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Exhibit 4.05  

 
 

VERSANT CORPORATION
  
    1996 EQUITY INCENTIVE PLAN    
  

        As Adopted May 21, 1996

As Amended June 5, 1997, June 10, 1999, January 19, 2000, April 18, 2000,

January 2, 2001, June 14, 2001 and April 18, 2002 

1.    Purpose.  

        The purpose of this Plan is to provide incentives to attract, retain and motivate eligible persons whose present and potential contributions are important to the
success of the Company, its Parent and Subsidiaries, by offering them an opportunity to participate in the Company's future performance through awards of Options, Restricted Stock and Stock Bonuses.
Capitalized terms not defined in the text are defined in Section 23. 

2.    Shares Subject to the Plan.  

        2.1  Number of Shares Available. Subject to Sections 2.2 and 18, the total number of Shares reserved and available for grant
and issuance pursuant to this Plan will be 5,200,000 Shares. Subject to Sections 2.2 and 18, Shares that: (a) are subject to issuance upon exercise of an Option but cease to be subject to such
Option for any reason other than exercise of such Option; (b) are subject to an Award granted
hereunder but are forfeited or are repurchased by the Company at the original issue price; or (c) are subject to an Award that otherwise terminates without Shares being issued will again be
available for grant and issuance in connection with future Awards under this Plan. Any authorized shares not issued or subject to outstanding grants under the Versant Corporation 1989 Stock Option
Plan (the "Prior Plan") on the Effective Date (as defined below) and any shares that: (a) are issuable upon exercise of options granted pursuant
to the Prior Plan that expire or become unexercisable for any reason without having been exercised in full; (b) are subject to an award granted pursuant to the Prior Plan but are forfeited or
are repurchased by the Company at the original issue price; or (c) are subject to an award granted pursuant to the Prior Plan that otherwise terminates without shares being issued will no
longer be available for grant and issuance under the Prior Plan, but will be available for grant and issuance under this Plan. At all times the Company shall reserve and keep available a sufficient
number of Shares as shall be required to satisfy the requirements of all outstanding Options granted under this Plan and all other outstanding but unvested Awards granted under this Plan. 

        2.2  Adjustment of Shares. In the event that the number of outstanding Shares is changed by a stock dividend,
recapitalization, stock split, reverse stock split, subdivision, combination, reclassification or similar change in the capital structure of the Company without consideration, then (a) the
number of Shares reserved for issuance under this Plan, (b) the Exercise Prices of and number of Shares subject to outstanding Options, and (c) the number of Shares subject to other
outstanding Awards will be proportionately adjusted, subject to any required action by the Board or the shareholders of the Company and compliance with applicable securities laws;  provided, however,
that fractions of a Share will not be issued but will either be replaced by a cash payment equal to the Fair Market Value of such
fraction of a Share or will be rounded up to the nearest whole Share, as determined by the Committee. 

3.    Eligibility.  

        ISO (as defined in Section 5 below) may be granted only to employees (including officers and directors who are also employees) of the Company or of a
Parent or Subsidiary of the Company. All other Awards may be granted to employees, officers, directors, consultants, independent contractors 

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and advisors of the Company or any Parent or Subsidiary of the Company; provided such consultants, contractors and advisors render bona fide services
not in connection with the offer and sale of securities in a capital-raising transaction. No person will be eligible to receive more than 400,000 Shares in any calendar year under this Plan pursuant
to the grant of Awards hereunder, other than new employees of the Company or of a Parent or Subsidiary of the Company (including new employees who are also officers and directors of the Company or any
Parent or Subsidiary of the Company) who are eligible to receive up to a maximum of 600,000 Shares in the calendar year in which they commence their employment. A person may be granted more than one
Award under this Plan. 

4.    Administration.  

        4.1  Committee Authority. This Plan will be administered by the Committee or by the Board acting as the Committee. Subject to
the general purposes, terms and conditions of this Plan, and to the direction of the Board, the Committee will have full power to implement and carry out this Plan. Without limitation, the Committee
will have the authority to: 

        (a)  construe
and interpret this Plan, any Award Agreement and any other agreement or document executed pursuant to this Plan; 

        (b)  prescribe,
amend and rescind rules and regulations relating to this Plan; 

        (c)  select
persons to receive Awards; 

        (d)  determine
the form and terms of Awards; 

        (e)  determine
the number of Shares or other consideration subject to Awards; 

        (f)    determine
whether Awards will be granted singly, in combination with, in tandem with, in replacement of, or as alternatives to, other Awards under this Plan or any other
incentive or compensation plan of the Company or any Parent or Subsidiary of the Company; 

        (g)  grant
waivers of Plan or Award conditions; 

        (h)  determine
the vesting, exercisability and payment of Awards; 

        (i)    correct
any defect, supply any omission or reconcile any inconsistency in this Plan, any Award or any Award Agreement; 

        (j)    determine
whether an Award has been earned; and 

        (k)  make
all other determinations necessary or advisable for the administration of this Plan. 

        4.2  Committee Discretion. Any determination made by the Committee with respect to any Award will be made in its sole
discretion at the time of grant of the Award or, unless in contravention of any express term of this Plan or Award, at any later time, and such determination will be final and binding on the Company
and on all persons having an interest in any Award under this Plan. The Committee may delegate to one or more officers of the Company the authority to grant an Award under this Plan to Participants
who are not Insiders of the Company. 

        4.3  Exchange Act Requirements. If two or more members of the Board are Outside Directors, the Committee will be comprised of
at least two (2) members of the Board, all of whom are Outside Directors and Disinterested Persons. During all times that the Company is subject to Section 16 of the Exchange Act, the
Company will take appropriate steps to comply with the disinterested administration requirements of Section 16(b) of the Exchange Act, which will consist of the appointment by the Board of a
Committee consisting of not less than two (2) members of the Board, each of whom is a Disinterested Person. 

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5.    Options.  

        The Committee may grant Options to eligible persons and will determine whether such Options will be Incentive Stock Options within the meaning of the Code
("ISOs") or Nonqualified Stock Options ("NQSOs"), the number of Shares subject to the Option, the
Exercise Price of the Option, the period during which the Option may be exercised, and all other terms and conditions of the Option, subject to the following: 

        5.1  Form of Option Grant. Each Option granted under this Plan will be evidenced by an Award Agreement which will expressly
identify the Option as an ISO or an NQSO ("Stock Option Agreement"), and will be in such form and contain such provisions (which need not be the same
for each Participant) as the Committee may from time to time approve, and which will comply with and be subject to the terms and conditions of this Plan. 

        5.2  Date of Grant. The date of grant of an Option will be the date on which the Committee makes the determination to grant
such Option, unless otherwise specified by the Committee. The Stock Option Agreement and a copy of this Plan will be delivered to the Participant within a reasonable time after the granting of the
Option. 

        5.3  Exercise Period. Options may be exercisable immediately (subject to repurchase pursuant to Section 12 of this
Plan) or may be exercisable within the times or upon the events determined by the
Committee as set forth in the Stock Option Agreement governing such Option; provided, however, that no Option will be exercisable after the expiration
of ten (10) years from the date the Option is granted; and provided further that no ISO granted to a person who directly or by attribution owns
more than ten percent (10%) of the total combined voting power of all classes of stock of the Company or of any Parent or Subsidiary of the Company ("Ten Percent
Shareholder") will be exercisable after the expiration of five (5) years from the date the ISO is granted. The Committee also may provide for the exercise of Options to
become exercisable at one time or from time to time, periodically or otherwise, in such number of Shares or percentage of Shares as the Committee determines. 

        5.4  Exercise Price. The Exercise Price of an Option will be determined by the Committee when the Option is granted and may be
not less than 85% of the Fair Market Value of the Shares on the date of grant; provided that: (i) the Exercise Price of an ISO will be not less than 100% of the Fair Market Value of the Shares
on the date of grant; and (ii) the Exercise Price of any ISO granted to a Ten Percent Shareholder will not be less than 110% of the Fair Market Value of the Shares on the date of grant. Payment
for the Shares purchased may be made in accordance with Section 8 of this Plan. 

        5.5  Method of Exercise. Options may be exercised only by delivery to the Company of a stock option exercise agreement (the  "Exercise Agreement") in a form approved
by the Committee (which need not be the same for each Participant), stating the number of Shares being
purchased, the restrictions imposed on the Shares purchased under such Exercise Agreement, if any, and such representations and agreements regarding Participant's investment intent and access to
information and other matters, if any, as may be required or desirable by the Company to comply with applicable securities laws, together with payment in full of the Exercise Price for the number of
Shares being purchased. 

        5.6  Termination. Notwithstanding the exercise periods set forth in the Stock Option Agreement, exercise of an Option will
always be subject to the following: 

        (a)  If
the Participant is Terminated for any reason except death or Disability, then the Participant may exercise such Participant's Options only to the extent that such
Options would have been exercisable upon the Termination Date no later than three (3) months after the Termination Date (or such shorter or longer time period not exceeding five
(5) years as may be determined by the Committee, with any exercise beyond three (3) months after the Termination Date deemed to be an NQSO), but in any event, no later than the
expiration date of the Options. 

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        (b)  If
the Participant is Terminated because of Participant's death or Disability (or the Participant dies within three (3) months after a Termination other than
because of Participant's death or disability), then Participant's Options may be exercised only to the extent that such Options would have been exercisable by Participant on the Termination Date and
must be exercised by Participant (or Participant's legal representative or authorized assignee) no later than twelve (12) months after the Termination Date (or such shorter or longer time
period not exceeding five (5) years as may be
determined by the Committee, with any such exercise beyond (a) three (3) months after the Termination Date when the Termination is for any reason other than the Participant's death or
Disability, or (b) twelve (12) months after the Termination Date when the Termination is for Participant's death or Disability, deemed to be an NQSO), but in any event no later than the
expiration date of the Options. 

        (c)  If
a Participant is determined by the Board to have committed an act of theft, embezzlement, fraud, dishonesty or a breach of fiduciary duty to the Company or
Subsidiary, neither the Participant, the Participant's estate nor such other person who may then hold the Option shall be entitled to exercise any Option with respect to any Shares whatsoever, after
termination of service, whether or not after termination of service the Participant may receive payment from the Company or Subsidiary for vacation pay, for services rendered prior to termination, for
services rendered for the day on which termination occurs, for salary in lieu of notice, or for any other benefits. In making such determination, the Board shall give the Participant an opportunity to
present to the Board evidence on his behalf. For the purpose of this paragraph, termination of service shall be deemed to occur on the date when the Company dispatches notice or advice to the
Participant that his service is terminated. 

        5.7  Limitations on Exercise. The Committee may specify a reasonable minimum number of Shares that may be purchased on any
exercise of an Option, provided that such minimum number will not prevent Participant from exercising the Option for the full number of Shares for which it is then exercisable. 

        5.8  Limitations on ISO. The aggregate Fair Market Value (determined as of the date of grant) of Shares with respect to which
ISOs are exercisable for the first time by a Participant during any calendar year (under this Plan or under any other incentive stock option plan of the Company, Parent or Subsidiary of the Company)
will not exceed $100,000. If the Fair Market Value of Shares on the date of grant with respect to which ISOs are exercisable for the first time by a Participant during any calendar year exceeds
$100,000, then the Options for the first $100,000 worth of Shares to become exercisable in such calendar year will be ISOs and the Options for the amount in excess of $100,000 that become exercisable
in that calendar year will be NQSOs. In the event that the Code or the regulations promulgated thereunder are amended after the Effective Date of this Plan to provide for a different limit on the Fair
Market Value of Shares permitted to be subject to ISO, such different limit will be automatically incorporated herein and will apply to any Options granted after the effective date of such amendment. 

        5.9  Modification, Extension or Renewal. The Committee may modify, extend or renew outstanding Options and authorize the grant
of new Options in substitution therefor, provided that any such action may not, without the written consent of a Participant, impair any of such Participant's rights under any Option previously
granted. Any outstanding ISO that is modified, extended, renewed or otherwise altered will be treated in accordance with Section 424(h) of the Code. The Committee may reduce the Exercise Price
of outstanding Options without the consent of Participants affected by a written notice to them; provided, however, that the Exercise Price may not be
reduced below the minimum Exercise Price that would be permitted under Section 5.4 of this Plan for Options granted on the date the action is taken to reduce the Exercise Price. 

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        5.10 No Disqualification. Notwithstanding any other provision in this Plan, no term of this Plan relating to ISOs will be
interpreted, amended or altered, nor will any discretion or authority granted under this Plan be exercised, so as to disqualify this Plan under Section 422 of the Code or, without the consent
of the Participant affected, to disqualify any ISO under Section 422 of the Code. 

6.    Restricted Stock.  

        A Restricted Stock Award is an offer by the Company to sell to an eligible person Shares that are subject to restrictions. The Committee will determine to whom an
offer will be made, the number of Shares the person may purchase, the price to be paid (the "Purchase Price"), the restrictions to which the Shares will
be subject, and all other terms and conditions of the Restricted Stock Award, subject to the following: 

        6.1  Form of Restricted Stock Award. All purchases under a Restricted Stock Award made pursuant to this Plan will be evidenced
by an Award Agreement ("Restricted Stock Purchase Agreement") that will be in such form (which need not be the same for each Participant) as the
Committee will from time to time approve, and will comply with and be subject to the terms and conditions of this Plan. The offer of Restricted Stock will be accepted by the Participant's execution
and delivery of the Restricted Stock Purchase Agreement and full payment for the Shares to the Company within thirty (30) days from the date the Restricted Stock Purchase Agreement is delivered
to the person. If such person does not execute and deliver the Restricted Stock Purchase Agreement along with full payment for the Shares to the Company within thirty (30) days, then the offer
will terminate, unless otherwise determined by the Committee. 

        6.2  Purchase Price. The Purchase Price of Shares sold pursuant to a Restricted Stock Award will be determined by the
Committee and will be at least 85% of the Fair Market Value of the Shares on the date the Restricted Stock Award is granted, except in the case of a sale to a Ten Percent Shareholder, in which case
the Purchase Price will be 100% of the Fair Market Value. Payment of the Purchase Price may be made in accordance with Section 8 of this Plan. 

        6.3  Restrictions. Restricted Stock Awards will be subject to such restrictions (if any) as the Committee may impose. The
Committee may provide for the lapse of such restrictions in installments and may accelerate or waive such restrictions, in whole or part, based on length of service, performance or such other factors
or criteria as the Committee may determine. 

7.    Stock Bonuses.  

        7.1  Awards of Stock Bonuses. A Stock Bonus is an award of Shares (which may consist of Restricted Stock) for services
rendered to the Company or any Parent or Subsidiary of the Company. A Stock Bonus may be awarded for past services already rendered to the Company, or any Parent or Subsidiary of the Company pursuant
to an Award Agreement (the "Stock Bonus Agreement") that will be in such form (which need not be the same for each Participant) as the Committee will
from time to time approve, and will comply with and be subject to the terms and conditions of this Plan. A Stock Bonus may be awarded upon satisfaction of such performance goals as are set out in
advance in the Participant's individual Award Agreement (the "Performance Stock Bonus Agreement") that will be in such form (which need not be the same
for each Participant) as the Committee will from time to time approve, and will comply with and be subject to the terms and conditions of this Plan. Stock Bonuses may vary from Participant to
Participant and between groups of Participants, and may be based upon the achievement of the Company, Parent or Subsidiary and/or individual performance factors or upon such other criteria as the
Committee may determine. 

        7.2  Terms of Stock Bonuses. The Committee will determine the number of Shares to be awarded to the Participant and whether
such Shares will be Restricted Stock. If the Stock Bonus is being earned upon the satisfaction of performance goals pursuant to a Performance Stock Bonus Agreement, then 

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the Committee will determine: (a) the nature, length and starting date of any period during which performance is to be measured (the "Performance
Period") for each Stock Bonus; (b) the performance goals and criteria to be used to measure the performance, if any; (c) the number of Shares that may be awarded
to the Participant; and (d) the extent to which such Stock Bonuses have been earned. Performance Periods may overlap and Participants may participate simultaneously with respect to Stock
Bonuses that are subject to different Performance Periods and different performance goals and other criteria. The number of Shares may be fixed or may vary in accordance with such performance goals
and criteria as may be determined by the Committee. The Committee may adjust the performance goals applicable to the Stock Bonuses to take into account changes in law and accounting or tax rules and
to make such adjustments as the Committee deems necessary or appropriate to reflect the impact of extraordinary or unusual items, events or circumstances to avoid windfalls or hardships. 

        7.3  Form of Payment. The earned portion of a Stock Bonus may be paid currently or on a deferred basis with such interest or
dividend equivalent, if any, as the Committee may determine. Payment may be made in the form of cash, whole Shares, including Restricted Stock, or a combination thereof, either in a lump sum payment
or in installments, all as the Committee will determine. 

        7.4  Termination During Performance Period. If a Participant is Terminated during a Performance Period for any reason, then
such Participant will be entitled to payment (whether in Shares, cash or otherwise) with respect to the Stock Bonus only to the extent earned as of the date of Termination in accordance with the
Performance Stock Bonus Agreement, unless the Committee will determine otherwise. 

8.    Payment for Share Purchases.  

        8.1  Payment. Payment for Shares purchased pursuant to this Plan may be made in cash (by check) or, where expressly approved
for the Participant by the Committee and where permitted by law: 

        (a)  by
cancellation of indebtedness of the Company to the Participant; 

        (b)  by
surrender of shares that either: (1) have been owned by Participant for more than six (6) months and have been paid for within the meaning of SEC
Rule 144 (and, if such shares were purchased from the Company by use of a promissory note, such note has been fully paid with respect to such shares); or (2) were obtained by Participant
in the public market; 

        (c)  by
tender of a full recourse promissory note having such terms as may be approved by the Committee and bearing interest at a rate sufficient to avoid imputation of
income under Sections 483 and 1274 of the Code; provided, however, that Participants who are not employees or directors of the Company will not be
entitled to purchase Shares with a promissory note unless the note is adequately secured by collateral other than the Shares; 

        (d)  by
waiver of compensation due or accrued to the Participant for services rendered; 

        (e)  with
respect only to purchases upon exercise of an Option, and provided that a public market for the Company's stock exists: 

        (1)  through
a "same day sale" commitment from the Participant and a broker-dealer that is a member of the National Association of Securities Dealers (an  "NASD Dealer") whereby the Participant irrevocably
elects to exercise the Option and to sell a portion of the Shares so purchased to pay for the
Exercise Price, and whereby the NASD Dealer irrevocably commits upon receipt of such Shares to forward the Exercise Price directly to the Company; or 

        (2)  through
a "margin" commitment from the Participant and a NASD Dealer whereby the Participant irrevocably elects to exercise the Option and to pledge the Shares so
purchased to the NASD Dealer in a margin account as security for a loan from the NASD Dealer in the 

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amount of the Exercise Price, and whereby the NASD Dealer irrevocably commits upon receipt of such Shares to forward the Exercise Price directly to the Company; or 

        (f)    by
any combination of the foregoing. 

        8.2  Loan Guarantees. The Committee may help the Participant pay for Shares purchased under this Plan by authorizing a
guarantee by the Company of a third-party loan to the Participant. 

9.    Withholding Taxes.  

        9.1  Withholding Generally. Whenever Shares are to be issued in satisfaction of Awards granted under this Plan, the Company
may require the Participant to remit to the Company an amount sufficient to satisfy federal, state and local withholding tax requirements prior to the delivery of any certificate or certificates for
such Shares. Whenever, under this Plan, payments in satisfaction of Awards are to be made in cash, such payment will be net of an amount sufficient to satisfy federal, state, and local withholding tax
requirements. 

        9.2  Stock Withholding. When, under applicable tax laws, a Participant incurs tax liability in connection with the exercise or
vesting of any Award that is subject to tax withholding and the Participant is obligated to pay the Company the amount required to be withheld, the Committee may in its sole discretion allow the
Participant to satisfy the minimum withholding tax obligation by electing to have the Company withhold from the Shares to be issued that number of Shares having a Fair Market Value equal to the
minimum amount required to be withheld, determined on the date that the amount of tax to be withheld is to be determined (the "Tax Date"). All elections
by a Participant to have Shares withheld for this purpose will be made in writing in a form acceptable to the Committee and will be subject to the following restrictions: 

        (a)  the
election must be made on or prior to the applicable Tax Date; 

        (b)  once
made, then except as provided below, the election will be irrevocable as to the particular Shares as to which the election is made; 

        (c)  all
elections will be subject to the consent or disapproval of the Committee; 

        (d)  if
the Participant is an Insider and if the Company is subject to Section 16(b) of the Exchange Act: (1) the election may not be made within six
(6) months of the date of grant of the Award, except as
otherwise permitted by SEC Rule 16b-3(e) under the Exchange Act, and (2) either (A) the election to use stock withholding must be irrevocably made at least six
(6) months prior to the Tax Date (although such election may be revoked at any time at least six (6) months prior to the Tax Date) or (B) the exercise of the Option or election to
use stock withholding must be made in the ten (10) day period beginning on the third day following the release of the Company's quarterly or annual summary statement of sales or earnings; and 

        (e)  in
the event that the Tax Date is deferred until six (6) months after the delivery of Shares under Section 83(b) of the Code, the Participant will receive
the full number of Shares with respect to which the exercise occurs, but such Participant will be unconditionally obligated to tender back to the Company the proper number of Shares on the Tax Date. 

10.  Privileges of Stock Ownership.  

        10.1    Voting and Dividends.    No Participant will have any of the rights of a shareholder with respect to any
Shares until the Shares are issued to the Participant. After Shares are issued to the Participant, the Participant will be a shareholder and have all the rights of a shareholder with respect to such
Shares, including the right to vote and receive all dividends or other distributions made or paid with respect to such Shares; provided, that if such
Shares are Restricted Stock, then any new, additional or different securities the Participant may become entitled to receive with respect to such Shares by 

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virtue of a stock dividend, stock split or any other change in the corporate or capital structure of the Company will be subject to the same restrictions as the Restricted Stock;  provided, further, that
the Participant will have no right to retain such stock dividends or stock distributions with respect to Shares that are
repurchased at the Participant's original Purchase Price pursuant to Section 12. 

        10.2    Financial Statements.    The Company will provide financial statements to each Participant prior to such
Participant's purchase of Shares under this Plan, and to each Participant annually during the period such Participant has Awards outstanding; provided,
however, the Company will not be required to provide such financial statements to Participants whose services in connection with the Company assure them access to equivalent
information. 

11.  Transferability.  

        Awards granted under this Plan, and any interest therein, will not be transferable or assignable by Participant, and may not be made subject to execution,
attachment or similar process, otherwise than by will or by the laws of descent and distribution or as consistent with the specific Plan and Award
Agreement provisions relating thereto. During the lifetime of the Participant an Award will be exercisable only by the Participant, and any elections with respect to an Award, may be made only by the
Participant. 

12.  Restrictions on Shares.  

        At the discretion of the Committee, the Company may reserve to itself and/or its assignee(s) in the Award Agreement a right to repurchase a portion of or all
Shares held by a Participant following such Participant's Termination at any time within ninety (90) days after the later of Participant's Termination Date and the date Participant purchases
Shares under this Plan, for cash and/or cancellation of purchase money indebtedness, at: (A) with respect to Shares that are "Vested" (as defined in the Award Agreement), the higher of:
(l) Participant's original Purchase Price, or (2) the Fair Market Value of such Shares on Participant's Termination Date, provided, that
such right of repurchase (i) must be exercised as to all such "Vested" Shares unless a Participant consents to the Company's repurchase of only a portion of such "Vested" Shares and
(ii) terminates when the Company's securities become publicly traded; or (B) with respect to Shares that are not "Vested" (as defined in the Award Agreement), at the Participant's
original Purchase Price, provided, that the right to repurchase at the original Purchase Price lapses at the rate of at least 20% per year over five (5) years from the date the Shares were
purchased (or from the date of grant of options in the case of Shares obtained pursuant to a Stock Option Agreement and Stock Option Exercise Agreement), and if the right to repurchase is assignable,
the assignee must pay the Company, upon assignment of the right to repurchase, cash equal to the excess of the Fair Market Value of the Shares over the original Purchase Price. 

13.  Certificates.  

        All certificates for Shares or other securities delivered under this Plan will be subject to such stock transfer orders, legends and other restrictions as the
Committee may deem necessary or advisable, including restrictions under any applicable federal, state or foreign securities law, or any rules, regulations and other requirements of the SEC or any
stock exchange or automated quotation system upon which the Shares may be listed or quoted. 

14.  Escrow; Pledge of Shares.  

        To enforce any restrictions on a Participant's Shares, the Committee may require the Participant to deposit all certificates representing Shares, together with
stock powers or other instruments of transfer approved by the Committee, appropriately endorsed in blank, with the Company or an agent designated by the Company to hold in escrow until such
restrictions have lapsed or terminated, and the 

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Committee may cause a legend or legends referencing such restrictions to be placed on the certificates. Any Participant who is permitted to execute a promissory note as partial or full consideration
for the
purchase of Shares under this Plan will be required to pledge and deposit with the Company all or part of the Shares so purchased as collateral to secure the payment of Participant's obligation to the
Company under the promissory note; provided, however, that the Committee may require or accept other or additional forms of collateral to secure the
payment of such obligation and, in any event, the Company will have full recourse against the Participant under the promissory note notwithstanding any pledge of the Participant's Shares or other
collateral. In connection with any pledge of the Shares, Participant will be required to execute and deliver a written pledge agreement in such form as the Committee will from time to time approve.
The Shares purchased with the promissory note may be released from the pledge on a pro rata basis as the promissory note is paid. 

15.  Exchange and Buyout of Awards.  

        The Committee may, at any time or from time to time, authorize the Company, with the consent of the respective Participants, to issue new Awards in exchange for
the surrender and cancellation of any or all outstanding Awards. The Committee may at any time buy from a Participant an Award previously granted with payment in cash, Shares (including Restricted
Stock) or other consideration, based on such terms and conditions as the Committee and the Participant may agree. 

16.  Securities Law and other Regulatory Compliance.  

        An Award will not be effective unless such Award is in compliance with all applicable federal and state securities laws, rules and regulations of any governmental
body, and the requirements of any stock exchange or automated quotation system upon which the Shares may then be listed or quoted, as they are in effect on the date of grant of the Award and also on
the date of exercise or other issuance. Notwithstanding any other provision in this Plan, the Company will have no obligation to issue or deliver certificates for Shares under this Plan prior to:
(a) obtaining any approvals from governmental agencies that the Company determines are necessary or advisable; and/or (b) completion of any registration or other qualification of such
Shares under any state or federal law or ruling of any governmental body that the Company determines to be necessary or advisable. The Company will be under no obligation to register the Shares with
the SEC or to effect compliance with the registration, qualification or listing requirements of any state securities laws, stock exchange or automated quotation system, and the Company will have no
liability for any inability or failure to do so. 

17.  No Obligation to Employ.  

        Nothing in this Plan or any Award granted under this Plan will confer or be deemed to confer on any Participant any right to continue in the employ of, or to
continue any other relationship with, the Company or any Parent or Subsidiary of the Company or limit in any way the right of the Company or any Parent or Subsidiary of the Company to terminate
Participant's employment or other relationship at any time, with or without cause. 

18.  Corporate Transactions.  

        18.1    Assumption or Replacement of Awards by Successor.    In the event of (a) a dissolution or liquidation
of the Company, (b) a merger or consolidation in which the Company is not the surviving corporation (other than a merger or consolidation with a wholly-owned subsidiary, a reincorporation of
the Company in a different jurisdiction, or other transaction in which there is no substantial change in the shareholders of the Company or their relative stock holdings and the Awards granted under
this Plan are assumed, converted or replaced by the successor corporation, which assumption will be binding on all Participants), (c) a merger in which the Company is the surviving corporation
but the Company's shareholders prior to the merger (other than any shareholder that merges, or controls 

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another corporation that merges, with the Company) own less than 51% of the surviving corporation, or (d) the sale of substantially all of the assets of the Company, any or all outstanding
Awards may be assumed, converted or replaced by the successor corporation (if any), which assumption, conversion or replacement will be binding on all Participants. In the alternative, the successor
corporation may substitute equivalent Awards or provide substantially similar consideration to Participants as was provided to shareholders (after taking into account the existing provisions of the
Awards). The successor corporation may also issue, in place of outstanding Shares of the Company held by the Participant, substantially similar shares or other property subject to repurchase
restrictions no less favorable to the Participant. In the event such successor corporation (if any) refuses to assume or substitute Awards, as provided above, pursuant to a transaction described in
this Subsection 18.1, such Awards will expire on such transaction at such time and on such conditions as the Board will determine. 

        18.2    Other Treatment of Awards.    Subject to any greater rights granted to Participants under the foregoing
provisions of this Section 18, in the event of the occurrence of any transaction described in Section 18.1, any outstanding Awards will be treated as provided in the applicable agreement
or plan of merger, consolidation, dissolution, liquidation, sale of assets or other "corporate transaction." 

        18.3    Assumption of Awards by the Company.    The Company, from time to time, also may substitute or assume
outstanding awards granted by another company, whether in connection with an acquisition of such other company or otherwise, by either; (a) granting an Award under this Plan in substitution of
such other company's award; or (b) assuming such award as if it had been granted under this Plan if the terms of such assumed award could be applied to an Award granted under this Plan. Such
substitution or assumption will be permissible if the holder of the substituted or assumed award would have been eligible to be granted an Award under this Plan if the other company had applied the
rules of this Plan to such grant. In the event the Company assumes an award granted by another company, the terms and conditions of such award will remain unchanged
(except that the exercise price and the number and nature of Shares issuable upon exercise of any such option will be adjusted appropriately pursuant to
Section 424(a) of the Code). In the event the Company elects to grant a new Option rather than assuming an existing option, such new Option may be granted with a similarly adjusted Exercise
Price. 

19.  Adoption and Shareholder Approval.  

        This Plan will become effective on the date on which the registration statement filed by the Company with the SEC under the Securities Act registering the initial
public offering of the Company's Common Stock is declared effective by the SEC (the "Effective Date"); provided,
however, that if the Effective Date does not occur on or before December 31, 1996, this Plan will terminate having never become effective. This Plan shall be approved by
the shareholders of the Company (excluding Shares issued pursuant to this Plan), consistent with applicable laws, within twelve (12) months before or after the date this Plan is adopted by the
Board. Upon the Effective Date, the Board may grant Awards pursuant to this Plan; provided, however, that: (a) no Option may be exercised prior
to initial shareholder approval of this Plan; (b) no Option granted pursuant to an increase in the number of Shares subject to this Plan approved by the Board will be exercised prior to the
time such increase has been approved by the shareholders of the Company; and (c) in the event that shareholder approval of such increase is not obtained within the time period provided herein,
all Awards granted hereunder will be canceled, any Shares issued pursuant to any Award will be canceled, and any purchase of Shares hereunder will be rescinded. So long as the Company is subject to
Section 16(b) of the Exchange Act, the Company will comply with the requirements of Rule 16b-3 (or its successor), as amended, with respect to shareholder approval. 

10

 

20.  Term of Plan/Governing Law.  

        Unless earlier terminated as provided herein, this Plan will terminate ten (10) years from the date this Plan is adopted by the Board or, if earlier, the
date of shareholder approval. This Plan and all agreements thereunder shall be governed by and construed in accordance with the laws of the State of California. 

21.  Amendment or Termination of Plan.  

        The Board may at any time terminate or amend this Plan in any respect, including without limitation amendment of any form of Award Agreement or instrument to be
executed pursuant to this Plan; provided, however, that the Board will not, without the approval of the shareholders of the Company, amend this Plan in
any manner that requires such shareholder approval pursuant to the Code or the regulations promulgated thereunder as such provisions apply to ISO plans or (if the Company is subject to the Exchange
Act or Section 16(b) of the Exchange Act) pursuant to the Exchange Act or Rule 16b-3 (or its successor), as amended, thereunder, respectively. 

22.  Nonexclusivity of the Plan.  

        Neither the adoption of this Plan by the Board, the submission of this Plan to the shareholders of the Company for approval, nor any provision of this Plan will
be construed as creating any limitations on the power of the Board to adopt such additional compensation arrangements as it may deem desirable, including, without limitation, the granting of stock
options and bonuses otherwise than under this Plan, and such arrangements may be either generally applicable or applicable only in specific cases. 

23.  Definitions.  

        As used in this Plan, the following terms will have the following meanings: 

        "Award" means any award under this Plan, including any Option, Restricted Stock or Stock Bonus. 

        "Award Agreement" means, with respect to each Award, the signed written agreement between the Company and the Participant setting forth
the terms and conditions of the Award. 

        "Board" means the Board of Directors of the Company. 

        "Code" means the Internal Revenue Code of 1986, as amended. 

        "Committee" means the committee appointed by the Board to administer this Plan, or if no such committee is appointed, the Board. 

        "Company" means Versant Corporation or any successor corporation. 

        "Disability" means a disability, whether temporary or permanent, partial or total, within the meaning of Section 22(e)(3) of the
Code, as determined by the Committee. 

        "Disinterested Person" means a director who has not, during the period that person is a member of the Committee and for one year prior to
commencing service as a member of the Committee, been granted or awarded equity securities pursuant to this Plan or any other plan of the Company or any Parent or
Subsidiary of the Company, except in accordance with the requirements set forth in Rule 16b-3(c)(2)(i) (and any successor regulation thereto) as promulgated by the SEC under
Section 16(b) of the Exchange Act, as such rule is amended from time to time and as interpreted by the SEC. 

        "Exchange Act" means the Securities Exchange Act of 1934, as amended. 

        "Exercise Price" means the price at which a holder of an Option may purchase the Shares issuable upon exercise of the Option. 

11

 

        "Fair Market Value" means, as of any date, the value of a share of the Company's Common Stock determined as follows: 

        (a)  if
such Common Stock is then quoted on the Nasdaq National Market, its closing price on the Nasdaq National Market on the date of determination as reported in  The Wall Street Journal; 

        (b)  if
such Common Stock is publicly traded and is then listed on a national securities exchange, its closing price on the date of determination on the principal national
securities exchange on which the Common Stock is listed or admitted to trading as reported in The Wall Street Journal; 

        (c)  if
such Common Stock is publicly traded but is not quoted on the Nasdaq National Market nor listed or admitted to trading on a national securities exchange, the average
of the closing bid and asked prices on the date of determination as reported in The Wall Street Journal; 

        (d)  in
the case of an Award made on the Effective Date, the price per share at which shares of the Company's Common Stock are initially offered for sale to the public by the
Company's underwriters in the initial public offering of the Company's Common Stock pursuant to a registration statement filed with the SEC under the Securities Act; or 

        (d)  if
none of the foregoing is applicable, by the Committee in good faith. 

        "Insider" means an officer or director of the Company or any other person whose transactions in the Company's Common Stock are subject to
Section 16 of the Exchange Act. 

        "Outside Director" means any director who is not; (a) a current employee of the Company or any Parent or Subsidiary of the Company;
(b) a former employee of the Company or any Parent or Subsidiary of the Company who is receiving compensation for prior services (other than benefits under a tax-qualified pension
plan); (c) a current or former officer of the Company or any Parent or Subsidiary of the Company; or (d) currently receiving compensation for personal services in any capacity, other
than as a director, from the Company or any Parent or Subsidiary of the Company; provided, however, that at such time as the term "Outside Director", as
used in Section 162(m) of the Code is defined in regulations promulgated under Section 162(m) of the Code, "Outside Director" will have the meaning set forth in such regulations, as
amended from time to time and as interpreted by the Internal Revenue Service. 

        "Option" means an award of an option to purchase Shares pursuant to Section 5. 

        "Parent" means any corporation (other than the Company) in an unbroken chain of corporations ending with the Company, if at the time of
the granting of an Award under this Plan, each of such corporations other than the Company owns stock possessing 50% or more of the total combined voting power of all classes of stock in one of the
other corporations in such chain. 

        "Participant" means a person who receives an Award under this Plan. 

        "Plan" means this Versant Corporation1996 Equity Incentive Plan, as amended from time to time. 

        "Restricted Stock Award" means an award of Shares pursuant to Section 6. 

        "SEC" means the Securities and Exchange Commission. 

        "Securities Act" means the Securities Act of 1933, as amended. 

        "Shares" means shares of the Company's Common Stock reserved for issuance under this Plan, as adjusted pursuant to Sections 2 and 18, and
any successor security. 

        "Stock Bonus" means an award of Shares, or cash in lieu of Shares, pursuant to Section 7. 

12

 

        "Subsidiary" means any corporation (other than the Company) in an unbroken chain of corporations beginning with the Company if each of the
corporations other than the last corporation in the unbroken chain owns stock possessing 50% or more of the total combined voting power of all classes of stock in one of the other corporations in such
chain. 

        "Termination" or "Terminated" means, for purposes of this Plan with respect to a
Participant, that the Participant has for any reason ceased to provide services as an employee, director, consultant, or advisor to the Company or a Parent or Subsidiary of the Company. An employee
will not be deemed to have ceased to provide services in the case of (i) sick leave, (ii) military leave, or (iii) any other leave of absence approved by the Committee, provided,
that such leave is for a period of not more than 90 days, unless reemployment upon the expiration of such leave is guaranteed by contract or statute or unless provided otherwise pursuant to
formal policy adopted from time to time by the Company and issued and promulgated to employees in writing. In the case of any employee on an approved leave of absence, the Committee may make such
provisions respecting suspension of vesting of the Option while on leave from the employ of the Company or a Subsidiary as it may deem appropriate, except that in no event may an Option be exercised
after the expiration of the term set forth in the Option agreement. The Committee will have sole discretion to determine whether a Participant has ceased to provide services and the effective date on
which the Participant ceased to provide services (the "Termination Date"). 

13

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Exhibit 4.06  

 
 

VERSANT CORPORATION
  
    1996 EMPLOYEE STOCK PURCHASE PLAN    
  

        As Adopted May 21, 1996

As Amended June 5, 1997, June 10, 1998, June 10, 1999, June 14, 2001, August 27, 2001 and April 18, 2002 

1.    Establishment of Plan.  

        Versant Corporation (the "Company") proposes to grant options for purchase of the Company's Common Stock to
eligible employees of the Company and its Subsidiaries (as hereinafter defined) pursuant to this Employee Stock Purchase Plan (this "Plan"). For
purposes of this Plan, "Parent Corporation" and "Subsidiary" (collectively,  "Subsidiaries") shall have the same meanings as "parent corporation" and "subsidiary corporation" in Sections 424(e) and 424(f), respectively, of the
Internal Revenue Code of 1986, as amended (the "Code"). The Company intends this Plan to qualify as an "employee stock purchase plan" under
Section 423 of the Code (including any amendments to or replacements of such Section), and this Plan shall be so construed. Any term not expressly defined in this Plan but defined for purposes
of Section 423 of the Code shall have the same definition herein. A total of 1,250,000 shares of the Company's Common Stock is reserved for issuance under this Plan. Such number shall be
subject to adjustments effected in accordance with Section 14 of this Plan. 

2.    Purpose.  

        The purpose of this Plan is to provide employees of the Company and Subsidiaries designated by the Board of Directors of the Company (the  "Board") as eligible to participate in this Plan with a convenient means of acquiring an equity interest in the Company through payroll deductions, to
enhance such employees' sense of participation in the affairs of the Company and Subsidiaries, and to provide an incentive for continued employment. 

3.    Administration.  

        This Plan shall be administered by a committee appointed by the Board (the "Committee") consisting of at least two
(2) members of the Board, each of whom is a Disinterested Person as defined in Rule 16b-3(c) of the Securities Exchange Act of 1934 (the "Exchange
Act"). As used in this Plan, references to the "Committee" shall mean either such committee or the Board if no committee has been established. After registration of the Company
under the Exchange Act, Board members who are not Disinterested Persons may not vote on any matters affecting the administration of this Plan, but any such member may be counted for determining the
existence of a quorum at any meeting of the Board. Subject to the provisions of this Plan and the limitations of Section 423 of the Code or any successor provision in the Code, all questions of
interpretation or application of this Plan shall be determined by the Board and its decisions shall be final and binding upon all participants. Members of the Board shall receive no compensation for
their services in connection with the administration of this Plan, other than standard fees as established from time to time by the Board for services rendered by Board members serving on Board
committees. All expenses incurred in connection with the administration of this Plan shall be paid by the Company. 

20

 

4.    Eligibility.  

        Any employee of the Company or the Subsidiaries is eligible to participate in an Offering Period (as hereinafter defined) under this Plan except the following: 

        (a)  employees
who are not employed by the Company or Subsidiaries fifteen days before the beginning of such Offering Period, except that employees who were employed on the
effective date of the registration statement filed by the Company with the Securities and Exchange Commission ("SEC") under the Securities Act of 1933,
as amended (the "Securities Act") registering the initial public offering of the Company's Common Stock is declared effective by the SEC were eligible
to participate in the first Offering Period under the Plan; 

        (b)  employees
who are customarily employed for less than twenty (20) hours per week; 

        (c)  employees
who are customarily employed for less than five (5) months in a calendar year; 

        (d)  employees
who, together with any other person whose stock would be attributed to such employee pursuant to Section 424(d) of the Code, own stock or hold options
to purchase stock possessing five percent (5%) or more of the total combined voting power or value of all classes of stock of the Company or any of its Subsidiaries or who, as a result of being
granted an option under this Plan with respect to such Offering Period, would own stock or hold options to purchase stock possessing five percent (5%) or more of the total combined voting power or
value of all classes of stock of the Company or any of its Subsidiaries. 

5.    Offering Dates.  

        As of December 1, 2001, the offering periods of this Plan (each, an "Offering Period") shall be of
twenty-four (24) months duration commencing on June 1 and December 1 of each year and ending on November 30 and May 31 of each year. Each Offering Period
shall consist of four (4) six-month purchase periods (individually, a "Purchase Period") during which payroll deductions of the
participants are accumulated under this Plan. The first business day of each Offering Period is referred to as the "Offering Date". The last business
day of each Purchase Period is referred to as the "Purchase Date". The Board shall have the power to change the duration of Offering Periods or Purchase
Periods with respect to offerings without stockholder approval if such change is announced at least fifteen (15) days prior to the scheduled beginning of the first Offering Period or Purchase
Period to be affected. Prior to December 1, 2001, the offering periods of this Plan were of twenty-four (24) months duration commencing on February 1 and
August 1 of each year and ending on January 31 and July 31 of each year (the "Prior Offering Periods"),  provided, however, that
notwithstanding the foregoing, the first Prior Offering Period commenced on the first business day on which price quotations for
the Company's Common Stock were available on the Nasdaq National Market (the "First Offering Date"). 

6.    Participation in this Plan.  

        Eligible employees may become participants in an Offering Period under this Plan on the first Offering Date after satisfying the eligibility requirements by
delivering a subscription agreement to the Company's Human Resource Department (the "HR Department") not later than the 15th day of the month before
such Offering Date unless a later time for filing the subscription agreement authorizing payroll deductions is set by the Board for all eligible employees with respect to a given Offering Period. An
eligible employee who does not deliver a subscription agreement to the HR Department by such date after becoming eligible to participate in such Offering Period shall not participate in that Offering
Period or any subsequent Offering Period unless such employee enrolls in this Plan by filing a subscription agreement with the HR Department not later than the 15th day of the month preceding a
subsequent Offering Date. Except for any Prior Offering Periods that began before December 1, 2001, once an employee becomes a participant in an Offering Period, such employee will
automatically 

21

 

participate in the Offering Period commencing immediately following the last day of the previous Offering Period unless the employee withdraws or is deemed to withdraw from this Plan or terminates
further participation in the Offering Period as set forth in Section 11 below. Such participant is not required to file any additional subscription agreement in order to continue participation
in this Plan. Employees participating in any Prior Offering Period will not automatically participate in any subsequent Offering Period, and such employee will be required to file a new
subscription agreement in order to participate in any Offering Periods under this Plan that begins on or after December 1, 2001. 

7.    Grant of Option on Enrollment.  

        Enrollment by an eligible employee in this Plan with respect to an Offering Period will constitute the grant (as of the Offering Date) by the Company to such
employee of an option to purchase on the Purchase Date up to that number of shares of Common Stock of the Company determined by dividing (a) the amount accumulated in such employee's payroll
deduction account during such Purchase Period by (b) the lower of (i) eighty-five percent (85%) of the fair market value of a share of the Company's Common Stock on the
Offering Date, or (ii) eighty-five percent (85%) of the fair market value of a share of the Company's Common Stock on the Purchase Date, provided,
however, that the number of shares of the Company's Common Stock subject to any option granted pursuant to this Plan shall not exceed the lesser of (a) the maximum
number of shares set by the Board pursuant to Section 10(c) below with respect to the applicable Offering Period, or (b) the maximum number of shares which may be purchased pursuant to
Section 10(b) below with respect to the applicable Offering Period. The fair market value of a share of the Company's Common Stock shall be determined as provided in Section 8 hereof. 

8.    Purchase Price.  

        The purchase price per share at which a share of Common Stock will be sold in any Offering Period shall be eighty-five percent (85%) of the lesser of: 

        (a)  the
fair market value on the Offering Date; or 

        (b)  the
fair market value on the Purchase Date.

        For
purposes of this Plan, the term "Fair Market Value" means, as of any date, the value of a share of the Company's Common Stock
determined as follows: 

        (a)  if
such Common Stock is then quoted on the Nasdaq National Market, its closing price on the Nasdaq National Market on the date of determination as reported in  The Wall Street Journal; 

        (b)  if
such Common Stock is publicly traded and is then listed on a national securities exchange, its closing price on the date of determination on the principal national
securities exchange on which the Common Stock is listed or admitted to trading as reported in The Wall Street Journal; 

        (c)  if
such Common Stock is publicly traded but is not quoted on the Nasdaq National Market nor listed or admitted to trading on a national securities exchange, the average
of the closing bid and asked prices on the date of determination as reported in The Wall Street Journal; or 

        (d)  if
none of the foregoing is applicable, by the Board in good faith. 

9.    Payment Of Purchase Price; Changes In Payroll Deductions; Issuance Of Shares.  

        (a)  The
purchase price of the shares is accumulated by regular payroll deductions made during each Offering Period. The deductions are made as a percentage of the
participant's compensation in one percent (1%) increments not less than two percent (2%), nor greater than 

22

 

ten percent (10%) or such lower limit set by the Committee; with such amounts being calculated in the aggregate by considering all Offering Periods, including any Prior Offering Periods, in which a
participant is participating. Compensation shall mean all W-2 compensation, including, but not limited to base salary, wages, commissions, overtime, shift premiums and bonuses, plus draws
against commissions; provided, however, that for purposes of determining a participant's compensation, any election by such participant to reduce his or
her regular cash remuneration under Sections 125 or 401(k) of the Code shall be treated as if the participant did not make such election. Payroll deductions shall commence on the first payday
following the Offering Date and shall continue to the end of the Offering Period unless sooner altered or terminated as provided in this Plan. 

        (b)  As
of December 1, 2001, a participant may lower or increase the rate of payroll deductions during an Offering Period by filing with the HR Department a new
authorization for payroll deductions, in which case the new rate shall become effective for the next payroll period commencing more than fifteen (15) days after the HR Department's receipt of
the authorization and shall continue for the remainder of the Offering Period unless changed as described below. Under any Prior Offering Period, a participant may only lower (but not increase) the
rate of payroll deductions during such Prior Offering Period by filing with the HR Department a new authorization for payroll deductions, in which case the new rate shall become effective for the next
payroll period commencing more than fifteen (15) days after the HR Department's receipt of the authorization and shall continue for the remainder of such Prior Offering Period unless changed as
described below. Such change in the rate of payroll deductions may be made at any time during an Offering Period or a Prior Offering Period, but not more than one
(1) change may be made effective during any Purchase Period. A participant may increase or decrease the rate of payroll deductions for any subsequent Offering Period by filing with the HR
Department a new authorization for payroll deductions not later than the 15th day of the month before the beginning of such Offering Period. 

        (c)  All
payroll deductions made for a participant are credited to his or her account under this Plan and are deposited with the general funds of the Company. No interest
accrues on the payroll deductions. All payroll deductions received or held by the Company may be used by the Company for any corporate purpose, and the Company shall not be obligated to segregate such
payroll deductions. 

        (d)  On
each Purchase Date, so long as this Plan remains in effect and provided that the participant has not submitted a signed and completed withdrawal form before that date
which notifies the Company that the participant wishes to withdraw from that Offering Period under this Plan in compliance with Section 11 and have all payroll deductions accumulated in the
account maintained on behalf of the participant as of that date returned to the participant, the Company shall apply the funds then in the participant's account to the purchase of whole shares of
Common Stock reserved under the option granted to such participant with respect to the Offering Period to the extent that such option is exercisable on the Purchase Date. The purchase price per share
shall be as specified in Section 8 of this Plan. Any cash remaining in a participant's account after such purchase of shares shall be refunded to such participant in cash, without interest. In
the event that this Plan has been oversubscribed, all funds not used to purchase shares on the Purchase Date shall be returned to the participant, without interest. No Common Stock shall be purchased
on a Purchase Date on behalf of any employee whose participation in this Plan has terminated prior to such Purchase Date. 

        (e)  As
promptly as practicable after the Purchase Date, the Company shall arrange the delivery to each participant of a certificate representing the shares purchased upon
exercise of his option. 

23

 

        (f)    During
a participant's lifetime, such participant's option to purchase shares hereunder is exercisable only by him or her. The participant will have no interest or
voting right in shares covered by his or her option until such option has been exercised. Shares to be delivered to a participant under this Plan will be registered in the name of the participant or
in the name of the participant and his or her spouse. 

10.  Limitations on Shares to be Purchased.  

        (a)  No
employee shall be entitled to purchase stock under this Plan at a rate which, when aggregated with his or her rights to purchase stock under all other employee stock
purchase plans of the Company or any Subsidiary, exceeds $25,000 in fair market value, determined as of the Offering Date (or such other limit as may be imposed by the Code) for each calendar year in
which the employee participates in this Plan. 

        (b)  No
more than two hundred percent (200%) of the number of shares determined by using eighty-five percent (85%) of the fair market value of a share of the
Company's Common Stock on the Offering Date as the denominator may be purchased by a participant on any single Purchase Date. 

        (c)  No
employee shall be entitled to purchase more than the Maximum Share Amount (as defined below) on any single Purchase Date. Not less than thirty (30) days prior
to the commencement of any Offering Period, the Board may, in its sole discretion, set a maximum number of shares which may be purchased by any employee at any single Purchase Date (hereinafter the  "Maximum Share
Amount"). In no event shall the Maximum Share Amount exceed the amounts permitted under Section 10(b) above. If a new Maximum
Share Amount is set, then all participants must be notified of such Maximum Share Amount not less than fifteen (15) days prior to the commencement of the next Offering Period. Once the Maximum
Share Amount is set, it shall continue to apply with respect to all succeeding Purchase Dates and Offering Periods unless revised by the Board as set forth above. 

        (d)  If
the number of shares to be purchased on a Purchase Date by all employees participating in this Plan exceeds the number of shares then available for issuance under
this Plan, then the Company will make a pro rata allocation of the remaining shares in as uniform a manner as shall be reasonably practicable and as the Board shall determine to be equitable. In such
event, the Company shall give written notice of such reduction of the number of shares to be purchased under a participant's option to each participant affected thereby. 

        (e)  Any
payroll deductions accumulated in a participant's account which are not used to purchase stock due to the limitations in this Section 10 shall be returned to
the participant as soon as practicable after the end of the applicable Purchase Period, without interest. 

11.  Withdrawal.  

        (a)  Each
participant may withdraw from an Offering Period under this Plan by signing and delivering to the HR Department a written notice to that effect on a form provided
for such purpose. Such withdrawal may be elected at any time at least fifteen (15) days prior to the end of an Offering Period. 

        (b)  Upon
withdrawal from this Plan, the accumulated payroll deductions shall be returned to the withdrawn participant, without interest, and his or her interest in this Plan
shall terminate. In the event a participant voluntarily elects to withdraw from this Plan, he or she may not resume his or her participation in this Plan during the same Offering Period, but he or she
may participate in any Offering Period under this Plan which commences on a date subsequent to such withdrawal by 

24

 

filing a new authorization for payroll deductions in the same manner as set forth above for initial participation in this Plan. 

        (c)  Except
for any Prior Offering Period that began before December 1, 2001, if the purchase price on the first day of any current Offering Period in which a
participant is enrolled is higher than the purchase price on the first day of any subsequent Offering Period, the Company will automatically enroll such participant in the subsequent Offering Period.
A participant does not need to file any forms with the Company to automatically be enrolled in the subsequent Offering Period. A participant in any Prior Offering Period that began before
December 1, 2001 must enroll in a subsequent Offering Period to participate in any Offering Periods other than such Prior Offering Period that began before December 1, 2001. 

12.  Termination of Employment.  

        Termination of a participant's employment for any reason, including retirement, death or the failure of a participant to remain an eligible employee, immediately
terminates his or her participation in this Plan. In such event, the payroll deductions credited to the participant's account will be returned to him or her or, in the case of his or her death, to his
or her legal representative, without interest. For purposes of this Section 12, an employee will not be deemed to have terminated employment or failed to remain in the continuous employ of the
Company in the case of sick leave, military leave, or any other leave of absence approved by the Board; provided that such leave is for a period of not more than ninety (90) days or
reemployment upon the expiration of such leave is guaranteed by contract or statute. 

13.  Return of Payroll Deductions.  

        In the event a participant's interest in this Plan is terminated by withdrawal, termination of employment or otherwise, or in the event this Plan is terminated by
the Board, the Company shall promptly deliver to the participant all payroll deductions credited to such participant's account. No interest shall accrue on the payroll deductions of a participant in
this Plan. 

14.  Capital Changes.  

        Subject to any required action by the stockholders of the Company, the number of shares of Common Stock covered by each option under this Plan which has not yet
been exercised and the number of shares of Common Stock which have been authorized for issuance under this Plan but have not yet been placed under option (collectively, the  "Reserves"), as well
as the price per share of Common Stock covered by each option under this Plan which has not yet been exercised, shall be
proportionately adjusted for any increase or decrease in the number of issued and outstanding shares of Common Stock of the Company resulting from a stock split or the payment of a stock dividend (but
only on the Common Stock) or any other increase or decrease in the number of issued and outstanding shares of Common Stock effected without receipt of any 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 shall be final, binding and conclusive. Except as expressly provided
herein, no issue 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. 

        In
the event of the proposed dissolution or liquidation of the Company, the Offering Period will terminate immediately prior to the consummation of such proposed action, unless otherwise
provided by the Board. The Board may, in the exercise of its sole discretion in such instances, declare that the options under this Plan shall terminate as of a date fixed by the Board and give each
participant the 

25

 

right to exercise his or her option as to all of the optioned stock, including shares which would not otherwise be exercisable. In the event of a proposed sale of all or substantially all of the
assets of the Company, or the merger or consolidation of the Company with or into another corporation, each option under this Plan shall be assumed or an equivalent option shall be substituted by such
successor corporation or a parent or subsidiary of such successor corporation, unless the Board determines, in the exercise of its sole discretion and in lieu of such assumption or substitution, that
the participant shall have the right to exercise the option as to all of the optioned stock. If the Board makes an option exercisable in lieu of assumption or substitution in the event of a merger,
consolidation or sale of assets, the Board shall notify the participant that the option shall be fully exercisable for a period of twenty (20) days from the date of such notice, and the option
will terminate upon the expiration of such period. 

        The
Board may, if it so determines in the exercise of its sole discretion, also make provision for adjusting the Reserves, as well as the price per share of Common Stock covered by each
outstanding option, in the event that the Company effects one or more reorganizations, recapitalizations, rights offerings or other increases or reductions of shares of its outstanding Common Stock,
or in the event of the Company being consolidated with or merged into any other corporation. 

15.  Nonassignability.  

        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 this 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 22 hereof) by the participant. Any such attempt at assignment, transfer, pledge or
other disposition shall be void and without effect. 

16.  Reports.  

        Individual accounts will be maintained for each participant in this Plan. Each participant shall receive promptly after the end of each Purchase Period a report
of his or her account setting forth the total payroll deductions accumulated, the number of shares purchased, the per share price thereof and the remaining cash balance, if any, carried forward to the
next Purchase Period or Offering Period, as the case may be. 

17.  Notice of Disposition.  

        Each participant shall notify the Company if the participant disposes of any of the shares purchased in any Offering Period pursuant to this Plan if such
disposition occurs within two (2) years from the Offering Date or within one (1) year from the Purchase Date on which such shares were purchased (the "Notice
Period"). Unless such participant is disposing of any of such shares during the Notice Period, such participant shall keep the certificates representing such shares in his or
her name (and not in the name of a nominee) during the Notice Period. The Company may, at any time during the Notice Period, place a legend or legends on any certificate representing shares acquired
pursuant to this Plan requesting the Company's transfer agent to notify the Company of any transfer of the shares. The obligation of the participant to provide such notice shall continue
notwithstanding the placement of any such legend on the certificates. 

18.  No Rights to Continued Employment.  

        Neither this Plan nor the grant of any option hereunder shall confer any right on any employee to remain in the employ of the Company or any Subsidiary, or
restrict the right of the Company or any Subsidiary to terminate such employee's employment. 

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19.  Equal Rights And Privileges.  

        All eligible employees shall have equal rights and privileges with respect to this Plan so that this Plan qualifies as an "employee stock purchase plan" within
the meaning of Section 423 or any successor provision of the Code and the related regulations. Any provision of this Plan which is inconsistent with Section 423 or any successor
provision of the Code shall, without further act or amendment by the Company or the Board, be reformed to comply with the requirements of Section 423. This Section 19 shall take
precedence over all other provisions in this Plan. 

20.  Notices.  

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

21.  Term; Stockholder Approval.  

        After this Plan is adopted by the Board, this Plan will become effective on the date that is the First Offering Date (as defined above). This Plan shall be
approved by the stockholders of the Company, in any manner permitted by applicable corporate law, within twelve (12) months before or after the date this Plan is adopted by the Board. No
purchase of shares pursuant to this Plan shall occur prior to such stockholder approval. This Plan shall continue until the earlier to occur of (a) termination of this Plan by the Board (which
termination may be effected by the Board at any time), (b) issuance of all of the shares of Common Stock reserved for issuance under this Plan, or (c) ten (10) years from the
adoption of this Plan by the Board. 

22.  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 this Plan in the
event of such participant's death subsequent to the end of an Purchase Period but prior to delivery to him 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 this Plan in the event of such participant's death prior to a Purchase Date. 

        (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 this Plan who is living at the time of such participant's death, the Company shall deliver such shares 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 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. 

23.  Conditions Upon Issuance of Shares; Limitation on Sale 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 Exchange Act, the rules and regulations promulgated thereunder,
and the requirements of any stock exchange or automated quotation system 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. 

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24.  Financial Statements.  

        The Company will provide financial statements to each participant prior to such participant's purchase of shares under this Plan,  provided,
however, the Company will not be required to provide such financial statements to participants whose services in connection with the Company
assure them access to equivalent information. 

25.  Applicable Law.  

        The Plan shall be governed by the substantive laws (excluding the conflict of laws rules) of the State of California. 

26.  Amendment or Termination of this Plan.  

        The Board may at any time amend, terminate or extend the term of this Plan, except that any such termination cannot affect options previously granted under this
Plan, nor may any amendment make any change in an option previously granted which would adversely affect the right of any participant, nor may any amendment be made without approval of the
stockholders of the Company obtained in
accordance with Section 21 hereof within twelve (12) months of the adoption of such amendment (or earlier if required by Section 21) if such amendment would: 

        (a)  increase
the number of shares that may be issued under this Plan; or 

        (b)  change
the designation of the employees (or class of employees) eligible for participation in this Plan. 

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QuickLinks

VERSANT CORPORATION 1996 EMPLOYEE STOCK PURCHASE PLAN

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