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                                                                     EXHIBIT 4.3

                          SEQUOIA SOFTWARE CORPORATION
                           2000 STOCK INCENTIVE PLAN

1.       ESTABLISHMENT, PURPOSE AND TYPES OF AWARDS

         SEQUOIA SOFTWARE CORPORATION, a Maryland corporation (the "Company"),
hereby establishes the SEQUOIA SOFTWARE CORPORATION 2000 STOCK INCENTIVE PLAN
(the "Plan"). The purpose of the Plan is to promote the long-term growth and
profitability of the Company by (i) providing key people with incentives to
improve stockholder value and to contribute to the growth and financial success
of the Company, and (ii) enabling the Company to attract, retain and reward the
best-available persons.

         The Plan permits the granting of stock options (including incentive
stock options qualifying under Code section 422 and nonqualified stock
options), stock appreciation rights, restricted or unrestricted stock awards,
phantom stock, performance awards, other stock-based awards, or any combination
of the foregoing.

2.       DEFINITIONS

         Under this Plan, except where the context otherwise indicates, the
following definitions apply:

         (a)      "Affiliate" shall mean any entity, whether now or hereafter
existing, which controls, is controlled by, or is under common control with,
the Company (including, but not limited to, joint ventures, limited liability
companies, and partnerships). For this purpose, "control" shall mean ownership
of 50% or more of the total combined voting power or value of all classes of
stock or interests of the entity.

         (b)      "Award" shall mean any stock option, stock appreciation
right, stock award, phantom stock award, performance award, or other
stock-based award.

         (c)      "Board" shall mean the Board of Directors of the Company.

         (d)      "Code" shall mean the Internal Revenue Code of 1986, as
amended, and any regulations promulgated thereunder.

         (e)      "Common Stock" shall mean shares of common stock of the
Company, par value of  ($.001) per share.

         (f)      "Fair Market Value" shall mean, with respect to a share of
the Company's Common Stock for any purpose on a particular date, the value
determined by the Administrator in good faith. However, if the Common Stock is
registered under Section 12(b) of the Securities Exchange Act of 1934, as
amended, "Fair Market Value" shall mean, as applicable, (i) either the closing
price or the average of the high and low sale price on the relevant date, as
determined in the Administrator's discretion, quoted on the New York Stock
Exchange, the American Stock Exchange, or the Nasdaq National Market; (ii) the
last sale price on the relevant date quoted on the Nasdaq SmallCap Market;
(iii) the average of the high bid and low asked prices on the relevant date
quoted on the Nasdaq OTC Bulletin Board Service or by the National Quotation
Bureau, Inc. or a comparable service as determined in the Administrator's
discretion; or (iv) if the Common Stock is not quoted by any of the above, the
average of the closing bid and asked prices on the relevant date furnished by a
professional market maker for the Common Stock, or by such

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other source, selected by the Administrator. If no public trading of the Common
Stock occurs on the relevant date, then Fair Market Value shall be determined
as of the next preceding date on which trading of the Common Stock does occur.
For all purposes under this Plan, the term "relevant date" as used in this
Section 2.1(f) shall mean either the date as of which Fair Market Value is to
be determined or the next preceding date on which public trading of the Common
Stock occurs, as determined in the Administrator's discretion.

         (g)      "Grant Agreement" shall mean a written document memorializing
the terms and conditions of an Award granted pursuant to the Plan and shall
incorporate the terms of the Plan.

3.       ADMINISTRATION

         (a)      Administration of the Plan. The Plan shall be administered by
the Board or by such committee or committees as may be appointed by the Board
from time to time (the Board, committee or committees hereinafter referred to
as the "Administrator").

         (b)      Powers of the Administrator. The Administrator shall have all
the powers vested in it by the terms of the Plan, such powers to include
authority, in its sole and absolute discretion, to grant Awards under the Plan,
prescribe Grant Agreements evidencing such Awards and establish programs for
granting Awards.

         The Administrator shall have full power and authority to take all
other actions necessary to carry out the purpose and intent of the Plan,
including, but not limited to, the authority to: (i) determine the eligible
persons to whom, and the time or times at which Awards shall be granted; (ii)
determine the types of Awards to be granted; (iii) determine the number of
shares to be covered by or used for reference purposes for each Award; (iv)
impose such terms, limitations, restrictions and conditions upon any such Award
as the Administrator shall deem appropriate; (v) modify, amend, extend or renew
outstanding Awards, or accept the surrender of outstanding Awards and
substitute new Awards (provided however, that, except as provided in Section
7(d) of the Plan, any modification that would materially adversely affect any
outstanding Award shall not be made without the consent of the holder); (vi)
accelerate or otherwise change the time in which an Award may be exercised or
becomes payable and to waive or accelerate the lapse, in whole or in part, of
any restriction or condition with respect to such Award, including, but not
limited to, any restriction or condition with respect to the vesting or
exercisability of an Award following termination of any grantee's employment or
other relationship with the Company; and (vii) establish objectives and
conditions, if any, for earning Awards and determining whether Awards will be
paid after the end of a performance period.

         The Administrator shall have full power and authority, in its sole and
absolute discretion, to administer and interpret the Plan and to adopt and
interpret such rules, regulations, agreements, guidelines and instruments for
the administration of the Plan and for the conduct of its business as the
Administrator deems necessary or advisable.

         (c)      Non-Uniform Determinations. The Administrator's
determinations under the Plan (including without limitation, determinations of
the persons to receive Awards, the form, amount and timing of such Awards, the
terms and provisions of such Awards and the Grant Agreements evidencing such
Awards) need not be uniform and may be made by the Administrator selectively
among persons who receive, or are eligible to receive, Awards under the Plan,
whether or not such persons are similarly situated.

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         (d)      Limited Liability. To the maximum extent permitted by law, no
member of the Administrator shall be liable for any action taken or decision
made in good faith relating to the Plan or any Award thereunder.

         (e)      Indemnification. To the maximum extent permitted by law and
by the Company's charter and by-laws, the members of the Administrator shall be
indemnified by the Company in respect of all their activities under the Plan.

         (f)      Effect of Administrator's Decision. All actions taken and
decisions and determinations made by the Administrator on all matters relating
to the Plan pursuant to the powers vested in it hereunder shall be in the
Administrator's sole and absolute discretion and shall be conclusive and
binding on all parties concerned, including the Company, its stockholders, any
participants in the Plan and any other employee, consultant, or director of the
Company, and their respective successors in interest.

4.       SHARES AVAILABLE FOR THE PLAN

         Subject to adjustments as provided in Section 7(d) of the Plan, the
shares of Common Stock that may be issued with respect to Awards granted under
the Plan shall not exceed an aggregate of 9,183,014 shares of Common Stock. The
Company shall reserve such number of shares for Awards under the Plan, subject
to adjustments as provided in Section 7(d) of the Plan. If any Award, or
portion of an Award, under the Plan expires or terminates unexercised, becomes
unexercisable or is forfeited or otherwise terminated, surrendered or canceled
as to any shares, or if any shares of Common Stock are surrendered to the
Company in connection with any Award (whether or not such surrendered shares
were acquired pursuant to any Award), or if any shares are withheld by the
Company, the shares subject to such Award and the surrendered and withheld
shares shall thereafter be available for further Awards under the Plan;
provided, however, that any such shares that are surrendered to or withheld by
the Company in connection with any Award or that are otherwise forfeited after
issuance shall not be available for purchase pursuant to incentive stock
options intended to qualify under Code section 422.

5.       PARTICIPATION

         Participation in the Plan shall be open to all employees, officers,
and directors of, and other individuals providing bona fide services to or for,
the Company, or of any Affiliate of the Company, as may be selected by the
Administrator from time to time. The Administrator may also grant Awards to
individuals in connection with hiring, retention or otherwise, prior to the
date the individual first performs services for the Company or an Affiliate
provided that such Awards shall not become vested prior to the date the
individual first performs such services.

6.       AWARDS

         The Administrator, in its sole discretion, establishes the terms of
all Awards granted under the Plan. Awards may be granted individually or in
tandem with other types of Awards. All Awards are

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subject to the terms and conditions provided in the Grant Agreement. The
Administrator may permit or require a recipient of an Award to defer such
individual's receipt of the payment of cash or the delivery of Common Stock
that would otherwise be due to such individual by virtue of the exercise of,
payment of, or lapse or waiver of restrictions respecting, any Award. If any
such payment deferral is required or permitted, the Administrator shall, in its
sole discretion, establish rules and procedures for such payment deferrals.

         (a)      Stock Options. The Administrator may from time to time grant
to eligible participants Awards of incentive stock options as that term is
defined in Code section 422 or nonqualified stock options; provided, however,
that Awards of incentive stock options shall be limited to employees of the
Company or of any current or hereafter existing "parent corporation" or
"subsidiary corporation," as defined in Code sections 424(e) and (f),
respectively, of the Company. Options intended to qualify as incentive stock
options under Code section 422 must have an exercise price at least equal to
Fair Market Value as of the date of grant, but nonqualified stock options may
be granted with an exercise price less than Fair Market Value. No stock option
shall be an incentive stock option unless so designated by the Administrator at
the time of grant or in the Grant Agreement evidencing such stock option.

         (b)      Stock Appreciation Rights. The Administrator may from time to
time grant to eligible participants Awards of Stock Appreciation Rights
("SAR"). An SAR entitles the grantee to receive, subject to the provisions of
the Plan and the Grant Agreement, a payment having an aggregate value equal to
the product of (i) the excess of (A) the Fair Market Value on the exercise date
of one share of Common Stock over (B) the base price per share specified in the
Grant Agreement, times (ii) the number of shares specified by the SAR, or
portion thereof, which is exercised. Payment by the Company of the amount
receivable upon any exercise of an SAR may be made by the delivery of Common
Stock or cash, or any combination of Common Stock and cash, as determined in
the sole discretion of the Administrator. If upon settlement of the exercise of
an SAR a grantee is to receive a portion of such payment in shares of Common
Stock, the number of shares shall be determined by dividing such portion by the
Fair Market Value of a share of Common Stock on the exercise date. No
fractional shares shall be used for such payment and the Administrator shall
determine whether cash shall be given in lieu of such fractional shares or
whether such fractional shares shall be eliminated.

         (c)      Stock Awards. The Administrator may from time to time grant
restricted or unrestricted stock Awards to eligible participants in such
amounts, on such terms and conditions, and for such consideration, including no
consideration or such minimum consideration as may be required by law, as it
shall determine. A stock Award may be paid in Common Stock, in cash, or in a
combination of Common Stock and cash, as determined in the sole discretion of
the Administrator.

         (d)      Phantom Stock. The Administrator may from time to time grant
Awards to eligible participants denominated in stock-equivalent units ("phantom
stock") in such amounts and on such terms and conditions as it shall determine.
Phantom stock units granted to a participant shall be credited to a bookkeeping
reserve account solely for accounting purposes and shall not require a
segregation of any of the Company's assets. An Award of phantom stock may be
settled in Common Stock, in cash, or in a combination of Common Stock and cash,
as determined in the sole discretion of the Administrator. Except as otherwise
provided in the applicable Grant Agreement, the grantee shall not have the
rights of a stockholder with respect to any shares of Common Stock represented
by a phantom stock unit solely as a result of the grant of a phantom stock unit
to the grantee.

         (e)      Performance Awards. The Administrator may, in its discretion,
grant performance awards which become payable on account of attainment of one
or more performance goals established by

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the Administrator. Performance awards may be paid by the delivery of Common
Stock or cash, or any combination of Common Stock and cash, as determined in
the sole discretion of the Administrator. Performance goals established by the
Administrator may be based on the Company's or an Affiliate's operating income
or one or more other business criteria selected by the Administrator that apply
to an individual or group of individuals, a business unit, or the Company or an
Affiliate as a whole, over such performance period as the Administrator may
designate.

         (f)      Other Stock-Based Awards. The Administrator may from time to
time grant other stock-based awards to eligible participants in such amounts,
on such terms and conditions, and for such consideration, including no
consideration or such minimum consideration as may be required by law, as it
shall determine. Other stock-based awards may be denominated in cash, in Common
Stock or other securities, in stock-equivalent units, in stock appreciation
units, in securities or debentures convertible into Common Stock, or in any
combination of the foregoing and may be paid in Common Stock or other
securities, in cash, or in a combination of Common Stock or other securities
and cash, all as determined in the sole discretion of the Administrator.

7.       MISCELLANEOUS

         (a)      Withholding of Taxes. Grantees and holders of Awards shall
pay to the Company or its Affiliate, or make provision satisfactory to the
Administrator for payment of, any taxes required to be withheld in respect of
Awards under the Plan no later than the date of the event creating the tax
liability. The Company or its Affiliate may, to the extent permitted by law,
deduct any such tax obligations from any payment of any kind otherwise due to
the grantee or holder of an Award. In the event that payment to the Company or
its Affiliate of such tax obligations is made in shares of Common Stock, such
shares shall be valued at Fair Market Value on the applicable date for such
purposes.

         (b)      Loans. The Company or its Affiliate may make or guarantee
loans to grantees to assist grantees in exercising Awards and satisfying any
withholding tax obligations.

         (c)      Transferability. Except as otherwise determined by the
Administrator, and in any event in the case of an incentive stock option or a
stock appreciation right granted with respect to an incentive stock option, no
Award granted under the Plan shall be transferable by a grantee otherwise than
by will or the laws of descent and distribution. Unless otherwise determined by
the Administrator in accord with the provisions of the immediately preceding
sentence, an Award may be exercised during the lifetime of the grantee, only by
the grantee or, during the period the grantee is under a legal disability, by
the grantee's guardian or legal representative.

         (d)      Adjustments; Business Combinations.

                  (i)      Upon a stock dividend of, or stock split or reverse
stock split affecting, the Common Stock of the Company, (A) the maximum number
of shares reserved for issuance or with respect to which Awards may be granted
under the Plan, as provided in Section 4 of the Plan, and (B) the number of
shares covered by and the exercise price and other terms of outstanding Awards,
shall, without further action of the Board, be adjusted to reflect such event
unless the Board determines, at the time it approves such stock dividend, stock
split or reverse stock split, that no such adjustment shall be made. The
Administrator may make adjustments, in its discretion, to address the treatment
of fractional shares and fractional cents that arise with respect to
outstanding Awards as a result of the stock dividend, stock split or reverse
stock split.

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                  (ii)     In the event of any other changes affecting the
Company, the capitalization of the Company or the Common Stock of the Company
by reason of any spin-off, split-up, dividend, recapitalization, merger,
consolidation, business combination or exchange of shares and the like, the
Administrator, in its discretion and without the consent of holders of Awards,
shall make: (A) appropriate adjustments to the maximum number and kind of
shares reserved for issuance or with respect to which Awards may be granted
under the Plan, as provided in Section 4 of the Plan, and to the number, kind
and price of shares covered by outstanding Awards; and (B) any other
adjustments in outstanding Awards, including but not limited to reducing the
number of shares subject to Awards or providing or mandating alternative
settlement methods such as settlement of the Awards in cash or in shares of
Common Stock or other securities of the Company or of any other entity, or in
any other matters which relate to Awards as the Administrator shall, in its
sole discretion, determine to be necessary or appropriate.

                  (iii)    Notwithstanding anything in the Plan to the contrary
and without the consent of holders of Awards, the Administrator, in its sole
discretion, may make any modifications to any Awards, including but not limited
to cancellation, forfeiture, surrender or other termination of the Awards in
whole or in part regardless of the vested status of the Award, in order to
facilitate any business combination that is authorized by the Board to comply
with requirements for treatment as a pooling of interests transaction for
accounting purposes under generally accepted accounting principles.

                  (iv)     The Administrator is authorized to make, in its
discretion and without the consent of holders of Awards, adjustments in the
terms and conditions of, and the criteria included in, Awards in recognition of
unusual or nonrecurring events affecting the Company, or the financial
statements of the Company or any Affiliate, or of changes in applicable laws,
regulations, or accounting principles, whenever the Administrator determines
that such adjustments are appropriate in order to prevent dilution or
enlargement of the benefits or potential benefits intended to be made available
under the Plan and outstanding Awards.

         (e)      Substitution of Awards in Mergers and Acquisitions. Awards
may be granted under the Plan from time to time in substitution for Awards held
by employees, officers, consultants or directors of entities who become or are
about to become employees, officers, consultants or directors of the Company or
an Affiliate as the result of a merger or consolidation of the employing entity
with the Company or an Affiliate, or the acquisition by the Company or an
Affiliate of the assets or stock of the employing entity. The terms and
conditions of any substitute Awards so granted may vary from the terms and
conditions set forth herein to the extent that the Administrator deems
appropriate at the time of grant to conform the substitute Awards to the
provisions of the awards for which they are substituted.

         (f)      Termination, Amendment and Modification of the Plan. The
Board may terminate, amend or modify the Plan or any portion thereof at any
time.

         (g)      Non-Guarantee of Employment or Service. Nothing in the Plan
or in any Grant Agreement thereunder shall confer any right on an individual to
continue in the service of the Company or shall interfere in any way with the
right of the Company to terminate such service at any time with or without
cause or notice.

         (h)      No Trust or Fund Created. Neither the Plan nor any Award
shall create or be construed to create a trust or separate fund of any kind or
a fiduciary relationship between the Company and a grantee or any other person.
To the extent that any grantee or other person acquires a right to receive
payments from the Company pursuant to an Award, such right shall be no greater
than the right of any unsecured general creditor of the Company.

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         (i)      Governing Law. The validity, construction and effect of the
Plan, of Grant Agreements entered into pursuant to the Plan, and of any rules,
regulations, determinations or decisions made by the Administrator relating to
the Plan or such Grant Agreements, and the rights of any and all persons having
or claiming to have any interest therein or thereunder, shall be determined
exclusively in accordance with applicable federal laws and the laws of the
State of Maryland, without regard to its conflict of laws principles.

         (j)      Effective Date; Termination Date. The Plan is effective as of
the date on which the Plan is adopted by the Board, subject to approval of the
stockholders within twelve months before or after such date. No Award shall be
granted under the Plan after the close of business on the day immediately
preceding the tenth anniversary of the effective date of the Plan, or if
earlier, the tenth anniversary of the date this Plan is approved by the
stockholders. Subject to other applicable provisions of the Plan, all Awards
made under the Plan prior to such termination of the Plan shall remain in
effect until such Awards have been satisfied or terminated in accordance with
the Plan and the terms of such Awards.

         (k)      Prior Options. Prior to the adoption of the Plan, the Company
granted nonqualified stock options for 7,895,646 shares of Common Stock. For
administrative purposes, those shares shall be subject to this Plan and are
included in the number of shares referred to in Section 4 of the Plan and
available for further Awards under the Plan. Notwithstanding the foregoing,
nothing herein shall be deemed to adversely affect the rights of individuals
under such prior grant agreements.

Date Approved by the Board: January 28, 2000
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Date Approved by the Stockholders: February 8, 2000
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                                                                   EXHIBIT 10.28

                              EMPLOYMENT AGREEMENT

       THIS EMPLOYMENT AGREEMENT (this "Agreement") is made effective for all
purposes and in all respects as of the 22nd day of January, l999, by and between
(i) RIVERBED TECHNOLOGIES, INC., a Delaware corporation (the "Employer"), and
(ii) E. Wayne Jackson, III (the "Executive").

       WHEREAS, Employer desires to employ Executive as Chief Executive Officer
of Employer;

       WHEREAS, Executive desires to be employed by Employer in the aforesaid
capacity; and

       WHEREAS, Employer and Executive desire to set forth in writing the terms
and conditions of their agreements and understandings,

       NOW, THEREFORE, in consideration of the foregoing and of the mutual
promises herein contained, the parties hereto, intending to be legally bound,
hereby agree as follows.

       1. Duties of Executive.

          A. Description of Duties. During the term of Executive's employment
hereunder, Executive shall serve as Chief Executive Officer of Employer and
shall, among other things, undertake and assume the responsibility of performing
for and on behalf of Employer such duties as shall be assigned to Executive by
Employer's Board of Directors at any time and from time to time. It is
understood and agreed that Executive's principal duties on behalf of Employer as
of the date hereof are and shall be to further develop the business of Employer.
It is further understood and agreed that any modification in or expansion of
Executive's duties hereunder shall not, unless specifically agreed by Employer
in a duly-executed amendment of this Agreement, result in any modification of or
increase or decrease in Executive's compensation referred to in paragraph 3
hereof.

          B. Performance of Duties. Executive covenants and agrees, at all times
during his employment hereunder, to devote his full-time efforts energies and
skills to his duties as an Executive of Employer, to serve Employer diligently,
and to the best of Executive's ability and at all times to act in compliance
with Employer's rules, regulations, policies and procedures as shall be in
effect from time to time. Executive further covenants and agrees that he will
not, directly or indirectly, engage or participate in any activities at any
time during such employment which conflict with the interests of Employer.

       2. Term of Employment.

          A. Term. The term of Executive's employment with Employer hereunder
shall be one (1) year commencing as of the date hereof, unless sooner terminated
in accordance with the provisions of paragraph 2B or 2C hereof; provided,
however, that the term of Executive's employment with Employer shall be
automatically extended for one (1) year on the first anniversary hereof and on
each subsequent anniversary unless Executive or Employer shall have

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given written notice to the other at least thirty (30) days prior thereto that
the term of Executive's employment shall be not be so extended.

          B. Termination for Cause. Notwithstanding any other provision of this
Agreement, Employer may terminate Executive's employment under this Agreement
without any further obligation or liability at any time for Cause (as such term
is defined herein). Such termination shall be evidenced by a Notice of
Termination to the Executive.

          C. Termination Without Cause. Notwithstanding anything herein to the
contrary, either party hereof may terminate this Agreement, without Cause, by
delivery to the other party a Notice of Termination at least thirty (30) days
prior to the effective date of such termination.

       3. Compensation. In consideration of the services to be rendered by
Executive to Employer under this Agreement, Executive shall be compensated as
follows:

          A. Base Salary. Executive shall be paid an annual base salary (a "Base
Salary") of One Hundred Ninety-Four Thousand Dollars ($194,000), payable in
accordance with Employer's normal payroll practices and subject to an annual
review commencing in 2001 and adjustment thereafter based on Executive's
performance hereunder. All payments hereunder shall be subject to the deduction
of payroll taxes and similar assessments as required by law.

          B. Bonus. Executive shall be eligible for periodic bonuses, the
existence and amount of which to be determined in the discretion of the Board of
Directors of Employer.

          C. Incentive Compensation. During the term hereof, Executive shall be
eligible to receive, from time to time and in the sole discretion of Employer,
options to purchase capital stock of Employer under Employer's then current
stock option plan. All option grants shall be subject to Executive's compliance
in all respects with all of the terms and provisions of this Agreement.

          D. Benefits and Expenses. Executive shall receive such other benefits
as may be granted to senior management of Employer generally. Employer shall
reimburse Executive for all reasonable travel, entertainment and other expenses
which Executive may incur in regard to the business of Employer, in accordance
with and subject to the limitations of Employer's standard practices and
policies and Executive's presentation of such documents and records as Employer
shall from time to time require to substantiate such expenses.

          E. Severance. In the event that Executive is terminated by Employer
without Cause or the Executive terminates his employment for Good Reason,
Employer shall promptly pay to Executive in twelve equal installments an amount
equal to Employer's Base Salary in effect at the time of such termination, less
all applicable withholding taxes.

       4. Definitions

          A. For purposes of this Agreement, the term "Cause" shall mean,
without limitation: (i) the inability of Executive, through sickness or other
incapacity, to perform the essential functions of his position for a period in
excess of ninety (90) substantially consecutive

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days; (ii) dishonesty; (iii) theft; (iv) conviction of, or the pleading of nolo
contendere to, a felony; (v) a material breach of this Agreement or that certain
Agreement Regarding Terms and Conditions of Employment between Employer and
Executive of even date herewith (the "Agreement Regarding Terms"); (vi) the
failure of Executive for any reason, within ten (10) days after receipt by
Executive of written notice thereof from Employer, to correct, cease or
otherwise alter any failure to comply with instructions or other action or
omission to act which Employer believes does or may materially or adversely
affect its business or operations; (vii) misconduct by Executive which is of
such a serious and substantial nature that a reasonable likelihood exists that
such misconduct will materially injure the reputation of Employer if Executive
was to remain employed by Employer; and (viii) gross negligence.

          B. For purposes of this Agreement, a "Change of Control" shall be
deemed to be occasioned by, or to include, (A) the acquisition of the Company by
another entity by means of any transaction or series of transactions (including
without limitation, any reorganization, merger or consolidation but, excluding
any merger effected exclusively for the purpose of changing the domicile of the
Company), unless the Company's stockholders of record as constituted immediately
prior to such acquisition or sale will, immediately after such acquisition (by
virtue of securities issued as consideration for the Company's acquisition) hold
at least 5O% of the voting power of the surviving or acquiring entity; or (B)
sale of all or substantially all of the assets of the Company.

          C. For purposes of this Agreement, "Good Reason" shall mean (A) a
decrease in the total amount of the Executive's Base Salary below its level in
effect on the date hereof, (B) a material reduction in Executive's job
responsibilities without the Executive's consent or (C) a geographical
relocation of the Executive more than twenty-five (25) miles from the Company's
current location without his consent.

          D. For purposes of this Agreement, a "Notice of Termination" shall
mean a notice which shall indicate the specific termination provision in this
Agreement relied upon and shall set forth in reasonable detail the facts and
circumstances claimed to provide a basis for termination of the Executive's
employment under the provision so indicated.

       5. No Breach of Agreement. Executive represents and warrants that as of
the date hereof Executive is not a party to any other agreement of employment or
any other form of engagement other than the Agreement Regarding Terms,
including, without limitation, a consulting agreement, whether written or oral,
and that none of the terms and provisions set forth herein or Executive's
performance hereunder will cause Executive to breach any other agreement,
understanding, covenant or representation with or made to a third-party, whether
oral or in writing.

       6. Governing Law. In view of the fact that the principal office of
Employer is located in the Commonwealth of Virginia, it is understood and agreed
that the construction and interpretation of this Agreement shall at all times
and in all respects be governed by the laws of the Commonwealth of Virginia
without regard to its rules of conflicts of laws.

       7. Notices. Any notice required to be given hereunder shall be sufficient
if in writing, and sent by courier service (with proof of service), facsimile
transmission, hand delivery

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or certified or registered mail (return receipt requested and first-class
postage prepaid), to his residence, in the case of Executive, as shown on the
records of Employer, and to its principal office, in the case of Employer.

       8. Burden and Benefit. This Agreement shall be binding upon, and shall
inure to the benefit of, Employer and Executive, and their respective heirs,
personal and legal representatives, successors and assigns. This Agreement may
not be assigned by Executive without the prior written consent of Employer.

       9. Severability. The provisions of this Agreement shall be deemed
severable, and the invalidity or unenforceability of any one or more of the
provisions hereof shall not affect the validity or enforceability of the other
provisions of this Agreement

       10. Employer. As used herein the term "Employer" shall include any
corporation or other entity which is at any time the parent, a subsidiary or
affiliate of Employer.

       11. Entire Agreement. This Agreement contains the entire agreement and
understanding by and between Employer end Executive with respect to the subject
matter hereof, and no representations, promises, agreements or understandings,
written or oral, not contained herein shall be of any force or effect. No
change or modification hereof shall be valid or binding unless the same is in
writing and signed by the party against whom such waiver is sought to be
enforced; moreover, no valid waiver of any provision of this Agreement at any
time shall be deemed a waiver of any other provision of this Agreement at such
time or will be deemed a valid waiver of such provision at any other time.

       12. Headings. Headings of the paragraphs and subparagraphs of this
Agreement are for the convenience of the parties only, and shall be given no
substantive or interpretative effect whatsoever.

                                        4

<PAGE>   5

       IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement
effective for all purposes and in all respects as of the day and years first
above written.

                                 EMPLOYER:

                                 RIVERBED TECHNOLOGIES, INC., a Delaware
                                  corporation

                                 By:[sig]
                                    ------------------------------

                                 EXECUTIVE:

                                   /s/ E. Wayne Jackson
                                 ---------------------------------
                                 E. Wayne Jackson, III

                                       5

<PAGE>   6

                     FIRST AMENDMENT TO EMPLOYMENT AGREEMENT

            THIS FIRST AMENDMENT TO EMPLOYMENT AGREEMENT is made as of the 3rd
day of March, 2000, by and among Aether Systems, Inc., a Delaware corporation
("Aether" or "Employer"), Riverbed Technologies, Inc., a Delaware corporation
("Riverbed"), and E. Wayne Jackson III (the "Executive") to that certain
Employment Agreement dated as of January 22, 1999, (as amended, the
"Agreement").

            WHEREAS, Riverbed and Aether entered into an Agreement and Plan of
Merger dated as of February 9, 2000 (the "Merger Agreement"), pursuant to which
Riverbed will become a wholly-owned subsidiary of Aether;

            WHEREAS, it is a condition to closing of the Merger Agreement that
Executive enter into this Agreement;

            WHEREAS, Aether and Riverbed desire to employ Executive, and
Executive desires to be employed, as President, Software Products Group;

            WHEREAS, Aether, Riverbed and Executive desire to set forth in
writing the terms and conditions of their agreements and understandings.

            NOW, THEREFORE, in consideration of the mutual representations,
warranties and agreements contained herein and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto, intending to be legally bound hereby, agree as follows:

            1. The foregoing recitals are incorporated by reference as part of
this Agreement.

            2. All capitalized terms used herein shall have the meanings
assigned to them in the Agreement unless expressly defined otherwise in this
Amendment.

            3. Except as otherwise specifically provided herein, all terms and
conditions of the Agreement shall apply to the interpretation and enforcement of
this Amendment as if explicitly set forth herein.

            4. To induce Riverbed and Aether to execute this Agreement and in
consideration of Aether's and Riverbed's agreements herein, Executive agrees
that the transactions and changes in job status, position, or authority
contemplated under the Merger Agreement and this Amendment do not constitute or
give rise to Executive's right of termination for "Good Reason" under the
Agreement or for "Constructive Termination" under any option agreement.

            5. Amendments to Agreement

               5.1  Section 1 is amended by deleting Section 1.A. and
replacing it with the following:

<PAGE>   7

       "A. Description of Duties. During the terms of Executive's employment
hereunder, Executive shall serve as President, Software Products Group of
Aether, and shall perform whatever duties Aether's Board of Directors (the
"Board") or person the Board or Aether's Chief Executive Officer specifies as
his direct report ("Direct Report") may assign him from time to time, which are
not inconsistent with the duties of a senior executive."

           5.2 Section 3 is amended by deleting Section 3.A. and replacing it
with the following:

       "A. Base Salary. Executive shall be paid an annual base salary (a "Base
Salary") of One Hundred Ninety Four Thousand Dollars ($194,000), payable in
accordance with Aether's normal payroll practices. Executive's Direct Report
will review Executive's Base Salary annually and consider Executive for
increases. All payments hereunder shall be subject to the deduction of payroll
taxes and similar assessments as required by law."

       6.  Except as expressly amended hereby, the Agreement and the Agreement
Regarding Terms and Conditions of Employment dated as of January 22, 1999 remain
in full force and effect. Any references to the Agreement shall refer to the
Agreement as amended hereby. Except with respect to the foregoing, this
Amendment supersedes all prior or contemporaneous negotiations, commitments,
agreements, and writings with respect to the subject matter of this Amendment.
All such other negotiations, commitments, agreements, and writings will have no
further force or effect; and the parties to any such other negotiation,
commitment, agreement, or writing will have no further rights or obligations
thereunder.

                            [signature page follows]

                                                                               2
<PAGE>   8

       IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed and delivered as of the date first above written.

                                    AETHER SYSTEMS, INC.

                                    By:/s/ Brian W. Keane
                                       --------------------------------
                                       Name:    BRIAN W. KEANE
                                       Title:   SVP, BUSINESS AFFAIRS

                                    RIVERBED TECHNOLOGIES, INC.

                                    By:
                                       --------------------------------
                                       Name:
                                       Title:

                                    --------------------------------
                                       E. Wayne Jackson, III

                                                                               3
<PAGE>   9

        IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed and delivered as of the date first above written.

                                    AETHER SYSTEMS, INC.

                                    By:
                                       --------------------------------
                                       Name:
                                       Title:

                                    RIVERBED TECHNOLOGIES, INC.

                                    By: [SIG]
                                       --------------------------------
                                       Name:
                                       Title:

                                       /s/ E. Wayne Jackson, III
                                    --------------------------------
                                       E. Wayne Jackson, III

                                                                               3

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