Document:

exv4w1

Exhibit 4.1

[Form of Note]

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND
IS REGISTERED IN THE NAME OF A DEPOSITORY (AS DEFINED IN THE INDENTURE) OR A NOMINEE THEREOF. THIS
GLOBAL SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE
DEPOSITORY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE AND, UNLESS
AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE FORM, THIS GLOBAL
SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY,
OR BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY, OR BY THE
DEPOSITORY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITORY.

UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY,
A NEW YORK CORPORATION (“DTC”), TO THE COMPANY (AS DEFINED BELOW) OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR
IN SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC) ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

			
	 	 	 
	No. R-001
	 	$•
	CUSIP No. 00440E AN 7	 	 
	ISIN US00440EAN76	 	 

ACE INA Holdings Inc.

2.60% Senior Note due 2015

     ACE INA Holdings Inc., a Delaware corporation (hereinafter called the “Company”, which term
includes any successor corporation under the Indenture referred to below), for value received,
hereby promises to pay to Cede & Co., or registered assigns, the principal sum of [ ] Hundred
Million Dollars ($•) on November 23, 2015 and to pay interest thereon from November 23, 2009 or
from the most recent interest payment date to which interest has been paid or duly provided for,
payable semi-annually on November 23 and May 23 in each year (each, an “Interest Payment Date”),
commencing May 23, 2009, at the rate of 2.60% per annum, until the principal hereof (and any
Additional Amounts (as defined below)) is paid or duly made available for payment. Interest on
this Note shall be computed on the basis of a 360-day year of twelve 30-day months. If any
Interest Payment Date or the maturity date falls on a day that is

 

 

not a Business Day, the required payment shall be made on the next Business Day as if it were
made on the date such payment was due and no interest shall accrue on the amount so payable for the
period from and after such Interest Payment Date or the maturity date, as the case may be, to such
next Business Day. The interest so payable and punctually paid or duly provided for on any
Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this
Note (or one or more Predecessor Securities) is registered at the close of business on the regular
record date for such interest, which shall be May 8 or November 8 (whether or not a Business Day),
as the case may be, next preceding such Interest Payment Date. Any such interest which is payable,
but is not punctually paid or duly provided for, on any Interest Payment Date shall forthwith cease
to be payable to the registered Holder hereof on the relevant regular record date by virtue of
having been such Holder, and may be paid to the Person in whose name this Note (or one or more
Predecessor Securities) is registered at the close of business on a subsequent special record date
(which shall be at least 10 days before the payment date) for the payment of such defaulted
interest to be fixed by the Company, notice whereof shall be given to the Holders of Notes of this
series not less than 10 days prior to such Special Record Date, or may be paid at any time in any
other lawful manner not inconsistent with the requirements of any securities exchange on which the
Notes may be listed, and upon such notice as may be required by such exchange, all as more fully
provided in such Indenture. Any interest paid on this Note shall be increased to the extent
necessary to pay Additional Amounts as set forth in this Note.

     Payment of the principal of, interest on or any Redemption Price or Additional Amounts in
respect of this Note will be made at the office or agency of the Company and the Guarantor (as
defined below) maintained for that purpose in The Borough of Manhattan, The City of New York, in
such coin or currency of the United States of America as at the time of payment is legal tender for
payment of public and private debts; provided, however, that, at the option of the Company or the
Guarantor, interest may be paid by check mailed to the address of the Person entitled thereto as
such address shall appear in the Security Register; provided, further, that payment to DTC or any
successor Depository may be made by wire transfer to the account designated by DTC or such
successor depository in writing.

     This Note is one of a duly authorized issuance of securities of the Company (herein called the
“Notes”), fully and unconditionally guaranteed as to payment of principal, premium, if any, and
interest by ACE Limited, a Swiss corporation (Aktiengesellschaft) (the “Guarantor”), issued and to
be issued in one or more series under an Indenture, dated as of August 1, 1999 (herein called,
together with all indentures supplemental thereto, the “Indenture”), among the Company, the
Guarantor and The Bank of New York Mellon Trust Company, N.A. (formerly known as The Bank of New York Trust Company,
N.A., as successor to J.P. Morgan Trust Company, National Association and The First National Bank
of Chicago), as Trustee (herein called the “Trustee”, which term includes any successor trustee
under the Indenture), to which the Indenture and all indentures supplemental thereto referenced is
hereby made for a statement of the respective rights, limitations of rights, duties and immunities
thereunder of the Company, the Guarantor, the Trustee and the Holders of the Notes, and of the
terms upon which the Notes are, and are to be, authenticated and delivered. This Note is one of
the series designated on the face hereof, initially limited (subject to exceptions provided in the
Indenture) to the aggregate principal amount specified in the Officer’s Certificate, dated as of
November 23, 2009, establishing the terms of the Notes pursuant to the Indenture.

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     The Notes are senior unsecured obligations of the Company. The Company’s obligation to pay
the principal of, interest on or any Additional Amounts in respect of the Notes is unconditionally
guaranteed on a senior unsecured basis by the Guarantor pursuant to Article 16 of the Indenture.

     If an Event of Default with respect to the Notes shall occur and be continuing, the principal
of the Notes may be declared due and payable in the manner and with the effect provided in the
Indenture.

     The Indenture contains provisions permitting, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the Company or the
Guarantor and the rights of the Holders of the Securities of each series issued under the Indenture
at any time by the Company, the Guarantor and the Trustee with the written consent of the Holders
of not less than a majority in aggregate principal amount of the Securities at the time Outstanding
of each series affected thereby. The Indenture also contains provisions permitting the Holders of
specified percentages in aggregate principal amount of the Securities of any series at the time
Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the
Company or the Guarantor with certain provisions of the Indenture and certain past defaults under
the Indenture and their consequences. Any such consent or waiver by the Holder of this Note shall
be conclusive and binding upon such Holder and upon all future Holders of this Note and of any
Notes issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof,
whether or not notation of such consent or waiver is made upon this Note.

     This Note is not subject to any sinking fund.

     No reference herein to the Indenture and no provision of this Note or of the Indenture shall
alter or impair the obligation of the Company, which is absolute and unconditional, to pay the
principal of, interest on or any Redemption Price or any Additional Amounts in respect of this
Note, at the times, place and rate, and in the coin or currency, herein and in the Indenture
prescribed.

     As provided in the Indenture and subject to certain limitations set forth therein and in this
Note, the transfer of this Note may be registered on the Security Register upon surrender of this
Note for registration of transfer at the office or agency of the Company and the Guarantor
maintained for that purpose in any place where the principal of, interest on or any Additional
Amounts in respect of this Note are payable, duly endorsed by, or accompanied by a written
instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed
by, the Holder hereof or by his attorney duly authorized in writing, and thereupon one or more new
Notes of this series and of like tenor, of authorized denominations and for the same aggregate
principal amount, will be issued to the designated transferee or transferees.

     The Notes are issuable only in registered form without coupons in the denominations specified
in the Officer’s Certificate, dated as of November 23, 2009, establishing the terms of the Notes,
all as more fully provided in the Indenture and such Officer’s Certificate. As provided in the
Indenture and in such Officer’s Certificate, and subject to certain limitations set forth in the
Indenture, such Officer’s Certificate and in this Note, the Notes are exchangeable for a like

3

 

aggregate principal amount of Notes of this series in different authorized denominations, as
requested by the Holders surrendering the same.

     No service charge shall be made for any such registration of transfer or exchange, but the
Company may require payment of a sum sufficient to cover any tax or other governmental charge
payable in connection therewith, other than in certain cases provided in the Indenture.

     Prior to due presentment of this Note for registration of transfer, the Company, the
Guarantor, the Trustee and any agent of the Company, the Guarantor or the Trustee may treat the
Person in whose name this Note is registered as the owner hereof for all purposes, whether or not
this Note be overdue, and neither the Company, the Guarantor, the Trustee nor any such agent shall
be affected by notice to the contrary.

     The Notes are redeemable as a whole or in part, at the Company’s option at any time, at a
Redemption Price equal to the greater of (i) 100 percent of the principal amount of the Notes to be
redeemed or (ii) the sum of the present values of the remaining scheduled payments of principal and
interest thereon (excluding interest accrued to the Redemption Date) and discounted to Redemption
Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the
applicable Treasury Rate plus 20 basis points, plus, in each case, accrued and unpaid interest on
the principal amount being redeemed to the Redemption Date.

     “Treasury Rate” means, with respect to any Redemption Date, (1) the yield, under the heading
which represents the average for the immediately preceding week, appearing in the most recently
published statistical release designated “H.15(519)” or any successor publication which is
published weekly by the Board of Governors of the Federal Reserve System and which establishes
yields on actively traded United States Treasury securities adjusted to constant maturity under the
caption “Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury
Issue (if no maturity is within three months before or after the Remaining Life, yields for the two
published maturities most closely corresponding to the Comparable Treasury Issue will be determined
and the Treasury Rate will be interpolated or extrapolated from such yields on a straight line
basis, rounding to the nearest month) or (2) if such release (or any successor release) is not
published during the week preceding the calculation date or does not contain such yields, the rate
per year equal to the semi-annual equivalent yield-to-maturity of the Comparable Treasury Issue,
calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its
principal amount) equal to the Comparable Treasury Price for such Redemption Date. The Treasury
Rate will be calculated on the third Business Day preceding the Redemption Date.

     “Business Day” means any calendar day that is not a Saturday, Sunday or legal holiday in New
York, New York, and on which commercial banks are open for business in New York, New York.

     “Comparable Treasury Issue” means the United States Treasury security selected by an
Independent Investment Banker as having a maturity comparable to the remaining term of the notes to
be redeemed.

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     “Comparable Treasury Price” means (1) the average of four Reference Treasury Dealer Quotations
for such Redemption Date, after excluding the highest and lowest Reference Treasury Dealer
Quotations, or (2) if the Independent Investment Banker obtains fewer than four such Reference
Treasury Dealer Quotations, the average of all such quotations.

     “Independent Investment Banker” means Morgan Stanley & Co. Incorporated and its successors or,
if such firm is unwilling or unable to select the Comparable Treasury Issue, an independent
investment banking institution of national standing appointed by the Company.

     “Reference Treasury Dealer” means each of (1) Morgan Stanley & Co. Incorporated, Deutsche Bank
Securities Inc., and a Primary Treasury Dealer (as defined below) selected by Wells Fargo
Securities, LLC, and their respective successors; provided, however, that if any of the foregoing
shall cease to be a primary U.S. Government securities dealer in New York City, which we refer to
as a “Primary Treasury Dealer,” the Company will substitute another Primary Treasury Dealer and (2)
any other Primary Treasury Dealers selected by the Independent Investment Banker after consultation
with the Company.

     “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer
and Redemption Date, the average, as determined by the Independent Investment Banker, of the bid
and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its
principal amount) quoted in writing to the Independent Investment Banker at 5:00 p.m., New York
City time, on the third Business Day preceding such Redemption Date.

     All payments on this Note will be made without withholding of any present or future taxes or
governmental charges of the jurisdiction of the Company’s organization or principal executive
offices (each, a “Taxing Jurisdiction”), unless the Company is required to do so by applicable law
or regulation.

     If the Company is required to withhold amounts, it will, subject to the limitations described
below, pay to the Holder of this Note additional amounts so that every net payment made to the
Holder of this Note, after the withholding, will be the same amount provided for in this Note and
the Indenture (“Additional Amounts”).

     The Company will not be required to pay any Additional Amounts for (1) any tax or governmental
charge which would not have been imposed but for the fact that the Holder of this Note: (a) was a
resident of, or engaged in business or maintained a permanent establishment or was physically
present in, the relevant Taxing Jurisdiction or otherwise had some connection with the relevant
Taxing Jurisdiction other than the mere ownership of, or receipt of payment on, this Note, (b)
presented this Note for payment in the relevant Taxing Jurisdiction, unless this Note could not
have been presented for payment elsewhere, or (c) presented this Note for payment more than 30 days
after the date on which the payment became due unless the Holder of this Note would have been
entitled to these Additional Amounts if the Holder of this Note had presented this Note for payment
within the 30-day period; (2) any estate, inheritance, gift, sale, transfer, personal property or
similar tax or other governmental charge; (3) any tax or other governmental charge that is imposed
or withheld because of failure by the Holder of this Note to comply with any reasonable request by
the Company: (a) to provide information concerning the nationality, residence or identity of the
Holder of this Note or that of the beneficial owner of this

5

 

Note; or (b) to make any claim or satisfy any information or reporting requirement, which in
either case is required by the relevant Taxing Jurisdiction as a precondition to exemption from all
or part of the tax or other governmental charge; or (4) any combination of items (1), (2) or (3)
above.

     The Company will not pay Additional Amounts if the Holder of this Note is a fiduciary or
partnership or other than the sole beneficial owner of this Note if the beneficiary or partner or
settlor would not have been entitled to the Additional Amounts had it been the holder of this Note.

     The Company will be entitled to redeem this Note, at its option, at any time as a whole but
not in part, upon not less than 30 nor more than 60 days’ notice, at 100% of the principal amount
thereof, plus accrued and unpaid interest (if any) to the Redemption Date (subject to the right of
holders of record on the relevant record date to receive interest due on the relevant Interest
Payment Date), in the event that the Company or the Guarantor has become or would become obligated
to pay, on the next date on which any amount would be payable with respect to this Note, any
Additional Amounts as a result of: (1) a change in or an amendment to the laws (including any
regulations promulgated thereunder) of a Taxing Jurisdiction, which change or amendment is
announced after November 18, 2010; or (2) any change in or amendment to any official position
regarding the application or interpretation of such laws or regulations, which change or amendment
is announced after November 18, 2010, and, in each case, the Company or the Guarantor, as
applicable, cannot avoid such obligation by taking reasonable measures available to it.

     The Indenture contains provisions whereby (i) the Company and the Guarantor may be discharged
from their obligations with respect to the Notes (subject to certain exceptions) or (ii) the
Company and the Guarantor may be released from their obligations under specified covenants and
agreements in the Indenture, in each case if the Company or the Guarantor irrevocably deposits with
the Trustee money or Government Obligations, or a combination thereof, in an amount sufficient,
without consideration of any reinvestment, to pay and discharge the entire indebtedness on all
Notes of this series, and satisfies certain other conditions, all as more fully provided in the
Indenture.

     This Note shall be governed by and construed in accordance with the laws of the State of New
York applicable to agreements and instruments made and to be performed wholly within such State.

     All terms used in this Note without definition that are defined in the Indenture shall have
the meanings assigned to them in the Indenture.

[Remainder of Page Intentionally Left Blank]

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\

     Unless the Certificate of Authentication hereon has been executed by or on behalf of the
Trustee under the Indenture by the manual signature of one of its authorized officers, this Note
shall not be entitled to any benefits under the Indenture or be valid or obligatory for any
purpose.

     IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its
corporate seal.

	 	 	 	 	 	 	 	 	 	 

	ATTEST:	 	ACE INA HOLDINGS INC.	 
	 
	 	 	 	 	 	 	 	 	 
	[SEAL]	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 	 
	 	 	 	 	 	 
	Name:

	 	Carmine A. Giganti
	 	 	 	Name:
	 	Ken Koreyva	 
	Title:

	 	Secretary
	 	 	 	Title:
	 	Chief Financial Officer and Treasurer	 

CERTIFICATE OF AUTHENTICATION

     This is one of the Securities of the series designated therein referred to in the
within-mentioned Indenture.

Dated: November 23, 2010

	 	 	 	 	 
	 	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,
as Trustee

 	 
	 	By:  	 	 
	 	 	Authorized Officer 	 
	 	 	 	 

7

 

	 	 	 	 	 

ABBREVIATIONS

The following abbreviations, when used in the inscription on the face of this instrument, shall be
construed as though they were written out in full according to applicable laws or regulations:

	 	 	 	 	 

	TEN COM

	 	—
	 	as tenants in common
	 
	 	 	 	 
	TEN ENT

	 	—
	 	as tenants by the entireties
	 
	 	 	 	 
	JT TEN

	 	—
	 	as joint tenants with right of survivorship and not as tenants in common

	 	 	 	 	 	 	 

	UNIF GIFT MIN ACT

	 	—
	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	(Minor)	 	 
	 
	 	 	 	 	 	 
	Custodian
	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	(Cust)	 	 

	 	 	 	 	 

	Under Uniform Gifts to Minors Act

	 	 	 	 
	 

	 	 	 	 
	 

	 	(State)	 	 

Additional abbreviations may also be used though not in the above list.

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FOR VALUE RECEIVED, the undersigned registered holder hereby sell(s), assign(s) and transfer(s)
unto

 

[PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE]

	 	 	 

	 
	 	 
	 

	 	 
	 
	 	 
	 

	 	 
	 
	 	 
	 

[PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS OF ASSIGNEE]

	 	 

the within Note and all rights thereunder, hereby irrevocably constituting and appointing
_________________________________________

____________________________________________________________________________ to
transfer said Note on the books of the Company with full power of substitution in the premises.

Dated: _____________________

	 	 	 	 	 

	Signature:

	 	 
	 	 
	 

	 	 	 	 

	Notice: 	 	The signature to this assignment must correspond with
the name as it appears upon the
face of the within Note in every particular, without alteration or enlargement or any
change whatsoever.

	 	 	 	 	 

	Signature Guaranty:

	 	 
	 	 
	 

	 	 	 	 

     Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements
of the Trustee, which requirements include membership or participation in the Security Transfer
Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined
by the Trustee in addition to, or in substitution for, STAMP, all in accordance with the Securities
Exchange Act of 1934, as amended.

9exv10w17

Exhibit 10.17

F5 NETWORKS, INC

1999 EMPLOYEE STOCK PURCHASE PLAN

ORIGINALLY ADOPTED BY BOARD OF DIRECTORS APRIL 5 , 1999

ORIGINALLY APPROVED BY SHAREHOLDERS MARCH 25, 1999

AMENDMENT ADOPTED BY BOARD OF DIRECTORS JANUARY 26, 2004

AMENDMENT ADOPTED BY SHAREHOLDERS APRIL 29, 2004

SECOND AMENDMENT ADOPTED BY BOARD OF DIRECTORS JANUARY 7, 2009

SECOND AMENDMENT ADOPTED BY SHAREHOLDERS MARCH 12, 2009

AMENDMENT ADOPTED BY BOARD OF DIRECTORS SEPTEMBER 9, 2010

TERMINATION DATE: NONE

1. PURPOSE.

     (a) The purpose of the Plan is to provide a means by which Employees of the Company and
certain designated Affiliates may be given an opportunity to purchase Shares of the Company.

     (b) The Company, by means of the Plan, seeks to retain the services of such Employees, to
secure and retain the services of new Employees and to provide incentives for such persons to exert
maximum efforts for the success of the Company and its Affiliates.

     (c) The Company intends that the Rights to purchase Shares granted under the Plan be
considered options issued under an “employee stock purchase plan,” as that term is defined in
Section 423(b) of the Code.

2. DEFINITIONS.

     (a) “Affiliate” means any parent corporation or subsidiary corporation, whether now or
hereafter existing, as those terms are defined in Sections 424(e) and (f), respectively, of the
Code.

     (b) “Board” means the Board of Directors of the Company.

     (c) “Code” means the United States Internal Revenue Code of 1986, as amended.

     (d) “Committee” means a Committee appointed by the Board in accordance with subparagraph 3(c)
of the Plan.

     (e) “Company” means F5 Networks, Inc., a Washington corporation.

     (f) “Director” means a member of the Board.

     (g) “Eligible Employee” means an Employee who meets the requirements set forth in the Offering
for eligibility to participate in the Offering.

     (h) “Employee” means any person, including Officers and Directors, employed by the Company or
an Affiliate of the Company. Neither service as a Director nor payment of a director’s fee shall
be sufficient to constitute “employment” by the Company or the Affiliate.

     (i) “Employee Stock Purchase Plan” means a plan that grants rights intended to be options
issued under an “employee stock purchase plan,” as that term is defined in Section 423(b) of the
Code.

     (j) “Exchange Act” means the United States Securities Exchange Act of 1934, as amended.

     (k) “Fair Market Value” means the value of a security, as determined in good faith by the
Board. If the security is listed on any established stock exchange or traded on the Nasdaq
National Market or the Nasdaq SmallCap Market, then, except as

 

 

otherwise provided in the Offering, the Fair Market Value of the security shall be the closing
sales price (rounded up where necessary to the nearest whole cent) for such security (or the
closing bid, if no sales were reported) as quoted on such exchange or market (or the exchange or
market with the greatest volume of trading in the relevant security of the Company) on the trading
day prior to the relevant determination date, as reported in The Wall Street Journal or such other
source as the Board deems reliable.

     (l) “Non-Employee Director” means a Director who either (i) is not a current Employee or
Officer of the Company or its parent or subsidiary, does not receive compensation (directly or
indirectly) from the Company or its parent or subsidiary for services rendered as a consultant or
in any capacity other than as a Director (except for an amount as to which disclosure would not be
required under Item 404(a) of Regulation S K promulgated pursuant to the Securities Act
(“Regulation S-K”)), does not possess an interest in any other transaction as to which disclosure
would be required under Item 404(a) of Regulation S-K, and is not engaged in a business
relationship as to which disclosure would be required under Item 404(b) of Regulation S-K; or (ii)
is otherwise considered a “non-employee director” for purposes of Rule 16b-3.

     (m) “Offering” means the grant of Rights to purchase Shares under the Plan to Eligible
Employees.

     (n) “Offering Date” means a date selected by the Board for an Offering to commence.

     (o) “Outside Director” means a Director who either (i) is not a current employee of the
Company or an “affiliated corporation” (within the meaning of the Treasury regulations promulgated
under Section 162(m) of the Code), is not a former employee of the Company or an “affiliated
corporation” receiving compensation for prior services (other than benefits under a tax qualified
pension plan), was not an officer of the Company or an “affiliated corporation” at any time, and is
not currently receiving direct or indirect remuneration from the Company or an “affiliated
corporation” for services in any capacity other than as a Director, or (ii) is otherwise considered
an “outside director” for purposes of Section 162(m) of the Code.

     (p) “Participant” means an Eligible Employee who holds an outstanding Right granted pursuant
to the Plan or, if applicable, such other person who holds an outstanding Right granted under the
Plan.

     (q) “Plan” means this F5 Networks, Inc. 1999 Employee Stock Purchase Plan.

     (r) “Purchase Date” means one or more dates established by the Board during an Offering on
which Rights granted under the Plan shall be exercised and purchases of Shares carried out in
accordance with such Offering.

     (s) “Right” means an option to purchase Shares granted pursuant to the Plan.

     (t) “Rule 16b-3” means Rule 16b-3 of the Exchange Act or any successor to Rule 16b-3 as in
effect with respect to the Company at the time discretion is being exercised regarding the Plan.

     (u) “Securities Act” means the United States Securities Act of 1933, as amended.

     (v) “Share” means a share of the common stock of the Company.

3. ADMINISTRATION.

     (a) The Board shall administer the Plan unless and until the Board delegates administration to
a Committee, as provided in subparagraph 3(c). Whether or not the Board has delegated
administration, the Board shall have the final power to determine all questions of policy and
expediency that may arise in the administration of the Plan.

     (b) The Board (or the Committee) shall have the power, subject to, and within the limitations
of, the express provisions of the Plan:

          (i) To determine when and how Rights to purchase Shares shall be granted and the provisions of
each Offering of such Rights (which need not be identical).

          (ii) To designate from time to time which Affiliates of the Company shall be eligible to
participate in the Plan.

2

 

          (iii) To construe and interpret the Plan and Rights granted under it, and to establish, amend
and revoke rules and regulations for its administration. The Board, in the exercise of this power,
may correct any defect, omission or inconsistency in the Plan, in a manner and to the extent it
shall deem necessary or expedient to make the Plan fully effective.

          (iv) To amend the Plan as provided in paragraph 14.

          (v) Generally, to exercise such powers and to perform such acts as it deems necessary or
expedient to promote the best interests of the Company and its Affiliates and to carry out the
intent that the Plan be treated as an Employee Stock Purchase Plan.

     (c) The Board may delegate administration of the Plan to a Committee of the Board composed of
two (2) or more members, all of the members of which Committee may be, in the discretion of the
Board, Non-Employee Directors and/or Outside Directors. If administration is delegated to a
Committee, the Committee shall have, in connection with the administration of the Plan, the powers
theretofore possessed by the Board, including the power to delegate to a subcommittee of two (2) or
more Outside Directors any of the administrative powers the Committee is authorized to exercise
(and references in this Plan to the Board shall thereafter be to the Committee or such a
subcommittee), subject, however, to such resolutions, not inconsistent with the provisions of the
Plan, as may be adopted from time to time by the Board. The Board may abolish the Committee at any
time and revest in the Board the administration of the Plan.

4. SHARES SUBJECT TO THE PLAN.

     (a) Subject to the provisions of paragraph 13 relating to adjustments upon changes in
securities, the Shares that may be sold pursuant to Rights granted under the Plan shall not exceed
in the aggregate six million (6,000,000)1 Shares. If any Right granted under the Plan
shall for any reason terminate without having been exercised, the Shares not purchased under such
Right shall again become available for the Plan.

     (b) The Shares subject to the Plan may be unissued Shares or Shares that have been bought on
the open market at prevailing market prices or otherwise.

5. GRANT OF RIGHTS; OFFERING.

     (a) The Board may from time to time grant or provide for the grant of Rights to purchase
Shares of the Company under the Plan to Eligible Employees in an Offering on an Offering Date or
Dates selected by the Board. Each Offering shall be in such form and shall contain such terms and
conditions as the Board shall deem appropriate, which shall comply with the requirements of Section
423(b)(5) of the Code that all Employees granted Rights to purchase Shares under the Plan shall
have the same rights and privileges. The terms and conditions of an Offering shall be incorporated
by reference into the Plan and treated as part of the Plan. The provisions of separate Offerings
need not be identical, but each Offering shall include (through incorporation of the provisions of
this Plan by reference in the document comprising the Offering or otherwise) the period during
which the Offering shall be effective, which period shall not exceed twenty-seven (27) months
beginning with the Offering Date, and the substance of the provisions contained in paragraphs 6
through 9, inclusive.

     (b) If a Participant has more than one Right outstanding under the Plan, unless he or she
otherwise indicates in agreements or notices delivered hereunder: (i) each agreement or notice
delivered by that Participant will be deemed to apply to all of his or her Rights under the Plan,
and (ii) an earlier-granted Right (or a Right with a lower exercise price, if two Rights have
identical grant dates) will be exercised to the fullest possible extent before a later-granted
Right (or a Right with a higher exercise price if two Rights have identical grant dates) will be
exercised.

6. ELIGIBILITY.

     (a) Rights may be granted only to Employees of the Company or, as the Board may designated as
provided in subparagraph 3(b), to Employees of an Affiliate. Except as provided in subparagraph
6(b), an Employee shall not be eligible to be granted Rights under the Plan unless, on the Offering
Date, such Employee has been in the employ of the Company or the Affiliate, as the case may be, for
such continuous period preceding such grant as the Board may require, but in no event shall the
required period of continuous employment be equal to or greater than two (2) years.

 

			
	1	 	As adjusted to reflect two-for-one forward stock split effective August 20, 2007.

3

 

     (b) The Board may provide that each person who, during the course of an Offering, first
becomes an Eligible Employee will, on a date or dates specified in the Offering which coincides
with the day on which such person becomes an Eligible Employee or which occurs thereafter, receive
a Right under that Offering, which Right shall thereafter be deemed to be a part of that Offering.
Such Right shall have the same characteristics as any Rights originally granted under that
Offering, as described herein, except that:

          (i) the date on which such Right is granted shall be the “Offering Date” of such Right for all
purposes, including determination of the exercise price of such Right;

          (ii) the period of the Offering with respect to such Right shall begin on its Offering Date
and end coincident with the end of such Offering; and

          (iii) the Board may provide that if such person first becomes an Eligible Employee within a
specified period of time before the end of the Offering, he or she will not receive any Right under
that Offering.

     (c) No Employee shall be eligible for the grant of any Rights under the Plan if, immediately
after any such Rights are granted, such Employee owns stock possessing five percent (5%) or more of
the total combined voting power or value of all classes of stock of the Company or of any
Affiliate. For purposes of this subparagraph 6(c), the rules of Section 424(d) of the Code shall
apply in determining the stock ownership of any Employee, and stock which such Employee may
purchase under all outstanding rights and options shall be treated as stock owned by such Employee.

     (d) An Eligible Employee may be granted Rights under the Plan only if such Rights, together
with any other Rights granted under all Employee Stock Purchase Plans of the Company and any
Affiliates, as specified by Section 423(b)(8) of the Code, do not permit such Eligible Employee’s
rights to purchase Shares of the Company or any Affiliate to accrue at a rate which exceeds twenty
five thousand dollars ($25,000) of the fair market value of such Shares (determined at the time
such Rights are granted) for each calendar year in which such Rights are outstanding at any time.

     (e) The Board may provide in an Offering that Employees who are highly compensated Employees
within the meaning of Section 423(b)(4)(D) of the Code shall not be eligible to participate.

7. RIGHTS; PURCHASE PRICE.

     (a) On each Offering Date, each Eligible Employee, pursuant to an Offering made under the
Plan, shall be granted the Right to purchase up to the number of Shares purchasable either:

          (i) with a percentage designated by the Board not exceeding fifteen percent (15%) of such
Employee’s Earnings (as defined by the Board in each Offering) during the period which begins on
the Offering Date (or such later date as the Board determines for a particular Offering) and ends
on the date stated in the Offering, which date shall be no later than the end of the Offering; or

          (ii) with a maximum dollar amount designated by the Board that, as the Board determines for a
particular Offering, (1) shall be withheld, in whole or in part, from such Employee’s Earnings (as
defined by the Board in each Offering) during the period which begins on the Offering Date (or such
later date as the Board determines for a particular Offering) and ends on the date stated in the
Offering, which date shall be no later than the end of the Offering and/or (2) shall be
contributed, in whole or in part, by such Employee during such period.

     (b) The Board shall establish one or more Purchase Dates during an Offering on which Rights
granted under the Plan shall be exercised and purchases of Shares carried out in accordance with
such Offering.

     (c) In connection with each Offering made under the Plan, the Board may specify a maximum
amount of Shares that may be purchased by any Participant as well as a maximum aggregate amount of
Shares that may be purchased by all Participants pursuant to such Offering. In addition, in
connection with each Offering that contains more than one Purchase Date, the Board may specify a
maximum aggregate amount of Shares which may be purchased by all Participants on any given Purchase
Date under the Offering. If the aggregate purchase of Shares upon exercise of Rights granted under
the Offering would exceed any such maximum aggregate amount, the Board shall make a pro rata
allocation of the Shares available in as nearly a uniform manner as shall be practicable and as it
shall deem to be equitable. Unless a different maximum amount of Shares that may be purchased by
any Participant during an Offering is determined by the Board prior to the start of an Offering,
the maximum amount of Shares that may be purchased by any Participant during an Offering is 10,000
Shares

4

 

     (d) The purchase price of Shares acquired pursuant to Rights granted under the Plan shall be
not less than the lesser of:

          (i) an amount equal to eighty-five percent (85%) of the fair market value of the Shares on the
Offering Date; or

          (ii) an amount equal to eighty-five percent (85%) of the fair market value of the Shares on
the Purchase Date.

8. PARTICIPATION; WITHDRAWAL; TERMINATION.

     (a) An Eligible Employee may become a Participant in the Plan pursuant to an Offering by
delivering a participation agreement to the Company within the time specified in the Offering, in
such form as the Company provides. Each such agreement shall authorize payroll deductions of up to
the maximum percentage specified by the Board of such Employee’s Earnings during the Offering (as
defined in each Offering). The payroll deductions made for each Participant shall be credited to a
bookkeeping account for such Participant under the Plan and either may be deposited with the
general funds of the Company or may be deposited in a separate account in the name of, and for the
benefit of, such Participant with a financial institution designated by the Company. To the extent
provided in the Offering, a Participant may reduce (including to zero) or increase such payroll
deductions. To the extent provided in the Offering, a Participant may begin such payroll
deductions after the beginning of the Offering. A Participant may make additional payments into
his or her account only if specifically provided for in the Offering and only if the Participant
has not already had the maximum permitted amount withheld during the Offering.

     (b) At any time during an Offering, a Participant may terminate his or her payroll deductions
under the Plan and withdraw from the Offering by delivering to the Company a notice of withdrawal
in such form as the Company provides. Such withdrawal may be elected at any time prior to the end
of the Offering except as provided by the Board in the Offering. Upon such withdrawal from the
Offering by a Participant, the Company shall distribute to such Participant all of his or her
accumulated payroll deductions (reduced to the extent, if any, such deductions have been used to
acquire Shares for the Participant) under the Offering, without interest unless otherwise specified
in the Offering, and such Participant’s interest in that Offering shall be automatically
terminated. A Participant’s withdrawal from an Offering will have no effect upon such
Participant’s eligibility to participate in any other Offerings under the Plan but such Participant
will be required to deliver a new participation agreement in order to participate in subsequent
Offerings under the Plan.

     (c) Rights granted pursuant to any Offering under the Plan shall terminate immediately upon
cessation of any participating Employee’s employment with the Company or a designated Affiliate for
any reason (subject to any post-employment participation period required by law) or other lack of
eligibility. The Company shall distribute to such terminated Employee all of his or her accumulated
payroll deductions (reduced to the extent, if any, such deductions have been used to acquire Shares
for the terminated Employee) under the Offering, without interest unless otherwise specified in the
Offering. If the accumulated payroll deductions have been deposited with the Company’s general
funds, then the distribution shall be made from the general funds of the Company, without interest.
If the accumulated payroll deductions have been deposited in a separate account with a financial
institution as provided in subparagraph 8(a), then the distribution shall be made from the separate
account, without interest unless otherwise specified in the Offering.

     (d) Rights granted under the Plan shall not be transferable by a Participant otherwise than by
will or the laws of descent and distribution, or by a beneficiary designation as provided in
paragraph 15 and, otherwise during his or her lifetime, shall be exercisable only by the person to
whom such Rights are granted.

9. EXERCISE.

     (a) On each Purchase Date specified therefor in the relevant Offering, each Participant’s
accumulated payroll deductions and other additional payments specifically provided for in the
Offering (without any increase for interest) will be applied to the purchase of Shares up to the
maximum amount of Shares permitted pursuant to the terms of the Plan and the applicable Offering,
at the purchase price specified in the Offering. No fractional Shares shall be issued upon the
exercise of Rights granted under the Plan unless specifically provided for in the Offering.

     (b) Unless otherwise specifically provided in the Offering, the amount, if any, of accumulated
payroll deductions remaining in any Participant’s account after the purchase of Shares that is
equal to the amount required to purchase one or more whole Shares on the final Purchase Date of the
Offering shall be distributed in full to the Participant at the end of the Offering, without

5

 

interest. If the accumulated payroll deductions have been deposited with the Company’s general
funds, then the distribution shall be made from the general funds of the Company, without interest.
If the accumulated payroll deductions have been deposited in a separate account with a financial
institution as provided in subparagraph 8(a), then the distribution shall be made from the separate
account, without interest unless otherwise specified in the Offering.

     (c) No Rights granted under the Plan may be exercised to any extent unless the Shares to be
issued upon such exercise under the Plan (including Rights granted thereunder) are covered by an
effective registration statement pursuant to the Securities Act and the Plan is in material
compliance with all applicable state, foreign and other securities and other laws applicable to the
Plan. If on a Purchase Date in any Offering hereunder the Plan is not so registered or in such
compliance, no Rights granted under the Plan or any Offering shall be exercised on such Purchase
Date, and the Purchase Date shall be delayed until the Plan is subject to such an effective
registration statement and such compliance, except that the Purchase Date shall not be delayed more
than twelve (12) months and the Purchase Date shall in no event be more than twenty-seven (27)
months from the Offering Date. If, on the Purchase Date of any Offering hereunder, as delayed to
the maximum extent permissible, the Plan is not registered and in such compliance, no Rights
granted under the Plan or any Offering shall be exercised and all payroll deductions accumulated
during the Offering (reduced to the extent, if any, such deductions have been used to acquire
Shares) shall be distributed to the Participants, without interest unless otherwise specified in
the Offering. If the accumulated payroll deductions have been deposited with the Company’s general
funds, then the distribution shall be made from the general funds of the Company, without interest.
If the accumulated payroll deductions have been deposited in a separate account with a financial
institution as provided in subparagraph 8(a), then the distribution shall be made from the separate
account, without interest unless otherwise specified in the Offering.

10. COVENANTS OF THE COMPANY.

     (a) During the terms of the Rights granted under the Plan, the Company shall ensure that the
amount of Shares required to satisfy such Rights are available.

     (b) The Company shall seek to obtain from each federal, state, foreign or other regulatory
commission or agency having jurisdiction over the Plan such authority as may be required to issue
and sell Shares upon exercise of the Rights granted under the Plan. If, after reasonable efforts,
the Company is unable to obtain from any such regulatory commission or agency the authority which
counsel for the Company deems necessary for the lawful issuance and sale of Shares under the Plan,
the Company shall be relieved from any liability for failure to issue and sell Shares upon exercise
of such Rights unless and until such authority is obtained.

11. USE OF PROCEEDS FROM SHARES.

     Proceeds from the sale of Shares pursuant to Rights granted under the Plan shall constitute
general funds of the Company.

12. RIGHTS AS A SHAREHOLDER.

     A Participant shall not be deemed to be the holder of, or to have any of the rights of a
holder with respect to, Shares subject to Rights granted under the Plan unless and until the
Participant’s Shares acquired upon exercise of Rights under the Plan are recorded in the books of
the Company.

13. ADJUSTMENTS UPON CHANGES IN SECURITIES.

     (a) If any change is made in the Shares subject to the Plan, or subject to any Right, without
the receipt of consideration by the Company (through merger, consolidation, reorganization,
recapitalization, reincorporation, stock dividend, dividend in property other than cash, stock
split, liquidating dividend, combination of shares, exchange of shares, change in corporate
structure or other transaction not involving the receipt of consideration by the Company), the Plan
will be appropriately adjusted in the class(es) and maximum number of Shares subject to the Plan
pursuant to subparagraph 4(a), and the outstanding Rights will be appropriately adjusted in the
class(es), number of Shares and purchase limits of such outstanding Rights. The Board shall make
such adjustments, and its determination shall be final, binding and conclusive. (The conversion of
any convertible securities of the Company shall not be treated as a transaction that does not
involve the receipt of consideration by the Company.)

     (b) In the event of: (i) a dissolution, liquidation, or sale of all or substantially all of
the assets of the Company; (ii) a merger or consolidation in which the Company is not the surviving
corporation; or (iii) a reverse merger in which the Company is the surviving corporation but the
Shares outstanding immediately preceding the merger are converted by virtue of the merger into
other property, whether in the form of securities, cash or otherwise, then: (1) any surviving or
acquiring corporation shall assume Rights

6

 

outstanding under the Plan or shall substitute similar rights (including a right to acquire
the same consideration paid to Shareholders in the transaction described in this subparagraph
13(b)) for those outstanding under the Plan, or (2) in the event any surviving or acquiring
corporation refuses to assume such Rights or to substitute similar rights for those outstanding
under the Plan, then, as determined by the Board in its sole discretion such Rights may continue in
full force and effect or the Participants’ accumulated payroll deductions (exclusive of any
accumulated interest which cannot be applied toward the purchase of Shares under the terms of the
Offering) may be used to purchase Shares immediately prior to the transaction described above under
the ongoing Offering and the Participants’ Rights under the ongoing Offering thereafter terminated.

14. AMENDMENT OF THE PLAN.

     (a) The Board at any time, and from time to time, may amend the Plan. However, except as
provided in paragraph 13 relating to adjustments upon changes in securities and except as to minor
amendments to benefit the administration of the Plan, to take account of a change in legislation or
to obtain or maintain favorable tax, exchange control or regulatory treatment for Participants or
the Company or any Affiliate, no amendment shall be effective unless approved by the shareholders
of the Company to the extent shareholder approval is necessary for the Plan to satisfy the
requirements of Section 423 of the Code, Rule 16b-3 under the Exchange Act and any Nasdaq or other
securities exchange listing requirements. Currently under the Code, shareholder approval within
twelve (12) months before or after the adoption of the amendment is required where the amendment
will:

          (i) Increase the amount of Shares reserved for Rights under the Plan;

          (ii) Modify the provisions as to eligibility for participation in the Plan to the extent such
modification requires shareholder approval in order for the Plan to obtain employee stock purchase
plan treatment under Section 423 of the Code or to comply with the requirements of Rule 16b-3; or

          (iii) Modify the Plan in any other way if such modification requires shareholder approval in
order for the Plan to obtain employee stock purchase plan treatment under Section 423 of the Code
or to comply with the requirements of Rule 16b 3.

     (b) It is expressly contemplated that the Board may amend the Plan in any respect the Board
deems necessary or advisable to provide Employees with the maximum benefits provided or to be
provided under the provisions of the Code and the regulations promulgated thereunder relating to
Employee Stock Purchase Plans and/or to bring the Plan and/or Rights granted under it into
compliance therewith.

     (c) Rights and obligations under any Rights granted before amendment of the Plan shall not be
impaired by any amendment of the Plan, except with the consent of the person to whom such Rights
were granted, or except as necessary to comply with any laws or governmental regulations, or except
as necessary to ensure that the Plan and/or Rights granted under the Plan comply with the
requirements of Section 423 of the Code.

15. DESIGNATION OF BENEFICIARY.

     (a) A Participant may file a written designation of a beneficiary who is to receive any Shares
and/or cash, if any, from the Participant’s account under the Plan in the event of such
Participant’s death subsequent to the end of an Offering but prior to delivery to the 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 during an Offering.

     (b) The Participant may change such designation of beneficiary 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 sole 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.

16. TERMINATION OR SUSPENSION OF THE PLAN.

     (a) The Board in its discretion may suspend or terminate the Plan at any time. Unless sooner
terminated, the Plan shall terminate at the time that all of the Shares subject to the Plan’s
reserve, as increased and/or adjusted from time to time, have been issued under the terms of the
Plan. No Rights may be granted under the Plan while the Plan is suspended or after it is
terminated.

7

 

     (b) Rights and obligations under any Rights granted while the Plan is in effect shall not be
impaired by suspension or termination of the Plan, except as expressly provided in the Plan or with
the consent of the person to whom such Rights were granted, or except as necessary to comply with
any laws or governmental regulation, or except as necessary to ensure that the Plan and/or Rights
granted under the Plan comply with the requirements of Section 423 of the Code.

17. EFFECTIVE DATE OF PLAN.

     The Plan shall become effective as determined by the Board, but no Rights granted under the
Plan shall be exercised unless and until the Plan has been approved by the shareholders of the
Company within twelve (12) months before or after the date the Plan is adopted by the Board, which
date may be prior to the effective date set by the Board.

8

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