Document:

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                                                                   EXHIBIT 10.47

[NAVISITE LOGO]

                             Personal & Confidential

July 15, 2003

Ken Drake

RE: OFFER OF EMPLOYMENT

Dear Ken:

NaviSite, Inc. ("NaviSite" or the "Company")) is pleased to offer you the
opportunity to join our company. You are being offered a position as General
Counsel initially reporting to me. If you decide to join us, your annualized
base salary will be $180,000.00, less applicable withholdings. You will be paid
bi-weekly in accordance with the Company's standard payroll practice. You will
be located at the Company's office in New York, New York. You will have such
duties, authorities and responsibilities commensurate with your position and
such other duties and responsibilities as the Chief Executive Officer of
NaviSite, or his designee, shall designate from time to time. Your salary will
be reviewed by the Chief Executive Officer of NaviSite and/or the Board of
Directors from time to time (but generally no more frequently than annually) and
may be subject to adjustment based upon various factors, including, but not
limited to, your performance.

BONUS:

You will be eligible for a discretionary performance bonus based in part on
mutual objectives that you and I will set no later than 60 days after the
earlier of (i) the date you commence employment with the Company and (ii) the
date of the adoption of a bonus plan by the Company.

STOCK OPTIONS PLAN:

Subject to the Board's approval, you will be granted an option to purchase
80,000 of shares of the Company's common stock in accordance with the Company's
stock option plan with the purchase price for such shares being set at the
market price on the date of issuance by the Board. The option schedule will be
based on the Company's stock plan. The options will be governed by and subject
to the terms, conditions and termination provisions of the Company's standard
form of stock option agreement (which you will be required to sign in connection
with the issuance of your option).

SEVERANCE:

If your employment is terminated (i) by the Company without cause (and not as a
result of your death or disability) or (ii) by you for "good reason", and if you
enter into a binding general release of known and unknown claims in a form
satisfactory to the Company, you will receive severance payments at your final
base salary rate, less applicable withholding, and continuation of medical
benefits pursuant to COBRA until six months after the date of your termination
without cause or for good reason. Severance payments will be made in accordance
with the Company's normal payroll procedures. For purposes of this section ,
"cause" shall mean (a) a good faith finding by the Board that (i) you have
failed to perform your reasonably assigned duties for the Company and have
failed to remedy such failure within 10 days of the initial written notice from
the Company to you informing you of such failure, (ii) you have engaged in
dishonesty, gross negligence or willful misconduct, (b) your indictment of, the
entry of a pleading of guilty or nolo contendere by you to, any crime involving
moral turpitude or any felony, or your disbarment from the practice of law in
any state of the United States, or (iii) your breach of any of your obligations
to the Company, including your failure to provide the Company with necessary I-9
documentation as set forth below. For purposes of this section "good reason"
means (i) a material breach by the Company of the terms of this offer, which
breach is not remedied by the Company within 10 days following the first written
notice by you to the Company notifying it of such breach or (ii) the relocation
without your authorization of your place of work more than 50 miles from your
principal place of employment set forth in the first paragraph above.

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BENEFITS:

As an employee, you will also be eligible to receive certain employee benefits
including medical, dental, 401 (k) Plan, employee assistance program, life
insurance and accidental death and dismemberment on your date of hire. The
Company reserves the right to revise or discontinue any or all of its benefit
plans, at any time, in the Company's sole discretion. The Company will also pay
any applicable professional licensing fees, bar association memberships and
requisite continuing legal education expenses in order for you to keep in good
standing as an attorney in New York. In accordance with Company policy, you will
be promptly reimbursed for reasonable, documented out of pocket expenses,
including travel, incurred in connection with your service to the Company.

PAID TIME OFF:

In order to allow employees the greatest possible control of their time,
NaviSite has a combined program of paid time off as detailed in your new hire
packet. Each new employee begins to accrue paid time off immediately, provided
that in no event shall your annual paid time off be less than 3 weeks per year
(pro rated for any partial year of employment)

2003 HOLIDAYS:

2003 holiday schedule and policy is included in your new hire package.

I-9:

For purposes of federal immigration law, you will be required to provide to
NaviSite documentary evidence of your identity and eligibility for employment in
the United States. Such documentation must be provided to us within three (3)
business days of your first date of hire with NaviSite, or our employment
relationship with you may be terminated.

In the event of any dispute or claim relating to or arising out of our
employment relationship, this agreement, or the termination of our employment
relationship (including, but not limited to, any claims of wrongful termination
or age, sex, disability, race or other discrimination), you and NaviSite agree
that all such disputes shall be fully, finally and exclusively resolved by
binding arbitration conducted by the American Arbitration Association in San
Francisco County California or the state in which you work, and we waive our
rights to have such disputes tried by a court or jury. However, we agree that
this arbitration provision shall not apply to any disputes or claims relating to
or arising out of the misuse or misappropriation of your or the Company's trade
secrets or proprietary information.

NAVISITE CONFIDENTIAL INFORMATION:

In consideration of your employment with NaviSite, you agree that you will not
while employed by NaviSite or for a period of twelve (12) months thereafter,
except in scope of your employment with NaviSite, directly or indirectly,
disclose any confidential information that you may learn or have learned by
reason of you association with NaviSite or its affiliates unless required by
law. The term "confidential information" includes information not previously
disclosed to the public or to the trade by NaviSite's management, or otherwise
in the public domain, with respect to the NaviSite's, or any of its affiliates',
trade secrets and other intellectual property, confidential reports, client
lists, technical information, or financial information concerning NaviSite. You
agree that all confidential information is and shall remain the exclusive
property of NaviSite. All business records, papers and documents kept or made by
you relating to the business of NaviSite (the "Business Records") shall be and
remain the property of NaviSite. Upon termination of your employment with
NaviSite or at any other time upon request, you will promptly deliver to
NaviSite all Business Records (and all copies of reproductions of such material)
in you possession or under you control, whether prepared by you or others, which
contain confidential information. You agree that a breach of this provision may
result in material and irreparable injury to NaviSite or its affiliates for
which there is no adequate remedy at law, that it will not be possible to
measure damages for such injuries precisely and that, in the event of such a
breach or threat thereof, NaviSite shall be entitled to obtain a Court order
restraining you from engaging in activities prohibited by this letter agreement
or such other relief as may be appropriate. This provision shall specifically
survive the termination of this letter, as applicable.

AT WILL:

If you choose to accept this offer, your employment with NaviSite will be
voluntarily entered into and will be for no specified period. As a result, you
will be free to resign at any time, for any reason, as you deem appropriate.
NaviSite will have a similar right and may conclude its employment relationship
with you at any time, with or without cause.

ACCEPTANCE OF OFFER:

To indicate your acceptance of this employment agreement, please sign, date in
the space provided below and return it to Joe Hayes, at NaviSite, 400 Minuteman
Road, Andover, MA 01810 no later than no later than July 25, 2003. A duplicate
original is enclosed for your records. This letter, along with any agreements
relating to proprietary rights between you and the Company, set forth the terms
of your employment with the Company.

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This letter, along with any agreements may not be modified or amended except by
a written agreement signed by an authorized officer of the Company. This letter
sets forth the terms of your employment with NaviSite and supersedes any prior
representations or agreements, whether written or oral. If we do not hear from
you by July 25, 2003 we will assume you have decided not to join NaviSite.
NaviSite reserves the right to withdraw this offer at any time prior to receipt
of your signed acceptance of the offer.

If you do accept employment with NaviSite it is very important that you submit
your new hire documentation within (3) days of your start date in the enclosed
envelope. NaviSite will need the following:

         1.  New Hire Check List complete with the documents listed below

         2.  Offer letter signed by you

         3.  W-4 form

         4.  State withholdings (if Applicable)

         5.  I-9 form

         6.  Employment Application / EEO Form

         7.  Emergency Contact

         8.  Direct Deposit (All employees must complete even if you do not want
             direct deposit, check NO).

         9.  Employee Invention and Confidentiality Agreement

         10. Acknowledgement Anti Harassment Policy

         11. Benefit Forms (Health / Life / 401K)

If you have any questions regarding your new hire paperwork contact Pat Schoof
at (415) 901 - 6508.

By signing below and thus, accepting the Company's offer, you represent and
acknowledge that you are aware of the Company's business affairs and financial
condition and have acquired sufficient information about the Company to reach an
informed and knowledgeable decision regarding whether or not to join the Company
and that the Company makes no representations regarding the future success of
the Company.

We look forward to your positive response and welcoming you to the NaviSite
Team.

Sincerely,

/s/ Arthur Becker

Arthur Becker
CEO / President

____________________________________________________________________________
I accept the terms of this letter and agree to keep the terms of this letter
confidential.

/s/ Ken Drake                    ______________             September 8, 2003
----------------------           Date                       Start Date
Signature of Ken Drake<PAGE>

                                                                   EXHIBIT 10.48

                                 NAVISITE, INC.

                            2003 STOCK INCENTIVE PLAN

1.       Purpose

         The purpose of this 2003 Stock Incentive Plan (the "Plan") of NaviSite,
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 of the Company's
present or future parent or subsidiary corporations as defined in Sections
424(e) or (f) of the Internal Revenue Code of 1986, as amended, and any
regulations promulgated thereunder (the "Code") and any other business venture
(including, without limitation, joint venture or limited liability company) in
which the Company has a controlling interest, as determined by the Board of
Directors of the Company (the "Board").

2.       Eligibility

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

3.       Administration and Delegation

         (a)      Administration by Board of Directors. The Plan will be
administered by 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)      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"). All
references in the Plan to the "Board" shall mean the Board or a Committee of the
Board or the executive officers referred to in Section 3(c) to the extent that
the Board's powers or authority under the Plan have been delegated to such
Committee or executive officers.

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         (c)      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 grant Awards to employees or officers of the Company or any
of its present or future subsidiary corporations and to exercise such other
powers under the Plan as the Board may determine, provided that the Board shall
fix the terms of the Awards to be granted by such executive officers (including
the exercise price of such Awards, which may include a formula by which the
exercise price will be determined) and the maximum number of shares subject to
Awards that the executive officers may grant; provided further, however, that no
executive officer shall be authorized to grant Awards to any "executive officer"
of the Company (as defined by Rule 3b-7 under the Securities Exchange Act of
1934, as amended (the "Exchange Act")) or to any "officer" of the Company (as
defined by Rule 16a-1 under the Exchange Act).

4.       Stock Available for Awards

         (a)      Number of Shares. Subject to adjustment under Section 7,
Awards may be made under the Plan for up to 2,600,000 shares of common stock,
$.01 par value per share, of the Company (the "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 (including as the result of shares
of Common Stock subject to such Award being repurchased by the Company at the
original issuance price pursuant to a contractual repurchase right) 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
limitations 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 7,
the maximum number of shares of Common Stock with respect to which Awards may be
granted to any Participant under the Plan shall be 650,000 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 ("Section 162(m)").

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 NaviSite, Inc.,
any of NaviSite, Inc.'s present or future parent or subsidiary corporations as
defined in Sections 424(e) or (f) of the Code, and any other entities the
employees of which are eligible to receive Incentive Stock Options under the
Code, 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

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any part thereof) that 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 by delivery to
the Company of a written notice of exercise signed by the proper person or by
any other form of notice (including electronic notice) approved by the Board
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:

                  (1)      in cash or by check, payable to the order of the
Company;

                  (2)      except as the Board may, in its sole discretion,
otherwise provide in an option agreement, by (i) delivery of an irrevocable and
unconditional undertaking by a creditworthy broker to deliver promptly to the
Company sufficient funds to pay the exercise price and any required tax
withholding or (ii) 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 and
any required tax withholding;

                  (3)      when the Common Stock is registered under the
Securities Exchange Act of 1934 (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"), provided (i) such method of payment is then permitted under applicable
law and (ii) such Common Stock, if acquired directly from the Company was owned
by the Participant at least six months prior to such delivery;

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

                  (5)      by any combination of the above permitted forms of
payment.

         (g)      Substitute Options. In connection with a merger or
consolidation of an entity with the Company or the acquisition by the Company of
property or stock of an entity, the Board may grant Options in substitution for
any options or other stock or stock-based awards granted by such entity or an
affiliate thereof. Substitute Options may be granted on such terms as the Board
deems appropriate in the circumstances, notwithstanding any limitations on
Options contained in the other sections of this Section 5 or in Section 2.

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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, a
"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.

         (c)      Stock Certificates. 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.       Adjustments for Changes in Common Stock and Certain Other Events

         (a)      Changes in Capitalization. In the event of any stock split,
reverse stock split, stock dividend, recapitalization, combination of shares,
reclassification of shares, 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 per-Participant limit set forth in Section 4(b), (iii) the number and
class of securities and exercise price per share subject to each outstanding
Option, and (iv) the repurchase price per share subject to each outstanding
Restricted Stock 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 7(a) applies and Section 7(c) also applies to
any event, Section 7(c) shall be applicable to such event, and this Section 7(a)
shall not be applicable.

         (b)      Liquidation or Dissolution. In the event of a proposed
liquidation or dissolution of the Company, the Board shall upon written notice
to the Participants provide that all then unexercised Options will (i) become
exercisable in full as of a specified time at least 10 business days prior to
the effective date of such liquidation or dissolution and (ii) terminate
effective upon such liquidation or dissolution, except to the extent exercised
before such effective date. The Board may specify the effect of a liquidation or
dissolution on any Restricted Stock Award granted under the Plan at the time of
the grant.

         (c)      Reorganization Events

                  (1)      Definition. A "Reorganization Event" shall mean: (a)
any merger or consolidation of the Company with or into another entity as a
result of which all of the Common

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Stock of the Company is converted into or exchanged for the right to receive
cash, securities or other property or (b) any exchange of all of the Common
Stock of the Company for cash, securities or other property pursuant to a share
exchange transaction.

                  (2)      Consequences of a Reorganization Event on Options.
Upon the occurrence of a Reorganization Event, or the execution by the Company
of any agreement with respect to a Reorganization Event, the Board shall provide
that all outstanding Options shall be assumed, or equivalent options shall be
substituted, by the acquiring or succeeding corporation (or an affiliate
thereof). For purposes hereof, an Option shall be considered to be assumed if,
following consummation of the Reorganization Event, the Option confers the right
to purchase, for each share of Common Stock subject to the Option immediately
prior to the consummation of the Reorganization Event, the consideration
(whether cash, securities or other property) received as a result of the
Reorganization Event by holders of Common Stock for each share of Common Stock
held immediately prior to the consummation of the Reorganization Event (and if
holders were offered a choice of consideration, the type of consideration chosen
by the holders of a majority of the outstanding shares of Common Stock);
provided, however, that if the consideration received as a result of the
Reorganization Event is not solely common stock of the acquiring or succeeding
corporation (or an affiliate thereof), the Company may, with the consent of the
acquiring or succeeding corporation, provide for the consideration to be
received upon the exercise of Options to consist solely of common stock of the
acquiring or succeeding corporation (or an affiliate thereof) equivalent in fair
market value to the per share consideration received by holders of outstanding
shares of Common Stock as a result of the Reorganization Event.

         Notwithstanding the foregoing, if the acquiring or succeeding
corporation (or an affiliate thereof) does not agree to assume, or substitute
for, such Options, then the Board shall, upon written notice to the
Participants, provide that all then unexercised Options will become exercisable
in full as of a specified time prior to the Reorganization Event and will
terminate immediately prior to the consummation of such Reorganization Event,
except to the extent exercised by the Participants before the consummation of
such Reorganization Event; provided, however, that in the event of a
Reorganization Event under the terms of which holders of Common Stock will
receive upon consummation thereof a cash payment for each share of Common Stock
surrendered pursuant to such Reorganization Event (the "Acquisition Price"),
then the Board may instead provide that all outstanding Options shall terminate
upon consummation of such Reorganization Event and that each Participant shall
receive, in exchange therefor, a cash payment equal to the amount (if any) by
which (A) the Acquisition Price multiplied by the number of shares of Common
Stock subject to such outstanding Options (whether or not then exercisable),
exceeds (B) the aggregate exercise price of such Options. To the extent all or
any portion of an Option becomes exercisable solely as a result of the first
sentence of this paragraph, upon exercise of such Option the Participant shall
receive shares subject to a right of repurchase by the Company or its successor
at the Option exercise price. Such repurchase right (1) shall lapse at the same
rate as the Option would have become exercisable under its terms and (2) shall
not apply to any shares subject to the Option that were exercisable under its
terms without regard to the first sentence of this paragraph.

                  (3)      Consequences of a Reorganization Event on Restricted
Stock Awards. Upon the occurrence of a Reorganization Event, the repurchase and
other rights of the Company under each outstanding Restricted Stock Award shall
inure to the benefit of the Company's successor and shall apply to the cash,
securities or other property which the Common Stock was

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converted into or exchanged for pursuant to such Reorganization Event in the
same manner and to the same extent as they applied to the Common Stock subject
to such Restricted Stock Award.

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 shall be evidenced in such form
(written, electronic or otherwise) 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 Award may be made alone or in addition or in relation to any other Award.
The terms of each 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)      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; provided,
however, that the total tax withholding where stock is being used to satisfy
such tax obligations cannot exceed the Company's minimum statutory withholding
obligations (based on minimum statutory withholding rates for federal and state
tax purposes, including payroll taxes, that are applicable to such supplemental
taxable income). 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.

         (f)      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.

         (g)      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

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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.

         (h)      Acceleration. The Board may at any time provide that any Award
shall become immediately exercisable in full or in part, 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. 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.
Notwithstanding the foregoing, in the event the Company effects a split of the
Common Stock by means of a stock dividend and the exercise price of and the
number of shares subject to such Option are adjusted as of the date of the
distribution of the dividend (rather than as of the record date for such
dividend), then an optionee who exercises an Option between the record date and
the distribution date for such stock dividend shall be entitled to receive, on
the distribution date, the stock dividend with respect to the shares of Common
Stock acquired upon such Option exercise, notwithstanding the fact that such
shares were not outstanding as of the close of business on the record date for
such stock dividend.

         (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 that is intended to comply with Section 162(m) 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), no Award granted to a Participant that is intended
to comply with Section 162(m) after the date of such amendment shall become
exercisable, realizable or vested, as applicable to such Award, unless and until
such amendment shall have been approved by the Company's stockholders if
required by Section 162(m) (including the vote required under Section 162(m)).

                                      -7-

<PAGE>

         (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.

                                      -8-

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