Document:

Amendment to Offer Letter for Joel Arnold

 Exhibit 10.4 
  
 AMENDMENT TO OFFER LETTER 
  
 THIS AMENDMENT dated January 3, 2004 (the “Amendment”) shall amend the offer letter dated December 17, 2001 (the “Offer Letter”) by
and between Redback Networks Inc., a Delaware corporation (the “Company”), and Joel Arnold (“Mr. Arnold”). 
  
 WHEREAS, the parties previously entered into a verbal modification to the Offer Letter on July 21, 2003 to reflect Mr. Arnold’s new position at the
Company as the Senior Vice President of Strategy and Marketing (the “Verbal Modification”); 
  
 WHEREAS, the parties hereto wish to amend the Offer Letter to memorialize the Verbal Modification and reflect Mr. Arnold’s new change in control
provision applicable to his stock option grant; 
  
 NOW,
THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged and agreed, the parties hereto agree to the following modifications to the Offer Letter: 

 

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

  

	 	A.	Position. This section is deleted in its entirety and replaced with the following: 

  
 You will serve in a full-time capacity as Senior Vice President of Strategy and Marketing effective July 21, 2003.

  

	 	B.	Compensation. Paragraphs A, B and C of this section are deleted in their entirety and replaced with the following: 

  
 Beginning on July 21, 2003, you will be paid an annual salary of
$250,000.00, payable in accordance with the Company’s standard payroll practices for salaried employees. During 2003, you will remain on your current commission plan as of the date of this Amendment. Beginning on January 1, 2004, you will no
longer be eligible for or receive a commission/bonus as part of your compensation. 
  
 Salary and Bonus/Commission plans will be subject to adjustment pursuant to the Company’s employee compensation policies on a periodic basis 

	 	C.	Location. The following section is added after the section entitled Period of Employment and before the section entitled Outside Activities:

  
 Location of Job Duties. As of July 21,
2003, you have the right to work and reside in Seattle, WA provided you agree to travel to San Jose, CA on an as needed basis in order to fulfill duties related to your position and employment at the Company. 
  

	 	2.	The following amendment to the Offer Letter is in effect as of the date of this Amendment: 

  

	 	A.	Option Agreement. The first sentence of this section is deleted in its entirety and replaced with the following: 

  
 Effective as of January 3, 2004, in the event (i) a Change in Control
occurs (as defined by Company’s 1999 Stock Incentive Plan) and (ii) within twelve (12) months following such Change in Control, either (A) your service with Company is involuntarily terminated without cause, or (B) you terminate your employment
as a result of an involuntary reduction in the nature or scope of your services to the Company (including a material reduction in your employment responsibilities), you will receive an additional twelve (12) months’ accelerated vesting of your
stock option grant. 
  
 For purposes of greater clarity, your
right to continue receiving your base pay for a period of twelve (12) months after your termination following a Change in Control remains unchanged and in full force and effect as detailed in the last two sentences of the section entitled Option
Agreement. 
  

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

  

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

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

  

			
	 Redback Networks Inc.

	  

	 Name: Kevin DeNuccio

	 Title: President and CEO

	  

	 Joel ArnoldSettlement Agreement between Redback Networks and Chanin Capital Partners

 Exhibit 10.17 
  
 [LETTERHEAD OF CHANIN CAPITAL PARTNERS] 
  
 February 11, 2004 
  
 BY FAX 
  
 Mr. Thomas L. Cronan III 
 Senior Vice President Finance, 
 Administration and CFO 
 Redback Networks Inc. 
 300 Holger Way 
 San Jose, California 95134 
  
 Re:        Services Agreement dated January 23, 2003 
  
 Dear Mr. Cronan: 
  
 This is in reference to our fee agreement dated January 23, 2003 among Chanin Capital Partners, LLC (“Chanin”), on
the one hand, and Redback Networks Inc. (“Redback”), on the other hand (the “Agreement”), relating to services provided by Chanin under the Agreement (the “Engagement”), and the letter to you from our counsel Sidley
Austin Brown and Wood LLP dated January 29, 2004 (the “January 29 Letter”). 
  
 We have agreed that Chanin will receive (1) 225,000 shares of common stock (the “Shares”) in Redback on or as soon as practicable following February 11, 2004, in lieu of any restructuring fees due and owing
to Chanin under the Agreement, and has received (2) good funds received on February 9, 2004 in the amount of $258,089.07, for monthly fees and expenses due and owing to Chanin under the Agreement. In exchange, Chanin and its affiliates, officers and
employees fully, finally and forever relieve, release, and discharge Redback and its affiliates, directors, officers and employees from any and all claims with respect to the Engagement, except for the indemnification obligations of Section 5 and
Schedule I to the Agreement, and Redback and its affiliates, directors, officers and employees similarly fully, finally and forever relieve, release and discharge Chanin and its affiliates, officers and employees with respect to the Engagement.

  
 With respect to the release granted in the foregoing
paragraph, each of Chanin and Redback acknowledge that they have been advised by their attorney concerning, and is familiar with, the provisions of California Civil Code Section 1542, which provides: 
  
 A general release does not extend to claims which the creditor does not know
or suspect to exist in his favor at the time of executing the release, which if known by him must have materially affected his settlement with the debtor. 
  
 Chanin and Redback acknowledge that they may have sustained damages, losses, fees, costs or expenses that are presently unknown or unsuspected, and that
such damages, losses, fees, costs or expenses might give rise to additional damages, losses, fees, costs or expenses in the future. Nevertheless, Chanin and Redback acknowledge that this letter agreement has been negotiated and agreed upon in light
of such possible damages, losses, fees, costs and expenses, and expressly waive any and all rights under California Civil Code Section 1542 as well as under any other federal or state statute or law of similar effect. 
  
 This will also confirm our representation to you that Chanin is an
“accredited investor,” as defined in Regulation D under the Securities Act of 1933, as amended and that the undersigned has 

 CHANIN CAPITAL PARTNERS 
 Mr. Thomas L. Cronan, III 
 February 11, 2004 
  

 sufficient financial knowledge and experience to be capable of evaluating the risks and merits of an investment in
the Shares. We also understand and acknowledge that the Shares will bear an investment legend thereon in the following manner: 
  
 THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “ACT”) AND MAY NOT BE OFFERED, SOLD OR
OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER THE ACT OR PURSUANT TO AN EXEMPTION THEREFROM. THE ISSUER MAY REQUIRE THAT THE HOLDER HEREOF, AS A CONDITION TO SUCH SALE, PRESENT THE ISSUER WITH AN OPINION OF COUNSEL
REASONABLY SATISFACTORY TO THE ISSUER, STATING THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE ACT. 
  
 In addition, Redback has agreed to include the resale of the Shares on the registration statement to be filed by Redback covering the resale of common
stock issued by Redback to entities affiliated with Technology Crossover Ventures pursuant to a private placement in January 2004. 
  
 This offer is open for acceptance until the close of business on Wednesday, February 11, 2004, and will lapse if not accepted then by the execution of
this letter agreement and the prompt delivery of the Shares thereafter. Time is of the essence. 
  
 This letter agreement shall be deemed to have been entered into and shall be construed and enforced in accordance with the laws of the State of California
as applied to contracts made and to be performed entirely within California. 
  
 We are pleased that the parties were able to resolve this matter amicably. 
  

			
	 Very truly yours,
 Chanin Capital Partners
LLC

		
	By	 	     /s/     SKIP VICTOR

	 	 	

	     Samuel “Skip” Victor,
     Managing Partner

 Acknowledged and Agreed: 
 Redback Networks Inc. 

			
		
	By	 	     /s/    THOMAS L. CRONAN III

	 	 	

	     Thomas L. Cronan III
     Senior Vice President of Finance and Administration and
     Chief Financial OfficerRestricted Stock Agreement between Redback Networks and Roy D. Behren

 Exhibit 10.18 
  
 REDBACK NETWORKS INC. 
  
 1999 STOCK INCENTIVE PLAN 
  
 RESTRICTED STOCK AGREEMENT 
  
 Unless otherwise defined herein, capitalized terms defined in the 1999 Stock Incentive Plan shall have the same defined meanings in this Restricted Stock
Agreement (the “Agreement”). 
  

	I.	NOTICE OF RESTRICTED STOCK GRANT 

  
 Name:                Roy D. Behren 
  
 Address: 
  
 The undersigned Outside Director has been granted Restricted Shares, subject to the terms and conditions of the Plan and
this Restricted Stock Agreement, as follows: 
  

			
	 Grant Date:
	  	 April 12, 2004

		
	 Vesting Commencement Date:    
	  	 April 12, 2004

		
	 Restricted Shares:
	  	 25,000

		
	 Vesting Schedule:
	  	 

  
 1/24th of the Restricted Shares shall vest after the expiration of each month following the Vesting Commencement Date such that 100%
of the Restricted Shares shall be vested on the two-year anniversary of the Vesting Commencement Date, subject to the Outside Director’s continued service as a member of the Company’s Board through each relevant vesting date. 

 
 Notwithstanding the foregoing, if the Outside Director is removed from the
Board or voluntarily resigns from the Board at the request of the acquiror within one year following a Change in Control, the Restricted Shares shall partially accelerate and become vested and exercisable with respect to the number of shares that
would have otherwise vested within the 12 months following the date of the Outside Director’s termination of service as though the Outside Director had remained in service as a member of the Company’s Board through such date. 

 

	II.	TERMS OF THE AGREEMENT 

  
 1. Grant. The Company hereby grants to the individual named in the Notice of Restricted Stock Grant for past services and as a separate incentive
in connection with his or her service and not in lieu of any salary or other compensation for his or her services, an award of that number of Restricted Shares set forth in the Notice of Restricted Stock Grant at par value ($0.0001 per share),
commencing on the date hereof, subject to all of the terms and conditions in this Agreement and the Plan, which is incorporated herein by reference. 

 2. Shares Held in Escrow. Unless and until the Restricted Shares shall have vested in the manner
set forth in Sections 3 or 4 herein, such shares shall be issued in the name of the Outside Director and held by the Secretary of the Company as escrow agent (the “Escrow Agent”), and shall not be sold, transferred, assigned, or
otherwise disposed of, and shall not be pledged, alienated, or otherwise hypothecated. The Company may instruct the transfer agent for its Common Stock to place a legend on the certificates representing the Restricted Shares or otherwise note on its
records as to the restrictions on transfer set forth in this Agreement and the Plan. The certificate or certificates representing such shares shall not be delivered by the Escrow Agent to the Outside Director unless and until the shares have vested
and all other terms and conditions in this Agreement have been satisfied. The Restricted Shares will be released from escrow as soon as practicable after the shares vest. 
  
 The Outside Director shall, upon execution of this Agreement, deliver and deposit with the Escrow Agent the share
certificates representing the Restricted Shares, together with the Assignment Separate from Certificate (the “Stock Assignment”) duly endorsed in blank, attached hereto as Appendix A. The unvested Restricted Shares and Stock
Assignment shall be held by the Escrow Holder until such time as the Restricted Shares vest and are released from escrow. 
  
 3. Vesting Schedule. Except as provided in Section 4, and subject to Section 5, the Restricted Shares awarded by this Agreement shall vest in the
Outside Director according to the vesting schedule set forth in the Notice of Restricted Stock Grant. 
  
 4. Committee Discretion. The Committee, in its absolute discretion, may accelerate the vesting of the balance, or some lesser portion of the
balance, of the unvested Restricted Shares at any time. If so accelerated, such shares shall be considered as having vested as of the date specified by the Committee. 
  
 5. Forfeiture. Except as provided in Section 4, and notwithstanding any contrary provision of this Agreement, the
balance of the Restricted Shares which have not vested at the time of the Outside Director’s termination of status as a member of the Company’s Board (“Termination of Service”) shall thereupon be forfeited and automatically
transferred to and reacquired by the Company at no cost to the Company. The Outside Director hereby appoints the Escrow Agent with full power of substitution, as the Outside Director’s true and lawful attorney-in-fact with irrevocable power and
authority in the name and on behalf of the Outside Director to take any action and execute all documents and instruments, including, without limitation, stock powers which may be necessary to transfer the certificate or certificates evidencing such
unvested shares to the Company upon such Termination of Service. 
  
 6. Death of Outside Director. Any distribution or delivery to be made to the Outside Director under this Agreement shall, if the Outside Director is then deceased, be made to the Outside Director’s designated beneficiary, or if
no beneficiary survives the Outside Director, to the administrator or executor of the Outside Director’s estate. Any designation of a beneficiary by the Outside Director shall be effective only if such designation is made in a form and manner
acceptable 

 to the Committee. Any transferee must furnish the Company with (a) written notice of his or her status as transferee, and
(b) evidence satisfactory to the Company to establish the validity of the transfer and compliance with any laws or regulations pertaining to said transfer. 
  
 7. Rights as Stockholder. Neither the Outside Director nor any person claiming under or through the Outside Director shall have any of the rights
or privileges of a stockholder of the Company in respect of any shares deliverable hereunder unless and until certificates representing such shares shall have been issued, recorded on the records of the Company or its transfer agents or registrars,
and delivered to the Outside Director or the Escrow Agent. Except as provided in Section 8, after such issuance, recordation and delivery, the Outside Director shall have all the rights of a stockholder of the Company with respect to voting such
shares and receipt of dividends and distributions on such shares. 
  
 8. Changes in Stock. In the event that as a result of a stock dividend, stock split, reverse stock split, reclassification, recapitalization, combination of shares or the adjustment in capital stock of the Company or otherwise, or as
a result of a merger, consolidation, spin-off, or other reoganization, the Company’s shares shall be increased, reduced or otherwise changed, and by virtue of any such change the Outside Director shall in his or her capacity as owner of
unvested Restricted Shares which have been awarded to him or her (the “Prior Shares”) be entitled to new or additional or different shares of stock, securities or cash; such new or additional or different shares, securities or cash
shall thereupon be considered to be unvested Restricted Shares and shall be subject to all of the conditions and restrictions which were applicable to the Prior Shares pursuant to this Agreement and the Plan. If the Outside Director receives rights
or warrants with respect to any Prior Shares, such rights or warrants may be held or exercised by the Outside Director, provided that until such exercise any such rights or warrants and after such exercise any shares or other securities acquired by
the exercise of such rights or warrants shall be considered to be unvested Restricted Shares and shall be subject to all of the conditions and restrictions which were applicable to the Prior Shares pursuant to the Plan and this Agreement. The
Administrator in its absolute discretion at any time may accelerate the vesting of all or any portion of such new or additional shares of stock, securities, cash, rights or warrants to purchase securities or shares or other securities acquired by
the exercise of such rights or warrants. 
  
 9. Tax
Consequences. Set forth below is a brief summary, as of the date of grant of Restricted Shares, of some of the federal tax consequences arising from the grant of Restricted Shares and the disposition of such shares. THIS SUMMARY IS NECESSARILY
INCOMPLETE, AND THE TAX LAWS AND REGULATIONS ARE SUBJECT TO CHANGE. 
  
 9.1 Grant of Restricted Shares. Generally, no income will be recognized by the Outside Director in connection with the grant of unvested Restricted Shares, unless an election under Section 83(b) of the Internal Revenue Code of 1986,
as amended (the “Code”) is filed with the Internal Revenue Service within 30 days of the Grant Date. Otherwise, as the Restricted Shares vest, the Outside Director will recognize compensation income in an amount equal to the
difference between the fair market value of the Restricted Shares at the time the shares vest and the amount paid for the stock, if any (the “Spread”). Generally, the Spread will be subject to tax withholding by the Company, and the
Company will be entitled to a tax deduction in the amount and at the time the Outside Director recognizes compensation income with respect to the Restricted Shares. 

 9.2 Section 83(b) Election. The Outside Director may elect to be taxed (and commence his capital
gains holding period for the Restricted Shares) at the time the Restricted Shares are granted rather than when any applicable forfeiture expires by filing an election under Section 83(b) of the Code with the United States Internal Revenue Service
within 30 days from the Grant Date. The form for making this election is attached as Appendix B hereto. THE OUTSIDE DIRECTOR ACKNOWLEDGES THAT IT IS THE OUTSIDE DIRECTOR’S SOLE RESPONSIBILITY AND NOT THE COMPANY’S TO FILE TIMELY
THE ELECTION UNDER SECTION 83(b), EVEN IF THE OUTSIDE DIRECTOR REQUESTS THE COMPANY OR ITS REPRESENTATIVES TO MAKE THIS FILING ON THE HIS OR HER BEHALF. If the Outside Director files an election under Section 83(b), the Outside Director must pay
the applicable income tax on any excess of the fair market value of the Restricted Shares at the time of the Grant Date over the amount paid for the unvested Restricted Shares, if any. However, if the Outside Director’s service with the Company
subsequently terminates before the Restricted Shares vest, the Outside Director will not be entitled to any refund of the taxes paid on the unvested Restricted Shares. 
  
 9.3 Disposition of Shares. Upon a disposition of the Restricted Shares, any gain or loss is treated as capital gain
or loss. If the shares are held for at least one year, any gain realized on disposition of the shares will be treated as long-term capital gain for federal income tax purposes. Long-term capital gains are grouped and netted by holding periods. Net
capital gains on assets held for more than 12 months is currently capped at 15%. Capital losses are allowed in full against capital gains, and up to $3,000 against other income. 
  
 The Outside Director has reviewed with the Outside Director’s own tax advisors the federal, state, local and foreign
tax consequences of this investment and the transactions contemplated by this Agreement. The Outside Director is relying solely on such advisors and not on any statements or representations of the Company or any of its agents. The Outside Director
understands that the Outside Director (and not the Company) shall be responsible for the Outside Director’s own tax liability that may arise as a result of the transactions contemplated by this Agreement. 
  
 10. Address for Notices. Any notice to be given to the Company under
the terms of this Agreement shall be addressed to the Company, in care of its Secretary, at Redback Networks Inc., 300 Holger Way, San Jose, CA 95134 (fax: 408-750-5599) or at such other address as the Company may hereafter designate in writing.

  
 11. Grant is Not Transferable. Except as provided in
Section 6, this grant and the rights and privileges conferred hereby shall not be transferred, assigned, pledged or hypothecated in any way (whether by operation of law or otherwise) and shall not be subject to sale under execution, attachment or
similar process. Upon any attempt to transfer, assign, pledge, hypothecate or otherwise dispose of this grant, or of any right or privilege conferred hereby, or upon any attempted sale under any execution, attachment or similar process, this grant
and the rights and privileges conferred hereby immediately shall become null and void. 

 12. Binding Agreement. Subject to the limitation on the transferability of this grant contained
herein, this Agreement shall be binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors and assigns of the parties hereto. 
  
 13. Conditions for Issuance of Certificates for Stock. The shares deliverable to the Outside Director may be either
previously authorized but unissued shares or issued shares that have been reacquired by the Company. The Company shall not be required to issue any certificate or certificates for shares hereunder prior to fulfillment of all the following
conditions: (a) the admission of such shares to listing on all stock exchanges on which such class of stock is then listed; (b) the completion of any registration or other qualification of such shares under any state or federal law or under the
rulings or regulations of the Securities and Exchange Commission or any other governmental regulatory body, which the Committee shall, in its absolute discretion, deem necessary or advisable; (c) the obtaining of any approval or other clearance from
any state or federal governmental agency, which the Committee shall, in its absolute discretion, determine to be necessary or advisable; and (d) the lapse of such reasonable period of time following the date of grant of the Restricted Stock as the
Committee may establish from time to time for reasons of administrative convenience. 
  
 14. Plan Governs. This Agreement is subject to all terms and provisions of the Plan. In the event of a conflict between one or more provisions of this Agreement and one or more provisions of the Plan, the
provisions of the Plan shall govern. 
  
 15. Captions.
Captions provided herein are for convenience only and are not to serve as a basis for interpretation or construction of this Agreement. 
  
 16. Agreement Severable. In the event that any provision in this Agreement shall be held invalid or unenforceable, such provision shall be
severable from, and such invalidity or unenforceability shall not be construed to have any effect on, the remaining provisions of this Agreement. 
  
 17. Modifications to the Agreement. This Agreement constitutes the entire understanding of the parties on the subjects covered. The Outside
Director expressly warrants that he or she is not executing this Agreement in reliance on any promises, representations, or inducements other than those contained herein. Modifications to this Agreement or the Plan can be made only in an express
written contract executed by a duly authorized officer of the Company. 
  
 By Outside Director’s signature below, Outside Director represents that he or she is familiar with the terms and provisions of the Plan, and hereby accepts this Agreement subject to all of the terms and provisions thereof. Outside
Director has reviewed the Plan and this Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Agreement and fully understands all provisions of this Agreement. Outside Director agrees to accept
as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions arising under the Plan or this Agreement. Outside Director further agrees to notify the Company upon any change in the residence indicated in
the Notice of Restricted Stock Grant. 

									
	 OUTSIDE DIRECTOR
	 	 	 	 REDBACK NETWORKS INC.

			
	  

	 	 	 	  

	 Signature
	 	 	 	 By

			
	 Roy D. Behren

	 	 	 	  

	 Print Name
	 	 	 	 Title

			
	  

	 	 	 	 
	  

	 	 	 	 
	  

	 	 	 	 
	 Residence Address
	 	 	 	 

 APPENDIX A 
  
 ASSIGNMENT SEPARATE FROM CERTIFICATE 
  
 FOR VALUE RECEIVED I,
                                        
    , hereby sell, assign and transfer unto Redback Networks Inc.
                                    
(                    ) shares of the Common Stock of Redback Networks Inc. standing in my name of the books of said corporation represented by
Certificate No.          herewith and do hereby irrevocably constitute and appoint
                                     to transfer the said
stock on the books of the within named corporation with full power of substitution in the premises. 
  
 This Stock Assignment may be used only in accordance with the Restricted Stock Purchase Agreement between Redback Networks Inc. and the undersigned dated
                        ,          (the “Agreement”). 

 

			
	 Dated:                     ,
        
	 	 Signature:
                                        
                                        
   

  
 INSTRUCTIONS: Please do not fill in
any blanks other than the signature line. The purpose of this assignment is to enable the Company to exercise its “repurchase option,” as set forth in the Agreement, without requiring additional signatures on the part of the Outside
Director. 

 APPENDIX B 
  
 ELECTION UNDER SECTION 83(b) 
 OF THE INTERNAL REVENUE CODE OF 1986 
  
 The undersigned taxpayer hereby elects, pursuant to the above-referenced Federal Tax Code, to include in taxpayer’s gross income for the current taxable year, the amount of any compensation taxable to taxpayer in connection with his
receipt of the property described below: 
  

	1.	The name, address, taxpayer identification number and taxable year of the undersigned are as follows: 

  

					
	 NAME:
	  	 TAXPAYER: Roy D. Behren
	  	 SPOUSE:

			
	 ADDRESS:
	  	 	  	 
			
	 IDENTIFICATION NO.:
	  	 TAXPAYER:
	  	 SPOUSE:

			
	 TAXABLE YEAR:
	  	 	  	 

  

	2.	The property with respect to which the election is made is described as
follows:                         shares (the “Shares”) of the common stock of Redback Networks Inc. (the
“Company”). 

  

	3.	The date on which the property was transferred is:                     ,
200    . 

  

	4.	The property is subject to the following restrictions: 

  
 The Shares may forfeited to the Company, or its assignee, on certain events. This right lapses with regard to a portion of the Shares based on the
continued performance of services by the taxpayer over time. 
  

	5.	The fair market value at the time of transfer, determined without regard to any restriction other than a restriction which by its terms will never lapse, of such property is:
[                ] 

  

	6.	The amount (if any) paid for such property is: [                ]

  
 The undersigned has submitted a copy of this
statement to the person for whom the services were performed in connection with the undersigned’s receipt of the above-described property. The transferee of such property is the person performing the services in connection with the transfer of
said property. 
  
 The undersigned understands that the foregoing election may not
be revoked except with the consent of the Commissioner. 
  

									
	 Dated:
                    ,         
	 	 	 	  

	 	 	 	 	 Roy D. Behren, Taxpayer

  
 The undersigned spouse of taxpayer
joins in this election. 
  

									
	 Dated:
                    ,         
	 	 	 	  

	 	 	 	 	 Spouse of Taxpayer

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