other name as is specified below:

 

	
  Name:

  	
   

  	
   

  
	
   

  
	
  Address:

  	
   

  	
   

  
	
   

  	
   

  	
   

  

 

3.                                     The
undersigned represents that the aforesaid shares of stock are being acquired
for the account of the undersigned for investment and not with a view to, or
for resale in connection with, the distribution thereof and that the
undersigned has no present intention of distributing or reselling such shares.  In support thereof, the undersigned hereby
represents and warrants to the Company that the representations and warranties
contained in Section 7 of the Warrant are true and correct as of the date
of exercise.

 

 

	
   

  	
   

  
	
   

  	
  WARRANTHOLDER

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Date:

  	
   

  

 

 

Common Stock Purchase Warrant Notice of ExerciseExhibit 10.1

 

OPENTABLE, INC.

 

1999 STOCK PLAN

 

ADOPTED ON MARCH 5, 1999

(AMENDED AND RESTATED DECEMBER 15, 1999, DECEMBER
30, 2002, DECEMBER 9, 2004, AUGUST 9, 2005, DECEMBER 30, 2005, JULY 13, 2006
AND MARCH 27, 2008)

 

 

TABLE OF CONTENTS

 

	
   

  	
  Page No.

  
	
   

  	
   

  
	
  SECTION 1. ESTABLISHMENT AND PURPOSE

  	
  1

  
	
   

  	
   

  
	
  SECTION 2. ADMINISTRATION

  	
  1

  
	
   

  	
   

  
	
  (a)  Committees of the Board of Directors

  	
  1

  
	
  (b)  Authority of the Board of Directors

  	
  1

  
	
   

  	
   

  
	
  SECTION 3. ELIGIBILITY

  	
  1

  
	
   

  	
   

  
	
  (a)  General Rule

  	
  1

  
	
  (b)  Ten-Percent Stockholders

  	
  1

  
	
   

  	
   

  
	
  SECTION 4. STOCK SUBJECT TO PLAN

  	
  1

  
	
   

  	
   

  
	
  (a)  Basic Limitation

  	
  1

  
	
  (b)  Additional Shares

  	
  2

  
	
   

  	
   

  
	
  SECTION 5. TERMS AND CONDITIONS OF
  AWARDS OR SALES

  	
  2

  
	
   

  	
   

  
	
  (a)  Stock Purchase Agreement

  	
  2

  
	
  (b)  Duration of Offers and Nontransferability of Rights

  	
  2

  
	
  (c)  Purchase Price

  	
  2

  
	
  (d)  Withholding Taxes

  	
  2

  
	
  (e)  Restrictions on Transfer of Shares and Minimum Vesting

  	
  2

  
	
  (f)  Accelerated Vesting

  	
  2

  
	
   

  	
   

  
	
  SECTION 6. TERMS AND CONDITIONS OF
  OPTIONS

  	
  3

  
	
   

  	
   

  
	
  (a)  Stock Option Agreement

  	
  3

  
	
  (b)  Number of Shares

  	
  3

  
	
  (c)  Exercise Price

  	
  3

  
	
  (d)  Withholding Taxes

  	
  3

  
	
  (e)  Exercisability

  	
  3

  
	
  (f)  Accelerated Exercisability

  	
  3

  
	
  (g)  Basic Term

  	
  4

  
	
  (h)  Nontransferability

  	
  4

  
	
  (i)  Termination of Service (Except by Death)

  	
  4

  
	
  (j)  Leaves of Absence

  	
  4

  
	
  (k)  Death of Optionee

  	
  4

  
	
  (l)  No Rights as a Stockholder

  	
  5

  
	
  (m)  Modification, Extension and Assumption of Options

  	
  5

  
	
  (n)  Restrictions on Transfer of Shares and Minimum Vesting

  	
  5

  
	
  (o)  Accelerated Vesting

  	
  5

  

 

i

 

	
  SECTION 7. PAYMENT FOR SHARES

  	
  5

  
	
   

  	
   

  
	
  (a)  General Rule

  	
  5

  
	
  (b)  Surrender of Stock

  	
  6

  
	
  (c)  Services Rendered

  	
  6

  
	
  (d)  Promissory Note

  	
  6

  
	
  (e)  Exercise/Sale

  	
  6

  
	
  (f)  Exercise/Pledge

  	
  6

  
	
   

  	
   

  
	
  SECTION 8. ADJUSTMENT OF SHARES

  	
  6

  
	
   

  	
   

  
	
  (a)  General

  	
  6

  
	
  (b)  Mergers and Consolidations

  	
  7

  
	
  (c)  Reservation of Rights

  	
  7

  
	
   

  	
   

  
	
  SECTION 9. SECURITIES LAW REQUIREMENTS

  	
  7

  
	
   

  	
   

  
	
  (a)  General

  	
  7

  
	
  (b)  Financial Reports

  	
  7

  
	
   

  	
   

  
	
  SECTION 10. NO RETENTION RIGHTS

  	
  7

  
	
   

  	
   

  
	
  SECTION 11. DURATION AND AMENDMENTS

  	
  8

  
	
   

  	
   

  
	
  (a)  Term of the Plan

  	
  8

  
	
  (b)  Right to Amend or Terminate the Plan

  	
  8

  
	
  (c)  Effect of Amendment or Termination

  	
  8

  
	
   

  	
   

  
	
  SECTION 12. DEFINITIONS

  	
  8

  

 

ii

 

OPENTABLE, INC. 1999 STOCK PLAN

 

SECTION 1. 
ESTABLISHMENT AND PURPOSE.

 

The purpose of the
Plan is to offer selected individuals an opportunity to acquire a proprietary
interest in the success of the Company, or to increase such interest, by
purchasing Shares of the Company’s Stock. 
The Plan provides both for the direct award or sale of Shares and for
the grant of Options to purchase Shares.  Options granted under the Plan may include
Nonstatutory Options as well as ISOs intended to qualify under Section 422
of the Code.

 

Capitalized terms
are defined in Section 12.

 

SECTION 2. 
ADMINISTRATION.

 

(a)                                 Committees of the Board of Directors.  The Plan may be administered by one or more
Committees.  Each Committee shall consist
of one or more members of the Board of Directors who have been appointed by the
Board of Directors.  Each Committee shall
have such authority and be responsible for such functions as the Board of Directors
has assigned to it.  If no Committee has
been appointed, the entire Board of Directors shall administer the Plan.  Any reference to the Board of Directors in
the Plan shall be construed as a reference to the Committee (if any) to whom
the Board of Directors has assigned a particular function.

 

(b)                                Authority of the Board of Directors.  Subject to the provisions of the Plan, the
Board of Directors shall have full authority and discretion to take any actions
it deems necessary or advisable for the administration of the Plan.  All decisions, interpretations and other
actions of the Board of Directors shall be final and binding on all Purchasers,
all Optionees and all persons deriving their rights from a Purchaser or
Optionee.

 

SECTION 3. 
ELIGIBILITY.

 

(a)                                 General Rule.  Only
Employees, Outside Directors and Consultants shall be eligible for the grant of
Options or the direct award or sale of Shares. 
Only Employees shall be eligible for the grant of ISOs.

 

(b)                                Ten-Percent Stockholders. 
An individual who owns more than 10% of the total combined voting power
of all classes of outstanding stock of the Company, its Parent or any of its
Subsidiaries shall not, in the case of an ISO, be eligible for designation as
an Optionee or Purchaser unless (i) the Exercise Price is at least 110% of
the Fair Market Value of a Share on the date of grant and (ii) such ISO by
its terms is not exercisable after the expiration of five years from the date
of grant.  For purposes of this
Subsection (b), in determining stock ownership, the attribution rules of Section 424(d) of
the Code shall be applied.

 

SECTION 4. 
STOCK SUBJECT TO PLAN.

 

(a)                                 Basic Limitation. 
Shares offered under the Plan may be authorized but unissued Shares or
treasury Shares.  The aggregate number of
Shares that may be issued under the Plan

 

 

(upon exercise of Options or other rights to acquire
Shares) shall not exceed 97,580,023 Shares, subject to Subsection (b) below
and Section 8.  All of these Shares
may be issued upon the exercise of ISOs. 
The number of Shares that are subject to Options or other rights
outstanding at any time under the Plan shall not exceed the number of Shares
that then remain available for issuance under the Plan.  The Company, during the term of the Plan, shall
at all times reserve and keep available sufficient Shares to satisfy the
requirements of the Plan.

 

(b)                                Additional Shares.  In
the event that any outstanding Option or other right for any reason expires or
is canceled or otherwise terminated, the Shares allocable to the unexercised
portion of such Option or other right shall again be available for the purposes
of the Plan.  In the event that Shares
issued under the Plan are reacquired by the Company, such Shares shall again be
available for the purposes of the Plan.

 

SECTION 5. 
TERMS AND CONDITIONS OF AWARDS OR SALES.

 

(a)                                 Stock Purchase Agreement. 
Each award or sale of Shares under the Plan (other than upon exercise of
an Option) shall be evidenced by a Stock Purchase Agreement between the
Purchaser and the Company.  Such award or
sale shall be subject to all applicable terms and conditions of the Plan and
may be subject to any other terms and conditions which are not inconsistent
with the Plan and which the Board of Directors deems appropriate for inclusion
in a Stock Purchase Agreement.  The
provisions of the various Stock Purchase Agreements entered into under the Plan
need not be identical.

 

(b)                                Duration of Offers and Nontransferability of Rights.  Any right to acquire Shares under the Plan
(other than an Option) shall automatically expire if not exercised by the
Purchaser within 30 days after the grant of such right was communicated to the
Purchaser by the Company.  Such right
shall not be transferable and shall be exercisable only by the Purchaser to
whom such right was granted.

 

(c)                                 Purchase Price.  The
Purchase Price of Shares to be offered under the Plan shall not be less than
par value.  Subject to the preceding
sentence, the Purchase Price shall be determined by the Board of Directors at
its sole discretion.  The Purchase Price
shall be payable in a form described in Section 7.

 

(d)                                Withholding Taxes.  As
a condition to the purchase of Shares, the Purchaser shall make such
arrangements as the Board of Directors may require for the satisfaction of any
federal, state, local or foreign withholding tax obligations that may arise in
connection with such purchase.

 

(e)                                 Restrictions on Transfer of Shares and Minimum Vesting.  Any Shares awarded or sold under the Plan
shall be subject to such special forfeiture conditions, rights of repurchase,
rights of first refusal and other transfer restrictions as the Board of
Directors may determine.  Such
restrictions shall be set forth in the applicable Stock Purchase Agreement and
shall apply in addition to any restrictions that may apply to holders of Shares
generally.

 

(f)                                   Accelerated Vesting. 
Unless the applicable Stock Purchase Agreement provides otherwise, any
right to repurchase a Purchaser’s Shares at the original Purchase Price (if
any) upon termination of the Purchaser’s Service shall lapse and all of such
Shares shall become

 

2

 

vested if (i) the Company is subject to a Change
in Control before the Purchaser’s Service terminates and (ii) the
repurchase right is not assigned to the entity that employs the Purchaser
immediately after the Change in Control or to its parent or subsidiary.  In addition, if the Company is subject to a
Change in Control, the repurchase right shall lapse with respect to that percentage
of the Shares as equals (a) (i) six months plus (ii) the number
of complete months Purchaser has provided continuous Service to the Company;
divided by (b) the total number of months of the original vesting schedule
for the Shares.

 

SECTION 6. 
TERMS AND CONDITIONS OF OPTIONS.

 

(a)                                 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 and
conditions of the Plan and may be subject to any other terms and conditions
which are not inconsistent with the Plan and which the Board of Directors deems
appropriate for inclusion in a Stock Option Agreement.  The provisions of the various Stock Option
Agreements entered into under the Plan need not be identical.

 

(b)                                Number of Shares. 
Each Stock Option Agreement shall specify the number of Shares that are
subject to the Option and shall provide for the adjustment of such number in
accordance with Section 8.  The
Stock Option Agreement shall also specify whether the Option is an ISO or a
Nonstatutory Option.

 

(c)                                 Exercise Price.  Each
Stock Option Agreement shall specify the Exercise Price.  The Exercise Price of an ISO shall not be
less than 100% of the Fair Market Value of a Share on the date of grant, and a
higher percentage may be required by Section 3(b).  The Exercise Price of a Nonstatutory Option
shall not be less than 100% of the Fair Market Value of a Share on the date of grant.  Subject to the preceding two sentences, the
Exercise Price under any Option shall be determined by the Board of Directors
at its sole discretion.  The Exercise
Price shall be payable in a form described in Section 7.

 

(d)                                Withholding Taxes.  As
a condition to the exercise of an Option, the Optionee shall make such
arrangements as the Board of Directors may require for the satisfaction of any
federal, state, local or foreign withholding tax obligations that may arise in
connection with such exercise.  The
Optionee shall also make such arrangements as the Board of Directors may
require for the satisfaction of any federal, state, local or foreign
withholding tax obligations that may arise in connection with the disposition
of Shares acquired by exercising an Option.

 

(e)                                 Exercisability.  Each
Stock Option Agreement shall specify the date when all or any installment of
the Option is to become exercisable.  The
exercisability provisions of any Stock Option Agreement shall be determined by
the Board of Directors at its sole discretion.

 

(f)                                   Accelerated Exercisability. 
Unless the applicable Stock Option Agreement provides otherwise, all of
an Optionee’s Options shall become exercisable in full if (i) the Company
is subject to a Change in Control before the Optionee’s Service terminates, (ii) such
Options do not remain outstanding, (iii) such Options are not assumed by
the surviving corporation or its parent and (iv) the surviving corporation
or its parent does not substitute options with substantially the same terms for
such Options.

 

3

 

(g)                                Basic Term.  The Stock
Option Agreement shall specify the term of the Option.  The term shall not exceed 10 years from the
date of grant, and a shorter term may be required by Section 3(b).  Subject to the preceding sentence, the Board
of Directors at its sole discretion shall determine when an Option is to
expire.

 

(h)                                Nontransferability. 
No Option shall be transferable by the Optionee other than by
beneficiary designation, will or the laws of descent and distribution.  An Option may be exercised during the
lifetime of the Optionee only by the Optionee or by the Optionee’s guardian or
legal representative.  No Option or
interest therein may be transferred, assigned, pledged or hypothecated by the
Optionee during the Optionee’s lifetime, whether by operation of law or
otherwise, or be made subject to execution, attachment or similar process.

 

(i)                                    Termination of Service (Except by Death).  If an Optionee’s Service terminates for any
reason other than the Optionee’s death, then the Optionee’s Options shall
expire on the earliest of the following occasions:

 

(i)                                     The
expiration date determined pursuant to Subsection (g) above;

 

(ii)                                  The
date three months after the termination of the Optionee’s Service for any
reason other than Disability, or such later date as the Board of Directors may
determine; or

 

(iii)                               The
date six months after the termination of the Optionee’s Service by reason of
Disability, or such later date as the Board of Directors may determine.

 

The Optionee may
exercise all or part of the Optionee’s Options at any time before the
expiration of such Options under the preceding sentence, but only to the extent
that such Options had become exercisable before the Optionee’s Service
terminated (or became exercisable as a result of the termination) and the
underlying Shares had vested before the Optionee’s Service terminated (or
vested as a result of the termination). 
The balance of such Options shall lapse when the Optionee’s Service
terminates.  In the event that the
Optionee dies after the termination of the Optionee’s Service but before the
expiration of the Optionee’s Options, all or part of such Options may be
exercised (prior to expiration) by the executors or administrators of the
Optionee’s estate or by any person who has acquired such Options directly from
the Optionee by beneficiary designation, bequest or inheritance, but only to
the extent that such Options had become exercisable before the Optionee’s
Service terminated (or became exercisable as a result of the termination) and
the underlying Shares had vested before the Optionee’s Service terminated (or
vested as a result of the termination).

 

(j)                                    Leaves of Absence. 
For purposes of Subsection (i) above, Service shall be deemed to
continue while the Optionee is on a bona fide leave of absence, if such leave
was approved by the Company in writing and if continued crediting of Service
for this purpose is expressly required by the terms of such leave or by
applicable law (as determined by the Company).

 

(k)                                 Death of Optionee.  If
an Optionee dies while the Optionee is in Service, then the Optionee’s Options
shall expire on the earlier of the following dates:

 

4

 

(i)                                     The
expiration date determined pursuant to Subsection (g) above; or

 

(ii)                                  The
date 12 months after the Optionee’s death.

 

All or part of the
Optionee’s Options may be exercised at any time before the expiration of such
Options under the preceding sentence by the executors or administrators of the
Optionee’s estate or by any person who has acquired such Options directly from
the Optionee by beneficiary designation, bequest or inheritance, but only to
the extent that such Options had become exercisable before the Optionee’s death
or became exercisable as a result of the death. 
The balance of such Options shall lapse when the Optionee dies.

 

(l)                                    No Rights as a Stockholder. 
An Optionee, or a transferee of an Optionee, shall have no rights as a
stockholder with respect to any Shares covered by the Optionee’s Option until
such person becomes entitled to receive such Shares by filing a notice of
exercise and paying the Exercise Price pursuant to the terms of such Option.

 

(m)                              Modification, Extension and Assumption of Options.  Within the limitations of the Plan, the Board
of Directors may modify, extend or assume outstanding Options or may accept the
cancellation of outstanding Options (whether granted by the Company or 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, impair
the Optionee’s rights or increase the Optionee’s obligations under such Option.

 

(n)                                Restrictions on Transfer of Shares and Minimum Vesting.  Any Shares issued upon exercise of an Option
shall be subject to such special forfeiture conditions, rights of repurchase,
rights of first refusal and other transfer restrictions as the Board of
Directors may determine.  Such
restrictions shall be set forth in the applicable Stock Option Agreement and
shall apply in addition to any restrictions that may apply to holders of Shares
generally.

 

(o)                                Accelerated Vesting. 
Unless the applicable Stock Option Agreement provides otherwise, any right
to repurchase an Optionee’s Shares at the original Exercise Price upon
termination of the Optionee’s Service shall lapse and all of such Shares shall
become vested if (i) the Company is subject to a Change in Control before
the Optionee’s Service terminates and (ii) the repurchase right is not
assigned to the entity that employs the Optionee immediately after the Change
in Control or to its parent or subsidiary. 
In addition, if the Company is subject to a Change in Control, the
repurchase right shall lapse with respect to that percentage of the Shares as
equals (a) (i) six months plus (ii) the number of complete
months Purchaser has provided continuous Service to the Company; divided by (b) the
total number of months of the original vesting schedule for the Shares.

 

SECTION 7. 
PAYMENT FOR SHARES.

 

(a)                                 General Rule.  The
entire Purchase Price or Exercise Price of Shares issued under the Plan shall
be payable in cash or cash equivalents at the time when such Shares are
purchased, except as otherwise provided in this Section 7.

 

5

 

(b)                                Surrender of Stock. 
To the extent that a Stock Option Agreement so provides, all or any part
of the Exercise Price may be paid by surrendering, or attesting to the
ownership of, Shares that are already owned by the Optionee.  Such Shares shall be surrendered to the
Company in good form for transfer and shall be valued at their Fair Market
Value on the date when the Option is exercised. 
The Optionee shall not surrender, or attest to the ownership of, Shares
in payment of the Exercise Price if such action would cause the Company to
recognize compensation expense (or additional compensation expense) with
respect to the Option for financial reporting purposes.

 

(c)                                 Services Rendered.  At
the discretion of the Board of Directors, Shares may be awarded under the Plan
in consideration of services rendered to the Company, a Parent or a Subsidiary
prior to the award.  At the discretion of
the Board of Directors, Shares may also be awarded under the Plan in
consideration of services to be rendered to the Company, a Parent or a
Subsidiary after the award, except that the par value of such Shares, if newly
issued, shall be paid in cash or cash equivalents.

 

(d)                                Promissory Note.  To
the extent that a Stock Option Agreement or Stock Purchase Agreement so
provides, all or a portion of the Exercise Price or Purchase Price (as the case
may be) of Shares issued under the Plan may be paid with a full-recourse
promissory note.  However, the par value
of the Shares, if newly issued, shall be paid in cash or cash equivalents.  The Shares shall be pledged as security for
payment of the principal amount of the promissory note and interest thereon.  The interest rate payable under the terms of
the promissory note shall not be less than the minimum rate (if any) required
to avoid the imputation of additional interest under the Code.  Subject to the foregoing, the Board of
Directors (at its sole discretion) shall specify the term, interest rate,
amortization requirements (if any) and other provisions of such note.

 

(e)                                 Exercise/Sale.  To the
extent that a Stock Option Agreement so provides, and if Stock is publicly
traded, payment may be made all or in part by the delivery (on a form
prescribed by the Company) of an irrevocable direction to a securities broker
approved by the Company to sell Shares and to deliver all or part of the sales
proceeds to the Company in payment of all or part of the Exercise Price and any
withholding taxes.

 

(f)                                   Exercise/Pledge.  To
the extent that a Stock Option Agreement so provides, and if Stock is publicly
traded, payment may be made all or in part by the delivery (on a form
prescribed by the Company) of an irrevocable direction to pledge Shares to a
securities broker or lender approved by the Company, as security for a loan,
and to deliver all or part of the loan proceeds to the Company in payment of
all or part of the Exercise Price and any withholding taxes.

 

SECTION 8.   ADJUSTMENT OF SHARES.

 

(a)                                 General.  In the event
of a subdivision of the outstanding Stock, a declaration of a dividend payable
in Shares, a declaration of an extraordinary dividend payable in a form other
than Shares in an amount that has a material effect on the Fair Market Value of
the Stock, a combination or consolidation of the outstanding Stock into a
lesser number of Shares, a recapitalization, a spin-off, a reclassification or
a similar occurrence, the Board of Directors shall

 

6

 

make appropriate adjustments in one or more of (i) the
number of Shares available for future grants under Section 4, (ii) the
number of Shares covered by each outstanding Option or (iii) the Exercise
Price under each outstanding Option.

 

(b)                                Mergers and Consolidations. 
In the event that the Company is a party to a merger or consolidation,
outstanding Options shall be subject to the agreement of merger or
consolidation.  Such agreement, without
the Optionees’ consent, may provide for:

 

(i)                                     The
continuation of such outstanding Options by the Company (if the Company is the
surviving corporation);

 

(ii)                                  The
assumption of the Plan and such outstanding Options by the surviving
corporation or its parent;

 

(iii)                               The
substitution by the surviving corporation or its parent of options with substantially
the same terms for such outstanding Options; or

 

(iv)                              The
cancellation of such outstanding Options without payment of any consideration.

 

(c)                                 Reservation of Rights. 
Except as provided in this Section 8, an Optionee or Purchaser
shall have no rights by reason of (i) any subdivision or consolidation of
shares of stock of any class, (ii) the payment of any dividend or (iii) any
other increase or decrease in the number of shares of stock of any class.  Any issuance by the Company of shares of
stock of any class, or securities convertible into shares of stock of any
class, shall not affect, and no adjustment by reason thereof shall be made with
respect to, the number or Exercise Price of Shares subject to an Option.  The grant of an Option pursuant to the Plan
shall not affect in any way the right or power of the Company to make
adjustments, reclassifications, reorganizations or changes of its capital or
business structure, to merge or consolidate or to dissolve, liquidate, sell or
transfer all or any part of its business or assets.

 

SECTION 9.   SECURITIES LAW REQUIREMENTS.

 

(a)                                 General.  Shares 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.

 

(b)                                Financial Reports.  To
the extent required by applicable law, the Company each year shall furnish to
Optionees, Purchasers and stockholders who have received Stock under the Plan
its balance sheet and income statement.

 

SECTION 10.   NO
RETENTION RIGHTS.

 

Nothing in the
Plan or in any right or Option granted under the Plan shall confer upon the
Purchaser or Optionee any right to continue in Service for any period of
specific duration or interfere with or otherwise restrict in any way the rights
of the Company (or any Parent or

 

7

 

Subsidiary
employing or retaining the Purchaser or Optionee) or of the Purchaser or
Optionee, which rights are hereby expressly reserved by each, to terminate his
or her Service at any time and for any reason, with or without cause.

 

SECTION 11.   DURATION AND AMENDMENTS.

 

(a)                                 Term of the Plan.  The
Plan, as set forth herein, shall become effective on the date of its adoption
by the Board of Directors, subject to the approval of the Company’s
stockholders.  In the event that the
stockholders fail to approve the Plan within 12 months after its adoption by
the Board of Directors, any grants of Options or sales or awards of Shares that
have already occurred shall be rescinded, and no additional grants, sales or
awards shall be made thereafter under the Plan. 
The Plan shall terminate automatically 10 years after its adoption by
the Board of Directors and may be terminated on any earlier date pursuant to
Subsection (b) below.

 

(b)                                Right to Amend or Terminate the Plan.  The Board of Directors may amend, suspend or
terminate the Plan at any time and for any reason; provided, however, that any
amendment of the Plan which increases the number of Shares available for
issuance under the Plan (except as provided in Section 8), or which
materially changes the class of persons who are eligible for the grant of ISOs,
shall be subject to the approval of the Company’s stockholders.  Stockholder approval shall not be required
for any other amendment of the Plan.

 

(c)                                 Effect of Amendment or Termination.  No Shares shall be issued or sold under the
Plan after the termination thereof, except upon exercise of an Option granted
prior to such termination.  The
termination of the Plan, or any amendment thereof, shall not affect any Share
previously issued or any Option previously granted under the Plan.

 

SECTION 12.   DEFINITIONS.

 

(a)                                 “Board of Directors”  shall mean the
Board of Directors of the Company, as constituted from time to time.

 

(b)                                “Change in Control”  shall mean:

 

(i)                                      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
shareholders 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 (A) the continuing or surviving entity and (B) any direct or
indirect parent corporation of such continuing or surviving entity; or

 

(ii)                                   The
sale, transfer or other disposition of all or substantially all of the Company’s
assets.

 

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

 

8

 

the same
proportions by the persons who held the Company’s securities immediately before
such transaction.

 

(c)                                 “Code” shall mean the Internal Revenue Code of 1986, as
amended, or any successor statute or statutes thereto.  Reference to any particular Code section
shall include any successor section.

 

(d)                                “Committee”  shall mean a
committee of the Board of Directors, as described in Section 2(a).

 

(e)                                 “Company”  shall mean
OpenTable, Inc., a Delaware corporation.

 

(f)                                   “Consultant”  shall mean a
person who performs bona fide services for the Company, a Parent or a
Subsidiary as a consultant or advisor, excluding Employees and Outside
Directors.

 

(g)                                “Disability”  shall mean
that the Optionee is unable to engage in any substantial gainful activity by
reason of any medically determinable physical or mental impairment.

 

(h)                                “Employee”  shall mean any
individual who is a common-law employee of the Company, a Parent or a
Subsidiary.

 

(i)                                    “Exercise Price”  shall mean the
amount for which one Share may be purchased upon exercise of an Option, as
specified by the Board of Directors in the applicable Stock Option Agreement.

 

(j)                                    “Fair Market Value”  shall mean the
fair market value of a Share, as determined by the Board of Directors in good
faith.  Such determination shall be
conclusive and binding on all persons.

 

(k)                                 “ISO” shall mean an employee incentive stock option described
in Section 422(b) of the Code.

 

(l)                                    “Nonstatutory Option”  shall mean a
stock option not described in Sections 422(b) or 423(b) of the Code.

 

(m)                              “Option”  shall mean an
ISO or Nonstatutory Option granted under the Plan and entitling the holder to
purchase Shares.

 

(n)                                “Optionee”  shall mean an
individual who holds an Option.

 

(o)                                “Outside Director”  shall mean a
member of the Board of Directors who is not an Employee.

 

(p)                                “Parent”  shall mean 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

 

9

 

Parent on a date after the adoption of the Plan shall
be considered a Parent commencing as of such date.

 

(q)                                “Plan”  shall mean
this OpenTable, Inc. 1999 Stock Plan.

 

(r)                                   “Purchase Price”  shall mean the
consideration for which one Share may be acquired under the Plan (other than
upon exercise of an Option), as specified by the Board of Directors.

 

(s)                                 “Purchaser”  shall mean an
individual to whom the Board of Directors has offered the right to acquire
Shares under the Plan (other than upon exercise of an Option).

 

(t)                                   “Service”  shall mean
service as an Employee, Outside Director or Consultant.

 

(u)                                “Share” shall mean one share of Stock, as adjusted in
accordance with Section 8 (if applicable).

 

(v)                                “Stock”  shall mean the
Common Stock of the Company, with a par value of $0.0001 per Share.

 

(w)                              “Stock Option Agreement”  shall mean the
agreement between the Company and an Optionee which contains the terms,
conditions and restrictions pertaining to the Optionee’s Option.

 

(x)                                  “Stock Purchase Agreement”  shall
mean the agreement between the Company and a Purchaser who acquires Shares
under the Plan which contains the- terms, conditions and restrictions pertaining
to the acquisition of such Shares.

 

(y)                                “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.

 

10

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