Document:

Student Loan Repurchase Agreement

 Exhibit 10.20 
  
 STUDENT LOAN REPURCHASE AGREEMENT 
  
 This Student Loan Repurchase Agreement is made and entered into as of
[            ], 2005 (this “Student Loan Repurchase Agreement”), between GOAL FINANCIAL, LLC, a California limited liability company (“Goal”), and GOAL
CAPITAL FUNDING TRUST, a Delaware statutory trust (the “Issuer”). 
  
 WITNESSETH: 
  
 WHEREAS,
the Issuer purchases student loans (the “Student Loans”) from Goal Capital Funding, LLC, a Delaware limited liability company (the “Depositor”) and an affiliate of Goal, pursuant to the terms and provisions of a Loan Purchase
Agreement, dated as of [            ], 2005 (the “Depositor Loan Purchase Agreement”), between the Issuer and the Depositor; and 
  
 WHEREAS, the Student Loans purchased pursuant to the Loan Purchase Agreement
have been acquired by the Depositor from an affiliate of Goal that originated such Student Loans (the “Originating Entity”) pursuant to a loan purchase agreement among the Depositor, the Originating Entity and the other parties thereto
(the “Originator Loan Purchase Agreement”); and 
  
 WHEREAS, Goal has performed, and will continue to perform, certain marketing services with respect to the Student Loans being sold by the Depositor and purchased by the Issuer pursuant to the Depositor Loan Purchase Agreement; and

  
 WHEREAS, the Depositor, pursuant to the Depositor Loan
Purchase Agreement, has agreed to repurchase any Student Loan from the Issuer that has lost its guarantee for reasons set forth in the Depositor Loan Purchase Agreement; and 
  
 WHEREAS, in order to induce the Issuer to purchase Student Loans from the Depositor pursuant to the Depositor Loan Purchase
Agreement, Goal has agreed to repurchase any Student Loan from the Issuer that the Depositor is unable to repurchase; 
  
 NOW, THEREFORE, in consideration of the foregoing premises and mutual covenants herein contained, the parties agree as follows: 
  
 ARTICLE I 
  
 REPRESENTATIONS, WARRANTIES AND COVENANTS 
  
 Section 1.1 Representations, Warranties and Covenants of Goal.
Goal hereby represents, covenants, and warrants to the Issuer that: 
  
 (a) Organization and Authority of Goal. Goal is a duly organized and validly existing California limited liability company in good standing under the laws of the State of California, and has all necessary
statutory power and authority to own its assets and carry on its business as now being conducted; Goal has, and its officers have, all necessary statutory power and authority to make and perform this Student Loan Repurchase Agreement, and has the
power and authority to repurchase Student Loans as required under the terms hereof. 

 (b) Eligible Lender Status. If Goal is required to repurchase a Student Loan
pursuant to this Student Loan Repurchase Agreement Goal will either: (i) have the Depositor, through
[                                       
 ], as its “eligible lender” under the Higher Education Act of 1965, as amended or supplemented from time to time, and all regulations promulgated thereunder (the “Higher Education Act”), hold such Student Loan or (ii)
engage another “eligible lender” to hold such Student Loan. 
  
 (c) Legal and Binding Obligation. The execution, delivery and performance of this Student Loan Repurchase Agreement by Goal have been duly authorized by all necessary action, and do not require any member
approval or approval or consent of, or notice to, any trustee or holders of indebtedness or obligations of Goal; and upon due execution and delivery by the parties hereto, this Student Loan Repurchase Agreement will constitute the legal, valid and
binding obligation of Goal, enforceable against Goal in accordance with its terms. 
  
 (d) No Conflicts. Neither the execution, delivery or performance by Goal of this Student Loan Repurchase Agreement, nor the
consummation or performance by Goal of the transactions contemplated hereby, will conflict with, result in a violation of, or constitute a default (or an event which could constitute a default with the passage of time or notice or both) under, (i)
any of the terms of Goal’s organization documents, or (ii) any indenture, mortgage, contract or other agreement to which Goal is a party or by which it or its properties are bound, or any law or regulation by which it or its properties are
bound, where, in the case of this clause (ii), such conflict, violation or default could have a material adverse effect on Goal’s ability for perform its obligations hereunder. Goal is not a party to or bound by any agreement or instrument or
subject to any charter or other corporate restrictions or judgment, order, writ, injunction, decree, law, rule or regulation which may materially and adversely affect the ability of Goal to perform its obligations under this Student Loan Repurchase
Agreement. 
  
 (e) No Defaults or
Violations. Goal is not in default under any mortgage, deed of trust, indenture or other instrument or agreement to which Goal is a party or by which it or its properties are bound, or in violation of any law or regulation, which default or
violation could have a material adverse effect on Goal’s ability for perform its obligations hereunder. 
  
 (f) No Consents. No consent, approval or authorization of any government or governmental body is required in connection with the
execution, delivery and performance of this Student Loan Repurchase Agreement, or the consummation of the transactions contemplated hereby. 
  
 (g) No Litigation. There are no pending or threatened actions or proceedings by or before any court, administrative agency or
arbitrator, that could if adversely determined, materially and adversely affect the ability of Goal to perform its obligations hereunder, and there are no presently existing orders of any court, administrative agency or arbitrator that could have a
material and adverse effect on the ability of Goal to perform its obligations hereunder. 
  

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 (h) Continuing Obligation of Goal. Goal agrees that it will (i) remain in good
standing and qualified to do business under the laws of the State of California and the jurisdictions in which it operates, (ii) conduct its business in accordance with all applicable state and federal laws, and (iii) continue to be qualified to
carry out this Student Loan Repurchase Agreement. 
  
 Section
1.2 Representations, Warranties and Covenants of the Issuer. The Issuer hereby represents, covenants, and warrants to Goal that: 
  
 (a) Organization and Authority of the Issuer. The Issuer is a duly organized and validly existing Delaware statutory trust in good
standing under the laws of the State of Delaware; the Issuer has, and the Persons acting on its behalf have, all necessary statutory power and authority to make and perform this Student Loan Repurchase Agreement. 
  
 (b) Legal and Binding Obligation. The execution,
delivery and performance of this Student Loan Repurchase Agreement by the Issuer have been duly authorized by all necessary action, and do not require any member approval or approval or consent of, or notice to, any trustee or holders of
indebtedness or obligations of the Issuer; and upon due execution and delivery by the parties hereto, this Student Loan Repurchase Agreement will constitute the legal, valid and binding obligation of the Issuer, enforceable against the Issuer in
accordance with its terms. 
  
 (c) No
Conflict. Neither the execution, delivery and performance by the Issuer of this Student Loan Repurchase Agreement, nor the consummation or performance by the Issuer of the transactions contemplated hereby, will conflict with, result in a
violation of, or constitute a default (or an event which could constitute a default with the passage of time or notice or both) under, (i) any of the terms of the Issuer’s organizational documents, or (ii) any indenture, mortgage, contract or
other agreement to which the Issuer is a party or by which it or its properties are bound, or any law or regulation by which it or its properties are bound, where, in the case of this clause (ii), such conflict, violation or default could have a
material adverse effect on the Issuer’s ability for perform its obligations hereunder. The Issuer is not a party to or bound by any agreement or instrument or subject to any charter or other corporate restrictions or judgment, order, writ,
injunction, decree, law, rule or regulation which may materially and adversely affect the ability of the Issuer to perform its obligations under this Student Loan Repurchase Agreement. 
  
 (d) No Defaults or Violations. The Issuer is not in default under any mortgage, deed of trust,
indenture or other instrument or agreement to which the Issuer is a party or by which it or its properties are bound, or in violation of any law or regulation, which default or violation could have a material adverse effect on the Issuer’s
ability for perform its obligations hereunder. 
  
 (e) No Consents. No consent, approval or authorization of any government or governmental body is required in connection with the execution, delivery and performance of this Student Loan Repurchase Agreement, or the consummation of
the transactions contemplated hereby. 
  

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 (f) No Litigation. There are no pending or threatened actions or proceedings by or
before any court, administrative agency or arbitrator, that could if adversely determined, materially and adversely affect the ability of the Issuer to perform its obligations hereunder, and there are no presently existing orders of any court,
administrative agency or arbitrator that could have a material and adverse affect on the ability of the Issuer to perform its obligations hereunder. 
  
 (g) Continuing Obligation of the Issuer. the Issuer agrees that during the term of this Student Loan Repurchase Agreement, it will
(i) remain in good standing and qualified to do business under the laws of the state of its organization and any other jurisdictions in which it operates, (ii) conduct its business in accordance with all applicable state and federal laws, and (iii)
continue to be qualified to carry out this Student Loan Repurchase Agreement. 
  
 ARTICLE II 
  
 REPURCHASE
OBLIGATION OF GOAL 
  
 Section 2.1 Conditions
Precedent to Repurchase Obligation. At the request of the Issuer or its assignee, Goal shall repurchase any Student Loan purchased by the Issuer pursuant to the Depositor Loan Purchase Agreement if: 
  
 (a) The Depositor is required to repurchase such Student
Loan pursuant to the terms and provisions of the Depositor Loan Purchase Agreement and fails to repurchase such Student Loan; 
  
 (b) The Originating Entity is required to repurchase such Student Loan pursuant to the terms and provisions of the Originator Loan
Purchase Agreement and fails to repurchase such Student Loan; 
  
 (c) Great Lakes Educational Loan Services, Inc. (“Great Lakes”) is not required to repurchase such Student Loan from the Originating Entity pursuant to the student loan origination and servicing agreement
concerning Great Lakes and the Originating Entity; and 
  
 (d) ACS Education Services, Inc. (“ACS”) is not required to repurchase such Student Loan from the Originating Entity pursuant to the student loan origination and servicing agreement concerning ACS and the Originating Entity.

  
 Section 2.2 Repurchase by Goal. Upon the
occurrence of all of the conditions set forth in Section 2.1 hereof and upon the request of the Issuer, Goal shall pay to
[                    ], as the Issuer’s “eligible lender” under the Higher Education Act (the “Eligible Lender
Trustee”) and as trustee (the “Trustee”) under the Indenture of Trust dated as of [                ], 2005 (the “Indenture”) among the
Issuer, the Eligible Lender Trustee and the Trustee, for the account of the Issuer, an amount equal to the then-outstanding principal balance of such Student Loan, plus 
  

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 any unamortized premium in excess of par paid by the Issuer with respect to such Student Loan, plus accrued interest and
Special Allowance Payments (as defined in the Indenture) accrued and unpaid with respect to such Student Loan on the date of repurchase, plus any attorneys’ fees, legal expenses, court costs, servicing fees or other expenses incurred by the
Issuer, the Eligible Lender Trustee, the Trustee or the appropriate successors or assigns in connection with such Student Loans. 
  
 ARTICLE III 
  
 MISCELLANEOUS 
  
 Section 3.1 Communications and Notices. Unless otherwise expressly provided herein, all notices, requests, demands or other instruments which may or are required to be given by either party to the other
or to the Eligible Lender Trustee, shall be in writing, and each shall be deemed to have been properly given when served personally on an officer of the party to whom such notice is to be given, or upon expiration of a period of 48 hours from and
after the postmark thereof when mailed postage prepaid by registered or certified mail, requesting return receipt, addressed as follows: 
  
 If to Goal: 
  
 Goal Financial, LLC 
 Attn: Mr. Ryan D. Katz,
Manager 
 9477 Waples Street, Suite 100 
 San Diego, CA 92121 
 Facsimile: (858) 909-0284 
 e-mail: rkatz@goalfinancial.net 
  
 If to the Issuer: 
  
 Goal Capital Funding Trust

 c/o Goal Financial, LLC 
 Attn:
Mr. Ryan D. Katz, Manager 
 9477 Waples Street, Suite 100 
 San Diego, CA 92121 
 Facsimile: (858) 909-0284 
 e-mail: rkatz@goal financial.net 
  
 If to the Trustee: 
  
 [                                    ] 
 [                                    ] 
 [                                    ] 
  

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 If to the Eligible Lender Trustee: 
  
 [                                    ] 
 [                                    ] 
 [                                    ] 
  
 Any party may change the address and name of the addressee to which subsequent notices are to
be sent to it, by notice to the others given as aforesaid, but any such notice of change, if sent by mail, shall not be effective until the 5th day after it is mailed. 
  
 Section 3.2 Forms of Instruments, Proceedings. All instruments relating to the repurchase of the Student
Loans, and all proceedings to be taken in connection with this Student Loan Repurchase Agreement and the transactions contemplated herein, shall be in form and substance mutually satisfactory to Goal and the Issuer and their respective counsel.

  
 Section 3.3 Payment of Expenses. Each party to
this Student Loan Repurchase Agreement shall pay its own expenses incurred in connection with transactions herein contemplated. 
  
 Section 3.4 Non-Business Days. If the date for taking any action required hereunder is not a Business Day (as defined in the Indenture),
then such action can be taken, without interest or penalty, on the next succeeding Business Day, with the same force and effect as if such action was taken on the required date. 
  
 Section 3.5 Amendments, Modifications and Waivers. The provisions of this Student Loan Repurchase Agreement
cannot be amended, waived or modified unless such amendment, waiver or modification be in writing and signed by the parties hereto and a Rating Confirmation (as defined in the Indenture) has occurred. Inaction or failure to demand strict performance
shall not be deemed a waiver. 
  
 Section 3.6
Severability. If any provision of this Student Loan Repurchase Agreement shall be held, or deemed to be or shall, in fact, be inoperative or unenforceable as applied in any particular situation, such circumstance shall not have the effect
of rendering the provision in question inoperative or unenforceable in any other situation or of rendering any other provision or provisions herein contained invalid, inoperative or unenforceable to any extent whatsoever. The invalidity of any one
or more phrases, sentences, clauses or paragraphs herein contained shall not affect the remaining portions of this Student Loan Repurchase Agreement or any part hereof. 
  
 Section 3.7 Remedies. Unless otherwise expressly provided herein, no remedy by the terms of this Student Loan
Repurchase Agreement conferred upon or reserved to the Eligible Lender Trustee or the Issuer is intended to be exclusive of any other remedy, but each and every such remedy shall be cumulative and in addition to every other remedy given under this
Student Loan Repurchase Agreement or existing at law or in equity (including, without limitation, the right to such equitable relief by way of injunction), or statute on or after the date of this Student Loan Repurchase Agreement. 
  

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 Section 3.8 Assignment. This Student Loan Repurchase Agreement may not be assigned or
otherwise transferred, in whole or in part, by one party without the prior written consent of the other parties, which consent shall not unreasonably be withheld. 
  
 Section 3.9 Binding Effect. All covenants and agreements herein contained shall extend to and be obligatory
upon all successors of the respective parties hereto. 
  
 Section 3.10 Governing Law. THIS STUDENT LOAN REPURCHASE AGREEMENT SHALL BE CONSTRUED BY AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, INCLUDING SECTION 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW
BUT OTHERWISE WITHOUT GIVING EFFECT TO THE PRINCIPLES OF CONFLICTS OF LAW, AND THE RIGHTS, OBLIGATIONS AND REMEDIES OF THE PARTIES HERETO SHALL BE DETERMINED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
  
 Section 3.11 Consent to Jurisdiction. ANY LEGAL SUIT, ACTION OR
PROCEEDING ARISING OUT OF OR RELATING TO THIS STUDENT LOAN REPURCHASE AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY MAY BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN THE COUNTY OF NEW YORK, STATE OF NEW YORK AND EACH PARTY HERETO HEREBY WAIVES
ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING, AND, SOLELY FOR THE PURPOSES OF THIS STUDENT LOAN REPURCHASE AGREEMENT, EACH PARTY HERETO HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION
OF ANY SUCH COURT IN ANY SUCH SUIT, ACTION OR PROCEEDING. 
  
 Section 3.12 Entire Agreement. This Student Loan Repurchase Agreement embodies and constitutes the entire understanding between the parties with respect to the transactions contemplated by this Student Loan Repurchase
Agreement, and all prior or contemporaneous agreements, understandings, representations and statements between the parties, written or oral, are merged into and superseded by this Student Loan Repurchase Agreement. 
  
 Section 3.13 Counterparts. This Student Loan Repurchase
Agreement may be simultaneously executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument. 
  
 Section 3.14 No Petition. Goal will not at any time institute against the Issuer any bankruptcy proceeding
under any United States federal or State bankruptcy or similar law in connection with any obligations of the Issuer under this Student Loan Repurchase Agreement. 
  
  

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 IN WITNESS WHEREOF, the parties hereto have caused this Student Loan Repurchase Agreement to be duly executed as
of the day and year first above written. 
  

			
	 GOAL FINANCIAL, LLC

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

  

 S-1 

			
	 GOAL CAPITAL FUNDING TRUST

		
	 By:
	 	Wilmington Trust Company, not in its individual capacity but solely as Delaware Trustee
		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

  

 S-21997 Stock Option Plan

 Exhibit 4.4 
  

NETSCALER, INC. 
  
 1997 STOCK PLAN 
  
 adopted on December 10, 1997 
 amended and restated on September 7, 2001

 amended and restated on December 17, 2002 (to reflect a 37.23168 to 1 reverse stock split) 
 amended and restated on September 5, 2003, February 27, 2004, December 7, 2004, 
 May 27, 2005 and August 12, 2005 
  
 1. Purposes of the Plan. The purposes of this Stock Plan are to attract and retain the best available personnel for positions of substantial responsibility, to provide additional incentive to Employees,
Directors and Consultants and to promote the success of the Company’s business. Options granted under the Plan may be Incentive Stock Options or Nonstatutory Stock Options, as determined by the Administrator at the time of grant. Stock Purchase
Rights may also be granted under the Plan. 
  
 2.
Definitions. As used herein, the following definitions shall apply: 
  
 (a) “Administrator” means the Board or any of its Committees as shall be administering the Plan in accordance with Section 4 hereof. 
  
 (b) “Applicable Laws” means the requirements relating to the administration of stock option plans under
U.S. state corporate laws, U.S. federal and state securities laws, the Code, any stock exchange or quotation system on which the Common Stock is listed or quoted and the applicable laws of any other country or jurisdiction where Options or Stock
Purchase Rights are granted under the Plan. 
  
 (c)
“Board” means the Board of Directors of the Company. 
  
 (d) “Code” means the Internal Revenue Code of 1986, as amended. 
  
 (e) “Committee” means a committee of Directors appointed by the Board in accordance with Section 4 hereof. 
  
 (f) “Common Stock” means the Common Stock of the Company. 
  
 (g) “Company” means NetScaler, Inc., a Delaware corporation. 
  
 (h) “Consultant” means any natural person who is engaged by
the Company or any Parent or Subsidiary to render consulting or advisory services to such entity and who satisfies the requirements of subsection (c)(1) of Rule 701 under the Securities Act of 1933, as amended. 
  
 (i) “Director” means a member of the Board of Directors of
the Company. 
  
 (j) “Employee” means any person,
including Officers and Directors, employed by the Company or any Parent or Subsidiary of the Company. A Service Provider shall not cease to be an Employee in the case of (i) any leave of absence approved by the Company or (ii) transfers between
locations of the Company or between the Company, its Parent, any Subsidiary, or any successor. For purposes of Incentive Stock Options, no such leave may exceed ninety (90) days, unless reemployment upon expiration of such leave is guaranteed by
statute or contract. If reemployment upon expiration of a leave of absence approved by the Company is not so guaranteed, on the 181st day of such leave any Incentive Stock Option held by the Optionee shall cease to be treated as an Incentive Stock Option and shall be treated for tax purposes as a Nonstatutory Stock Option. Neither service as a Director nor payment
of a director’s fee by the Company shall be sufficient to constitute “employment” by the Company. 
  

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 (k) “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
  
 (l) “Fair Market Value” means, as of any date, the value of
Common Stock determined as follows: 
  
 (i) If the Common Stock
is listed on any established stock exchange or a national market system, including without limitation the Nasdaq National Market or The Nasdaq SmallCap Market of The Nasdaq Stock Market, its Fair Market Value shall be the closing sales price for
such stock (or the closing bid, if no sales were reported) as quoted on such exchange or system for the last market trading day prior to the time of determination, as reported in The Wall Street Journal or such other source as the Administrator
deems reliable; 
  
 (ii) If the Common Stock is regularly quoted
by a recognized securities dealer but selling prices are not reported, its Fair Market Value shall be the mean between the high bid and low asked prices for the Common Stock on the last market trading day prior to the day of determination; or

  
 (iii) In the absence of an established market for the Common
Stock, the Fair Market Value thereof shall be determined in good faith by the Administrator. 
  
 (m) “Incentive Stock Option” means an Option intended to qualify as an incentive stock option within the meaning of Section 422 of the Code. 
  
 (n) “Nonstatutory Stock Option” means an Option not intended
to qualify as an Incentive Stock Option. 
  
 (o)
“Officer” means a person who is an officer of the Company within the meaning of Section 16 of the Exchange Act and the rules and regulations promulgated thereunder. 
  
 (p) “Option” means a stock option granted pursuant to the Plan. 
  
 (q) “Option Agreement” means a written or electronic
agreement between the Company and an Optionee evidencing the terms and conditions of an individual Option grant. The Option Agreement is subject to the terms and conditions of the Plan. 
  
 (r) “Option Exchange Program” means a program whereby outstanding Options are exchanged for Options with a
lower exercise price. 
  
 (s) “Optioned Stock”
means the Common Stock subject to an Option or a Stock Purchase Right. 
  
 (t) “Optionee” means the holder of an outstanding Option or Stock Purchase Right granted under the Plan. 
  
 (u) “Parent” means a “parent corporation,” whether now or hereafter existing, as defined in Section 424(e) of the Code.

  
 (v) “Plan” means this 1997 Stock Plan.

  
 (w) “Restricted Stock” means shares of Common
Stock acquired pursuant to a grant of a Stock Purchase Right under Section 11 below. 
  

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 (x) “Section 16(b)” means Section 16(b) of the Securities Exchange Act of 1934, as
amended. 
  
 (y) “Service Provider” means an
Employee, Director or Consultant. 
  
 (z) “Share”
means a share of the Common Stock, as adjusted in accordance with Section 12 below. 
  
 (aa) “Stock Purchase Right” means a right to purchase Common Stock pursuant to Section 11 below. 
  
 (bb) “Subsidiary” means a “subsidiary corporation,” whether now or hereafter existing, as defined in Section 424(f) of the
Code. 
  
 3. Stock Subject to the Plan. Subject to the
provisions of Section 12 of the Plan, the maximum aggregate number of Shares which may be subject to option and sold under the Plan is six million six hundred ninety-two thousand (6,692,000) Shares. The Shares may be authorized but unissued, or
reacquired Common Stock. 
  
 If an Option or Stock Purchase Right
expires or becomes unexercisable without having been exercised in full, or is surrendered pursuant to an Option Exchange Program, the unpurchased Shares which were subject thereto shall become available for future grant or sale under the Plan
(unless the Plan has terminated). However, Shares that have actually been issued under the Plan, upon exercise of either an Option or Stock Purchase Right, shall not be returned to the Plan and shall not become available for future distribution
under the Plan, except that if Shares of Restricted Stock are repurchased by the Company at their original purchase price, such Shares shall become available for future grant under the Plan. 
  
 4. Administration of the Plan. 
  
 (a) The Plan shall be administered by the Board or a Committee appointed by
the Board, which Committee shall be constituted to comply with Applicable Laws. 
  
 (b) Powers of the Administrator. Subject to the provisions of the Plan and, in the case of a Committee, the specific duties delegated by the Board to such Committee, and subject to the approval of any relevant
authorities, the Administrator shall have the authority in its discretion: 
  
 (i) to determine the Fair Market Value; 
  
 (ii) to select the Service Providers to whom Options and Stock Purchase Rights may from time to time be granted hereunder; 
  
 (iii) to determine the number of Shares to be covered by each such award granted hereunder; 
  
 (iv) to approve forms of agreement for use under the Plan; 
  
 (v) to determine the terms and conditions, of any Option or Stock Purchase Right granted hereunder. Such terms and
conditions include, but are not limited to, the exercise price, the time or times when Options or Stock Purchase Rights may be exercised (which may be based on performance criteria), any vesting acceleration or waiver of forfeiture restrictions, and
any restriction or limitation regarding any Option or Stock Purchase Right or the Common Stock relating thereto, based in each case on such factors as the Administrator, in its sole discretion, shall determine; 
  

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 (vi) to determine whether and under what circumstances an Option may be settled in cash under subsection
9(f) instead of Common Stock; 
  
 (vii) to reduce the exercise
price of any Option to the then current Fair Market Value if the Fair Market Value of the Common Stock covered by such Option has declined since the date the Option was granted; 
  
 (viii) to initiate an Option Exchange Program; 
  
 (ix) to prescribe, amend and rescind rules and regulations relating to the Plan, including rules and regulations relating
to sub-plans established for the purpose of qualifying for preferred tax treatment under foreign tax laws; 
  
 (x) to allow Optionees to satisfy withholding tax obligations by electing to have the Company withhold from the Shares to be issued upon exercise of an
Option or Stock Purchase Right that number of Shares having a Fair Market Value equal to the amount required to be withheld. The Fair Market Value of the Shares to be withheld shall be determined on the date that the amount of tax to be withheld is
to be determined. All elections by Optionees to have Shares withheld for this purpose shall be made in such form and under such conditions as the Administrator may deem necessary or advisable; and 
  
 (xi) to construe and interpret the terms of the Plan and awards granted
pursuant to the Plan. 
  
 (c) Effect of Administrator’s
Decision. All decisions, determinations and interpretations of the Administrator shall be final and binding on all Optionees. 
  
 5. Eligibility. 
  
 (a) Nonstatutory Stock Options and Stock Purchase Rights may be granted to Service Providers. Incentive Stock Options may be granted only to Employees.

  
 (b) Each Option shall be designated in the Option Agreement as
either an Incentive Stock Option or a Nonstatutory Stock Option. However, notwithstanding such designation, to the extent that the aggregate Fair Market Value of the Shares with respect to which Incentive Stock Options are exercisable for the first
time by the Optionee during any calendar year (under all plans of the Company and any Parent or Subsidiary) exceeds $100,000, such Options shall be treated as Nonstatutory Stock Options. For purposes of this Section 5(b), Incentive Stock Options
shall be taken into account in the order in which they were granted. The Fair Market Value of the Shares shall be determined as of the time the Option with respect to such Shares is granted. 
  
 (c) Neither the Plan nor any Option or Stock Purchase Right shall confer upon
any Optionee any right with respect to continuing the Optionee’s relationship as a Service Provider with the Company, nor shall it interfere in any way with his or her right or the Company’s right to terminate such relationship at any
time, with or without cause. 
  
 6. Term of Plan. The Plan
shall become effective upon its adoption by the Board. Unless sooner terminated under Section 14, it shall continue in effect for a term of ten (10) years from the later of (i) the effective date of the Plan, or (ii) the date of the most recent
Board approval of an increase in the number of Shares reserved for issuance under the Plan. 
  
 7. Term of Option. The term of each Option shall be stated in the Option Agreement; provided, however, that the term shall be no more than ten (10) years from the date of grant thereof. In the case of an
Incentive Stock Option granted to an Optionee who, at the time the Option is granted, owns 

  

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stock representing more than ten percent (10%) of the voting power of all classes of stock of the Company or any Parent or Subsidiary, the term of the Option
shall be five (5) years from the date of grant or such shorter term as may be provided in the Option Agreement. 
  
 8. Option Exercise Price and Consideration. 
  
 (a) The per share exercise price for the Shares to be issued upon exercise of an Option shall be such price as is determined by the Administrator, but
shall be subject to the following: 
  
 (i) In the case of an
Incentive Stock Option 
  
 (A) granted to an Employee who, at the
time of grant of such Option, owns stock representing more than ten percent (10%) of the voting power of all classes of stock of the Company or any Parent or Subsidiary, the exercise price shall be no less than 110% of the Fair Market Value per
Share on the date of grant. 
  
 (B) granted to any other
Employee, the per Share exercise price shall be no less than one hundred percent (100)% of the Fair Market Value per Share on the date of grant. 
  
 (ii) In the case of a Nonstatutory Stock Option 
  
 (A) granted to a Service Provider who, at the time of grant of such Option, owns stock representing more than ten percent (10%) of the voting power of
all classes of stock of the Company or any Parent or Subsidiary, the exercise price shall be no less than one hundred ten (110%) of the Fair Market Value per Share on the date of the grant. 
  
 (B) granted to any other Service Provider, the per Share exercise price
shall be no less than eighty five percent (85%) of the Fair Market Value per Share on the date of grant. 
  
 (iii) Notwithstanding the foregoing, Options may be granted with a per Share exercise price other than as required above pursuant to a merger or other
corporate transaction. 
  
 (b) The consideration to be paid for
the Shares to be issued upon exercise of an Option, including the method of payment, shall be determined by the Administrator (and, in the case of an Incentive Stock Option, shall be determined at the time of grant). Such consideration may consist
of (1) cash, (2) check, (3) promissory note, (4) other Shares which (x) in the case of Shares acquired upon exercise of an Option, have been owned by the Optionee for more than six (6) months on the date of surrender, and (y) have a Fair Market
Value on the date of surrender equal to the aggregate exercise price of the Shares as to which such Option shall be exercised, (5) consideration received by the Company under a cashless exercise program implemented by the Company in connection with
the Plan, or (6) any combination of the foregoing methods of payment. In making its determination as to the type of consideration to accept, the Administrator shall consider if acceptance of such consideration may be reasonably expected to benefit
the Company. 
  
 9. Exercise of Option. 
  
 (a) Procedure for Exercise; Rights as a Shareholder. Any Option
granted hereunder shall be exercisable according to the terms hereof at such times and under such conditions as determined by the Administrator and set forth in the Option Agreement, but in no case at a rate of less than 20% per year over five (5)
years from the date the Option is granted. Unless the Administrator provides otherwise, vesting of Options granted hereunder shall be tolled during any unpaid leave of absence. An Option may not be exercised for a fraction of a Share. 
  

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 An Option shall be deemed exercised when the Company receives: (i) written or electronic notice of
exercise (in accordance with the Option Agreement) from the person entitled to exercise the Option, and (ii) full payment for the Shares with respect to which the Option is exercised. Full payment may consist of any consideration and method of
payment authorized by the Administrator and permitted by the Option Agreement and the Plan. Shares issued upon exercise of an Option shall be issued in the name of the Optionee or, if requested by the Optionee, in the name of the Optionee and his or
her spouse. Until the Shares are issued (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a shareholder shall exist
with respect to the Shares, notwithstanding the exercise of the Option. The Company shall issue (or cause to be issued) such Shares promptly after the Option is exercised. No adjustment will be made for a dividend or other right for which the record
date is prior to the date the Shares are issued, except as provided in Section 12 of the Plan. 
  
 Exercise of an Option in any manner shall result in a decrease in the number of Shares thereafter available, both for purposes of the Plan and for sale
under the Option, by the number of Shares as to which the Option is exercised. 
  
 (b) Termination of Relationship as a Service Provider. If an Optionee ceases to be a Service Provider, such Optionee may exercise his or her Option within such period of time as is specified in the Option
Agreement (of at least thirty (30) days) to the extent that the Option is vested on the date of termination (but in no event later than the expiration of the term of the Option as set forth in the Option Agreement). In the absence of a specified
time in the Option Agreement, the Option shall remain exercisable for three (3) months following the Optionee’s termination. If, on the date of termination, the Optionee is not vested as to his or her entire Option, the Shares covered by the
unvested portion of the Option shall revert to the Plan. If, after termination, the Optionee does not exercise his or her Option within the time specified by the Administrator, the Option shall terminate, and the Shares covered by such Option shall
revert to the Plan. 
  
 (c) Disability of Optionee. If an
Optionee ceases to be a Service Provider as a result of the Optionee’s Disability, the Optionee may exercise his or her Option within such period of time as is specified in the Option Agreement to the extent the Option is vested on the date of
termination (but in no event later than the expiration of the term of such Option as set forth in the Option Agreement). In the absence of a specified time in the Option Agreement, the Option shall remain exercisable for twelve (12) months following
the Optionee’s termination. If such disability is not a “disability” as such term is defined in Section 22(e)(3) of the Code, in the case of an Incentive Stock Option such Incentive Stock Option shall automatically cease to be treated
as an Incentive Stock Option and shall be treated for tax purposes as a Nonstatutory Stock Option on the day three months and one day following such termination. If, on the date of termination, the Optionee is not vested as to his or her entire
Option, the Shares covered by the unvested portion of the Option shall revert to the Plan. If, after termination, the Optionee does not exercise his or her Option within the time specified herein, the Option shall terminate, and the Shares covered
by such Option shall revert to the Plan. 
  
 (d) Death of
Optionee. If an Optionee dies while a Service Provider, the Option may be exercised within such period of time as is specified in the Option Agreement (but in no event later than the expiration of the term of such Option as set forth in the
Notice of Grant), by the Optionee’s estate or by a person who acquires the right to exercise the Option by bequest or inheritance, but only to the extent that the Option is vested on the date of death. In the absence of a specified time in the
Option Agreement, the Option shall remain exercisable for twelve (12) months following the Optionee’s termination. If, at the time of death, the Optionee is not vested as to his or her entire Option, the Shares covered by the unvested portion
of the Option shall immediately revert to the Plan. The Option may be exercised by the executor or administrator of the Optionee’s estate or, if none, by the person(s) entitled to exercise the Option under the Optionee’s will or the laws
of descent or distribution. If the Option is not so exercised within the time specified herein, the Option shall terminate, and the Shares covered by such Option shall revert to the Plan. 
  

 6 

 (e) Buyout Provisions. The Administrator may at any time offer to buy out for a payment in cash or
Shares, an Option previously granted, based on such terms and conditions as the Administrator shall establish and communicate to the Optionee at the time that such offer is made. 
  
 10. Non-Transferability of Options and Stock Purchase Rights. Options and Stock Purchase Rights may not be sold,
pledged, assigned, hypothecated, transferred, or disposed of in any manner other than by will or by the laws of descent or distribution and may be exercised, during the lifetime of the Optionee, only by the Optionee. 
  
 11. Stock Purchase Rights. 
  
 (a) Rights to Purchase. Stock Purchase Rights may be issued either
alone, in addition to, or in tandem with other awards granted under the Plan and/or cash awards made outside of the Plan. After the Administrator determines that it will offer Stock Purchase Rights under the Plan, it shall advise the offeree in
writing or electronically of the terms, conditions and restrictions related to the offer, including the number of Shares that such person shall be entitled to purchase, the price to be paid, and the time within which such person must accept such
offer. The terms of the offer shall comply in all respects with Section 260.140.42 of Title 10 of the California Code of Regulations. The offer shall be accepted by execution of a Restricted Stock purchase agreement in the form determined by the
Administrator. 
  
 (b) Repurchase Option. Unless the
Administrator determines otherwise, the Restricted Stock purchase agreement shall grant the Company a repurchase option exercisable upon the voluntary or involuntary termination of the purchaser’s service with the Company for any reason
(including death or disability). The purchase price for Shares repurchased pursuant to the Restricted Stock purchase agreement shall be the original price paid by the purchaser and may be paid by cancellation of any indebtedness of the purchaser to
the Company. The repurchase option shall lapse at such rate as the Administrator may determine, but in no case at a rate of less than 20% per year over five years from the date of purchase. 
  
 (c) Other Provisions. The Restricted Stock purchase agreement shall
contain such other terms, provisions and conditions not inconsistent with the Plan as may be determined by the Administrator in its sole discretion. 
  
 (d) Rights as a Shareholder. Once the Stock Purchase Right is exercised, the purchaser shall have rights equivalent to those of a shareholder and
shall be a shareholder when his or her purchase is entered upon the records of the duly authorized transfer agent of the Company. No adjustment shall be made for a dividend or other right for which the record date is prior to the date the Stock
Purchase Right is exercised, except as provided in Section 12 of the Plan. 
  
 12. Adjustments Upon Changes in Capitalization, Merger or Asset Sale. 
  
 (a) Changes in Capitalization. Subject to any required action by the shareholders of the Company, the number of shares of Common Stock covered by
each outstanding Option or Stock Purchase Right, and the number of shares of Common Stock which have been authorized for issuance under the Plan but as to which no Options or Stock Purchase Rights have yet been granted or which have been returned to
the Plan upon cancellation or expiration of an Option or Stock Purchase Right, as well as the price per share of Common Stock covered by each such outstanding Option or Stock Purchase Right, shall be proportionately adjusted for any increase or
decrease in the number of issued shares of Common Stock resulting from a stock split, reverse stock split, stock dividend, combination or reclassification of the Common Stock, or any other increase or decrease in the number of issued shares of
Common Stock effected without receipt of consideration by the Company. The conversion of any convertible securities of the Company shall not be deemed to have been “effected without receipt of consideration.” Such adjustment shall be made
by the Board, whose determination in that respect shall be final, binding and 
  

 7 

 conclusive. Except as expressly provided herein, no issuance by the Company of shares of stock of any class, or
securities convertible into shares of stock of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number or price of shares of Common Stock subject to an Option or Stock Purchase Right. 
  
 (b) Dissolution or Liquidation. In the event of the proposed
dissolution or liquidation of the Company, the Administrator shall notify each Optionee as soon as practicable prior to the effective date of such proposed transaction. The Administrator in its discretion may provide for an Optionee to have the
right to exercise his or her Option until fifteen (15) days prior to such transaction as to all of the Optioned Stock covered thereby, including Shares as to which the Option would not otherwise be exercisable. In addition, the Administrator may
provide that any Company repurchase option applicable to any Shares purchased upon exercise of an Option or Stock Purchase Right shall lapse as to all such Shares, provided the proposed dissolution or liquidation takes place at the time and in the
manner contemplated. To the extent it has not been previously exercised, an Option or Stock Purchase Right will terminate immediately prior to the consummation of such proposed action. 
  
 (c) Merger or Asset Sale. In the event of a merger of the Company with or into another corporation, or the sale of
substantially all of the assets of the Company, each outstanding Option and Stock Purchase Right shall be assumed or an equivalent option or right substituted by the successor corporation or a Parent or Subsidiary of the successor corporation. In
the event that the successor corporation refuses to assume or substitute for the Option or Stock Purchase Right, the Optionee shall fully vest in and have the right to exercise the Option or Stock Purchase Right as to all of the Optioned Stock,
including Shares as to which it would not otherwise be vested or exercisable. If an Option or Stock Purchase Right becomes fully vested and exercisable in lieu of assumption or substitution in the event of a merger or sale of assets, the
Administrator shall notify the Optionee in writing or electronically that the Option or Stock Purchase Right shall be fully exercisable for a period of fifteen (15) days from the date of such notice, and the Option or Stock Purchase Right shall
terminate upon the expiration of such period. For the purposes of this paragraph, the Option or Stock Purchase Right shall be considered assumed if, following the merger or sale of assets, the option or right confers the right to purchase or
receive, for each Share of Optioned Stock subject to the Option or Stock Purchase Right immediately prior to the merger or sale of assets, the consideration (whether stock, cash, or other securities or property) received in the merger or sale of
assets by holders of Common Stock for each Share held on the effective date of the transaction (and if holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding Shares);
provided, however, that if such consideration received in the merger or sale of assets is not solely common stock of the successor corporation or its Parent, the Administrator may, with the consent of the successor corporation, provide for the
consideration to be received upon the exercise of the Option or Stock Purchase Right, for each Share of Optioned Stock subject to the Option or Stock Purchase Right, to be solely common stock of the successor corporation or its Parent equal in fair
market value to the per share consideration received by holders of Common Stock in the merger or sale of assets. 
  
 13. Time of Granting Options and Stock Purchase Rights. The date of grant of an Option or Stock Purchase Right shall, for all purposes, be the date
on which the Administrator makes the determination granting such Option or Stock Purchase Right, or such other date as is determined by the Administrator. Notice of the determination shall be given to each Employee or Consultant to whom an Option or
Stock Purchase Right is so granted within a reasonable time after the date of such grant. 
  
 14. Amendment and Termination of the Plan. 
  
 (a) Amendment and Termination. The Board may at any time amend, alter, suspend or terminate the Plan. 
  
 (b) Shareholder Approval. The Board shall obtain shareholder approval of any Plan amendment to the extent necessary and desirable to comply with
Applicable Laws. 
  

 8 

 (c) Effect of Amendment or Termination. No amendment, alteration, suspension or termination of the
Plan shall impair the rights of any Optionee, unless mutually agreed otherwise between the Optionee and the Administrator, which agreement must be in writing and signed by the Optionee and the Company. Termination of the Plan shall not affect the
Administrator’s ability to exercise the powers granted to it hereunder with respect to Options granted under the Plan prior to the date of such termination. 
  
 15. Conditions Upon Issuance of Shares. 
  
 (a) Legal Compliance. Shares shall not be issued pursuant to the exercise of an Option unless the exercise of such
Option and the issuance and delivery of such Shares shall comply with Applicable Laws and shall be further subject to the approval of counsel for the Company with respect to such compliance. 
  
 (b) Investment Representations. As a condition to the exercise of an
Option, the Administrator may require the person exercising such Option to represent and warrant at the time of any such exercise that the Shares are being purchased only for investment and without any present intention to sell or distribute such
Shares if, in the opinion of counsel for the Company, such a representation is required. 
  
 16. Inability to Obtain Authority. The inability of the Company to obtain authority from any regulatory body having jurisdiction, which authority is deemed by the Company’s counsel to be necessary to the
lawful issuance and sale of any Shares hereunder, shall relieve the Company of any liability in respect of the failure to issue or sell such Shares as to which such requisite authority shall not have been obtained. 
  
 17. Reservation of Shares. The Company, during the term of this Plan,
shall at all times reserve and keep available such number of Shares as shall be sufficient to satisfy the requirements of the Plan. 
  
 18. Shareholder Approval. The Plan shall be subject to approval by the shareholders of the Company within twelve (12) months after the date the
Plan is adopted. Such shareholder approval shall be obtained in the degree and manner required under Applicable Laws. 
  
 19. Information to Optionees and Purchasers. The Company shall provide to each Optionee and to each individual who acquires Shares pursuant to the
Plan, not less frequently than annually during the period such Optionee or purchaser has one or more Options or Stock Purchase Rights outstanding, and, in the case of an individual who acquires Shares pursuant to the Plan, during the period such
individual owns such Shares, copies of annual financial statements. The Company shall not be required to provide such statements to key employees whose duties in connection with the Company assure their access to equivalent information. 

 
 20. No Further Grants. Effective upon the Effective Time (as such
term is defined in that certain Agreement and Plan of Merger, dated as of June 1, 2005, as amended, by and among the Company, Citrix Systems, Inc. (“Citrix”), NCAR Acquisition Corporation, a wholly-owned subsidiary of Citrix, NCAR
LLC, a wholly-owned subsidiary of Citrix, and the stockholder representative (the “Merger Agreement”)), no further grants of Options or Stock Purchase Rights shall be made pursuant to this Stock Plan. 
  
 21. No Repricing of Options or Stock Purchase Rights. Effective upon
the Effective Time (as such term is defined in the Merger Agreement), no Options or Stock Purchase Rights granted under this Stock Plan shall be repriced, or terminated and subsequently regranted, at a lower exercise price per share than that
applicable to the original grant (as adjusted pursuant to the terms of the Merger Agreement) without the prior affirmative vote of a majority of the shares of stock of Citrix present at a stockholders’ meeting in person or by proxy and entitled
to vote thereon. 
  

 9

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