Document:

EXHIBIT 10.1

June 15,
2004

 

Michael A.
    Russell

    4733 Shadwell
    Place

    San Diego
    CA  92130

Dear
Mike,

American Technology
Corporation (“Company ”) is very pleased to confirm our offer of employment. This
offer is contingent upon satisfactory results of all reference, education, and
background checks (Release and Authorization Attached) and is based on the
following terms and conditions:

	Title: 	Chief
      Financial Officer, with responsibilities that will include Finance,
      Investor Relations and Legal.
		 
	Start Date:	We have
      an anticipated your start date as Tuesday, July 6, 2004.
		 
	Salary:	Your
      starting salary as an exempt employee will be $7,115.38 gross bi-weekly,
      which is $185,000.00 annually.
		 
	Bonus:	You will
      be paid an annual bonus with the potential of 25% of your base salary
      based upon meeting company, department, and individual objectives, which
      will be mutually agreed upon by yourself and Kalani Jones and approved by
      the Board of Directors. The bonus period is equal to 12 months and begins
      on your date of hire. 
		 
	Stock Options:	Management
      will recommend to the Board of Directors and the Compensation Committee
      thereof, that, as an inducement material to you entering into employment
      with the Company, you be granted stock options to purchase 100,000
      shares of common stock. The grant will occur at the first meeting of the
      Board of Directors and Compensation Committee held after your start date,
      or by unanimous written consent, and in either case will occur not later
      than 30 days following your start date. The recommended options will have
      an exercise price equal to the fair market value of our common stock on
      the date the Board of Directors approves the grant after receiving a
      recommendation for approval from the Compensation Committee. The
      recommended options will be exercisable for five (5) years after grant,
      subject to earlier termination upon termination of your continuous
      service. The recommended options will vest over four (4) years, with one
      fourth (1/4) of the shares vesting twelve (12) months after grant date,
      and the balance vesting in equal quarterly installments through and
      including the fourth anniversary of the grant date. These recommended
      options will be issued outside of the 2002 Stock Option Plan, and
      accordingly will be non-statutory stock options and will not qualify for
      incentive stock option (ISO) treatment under the Internal Revenue
      Code.

Michael A.
Russell – Offer of Employment

June 15, 2004 
Page 2 of 3

	 	 
	Health Benefits:	The Company offers a comprehensive benefits plan that includes medical, dental, vision, short-term disability, long-term disability and life insurances. The Company will pay for all insurance premiums (including dependents). Benefits begin the first day of the month following your hire date. 
	Paid Time Off 	 
	
      & Holidays: 	You
      will receive 15 days of accrued Paid Time Off (PTO) annually, in use for
      vacation or sick time. This provides for most of your paid time away from
      work. PTO hours are accrued per pay period. Any hours in excess of 200
      will be paid out in the first pay period of December.
		 
	 	The
      Company offers 9-paid holidays each calendar year. You must be on active
      status the day before and the day after the holiday to receive holiday
      pay.
		 
	Retirement:	A 401k
      package is available with multiple investment options and the company
      matches 25% of the employee’s deferral up to 6% of your annual earnings.
      (Note: Some IRS limitations may apply.)
		 
	Arbitration:	As a
      contingency of this offer, you will be required to sign the attached
      Mutual Agreement to Arbitrate (“Arbitration Agreement”).
  

Due to the enactment of the
Immigration Reform and Control Act of 1986, this offer is contingent on your
ability to produce acceptable documentation verifying your eligibility to work
in the United States. You will be required to present the necessary documents on
the day you begin work at American Technology Corp.

Additionally, as a
condition of this offer and of your employment with American Technology Corp.,
you will be required to preserve the Company’s proprietary and confidential
information and you must comply with the Company’s policies and procedures.
Accordingly, you will be required to execute the Company’s Non-Disclosure
Agreement on your first date of employment. 

If this offer is accepted,
your employment will be at-will with no specified period or term of employment.
This means that either you or the Company may terminate employment at anytime,
with or without reason. The Company may also transfer, promote, demote or
otherwise alter your position and/or status at any time and for any reason. An
employment agreement for a specified period of time, which contradicts this
at-will agreement, may only be entered into in writing, signed by the President
of the Corporation. 

Mike, we sincerely hope
that you decide to join American Technology Corp. Please acknowledge your
acceptance of our offer by signing below and returning a copy of this letter to
us not later than Thursday, June 17, 2004. If we do not receive your response by
close of business on June 17, 2004 this offer will be void.

Michael A.
Russell – Offer of Employment
June 15, 2004 
Page 3 of 3

	Mike, if you have any questions please do not hesitate to call me.

Sincerely,

/s/ KALANI JONES

  Kalani
  Jones

  President & Chief Operating Officer

  I understand
and agree to the terms and conditions set forth in this letter. I further
understand that any misrepresentations that I have made on my employment
application or resume can result in termination. I acknowledge that no statement
contradicting this letter, oral or written, has been made to me, and that no
agreements exist which are contrary to the terms and conditions set forth in
this letter.

	Accepted by: /s/ MICHAEL A. RUSSELL	 	 Date: 	  June 17, 2004
	 	 	 	———————————EXHIBIT 10.2

June 14, 2004

Joe Zerucha

6550 Ambrosia Lane 

Carlsbad  CA  92009
Dear Joe,

American Technology Corporation (the “Company”) has acknowledged that you are resigning from
your position as of June 14, 2004.  You are reminded that you signed a Non-Disclosure Agreement at the commencement of your employment,
and should understand that the agreement is still, and shall remain, in effect and you shall abide
by the terms of the agreement. 

Your healthcare benefits will be in effect until midnight, June 30, 2004. You will be receiving
notification by mail from Conexis regarding your rights under COBRA and the continuation of these
benefits. 

To ensure a smooth transition for both you and the Company, you will be offered a lump sum of $12,500.00,
which is equivalent to one (1) month as severance remuneration and an additional $15,000.00 for relocation
expenses. In consideration of the severance, you will be asked to execute a General Release
of Claims. The payout will be disbursed per the guidelines of the Agreement.

As part of your employment with American Technology Corporation you participated in the 2002 Stock
Option Plan. As of June 14, 2004 you have not vested in any of your stock options. However,
you were compensated $8,000.00 as payment for The Aji Network continuing education and $20,000.00
for relocation costs. Even though the reason for your termination is voluntarily, and you will
not have been employed for 12 months since receiving these benefits, the Company does not expect
repayment.

By signing below, you acknowledge receipt of the following:

All monies due are subject to applicable state and federal taxes.

	Final pay	6/07/04-6/14/04	$	3,461.54
	Accrued PTO	62.37 hours	$	4,497.84
	 	 	 	 

	/s/ JOE ZERUCHA	 	             6/14/04	 
	—————————————	 	—————————	 
	Joe Zerucha	 	Date	 
	 	 	 	 
	/s/ KALANI JONES	 	             6/14/04	 
	—————————————	 	—————————	 
	Kalani Jones 	 	DateQ1 2005 Exhibit 10.5

                                                           Exhibit 10.5

8X8, INC.

 

AMENDED AND RESTATED 1996 EMPLOYEE STOCK PURCHASE PLAN

 

The following constitute the provisions of the 1996
Employee Stock Purchase Plan of 8x8, Inc.

1.Purpose. The purpose of the Plan is to provide
employees of the Company and its Designated Subsidiaries with an opportunity to
purchase Common Stock of the Company through accumulated payroll deductions. It
is the intention of the Company to have the Plan qualify as an "Employee Stock
Purchase Plan" under Section 423 of the Internal Revenue Code of 1986, as
amended. The provisions of the Plan, accordingly, shall be construed so as to
extend and limit participation in a manner consistent with the requirements of
that section of the Code.

2.Definitions.

(a)"Board" shall mean the Board of Directors of
the Company.

(b)"Code" shall mean the Internal Revenue Code of
1986, as amended.

(c)"Common Stock" shall mean the Common Stock of
the Company.

(d)"Company" shall mean 8x8, Inc. and any
Designated Subsidiary of the Company.

(e)"Compensation" shall mean
all base straight time gross earnings and commissions, exclusive of payments for
overtime, shift premium, incentive compensation, incentive payments, bonuses and
other compensation.

(f)"Current Purchase Period" shall mean any
Purchase Period which is scheduled to end in the current calendar year.

(g)"Designated Subsidiaries" shall mean the
Subsidiaries which have been designated by the Board from time to time in its
sole discretion as eligible to participate in the Plan.

(h)"Employee" shall mean any individual who is an
Employee of the Company for tax purposes whose customary employment with the
Company is at least twenty (20) hours per week and more than five (5) months in
any calendar year. For purposes of the Plan, the employment relationship shall
be treated as continuing intact while the individual is on sick leave or other
leave of absence approved by the Company. Where the period of leave exceeds
ninety (90) days and the individual's right to reemployment is not guaranteed
either by statute or by contract, the employment relationship shall be deemed to
have terminated on the ninety-first (91st) day of such leave.

(i)"Enrollment Date" shall mean the first day of
each Offering Period.

(j)"Exercise Date" shall mean the last day of each
Purchase Period.

(k)"Fair Market Value" shall mean, as of any date,
the value of Common Stock determined as follows:

(i)If the Common Stock is listed on any established stock
exchange or a national market system, including without limitation the Nasdaq
National Market or The Nasdaq SmallCap Market of The Nasdaq Stock Market, its
Fair Market Value shall be the closing sales price for such stock (or the
closing bid, if no sales were reported) as quoted on such exchange or system for
the last market trading day prior to the time of determination, as reported in
The Wall Street Journal or such other source as the Administrator deems
reliable, or;

(ii)If the Common Stock is regularly quoted by a
recognized securities dealer but selling prices are not reported, its Fair
Market Value shall be the mean of the closing bid and asked prices for the
Common Stock on the date of such determination, as reported in The Wall
Street Journal or such other source as the Board deems reliable, or;

(iii)In the absence of an established market for the
Common Stock, the Fair Market Value thereof shall be determined in good faith by
the Board, or;

(l)"New Exercise Date" shall mean the New Exercise
Date set for Purchase Periods in the event of a proposed sale of all or
substantially all of the assets of the Company, or the merger of the Company
with or into another corporation in accordance with Section 18(c).

(m)"Offering Periods" shall mean the periods of
approximately twenty-four (24) months during which an option granted pursuant to
the Plan may be exercised, commencing on the first Trading Day on or after
February 1 and August 1 of each year and terminating on the last Trading Day in
the periods ending twenty-four (24) months later. The duration and timing of
Offering Periods may be changed pursuant to Section 4 of this
Plan.

(n)"Plan" shall mean the Amended and Restated 1996
Employee Stock Purchase Plan.

(o)"Purchase Price" shall mean an amount equal to
eighty-five percent (85%) of the Fair Market Value of a share of Common Stock on
the Enrollment Date or on the Exercise Date, whichever is lower.

(p)"Purchase Period" shall mean the approximately
six (6) month period commencing after one Exercise Date and ending with the next
Exercise Date, except that the first Purchase Period of any Offering Period
shall commence on the Enrollment Date and end with the next Exercise Date.

(q)"Reserves" shall mean the number of shares of
Common Stock covered by each option under the Plan which have not yet been
exercised and the number of shares of Common Stock which have been authorized
for issuance under the Plan but not yet placed under option.

(r)"Subsidiary" shall mean a corporation, domestic
or foreign, of which not less than fifty percent (50%) of the voting shares are
held by the Company or a Subsidiary, whether or not such corporation now exists
or is hereafter organized or acquired by the Company or a Subsidiary.

(s)"Trading Day" shall mean a day on which
national stock exchanges and the Nasdaq System are open for trading.

3.Eligibility.

(a)Any Employee (as defined in Section 2(h)), who shall
be employed by the Company on a given Enrollment Date shall be eligible to
participate in the Plan.

(b)Any provisions of the Plan to the contrary
notwithstanding, no Employee shall be granted an option under the Plan
(i) to the extent that, immediately after the grant, such Employee (or any
other person whose stock would be attributed to such Employee pursuant to
Section 424(d) of the Code) would own capital stock of the Company and/or hold
outstanding options to purchase such stock possessing five percent (5%) or more
of the total combined voting power or value of all classes of the capital stock
of the Company or of any Subsidiary, or (ii) to the extent that his or her
rights to purchase stock under all employee stock purchase plans of the Company
and its subsidiaries accrues at a rate which exceeds twenty-five thousand
dollars ($25,000) worth of stock (determined at the fair market value of the
shares at the time such option is granted) for each calendar year in which such
option is outstanding at any time.

4.Offering Periods. The Plan shall be implemented
by consecutive, overlapping Offering Periods. The Board shall have the power to
change the duration of Offering Periods (including the commencement dates
thereof) with respect to future offerings without stockholder approval if such
change is announced at least two (2) days prior to the scheduled beginning of
the first Offering Period to be affected thereafter.

5.Participation.

(a)An eligible Employee may become a participant in the
Plan by completing a subscription agreement authorizing payroll deductions in
the form of Exhibit A to this Plan and filing it with the Company's payroll
office prior to the applicable Enrollment Date.

(b)Payroll deductions for a participant shall commence on
the first payroll following the Enrollment Date and shall end on the last
payroll in the Offering Period to which such authorization is applicable, unless
sooner terminated by the participant as provided in Section 10 hereof.

6.Payroll Deductions.

(a)At the time a participant files his or her
subscription agreement, he or she shall elect to have payroll deductions made on
each pay day during the Offering Period in an amount not exceeding ten percent
(10%) of the Compensation which he or she receives on each pay day during the
Offering Period. 

(b)All payroll deductions made for a participant shall be
credited to his or her account under the Plan and shall be withheld in whole
percentages only. A participant may not make any additional payments into such
account.

(c)A participant may discontinue his or her participation
in the Plan as provided in Section 10 hereof, or may increase or decrease the
rate of his or her payroll deductions during the Offering Period by completing
or filing with the Company a new subscription agreement authorizing a change in
payroll deduction rate. The Board may, in its discretion, limit the number of
participation rate changes during any Offering Period. The change in rate shall
be effective with the first full payroll period commencing after the Company's
receipt of the new subscription agreement unless the Company elects to process a
given change in participation more quickly. A participant's subscription
agreement shall remain in effect for successive Offering Periods unless
terminated as provided in Section 10 hereof.

(d)Notwithstanding the foregoing, to the extent necessary
to comply with Section 423(b)(8) of the Code and Section 3(b) hereof, a
participant's payroll deductions may be decreased to zero percent (0%) at such
time during any Current Purchase Period that the aggregate of all payroll
deductions which were previously used to purchase stock under the Plan in a
prior Purchase Period which ended during that calendar year plus all payroll
deductions accumulated with respect to the Current Purchase Period equal twenty-
one thousand, two hundred fifty dollars ($21,250) or at any time the limit set
forth in Section 423(b)(8) of the Code is likely to be exceeded but for such
decrease. Payroll deductions shall recommence at the rate provided in such
participant's subscription agreement at the beginning of the first Purchase
Period which is scheduled to end in the following calendar year, unless
terminated by the participant as provided in Section 10 hereof.

(e)At the time the option is exercised, in whole or in
part, or at the time some or all of the Company's Common Stock issued under the
Plan is disposed of, the participant must make adequate provision for the
Company's federal, state, or other tax withholding obligations, if any, which
arise upon the exercise of the option or the disposition of the Common Stock. At
any time, the Company may, but shall not be obligated to, withhold from the
participant's compensation the amount necessary for the Company to meet
applicable withholding obligations, including any withholding required to make
available to the Company any tax deductions or benefits attributable to sale or
early disposition of Common Stock by the Employee. 

7.Grant of Option. On the Enrollment Date of each
Offering Period, each eligible Employee participating in such Offering Period
shall be granted an option to purchase on each Exercise Date during such
Offering Period (at the applicable Purchase Price) up to a number of shares of
the Company's Common Stock determined by dividing such Employee's payroll
deductions accumulated prior to such Exercise Date and retained in the
Participant's account as of the Exercise Date by the applicable Purchase Price;
provided that in no event shall an Employee be permitted to purchase during each
Purchase Period more than a number of shares determined by dividing twenty-five
thousand dollars ($25,000) by the Fair Market Value of a share of the Company's
Common Stock on the Enrollment Date, and provided further that such purchase
shall be subject to the limitations set forth in Sections 3(b) and 12
hereof and in Code Section 423(b)(8). Exercise of the option shall occur as
provided in Section 8 hereof, unless the participant has withdrawn pursuant
to Section 10 hereof. The option shall expire on the last day of the
Offering Period. 

8.Exercise of Option. Unless a participant
withdraws from the Plan as provided in Section 10 hereof, his or her option for
the purchase of shares shall be exercised automatically on the Exercise Date,
and the maximum number of full shares subject to option shall be purchased for
such participant at the applicable Purchase Price with the accumulated payroll
deductions in his or her account. No fractional shares shall be purchased; any
payroll deductions accumulated in a participant's account which are not
sufficient to purchase a full share shall be retained in the participant's
account for the subsequent Purchase Period or Offering Period, subject to
earlier withdrawal by the participant as provided in Section 10 hereof. Any
other monies left over in a participant's account after the Exercise Date shall
be returned to the participant. During a participant's lifetime, a participant's
option to purchase shares hereunder is exercisable only by him or her.

9.Delivery. As promptly as practicable after each
Exercise Date on which a purchase of shares occurs, the Company shall arrange
the delivery to each participant, as appropriate, of a certificate representing
the shares purchased upon exercise of his or her option or shall cause an
appropriate entry to be made in participant's brokerage account reflecting the
shares purchased.

10.Withdrawal; Termination of Employment.

(a)A participant may withdraw all but not less than all
the payroll deductions credited to his or her account and not yet used to
exercise his or her option under the Plan at any time by giving written notice
to the Company in the form of Exhibit B to this Plan. All of the
participant's payroll deductions credited to his or her account shall be paid to
such participant promptly after receipt of notice of withdrawal and such
participant's option for the Offering Period shall be automatically terminated,
and no further payroll deductions for the purchase of shares shall be made for
such Offering Period. If a participant withdraws from an Offering Period,
payroll deductions shall not resume at the beginning of the succeeding Offering
Period unless the participant delivers to the Company a new subscription
agreement.

(b)Upon a participant's ceasing to be an Employee for any
reason, he or she shall be deemed to have elected to withdraw from the Plan and
the payroll deductions credited to such participant's account during the
Offering Period but not yet used to exercise the option shall be returned to
such participant or, in the case of his or her death, to the person or persons
entitled thereto under Section 14 hereof, and such participant's option shall be
automatically terminated. The preceding sentence notwithstanding, a participant
who receives payment in lieu of notice of termination of employment shall be
treated as continuing to be an Employee for the participant's customary number
of hours per week of employment during the period in which the participant is
subject to such payment in lieu of notice.

(c )A participant's withdrawal from an Offering Period
shall not have any effect upon his or her eligibility to participate in any
similar plan which may hereafter be adopted by the Company or in succeeding
Offering Periods which commence after the termination of the Offering Period
from which the participant withdraws.

11.Interest. No interest shall accrue on the
payroll deductions of a participant in the Plan.

12.Stock.

(a)The maximum number of shares of the Company's Common
Stock which shall be made available for sale under the Plan shall be five
hundred thousand (500,000) shares, increased annually on the first day of each
the Company's fiscal years during the term of the Plan in an amount equal to (i)
five hundred thousand (500,000) shares minus (ii) the number of shares available
for issuance under the Plan as of such date, all of which are numbers are
subject to adjustment upon changes in capitalization of the Company as provided
in Section 18 hereof. If, on a given Exercise Date, the number of shares with
respect to which options are to be exercised exceeds the number of shares then
available under the Plan, the Company shall make a pro rata allocation of the
shares remaining available for purchase in as uniform a manner as shall be
practicable and as it shall determine to be equitable.

(b)The participant shall have no interest or voting right
in shares covered by his option until such option has been exercised.

(c )Shares to be delivered to a participant under the
Plan shall be registered in the name of the participant or in the name of the
participant and his or her spouse.

13.Administration.

(a)Administrative Body. The Plan shall be
administered by the Board or a committee of members of the Board appointed by
the Board. The Board or its committee shall have full and exclusive
discretionary authority to construe, interpret and apply the terms of the Plan,
to determine eligibility and to adjudicate all disputed claims filed under the
Plan. Every finding, decision and determination made by the Board or its
committee shall, to the full extent permitted by law, be final and binding upon
all parties.

14.Designation of Beneficiary.

(a)A participant may file a written designation of a
beneficiary who is to receive any shares and cash, if any, from the
participant's account under the Plan in the event of such participant's death
subsequent to an Exercise Date on which the option is exercised but prior to
delivery to such participant of such shares and cash. In addition, a participant
may file a written designation of a beneficiary who is to receive any cash from
the participant's account under the Plan in the event of such participant's
death prior to exercise of the option. If a participant is married and the
designated beneficiary is not the spouse, spousal consent shall be required for
such designation to be effective.

(b)Such designation of beneficiary may be changed by the
participant at any time by written notice. In the event of the death of a
participant and in the absence of a beneficiary validly designated under the
Plan who is living at the time of such participant's death, the Company shall
deliver such shares and/or cash to the executor or administrator of the estate
of the participant, or if no such executor or administrator has been appointed
(to the knowledge of the Company), the Company, in its discretion, may deliver
such shares and/or cash to the spouse or to any one or more dependents or
relatives of the participant, or if no spouse, dependent or relative is known to
the Company, then to such other person as the Company may designate.

15.Transferability. Neither payroll deductions
credited to a participant's account nor any rights with regard to the exercise
of an option or to receive shares under the Plan may be assigned, transferred,
pledged or otherwise disposed of in any way (other than by will, the laws of
descent and distribution or as provided in Section 14 hereof) by the
participant. Any such attempt at assignment, transfer, pledge or other
disposition shall be without effect, except that the Company may treat such act
as an election to withdraw funds from an Offering Period in accordance with
Section 10 hereof.

16.Use of Funds. All payroll deductions received
or held by the Company under the Plan may be used by the Company for any
corporate purpose, and the Company shall not be obligated to segregate such
payroll deductions.

17.Reports. Individual accounts shall be
maintained for each participant in the Plan. Statements of account shall be
given to participating Employees at least annually, which statements shall set
forth the amounts of payroll deductions, the Purchase Price, the number of
shares purchased and the remaining cash balance, if any.

18.Adjustments Upon Changes in Capitalization,
Dissolution, Liquidation, Merger or Asset Sale.

(a)Changes in Capitalization. Subject to any
required action by the stockholders of the Company, the Reserves, the amount of
the annual Plan share replenishment, as well as the price per share and the
number of shares of Common Stock covered by each option under the Plan which has
not yet been exercised, shall be proportionately adjusted for any increase or
decrease in the number of issued shares of Common Stock resulting from a stock
split, reverse stock split, stock dividend, combination or reclassification of
the Common Stock, or any other increase or decrease in the number of shares of
Common Stock effected without receipt of consideration by the Company; provided,
however, that conversion of any convertible securities of the Company shall not
be deemed to have been "effected without receipt of consideration". Such
adjustment shall be made by the Board, whose determination in that respect shall
be final, binding and conclusive. Except as expressly provided herein, no
issuance by the Company of shares of stock of any class, or securities
convertible into shares of stock of any class, shall affect, and no adjustment
by reason thereof shall be made with respect to, the number or price of shares
of Common Stock subject to an option.

(b)Dissolution or Liquidation. In the event of the
proposed dissolution or liquidation of the Company, the Offering Periods shall
terminate immediately prior to the consummation of such proposed action, unless
otherwise provided by the Board.

(c )Merger or Asset Sale. In the event of a
proposed sale of all or substantially all of the assets of the Company, or the
merger of the Company with or into another corporation, any Purchase Periods
then in progress shall be shortened by setting a New Exercise Date and any
Offering Periods then in progress shall end on the New Exercise Date. The New
Exercise Date shall be before the date of the Company's proposed sale or merger.
The Board shall notify each participant in writing, at least ten (10) business
days prior to the New Exercise Date, that the Exercise Date for the
participant's option has been changed to the New Exercise Date and that the
participant's option shall be exercised automatically on the New Exercise Date,
unless prior to such date the participant has withdrawn from the Offering Period
as provided in Section 10 hereof.

19.Amendment or Termination.

(a)The Board of Directors of the Company may at any time
and for any reason terminate or amend the Plan. Except as provided in Section 18
hereof, no such termination can affect options previously granted, provided that
an Offering Period may be terminated by the Board of Directors on any Exercise
Date if the Board determines that the termination of the Plan is in the best
interests of the Company and its stockholders. Except as provided in Section 18
hereof, no amendment may make any change in any option theretofore granted which
adversely affects the rights of any participant. To the extent necessary to
comply with Rule 16b-3 or under Section 423 of the Code (or any successor rule
or provision or any other applicable law or regulation), the Company shall
obtain stockholder approval in such a manner and to such a degree as
required.

(b)Without stockholder consent and without regard to
whether any participant rights may be considered to have been "adversely
affected," the Board (or its committee) shall be entitled to change the Offering
Periods, limit the frequency and/or number of changes in the amount withheld
during an Offering Period, establish the exchange ratio applicable to amounts
withheld in a currency other than U.S. dollars, permit payroll withholding in
excess of the amount designated by a participant in order to adjust for delays
or mistakes in the Company's processing of properly completed withholding
elections, establish reasonable waiting and adjustment periods and/or accounting
and crediting procedures to ensure that amounts applied toward the purchase of
Common Stock for each participant properly correspond with amounts withheld from
the participant's Compensation, and establish such other limitations or
procedures as the Board (or its committee) determines in its sole discretion
advisable which are consistent with the Plan.

(c)In the event the Board determines that the ongoing
operation of the Plan may result in unfavorable financial accounting
consequences, the Board may, in its discretion and, to the extent necessary or
desirable, modify or amend the Plan to reduce or eliminate such accounting
consequence including, but not limited to:

	altering the Purchase Price for any Offering Period
including an Offering Period underway at the time of the change in Purchase
Price;

	shortening any Offering Period so that Offering Period
ends on a New Exercise Date, including an Offering Period underway at the time
of the Board action; and

	allocating shares.

Such modifications or amendments shall not require
stockholder approval or the consent of any Plan participants.

20.Notices. All notices or other communications by
a participant to the Company under or in connection with the Plan shall be
deemed to have been duly given when received in the form specified by the
Company at the location, or by the person, designated by the Company for the
receipt thereof.

21.Conditions Upon Issuance of Shares. Shares
shall not be issued with respect to an option unless the exercise of such option
and the issuance and delivery of such shares pursuant thereto shall comply with
all applicable provisions of law, domestic or foreign, including, without
limitation, the Securities Act of 1933, as amended, the Securities Exchange Act
of 1934, as amended, the rules and regulations promulgated thereunder, and the
requirements of any stock exchange upon which the shares may then be listed, and
shall be further subject to the approval of counsel for the Company with respect
to such compliance.

As a condition to the exercise of an option, the
Company may require the person exercising such option to represent and warrant
at the time of any such exercise that the shares are being purchased only for
investment and without any present intention to sell or distribute such shares
if, in the opinion of counsel for the Company, such a representation is required
by any of the aforementioned applicable provisions of law.

22.Term of Plan. The Plan shall become effective
upon which the Company's registration statement on Form S-1 or similar form is
declared effective by the Securities and Exchange Commission. It shall continue
in effect for a term of ten (10) years unless sooner terminated under Section 19
hereof.

23.Stockholder Approval. The Plan shall be subject
to approval by the stockholders of the Company within twelve (12) months before
or after the date the Plan is adopted. Such stockholder approval shall be
obtained in the degree and manner required under applicable laws.

24.Information to Employees. The Company shall
provide to each Employee who acquires shares pursuant to the Plan, not less
frequently than annually during the period such individual owns such shares,
copies of annual financial statements. The Company shall not be required to
provide such statements to key employees whose duties in connection with the
Company assure their access to equivalent information.

25.Automatic Transfer to Low Price Offering
Period. To the extent permitted by any applicable laws, regulations, or
stock exchange rules, if the Fair Market Value of the Common Stock on any
Exercise Date in an Offering Period is lower than the Fair Market Value of the
Common Stock on the Enrollment Date of such Offering Period, then all
participants in such Offering Period shall be automatically withdrawn from such
Offering Period immediately after the exercise of their option on such Exercise
Date and automatically re-enrolled in the immediately following Offering Period
as of the first day thereof.

EXHIBIT A

 

8x8, INC.

1996 EMPLOYEE STOCK PURCHASE PLAN

 

SUBSCRIPTION AGREEMENT

 

 

	
______ Original Application
	
 
	
_____ Enrollment Date: 

 ________ Change In Payroll Deduction Rate

 ________ Change in Beneficiary(ies)

1. _________ hereby elects to participate in the 8x8, Inc.
1996 Employee Stock Purchase Plan (the "Employee Stock Purchase Plan") and
subscribes to purchase shares of the Company's Common Stock in accordance with
this Subscription Agreement and the Employee Stock Purchase Plan.

2.I hereby authorize payroll deductions from each
paycheck in the amount of ____% of my Compensation on each payday (from 1 to
10%) during the Offering Period in accordance with the Employee Stock Purchase
Plan. (Please note that no fractional percentages are permitted).

3.I understand that said payroll deductions shall be
accumulated for the purchase of shares of Common Stock at the applicable
Purchase Price determined in accordance with the Employee Stock Purchase Plan. I
understand that if I do not withdraw from an Offering Period, any accumulated
payroll deductions will be used to automatically exercise my options.

4.I understand that all my payroll deductions received or
held by the Company under the Employee Stock Purchase Plan may be used by the
Company for any corporate purpose, and the Company shall not be obligated to
segregate such payroll deductions. Until shares are issued to me, I will only
have the rights of an unsecured creditor with respect to such accumulated
payroll deductions.

5.I have received a copy of the complete Employee Stock
Purchase Plan. I understand that my participation in the Employee Stock Purchase
Plan is in all respects subject to the terms of the Plan.

6.Shares purchased for me under the Employee Stock
Purchase Plan should be issued in the name(s) of (Employee or Employee and
Spouse only): ___________________________________.

7.I understand that if I dispose of any shares received
by me pursuant to the Plan within two (2) years after the Enrollment Date (the
first day of the Offering Period during which I purchased such shares) or one
(1) year after the Exercise Date, I will be treated for federal income tax
purposes as having received ordinary income at the time of such disposition in
an amount equal to the excess of the fair market value of the shares at the time
such shares were purchased by me over the price which I paid for the shares.
I hereby agree to notify the Company in writing within thirty (30) days after
the date of any disposition of my shares and I will make adequate provision for
Federal, state or other tax withholding obligations, if any, which arise upon
the disposition of the Common Stock. The Company may, but will not be
obligated to, withhold from my compensation the amount necessary to meet any
applicable withholding obligation including any withholding necessary to make
available to the Company any tax deductions or benefits attributable to sale or
early disposition of Common Stock by me. If I dispose of such shares at any time
after the expiration of the two (2)-year and one (1)-year holding periods, I
understand that I will be treated for federal income tax purposes as having
received income only at the time of such disposition, and that such income will
be taxed as ordinary income only to the extent of an amount equal to the lesser
of (a) the excess of the fair market value of the shares at the time of such
disposition over the purchase price which I paid for the shares, or (b) fifteen
percent (15%) of the fair market value of the shares on the first day of the
Offering Period. The remainder of the gain, if any, recognized on such
disposition will be taxed as capital gain.

8.I hereby agree to be bound by the terms of the Employee
Stock Purchase Plan. The effectiveness of this Subscription Agreement is
dependent upon my eligibility to participate in the Employee Stock Purchase
Plan.

9.In the event of my death, I hereby designate the
following as my beneficiary(ies) to receive all payments and shares due me under
the Employee Stock Purchase Plan:

NAME: (Please print) ___________________________________

	
(First)
	
 
	
(Middle)
	
 
	
(Last)

	
 ___________________________ 
	
 
	
 ___________________________ 

	
Relationship
	
 
	
 ___________________________ 

	
 
	
 
	
 ___________________________ 

	
 
	
 
	
 ___________________________ 

	
 
	
 
	
(Address)

	
Employee's Social Security Number:
	
 
	
 ___________________________ 

	
Employee's Address:
	
 
	
 ___________________________ 

	
 
	
 
	
 ___________________________ 

	
 
	
 
	
 ___________________________ 

I UNDERSTAND THAT THIS SUBSCRIPTION AGREEMENT SHALL REMAIN IN
EFFECT THROUGHOUT SUCCESSIVE OFFERING PERIODS UNLESS TERMINATED BY ME.

	
Dated:_________________________
	
 
	
 ___________________________ 

	
 
	
 
	
Signature of Employee

	
 
	
 
	
 ___________________________ 

	
 
	
 
	
Spouse's Signature (If beneficiary other than spouse)

EXHIBIT B

 

8X8, INC. 

1996 EMPLOYEE STOCK PURCHASE PLAN

 

NOTICE OF WITHDRAWAL

 

The undersigned participant in the Offering Period of the
8x8, Inc. 1996 Employee Stock Purchase Plan which began on ____________,
 (the "Enrollment Date") hereby notifies the Company that he or she
hereby withdraws from the Offering Period. He or she hereby directs the Company
to pay to the undersigned as promptly as practicable all the payroll deductions
credited to his or her account with respect to such Offering Period. The
undersigned understands and agrees that his or her option for such Offering
Period will be automatically terminated. The undersigned understands further
that no further payroll deductions will be made for the purchase of shares in
the current Offering Period and the undersigned shall be eligible to participate
in succeeding Offering Periods only by delivering to the Company a new
Subscription Agreement.

Name and Address of Participant:

 

 _________________________

 

 _________________________

 

 _________________________

 

 _________________________

 

Signature:

 _________________________

 

Date:

 _________________________

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