Document:

Form of $9.50 Warrant to Purchase Common Stock of Redback Networks, Inc.

 Exhibit 4.9 
  

VOID AFTER 5:00 P.M. PACIFIC TIME ON JANUARY 2, 2011 
  
 WARRANTS TO PURCHASE SHARES OF COMMON STOCK 
  
 REDBACK NETWORKS INC. 
  

			
	Number: WB	 	 WARRANTS
 CUSIP 757209 12 7

  
 THIS CERTIFIES THAT,
for value received, 
  
 is the registered holder (the “Holder”)
of the number of Warrants set forth above (the “Warrants”), and is thereby entitled to subscribe for and purchase from REDBACK NETWORKS INC., a Delaware corporation (the “Company”), that number of fully paid and
nonassessable shares equal to the Warrants (as adjusted pursuant to Section 2 hereof) (the “Warrant Shares”) of Common Stock of the Company (the “Common Stock”) at the purchase price of U.S. Nine Dollars and Fifty
Cents (U.S. $9.50) (as adjusted pursuant to Section 2 hereof) (the “Exercise Price”), upon the terms and subject to the conditions set forth herein and in the Warrant Agent Agreement between the Company and U.S. Stock Transfer
Corporation as Warrant Agent, dated January 2, 2004, as amended (the “Warrant Agent Agreement”), which is hereby incorporated by reference in and made part of this Warrant. This Warrant will expire and will no longer be exercisable
after 5:00 p.m. Pacific Time on January 2, 2011 (the “Expiration Date”). 
  
 1. Exercise Rights. 
  
 (a) Cash Exercise. The purchase rights represented by this Warrant may be exercised by the Holder at any time during the term hereof, in whole or in part, by surrender of this Warrant with the NOTICE OF
EXERCISE (CASH EXERCISE) section of this Warrant completed and duly executed, accompanied by payment to the Company of an amount equal to the Exercise Price then in effect multiplied by the number of Warrant Shares to be purchased by the Holder in
connection with such cash exercise of this Warrant, which amount may be paid, at the election of the Holder, by wire transfer or delivery of a certified check payable to the order of the Company to the principal offices of the Company. 

 
 (b) Net Issue Exercise. In lieu of exercising the
purchase rights represented by this Warrant on a cash basis pursuant to Section 1(a) hereof, the Holder may elect to exercise such rights represented by this Warrant at any time during the term hereof, in whole or in part, on a net-issue basis by
electing to receive the number of Warrant Shares which are equal in value to the value of this Warrant (or any portion thereof to be canceled in connection with such net-issue exercise) at the time of any such net-issue exercise, by delivery to the
principal offices of the Company of this Warrant and with the NOTICE OF EXERCISE (NET-ISSUE EXERCISE) section of this Warrant completed and duly executed, properly marked to indicate (A) the number of Warrant Shares to be delivered to the Holder in
connection with such net-issue exercise, (B) the number of Warrant Shares with respect to which the Warrant is being surrendered in payment of the aggregate Exercise Price for the Warrant Shares to be delivered to the Holder in connection with such
net-issue exercise, calculated as of the Determination Date (as defined below) and (C) the number of Warrant Shares which remain subject to the Warrant after such net-issue exercise, if any (each as determined in accordance with this Section 1(b)).
In the event that the Holder will elect to exercise the rights represented by this Warrant in whole or in part on a net-issue basis pursuant to this Section 1(b), the Company will issue to the Holder the number of Warrant Shares determined in
accordance with the following formula: X =Y (A-B) / A. For purposes of this formula, X = the number of Warrant Shares to be issued to the Holder in connection with such net-issue exercise; Y = the number of Warrant Shares to be
surrendered, up to the number of Warrant Shares subject to this Warrant; A = the Fair Market Value of one share of Common Stock; and B = the Exercise Price in effect as of the date of such net-issue exercise (as adjusted pursuant to Section 2
hereof). 
  
 (c) Fair Market Value. For
purposes of this Section 1, the “Fair Market Value” of the Common Stock will have the following meanings: (i) If the Common Stock is listed for trading on a national securities exchange or admitted for trading on a national market
or other quotation system, then the Fair Market Value of Common Stock will be deemed to be the closing price quoted on the principal securities exchange on which the Common Stock is listed for trading, or if not so listed, the average of the closing
bid and asked prices for Common Stock quoted on the national market or other quotation system on which Common Stock is admitted for trading, each as published in the Western Edition of The Wall Street Journal (or, if such prices are not
published in the Western Edition of the Wall Street Journal, as reported by the applicable authority or association governing trading of the Common Stock), in each case for the ten trading days prior to the Determination Date; and (ii) if the
Common Stock is not listed for trading on a national securities exchange or admitted for trading on a national market or other quotation system, then the Fair Market Value of Common Stock will be deemed to be the fair market value of Common Stock as
determined in good faith from time to time by the Board of Directors of the Company (the “Board of Directors”) as at the Determination Date, and receipt and acknowledgment of this Warrant by the Holder will be deemed to be an
acknowledgment and acceptance of any such determination of the fair market value of Common Stock by the Board of Directors as the final and binding determination of such Fair Market Value for purposes of this Warrant. The “Determination
Date” of Fair Market Value will be the date indicated on the Notice of Exercise (Net Issue Exercise); provided, however, that if the Company does not receive the Notice of Exercise (Net Issue Exercise) within five (5) business days
of the date indicated thereon, the Determination Date will be the date the Company receives the Notice of Exercise (Net Issue Exercise). 
  
 (d) Certain Distributions. The Company will provide the Holder with prior written notice of any Distribution (as defined below) to
be made by the Company after the date hereof and prior to the expiration of this Warrant. Such notice will be delivered to the Holder not less than twenty (20) days prior to the record date for determining stockholders entitled to receive the
Distribution. “Distribution” will mean a distribution by the Company to all holders of its shares of Common Stock (i) evidences of indebtedness of the Company to its stockholders, (ii) assets (excluding cash distributions made as a
dividend payable out of the lesser of the undistributed earnings for the fiscal year during which the dividend is declared and the retained earnings of the Company) or (iii) rights to subscribe to shares of Common Stock; provided, however,
that the foregoing will not apply to any stockholder rights plan of the Company. 
  
 (e) Fractional Shares; Record Ownership of Warrant Shares; Stock Certificates. Upon the exercise of the rights represented by this
Warrant, the Company will not be obligated to issue fractional shares of Common Stock, and in lieu thereof, the Company will pay to the Holder an amount in cash equal to the Fair Market Value per share of Common Stock immediately prior to such
exercise multiplied by such fraction (rounded to the nearest cent). The Warrant Shares will be deemed to have been issued, and the person in whose name any certificate representing Warrant Shares will be issuable upon the exercise of the rights
represented by this Warrant (as indicated in the Notice of Exercise) will be deemed to have become the holder of record of (and will be treated for all purposes as the record holder of) the Warrant Shares represented thereby, immediately prior to
the close of business on the date or dates upon which the rights represented by this Warrant are exercised in accordance with the terms hereof. In the event of any exercise of the rights represented by this Warrant, certificates for the Warrant
Shares so purchased pursuant hereto will be delivered to the Holder within a reasonable time and, unless this Warrant has been fully exercised or has expired, a new Warrant representing the Warrant Shares with respect to which this Warrant will not
have been exercised will also be issued to the Holder within such time. Notwithstanding anything to the contrary in this Warrant, the obligation of the Company to deliver Warrant Shares upon any exercise of this Warrant will be subject to compliance
with any law, rule, regulation, order, decree or other similar authority that may be applicable to such issuance. The issuance of certificates for shares of Common Stock upon the exercise of the rights represented by this Warrant will be made
without charge to the Holder for any issuance tax in respect thereof; provided, however, that the Company will not be required to pay any tax which may be payable in respect of any transfer involved in the issuance and delivery of any
certificate in a name other than that of the Holder of this Warrant. (CONTINUED ON BACK) 
  

											
	 Dated:
	  	 	  	REDBACK NETWORKS INC.	  	 	  	 
					
	 Countersigned:
	  	    U.S. STOCK TRANSFER CORPORATION
    1745 Gardena
Avenue
    Glendale, CA 91203	  	By:	  	 Attest:
	  	 
					
	 By:
	  	 	  	 	  	 	  	 
	 	  	Authorized Signature:                    	  	President	  	 Secretary
	  	 

 2. Adjustment Rights. 
  
 (a) Right to Adjustment. The number of Warrant Shares purchasable upon the exercise of the rights
represented by this Warrant, and the Exercise Price therefor, will be subject to adjustment from time to time upon the occurrence of certain events, as follows: 
  
 (i) Reclassifications. In the event of a reclassification of the Common Stock other than by stock
split, subdivision, consolidation or combination thereof, the Company will execute a new Warrant, the terms of which provide that the holder of this Warrant will have the right to exercise the rights represented by such new Warrant, and procure upon
such exercise and payment of the same aggregate Exercise Price then in effect, in lieu of the shares of Common Stock previously issuable upon exercise of the rights represented by this Warrant, the kind and amount of shares of stock, other
securities, money and property receivable upon such reclassification by a holder of an equivalent number of shares of Common Stock at the time of such reclassification. Such new Warrant will provide for adjustments which are as equivalent as
practicable to the adjustments provided for in this Section 2. The provisions of this Section 2(a)(i) will apply with equal force and effect to all successive reclassifications of the Common Stock. 
  
 (ii) Stock Splits, Capital Stock Dividends, Combinations
and Consolidations. In the event of a stock split, capital stock dividend or subdivision of the outstanding shares of Common Stock, the number of Warrant Shares issuable upon the exercise of the rights represented by this Warrant immediately
prior to such stock split, capital stock dividend or subdivision will be proportionately increased and the Exercise Price then in effect will be proportionately decreased, effective at the close of business on the date of such stock split, capital
stock dividend or subdivision, as the case may be. Conversely, in the event of a reverse stock split, consolidation, combination or other similar event of or in respect of the outstanding shares of Common Stock, the number of Warrant Shares issuable
upon the exercise of the rights represented by this Warrant immediately prior to such reverse stock split, consolidation, combination or other similar event will be proportionately decreased and the Exercise Price will be proportionately increased,
effective at the close of business on the date of such reverse stock split, consolidation, combination or other similar event, as the case may be. Nothing in this Warrant will entitle the Holder to receive any capital stock dividend or other
distribution to all of the Company’s stockholders until this Warrant will have been exercised. 
  
 (iii) Merger or Consolidation. If at any time there will be effected a merger or consolidation of the Company with or into another
corporation, or a sale of all or substantially of the Company’s assets, in such way that holders of Common Stock will be entitled to receive stock, securities or assets with respect to or in exchange for their Common Stock, then, as a part of
such merger, consolidation or sale, lawful provision will be made so that the Holder will thereafter be entitled to receive upon exercise of its rights to purchase the Warrant Shares, the number of shares of stock or other securities or property of
the successor corporation resulting from such merger, consolidation or sale, equivalent in value to that which a holder of the Common Stock deliverable upon exercise of the right to purchase the Warrant Shares under this Warrant would have been
entitled in such merger, consolidation or sale if the right to purchase the Warrant Shares had been exercised immediately prior to such transaction. In any such case, appropriate adjustment (as determined in good faith by the Board of Directors)
will be made in the application of the provisions of this Warrant with respect to the rights and interests of the Holder after the merger, consolidation or sale to the end that the provisions of this Warrant (including adjustments of the Exercise
Price and number of shares of Common Stock purchasable pursuant to the terms and conditions of this Warrant) will be applicable after the transaction, as near as reasonably may be, in relation to any shares or other securities or property
deliverable after that transaction upon the exercise of the Holder’s rights to purchase the Warrant Shares. 
  
 (b) Adjustment Notices. Upon any adjustment of the Exercise Price, and any increase or decrease in the number of Warrant Shares
subject to this Warrant, in accordance with this Section 2, the Company thereafter will give written notice thereof to the Holder at the address of such Holder as shown on the books of the Company, which notice will state the Exercise Price as
adjusted and, if applicable, the increased or decreased number of Warrant Shares subject to this Warrant, setting forth in reasonable detail the method of calculation of each such adjustment. 
  
 3. Transfer of Warrant. This Warrant and the rights represented hereby
may only be transferred in accordance with the conditions set forth in this Section 3. This Warrant and the rights represented hereby may be transferred in whole or in part. In order to effect any transfer or partial transfer of this Warrant or the
Warrant Shares, the Holder hereof will deliver this Warrant to the Company with the NOTICE OF TRANSFER section of this Warrant completed and duly executed. 
  
         4. Representations and Warranties of the Company. The Company hereby represents and warrants to the Holder that
this Warrant has been duly authorized and validly executed and delivered by the Company and constitutes a valid and legally binding obligation of the Company enforceable against the Company in accordance with its terms, except as enforceability may
be limited by bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or other similar laws now or hereafter in effect relating to creditors’ rights generally, by an implied covenant of good faith, reasonableness and fair
dealing and by general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law). The Warrant Shares have been duly and validly authorized and reserved for issuance by the Company upon the
exercise of the rights represented by this Warrant and, when issued upon the exercise of such rights in accordance with the terms and conditions hereof, the Warrant Shares will be duly authorized and validly issued, fully paid and nonassessable
shares of Common Stock. At all times during the term hereof, the Company will have authorized and reserved for issuance a sufficient number of shares of Common Stock to provide for the exercise of the rights represented by this Warrant. 

 
 5. No Stockholder Rights. Except as otherwise set forth in Section
2 of this Warrant, the Holder (and any transferee hereof) will not be entitled to vote on matters submitted for the approval or consent of the stockholders of the Company or to receive dividends or other distributions declared on or in respect of
shares of Common Stock, or otherwise be deemed to be the holder of Common Stock or any other capital stock or other securities of the Company which may at any time be issuable upon the exercise of the rights represented hereby for any purpose, nor
will anything contained herein be construed to confer upon the Holder (or any transferee hereof) 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 for the approval or
consent of the stockholders, or to give or withhold consent to any corporate action (whether upon any recapitalization, issuance of stock, reclassification of stock, merger or consolidation, conveyance, or otherwise) or to receive notice of
meetings, or to receive dividends or subscription rights or otherwise until this Warrant will have been exercised and the Warrant Shares issuable upon the exercise of the rights represented hereby will have become deliverable as provided herein.

  
 6. Miscellaneous. This Warrant and all actions arising
out of or in connection with this Warrant will be governed by the internal laws of the State of California as applied to agreements made and performed in California by residents of California. Subject to the restrictions on transfer described in
Section 3, the rights and obligations of the Company and the Holder of this Warrant and the Warrant Shares issued or issuable upon the exercise of the rights represented by this Warrant will be binding upon and benefit the successors, assigns,
heirs, administrators and transferees of the parties. This Warrant may be terminated in advance of the Expiration Date, and any provision of this Warrant may be amended, waived or modified upon, either (i) the written consent of the Company and the
Holder or (ii) the written consent of the Company and the consent of those holders of at least a majority of the warrant shares issuable under the then-outstanding warrants issued at the Exercise Price pursuant to the Warrant Agent Agreement,
calculated assuming the exercise for cash of all of such then-outstanding warrants. All notices and other communications provided for hereunder will be in writing and will be deemed to have been duly given if mailed by registered or certified mail,
postage prepaid, or by recognized overnight courier, or delivered by personal delivery at the respective addresses of the parties as set forth in this Section 6 or on the register maintained by the Company, or, as to each party, at such other
address as will be designated by such party in a written notice to the other party. Notices to the Company will be directed to it at its address at Redback Networks Inc., 300 Holger Way, San Jose, California 95134; Attn: Chief Financial Officer. Any
party hereto may by notice so given change its address for future notice hereunder. Except as otherwise specifically provided herein, notice will conclusively be deemed to have been given when received. In case any provision of this Warrant is
deemed to be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions will not in any way be affected or impaired thereby. The Company will not, by amendment of its Certificate of Incorporation or
through any other means, directly or indirectly, avoid or seek to avoid the observance or performance of any of the terms of this Warrant and will at all times in good faith assist in the carrying out of all such terms and in the taking of all such
action as may be necessary or appropriate in order to protect the rights of the holder of this Warrant against impairment. The Company will at no time close its transfer books against the transfer of this Warrant or of any Warrant Shares issued or
issuable upon the exercise of the rights represented by this Warrant in any matter which interferes with a timely exercise of such rights. The Company will not, by any action, seek to avoid the observance or performance of any of the terms of this
Warrant, but will at all times in good faith seek to carry out all such terms and take all such actions as may be necessary or appropriate in order to protect the rights of the Holder under this Warrant against impairment. Upon receipt of evidence
reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant and, in the case of any such loss, theft or destruction, upon delivery of an indemnity agreement reasonably satisfactory in form and amount to the
Company or, in the case of any such mutilation, upon surrender and cancellation of such Warrant, the Company at the Holder’s expense will execute and deliver to the Holder, in lieu thereof, a new Warrant of like date and tenor.

  
 WITNESS the facsimile signature of the proper officers of the
Company. This Warrant Certificate shall not be valid or obligatory for any purpose until it shall have been countersigned by the Warrant Agent. 
  
 THIS WARRANT HAS BEEN, AND THE SHARES OF COMMON STOCK WHICH MAY BE PURCHASED PURSUANT TO THE EXERCISE OF THIS WARRANT (THE “WARRANT SHARES,” AND TOGETHER
WITH THIS WARRANT, THE “SECURITIES”) WILL BE, ISSUED PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER SECTION 1145 OF THE BANKRUPTCY REFORM ACT OF 1978, AS AMENDED (THE “BANKRUPTCY CODE”). THE SECURITIES MAY BE SOLD, OFFERED FOR
SALE, PLEDGED OR HYPOTHECATED WITHOUT REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), PROVIDED THAT THE HOLDER IS NOT DEEMED TO BE AN UNDERWRITER AS SUCH TERM IS DEFINED IN SECTION 1145(b) OF
THE BANKRUPTCY CODE. IF THE HOLDER IS DEEMED TO BE AN UNDERWRITER AS SUCH TERM IS DEFINED IN SECTION 1145(b) OF THE BANKRUPTCY CODE, THEN THE SECURITIES MAY ONLY BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED UPON REGISTRATION UNDER THE
SECURITIES ACT OR RECEIPT OF AN OPINION OF COUNSEL SATISFACTORY TO REDBACK NETWORKS INC. AND ITS COUNSEL THAT SUCH DISPOSITION IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF THE SECURITIES ACT AND OF ANY APPLICABLE STATE
SECURITIES LAWS. THIS WARRANT MUST BE SURRENDERED TO THE COMPANY OR ITS TRANSFER AGENT AS A CONDITION PRECEDENT TO THE SALE, PLEDGE OR OTHER TRANSFER OF ANY INTEREST IN ANY OF THE SHARES REPRESENTED BY THIS WARRANT. 
  
 NOTICE OF EXERCISE (To Be Completed Only Upon Exercise) 
  

	TO:	Redback Networks Inc. 

 310 Holger Way 
 San Jose, California 95134 
 Attention: Chief
Financial Officer 
  
 1. The undersigned hereby irrevocably elects
to purchase                      shares of Common Stock of Redback Networks Inc. pursuant to the terms of this Warrant Certificate.

  
 2. If Cash Exercise, check this
box   ̈ : The undersigned tenders herewith full payment of the aggregate cash exercise price equal to
$             U.S. Dollars for such shares in accordance with the terms of this Warrant Certificate. 
  
 3. If Net-Issue Exercise, check this box   ̈: The undersigned exercises this Warrant Certificate on a net-issue basis pursuant to the terms set forth in this Warrant Certificate. Net-Issue Information: 
  
 (a) Number of Shares of Common Stock to be Delivered:
                                        
                                 
  
 (b) Number of Shares of Common Stock Surrendered:
                                        
                                       
  
 (c) Number of Shares Remaining Subject to Warrant, if any:
                                        
                             
  
 4. Please issue a certificate or certificates representing said shares of Common Stock in such name or names as specified
below: 
  
                                       
                                        
                                        
                                        
                                        
                    
 (Name and Address)

                                       
                                        
                                        
                                        
                                        
                    
  
                                       
                                        
                                        
                                        
                                        
                    
  
 5. The undersigned acknowledges that if the undersigned is deemed to be an affiliate of the Company under the federal securities laws, the undersigned may
be subject to certain restrictions on, or subject to certain procedural requirements in connection with, any transfer of the shares of Common Stock issued upon exercise of this Warrant Certificate. 
  
 Dated:                                     
                                        
                 By:                      
                                        
    
 (Signature must conform in all respects to name of the Holder as set forth on the face of this Warrant Certificate)

  
 NOTICE OF TRANSFER (To Be Completed Only Upon Transfer)

  

	TO:	Redback Networks Inc. 

 310 Holger Way 
 San Jose, California 95134 
 Attention: Chief
Financial Officer 
  
 FOR VALUE RECEIVED, the undersigned hereby
sells, assigns and transfers unto                      the right represented by this Warrant Certificate, to purchase
                     shares of Common Stock of Redback Networks Inc. 
  
 Please issue a certificate or certificates representing said shares of Common Stock in such name or names as specified
below: 
  
                                       
                                        
                                        
                                        
                                        
                    
 (Name and Address)

                                       
                                        
                                        
                                        
                                        
                    
  
                                       
                                        
                                        
                                        
                                        
                    
  
 The undersigned requests U.S. Stock Transfer Corporation, the Warrant Agent, by written order to exchange or register the transfer of a Warrant or
Warrants, and, to the extent the transfer contemplated by this notice is not for the entire number of shares represented by this Warrant Certificate, to issue a replacement Warrant Certificate in the name of the undersigned representing the balance
of such shares. 
  
 Dated:                                     
                                        
                 By:                      
                                        
    
 (Signature must conform in all respects to name of the Holder as set forth on the face of this Warrant Certificate)

  
 Signature(s) Guaranteed 
  
 By:                                      
                                   
 THE SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH
MEMBERSHIP IN AN APPROVED SIGNATURES GUARANTEE MEDALLION PROGRAM), PURSUANT TO S.E.C. RULE 17 Ad-15Amendment to Offer Letter to Georges Antoun

 Exhibit 10.3 
  
 AMENDMENT TO OFFER LETTER 
  
 THIS AMENDMENT dated January 3, 2004 (the “Amendment”) shall amend the offer letter dated March 14, 2003, (the “Offer Letter”) by and
between Redback Networks Inc., a Delaware corporation (the “Company”), and Georges Antoun (“Mr. Antoun”). 
  
 WHEREAS, the parties previously entered into an offer letter dated August 22, 2001, which was superceded and replaced by the Offer Letter and no longer
has any legal force or effect; 
  
 WHEREAS, the parties previously
entered into a verbal modification to the Offer Letter on July 21, 2003 to reflect Mr. Antoun’s new position at the Company as the Senior Vice President of Worldwide Field Operations and Product Management (the “Verbal Modification”);

  
 WHEREAS, the parties hereto wish to amend the Offer Letter to
memorialize the Verbal Modification and reflect Mr. Antoun’s new change in control provision applicable to his stock option grant; 
  
 NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged
and agreed, the parties hereto agree as follows: 
  

	 	1.	The Verbal Modification included the following amendments and modifications to the Offer Letter and are memorialized herein: 

  

	 	A.	Title. The first sentence of the Offer Letter is deleted in its entirety and replaced with the following: 

  
 I am pleased to offer you the position of Senior Vice President of
Worldwide Field Operations and Product Management effective as of July 21, 2003. 
  

	 	B.	Compensation. The entire paragraph of Section 1 is deleted in its entirety and replaced with the following: 

  
 You will be paid an annual salary of $300,000.00, payable in accordance
with the Company’s standard payroll practices for salaried employees. This salary will be subject to adjustments pursuant to the Company’s employee compensation policies on a periodic basis. 

	 	C.	Bonus. The entire paragraph of Section 2 is deleted in its entirety and replaced with the following: 

  
 You will also be eligible to earn and be paid monthly commissions based
upon your performance, and the overall performance of the Company. Your incentive commission for 2003 shall be based on mutually agreed upon objectives between you and the Company’s Chief Executive Officer. If you reach 100% of your objectives
for 2003, you will receive an annual commission of $250,000.00 gross, prorated by the number of months of service completed by you during 2003. Therefore, the total on target earnings for 2003 shall be $550,000.00 gross on an annual basis, prorated
by the number of months of service completed by you during 2003. The commission plan may be changed from time to time at the sole discretion of the Company. The fact that a commission is paid in one year is no guarantee that commissions will be paid
in subsequent years. 
  
 Bonus and/or Commission plans will be
subject to adjustment pursuant to the Company’s employee compensation policies on a periodic basis. 
  

	 	2	The following changes to the Offer Letter are in effect as of the date of this Amendment: 

  
 Severance Agreement. The first sentence of Section 4 is deleted in its entirety and replaced with the following:

  
 In the event (i) a Change in Control occurs (as defined in
the Company’s 1999 Stock Incentive Plan) and (ii) within twelve (12) months following such Change in Control, either (A) your service with Company is involuntarily terminated without cause, or (B) you terminate your employment following an
involuntary reduction in the nature or scope of your services to the Company (including a material reduction in your employment responsibilities), you will receive one hundred percent (100%) accelerated vesting of your stock option grant.

  
 For purposes of greater clarity, your right to continue
receiving your base pay for a period of twelve (12) months after your termination following a Change in Control remains unchanged and in full force and effect as detailed in the last two sentences of Section 4 of the Offer Letter. 
  

	 	3.	Capitalized terms used herein and not otherwise defined shall have the meanings ascribed to them in the Offer Letter. 

  

	 	4.	This Amendment and the Offer Letter constitute the entire agreement relating to the subject matter hereof, and the Offer Letter shall remain unchanged and in full force and effect,
including the “AT WILL” nature of your employment as set forth in Section 3 of the Offer Letter. 

 IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first written above.

  

			
	 Redback Networks Inc.

	  

	 Name: Kevin DeNuccio

	 Title: President and CEO

	  

	 Georges Antoun

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