Document:

Financial Guaranty Insurance Policy relating to the Notes, as of April 29, 2004

 Exhibit 4.5 
  

			
	[GRAPHIC]	 	 Ambac Assurance Corporation
 One State Street Plaza, 15th Floor
 New York, New York 10004
 Telephone: (212) 668-0340

		
	Certificate Guaranty Insurance Policy	 	 

  

			
	Insured Obligations:	  	Policy Number:
		
	 GreenPoint Home Equity Loan Trust 2004-2
 Home Equity
Loan Asset-Backed Notes,
 Series 2004-2 Class A-1 and Class A-2
 Variable Rate Asset-Backed Notes
	  	AB0751BE
	 	  	Premium: As specified in the endorsement attached hereto and made a part hereof

  
 Ambac Assurance Corporation
(Ambac), a Wisconsin stock insurance corporation, in consideration of the payment of the premium and subject to the terms of this Policy, hereby agrees unconditionally and irrevocably to pay to the Trustee for the benefit of the Holders of the
Insured Obligations, that portion of the Insured Amounts which shall become Due for Payment but shall be unpaid by reason of Nonpayment. 
  
 Ambac will make such payments to the Trustee from its own funds on the later of (a) one (1) Business Day following notification to Ambac of Nonpayment or (b) the Business
Day on which the Insured Amounts are Due for Payment. Such payments of principal or interest shall be made only upon presentation of an instrument of assignment in form and substance satisfactory to Ambac, transferring to Ambac all rights under such
Insured Obligations to receive the principal of and interest on the Insured Obligation. Ambac shall be subrogated to all the Holders’ rights to payment on the Insured Obligations to the extent of the insurance disbursements so made. Once
payments of the Insured Amounts have been made to the Trustee, Ambac shall have no further obligation hereunder in respect of such Insured Amounts. 
  
 In the event the Trustee for the Insured Obligations has notice that any payment of principal or interest on an Insured Obligation which has become Due for Payment and
which is made to a Holder by or on behalf of the Trustee has been deemed a preferential transfer and theretofore recovered from its Holder pursuant to the United States Bankruptcy Code in accordance with a final, nonappealable order of a court of
competent jurisdiction, such Holder will be entitled to payment from Ambac to the extent of such recovery if sufficient funds are not otherwise available. 
  
 This Policy is noncancelable by Ambac for any reason, including failure to receive payment of any premium due hereunder. The premium on this Policy is not refundable for
any reason. This Policy does not insure against loss of any prepayment or other acceleration payment which at any time may become due in respect of any Insured Obligation, other than at the sole option of Ambac, nor against any risk other than
Nonpayment, including failure of the Trustee to make any payment due Holders of Insured Amounts. 
  
 To the fullest extent permitted by applicable law, Ambac hereby waives and agrees not to assert any and all rights and defenses, to the extent such rights and defenses may be available to Ambac, to avoid payment of
its obligations under this Policy in accordance with the express provisions hereof. 
  
 Any capitalized terms not defined herein shall have the meaning given such terms in the endorsement attached hereto or in the Agreement. 
  
 In witness whereof, Ambac has caused this Policy to be affixed with its corporate seal and to be signed by its duly authorized officers in facsimile to become effective
as their original signatures and binding upon Ambac by virtue of the countersignature of its duly authorized representative. 
  

					
			
	 /s/ Illegible
	 	 [SEAL]
	 	 /s/ Illegible

	
	 	 	 	

	 President
	 	 	 	 Secretary

			
	  	 	 	 	 /s/ Illegible

	 	 	 	 	

	 Effective Date: April 29, 2004
	 	 	 	 Authorized Representative

  

 CERTIFICATE GUARANTY INSURANCE POLICY ENDORSEMENT 
  

			
	 Attached to and forming part of
	 	Effective Date of Endorsement:
	 Certificate Guaranty Insurance
	 	April 29, 2004
	 Policy #AB0751BE issued to:
	 	 
		
	 U.S. Bank National Association,
	 	 
	 as Indenture Trustee for the Holders of
	 	 
	 GreenPoint Home Equity Loan Trust 2004-2
	 	 
	 Home Equity Loan Asset-Backed Notes, Series 2004-2
	 	 

  
 For all purposes of
the Policy, the following terms shall have the following meanings: 
  
 “Agreements” shall mean, for purposes of the Policy, the Indenture and the Servicing Agreement. 
  
 “Available Funds” shall have the meaning assigned to such term in the Indenture. 
  
 “Business Day” shall mean any day other than (i) a Saturday or Sunday, (ii) a day on which banking institutions in
the state of New York, the state of California or the state in which the Corporate Trust Office is located are required or authorized by law or executive order to be closed or (iii) a day on which the Insurer is closed. 
  
 “Class A-1 Notes” means the GreenPoint Home Equity Loan Trust
2004-2, Class A-1 Variable Rate Asset-Backed Notes, substantially in the form set forth in Exhibit A to the Indenture. 
  
 “Class A-2 Notes” means the GreenPoint Home Equity Loan Trust 2004-2, Class A-2 Variable Rate Asset-Backed Notes, substantially in the form set
forth in Exhibit A to the Indenture. 
  
 “Deficiency
Amount” means with respect to the Notes, the sum of (i) for any Payment Date the excess, if any, of (a) the Interest Payment Amount (excluding any Relief Act Shortfalls, any interest shortfalls resulting from prepayments on the Mortgage Loans
and any Deferred Interest) over (b) the portion of the Available Funds for such Payment Date remaining after payment of the Indenture Trustee Fee, the Premium Amount and the Owner Trustee Fee, in each case, for such Payment Date, such portion being
(x) during the Managed Amortization Period, the pro rata portion of such remaining Available Funds based on the pari passu application of such amount to the Interest Payment Amount and to interest on any Additional
Balance Contributed Amount at the Note Rate on such Payment Date and (y) after the Managed Amortization Period, all such remaining Available Funds, (ii) for any Payment Date other than the Final Scheduled Payment Date, the Overcollateralization
Deficit, if any, for such Payment Date remaining after giving effect to payments pursuant to Section 8.7(b)(vii) of the Indenture on such Payment Date and (iii) on the Final Scheduled Payment Date, the Outstanding Amount of the Notes, after taking
into account all payments to be made to the Notes on the Final Scheduled Payment Date other than pursuant to the Policy. 
  

 “Due For Payment” shall mean, (i) with respect to an Insured Amount, the Payment Date on which
Insured Amounts are due and payable pursuant to the terms of the Indenture and (ii) with respect to a Preference Amount, the Business Day on which the documentation required by the Insurer has been received by the Insurer. 
  
 “Final Scheduled Payment Date” shall mean the Payment Date
occurring in January 2030. 
  
 “First Payment Date”
shall mean the Payment Date occurring in June 2004. 
  
 “Holder” shall mean the registered owner or beneficial owner of any Note, but shall not include the Issuer, the Indenture Trustee, the Owner Trustee, the Servicer, the Originator or the Sponsor. 
  
 “Indenture” shall mean the Indenture between the Issuer and the
Indenture Trustee, dated April 1, 2004, as such agreement may be amended, modified or supplemented from time to time. 
  
 “Indenture Trustee” shall mean U.S. Bank National Association or its successor-in-interest, in its capacity as Indenture Trustee under the
Indenture, or if any successor trustee or any co-trustee shall be appointed as provided therein, then “Indenture Trustee” shall also mean such successor trustee or such co-trustee, as the case may be, subject to the provisions thereof.

  
 “Insurance Agreement” shall mean the Insurance and
Indemnity Agreement, dated as of April 29, 2004, among GreenPoint Mortgage Securities LLC, as Sponsor, GreenPoint Mortgage Funding, Inc. as Servicer and Originator, U.S. Bank National Association, as Indenture Trustee, the Insurer, and GreenPoint
Home Equity Loan Trust 2004-2, as Issuer, as such agreement may be amended, modified or supplemented from time to time. 
  
 “Insured Amounts” shall mean, with respect to any Payment Date and the Notes, the Deficiency Amount for such Payment Date. 
  
 “Insured Payments” shall mean, with respect to any Payment Date,
the aggregate amount actually paid by the Insurer to the Indenture Trustee in respect of (i) Insured Amounts for a Payment Date and (ii) Preference Amounts for any given Business Day. 
  
 “Insurer” shall mean Ambac Assurance Corporation, or any successor thereto, as issuer of the Policy. 

 
 “Issuer” shall mean GreenPoint Home Equity Loan Trust 2004-2.

  
 “Late Payment Rate” shall mean for any Payment Date,
the lesser of (i) the greater of (a) the rate of interest, as it is publicly announced by Citibank, N.A. at its principal office in New York, New York as its prime rate (any change in such prime rate of interest to be effective on the date such
change is announced by Citibank, N.A.) plus 2% and (b) the then applicable highest rate of interest on the Notes and (ii) the maximum rate permissible under applicable usury or similar laws limiting interest rates. The Late Payment Rate shall
be computed on the basis of the actual number of days elapsed over a year of 360 days. 
  

 2 

 “Nonpayment” shall mean, with respect to any Payment Date, an Insured Amount is Due for Payment
but has not been paid pursuant to the Indenture. 
  
 “Notes” shall mean the Class A-1 Notes and the Class A-2 Notes. 
  
 “Notice” shall mean the telephonic or telegraphic notice, promptly confirmed in writing by telecopy substantially in the form of Exhibit A to the Policy, the original of which is subsequently delivered by
registered or certified mail, from the Indenture Trustee specifying the Insured Amount or Preference Amount which shall be due and owing on the applicable Payment Date. 
  
 “Payment Date” shall mean the 15th day of each month, or if such day is not a Business Day, then the next Business
Day, beginning with the First Payment Date. 
  
 “Policy”
shall mean Certificate Guaranty Insurance Policy AB0751BE together with each and every endorsement thereto. 
  
 “Preference Amount” shall mean any payment of principal or interest previously distributed to a Holder on a Note, which would have been covered
under the Policy as an Insured Amount, which has been deemed a preferential transfer and was previously recovered from its owner pursuant to the United States Bankruptcy Code in accordance with a final, non-appealable order a court of competent
jurisdiction. 
  
 “Premium” shall mean the amount
payable to the Insurer on each Payment Date calculated at the Premium Percentage. 
  
 “Premium Percentage” shall have the meaning set forth in the Insurance Agreement. 
  
 “Reimbursement Amount” shall mean, as to any Payment Date, the sum of (x) (i) all Insured Payments paid by the Insurer, but for which the
Insurer has not been reimbursed prior to such Payment Date pursuant to Section 8.7(b)(viii) of the Indenture, plus (ii) interest accrued on such Insured Payments not previously repaid, calculated at the Late Payment Rate from the date the
Indenture Trustee received the related Insured Payments, and (y) without duplication (i) any amounts then due and owing to the Insurer under the Insurance Agreement, as certified to the Indenture Trustee by the Insurer plus (ii) interest on
such amounts at the Late Payment Rate. 
  
 “Relief Act
Shortfalls” shall mean interest shortfalls resulting from the application of the Servicemembers Relief Act, as amended, or any similar state law. 
  
 “Servicing Agreement” shall mean the Sale and Servicing Agreement, dated as of April 1, 2004 among GreenPoint Mortgage Securities LLC, as
Sponsor, GreenPoint Mortgage Funding, Inc., as Servicer and Originator, the Indenture Trustee and the Issuer, as such agreement may be amended, modified or supplemented from time to time. 
  
 “Trust Agreement” shall mean the Trust Agreement, dated as of April 1, 2004, between GreenPoint Mortgage
Securities Inc., as Sponsor and Wilmington Trust Company, as Owner Trustee, as such agreement may be amended, modified or supplemented from time to time. 
  

 3 

 Capitalized terms used herein as defined terms and not otherwise defined herein shall have the meaning
assigned to them in the Insurance Agreement and the Agreements, without regard to any amendment or modification thereof, unless such amendment or modification has been approved in writing by the Insurer. 
  
 Notwithstanding any other provision of the Policy, the Insurer will pay any
Insured Amount payable hereunder, no later than 12:00 noon, New York City time, on the later of (i) the Payment Date on which the related Insured Amount is Due for Payment and (ii) the third Business Day following receipt in New York, New York on a
Business Day by the Insurer of a Notice at the address and in the manner provided in Section 6.02 of the Insurance Agreement; provided that, if such Notice is received after 12:00 noon, New York City time, on such Business Day, it
shall be deemed to be received on the following Business Day, If any such Notice is not in proper form or is otherwise insufficient for the purpose of making a claim under the Policy, it shall be deemed not to have been received for purposes of this
paragraph, and the Insurer shall promptly so advise the Indenture Trustee and the Indenture Trustee may submit an amended or corrected Notice. 
  
 The Insurer will pay any Preference Amount when due to be paid pursuant to the Order (as defined below), but in any event no earlier than the third
Business Day following receipt by the Insurer of (i) a certified copy of a final, non-appealable order of a court or other body exercising jurisdiction in such insolvency proceeding to the effect that the Indenture Trustee, or Holder, as applicable,
is required to return such Preference Amount paid during the term of the Policy because such payments were avoided as a preferential transfer or otherwise rescinded or required to be restored by the Indenture Trustee or Holder (the
“Order”), (ii) a certificate by or on behalf of the Indenture Trustee or Holder that the Order has been entered and is not subject to any stay, (iii) an assignment, in form and substance satisfactory to the Insurer, duly executed and
delivered by the Indenture Trustee or Holder, irrevocably assigning to the Insurer all rights and claims of the Indenture Trustee or Holder relating to or arising under the Indenture and the Servicing Agreement against the estate of the Indenture
Trustee or otherwise with respect to such Preference Amount and (iv) a Notice (in the form attached hereto as Exhibit A) appropriately completed and executed by the Indenture Trustee; provided, that if such documents are received after 12:00 noon,
New York City time, on such Business Day, they will be deemed to be received on the following Business Day; provided, further, that the Insurer shall not be obligated to make any payment in respect of any Preference Amount representing a payment of
principal on the Notes prior to the time the Insurer would have been required to make a payment in respect of such principal pursuant to the first paragraph of the face of the Policy. Such payment shall be disbursed to the receiver, conservator,
debtor-in-possession or trustee in bankruptcy named in the Order, and not to the Holder directly, unless the Holder has made a payment of the Preference Amount to the court or such receiver, conservator, debtor-in-possession or trustee in bankruptcy
named in the Order, in which case the Insurer will pay the Holder, subject to the delivery of (a) the items referred to in clauses (i), (ii), (iii) and (iv) above to the Insurer and (b) evidence satisfactory to the Insurer that payment has been made
to such court or receiver, conservator, debtor-in-possession or trustee in bankruptcy named in the Order. 
  
 The Insurer shall be subrogated to the rights of each Holder to the extent of any payment by the Insurer under the Policy. 
  

 4 

 The Insurer hereby agrees that if it shall be subrogated to the rights of Holders by virtue of any
payment under the Policy, no recovery of such payment will occur unless the full amount of the Holders’ allocable distributions for such Payment Date can be made. In so doing, the Insurer does not waive its rights to seek full payment of all
Reimbursement Amounts owed to it under the Insurance Agreement and Agreements. 
  
 The Policy does not cover Deferred Interest, Relief Act Shortfalls or interest shortfalls due to the partial or full prepayment of the Mortgage Loans, nor does the Policy guarantee to the Holders of the Notes any
particular rate of principal payment. In addition, the Policy does not cover shortfalls, if any, attributable to the liability of the Issuer, the Indenture Trustee or any Noteholder for withholding taxes, if any, (including interest and penalties in
respect of any liability for withholding taxes) or any risk other than Nonpayment, including the failure of the Indenture Trustee to make any payment required under the Indenture to the Note holders. 
  
 The terms and provisions of the Indenture constitute the instrument of
assignment referred to in the second paragraph of the face of the Policy. 
  
 A premium will be payable on the Policy on each Payment Date as provided in Section 8.7(b)(ii) of the Indenture, beginning with the First Payment Date, in an amount equal to the Premium. 
  
 THE INSURANCE PROVIDED BY THE POLICY IS NOT COVERED BY THE
PROPERTY/CASUALTY INSURANCE SECURITY FUND SPECIFIED IN ARTICLE 76 OF THE NEW YORK INSURANCE LAWS. 
  
 The Policy to which this endorsement is attached and of which it forms a part is hereby amended to provide that there shall be no acceleration payment due
under the Policy unless such acceleration is at the sole option of the Insurer. 
  
 Nothing herein contained shall be held to vary, alter, waive or extend any of the terms, conditions, provisions, agreements or limitations of the above mentioned Policy other than as above stated. 
  
 To the extent the provisions of this endorsement conflict with the provisions
in the above-mentioned Policy, the provisions of this endorsement shall govern. 
  
 The Policy and the obligations of the Insurer thereunder will terminate without any action on the part of the Insurer or any other person on the date that is one year and one day following the earlier to occur of (i)
the date on which all amounts required to be paid on the Notes have been paid in full and (ii) the Final Scheduled Payment Date. Upon termination of the Policy, the Indenture Trustee shall deliver the original of the Policy to the Insurer.

  
 No person other than the Indenture Trustee shall be entitled
to present the Notice. 
  
 No waiver of any rights or powers of
the Insurer, the Holders or the Indenture Trustee or consent by any of them shall be valid unless signed by an authorized officer or agent thereof. 
  

 5 

 The Policy is issued under and pursuant to, and shall be construed in accordance with, the laws of the
State of New York, without giving effect to the conflict of laws principles thereof. 
  

 6 

 IN WITNESS WHEREOF, Ambac Assurance Corporation has caused this endorsement to the Policy to be signed by
its duly authorized officers 
  

					
			
	 /s/ Illegible
	 	 	 	 /s/ Illegible

	
	 	 	 	

	 Assistant Secretary
	 	 	 	 Managing Director

  

 EXHIBIT A 
 TO THE CERTIFICATE GUARANTY INSURANCE POLICY 
 Policy No. AB0751BE 
  
 NOTICE OF NONPAYMENT AND DEMAND 
 FOR PAYMENT OF INSURED AMOUNTS 
  
 Date: [                    ]

  
 Ambac Assurance Corporation 
 One State Street Plaza 
 New York, New York 10004 
 Attention: General Counsel 
  
 Reference is made to Certificate Guaranty Insurance Policy No. AB075IBE (the ‘Policy”) issued by Ambac Assurance Corporation
(“Ambac”). Terms capitalized herein and not otherwise defined shall have the meanings specified in the Policy and the Indenture, dated as of April 1, 2004, between GreenPoint Home Equity Loan Trust 2004-2, as Issuer and U.S. Bank National
Association, as Indenture Trustee, as the case may be, unless the context otherwise requires. 
  
 The Indenture Trustee hereby certifies as follows: 
  

	 	1.	The Indenture Trustee is the Indenture Trustee under the Indenture for the Holders. 

  

	 	2.	The relevant Payment Date is [date]. 

  

	 	3.	Payment on the [Class A-1 Notes] [Class A-2 Notes] in respect of the Payment Date is due to be received on
                                        
             under the Indenture in an amount equal to $                    .

  

	 	4.	There is an [Insured Amount] [Preference Amount] of $                    
in respect of the [Class A-l Notes] [Class A-2 Notes], which amount is Due for Payment pursuant to the terms of the Indenture. 

  

	 	5.	The Indenture Trustee has not heretofore made a demand for the Insured Amount in respect of the Payment Date. 

  

	 	6.	 The Indenture Trustee hereby requests the payment of the [Insured Amount] [Preference Amount] that is Due For Payment be made by Ambac under the Policy and directs
that payment under the Policy be made to the following account by bank wire transfer of federal or other immediately available funds in accordance with the terms of the Policy to: 

  

 A-1 

	 	 
                                      
           (Indenture Trustee’s account number). 

  

	 	7.	The Indenture Trustee hereby agrees that, following receipt of the [Insured Amount] [Preference Amount] from the Insurer, it shall (a) hold such amounts in trust and apply the same
directly to the distribution of payment on the Notes when due; (b) not apply such funds for any other purpose; (c) deposit such funds to the Policy Payment Account and not commingle such funds with other funds held by Indenture Trustee and (d)
maintain an accurate record of such payments with respect to each Note and the corresponding claim on the Policy and proceeds thereof. 

  
 ANY PERSON WHO KNOWINGLY AND WITH INTENT TO DEFRAUD ANY INSURANCE COMPANY OR OTHER PERSON FILES AN APPLICATION FOR INSURANCE OR STATEMENT OF CLAIM
CONTAINING ANY MATERIALLY FALSE INFORMATION, OR CONCEALS FOR THE PURPOSE OF MISLEADING, INFORMATION CONCERNING ANY FACT MATERIAL THERETO, COMMITS A FRAUDULENT INSURANCE ACT, WHICH IS A CRIME AND SHALL ALSO BE SUBJECT TO A CIVIL PENALTY NOT TO EXCEED
FIVE THOUSAND DOLLARS AND THE STATED VALUE OF THE CLAIM FOR EACH SUCH VIOLATION. 
  

			
		
	By:	 	 
	 	 	

	 	 	 Indenture Trustee

		
	Title:	 	 
	 	 	

	 	 	 (Officer)

  

 A-2STOCK OPTION AGREEMENT DATED JUNE 8, 2993

 Exhibit 10.24 
  
 MICROSTRATEGY INCORPORATED 
  
 Amended and Restated 1999 Stock Option Plan 
  
 STOCK OPTION AGREEMENT 
 FOR
NON-EMPLOYEE DIRECTORS 
  
 Unless otherwise defined herein,
the terms defined in the MicroStrategy Incorporated Amended and Restated 1999 Stock Option Plan, as may be amended (the “Plan”), shall have the same defined meanings in this Option Agreement. 
  

	1.	 	Grant of Option. 

  

			
	Participant:	  	Jonathan J. Ledecky
	Address:	  	c/o Amy Paladini
	 	  	The Ledecky Foundation
	 	  	901 – 15th Street, NW, Suite 950
	 	  	Washington, DC 20005

  
 You have been granted
an option to purchase shares of Class A Common Stock of MicroStrategy Incorporated, subject to the terms and conditions of the Plan and this Option Agreement, as follows: 
  

			
	 Grant Number:
	  	015580
		
	 Date of Grant:
	  	June 9, 2003
		
	 Fair Market Value, Date of Grant (per share):
	  	$39.85
		
	 Exercise Price per Share:
	  	$39.85
		
	 Total Number of Shares subject to Option:
	  	17,000
		
	 Total Exercise Price:
	  	$677,450.00
		
	 Type of Option:
	  	Non-Qualified Stock Option
		
	 Expiration Date:
	  	June 9, 2008

  
 Except as otherwise
indicated by the context, the term “you”, as used in this option, shall be deemed to include any person who acquires the right to exercise this option validly under its terms. 
  

	2.	 	Vesting Schedule. 

  
 As used herein, the term “vested” shall mean that portion of this option that is exercisable. This option shall vest in full on the Date of
Grant. The right of exercise shall be cumulative so that if you do not exercise this option to the maximum extent permissible in any period, it shall continue to be exercisable, in whole or in part, with respect to all vested shares until the
earlier of the Expiration Date or the termination of this option under Section 3 below or under the Plan. 

	3.	 	Exercise of Option. 

  
 (a) Form of Exercise. To exercise this option, you must sign an Exercise Notice in the form attached hereto as Exhibit A and deliver the Exercise
Notice to the Company at its principal office, accompanied by a copy of this Option Agreement and payment in full for the shares in the manner provided in the Plan. You may purchase less than the number of shares covered under this Option Agreement,
but may not partially exercise this option for any fractional share or for fewer than ten whole shares. This option shall be deemed to be exercised when the Company receives your fully-executed Exercise Notice, a copy of this Stock Option Agreement,
and payment in full for the shares in the manner provided in the Plan. Notwithstanding the foregoing, if authorized by the Company you may exercise this option under a Company approved broker-assisted exercise program. In such case you shall be
required to properly complete a notice of exercise provided by the Company under the broker-assisted exercise program, which may be in electronic form, in lieu of the Exercise Notice attached as Exhibit A, and to comply with the exercise procedures
established by the Company for the broker-assisted exercise program, which procedures may vary from those set forth in this subsection 3(a). 
  
 (b) Continuous Relationship with the Company Required. [intentionally omitted] 
  
 (c) Termination of Relationship with the Company. [intentionally omitted] 
  
 (d) Exercise Period upon Death. If you die prior to the Expiration
Date, then your estate shall be entitled to exercise this option within two (2) years following the date of your death. At the end of this two-year period, this option shall terminate. Notwithstanding the above, in no event shall this option be
exercisable after the Expiration Date. 
  
 (e) Compliance with
Agreements Required. If you violate the terms of any employment agreement, non-competition agreement, non-solicitation agreement, confidentiality agreement, non-disclosure agreement, intellectual property agreement, or any other agreement or
contract between you and the Company, your right to exercise this option shall terminate immediately upon such violation. 
  
 (f) Discharge for Cause. [intentionally omitted] 
  

	4.	 	Withholding. 

  
 No shares will be issued to you upon exercise of this option unless and until you pay to the Company, or make provision satisfactory to the Company for
payment of, any federal, state, or local withholding taxes required by law to be withheld with respect to this option. 
  

	5.	 	Non-Transferability of Options. 

  
 You shall not sell, pledge, assign or transfer this option in any manner other than by a qualified domestic relations order as defined by the Code or
Title I of the Employee Retirement Income Security Act of 1974, as amended, or the rules thereunder (“QDRO”) or by will or the laws of descent and distribution unless and until this option has been exercised, or the shares underlying this
option have been issued, and all restrictions applicable to such shares have lapsed; provided, however, you may transfer this option to a Permitted Transferee (as defined below) to the extent permitted by any applicable law or regulations and
subject to the following terms and conditions: 
  

 -2- 

 (a) If you transfer this option to a Permitted Transferee, (i) the Permitted Transferee shall not assign
or transfer the option other than by a QDRO or by will or the laws of descent and distribution and (ii) the option shall continue to be subject to all the terms and conditions of the option as applicable to you (other than the ability to further
transfer the option). 
  
 (b) You and the Permitted Transferee
shall execute any and all documents reasonably requested by the Company’s Board of Directors, including without limitation documents to (i) confirm the status of the transferee as a Permitted Transferee, (ii) satisfy any requirements for an
exemption for the transfer under applicable federal and state securities laws and (iii) evidence the transfer. 
  
 (c) Shares of Class A Common Stock acquired by a Permitted Transferee through exercise of this option may not be transferred, nor will any assignee or
transferee thereof be recognized as an owner of such shares of Class A Common Stock for any purpose, unless a registration statement under the Securities Act of 1933, as amended, and any applicable state securities act with respect to such shares
shall then be in effect or unless the availability of an exemption from registration with respect to any proposed transfer or disposition of such shares shall be established to the satisfaction of counsel for the Company. 
  
 As used in this Section 5, “Permitted Transferee” shall mean (i)
one or more of the following members of your family: spouse, former spouse, child (whether natural or adopted), stepchild, or any other lineal descendant of yours; (ii) a trust, partnership or other entity established and existing for the sole
benefit of, or under the sole control of, you and/or one or more of the above-referenced members of your family; or (iii) any other transferee specifically approved by the Company’s Board of Directors after taking into account any state or
federal tax or securities laws applicable to transferable options. 
  
 No interest or right in this option shall be liable for the debts, contracts or engagements of the holder thereof or his successors in interest or shall be subject to disposition by transfer, alienation, anticipation,
pledge, encumbrance, assignment or any other means whether such disposition be voluntary or involuntary or by operation of law by judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy), and any
attempted disposition of an interest or right in this option shall be null and void and of no effect, except to the extent that such disposition is permitted by the preceding provisions of this Section 5. Except as specifically provided in Section
3(d) or in this Section 5, this option shall be exercised only by you. 
  

	6.	 	Provisions of the Plan. 

  
 This option is subject to the provisions of the Plan. In the event of a conflict between the provisions of the Plan and this Option Agreement, the Plan
shall govern. 
  

	7.	 	Data Privacy. 

  
 In order to administer the Plan, the Company may process personal data about you. Such data includes but is not limited to the information provided in
this Option Agreement and any changes thereto, other appropriate personal and financial data about you such as home address and business addresses and other contact information, payroll information and any other information that might be deemed
appropriate by the Company to facilitate the administration of the Plan. By accepting this option, you give explicit consent to the Company to process any such personal data. You also give explicit consent to the Company to transfer any such
personal data outside or within the country in which you work or are employed, including, with respect to non-U.S. resident Participant, to the United States, to transferees who shall include the Company, a broker retained by you or the Company for
the purpose of assisting 
  

 -3- 

 with an exercise of options and other persons who are designated by the Company to administer or assist with the
implementation, administration or management of the Plan. You may object to the collection, use, processing or transfer of such data by notifying the General Counsel of the Company in writing. You understand that such objection may impair your
ability to participate in the Plan. 
  

	8.	 	Entire Agreement; Governing Law. 

  
 The Plan, this Option Agreement, and the attached Exercise Notice constitute the entire agreement of the parties and supersede in their entirety all prior
undertakings and agreements of the Company and you with respect to the subject matter hereof. The entire agreement shall be governed by the laws of the State of Delaware without giving effect to any choice or conflict of law provision or rule
(whether of the State of Delaware or any other jurisdiction) that would cause the application of laws of any jurisdictions other than those of the State of Delaware. 
  
 IN WITNESS HEREOF, the Company has caused this option to be executed by its duly authorized officer. This option shall take
effect as a sealed instrument. 
  

			
	MICROSTRATEGY INCORPORATED
		
	 By:
	 	 /s/    Michael J. Saylor

	 Title:
	 	 Michael J. Saylor
 Chairman &
CEO

  
  
  
  

 -4- 

 PARTICIPANT’S ACCEPTANCE 
  
 The undersigned hereby accepts the foregoing Option Agreement and agrees to the terms and conditions thereof. The
undersigned hereby acknowledges receiving a copy of the Plan. The undersigned has reviewed the Plan and this Option Agreement in their entirety, has had an opportunity to obtain the advice of counsel before executing this Option Agreement and fully
understands all provisions of the Plan and this Option Agreement. The undersigned hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Company upon any questions relating to the Plan and Option Agreement.

  

	
	 PARTICIPANT:

	
	 /s/    Jonathan J. Ledecky

	

	 Signature

  

	
	 
	
	 Jonathan J. Ledecky

	

	 Print Name

  
 CONSENT OF
SPOUSE 
  
 The undersigned spouse of the Participant has read
and hereby approves the terms and conditions of the Plan and this Option Agreement. In consideration of the Company’s granting his or her spouse the right to purchase shares as set forth in the Plan and this Option Agreement, the undersigned
hereby agrees to be irrevocably bound by the terms and conditions of the Plan and this Option Agreement and further agrees that any community property interest shall be similarly bound. The undersigned hereby appoints the undersigned’s spouse
as attorney-in-fact for the undersigned with respect to any amendment or exercise of rights under the Plan or this Option Agreement. 
  

	
	 SPOUSE OF PARTICIPANT:

	
	 
	

	 Signature

	
	 
	

	 Print Name

  

 -5- 

 EXHIBIT A TO THE STOCK OPTION AGREEMENT 
  
 MICROSTRATEGY INCORPORATED 
  
 Amended and Restated 1999 Stock Option Plan 
  
 EXERCISE NOTICE 
  
 MicroStrategy Incorporated 
 1861 International Drive 
 McLean, VA 22102 
 Attention: Stock Option Administrator 
  
 1. Exercise of Option. Effective as of today,
                            , 20        , I,
                                        
(“Purchaser”), hereby elect to purchase                      shares (the “Shares”) of the Class A Common Stock of
MicroStrategy Incorporated (the “Company”) under and pursuant to the MicroStrategy Incorporated Amended and Restated 1999 Stock Option Plan, as may be amended (the “Plan”), and the Stock Option Agreement applicable to the stock
option grant referenced below (the “Option Agreement”): 
  

											
	 Grant Number

	  	Date of Grant

	  	Number of Shares
Being Exercised

	  	 Exercise
 Price Per Share

	  	Aggregate
Exercise Price

	 	  	 	  	 	  	$	 	  	$	 

  
 2. Delivery of
Payment. Purchaser herewith delivers to the Company the full purchase price for the Shares. 
  
 3. Representations of Purchaser. Purchaser acknowledges that Purchaser has received, read and understood the Plan and the Option Agreement and
agrees to abide by and be bound by their terms and conditions. 
  
 4. Rights as Stockholder. Subject to the terms and conditions of the Plan, the Option Agreement, and this Exercise Notice, Purchaser shall have all of the rights of a stockholder of the Company with respect to the Shares from and
after the date the stock certificate evidencing such Shares is issued, as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company. 
  
 5. Tax Consultation. Purchaser understands that Purchaser may suffer
adverse tax consequences as a result of Purchaser’s purchase or disposition of the Shares. Purchaser represents that Purchaser has consulted with any tax consultants Purchaser deems advisable in connection with the purchase or disposition of
the Shares and that Purchaser is not relying on the Company for any tax advice. 
  
 6. Interpretation. Any dispute regarding the interpretation of the Plan, the Option Agreement, or this Exercise Notice shall be submitted by Purchaser or by the Company forthwith to the 

 Company’s Board of Directors or the committee thereof that administers the Plan, which shall review such dispute at
its next regular meeting. The resolution of such a dispute by the Board or committee shall be final and binding on the Company and on Purchaser. 
  
 7. Entire Agreement; Governing Law. The Plan, the Option Agreement, and this Exercise Notice constitute the entire agreement of the parties and
supersede in their entirety all prior undertakings and agreements of the Company and Purchaser with respect to the subject matter hereof. The entire agreement shall be governed by the laws of the State of Delaware without giving effect to any choice
or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application of laws of any jurisdictions other than those of the State of Delaware. 
  

									
	 Submitted by:
	 	 	 	 Accepted by:

			
	 PURCHASER:
	 	 	 	 MicroStrategy Incorporated

				
	
	 	 	 	By:	 	

	 Signature
	 	 	 	 	 	Michael J. Saylor
				
	
	 	 	 	 Title:
	 	Chairman & CEO
	 Print Name
	 	 	 	 	 	 
			
	
	 	 	 	 Address:

	 Tax I.D. Number
	 	 	 	  
 1861 International
Drive
 McLean, VA 22102

			
	
	 	 	 	 
	 Address
	 	 	 	 
			
	
	 	 	 	 
	 City, State,
Zip                                        
        Country
	 	 	 	 
			
	 Brokerage Account Information (voluntary)*
	 	 	 	 
	  
  

	 	 	 	 *       This section will also need to be
completed if you would like your shares to be wired directly to your brokerage account, which generally takes a few business days. If you do not supply brokerage account information, your stock certificate will be mailed to you. Please note that it
can take several weeks before you receive shares by mail.

	 Broker Name
	 	 	 
	  
  

	 	 	 
	 Broker DTC Number
	 	 	 
	  
  

	 	 	 
	 Account Number
	 	 	 

  

 -2-

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