Document:

Form of 2002 Stock Option Agreement (Officers and Key Employees)

 Exhibit 10.4 
 RIVERBED TECHNOLOGY, INC. 2002 STOCK PLAN 
 NOTICE OF STOCK OPTION GRANT 
 You have been granted the following option to purchase shares of the Common Stock of Riverbed Technology, Inc. (the “Company”): 
  

			
	Name of Optionee:	  	«Name»
		
	Total Number of Shares:	  	«TotalShares»
		
	Type of Option:	  	«ISO» Incentive Stock Option (ISO)
		
		  	«NSO» Nonstatutory Stock Option (NSO)
		
	Exercise Price Per Share:	  	$«PricePerShare»
		
	Date of Grant:	  	«DateGrant»
		
	Date Exercisable:	  	This option may be exercised at any time after the Date of Grant for all or any part of the Shares subject to this option.
		
	Vesting Commencement Date:	  	«VestComDate»
		
	Vesting Schedule:	  	The Right of Repurchase shall lapse with respect to the first 25% of the Shares subject to this option when the Optionee completes 12 months of continuous Service after the Vesting Commencement
Date. The Right of Repurchase shall lapse with respect to an additional 2.0833% of the Shares subject to this option when the Optionee completes each month of continuous Service thereafter. The Right of Repurchase may lapse on an accelerated basis
under Section 7(b) of the Stock Option Agreement.
		
	Expiration Date:	  	«ExpDate». This option expires earlier if the Optionee’s Service terminates earlier, as provided in Section 6 of the Stock Option Agreement.

 By your signature and the signature of the Company’s representative below, you and the Company agree that
this option is granted under and governed by the terms and conditions of the 2002 Stock Plan and the Stock Option Agreement, both of which are attached to and made a part of this document. 
  

					
	OPTIONEE:	 	RIVERBED TECHNOLOGY, INC.
			
	  
	 	By:	 	  

		 	Title:	 	  

 THE OPTION GRANTED PURSUANT TO THIS AGREEMENT AND THE SHARES ISSUABLE UPON THE EXERCISE THEREOF HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, PLEDGED, OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION THEREOF UNDER SUCH ACT OR AN OPINION OF COUNSEL, SATISFACTORY TO THE COMPANY AND ITS COUNSEL, THAT SUCH
REGISTRATION IS NOT REQUIRED. 
 RIVERBED TECHNOLOGY, INC. 2002 STOCK
PLAN: 
 STOCK OPTION AGREEMENT 
 SECTION 1. GRANT OF OPTION. 
 (a) Option. On
the terms and conditions set forth in the Notice of Stock Option Grant and this Agreement, the Company grants to the Optionee on the Date of Grant the option to purchase at the Exercise Price the number of Shares set forth in the Notice of Stock
Option Grant. The Exercise Price is agreed to be at least 100% of the Fair Market Value per Share on the Date of Grant (110% of Fair Market Value if Section 3(b) of the Plan applies). This option is intended to be an ISO or an NSO, as provided
in the Notice of Stock Option Grant. 
 (b) $100,000 Limitation. Even if this option is designated as an ISO in the Notice of Stock
Option Grant, it shall be deemed to be an NSO to the extent (and only to the extent) required by the $100,000 annual limitation under Section 422(d) of the Code. 
 (c) Stock Plan and Defined Terms. This option is granted pursuant to the Plan, a copy of which the Optionee acknowledges having received. The provisions of the Plan are incorporated into this Agreement by this
reference. Capitalized terms are defined in Section 14 of this Agreement. 
 SECTION 2. RIGHT TO EXERCISE. 
 (a) Exercisability. Subject to Subsection (b) below and the other conditions set forth in this Agreement, all or part of this option may be
exercised prior to its expiration at the time or times set forth in the Notice of Stock Option Grant. Shares purchased by exercising this option may be subject to the Right of Repurchase under Section 7. 
 (b) Stockholder Approval. Any other provision of this Agreement notwithstanding, no portion of this option shall be exercisable at any time prior
to the approval of the Plan by the Company’s stockholders. 
 SECTION 3. NO TRANSFER OR ASSIGNMENT OF OPTION. 
 Except as otherwise provided in this Agreement, this option and the rights and privileges conferred hereby shall not be sold, pledged or otherwise
transferred (whether by operation of law or otherwise) and shall not be subject to sale under execution, attachment, levy or similar process. 
  

 1 

 SECTION 4. EXERCISE PROCEDURES. 
 (a) Notice of Exercise. The Optionee or the Optionee’s representative may exercise this option by giving written notice to the Company pursuant to Section 13(c). The notice shall specify the election
to exercise this option, the number of Shares for which it is being exercised and the form of payment. The person exercising this option shall sign the notice. In the event that this option is being exercised by the representative of the Optionee,
the notice shall be accompanied by proof (satisfactory to the Company) of the representative’s right to exercise this option. The Optionee or the Optionee’s representative shall deliver to the Company, at the time of giving the notice,
payment in a form permissible under Section 5 for the full amount of the Purchase Price. 
 (b) Issuance of Shares. After
receiving a proper notice of exercise, the Company shall cause to be issued one or more certificates evidencing the Shares for which this option has been exercised. Such Shares shall be registered (i) in the name of the person exercising this
option, (ii) in the names of such person and his or her spouse as community property or as joint tenants with the right of survivorship or (iii) with the Company’s consent, in the name of a revocable trust. In the case of Restricted
Shares, the Company shall cause such certificates to be deposited in escrow under Section 7(c). In the case of other Shares, the Company shall cause such certificates to be delivered to or upon the order of the person exercising this option.

 (c) Withholding Taxes. In the event that the Company determines that it is required to withhold any tax as a result of the exercise
of this option, the Optionee, as a condition to the exercise of this option, shall make arrangements satisfactory to the Company to enable it to satisfy all withholding requirements. The Optionee shall also make arrangements satisfactory to the
Company to enable it to satisfy any withholding requirements that may arise in connection with the vesting or disposition of Shares purchased by exercising this option. 
 SECTION 5. PAYMENT FOR STOCK. 
 (a) Cash. All or part of the Purchase Price may be paid in cash
or cash equivalents. 
 (b) Surrender of Stock. All or any part of the Purchase Price may be paid by surrendering, or attesting to the
ownership of, Shares that are already owned by the Optionee. Such Shares shall be surrendered to the Company in good form for transfer and shall be valued at their Fair Market Value on the date when this option is exercised. The Optionee shall not
surrender, or attest to the ownership of, Shares in payment of the Purchase Price if such action would cause the Company to recognize compensation expense (or additional compensation expense) with respect to this option for financial reporting
purposes. 
 (c) Exercise/Sale. If Stock is publicly traded, all or part of the Purchase Price and any withholding taxes may be paid
by the delivery (on a form prescribed by the Company) of an irrevocable direction to a securities broker approved by the Company to sell Shares and to deliver all or part of the sales proceeds to the Company. 
  

 2 

 (d) Exercise/Pledge. If Stock is publicly traded, all or part of the Purchase Price and any
withholding taxes may be paid by the delivery (on a form prescribed by the Company) of an irrevocable direction to pledge Shares to a securities broker or lender approved by the Company, as security for a loan, and to deliver all or part of the loan
proceeds to the Company. 
 SECTION 6. TERM AND EXPIRATION. 
 (a) Basic Term. This option shall in any event expire on the expiration date set forth in the Notice of Stock Option Grant, which date is 10 years after the Date of Grant (five years after the Date of Grant if
this option is designated as an ISO in the Notice of Stock Option Grant and Section 3(b) of the Plan applies). 
 (b) Termination of
Service (Except by Death). If the Optionee’s Service terminates for any reason other than death, then this option shall expire on the earliest of the following occasions: 
 (i) The expiration date determined pursuant to Subsection (a) above; 
 (ii) The date three months after the termination of the Optionee’s Service for any reason other than Disability; or 
 (iii) The date six months after the termination of the Optionee’s Service by reason of Disability. 
 The Optionee may exercise all or part of this option at any time before its expiration under the preceding sentence, but only to the extent that this option is
exercisable for vested Shares on or before the date when the Optionee’s Service terminates. When the Optionee’s Service terminates, this option shall expire immediately with respect to the number of Shares for which this option is not yet
exercisable and with respect to any Restricted Shares. In the event that the Optionee dies after termination of Service but before the expiration of this option, all or part of this option may be exercised (prior to expiration) by the executors or
administrators of the Optionee’s estate or by any person who has acquired this option directly from the Optionee by beneficiary designation, bequest or inheritance, but only to the extent that this option was exercisable for vested Shares on or
before the date when the Optionee’s Service terminated. 
 (c) Death of the Optionee. If the Optionee dies while in Service, then
this option shall expire on the earlier of the following dates: 
 (i) The expiration date determined pursuant to
Subsection (a) above; or 
 (ii) The date 12 months after the Optionee’s death. 
  

 3 

 All or part of this option may be exercised at any time before its expiration under the preceding sentence by the
executors or administrators of the Optionee’s estate or by any person who has acquired this option directly from the Optionee by beneficiary designation, bequest or inheritance, but only to the extent that this option is exercisable for vested
Shares on or before the Optionee’s death. When the Optionee dies, this option shall expire immediately with respect to the number of Shares for which this option is not yet exercisable and with respect to any Restricted Shares. 
 (d) Leaves of Absence. Except as set forth in the next sentence, for any purpose under this Agreement, Service shall be deemed to continue while
the Optionee is on a bona fide leave of absence, if such leave was approved by the Company in writing. To the extent provided under the Company’s policy governing leaves of absence, vesting shall be suspended during any leave of absence
and shall resume upon the Optionee returning to active Service. 
 (e) Notice Concerning ISO Treatment. Even if this option is
designated as an ISO in the Notice of Stock Option Grant, it ceases to qualify for favorable tax treatment as an ISO to the extent that it is exercised: 
 (i) More than three months after the date when the Optionee ceases to be an Employee for any reason other than death or permanent and total disability (as defined in Section 22(e)(3) of the Code); 
 (ii) More than 12 months after the date when the Optionee ceases to be an Employee by reason of permanent and total disability (as defined
in Section 22(e)(3) of the Code); or 
 (iii) More than three months after the date when the Optionee has been on a leave
of absence for 90 days, unless the Optionee’s reemployment rights following such leave were guaranteed by statute or by contract. 
 SECTION 7. RIGHT
OF REPURCHASE. 
 (a) Scope of Repurchase Right. Until they vest in accordance with the Notice of Stock Option Grant and
Subsection (b) below, the Shares acquired under this Agreement shall be Restricted Shares and shall be subject to the Company’s Right of Repurchase. The Company, however, may decline to exercise its Right of Repurchase or may exercise its
Right of Repurchase only with respect to a portion of the Restricted Shares. The Company may exercise its Right of Repurchase only during the Repurchase Period following the termination of the Optionee’s Service. The Right of Repurchase may be
exercised automatically under Subsection (d) below. If the Right of Repurchase is exercised, the Company shall pay the Optionee an amount equal to the Exercise Price for each of the Restricted Shares being repurchased. 
 (b) Lapse of Repurchase Right. The Right of Repurchase shall lapse with respect to the Restricted Shares in accordance with the vesting schedule
set forth in the Notice of Stock Option Grant. In addition, if the Company is subject to a Change in Control before the Optionee’s Service terminates and the Optionee is subject to an Involuntary Termination within 12 months after the Change in
Control, the Right of Repurchase shall lapse with respect to an additional 50% of the Shares subject to this option as of the date of such Involuntary Termination. 
  

 4 

 (c) Escrow. Upon issuance, the certificate(s) for Restricted Shares shall be deposited in escrow
with the Company to be held in accordance with the provisions of this Agreement. Any additional or exchanged securities or other property described in Subsection (f) below shall immediately be delivered to the Company to be held in escrow. All
ordinary cash dividends on Restricted Shares (or on other securities held in escrow) shall be paid directly to the Optionee and shall not be held in escrow. Restricted Shares, together with any other assets held in escrow under this Agreement, shall
be (i) surrendered to the Company for repurchase upon exercise of the Right of Repurchase or the Right of First Refusal or (ii) released to the Optionee upon his or her request to the extent that the Shares have ceased to be Restricted
Shares (but not more frequently than once every six months). In any event, all Shares that have ceased to be Restricted Shares, together with any other vested assets held in escrow under this Agreement, shall be released within 90 days after the
earlier of (i) the termination of the Optionee’s Service or (ii) the lapse of the Right of First Refusal. 
 (d) Exercise
of Repurchase Right. The Company shall be deemed to have exercised its Right of Repurchase automatically for all Restricted Shares as of the commencement of the Repurchase Period, unless the Company during the Repurchase Period notifies the
holder of the Restricted Shares pursuant to Section 13(c) that it will not exercise its Right of Repurchase for some or all of the Restricted Shares. During the Repurchase Period, the Company shall pay to the holder of the Restricted Shares the
purchase price determined under Subsection (a) above for the Restricted Shares being repurchased. Payment shall be made in cash or cash equivalents and/or by canceling indebtedness to the Company incurred by the Optionee in the purchase of the
Restricted Shares. The certificate(s) representing the Restricted Shares being repurchased shall be delivered to the Company properly endorsed for transfer. 
 (e) Termination of Rights as Stockholder. If the Right of Repurchase is exercised in accordance with this Section 7 and the Company makes available the consideration for the Restricted Shares being
repurchased, then the person from whom the Restricted Shares are repurchased shall no longer have any rights as a holder of the Restricted Shares (other than the right to receive payment of such consideration). Such Restricted Shares shall be deemed
to have been repurchased pursuant to this Section 7, whether or not the certificate(s) for such Restricted Shares have been delivered to the Company or the consideration for such Restricted Shares has been accepted. 
 (f) Additional or Exchanged Securities and Property. In the event of a merger or consolidation of the Company with or into another entity, any
other corporate reorganization, a stock split, the declaration of a stock dividend, the declaration of an extraordinary dividend payable in a form other than stock, a spin-off, an adjustment in conversion ratio, a recapitalization or a similar
transaction affecting the Company’s outstanding securities, any securities or other property (including cash or cash equivalents) that are by reason of such transaction exchanged for, or distributed with respect to, any Restricted Shares shall
immediately be subject to the Right of Repurchase. Appropriate adjustments to reflect the exchange or distribution of such securities or property shall be made to the number and/or class of the Restricted Shares. Appropriate adjustments shall also
be made to the price per share to be 
  

 5 

 paid upon the exercise of the Right of Repurchase, provided that the aggregate purchase price payable for the Restricted
Shares shall remain the same. In the event of a merger or consolidation of the Company with or into another entity or any other corporate reorganization, the Right of Repurchase may be exercised by the Company’s successor. 
 (g) Transfer of Restricted Shares. The Optionee shall not transfer, assign, encumber or otherwise dispose of any Restricted Shares without the
Company’s written consent, except as provided in the following sentence. The Optionee may transfer Restricted Shares to one or more members of the Optionee’s Immediate Family or to a trust established by the Optionee for the benefit of the
Optionee and/or one or more members of the Optionee’s Immediate Family, provided in either case that the Transferee agrees in writing on a form prescribed by the Company to be bound by all provisions of this Agreement. If the Optionee transfers
any Restricted Shares, then this Agreement shall apply to the Transferee to the same extent as to the Optionee. 
 (h) Assignment of
Repurchase Right. The Board of Directors may freely assign the Company’s Right of Repurchase, in whole or in part. Any person who accepts an assignment of the Right of Repurchase from the Company shall assume all of the Company’s
rights and obligations under this Section 7. 
 SECTION 8. RIGHT OF FIRST REFUSAL. 
 (a) Right of First Refusal. In the event that the Optionee proposes to sell, pledge or otherwise transfer to a third party any Shares acquired
under this Agreement, or any interest in such Shares, the Company shall have the Right of First Refusal with respect to all (and not less than all) of such Shares. If the Optionee desires to transfer Shares acquired under this Agreement, the
Optionee shall give a written Transfer Notice to the Company describing fully the proposed transfer, including the number of Shares proposed to be transferred, the proposed transfer price, the name and address of the proposed Transferee and proof
satisfactory to the Company that the proposed sale or transfer will not violate any applicable federal or state securities laws. The Transfer Notice shall be signed both by the Optionee and by the proposed Transferee and must constitute a binding
commitment of both parties to the transfer of the Shares. The Company shall have the right to purchase all, and not less than all, of the Shares on the terms of the proposal described in the Transfer Notice (subject, however, to any change in such
terms permitted under Subsection (b) below) by delivery of a notice of exercise of the Right of First Refusal within 30 days after the date when the Transfer Notice was received by the Company. 
 (b) Transfer of Shares. If the Company fails to exercise its Right of First Refusal within 30 days after the date when it received the
Transfer Notice, the Optionee may, not later than 90 days following receipt of the Transfer Notice by the Company, conclude a transfer of the Shares subject to the Transfer Notice on the terms and conditions described in the Transfer Notice,
provided that any such sale is made in compliance with applicable federal and state securities laws and not in violation of any other contractual restrictions to which the Optionee is bound. Any proposed transfer on terms and conditions different
from those described in the Transfer Notice, as well as any subsequent proposed transfer by the Optionee, shall again be subject to the Right of First Refusal and shall require compliance with the procedure described in 
  

 6 

 Subsection (a) above. If the Company exercises its Right of First Refusal, the parties shall consummate the sale of
the Shares on the terms set forth in the Transfer Notice within 60 days after the date when the Company received the Transfer Notice (or within such longer period as may have been specified in the Transfer Notice); provided, however, that in
the event the Transfer Notice provided that payment for the Shares was to be made in a form other than cash or cash equivalents paid at the time of transfer, the Company shall have the option of paying for the Shares with cash or cash equivalents
equal to the present value of the consideration described in the Transfer Notice. 
 (c) Additional or Exchanged Securities and
Property. In the event of a merger or consolidation of the Company with or into another entity, any other corporate reorganization, a stock split, the declaration of a stock dividend, the declaration of an extraordinary dividend payable in a
form other than stock, a spin-off, an adjustment in conversion ratio, a recapitalization or a similar transaction affecting the Company’s outstanding securities, any securities or other property (including cash or cash equivalents) that are by
reason of such transaction exchanged for, or distributed with respect to, any Shares subject to this Section 8 shall immediately be subject to the Right of First Refusal. Appropriate adjustments to reflect the exchange or distribution of such
securities or property shall be made to the number and/or class of the Shares subject to this Section 8. 
 (d) Termination of Right
of First Refusal. Any other provision of this Section 8 notwithstanding, in the event that the Stock is readily tradable on an established securities market when the Optionee desires to transfer Shares, the Company shall have no Right of
First Refusal, and the Optionee shall have no obligation to comply with the procedures prescribed by Subsections (a) and (b) above. 
 (e) Permitted Transfers. This Section 8 shall not apply to (i) a transfer by beneficiary designation, will or intestate succession or (ii) a transfer to one or more members of the Optionee’s Immediate Family or to
a trust established by the Optionee for the benefit of the Optionee and/or one or more members of the Optionee’s Immediate Family, provided in either case that the Transferee agrees in writing on a form prescribed by the Company to be bound by
all provisions of this Agreement. If the Optionee transfers any Shares acquired under this Agreement, either under this Subsection (e) or after the Company has failed to exercise the Right of First Refusal, then this Agreement shall apply to
the Transferee to the same extent as to the Optionee. 
 (f) Termination of Rights as Stockholder. If the Company makes available, at
the time and place and in the amount and form provided in this Agreement, the consideration for the Shares to be purchased in accordance with this Section 8, then after such time the person from whom such Shares are to be purchased shall no
longer have any rights as a holder of such Shares (other than the right to receive payment of such consideration in accordance with this Agreement). Such Shares shall be deemed to have been purchased in accordance with the applicable provisions
hereof, whether or not the certificate(s) therefor have been delivered as required by this Agreement. 
 (g) Assignment of Right of First
Refusal. The Board of Directors may freely assign the Company’s Right of First Refusal, in whole or in part. Any person who accepts an assignment of the Right of First Refusal from the Company shall assume all of the Company’s rights
and obligations under this Section 8. 
  

 7 

 SECTION 9. LEGALITY OF INITIAL ISSUANCE. 
 No Shares shall be issued upon the exercise of this option unless and until the Company has determined that: 
 (a) It and the Optionee have taken any actions required to register the Shares under the Securities Act or to perfect an exemption from
the registration requirements thereof; 
 (b) Any applicable listing requirement of any stock exchange or other securities
market on which Stock is listed has been satisfied; and 
 (c) Any other applicable provision of federal, state or foreign law
has been satisfied. 
 SECTION 10. NO REGISTRATION RIGHTS. 
 The Company may, but shall not be obligated to, register or qualify the sale of Shares under the Securities Act or any other applicable law. The Company shall not be obligated to take any affirmative action in order
to cause the sale of Shares under this Agreement to comply with any law. 
 SECTION 11. RESTRICTIONS ON TRANSFER. 
 (a) Securities Law Restrictions. Regardless of whether the offering and sale of Shares under the Plan have been registered under the Securities Act
or have been registered or qualified under the securities laws of any state, the Company at its discretion may impose restrictions upon the sale, pledge or other transfer of such Shares (including the placement of appropriate legends on stock
certificates or the imposition of stop-transfer instructions) if, in the judgment of the Company, such restrictions are necessary or desirable in order to achieve compliance with the Securities Act, the securities laws of any state or any other law.

 (b) Market Stand-Off. In connection with any underwritten public offering by the Company of its equity securities pursuant to an
effective registration statement filed under the Securities Act, including the Company’s initial public offering, the Optionee or a Transferee shall not directly or indirectly sell, make any short sale of, loan, hypothecate, pledge, offer,
grant or sell any option or other contract for the purchase of, purchase any option or other contract for the sale of, or otherwise dispose of or transfer, or agree to engage in any of the foregoing transactions with respect to, any Shares acquired
under this Agreement without the prior written consent of the Company or its underwriters. Such restriction (the “Market Stand-Off”) shall be in effect for such period of time following the date of the final prospectus for the offering as
may be requested by the Company or such underwriters. In no event, however, shall such period exceed 180 days. The Market Stand-Off shall in any event terminate two years after the date of the Company’s initial public offering. In the event of
the declaration of a stock dividend, a spin-off, a stock split, an adjustment in conversion ratio, a recapitalization or a similar 
  

 8 

 transaction affecting the Company’s outstanding securities without receipt of consideration, any new, substituted or
additional securities which are by reason of such transaction distributed with respect to any Shares subject to the Market Stand-Off, or into which such Shares thereby become convertible, shall immediately be subject to the Market Stand-Off. In
order to enforce the Market Stand-Off, the Company may impose stop-transfer instructions with respect to the Shares acquired under this Agreement until the end of the applicable stand-off period. The Company’s underwriters shall be
beneficiaries of the agreement set forth in this Subsection (b). This Subsection (b) shall not apply to Shares registered in the public offering under the Securities Act. 
 (c) Investment Intent at Grant. The Optionee represents and agrees that the Shares to be acquired upon exercising this option will be acquired for
investment, and not with a view to the sale or distribution thereof. 
 (d) Investment Intent at Exercise. In the event that the sale
of Shares under the Plan is not registered under the Securities Act but an exemption is available which requires an investment representation or other representation, the Optionee shall represent and agree at the time of exercise that the Shares
being acquired upon exercising this option are being acquired for investment, and not with a view to the sale or distribution thereof, and shall make such other representations as are deemed necessary or appropriate by the Company and its counsel.

 (e) Legends. All certificates evidencing Shares purchased under this Agreement shall bear the following legend: 
 “THE SHARES REPRESENTED HEREBY MAY NOT BE SOLD, ASSIGNED, TRANSFERRED, ENCUMBERED OR IN ANY MANNER DISPOSED OF, EXCEPT IN COMPLIANCE WITH THE TERMS
OF A WRITTEN AGREEMENT BETWEEN THE COMPANY AND THE REGISTERED HOLDER OF THE SHARES (OR THE PREDECESSOR IN INTEREST TO THE SHARES). SUCH AGREEMENT GRANTS TO THE COMPANY CERTAIN RIGHTS OF FIRST REFUSAL UPON AN ATTEMPTED TRANSFER OF THE SHARES AND
CERTAIN REPURCHASE RIGHTS UPON TERMINATION OF SERVICE WITH THE COMPANY. THE SECRETARY OF THE COMPANY WILL UPON WRITTEN REQUEST FURNISH A COPY OF SUCH AGREEMENT TO THE HOLDER HEREOF WITHOUT CHARGE.” 
 All certificates evidencing Shares purchased under this Agreement in an unregistered transaction shall bear the following legend (and such other restrictive legends as
are required or deemed advisable under the provisions of any applicable law): 
 “THE SHARES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, PLEDGED, OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION THEREOF UNDER SUCH ACT OR AN OPINION OF COUNSEL, SATISFACTORY TO THE COMPANY AND ITS COUNSEL, THAT SUCH
REGISTRATION IS NOT REQUIRED.” 
  

 9 

 (f) Removal of Legends. If, in the opinion of the Company and its counsel, any legend placed on a
stock certificate representing Shares sold under this Agreement is no longer required, the holder of such certificate shall be entitled to exchange such certificate for a certificate representing the same number of Shares but without such legend.

 (g) Administration. Any determination by the Company and its counsel in connection with any of the matters set forth in this
Section 11 shall be conclusive and binding on the Optionee and all other persons. 
 SECTION 12. ADJUSTMENT OF SHARES. 
 In the event of any transaction described in Section 8(a) of the Plan, the terms of this option (including, without limitation, the number and kind
of Shares subject to this option and the Exercise Price) shall be adjusted as set forth in Section 8(a) of the Plan. In the event that the Company is a party to a merger or consolidation, this option shall be subject to the agreement of merger
or consolidation, as provided in Section 8(b) of the Plan. 
 SECTION 13. MISCELLANEOUS PROVISIONS. 
 (a) Rights as a Stockholder. Neither the Optionee nor the Optionee’s representative shall have any rights as a stockholder with respect to any
Shares subject to this option until the Optionee or the Optionee’s representative becomes entitled to receive such Shares by filing a notice of exercise and paying the Purchase Price pursuant to Sections 4 and 5. 
 (b) No Retention Rights. Nothing in this option or in the Plan shall confer upon the Optionee any right to continue in Service for any period of
specific duration or interfere with or otherwise restrict in any way the rights of the Company (or any Parent or Subsidiary employing or retaining the Optionee) or of the Optionee, which rights are hereby expressly reserved by each, to terminate his
or her Service at any time and for any reason, with or without cause. 
 (c) Notice. Any notice required by the terms of this
Agreement shall be given in writing. It shall be deemed effective upon (i) personal delivery, (ii) deposit with the United States Postal Service, by registered or certified mail, with postage and fees prepaid or (iii) deposit with
Federal Express Corporation, with shipping charges prepaid. Notice shall be addressed to the Company at its principal executive office and to the Optionee at the address that he or she most recently provided to the Company in accordance with this
Subsection (c). 
 (d) Entire Agreement. The Notice of Stock Option Grant, this Agreement and the Plan constitute the entire
contract between the parties hereto with regard to the subject matter hereof. They supersede any other agreements, representations or understandings (whether oral or written and whether express or implied) which relate to the subject matter hereof.

 (e) Choice of Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, as
such laws are applied to contracts entered into and performed in such State. 
  

 10 

 SECTION 14. DEFINITIONS. 
 (a) “Agreement” shall mean this Stock Option Agreement. 
 (b) “Board of
Directors” shall mean the Board of Directors of the Company, as constituted from time to time or, if a Committee has been appointed, such Committee. 
 (c) “Cause” shall mean: 
 (i) An unauthorized use or disclosure by the
Optionee of the Company’s confidential information or trade secrets; 
 (ii) A material failure by the Optionee to comply
with the Company’s written policies or rules; 
 (iii) The Optionee’s conviction of, or plea of “guilty”
or “no contest” to, a felony under the laws of the United States or any state thereof; 
 (iv) The Optionee’s
gross misconduct. 
 (d) “Change in Control” shall mean: 
 (i) The consummation of a merger or consolidation of the Company with or into another entity or any other corporate reorganization, if
persons who were not stockholders of the Company immediately prior to such merger, consolidation or other reorganization own immediately after such merger, consolidation or other reorganization 50% or more of the voting power of the outstanding
securities of each of (A) the continuing or surviving entity and (B) any direct or indirect parent corporation of such continuing or surviving entity; or 
 (ii) The sale, transfer or other disposition of all or substantially all of the Company’s assets. 
 A transaction shall not constitute a Change in Control if its sole purpose is to change the state of the Company’s incorporation or to create a holding company that
will be owned in substantially the same proportions by the persons who held the Company’s securities immediately before such transaction. 
 (e) “Code” shall mean the Internal Revenue Code of 1986, as amended. 
 (f) “Committee” shall mean
a committee of the Board of Directors, as described in Section 2 of the Plan. 
 (g) “Company” shall mean Riverbed
Technology, Inc., a Delaware corporation. 
  

 11 

 (h) “Consultant” shall mean a person who performs bona fide services for the Company, a
Parent or a Subsidiary as a consultant or advisor, excluding Employees and Outside Directors. 
 (i) “Date of Grant” shall
mean the date specified in the Notice of Stock Option Grant, which date shall be the later of (i) the date on which the Board of Directors resolved to grant this option or (ii) the first day of the Optionee’s Service. 
 (j) “Disability” shall mean that the Optionee is unable to engage in any substantial gainful activity by reason of any medically
determinable physical or mental impairment. 
 (k) “Employee” shall mean any individual who is a common-law employee of the
Company, a Parent or a Subsidiary. 
 (l) “Exercise Price” shall mean the amount for which one Share may be purchased upon
exercise of this option, as specified in the Notice of Stock Option Grant. 
 (m) “Fair Market Value” shall mean the fair
market value of a Share, as determined by the Board of Directors in good faith. Such determination shall be conclusive and binding on all persons. 
 (n) “Immediate Family” shall mean any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law or sister-in-law and shall
include adoptive relationships. 
 (o) “Involuntary Termination” shall mean the termination of the Optionee’s Service
by reason of: 
 (i) The involuntary discharge of the Optionee by the Company (or the Parent or Subsidiary employing him or
her) for reasons other than Cause; or 
 (ii) The voluntary resignation of the Optionee following (A) a change
in the Optionee’s position which materially reduces the Optionee’s level of responsibility or nature of the Optionee’s functions or (B) a reduction in the Optionee’s compensation or
(C) receipt of notice that the Optionee’s principal workplace will be relocated more than 50 miles. 
 (p) “ISO”
shall mean an employee incentive stock option described in Section 422(b) of the Code. 
 (q) “Notice of Stock Option
Grant” shall mean the document so entitled to which this Agreement is attached. 
 (r) “NSO” shall mean a stock
option not described in Sections 422(b) or 423(b) of the Code. 
  

 12 

 (s) “Optionee” shall mean the person named in the Notice of Stock Option Grant.

 (t) “Outside Director” shall mean a member of the Board of Directors who is not an Employee. 
 (u) “Parent” shall mean any corporation (other than the Company) in an unbroken chain of corporations ending with the Company, if each
of the corporations other than the Company owns stock possessing 50% or more of the total combined voting power of all classes of stock in one of the other corporations in such chain. 
 (v) “Plan” shall mean the Riverbed Technology, Inc. 2002 Stock Plan, as in effect on the Date of Grant. 
 (w) “Purchase Price” shall mean the Exercise Price multiplied by the number of Shares with respect to which this option is being
exercised. 
 (x) “Repurchase Period” shall mean a period of 90 consecutive days commencing on the date when the
Optionee’s Service terminates for any reason, including (without limitation) death or disability. 
 (y) “Restricted
Share” shall mean a Share that is subject to the Right of Repurchase. 
 (z) “Right of First Refusal” shall mean
the Company’s right of first refusal described in Section 8. 
 (aa) “Right of Repurchase” shall mean the
Company’s right of repurchase described in Section 7. 
 (bb) “Securities Act” shall mean the Securities Act of
1933, as amended. 
 (cc) “Service” shall mean service as an Employee, Outside Director or Consultant. 
 (dd) “Share” shall mean one share of Stock, as adjusted in accordance with Section 8 of the Plan (if applicable). 
 (ee) “Stock” shall mean the Common Stock of the Company, with a par value of $0.0001 per Share. 
 (ff) “Subsidiary” shall mean any corporation (other than the Company) in an unbroken chain of corporations beginning with the Company,
if each of the corporations other than the last corporation in the unbroken chain owns stock possessing 50% or more of the total combined voting power of all classes of stock in one of the other corporations in such chain. 
 (gg) “Transferee” shall mean any person to whom the Optionee has directly or indirectly transferred any Share acquired under this
Agreement. 
 (hh) “Transfer Notice” shall mean the notice of a proposed transfer of Shares described in Section 8.

  

 132006 Equity Incentive Plan

 Exhibit 10.5 
 RIVERBED TECHNOLOGY, INC. 
 2006 EQUITY
INCENTIVE PLAN 
 (AS ADOPTED EFFECTIVE UPON
THE IPO) 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	 ARTICLE 1.
	  	 INTRODUCTION
	  	1
			
	 ARTICLE 2.
	  	 ADMINISTRATION
	  	1
	 2.1
	  	 Committee Composition
	  	1
	 2.2
	  	 Committee Responsibilities
	  	1
	 2.3
	  	 Committee for Non-Officer Grants
	  	2
			
	 ARTICLE 3.
	  	 SHARES AVAILABLE FOR GRANTS
	  	2
	 3.1
	  	 Basic Limitation
	  	2
	 3.2
	  	 Annual Increase in Shares
	  	2
	 3.3
	  	 Shares Returned to Reserve
	  	2
	 3.4
	  	 Dividend Equivalents
	  	2
			
	 ARTICLE 4.
	  	 ELIGIBILITY
	  	3
	 4.1
	  	 Incentive Stock Options
	  	3
	 4.2
	  	 Other Grants
	  	3
			
	 ARTICLE 5.
	  	 OPTIONS
	  	3
	 5.1
	  	 Stock Option Agreement
	  	3
	 5.2
	  	 Number of Shares
	  	3
	 5.3
	  	 Exercise Price
	  	3
	 5.4
	  	 Exercisability and Term
	  	3
	 5.5
	  	 Modification or Assumption of Options
	  	3
	 5.6
	  	 Buyout Provisions
	  	4
			
	 ARTICLE 6.
	  	 PAYMENT FOR OPTION SHARES
	  	4
	 6.1
	  	 General Rule
	  	4
	 6.2
	  	 Surrender of Stock
	  	4
	 6.3
	  	 Exercise/Sale
	  	4
	 6.4
	  	 Other Forms of Payment
	  	4
			
	 ARTICLE 7.
	  	 STOCK APPRECIATION RIGHTS
	  	4
	 7.1
	  	 SAR Agreement
	  	4
	 7.2
	  	 Number of Shares
	  	4
	 7.3
	  	 Exercise Price
	  	5
	 7.4
	  	 Exercisability and Term
	  	5
	 7.5
	  	 Exercise of SARs
	  	5
	 7.6
	  	 Modification or Assumption of SARs
	  	5
			
	 ARTICLE 8.
	  	 RESTRICTED SHARES
	  	5
	 8.1
	  	 Restricted Stock Agreement
	  	5
	 8.2
	  	 Payment for Awards
	  	5
	 8.3
	  	 Vesting Conditions
	  	6
	 8.4
	  	 Voting and Dividend Rights
	  	6

  

 i 

					
	 ARTICLE 9.
	  	 STOCK UNITS
	  	6
	 9.1
	  	 Stock Unit Agreement
	  	6
	 9.2
	  	 Payment for Awards
	  	6
	 9.3
	  	 Vesting Conditions
	  	6
	 9.4
	  	 Voting and Dividend Rights
	  	7
	 9.5
	  	 Form and Time of Settlement of Stock Units
	  	7
	 9.6
	  	 Death of Recipient
	  	7
	 9.7
	  	 Creditors’ Rights
	  	7
			
	 ARTICLE 10.
	  	 CHANGE IN CONTROL
	  	7
	 10.1
	  	 Effect of Change in Control
	  	7
	 10.2
	  	 Acceleration
	  	8
			
	 ARTICLE 11.
	  	 PROTECTION AGAINST DILUTION
	  	8
	 11.1
	  	 Adjustments
	  	8
	 11.2
	  	 Dissolution or Liquidation
	  	8
	 11.3
	  	 Reorganizations
	  	9
			
	 ARTICLE 12.
	  	 AWARDS UNDER OTHER PLANS
	  	10
			
	 ARTICLE 13.
	  	 PAYMENT OF DIRECTOR’S FEES IN SECURITIES
	  	10
	 13.1
	  	 Effective Date
	  	10
	 13.2
	  	 Elections to Receive NSOs, Restricted Shares or Stock Units
	  	10
	 13.3
	  	 Number and Terms of NSOs, Restricted Shares or Stock Units
	  	10
			
	 ARTICLE 14.
	  	 LIMITATION ON RIGHTS
	  	10
	 14.1
	  	 Retention Rights
	  	10
	 14.2
	  	 Stockholders’ Rights
	  	11
	 14.3
	  	 Regulatory Requirements
	  	11
			
	 ARTICLE 15.
	  	 WITHHOLDING TAXES
	  	11
	 15.1
	  	 General
	  	11
	 15.2
	  	 Share Withholding
	  	11
			
	 ARTICLE 16.
	  	 FUTURE OF THE PLAN
	  	11
	 16.1
	  	 Term of the Plan
	  	11
	 16.2
	  	 Amendment or Termination
	  	12
	 16.3
	  	 Stockholder Approval
	  	12
			
	 ARTICLE 17.
	  	 DEFINITIONS
	  	12

  

 ii 

 RIVERBED TECHNOLOGY, INC. 
 2006 EQUITY INCENTIVE PLAN 
 ARTICLE 1. INTRODUCTION. 
 The Plan was adopted by the Board to be effective at the IPO. The purpose
of the Plan is to promote the long-term success of the Company and the creation of stockholder value by (a) encouraging Employees, Outside Directors and Consultants to focus on critical long-range objectives, (b) encouraging the attraction
and retention of Employees, Outside Directors and Consultants with exceptional qualifications and (c) linking Employees, Outside Directors and Consultants directly to stockholder interests through increased stock ownership. The Plan seeks to
achieve this purpose by providing for Awards in the form of Restricted Shares, Stock Units, Options (which may constitute ISOs or NSOs) or stock appreciation rights. 
 The Plan shall be governed by, and construed in accordance with, the laws of the State of Delaware (except their choice-of-law provisions). 
 ARTICLE 2. ADMINISTRATION. 
 2.1 Committee Composition. The Committee shall administer the
Plan. The Committee shall consist exclusively of two or more directors of the Company, who shall be appointed by the Board. In addition, each member of the Committee shall meet the following requirements: 
 (a) Any listing standards prescribed by the principal securities market on which the Company’s equity securities are traded;

 (b) Such requirements as the Internal Revenue Service may establish for outside directors acting under plans intended to
qualify for exemption under section 162(m)(4)(C) of the Code; 
 (c) Such requirements as the Securities and Exchange
Commission may establish for administrators acting under plans intended to qualify for exemption under Rule 16b-3 (or its successor) under the Exchange Act; and 
 (d) Any other requirements imposed by applicable law, regulations or rules. 
 2.2 Committee Responsibilities. The Committee shall (a) select the Employees, Outside Directors and Consultants who are to receive Awards
under the Plan, (b) determine the type, number, vesting requirements and other features and conditions of such Awards, (c) interpret the Plan, (d) make all other decisions relating to the operation of the Plan and (e) carry out
any other duties delegated to it by the Board. The Committee may adopt such 

 
rules or guidelines as it deems appropriate to implement the Plan. The Committee’s determinations under the Plan shall be final and binding on all
persons. 
 2.3 Committee for Non-Officer Grants. The Board may also appoint a secondary committee of the Board, which shall be
composed of one or more directors of the Company who need not satisfy the requirements of Section 2.1. Such secondary committee may administer the Plan with respect to Employees and Consultants who are not Outside Directors and are not
considered executive officers of the Company under section 16 of the Exchange Act, may grant Awards under the Plan to such Employees and Consultants and may determine all features and conditions of such Awards. Within the limitations of this
Section 2.3, any reference in the Plan to the Committee shall include such secondary committee. 
 ARTICLE 3. SHARES AVAILABLE FOR GRANTS.

 3.1 Basic Limitation. Common Shares issued pursuant to the Plan may be authorized but unissued shares or treasury shares. The
aggregate number of Common Shares issued under the Plan shall not exceed (a) 3,000,000 Common Shares plus the number of Common Shares remaining available for issuance under the 2002 Stock Plan on the date of the IPO plus (b) the additional
Common Shares described in Sections 3.2 and 3.3. The number of Common Shares that are subject to Awards outstanding at any time under the Plan shall not exceed the number of Common Shares that then remain available for issuance under the
Plan. The limitations of this Section 3.1 and Section 3.2 shall be subject to adjustment pursuant to Article 11. 
 3.2
Annual Increase in Shares. As of the first day of each fiscal year of the Company, commencing on January 1, 2007 and ending on January 1, 2011, the aggregate number of Common Shares that may be issued under the Plan shall automatically
increase by a number equal to the least of (a) 5% of the total number of Common Shares then outstanding, (b) 4,000,000 Common Shares or (c) the number determined by the Board. 
 3.3 Shares Returned to Reserve. If Options, SARs or Stock Units under this Plan or the 2002 Stock Plan are forfeited or terminate for any other
reason before being exercised or settled, then the Common Shares subject to such Options, SARs or Stock Units shall again become available for issuance under this Plan. If Restricted Shares or Common Shares issued upon the exercise of Options under
this Plan or the 2002 Stock Plan are reacquired by the Company pursuant to a forfeiture provision or for any other reason, then such Common Shares shall again become available for issuance under this Plan. If SARs are exercised, then only the number
of Common Shares (if any) actually issued in settlement of such SARs shall reduce the number available under Section 3.1 and the balance shall again become available for issuance under the Plan. If Stock Units are settled, then only the number
of Common Shares (if any) actually issued in settlement of such Stock Units shall reduce the number available under Section 3.1 and the balance shall again become available for issuance under the Plan. 
 3.4 Dividend Equivalents. Any dividend equivalents paid or credited under the Plan shall not be applied against the number of Common Shares that
may be issued under the Plan, whether or not such dividend equivalents are converted into Stock Units. 
  

 2 

 ARTICLE 4. ELIGIBILITY. 
 4.1 Incentive Stock Options. Only Employees who are common-law employees of the Company, a Parent or a Subsidiary shall be eligible for the grant of ISOs. In addition, an Employee who owns more than 10% of the
total combined voting power of all classes of outstanding stock of the Company or any of its Parents or Subsidiaries shall not be eligible for the grant of an ISO unless the requirements set forth in section 422(c)(5) of the Code are
satisfied. 
 4.2 Other Grants. Only Employees, Outside Directors and Consultants shall be eligible for the grant of Restricted
Shares, Stock Units, NSOs or SARs. 
 ARTICLE 5. OPTIONS. 
 5.1 Stock Option Agreement. Each grant of an Option under the Plan shall be evidenced by a Stock Option Agreement between the Optionee and the Company. Such Option shall be subject to all applicable terms of
the Plan and may be subject to any other terms that are not inconsistent with the Plan. The Stock Option Agreement shall specify whether the Option is an ISO or an NSO. The provisions of the various Stock Option Agreements entered into under the
Plan need not be identical. Options may be granted in consideration of a reduction in the Optionee’s other compensation. A Stock Option Agreement may provide that a new Option will be granted automatically to the Optionee when he or she
exercises a prior Option and pays the Exercise Price in the form described in Section 6.2. 
 5.2 Number of Shares. Each Stock
Option Agreement shall specify the number of Common Shares subject to the Option and shall provide for the adjustment of such number in accordance with Article 11. Options granted to any Optionee in a single calendar year of the Company shall
not cover more than 2,500,000 Common Shares. The limitation set forth in the preceding sentence shall be subject to adjustment in accordance with Article 11. 
 5.3 Exercise Price. Each Stock Option Agreement shall specify the Exercise Price; provided that the Exercise Price shall in no event be less than 100% of the Fair Market Value of a Common Share on the date of
grant. 
 5.4 Exercisability and Term. Each Stock Option Agreement shall specify the date or event when all or any installment of the
Option is to become exercisable. The Stock Option Agreement shall also specify the term of the Option; provided that the term of an ISO shall in no event exceed 10 years from the date of grant. A Stock Option Agreement may provide for
accelerated exercisability in the event of the Optionee’s death, disability or retirement or other events and may provide for expiration prior to the end of its term in the event of the termination of the Optionee’s Service. Options may be
awarded in combination with SARs, and such an Award may provide that the Options will not be exercisable unless the related SARs are forfeited. 
 5.5 Modification or Assumption of Options. Within the limitations of the Plan, the Committee may modify, reprice, extend or assume outstanding options or may accept the cancellation of outstanding options (whether granted by the
Company or by another issuer) in return for the grant of new options for the same or a different number of shares and at the same 

  

 3 

 
or a different exercise price. The foregoing notwithstanding, no modification of an Option shall, without the consent of the Optionee, alter or impair his or
her rights or obligations under such Option. 
 5.6 Buyout Provisions. The Committee may at any time (a) offer to buy out for a
payment in cash or cash equivalents an Option previously granted or (b) authorize an Optionee to elect to cash out an Option previously granted, in either case at such time and based upon such terms and conditions as the Committee shall
establish. 
 ARTICLE 6. PAYMENT FOR OPTION SHARES. 
 6.1 General Rule. The entire Exercise Price of Common Shares issued upon exercise of Options shall be payable in cash or cash equivalents at the time when such Common Shares are purchased, except that the
Committee at its sole discretion may accept payment of the Exercise Price in any other form(s) described in this Article 6. However, if the Optionee is an Outside Director or executive officer of the Company, he or she may pay the Exercise
Price in a form other than cash or cash equivalents only to the extent permitted by section 13(k) of the Exchange Act. 
 6.2
Surrender of Stock. With the Committee’s consent, all or any part of the Exercise Price may be paid by surrendering, or attesting to the ownership of, Common Shares that are already owned by the Optionee. Such Common Shares shall be valued
at their Fair Market Value on the date the new Common Shares are purchased under the Plan. 
 6.3 Exercise/Sale. With the
Committee’s consent, all or any part of the Exercise Price and any withholding taxes may be paid by delivering (on a form prescribed by the Company) an irrevocable direction to a securities broker approved by the Company to sell all or part of
the Common Shares being purchased under the Plan and to deliver all or part of the sales proceeds to the Company. 
 6.4 Other Forms of
Payment. With the Committee’s consent, all or any part of the Exercise Price and any withholding taxes may be paid in any other form that is consistent with applicable laws, regulations and rules. 
 ARTICLE 7. STOCK APPRECIATION RIGHTS. 
 7.1 SAR
Agreement. Each grant of an SAR under the Plan shall be evidenced by an SAR Agreement between the Optionee and the Company. Such SAR shall be subject to all applicable terms of the Plan and may be subject to any other terms that are not
inconsistent with the Plan. The provisions of the various SAR Agreements entered into under the Plan need not be identical. SARs may be granted in consideration of a reduction in the Optionee’s other compensation. 
 7.2 Number of Shares. Each SAR Agreement shall specify the number of Common Shares to which the SAR pertains and shall provide for the adjustment
of such number in accordance with Article 11. SARs granted to any Optionee in a single calendar year shall in no event pertain to more than 2,500,000 Common Shares. The limitation set forth in the preceding sentence shall be subject to
adjustment in accordance with Article 11. 
  

 4 

 7.3 Exercise Price. Each SAR Agreement shall specify the Exercise Price; provided that the
Exercise Price shall in no event be less than 100% of the Fair Market Value of a Common Share on the date of grant. 
 7.4 Exercisability
and Term. Each SAR Agreement shall specify the date all or any installment of the SAR is to become exercisable. The SAR Agreement shall also specify the term of the SAR. An SAR Agreement may provide for accelerated exercisability in the event of
the Optionee’s death, disability or retirement or other events and may provide for expiration prior to the end of its term in the event of the termination of the Optionee’s Service. SARs may be awarded in combination with Options, and such
an Award may provide that the SARs will not be exercisable unless the related Options are forfeited. An SAR may be included in an ISO only at the time of grant but may be included in an NSO at the time of grant or thereafter. An SAR granted under
the Plan may provide that it will be exercisable only in the event of a Change in Control. 
 7.5 Exercise of SARs. Upon exercise of
an SAR, the Optionee (or any person having the right to exercise the SAR after his or her death) shall receive from the Company consideration in the form of (a) Common Shares, (b) cash or (c) a combination of Common Shares and cash,
as the Committee shall determine. Each SAR Agreement shall specify the amount and/or Fair Market Value of the consideration that the Optionee will receive upon exercising the SAR; provided that the aggregate consideration shall not exceed the amount
by which the Fair Market Value (on the date of exercise) of the Common Shares subject to the SAR exceeds the Exercise Price of the SAR. If, on the date an SAR expires, the Exercise Price of the SAR is less than the Fair Market Value of the Common
Shares subject to the SAR on such date but any portion of the SAR has not been exercised, then the SAR shall automatically be deemed to be exercised as of such date with respect to such portion. An SAR Agreement may also provide for an automatic
exercise of the SAR on an earlier date. 
 7.6 Modification or Assumption of SARs. Within the limitations of the Plan, the Committee
may modify, reprice, extend or assume outstanding SARs or may accept the cancellation of outstanding SARs (whether granted by the Company or by another issuer) in return for the grant of new SARs for the same or a different number of shares and at
the same or a different exercise price. The foregoing notwithstanding, no modification of an SAR shall, without the consent of the Optionee, alter or impair his or her rights or obligations under such SAR. 
 ARTICLE 8. RESTRICTED SHARES. 
 8.1 Restricted
Stock Agreement. Each grant of Restricted Shares under the Plan shall be evidenced by a Restricted Stock Agreement between the recipient and the Company. Such Restricted Shares shall be subject to all applicable terms of the Plan and may be
subject to any other terms that are not inconsistent with the Plan. The provisions of the various Restricted Stock Agreements entered into under the Plan need not be identical. 
 8.2 Payment for Awards. Restricted Shares may be sold or awarded under the Plan for such consideration as the Committee may determine, including
(without limitation) cash, cash equivalents, property, full-recourse promissory notes, past services and future 

  

 5 

 
services. If the Participant is an Outside Director or executive officer of the Company, he or she may pay for Restricted Shares with a promissory note only
to the extent permitted by section 13(k) of the Exchange Act. Within the limitations of the Plan, the Committee may accept the cancellation of outstanding options in return for the grant of Restricted Shares. 
 8.3 Vesting Conditions. Each Award of Restricted Shares may or may not be subject to vesting. Vesting shall occur, in full or in installments,
upon satisfaction of the conditions specified in the Restricted Stock Agreement. The Committee may include among such conditions the requirement that the performance of the Company or a business unit of the Company for a specified period of one or
more fiscal years equal or exceed a target determined in advance by the Committee. Such target shall be based on one or more of the criteria set forth in Appendix A. The Committee shall identify such target not later than the 90th day of such period. In no event shall more than 2,500,000 Restricted Shares that are subject to performance-based vesting
conditions be granted to any Participant in a single fiscal year of the Company, subject to adjustment in accordance with Article 11. A Restricted Stock Agreement may provide for accelerated vesting in the event of the Participant’s death,
disability or retirement or other events. 
 8.4 Voting and Dividend Rights. The holders of Restricted Shares awarded under the Plan
shall have the same voting, dividend and other rights as the Company’s other stockholders. A Restricted Stock Agreement, however, may require that the holders of Restricted Shares invest any cash dividends received in additional Restricted
Shares. Such additional Restricted Shares shall be subject to the same conditions and restrictions as the Award with respect to which the dividends were paid. 
 ARTICLE 9. STOCK UNITS. 
 9.1 Stock Unit Agreement. Each grant of Stock Units under the Plan shall be evidenced by a
Stock Unit Agreement between the recipient and the Company. Such Stock Units shall be subject to all applicable terms of the Plan and may be subject to any other terms that are not inconsistent with the Plan. The provisions of the various Stock Unit
Agreements entered into under the Plan need not be identical. Stock Units may be granted in consideration of a reduction in the recipient’s other compensation. 
 9.2 Payment for Awards. To the extent that an Award is granted in the form of Stock Units, no cash consideration shall be required of the Award recipients. 
 9.3 Vesting Conditions. Each Award of Stock Units may or may not be subject to vesting. Vesting shall occur, in full or in installments, upon
satisfaction of the conditions specified in the Stock Unit Agreement. The Committee may include among such conditions the requirement that the performance of the Company or a business unit of the Company for a specified period of one or more fiscal
years equal or exceed a target determined in advance by the Committee. Such target shall be based on one or more of the criteria set forth in Appendix A. The Committee shall identify such target not later than the 90th day of such period. In no event shall more than 2,500,000 Stock Units that are subject to performance-based vesting conditions
be granted to any Participant in a single fiscal year of the Company, subject to adjustment in accordance with Article 11. A Stock Unit Agreement may provide for accelerated 

  

 6 

 
vesting in the event of the Participant’s death, disability or retirement or other events. Acceleration of vesting may be required under
Section 11.3. 
 9.4 Voting and Dividend Rights. The holders of Stock Units shall have no voting rights. Prior to settlement or
forfeiture, any Stock Unit awarded under the Plan may, at the Committee’s discretion, carry with it a right to dividend equivalents. Such right entitles the holder to be credited with an amount equal to all cash dividends paid on one Common
Share while the Stock Unit is outstanding. Dividend equivalents may be converted into additional Stock Units. Settlement of dividend equivalents may be made in the form of cash, in the form of Common Shares, or in a combination of both. Prior to
distribution, any dividend equivalents that are not paid shall be subject to the same conditions and restrictions as the Stock Units to which they attach. 
 9.5 Form and Time of Settlement of Stock Units. Settlement of vested Stock Units may be made in the form of (a) cash, (b) Common Shares or (c) any combination of both, as determined by the
Committee. The actual number of Stock Units eligible for settlement may be larger or smaller than the number included in the original Award, based on predetermined performance factors. Methods of converting Stock Units into cash may include (without
limitation) a method based on the average Fair Market Value of Common Shares over a series of trading days. Vested Stock Units may be settled in a lump sum or in installments. The distribution may occur or commence when all vesting conditions
applicable to the Stock Units have been satisfied or have lapsed, or it may be deferred to any later date. The amount of a deferred distribution may be increased by an interest factor or by dividend equivalents. Until an Award of Stock Units is
settled, the number of such Stock Units shall be subject to adjustment pursuant to Article 11. 
 9.6 Death of Recipient. Any
Stock Units Award that becomes payable after the recipient’s death shall be distributed to the recipient’s beneficiary or beneficiaries. Each recipient of a Stock Units Award under the Plan shall designate one or more beneficiaries for
this purpose by filing the prescribed form with the Company. A beneficiary designation may be changed by filing the prescribed form with the Company at any time before the Award recipient’s death. If no beneficiary was designated or if no
designated beneficiary survives the Award recipient, then any Stock Units Award that becomes payable after the recipient’s death shall be distributed to the recipient’s estate. 
 9.7 Creditors’ Rights. A holder of Stock Units shall have no rights other than those of a general creditor of the Company. Stock Units
represent an unfunded and unsecured obligation of the Company, subject to the terms and conditions of the applicable Stock Unit Agreement. 
 ARTICLE 10.
CHANGE IN CONTROL 
 10.1 Effect of Change in Control. In the event of any Change in Control, each outstanding Award shall
automatically accelerate so that each such Award shall, immediately prior to the effective date of the Change in Control, become fully exercisable for all of the shares of Common Stock at the time subject to such Award and may be exercised for any
or all of those shares as fully-vested shares of Common Stock. However, an outstanding Award 

  

 7 

 
shall not so accelerate if and to the extent such Award is, in connection with the Change in Control, either to be assumed by the successor
corporation (or parent thereof) or to be replaced with a comparable Award for shares of the capital stock of the successor corporation (or parent thereof). The determination of Award comparability shall be made by the Committee, and its
determination shall be final, binding and conclusive. 
 10.2 Acceleration. The Committee shall have the discretion, exercisable
either at the time the Award is granted or at any time while the Award remains outstanding, to provide for the automatic acceleration of vesting upon the occurrence of a Change in Control, whether or not the Award is to be assumed or replaced in the
Change in Control, or in connection with a termination of a Participant’s Service following a Change in Control. 
 ARTICLE 11. PROTECTION AGAINST
DILUTION. 
 11.1 Adjustments. In the event of a subdivision of the outstanding Common Shares, a declaration of a dividend payable
in Common Shares or a combination or consolidation of the outstanding Common Shares (by reclassification or otherwise) into a lesser number of Common Shares, corresponding adjustments shall automatically be made in each of the following: 

(a) The number of Options, SARs, Restricted Shares and Stock Units available for future Awards under Article 3, including the
numerical share limit in Section 3.2; 
 (b) The limitations set forth in Sections 5.2, 7.2, 8.3 and 9.3;

 (c) The number of Common Shares covered by each outstanding Option and SAR; 
 (d) The Exercise Price under each outstanding Option and SAR; or 
 (e) The number of Stock Units included in any prior Award that has not yet been settled. 
 In the event of a declaration of an extraordinary dividend payable in a form other than Common Shares in an amount that has a material effect on the price of Common
Shares, a recapitalization, a spin-off or a similar occurrence, the Committee shall make such adjustments as it, in its sole discretion, deems appropriate in one or more of the foregoing. Except as provided in this Article 11, a Participant
shall have no rights by reason of any issuance by the Company of stock of any class or securities convertible into stock of any class, any subdivision or consolidation of shares of stock of any class, the payment of any stock dividend or any other
increase or decrease in the number of shares of stock of any class. 
 11.2 Dissolution or Liquidation. To the extent not previously
exercised or settled, Options, SARs and Stock Units shall terminate immediately prior to the dissolution or liquidation of the Company. 
  

 8 

 11.3 Reorganizations. In the event that the Company is a party to a merger or consolidation, all
outstanding Awards shall be subject to the agreement of merger or consolidation. Such agreement shall provide for one or more of the following: 
 (a) The continuation of such outstanding Awards by the Company (if the Company is the surviving corporation). 
 (b) The assumption of such outstanding Awards by the surviving corporation or its parent, provided that the assumption of Options or SARs shall comply with section 424(a) of the Code (whether or not the Options
are ISOs). 
 (c) The substitution by the surviving corporation or its parent of new awards for such outstanding Awards,
provided that the substitution of Options or SARs shall comply with section 424(a) of the Code (whether or not the Options are ISOs). 
 (d) Full exercisability of outstanding Options and SARs and full vesting of the Common Shares subject to such Options and SARs, followed by the cancellation of such Options and SARs. The full exercisability of such
Options and SARs and full vesting of such Common Shares may be contingent on the closing of such merger or consolidation. The Optionees shall be able to exercise such Options and SARs during a period of not less than five full business days
preceding the closing date of such merger or consolidation, unless (i) a shorter period is required to permit a timely closing of such merger or consolidation and (ii) such shorter period still offers the Optionees a reasonable opportunity
to exercise such Options and SARs. Any exercise of such Options and SARs during such period may be contingent on the closing of such merger or consolidation. 
 (e) The cancellation of outstanding Options and SARs and a payment to the Optionees equal to the excess of (i) the Fair Market Value
of the Common Shares subject to such Options and SARs (whether or not such Options and SARs are then exercisable or such Common Shares are then vested) as of the closing date of such merger or consolidation over (ii) their Exercise Price. Such
payment shall be made in the form of cash, cash equivalents, or securities of the surviving corporation or its parent with a Fair Market Value equal to the required amount. Such payment may be made in installments and may be deferred until the date
or dates when such Options and SARs would have become exercisable or such Common Shares would have vested. Such payment may be subject to vesting based on the Optionee’s continuing Service, provided that the vesting schedule shall not be less
favorable to the Optionee than the schedule under which such Options and SARs would have become exercisable or such Common Shares would have vested. If the Exercise Price of the Common Shares subject to such Options and SARs exceeds the Fair Market
Value of such Common Shares, then such Options and SARs may be cancelled without making a payment to the Optionees. For purposes of this Subsection (e), the Fair Market Value of any 

  

 9 

 
security shall be determined without regard to any vesting conditions that may apply to such security. 
 (f) The cancellation of outstanding Stock Units and a payment to the Participants equal to the Fair Market Value of the Common Shares
subject to such Stock Units (whether or not such Stock Units are then vested) as of the closing date of such merger or consolidation. Such payment shall be made in the form of cash, cash equivalents, or securities of the surviving corporation or its
parent with a Fair Market Value equal to the required amount. Such payment may be made in installments and may be deferred until the date or dates when such Stock Units would have vested. Such payment may be subject to vesting based on the
Participant’s continuing Service, provided that the vesting schedule shall not be less favorable to the Participant than the schedule under which such Stock Units would have vested. For purposes of this Subsection (f), the Fair Market
Value of any security shall be determined without regard to any vesting conditions that may apply to such security. 
 ARTICLE 12. AWARDS UNDER OTHER
PLANS. 
 The Company may grant awards under other plans or programs. Such awards may be settled in the form of Common Shares issued under
this Plan. Such Common Shares shall be treated for all purposes under the Plan like Common Shares issued in settlement of Stock Units and shall, when issued, reduce the number of Common Shares available under Article 3. 
 ARTICLE 13. PAYMENT OF DIRECTOR’S FEES IN SECURITIES. 
 13.1 Effective Date. No provision of this Article 13 shall be effective unless and until the Board has determined to implement such provision. 
 13.2 Elections to Receive NSOs, Restricted Shares or Stock Units. An Outside Director may elect to receive his or her annual retainer payments and/or meeting fees from the Company in the form of cash, NSOs,
Restricted Shares or Stock Units, or a combination thereof, as determined by the Board. Such NSOs, Restricted Shares and Stock Units shall be issued under the Plan. An election under this Article 13 shall be filed with the Company on the
prescribed form. 
 13.3 Number and Terms of NSOs, Restricted Shares or Stock Units. The number of NSOs, Restricted Shares or Stock
Units to be granted to Outside Directors in lieu of annual retainers and meeting fees that would otherwise be paid in cash shall be calculated in a manner determined by the Board. The Board shall also determine the terms of such NSOs, Restricted
Shares or Stock Units. 
 ARTICLE 14. LIMITATION ON RIGHTS. 
 14.1 Retention Rights. Neither the Plan nor any Award granted under the Plan shall be deemed to give any individual a right to remain an Employee, Outside Director or Consultant. The Company and its Parents,
Subsidiaries and Affiliates reserve the right to terminate the Service of any Employee, Outside Director or Consultant at any time, with or 

  

 10 

 
without cause, subject to applicable laws, the Company’s certificate of incorporation and by-laws and a written employment agreement (if any).

 14.2 Stockholders’ Rights. A Participant shall have no dividend rights, voting rights or other rights as a stockholder with
respect to any Common Shares covered by his or her Award prior to the time when a stock certificate for such Common Shares is issued or, if applicable, the time when he or she becomes entitled to receive such Common Shares by filing any required
notice of exercise and paying any required Exercise Price. No adjustment shall be made for cash dividends or other rights for which the record date is prior to such time, except as expressly provided in the Plan. 
 14.3 Regulatory Requirements. Any other provision of the Plan notwithstanding, the obligation of the Company to issue Common Shares under the Plan
shall be subject to all applicable laws, rules and regulations and such approval by any regulatory body as may be required. The Company reserves the right to restrict, in whole or in part, the delivery of Common Shares pursuant to any Award prior to
the satisfaction of all legal requirements relating to the issuance of such Common Shares, to their registration, qualification or listing or to an exemption from registration, qualification or listing. 
 ARTICLE 15. WITHHOLDING TAXES. 
 15.1 General.
To the extent required by applicable federal, state, local or foreign law, a Participant or his or her successor shall make arrangements satisfactory to the Company for the satisfaction of any withholding tax obligations that arise in connection
with the Plan. The Company shall not be required to issue any Common Shares or make any cash payment under the Plan until such obligations are satisfied. 
 15.2 Share Withholding. To the extent that applicable law subjects a Participant to tax withholding obligations, the Committee may permit such Participant to satisfy all or part of such obligations by having
the Company withhold all or a portion of any Common Shares that otherwise would be issued to him or her or by surrendering all or a portion of any Common Shares that he or she previously acquired. Such Common Shares shall be valued at their Fair
Market Value on the date they are withheld or surrendered. 
 ARTICLE 16. FUTURE OF THE PLAN. 
 16.1 Term of the Plan. The Plan, as set forth herein, shall become effective on the effective date of the IPO. The Plan shall remain in effect
until the earlier of (a) the date the Plan is terminated under Section 16.2 or (b) the 10th anniversary of the date the Board adopted the Plan. The Plan shall serve as the successor to the Predecessor Plan, and no further option grants shall be made under the Predecessor Plan after the Plan effective date. All options
outstanding under the Predecessor Plan as of such date shall, immediately upon effectiveness of the Plan, remain outstanding in accordance with their terms. Each outstanding option under the Predecessor Plan shall continue to be governed solely by
the terms of the documents evidencing such option, and no provision of the Plan shall be deemed to affect or otherwise modify the rights or obligations of the holders of such options with respect to their acquisition of shares of Common Stock.

  

 11 

 16.2 Amendment or Termination. The Board may, at any time and for any reason, amend or terminate
the Plan. No Awards shall be granted under the Plan after the termination thereof. The termination of the Plan, or any amendment thereof, shall not affect any Award previously granted under the Plan. 
 16.3 Stockholder Approval. An amendment of the Plan shall be subject to the approval of the Company’s stockholders only to the extent
required by applicable laws, regulations or rules. However, section 162(m) of the Code may require that the Company’s stockholders approve: 
 (a) The Plan not later than the first regular meeting of stockholders that occurs in the fourth calendar year following the calendar year in which the Company’s initial public offering occurred; and 

(b) The performance criteria set forth in Appendix A not later than the first meeting of stockholders that occurs in the fifth
year following the year in which the Company’s stockholders previously approved such criteria. 
 ARTICLE 17. DEFINITIONS. 
 17.1 “Affiliate” means any entity other than a Subsidiary, if the Company and/or one or more Subsidiaries own not less than 50% of such
entity. 
 17.2 “Award” means any award of an Option, an SAR, a Restricted Share or a Stock Unit under the Plan. 

17.3 “Board” means the Company’s Board of Directors, as constituted from time to time. 
 17.4 “Change in Control” means: 
 (a) The consummation of a merger or consolidation of the Company with or into another entity or any other corporate reorganization, if persons who were not stockholders of the Company immediately prior to such merger,
consolidation or other reorganization own immediately after such merger, consolidation or other reorganization 50% or more of the voting power of the outstanding securities of each of (i) the continuing or surviving entity and (ii) any
direct or indirect parent corporation of such continuing or surviving entity; 
 (b) The sale, transfer or other disposition
of all or substantially all of the Company’s assets; 
 (c) A change in the composition of the Board, as a result of
which fewer than 50% of the incumbent directors are directors who either: 
 (i) Had been directors of the Company on the date
24 months prior to the date of such change in the composition of the Board (the “Original Directors”); or 
  

 12 

 (ii) Were appointed to the Board, or nominated for election to the Board, with the
affirmative votes of at least a majority of the aggregate of (A) the Original Directors who were in office at the time of their appointment or nomination and (B) the directors whose appointment or nomination was previously approved in a
manner consistent with this Paragraph (ii); or 
 (d) Any transaction as a result of which any person is the
“beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing at least 50% of the total voting power represented by the Company’s then outstanding voting
securities. For purposes of this Subsection (d), the term “person” shall have the same meaning as when used in sections 13(d) and 14(d) of the Exchange Act but shall exclude (i) a trustee or other fiduciary holding
securities under an employee benefit plan of the Company or of a Parent or Subsidiary and (ii) a corporation owned directly or indirectly by the stockholders of the Company in substantially the same proportions as their ownership of the common
stock of the Company. 
 A transaction shall not constitute a Change in Control if its sole purpose is to change the state of the Company’s
incorporation or to create a holding company that will be owned in substantially the same proportions by the persons who held the Company’s securities immediately before such transaction. 
 17.5 “Code” means the Internal Revenue Code of 1986, as amended. 
 17.6 “Committee” means a committee of the Board, as described in Article 2. 
 17.7 “Common Share” means one share of the common stock of the Company. 
 17.8 “Company” means Riverbed Technology, Inc., a Delaware corporation. 
 17.9 “Consultant” means a consultant or adviser who provides bona fide services to the Company, a Parent, a Subsidiary or an Affiliate
as an independent contractor. 
 17.10 “Employee” means a common-law employee of the Company, a Parent, a Subsidiary or an
Affiliate. 
 17.11 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
 17.12 “Exercise Price,” in the case of an Option, means the amount for which one Common Share may be purchased upon exercise of such
Option, as specified in the applicable Stock Option Agreement. “Exercise Price,” in the case of an SAR, means an amount, as specified in the applicable SAR Agreement, which is subtracted from the Fair Market Value of one Common Share in
determining the amount payable upon exercise of such SAR. 
 17.13 “Fair Market Value” means the market price of Common
Shares, determined by the Committee in good faith on such basis as it deems appropriate. Whenever 

  

 13 

 
possible, the determination of Fair Market Value by the Committee shall be based on the prices reported in The Wall Street Journal. Such determination
shall be conclusive and binding on all persons. 
 17.14 “IPO” means the initial public offering of the Company’s
Common Shares. 
 17.15 “ISO” means an incentive stock option described in section 422(b) of the Code. 
 17.16 “NSO” means a stock option not described in sections 422 or 423 of the Code. 
 17.17 “Option” means an ISO or NSO granted under the Plan and entitling the holder to purchase Common Shares. 
 17.18 “Optionee” means an individual or estate who holds an Option or SAR. 
 17.19 “Outside Director” means a member of the Board who is not an Employee. 
 17.20 “Parent” means any corporation (other than the Company) in an unbroken chain of corporations ending with the Company, if each of
the corporations other than the Company owns stock possessing 50% or more of the total combined voting power of all classes of stock in one of the other corporations in such chain. A corporation that attains the status of a Parent on a date after
the adoption of the Plan shall be considered a Parent commencing as of such date. 
 17.21 “Participant” means an individual
or estate who holds an Award. 
 17.22 “Plan” means this Riverbed Technology, Inc. 2006 Equity Incentive Plan, as amended
from time to time. 
 17.23 “Predecessor Plan” means the Company’s existing 2002 Stock Plan. 
 17.24 “Restricted Share” means a Common Share awarded under the Plan. 
 17.25 “Restricted Stock Agreement” means the agreement between the Company and the recipient of a Restricted Share that contains the
terms, conditions and restrictions pertaining to such Restricted Share. 
 17.26 “SAR” means a stock appreciation right
granted under the Plan. 
 17.27 “SAR Agreement” means the agreement between the Company and an Optionee that contains the
terms, conditions and restrictions pertaining to his or her SAR. 
 17.28 “Service” means service as an Employee, Outside
Director or Consultant. 
  

 14 

 17.29 “Stock Option Agreement” means the agreement between the Company and an Optionee
that contains the terms, conditions and restrictions pertaining to his or her Option. 
 17.30 “Stock Unit” means a
bookkeeping entry representing the equivalent of one Common Share, as awarded under the Plan. 
 17.31 “Stock Unit
Agreement” means the agreement between the Company and the recipient of a Stock Unit that contains the terms, conditions and restrictions pertaining to such Stock Unit. 
 17.32 “Subsidiary” means any corporation (other than the Company) in an unbroken chain of corporations beginning with the Company, if
each of the corporations other than the last corporation in the unbroken chain owns stock possessing 50% or more of the total combined voting power of all classes of stock in one of the other corporations in such chain. A corporation that attains
the status of a Subsidiary on a date after the adoption of the Plan shall be considered a Subsidiary commencing as of such date. 
  

 15 

 APPENDIX A 
 PERFORMANCE CRITERIA FOR RESTRICTED SHARES AND STOCK UNITS

 RIVERBED TECHNOLOGY, INC. 2006 EQUITY
INCENTIVE PLAN 
 NOTICE OF STOCK OPTION
GRANT 
 You have been granted the following option to purchase shares of the Common Stock of Riverbed Technology, Inc.
(the “Company”): 
  

			
	Name of Optionee:	  	«Name»
		
	Total Number of Shares:	  	«TotalShares»
		
	Type of Option:	  	«ISO» Incentive Stock Option
		
		  	«NSO» Nonstatutory Stock Option
		
	Exercise Price Per Share:	  	$«PricePerShare»
		
	Date of Grant:	  	«DateGrant»
		
	Vesting Commencement Date:	  	«VestDay»
		
	Vesting Schedule:	  	This option becomes exercisable with respect to the first 25% of the Shares subject to this option when you complete 12 months of continuous “Service” (as defined in the Plan) from the
Vesting Commencement Date. Thereafter, this option becomes exercisable with respect to an additional 1/48th of the
Shares subject to this option when you complete each month of Service.
		
	Expiration Date:	  	«ExpDate». This option expires earlier if your Service terminates earlier, as described in the Stock Option Agreement.

 You and the Company agree that this option is granted under and governed by the terms and conditions of the 2006
Equity Incentive Plan (the “Plan”) and of the Stock Option Agreement, which is attached to and made a part of this document. 
 You further agree
that the Company may deliver by email all documents relating to the Plan or this option (including, without limitation, prospectuses required by the Securities and Exchange Commission) and all other documents that the Company is required to deliver
to its security holders (including, without limitation, annual reports and proxy statements). You also agree that the Company may deliver these documents by posting them on a web site maintained by the Company or by a third party under contract with
the Company. If the Company posts these documents on a web site, it will notify you by email. 
  

									
	OPTIONEE:	 		 	RIVERBED TECHNOLOGY, INC.
					
	  	 	  	 		 	 By:
	 	  
		 		 		 	 Title:
	 	  

 RIVERBED TECHNOLOGY, INC. 2006 EQUITY
INCENTIVE PLAN 
 STOCK OPTION AGREEMENT 
  

			
	Tax Treatment	  	This option is intended to be an incentive stock option under section 422 of the Internal Revenue Code or a nonstatutory stock option, as provided in the Notice of Stock Option
Grant.
		
	Vesting	  	 This option becomes exercisable in installments, as shown in the Notice of Stock Option Grant.
  
 This option will become exercisable in full if not assumed or a new option substituted as provided
in Section 10.1 of the Plan or if Section 11.3(d) of the Plan applies.
  
 In addition,
this option will become exercisable in full if the Company is subject to a Change in Control before your Service terminates and you are subject to an “Involuntary Termination” (as defined below) within 12 months after that Change in
Control.
  
 This option will in no event become exercisable for additional shares after
your Service has terminated for any reason.

		
		  	 For purposes of this Agreement, “Cause” means (i) your unauthorized use or disclosure of the confidential information or trade secrets of
the Company, which use or disclosure causes material harm to the Company, (ii) your material breach of any agreement between you and the Company, (iii) your conviction of, or plea of “guilty” or “no contest” to, a felony under
the laws of the United States or any State thereof, (iv) your gross misconduct, (v) a continuing failure by you to perform assigned duties after receiving written notification of such failure from the Company or (vi) your failure to cooperate in
good faith with a governmental or internal investigation of the Company or its directors, officers or employees, if the Company has requested your cooperation.
  
 For purposes of this Agreement, “Involuntary Termination” means the termination of your Service by reason of:
  
 (a)    any involuntary discharge by the
Company (or the Parent, Subsidiary or Affiliate employing you) for reasons other than Cause; or
  
 (b)    your voluntary resignation following (i) a change in your position with the Company (or the
Parent, Subsidiary or Affiliate

  

 2 

			
		  	employing you) which materially reduces your level of authority or the nature of your functions, (ii) a material reduction in your base salary or (iii) receipt of notice that your
principal workplace will be relocated by more than 50 miles
		
	Term	  	This option expires in any event at the close of business at Company headquarters on the day before the 10th anniversary of the Date of Grant, as shown in the Notice of Stock Option Grant. (It will expire earlier if your Service terminates, as described below.)
		
	Regular Termination	  	If your Service terminates for any reason except death or total and permanent disability, then this option will expire at the close of business at Company headquarters on the date three months
after your termination date. The Company determines when your Service terminates for this purpose.
		
	Death	  	If you die before your Service terminates, then this option will expire at the close of business at Company headquarters on the date 12 months after the date of death.
		
	Disability	  	 If your Service terminates because of your total and permanent disability, then this option will expire at the close of business at Company
headquarters on the date 12 months after your termination date.
  
 For all purposes under
this Agreement, “total and permanent disability” means that you are unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or
which has lasted, or can be expected to last, for a continuous period of not less than one year.

		
	Leaves of Absence and Part-Time Work	  	 For purposes of this option, your Service does not terminate when you go on a military leave, a sick leave or another bona fide leave of
absence, if the leave was approved by the Company in writing. But your Service terminates when the approved leave ends, unless you immediately return to active work.
  
 If you go on a leave of absence, then the vesting schedule specified in the Notice of Stock Option Grant may be adjusted in accordance with the Company’s leave of
absence policy or the terms of your leave. If you commence working on a part-time basis, then the vesting schedule specified in the Notice of Stock Option Grant may be adjusted in accordance with the Company’s part-time work policy or the terms
of an agreement between you and the Company pertaining to your part-time schedule.

  

 3 

			
	Restrictions on Exercise	  	The Company will not permit you to exercise this option if the issuance of shares at that time would violate any law or regulation.
		
	Notice of Exercise	  	 When you wish to exercise this option, you must notify the Company by filing the proper “Notice of Exercise” form at the address given on
the form. Your notice must specify how many shares you wish to purchase. Your notice must also specify how your shares should be registered. The notice will be effective when the Company receives it.
  
 If someone else wants to exercise this option after your death, that person must prove to the
Company’s satisfaction that he or she is entitled to do so.

		
	Form of Payment	  	 When you submit your notice of exercise, you must include payment of the option exercise price for the shares that you are purchasing. To the extent
permitted by applicable law, payment may be made in one (or a combination of two or more) of the following forms:
  
 •      Your personal check, a cashier’s check or a money order.
  
 •      Certificates for
shares of Company stock that you own, along with any forms needed to effect a transfer of those shares to the Company. The value of the shares, determined as of the effective date of the option exercise, will be applied to the option exercise price.
Instead of surrendering shares of Company stock, you may attest to the ownership of those shares on a form provided by the Company and have the same number of shares subtracted from the option shares issued to you.
  
 •      Irrevocable
directions to a securities broker approved by the Company to sell all or part of your option shares and to deliver to the Company from the sale proceeds an amount sufficient to pay the option exercise price and any withholding taxes. (The balance of
the sale proceeds, if any, will be delivered to you.) The directions must be given by signing a special “Notice of Exercise” form provided by the Company.

		
	Withholding Taxes and Stock Withholding	  	You will not be allowed to exercise this option unless you make arrangements acceptable to the Company to pay any withholding taxes that may be due as a result of the option exercise. With the
Company’s consent, these arrangements may include withholding shares of Company stock that otherwise would be issued to you when you exercise this option. The value of these shares, determined as of the effective date of the option exercise,
will be applied to the withholding taxes.
		
	Restrictions on Resale	  	You agree not to sell any option shares at a time when applicable laws, Company policies or an agreement between the Company and its underwriters prohibit a sale. This restriction will apply as
long as your

  

 4 

			
		  	Service continues and for such period of time after the termination of your Service as the Company may specify.
		
	Transfer of Option	  	Prior to your death, only you may exercise this option. You cannot transfer or assign this option. For instance, you may not sell this option or use it as security for a loan. If you attempt to
do any of these things, this option will immediately become invalid. You may, however, dispose of this option in your will or a beneficiary designation.
		
		  	Regardless of any marital property settlement agreement, the Company is not obligated to honor a notice of exercise from your former spouse, nor is the Company obligated to recognize your former
spouse’s interest in your option in any other way.
		
	Retention Rights	  	Your option or this Agreement does not give you the right to be retained by the Company or a subsidiary of the Company in any capacity. The Company and its subsidiaries reserve the right to
terminate your Service at any time, with or without cause.
		
	Stockholder Rights	  	You, or your estate or heirs, have no rights as a stockholder of the Company until you have exercised this option by giving the required notice to the Company and paying the exercise price. No
adjustments are made for dividends or other rights if the applicable record date occurs before you exercise this option, except as described in the Plan.
		
	Adjustments	  	In the event of a stock split, a stock dividend or a similar change in Company stock, the number of shares covered by this option and the exercise price per share may be adjusted pursuant to the
Plan.
		
	Applicable Law	  	This Agreement will be interpreted and enforced under the laws of the State of Delaware (without regard to their choice-of-law provisions).
		
	The Plan and Other Agreements	  	 The text of the Plan is incorporated in this Agreement by reference. Capitalized terms not otherwise defined in this Agreement shall be defined as
set forth in the Plan.
  
 This Agreement and the Plan constitute the entire understanding
between you and the Company regarding this option. Any prior agreements, commitments or negotiations concerning this option are superseded. This Agreement may be amended only by another written agreement between the parties.

 BY SIGNING THE COVER
SHEET OF THIS AGREEMENT, YOU AGREE TO ALL OF THE 
 TERMS AND CONDITIONS DESCRIBED ABOVE AND IN
THE PLAN. 
  

 5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00102-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00102-of-00352.parquet"}]]