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Exhibit 4.4    
  

 
 

ELASTIC NETWORKS INC.
  
    1999 Stock Incentive Plan    
  

1. Purpose  

    The purpose of this 1999 Stock Incentive Plan (the "Plan") of Elastic Networks Inc., a Delaware corporation (the "Company"), is to advance the interests
of the Company's stockholders by enhancing the Company's ability to attract, retain and motivate persons who make (or are expected to make) important contributions to the Company by providing such
persons with equity ownership opportunities and performance-based incentives and thereby better aligning the interests of such persons with those of the Company's stockholders. Except where the
context otherwise requires, the term "Company" shall include any present or future subsidiary corporations of Elastic Networks Inc. as defined in Section 424(f) of the Internal Revenue
Code of 1986, as amended, and any regulations promulgated thereunder (the "Code"). 

2. Eligibility  

    All of the Company's employees, officers, directors, consultants and advisors are eligible to be granted options, restricted stock, or other stock-based awards
(each, an "Award") under the Plan. Any person who has been granted an Award under the Plan shall be deemed a "Participant." 

3. Administration, Delegation  

    a.  Administration by Board of Directors.  The Plan will be administered by the Board of Directors of the
Company (the "Board"). The Board shall have authority to grant Awards and to adopt, amend and repeal such administrative rules, guidelines and practices relating to the Plan as it shall deem
advisable. The Board may correct any defect, supply any omission or reconcile any inconsistency in the Plan or any Award in the manner and to the extent it shall deem expedient to carry the Plan into
effect and it shall be the sole and final judge of such expediency. All decisions by the Board shall be made in the Board's sole discretion and shall be final and binding on all persons having or
claiming any interest in the Plan or in any Award. No director or person acting pursuant to the authority delegated by the Board shall be liable for any action or determination relating to or under
the Plan made in good faith. 

    b.  Delegation to Executive Officers.  To the extent permitted by applicable law, the Board may delegate
to one or more executive officers of the Company the power to make Awards and exercise such other powers under the Plan as the Board may determine, provided that the Board shall fix the maximum number
of shares subject to Awards and the maximum number of shares for any one Participant to be made by such executive officers. 

    c.  Appointment of Committees.  To the extent permitted by applicable law, the Board may delegate any or
all of its powers under the Plan to one or more committees or subcommittees of the Board (a "Committee"). If and when the common stock, $0.01 par value per share, of the Company (the "Common Stock")
is registered under the Securities Exchange Act of 1934 (the "Exchange Act"), the Board shall appoint one such Committee of not less than two members, each member of which shall be an "outside
director" within the meaning of Section 162(m) of the Code and a "non-employee director" as defined in Rule 16b-3 promulgated under the Exchange Act. All
references in the Plan to the "Board" shall mean the Board or a Committee of the Board or the executive officer referred to in Section 3(b) to the extent that the Board's powers or authority
under the Plan have been delegated to such Committee or executive officer. 

4. Stock Available for Awards  

    a.  Number of Shares.  Subject to adjustment under Section 4(c), Awards may be made under the Plan
for up to 7,661,766 shares of Common Stock. If any Award expires or is terminated, surrendered or canceled without having been fully exercised or is forfeited in whole or in part or results in any
Common Stock not being issued, the unused Common Stock covered by such Award shall again be available for the grant of Awards under the Plan, subject, however, in the case of Incentive Stock Options
(as hereinafter defined), to any limitation required under the Code. Shares issued under the Plan may consist in whole or in part of authorized but unissued shares or treasury shares. 

    b.  Per-Participant Limit.  Subject to adjustment under Section 4(c), for Awards
granted after the Common Stock is registered under the Exchange Act, the maximum number of shares with respect to which an Award may be granted to any Participant under the Plan shall be 2,000,000 per
calendar year. The per-participant limit described in this Section 4(b) shall be construed and applied consistently with Section 162(m) of the Code. 

    c.  Adjustment to Common Stock.  In the event of any stock split, stock dividend, recapitalization,
reorganization, merger, consolidation, combination, exchange of shares, liquidation, spin-off or other similar change in capitalization or event, or any distribution to holders of Common
Stock other than a normal cash dividend, (i) the number and class of securities available under this Plan, (ii) the number and class of security and exercise price per share subject to
each outstanding Option, (iii) the repurchase price per security subject to each outstanding Restricted Stock Award and (iv) the terms of each other outstanding stock-based Award shall
be appropriately adjusted by the Company (or substituted Awards may be made, if applicable) to the extent the Board shall determine, in good faith, that such an adjustment (or substitution) is
necessary and appropriate. If this Section 4(c) applies and Section 8(e)(i) also applies to any event, Section 8(e)(i) shall be applicable to such event, and this
Section 4(c) shall not be applicable. 

5. Stock Options  

    a.  General.  The Board may grant options to purchase Common Stock (each, an "Option") and determine the
number of shares of Common Stock to be covered by each Option, the exercise price of each Option and the conditions and limitations applicable to the exercise of each Option, including conditions
relating to applicable federal or state securities laws, as it considers necessary or advisable. An Option which is not intended to be an Incentive Stock Option (as hereinafter defined) shall be
designated a "Nonstatutory Stock Option." 

    b.  Incentive Stock Options.  An Option that the Board intends to be an "incentive stock option" as
defined in Section 422 of the Code (an "Incentive Stock Option") shall only be granted to employees of the Company and shall be subject to and shall be construed consistently with the
requirements of Section 422 of the Code. The Company shall have no liability to a Participant, or any other party, if an Option (or any part thereof) which is intended to be an Incentive Stock
Option is not an Incentive Stock Option. 

    c.  Exercise Price.  The Board shall establish the exercise price at the time each Option is granted and
specify it in the applicable option agreement. 

    d.  Duration of Options.  Each Option shall be exercisable at such times and subject to such terms and
conditions as the Board may specify in the applicable option agreement. 

    e.  Exercise of Option.  Options may be exercised only by delivery to the Company of a written notice of
exercise signed by the proper person together with payment in full as specified in Section 5(f) for the number of shares for which the Option is exercised. 

    f.  Payment Upon Exercise.  Common Stock purchased upon the exercise of an Option granted under the Plan
shall be paid for as follows: 

    i.  in
cash or by check, payable to the order of the Company; 

    ii.  except as the Board may, in its sole discretion, otherwise provide in an option agreement, by (A) delivery of an irrevocable and unconditional undertaking
by a creditworthy broker to deliver promptly to the Company sufficient funds to pay the exercise price or (B) delivery by the Participant to the Company of a copy of irrevocable and
unconditional instructions to a creditworthy broker to deliver promptly to the Company cash or a check sufficient to pay the exercise price; 

    iii.  when
the Common Stock is registered under the Exchange Act, by delivery of shares of Common Stock owned by the Participant valued at their fair market value as
determined by (or in a manner approved by) the Board in good faith ("Fair Market Value"), which Common Stock was owned by the Participant at least six months prior to such delivery; 

    iv.  to
the extent permitted by the Board, in its sole discretion by (A) delivery of a promissory note of the Participant to the Company on terms determined by
the Board, or (B) payment of such other lawful consideration as the Board may determine; or 

    v.  by
any combination of the above permitted forms of payment. 

6. Restricted Stock  

    a.  Grants.  The Board may grant Awards entitling recipients to acquire shares of Common Stock, subject
to the right of the Company to repurchase all or part of such shares at their issue price or other stated or formula price (or to require forfeiture of such shares if issued at no cost) from the
recipient in the event that conditions specified by the Board in the applicable Award are not satisfied prior to the end of the applicable restriction period or periods established by the Board for
such Award (each, "Restricted Stock Award"). 

    b.  Terms and Conditions.  The Board shall determine the terms and conditions of any such Restricted
Stock Award, including the conditions for repurchase (or forfeiture) and the issue price, if any. Any stock certificates issued in respect of a Restricted Stock Award shall be registered in the name
of the Participant and, unless otherwise determined by the Board, deposited by the Participant, together with a stock power endorsed in blank, with the Company (or its designee). At the expiration of
the applicable restriction periods, the Company (or such designee) shall deliver the certificates no longer subject to such restrictions to the Participant or, if the Participant has died, to the
beneficiary designated, in a manner determined by the Board, by a Participant to receive amounts due or exercise rights of the Participant in the event of the Participant's death (the "Designated
Beneficiary"). In the absence of an effective designation by a Participant, Designated Beneficiary shall mean the Participant's estate. 

7. Other Stock-Based Awards  

    The Board shall have the right to grant other Awards based upon the Common Stock having such terms and conditions as the Board may determine, including the
grant of shares based upon certain conditions, the grant of securities convertible into Common Stock and the grant of stock appreciation rights. 

8. General Provisions Applicable to Awards  

    a.  Transferability of Awards.  Except as the Board may otherwise determine or provide in an Award,
Awards shall not be sold, assigned, transferred, pledged or otherwise encumbered by the person to whom they are granted, either voluntarily or by operation of law, except by will or the laws of
descent and distribution, and, during the life of the Participant, shall be exercisable only by the Participant. References to a Participant, to the extent relevant in the context, shall include
references to authorized transferees. 

    b.  Documentation.  Each Award under the Plan shall be evidenced by a written instrument in such form as
the Board shall determine. Each Award may contain terms and conditions in addition to those set forth in the Plan. 

    c.  Board Discretion.  Except as otherwise provided by the Plan, each type of Award may be made alone or
in addition or in relation to any other type of Award. The terms of each type of Award need not be identical, and the Board need not treat Participants uniformly. 

    d.  Termination of Status.  The Board shall determine the effect on an Award of the disability, death,
retirement, authorized leave of absence or other change in the employment or other status of a Participant and the extent to which, and the period during which, the Participant, the Participant's
legal representative, conservator, guardian or Designated Beneficiary may exercise rights under the Award. 

    e.  Acquisition Events  

    i.  Consequences of Acquisition Events.  Upon the occurrence of an Acquisition Event (as defined below),
each outstanding Option or Award shall be assumed or an equivalent option or award substituted by the successor corporation or a parent or subsidiary of the successor corporation, provided that any
such Options substituted for Incentive Stock Options shall satisfy, in the determination of the Board, the requirements of Section 424(a) of the Code, unless the successor corporation refuses
to assume or substitute for the Option or Award, in which case (i) the Participant shall have the right to exercise the Option in full, including with respect to shares of Common Stock as to
which it would not otherwise be exercisable, (ii) all Restricted Stock Awards then outstanding shall become free of all restrictions prior to the consummation of the Acquisition Event and
(iii) any other stock-based Awards outstanding shall become exercisable, realizable or vested in full, or shall be free of all conditions or restrictions, as applicable to each such Award,
prior to the consummation of the Acquisition Event. If an Option or Award is exercisable in lieu of assumption or substitution in the event of an Acquisition Event, the Board shall notify the
Participant in writing or electronically that the Option or Award shall be fully exercisable for a period of not less than 45 days from the date of such notice, and the Option or Award shall
terminate upon the expiration of such period. 

    Each
Option or other Award assumed or substituted pursuant to the immediately preceding paragraph shall include a provision to the effect that such Option or Award shall become
immediately exercisable (or vested) in full if, on or prior to the first anniversary of the Acquisition Event, the Participant terminates his or her employment for Good Reason or is terminated without
Cause by the surviving or acquiring corporation. "Good Reason" shall mean a reduction of 20% or more in the annual Total Target Cash Compensation for which the Participant is eligible or, with respect
to the Participants who
are employed in the position of Vice President or higher, assignment to responsibilities which are not substantially equivalent in the aggregate to those responsibilities to which they were assigned
prior to the Acquisition Event. "Total Target Cash Compensation" shall mean annual base salary plus target short term incentive compensation payable at 100% Participant performance, whether sales
incentive, bonus or otherwise. "Cause" shall mean any act or omission by the Participant which is or is likely to be injurious to the Company or the business reputation of the Company, failure by the
Participant to perform his or her material responsibilities to the Company (including, without limitation, breach by the Participant of any provision of any employment, consulting, advisory,
nondisclosure, non-competition or other similar agreement between the Participant and the Company), violation by the Participant of the Company's rules, policies or procedures, or refusal
by the Participant to obey the lawful direction (consistent with the Participant's responsibilities) of the Board or any person to whom the Participant reports. The Participant shall be considered to
have been discharged for "Cause" if the Company determines, within 30 days after the Participant's resignation, that discharge for Cause was warranted, as determined by the Company, which
determination shall be conclusive. 

    An
"Acquisition Event" shall mean: (a) any merger or consolidation which results in the voting securities of the Company outstanding immediately prior thereto representing
immediately thereafter (either by remaining outstanding or by being converted into voting securities of the surviving or acquiring entity) less than 50% of the combined voting power of the voting
securities of the Company or such surviving or acquiring entity outstanding immediately after such merger or 

consolidation; (b) any sale of all or substantially all of the assets of the Company; or (c) the complete liquidation of the Company. 

    Notwithstanding
the foregoing, the election of any Purchaser (as defined in the Right of First Offer and Co-Sale Agreement, dated as of May 1999 and as amended from
time to time, by and among the Company, Nortel Networks Inc. ("Nortel Networks") and the persons and entities listed on Exhibit A thereto (the "Right of First Offer Agreement")) to sell
its Shares (as defined in the Right of First Offer Agreement) to Nortel Networks pursuant to Section 6 of the Right of First Offer Agreement, and the purchase of any such Shares by Nortel
Networks, shall not be deemed to be an Acquisition Event. 

    ii.  Assumption of Options Upon Certain Events.  The Board may grant Awards under the Plan in
substitution for stock and stock-based awards held by employees of another corporation who become employees of the Company as a result of a merger or consolidation of the employing corporation with
the Company or the acquisition by the Company of property or stock of the employing corporation. The substitute Awards shall be granted on such terms and conditions as the Board considers appropriate
in the circumstances. 

    (f)  Withholding.  Each Participant shall pay to the Company, or make provision satisfactory to the Board
for payment of, any taxes required by law to be withheld in connection with Awards to such Participant no later than the date of the event creating the tax liability. Except as the Board may otherwise
provide
in an Award, when the Common Stock is registered under the Exchange Act, Participants may satisfy such tax obligations in whole or in part by delivery of shares of Common Stock, including shares
retained from the Award creating the tax obligation, valued at their Fair Market Value. The Company may, to the extent permitted by law, deduct any such tax obligations from any payment of any kind
otherwise due to a Participant. 

    (g)  Amendment of Award.  The Board may amend, modify or terminate any outstanding Award, including but
not limited to, substituting therefor another Award of the same or a different type, changing the date of exercise or realization, and converting an Incentive Stock Option to a Nonstatutory Stock
Option, provided that the Participant's consent to such action shall be required unless the Board determines that the action, taking into account any related action, would not materially and adversely
affect the Participant. 

    (h)  Conditions on Delivery of Stock.  The Company will not be obligated to deliver any shares of Common
Stock pursuant to the Plan or to remove restrictions from shares previously delivered under the Plan until (i) all conditions of the Award have been met or removed to the satisfaction of the
Company, (ii) in the opinion of the Company's counsel, all other legal matters in connection with the issuance and delivery of such shares have been satisfied, including any applicable
securities laws and any applicable stock exchange or stock market rules and regulations, and (iii) the Participant has executed and delivered to the Company such representations or agreements
as the Company may consider appropriate to satisfy the requirements of any applicable laws, rules or regulations. 

    (i)  Acceleration.  The Board may at any time provide that any Options shall become immediately
exercisable in full or in part, that any Restricted Stock Awards shall be free of all restrictions or that any other stock-based Awards may become exercisable in full or in part or free of some or all
restrictions or conditions, or otherwise realizable in full or in part, as the case may be. 

9. Miscellaneous  

    a.  No Right To Employment or Other Status.  No person shall have any claim or right to be granted an
Award, and the grant of an Award shall not be construed as giving a Participant the right to continued employment or any other relationship with the Company or affecting the ability of the Company or
the Participant to terminate the employment relationship, if any, for any reason, including, but not limited to, without Cause or without Good Reason, as applicable. The Company expressly reserves the
right at any time to dismiss or otherwise terminate its relationship with a Participant free from any liability or claim under the Plan, except as expressly provided in the applicable Award. 

    b.  No Rights As Stockholder.  Subject to the provisions of the applicable Award, no Participant or
Designated Beneficiary shall have any rights as a stockholder with respect to any shares of Common Stock to be distributed with respect to an Award until becoming the record holder of such shares. 

    c.  Effective Date and Term of Plan.  The Plan shall become effective on the date on which it is adopted
by the Board, but no Award granted to a Participant designated by the Board as subject to Section 162(m) of the Code by the Board shall become exercisable, vested or realizable, as applicable
to such Award, unless and until the Plan has been approved by the Company's stockholders to the extent stockholder approval is required by Section 162(m) in the manner required under
Section 162(m) (including the vote required under Section 162(m)). No Awards shall be granted under the Plan after the completion of ten years from the earlier of (i) the date on
which the Plan was adopted by the Board or (ii) the date the Plan was approved by the Company's stockholders, but Awards previously granted may extend beyond that date. 

    d.  Amendment of Plan.  The Board may amend, suspend or terminate the Plan or any portion thereof at any
time, provided that to the extent required by Section 162(m) of the Code, no Award granted to a Participant designated as subject to Section 162(m) by the Board after the date of such
amendment shall become exercisable, realizable or vested, as applicable to such Award (to the extent that such amendment to the Plan was required to grant such Award to a particular Participant),
unless and until such amendment shall have been approved by the Company's stockholders as required by Section 162(m) (including the vote required under Section 162(m)). 

    e.  Governing Law.  The provisions of the Plan and all Awards made hereunder shall be governed by and
interpreted in accordance with the laws of the State of Delaware, without regard to any applicable conflicts of law. 

	 	 	Adopted by the Board of Directors

on March 21, 2001
	

 	
 	

Approved by the Stockholders

on May 9, 2001

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Exhibit 4.4

ELASTIC NETWORKS INC. 1999 Stock Incentive PlanPrepared by MERRILL CORPORATION

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Exhibit 4.5    
  

 
 

ELASTIC NETWORKS INC. AMENDED AND
  RESTATED EMPLOYEE STOCK PURCHASE PLAN    
  

1. Purpose.  

    The purpose of the Elastic Networks Inc. Amended and Restated Employee Stock Purchase Plan is to provide employees of the Company and Designated
Subsidiaries with an opportunity to become owners of the Company through the purchase of shares of Common Stock of the Company. The Company intends the Plan to qualify as an employee stock purchase
plan under Code Section 423. Accordingly, the provisions of the Plan shall be construed in a manner consistent with the requirements of Code Section 423. 

2. Definitions.  

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

    (b)  "Company"
means Elastic Networks Inc. 

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

    (d)  "Compensation"
means the regular compensation, including overtime, bonuses and commissions that the Company or a Designated Subsidiary pays to an Employee during
an Offering Period. 

    (e)  "Committee"
means the committee described in Paragraph 13. 

    (f)  "Designated
Subsidiary" means a Subsidiary that has adopted the Plan pursuant to Paragraph 12. 

    (g)  "Employee"
means any person who customarily works as a common law employee for the Company or a Designated Subsidiary for more than 20 hours per week and
for more than five months during any calendar year. 

    (h)  "Offering
Periods" means each successive six-month period beginning on each January 1 and July 1, with the first such period commencing
on January 1, 2001. 

    (i)  "Participant"
means an Employee who has completed an authorization form under Paragraph 5 and elected to contribute to the Plan through payroll deductions. 

    (j)  "Plan"
means the Elastic Networks Inc. Amended and Restated Employee Stock Purchase Plan. 

    (k)  "Subsidiary"
means any corporation (other than the Company) in an unbroken chain of corporations beginning with the Company if, at the time an option is granted to
a Participant under the Plan, each of the corporations other than the last corporation in the unbroken chain owns stock possessing 50 percent or more of the total combined voting power of all
classes of stock in one of the other corporations in such chain, including a corporation that becomes a Subsidiary after the adoption of the Plan. 

3. Eligibility.  

    An Employee whom the Company or a Designated Subsidiary employs as of the first day of an Offering Period shall be eligible to participate in the Plan for that
Offering Period, except that, for any Offering Period beginning before the Board of Directors adopted this amended and restated Plan, only an Employee whom the Company or a Designated Subsidiary has
employed continuously for one year as of the first day of such Offering Period shall be eligible to participate in the Plan for that Offering Period. 

4. Offering Period.  

    The Committee will send to each Employee meeting the eligibility requirements of Paragraph 3 a notice advising the Employee of his or her right to
participate in the Plan for the ensuing Offering Period. 

5. Participation.  

    An Employee who meets the eligibility requirements of Paragraph 3 may become a Participant for an Offering Period by completing an authorization notice
and delivering it to the Committee within a reasonable period of time prior to the first day of such Offering Period. All Participants receiving options under the Plan shall have the same rights and
privileges. 

6. Method of Payment.  

    A Participant shall contribute to the Plan through payroll deductions, as follows: 

    (a)  The
Participant shall elect on an authorization notice to have deductions made from his or her Compensation for each payroll period during the Offering Period at a
rate which shall be at least 1% but not in excess of 15% of his or her Compensation. 

    (b)  All
payroll deductions shall be credited to the Participant's account under the Plan. No interest or earnings shall accrue on any payroll deductions credited to
such accounts. 

    (c)  Payroll
deductions shall commence on the first payday coinciding with or following the first day of each Offering Period and shall end with the last payday
preceding or coinciding with the end of that Offering Period, unless the Participant sooner withdraws as authorized under Paragraph 10 below. 

    (d)  A
Participant may not alter the rate of payroll deductions during the Offering Period. 

7. Granting of Option.  

    (a)  On the first day of each Offering Period, a Participant shall receive options to purchase a number of shares of Common Stock with funds
withheld from his or her Compensation, subject to the limitations set forth below and the adjustments provided for in Paragraph 16 below. Such number of shares shall be determined at the end of
the Offering Period according to the following procedure: 

	Step 1—	 	Determine the amount the Company withheld from the Participant's Compensation since the beginning of the Offering Period;
	Step 2—	 	Determine the amount which represents 85% of the lower of fair market value of a share of Common Stock on the (I) first day of the Offering Period, or (II) the last day of the Offering Period; and
	Step 3—	 	Divide the amount determined in Step 1 by the amount determined in Step 2 and round down the quotient to the nearest whole number.

    (b)  For
purposes of the immediately preceding Subparagraph (a), the fair market value of a share of Common Stock as of each date described in Step 2 shall be
determined as follows: (i) if the Common Stock is traded on a national securities exchange, the closing sale price on that date; (ii) if the Common Stock is not traded on any such
exchange, the closing sale price as reported by the National Association of Securities Dealers, Inc. Automated Quotation System ("Nasdaq") for such date; (iii) if no such closing sale
price information is available, the average of the closing bid and asked prices as reported by Nasdaq for such date; or (iv) if there are no such closing bid and asked prices, the average of
the closing bid and asked prices as reported by any other commercial service for such date. If any date described in Step 2 is not a trading day, the fair market value of a share of Common Stock for
such date shall be determined by using the closing sale price or the average of the closing bid and asked prices, as appropriate, for the immediately preceding trading day. 

    (c)  Notwithstanding any other provision of this Plan, no Participant shall receive options: 

    (i)  if,
immediately after the grant, that Participant would own shares, or hold outstanding options to purchase shares, or both together, possessing five percent or
more of the total combined voting power or value of all classes of shares of the Company or any Subsidiaries; for purposes of this Subparagraph (c)(i), the constructive attribution rules of Code
Section 424(d) shall apply in determining the stock ownership of every individual; or 

    (ii)  which
permit the Participant to purchase shares under all employee stock purchase plans of the Company and any Subsidiary with a fair market value (determined at
the time the options are granted) that exceeds $25,000 in any calendar year; or 

    (iii)  if
that Participant makes a hardship withdrawal from a cash or deferred arrangement established by the Company or the Designated Subsidiary and is prohibited
from making employee contributions to the Plan under Code Section 401(k) and the regulations thereunder, in which case the Participant will have deemed to have withdrawn from the Plan as of the
time of the hardship withdrawal. 

    (d)  Notwithstanding
any other provision of the Plan, no Participant shall receive options for any Offering Period for more than 10,000 shares of Common Stock. 

8. Exercise of Option.  

    (a)  Unless a Participant effects a timely withdrawal pursuant to Paragraph 10 below, his or her option for the purchase of shares of
Common Stock during an Offering Period will be automatically exercised on the day following the last day of that Offering Period for the purchase of the maximum number of full shares which the sum of
the payroll deductions credited to the Participant's account during such Offering Period can purchase pursuant to the formula specified in Paragraph 7(a) hereof. 

    (b)  The
disposition of any payroll deductions credited to a Participant's account during the Offering Period which are not used for the purchase of shares shall be as
follows: 

    (i)  If
the Participant has elected to withdraw from the Plan as of the end of the Offering Period, the Company shall deliver the amount of the payroll deductions to
the Participant. 

    (ii)  The
amount of any excess payroll deductions shall be applied to the purchase of shares in the immediately succeeding Offering Period. 

9. Delivery of Common Stock.  

    As soon as administratively feasible after the end of each Offering Period, the Company shall deliver to each Participant or, in the alternative, to a
custodian that the Committee designates, the shares of Common Stock the Participant purchased upon the exercise of the option. In the event of the delivery
of the shares to a custodian, the Participant may elect at any time thereafter to take possession of the shares or to have the Committee deliver the shares to any brokerage firm. 

10. Withdrawal From the Plan.  

    (a)  A Participant will be deemed to have elected to participate in each subsequent Offering Period following his or her initial election to
participate in the Plan, unless the Participant files a written withdrawal notice with the Committee at least ten days prior to the beginning of the Offering Period as of which the Participant desires
to withdraw from the Plan. 

    (b)  A
Participant may withdraw all, but not less than all, payroll deductions credited to his account for an Offering Period at any time during such Offering Period by
delivering a written notice to the Committee at least ten days prior to the end of such Offering Period. A Participant who for any reason, including, without limitation, retirement, termination of
employment or death, ceases to be an Employee prior to the last day of any Offering Period will be deemed to have withdrawn from the Plan as of the date of such cessation. 

    (c)  Upon the withdrawal of a Participant from the Plan under the terms of Subparagraph (b) above, his or her outstanding options under this Plan shall
immediately terminate. 

    (d)  In
the event a Participant withdraws from the Plan for any reason, the Company will pay to the Participant all payroll deductions credited to his or her account
or, in the event of death, to the persons entitled thereto under the terms of Paragraph 14, as soon as administratively feasible after the date of such withdrawal and no further deductions will
be made from the Participant's Compensation. 

    (e)  A
Participant who has elected to withdraw from the Plan may resume participation in the same manner and pursuant to the same rules as any Employee making an
initial election to participate in the Plan; provided, however, that any Participant who is an officer or director of the Company or any Subsidiary and who withdraws from the Plan for any reason shall
not be permitted to resume participation any earlier than the first day of an Offering Period which is more than six months after the effective date of the withdrawal or any earlier date that will
permit transactions under the Plan to continue to be exempt within the meaning of Rule 16b-3, as promulgated under the Securities Exchange Act of 1934, as amended. 

11. Stock.  

    (a)  The shares of Common Stock that the Company shall sell to Participants under the Plan may, at the election of the Company, be either
treasury shares or shares originally issued for such purpose. The maximum number of shares made available for sale under the Plan shall be 500,000, plus an annual increase per year to be added on each
January 1 of the next four years, beginning in the year 2002 and ending in the year 2005, equal to 100,000 shares per year for a total maximum number of shares of 900,000, subject to adjustment
upon changes in capitalization of the Company as provided in Paragraph 16 below. If the total number of shares for which options are to be exercised in accordance with Paragraph 8
exceeds the number of shares then available under the Plan, the Company shall make a pro rata allocation of the shares available in as nearly a uniform manner as shall be practicable and as it shall
determine to be equitable. 

    (b)  A
Participant will have no interest in shares covered by his or her option until the Participant exercises the option and receives certificates for the shares. 

    (c)  Shares
that a Participant purchases under the Plan will be registered in the name of the Participant, or if the Participant so directs by written notice to the
Committee prior to the last day of the Offering Period, in the names of the Participant and one other person the Participant designates, as joint tenants with rights of survivorship. 

    (d)  A
Participant may not sell or transfer shares he or she acquired pursuant to the exercise of options granted during any Offering Period beginning before the Board
of Directors adopted this amended and restated Plan prior to the expiration of one year from the last day of such Offering Period, except in the event of disability or death. This Subparagraph 11(d)
shall not apply with respect to any shares acquired pursuant to the exercise of options granted during any subsequent Offering Periods. 

12. Adoption of Plan by Subsidiaries.  

    Any Subsidiary, if authorized to do so by the Company, may adopt the Plan by action of its board of directors. Such action shall state the effective date of
the adoption of the Plan. 

13. Administration.  

    The Compensation Committee of the Board of Directors of the Company shall administer the Plan. The Board of Directors of the Company shall determine the
composition of the Committee and may at any time remove members from, or add members to, or fill vacancies therein. The Committee shall be vested with full authority to make, administer and interpret
such rules and regulations as it deems
necessary to administer the Plan, and any determination or action of the Committee in connection with the administration or interpretation of the Plan shall be final and binding upon each Employee,
Participant and all persons claiming under or through any Employee or Participant. 

14. Designation of Beneficiary.  

    (a)  A Participant may file with the Committee a written designation of a beneficiary who is to receive any payroll deductions credited to the
Participant's account under the Plan or any shares of Common Stock owed to the Participant under the Plan in the event of the Participant's death. A Participant may change a beneficiary at any time by
filing a notice in writing with the Committee. 

    (b)  Upon
the death of a Participant and upon receipt by the Committee of proof of the identity and existence of the Participant's designated beneficiary, the Committee
shall deliver such cash or shares, or both, to the beneficiary. In the event a Participant dies and is not survived by a beneficiary that the Participant designated in accordance with the immediately
preceding Subparagraph (a), the Committee shall deliver such cash or shares, or both, to the personal representative of the estate of the deceased Participant. If to the knowledge of the Committee no
personal representative has been appointed within 90 days following the date of the Participant's death, the Committee, in its discretion, may deliver such cash or shares, or both, to the
surviving spouse of the deceased Participant, or to any one or more dependents or relatives of the deceased Participant, or if no spouse, dependent or relative is known to the Committee, then to such
other person as the Committee may designate. 

    (c)  No
designated beneficiary shall acquire any interest in such cash or shares prior to the death of the Participant. 

15. Transferability.  

    A Participant may not transfer, assign, pledge or otherwise dispose of payroll deductions credited to the Participant's account nor any rights to exercise an
option or to receive shares of Common Stock under the Plan other than by will or the laws of descent and distribution or pursuant to an effective qualified domestic relations order, as defined in the
Employee Retirement Income Security Act. Any other attempted assignment, pledge or other disposition shall be without effect, except that the Company may treat such act as an election to withdraw in
accordance with Paragraph 10 above. An option is exercisable during the Participant's lifetime only by the Participant. 

16. Adjustments Upon Changes in Capitalization.  

    In the event that, by reason of a recapitalization, reclassification, stock split, combination of shares or dividend payable in shares of Common Stock, the
outstanding shares of Common Stock of the Company are hereafter increased or decreased or changed into or exchanged for a different number or kind of securities of the Company, the Committee shall
make an appropriate adjustment to the number and kind of shares available for the granting of options, and as to which outstanding options shall be exercisable, and to the option price. 

    Subject
to any required action by the shareholders, if the Company shall be a party to any reorganization involving a merger, consolidation or acquisition of the stock or the assets
of the Company, the Committee in its discretion (a) may declare the Plan's termination in the same manner as if the Board of Directors had terminated the Plan pursuant to Paragraph 17
below, or (b) may declare that any option shall apply to the securities of the resulting corporation and each option to purchase one share of the Common Stock shall entitle the Participant to
purchase the same number of securities of the resulting corporation as a holder of a share of common Stock would be entitled to receive for such share. 

    Any
issue by the Company of any class of preferred stock, or securities convertible into shares of common or preferred stock of any class, shall not affect, and no adjustment by
reason thereof shall be made with respect to, the number of shares of Common Stock subject to any option or the option price except as this Paragraph 16 specifically provides. The grant of an
option pursuant to the Plan shall not affect in any way the right or power of the Company to make adjustments, reclassifications, reorganizations or changes of its capital or business structure, or to
merge or to consolidate, or to dissolve, liquidate, sell or transfer all or any part of its business or assets. 

17. Amendment or Termination.  

    The Board of Directors of the Company may at any time terminate or amend the Plan. Any amendment of the Plan that (i) materially increases the benefits
to Participants, (ii) materially increases the number of securities that may be issued under the Plan, or (iii) materially modifies the eligibility requirements for participation in the
Plan shall be subject to approval of the shareholders of the Company. The Company shall refund to each Participant the amount of payroll deductions credited to his or her account as of the date of
termination of the Plan as soon as administratively feasible following the effective date of the termination. 

18. Notices.  

    All notices or other communications by a Participant to the Committee or the Company shall be deemed to have been duly given when the Secretary of the Company
receives them or when any other person the Company designates receives the notice or other communication in the form the Company specifies. 

19. No Contract.  

    This Plan shall not be deemed to constitute a contract between the Company or any Subsidiary and any Employee or to be a consideration or an inducement for the
employment of any Employee. Nothing contained in this Plan shall be deemed to give any Employee the right to be retained in the service of the Company or any Subsidiary or to interfere with the right
of the Company or any Subsidiary to discharge any Employee at any time regardless of the effect which such discharge shall have upon him or her or any options granted hereunder. 

20. Withholding Taxes.  

    Upon the exercise of any option under the Plan, the Company or the Designated Subsidiary has the right to require the Participant to remit to the Company or
Designated Subsidiary an amount sufficient to satisfy all federal, state and local withholding tax requirements prior to delivery of any certificate or certificates for shares. 

21. Legal and Other Requirements.  

    The obligations of the Company to sell and deliver shares under the Plan shall be subject to all applicable laws, regulations, rules and approvals, including,
without limitation, the effectiveness of a registration statement under the Securities Act of 1933 if deemed necessary or appropriate by the Company. Certificates for shares issued hereunder may be
legended as the Board of Directors shall deem appropriate. 

22. Approval of Shareholders.  

    The Board of Directors has adopted this amended and restated Plan, as of the date set forth below, to amend and restate the Plan effective as of the date of
its original adoption. The Plan shall be submitted to the shareholders of the Company for their approval within 12 months after its original
adoption by the Board of Directors of the Company. The adoption of the Plan is conditioned upon the approval of the shareholders of the Company, and failure to receive their approval within such time
period shall render the Plan and all outstanding options thereunder void and of no effect. 

    IN
WITNESS WHEREOF, the Company has caused this Plan to be executed as of this 21st day of March, 2001. 

	 	 	ELASTIC NETWORKS INC.
	

 	
 	

By:	
 	

/s/ Guy D. Gill

	 	 	Title:	 	Chairman of the Board, Chief Executive Officer and President

[CORPORATE SEAL]

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Exhibit 4.5

ELASTIC NETWORKS INC. AMENDED AND RESTATED EMPLOYEE STOCK PURCHASE PLAN

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