Document:

<PAGE>   1

                                                                    EXHIBIT 10.1

                                RSA SECURITY INC.

                         1994 DIRECTOR STOCK OPTION PLAN

1.   PURPOSE.

     The purpose of this 1994 Director Stock Option Plan (the "Plan") of RSA
Security Inc. (the "Company") is to encourage ownership in the Company by
outside directors of the Company whose continued services are considered
essential to the Company's future progress and to provide them with a further
incentive to remain as directors of the Company.

     2. ADMINISTRATION.

     The Board of Directors shall supervise and administer the Plan. Grants of
stock options under the Plan and the amount and nature of the awards to be
granted shall be automatic in accordance with Section 5. However, all questions
concerning interpretation of the Plan or any options granted under it shall be
resolved by the Board of Directors and such resolution shall be final and
binding upon all persons having an interest in the Plan.

     3. PARTICIPATION IN THE PLAN.

     Directors of the Company who are not full-time employees of the Company or
any subsidiary of the Company ("outside directors") shall be eligible to receive
options under the Plan.

     4. STOCK SUBJECT TO THE PLAN.

     (a)  The maximum number of shares of the Company's Common Stock, par value
$.01 per share ("Common Stock"), which may be issued under the Plan shall be
75,000 shares (after giving effect to the Company's one-for-two reverse stock
split effective as of October 24, 1994), subject to adjustment as provided in
Section 7.

     (b)  If any outstanding option under the Plan for any reason expires or is
terminated without having been exercised in full, the shares covered by the
unexercised portion of such option shall again become available for issuance
pursuant to the Plan.

     (c)  All options granted under the Plan shall be non-statutory options not
entitled to special tax treatment under Section 422 of the Internal Revenue Code
of 1986, as amended (the "Code").

<PAGE>   2

5.   TERMS, CONDITIONS AND FORM OF OPTIONS.

     Each option granted under the Plan shall be evidenced by a written
agreement in such form as the Board of Directors shall from time to time
approve, which agreements shall comply with and be subject to the following
terms and conditions:

     (a)  OPTION GRANT DATES. Options shall automatically be granted to all
eligible outside directors as follows:

          (i)  each person who is an eligible outside director on the closing
date (the "Closing Date") of the Company's initial public offering of Common
Stock pursuant to an effective registration statement under the Securities Act
of 1933, as amended, shall be granted an option to purchase the Pro Rata Number
of shares of Common Stock calculated pursuant to Section 5(b) on the Closing
Date;

          (ii) each person who first becomes an eligible outside director after
the Closing Date shall be granted an option to purchase the Pro Rata Number of
shares of Common Stock calculated pursuant to Section 5(b) on the date of his or
her initial election to the Board of Directors, provided that such eligible
director is elected on a date other than the date of an Annual Meeting of
Stockholders; and

          (iii) each eligible outside director shall be granted an additional
option to purchase 3,000 shares of Common Stock on the date of each Annual
Meeting of Stockholders of the Company commencing with the 1995 Annual Meeting
of Stockholders, provided that he or she continues to serve as a director
immediately following such Annual Meeting.

     (b)  SHARES SUBJECT TO OPTION. Each option described in clauses (i) and
(ii) of Section 5(a) shall be for such number (and if such number is not a whole
number, rounded up to the nearest whole number) of shares of Common Stock (the
"Pro Rata Number"), if any, as is determined by multiplying (x) 3,000 by (y) the
quotient of (A) the number of whole calendar months between the applicable
Option Grant Date and the date of the next Annual Meeting of Stockholders
(which, for purposes of the Plan, shall be assumed to occur in the month of May)
and (B) 12. For example, if an eligible outside director were first elected on
October 15th, he or she would receive an option to purchase 1,500 shares of
Common Stock (3,000 x (6 (the number of whole calendar months between the Option
Grant Date and May (i.e., November through April)) / 12)).

     (c)  OPTION EXERCISE PRICE. The option exercise price per share for each
option described in clause (i) of Section 5(a) shall be equal to the reported
last sale price of the Common Stock on the Nasdaq National Market on the Closing
Date. The option exercise price per share for each option described in clauses
(ii) and (iii) of Section 5(a) shall be determined as follows: (i) if the Common
Stock is listed on the Nasdaq National Market or another nationally recognized
exchange or trading system as of the Option Grant Date, the option exercise
price shall be deemed to be the lesser of (x) the reported last sale price per
share of Common Stock thereon on such date (or if no such price is reported on
such date, such price on the nearest

                                       2
<PAGE>   3

preceding date on which such a price is reported) or (y) the average of the
reported last sales prices per share of Common Stock, as published in The Wall
Street Journal, for a period of ten consecutive trading days prior to such date;
and (ii) if the Common Stock is not listed on the Nasdaq National Market or
another nationally recognized exchange or trading system as of the Option Grant
Date, the exercise price per share shall be deemed to be the fair market value
of the Common Stock as of the Option Grant Date as determined in good faith by
the Board of Directors.

     (d)  OPTIONS NON-TRANSFERABLE. To the extent required to qualify for the
exemption provided by Rule 16b-3 under the Securities Exchange Act of 1934, as
amended (the "Exchange Act"), any option granted under the Plan to an optionee
shall not be transferable by the optionee other than by will or the laws of
descent and distribution or pursuant to a qualified domestic relations order as
defined by the Code or Title I of the Employee Retirement Income Security Act,
or the rules thereunder, and shall be exercisable during the optionee's lifetime
only by the optionee or the optionee's guardian or legal representative.

     (e)  VESTING PERIOD.

          (i)  GENERAL. Each option described in clauses (i) and (ii) of Section
5(a) shall become exercisable on the first anniversary of the Option Grant Date,
and each option described in clause (iii) of Section 5(a) shall become
exercisable on the earlier of (x) the first anniversary of the Option Grant Date
or (y) the day prior to the fist Annual Meeting of Stockholders following the
Option Grant Date; provided, however, that in each instance described herein the
optionee continue to serve as a director on such dates.

          (ii) ACCELERATION UPON CHANGE IN CONTROL. Notwithstanding the
foregoing, each outstanding option granted under the Plan shall immediately
become exercisable in full in the event a Change in Control (as defined in
Section 8) of the Company occurs.

     (f)  TERMINATION. Each option shall terminate, and may no longer be
exercised, on the earlier of the (i) the date 10 years after the Option Grant
Date or (ii) the date 60 days after the optionee ceases to serve as a director
of the Company; provided that, in the event an optionee ceases to serve as a
director due to his or her death or disability (within the meaning of Section
22(e)(3) of the Code or any successor provision), then the exercisable portion
of the option may be exercised, within the period of 180 days following the date
the optionee ceases to serve as a director (but in no event later than 10 years
after the Option Grant Date), by the optionee or by the person to whom the
option is transferred by will, by the laws of descent and distribution, or by
written notice pursuant to Section 5(h).

     (g)  EXERCISE PROCEDURE. An option may be exercised only by written notice
to the Company at its principal office accompanied by payment in cash of the
full consideration for the shares as to which the option is exercised.

     (h)  EXERCISE BY REPRESENTATIVE FOLLOWING DEATH OF DIRECTOR. An optionee,
by written notice to the Company, may designate one or more persons (and from
time to time change such

                                       3
<PAGE>   4

designation), including his or her legal representative, who, by reason of the
optionee's death, shall acquire the right to exercise all or a portion of the
option. If the person or persons so designated wish to exercise any portion of
the option, they must do so within the term of the option as provided herein.
Any exercise by a representative shall be subject to the provisions of the Plan.

6.   LIMITATION OF RIGHTS.

     (a)  NO RIGHT TO CONTINUE AS A DIRECTOR. Neither the Plan, nor the granting
of an option nor any other action taken pursuant to the Plan, shall constitute
or be evidence of any agreement or understanding, express or implied, that the
Company will retain the optionee as a director for any period of time.

     (b)  NO STOCKHOLDERS' RIGHTS FOR OPTIONS. An optionee shall have no rights
as a stockholder with respect to the shares covered by his or her option until
the date of the issuance to him or her of a stock certificate therefor, and no
adjustment will be made for dividends or other rights (except as provided in
Section 7) for which the record date is prior to the date such certificate is
issued.

7.   ADJUSTMENT PROVISIONS FOR MERGERS, RECAPITALIZATIONS AND RELATED
     TRANSACTIONS.

     If, through or as a result of any merger, consolidation, reorganization,
recapitalization, reclassification, stock dividend, stock split, reverse stock
split (other than the Company's one-for-two reverse stock split effective as of
October 24, 1994), or other similar transaction, (i) the outstanding shares of
Common Stock are exchanged for a different number or kind of securities of the
Company or of another entity, or (ii) additional shares or new or different
shares or other securities of the Company or of another entity are distributed
with respect to such shares of Common Stock, the Board of Directors shall make
an appropriate and proportionate adjustment in (x) the maximum number and kind
of shares reserved for issuance under the Plan, (y) the number and kind of
shares or other securities subject to then outstanding options under the Plan,
and/or (z) the price for each share subject to any then outstanding options
under the Plan (without changing the aggregate purchase price for such options),
to the end that each option shall be exercisable, for the same aggregate
exercise price, for such securities as such optionholder would have held
immediately following such event if he had exercised such option immediately
prior to such event. No fractional shares will be issued under the Plan on
account of any such adjustments.

8.   CHANGE IN CONTROL.

     For purposes of the Plan, a "Change in Control" shall be deemed to have
occurred only if any of the following events occurs: (i) any "person", as such
term is used in Sections 13(d) and 14(d) of the Exchange Act (other than the
Company, any trustee or other fiduciary holding securities under an employee
benefit plan of the Company, or any corporation owned directly or indirectly by
the stockholders of the Company in substantially the same proportion as their
ownership of stock of the Company), is or becomes the "beneficial owner" (as
defined in Rule

                                       4
<PAGE>   5

13d-3 under the Exchange Act), directly or indirectly, of securities of the
Company representing 50% or more of the combined voting power of the Company's
then outstanding securities; (ii) the stockholders of the Company approve a
merger or consolidation of the Company with any other corporation, other than a
merger or consolidation which would result in the voting securities of the
Company outstanding immediately prior thereto continuing to represent (either by
remaining outstanding or by being converted into voting securities of the
surviving entity) more than 50% of the combined voting power of the voting
securities of the Company or such surviving entity outstanding immediately after
such merger or consolidation; (iii) the stockholders of the Company approve a
plan of complete liquidation of the Company or an agreement for the sale or
disposition by the Company of all or substantially all of the Company's assets;
or (iv) individuals who, on the date on which the Plan was adopted by the Board
of Directors, constituted the Board of Directors of the Company, together with
any new director whose election by the Board of Directors or nomination for
election by the Company's stockholders was approved by a vote of at least a
majority of the directors then still in office who were directors on the date on
which the Plan was adopted by the Board of Directors or whose election or
nomination was previously so approved, cease for any reason to constitute at
least a majority of the Board of Directors.

9.   MODIFICATION, EXTENSION AND RENEWAL OF OPTIONS.

     The Board of Directors shall have the power to modify or amend outstanding
options; provided, however, that no modification or amendment may (i) have the
effect of altering or impairing any rights or obligations of any option
previously granted without the consent of the optionee, or (ii) modify the
number of shares of Common Stock subject to the option (except as provided in
Section 7).

10.  TERMINATION AND AMENDMENT OF THE PLAN.

     The Board of Directors may suspend, terminate or discontinue the Plan or
amend it in any respect whatsoever; provided, however, that without approval of
the stockholders of the Company, no amendment may (i) increase the number of
shares subject to the Plan (except as provided in Section 7), (ii) materially
modify the requirements as to eligibility to receive options under the Plan, or
(iii) materially increase the benefits accruing to participants in the Plan; and
provided further that the Board of Directors may not amend the provisions of
Sections 3, 5(a), 5(b) or 5(c) more frequently than once every six months, other
than to comply with changes in the Code or the rules thereunder.

11.  NOTICE.

     Any written notice to the Company required by any of the provisions of the
Plan shall be addressed to the Controller of the Company and shall become
effective when it is received.

12.  GOVERNING LAW.

     The Plan and all determinations made and actions taken pursuant hereto
shall be governed by the laws of the State of Delaware.

                                       5
<PAGE>   6

13.  STOCKHOLDER APPROVAL.

     The Plan is conditional upon stockholder approval of the Plan within one
year from its date of adoption by the Board of Directors. No option under the
Plan may be exercised until such stockholder approval is obtained, and the Plan
and all options granted under the Plan shall be null and void if the Plan is not
so approved by the Company's stockholders.

                            Adopted by the Board of Directors on October 4, 1994
                            Approved by the stockholders on October 24, 1994

                                       6
<PAGE>   7

                                RSA SECURITY INC.

                                 AMENDMENT NO. 1

                                       TO

                         1994 DIRECTOR STOCK OPTION PLAN

1.   That the 1994 Director Stock Option Plan be amended to delete subsection
     5(d) thereof and replace such subsection in its entirety with the
     following:

     "(d) TRANSFERABILITY OF OPTIONS. Except as the Board of Directors may
     otherwise determine or provide in the applicable option agreement, options
     shall not be sold, assigned, transferred, pledged or otherwise encumbered
     by the optionee to whom they are granted, either voluntarily or by
     operation of law, except by will or the laws of descent and distribution,
     and, during the life of the optionee, shall be exercisable only by the
     optionee. References to an optionee, to the extent relevant in the context,
     shall include references to authorized transferees."

2.   That the Director Plan be further amended to delete the phrase

     "; and provided further that the Board of Directors may not amend the
     provisions of Sections 3, 5(a), 5(b) or 5(c) more frequently than once
     every six months, other than to comply with changes in the Code or the
     rules thereunder"

     appearing at the end of Section 10 of the Director Plan.

                          Adopted by the Board of Directors on February 12, 1997

<PAGE>   8
                                RSA SECURITY INC.

                                 AMENDMENT NO. 2

                                       TO

                   1994 DIRECTOR STOCK OPTION PLAN, AS AMENDED

     The 1994 Director Stock Option Plan, as amended (the "Plan"), is hereby
amended to delete subsection 4(a) thereof and replace such subsection in its
entirety with the following:

     "The maximum number of shares of the Company's Common Stock, par value $.01
     per share ("Common Stock"), which may be issued under the Plan shall be
     500,000 shares, subject to adjustment as provided in Section 7."

     Except as aforesaid, the Plan shall remain in full force and effect.

                          Adopted by the Board of Directors on January 27, 1999
                          Approved by the stockholders on May 5, 1999

<PAGE>   9
                                RSA SECURITY INC.

                                 AMENDMENT NO. 3

                                       TO

                   1994 DIRECTOR STOCK OPTION PLAN, AS AMENDED

1.   The 1994 Director Stock Option Plan, as amended (the "Plan"), is hereby
amended to delete subsection 5(e) thereof and replace such subsection in its
entirety with the following:

     "(e) VESTING PERIOD. Each option granted under the Plan shall be
     exercisable in full immediately upon the Option Grant Date."

2.   The Plan is hereby amended to delete section 8 thereof and replace such
section in its entirety with the following:

     "8. Intentionally deleted."

3.   Except as aforesaid, the Plan shall remain in full force and effect.

                            Adopted by the Board of Directors on April 14, 1999

<PAGE>   10
                                RSA SECURITY INC.

                                 AMENDMENT NO. 4

                                       TO

                   1994 DIRECTOR STOCK OPTION PLAN, AS AMENDED

1.   The Plan is hereby amended to delete subsections 5(a), 5(b) and 5(c)
thereof and replace such subsections in their entirety with the following:

          "(a) OPTION GRANT DATES. Options shall automatically be granted to all
     eligible outside directors as follows:

               (i)  each person who first becomes an eligible outside director
     after the date of the 2001 Annual Meeting of Stockholders of the Company
     shall be granted an option to purchase the Pro Rata Number of shares of
     Common Stock calculated pursuant to Section 5(b) on the date of his or her
     initial election to the Board of Directors, provided that such eligible
     director is elected on a date other than the date of an Annual Meeting of
     Stockholders; and

               (ii) each eligible outside director shall be granted an
     additional option to purchase 30,000 shares of Common Stock (before giving
     effect to the three-for-two stock split, payable in the form of a stock
     dividend on the Common Stock, declared by the Board of Directors on
     February 1, 2001, which is to be effected on or about March 23, 2001) on
     the date of each Annual Meeting of Stockholders of the Company commencing
     with the 2001 Annual Meeting of Stockholders, provided that he or she
     continues to serve as a director immediately following such Annual Meeting.

          (b)  SHARES SUBJECT TO OPTION. Each option described in clause (i) of
     Section 5(a) shall be for such number (and if such number is not a whole
     number, rounded up to the nearest whole number) of shares of Common Stock
     (the "Pro Rata Number"), if any, as is determined by multiplying (x) 30,000
     (before giving effect to the three-for-two stock split referred to in
     Section 5(a)(ii) above) by (y) the quotient of (A) the number of whole
     calendar months between the applicable Option Grant Date and the date of
     the next Annual Meeting of Stockholders (which, for purposes of the Plan,
     shall be assumed to occur in the month of May) and (B) 12. For example, if
     an eligible outside director were first elected on October 15th, he or she
     would receive an option to purchase 15,000 shares of Common Stock (30,000 x
     (6 (the number of whole calendar months between the Option Grant Date and
     May (i.e., November through April)) / 12)).

          (c)  OPTION EXERCISE PRICE. The option exercise price per share for
     each option granted under the Plan shall be determined as follows: (i) if
     the Common Stock is listed on the Nasdaq National Market or another
     nationally recognized exchange or trading

<PAGE>   11
     system as of the Option Grant Date, the option exercise price shall be
     deemed to be the reported last sale price per share of Common Stock thereon
     on such date (or if no such price is reported on such date, such price on
     the nearest preceding date on which such a price is reported); and (ii) if
     the Common Stock is not listed on the Nasdaq National Market or another
     nationally recognized exchange or trading system as of the Option Grant
     Date, the exercise price per share shall be deemed to be the fair market
     value of the Common Stock as of the Option Grant Date as determined in good
     faith by the Board of Directors."

2.   Except as set forth above, the Plan shall remain in full force and effect.

                          Adopted by the Board of Directors on January 17, 2001
                          Approved by the stockholders on April 27, 2001<PAGE>   1

                                                                    EXHIBIT 10.2

                                RSA SECURITY INC.

                        1994 EMPLOYEE STOCK PURCHASE PLAN

     The purpose of this Plan is to provide eligible employees of RSA Security
Inc. (the "Company") and certain of its subsidiaries with opportunities to
purchase shares of the Company's Common Stock, $.01 par value (the "Common
Stock"). One Hundred Thousand (100,000) shares (after giving effect to the
Company's one-for-two reverse stock split effective as of October 24, 1994) of
Common Stock in the aggregate have been approved for this purpose.

1.   ADMINISTRATION. The Plan will be administered by the Company's Board of
Directors (the "Board") or by a Committee appointed by the Board (the
"Committee"). The Board or the Committee has authority to make rules and
regulations for the administration of the Plan and its interpretation and
decisions with regard thereto shall be final and conclusive.

2.   ELIGIBILITY. Participation in the Plan will neither be permitted nor denied
contrary to the requirements of Section 423 of the Internal Revenue Code of
1986, as amended (the "Code"), and regulations promulgated thereunder. All
employees of the Company, including directors who are employees, and all
employees of any subsidiary of the Company (as defined in Section 424(f) of the
Code) designated by the Board or the Committee from time to time (a "Designated
Subsidiary"), are eligible to participate in any one or more of the offerings of
Options (as defined below) to purchase Common Stock under the Plan, provided
that:

          (a)  they are regularly employed by the Company or a Designated
     Subsidiary for more than 20 hours a week and for more than five months in a
     calendar year; and

          (b)  they have been employed by the Company or a Designated Subsidiary
     for at least three months prior to enrolling in the Plan; and

          (c)  they are employees of the Company or a Designated Subsidiary on
     the first day of the applicable Plan Period (as defined below).

     No employee may be granted an option hereunder if such employee,
immediately after the option is granted, owns 5% or more of the total combined
voting power or value of the stock of the Company or any subsidiary. For
purposes of the preceding sentence, the attribution rules of Section 424(d) of
the Code shall apply in determining the stock ownership of an employee, and all
stock which the employee has a contractual right to purchase shall be treated as
stock owned by the employee.

3.   OFFERINGS. The Company will make one or more offerings ("Offerings") to
employees to purchase Common Stock under this Plan. The Board or the Committee
shall determine the commencement dates of each of the Offerings (the "Offering
Commencement Dates"). Each Offering Commencement Date will begin a period (a
"Plan Period") during which payroll deductions will be made and held for the
purchase of Common Stock at the end of the Plan

<PAGE>   2
Period. The Board or the Committee shall choose a Plan Period of twelve (12)
months or less for each of the Offerings and may, at its discretion, choose a
different Plan Period for each Offering.

4.   PARTICIPATION. An employee eligible on the Offering Commencement Date of
any Offering may participate in such Offering by completing and forwarding a
payroll deduction authorization form to the Controller of the Company at least
14 days prior to the applicable Offering Commencement Date. The form will
authorize a regular payroll deduction from the Compensation received by the
employee during the Plan Period. Unless an employee files a new form or
withdraws from the Plan, his deductions and purchases will continue at the same
rate for future Offerings under the Plan as long as the Plan remains in effect.
The term "Compensation" means the amount of money reportable on the employee's
Federal Income Tax Withholding Statement, excluding overtime, shift premium,
incentive or bonus awards, allowances and reimbursements for expenses such as
relocation allowances for travel expenses, income or gains on the exercise of
Company stock options or stock appreciation rights, and similar items, whether
or not shown on the employee's Federal Income Tax Withholding Statement, but
including, in the case of salespersons, sales commissions to the extent
determined by the Board or the Committee.

5.   DEDUCTIONS.

     (a)  The Company will maintain payroll deduction accounts for all
participating employees. With respect to any Offering made under this Plan, an
employee may authorize a payroll deduction in any dollar amount up to a maximum
of 10% of the Compensation he or she receives during the Plan Period or such
shorter period during which deductions from payroll are made. Payroll deductions
may be at the rate of 1%, 2%, 3%, 4%, 5%, 6%, 7%, 8%, 9% or 10% of Compensation.

     (b)  No employee may be granted an Option which permits his rights to
purchase Common Stock under this Plan and any other stock purchase plan of the
Company and its subsidiaries, to accrue at a rate which exceeds $25,000 of the
fair market value of such Common Stock (determined at the Offering Commencement
Date of the Plan Period) for each calendar year in which the Option is
outstanding at any time.

6.   DEDUCTION CHANGES. An employee may decrease or discontinue his payroll
deduction once during any Plan Period by filing a new payroll deduction
authorization form. However, an employee may not increase his payroll deduction
during a Plan Period. If an employee elects to discontinue his payroll
deductions during a Plan Period, but does not elect to withdraw his funds
pursuant to Section 8 hereof, funds deducted prior to his election to
discontinue will be applied to the purchase of Common Stock on the Exercise Date
(as defined below).

7.   INTEREST. Interest will not be paid on any employee payroll deduction
accounts, except to the extent that the Board or its Committee, in its sole
discretion, elects to credit such accounts with interest at such per annum rate
as it may from time to time determine.

                                      -2-
<PAGE>   3

8.   WITHDRAWAL OF FUNDS. An employee may on any one occasion during a Plan
Period and for any reason withdraw all or part of the balance accumulated in the
employee's payroll deduction account. Any such withdrawal must be effected prior
to the close of business on the last day of the Plan Period. If the employee
withdraws all of such balance, the employee shall thereby withdraw from
participation in the Offering and may not begin participation again during the
remainder of the Plan Period. Any employee withdrawing all or part of such
balance may participate in any subsequent Offering in accordance with terms and
conditions established by the Board or the Committee, except that, unless
otherwise permitted under Section 16 of the Securities Exchange Act of 1934, as
amended (the "Exchange Act"), and the rules promulgated thereunder, any employee
who is also a director and/or officer of the Company within the meaning of
Section 16 of the Exchange Act may not (a) withdraw less than all of the balance
accumulated in such employee's payroll deduction account or (b) participate
again for a period of at least six months as provided in Rule 16b-3(d)(2)(i) or
any successor provision under the Exchange Act.

9.   PURCHASE OF SHARES.

     (a)  On the Offering Commencement Date of each Plan Period, the Company
will grant to each eligible employee who is then a participant in the Plan an
option (an "Option") to purchase on the last business day of such Plan Period
(the "Exercise Date"), at the Option Price hereinafter provided for, such number
of whole shares of Common Stock of the Company reserved for the purposes of the
Plan as does not exceed the number of shares determined by dividing 15% of such
employee's annualized Compensation for the immediately prior six-month period by
the price determined in accordance with the formula set forth in the following
paragraph but using the closing price on the Offering Commencement Date of such
Plan Period.

     (b)  The Option Price for each share purchased will be 85% of the closing
price of the Common Stock on (i) the first business day of such Plan Period or
(ii) the Exercise Date, whichever closing price shall be less. Such closing
price shall be (A) the closing price of the Common Stock on any national
securities exchange on which the Common Stock is listed, or (B) the closing
price of the Common Stock on the Nasdaq National Market ("Nasdaq") or (C) the
average of the closing bid and asked prices in the over-the-counter market,
whichever is applicable, as published in THE WALL STREET JOURNAL. If no sales of
Common Stock were made on such a day, the price of the Common Stock for purposes
of clauses (A) and (B) above shall be the reported price for the next preceding
day on which sales were made.

     (c)  Each employee who continues to be a participant in the Plan on the
Exercise Date shall be deemed to have exercised his Option at the Option Price
on such date and shall be deemed to have purchased from the Company the number
of full shares of Common Stock reserved for the purpose of the Plan that his
accumulated payroll deductions on such date will pay for pursuant to the formula
set forth above (but not in excess of the maximum number determined in the
manner set forth above).

     (d)  Any balance remaining in an employee's payroll deduction account at
the end of a Plan Period will be automatically refunded to the employee, except
that any balance which is less

                                      -3-
<PAGE>   4

than the purchase price of one share of Common Stock will be carried forward
into the employee's payroll deduction account for the following Offering, unless
the employee elects not to participate in the following Offering under the Plan,
in which case the balance in the employee's account shall be refunded.

10.  ISSUANCE OF CERTIFICATES. Certificates representing shares of Common Stock
purchased under the Plan may be issued only in the name of the employee, in the
name of the employee and another person of legal age as joint tenants with
rights of survivorship, or (in the Company's sole discretion) in the street name
of a brokerage firm, bank or other nominee holder designated by the employee.

11.  RIGHTS ON RETIREMENT, DEATH OR TERMINATION OF EMPLOYMENT. In the event of a
participating employee's termination of employment prior to the last business
day of a Plan Period (whether as a result of the employee's voluntary or
involuntary termination, retirement, death or otherwise), no payroll deduction
shall be taken from any pay due and owing to the employee and the balance in the
employee's payroll deduction account shall be paid to the employee or, in the
event of the employee's death, (a) to a beneficiary previously designated in a
revocable notice signed by the employee (with any spousal consent required under
state law) or (b) in the absence of such a designated beneficiary, to the
executor or administrator of the employee's estate or (c) if no such executor or
administrator has been appointed to the knowledge of the Company, to such other
person(s) as the Company may, in its discretion, designate. If, prior to the
last business day of the Plan Period, the Designated Subsidiary by which an
employee is employed shall cease to be a subsidiary of the Company, or if the
employee is transferred to a subsidiary of the Company that is not a Designated
Subsidiary, the employee shall be deemed to have terminated employment for the
purposes of this Plan.

12.  OPTIONEES NOT STOCKHOLDERS. Neither the granting of an Option to an
employee nor the deductions from his pay shall constitute such employee a
stockholder of the shares of Common Stock covered by an Option under this Plan
until such shares have been purchased by and issued to him.

13.  RIGHTS NOT TRANSFERABLE. Rights under this Plan are not transferable by a
participating employee other than by will or the laws of descent and
distribution, and are exercisable during the employee's lifetime only by the
employee.

14.  APPLICATION OF FUNDS. All funds received or held by the Company under this
Plan may be combined with other corporate funds and may be used for any
corporate purpose.

15. ADJUSTMENT IN CASE OF CHANGES AFFECTING COMMON STOCK. In the event of a
subdivision of outstanding shares of Common Stock, or the payment of a dividend
in Common Stock, the number of shares approved for this Plan, and the share
limitation set forth in Section 9, shall be increased proportionately, and such
other adjustment shall be made as may be deemed equitable by the Board or the
Committee. In the event of any other change affecting the Common Stock (other
than the Company's one-for-two reverse stock split effective as of October 24,
1994), such

                                      -4-
<PAGE>   5

adjustment shall be made as may be deemed equitable by the Board or the
Committee to give proper effect to such event.

16.  MERGER.

     (a)  If the Company shall at any time merge or consolidate with another
corporation and the holders of the capital stock of the Company immediately
prior to such merger or consolidation continue to hold at least 80% by voting
power of the capital stock of the surviving corporation ("Continuity of
Control"), the holder of each Option then outstanding will thereafter be
entitled to receive at the next Exercise Date upon the exercise of such Option
for each share as to which such Option shall be exercised the securities or
property which a holder of one share of the Common Stock was entitled to upon
and at the time of such merger, and the Board or the Committee shall take such
steps in connection with such merger as the Board or the Committee shall deem
necessary to assure that the provisions of Section 15 shall thereafter be
applicable, as nearly as reasonably may be, in relation to the said securities
or property as to which such holder of such Option might thereafter be entitled
to receive thereunder.

     (b)  In the event of a merger or consolidation of the Company with or into
another corporation which does not involve Continuity of Control, or of a sale
of all or substantially all of the assets of the Company while unexercised
Options remain outstanding under the Plan, (i) subject to the provisions of
clauses (ii) and (iii), after the effective date of such transaction, each
holder of an outstanding Option shall be entitled, upon exercise of such Option,
to receive in lieu of shares of Common Stock, shares of such stock or other
securities as the holders of shares of Common Stock received pursuant to the
terms of such transaction; or (ii) all outstanding Options may be cancelled by
the Board or the Committee as of a date prior to the effective date of any such
transaction and all payroll deductions shall be paid out to the participating
employees; or (iii) all outstanding Options may be cancelled by the Board or the
Committee as of the effective date of any such transaction, provided that notice
of such cancellation shall be given to each holder of an Option, and each holder
of an Option shall have the right to exercise such Option in full based on
payroll deductions then credited to his account as of a date determined by the
Board or the Committee, which date shall not be less than ten (10) days
preceding the effective date of such transaction.

17.  AMENDMENT OF THE PLAN. The Board may at any time, and from time to time,
amend this Plan in any respect, except that (a) if the approval of any such
amendment by the stockholders of the Company is required by Section 423 of the
Code or by Rule 16b-3 under the Exchange Act, such amendment shall not be
effected without such approval, and (b) in no event may any amendment be made
which would cause the Plan to fail to comply with Section 16 of the Exchange Act
and the rules promulgated thereunder, as in effect from time to time, or Section
423 of the Code.

18.  INSUFFICIENT SHARES. In the event that the total number of shares of Common
Stock specified in elections to be purchased under any Offering plus the number
of shares purchased under previous Offerings under this Plan exceeds the maximum
number of shares issuable under this Plan, the Board or the Committee will allot
the shares then available on a pro rata basis.

                                      -5-
<PAGE>   6

19.  TERMINATION OF THE PLAN. This Plan may be terminated at any time by the
Board. Upon termination of this Plan all amounts in the payroll deduction
accounts of participating employees shall be promptly refunded.

20.  GOVERNMENTAL REGULATIONS.

     (a)  The Company's obligation to sell and deliver Common Stock under this
Plan is subject to listing on a national stock exchange or quotation on Nasdaq
and the approval of all governmental authorities required in connection with the
authorization, issuance or sale of such stock.

     (b)  The Plan shall be governed by the laws of the State of Delaware except
to the extent that such law is preempted by federal law.

     (c)  The Plan is intended to comply with the provisions of Rule 16b-3
promulgated under the Exchange Act. Any provision inconsistent with such Rule
shall to that extent be inoperative and shall not affect the validity of the
Plan.

21.  ISSUANCE OF SHARES. Shares may be issued upon exercise of an Option from
authorized but unissued Common Stock, from shares held in the treasury of the
Company, or from any other proper source.

22.  NOTIFICATION UPON SALE OF SHARES. Each employee agrees, by entering the
Plan, to promptly give the Company notice of any disposition of shares purchased
under the Plan where such disposition occurs within two years after the date of
grant of the Option pursuant to which such shares were purchased.

23.  EFFECTIVE DATE AND APPROVAL OF STOCKHOLDERS. The Plan shall take effect
upon the closing of the Company's initial public offering of Common Stock
pursuant to an effective registration statement under the Securities Act of
1933, as amended, subject to approval by the stockholders of the Company as
required by Rule 16b-3 under the Exchange Act and by Section 423 of the Code,
which approval must occur within twelve months of the adoption of the Plan by
the Board.

                                          Adopted by the Board of Directors on
                                          October 4, 1994

                                          Approved by the stockholders
                                          on October 24, 1994

                                      -6-
<PAGE>   7

                                RSA SECURITY INC.

                                 AMENDMENT NO. 1

                                       TO

                        1994 EMPLOYEE STOCK PURCHASE PLAN

1.   That the Company's 1994 Employee Stock Purchase Plan (the "Purchase Plan")
     be amended to delete the phrase

     ", except that, unless otherwise permitted under Section 16 of the
     Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the
     rules promulgated thereunder, any employee who is also a director and/or
     officer of the Company within the meaning of Section 16 of the Exchange Act
     may not (a) withdraw less than all of the balance accumulated in such
     employee's payroll deduction account or (b) participate again for a period
     of at least six months as provided in Rule 16b-3(d)(2)(i) or any successor
     provision under the Exchange Act"

     appearing at the end of Section 8 of the 1994 Employee Stock Purchase Plan.

2.   That the 1994 Employee Stock Purchase Plan be further amended to delete in
     its entirety Section 13 thereof (pertaining to the nontransferability of
     rights under the 1994 Employee Stock Purchase Plan) and to renumber the
     remaining Sections of the 1994 Employee Stock Purchase Plan, and any and
     all cross references thereto contained in the 1994 Employee Stock Purchase
     Plan, accordingly.

3.   That the 1994 Employee Stock Purchase Plan be further amended to define the
     term "Exchange Act" first appearing in Section 17 of the 1994 Employee
     Stock Purchase Plan (renumbered as Section 16 pursuant to the preceding
     resolution) as "the Securities Exchange Act of 1934, as amended."

                          Adopted by the Board of Directors on February 12, 1997

<PAGE>   8
                                RSA SECURITY INC.

                                 AMENDMENT NO. 2

                                       TO

                  1994 EMPLOYEE STOCK PURCHASE PLAN, AS AMENDED

     The 1994 Employee Stock Purchase Plan, as amended (the "Purchase Plan"), is
hereby amended as follows (capitalized terms used herein and not defined herein
shall have the respective meaning ascribed to such terms in the Purchase Plan):

     The second sentence of the introduction to the Purchase Plan shall be
deleted in its entirety and replaced with the following:

     "One Million (1,000,000) shares of Common Stock have been approved for this
     purpose."

     Except as aforesaid, the Purchase Plan shall remain in full force and
     effect.

                              Adopted by the Board of Directors on July 1, 1999

                              Approved by the stockholders on July 30, 1999

<PAGE>   9
                                RSA SECURITY INC.

                                 AMENDMENT NO. 3

                                       TO

                  1994 EMPLOYEE STOCK PURCHASE PLAN, AS AMENDED

     The 1994 Employee Stock Purchase Plan, as amended (the "Purchase Plan"), is
hereby amended as follows (capitalized terms used herein and not defined herein
shall have the respective meaning ascribed to such terms in the Purchase Plan):

     The second sentence of the introduction to the Purchase Plan shall be
deleted in its entirety and replaced with the following:

     "One Million Four Hundred Thousand (1,400,000) shares of Common Stock
     (before giving effect to the three-for-two stock split, payable in the form
     of a stock dividend on the Common Stock, declared by the Board of Directors
     on February 1, 2001, which is to be effected on or about March 23, 2001)
     have been approved for this purpose."

     Except as aforesaid, the Purchase Plan shall remain in full force and
     effect.

                          Adopted by the Board of Directors on January 17, 2001
                          Approved by the stockholders on April 27, 2001

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00025-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00025-of-00352.parquet"}]]