Document:

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Exhibit 10.23

                                F5 NETWORKS, INC.

                                  STEVE COBURN
                             SR. VP OF FINANCE & CFO
                             2003 COMPENSATION PLAN

COMPENSATION CATEGORIES

The total compensation package is designed to provide the Sr. VP of Finance &
CFO $421,624 in annual income, plus upside earnings potential, according to the
following categories:

1.    ANNUAL BASE SALARY: Compensation for managing the efforts of the Finance
      and Administration teams. $265,000 payable bi-weekly in arrears.

2.    INCENTIVE COMPENSATION: Offered to the Sr. VP of Finance & CFO for leading
      his team to meet their objectives. 50% of the incentive compensation will
      be based on successfully achieving each quarterly revenue goal. The other
      50% of the incentive compensation will be based on achieving each
      quarterly EBITDA goal. Target annual income from incentive compensation is
      $156,624 at plan (~60% of base salary), plus significant upside for
      exceeding goals.

PAYMENT TERMS

The incentive compensation will be paid linearly above 80% of targeted goals.
(i.e.: 80% of the possible incentive compensation will be paid for revenues at
80% of goal, 90% is paid for revenues at 90% of goal.) There is no limit,
however both goals must hit 100% for the accelerator to apply. No incentive
compensation will be paid for results less than 80% of goals. If earned,
payments will be made quarterly.

EFFECTIVE DATE AND TERM

This plan shall take effect on October 1, 2002 and shall remain in effect until
September 30, 2003.

TERMINATION

If the Sr. VP of Finance & CFO's employment terminates prior to the end of the
fiscal 2003, he will be eligible to receive incentive compensation payments only
through the end of the last full quarter employed.

NOTICES

F5 Networks reserves the right to change, alter or cancel any provision
contained within this plan upon written notice to the Sr. VP of Finance & CFO.
Nothing in this plan is intended to grant a right to employment for any specific
term.

AMIGUITIES AND INCONSISTENCIES

This plan has been carefully considered and is meant to be reasonable and
complete. When circumstances occur which require special interpretation,
however, it shall be the responsibility of the CEO and the Compensation
Committee to determine the intent of the plan and to render a judgment, which is
fair to both the Sr. VP of Finance & CFO, and the company.

ACCEPTANCE OF PLAN AND CONDITIONS

/s/ John McAdam               /s/Steve Coburn
------------------------      ------------------------
John McAdam                   Steve Coburn
CEO and President             Sr. VP of Finance & CFO

November 12, 2002             November 12, 2002
------------------------      ------------------------
Date                          Date<PAGE>
Exhibit 10.24

                                F5 NETWORKS, INC.

                                 JEFF PANCOTTINE
                   SR. VP OF MARKETING & BUSINESS DEVELOPMENT
                             2003 COMPENSATION PLAN

COMPENSATION CATEGORIES

The total compensation package is designed to provide the SR. VP of Marketing &
Business Development $467,460 in annual income, plus upside earnings potential,
according to the following categories:

1.    ANNUAL BASE SALARY: Compensation for managing the efforts of the Marketing
      and Business Development teams. $292,300 payable bi-weekly in arrears.

2.    INCENTIVE COMPENSATION: Offered to the Sr. VP of Marketing & Business
      Development for leading his team to meet their objectives. 50% of the
      incentive compensation will be based on successfully achieving each
      quarterly revenue goal. The other 50% of the incentive compensation will
      be based on achieving each quarterly EBITDA goal. Target annual income
      from incentive compensation is $175,160 at plan (60% of base salary), plus
      significant upside for exceeding goals.

PAYMENT TERMS

The incentive compensation will be paid linearly above 80% of targeted goals.
(i.e.: 80% of the possible incentive compensation will be paid for revenues at
80% of goal, 90% is paid for revenues at 90% of goal.) There is no limit,
however both goals must hit 100% for the accelerator to apply. No incentive
compensation will be paid for results less than 80% of goals. If earned,
payments will be made quarterly.

EFFECTIVE DATE AND TERM

This plan shall take effect on October 1, 2002 and shall remain in effect until
September 30, 2003.

TERMINATION

If the Sr. VP of Marketing & Business Development's employment terminates prior
to the end of the fiscal 2003, he will be eligible to receive incentive
compensation payments only through the end of the last full quarter employed.

NOTICES

F5 Networks reserves the right to change, alter or cancel any provision
contained within this plan upon written notice to the Sr. VP of Marketing &
Business Development. Nothing in this plan is intended to grant a right to
employment for any specific term.

AMIGUITIES AND INCONSISTENCIES

This plan has been carefully considered and is meant to be reasonable and
complete. When circumstances occur which require special interpretation,
however, it shall be the responsibility of the CEO and the Compensation
Committee to determine the intent of the plan and to render a judgment, which is
fair to both the Sr. VP of Marketing & Business Development, and the company.

ACCEPTANCE OF PLAN AND CONDITIONS

/s/ John McAdam               /s/ Jeff Pancottine
------------------------      ------------------------
John McAdam                   Jeff Pancottine
CEO and President             Sr. VP of Marketing & Business Development

November 12, 2002              November 12, 2002
------------------------      ------------------------
Date                          Date<PAGE>
Exhibit 10.25

                                F5 NETWORKS, INC.

                                  JULIAN EAMES
                          SR. VP OF BUSINESS OPERATIONS
                             2003 COMPENSATION PLAN

COMPENSATION CATEGORIES

The total compensation package is designed to provide the Sr. VP of Business
Operations $356,160 in annual income, plus upside earnings potential, according
to the following categories:

1.    ANNUAL BASE SALARY: Compensation for managing the efforts of the
      Operations' teams. $222,600 payable bi-weekly in arrears.

2.    INCENTIVE COMPENSATION: Offered to the Sr. VP of Business Operations for
      leading his team to meet their objectives. 50% of the incentive
      compensation will be based on successfully achieving each quarterly
      revenue goal. The other 50% of the incentive compensation will be based on
      achieving each quarterly EBITDA goal. Target annual income from incentive
      compensation is $133,560 at plan (60% of base salary), plus significant
      upside for exceeding goals.

PAYMENT TERMS

The incentive compensation will be paid linearly above 80% of targeted goals.
(i.e.: 80% of the possible incentive compensation will be paid for revenues at
80% of goal, 90% is paid for revenues at 90% of goal.) There is no limit,
however both goals must hit 100% for the accelerator to apply. No incentive
compensation will be paid for results less than 80% of goals. If earned,
payments will be made quarterly.

EFFECTIVE DATE AND TERM

This plan shall take effect on October 1, 2002 and shall remain in effect until
September 30, 2003.

TERMINATION

If the Sr. VP of Business Operations' employment terminates prior to the end of
the fiscal 2003, he will be eligible to receive incentive compensation payments
only through the end of the last full quarter employed.

NOTICES

F5 Networks reserves the right to change, alter or cancel any provision
contained within this plan upon written notice to the Sr. VP of Business
Operations. Nothing in this plan is intended to grant a right to employment for
any specific term.

AMIGUITIES AND INCONSISTENCIES

This plan has been carefully considered and is meant to be reasonable and
complete. When circumstances occur which require special interpretation,
however, it shall be the responsibility of the CEO and the Compensation
Committee to determine the intent of the plan and to render a judgment, which is
fair to both the Sr. VP of Business Operations, and the company.

ACCEPTANCE OF PLAN AND CONDITIONS

/s/ John McAdam               /s/ Julian Eames
------------------------      ------------------------
John McAdam                   Julian Eames
CEO and President             Sr. VP of Business Operations

November 12, 2002             November 12, 2002
------------------------      ------------------------
Date                          Date<PAGE>
Exhibit 10.26

                                F5 NETWORKS, INC.

                                  JOANN REITER
                               VP, GENERAL COUNSEL
                             2003 COMPENSATION PLAN

COMPENSATION CATEGORIES

The total compensation package is designed to provide the VP, General Counsel
$216,367 in annual income, plus upside earnings potential, according to the
following categories:

1.    ANNUAL BASE SALARY: Compensation for managing the efforts of Legal team.
      $180,306 payable bi-weekly in arrears.

2.    INCENTIVE COMPENSATION: Offered to the VP, General Counsel for leading her
      team to meet their objectives. 50% of the incentive compensation will be
      based on successfully achieving each quarterly revenue goal. The other 50%
      of the incentive compensation will be based on achieving each quarterly
      EBITDA goal. Target annual income from incentive compensation is $36,061
      at plan (20% of base salary), plus significant upside for exceeding goals.

PAYMENT TERMS

The incentive compensation will be paid linearly above 80% of targeted goals.
(i.e.: 80% of the possible incentive compensation will be paid for revenues at
80% of goal, 90% is paid for revenues at 90% of goal.) There is no limit,
however both goals must hit 100% for the accelerator to apply. No incentive
compensation will be paid for results less than 80% of goals. If earned,
payments will be made quarterly.

EFFECTIVE DATE AND TERM

This plan shall take effect on October 1, 2002 and shall remain in effect until
September 30, 2003.

TERMINATION

If the VP, General Counsel's employment terminates prior to the end of the
fiscal 2003, she will be eligible to receive incentive compensation payments
only through the end of the last full quarter employed.

NOTICES

F5 Networks reserves the right to change, alter or cancel any provision
contained within this plan upon written notice to the VP, General Counsel.
Nothing in this plan is intended to grant a right to employment for any specific
term.

AMIGUITIES AND INCONSISTENCIES

This plan has been carefully considered and is meant to be reasonable and
complete. When circumstances occur which require special interpretation,
however, it shall be the responsibility of the CEO and the Compensation
Committee to determine the intent of the plan and to render a judgment, which is
fair to both the VP, General Counsel, and the company.

ACCEPTANCE OF PLAN AND CONDITIONS

/s/John McAdam                /s/Joann Reiter
--------------------------    --------------------------
John McAdam                   Joann Reiter
CEO and President             VP, General Counsel

November 12, 2002             November 12, 2002
--------------------------    --------------------------
Date                          Date

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