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                                                                    EXHIBIT 4.08

                               ALLAIRE CORPORATION

                            2000 STOCK INCENTIVE PLAN

SECTION 1.  GENERAL PURPOSE OF THE PLAN; DEFINITIONS

        The name of the plan is the Allaire Corporation 2000 Stock Incentive
Plan (the "Plan"). The purpose of the Plan is to encourage and enable officers,
directors, and employees of Allaire Corporation (the "Company") and its
Subsidiaries and other persons to acquire a proprietary interest in the Company.
It is anticipated that providing such persons with a direct stake in the
Company's welfare will assure a closer identification of their interests with
those of the Company and its shareholders, thereby stimulating their efforts on
the Company's behalf and strengthening their desire to remain with the Company.

        The following terms shall be defined as set forth below:

        "Award" or "Awards", except where referring to a particular category of
grant under the Plan, shall include Incentive Stock Options, Non-Statutory Stock
Options, Restricted Stock Awards, Unrestricted Stock Awards, Performance Share
Awards and Stock Appreciation Rights.

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

        "Cause" means (i) any material breach by the participant of any
agreement to which the participant and the Company are both parties, and (ii)
any act or omission justifying termination of the participant's employment for
cause, as determined by the Committee.

        "Change of Control" shall have the meaning set forth in Section 15.

        "Code" means the Internal Revenue Code of 1986, as amended, and any
successor Code, and related rules, regulations and interpretations.

        "Conditioned Stock Award" means an Award granted pursuant to Section 6.

        "Committee" shall have the meaning set forth in Section 2.

        "Disability" means disability as set forth in Section 22(e)(3) of the
Code.

        "Effective Date" means the date on which the Plan is approved by the
Board of Directors as set forth in Section 17.

        "Eligible Person" shall have the meaning set forth in Section 4.

        "Fair Market Value" on any given date means the closing price per share
of the Stock on such date as reported by a nationally recognized stock exchange,
or, if the Stock is not listed on such an exchange, as reported by NASDAQ, or,
if the Stock is not quoted on NASDAQ, the fair market value of the Stock as
determined by the Committee.

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        "Incentive Stock Option" means any Stock Option designated and qualified
as an "incentive stock option" as defined in Section 422 of the Code.

        "Non-Statutory Stock Option" means any Stock Option that is not an
Incentive Stock Option.

        "Normal Retirement" means retirement from active employment with the
Company and its Subsidiaries in accordance with the retirement policies of the
Company and its Subsidiaries then in effect.

        "Outside Director" means any director who (i) is not an employee of the
Company or of any "affiliated group," as such term is defined in Section 1504(a)
of the Code, which includes the Company (an "Affiliate"), (ii) is not a former
employee of the Company or any Affiliate who is receiving compensation for prior
services (other than benefits under a tax-qualified retirement plan) during the
Company's or any Affiliate's taxable year, (iii) has not been an officer of the
Company or any Affiliate and (iv) does not receive remuneration from the Company
or any Affiliate, either directly or indirectly, in any capacity other than as a
director. "Outside Director" shall be determined in accordance with Section
162(m) of the Code and the Treasury regulations issued thereunder.

        "Option" or "Stock Option" means any option to purchase shares of Stock
granted pursuant to Section 5.

        "Performance Share Award" means an Award granted pursuant to Section 8.

        "Stock" means the Common Stock, $.01 par value per share, of the
Company, subject to adjustments pursuant to Section 3.

        "Stock Appreciation Right" means an Award granted pursuant to Section 9.

        "Subsidiary" means a subsidiary as defined in Section 424 of the Code.

        "Unrestricted Stock Award" means Awards granted pursuant to Section 7.

SECTION 2. ADMINISTRATION OF PLAN; COMMITTEE AUTHORITY TO SELECT PARTICIPANTS
           AND DETERMINE AWARDS.

        (a) Committee. The Plan shall be administered by a committee of the
Board (the "Committee") consisting of not less than two (2) Outside Directors,
but the authority and validity of any act taken or not taken by the Committee
shall not be affected if any person administering the Plan is not an "Outside
Director." Except as specifically reserved to the Board under the terms of the
Plan, the Committee shall have full and final authority to operate, manage and
administer the Plan on behalf of the Company. Action by the Committee shall
require the affirmative vote of a majority of all members thereof.

        (b) Powers of Committee. The Committee shall have the power and
authority to grant and modify Awards consistent with the terms of the Plan,
including the power and authority:

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               (i) to select the persons to whom Awards may from time to time be
granted;

               (ii) to determine the time or times of grant, and the extent, if
any, of Incentive Stock Options, Non-Statutory Stock Options, Restricted Stock,
Unrestricted Stock, Performance Shares and Stock Appreciation Rights, or any
combination of the foregoing, granted to any one or more participants;

               (iii) to determine the number of shares to be covered by any
Award;

               (iv) to determine and modify the terms and conditions, including
restrictions, not inconsistent with the terms of the Plan, of any Award, which
terms and conditions may differ among individual Awards and participants, and to
approve the form of written instruments evidencing the Awards; provided,
however, that no such action shall adversely affect rights under any outstanding
Award without the participant's consent;

               (v) to accelerate the exercisability or vesting of all or any
portion of any Award;

               (vi) subject to the provisions of Section 5(a)(ii), to extend the
period in which any outstanding Stock Option or Stock Appreciation Right may be
exercised;

               (vii) to determine whether, to what extent, and under what
circumstances Stock and other amounts payable with respect to an Award shall be
deferred either automatically or at the election of the participant and whether
and to what extent the Company shall pay or credit amounts equal to interest (at
rates determined by the Committee) or dividends or deemed dividends on such
deferrals; and

               (viii) to adopt, alter and repeal such rules, guidelines and
practices for administration of the Plan and for its own acts and proceedings as
it shall deem advisable; to interpret the terms and provisions of the Plan and
any Award (including related written instruments); to make all determinations it
deems advisable for the administration of the Plan; to decide all disputes
arising in connection with the Plan; and to otherwise supervise the
administration of the Plan.

        All decisions and interpretations of the Committee shall be binding on
all persons, including the Company and Plan participants.

SECTION 3. SHARES ISSUABLE UNDER THE PLAN; MERGERS; SUBSTITUTION.

        (a) Shares Issuable. The maximum number of shares of Stock with respect
to which Awards (including Stock Appreciation Rights) may be granted under the
Plan shall be four million (4,000,000). For purposes of this limitation, the
shares of Stock underlying any Awards which are forfeited, cancelled, reacquired
by the Company or otherwise terminated (other than by exercise) shall be added
back to the shares of Stock with respect to which Awards may be

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granted under the Plan. Shares issued under the Plan may be authorized but
unissued shares or shares reacquired by the Company.

        (b) Limitation on Awards. In no event may any Plan participant be
granted Awards (including Stock Appreciation Rights) with respect to more than
five-hundred thousand (500,000) shares of Stock in any calendar year. The number
of shares of Stock relating to an Award granted to a Plan participant in a
calendar year that is subsequently forfeited, cancelled or otherwise terminated
shall continue to count toward the foregoing limitation in such calendar year.
In addition, if the exercise price of an Award is subsequently reduced, the
transaction shall be deemed a cancellation of the original Award and the grant
of a new one so that both transactions shall count toward the maximum shares
issuable in the calendar year of each respective transaction.

        (c) Stock Dividends, Mergers, etc. In the event that after approval of
the Plan by the stockholders of the Company in accordance with Section 17, the
Company effects a stock dividend, stock split or similar change in
capitalization affecting the Stock, the Committee shall make appropriate
adjustments in (i) the number and kind of shares of stock or securities with
respect to which Awards may thereafter be granted (including without limitation
the limitations set forth in Sections 3(a) and (b) above), (ii) the number and
kind of shares remaining subject to outstanding Awards, and (iii) the option or
purchase price in respect of such shares. In the event of any merger,
consolidation, dissolution or liquidation of the Company, the Committee in its
sole discretion may, as to any outstanding Awards, make such substitution or
adjustment in the aggregate number of shares reserved for issuance under the
Plan and in the number and purchase price (if any) of shares subject to such
Awards as it may determine and as may be permitted by the terms of such
transaction, or accelerate, amend or terminate such Awards upon such terms and
conditions as it shall provide (which, in the case of the termination of the
vested portion of any Award, shall require payment or other consideration which
the Committee deems equitable in the circumstances), subject, however, to the
provisions of Section 15.

        (d) Substitute Awards. The Committee may grant Awards under the Plan in
substitution for stock and stock based awards held by employees of another
corporation who concurrently become employees of the Company or a Subsidiary as
the result of a merger or consolidation of the employing corporation with the
Company or a Subsidiary or the acquisition by the Company or a Subsidiary of
property or stock of the employing corporation. The Committee may direct that
the substitute awards be granted on such terms and conditions as the Committee
considers appropriate in the circumstances. Shares which may be delivered under
such substitute awards may be in addition to the maximum number of shares
provided for in Section 3(a).

SECTION 4. ELIGIBILITY.

        Awards may be granted to officers, directors, and employees of, and
consultants and advisers to, the Company or its Subsidiaries ("Eligible
Persons").

SECTION 5. STOCK OPTIONS.

        The Committee may grant to Eligible Persons options to purchase stock.

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        Any Stock Option granted under the Plan shall be in such form as the
Committee may from time to time approve.

        Stock Options granted under the Plan may be either Incentive Stock
Options (subject to compliance with applicable law) or Non-Statutory Stock
Options. Unless otherwise so designated, an Option shall be a Non-Statutory
Stock Option. To the extent that any option does not qualify as an Incentive
Stock Option, it shall constitute a Non-Statutory Stock Option.

        No Incentive Stock Option shall be granted under the Plan after the
tenth anniversary of the date of adoption of the Plan by the Board.

        The Committee in its discretion may determine the effective date of
Stock Options, provided, however, that grants of Incentive Stock Options shall
be made only to persons who are, on the effective date of the grant, employees
of the Company or any Subsidiary. Stock Options granted pursuant to this Section
5(a) shall be subject to the following terms and conditions and the terms and
conditions of Section 13 and shall contain such additional terms and conditions,
not inconsistent with the terms of the Plan, as the Committee shall deem
desirable.

               (a) Exercise Price. The exercise price per share for the Stock
covered by a Stock Option granted pursuant to this Section 5(a) shall be
determined by the Committee at the time of grant but shall be, in the case of
Incentive Stock Options, not less than one hundred percent (100%) of Fair Market
Value on the date of grant. If an employee owns or is deemed to own (by reason
of the attribution rules applicable under Section 424(d) of the Code) more than
ten percent (10%) of the combined voting power of all classes of stock of the
Company or any Subsidiary or parent corporation and an Incentive Stock Option is
granted to such employee, the option price shall be not less than one hundred
ten percent (110%) of Fair Market Value on the grant date.

               (b) Option Term. The term of each Stock Option shall be fixed by
the Committee, but no Incentive Stock Option shall be exercisable more than ten
(10) years after the date the option is granted. If an employee owns or is
deemed to own (by reason of the attribution rules of Section 424(d) of the Code)
more than ten percent (10%) of the combined voting power of all classes of stock
of the Company or any Subsidiary or parent corporation and an Incentive Stock
Option is granted to such employee, the term of such option shall be no more
than five (5) years from the date of grant.

               (c) Exercisability; Rights of a Shareholder. Stock Options shall
become vested and exercisable at such time or times, whether or not in
installments, as shall be determined by the Committee at or after the grant
date. The Committee may at any time accelerate the exercisability of all or any
portion of any Stock Option. An optionee shall have the rights of a shareholder
only as to shares acquired upon the exercise of a Stock Option and not as to
unexercised Stock Options.

               (d) Method of Exercise. Stock Options may be exercised in whole
or in part, by delivering written notice of exercise to the Company, specifying
the number of shares to be purchased. Payment of the purchase price may be made
by one or more of the following methods:

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                      (i) In cash, by certified or bank check or other
instrument acceptable to the Committee;

                      (ii) If permitted by the Committee, in its discretion, in
the form of shares of Stock that are not then subject to restrictions and that
have been owned by the optionee for a period of at least six months. Such
surrendered shares shall be valued at Fair Market Value on the exercise date; or

                      (iii) By the optionee delivering to the Company a properly
executed exercise notice together with irrevocable instructions to a broker to
promptly deliver to the Company cash or a check payable and acceptable to the
Company to pay the purchase price; provided that in the event the optionee
chooses to pay the purchase price as so provided, the optionee and the broker
shall comply with such procedures and enter into such agreements of indemnity
and other agreements as the Committee shall prescribe as a condition of such
payment procedure. The Company need not act upon such exercise notice until the
Company receives full payment of the exercise price; or

                      (iv) By any other means (including, without limitation, by
delivery of a promissory note of the optionee payable on such terms as are
specified by the Committee) which the Committee determines are consistent with
the purpose of the Plan and with applicable laws and regulations.

        The delivery of certificates representing shares of Stock to be
purchased pursuant to the exercise of a Stock Option will be contingent upon
receipt from the Optionee (or a purchaser acting in his stead in accordance with
the provisions of the Stock Option) by the Company of the full purchase price
for such shares and the fulfillment of any other requirements contained in the
Stock Option or imposed by applicable law.

               (e) Non-transferability of Options. Except as the Committee may
provide with respect to a Non-Statutory Stock Option, no Stock Option shall be
transferable other than by will or by the laws of descent and distribution and
all Stock Options shall be exercisable, during the optionee's lifetime, only by
the optionee.

               (f) Annual Limit on Incentive Stock Options. To the extent
required for "incentive stock option" treatment under Section 422 of the Code,
the aggregate Fair Market Value (determined as of the time of grant) of the
Stock with respect to which incentive stock options granted under this Plan and
any other plan of the Company or its Subsidiaries become exercisable for the
first time by an optionee during any calendar year shall not exceed $100,000.

               (g) Form of Settlement. Shares of Stock issued upon exercise of a
Stock Option shall be free of all restrictions under the Plan, except as
otherwise provided in this Plan.

SECTION 6. RESTRICTED STOCK AWARDS.

        (a) Nature of Restricted Stock Award. The Committee in its discretion
may grant Restricted Stock Awards to any Eligible Person, entitling the
recipient to acquire, for a purchase price determined by the Committee, shares
of Stock subject to such restrictions and conditions as

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the Committee may determine at the time of grant ("Restricted Stock"), including
continued employment and/or achievement of pre-established performance goals and
objectives.

        (b) Acceptance of Award. A participant who is granted a Restricted Stock
Award shall have no rights with respect to such Award unless the participant
shall have accepted the Award within sixty (60) days (or such shorter date as
the Committee may specify) following the award date by making payment to the
Company of the specified purchase price, of the shares covered by the Award and
by executing and delivering to the Company a written instrument that sets forth
the terms and conditions applicable to the Restricted Stock in such form as the
Committee shall determine.

        (c) Rights as a Shareholder. Upon complying with Section 6(b) above, a
participant shall have all the rights of a shareholder with respect to the
Restricted Stock, including voting and dividend rights, subject to
non-transferability restrictions and Company repurchase or forfeiture rights
described in this Section 6 and subject to such other conditions contained in
the written instrument evidencing the Restricted Award. Unless the Committee
shall otherwise determine, certificates evidencing shares of Restricted Stock
shall remain in the possession of the Company until such shares are vested as
provided in Section 6(e) below.

        (d) Restrictions. Shares of Restricted Stock may not be sold, assigned,
transferred, pledged or otherwise encumbered or disposed of except as
specifically provided herein. In the event of termination of employment by the
Company and its Subsidiaries for any reason (including death, Disability, Normal
Retirement and for Cause), the Company shall have the right, at the discretion
of the Committee, to repurchase shares of Restricted Stock with respect to which
conditions have not lapsed at their purchase price, or to require forfeiture of
such shares to the Company if acquired at no cost, from the participant or the
participant's legal representative. The Company must exercise such right of
repurchase or forfeiture within ninety (90) days following such termination of
employment (unless otherwise specified in the written instrument evidencing the
Restricted Stock Award).

        (e) Vesting of Restricted Stock. The Committee at the time of grant
shall specify the date or dates and/or the attainment of pre-established
performance goals, objectives and other conditions on which the
non-transferability of the Restricted Stock and the Company's right of
repurchase or forfeiture shall lapse. Subsequent to such date or dates and/or
the attainment of such preestablished performance goals, objectives and other
conditions, the shares on which all restrictions have lapsed shall no longer be
Restricted Stock and shall be deemed "vested." The Committee at any time may
accelerate such date or dates and otherwise waive or, subject to Section 13,
amend any conditions of the Award.

        (f) Waiver, Deferral and Reinvestment of Dividends. The written
instrument evidencing the Restricted Stock Award may require or permit the
immediate payment, waiver, deferral or investment of dividends paid on the
Restricted Stock.

SECTION 7. UNRESTRICTED STOCK AWARDS.

        (a) Grant or Sale of Unrestricted Stock. The Committee in its discretion
may grant or sell to any Eligible Person shares of Stock free of any
restrictions under the Plan

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("Unrestricted Stock") at a purchase price determined by the Committee. Shares
of Unrestricted Stock may be granted or sold as described in the preceding
sentence in respect of past services or other valid consideration.

        (b) Restrictions on Transfers. The right to receive unrestricted Stock
may not be sold, assigned, transferred, pledged or otherwise encumbered, other
than by will or the laws of descent and distribution.

SECTION 8. PERFORMANCE SHARE AWARDS.

        Nature of Performance Shares. A Performance Share Award is an award
entitling the recipient to acquire shares of Stock upon the attainment of
specified performance goals. The Committee may make Performance Share Awards
independent of or in connection with the granting of any other Award under the
Plan. Performance Share Awards may be granted under the Plan to any Eligible
Person. The Committee in its discretion shall determine whether and to whom
Performance Share Awards shall be made, the performance goals applicable under
each such Award, the periods during which performance is to be measured, and all
other limitations and conditions applicable to the awarded Performance Shares.

SECTION 9. STOCK APPRECIATION RIGHTS

        The Committee in its discretion may grant Stock Appreciation Rights to
any Eligible Person (i) alone, or (ii) simultaneously with the grant of a Stock
Option and in conjunction therewith or in the alternative thereto. A Stock
Appreciation Right shall entitle the participant upon exercise thereof to
receive from the Company, upon written request to the Company at its principal
offices (the "Request"), a number of shares of Stock (with or without
restrictions as to substantial risk of forfeiture and transferability, as
determined by the Committee in its sole discretion), an amount of cash, or any
combination of Stock and cash, as specified in the Request (but subject to the
approval of the Committee in its sole discretion, at any time up to and
including the time of payment, as to the making of any cash payment), having an
aggregate Fair Market Value equal to the product of (i) the excess of Fair
Market Value, on the date of such Request, over the exercise price per share of
Stock specified in such Stock Appreciation Right or its related Option,
multiplied by (ii) the number of shares of Stock for which such Stock
Appreciation Right shall be exercised. Notwithstanding the foregoing, the
Committee may specify at the time of grant of any Stock Appreciation Right that
such Stock Appreciation Right may be exercisable solely for cash and not for
Stock.

SECTION 10. TERMINATION OF STOCK OPTIONS AND STOCK APPRECIATION RIGHTS.

        (a) Incentive Stock Options:

               (i) Termination by Death. If any participant's employment by the
Company and its Subsidiaries terminates by reason of death, any Incentive Stock
Option owned by such participant may thereafter be exercised to the extent
exercisable at the date of death, by the legal representative or legatee of the
participant, for a period of two (2) years (or such longer period as the
Committee shall specify at any time) from the date of death, or until the
expiration of the stated term of the Incentive Stock Option, if earlier.

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               (ii) Termination by Reason of Disability or Normal Retirement.

               (A) Any Incentive Stock Option held by a participant whose
employment by the Company and its Subsidiaries has terminated by reason of
Disability may thereafter be exercised, to the extent it was exercisable at the
time of such termination, for a period of one (1) year (or such longer period as
the Committee shall specify at any time) from the date of such termination of
employment, or until the expiration of the stated term of the Option, if
earlier.

               (B) Any Incentive Stock Option held by a participant whose
employment by the Company and its Subsidiaries has terminated by reason of
Normal Retirement may thereafter be exercised, to the extent it was exercisable
at the time of such termination, for a period of ninety (90) days (or such
longer period as the Committee shall specify at any time) from the date of such
termination of employment, or until the expiration of the stated term of the
Option, if earlier.

               (C) The Committee shall have sole authority and discretion to
determine whether a participant's employment has been terminated by reason of
Disability or Normal Retirement.

               (D) Except as otherwise provided by the Committee at the time of
grant, the death of a participant during a period provided in this Section 10(b)
for the exercise of an Incentive Stock Option shall extend such period for two
(2) years from the date of death, subject to termination on the expiration of
the stated term of the Option, if earlier.

               (iii) Termination for Cause. If any participant's employment by
the Company and its Subsidiaries has been terminated for Cause, any Incentive
Stock Option held by such participant shall immediately terminate and be of no
further force and effect; provided, however, that the Committee may, in its sole
discretion, provide that such Option can be exercised for a period of up to
thirty (30) days from the date of termination of employment or until the
expiration of the stated term of the Option, if earlier.

               (iv) Other Termination. Unless otherwise determined by the
Committee, if a participant's employment by the Company and its Subsidiaries
terminates for any reason other than death, Disability, Normal Retirement or for
Cause, any Incentive Stock Option held by such participant may thereafter be
exercised, to the extent it was exercisable on the date of termination of
employment, for ninety (90) days (or such longer period as the Committee shall
specify at any time) from the date of termination of employment or until the
expiration of the stated term of the Option, if earlier.

        (b) Non-Statutory Stock Options and Stock Appreciation Rights. Any
Non-Statutory Stock Option or Stock Appreciation Right granted under the Plan
shall contain such terms and conditions with respect to its termination as the
Committee, in its discretion, may from time to time determine.

SECTION 11. TAX WITHHOLDING.

        (a) Payment by Participant. Each participant shall, no later than the
date as of which the value of an Award or of any Stock or other amounts received
thereunder first becomes

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includable in the gross income of the participant for Federal income tax
purposes, pay to the Company, or make arrangements satisfactory to the Committee
regarding payment of any Federal, state, local and/or payroll taxes of any kind
required by law to be withheld with respect to such income. The Company and its
Subsidiaries shall, to the extent permitted by law, have the right to deduct any
such taxes from any payment of any kind otherwise due to the participant.

        (b) Payment in Shares. A Participant may elect, with the consent of the
Committee, to have such tax withholding obligation satisfied, in whole or in
part, by (i) authorizing the Company to withhold from shares of Stock to be
issued pursuant to an Award a number of shares with an aggregate Fair Market
Value (as of the date the withholding is effected) that would satisfy the
minimum withholding amount due with respect to such Award, or (ii) transferring
to the Company shares of Stock owned by the participant for a period of at least
six months and with an aggregate Fair Market Value (as of the date the
withholding is effected) that would satisfy the minimum withholding amount due.

SECTION 12. TRANSFER, LEAVE OF ABSENCE, ETC.

     For purposes of the Plan, the following events shall not be deemed a
termination of employment:

        (a) a transfer to the employment of the Company from a Subsidiary or
from the Company to a Subsidiary, or from one Subsidiary to another;

        (b) an approved leave of absence for military service or sickness, or
for any other purpose approved by the Company, if the employee's right to
re-employment is guaranteed either by a statute or by contract or under the
policy pursuant to which the leave of absence was granted or if the Committee
otherwise so provides in writing.

SECTION 13. AMENDMENTS AND TERMINATION.

     The Board may at any time amend or discontinue the Plan and the Committee
may at any time amend or cancel any outstanding Award (or provide substitute
Awards at the same or reduced exercise or purchase price or with no exercise or
purchase price, but such price, if any, must satisfy the requirements which
would apply to the substitute or amended Award if it were then initially granted
under this Plan) for the purpose of satisfying changes in law or for any other
lawful purpose, but no such action shall adversely affect rights under any
outstanding Award without the holder's consent.

SECTION 14. STATUS OF PLAN.

     With respect to the portion of any Award which has not been exercised and
any payments in cash, Stock or other consideration not received by a
participant, a participant shall have no rights greater than those of a general
creditor of the Company unless the Committee shall otherwise expressly determine
in connection with any Award or Awards. In its sole discretion, the Committee
may authorize the creation of trusts or other arrangements to meet the Company's
obligations to deliver Stock or make payments with respect to Awards hereunder,
provided that the existence of such trusts or other arrangements is consistent
with the provision of the foregoing sentence.

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SECTION 15. CHANGE OF CONTROL PROVISIONS.

        (a) Upon the occurrence of a Change of Control as defined in this
Section 15:

               (i) subject to the provisions of clause (iii) below, after the
effective date of such Change of Control, each holder of an outstanding Stock
Option, Restricted Stock Award, Performance Share Award or Stock Appreciation
Right shall be entitled, upon exercise of such Award, to receive, in lieu of
shares of Stock (or consideration based upon the Fair Market Value of Stock),
shares of such stock or other securities, cash or property (or consideration
based upon shares of such stock or other securities, cash or property) as the
holders of shares of Stock received in connection with the Change of Control;

               (ii) the Committee may accelerate the time for exercise of, and
waive all conditions and restrictions on, each unexercised and unexpired Stock
Option, Restricted Stock Award, Performance Share Award and Stock Appreciation
Right, effective upon a date prior or subsequent to the effective date of such
Change of Control, specified by the Committee; or

               (iii) each outstanding Stock Option, Restricted Stock Award,
Performance Share Award and Stock Appreciation Right may be cancelled by the
Committee as of the effective date of any such Change of Control provided that
(x) notice of such cancellation shall be given to each holder of such an Award
and (y) each holder of such an Award shall have the right to exercise such Award
to the extent that the same is then exercisable or, in full, if the Committee
shall have accelerated the time for exercise of all such unexercised and
unexpired Awards, during the thirty (30) day period preceding the effective date
of such Change of Control.

        (b) "Change of Control" shall mean the occurrence of any one of the
following events:

               (i) any "person" (as such term is used in Sections 13(d) and
14(d)(2) of the Act) becomes a "beneficial owner" (as such term is defined in
Rule 13d-3 promulgated under the 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 proportions as their ownership of stock
of the Company), directly or indirectly, of securities of the Company
representing fifty percent (50%) or more of the combined voting power of the
Company's then outstanding securities; or

               (ii) the stockholders of the Company approve a merger or
consolidation of the Company with any other corporation or other entity, 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 sixty-five percent (65%) of the combined voting
power of the voting securities of the Company or such surviving entity
outstanding immediately after such merger or consolidation; or

               (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.

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SECTION 16. GENERAL PROVISIONS.

        (a) No Distribution; Compliance with Legal Requirements. The Committee
may require each person acquiring shares pursuant to an Award to represent to
and agree with the Company in writing that such person is acquiring the shares
without a view to distribution thereof.

        No shares of Stock shall be issued pursuant to an Award until all
applicable securities laws and other legal and stock exchange requirements have
been satisfied. The Committee may require the placing of such stop orders and
restrictive legends on certificates for Stock and Awards as it deems
appropriate.

        (b) Delivery of Stock Certificates. Delivery of stock certificates to
participants under this Plan shall be deemed effected for all purposes when the
Company or a stock transfer agent of the Company shall have delivered such
certificates in the United States mail, addressed to the participant, at the
participant's last known address on file with the Company.

        (c) Other Compensation Arrangements; No Employment Rights. Nothing
contained in this Plan shall prevent the Board from adopting other or additional
compensation arrangements, including trusts, subject to stockholder approval if
such approval is required; and such arrangements may be either generally
applicable or applicable only in specific cases. The adoption of the Plan or any
Award under the Plan does not confer upon any employee any right to continued
employment with the Company or any Subsidiary.

SECTION 17. EFFECTIVE DATE OF PLAN.

        The Plan shall become effective upon approval by the Company's Board of
Directors, however no Incentive Stock Option may be granted under the Plan
unless the stockholders of the Company have approved the plan within twelve (12)
months of the Effective Date.

SECTION 18. GOVERNING LAW.

        This Plan shall be governed by, and construed and enforced in accordance
with, the substantive laws of the State of Delaware without regard to its
principles of conflicts of laws.

                                      * * *

                                      -12-<PAGE>   1

                                                                    EXHIBIT 4.09

                               ALLAIRE CORPORATION
                        1998 EMPLOYEE STOCK PURCHASE PLAN

        1.   PURPOSE.

               The Allaire Corporation 1998 Employee Stock Purchase Plan (the
"Plan") is intended to provide a method whereby employees of Allaire Corporation
(the "Company") will have an opportunity to acquire an ownership interest (or
increase an existing ownership interest) in the Company through the purchase of
shares of the Common Stock of the Company. It is the intention of the Company
that the Plan qualify as an "employee stock purchase plan" under Section 423 of
the Internal Revenue Code of 1986, as amended (the "Code"). The provisions of
the Plan shall, accordingly, be construed so as to extend and limit
participation in a manner consistent with the requirements of that section of
the Code.

        2.   DEFINITIONS.

               (a) "Compensation" means, for the purpose of any Offering
pursuant to this Plan, base pay in effect as of the Offering Commencement Date
(as hereinafter defined). Compensation shall not include any deferred
compensation other than contributions by an individual through a salary
reduction agreement to a cash or deferred plan pursuant to Section 401(k) of the
Code or to a cafeteria plan pursuant to Section 125 of the Code.

               (b) "Board" means the Board of Directors of the Company.

               (c) "Committee" means the Compensation Committee of the Board.

               (d) "Common Stock" means the common stock, $.01 par value per
share, of the Company.

               (e) "Company" shall also include any Parent or Subsidiary of
Allaire Corporation designated by the Board, unless the context otherwise
requires.

               (f) "Employee" means any person who is customarily employed at
least 20 hours per week and more than five months in a calendar year by the
Company.

               (g) "Parent" shall mean any present or future corporation which
is or would constitute a "parent corporation" as that term is defined in Section
424 of the Code.

               (h) "Subsidiary" shall mean any present or future corporation
which is or would constitute a "subsidiary corporation" as that term is defined
in Section 424 of the Code.

<PAGE>   2

        3.   ELIGIBILITY.

               (a) Participation in the Plan is completely voluntary.
Participation in any one or more of the offerings under the Plan shall neither
limit, nor require, participation in any other offering.

               (b) Each employee shall be eligible to participate in the Plan on
the first Offering Commencement Date, as hereafter defined, following the
completion of three (3) full calendar months of continuous service with the
Company. Notwithstanding the foregoing, no employee shall be granted an option
under the Plan:

                      (i) if, immediately after the grant, such employee would
own stock, and/or hold outstanding options to purchase stock, possessing 5% or
more of the total combined voting power or value of all classes of stock of the
Company or any Parent or Subsidiary; for purposes of this Paragraph the rules of
Section 424(d) of the Code shall apply in determining stock ownership of any
employee; or

                      (ii) which permits his rights to purchase stock under all
Section 423 employee stock purchase plans of the Company and any Parent or
Subsidiary to exceed $25,000 of the fair market value of the stock (determined
at the time such option is granted) for each calendar year in which such option
is outstanding; for purposes of this Paragraph, the rules of Section 423(b)(8)
of the Code shall apply.

        4.   OFFERING DATES.

               The right to purchase stock hereunder shall be made available by
a series of offerings of such duration as the Committee determines (the
"Offering" or "Offerings") to employees eligible in accordance with Paragraph 3
hereof. The Committee will, in its discretion, determine the applicable date of
commencement ("Offering Commencement Date") and termination date ("Offering
Termination Date") for each Offering. Participation in any one or more of the
Offerings under the Plan shall neither limit, nor require, participation in any
other Offering.

        5.   PARTICIPATION.

               Any eligible employee may become a participant by completing a
payroll deduction authorization form provided by the Company and filing it with
the office of the Company's Treasurer 20 days prior to an applicable Offering
Commencement Date, as determined by the Committee pursuant to Paragraph 4. A
participant who obtains shares of Common Stock in one Offering will be deemed to
have elected to participate in each subsequent Offering, provided such
participant is eligible to participate during each such subsequent Offering and
provided that such participant has not specifically elected not to participate
in such subsequent Offering. Such participant will also be deemed to have
authorized the same payroll deductions under Paragraph 6 hereof for each such
subsequent Offering as in the immediately preceding Offering; provided however,
that, during the enrollment period prior to each new Offering, the participant
may elect to change such participant's payroll deductions by submitting a new
payroll deduction authorization form.

                                      -2-
<PAGE>   3

        6.   PAYROLL DEDUCTIONS.

               (a) At the time a participant files his authorization for a
payroll deduction, he shall elect to have deductions made from his pay on each
payday during any Offering in which he is a participant at a specified
percentage of his Compensation as determined on the applicable Offering
Commencement Date; said percentage shall be in increments of one percent up to a
maximum percentage of ten percent.

               (b) Payroll deductions for a participant shall commence on the
applicable Offering Commencement Date when his authorization for a payroll
deduction becomes effective and subject to the last sentence of Paragraph 5
shall end on the Offering Termination Date of the Offering to which such
authorization is applicable unless sooner terminated by the participant as
provided in Paragraph 10.

               (c) All payroll deductions made for a participant shall be
credited to his account under the Plan. A participant may not make any separate
cash payment into such account.

               (d) A participant may withdraw from the Plan at any time during
the applicable Offering period.

        7.   GRANTING OF OPTION.

               (a) Except as provided in clause (ii) of Paragraph 3(b), on the
Offering Commencement Date of each Offering, a participating employee shall be
deemed to have been granted an option to purchase a maximum number of shares of
the Common Stock equal to two times an amount determined as follows: 85% of the
market value per share of the Common Stock on the applicable Offering
Commencement Date shall be divided into an amount equal to the percentage of the
employee's Compensation which he has elected to have withheld (but no more than
10%) multiplied by the employee's Compensation over the Offering period. Such
market value per share of the Common Stock shall be determined as provided in
clause (i) of Paragraph 7(b).

               (b) The option price of the Common Stock purchased with payroll
deductions made during each such Offering for a participant therein shall be the
lower of:

                      (i) 85% of the closing price per share on the Offering
Commencement Date as reported by a nationally recognized stock exchange, or, if
the Common Stock is not listed on such an exchange, as reported by the National
Association of Securities Dealers Automated Quotation System ("Nasdaq") National
Market System or, if the Common Stock is not listed on the Nasdaq National
Market System, 85% of the mean of the bid and asked prices per share on the
Offering Commencement Date or, if the Common Stock is not traded
over-the-counter, 85% of the fair market value on the Offering Commencement Date
as determined by the Committee; and

                      (ii) 85% of the closing price per share on the Offering
Termination Date as reported by a nationally recognized stock exchange, or, if
the Common Stock is not listed on such an exchange, as reported by the Nasdaq
National Market System or, if the Common Stock is not listed on the Nasdaq
National Market System, 85% of the mean of the bid and asked prices

                                      -3-
<PAGE>   4

per share on the Offering Termination Date or, if the Common Stock is not traded
over-the-counter, 85% of the fair market value on the Offering Termination Date
as determined by the Committee.

        8.   EXERCISE OF OPTION.

               (a) Unless a participant gives written notice to the Treasurer of
the Company as hereinafter provided, his option for the purchase of Common Stock
with payroll deductions made during any Offering will be deemed to have been
exercised automatically on the Offering Termination Date applicable to such
Offering for the purchase of the number of full shares of Common Stock which the
accumulated payroll deductions in his account at that time will purchase at the
applicable option price (but not in excess of the number of shares for which
options have been granted the employee pursuant to Paragraph 7(a)), and any
excess in his account at that time, other than amounts representing fractional
shares, will be returned to him.

               (b) Fractional shares will not be issued under the Plan and any
accumulated payroll deductions which would have been used to purchase fractional
shares shall be automatically carried forward to the next Offering unless the
participant elects, by written notice to the Treasurer of the Company, to have
the excess cash returned to him.

        9.   DELIVERY.

               The Company will deliver to each participant (as promptly as
possible after the appropriate Offering Termination Date), a certificate
representing the Common Stock purchased upon exercise of his option.

        10.  WITHDRAWAL AND TERMINATION.

               (a) Prior to the Offering Termination Date for an Offering, any
participant may withdraw the payroll deductions credited to his account under
the Plan for such Offering by giving written notice to the Treasurer of the
Company. All of the participant's payroll deductions credited to such account
will be paid to him promptly after receipt of notice of withdrawal, without
interest, and no future payroll deductions will be made from his pay during such
Offering. The Company will treat any attempt to borrow by a participant on the
security of accumulated payroll deductions as an election to withdraw such
deductions.

               (b) A participant's election not to participate in, or withdrawal
from, any Offering will not have any effect upon his eligibility to participate
in any succeeding Offering or in any similar plan which may hereafter be adopted
by the Company.

               (c) Upon termination of the participant's employment for any
reason, including retirement but excluding death, the payroll deductions
credited to his account will be returned to him, or, in the case of his death,
to the person or persons entitled thereto under Paragraph 14.

               (d) Upon termination of the participant's employment because of
death, his beneficiary (as defined in Paragraph 14) shall have the right to
elect, by written notice given to the Company's Treasurer prior to the
expiration of a period of 90 days commencing with the date of the death of the
participant, either:

                                      -4-
<PAGE>   5

                      (i) to withdraw all of the payroll deductions credited to
the participant's account under the Plan; or

                      (ii) to exercise the participant's option for the purchase
of stock on the Offering Termination Date next following the date of the
participant's death for the purchase of the number of full shares which the
accumulated payroll deductions in the participant's account at the date of the
participant's death will purchase at the applicable option price (subject to the
limitation contained in Paragraph 7(a)), and any excess in such account will be
returned to said beneficiary. In the event that no such written notice of
election shall be duly received by the office of the Company's Treasurer, the
beneficiary shall automatically be deemed to have elected to withdraw the
payroll deductions credited to the participant's account at the date of the
participant's death and the same will be paid promptly to said beneficiary.

        11.  INTEREST.

               No interest will be paid or allowed on any money paid into the
Plan or credited to the account of any participating employee.

        12.  STOCK.

               (a) The maximum number of shares of Common Stock available for
issuance and purchase by employees under the Plan, subject to adjustment upon
changes in capitalization of the Company as provided in Paragraph 17, shall be
300,000 shares of Common Stock, par value $.01 per share, of the Company. If the
total number of shares for which options are exercised on any Offering
Termination Date in accordance with Paragraph 8 exceeds the maximum number of
shares for the applicable Offering, the Company shall make a pro rata allocation
of the shares available for delivery and distribution in an equitable manner,
and the balances of payroll deductions credited to the account of each
participant under the Plan shall be returned to the participant.

               (b) The participant will have no interest in stock covered by his
option until such option has been exercised.

        13.  ADMINISTRATION.

               The Plan shall be administered by the Committee. The
interpretation and construction of any provision of the Plan and adoption of
rules and regulations for administering the Plan shall be made by the Committee.
Determinations made by the Committee with respect to any matter or provision
contained in the Plan shall be final, conclusive and binding upon the Company
and upon all participants, their heirs or legal representatives. Any rule or
regulation adopted by the Committee shall remain in full force and effect unless
and until altered, amended, or repealed by the Committee.

        14.  DESIGNATION OF BENEFICIARY.

A participant shall file with the Treasurer of the Company a written designation
of a beneficiary who is to receive any Common Stock and/or cash under the Plan.
Such designation of beneficiary may be changed by the participant at any time by
written notice. Upon the death

                                      -5-
<PAGE>   6

of a participant and upon receipt by the Company of proof of the identity and
existence at the participant's death of a beneficiary validly designated by him
under the Plan, the Company shall deliver such Common Stock and/or cash to such
beneficiary. In the event of the death of a participant and in the absence of a
beneficiary validly designated under the Plan who is living at the time of such
participant's death, the Company shall deliver such Common Stock and/or cash to
the executor or administrator of the estate of the participant. No beneficiary
shall prior to the death of the participant by whom he has been designated,
acquire any interest in the Common Stock and/or cash credited to the participant
under the Plan.

        15.  TRANSFERABILITY.

               Neither payroll deductions credited to a participant's account
nor any rights with regard to the exercise of an option or to receive Common
Stock under the Plan may be assigned, transferred, pledged, or otherwise
disposed of in any way by the participant other than by will or the laws of
descent and distribution. Any such attempted assignment, transfer, pledge, or
other disposition shall be without effect, except that the Company may treat
such act as an election to withdraw funds in accordance with Paragraph 10.

                                      -6-
<PAGE>   7

        16.  USE OF FUNDS.

               All payroll deductions received or held by the Company under this
Plan may be used by the Company for any corporate purpose, and the Company shall
not be obligated to segregate such payroll deductions.

        17.  EFFECT OF CHANGES OF COMMON STOCK.

               If the Company shall subdivide or reclassify the Common Stock
which has been or may be subject to options under this Plan, or shall declare
thereon any dividend payable in shares of such Common Stock, or shall take any
other action of a similar nature affecting such Common Stock, then the number
and class of shares of Common Stock which may thereafter be subject to options
under the Plan (in the aggregate and to any participant) shall be adjusted
accordingly and in the case of each option outstanding at the time of any such
action, the number and class of shares which may thereafter be purchased
pursuant to such option and the option price per share shall be adjusted to such
extent as may be determined by the Committee, with the approval of independent
public accountants and counsel, to be necessary to preserve the rights of the
holder of such option.

        18.  AMENDMENT OR TERMINATION.

               The Board may at any time terminate or amend the Plan. No such
termination shall affect options previously granted, nor may an amendment make
any change in any option theretofore granted which would adversely affect the
rights of any participant holding options under the Plan without the consent of
such participant.

        19.  NOTICES.

               All notices or other communications by a participant to the
Company under or in connection with the Plan shall be deemed to have been duly
given when received by the Treasurer of the Company.

        20.  MERGER OR CONSOLIDATION.

               If the Company shall at any time merge into or consolidate with
another corporation, the holder of each option then outstanding will thereafter
be entitled to receive at the next Offering Termination Date upon the exercise
of such option, in lieu of the number of shares of Common Stock as to which such
option shall be exercisable, the number and class of shares of stock or other
securities or property to which such holder would have been entitled pursuant to
the terms of the agreement of merger or consolidation if, immediately prior to
such merger or consolidation, such holder had been the holder of record of a
number of shares of Common Stock equal to the number of shares for which such
option was exercisable. In accordance with this Paragraph and Paragraph 17, the
Committee shall determine the kind and amount of such securities or property
which such holder of an option shall be entitled to receive. A sale of all or
substantially all of the assets of the Company shall be deemed a merger or
consolidation for the foregoing purposes.

        21.  APPROVAL OF STOCKHOLDERS.

                                      -7-
<PAGE>   8

               The Plan is subject to the approval of the stockholders of the
Company at their next annual meeting or at any special meeting of the
stockholders for which one of the purposes shall be to act upon the Plan.

        22.    GOVERNMENTAL AND OTHER REGULATIONS.

               The Plan, and the grant and exercise of the rights to purchase
shares hereunder, and the Company's obligation to sell and deliver shares upon
the exercise of rights to purchase shares, shall be subject to all applicable
federal, state and foreign laws, rules and regulations, and to such approvals by
any regulatory or governmental agency as may, in the opinion of counsel for the
Company, be required. The Plan shall be governed by, and construed and enforced
in accordance with, the provisions of Sections 421, 423 and 424 of the Code and
the substantive laws of the State of Delaware. In the event of any inconsistency
between such provisions of the Code and any such laws, such provisions of the
Code shall govern to the extent necessary to preserve favorable federal income
tax treatment afforded employee stock purchase plans under Section 423 of the
Code.

                                      * * *

                                      -8-

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