Document:

2006 Equity Incentive Plan

 Exhibit 10.7 
 RIVERBED TECHNOLOGY, INC. 

2006 EQUITY INCENTIVE PLAN 

AMENDED AND RESTATED MARCH 12, 2010, 

AND UPDATED TO REFLECT THE 2:1 STOCK
SPLIT ON NOVEMBER 8, 2010 

 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	  	 	4	  
	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	  	 	5	  
	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	  	 	6	  
	8.3	  	Vesting Conditions	  	 	6	  
	8.4	  	Voting and Dividend Rights	  	 	6	  

  
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	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	  	 	8	  
	10.1	  	Effect of Change in Control	  	 	8	  
	10.2	  	Acceleration	  	 	8	  
			
	ARTICLE 11.	  	PROTECTION AGAINST DILUTION	  	 	8	  
	11.1	  	Adjustments	  	 	8	  
	11.2	  	Dissolution or Liquidation	  	 	9	  
	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	  	 	11	  
	14.1	  	Retention Rights	  	 	11	  
	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	  

  
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 RIVERBED TECHNOLOGY, INC. 

2006 EQUITY INCENTIVE PLAN 

ARTICLE 1. INTRODUCTION. 
 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) 6,000,000 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. All Common Shares available under the Plan may be issued upon the exercise of ISOs. 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) 8,000,000 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, if paid in Common Shares, be applied against the number of Common Shares that may be issued under the Plan. Any dividend equivalents paid or credited under the Plan shall, if

  
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paid in cash, not be applied against the number of Common Shares that may be issued under the Plan. 
 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 5,000,000 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. 

  
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 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 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. 

  
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 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 5,000,000 Common Shares. The limitation set
forth in the preceding sentence shall be subject to adjustment in accordance with Article 11. 
 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

  
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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 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
5,000,000 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 

  
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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 5,000,000 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 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. 

  
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 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 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 

  
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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. 
 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

  
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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 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 

  
 10 

 
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 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 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 initially adopted the Plan. The Plan shall serve as the successor to the Predecessor
Plan, 

  
 11 

 
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. 
 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; 

  
 12 

 (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 
 (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. 

  
 13 

 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 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. 

  
 14 

 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. 

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 
 The performance goals that may be used by the Committee may consist of any
one or more of the following objective performance criteria, applied to either the Company as a whole or, except with respect to stockholder return metrics, to a region, business unit, affiliate or business segment, and measured either on an
absolute basis, a per share basis or relative to a pre-established target, to a previous period’s results or to a designated comparison group, and, with respect to financial metrics, which may be determined in accordance with United States
Generally Accepted Accounting Principles (“GAAP”), in accordance with accounting principles established by the International Accounting Standards Board (“IASB Principles”) or which may be adjusted when established to either
exclude any items otherwise includable under GAAP or under IASB Principles or include any items otherwise excludable under GAAP or under IASB Principles: (i) cash flow (including operating cash flow or free cash flow), (ii) revenue (on an
absolute basis or adjusted for currency effects), (iii) gross margin, (iv) operating expenses or operating expenses as a percentage of revenue, (v) earnings (which may include earnings before interest and taxes, earnings before taxes,
net earnings or EBITDA), (vi) earnings per share, (vii) stock price, (viii) return on equity, (ix) total stockholder return, (x) growth in stockholder value relative to the moving average of the S&P 500 Index, or another
index, (xi) return on capital, (xii) return on assets or net assets, (xiii) return on investment, (xiv) economic value added, (xv) operating income or net operating income, (xvi) operating margin, (xvii) market
share, (xviii) overhead or other expense reduction, (xix) credit rating, (xx) objective customer indicators, (xxi) improvements in productivity, (xxii) attainment of objective operating goals, (xxiii) objective employee
metrics, (xxiv) return ratios, (xxv) objective qualitative milestones, or (xxvi) other objective financial or other metrics relating to the progress of the Company or to a Subsidiary, division or department thereof.2006 Director Option Plan

 Exhibit 10.10 
 RIVERBED TECHNOLOGY, INC. 

2006 DIRECTOR OPTION PLAN 

(AS ADOPTED EFFECTIVE UPON THE IPO), 

AS AMENDED MARCH 4, 2008 

AND UPDATED TO REFLECT THE 2:1 STOCK
SPLIT ON NOVEMBER 8, 2010 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
			
	ARTICLE 1.	  	INTRODUCTION	  	 	1	  
			
	ARTICLE 2.	  	ADMINISTRATION	  	 	1	  
	2.1	  	Committee Composition	  	 	1	  
	2.2	  	Committee Responsibilities	  	 	1	  
			
	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	  
			
	ARTICLE 4.	  	AUTOMATIC OPTION GRANTS TO NON-EMPLOYEE DIRECTORS	  	 	2	  
	4.1	  	Eligibility	  	 	2	  
	4.2	  	Initial Grants	  	 	2	  
	4.3	  	Annual Grants	  	 	2	  
	4.4	  	Accelerated Exercisability	  	 	3	  
	4.5	  	Exercise Price	  	 	3	  
	4.6	  	Term	  	 	3	  
	4.7	  	Affiliates of Non-Employee Directors	  	 	3	  
	4.8	  	Stock Option Agreement	  	 	3	  
			
	ARTICLE 5.	  	PAYMENT FOR OPTION SHARES	  	 	3	  
	5.1	  	General Rule	  	 	3	  
	5.2	  	Surrender of Stock	  	 	3	  
	5.3	  	Exercise/Sale	  	 	3	  
	5.4	  	Other Forms of Payment	  	 	4	  
			
	ARTICLE 6.	  	PROTECTION AGAINST DILUTION	  	 	4	  
	6.1	  	Adjustments	  	 	4	  
	6.2	  	Dissolution or Liquidation	  	 	4	  
	6.3	  	Reorganizations	  	 	4	  
			
	ARTICLE 7.	  	LIMITATION ON RIGHTS	  	 	5	  
	7.1	  	Stockholders’ Rights	  	 	5	  
	7.2	  	Regulatory Requirements	  	 	5	  
	7.3	  	Withholding Taxes	  	 	6	  
			
	ARTICLE 8.	  	FUTURE OF THE PLAN	  	 	6	  
	8.1	  	Term of the Plan	  	 	6	  
	8.2	  	Amendment or Termination	  	 	6	  
			
	ARTICLE 9.	  	DEFINITIONS	  	 	6	  

  
 i 

 RIVERBED TECHNOLOGY, INC. 

2006 DIRECTOR OPTION PLAN 

ARTICLE 1. INTRODUCTION. 
 The Board adopted the Plan 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 Non-Employee
Directors to focus on critical long-range objectives, (b) encouraging the attraction and retention of Non-Employee Directors with exceptional qualifications and (c) linking Non-Employee Directors directly to stockholder interests through
increased stock ownership. The Plan seeks to achieve this purpose by providing for automatic and non-discretionary grants of Options to Non-Employee Directors. 
 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 interpret the Plan and make all decisions relating to the operation of the
Plan. 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. 

 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) 1,000,000 plus (b) the additional Common Shares described in Sections 3.2 and 3.3. The number of Common Shares that are subject to Options 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 6.

 3.2 Annual Increase in Shares. As of the first day of each fiscal year of the Company, commencing on January 1,
2007, the aggregate number of Common Shares that may be issued under the Plan shall automatically increase by 500,000 Common Shares. 
 3.3 Shares Returned to Reserve. If Options are forfeited or terminate for any other reason before being exercised, then the Common Shares subject to such Options shall again become available for
issuance under the Plan. 
 ARTICLE 4. AUTOMATIC OPTION GRANTS TO NON-EMPLOYEE DIRECTORS. 

4.1 Eligibility. Only Non-Employee Directors shall be eligible for the grant of Options under the Plan. 

4.2 Initial Grants. Each Non-Employee Director who first becomes a member of the Board after the date of the IPO shall receive a
one-time grant of an Option covering 60,000 Common Shares. In addition, each Non-Employee Director who first becomes a member of the Board after the date of the IPO and who will serve on the Audit Committee shall receive a one-time grant of an
Option covering 10,000 Common Shares and each such Non-Employee Director who will also serve as the chairman of the Audit Committee shall receive another one-time grant of an Option covering an additional 10,000 Common Shares (for a total of 20,000
Common Shares). Such Option(s) shall be granted on the date such Non-Employee Director first joins the Board. Subject to the Non-Employee Director’s continuing Service, Options granted under this Section 4.2 shall become exercisable in
equal monthly installments over the 48-month period commencing on the date of grant. A Non-Employee Director who previously was an Employee shall not receive a grant under this Section 4.2. 

4.3 Annual Grants. Upon the conclusion of each regular annual meeting of the Company’s stockholders held in the year 2007 or
thereafter, each Non-Employee Director who will continue serving as a member of the Board thereafter shall receive an Option covering 20,000 Common Shares. In addition, each Non-Employee Director who shall continue to be a member of the Audit
Committee shall receive an Option covering 8,000 Common Shares and each such Non-Employee Director who will continue to serve as chairman of the Audit Committee shall receive another Option covering an additional 4,000 Common Shares (for a total of
12,000 Common Shares). Notwithstanding the foregoing, no Options shall be granted pursuant to this Section 4.3 in the calendar year in which the same Non-Employee Director received the Option(s) described in Section 4.2. Subject to the
Non-Employee Director’s 

  
 2 

 
continuing Service, Options granted under this Section 4.3 shall become exercisable in equal monthly installments over the 48-month period commencing on the date of grant. A Non-Employee
Director who previously was an Employee shall be eligible to receive grants under this Section 4.3. 
 4.4 Accelerated
Exercisability. All Options granted to a Non-Employee Director under this Article 4 shall also become exercisable in full in the event that the Company is subject to a Change in Control before such Non-Employee Director’s Service
terminates. Acceleration of exercisability may also be required by Section 6.3. 
 4.5 Exercise Price. The Exercise
Price under all Options granted to a Non-Employee Director under this Article 4 shall be equal to 100% of the Fair Market Value of a Common Share on the date of grant, payable in one of the forms described in Article 5. 

4.6 Term. All Options granted to a Non-Employee Director under this Article 4 shall terminate on the
earliest of (a) the 7th anniversary of the date of grant if granted on or after March 8, 2008 or the
10th anniversary of the date of grant if granted prior to
March 4, 2008 or (b) the date 12 months after the termination of such Non-Employee Director’s Service for any reason. 
 4.7 Affiliates of Non-Employee Directors. The Committee may provide that the Options that otherwise would be granted to a Non-Employee Director under this Article 4 shall instead be granted to
an affiliate of such Non-Employee Director. Such affiliate shall then be deemed to be a Non-Employee Director for purposes of the Plan, provided that the Service-related vesting and termination provisions pertaining to the Options shall be applied
with regard to the Service of the Non-Employee Director. 
 4.8 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. 

ARTICLE 5. PAYMENT FOR OPTION SHARES. 
 5.1 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 5. However, the Optionee 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. 
 5.2 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. 
 5.3 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 

  
 3 

 
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. 
 5.4 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 6. PROTECTION AGAINST DILUTION. 
 6.1 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 available
for future grants under Article 3; 
 (b) The number of Common Shares covered by each outstanding Option; or 

(c) The Exercise Price under each outstanding Option. 
 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 6, an Optionee 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. 
 6.2 Dissolution or Liquidation. To the extent not previously exercised, Options shall
terminate immediately prior to the dissolution or liquidation of the Company. 
 6.3 Reorganizations. In the event that
the Company is a party to a merger or consolidation, all outstanding Options 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 Options by the Company (if the Company is the surviving corporation). 

(b) The assumption of such outstanding Options by the surviving corporation or its parent in a manner that complies with
section 424(a) of the Code (even though such Options are not ISOs). 

  
 4 

 (c) The substitution by the surviving corporation or its parent of new options for such
outstanding Options in a manner that complies with section 424(a) of the Code (even though such Options are not ISOs). 

(d) Full exercisability of such outstanding Options and full vesting of the Common Shares subject to such Options, followed by the
cancellation of such Options. The full exercisability of such Options and full vesting of the Common Shares subject to such Options may be contingent on the closing of such merger or consolidation. The Optionees shall be able to exercise such
Options 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. Any exercise of such Options during such period may be contingent on the closing of such merger or consolidation. 

(e) The cancellation of such outstanding Options and a payment to the Optionees equal to the excess of (i) the Fair Market Value of
the Common Shares subject to such Options (whether or not such Options 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 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 Optionees
than the schedule under which such Options would have become exercisable or such Common Shares would have vested. If the Exercise Price of the Common Shares subject to such Options exceeds the Fair Market Value of such Common Shares, then such
Options may be cancelled without making a payment to the Optionees. For purposes of this Subsection (e), the Fair Market Value of any security shall be determined without regard to any vesting conditions that may apply to such security.

 ARTICLE 7. LIMITATION ON RIGHTS. 
 7.1 Stockholders’ Rights. A Optionee shall have no dividend rights, voting rights or other rights as a stockholder with respect to any Common Shares covered by his or her Option prior to the
time when he or she becomes entitled to receive such Common Shares by filing a notice of exercise and paying the 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. 
 7.2 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 Option 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. 

  
 5 

 7.3 Withholding Taxes. To the extent required by applicable federal, state, local or
foreign law, an Optionee 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. 
 ARTICLE 8. FUTURE OF THE PLAN.

 8.1 Term of the Plan. The Plan, as set forth herein, shall become effective on the date of the
IPO. The Plan shall remain in effect until the earlier of (a) the date the Plan is terminated under Section 8.2 or (b) the 10th anniversary of the date the Board adopted the Plan. 

8.2 Amendment or Termination. The Board may, at any time and for any reason, amend or terminate the Plan. 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. 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. 
 ARTICLE 9. DEFINITIONS. 

9.1 “Board” means the Company’s Board of Directors, as constituted from time to time. 

9.2 “Audit Committee” means the Audit Committee of the Board. 

9.3 “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 

(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 

  
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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. 
 9.4 “Code” means the Internal Revenue Code of
1986, as amended. 
 9.5 “Committee” means a committee of the Board, as described in Article 2.

 9.6 “Common Share” means one share of the common stock of the Company. 

9.7 “Company” means Riverbed Technology, Inc., a Delaware corporation. 

9.8 “Consultant” means a consultant or adviser who provides bona fide services to the Company, a Parent or a Subsidiary
as an independent contractor. 
 9.9 “Employee” means a common-law employee of the Company, a Parent or a
Subsidiary. 
 9.10 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

9.11 “Exercise Price” means the amount for which one Common Share may be purchased upon exercise of such Option, as
specified in the applicable Stock Option Agreement. 
 9.12 “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 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. 
 9.13 “IPO” means the initial public offering
of the Company’s Common Shares. 

  
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 9.14 “Non-Employee Director” means a member of the Board who is not an
Employee. 
 9.15 “Option” means an option granted under the Plan and entitling the holder to purchase Common
Shares. Options do not qualify as incentive stock options described in section 422(b) of the Code. 
 9.16
“Optionee” means an individual or estate that holds an Option. 
 9.17 “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. 

9.18 “Plan” means this Riverbed Technology, Inc. 2006 Director Option Plan, as amended from time to time. 

9.19 “Service” means service as a Non-Employee Director. 

9.20 “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. 
 9.21 “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. 

  
 8

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