Document:

exv10w5

 

Exhibit 10.5

JUNIPER NETWORKS, INC.

1999 EMPLOYEE STOCK PURCHASE PLAN

(As amended through December 16, 2005)

     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 Juniper Networks, 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, sales commission, and other compensation.

          (f) “Designated Subsidiary” shall mean any Subsidiary which has been designated by the
Board from time to time in its sole discretion as eligible to participate in the Plan.

          (g) “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 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 91st day of such leave.

          (h) “Enrollment Date” shall mean the first day of each Offering Period.

          (i) “Exercise Date” shall mean the last day of each Offering Period.

          (j) “Fair Market Value” shall mean, as of any date, the value of Common Stock
determined as follows:

 

 

               (1) 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 on the date of such determination, as reported in The Wall Street Journal or
such other source as the Board deems reliable; or

               (2) 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

               (3) 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

               (4) For purposes of the Enrollment Date of the first Offering Period under the Plan, the Fair
Market Value shall be the initial price to the public as set forth in the final prospectus included
within the registration statement in Form S-1 filed with the Securities and Exchange Commission for
the initial public offering of the Company’s Common Stock (the “Registration Statement”).

          (k) “Offering Period” shall mean a period of approximately six (6) 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 terminating on the last Trading Day in the period ending the following July
31, or commencing on the first Trading Day on or after August 1 and terminating on the last Trading
Day in the period ending the following January 31; provided, however, that the first Offering
Period under the Plan shall commence with the first Trading Day on or after the date on which the
Securities and Exchange Commission declares the Company’s Registration Statement effective and
ending on the last Trading Day on or before July 31, 2000 and the second Offering Period shall
commence with the first Trading Day on or after February 1, 2000 and ending on the last Trading Day
on or before July 31, 2000. The duration of Offering Periods may be changed pursuant to Section 4
of this Plan.

          (l) “Plan” shall mean this Employee Stock Purchase Plan.

          (m) “Purchase Price” shall mean an amount equal to 85% of the Fair Market Value of a
share of Common Stock on the Enrollment Date or on the Exercise Date, whichever is lower; provided,
however, that the Purchase Price may be adjusted by the Board pursuant to Section 20.

          (n) “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.

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          (o) “Subsidiary” shall mean a corporation, domestic or foreign, of which not less than
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.

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

     3. Eligibility.

          (a) Any Employee 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 Offering Periods
with a new Offering Period commencing on the first Trading Day on or after February 1 and August 1
each year, or on such other date as the Board shall determine, and continuing thereafter until
terminated in accordance with Section 20 hereof; provided, however, that the first Offering Period
under the Plan shall commence with the first Trading Day on or after the date on which the
Securities and Exchange Commission declares the Company’s Registration Statement effective and
ending on the last Trading Day on or before July 31, 2000 and the second Offering Period shall
commence with the first Trading Day on or after February 1, 2000 and ending on the last Trading Day
on or before July 31, 2000. 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 five (5) 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 on or 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.

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     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 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 following five (5) business days after the Company’s receipt of the new subscription
agreement. 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 any time during an Offering Period. Payroll deductions shall recommence at the
rate provided in such participant’s subscription agreement at the beginning of the first Offering
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 the
Exercise Date of 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 any twelve (12) month period more than six thousand (6,000) shares (subject to any
adjustment pursuant to Section 19), and provided further that such purchase shall be subject to the
limitations set forth in Sections 3(b) and 12 hereof. Exercise of the option shall occur as
provided in

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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 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, the
shares purchased upon exercise of his or her option.

     10. Withdrawal.

          (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) 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. Termination of Employment. 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 15 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.

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

     13. Stock.

          (a) Subject to adjustment upon changes in capitalization of the Company as provided in Section
19 hereof, the maximum number of shares of the Company’s Common Stock which shall be made available
for sale under the Plan shall be twelve million (12,000,000) shares, plus an annual increase to be
added on the first day of the Company’s fiscal year beginning in 2000 equal to the lesser of (i)
3,000,000 shares, (ii) 1% of the outstanding shares on such date or (iii) a lesser amount
determined by the Board. 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.

     14. Administration. 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.

     15. 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

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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.

     16. 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 15 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.

     17. 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.

     18. 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.

     19. 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 maximum number of shares each participant may purchase per Offering
Period (pursuant to Section 7), 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 Period then in progress shall be shortened by setting a
new Exercise Date (the “New Exercise Date”), and shall terminate immediately prior to the
consummation of such proposed dissolution or liquidation, unless provided otherwise by the Board.
The New Exercise Date shall be before the date of the Company’s proposed dissolution or
liquidation. 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

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Exercise Date, unless prior to such date the participant has withdrawn from the Offering
Period as provided in Section 10 hereof.

          (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, each
outstanding option shall be assumed or an equivalent option substituted by the successor
corporation or a Parent or Subsidiary of the successor corporation. In the event that the
successor corporation refuses to assume or substitute for the option, the Offering Period then in
progress shall be shortened by setting a new Exercise Date (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.

     20. 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 19 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 Offering Period or the Plan
is in the best interests of the Company and its stockholders. Except as provided in Section 19 and
Section 20 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 Section
423 of the Code (or any other applicable law, regulation or stock exchange rule), the Company shall
obtain shareholder 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:

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

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               (2) 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

               (3) allocating shares.

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

     21. 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.

     22. 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.

     23. Term of Plan. The Plan shall become effective upon the earlier to occur of its
adoption by the Board of Directors or its approval by the stockholders of the Company. It shall
continue in effect for a term of ten (10) years unless sooner terminated under Section 20 hereof.

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EXHIBIT A

JUNIPER NETWORKS, INC.

1999 EMPLOYEE STOCK PURCHASE PLAN

SUBSCRIPTION AGREEMENT

	 	 	 
	      Original Application

	 	Enrollment Date:                    
	      Change in Payroll Deduction Rate
	 	 
	      Change of Beneficiary(ies)
	 	 

	1.	 	                                         hereby elects to participate in the Juniper Networks,
Inc., 1999 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 option.

	4.	 	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. I understand that my ability to exercise the option under this Subscription
Agreement is subject to stockholder approval of the Employee Stock Purchase Plan.

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

	6.	 	I understand that if I dispose of any shares received by me pursuant to the Plan within 2
years after the Enrollment Date (the first day of the Offering Period during which I purchased
such shares), 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 30 days after the
date of any disposition of 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 

A-1

 

	 	 	 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 2-year holding period, 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 (1) 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 (2) 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.

	7.	 	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.

	8.	 	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:
	 	 
	 

	 	 
	 
	 	 
	 
	 	 
	 

	 	 
	 
	 	 
	 
	 	 
	 

	 	 

A-2

 

     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)

A-3

 

EXHIBIT B

JUNIPER NETWORKS, INC.

1999 EMPLOYEE STOCK PURCHASE PLAN

NOTICE OF WITHDRAWAL

     The undersigned participant in the Offering Period of the Juniper Networks, Inc., 1999
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:
	 

	 	 	 	 

B-1exv10w23

 

Exhibit 10.23

Execution Version

THIRD AMENDMENT

     This THIRD AMENDMENT (this “Amendment”) is dated as of December 23, 2005 and is
entered into by and between HOLLY CORPORATION, a Delaware corporation (the “Borrower”),
each of the lenders signatory hereto, and BANK OF AMERICA, N.A., in its capacity as the
Administrative Agent for the Lenders under the Credit Agreement referred to below (in such
capacity, the “Administrative Agent”).

RECITALS:

     WHEREAS, pursuant to that certain Credit Agreement, dated as of July 1, 2004 (as amended by
the First Amendment thereto dated as of January 25, 2005 and the Second Amendment thereto dated as
of May 17, 2005, and as further amended, restated, supplemented or otherwise modified from time to
time, the “Credit Agreement”), among the Borrower, each lender from time to time party
thereto (collectively, the “Lenders”), the Administrative Agent, Guaranty Bank and PNC
Bank, National Association, as co-documentation agents, and Union Bank of California, N.A., as
syndication agent, the Lenders have agreed to make certain Loans and issue certain Letters of
Credit to and for the benefit of the Borrower;

     WHEREAS, the Borrower has requested that Required Lenders agree to amend certain provisions of
the Credit Agreement as more fully described below and the Required Lenders are willing to so
agree; and

     WHEREAS, unless otherwise defined herein, capitalized terms used in this Amendment shall have
the same definitions as are contained in the Credit Agreement.

     NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, and incorporating the foregoing recitals herein, the parties hereto agree as
follows.

SECTION I.

AMENDMENTS

     Subject to the terms and conditions set forth in this Amendment (including, without
limitation, Section III) and in reliance on the representations and warranties of the Borrower set
forth herein, the Credit Agreement is amended as follows:

	 	(a)	 	A new definition is added in alphabetical order in Section
1.01 of the Credit Agreement as follows:

	 	 	 	“Secondary Share Repurchase Program” means the repurchase by the
Borrower, subsequent to November 7, 2005, of its common stock, par value $.01
per share, for an aggregate amount not to exceed $200,000,000.

	 	(b)	 	Section 7.03(e) is amended by (i) deleting the reference to
“Section 7.01(i)” in the second line thereof and replacing it with
“Section 7.01(h)” and (ii) deleting the reference to “$10,000,000” in
the fourth line thereof and replacing it with “$25,000,000”.

 

 

	 	(c)	 	Section 7.05 is amended by (i) deleting the word “and” at the
end of clause (f) thereof, (ii) deleting the “.” at the end of clause (g)
thereof and replacing it with “; and” and (iii) adding a new clause (h) as
follows:

	 	 	 	“(h) The Disposition by the Borrower or any Restricted Subsidiary of assets in a
Sale and Leaseback Transaction if and to the extent that the corresponding lease
obligation is permitted under Section 7.03(e).”

	 	(d)	 	Section 7.05 is further amended by deleting the reference to
“clauses (a) through (g)” in the last line thereof and replacing it with
“clauses (a) through (h)”.
	 
	 	(e)	 	Section 7.06(d) is amended by (i) deleting each reference
therein to “March 31, 2005” and replacing it with “September 30, 2005” and (ii)
deleting the word “and” at the end thereof.
	 
	 	(f)	 	Section 7.06 is amended by (i) deleting the “.” at the end of
clause (e) thereof and replacing it with “; and” and (ii) adding a new clause
(f) as follows:
	 
	 	“(f) the Borrower may purchase, redeem or acquire shares of its common stock,
$.01 par value per share, pursuant to the Secondary Share Repurchase Program;
provided that immediately after giving effect to such proposed action,
no Default would exist.”

	 
	 	(g)	 	Section 7.11(a) is amended by adding the following at the end
of such section:

	 
	 	“and the Secondary Share Repurchase Program”.

SECTION II.

REPRESENTATIONS AND WARRANTIES

     The Borrower hereby represents and warrants to the Administrative Agent and the Lenders as of
the date hereof as follows:

     2.1 Corporate Power. The Borrower has the requisite corporate power and authority to
execute and deliver this Amendment and to perform its obligations hereunder and under the other
Loan Documents. The execution, delivery and performance by the Borrower of this Amendment, and the
performance by the Borrower and by each other Loan Party of each Loan Document to which it is a
party have been duly approved by all necessary corporate action of such Loan Party and no other
corporate proceedings on the part of such Loan Party are necessary to consummate such transactions.

     2.2 Authorization and Enforceability. This Amendment has been duly executed and
delivered by the Borrower. Each of this Amendment and each other Loan Document is the legal, valid
and binding obligation of each Loan Party hereto and thereto, enforceable against such Loan Party
in accordance with its terms, and is in full force and effect.

2

 

     2.3 Defaults. No event has occurred and is continuing that constitutes a Default or
an Event of Default.

SECTION III.

CONDITIONS TO EFFECTIVENESS

     This Amendment shall not be effective until each of the following conditions precedent shall
have been satisfied.

     3.1 Execution. The Borrower, the Administrative Agent and the Required Lenders shall
have executed and delivered this Amendment to the Administrative Agent.

     3.2 Representations and Warranties. Each of the representations and warranties in
Section II above shall be true and correct as of the date of this Amendment.

SECTION IV.

MISCELLANEOUS.

     4.1 Limited Effect. Except as otherwise expressly set forth herein, the Credit
Agreement and each other Loan Document shall continue to be, and shall remain, unaltered and in
full force and effect in accordance with their terms and are hereby confirmed and ratified. To the
extent that any existing provision of the Credit Agreement or any other Loan Document is
inconsistent with the specific provisions of this Amendment, the provisions of this Amendment shall
control.

     4.2 No Novation. This Amendment shall not be deemed or construed to be a
satisfaction, restatement, novation or release of the Credit Agreement or of any of the other Loan
Documents or a waiver by the Administrative Agent or any Lender of any of the defenses, rights or
remedies of the Administrative Agent and the Lenders under the Credit Agreement or any of the other
Loan Documents or at law or in equity or otherwise.

     4.3 Reaffirmation. The Borrower hereby reaffirms each and every covenant, condition,
obligation and provision set forth in the Loan Documents other than as specifically amended by this
Amendment.

     4.4 Headings. Section headings in this Amendment are included herein for convenience
of reference only and shall not constitute a part of this Amendment for any other purpose.

     4.5 Severability. Any provision of this Amendment which is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.

     4.6 Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND
ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

3

 

     4.7 Counterparts. This Amendment may be executed in any number of counterparts, and
by different parties hereto in separate counterparts, each of which when so executed and delivered
shall be deemed an original, but all such counterparts together shall constitute but one and the
same instrument. Delivery of an executed counterpart of a signature page to this Amendment by
facsimile shall be effective as delivery of a manually executed counterpart of this Amendment.

     4.8 Construction. The Borrower acknowledges that it has been represented by its own
legal counsel in connection with the negotiation, execution and delivery of this Amendment, that it
has exercised independent judgment with respect to this Amendment, and that it has not relied on
the Administrative Agent or any Lender or on the Administrative Agent’s or any Lender’s counsel for
any advice with respect to this Amendment.

[Signature page follows]

4

 

     IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed and delivered
by their proper and duly authorized officers as of the date first set forth above.

	 	 	 	 	 
	 	BORROWER:

HOLLY CORPORATION,

a Delaware corporation, as Borrower

 	 
	 	By:  	/s/
Stephen D. Wise
 	 
	 	 	Name:  	Stephen D. Wise 	 
	 	 	Title:  	Treasurer 	 
	 

	 	 	 	 	 
	 	ADMINISTRATIVE AGENT:

BANK OF AMERICA, N.A.,

in its capacity as Administrative Agent for and on

behalf of the Lenders

 	 
	 	By:  	/s/ Claire Liu
 	 
	 	 	Name:  	Claire Liu 	 
	 	 	Title:  	Senior Vice President 	 
	 

5

 

	 	 	 	 	 
	 	LENDERS:

BANK OF AMERICA, N.A.,

as a Lender

 	 
	 	By:  	
/s/ Claire Liu
 	 
	 	 	Name:  	Claire Liu 	 
	 	 	Title:  	Senior Vice President 	 
	 

[Signature Page to Holly Corporation Third Amendment to Credit Agreement]

 

 

	 	 	 	 	 
	 	PNC BANK, NATIONAL ASSOCIATION,

as a Lender

 	 
	 	By:  	/s/
Marc Muehlemann
 	 
	 	 	Name:  	Marc Muehlemann	 
	 	 	Title:  	Vice President 	 
	 

[Signature Page to Holly Corporation Second Amendment to Credit Agreement]

 

 

	 	 	 	 	 
	 	GUARANTY BANK,

as a Lender

 	 
	 	By:  	/s/
Jim R. Hamilton
 	 
	 	 	Name:  	Jim R. Hamilton 	 
	 	 	Title:  	Senior Vice President 	 
	 

[Signature Page to Holly Corporation Second Amendment to Credit Agreement]

 

 

	 	 	 	 	 
	 	UNION BANK OF CALIFORNIA, N.A.,

as a Lender

 	 
	 	By:  	/s/ Sean Murphy
 	 
	 	 	Name:  	Sean Murphy 	 
	 	 	Title:  	Vice President 	 
	 

[Signature
Page to Holly Corporation Second Amendment to Credit Agreement]

 

 

	 	 	 	 	 
	 	REGIONS BANK,

as a Lender

 	 
	 	By:  	/s/ Jated Andersen
 	 
	 	 	Name:  	Jated Andersen 	 
	 	 	Title:  	Vice President 	 
	 

[Signature
Page to Holly Corporation Second Amendment to Credit Agreement]

 

 

	 	 	 	 	 	 	 	 	 
	 	 	RZB FINANCE LLC,	 	 	 	 
	 	 	as a Lender	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:
	 	/s/ John A. Valiska
	 	By:
	 	 /s/ Christoph Hoedl
	 

	 	 	 	 
	 	 	 	 
	 

	 	 	 	Name: JOHN A. VALISKA
	 	 	 	Name: CHRISTOPH HOEDL
	 

	 	 	 	Title: First Vice President
	 	 	 	Title: Group Vice President

[Signature
Page to Holly Corporation Second Amendment to Credit Agreement]

 

 

	 	 	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION,

as a Lender

 	 
	 	By:  	/s/ Mark E. Thompson
 	 
	 	 	Name:  	Mark E. Thompson 	 
	 	 	Title:  	Vice President 	 
	 

[Signature
Page to Holly Corporation Second Amendment to Credit Agreement]

 

 

	 	 	 	 	 
	 	WELLS FARGO BANK, N.A.,

as a Lender

 	 
	 	By:  	/s/ M. Jarrod Bourgeois
 	 
	 	 	Name:  	M. Jarrod Bourgeois 	 
	 	 	Title:  	Assistant Vice President 	 
	 

[Signature
Page to Holly Corporation Second Amendment to Credit Agreement]

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