Document:

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                                                                   Exhibit 10.02

                                  DOVEBID, INC.

                           2002 EQUITY INCENTIVE PLAN

                            As Adopted June 10, 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 DoveBid, Inc., a Delaware corporation (the
"Company"), and its Subsidiaries, by offering them an opportunity to participate
in the Company's future performance through awards of Options, Restricted Stock
Awards and Stock Bonuses. Capitalized terms not defined in the text are defined
in Section 24.

     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 1,500,000 Shares plus any Shares that are subject to: (a)
issuance upon exercise of an Option but cease to be subject to such Option for
any reason other than exercise of such Option; (b) an Award granted hereunder
but are forfeited or are repurchased by the Company at the original issue price;
and (c) an Award that otherwise terminates without Shares being issued. In
addition, any authorized shares not issued or subject to outstanding grants
under the Company's 1999 Stock Option Plan (the "Prior Plan") on the Effective
Date (as defined in Section 19 below) and any shares issued under the Prior Plan
that are forfeited or repurchased by the Company or that 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, 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 or type of
outstanding shares of the Company's Common Stock 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 or type of Shares reserved for
issuance under this Plan, (b) the number or type of Shares that may be granted
pursuant to Sections 3 and 9 below, (c) the Exercise Prices of and number or
type of Shares subject to outstanding Options, and (d) the number or type of
Shares subject to other outstanding Awards may, upon approval of the Board in
its discretion, be proportionately and appropriately adjusted to reflect such
change in the capital structure; 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 Board.

     3. ELIGIBILITY. ISOs (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
and advisors of the Company or any Parent or Subsidiary of the Company; provided
such consultants, independent 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 500,000 Shares in
any calendar year under this Plan pursuant to the grant of Awards hereunder. 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. Except for automatic grants
to Outside Directors pursuant to Section 9 hereof, and subject to the general
purposes, terms and conditions of this Plan, and to the direction of the Board,
the Committee will have

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                                                                   DoveBid, Inc.
                                                      2002 Equity Incentive Plan

full power to implement and carry out this Plan. Except for automatic grants to
Outside Directors pursuant to Section 9 hereof, 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 or any Award;

            (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. Except for automatic grants to Outside
Directors pursuant to Section 9 hereof, 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 the 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.

     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, except as otherwise
required by the terms of Section 9 hereof, 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.

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            5.3   Exercise Period. Options 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 Stockholder") will be exercisable after the expiration of
five (5) years from the date the ISO is granted. The Committee also may provide
for 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; 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 Stockholder 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.

            5.5   Method of Exercise. Options may be exercised only by delivery
to the Company of a written 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 the Participant's
investment intent and access to information and other matters, if any, as may be
required by or desirable to 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, the exercise of an Option will always be subject
to the following:

            (a)   If the Participant is Terminated for any reason except the
                  Participant's death or Disability, then the Participant may
                  exercise such Participant's Options only to the extent that
                  such Options would have been exercisable by the Participant on
                  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.

            (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 for Cause or because of
                  the Participant's Disability), then the Participant's Options
                  may be exercised only to the extent that such Options would
                  have been exercisable by the Participant on the Termination
                  Date and must be exercised by the Participant (or the
                  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 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 the 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 the Participant is terminated for Cause, then Participant's
                  Options shall expire on such Participant's Termination Date,
                  or at such later time and on such conditions as are determined
                  by the Committee.

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                                                                   DoveBid, Inc.
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            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 any Participant from
exercising the Option for the full number of Shares for which it is then
exercisable.

            5.8   Limitations on ISOs. 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 or any
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 such calendar year will be NQSOs.
In the event that the Code or the regulations promulgated thereunder are amended
after the Effective Date to provide for a different limit on the Fair Market
Value of Shares permitted to be subject to ISOs, 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 for Options granted on
the date the action is taken to reduce the Exercise Price.

            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 and
contain such provisions (which need not be the same for each Participant) as the
Committee may 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 Awards 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 will be determined by the
Committee on the date the Restricted Stock Award is granted. Payment of the
Purchase Price may be made in accordance with Section 8.

            6.3   Terms of Restricted Stock Awards. Restricted Stock Awards
shall be subject to such restrictions as the Committee may impose. These
restrictions may be based upon completion of a specified number of years of
service with the Company or upon completion of the performance goals as set out
in advance in the Participant's individual Restricted Stock Purchase Agreement.
Restricted Stock Awards may vary from Participant to Participant and between
groups of Participants. Prior to the grant of a Restricted Stock Award, the
Committee shall: (a) determine the nature, length and starting date of any
Performance Period for the Restricted Stock Award;

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                                                      2002 Equity Incentive Plan

(b) select from among the Performance Factors to be used to measure performance
goals, if any; and (c) determine the number of Shares that may be awarded to the
Participant. Prior to the payment of any Restricted Stock Award, the Committee
shall determine the extent to which such Restricted Stock Award has been earned.
Performance Periods may overlap and Participants may participate simultaneously
with respect to Restricted Stock Awards that are subject to different
Performance Periods and having different performance goals and other criteria.

            6.4   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 Restricted Stock Award only to the extent earned as of the date of
Termination in accordance with the Restricted Stock Purchase Agreement, unless
the Committee determines otherwise.

     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 and contain such provisions, 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 may 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. If the Stock Bonus is being
earned upon the satisfaction of performance goals pursuant to a Performance
Stock Bonus Agreement, then the Committee will: (a) determine the nature, length
and starting date of any Performance Period for the Stock Bonus; (b) select from
among the Performance Factors to be used to measure performance goals, if any;
and (c) determine the number of Shares that may be awarded to the Participant.
Prior to the payment of any Stock Bonus, the Committee shall determine the
extent to which such Stock Bonus has been earned. Performance Periods may
overlap and Participants may participate simultaneously with respect to Stock
Bonus 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
or whole Shares or a combination thereof, either in a lump sum payment or in
installments, all as the Committee will determine.

     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;

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                                                                   DoveBid, Inc.
                                                      2002 Equity Incentive Plan

            (b)   by surrender of shares that either: (1) have been owned by the
                  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 the 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 (i) imputation of income under
                  Sections 483 and 1274 of the Code and (ii) variable accounting
                  treatment under Financial Accounting Standards Board
                  Interpretation No. 44 to APB No. 25; 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; provided, further, that the portion of the
                  Exercise Price or Purchase Price, as the case may be, equal to
                  the par value of the Shares must be paid in cash or other
                  legal consideration permitted by the Delaware General
                  Corporation Law;

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

            (e)   with respect only to purchases upon exercise of an Option, and
                  provided that a public market for the Company's Common 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
                        an 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 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.     AUTOMATIC GRANTS TO OUTSIDE DIRECTORS.

            9.1   Types of Options and Shares. Options granted under this Plan
and subject to this Section 9 shall be NQSOs.

            9.2   Eligibility. Options subject to this Section 9 shall be
granted only to Outside Directors.

            9.3   Initial Grant. Each Outside Director who first becomes a
member of the Board on or after the Effective Date will automatically be granted
an option for 15,000 Shares (an "Initial Grant") on the date such Outside
Director first becomes a member of the Board, unless such Outside Director
received a grant of options before the Effective Date.

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                                                                   DoveBid, Inc.
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            9.4   Succeeding Grant. Immediately following each Annual Meeting of
the Company's stockholders, each Outside Director will automatically be granted
an option for 5,000 Shares (a "Succeeding Grant"), provided, that the Outside
Director is a member of the Board on such date and has served continuously as a
member of the Board for a period of at least twelve (12) months since the
Initial Grant to such Outside Director. If less than twelve (12) months has
passed since the Initial Grant to such Outside Director, then the number of
shares subject to the Succeeding Grant will be pro-rated based on the number of
days passed since the Initial Grant to such Outside Director, divided by 365
days.

            9.5   Vesting. The date an Outside Director receives an Initial
Grant or a Succeeding Grant is referred to in this Plan as the "Start Date" for
such option.

            (a)   Initial Grant. Each Initial Grant will vest as to 1/36 of the
                  Shares each month after the Start Date for such Initial Grant,
                  so long as the Outside Director continuously remains a
                  director or a consultant of the Company.

            (b)   Succeeding Grant. Each Succeeding Grant will vest as to 1/12
                  of the Shares each month after the Start Date for such
                  Succeeding Grant, so long as the Outside Director continuously
                  remains a director or a consultant of the Company.

Notwithstanding any provision to the contrary, in the event of a Corporate
Transaction (as defined in Section 18.1), the vesting of all options granted to
Outside Directors pursuant to this Section 9 will accelerate and such options
will become exercisable in full immediately prior to the consummation of such
event at such times and on such conditions as the Committee determines and must
be exercised, if at all, within three (3) months of the consummation of said
event. Any options not exercised within such three-month period shall expire.

            9.6   Exercise Price and Exercisability. The exercise price of an
option pursuant to an Initial Grant or a Succeeding Grant shall be the Fair
Market Value of the Shares at the time that such option is granted. Initial
Grants and Succeeding Grants shall be immediately exercisable although the
Shares issued upon exercise of an option will be subject to the restrictions on
transfer and the Company may reserve to itself and/or its assignee(s) in the
Award Agreement a right to repurchase a portion of or all Unvested Shares held
by an Outside Director following such Outside Director's termination as a
director or a consultant of the Company.

     10.    WITHHOLDING TAXES.

            10.1  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.

            10.2  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. All elections by a Participant to have Shares
withheld for this purpose will be made in accordance with the requirements
established by the Committee and be in writing in a form acceptable to the
Committee.

     11.    TRANSFERABILITY.

            11.1  Except as otherwise provided in this Section 11, Awards
granted under this Plan, and any interest therein, will not be transferable or
assignable by any Participant, and may not be made subject to execution,

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                                                                   DoveBid, Inc.
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attachment or similar process, otherwise than by will or by the laws of descent
and distribution or as determined by the Committee and set forth in the Award
Agreement with respect to Awards that are not ISOs.

            11.2  All Awards other than NQSOs. All Awards other than NQSOs shall
be exercisable: (i) during the Participant's lifetime only by (A) the
Participant, or (B) the Participant's guardian or legal representative; and (ii)
after the Participant's death, by the legal representative of the Participant's
heirs or legatees.

            11.3  NQSOs. Unless otherwise restricted by the Committee, an NQSO
shall be exercisable: (i) during the Participant's lifetime only by (A) the
Participant, (B) the Participant's guardian or legal representative, (C) a
Family Member of the Participant who has acquired the NQSO by "permitted
transfer;" and (ii) after the Participant's death, by the legal representative
of the Participant's heirs or legatees. "Permitted transfer" means, as
authorized by this Plan and the Committee in an NQSO, any transfer effected by
the Participant during the Participant's lifetime of an interest in such NQSO
but only such transfers which are by gift or domestic relations order. A
permitted transfer does not include any transfer for value and neither of the
following are transfers for value: (a) a transfer under a domestic relations
order in settlement of marital property rights or (b) a transfer to an entity in
which more than fifty percent of the voting interests are owned by Family
Members or the Participant in exchange for an interest in that entity.

     12.    PRIVILEGES OF STOCK OWNERSHIP; RESTRICTIONS ON SHARES.

            12.1  Voting and Dividends. No Participant will have any of the
rights of a stockholder 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 stockholder and have all the rights of a stockholder 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
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 Purchase Price or Exercise Price pursuant
to Section 12.2.

            12.2  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 Unvested Shares held by a Participant
following such Participant's Termination at any time within ninety (90) days
after the later of the Participant's Termination Date and the date the
Participant purchases Shares under this Plan, for cash and/or cancellation of
purchase money indebtedness, at the Participant's Exercise Price or Purchase
Price, as the case may be.

     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 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 the 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

                                       8

<PAGE>

                                                                   DoveBid, Inc.
                                                      2002 Equity Incentive Plan

note notwithstanding any pledge of the Participant's Shares or other collateral.
In connection with any pledge of the Shares, the 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. Except for
automatic grants to Outside Directors pursuant to Section 9 hereof, 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 stockholders 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, conversion or
replacement will be binding on all Participants), (c) a merger in which the
Company is the surviving corporation but after which the stockholders of the
Company immediately prior to such merger (other than any stockholder that
merges, or which owns or controls another corporation that merges, with the
Company in such merger) cease to own their shares or other equity interest in
the Company, (d) the sale of substantially all of the assets of the Company, or
(e) the acquisition, sale, or transfer of more than 50% of the outstanding
shares of the Company by tender offer or similar transaction (each, a "Corporate
Transaction"), 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 or acquiring corporation may substitute equivalent Awards or provide
substantially similar consideration to Participants as was provided to
stockholders (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 Participants, 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 Corporate Transaction described in this
Subsection 18.1, such Awards will expire on such Corporate Transaction at such
time and on such conditions as the Committee will determine. Notwithstanding
anything in this Plan to the contrary, the Committee

                                       9

<PAGE>

                                                                   DoveBid, Inc.
                                                      2002 Equity Incentive Plan

may, in its sole discretion, provide that the vesting of any or all Awards
granted pursuant to this Plan will accelerate upon a Corporate Transaction
described in this Section 18.1. If the Committee exercises such discretion with
respect to Options, such Options will become exercisable in full prior to the
consummation of such event at such time and on such conditions as the Committee
determines, and if such Options are not exercised prior to the consummation of
the Corporate Transaction, they shall terminate at such time as determined by
the Committee.

            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 Corporate 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, or sale of
assets.

            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 STOCKHOLDER 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").
This Plan shall be approved by the stockholders 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 Committee may grant Awards pursuant to this Plan; provided,
however, that: (a) no Option may be exercised prior to initial stockholder
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 stockholders of the
Company; (c) in the event that initial stockholder approval is not obtained
within the time period provided herein, all Awards granted hereunder shall be
cancelled, any Shares issued pursuant to any Awards shall be cancelled, and any
purchase of Shares issued hereunder shall be rescinded; and (d) in the event
that stockholder approval of such increase shall not be obtained within the time
period provided herein, all Awards granted pursuant to such increase shall be
cancelled, any Shares issued pursuant to any Awards granted pursuant to such
increase will be cancelled, and any purchase of Shares pursuant to such increase
shall be rescinded.

     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 stockholder 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 stockholders of the Company, amend this Plan in any manner that requires
such stockholder approval.

     22.    NONEXCLUSIVITY OF THE PLAN. Neither the adoption of this Plan by
the Board, the submission of this Plan to the stockholders 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

                                       10

<PAGE>

                                                                   DoveBid, Inc.
                                                      2002 Equity Incentive Plan

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.    INSIDER TRADING POLICY. Each Participant and Outside Director who
receives an Award shall comply with any policy adopted by the Company from time
to time covering transactions in the Company's securities by employees, officers
and/or directors of the Company.

     24.    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 Award 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.

            "Cause" means (a) the commission of an act of theft, embezzlement,
fraud, dishonesty, (b) a breach of fiduciary duty to the Company or a Parent or
Subsidiary of the Company, or (c) a failure to materially perform the customary
duties of employee's employment.

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

            "Committee" means the Compensation Committee of the Board.

            "Company" means DoveBid, Inc., a Delaware corporation, or any
successor corporation.

            "Disability" means a disability, whether temporary or permanent,
partial or total, as determined by the Committee.

            "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.

            "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
                  last trading day prior to 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 last
                  trading day prior to 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 last trading day prior to the date
                  of determination as reported in The Wall Street Journal;

                                       11

<PAGE>

                                                                   DoveBid, Inc.
                                                      2002 Equity Incentive Plan

            (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

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

            "Family Member" includes any of the following:

            (a)   child, stepchild, grandchild, parent, stepparent, grandparent,
                  spouse, former spouse, sibling, niece, nephew, mother-in-law,
                  father-in-law, son-in-law, daughter-in-law, brother-in-law, or
                  sister-in-law of the Participant, including any such person
                  with such relationship to the Participant by adoption;

            (b)   any person (other than a tenant or employee) sharing the
                  Participant's household;

            (c)   a trust in which the persons in (a) and (b) have more than
                  fifty percent of the beneficial interest;

            (d)   a foundation in which the persons in (a) and (b) or the
                  Participant control the management of assets; or

            (e)   any other entity in which the persons in (a) and (b) or the
                  Participant own more than fifty percent of the voting
                  interest.

            "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.

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

            "Outside Director" means a member of the Board who is not an
employee of the Company or any Parent or Subsidiary of the Company.

            "Parent" means any corporation (other than the Company) in an
unbroken chain of corporations ending with the Company if 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.

            "Performance Factors" means the factors selected by the Committee
from among the following measures to determine whether the performance goals
established by the Committee and applicable to Awards have been satisfied:

            (a)   Net revenue and/or net revenue growth;

            (b)   Earnings before income taxes and amortization and/or growth in
                  earnings before income taxes and amortization;

            (c)   Operating income and/or operating income growth;

            (d)   Net income and/or net income growth;

            (e)   Earnings per share and/or earnings per share growth;

                                       12

<PAGE>

                                                                   DoveBid, Inc.
                                                      2002 Equity Incentive Plan

            (f)   Total stockholder return and/or total stockholder return
                  growth;

            (g)   Return on equity;

            (h)   Operating cash flow return on income;

            (i)   Adjusted operating cash flow return on income;

            (j)   Economic value added; and

            (k)   Individual business objectives.

            "Performance Period" means the period of service determined by the
Committee, not to exceed five years, during which years of service or
performance is to be measured for Restricted Stock Awards or Stock Bonuses.

            "Plan" means this DoveBid, Inc. 2002 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.

            "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, officer, director, consultant, independent
contractor 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 Award while on leave from the employ of the Company or a
Parent or Subsidiary of the Company 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 Stock 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").

            "Unvested Shares" means "Unvested Shares" as defined in the Award
Agreement.

            "Vested Shares" means "Vested Shares" as defined in the Award
Agreement.

                                       13<PAGE>

                                                                   Exhibit 10.58

     NEITHER THIS NOTE NOR ANY SECURITIES WHICH MAY BE ISSUED UPON CONVERSION
HEREOF HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR
REGISTERED OR OTHERWISE QUALIFIED UNDER ANY STATE SECURITIES LAW. NEITHER THIS
NOTE NOR ANY SUCH SECURITIES MAY BE SOLD OR OFFERED FOR SALE IN THE ABSENCE OF
AN EFFECTIVE REGISTRATION STATEMENT UNDER SAID ACT AND REGISTRATION OR OTHER
QUALIFICATION UNDER ANY APPLICABLE STATE SECURITIES LAWS, OR AN OPINION OF
COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION OR OTHER
QUALIFICATION IS NOT REQUIRED.

                                  DOVEBID, INC.
                                  -------------

                    CONVERTIBLE SUBORDINATED PROMISSORY NOTE
                    ----------------------------------------

$500,000                                 Original Issue Date:  December 30, 1999
                                                  Reissue Date:  August 26, 2002

     DoveBid, Inc., a Delaware corporation (the "Company"), with offices at 1241
East Hillsdale Blvd., Foster City, CA 94404, for value received, promises to pay
to the order of RICK ADAMS ("Payee") at such address as Payee may designate,
Five Hundred Thousand Dollars and No Cents ($500,000.00), plus simple interest
thereon calculated from the original issue date hereof until paid at the annual
rate of 5.74%, compounded annually. Principal and accrued interest will be due
and payable in lawful money of the United States in full on December 30, 2002
(the "Maturity Date"), unless this Note shall have been previously converted
pursuant to Section 2 below, in which case all outstanding principal under this
Note and all accrued interest thereon shall be satisfied in full by virtue of
such conversion and the issuance and delivery of fully paid and non-assessable
shares of Conversion Stock to the holder of this Note as set forth in Section 2
below. Payments by the Company shall be applied first to any and all accrued
interest through the payment date and second to the principal remaining due
hereunder.

     The predecessor of this Note was originally issued to Unidyne
International, Inc., now known as EZMFG.COM, Inc. ("EZ"), as Payee. On August
16, 2002, EZ assigned its interest in the original Note to Rick Adams and Jack
Saggau, as tenants in common, but instructed the Company to cancel the original
Note and to issue separate Notes to each of such persons, with each reissued
Note to represent the obligation to repay one-half the original principal amount
of the original Note, or $500,000 each. This Note has been issued pursuant to
EZ's instruction and represents a Note separate an apart from the Note issued to
Jack Saggau. Accordingly, the Company and Payee agree that this Note is held as
the sole property of the Payee, that the Note held by Jack Saggau is his sole
property and that neither of such Notes is held as tenants in common.

<PAGE>

     The following is a statement of the rights of the holder of this Note and
the conditions to which this Note is subject, and to which the holder hereof, by
the acceptance of this Note, agrees:

     1. Definitions. As used in this Note, the following terms, unless the
context otherwise requires, have the following meanings:

          1.1 "Company" includes any corporation or other entity which succeeds
to or assume the obligations of the Company under this Note.

          1.2 "Conversion Stock" shall mean shares of Common Stock of the
Company.

          1.3 "Conversion Price" shall mean the price per share that is the
exact middle of the price range stated in the Company's final amended
registration statement on Form S-1, Form SB-1 or a similar successor form
pertaining to an Initial Public Offering that closes on before the Maturity
Date. No conversion shall occur and there is therefore no Conversion Price with
respect to an Initial Public Offering that closes after the Maturity Date.

          1.4 "Noteholder," "holder," or similar terms, when the context refers
to a holder of this Note, shall mean any person who shall at the time be the
registered holder of this Note.

          1.5 "Initial Public Offering" shall mean the closing of a sale of
Common Stock pursuant to a registration statement on Form S-1 or Form SB-1 (or
similar successor form) under the Securities Act of 1933, as amended, for an
underwritten initial public offering.

          1.6 "Subordination Agreement" shall mean the Subordination Agreement
attached hereto as Annex A and incorporated by reference herein.

     2. Conversion.

          2.1 Mandatory Conversion. This Note and all of the outstanding
principal and accrued and unpaid interest on and under this Note shall be
converted into Conversion Stock at the Conversion Price concurrent with the
closing of an Initial Public Offering before the Maturity Date. For
informational purposes, the Company shall provide the Noteholder with written
notice (at the most recent address for the Noteholder provided to the Company by
the Noteholder in writing) (i) within seven (7) days after it files with the
Securities and Exchange Commission any registration statement on Form S-1, SB-1
or a similar successor form for an Initial Public Offering, and (ii) reasonably
promptly following the closing of an Initial Public Offering. Conversion as
described in this Section 2.1 shall occur only upon the closing of an Initial
Public Offering, provided that (i) upon the closing of an Initial Public
Offering, the conversion shall be deemed to have occurred either immediately
prior to contemporaneously with the closing of such Initial Public Offering, and
(ii) as a condition precedent or condition subsequent to conversion (the
election between which type of condition shall be the Company's sole election in
the Company's sole discretion), the Noteholder must surrender this Note for
conversion at the principal office of the Company. Incident to any conversion,
the Conversion Stock will have those rights and privileges, and be subject to
those restrictions, of the shares of Common Stock as set forth in the Company's
Certificate of Incorporation, and the Noteholder will receive the

<PAGE>
rights and be subject to the obligations applicable to the purchasers of Common
Stock, provided that the sale restriction specified in Section 2.5 below shall
apply to the Conversion Stock. This Note shall not be convertible and shall not
be converted into Conversion Stock if there is not an Initial Public Offering
before the Maturity Date.

          2.2 No Fractional Shares. No fractional shares will be issued on
conversion of this Note. If on any conversion of this Note a fraction of a share
results, the Company will pay the cash value of that fractional share,
calculated on the basis of the applicable Conversion Price.

          2.3 Reservation of Stock. Prior to any conversion of this Note
pursuant to Section 2.1 above, the Company will take such corporate action and
obtain such government consents and approvals as may, in the reasonable opinion
of its counsel, be necessary to authorize the issuance of a sufficient number of
shares of Conversion Stock into which this Note is to convert pursuant to
Section 2.1 above.

          2.4 Fully Paid Shares; Certificates. All shares of Conversion Stock
issued upon the conversion of this Note shall be validly issued, fully paid and
non-assessable. The certificates representing the shares of Conversion Stock
issued upon conversion hereof shall be delivered to the holder against surrender
of this Note. The holder, by accepting this Note, undertakes and agrees to
accept such shares of Conversion Stock in full satisfaction of the outstanding
principal and accrued interest thereon in accordance with the terms of this
Note. Anything to the contrary in this Note notwithstanding, the Company's
obligation to issue shares of Conversion Stock to any holder of this Note is
expressly conditioned upon compliance of such issuance with applicable federal
and state securities laws without registration or other qualification
thereunder.

          2.5 Restriction on Sale. Upon and following any conversion pursuant to
this Section 2, no holder of any Conversion Stock shall effect any sale or
distribution of any of the Conversion Stock (which shall include any and all
voting securities received by such holder as or in connection with a stock
dividend, stock split or other recapitalization or similar distribution on or in
respect of the Conversion Stock) or any of the Company's other equity
securities, or of any securities convertible into or exchangeable for such
securities, during the period beginning on the closing of the Initial Public
Offering and ending 180 days after such closing. The certificate(s) representing
the shares of Conversion Stock issued upon the conversion of this Note shall be
legended to reflect such restriction on sale.

          2.6 No Rights or Liabilities as Shareholder. This Note does not by
itself entitle the Noteholder to any voting rights or other rights as a
shareholder of the Company. In the absence of conversion of this Note, no
provisions of this Note, and no enumeration herein of the rights or privileges
of the holder shall cause such holder to be a shareholder of the Company for any
purpose by virtue hereof.

          2.7 No Other Conversion. The conversion described in this Section 2
shall constitute the sole methods by which this Note will convert into
Conversion Stock.

     3. Subordination. This Note and the indebtedness evidence by this Note are
subordinated to the prior payment in full of all or substantially all other
indebtedness of the

<PAGE>
Company pursuant to the terms of a Subordination Agreement in the form attached
hereto as Annex A and incorporated herein by reference.

     4. Prepayment. This Note may be prepaid, in its entirety (including the
principal sum and interest accrued to the date of payment) without penalty or
premium; provided that (i) the Company must give the Noteholder at least ten
(10) days prior written notice of its intention to prepay, and (ii) prepayment
cannot take place (x) after the Company has filed with the Securities and
Exchange Commission a registration statement on Form S-1, SB-1 or a similar
successor form for an Initial Public Offering and for so long as any such
registration statement remains pending, or (y) during the 60 days prior to the
Company's filing of a registration statement with the Securities and Exchange
Commission on Form S-1, SB-1 or a similar successor form for an Initial Public
Offering.

     5. Usury Savings Clause. The Company and the Noteholder intend to comply at
all times with applicable usury laws. If at any time such laws would render
usurious any amounts due under this Note under applicable law, then it is the
Company's and the Noteholder's express intention that the Company not be
required to pay interest on this Note at a rate in excess of the maximum lawful
rate, that the provisions of this Section 5 shall control over all other
provisions of this Note which may be in apparent conflict hereunder, that such
excess amount shall be immediately credited to the principal balance of this
Note (or, if this Note has been fully paid, refunded by the Noteholder to the
Company), and the provisions hereof shall immediately be reformed and the
amounts thereafter decreased, so as to comply with the then applicable usury
law, but so as to permit the recovery of the fullest amount otherwise due under
this Note.

     6. General Provisions.

          6.1 Notices. Any notice, request or other communication required or
permitted hereunder shall be in writing and shall be deemed to have been duly
given if personally delivered or mailed by certified mail return receipt
requested, postage prepaid, at the respective addresses of the parties. Notice
shall conclusively be deemed to have been given when personally delivered or
when deposited in the mail in the manner set forth above.

          6.2 Severability; Headings. In case any provision of this Note shall
be invalid, illegal or unenforceable, the validity, legality and enforceability
of the remaining provisions shall not in any way be affected or impaired
thereby, unless to do so would deprive the Noteholder or the Company of a
substantial part of its bargain. All headings used herein are used for
convenience only and shall not be used to construe or interpret this Note.

          6.3 Noteholder Representations and Status. By accepting this Note, the
Payee and any other Noteholder each acknowledges, represents and warrants that
(i) this Note is being acquired for investment, solely for its own account and
not as a nominee for any other person or entity, and that it will not offer,
sell or otherwise dispose of this Note except as expressly permitted by this
Note and under circumstances which will not result in a violation of the
Securities Act of 1933, as amended (the "Securities Act"), and (ii) it is an
"accredited investor" with the meaning of Rule 501(a) of Regulation D
promulgated under the Securities Act.

<PAGE>

          6.4 Assignment. Except as provided in the next sentence, neither this
Note nor any right hereunder may be assigned by the Noteholder without the prior
written consent of the Company, which may be granted or withheld in the
Company's sole discretion. This Note may be assigned by Unidyne International,
Inc. to Rick Adams and Jack Saggau provided that Rick Adams and Jack Saggau at
the time of such assignment provide to the Company in writing the
representations and warranties set forth in Section 6.3 above.

          6.5 Entire Agreement; Changes. This Note, and the Subscription and
Loan Agreement executed by the holder in connection with the issuance of this
Note, contains the entire agreement between the parties hereto superseding and
replacing any prior agreement or understanding relating to the subject matter
hereof. Neither this Note nor any term hereof may be changed, waived, discharged
or terminated orally but only by an instrument in writing signed by the party
against which enforcement of the change, waiver, discharge or termination is
sought.

          6.6 Law Governing. This Note shall be construed and enforced in
accordance with, and governed by, the internal laws of the State of California,
excluding that body of law applicable to conflicts of law.

     IN WITNESS WHEREOF, each party has caused this Note to be executed as of
the date set forth above.

                               DOVEBID, INC.

                               By:
                                  ----------------------------------------------

                               Its:
                                   ---------------------------------------------

                               -------------------------------------------------
                               RICK ADAMS

<PAGE>

                                     ANNEX A

                             SUBORDINATION AGREEMENT

     This Subordination Agreement ("this Subordination Agreement") is made as of
December 30, 1999 by and between DoveBid, Inc. (the "Company") and Unidyne
International, Inc. ("Creditor"), for the benefit of all holders of Senior Debt
(as defined below).

          A. The Company concurrently herewith is issuing to Creditor its
Convertible Subordinated Promissory Note dated as of the same date as this
Subordination Agreement (the "Note");

          B. It is a term of the Note that any and all amounts owing to Creditor
(or any subsequent holder of the Note) under or pursuant to the Note be
subordinated in right of payment to the prior payment in full of any and all
Senior Debt of the Company (as defined below); and

          C. This Subordination Agreement sets forth the particular terms of
such subordination, and this Agreement is incorporated into and constitutes a
part of the Note.

                  NOW, THEREFORE, THE PARTIES AGREE AS FOLLOWS

     1. Subordination; Note Subordinated to Senior Debt. Notwithstanding
anything to the contrary contained in the Note or in this Annex A, the Company
covenants and agrees and each holder of the Note, by such holder's acceptance
thereof likewise covenants and agrees, that the Note shall be and is issued
subject to the provisions of this Subordination Agreement; and each person
holding the Note, whether upon original issue or upon transfer, assignment or
exchange thereof accepts and agrees that all payments of Subordinated
Obligations (all capitalized terms used in this Subordination Agreement that are
not defined above are used as defined in Section 9 below) by the Company shall,
to the extent and in the manner set forth in this Subordination Agreement, be
subordinated and junior in right of payment, to the prior payment in full in
cash or cash equivalents of all amounts payable on or under any and all Senior
Debt (including principal, interest, fees, commissions, expenses and indemnities
in respect thereof and any interest accruing subsequent to the commencement or
filing of any petition in any bankruptcy or insolvency proceeding at the rate
provided for in the documents governing such Senior Debt, whether or not such
interest is an allowed claim enforceable against the debtor in a bankruptcy case
under Title 11 of the United States Code).

     To the extent any payment of Senior Debt (whether by or on behalf of the
Company, as proceeds of security or enforcement of any right of setoff or
otherwise) is declared to be fraudulent or preferential, set aside or required
to be paid to a trustee, receiver or other similar party under any bankruptcy,
insolvency, receivership, fraudulent conveyance or similar law, then if such
payment is recovered by, or paid over to, such trustee, receiver or other
similar party, the Senior Debt or part thereof originally intended to be
satisfied shall be deemed to be reinstated and outstanding as if such payment
had not occurred. To the extent the obligation to repay any Senior Debt is
declared to be fraudulent, invalid or otherwise set aside under any

<PAGE>
bankruptcy, insolvency, receivership, fraudulent conveyance or similar law, then
the obligations so declared fraudulent, invalid or otherwise set aside (and all
other amounts which would come due with respect thereto had such obligations not
been so affected) shall be deemed to be reinstated and outstanding as Senior
Debt for all purposes hereof as if such declaration, invalidity or setting aside
had not occurred.

     2. No Payment on Securities in Certain Circumstances.

          (a) No direct or indirect payment by or on behalf of the Company of
Subordinated Obligations, whether pursuant to the terms of the Note or upon
acceleration or otherwise shall be made if, at the time of such payment there
exists a default in the payment of all or any portion of the obligations on any
Senior Debt and such default shall not have been cured or waived or the benefits
of this sentence waived by or on behalf of the holder of such Senior Debt.

          (b) In the event of any other default with respect to any Senior Debt
pursuant to which the maturity thereof may be accelerated, upon the receipt by
the holder of the Note of written notice from a Designated Senior Creditor or
the Company, no payment of Subordinated Obligations may be made by or on behalf
of the Company for a period (a "Payment Blockage Period") commencing on the date
of receipt of such notice and ending 270 days thereafter (unless such Payment
Blockage Period shall be terminated by written notice to the holder from a
Designated Senior Creditor or all defaults with respect to Senior Debt shall
have been cured or waived). For purposes of this Section 2(b), after the
commencement of a Payment Blockage Period, no subsequent Payment Blockage Period
may be commenced unless a period of 30 consecutive days has passed since the
termination of the immediately preceding Payment Blockage Period. Subject to the
preceding sentence, successive Payment Blockage Periods may be commenced
hereunder.

          (c) In the event that, notwithstanding the foregoing, any payment
shall be received by any holder when such payment is prohibited by Section 2(a)
or 2(b) of this Subordination Agreement, such payment shall be held for the
benefit of, and shall be paid over or delivered to, the holders of Senior Debt
or their respective representatives, or to the trustee or trustees under any
indenture pursuant to which any of such Senior Debt may have been issued, as
their respective interests may appear.

     3. Payment Over of Proceeds Upon Dissolution, Etc.

          (a) Upon any payment or distribution of assets or securities of the
Company, as the case may be, of any kind or character, whether in cash, property
or securities, upon any dissolution or winding-up or total or partial
liquidation or reorganization of the Company, whether voluntary or involuntary
or in bankruptcy, insolvency, receivership or other proceeding, all amounts due
or to become due upon all Senior Debt (including interest accruing subsequent to
the commencement or filing of any petition in any bankruptcy or insolvency
proceeding at the rate provided for in the documents governing such Senior Debt,
whether or not such interest is an allowed claim enforceable against the debtor
in a bankruptcy case under Title 11 of the United States Code) shall first be
indefeasibly paid in full in cash or cash equivalents, before the holder of the
Note shall be entitled to receive any payment on account of the

<PAGE>
Subordinated Obligations, or any payment to acquire the Note for cash, property
or securities or any distribution with respect to the Note of any cash, property
or securities. Before any payment may be made by or on behalf of the Company of
the Subordinated Obligations, upon any such dissolution, winding-up, liquidation
or reorganization, any payment or distribution of assets or securities of the
Company of any kind or character, whether in cash, property or securities, to
which the holder of the Note would be entitled, except for the provisions of
this Subordination Agreement, shall be made by the Company or by any receiver,
trustee in bankruptcy, liquidating trustee, agent or other Person making such
payment or distribution, or by the holder of the Note if received by it,
directly to the holders of Senior Debt (pro rata to such holders on the basis of
the respective amounts of Senior Debt held by such holders) or their respective
representatives, or to the trustee or trustees under any indenture pursuant to
which any of such Senior Debt may have been issued, as their respective
interests may appear, to the extent necessary to pay all such Senior Debt
indefeasibly in full in cash or cash equivalents after giving effect to any
concurrent payment, distribution or provision therefor to or for the holders of
such Senior Debt.

          (b) In the event that, notwithstanding the foregoing provision
prohibiting such payment or distribution, any payment or distribution of assets
or securities of the Company of any kind or character, whether in cash, property
or securities, shall be received by the holder of the Note at a time when such
payment or distribution is prohibited by Section 3(a) of this Subordination
Agreement and before all obligations in respect of Senior Debt are indefeasibly
paid in full in cash or cash equivalents, such payment or distribution shall be
received and held for the benefit of, and shall be paid over or delivered to,
the holders of Senior Debt (pro rata to such holders on the basis of the
respective amount of Senior Debt held by such holders) or their respective
representatives, or to the trustee or trustees under any indenture pursuant to
which any of such Senior Debt may have been issued, as their respective
interests may appear, for application to the payment of Senior Debt remaining
unpaid until all such Senior Debt has been indefeasibly paid in full in cash or
cash equivalents, after giving effect to any concurrent payment, distribution or
provision therefor to or for the holders of such Senior Debt.

          (c) For purposes of this Subordination Agreement, the words "cash,
property or securities" shall not be deemed to include, so long as the effect of
this Section 3(c) is not to cause the Note to be treated in any case or
proceeding or similar event described in this Subordination Agreement as part of
the same class of claims as the Senior Debt or any class of claims on a parity
with or senior to the Senior Debt for any payment or distribution, securities of
the Company or any other corporation provided for by a plan of reorganization or
readjustment which are subordinated, to at least the same extent as the Note to
the payment of all Senior Debt then outstanding; provided that (i) if a new
corporation or entity results from such reorganization or readjustment, such
corporation or entity assumes the Senior Debt and (ii) the rights of the holders
of the Senior Debt are not, without the consent of such holders, altered by such
reorganization or readjustment. The consolidation of the Company with, or the
merger of the Company with or into, a corporation (or other entity) or the
liquidation or dissolution of the Company following the conveyance or transfer
of its property as an entirety, or substantially as an entirety, to another
corporation or entity upon the terms and conditions, if any, allowed by the
Senior Debt shall not be deemed a dissolution, winding-up, liquidation or
reorganization for the purposes of this Section if such other corporation shall,
as a part of such consolidation, merger, conveyance or transfer, comply with the
conditions stated in the Senior Debt.

<PAGE>

     4. Subrogation. Upon the indefeasible payment in full of all Senior Debt in
cash or cash equivalents, the holder of the Note shall be subrogated to the
rights of the holders of Senior Debt to receive payments or distributions of
cash, property or securities of the Company made on such Senior Debt until the
principal of, premium, if any, and interest on the Note shall be paid in full;
and, for the purposes of such subrogation, no payments or distributions to the
holders of the Senior Debt of any cash, property or securities to which the
holder of the Note would be entitled except for the provisions of this
Subordination Agreement and no payment over pursuant to the provisions of this
Subordination Agreement to the holders of Senior Debt by the holder of the Note
shall, as between the Company, its creditors other than holders of Senior Debt,
and the holder of the Note, be deemed to be a payment by the Company to or on
account of the Senior Debt. It is understood that the provisions of this
Subordination Agreement are and are intended solely for the purpose of defining
the relative rights of the holder of the Note, on the one hand, and the holders
of the Senior Debt, on the other hand.

     5. Obligations of Company Unconditional. Nothing contained in this
Subordination Agreement is intended to or shall impair, as among the Company and
the holder of the Note, the obligation of the Company, which is absolute and
unconditional, to pay to the holder of the Note the principal of, premium, if
any, and interest on the Note as and when the same shall become due and payable
in accordance with its terms, or is intended to or shall affect the relative
rights of the holder of the Note and creditors of the Company other than the
holders of the Senior Debt.

     6. Reliance on Judicial Order or Certificate of Liquidating Agent. Upon any
payment or distribution of assets or securities referred to in this
Subordination Agreement, the holder of the Note shall be entitled to rely upon
any order or decree made by any court of competent jurisdiction in which
bankruptcy, dissolution, winding-up, liquidation or reorganization proceedings
are pending, or upon a certificate of the receiver, trustee in bankruptcy,
liquidating trustee, agent or other person making such payment or distribution,
delivered to the holder of the Note for the purpose of ascertaining the persons
entitled to participate in such distribution, the holders of the Senior Debt and
other Indebtedness of the Company, the amount thereof or payable thereon, the
amount or amounts paid or distributed thereon and all other facts pertinent
thereto or to this Subordination Agreement.

     7. Subordination Rights Not Impaired by Acts or Omissions of the Company or
Holders of Senior Debt. No right of any present or future holders of any Senior
Debt to enforce subordination as provided herein will at any time in any way be
prejudiced or impaired by any act or failure to act on the part of the Company
or by any act or failure to act by any such holder, or by any noncompliance by
the Company with the terms of the Note, regardless of any knowledge thereof
which any such holder may have or otherwise be charged with. The provisions of
this Subordination Agreement are intended to be for the benefit of, and shall be
enforceable directly by, the holders of Senior Debt.

     8. No Waiver of Subordination Provisions. Without in any way limiting the
generality of Section 7, the holders of Senior Debt may, at any time and from
time to time, without the consent of or notice to the holder of the Note,
without incurring responsibility to the holder of the Note and without impairing
or releasing the subordination provided in this Subordination Agreement or the
obligations hereunder of the holder of the Note to the holders of Senior Debt,
do any one or more of the following: (a) change the manner, place or terms of

<PAGE>
payment or extend the time of payment of, or renew or alter, Senior Debt or any
instrument evidencing the same or any agreement under which Senior Debt is
outstanding or secured; (b) sell, exchange, release or otherwise deal with any
property pledged, mortgaged or otherwise securing Senior Debt; (c) release any
Person liable in any manner for the collection of Senior Debt and (d) exercise
or refrain from exercising any rights against the Company and any other Person.

     9. Definitions. As used in this Subordination Agreement, the terms set
forth below shall have the respective meanings set forth opposite such terms
below:

          "Designated Senior" means any holder of Senior Debt or any agent,
trustee or other similar representative for such a holder.

          "Note" shall mean the Convertible Subordinated Promissory Note to
which this Annex A is attached and all terms of this Annex A, which are
incorporated therein by reference.

          "Person" means an individual, a corporation, a partnership, an
association, a trust or any other entity or organization, including a government
or political subdivision or an agency or instrumentality thereof.

          "Senior Debt" means all debt and other monetary obligations of the
Company (including, without limitation, under any note, credit agreement,
mortgage, indenture, instrument or contract of any type or nature), and the
Company's guarantee of any debt or monetary obligation of any subsidiary of the
Company, in each case whether now existing or hereafter arising, and in each
case including all principal, interest, fees and expenses owing on or in
connection with such debt or other monetary obligations, as the same may be
modified, amended, restated or supplemented from to time; provided that the term
"Senior Debt" shall not include (a) any debt or other monetary obligation that
expressly provides in writing that it is subordinate to or pari passu with the
Note, (b) any debt of the Company which, when incurred and without respect to
any election under Section 1111(b) of Title 11, United States Code, was without
recourse to the Company, (c) any debt of the Company to a subsidiary of the
Company, (d) any debt for borrowed money to any employee or director of the
Company, and (e) any accounts payable to trade creditors created or assumed by
the Company or any subsidiary of the Company in the ordinary course of business
in connection with the obtaining of materials or services.

          "Subordinated Obligations" means principal and interest payable under
or in respect of the Note, any fees, expenses or rights of reimbursement under
or in respect of the Note, and all other claims, rights of rescission or other
rights of action under or in respect of the Note.

     10. Suspension of Certain Remedies. Notwithstanding anything to the
contrary contained elsewhere in the Note, until all Senior Debt has been
indefeasibly repaid in full, no holder of the Note may commence or join with any
creditor in commencing, any bankruptcy, insolvency or similar proceeding with
respect to the Company or any of its subsidiaries.

<PAGE>

     11. Amendment, Supplement and Waiver. This Subordination Agreement may only
be amended, modified or supplemented by a written instrument executed by the
Company, the holder of the Note, and each holder of Senior Debt affected
thereby.

     12. Successors and Assigns. This Subordination Agreement shall be binding
upon and inure to the benefit of the successors and assigns of the parties
hereto.

     13. Attorney's Fees. If the holder of the Note files any claim to enforce
its rights under the Note, the holder shall be entitled to recover its
reasonable attorney's fees from the Company; provided that the Company shall not
be required to reimburse the holder for any attorney's fees incurred or actions
taken at a time when payments are not permitted to be made on the Note pursuant
to this Subordination Agreement or for any assertion of rights by the holder
under the Note to the extent the rights being asserted are not permitted to be
exercised by virtue of the provisions of this Subordination Agreement.

                              DOVEBID, INC.

                              By: /s/ Anthony Capobianco
                                  ----------------------------------------------

                              Its: Vice President, General Counsel and Secretary
                                   ---------------------------------------------

                              /s/ Rick Adams
                              --------------------------------------------------
                              RICK ADAMS

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