Document:

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                                                                    EXHIBIT 4.01

                      RULES OF THE kVAULT SOFTWARE LIMITED

                              ENTERPRISE MANAGEMENT
                                    INCENTIVE
                                     SCHEME

                                  SCHEME RULES

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                      RULES OF THE kVAULT SOFTWARE LIMITED

                     ENTERPRISE MANAGEMENT INCENTIVE SCHEME

                                    CONTENTS
<TABLE>
<CAPTION>
RULE
----
<S>                                                     <C>
1. Definitions and interpretation

2. Grant of Options

3. Conditions of exercise

4. Vesting provisions

5. Individual limits

6. Rights of exercise and lapse of Options

7. Exercise of Options

8. Takeovers and Liquidations

9. Exchange of Options on a takeover

10. Variation of share capital

11. Administration

12. Amendments

13. General
</TABLE>

                      RULES OF THE kVAULT SOFTWARE LIMITED

                 ENTERPRISE MANAGEMENT INCENTIVE SCHEME ("EMI")

                                        2
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DEFINITIONS AND INTERPRETATION

      In this Scheme, the following words and expressions shall, where the
context so permits, have the following meanings:

"THE AGREEMENT"         The Agreement granting an Option pursuant to this Scheme
                        entered into by an Eligible Employee and the Grantor in
                        such form as the Board shall from time to time determine
                        (and which in the case of an EMI Option complies with
                        paragraph 37 of Schedule 5;

"ASSOCIATED COMPANY"    The meaning given by Section 416 of the Taxes Act;

"AUDITORS"              The auditors for the time being of the Company;

"BOARD"                 the Board of Directors for the time being of the Company
                        or a duly authorized Committee thereof;

"BUSINESS DAY"          a day (other than a Saturday or Sunday) on which banks
                        in the City of London are generally open for business;

"CAUSE"                 conduct which, in the opinion of the Board, entitles the
                        employer of an Optionholder lawfully to dismiss an
                        employee with immediate effect and without notice or any
                        payment in lieu of notice;

"CHANGE IN CONTROL"     Any consolidation, merger, demerger, joint venture
                        recapitalisations of the Company with or into any other
                        Person or any other corporate reorganisation, in which
                        the shareholders of the Company immediately prior to
                        such consolidation, merger, demerger, joint venture
                        recapitalisations, own, directly or indirectly, less
                        than fifty per cent (50%) of the surviving corporation
                        or entity's voting power immediately after such
                        transaction or series of related transactions which
                        results in any Person or group of related Persons
                        holding in excess of fifty per cent (50%) of the
                        Company's voting rights.

"COMMITTED TIME"        the meaning given in paragraph 26 of Schedule 5;

"THE COMPANY"           kVault Software Limited registered in England under
                        number 03876482;

"COMPANY LIMIT"         the limit specified in paragraph 7 of Schedule 5 from
                        time to time;

"CONNECTED PERSON"      the meaning given by section 839 of the Taxes Act;

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"CONTROL" AND COGNATE   the meaning given by section 840 of the Taxes Act;
 EXPRESSIONS

"DATE OF GRANT"         the date on which an Option is granted as evidenced by
                        the Agreement;

"DISQUALIFYING EVENT"   an event specified in Sections 534 to 539 inclusive of
                        the ITEP Act, which causes an EMI Option to cease to
                        satisfy the requirements of Schedule 5;

"DRAG-ALONG SALE"       a sale of the entire issued share capital of the Company
                        in circumstances where Article 11 of the Articles of
                        Association of the Company apply such that:

                        1.    shareholders holding more than 75% of the voting
                              rights accept an offer to sell their shares to a
                              third party;

                        2.    such sale is proposed to be made at a price per
                              share equal to or greater than four times the
                              conversion price then in effect for the Preference
                              Shares (or the holders of a two-thirds majority of
                              the Preference shares waive such conditions); and

                        3.    such sale is conditional upon the sale of all
                              remaining shares in the Company to such third
                              party and all other shareholders in the Company
                              are required to sell their shares in such a
                              transaction, on the same terms and conditions;

"ELIGIBLE EMPLOYEE"     an individual:

                        (a)   who is a bona fide employee of the Company or a
                              Qualifying Subsidiary;

                        (b)   whose Committed Time is at least 25 hours per
                              week, or, if less, 75% of his Working Time; and

                        (c)   who is not precluded from such participation by
                              paragraphs 28 to 33 inclusive of Schedule 5 (no
                              material interest);

"EMI OPTION"            an Option which is a qualifying option within the
                        meaning given in paragraph 1 of Schedule 5;

"EMPLOYER COMPANY"      the Company by reference to which the Committed Time
                        requirement is met by the Eligible Employee;

"EXERCISE PRICE"        the price determined by the Board at which each Share
                        subject to an EMI Option may be acquired (subject to
                        Rule 10 - variation of share capital) and specified at
                        the Date of Grant provided that if Shares are to be

                                        4
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                        subscribed, it may not be less than the nominal value of
                        a Share;

"GRANTOR"               the Company or such other person who grants an Option
                        under this Scheme;

"GROUP COMPANY"         the Company or any Subsidiary of the Company;

"INDIVIDUAL LIMIT"      the limit specified in Rule 5 on the value of Shares in
                        respect of which EMI Options or other options may be
                        granted to Eligible Employees;

"ITEP ACT"              The Income Tax (Earnings and Pensions) Act 2003;

"LISTING"               the admission of any of the Company's ordinary share
                        capital or the granting of permission for any of the
                        Company's shares or any of the shares of any other Group
                        Company to be dealt on (a) the London Stock Exchange
                        plc, or (b) any other market referred to in articles 68
                        and 69 of the Financial Services and Markets Act 2000
                        (Financial Promotion) Order 2001 (SI 2001/1335), or (c)
                        on a national securities exchange in the United States
                        of America, including for the avoidance of doubt,
                        NASDAQ;

"THE LONDON STOCK
 EXCHANGE"              London Stock Exchange plc or any of its successors;

"MARKET VALUE"          on any day the market value of a Share determined in
                        accordance with paragraphs 5, 55 and 56 of Schedule 5;

"MODEL CODE"            the Model Code for Securities Transactions by Directors
                        of Listed Companies published by the UK Listing
                        Authority;

"NORMAL RETIREMENT
 DATE"                  Sixty (60) years of age or such other age at which the
                        Optionholder is bound to retire under the terms of his
                        employment;

"PREFERENCE SHARES"     preference shares of Pound L0.025 in the capital of the
                        Company;

"OPTION"                a right to acquire Shares pursuant to this Scheme;

"OPTIONHOLDER"          an Eligible Employee to whom an Option has been granted
                        which has neither lapsed nor been surrendered or
                        exercised;

"PERSON"                any individual, body corporate (wherever incorporated)
                        unincorporated association, trust partnership (whether
                        or

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                          not having separate legal personality), government
                          state or agency of a state or two more of the
                          foregoing;

"QUALIFYING EXCHANGE
 OF SHARES"               the meaning given in paragraph 40 of Schedule 5;

"QUALIFYING SUBSIDIARY"   the meaning given in paragraph 11 of Schedule 5;

"RULES"                   the rules of this Scheme as amended from time to time;

"SALE"                    a sale of all or substantially all of the assets of
                          the Company;

"SCHEDULE 5"              Schedule 5 to the ITEP Act;

"THIS SCHEME"             the kVault Software Limited Enterprise Management
                          Incentive Scheme, as amended from time to time;

"SECURITIES"              collectively, the Shares or any shares in the capital
                          of the Company or any member of the Group, or any
                          security (whether shares or indebtedness) convertible
                          or exchangeable with or without consideration, into or
                          for any shares or similar security (whether shares or
                          indebtedness) carrying any warrant or right to
                          subscribe to or purchase any shares or similar
                          security, or any such warrant or right;

"SHARE"                   an ordinary share in the capital of 0.025p each which
                          is fully paid up and non-redeemable within the meaning
                          of paragraph 35 of Schedule 5;

"SUBSIDIARY"              any company which the Company Controls (on its own or
                          together with any Connected Person);

"SUBSISTING OPTION"       an Option which is neither lapsed, cancelled or
                          surrendered;

"TAXES ACT"               the Income and Corporation Taxes Act 1988;

"UNAPPROVED OPTION"       an Option which at the Date of Grant is not an EMI
                          Option;

"VOTING RIGHTS"           the voting rights attaching to any Securities;

"VEST"                    the Option (or part thereof) which would be available
                          to exercise, subject to satisfying the conditions of
                          Rule 4.3 and Rule 8 (and "Vests" "Vesting" and
                          "Vested" shall be construed accordingly);

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"WORKING TIME"            the meaning given in paragraph 27 of Schedule 5.

References to any statutory provision are to that provision as amended or
re-enacted from time to time, and, unless the context otherwise requires, words
in the singular shall include the plural and vice versa, and words importing the
masculine gender shall include the feminine and vice versa.

2. GRANT OF OPTIONS

      2.1 The Grantor may grant an Option to an Eligible Employee at any time.

      2.2 Subject to Rule 3.2, the right to exercise an Option will be in
accordance with the provisions of Rule 4 and as set out in the Agreement as
determined by Rule 4.5.

      2.3 Where the Grantor grants an EMI Option, which is in excess of the
Individual Limit, the excess shall be an Unapproved Option.

      2.4 If an Optionholder has been granted EMI Options in respect of shares
whose Market Value is equal to the Individual Limit (whether or not they have
been exercised or released) any Options granted to him within 3 years of the
date on which he was granted his last EMI Option shall be Unapproved Options.

      2.5 The right to exercise an Option may be subject to conditions imposed
by the Grantor in accordance with Rule 3.

      2.6 As soon as practicable after the Grantor decides to grant an Option to
an Eligible Employee the Grantor and the Eligible Employee shall enter into an
enforceable Option Agreement, which shall state:

            (a)   the Date of Grant of the Option;

            (b)   that the Option is an EMI Option or an Unapproved Option (as
                  the case may be);

            (c)   (in respect of an EMI Option) that the Option is granted under
                  the provisions of Schedule 5;

            (d)   the number, or maximum number, of Shares that may be acquired;

            (e)   the Exercise Price payable for each Share subject to the
                  Option;

            (f)   any conditions imposed or dates determined by the Board
                  pursuant to Rule 3; and

            (g)   when and how the Option may be exercised.

and in the case of an EMI Option such Agreement shall include any other details
required pursuant to paragraph 37 of Schedule 5.

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      2.7 Subject to the right of a deceased Optionholder's personal
representatives to exercise an Option in accordance with Rule 7, every Option
shall be personal to the Eligible Employee to whom it is granted and shall not
be capable of being transferred, assigned or charged.

      2.8 The Grantor may grant an EMI Option to an Eligible Employee only if
all of the following conditions are satisfied at the Date of Grant immediately
prior to the grant of the proposed EMI Option:

            (a)   the Board have satisfied themselves that it is being granted
                  for commercial reasons in order to recruit or retain an
                  employee and not as part of a scheme or arrangement the main
                  purpose, or one of the main purposes, of which is the
                  avoidance of tax;

            (b)   in the case of an EMI Option to be granted the total Market
                  Value of Shares in the Company in respect of which unexercised
                  EMI Options subsists shall not exceed Pound L3 million
                  or such other value as shall be specified at that time in
                  paragraph 7 of Schedule 5;

            (c)   the Company or a Group Company as the case may be meets the
                  trading activities requirement of paragraph 13 and 14 of
                  Schedule 5;

            (d)   the gross assets of the Company do not exceed Pound L30
                  million (or such other amount as may at that time be specified
                  in paragraph 12 of Schedule 5). For these purposes "gross
                  assets" means:

                  (i)   the sum of all the fixed and current assets of the
                        Company; or

                  (ii)  if the Company is a member of a group of companies, the
                        sum of the fixed and current assets of all the Group
                        Companies excluding any member's rights against, or
                        shares in or securities of, another Group Company).

                  determined in accordance with the Inland Revenue Statement of
                  Practice 2/00 or its successors; and

            (e)   the qualifying subsidiaries requirement of paragraph 10 of
                  Schedule 5 is satisfied.

      2.9 For the purposes of Rule 2.8(b) above, the Market Value of a Share
shall be determined in accordance with paragraphs 5 and 6 of Schedule 5 in
respect of the day on which each of the relevant unexercised EMI Options were
granted.

      2.10 An Option shall not be granted unless the Grantor is satisfied at the
relevant time (if then applicable) that such grant would not be in breach of the
Model Code or any other applicable laws, codes or regulations relating to the
acquisition of securities including the internal code of the Company.

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      2.11 An Eligible Employee to whom an Option is granted may by notice in
writing within thirty days after the Date of Grant (or such shorter period of
which he may be notified by the Board) renounce his rights under such Option in
whole, (and in such case, the Option shall be deemed never to have been
granted), or in part, (and in such case the Option shall be deemed to have been
granted only as to the balance).

3. CONDITIONS OF EXERCISE

      3.1 The right to exercise an Option may be conditional upon the
satisfaction of a performance condition imposed by the Grantor at the Date of
Grant as set out in the Agreement, provided that such performance condition is
capable of being satisfied within ten years of the Date of Grant.

      3.2 When granting an Option, the Grantor may, if in its discretion it
thinks fit determine any date or dates prior to the day before the tenth
anniversary of its Date of Grant as set out in the Agreement on which the Option
may vest in whole or in part.

      3.3 If, after the Grantor has imposed any performance condition to be
satisfied pursuant to this Rule 3, events occur which cause the Board to
consider that any of the conditions has become unreasonable, unfair or
impractical, the Grantor may, in its discretion (provided such discretion is
exercised fairly and reasonably) amend, relax or waive such conditions provided
that any condition which is amended or relaxed will be no more and no less
difficult to satisfy than when it was originally imposed or last amended or
relaxed.

      3.4 The Grantor shall notify all relevant Optionholders in writing of any
amendment, relaxation or waiver of any conditions made pursuant to Rule 3.3.

4. VESTING OF OPTIONS

      4.1 Subject to Rule 3.2, Options will Vest and become exercisable in
accordance with this Rule 4.

      4.2 Subject to Rule 3.2 and any provisions in the Option Agreement, an
Option granted under the Scheme shall Vest in respect of the shares comprised in
that Option as follows:

            (a)   twenty five percent (25%) on the first anniversary of the date
                  on which the Option is granted, and

            (b)   thereafter, the remaining unvested Option in equal
                  installments on the last day of each calendar month over the
                  period of thirty six (36) months commencing with the first
                  full calendar month after the first anniversary of the date on
                  which the Option is granted.

      4.3 Options shall only be exercisable (to the extent that they are Vested)
in the event of the earlier of:

            (a)   a Change of Control; or

            (b)   a Listing; or

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            (c)   a Sale; or

            (d)   the expiration of nine years and six months from the Date of
                  Grant; or

            (e)   at any time at the discretion of the Board.

      4.4 In relation to Rule 4.2, the Board reserves the right to restrict the
number of Options to be exercised and Shares to be sold on the open market at
Listing and each employee granted Options under this Scheme shall undertake to
sign an agreement where they agree to be bound by the broker's decision on the
sale of Shares on the open market at the date of Listing.

      4.5 Where the provisions of the Option Agreement conflicts with Rule 4.2,
the provisions of the Option Agreement will preside.

5. INDIVIDUAL LIMITS

      5.1 Any EMI Option granted to an Eligible Employee by the Grantor shall be
limited and take effect so that, immediately following such grant, the aggregate
Market Value of:

            (a)   all shares in respect of which EMI Options or other options
                  which are qualifying options within the meaning given in
                  paragraph 1 of Schedule 5 are then held by him and granted by
                  reason of his employment with any one or more Group Companies;

            (b)   all other shares in respect of which EMI Options or other
                  options which are qualifying options within the meaning given
                  in paragraph 1 of Schedule 5 were granted to him within the
                  preceding three years by reason of his employment with any one
                  or more Group Companies, whether or not such EMI Options have
                  been exercised or released; and

            (c)   all shares in respect of which options were granted to him
                  under a company share option plan approved by the Inland
                  Revenue under Schedule 9 to the Taxes Act by reason of his
                  employment with the Employer Company or any other Group
                  Company, which options have neither lapsed nor been exercised
                  or released,

shall not exceed Pound L100,000 or such other amount as may from time to time be
specified in paragraph 5 of Schedule 5.

      5.2 For the purposes of Rule 5.1, the Market Value of the Shares or shares
shall be their Market Value at the date or dates on which the relevant EMI
Options or other options were granted or such earlier time or times as may be
agreed with the Inland Revenue.

6. RIGHTS OF EXERCISE AND LAPSE OF OPTIONS

      6.1 Subject to Rule 7, an Option may only be exercised where (i) it has
Vested (in whole or in part) in accordance with Rule 4.2 or, where Rule 4.5
applies, as set out in the

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Agreement, and (ii) an event in accordance with Rule 4.3 has occurred, but in
any event may not be exercised later than the day before the tenth anniversary
of the Date of Grant.

      6.2 Save as provided in Rules 6.3 (death), 6.4 (Disqualifying Events), 6.5
(good leavers), 6.6 (qualifying leavers) and 8 (takeover etc.) a Vested Option
may be exercised by an Optionholder only while he is an Eligible Employee.

      6.3 Subject to Rule 4.3 and Rule 8, a Vested Option may be exercised by
the personal representatives of a deceased Optionholder during the period of
twelve months following the date of death.

      6.4 In the event of a Disqualifying Event, unless and to the extent the
Board decides otherwise, an Option, 40 days after a Disqualifying Event shall
continue in force as an Unapproved Option.

      6.5 Subject to Rule 8 (takeover etc.), if an Optionholder ceases to hold
any office or employment with a Group Company on account of:

            (a)   injury, ill-health or disability (evidenced to the
                  satisfaction of the Board);

            (b)   redundancy (within the meaning of the Employment Rights Act
                  1996);

            (c)   retirement at the Normal Retirement Date;

            (d)   early retirement with the consent of the Board before the
                  Normal Retirement Date; or

            (e)   any other reason at the discretion of the Board,

the Option, to the extent it has Vested in accordance with Rule 4 on the date of
cessation, shall continue to be a Subsisting Option or, where 6.5(a) applies,
the Option as it has Vested at the date which is the last day of the sixth
calendar month after the date of cessation shall continue to be a Subsisting
Option.

      6.6 Subject to Rule 6.7 (bad leavers) and Rule 8 (takeover etc.), where an
Optionholder ceases to hold any office or employment with a Group Company on
account of:

            (a)   the voluntary termination of his employment by the
                  Optionholders, or

            (b)   termination of the Optionholder's employment by mutual consent
                  of the Board and the Optionholders; or

            (c)   the Optionholder having become prevented by an applicable law
                  or regulation from performing any material part of his duties;
                  or

            (d)   any other reason at the discretion of the Board,

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the Option shall, to the extent it has Vested in accordance with Rule 4 on the
date of cessation, and subject to Rule 4.3 and Rule 8, only become exercisable
in respect of the following percentage of Vested Options as at the termination
of employment:

<TABLE>
<CAPTION>
    Number of Years                     Percentage of
after the Date of Grant                 Vested Options
<S>                                     <C>
        0-1                                     0%
        1-2                                    25%
        2-3                                    50%
        3-4                                    75%
        4+                                    100%
</TABLE>

provided that an Option may not be exercised in respect of fractions of Shares.

      6.7 If the Optionholder ceases to hold any office or employment with a
Group Company on account of:

            (a)   the failure of the Optionholder to perform his duties in a
                  manner substantially consistent with the manner reasonably
                  prescribed by the Board (other than any failure resulting from
                  the Optionholder's incapacity due to physical or mental
                  illness (when Rule 6.5(a) shall apply)), where failure
                  continues for ten days following his receipt of a written
                  notice from the Board specifying the manner in which the
                  Optionholder is in default of his duties; or

            (b)   the voluntary termination of his employment by the
                  Optionholder, where the Optionholder is to become an employee
                  of a competitor of the Company (as determined by the Board);
                  or

            (c)   the Optionholder is dismissed with Cause,

the Options shall, unless and to the extent the Board in exceptional
circumstances decide otherwise lapse on the date on which the Optionholder
ceases to hold any office or employment with a Group Company.

      6.8 An Option shall lapse on the occurrence of the earliest of the
following:

            (a)   the tenth anniversary of the Date of Grant;

            (b)   the expiry of the period (if any) allowed for the satisfaction
                  of any condition of exercise pursuant to Rule 3 without such
                  condition having been satisfied or the date on which it
                  becomes apparent to the Board in its absolute discretion that
                  any such condition has become incapable of being satisfied;

            (c)   the expiry of the applicable periods specified in Rules 6.3
                  (exercise by personal representatives);

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            (d)   the date on which the Optionholder ceases to hold any office
                  or employment with a Group Company for any reason other than,
                  to the extent the Option is Vested or potentially exercisable
                  for reasons specified in Rules 6.3 (death), 6.5 (good
                  leavers), Rule 6.6 (qualified leavers) or, subject to the
                  exercise of Board discretion, Rule 6.7 (bad leavers);

            (e)   subject to Rule 9 (exchange of options on a takeover), the
                  expiry of the period specified in Rule 8.1;

            (f)   the expiry of the applicable periods specified in Rule 8.2
                  (winding up);

            (g)   the date on which a resolution is passed, or an order is made
                  by the Court, for the compulsory winding up of the Company;
                  and

            (h)   the date on which the Optionholder becomes bankrupt or does or
                  omits to do anything as a result of which he is deprived of
                  the legal or beneficial ownership of the Option.

7. EXERCISE OF OPTIONS

      7.1 An Option shall be exercisable in whole or in part (and by notice in
writing (in the form prescribed by the Company from time to time) given by the
Optionholder (or his personal representatives as the case may be) to the
Company. Unless and to the extent the Board decides otherwise, the notice of
exercise of the Option shall be accompanied by a remittance in cleared funds for
the aggregate of the Exercise Prices payable.

      7.2 Subject to Rules 7.3 and 7.4, within 30 days of the Option exercise
the Board shall allot or procure the transfer of the Shares in respect of which
the Option has been validly exercised and shall issue a definitive certificate
or such other acknowledgement of shareholding as is from time to time permitted
in respect of the Shares allotted or transferred, unless the Board considers
that such allotment or transfer would not be lawful in the relevant
jurisdiction.

      7.3 An Option shall be exercisable subject to the condition that the
Optionholder shall meet the secondary National Insurance Contributions due on
the exercise or release of the Option. For this purpose, the Optionholder will
be required within 30 days of a request by the Company or Grantor, to enter into
an election to transfer liability for such National Insurance Contributions in a
form approved by the Inland Revenue and acceptable to the Company or Grantor and
to enter into such arrangements as may be approved by the Inland Revenue in
order to secure the transfer of the liability.

      7.4 If any Group Company or Grantor is liable to account for tax or social
security contributions (in any jurisdiction) for which an Optionholder is liable
by virtue of the exercise of the Option, the employee will indemnify any Group
Company or Grantor for the amount of tax or social security due and any Group
Company or the Grantor or the trustee of any trust which is intended to be an
employee share scheme pursuant to Section 743 of the Companies Act 1985 may:

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            (a)   withhold the appropriate amount of tax or social security from
                  the Optionholder's remuneration; or

            (b)   make such other arrangements as it considers necessary
                  (including the sale of Shares on behalf of the Optionholder)
                  to finance the amounts in (a) above,

unless the Optionholder discharges the liability himself at the date of
exercise.

      7.5 Shares allotted under this Scheme shall rank pari passu in all
respects with the Shares of the same class for the time being in issue save as
regards any rights attaching to such Shares by reference to a record date prior
to the date of allotment and in the case of a transfer of existing Shares the
transferee shall not acquire any rights attaching to such Shares by reference to
a record date prior to the date of such transfer.

      7.6 If and so long as the Shares are listed on the London Stock Exchange
or any similar exchange, the Company shall apply for any Shares allotted under
this Scheme to be admitted to the Official List or any similar list as the case
may be.

      7.7 The exercise of any Option (in whole or in part) shall not be
permitted at a time when (if then applicable) such exercise would be in breach
of the Model Code or any other applicable laws, codes or regulations relating to
the acquisition of securities, including the internal code of the Company.

8. TAKEOVERS AND LIQUIDATIONS

      8.1 If any person obtains Control of the Company as a result of making:

            (a)   a general offer to acquire the whole of the issued ordinary
                  share capital of the Company which is made on a condition such
                  that if it is satisfied the person making the offer will have
                  Control of the Company; or

            (b)   a general offer to acquire all the shares in the Company which
                  are of the same class as the Shares; or

            (c)   a Drag-Along Sale,

any option, at the discretion of the Directors, may Vest and subject to Rule 10,
to the extent Vested, be exercised immediately before and conditionally upon
such change of Control or within 40 days thereafter provided such change of
Control is not the result of a Qualifying Exchange of Shares. For the purposes
of this Rule 8.1 a person shall be deemed to have obtained Control of the
Company if he and others acting in concert with him have together obtained
Control of it.

      8.2 If, under section 425 of the Companies Act 1985, the Court sanctions a
compromise or arrangement proposed for the purposes of or in connection with a
scheme for the reconstruction of the Company or its amalgamation with any other
company or companies, any

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Vested Option may be exercised immediately prior to and conditionally upon the
Court sanctioning such compromise or arrangement or within 40 days thereafter.

      8.3 If any person becomes bound or entitled to acquire shares in the
Company under sections 428 to 430 of the Companies Act 1985 any Subsisting
Option to the extent that the Subsisting Option has Vested in accordance with
Rule 4 may be exercised, to the extent Vested, at any time when that person
remains so bound or entitled.

      8.4 If the Company passes a resolution for voluntary winding up, any
Vested Option may be exercised within 40 days of the passing of the resolution.

9. EXCHANGE OF OPTIONS ON A TAKEOVER

      9.1 Notwithstanding the provisions of Rule 8, if any company ("the
Acquiring Company") obtains Control of the Company or becomes bound or entitled
to acquire shares in the Company within any of the sets of circumstances
specified in Rule 8.1, 8.2 and 8.3 or where there is a Qualifying Exchange of
Shares, any Optionholder with the agreement of the Acquiring Company at any time
within 6 months of any of the relevant circumstances specified in Rules 8.1 and
8.2 and within the time period during which any person remains bound or entitled
under Rule 8.3, may release his Option ("the Old Option") in consideration of
the grant to him of a new option ("the Replacement Option") which is equivalent
to the Old Option.

      9.2 A new option shall only qualify as a Replacement Option if the
requirements of Rule 9.1 above are met, and:

            (a)   the Replacement Option is granted to the holder of the Old
                  Option by reason of his employment:

                  (i)   with the Acquiring Company; or

                  (ii)  if the Company is a parent company, with the Company or
                        another Group Company;

            (b)   at the time of the release of rights under the Old Option, the
                  requirements of:

                  (i)   paragraph 4 of Schedule 5 (purpose of granting the
                        option); and

                  (ii)  paragraph 7 of Schedule 5 (Company Limit or Individual
                        Limit);

                  are so far as relevant met in relation to the Replacement
                  Option;

            (c)   at that time, the independence requirement and the trading
                  activities requirement as set out in paragraphs 9 and 13 to 23
                  inclusive of Schedule 5 are met in relation to the Acquiring
                  Company;

                                       15
<PAGE>

            (d)   at that time, the individual to whom the Replacement Option is
                  granted is an Eligible Employee in relation to the Acquiring
                  Company;

            (e)   at that time, the requirements of Part 5 of Schedule 5 are met
                  in relation to the Replacement Option;

            (f)   the total Market Value, immediately before the release, of the
                  Shares which were subject to the Old Option is equal to the
                  total Market Value, immediately after the grant, of the Shares
                  in respect of which the Replacement Option is granted; and

            (g)   the total amount payable by the Eligible Employee for the
                  acquisition of Shares in pursuance of the Replacement Option
                  is equal to the total amount that would have been payable for
                  the acquisition of Shares in pursuance of the Old Option.

      9.3 Where any Replacement Options are granted pursuant to Rule 9.1 they
shall be regarded for the purposes of the subsequent application of the
provisions of this Scheme as having been granted at the time when the
corresponding Old Options, were granted and, with effect from the date on which
the Replacement Option is granted:

            (a)   save for the definition of "Group Company" in Rule 1,
                  references to "the Company" (including the definition in Rule
                  1) shall be construed as being references to the Acquiring
                  Company to whose shares the Replacement Option relates;

            (b)   references to "Shares" (including the definition in Rule 1)
                  shall be construed as being references to shares in the
                  Acquiring Company to which the Replacement Option relate; and

            (c)   Notwithstanding Rule 9.3(a), references to "Admission" or
                  Change of Control in the Company (including the definition in
                  Rule 1) shall be construed as referring to an Admission or
                  Change of Control in the Company and not the Acquiring Company
                  (if applicable).

10. VARIATION OF SHARE CAPITAL

      10.1 In the event of any capitalisation, rights issue, open offer,
consolidation, subdivision, reduction or other variation of the share capital of
the Company:

            (a)   the number of Shares comprised in an Option;

            (b)   the Exercise Price in respect of such Shares; and

            (c)   where an Option has been exercised pursuant to the provisions
                  of these Rules but no Shares have been allotted or transferred
                  in satisfaction of such exercise, the number of Shares to be
                  so allotted or transferred and the Exercise Price in respect
                  of such Shares,

                                       16
<PAGE>

may be varied in such manner as the Board shall determine and (save in the event
of a capitalisation) the Auditors shall confirm in writing to be in their
opinion fair and reasonable, provided that no variation shall be made which
would result in the Exercise Price for an allotted Share being less than its
nominal value (unless the directors of the Company are then authorised to
capitalise from the reserves of the Company a sum equal to the amount by which
the nominal value of the Shares in respect of which the Option is exercised and
which are allotted pursuant to such exercise exceeds the aggregate Exercise
Price and to apply such sum in paying up such amount).

      10.2 The Board may take such steps as it consider necessary to notify
Optionholders of any adjustment made under this Rule 10 and to call in, cancel,
endorse, issue or re-issue any Agreement consequent upon such adjustment.

11. ADMINISTRATION

      11.1 The Board shall have power from time to time to make and vary such
regulations (not being inconsistent with this Scheme) for the implementation and
administration of this Scheme and/or the Agreement as they think fit.

      11.2 The decision of the Board shall be final and binding in all matters
relating to this Scheme (other than in the case of matters to be determined or
confirmed by the Auditors in accordance with this Scheme).

      11.3 The costs of establishing and administering this Scheme shall be
borne by the Company.

      11.4 The Company may, but shall not be obliged to, provide Eligible
Employees or Optionholders with copies of any notices circulars or other
documents sent to shareholders of the Company.

      11.5 Within 92 days (or such longer period as may from time to time be
permitted by Schedule 5) of granting an EMI Option under this Scheme notice
shall be given to the Inland Revenue by the Employer Company, which shall
contain:

            (a)   information required by the Inland Revenue pursuant to
                  paragraph 44 of Schedule 5;

            (b)   a declaration from a director or the Company Secretary of the
                  Employer Company, that in his opinion the requirements of
                  Schedule 5 have been met in relation to an Option under this
                  Scheme and that to the best of his knowledge, the information
                  provided is correct and complete; and

            (c)   a declaration from the Optionholder to whom the Option is
                  granted that he meets the Committed Time requirement.

                                       17
<PAGE>

12. AMENDMENTS

      12.1 Notwithstanding Rule 12.2, if the Inland Revenue raise a notice of
enquiry pursuant to paragraph 46 of Schedule 5 and conclude that the
requirements of Schedule 14 have not been met in relation to this Scheme and/or
the Agreement (as the case may be) the Board may alter the Rules of this Scheme
as may be necessary to ensure that the requirements of Schedule 5 have been met.

      12.2 The Board may amend the Rules of this Scheme provided that where any
alteration would abrogate or adversely affect the subsisting rights of an
Optionholder it will not be effective unless such alteration is made with the
consent in writing of the Optionholder.

      12.3 Written notice of any amendment to this Scheme shall be given to all
Optionholders affected thereby.

13. GENERAL

      13.1 This Scheme shall commence upon the date the Company adopts this
Scheme and shall terminate on the expiry of the period of ten years from such
date. On termination no further Options may be granted but such termination
shall be without prejudice to any accrued rights in existence at the date
thereof.

      13.2 The Company will at all times keep available sufficient authorised
and unissued Shares, or shall ensure that sufficient Shares will be available,
to satisfy the exercise to the full extent still possible of all Options not
lapsed pursuant to the provisions of these Rules, taking account of any other
obligations of the Company to issue Shares.

      13.3 Notwithstanding any other provisions of this Scheme:

            (a)   this Scheme shall not form part of any contract of employment
                  between any Group Company and any employee of any such company
                  and the rights and obligations of any individual under the
                  terms of his office or employment with any Group Company shall
                  not be affected by his participation in this Scheme or any
                  right which he may have to participate in it and this Scheme
                  shall afford such an individual no additional rights to
                  compensation or damages in consequence of the termination of
                  such office or employment for any reason whatsoever, including
                  if such termination of employment was lawful or unlawful;

            (b)   no Optionholder shall be entitled to any compensation or
                  damages for any loss or potential loss which he may suffer by
                  reason of being unable to exercise an Option in consequence of
                  the loss or termination of his office or employment with any
                  Group Company for any reason whatsoever including if such
                  termination of employment was lawful or unlawful;

                                       18
<PAGE>

            (c)   this Scheme shall not confer on any person any legal or
                  equitable rights (other than those constituting the Options
                  themselves) against any Group Company directly or indirectly,
                  or give rise to any cause of action at law or in equity
                  against any Group Company.

      13.4 Save as otherwise provided in this Scheme any notice or communication
to be given by the Company to any Eligible Employee or Optionholder may be
personally delivered or sent by fax or by ordinary post to his last known
address. Where a notice or communication is sent by post it shall be deemed to
have been received 48 hours after the same was put into the post properly
addressed and stamped and where a notice or communication is sent by fax it
shall be deemed to have been received at the time when it was sent. Share
certificates and other communications sent by post will be sent at the risk of
the Eligible Employee or Optionholder concerned and the Company shall have no
liability whatsoever to any such person in respect of any notification,
document, share certificate or other communication so given, sent or made.

      13.5 Any notice to be given to the Company shall be delivered or sent by
either post or fax to the Company at its registered office and shall be
effective upon receipt.

      13.6 This Scheme and all Options granted under it shall be governed by and
construed in accordance with English law.

                                       19
<PAGE>

                                  RULES OF THE
                             kVAULT SOFTWARE LIMITED
                            COMPANY NUMBER : 03876482
                          ENTERPRISE MANAGEMENT SCHEME

                              UNITED STATES SECTION

1. This Scheme shall operate in the United States of America with the following
modifications (as modified, the United States application of the Scheme shall
hereinafter be referred to as the "U.S. Plan").

2. The U.S. Plan incorporates all the Rules of the Scheme ("Rules") (so far as
such Rules are not contrary to the laws, such as the securities laws and tax
laws of the United States), but modified as set out below. This U.S. Plan is
subject to the Memorandum and Articles of Association of the Company.

3. This U.S. Plan shall commence upon the date the Company adopts this U.S. Plan
and shall terminate on the expiration of the period of ten years from such date.
On termination no further Options may be granted, but such termination shall be
without prejudice to any accrued rights in existence at the date thereof. The
Grantor shall have the sole authority and discretion as to whether and to whom
to grant a Non-Qualified Stock Option ("NQSO") or an Incentive Stock Option
("ISO") under Internal Revenue Code ("Code") Section 422; provided, however,
that the terms of each Option shall specify clearly whether the type of Option
being granted is intended to be an ISO. Notwithstanding any other provision
hereof, Eligible Employees for the purposes of the grant of ISOs are employees
of any United States Subsidiary in the Group, within the meaning of Code Section
424(f), or any entity which would be a Parent, within the meaning of Code
Section 424(e) (a "Parent").

4. Notwithstanding the limit contained in Section 6 of this U.S. Plan, the
maximum aggregate number of Shares under this U.S. Plan with respect to which
there may be a grant of Options is 3,000,000 Shares. The maximum number of
Shares under this U.S. Plan with respect to which there may be a grant of ISOs
is 3,000,000 Shares. To the extent that any ISO is disqualified and no longer an
ISO, the number of Shares underlying the Option shall continue to count against
the aggregate limit of 3,000,000 Shares. If any Option expires, terminates or is
cancelled for any reason without having been exercised in full, the number of
Shares underlying such unexercised Option shall again be available for purposes
of awards to be measured against the foregoing limitations. The aggregate share
limit may be adjusted to take into account any Listing, Change in Control or
event described in Rule 10 of the Scheme.

5. If any Group Company or Grantor is liable to account for income tax or
employment taxes (either currently or upon the subsequent occurrence of a
"disqualifying disposition" within the meaning of Code Section 422) for which an
Optionholder is liable by virtue of the exercise of the Option, the Optionholder
will indemnify any Group Company or Grantor for the amount of income tax or
employment taxes due. In its discretion a Group Company or the Grantor may:

      (a) withhold the appropriate amount of income tax or employment tax from
the Optionholder's remuneration;

<PAGE>

      (b) withhold the appropriate number of Shares from the Shares due the
Optionholder as a result of the Optionholder's exercise of the Option, but only
in an amount equal to the minimum prescribed statutory withholding amounts for
federal, state and local withholding tax obligations; or

      (c) make such other arrangements as it considers necessary (including the
sale of Shares on behalf of the Optionholder) to finance the amounts described
above.

If approved by the Directors, the Optionholder may discharge the liability
himself at the date of exercise of the Option.

6. The number and identity of Eligible Employees shall be limited by the
Directors so that this U.S. Plan and any Options granted and Shares issuable or
transferable thereunder shall comply with applicable law (including, but not
limited to, the securities laws and the income tax laws of the United States or
any State thereof).

7. All Options granted under this U.S. Plan shall be evidenced by instrument(s)
in such form or forms as may from time to time be approved by the Directors
which, among other things, shall set forth the terms and conditions upon which
an Optionholder may exercise such Option and the form of payment to exercise the
Options, including, but not limited to, whether such payment may be made in cash
or previously acquired Shares.

8. If transactions in Shares of the Company become subject to Section 16(b) of
the United States Securities Exchange Act of 1934 ("Exchange Act"), the Company
may take such reasonable action as may be necessary to ensure that transactions
under this U.S. Plan are exempt from Section 16(b) of the Exchange Act pursuant
to Rule 16b-3 thereunder, as then in effect, or such other applicable Rule or
Rules of the United States Securities and Exchange Commission as may be then in
effect.

9. If the Company becomes subject to Code Section 162(m), the Company may take
such reasonable action as may be necessary to ensure that transactions under
this U.S. Plan satisfy the exemption for performance-based compensation under
such Code Section.

10. The following provisions shall apply if any Option is granted on terms that
it shall qualify as an ISO:

      (a) To the extent the aggregate fair market value (determined as of the
Date of Grant) of the Shares underlying one or more Options that are first
exercisable in any calendar year that are ISOs under this and all other ISO
plans of the Company and its Subsidiaries and any Parent exceed the Sterling
equivalent US $100,000, such excess Options shall no longer be treated as ISOs.
To satisfy the foregoing limits, Options may be granted on a time vesting basis.

      (b) The Exercise Price of the Shares covered by each such Option shall not
be less than the higher of the Exercise Price determined in accordance with the
provisions of the Scheme or 100% of the fair market value (within the meaning of
Code Section 422) of such Shares on the Date of Grant, provided that if such
Optionholder owns at the Date of Grant Shares possessing more than 10 percent of
the total combined voting power of all classes of stock of the Company

                                        2
<PAGE>

or any Parent or Subsidiary (a "10 Percent Stockholder") the Exercise Price
shall be at least 110% of the fair market value of such Shares on the Date of
Grant.

      (c) The Exercise Price of such Option shall be stated in UK
Sterling("Pound Sterling") and shall be payable in UK Sterling.

      (d) Such Option may not be exercisable more than 10 years (5 years in the
case of a 10 Percent Stockholder) after the Date of Grant and no Option may be
granted under this U.S. Plan more than 10 years after this U.S. Plan's date of
adoption or, if earlier, the date this U.S. Plan is approved by the stockholders
of the Company.

      (e) An Incentive Stock Option ceases to qualify for favorable tax
treatment as an ISO to the extent it is exercised more than three months after
the date the Optionholder ceases to be a common-law employee for any reason
other than death or permanent and total disability (as defined in Section
22(e)(3) of the Code), more than 12 months after the date the Optionholder
ceases to be a common-law employee by reason of such permanent and total
disability (as defined in Section 22(e)(3) of the Code) or after the
Optionholder has been on a leave of absence for more than 3 months, unless the
Optionholder's reemployment rights are guaranteed by statute or by contract.

      (f) The Option by its terms shall not be transferable otherwise than by
will or the laws of descent and distribution and is exercisable, during his
lifetime, only by the Optionholder.

      (g) This U.S. Plan may be further modified to ensure that any Option that
is intended to be an ISO under this U.S. Plan will comply with the requirements
of Code Section 422 or any successor thereto.

      (h) To the extent that any Option that is intended to qualify as an ISO
does not qualify, then the portion thereof which does not so qualify shall
constitute a separate NQSO.

      (i) Upon the disposition (within the meaning of Code Section 424(c)) of
Shares acquired pursuant to the exercise of an ISO prior to the expiration of
the holding period requirements of Code Section 422(a)(1), the Optionholder
agrees to give notice to the Company of such disposition and the Company shall
have the right to require the Optionholder to pay the Company the amount of any
taxes that are required by law to be withheld with respect to such disposition.

11. The Directors shall determine at the Date of Grant, the term during which an
Option may be exercised and whether any such Option shall be exercisable in one
or more installments. Such an Option may also be subject to any other provision
imposed by the Directors that is consistent with the purpose and intent of this
U.S. Plan.

12. Subject to Rule 3 of the Scheme and any provisions in the Agreement, an
Option granted under the Scheme shall Vest in respect of the Shares comprised in
that Option as follows:

      (a) twenty five per cent (25%) on the first anniversary of the date on
which the Option is granted, and

                                        3
<PAGE>

      (b) thereafter, the remaining unvested Option in equal installments on the
last day of each calendar month over the period of thirty six (36) months
commencing with the first full calendar month after the first anniversary of the
date on which the Option is granted.

13. Options shall only be exercisable (to the extent that they are Vested) in
the event of the earlier of:

      (a) a Change of Control; or

      (b) a Listing; or

      (c) a Sale; or

      (d) the expiration of nine years and six months from the Date of Grant; or

      (e) at any time at the discretion of the Board,

but in any event may not be exercised later than the day before the tenth
anniversary of the Date of Grant.

14. Subject to the exercise requirements of Section 13 of this U.S. Plan, a
Vested Option shall be exercisable in whole or in part and by notice in writing
(in the form prescribed by the Company from time to time) given by the
Optionholder (or his Personal Representatives as the case may be) to the
Company. Unless, and to the extent the Grantor decides otherwise, the notice of
exercise of the Option shall be accompanied by cash or a cash equivalent for the
aggregate of the Exercise Prices payable.

15. Each Option granted under this U.S. Plan is subject to the condition that if
at any time the Grantor, in its discretion, shall determine that the listing,
registration or qualification of the Shares covered by such Option upon any
securities exchange or under any State or Federal law is necessary or desirable
as a condition of, or in connection with, the granting of such Option or the
purchase or delivery of Shares thereunder, the right to exercise any Option or
the delivery of any or all Shares pursuant to the exercise of the Option may be
withheld unless and until such listing, registration or qualification shall have
been effected. Unless and until a registration statement is in effect under the
United States Securities Act of 1933 ("Securities Act") with respect to the
Shares to be issued or transferred to an Optionholder upon exercise of an
Option, such Optionholder shall be required, as a condition of such exercise, to
represent and agree that:

      (a) he understands that such Shares are deemed to be restricted securities
within the meaning of Rule 144 under the Securities Act, which may not be resold
in the United States or to a United States person except pursuant to an
effective registration statement under the Securities Act or an exemption from
the registration requirements of the Securities Act;

      (b) he is acquiring such Shares for investment and not with a view to
distribution; and

      (c) he will not resell such Shares at any time when Rule 144 under the
Securities Act is not available, except to non-United States persons in
transactions effected in accordance with Rule 904 of Regulation S under the
Securities Act (or any successor section thereto) and only after the expiration
of any holding period the Directors may require.

                                        4
<PAGE>

The Company may endorse on certificates representing Shares issued or
transferred upon the exercise of an Option such legend referring to the
foregoing representations or restrictions or any other applicable restrictions
on resale as the Company, in its discretion, shall deem appropriate.

16. Subject to the exercise requirements of Section 13 of this U.S. Plan and
Rule 8 of the Scheme, if an Optionholder ceases to hold any office or employment
with a Group Company by reason of his death, a Vested Option may be exercised by
the Personal Representatives of a deceased Optionholder during the period of one
year from the date of death of the Optionholder and if not then exercised, the
Option shall lapse and cease to be exercisable at the end of that period of one
year.

17. Subject to Rule 6.8(a) and Rule 8 of the Scheme, if an Optionholder ceases
to hold any office or employment with a Group Company on account of retirement
at the Normal Retirement Date, early retirement with the consent of the Board
before the Normal Retirement Date or any other reason at the discretion of the
Board, the Option, to the extent it has Vested, in accordance with the Agreement
on the date of cessation, may be retained and exercised upon the occurrence of
an event in accordance with Section 13 of this U.S. Plan.

18. Subject to Rule 6.8(a) and Rule 8 of the Scheme, if an Optionholder ceases
to hold any office or employment with a Group Company on account of injury,
illness or disability, as evidenced to the satisfaction of the Board, the
Option, to the extent it has Vested at the date which is the last day of the
sixth calendar month after the date of cessation, in accordance with the
Agreement on the date of cessation, may be retained and exercised upon the
occurrence of an event in accordance with Section 13 of this U.S. Plan.

19. Subject to Section 20 of this U.S. Plan and Rule 6.8(a) and Rule 8 of the
Scheme, if an Optionholder ceases to hold any office or employment with a Group
Company on account of:

      (a) the voluntary termination of his employment by the Optionholders, or

      (b) termination of the Optionholder's employment by mutual consent of the
Board and the Optionholders; or

      (c) the Optionholder having become prevented by an applicable law or
regulation from performing any material part of his duties; or

      (d) any other reason at the discretion of the Board,

the Option shall, to the extent it has Vested on the date of cessation, and
subject to Section 13 of this U.S. Plan and Rule 8 of the Scheme, only become
exercisable in respect of the following percentage of Vested Options as at the
termination of employment:

<TABLE>
<CAPTION>
    Number of Years                      Percentage of
after the Date of Grant                  Vested Options
<S>                                      <C>
         0-1                                   0%
         1-2                                  25%
         2-3                                  50%
         3-4                                  75%
         4+                                  100%
</TABLE>

                                        5
<PAGE>

provided that an Option may not be exercised in respect of fractions of Shares.

20. If the Optionholder ceases to hold any office or employment with a Group
Company on account of:

      (a) the failure of the Optionholder to perform his duties in a manner
substantially consistent with the manner reasonably prescribed by the Board
(other than any failure resulting from the Optionholder's incapacity due to
physical or mental illness) where failure continues for ten days following his
receipt of a written notice from the Board specifying the manner in which the
Optionholder is in default of his duties; or

      (b) the voluntary termination of his employment by the Optionholder, where
the Optionholder is to become an employee of a competitor of the Company (as
determined by the Board); or

      (c) the Optionholder is dismissed with Cause,

the Options shall, unless and to the extent the Board in exceptional
circumstances decides otherwise, lapse on the date on which the Optionholder
ceases to hold any office or employment with a Group Company.

21. The Company may, in the Directors' discretion, designate one or more London
brokerage houses to sell Shares on behalf of Optionholders on the London Stock
Exchange; provided that any such broker shall have agreed in writing with the
Company that Shares will be sold by such broker only in accordance with Rule 904
of Regulation S under the Securities Act (or any successor section thereto) and
only after the expiration of any holding period the Directors may require.

22. If the Optionholder releases his Option in consideration of the grant to him
of a new Option pursuant to Rule 9.1 of the Scheme,

      (a) the excess of the aggregate fair market value of the Shares subject to
the Option immediately after the substitution or assumption over the aggregate
Exercise Price of such Shares may not be more than the excess of the aggregate
fair market value of all Shares subject to the Option immediately before such
substitution or assumption over the aggregate Exercise Price of such Shares, and

      (b) the new Option or the assumption of the old Option may not give the
Optionholder additional benefits which he did not have under the old Option.

In the event a transaction described in this Section of this U.S. Plan is a
merger, reorganization or other corporate transaction to which Code Section 424
would apply, any required adjustments to ISOs, including adjustments to the
Exercise Price and the number of Shares subject to ISOs, shall satisfy the
requirements of Code Section 424 and regulations thereunder.

                                        6
<PAGE>

23. Notwithstanding any other provision of this U.S. Plan or the Scheme, no
Option may be granted or exercised if the grant thereof or the issuance or
transfer of Shares thereunder would violate any applicable United States Federal
or State securities laws or regulations or any exchange control restrictions.

                                        7<PAGE>

                                                                    EXHIBIT 4.02

                                     FORM OF

                             kVAULT SOFTWARE LIMITED

                         ENTERPRISE MANAGEMENT INCENTIVE
                                     ("EMI")
                                     SCHEME

                           UNAPPROVED OPTION AGREEMENT
                           KVAULT SOFTWARE LIMITED (1)

                                       AND

                                       (2)

<PAGE>

THIS AGREEMENT is made by way of deed

BETWEEN:

(1)   kVAULT SOFTWARE LIMITED (registered number 03876482) whose registered
      office is at Watchmaker Court, 33 St John's Lane, London, EC1M 4DB (the
      "Company "); and

(2)   [EMPLOYEE] (the "Employee")

WHEREAS

(A)   The Employee is an Employee of the Company.

(B)   The Directors of the Company consider that it is in the Company's best
      interests to retain the Employee and have therefore granted him an option
      to acquire ordinary shares in the Company on the terms contained in this
      Agreement.

(C)   It is intended that the option is an Unapproved Option.

NOW IT IS HEREBY AGREED AS FOLLOWS:

1.    Terms used in this Agreement and not otherwise defined shall have the
      meanings given to them in the Rules of the kVault Software Limited
      Enterprise Management Incentive Scheme adopted on 16 August 2002 and
      amended on 17 June 2003 contained as Appendix 1 ("the Rules") except as
      modified by this Agreement. In the event of any ambiguity or inconsistency
      the terms of this Agreement shall prevail over the Rules.

2.    Subject to this Agreement and the Rules and in particular clause 8 below,
      the Company hereby grants to the Employee an Option to acquire ordinary
      shares in the Company at an Exercise Price of [_____] pence per share. The
      Date of Grant of the Option was [_____].

3.    The Board may, in their absolute discretion, award options with a
      different Vesting schedule to that contained in the Rules (provided that
      the Option shall not Vest in respect of fractions of Shares). For the
      purposes of this award, Options shall Vest with the following terms:

      [25% vesting on _________; and

      the remaining 75% in 36 equal monthly installments over the next 3 years
      following _____].

4.    The Option shall only be exercisable to the extent vested, in whole or in
      part. In any event the Option may not be exercised later than the day
      before the tenth anniversary of the Date of Grant.

5.    The rights and restrictions attaching to the Shares are set forth in the
      [Articles of Association].

6.    The Option is not transferable and will lapse on the occasion of any
      purported assignment, charge, disposal or other dealing with the rights
      conveyed by it.

7.    The exercise of this Option is subject to the condition that the Employee
      shall meet the Company's secondary National Insurance Contributions due on
      the exercise or release of the Option. The Employee shall, within 30 days
      of a request by the Company before the exercise or release of the Option,
      enter into an election to

<PAGE>

      transfer liability for such National Insurance Contributions in a form
      approved by the Inland Revenue and acceptable to the Company and shall
      enter into such arrangements as may be approved by the Inland Revenue in
      relation to the election in order to secure that the transfer of the
      liability be met.

IN WITNESS WHEREOF this Agreement has been executed as a deed by the parties
hereto the day and year first before written

EXECUTED AND DELIVERED as a deed                   )

by kVAULT SOFTWARE LIMITED)                        )

Director -----------------------------------------

Director/Secretary -------------------------------

SIGNED as a deed by                                )

in the presence of                                 )

Address ------------------------------------------

--------------------------------------------------

<PAGE>

                                    FORM OF

                             kVAULT SOFTWARE LIMITED

                         ENTERPRISE MANAGEMENT INCENTIVE

                                 ("EMI") SCHEME

                              UNITED STATES SECTION

                    US NON-QUALIFYING STOCK OPTION AGREEMENT

                           kVAULT SOFTWARE LIMITED (1)

                                       AND

                                       (2)

<PAGE>

THIS AGREEMENT is made by way of deed

BETWEEN:

(1)   kVAULT SOFTWARE LIMITED (registered number 03876482) whose registered
      office is at Watchmaker Court, 33 St John's Lane, London, EC1M 4DB (the
      "Company"); and

(2)   [EMPLOYEE] (the "Employee")

WHEREAS

(A)   The Employee is an employee of the Company.

(B)   The Directors of the Company have granted him an Option to acquire
      ordinary shares in the Company on the terms contained in this Agreement.

(C)   It is intended that the Option is a Non-Qualified Stock Option,

NOW IT IS HEREBY AGREED AS FOLLOWS:

1.    Terms used in this Agreement and not otherwise defined shall have the
      meanings given to them in the Rules of the kVault Software Limited
      Enterprise Management Incentive Scheme ("Scheme") and the Rules of the
      United States section of the kVault Software Limited Enterprise Management
      Incentive Scheme ("U.S. Plan") except as modified by this Agreement. In
      the event of any ambiguity or inconsistency, this Agreement shall prevail
      over the Scheme and the U.S. Plan. Whenever used herein, the masculine
      pronoun shall be deemed to include the feminine and the singular to
      include the plural, unless the context clearly indicates otherwise.

2.    Subject to this Agreement and in particular clause 10, the Scheme and the
      U.S. Plan, the Company confirms that it has granted to the Employee an
      Option to acquire [ ] ordinary shares in the Company at an Exercise Price
      of [___] pence per share. The Date of Grant of the Option was ___________.

3.    The Board may, in their absolute discretion, award Options with a
      different Vesting schedule to that contained in the Scheme and the U.S.
      Plan (provided that the Option shall not vest in respect of fractions of
      Shares). For the purposes of this award, Options shall vest with the
      following terms:

      [25% vesting on _________; and

      the remaining 75% in 36 equal monthly installments over the next 3 years
following _____].

4.    The Option shall only be exercisable to the extent vested in whole or in
      part. In any event the Option may not be exercised later than the day
      before the tenth anniversary of the Date of Grant.

5.    In the event of the Employee's death, disability or other termination of
      the employment relationship: the Option shall be exercisable (to the
      extent vested) in accordance with the applicable provisions of the Scheme
      and the U.S. Plan.

6.    If any Group Company or Grantor is liable to account for income tax or
      employment taxes for which the Employee is liable by virtue of the
      exercise of the Option, the Employee will indemnify any Group Company or
      Grantor for the amount of income tax or employment taxes due. In its
      discretion a Group Company or the Grantor may:

<PAGE>

      (a)   withhold the appropriate amount of income tax or employment tax from
            the Employee's remuneration:

      (b)   withhold the appropriate number of Shares from the Shares due to the
            Employee as a result of the Employee's exercise of the Option, but
            only in an amount equal to the minimum prescribed statutory
            withholding amounts for federal, state and local withholding tax
            obligations; or

      (c)   make such other arrangements as it considers necessary (including
            the sale of Shares on behalf of the Employee) to finance the amounts
            described.

7.    The rights and restrictions attaching to the Shares are set forth in the
      [Articles of Association].

8.    The Option is not transferable and will lapse on the occasion of any
      purported assignment, charge, disposal or other dealing with the rights
      conveyed by it.

9.    The grant and/or exercise of an Option will have federal and state income
      tax consequences. The Employee should consult a tax advisor upon the grant
      of the Option and before exercising the Option or disposing of the Shares
      acquired upon exercise, particularly with respect to his or her state's
      tax laws.

IN WITNESS WHEREOF this Agreement has been executed by the parties hereto the
day and year first before written

EXECUTED AND DELIVERED as a deed

by kVAULT SOFTWARE LIMITED

Director                  -------------------------------------

Director/Secretary        -------------------------------------

SIGNED as a deed by

-------------------------------------------(Employee)

in the presence of

Address ----------------------------------------

------------------------------------------------

------------------------------------------------

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