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                                                                    EXHIBIT 10.2

                               ALLAIRE CORPORATION

                            1998 STOCK INCENTIVE PLAN

                      (as amended effective March 13, 2000)

SECTION 1. GENERAL PURPOSE OF THE PLAN; DEFINITIONS

     The name of the plan is the Allaire Corporation 1998 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
stockholders as set forth in Section 17.

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

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     "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.

     "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.

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     (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:

          (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.

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     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 eight million eight hundred thousand (8,800,000). 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 granted under the Plan so long as the participants to whom such
Awards had been previously granted received no benefits of ownership of the
underlying shares of Stock to which the Award related. Subject to such overall
limitation, any type or types of Award may be granted with respect to shares,
including Incentive Stock Options. 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 one
million (1,000,000) 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

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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 the Company
or its Subsidiaries ("Eligible Persons").

SECTION 5. STOCK OPTIONS.

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

     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
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 earlier of (i) the date of adoption of the Plan by the Board,
or (ii) the date on which the Plan is approved by the stockholders as set forth
in Section 17.

     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

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     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:

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

               (ii) In the form of shares of Stock that are not then subject to
          restrictions, if permitted by the Committee, in its discretion. 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

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          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 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

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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 ("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.

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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.

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     (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 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 or local
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
withholding amount due with respect to such Award, or (ii) transferring to the
Company shares of Stock owned by the participant with an aggregate Fair Market
Value (as of the date the withholding is effected) that would satisfy the
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

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lawful purpose, but no such action shall adversely affect rights under any
outstanding Award without the holder's consent. However, no such amendment,
unless approved by the stockholders of the Company, shall be effective if it
would cause the Plan to fail to satisfy the incentive stock option requirements
of the Code.

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.

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.

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     (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.

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

                                      -13-
<PAGE>   14

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 holders of a majority
of the shares of capital stock of the Company present or represented and
entitled to vote at a meeting of stockholders.

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.

                                      * * *

                                      -14-<PAGE>   1
                                                                    EXHIBIT 10.5

                               ALLAIRE CORPORATION

                            1998 STOCK INCENTIVE PLAN
                        INCENTIVE STOCK OPTION AGREEMENT

     This is an INCENTIVE STOCK OPTION AGREEMENT between Allaire Corporation, a
Delaware corporation (the "Company"), and the optionee (the "Optionee")
identified on the Notice of Grant of Stock Options to which this Agreement is
attached and which is incorporated into this Agreement by reference (the
"Notice").

     WHEREAS, the Company desires to carry out the purposes of the Allaire
Corporation 1998 Stock Incentive Plan (the "Plan") by affording the Optionee an
opportunity to purchase shares of Common Stock of the Company, par value $.01
per share ("Common Stock"), according to the terms set forth herein.

     NOW THEREFORE, the parties hereto hereby agree as follows:

          1.   GRANT OF OPTION. Subject to the terms of the Plan, the Company
hereby grants to the Optionee the right and option (the "Option") to purchase
the number of shares of the Company's Common Stock specified in the Notice (the
"Shares") on the terms and conditions hereinafter set forth. Such Option is
intended by the Company and the Optionee to be an Incentive Stock Option as
defined in the Plan.

          2.   PURCHASE PRICE. The purchase price of each of the Shares subject
to the Option shall be the exercise price per share specified in the Notice,
which price has been specified in accordance with Section 5(a) of the Plan.

          3.   OPTION PERIOD.

               (a)  Subject to the provisions of Sections 5 and 6 of this
     Agreement, the Option shall become exercisable as to the number of Shares
     and on the dates specified in the exercise schedule in the Notice. The
     exercise schedule shall be cumulative; thus, to the extent the Option has
     not already been exercised and has not expired, terminated or been
     canceled, the Optionee may at any time, and from time to time, purchase all
     or any portion of the Shares then purchasable under the exercise schedule.

               (b)  The Option and all rights to purchase Shares thereunder
     shall cease on the earliest of:

                    (i) the expiration date specified in the Notice (which date
                    shall not be more than ten years after the date of this
                    Agreement);

                    (ii) termination of the Optionee's employment for Cause (as
                    defined in the Plan);

                    (iii) the expiration of the period after the termination of
                    the Optionee's employment, other than a termination for
                    Cause, within which the Option is exercisable as specified
                    in Section 5(a) or 5(b) of this Agreement, whichever is
                    applicable; or

                    (iv) the date, if any, fixed for cancellation pursuant to
                    Section 6(b)(iii) of this Agreement.

Notwithstanding any other provision in this Agreement, in no event may anyone
exercise the Option, in whole or in part, after its original expiration date.

          4.   MANNER OF EXERCISING OPTION.

<PAGE>   2

               (a)  The Option 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:

                    (i) in cash, by certified or bank check or other instrument
                    acceptable to the committee under the Plan (the
                    "Committee"); or

                    (ii) in the form of shares of the Company's Common Stock
                    that are not then subject to restrictions, if permitted by
                    the Committee, in its discretion. Such surrendered shares
                    shall be valued at Fair Market Value (as defined in the
                    Plan) 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 specified by the Committee) which the
                    Committee determines are consistent with the purpose of the
                    Plan and with applicable laws and regulations.

               (b)  The delivery of certificates representing shares of the
     Company's Common Stock to be purchased pursuant to the exercise of the
     Option will be contingent upon receipt by the Company of the full purchase
     price for such shares from the Optionee or the Optionee's legal
     representative, heirs or legatees and the fulfillment of any other
     requirements contained in the Plan or imposed by applicable law.

          5.   EXERCISABILITY OF OPTION AFTER TERMINATION OF EMPLOYMENT.

               (a)  During the lifetime of the Optionee, the Option may be
     exercised only while the Optionee is employed by the Company or a parent or
     subsidiary thereof, and only if the Optionee has been continuously so
     employed since the date of this Agreement, except that:

                    (i) the Option shall continue to be exercisable for three
                    months after termination of the Optionee's employment,
                    unless the Optionee's employment was terminated for Cause,
                    but only to the extent that the Option was exercisable
                    immediately prior to the Optionee's termination of
                    employment;

                    (ii) in the event the Optionee's employment terminates due
                    to Disability, the Optionee or his or her legal
                    representative may exercise the Option within one year after
                    the termination of the Optionee's employment;

                    (iii) in the event the Optionee's employment terminates due
                    to Normal Retirement, the Option shall continue to be
                    exercisable for three months after the date of such Normal
                    Retirement; and

                    (iv) if the Optionee's employment terminates after the
                    Committee notifies the Optionee pursuant to Section
                    6(b)(iii) of this Agreement that the Option shall be
                    canceled, the Optionee may exercise the Option at any time
                    permitted by Section 6(b)(iii).

                                       2
<PAGE>   3

               (b)  In the event of the Optionee's death prior to expiration of
     the Option, the legal representative, heirs or legatees of the Optionee's
     estate or the personal who acquired the right to exercise the Option by
     bequest or inheritance may exercise the Option within five years after the
     death of the Optionee.

               (c)  Neither the transfer of the Optionee between any combination
     of the Company, its parent and any subsidiary of the Company, nor a leave
     of absence granted to the Optionee and approved by the Committee, shall be
     deemed a termination of employment. The terms "parent" and "subsidiary" as
     used herein shall have the meaning ascribed to "parent corporation" and
     "subsidiary corporation," respectively in Sections 424(e) and (f) (or
     successor provisions) of the Internal Revenue Code of 1986, as amended.

6.   ACCELERATION OF OPTION.

               (a)  DEATH, DISABILITY OR RETIREMENT. If any of Sections
     (5)(a)(ii), 5(a)(iii) or 5(b) of this Agreement is applicable, the Option,
     whether or not previously exercisable, shall become immediately exercisable
     in full if the Optionee shall have been employed continuously by the
     Company or a parent or subsidiary thereof between the date the Option was
     granted and the date of such Disability or Normal Retirement or, in the
     event of death, a date not more than three months prior to such death.

               (b)  CHANGE OF CONTROL. In the event of a Change of Control (as
     defined in the Plan):

                    (i) SUBSTITUTE OPTIONS. Subject to the provisions of clause
                    (iii) below, after the effective date of such Change of
                    Control, the Optionee shall be entitled, upon exercise of
                    the Option, to receive, in lieu of shares of the Company's
                    Common Stock (or consideration based upon the Fair Market
                    Value of the Company's Common 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 the Company's Common
                    Stock received in connection with the Change of Control.

                    (ii) PARTIAL ACCELERATION. Notwithstanding any other
                    provision of this Section 6, fifty-percent (50%) of the
                    Shares which are not then exercisable shall become
                    exercisable upon the occurrence of a Change of Control if
                    the Optionee is an employee of the Company immediately
                    before the occurrence of the Change of Control and (A) the
                    Optionee's employment with the Company is terminated by the
                    Company (including any successor or parent resulting from
                    the Change in Control) without Cause within six (6) months
                    after the Change in Control, or (2) the Company (or
                    successor) does not offer the Optionee a Comparable Position
                    upon the Change in Control, or (3), if the Optionee is
                    offered and accepts a Comparable Position, the Optionee is
                    involuntarily removed from such position within six (6)
                    months after the Change in Control. For the purpose of this
                    Section 6(b), the term "Comparable Position" shall mean a
                    position of employment with the Company or its successor
                    following a Change of Control (or if the Company or its
                    successor has a Parent following a Change of Control, its
                    Parent) (X) with substantially the same or superior title,
                    responsibilities, base salary, opportunity for incentive
                    compensation, and eligibility for stock options or other
                    equity incentives as the Optionee had prior to the Change of
                    Control, and (Y) at a location within 50 miles of the
                    Optionee's location prior to the Change of Control, without
                    the Optionee's express prior written consent.

                    (iii) ACCELERATION OF VESTING AND NOTICE OF CANCELLATION.
                    The Committee may cancel the Option as of the effective date
                    of any such Change of Control provided that (x) all Shares
                    that have not yet become exercisable shall become
                    exercisable in full immediately prior to such Change of
                    Control, (y) notice of such cancellation shall be given to
                    the Optionee and

                                       3
<PAGE>   4

                    (z) the Optionee shall have the right to exercise the
                    Option, including exercising Shares that became exercisable
                    pursuant to the acceleration provisions of clause (x) above.

               (c)  EARLY EXERCISE FOR RESTRICTED SHARES. The Optionee may
     exercise the Option in accordance with this Section 6(c) for shares of the
     Company's Common Stock prior to the date or dates upon which such shares
     become exercisable under Section 3(a), and the exercise schedule in the
     Notice shall be deemed to have been accelerated for such purpose, provided,
     however, that in no event shall the Optionee be permitted pursuant to this
     Section 6(c) to exercise in any calendar year more than the $100,000
     Limitation Amount. For these purposes, the "$100,000 Limitation Amount"
     shall mean the number of shares of the Company's Common Stock equal to (i)
     $100,000 less the Prior Grant Amount divided by (ii) the exercise price per
     share specified in the Notice; and the "Prior Grant Amount" shall mean the
     number of shares of the Company's Common Stock becoming exercisable in such
     calendar year pursuant to incentive stock options granted to the Holder by
     the Company (or a company acquired by the Company) prior to the date this
     Option was granted multiplied by the exercise price of such options. The
     shares issued upon such early exercise shall be subject to the restrictions
     set forth in this subsection, and are referred to in this subsection as the
     "Restricted Shares."
                    (i) REVERSE VESTING. Restricted Shares purchased under this
                    Section 6(c) prior to the Option becoming exercisable shall
                    "vest" according to the same schedule (i.e., on the same
                    dates and in the same amounts) as such shares would have
                    become purchasable upon exercise of the Option had the
                    exercise schedule not been accelerated in accordance with
                    this Section 6(c). In addition, Restricted Shares shall be
                    subject to accelerated "vesting" as set forth in Section
                    6(a), Section 6(b)(ii) and Section 6(b)(iii) if applicable,
                    to the same extent as the exercisability of such shares
                    would have been accelerated had the exercise schedule not
                    been previously accelerated in accordance with this Section
                    6(c). Restricted Shares that are not vested shall be subject
                    to repurchase by the Company under Sections 6(c)(ii) and
                    6(c)(iii) below. As Restricted Shares become vested they
                    shall no longer be subject to repurchase by the Company.

                    (ii) COMPANY REPURCHASE RIGHTS. In the event of termination
                    of the Optionee's employment by the Company for any reason
                    (including death, Disability, Normal Retirement and for
                    Cause), the Company shall have the option to purchase all or
                    any part of the Restricted Shares that were not vested prior
                    to termination of the Optionee's employment (after taking
                    into effect any accelerated vesting pursuant to Section
                    6(a), Section 6(b)(ii) and Section 6(b)(iii)) at a per share
                    price equal to the purchase paid by the Optionee upon
                    exercise of the Option (subject to equitable adjustment for
                    any stock split, stock dividend or combination of the
                    Restricted Shares).

                    (iii) TERMS OF COMPANY PURCHASE. If the Company intends to
                    repurchase the Restricted Shares subject to repurchase, then
                    it shall, within sixty (60) days after termination of the
                    Optionee's employment, mail written notice of its intent to
                    repurchase the Restricted Shares and the number of
                    Restricted Shares to be repurchased to the Optionee's last
                    known address appearing in the personnel records of the
                    Company. If the Company has not mailed notice within that
                    period, the Restricted Shares will no longer be subject to
                    repurchase by the Company. Upon receipt from the Optionee of
                    the certificate for the Restricted Shares, duly endorsed in
                    blank or accompanied by a duly endorsed blank stock power
                    suitable for transferring the Shares to the Company, the
                    Company shall send to the Optionee (or his or her heir
                    legatee, representative or guardian) the purchase price for
                    the Restricted Shares and a certificate for the shares which
                    are not subject to repurchase or are not being repurchased
                    by the Company. The purchase price for the Restricted Shares
                    being repurchased may be payable by check, by cancellation
                    of all or a portion of any outstanding indebtedness of the
                    Optionee to the Company, or both. If the Company has not
                    received the certificate for the Restricted Shares by the
                    time the Company is prepared to pay the purchased price for
                    such shares, then the Company, at its option, may coincident
                    with the payment of the purchase price and/or cancellation
                    of debt, make appropriate entries in the

                                       4
<PAGE>   5

                    records of the Company to effect the transfer of the
                    Restricted Shares to the Company free and clear of any liens
                    or encumbrances.
                    (iv) OPTIONEE REPRESENTATIONS. By exercising the shares
                    under this subsection 6(c), the Optionee represents that (i)
                    he or she is acquiring the Restricted Shares for investment
                    and not with a view to, or for resale in connection with,
                    any distribution thereof; (ii) the Restricted Shares are
                    "restricted securities" within the meaning of Rule 144
                    promulgated under the Securities Act of 1933, as amended
                    (the "Securities Act"), and that there is no assurance that
                    such Rule will apply to future resales of the Restricted
                    Shares; (iii) he or she will make no sale or other
                    distribution that would cause the Optionee to be deemed an
                    "underwriter" within the meaning of Section 2(11) of the
                    Securities Act; and (iv) he or she will make no sale,
                    pledge, transfer or other disposition of the Restricted
                    Shares received except in accordance with this Agreement
                    unless a registration statement with respect to the
                    Restricted Shares is then in effect under applicable federal
                    and state securities laws or unless he or she obtains an
                    opinion of counsel satisfactory to the Company that such
                    disposition may be effected without violation of applicable
                    federal or state securities laws.

                    (v) CERTIFICATES; LEGENDS. The certificates representing the
                    Restricted Shares will bear restrictive legends noting the
                    restrictions identified in the preceding clause, the
                    Company's repurchase rights and the restrictions on transfer
                    set forth in Section 7 of this Agreement.

               7.   LIMITATION ON TRANSFER. During the lifetime of the Optionee,
     only the Optionee or his or her guardian or legal representative or
     transferee of a transfer permitted by this Section may exercise the Option.
     The Optionee shall not assign or transfer the Option or Restricted Shares
     issued upon early exercise of the Option, except that the Optionee may
     transfer the Option by will or the laws of descent and distribution. Any
     attempt to assign, transfer, pledge, hypothecate or otherwise dispose of
     the Option or any Restricted Shares contrary to the provisions hereof, and
     the levy of any attachment or similar process upon the Option or any
     Restricted Shares, shall be null and void.

               8.   SHAREHOLDER RIGHTS BEFORE EXERCISE. The Optionee shall have
     none of the rights of a shareholder of the Company with respect to any
     Share subject to the Option until the Share is actually issued to him or
     her upon exercise of the Option.

               9.   ADJUSTMENTS. The Committee may in its sole discretion make
     appropriate adjustments in the number of Shares subject to the Option and
     in the purchase price per Share to give effect to any adjustments made in
     the number of outstanding Shares of the Company through a merger or
     consolidation (that is not a Change in Control) or a recapitalization,
     stock dividend, stock split or other relevant change, provided that
     fractional Shares shall be rounded to the nearest whole share.

               10.  DISQUALIFYING DISPOSITIONS. The Optionee agrees to notify
     the Company in writing immediately after making a Disqualifying Disposition
     of any shares of Common Stock received pursuant to the exercise of this
     Option. A "Disqualifying Disposition" shall have the meaning specified in
     Section 421(b) of the Internal Revenue Code of 1986, as amended, or any
     successor provision. The Optionee also agrees to provide the Company with
     any information that the Company shall request concerning any such
     Disqualifying Disposition. The Optionee acknowledges that he or she will
     forfeit the favorable income tax treatment otherwise available with respect
     to the exercise of this Option if he or she makes a Disqualifying
     Disposition of shares received upon exercise of this Option.

               11.  TAX WITHHOLDING. The Optionee agrees that if the Company in
     its discretion determines that it is obligated to withhold tax with respect
     to a Disqualifying Disposition of shares of Common Stock received upon
     exercise of this Option, then the Company may withhold from the Optionee's
     wages the appropriate amount of federal, state or local withholding taxes
     attributable to such Disqualifying Disposition. If any portion of this
     Option is treated as a Nonqualified Option (as defined in the Plan), the
     Optionee hereby agrees that the Company may withhold from the Optionee's
     wages the appropriate amount of federal, state and local withholding taxes
     attributable to the Optionee's exercise of such Nonqualified Option. The
     Optionee further agrees that, at the time he or she exercises the Option,
     if the Company or a parent or subsidiary thereof is required to withhold
     such taxes, he or she

                                       5
<PAGE>   6

     will promptly pay in cash upon demand to the Company, or the parent or
     subsidiary having such obligation, such amounts as shall be necessary to
     satisfy such obligation; provided, however, that in lieu of all or any part
     of such a cash payment, the Board may, but shall not be required to, permit
     the Optionee to elect to cover all or any part of the required
     withholdings, and to cover any additional withholdings up to the amount
     needed to cover the Optionee's full FICA and federal, state and local
     income taxes with respect to income arising from the exercise of the
     Option, through a reduction of the number of Shares delivered to the
     Optionee.

               12.  LOCK UP AGREEMENT. Optionee agrees that, upon the request of
     the Company or the managing underwriter(s) in connection with a
     registration of shares of the Company's Common Stock pursuant to Section 12
     of the Securities Exchange Act of 1934 (the "Exchange Act") for a period of
     time (not to exceed 180 days) from the effective date of the Company's
     registration under Section 12 of the Exchange Act, Optionee (or any
     transferee permitted under this Agreement) shall not sell, make any short
     sale of, loan, grant any option for the purchase of, or otherwise dispose
     of any shares of the Company's Common Stock owned or controlled by it;
     provided, however, that, at the time of the request, the Optionee is an
     officer or a member of the board of directors of the Company or the
     Optionee holds (assuming exercise of all options and warrants, and the
     conversion of all convertible securities held by the Optionee, to the
     extent then exercisable or convertible) an aggregate number of shares of
     the Company's Common Stock (or equivalent) equal to at least one percent
     (1%) of the total number of shares of the Company's Common Stock then
     issued and outstanding.

               13.  INTERPRETATION OF THIS AGREEMENT. All decisions and
     interpretations made by the Committee with regard to any question arising
     hereunder or under the Plan shall be binding and conclusive upon the
     Company and the Optionee. In the event that there is any inconsistency
     between the provisions of this Agreement and the Plan, the provisions of
     the Plan shall govern.

               14.  DISCONTINUANCE OF EMPLOYMENT. This Agreement shall not give
     the Optionee a right to continued employment with the Company or any parent
     or subsidiary thereof, and the Company or any such parent or subsidiary
     thereof employing the Optionee may terminate his or her employment and
     otherwise deal with the Optionee without regard to the effect it may have
     upon him or her under this Agreement.

               15.  GENERAL. The Company shall at all times during the term of
     this Option reserve and keep available such number of Shares as will be
     sufficient to satisfy the requirements of this Agreement. This Agreement
     shall be binding in all respects on the Optionee's heirs, representatives,
     successors and assigns. This Agreement is entered into under the laws of
     the State of Delaware, without regard to its principles of conflict of
     laws, and shall be construed and interpreted thereunder.

                                       6

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