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                   REGISTRATION RIGHTS AGREEMENT                   EXHIBIT 10.19

         THIS REGISTRATION RIGHTS AGREEMENT (this "AGREEMENT") is made and
entered into as of June 5, 2003, by and between LARSCOM INCORPORATED, a Delaware
corporation (the "COMPANY"), AXEL JOHNSON INC., a Delaware corporation ("AJI"),
and the parties listed on Exhibit A hereto (the "STOCKHOLDERS").

         WHEREAS, the Company and AJI are parties to that certain Registration
Rights Agreement (the "FORMER LARSCOM AGREEMENT") made in connection with the
Company's Initial Public Offering;

         WHEREAS, the Stockholders are parties to certain registration rights
agreements with VINA Technologies, Inc. (the "FORMER VINA AGREEMENTS");

         WHEREAS, the Company and AJI wish to replace the Former Larscom
Agreement with this Agreement made in connection with the Agreement and Plan of
Merger by and among the Company, London Acquisition Corp. and VINA Technologies,
Inc. (the "MERGER AGREEMENT"), in order to provide certain stockholders of VINA
Technologies, Inc. with certain rights contained herein; and

         WHEREAS, VINA Technologies, Inc. and the Stockholders wish to replace
the Former VINA Agreements with this Agreement made in connection with the
Merger Agreement in order to provide AJI with certain rights contained herein;
and

         WHEREAS, the Company, AJI and the Stockholders desire to enter into
this Agreement pursuant to which AJI, the Stockholders and their Affiliates that
hold or may acquire shares of Common Stock of the Company, under certain
circumstances may have registered with the SEC an offering and sale of shares of
Common Stock of the Company owned by AJI, the Stockholders or any such
Affiliates, subject to the terms of this Agreement.

         NOW, THEREFORE, in consideration of the premises and the agreements
herein contained, the parties of this Agreement agree as follows:

1.       DEFINITIONS

         As used in this Agreement, the capitalized terms shall have the
meanings set forth below.

         Advice:  See the last paragraph of Section 5 hereof.

         Affiliate: Any Person controlling or controlled by or under direct or
indirect common control with a Party; provided, that in no event shall the
Company be treated as an Affiliate of any Party, nor shall any Person directly
or indirectly controlled by the Company (including, without limitation, its
officers, directors and employees) as a result of such Party's relationship with
the Company be treated as an Affiliate of a Party. For the purposes of this
definition, "control" means the power to direct the management and policies of a
Person, directly or indirectly, through the ownership of securities, by contract
or otherwise, and the terms "controlling" and "controlled" have meanings
correlative to the foregoing.

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         Agent: Any Person authorized to act and who acts on behalf of a Party
or any Affiliate of a Party with respect to the transactions contemplated by the
Agreement.

         Common Stock: Shares of the Company's Common Stock, par value $.01 per
share, as the same may be constituted from time to time.

         Company Notice:  See Section 4(a) hereof.

         Exchange Act: The Securities Exchange Act of 1934, as amended, and the
rules and regulations thereunder, as in effect from time to time.

         Party:  AJI or a Stockholder.

         Person: An individual, partnership, corporation, trust or
unincorporated organization, or a government or agency or political subdivision
thereof.

         Permitted Assignee:  See Section 9(f) hereof.

         Piggyback Notice:  See Section 4(a) hereof.

         Piggyback Registration Statement:  See Section 4(a) hereof.

         Prospectus: The prospectus included in any Registration Statement, as
amended or supplemented by any prospectus supplement with respect to the terms
of the offering of any portion of the Registrable Securities covered by the
Registration Statement and all other amendments and supplements to the
Prospectus, including post-effective amendments and all material incorporated by
reference in such Prospectus.

         Registration Expenses:  See Section 6 hereof.

         Registrable Securities: (i) The Shares and (ii) any securities issued
or issuable with respect to the Shares by way of a stock dividend or stock split
or in connection with a combination of shares, recapitalization, merger,
consolidation or other reorganization, until such Shares or other securities are
not Restricted Securities as defined in Section 2(a).

         Registration Statement: Any registration statement of the Company which
covers Registrable Securities pursuant to the provisions of this Agreement,
including (i) the Prospectus, (ii) amendments and supplements to such
Registration Statement, (iii) post-effective amendments, (iv) all exhibits and
all material incorporated by reference in such Registration Statement, (v) any
registration statement pursuant to a Demand Registration and (vi) any Piggyback
Registration Statement.

         Restricted Securities: The Registrable Securities upon original
issuance thereof, subject to the provisions of Section 2(a) hereof.

         Securities Act: The Securities Act of 1933, as amended from time to
time.

         SEC:  The Securities and Exchange Commission.

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         Shares: All shares of Common Stock held by AJI, as of the date hereof
or as later acquired, and all shares of Common Stock held by the Stockholders,
as of the date hereof or as later acquired.

         Unless the context otherwise requires: (i) "or" is not exclusive; and
(ii) words in the singular include the plural and in the plural include the
singular.

2.       SECURITIES SUBJECT TO THIS AGREEMENT

         (a)      REGISTRABLE SECURITIES. The securities entitled to the
benefits of Sections 3 through 8 of this Agreement are the Registrable
Securities but, with respect to any particular Registrable Security, only so
long as such security continues to be a Restricted Security. A Registrable
Security ceases to be a Restricted Security when (i) it has been effectively
registered under the Securities Act and disposed of in accordance with the
Registration Statement covering it, (ii) it has been distributed pursuant to
Rule 144 (or any similar provisions then in force) under the Securities Act,
(iii) it has otherwise been transferred and a new certificate or other evidence
or ownership for it not bearing a legend restricting transfer under the
Securities Act and not subject to any stop transfer order has been delivered by
or on behalf of the Company and no other restriction on transfer exists or (iv)
it ceases to be outstanding.

         (b)      HOLDERS OF REGISTRABLE SECURITIES. Any reference herein to a
"Holder" or "Holders" of Registrable Securities shall mean AJI, any Stockholder,
or any Permitted Assignee. A Holder shall be deemed to be a holder of
Registrable Securities whenever it owns Registrable Securities or securities
which are convertible into or exercisable for Registrable Securities whether or
not such conversion or exercise has actually been effected and disregarding any
legal restrictions upon such conversion or exercise.

3.       PIGGYBACK REGISTRATION RIGHTS

         (a)      REQUESTS FOR PIGGYBACK REGISTRATION. The Company covenants and
agrees with each Holder that, in the event the Company proposes to file at any
time and from time to time after the date hereof, a registration statement on
any form for the general registration of securities under the Securities Act
with respect to the offering of any class of security other than in connection
with an offering solely to the Company's employees pursuant to a registration
statement on Form S-8 under the Securities Act or an offering pursuant to a
registration statement on Form S-4 under the Securities Act, or any successor
forms thereto (a "PIGGYBACK REGISTRATION STATEMENT"), then the Company shall in
each such case give written notice (a "COMPANY NOTICE") of such proposed filing
to each Holder so that the Company Notice is received by each Holder at least
twenty (20) business days before the anticipated filing date, and such notice
shall offer to each Holder the opportunity to include in such Piggyback
Registration Statement such number of Registrable Securities as each may
request. Notwithstanding the foregoing, the Company shall not be obligated to
register the Registrable Securities of any Holder (i) unless there shall have
been received by the Company, within ten (10) business days of receipt of the
Company Notice by such Holder, written notice (a "PIGGYBACK NOTICE") from such
Holder, which notice shall set forth the number of Registrable Securities to be
so included, or (ii) if the Registrable Securities held by such Holder and its
Affiliates can be transferred

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without registration in accordance with Rule 144 under the Securities Act or any
other exemption from the registration provisions thereof (other than Rule 144A)
within any 90 day period.

         (b)      UNDERWRITING.

                  (i)      The Company shall use its reasonable best efforts to
cause the underwriter of a proposed offering, if any, to permit the Holders
holding Registrable Securities requested to be included in the Piggyback
Registration Statement to include such Registrable Securities in the proposed
offering on terms and conditions at least as favorable to the Holders holding
such Registrable Securities as those offered with respect to the other
securities of the Company included therein. The right of any Holder to be
included in a registration statement pursuant to this Section 3 shall be
conditioned on such Holder's participation in such underwriting and the
inclusion of such Holder's Registrable Securities in the underwriting to the
extent provided herein. All Holders proposing to distribute their Registrable
Securities through such underwriting shall enter into an underwriting agreement
in customary form with the underwriter or underwriters selected for such
underwriting by the Company.

                  (ii)     Notwithstanding the foregoing, if any underwriter
shall advise the Company in writing that, in its opinion, the distribution of
the Registrable Securities requested to be included in the Piggyback
Registration Statement concurrently with the securities being registered by the
Company would materially adversely affect the distribution of such securities by
the Company, then (i) if the securities being offered by the Company include
Common Stock (other than shares of Common Stock issuable on the conversion or
exchange of other securities then being offered), the Holders holding such
Registrable Securities shall delay their offering and sale for such period, not
to exceed ninety (90) calendar days, as such underwriter shall request, or (ii)
if the securities being offered by the Company do not include Common Stock, the
Holders holding such Registrable Securities shall withdraw their offering and
sale, as such underwriter shall request; provided, that the Holders holding such
Registrable Securities shall have no obligation to delay or withdraw if the
offering includes a secondary offering of any securities other than such
Registrable Securities. In the event of the delay described in clause (i) in the
preceding sentence, the Company shall file such supplements and post-effective
amendments, and take any such other steps as may be necessary to permit such
Holders to make their proposed offering and sale for a period of ninety (90)
calendar days immediately following the end of such period of delay. If any
underwriter shall advise the Company in writing that, in its opinion, marketing
factors require a limitation of the number of shares to be underwritten, the
number of shares that may be included in the underwriting shall be allocated,
first, to the Company; second, to the Holders on a pro rata basis based on the
total number of Registrable Securities held by the Holders; and third, to any
stockholder of the Company (other than a Holder) on a pro rata basis; provided,
however, that no such reduction shall reduce the amount of securities of the
selling Holders included in the registration below twenty-five percent (25%) of
the total amount of securities included in such registration. For any Holder
which is a partnership or corporation, the partners, retired partners and
stockholders of such Holder, or the estates and family members of any such
partners and retired partners and any trusts for the benefit of any of the
foregoing person shall be deemed to be a single "Holder," and any pro rata
reduction with respect to such "Holder" shall be based upon the aggregate amount
of shares carrying registration rights owned by all entities and individuals
included in such "Holder," as defined in this sentence.

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                  (iii)    If any Holder disapproves of the terms of any such
underwriting, such Holder may elect to withdraw therefrom by written notice to
the Company and the underwriter, delivered at least ten (10) business days prior
to the effective date of the registration statement. Any Registrable Securities
excluded or withdrawn from such underwriting shall be excluded and withdrawn
from the registration.

4.       FORM S-3 REGISTRATION. In case the Company shall receive from any
Holder or Holders of Registrable Securities, on or after the date that is 180
days from the date hereof, a written request or requests that the Company effect
a registration on Form S-3 (or any successor to Form S-3) or any similar
short-form registration statement and any related qualification or compliance
with respect to all or a part of the Registrable Securities owned by such Holder
or Holders, the Company will:

         (a)      promptly give written notice of the proposed registration, and
any related qualification or compliance, to all other Holders of Registrable
Securities; and

         (b)      as soon as practicable, effect such registration and all such
qualifications and compliances as may be so requested and as would permit or
facilitate the sale and distribution of all or such portion of such Holder's or
Holders' Registrable Securities as are specified in such request, together with
all or such portion of the Registrable Securities of any other Holder or Holders
joining in such request as are specified in a written request given within ten
(10) days after receipt of such written notice from the Company; provided,
however, that the Company shall not be obligated to effect any such
registration, qualification or compliance pursuant to this Section 4:

                  (i)      if Form S-3 is not available for such offering by the
Holders, or

                  (ii)     if the Holders, together with the holders of any
other securities of the Company entitled to inclusion in such registration,
propose to sell Registrable Securities and such other securities (if any) at an
aggregate price to the public of less than five hundred thousand dollars
($500,000), or

                  (iii)    if within thirty (30) days of receipt of a written
request from any Holder or Holders pursuant to this Section 4, the Company gives
notice to such Holder or Holders of the Company's intention to make a public
offering within ninety (90) days on a Piggyback Registration Statement provided
that such Holders were permitted to register such shares as requested to be
registered pursuant to Section 3 hereof without reduction by the underwriter
thereof; or

                  (iv)     if the Company shall furnish to the Holders a
certificate signed by the Chairman of the Board of Directors of the Company
stating that in the good faith judgment of the Board of Directors of the
Company, it would be seriously detrimental to the Company and its stockholders
for such Form S-3 registration to be effected at such time, in which event the
Company shall have the right to defer the filing of the Form S-3 registration
statement for a period of not more than one hundred twenty (120) days after
receipt of the request of the Holder or Holders under this Section 4; provided,
that such right to delay a request shall be exercised by the Company not more
than twice in any twelve (12) month period, or

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                  ( v)      if the Company has within the twelve (12) month
period preceding the date of such request already effected two (2) registrations
on Form S-3 for the Holders pursuant to this Section 4, or

                  (vi)     in any particular jurisdiction in which the Company
would be required to qualify to do business or to execute a general consent to
service of process in effecting such registration, qualification or compliance;
or

                  (vii)    if the Registrable Securities held by such Holder and
its Affiliates can be transferred without registration in accordance with Rule
144 under the Securities Act or any other exemption from the registration
provisions thereof (other than Rule 144A) within any 90 day period.

         (c)      Subject to the foregoing, the Company shall file a Form S-3
registration statement covering the Registrable Securities and other securities
so requested to be registered as soon as practicable after receipt of the
requests of the Holders. All Registration Expenses incurred in connection with
registrations requested pursuant to this Section 4 after the first two (2)
registrations shall be paid by the selling Holders pro rata in proportion to the
number of shares sold by each such Holder.

5.       REGISTRATION PROCEDURES

         Whenever a Holder has requested that any Registrable Securities be
registered pursuant to this Agreement, the Company will promptly take all such
actions as may be necessary or desirable to permit the sale of such Registrable
Securities in accordance with the intended method or methods of disposition
thereof, and pursuant thereto the Company will promptly:

         (a)      with respect to a request for a Form S-3 Registration, use its
best efforts to prepare and file with the SEC, not later than 60 days after
receipt of such request (which 60-day period may be extended by the Company for
up to an additional 30 days if during such 60-day period the Company is engaged
to a significant extent in negotiations looking toward its participation in a
material merger, acquisition or other form of business combination and if, by
reason of such negotiations, the Company is not in a position to timely prepare
and file the Registration Statement) a Form S-3 Registration Statement, and use
all reasonable efforts to cause such Registration Statement to become effective;
the Company shall not file any Registration Statement pursuant to Section 4 or
any amendment thereto or any Prospectus or any supplement thereto (including
such documents incorporated by reference) to which the Holders or the
underwriters, if any, shall reasonably object in light of the requirements of
the Securities Act or any other applicable laws or regulations;

         (b)      before filing a Registration Statement or Prospectus or any
amendments or supplements thereto (excluding documents to be incorporated by
reference therein filed after the effectiveness of the Registration Statement),
the Company will, five business days prior to filing, furnish to the Holders and
the underwriters, if any, copies of all such documents in substantially the form
proposed to be filed (including documents incorporated therein by reference), to
enable the Holders and the underwriters, if any, to review such documents prior
to the filing thereof, and the Company shall make such reasonable changes
thereto (including changes to documents

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incorporated by reference) as may be reasonably requested by the Holders and the
managing underwriter or underwriters, if any;

         (c)      prepare and file with the SEC such amendments and
post-effective amendments to the Registration Statement as may be necessary to
keep the Registration Statement continuously effective for a period of not less
than 180 days or such longer period as is required for the intended method of
distribution, or such shorter period which will terminate when all Registrable
Securities covered by such Registration Statement have been sold or withdrawn;
cause the Prospectus to be supplemented by any required Prospectus supplement,
and as so supplemented to be filed pursuant to Rule 424 under the Securities
Act; and comply with the provisions of the Securities Act with respect to the
disposition of all securities covered by such Registration Statement during the
applicable period in accordance with the intended methods of disposition by the
Holders thereof set forth in such Registration Statement or supplement to the
Prospectus;

         (d)      notify the Holders and the managing underwriters, if any,
promptly, and confirm such advice in writing, (1) when the Prospectus or any
Prospectus supplement or post-effective amendment has been filed, and, with
respect to the Registration Statement or any post-effective amendment, when the
same has become effective, (2) of any request by the SEC for amendments or
supplements to the Registration Statement or the Prospectus or for additional
information, (3) of the issuance by the SEC of any stop order suspending the
effectiveness of the Registration Statement or the initiation of any proceedings
for that purpose, (4) of the receipt by the Company of any notification with
respect to the suspension of the qualification of the Registrable Securities for
sale in any jurisdiction or the initiation or threatening of any proceeding for
such purpose, and (5) of the happening of any event which makes any statement
made in the Registration Statement, the Prospectus or any document incorporated
therein by reference untrue or which requires the making of any changes in the
Registration Statement, the Prospectus or any document incorporated therein by
reference in order to make the statements therein not misleading, so that, in
the case of the Registration Statement, it will not contain any untrue statement
of a material fact or omit to state any material fact required to be stated
therein or necessary to make the statements therein, not misleading, and that in
the case of the Prospectus, it will not contain any untrue statement of a
material fact or omit to state any material fact required to be stated therein
or necessary to make the statements therein, in light of the circumstances under
which they were made, not misleading;

         (e)      make every reasonable effort to obtain the withdrawal of any
order suspending the effectiveness of the Registration Statement at the earliest
possible moment;

         (f)      as promptly as practicable after the filing with the SEC of
any document which is incorporated by reference into the Registration Statement
or the Prospectus (after initial filing of the Registration Statement) provide
copies of such document to counsel to the Holders and to the managing
underwriters, if any;

         (g)      furnish to the Holders and each managing underwriter, if any,
without charge, at least one signed copy of the Registration Statement and any
post-effective amendment thereto, including financial statements and schedules,
all documents incorporated therein by reference

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and all exhibits (including those incorporated by reference) and a reasonable
number of conformed copies of all such documents;

         (h)      in the event of an underwritten public offering, enter into
and perform its obligations under an underwriting agreement, in usual and
customary form, with the managing underwriter of such offering; provided, that,
each Holder participating in such underwriting shall also enter into and perform
its obligations under such an agreement;

         (i)      deliver to the Holders and the underwriters, if any, as many
copies of the Prospectus (including each preliminary prospectus) and any
amendment or supplement thereto as such Persons may reasonably request; the
Company consents to the use of the Prospectus or any amendment or supplement
thereto by the Holders and the underwriters, if any, in connection with the
offering and sale of the Registrable Securities covered by the Prospectus or any
amendment or supplement thereto;

         (j)      prior to the date on which the Registration Statement is
declared effective, use its reasonable efforts to register or qualify or
cooperate with the Holders and the underwriters, if any, and their respective
counsel in connection with the registration or qualification (or exemption from
such registration or qualification) of such Registrable Securities for offer and
sale under the securities or blue sky laws of such jurisdictions as any seller
or underwriter reasonably requests in writing and do any and all other acts or
things necessary or advisable to enable the disposition in such jurisdictions of
the Registrable Securities covered by the Registration Statement; provided, that
the Company will not be required to qualify generally to do business in any
jurisdiction where it is not then so qualified or to take any action which would
subject it to general service of process in any such jurisdiction where it is
not then so subject;

         (k)      cooperate with the Holders and the managing underwriters, if
any, to facilitate the timely preparation and delivery of certificates
representing Registrable Securities to be sold and not bearing any restrictive
legends; and enable such Registrable Securities to be in such denominations and
registered in such names as the managing underwriters, if any, or the Holders
may request at least two business days prior to any such sale of Registrable
Securities;

         (l)      use its reasonable efforts to cause the Registrable Securities
covered by the Registration Statement to be registered with or approved by such
other governmental agencies or authorities as may be necessary to enable the
seller or sellers thereof or the underwriters, if any, to consummate the
disposition of such Registrable Securities;

         (m)      upon the occurrence of any event contemplated by paragraph
(d)(5) above, prepare a supplement or post-effective amendment to the
Registration Statement or the Prospectus or any document incorporated therein by
reference or file any other required document so that, as thereafter delivered
to the purchasers of the Registrable Securities, the Prospectus will not contain
an untrue statement of a material fact or omit to state any material fact
necessary to make the statements therein, in light of the circumstances under
which they were made, not misleading;

         (n)      use its reasonable efforts to cause all Registrable Securities
covered by the Registration Statement to be listed on each securities exchange
or authorized to be quoted on the

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National Association of Securities Dealers Automated Quotation ("NASDAQ")
National Market if similar securities issued by the Company are then so listed
or authorized, if requested by the Holders or the managing underwriters, if any;

         (o)      provide a transfer agent and registrar for all Registrable
Securities;

         (p)      enter into such agreements (including an underwriting
agreement) and take all such other actions in connection therewith as the
Holders or the managing underwriters, if any, reasonably request in order to
expedite or facilitate the disposition of such Registrable Securities;

         (q)      make available for inspection during normal business hours by
the Holders, any underwriter participating in any disposition pursuant to such
Registration Statement, and any attorney, accountant or other agent retained by
any such Holder or underwriter, all financial and other records, pertinent
corporate documents and properties of the Company, and cause the Company's
officers, directors and employees to supply all information reasonably requested
by any such Holder, underwriter, attorney, accountant or agent in connection
with such Registration Statement; provided, that any records, information or
documents that are designated by the Company in writing as confidential shall be
kept confidential by such Persons;

         (r)      otherwise use its reasonable efforts to comply with all
applicable rules and regulations of the SEC, and make generally available to its
security holders, earnings statements satisfying the provisions of Section 11(a)
of the Securities Act, no later than 45 days after the end of any 12-month
period (1) commencing at the end of any fiscal quarter in which Registrable
Securities are sold to underwriters in a firm or best efforts underwriting
offering, and (2) beginning with the first month of the Company's first fiscal
quarter commencing after the effective date of the Registration Statement, which
statements shall cover said 12-month periods.

         The Company may require the Holders to furnish to the Company such
information and documents regarding the distribution of the Registrable
Securities and the Holders as the Company may from time to time reasonably
request in writing.

         The Holders each agree by acquisition of such Registrable Securities
that, upon receipt of any notice from the Company of the happening of any event
of the kind described in Section 5(d)(5) hereof, such Holder will forthwith
discontinue disposition of Registrable Securities until such Holder's receipt of
the copies of the supplemented or amended Prospectus contemplated by Section
5(m) hereof, or until it is advised in writing (the "ADVICE") by the Company
that the use of the Prospectus may be resumed, and has received copies of any
additional or supplemental filings which are incorporated by reference in the
Prospectus, and, if so directed by the Company, each Holder will, or will
request the underwriters (if any) to, deliver to the Company (at the Company's
expense) all copies, other than permanent file copies then in such Holder's
possession, of the Prospectus covering such Registrable Securities current at
the time of receipt of such notice. If the Company shall give such notice, the
time periods mentioned in Section 5(c) hereof shall be extended by the number of
days during the period from and including the date of the giving of such notice
pursuant to Section 5(d)(5) to and including the date when the Holders shall
have received the copies of the supplemented or amended prospectus contemplated
by Section 5(m) hereof or the Advice.

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6.       REGISTRATION EXPENSES

         Except as otherwise provided herein, all expenses incident to the
Company's performance of or compliance with this Agreement will be borne by the
Company, whether or not a Registration Statement is filed or becomes effective,
including, without limitation, all registration and filing fees, including with
respect to filings required to be made with the National Association of
Securities Dealers, Inc. (the "NASD") fees and expenses of compliance with
securities or blue sky laws (including reasonable fees and disbursements of
counsel for the underwriters, if any, in connection with blue sky qualifications
of the Registrable Securities and determination of their eligibility for
investment under the laws of such jurisdictions as the managing underwriters or
holders of a majority of the Registrable Securities being sold may designate),
printing expenses, messenger, telephone and delivery expenses, and fees and
disbursements of counsel for the Company and of all independent certified public
accountants (including the expenses of any special audit and "cold comfort"
letters required by or incident to such performance), the fees and expenses
incurred in connection with the listing of the securities to be registered on
any securities exchange or authorized to be quoted on NASDAQ, the reasonable
fees and expenses of any special experts retained by the Holders or by the
Company at the request of the managing underwriters in connection with such
registration and fees and expenses of other Persons retained by the Holders
(including, without limitation, any qualified independent underwriter or other
independent appraiser participating pursuant to the Bylaws of the NASD) (all
such expenses being herein called "REGISTRATION EXPENSES"). The Company shall
also pay its internal expenses (including, without limitation, all salaries and
expenses of its officers and employees performing legal or accounting duties)
and the expense of any annual audit, which are not "Registration Expenses" for
purposes of this Agreement. In no event shall the Company be liable for the
payment of any discounts or commissions of underwriters, selling brokers, dealer
managers or similar industry professionals relating to the distribution of the
Registrable Securities or any related fees and disbursements of counsel retained
by the Holders (if any). Each Holder shall be liable for the cost and expense of
the time spent by its officers, employees and Agents incurred in connection with
the registration of Registrable Securities owned by it.

7.       INDEMNIFICATION

         (a)      INDEMNIFICATION BY COMPANY. The Company will indemnify and
hold harmless, to the full extent permitted by law, each Holder, its officers
and directors, their Agents and each Person who controls each such Holder
(within the meaning of the Securities Act) against all losses, claims, damages,
liabilities and expenses to which any such Person may be subject, under the
Securities Act or otherwise, and reimburse all such Persons for any legal or
other expenses incurred with investigating or defending against any such losses,
claims, damages or liabilities, insofar as such losses, claims, damages or
liabilities arise out of or are based upon any untrue or alleged untrue
statement of a material fact contained in a Registration Statement, Prospectus
or preliminary prospectus or any omission or alleged omission to state therein a
material fact required to be stated therein or necessary to make the statements
therein not misleading, except insofar as the same arise out of or are based
upon an untrue statement of a material fact or omission of a material fact
required to be stated therein or necessary to make the statements therein not
misleading, which statement or omission is made therein in reliance upon and in
conformity with information furnished in writing to the Company by such Holder,

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expressly for use therein. The Company will also indemnify underwriters, selling
brokers, dealer managers and similar securities industry professionals
participating in the distribution, their officers and directors and each Person
who controls such Persons (within the meaning of the Securities Act) to the same
extent as provided above with respect to the indemnification of each Holder of
Registrable Securities.

         (b)      INDEMNIFICATION BY HOLDERS. Each Holder, if Registrable
Securities held by such Holder are included in the securities as to which such
registration qualifications or compliance is being effected, will, severally and
not jointly, indemnify and hold harmless, to the full extent permitted by law,
the Company, its directors and officers and each Person who controls the Company
(within the meaning of the Securities Act) against any losses, claims, damages,
liabilities and expenses to which any such Person may be subject, under the
Securities Act or otherwise, insofar as such losses, claims, damages or
liabilities arise out of or are based upon any untrue or alleged untrue
statement of a material fact contained in a Registration Statement or Prospectus
or preliminary prospectus or any omission or alleged omission of a material fact
required to be stated therein or necessary to make the statements therein not
misleading, to the extent, but only if and to the extent, that such untrue or
alleged untrue statement or omission or alleged omission is made therein in
reliance upon and in conformity with the information furnished in writing by
such Holder specifically for inclusion therein. In no event shall the liability
of a Holder hereunder be greater in amount than the dollar amount of the net
proceeds received by such Holder upon the sale of the Registrable Securities
giving rise to such indemnification obligation, unless such liability arises out
of or is based on willful conduct by such Holder. The Company shall be entitled
to receive indemnities from underwriters, selling brokers, dealer managers and
similar securities industry professionals participating in the distribution, to
the same extent as provided above with respect to information so furnished in
writing by such Persons.

         (c)      CONDUCT OF INDEMNIFICATION PROCEEDINGS. Any Person entitled to
indemnification hereunder will (i) give prompt notice to the indemnifying party
of any claim with respect to which it seeks indemnification and (ii) unless, in
such indemnified party's reasonable judgment, a conflict of interest may exist
between such indemnified and indemnifying parties with respect to such claim,
permit such indemnifying party to assume at its own expense the defense of such
claim. The indemnified party shall have the right to participate in the conduct
of such defense by the indemnifying party provided that it will pay for the fees
of its own counsel. Whether or not such defense is assumed by the indemnifying
party, the indemnifying party will not be subject to any liability for any
settlement made without its consent (but such consent will not be unreasonably
withheld). No indemnifying party will consent to entry into any judgment or
enter into any settlement which does not include as an unconditional term
thereof the giving of the claimant or plaintiff to such indemnified party of a
release from all liability in respect to such claim or litigation. An
indemnifying party who is not entitled to, or elects not to, assume the defense
of a claim will not be obligated to pay the fees and expenses of more than one
counsel for all parties indemnified by such indemnifying party with respect to
such claim, unless in the reasonable judgment of any indemnified party and any
other of such indemnified parties with respect to such claim, in which event the
indemnifying party shall be obligated to pay the fees and expenses of such
additional counsel or counsels.

                                       11

<PAGE>

         (d)      CONTRIBUTION. If the indemnification provided for in Section
7(a) or 7(b) is unavailable or insufficient to hold harmless an indemnified
party, then each indemnifying party in lieu of indemnifying such indemnified
party shall contribute to the amount paid or payable by such indemnified party
as a result of the losses, liabilities, claims or damages referred to in Section
7(a) or 7(b) in such proportion as is appropriate to reflect the relative fault
of the indemnifying party on the one hand and any indemnified party on the other
hand in connection with the statements or omissions which resulted in such
losses, liabilities, claims or damages. The relative fault shall be determined
by reference to, among other things, whether the untrue or alleged untrue
statement of a material fact or the omission or alleged omission to state a
material fact relates to information initially supplied or developed by the
indemnifying party or such indemnified party and the parties' relative intent,
knowledge, access to information and opportunity to correct such untrue
statement or omission. The amount paid by an indemnified party as a result of
the losses, liabilities, claims or damages referred to in the first sentence of
this Section 7(d) shall be deemed to include any legal or other expenses
reasonably incurred by such indemnified party in connection with investigating
or defending any action or claim which is the subject of this Section 7(d). No
person guilty of fraudulent misrepresentation (within the meaning of Section
11(f) of the Securities Act) shall be entitled to contribution from any person
who was not guilty of such fraudulent misrepresentation.

8.       FUTURE RESTRICTIONS ON GRANTS OF REGISTRATION RIGHTS

         The Company shall not grant registration rights to any other Person
without the prior written consent of the Company and the Holders of at least a
majority of the Registrable Securities then outstanding.

9.       NOTIFICATION

         Each of the Stockholders, on the one hand and AJI, on the other, agrees
that no later than forty-eight (48) hours prior to making any sale, transfer or
other disposition of any Shares owned by any such Stockholder or AJI, such
Stockholder or AJI, as the case may be, shall provide written notice to the
other of such sale, transfer or other disposition; provided, however, that any
Stockholder may elect not to provide such notice in connection with a
distribution of Shares to its limited or general partners, members or other
equity owners, but in the event that such Stockholder elects not to provide such
a notice in connection with such a distribution pursuant to this proviso, the
distribution shall not be effected until each of the distributees has agreed to
be bound by the notice requirements set forth in this Section 9. Once any Shares
are sold, transferred or otherwise disposed of in compliance with the provisions
of this Section 9, the notice requirements set forth in this Section 9 will
terminate as to any further sale, transfer or other disposition of such Shares.

10.      MISCELLANEOUS

         (a)      REMEDIES. AJI, the Stockholders and any of their Affiliates
shall each be entitled to exercise all rights provided herein or granted by law,
including recovery of damages, and each will be entitled to specific performance
of their rights under this Agreement. The Company agrees that monetary damages
would not be adequate compensation for any loss incurred by

                                       12

<PAGE>

reason of a breach by it of the provisions of this Agreement and hereby agrees
to waive the defense in any action for specific performance that a remedy at law
would be adequate.

         (b)      NO INCONSISTENT AGREEMENTS. The Company will not on or after
the date of this Agreement enter into any agreement with respect to its
securities which is inconsistent with the rights granted to AJI, the
Stockholders and any of their Affiliates in this Agreement or otherwise
conflicts with the provisions hereof.

         (c)      AMENDMENTS; WAIVERS. Any provision of this Agreement may be
amended and the observance thereof may be waived (either generally or in a
particular instance and either retroactively or prospectively), only with the
written consent of the Company and the Holders of at least a majority of the
Registrable Securities then outstanding; provided, however, that (i) for so long
as AJI holds at least 50% of the Registrable Securities AJI holds as of the date
hereof, no amendment may be effected without AJI's consent and (ii) for so long
as the Stockholders associated with Sierra Ventures hold in the aggregate at
least 50% of the Registrable Securities such Stockholders hold in the aggregate
as of the date hereof, no amendment may be effected without such Stockholders'
consent. Any amendment or waiver effected in accordance with this Section 9(c)
shall be binding on each Holder and the Company. By acceptance of any benefits
under this Agreement, Holders of Registrable Securities hereby agree to be bound
by the provisions hereunder.

         (d)      NOTICES. Any notice, request, instruction or other document to
be given hereunder shall be in writing and delivered personally or sent by
facsimile or prepaid overnight courier, if to:

         the Company:

                  Daniel L. Scharre
                  President & CEO
                  Larscom Incorporated
                  1845 McCandless Drive
                  Milpitas, CA 95035
                  Facsimile:  (408) 956-0998

         If to AJI:

                  Desmond Wilson III
                  President & CEO
                  Axel Johnson Inc.
                  300 Atlantic Street
                  Stamford, CT 06901
                  Facsimile:  (203) 326-5209

                                       13

<PAGE>

         with a copy to:

                  Jamie E. Chung
                  Cooley Godward LLP
                  One Maritime Plaza, 20th floor
                  San Francisco, CA 94111
                  Facsimile:  (415) 951-3699

If to a Stockholder, to the address opposite their name on Exhibit A hereto. Any
notice or other communication transmitted in accordance with this Section 9(d)
shall for all purposes of this Agreement be treated as given or effective, if
personally delivered, upon receipt, or, if sent by courier, upon the earlier of
receipt or the end of the business day following the date of delivery to such
courier, or, if sent by facsimile, on transmission and confirmation of receipt.

         (e)      ENTIRE AGREEMENT. This Agreement embodies the entire agreement
between the parties and any and all prior oral or written agreements,
representations or warranties, contracts, understandings, correspondence,
conversations, and memoranda, whether written or oral, between the Company and
AJI or between any agents, representatives, parents, subsidiaries, affiliates,
predecessors in interest or successors in interest, with respect to the subject
matter hereof, are merged herein and replaced hereby.

         (f)      ASSIGNMENT OF REGISTRATION RIGHTS. The rights to cause the
Company to register Registrable Securities pursuant to this Agreement may be
assigned by a Holder to a transferee or assignee of Registrable Securities that
(a) is a subsidiary, parent, general partner, limited partner, retired partner,
member or retired member, or stockholder of a Holder, (b) is a Holder's family
member or trust for the benefit of an individual Holder, or (c) acquires at
least five hundred thousand (500,000) shares of Registrable Securities (as
adjusted for stock splits and combinations); or (d) is an Affiliate of such
Holder; provided, however, (i) the transferor shall, within ten (10) days after
such transfer, furnish to the Company written notice of the name and address of
such transferee or assignee and the securities with respect to which such
registration rights are being assigned and (ii) such transferee shall agree to
be subject to all restrictions set forth in this Agreement (such transferee, a
"PERMITTED ASSIGNEE").

         (g)      GOVERNING LAW. This Agreement shall be construed in accordance
with the laws of the State of Delaware without giving effect to principles of
conflict of laws. The parties consent to the jurisdiction of all state and
federal courts of record situated in the State of Delaware. Service of process
upon either party shall be deemed, in every respect, effective upon such party
if made by prepaid registered or certified mail, return receipt requested, or if
personally delivered against receipt to the address set forth in Section 9(d) or
to such other address as a party may designate in writing to the other.

         (h)      HEADINGS; DEFINITIONS. The section and other headings
contained in this Agreement are for reference purposes only and shall not in any
way affect the meaning or interpretation of this Agreement. Wherever in this
Agreement words indicating the plural number appear, such words shall be
considered as words indicating the singular number and vice versa where the
context indicates the propriety of such use.

                                       14

<PAGE>

         (i)      COUNTERPARTS. This Agreement may be executed in counterparts,
each of which when so executed shall be deemed to be an original, and all such
counterparts shall together constitute but one and the same instrument.

                            [signature page attached]

                                       15

<PAGE>

         IN WITNESS WHEREOF, the parties have executed this Agreement as of the
date first written above.

                                          LARSCOM INCORPORATED

                                          By: /s/ Daniel Scharre
                                              ----------------------------------
                                          Name:
                                          Title:

                                          AXEL JOHNSON INC.

                                          By: /s/ Desmond P. Wilson III
                                              ----------------------------------
                                          Name: Desmond P. Wilson III
                                          Title:

                                          STOCKHOLDERS

                                          ANTONIA AX:SON JOHNSON

                                          By: /s/ Antonia AX-Johnson
                                              ----------------------------------
                                          Name: Antonia AX-Johnson

                                          SIERRA VENTURES ASSOCIATES V, L.P.

                                          By: /s/ Jeffrey M. Drazan
                                              ----------------------------------
                                          Name: Jeffrey M. Drazan
                                          Title: General Partner on behalf of
                                                 SV Associates V, L.P. the
                                                 General Partner of Sierra
                                                 Ventures V, L.P.

                                      S-1

<PAGE>

                                          SIERRA VENTURES VI, L.P., AS NOMINEE
                                          FOR ITS GENERAL PARTNER VA DATED
                                          JANUARY 14, 1997

                                          By: /s/ Jeffrey M. Drazan
                                              ----------------------------------
                                          Name: Jeffrey M. Drazan
                                          Title: General Partner

                                          SIERRA VENTURES VII, L.P.

                                          By: /s/ Jeffrey M. Drazan
                                              ----------------------------------
                                          Name: Jeffrey M. Drazan
                                          Title: Manager on behalf of Sierra
                                                 Ventures Associates VII, LLC,
                                                 The General Partner of Sierra
                                                 Ventures VII, L.P.

                                          SIERRA VENTURES ASSOCIATES VII, LLC,
                                          AS NOMINEE FOR ITS MEMBERS

                                          By: /s/ Jeffrey M. Drazan
                                              ----------------------------------
                                          Name: Jeffrey M. Drazan
                                          Title: General Partner

                                          JEFFREY DRAZAN
                                          /s/ Jeffrey M. Drazan
                                          ----------------------------------

                                      S-2

<PAGE>

                                    EXHIBIT A
                                  STOCKHOLDERS

<TABLE>
<CAPTION>
                                                                                    Number of Shares
Name                                Address                                  of Registrable Securities
-----------------------             ------------------------------------     --------------------------
<S>                                 <C>                                      <C>
Antonia Ax:son Johnson              300 Atlantic Street                                       1,428
                                    Stamford, CT 06901-0350

Sierra Ventures V, L.P.             3000 Sand Hill Road                                     326,390
                                    Building Four, Suite 210
                                    Menlo Park,  California 94025

Sierra Ventures Associates          3000 Sand Hill Road                                           0
     V, L.P.                        Building Four, Suite 210
                                    Menlo Park,  California 94025

Sierra  Ventures VI, L.P.           3000 Sand Hill Road                                      61,601
                                    Building Four, Suite 210
                                    Menlo Park,  California 94025

Sierra Ventures Associates          3000 Sand Hill Road                                       2,770
     VI, L.P.                       Building Four, Suite 210
                                    Menlo Park,  California 94025

Sierra Ventures VII,  L.P.          3000 Sand Hill Road                                     800,119
                                    Building Four, Suite 210
                                    Menlo Park,  California 94025

Sierra Ventures Associates          3000 Sand Hill Road                                      33,223
     VII, LLC                       Building Four, Suite 210
                                    Menlo Park,  California 94025

Jeffrey Drazan                      Sierra Ventures                                           6,419
                                    3000 Sand Hill Road
                                    Building Four, Suite 210
                                    Menlo Park,  California 94025
</TABLE>

                                      A-1<PAGE>
                                                                  Exhibit 10.146

                           ONYX ACCEPTANCE CORPORATION
                      1996 STOCK OPTION/STOCK ISSUANCE PLAN

 (AS AMENDED AND RESTATED APRIL 23, 1998 AND SUBSEQUENTLY AMENDED AND RESTATED
                     MARCH 31, 2000 AND DECEMBER 30, 2003)

                                   ARTICLE ONE

                               GENERAL PROVISIONS

I.    PURPOSE OF THE PLAN

      This 1996 Stock Option/Stock Issuance Plan is intended to promote the
interests of Onyx Acceptance Corporation, a Delaware corporation, by providing
eligible persons with the opportunity to acquire a proprietary interest, or
otherwise increase their proprietary interest, in the Corporation as an
incentive for them to remain in the service of the Corporation.

      Capitalized terms shall have the meanings assigned to such terms in the
attached Appendix.

II.   STRUCTURE OF THE PLAN

      A. The Plan shall be divided into three separate equity programs:

            (i) the Discretionary Option Grant Program under which eligible
      persons may, at the discretion of the Plan Administrator, be granted
      options to purchase shares of Common Stock,

            (ii) the Stock Issuance Program under which eligible persons may, at
      the discretion of the Plan Administrator, be issued shares of Common Stock
      directly, either through the immediate purchase of such shares or as a
      bonus for services rendered the Corporation (or any Parent or Subsidiary),
      and

            (iii) the Automatic Option Grant Program under which Eligible
Directors shall automatically receive option grants at periodic intervals to
purchase shares of Common Stock.

      B. The provisions of Articles One and Five shall apply to all equity
programs under the Plan and shall accordingly govern the interests of all
persons under the Plan.

III.  ADMINISTRATION OF THE PLAN

      A. The Primary Committee shall have sole and exclusive authority to
administer the Discretionary Option Grant and Stock Issuance Programs with
respect to Section 16 Insiders. Administration of the Discretionary Option Grant
and Stock Issuance Programs with respect to all other persons eligible to
participate in those programs may, at the Board's discretion, be vested in the
Primary Committee or a Secondary Committee, or the Board may retain the power to
administer those programs with respect to all such persons. The members of the
Secondary Committee may be Board members who are Employees eligible to receive
discretionary option grants or direct stock issuances

                                      -1-
<PAGE>
under the Plan or any other stock option, stock appreciation, stock bonus or
other stock plan of the Corporation (or any Parent or Subsidiary).

      B. Members of the Primary Committee or any Secondary Committee shall serve
for such period of time as the Board may determine and may be removed by the
Board at any time. The Board may also at any time terminate the functions of any
Secondary Committee and reassume all powers and authority previously delegated
to such committee.

      C. Each Plan Administrator shall, within the scope of its administrative
functions under the Plan, have full power and authority to establish such rules
and regulations as it may deem appropriate for proper administration of the
Discretionary Option Grant and Stock Issuance Programs and to make such
determinations under, and issue such interpretations of, the provisions of such
programs and any outstanding options or stock issuances thereunder as it may
deem necessary or advisable. Decisions of the Plan Administrator within the
scope of its administrative functions under the Plan shall be final and binding
on all parties who have an interest in the Discretionary Option Grant or Stock
Issuance Program under its jurisdiction or any option or stock issuance
thereunder.

      D. Service on the Primary Committee or the Secondary Committee shall
constitute service as a Board member, and members of each such committee shall
accordingly be entitled to full indemnification and reimbursement as Board
members for their service on such committee. No member of the Primary Committee
or the Secondary Committee shall be liable for any act or omission made in good
faith with respect to the Plan or any option grants or stock issuances under the
Plan.

      E. Administration of the Automatic Option Grant Program shall be
self-executing in accordance with the terms of that program, and no Plan
Administrator shall exercise any discretionary functions with respect to option
grants made thereunder.

IV.   ELIGIBILITY

      A. The persons eligible to participate in the Discretionary Option Grant
and Stock Issuance Programs are as follows:

            (i) Employees,

            (ii) non-employee members of the Board or the board of directors of
      any Parent or Subsidiary, and

            (iii) consultants and other independent advisors who provide
      services to the Corporation (or any Parent or Subsidiary).

      B. Each Plan Administrator shall, within the scope of its administrative
jurisdiction under the Plan, have full authority (subject to the provisions of
the Plan) to determine, (i) with respect to the option grants under the
Discretionary Option Grant Program, which eligible persons are to receive option
grants, the time or times when such option grants are to be made, the number of
shares to be covered by each such grant, the status of the granted option as
either an Incentive Option or a Non-Statutory Option, the time or times at which
each option is to become exercisable, the vesting schedule (if any) applicable
to the option shares and the maximum term for

                                      -2-
<PAGE>
which the option is to remain outstanding and (ii) with respect to stock
issuances under the Stock Issuance Program, which eligible persons are to
receive stock issuances, the time or times when such issuances are to be made,
the number of shares to be issued to each Participant, the vesting schedule (if
any) applicable to the issued shares and the consideration to be paid for such
shares.

      C. The Plan Administrator shall have the absolute discretion either to
grant options in accordance with the Discretionary Option Grant Program or to
effect stock issuances in accordance with the Stock Issuance Program.

      D. The individuals eligible to participate in the Automatic Option Grant
Program shall be limited to those individuals who are serving as non-employee
Board members on the Automatic Option Grant Program Effective Date and those
individuals who first become non-employee Board members after such date, whether
through appointment by the Board or election by the Corporation's stockholders.

A non-employee Board member who has previously been in the employ of the
Corporation (or any Parent or Subsidiary) shall NOT be eligible to receive an
initial option grant under the Automatic Option Grant Program on the Automatic
Option Grant Program Effective Date or at the time he or she first becomes a
non-employee Board member, but such individual shall be eligible to receive
periodic option grants under the Automatic Option Grant Program upon his or her
continued service as a non-employee Board member after one or more Annual
Stockholders Meetings.

V.    STOCK SUBJECT TO THE PLAN

      A. The stock issuable under the Plan shall be shares of authorized but
unissued or reacquired Common Stock, including shares repurchased by the
Corporation on the open market. The maximum number of shares of Common Stock
which may be issued over the term of the Plan shall not exceed 1,703,769 shares.

Such authorized share reserve is comprised of (i) the initial share reserve of
600,000 shares approved for the Plan prior to the Section 12(g) Registration
Date, (ii) the number of shares which remained available for issuance, as of the
Section 12(g) Registration Date, under the Predecessor Plans as last approved by
the Corporation's stockholders, including the shares subject to the outstanding
options incorporated into the Plan and any other shares which would have been
available for future option grants under the Predecessor Plans (iii) an
additional increase of 200,000 shares authorized by the Board on April 23, 1998
and approved by the stockholders on May 20, 1998, (iv) the additional 185,131
shares by which the share reserve increased automatically on the first trading
day in January 1999 and (v) the additional 185,334 shares by which the share
reserve increased automatically on the first trading day in January 2000.

      B. The number of shares of Common Stock available for issuance under the
Plan shall automatically increase on the first trading day of each calendar year
during the term of the Plan, beginning with the 1999 calendar year, by an amount
equal to three percent (3%) of the shares of Common Stock outstanding on the
last trading day of the immediately preceding calendar year. In no event shall
any such annual increase exceed 375,000 shares of Common Stock.

                                      -3-
<PAGE>
      C. No one person participating in the Plan may receive options, separately
exercisable stock appreciation rights and direct stock issuances for more than
2,000,000 shares of Common Stock in the aggregate over the term of the Plan. The
increase in such limit from 500,000 shares to 2,000,000 shares is subject to
stockholder approval at the 2000 Annual Meeting.

      D. Shares of Common Stock subject to outstanding options shall be
available for subsequent issuance under the Plan to the extent (i) the options
(including any options incorporated from the Predecessor Plans) expire or
terminate for any reason prior to exercise in full or (ii) the options are
cancelled in accordance with the cancellation-regrant provisions of Article Two.
Unvested shares issued under the Plan and subsequently cancelled or repurchased
by the Corporation, at the original issue price paid per share, pursuant to the
Corporation's repurchase rights under the Plan shall be added back to the number
of shares of Common Stock reserved for issuance under the Plan and shall
accordingly be available for reissuance through one or more subsequent option
grants or direct stock issuances under the Plan. However, should the exercise
price of an option under the Plan (including any option incorporated from the
Predecessor Plans) be paid with shares of Common Stock or should shares of
Common Stock otherwise issuable under the Plan be withheld by the Corporation in
satisfaction of the withholding taxes incurred in connection with the exercise
of an option or the vesting of a stock issuance under the Plan, then the number
of shares of Common Stock available for issuance under the Plan shall be reduced
by the gross number of shares for which the option is exercised or which vest
under the stock issuance, and not by the net number of shares of Common Stock
issued to the holder of such option or stock issuance.

      E. Should any change be made to the Common Stock by reason of any stock
split, stock dividend, recapitalization, combination of shares, exchange of
shares or other change affecting the outstanding Common Stock as a class without
the Corporation's receipt of consideration, appropriate adjustments shall be
made to (i) the maximum number and/or class of securities issuable under the
Plan, (ii) the number and/or class of securities for which any one person may be
granted options, separately exercisable stock appreciation rights and direct
stock issuances over the term of the Plan, (iii) the number and/or class of
securities for which automatic option grants are to be made subsequently per
Eligible Director under the Automatic Option Grant Program, (iv) the number
and/or class of securities and the exercise price per share in effect under each
outstanding option (including any option incorporated from the Predecessor
Plans) and (v) the maximum number and/or class of securities by which the share
reserve is to increase automatically each calendar year pursuant to the
provisions of Section V.B of this Article One in order to prevent the dilution
or enlargement of benefits thereunder. The adjustments determined by the Plan
Administrator shall be final, binding and conclusive.

                                   ARTICLE TWO

                       DISCRETIONARY OPTION GRANT PROGRAM

I.    OPTION TERMS

      Each option shall be evidenced by one or more documents in the form
approved by the Plan Administrator; provided, however, that each such document
shall comply with the terms specified below. Each document

                                      -4-
<PAGE>
evidencing an Incentive Option shall, in addition, be subject to the provisions
of the Plan applicable to such options.

      A. Exercise Price.

            1. The exercise price per share shall be fixed by the Plan
      Administrator but shall not be less than eighty-five percent (85%) of the
      Fair Market Value per share of Common Stock on the option grant date.

            2. The exercise price shall become immediately due upon exercise of
      the option and shall, subject to the provisions of Section I of Article
      Five and the documents evidencing the option, be payable in one or more of
      the forms specified below:

                  (i) cash or check made payable to the Corporation,

                  (ii) shares of Common Stock held for the requisite period
            necessary to avoid a charge to the Corporation's earnings for
            financial reporting purposes and valued at Fair Market Value on the
            Exercise Date, or

                  (iii) to the extent the option is exercised for vested shares,
            through a special sale and remittance procedure pursuant to which
            the Optionee shall concurrently provide irrevocable written
            instructions to (a) a Corporation-designated brokerage firm to
            effect the immediate sale of the purchased shares and remit to the
            Corporation, out of the sale proceeds available on the settlement
            date, sufficient funds to cover the aggregate exercise price payable
            for the purchased shares plus all applicable Federal, state and
            local income and employment taxes required to be withheld by the
            Corporation by reason of such exercise and (b) the Corporation to
            deliver the certificates for the purchased shares directly to such
            brokerage firm in order to complete the sale.

      Except to the extent such sale and remittance procedure is utilized,
payment of the exercise price for the purchased shares must be made on the
Exercise Date.

      B. Exercise and Term of Options. Each option shall be exercisable at such
time or times, during such period and for such number of shares as shall be
determined by the Plan Administrator and set forth in the documents evidencing
the option. However, no option shall have a term in excess of ten (10) years
measured from the option grant date.

      C. Effect of Termination of Service.

            1. The following provisions shall govern the exercise of any options
      held by the Optionee at the time of cessation of Service or death:

                  (i) Any option outstanding at the time of the Optionee's
            cessation of Service for any reason shall remain exercisable for
            such period of time thereafter as shall be determined by the Plan
            Administrator and set forth in the documents evidencing the

                                      -5-
<PAGE>
            option, but no such option shall be exercisable after the expiration
            of the option term.

                  (ii) Any option exercisable in whole or in part by the
            Optionee at the time of death may be exercised subsequently by the
            personal representative of the Optionee's estate or by the person or
            persons to whom the option is transferred pursuant to the Optionee's
            will or in accordance with the laws of descent and distribution.

                  (iii) During the applicable post-Service exercise period, the
            option may not be exercised in the aggregate for more than the
            number of vested shares for which the option is exercisable on the
            date of the Optionee's cessation of Service. Upon the expiration of
            the applicable exercise period or (if earlier) upon the expiration
            of the option term, the option shall terminate and cease to be
            outstanding for any vested shares for which the option has not been
            exercised. However, the option shall, immediately upon the
            Optionee's cessation of Service, terminate and cease to be
            outstanding to the extent the option is not otherwise at that time
            exercisable for vested shares.

                  (iv) Should the Optionee's Service be terminated for
            Misconduct, then all outstanding options held by the Optionee shall
            terminate immediately and cease to be outstanding.

                  (v) In the event of an Involuntary Termination following a
            Corporate Transaction, the provisions of Section III of this Article
            Two shall govern the period for which the outstanding options are to
            remain exercisable following the Optionee's cessation of Service and
            shall supersede any provisions to the contrary in this section.

            2. The Plan Administrator shall have the discretion, exercisable
      either at the time an option is granted or at any time while the option
      remains outstanding, to:

                  (i) extend the period of time for which the option is to
            remain exercisable following the Optionee's cessation of Service
            from the period otherwise in effect for that option to such greater
            period of time as the Plan Administrator shall deem appropriate, but
            in no event beyond the expiration of the option term, and/or

                  (ii) permit the option to be exercised, during the applicable
            post-Service exercise period, not only with respect to the number of
            vested shares of Common Stock for which such option is exercisable
            at the time of the Optionee's cessation of Service but also with
            respect to one or more additional installments in which the Optionee
            would have vested under the option had the Optionee continued in
            Service.

      D. Stockholder Rights. The holder of an option shall have no stockholder
rights with respect to the shares subject to the option until such person has
exercised the option, paid the exercise price and become a holder of record of
the purchased shares.

                                      -6-
<PAGE>
      E. Repurchase Rights. The Plan Administrator shall have the discretion to
grant options which are exercisable for unvested shares of Common Stock. Should
the Optionee cease Service while holding such unvested shares, the Corporation
shall have the right to repurchase, at the exercise price paid per share, any or
all of those unvested shares. The terms upon which such repurchase right shall
be exercisable (including the period and procedure for exercise and the
appropriate vesting schedule for the purchased shares) shall be established by
the Plan Administrator and set forth in the document evidencing such repurchase
right.

      F. Limited Transferability of Options. During the lifetime of the
Optionee, the option shall be exercisable only by the Optionee and shall not be
assignable or transferable other than by will or by the laws of descent and
distribution following the Optionee's death. However, a Non-Qualified Option
may, in connection with the Optionee's estate plan, be assigned in whole or in
part during the Optionee's lifetime to one or more members of the Optionee's
immediate family or to a trust established exclusively for one or more such
family members. The assigned portion may only be exercised by the person or
persons who acquire a proprietary interest in the option pursuant to the
assignment. The terms applicable to the assigned portion shall be the same as
those in effect for the option immediately prior to such assignment and shall be
set forth in such documents issued to the assignee as the Plan Administrator may
deem appropriate.

II.   INCENTIVE OPTIONS

      The terms specified below shall be applicable to all Incentive Options.
Except as modified by the provisions of this Section II, all the provisions of
Articles One, Two and Five shall be applicable to Incentive Options. Options
which are specifically designated as Non-Statutory Options when issued under the
Plan shall NOT be subject to the terms of this Section II.

      A. Eligibility. Incentive Options may only be granted to Employees.

      B. Exercise Price. The exercise price per share shall not be less than one
hundred percent (100%) of the Fair Market Value per share of Common Stock on the
option grant date.

      C. Dollar Limitation. The aggregate Fair Market Value of the shares of
Common Stock (determined as of the respective date or dates of grant) for which
one or more options granted to any Employee under the Plan (or any other option
plan of the Corporation or any Parent or Subsidiary) may for the first time
become exercisable as Incentive Options during any one (1) calendar year shall
not exceed the sum of One Hundred Thousand Dollars ($100,000). To the extent the
Employee holds two (2) or more such options which become exercisable for the
first time in the same calendar year, the foregoing limitation on the
exercisability of such options as Incentive Options shall be applied on the
basis of the order in which such options are granted.

      D. 10% Stockholder. If any Employee to whom an Incentive Option is granted
is a 10% Stockholder, then the exercise price per share shall not be less than
one hundred ten percent (110%) of the Fair Market Value per share of Common
Stock on the option grant date, and the option term shall not exceed five (5)
years measured from the option grant date.

                                      -7-
<PAGE>
III.  CORPORATE TRANSACTION/CHANGE IN CONTROL

      A. In the event of any Corporate Transaction, each outstanding option
shall automatically accelerate so that each such option shall, immediately prior
to the effective date of the Corporate Transaction, become fully exercisable for
all of the shares of Common Stock at the time subject to such option and may be
exercised for any or all of those shares as fully-vested shares of Common Stock.

However, an outstanding option shall NOT so accelerate if and to the extent: (i)
such option is, in connection with the Corporate Transaction, either to be
assumed by the successor corporation (or parent thereof) or to be replaced with
a comparable option to purchase shares of the capital stock of the successor
corporation (or parent thereof), (ii) such option is to be replaced with a cash
incentive program of the successor corporation which preserves the spread
existing on the unvested option shares at the time of the Corporate Transaction
and provides for subsequent payout in accordance with the same vesting schedule
applicable to such option or (iii) the acceleration of such option is subject to
other limitations imposed by the Plan Administrator at the time of the option
grant. The determination of option comparability under clause (i) above shall be
made by the Plan Administrator, and its determination shall be final, binding
and conclusive.

      B. All outstanding repurchase rights shall also terminate automatically,
and the shares of Common Stock subject to those terminated rights shall
immediately vest in full, in the event of any Corporate Transaction, except to
the extent: (i) those repurchase rights are to be assigned to the successor
corporation (or parent thereof) in connection with such Corporate Transaction or
(ii) such accelerated vesting is precluded by other limitations imposed by the
Plan Administrator at the time the repurchase right is issued.

      C. The Plan Administrator shall have the discretion, exercisable either at
the time the option is granted or at any time while the option remains
outstanding, to provide for the automatic acceleration of one or more
outstanding options (and the automatic termination of one or more outstanding
repurchase rights with the immediate vesting of the shares of Common Stock
subject to those rights) upon the occurrence of a Corporate Transaction, whether
or not those options are to be assumed or replaced in the Corporate Transaction.

The Plan Administrator shall also have the discretion to grant options which do
not accelerate whether or not such options are assumed (and to provide for
repurchase rights that do not terminate whether or not such rights are assigned)
in connection with a Corporate Transaction.

      D. Immediately following the consummation of the Corporate Transaction,
all outstanding options shall terminate and cease to be outstanding, except to
the extent assumed by the successor corporation (or parent thereof).

      E. Each option which is assumed in connection with a Corporate Transaction
shall be appropriately adjusted, immediately after such Corporate Transaction,
to apply to the number and class of securities which would have been issuable to
the Optionee in consummation of such Corporate Transaction had the option been
exercised immediately prior to such Corporate Transaction.

                                      -8-
<PAGE>
Appropriate adjustments shall also be made to (i) the number and class of
securities available for issuance under the Plan following the consummation of
such Corporate Transaction, (ii) the exercise price payable per share under each
outstanding option, provided the aggregate exercise price payable for such
securities shall remain the same, (iii) the maximum number of securities and/or
class of securities for which any one person may be granted stock options,
separately exercisable stock appreciation rights and direct stock issuances
under the Plan per calendar year and (iv) the maximum number and/or class of
securities by which the share reserve is to increase automatically each calendar
year pursuant to the provisions of Section V.B of this Article One.

      F. Any options which are assumed or replaced in the Corporate Transaction
and do not otherwise accelerate at that time shall automatically accelerate (and
any of the Corporation's outstanding repurchase rights which do not otherwise
terminate at the time of the Corporate Transaction shall automatically terminate
and the shares of Common Stock subject to those terminated rights shall
immediately vest in full) in the event the Optionee's Service should
subsequently terminate by reason of an Involuntary Termination within eighteen
(18) months following the effective date of such Corporate Transaction. Any
options so accelerated shall remain exercisable for fully-vested shares until
the earlier of (i) the expiration of the option term or (ii) the expiration of
the one (1)-year period measured from the effective date of the Involuntary
Termination.

      G. The Plan Administrator shall have the discretion, exercisable either at
the time the option is granted or at any time while the option remains
outstanding, to (i) provide for the automatic acceleration of one or more
outstanding options (and the automatic termination of one or more outstanding
repurchase rights with the immediate vesting of the shares of Common Stock
subject to those rights) upon the occurrence of a Change in Control or (ii)
condition any such option acceleration (and the termination of any outstanding
repurchase rights) upon the subsequent Involuntary Termination of the Optionee's
Service within a specified period following the effective date of such Change in
Control. Any options accelerated in connection with a Change in Control shall
remain fully exercisable until the expiration or sooner termination of the
option term.

      H. The portion of any Incentive Option accelerated in connection with a
Corporate Transaction or Change in Control shall remain exercisable as an
Incentive Option only to the extent the applicable One Hundred Thousand Dollar
($100,000) limitation is not exceeded. To the extent such dollar limitation is
exceeded, the accelerated portion of such option shall be exercisable as a
Non-Statutory Option under the Federal tax laws.

      I. The grant of options under the Discretionary Option Grant Program shall
in no way affect the right of the Corporation to adjust, reclassify, reorganize
or otherwise change its capital or business structure or to merge, consolidate,
dissolve, liquidate or sell or transfer all or any part of its business or
assets.

IV.   CANCELLATION AND REGRANT OF OPTIONS

      The Plan Administrator shall have the authority to effect, at any time and
from time to time, with the consent of the affected option holders, the
cancellation of any or all outstanding options under the Discretionary Option

                                      -9-
<PAGE>
Grant Program (including outstanding options incorporated from the Predecessor
Plan) and to grant in substitution new options covering the same or different
number of shares of Common Stock but with an exercise price per share based on
the Fair Market Value per share of Common Stock on the new grant date.

V.    STOCK APPRECIATION RIGHTS

      A. The Plan Administrator shall have full power and authority to grant to
selected Optionees tandem stock appreciation rights and/or limited stock
appreciation rights.

      B. The following terms shall govern the grant and exercise of tandem stock
appreciation rights:

            (i) One or more Optionees may be granted the right, exercisable upon
      such terms as the Plan Administrator may establish, to elect between the
      exercise of the underlying option for shares of Common Stock and the
      surrender of that option in exchange for a distribution from the
      Corporation in an amount equal to the excess of (a) the Fair Market Value
      (on the option surrender date) of the number of shares in which the
      Optionee is at the time vested under the surrendered option (or
      surrendered portion thereof) over (b) the aggregate exercise price payable
      for such shares.

            (ii) No such option surrender shall be effective unless it is
      approved by the Plan Administrator. If the surrender is so approved, then
      the distribution to which the Optionee shall be entitled may be made in
      shares of Common Stock valued at Fair Market Value on the option surrender
      date, in cash, or partly in shares and partly in cash, as the Plan
      Administrator shall in its sole discretion deem appropriate.

            (iii) If the surrender of an option is rejected by the Plan
      Administrator, then the Optionee shall retain whatever rights the Optionee
      had under the surrendered option (or surrendered portion thereof) on the
      option surrender date and may exercise such rights at any time prior to
      the LATER of (a) five (5) business days after the receipt of the rejection
      notice or (b) the last day on which the option is otherwise exercisable in
      accordance with the terms of the documents evidencing such option, but in
      no event may such rights be exercised more than ten (10) years after the
      option grant date.

      C. The following terms shall govern the grant and exercise of limited
stock appreciation rights:

            (i) One or more Section 16 Insiders may be granted limited stock
      appreciation rights with respect to their outstanding options.

            (ii) Upon the occurrence of a Hostile Take-Over, each such
      individual holding one or more options with such a limited stock
      appreciation right shall have the unconditional right (exercisable for a
      thirty (30)-day period following such Hostile Take-Over) to surrender each
      such option to the Corporation, to the extent the option is at the time
      exercisable for vested shares of Common Stock. In return for the
      surrendered option, the Optionee shall receive a cash distribution from
      the Corporation in an amount equal to the excess of (a) the Take-Over

                                      -10-
<PAGE>
      Price of the shares of Common Stock which are at the time vested under
      each surrendered option (or surrendered portion thereof) over (b) the
      aggregate exercise price payable for such shares. Such cash distribution
      shall be paid within five (5) days following the option surrender date.

            (iii) The Plan Administrator shall pre-approve, at the time the
      limited right is granted, the subsequent exercise of that right in
      accordance with the terms of the grant and the provisions of this Section
      V. No additional approval of the Plan Administrator or the Board shall be
      required at the time of the actual option surrender and cash distribution.

            (iv) The balance of the option (if any) shall continue in full force
      and effect in accordance with the documents evidencing such option.

                                  ARTICLE THREE

                             STOCK ISSUANCE PROGRAM

I.    STOCK ISSUANCE TERMS

      Shares of Common Stock may be issued under the Stock Issuance Program
through direct and immediate issuances without any intervening option grants.
Each such stock issuance shall be evidenced by a Stock Issuance Agreement which
complies with the terms specified below.

      A.    Purchase Price.

            1. The purchase price per share shall be fixed by the Plan
      Administrator, but shall not be less than eighty-five percent (85%) of the
      Fair Market Value per share of Common Stock on the issuance date.

            2. Subject to the provisions of Section I of Article Five, shares of
      Common Stock may be issued under the Stock Issuance Program for any of the
      following items of consideration which the Plan Administrator may deem
      appropriate in each individual instance:

                  (i) cash or check made payable to the Corporation, or

                  (ii) past services rendered to the Corporation (or any Parent
            or Subsidiary).

      B.    Vesting Provisions.

            1. Shares of Common Stock issued under the Stock Issuance Program
      may, in the discretion of the Plan Administrator, be fully and immediately
      vested upon issuance or may vest in one or more installments over the
      Participant's period of Service or upon attainment of specified
      performance objectives. The elements of the vesting schedule applicable to
      any unvested shares of Common Stock issued under the Stock Issuance
      Program, namely:

                  (i) the Service period to be completed by the Participant or
            the performance objectives to be attained,

                                      -11-
<PAGE>
                  (ii) the number of installments in which the shares are to
            vest,

                  (iii) the interval or intervals (if any) which are to lapse
            between installments, and

                  (iv) the effect which death, Permanent Disability or other
            event designated by the Plan Administrator is to have upon the
            vesting schedule, shall be determined by the Plan Administrator and
            incorporated into the Stock Issuance Agreement.

            2. Any new, substituted or additional securities or other property
      (including money paid other than as a regular cash dividend) which the
      Participant may have the right to receive with respect to the
      Participant's unvested shares of Common Stock by reason of any stock
      dividend, stock split, recapitalization, combination of shares, exchange
      of shares or other change affecting the outstanding Common Stock as a
      class without the Corporation's receipt of consideration shall be issued
      subject to (i) the same vesting requirements applicable to the
      Participant's unvested shares of Common Stock and (ii) such escrow
      arrangements as the Plan Administrator shall deem appropriate.

            3. The Participant shall have full stockholder rights with respect
      to any shares of Common Stock issued to the Participant under the Stock
      Issuance Program, whether or not the Participant's interest in those
      shares is vested. Accordingly, the Participant shall have the right to
      vote such shares and to receive any regular cash dividends paid on such
      shares.

            4. Should the Participant cease to remain in Service while holding
      one or more unvested shares of Common Stock issued under the Stock
      Issuance Program or should the performance objectives not be attained with
      respect to one or more such unvested shares of Common Stock, then those
      shares shall be immediately surrendered to the Corporation for
      cancellation, and the Participant shall have no further stockholder rights
      with respect to those shares. To the extent the surrendered shares were
      previously issued to the Participant for consideration paid in cash or
      cash equivalent (including the Participant's purchase-money indebtedness),
      the Corporation shall repay to the Participant the cash consideration paid
      for the surrendered shares and shall cancel the unpaid principal balance
      of any outstanding purchase-money note of the Participant attributable to
      the surrendered shares.

            5. The Plan Administrator may in its discretion waive the surrender
      and cancellation of one or more unvested shares of Common Stock (or other
      assets attributable thereto) which would otherwise occur upon the
      cessation of the Participant's Service or the non-attainment of the
      performance objectives applicable to those shares. Such waiver shall
      result in the immediate vesting of the Participant's interest in the
      shares of Common Stock as to which the waiver applies. Such waiver may be
      effected at any time, whether before or after the Participant's cessation
      of Service or the attainment or non-attainment of the applicable
      performance objectives.

                                      -12-
<PAGE>
II.   CORPORATE TRANSACTION/CHANGE IN CONTROL

      A. All outstanding cancellation rights under the Stock Issuance Program
shall terminate automatically, and all the shares of Common Stock subject to
those terminated rights shall immediately vest in full, in the event of any
Corporate Transaction, except to the extent (i) those repurchase/cancellation
rights are assigned to the successor corporation (or parent thereof) in
connection with such Corporate Transaction or (ii) such accelerated vesting is
precluded by other limitations imposed in the Stock Issuance Agreement.

      B. Any cancellation rights that are assigned in the Corporate Transaction
shall automatically terminate, and the shares of Common Stock subject to those
terminated rights shall immediately vest in full, in the event the Participant's
Service should subsequently terminate by reason of an Involuntary Termination
within eighteen (18) months following the effective date of such Corporate
Transaction.

      C. The Plan Administrator shall have the discretion to provide for
cancellation rights with terms different from those in effect under this Section
II in connection with a Corporate Transaction.

      D. The Plan Administrator shall have the discretion, exercisable either at
the time the unvested shares are issued or at any time while the Corporation's
cancellation right remains outstanding, to (i) provide for the automatic
termination of one or more outstanding cancellation rights and the immediate
vesting of the shares of Common Stock subject to those rights upon the
occurrence of a Change in Control or (ii) condition any such accelerated vesting
upon the subsequent Involuntary Termination of the Participant's Service within
a specified period following the effective date of such Change in Control.

III.  SHARE ESCROW/LEGENDS

      Unvested shares may, in the Plan Administrator's discretion, be held in
escrow by the Corporation until the Participant's interest in such shares vests
or may be issued directly to the Participant with restrictive legends on the
certificates evidencing those unvested shares.

                                  ARTICLE FOUR

                         AUTOMATIC OPTION GRANT PROGRAM

I.    OPTION TERMS

      A. Grant Dates. Option grants shall be made on the dates specified below:

            1. Each individual who is first elected or appointed as a
      non-employee Board member after the 1998 Annual Stockholders Meeting shall
      automatically be granted, on the date of such initial election or
      appointment (as the case may be), a Non-Statutory Option to purchase
      10,000 shares of Common Stock.

            2. On the date of each Annual Stockholders Meeting during the period
      beginning on the date of the 1999 Annual Meeting and ending on the date of
      the 2003 Annual Meeting, each individual who is re-elected to serve as a
      non-employee Board member at such meeting shall

                                      -13-
<PAGE>
      automatically be granted a Non-Statutory Option to purchase 7,000
      additional shares of Common Stock, provided such individual has served as
      a non-employee Board member for at least six (6) months. There shall be no
      limit on the number of such 7,000-share option grants any one Eligible
      Director may receive over his or her period of Board service.

            The Plan was amended and restated by the Board, effective April 23,
      1998 (the "1998 Restatement"), and approved by the Company's stockholders
      at the 1998 Annual Stockholders Meeting. The stockholders' approval
      constituted approval of each option subsequently granted on or after the
      date of such Annual Meeting pursuant to the express terms of this
      Automatic Option Grant Program and the subsequent exercise of that option
      in accordance with its terms.

            3. On the first day of each January on which the Company's Common
      Stock is quoted for trading on the Nasdaq National Market (or another
      national quotation system or stock exchange), beginning in January 2004,
      each non-employee Board member who will continue to serve as a
      non-employee Board member after such date shall automatically be granted
      an option to purchase 5,000 additional shares of the Company's Common
      Stock, provided such individual has served as a Board member for a period
      of at least six (6) months. There shall be no limit on the number of such
      5,000-share option grants any one Eligible Director may receive over his
      or her period of Board service.

      B. Exercise Price.

            1. The exercise price per share shall be equal to one hundred
      percent (100%) of the Fair Market Value per share of Common Stock on the
      option grant date.

            2. The exercise price shall be payable in one or more of the
      alternative forms authorized under the Discretionary Option Grant Program.

      Except to the extent the sale and remittance procedure specified
thereunder is utilized, payment of the exercise price for the purchased shares
must be made on the Exercise Date.

      C. Option Term. Each option shall have a term of ten (10) years measured
from the option grant date.

      D. Exercise and Vesting of Options. Each option shall be immediately
exercisable for any or all of the option shares. However, any shares purchased
under the option shall be subject to repurchase by the Corporation, at the
exercise price paid per share, upon the Optionee's cessation of Board service
prior to vesting in those shares. Each initial grant shall vest, and the
Corporation's repurchase right shall lapse, in a series of twenty-four (24)
successive equal monthly installments upon the Optionee's completion of each
month of Board service over the twenty-four (24)-month period measured from the
option grant date. Each annual grant shall vest, and the Corporation's
repurchase right shall lapse, in a series of twelve (12) successive equal
monthly installments upon the Optionee's completion of each month of Board
service over the twenty-twelve (12)-month period measured from the option grant
date.

                                      -14-
<PAGE>
      E. Effect of Termination of Board Service. The following provisions shall
govern the exercise of any options held by the Optionee at the time the Optionee
ceases to serve as a Board member:

            (i) The Optionee (or, in the event of Optionee's death, the personal
      representative of the Optionee's estate or the person or persons to whom
      the option is transferred pursuant to the Optionee's will or in accordance
      with the laws of descent and distribution) shall have a twelve (12)-month
      period following the date of such cessation of Board service in which to
      exercise each such option.

            (ii) During the twelve (12)-month exercise period, the option may
      not be exercised in the aggregate for more than the number of vested
      shares of Common Stock for which the option is exercisable at the time of
      the Optionee's cessation of Board service.

            (iii) Should the Optionee cease to serve as a Board member by reason
      of death or Permanent Disability, then all shares at the time subject to
      the option shall immediately vest so that such option may, during the
      twelve (12)-month exercise period following such cessation of Board
      service, be exercised for all or any portion of those shares as
      fully-vested shares of Common Stock.

            (iv) In no event shall the option remain exercisable after the
      expiration of the option term. Upon the expiration of the twelve
      (12)-month exercise period or (if earlier) upon the expiration of the
      option term, the option shall terminate and cease to be outstanding for
      any vested shares for which the option has not been exercised. However,
      the option shall, immediately upon the Optionee's cessation of Board
      service for any reason other than death or Permanent Disability, terminate
      and cease to be outstanding to the extent the option is not otherwise at
      that time exercisable for vested shares.

II.   CORPORATE TRANSACTION/CHANGE IN CONTROL/HOSTILE TAKE-OVER

      A. In the event of any Corporate Transaction, the shares of Common Stock
at the time subject to each outstanding option but not otherwise vested shall
automatically vest in full so that each such option shall, immediately prior to
the effective date of the Corporate Transaction, become fully exercisable for
all of the shares of Common Stock at the time subject to such option and may be
exercised for all or any portion of those shares as fully-vested shares of
Common Stock. Immediately following the consummation of the Corporate
Transaction, each automatic option grant shall terminate and cease to be
outstanding, except to the extent assumed by the successor corporation (or
parent thereof).

      B. In connection with any Change in Control, the shares of Common Stock at
the time subject to each outstanding option but not otherwise vested shall
automatically vest in full so that each such option 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 option and may be
exercised for all or any portion of those shares as fully-vested shares of
Common Stock. Each such option shall remain exercisable for such fully-vested
option shares until the expiration or sooner termination of the option term or
the surrender of the option in connection with a Hostile Take-Over.

                                      -15-
<PAGE>
      C. Upon the occurrence of a Hostile Take-Over, the Optionee shall have a
thirty (30)-day period in which to surrender to the Corporation each automatic
option held by him or her at that time. The Optionee shall in return be entitled
to a cash distribution from the Corporation in an amount equal to the excess of
(i) the Take-Over Price of the shares of Common Stock at the time subject to the
surrendered option (whether or not the Optionee is otherwise at the time vested
in those shares) over (ii) the aggregate exercise price payable for such shares.

Such cash distribution shall be paid within five (5) days following the
surrender of the option to the Corporation. Stockholder approval of the 1998
Restatement at the 1998 Annual Meeting constituted approval of each option
granted with such a surrender right under this Automatic Option Grant Program on
or after the date of that Annual Meeting and the subsequent exercise of such
right in accordance with the terms and provisions of this Section II.C. No
additional approval or consent of the Plan Administrator or the Board shall be
required at the time of the actual option surrender and cash distribution.

      D. Each option which is assumed in connection with a Corporate Transaction
shall be appropriately adjusted, immediately after such Corporate Transaction,
to apply to the number and class of securities which would have been issuable to
the Optionee in consummation of such Corporate Transaction had the option been
exercised immediately prior to such Corporate Transaction. Appropriate
adjustments shall also be made to the exercise price payable per share under
each outstanding option, provided the aggregate exercise price payable for such
securities shall remain the same.

      E. The grant of options under the Automatic Option Grant Program shall in
no way affect the right of the Corporation to adjust, reclassify, reorganize or
otherwise change its capital or business structure or to merge, consolidate,
dissolve, liquidate or sell or transfer all or any part of its business or
assets.

III.  REMAINING TERMS

      The remaining terms of each option granted under the Automatic Option
Grant Program shall be the same as the terms in effect for option grants made
under the Discretionary Option Grant Program.

                                  ARTICLE FIVE

                                  MISCELLANEOUS

I.    FINANCING

      A. The Plan Administrator may permit any Optionee or Participant to pay
the option exercise price under the Discretionary Option Grant Program or the
purchase price for shares issued under the Stock Issuance Program by delivering
a promissory note payable in one or more installments. The terms of any such
promissory note (including the interest rate and the terms of repayment) shall
be established by the Plan Administrator in its sole discretion. Promissory
notes may be authorized with or without security or collateral. In all events,
the maximum credit available to the Optionee or Participant may not exceed the
sum of (i) the aggregate option exercise price or purchase price payable for the
purchased shares plus (ii) any Federal,

                                      -16-
<PAGE>
state and local income and employment tax liability incurred by the Optionee or
the Participant in connection with the option exercise or share purchase.

      B. The Plan Administrator may, in its discretion, determine that one or
more such promissory notes shall be subject to forgiveness by the Corporation in
whole or in part upon such terms as the Plan Administrator may deem appropriate.

II.   TAX WITHHOLDING

      A. The Corporation's obligation to deliver shares of Common Stock upon the
exercise of options or stock appreciation rights or upon the issuance or vesting
of such shares under the Plan shall be subject to the satisfaction of all
applicable Federal, state and local income and employment tax withholding
requirements.

      B. The Plan Administrator may, in its discretion, provide any or all
holders of Non-Statutory Options or unvested shares of Common Stock under the
Plan (other than the options granted or the shares issued under the Automatic
Option Grant Program) with the right to use shares of Common Stock in
satisfaction of all or part of the Taxes incurred by such holders in connection
with the exercise of their options or the vesting of their shares. Such right
may be provided to any such holder in either or both of the following formats:

            (i) Stock Withholding: The election to have the Corporation
      withhold, from the shares of Common Stock otherwise issuable upon the
      exercise of such Non-Statutory Option or the vesting of such shares, a
      portion of those shares with an aggregate Fair Market Value equal to the
      percentage of the Taxes (not to exceed one hundred percent (100%))
      designated by the holder.

            (ii) Stock Delivery: The election to deliver to the Corporation, at
      the time the Non-Statutory Option is exercised or the shares vest, one or
      more shares of Common Stock previously acquired by such holder (other than
      in connection with the option exercise or share vesting triggering the
      Taxes) with an aggregate Fair Market Value equal to the percentage of the
      Taxes (not to exceed one hundred percent (100%)) designated by the holder.

III.  EFFECTIVE DATE AND TERM OF THE PLAN

      A. The Discretionary Option Grant and Stock Issuance Programs became
effective on the Plan Effective Date. The Automatic Option Grant Program became
effective on the Automatic Option Grant Program Effective Date. The Plan serves
as the successor to the Predecessor Plans, and no further option grants or
direct stock issuances shall be made under the Predecessor Plans after the
Section 12(g) Registration Date. All options outstanding under the Predecessor
Plans as of such date were incorporated into the Plan at that time and shall be
treated as outstanding options under the Plan. However, each outstanding option
so incorporated 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
incorporated options with respect to their acquisition of shares of Common
Stock.

                                      -17-
<PAGE>
      B. The 1998 Restatement effected the following revisions to the Plan: (i)
increased the maximum number of shares of Common Stock authorized for issuance
over the term of the Plan by 200,000 shares, from 1,133,304 shares to 1,333,304
shares, (ii) implemented an automatic share increase feature pursuant to which
the number of shares available for issuance over the term of the Plan is
automatically increased on the first trading day of each calendar year,
beginning with the 1999 calendar year, by an amount equal to three percent (3%)
of the total number of shares of Common Stock outstanding on the last trading
day of the immediately preceding calendar year, (iii) increased the number of
shares subject to the automatic option grants to the non-employee Board members
under the Automatic Option Grant Program from 8,000 shares to 10,000 shares for
the initial automatic grants and from 2,000 shares to 7,000 shares for the
annual automatic grants, (iv) rendered the non-employee Board members serving on
the Primary Committee eligible to receive option grants under the Discretionary
Option Grant Program and direct stock issuances under the Stock Issuance
Program, (v) allowed unvested shares issued under the Plan and subsequently
repurchased by the Corporation at the option exercise or direct issue price paid
per share to be reissued under the Plan, (vi) removed certain restrictions on
the eligibility of non-employee Board members to serve as Plan Administrator and
(vii) effected a series of additional changes to the provisions of the Plan
(including the stockholder approval requirements) in order to take advantage of
amendments to Rule 16b-3 of the Securities and Exchange Commission which exempt
certain officer and director transactions under the Plan from the short-swing
liability provisions of the federal securities laws. The 1998 Restatement was
approved by the stockholders at the 1998 Annual Meeting. All option grants made
under the Plan prior to the 1998 Restatement remained outstanding in accordance
with the terms and conditions of the respective instruments evidencing those
options, and nothing in the 1998 Restatement modified or in any way affected
those outstanding options.

      C. The Plan was amended and restated by the Board on March 31, 2000 (the
"March 2000 Amendment") to increase the limitation on the maximum number of
shares of Common Stock for which any one individual may be granted stock
options, separately-exercisable stock appreciation rights and direct stock
issuances in the aggregate under the Plan from 500,000 shares to 2,000,000
shares in the aggregate. Such amendment is subject to stockholder approval at
the 2000 Annual Meeting. Should such stockholder approval not be obtained, then
any options granted on the basis of that increase shall terminate without
becoming exercisable for any of the shares of Common Stock subject to those
options, and no further options shall be granted on the basis of such increase.
The Plan shall, however, continue to remain in effect, and option grants and
direct stock issuances may continue to be made pursuant to the provisions of the
Plan in effect prior to the March 2000 Amendment, until the available reserve of
Common Stock as last approved by the stockholders has been issued pursuant to
option grants made under the Plan.

      D. One or more provisions of the Plan, including (without limitation) the
option/vesting acceleration provisions of Article Two relating to Corporate
Transactions and Changes in Control, may, in the Plan Administrator's
discretion, be extended to one or more options incorporated from the Predecessor
Plans which do not otherwise contain such provisions.

      E. The Plan shall terminate upon the earliest of (i) February 27, 2006,
(ii) the date on which all shares available for issuance under the Plan shall
have been issued pursuant to the exercise of the options or the issuance of
shares (whether vested or unvested) under the Plan or (iii) the

                                      -18-
<PAGE>
termination of all outstanding options in connection with a Corporate
Transaction. Upon such Plan termination, all outstanding options and unvested
stock issuances shall continue to have force and effect in accordance with the
provisions of the documents evidencing such options or issuances.

IV.   AMENDMENT OF THE PLAN

      A. The Board shall have complete and exclusive power and authority to
amend or modify the Plan in any or all respects. However, no such amendment or
modification shall adversely affect any rights and obligations with respect to
options, stock appreciation rights or unvested stock issuances at the time
outstanding under the Plan unless the Optionee or the Participant consents to
such amendment or modification. In addition, certain amendments may require
stockholder approval pursuant to applicable laws or regulations.

      B. Options to purchase shares of Common Stock may be granted under the
Discretionary Option Grant Program and shares of Common Stock may be issued
under the Stock Issuance Program that are in each instance in excess of the
number of shares then available for issuance under the Plan, provided any excess
shares actually issued under those programs are held in escrow until there is
obtained stockholder approval of an amendment sufficiently increasing the number
of shares of Common Stock available for issuance under the Plan. If such
stockholder approval is not obtained within twelve (12) months after the date
the first such excess grants or issuances are made, then (i) any unexercised
options granted on the basis of such excess shares shall terminate and cease to
be outstanding and (ii) the Corporation shall promptly refund to the Optionees
and the Participants the exercise or purchase price paid for any excess shares
issued under the Plan and held in escrow, together with interest (at the
applicable Short Term Federal Rate) for the period the shares were held in
escrow, and such shares shall thereupon be automatically cancelled and cease to
be outstanding.

V.    USE OF PROCEEDS

      Any cash proceeds received by the Corporation from the sale of shares of
Common Stock under the Plan shall be used for general corporate purposes.

VI.   REGULATORY APPROVALS

      A. The implementation of the Plan, the granting of any option or stock
appreciation right under the Plan and the issuance of any shares of Common Stock
(i) upon the exercise of any option or stock appreciation right or (ii) under
the Stock Issuance Program shall be subject to the Corporation's procurement of
all approvals and permits required by regulatory authorities having jurisdiction
over the Plan, the options and stock appreciation rights granted under it and
the shares of Common Stock issued pursuant to it.

      B. No shares of Common Stock or other assets shall be issued or delivered
under the Plan unless and until there shall have been compliance with all
applicable requirements of Federal and state securities laws, including the
filing and effectiveness of the Form S-8 registration statement for the shares
of Common Stock issuable under the Plan, and all applicable listing requirements
of any stock exchange (or the Nasdaq National Market, if applicable) on which
Common Stock is then listed for trading.

                                      -19-
<PAGE>
VII.  NO EMPLOYMENT/SERVICE RIGHTS

      Nothing in the Plan shall confer upon the Optionee or the Participant any
right to continue in Service for any period of specific duration or interfere
with or otherwise restrict in any way the rights of the Corporation (or any
Parent or Subsidiary employing or retaining such person) or of the Optionee or
the Participant, which rights are hereby expressly reserved by each, to
terminate such person's Service at any time for any reason, with or without
cause.

                                    APPENDIX

      The following definitions shall be in effect under the Plan:

      A. AUTOMATIC OPTION GRANT PROGRAM shall mean the automatic option grant
program in effect under the Plan.

      B. AUTOMATIC OPTION GRANT PROGRAM EFFECTIVE DATE shall mean the date on
which the underwriting agreement was executed and the offering price of the
Common Stock was established for the Company's initial public offering.

      C. BOARD shall mean the Corporation's Board of Directors.

      D. CHANGE IN CONTROL shall mean a change in ownership or control of the
Corporation effected through either of the following transactions:

            (i) the acquisition, directly or indirectly, by any person or
      related group of persons (other than the Corporation or a person that
      directly or indirectly controls, is controlled by, or is under common
      control with, the Corporation), of beneficial ownership (within the
      meaning of Rule 13d-3 of the 1934 Act) of securities possessing more than
      fifty percent (50%) of the total combined voting power of the
      Corporation's outstanding securities pursuant to a tender or exchange
      offer made directly to the Corporation's stockholders which the Board does
      not recommend such stockholders to accept, or

            (ii) a change in the composition of the Board over a period of
      thirty-six (36) consecutive months or less such that a majority of the
      Board members ceases, by reason of one or more contested elections for
      Board membership, to be comprised of individuals who either (A) have been
      Board members continuously since the beginning of such period or (B) have
      been elected or nominated for election as Board members during such period
      by at least a majority of the Board members described in clause (A) who
      were still in office at the time the Board approved such election or
      nomination.

      E. CODE shall mean the Internal Revenue Code of 1986, as amended.

      F. COMMON STOCK shall mean the Corporation's common stock.

      G. CORPORATE TRANSACTION shall mean either of the following
stockholder-approved transactions to which the Corporation is a party:

            (i) a merger or consolidation in which securities possessing more
      than fifty percent (50%) of the total combined voting power of the
      Corporation's outstanding securities are transferred to a person or

                                      -20-
<PAGE>
      persons different from the persons holding those securities immediately
      prior to such transaction; or

            (ii) the sale, transfer or other disposition of all or substantially
      all of the Corporation's assets in complete liquidation or dissolution of
      the Corporation.

      H. CORPORATION shall mean Onyx Acceptance Corporation, a Delaware
corporation, and any corporate successor to all or substantially all of the
assets or voting stock of Onyx Acceptance Corporation which shall by appropriate
action adopt the Plan.

      I. DISCRETIONARY OPTION GRANT PROGRAM shall mean the discretionary option
grant program in effect under the Plan.

      J. DOMESTIC RELATIONS ORDER shall mean any judgment, decree or order
(including approval of a property settlement agreement) which provides or
otherwise conveys, pursuant to applicable State domestic relations laws
(including community property laws), marital property rights to any spouse or
former spouse of the Optionee.

      K. ELIGIBLE DIRECTOR shall mean a non-employee Board member eligible to
participate in the Automatic Option Grant Program in accordance with the
eligibility provisions of Article One.

      L. EMPLOYEE shall mean an individual who is in the employ of the
Corporation (or any Parent or Subsidiary), subject to the control and direction
of the employer entity as to both the work to be performed and the manner and
method of performance.

      M. EXERCISE DATE shall mean the date on which the Corporation shall have
received written notice of the option exercise.

      N. FAIR MARKET VALUE per share of Common Stock on any relevant date shall
be determined in accordance with the following provisions:

            (i) If the Common Stock is at the time traded on the Nasdaq National
      Market, then the Fair Market Value shall be the closing selling price per
      share of Common Stock on the date in question, as such price is reported
      by the National Association of Securities Dealers on the Nasdaq National
      Market and published in The Wall Street Journal. If there is no closing
      selling price for the Common Stock on the date in question, then the Fair
      Market Value shall be the closing selling price on the last preceding date
      for which such quotation exists.

            (ii) If the Common Stock is at the time listed on any Stock
      Exchange, then the Fair Market Value shall be the closing selling price
      per share of Common Stock on the date in question on the Stock Exchange
      determined by the Plan Administrator to be the primary market for the
      Common Stock, as such price is officially quoted in the composite tape of
      transactions on such exchange and published in The Wall Street Journal. If
      there is no closing selling price for the Common Stock on the date in
      question, then the Fair Market Value shall be the closing selling price on
      the last preceding date for which such quotation exists.

                                      -21-
<PAGE>
      O. HOSTILE TAKE-OVER shall mean a change in ownership of the Corporation
effected through the acquisition, directly or indirectly, by any person or
related group of persons (other than the Corporation or a person that directly
or indirectly controls, is controlled by, or is under common control with, the
Corporation) of beneficial ownership (within the meaning of Rule 13d-3 of the
1934 Act) of securities possessing more than fifty percent (50%) of the total
combined voting power of the Corporation's outstanding securities pursuant to a
tender or exchange offer made directly to the Corporation's stockholders which
the Board does not recommend such stockholders to accept.

      P. INCENTIVE OPTION shall mean an option which satisfies the requirements
of Code Section 422.

      Q. INVOLUNTARY TERMINATION shall mean the termination of the Service of
any individual which occurs by reason of:

            (i) such individual's involuntary dismissal or discharge by the
      Corporation for reasons other than Misconduct, or

            (ii) such individual's voluntary resignation following (A) a change
      in his or her position with the Corporation which materially reduces his
      or her level of responsibility, (B) a reduction in his or her level of
      compensation (including base salary, fringe benefits and participation in
      corporate-performance based bonus or incentive programs) by more than
      fifteen percent (15%) or (C) a relocation of such individual's place of
      employment by more than fifty (50) miles, provided and only if such
      change, reduction or relocation is effected by the Corporation without the
      individual's consent.

      R. MISCONDUCT shall mean the commission of any act of fraud, embezzlement
or dishonesty by the Optionee or Participant, any unauthorized use or disclosure
by such person of confidential information or trade secrets of the Corporation
(or any Parent or Subsidiary), or any other intentional misconduct by such
person adversely affecting the business or affairs of the Corporation (or any
Parent or Subsidiary) in a material manner. The foregoing definition shall not
be deemed to be inclusive of all the acts or omissions which the Corporation (or
any Parent or Subsidiary) may consider as grounds for the dismissal or discharge
of any Optionee, Participant or other person in the Service of the Corporation
(or any Parent or Subsidiary).

      S. 1934 ACT shall mean the Securities Exchange Act of 1934, as amended.

      T. NON-STATUTORY OPTION shall mean an option not intended to satisfy the
requirements of Code Section 422.

      U. OPTIONEE shall mean any person to whom an option is granted under the
Discretionary Option Grant or Automatic Option Grant Program.

      V. PARENT shall mean any corporation (other than the Corporation) in an
unbroken chain of corporations ending with the Corporation, provided each
corporation in the unbroken chain (other than the Corporation) owns, at the time
of the determination, stock possessing fifty percent (50%) or more of the total
combined voting power of all classes of stock in one of the other corporations
in such chain.

                                      -22-
<PAGE>
      W. PARTICIPANT shall mean any person who is issued shares of Common Stock
under the Stock Issuance Program.

      X. PERMANENT DISABILITY OR PERMANENTLY DISABLED shall mean the inability
of the Optionee or the Participant to engage in any substantial gainful activity
by reason of any medically determinable physical or mental impairment expected
to result in death or to be of continuous duration of twelve (12) months or
more.

However, solely for the purposes of the Automatic Option Grant Program,
Permanent Disability or Permanently Disabled shall mean the inability of the
non-employee Board member to perform his or her usual duties as a Board member
by reason of any medically determinable physical or mental impairment expected
to result in death or to be of continuous duration of twelve (12) months or
more.

      Y. PLAN shall mean the Corporation's 1996 Stock Option/Stock Issuance
Plan, as set forth in this document.

      Z. PLAN ADMINISTRATOR shall mean the particular entity, whether the
Primary Committee, the Board or the Secondary Committee, which is authorized to
administer the Discretionary Option Grant and Stock Issuance Programs with
respect to one or more classes of eligible persons, to the extent such entity is
carrying out its administrative functions under those programs with respect to
the persons under its jurisdiction.

      AA. PLAN EFFECTIVE DATE shall mean February 28, 1996, the date on which
the Plan was adopted by the Board.

      BB. PREDECESSOR PLANS shall mean the Corporation's 1994 Stock Option Plan
and the 1994 Special Performance Option Grant Plan.

      CC. PRIMARY COMMITTEE shall mean the committee of two (2) or more
non-employee Board members appointed by the Board to administer the
Discretionary Option Grant and Stock Issuance Programs with respect to Section
16 Insiders.

      DD. QUALIFIED DOMESTIC RELATIONS ORDER shall mean a Domestic Relations
Order which substantially complies with the requirements of Code Section 414(p).
The Plan Administrator shall have the sole discretion to determine whether a
Domestic Relations Order is a Qualified Domestic Relations Order.

      EE. SECONDARY COMMITTEE shall mean a committee of two (2) or more Board
members appointed by the Board to administer the Discretionary Option Grant and
Stock Issuance Programs with respect to eligible persons other than Section 16
Insiders.

      FF. SECTION 16 INSIDER shall mean an officer or director of the
Corporation subject to the short-swing profit liabilities of Section 16 of the
1934 Act.

      GG. SECTION 12(g) REGISTRATION DATE shall mean the first date on which the
Common Stock is registered under Section 12(g) of the 1934 Act.

                                      -23-
<PAGE>
      HH. SERVICE shall mean the provision of services to the Corporation (or
any Parent or Subsidiary) by a person in the capacity of an Employee, a
non-employee member of the board of directors or a consultant or independent
advisor, except to the extent otherwise specifically provided in the documents
evidencing the option grant or stock issuance.

      II. STOCK EXCHANGE shall mean either the American Stock Exchange or the
New York Stock Exchange.

      JJ. STOCK ISSUANCE AGREEMENT shall mean the agreement entered into by the
Corporation and the Participant at the time of issuance of shares of Common
Stock under the Stock Issuance Program.

      KK. STOCK ISSUANCE PROGRAM shall mean the stock issuance program in effect
under the Plan.

      LL. SUBSIDIARY shall mean any corporation (other than the Corporation) in
an unbroken chain of corporations beginning with the Corporation, provided each
corporation (other than the last corporation) in the unbroken chain owns, at the
time of the determination, stock possessing fifty percent (50%) or more of the
total combined voting power of all classes of stock in one of the other
corporations in such chain.

      MM. TAKE-OVER PRICE shall mean the greater of (i) the Fair Market Value
per share of Common Stock on the date the option is surrendered to the
Corporation in connection with a Hostile Take-Over or (ii) the highest reported
price per share of Common Stock paid by the tender offeror in effecting such
Hostile Take-Over. However, if the surrendered option is an Incentive Option,
the Take-Over Price shall not exceed the clause (i) price per share.

      NN. TAXES shall mean the Federal, state and local income and employment
withholding taxes to which the holder of Non-Statutory Options or unvested
shares of Common Stock may become subject in connection with the exercise of
those options or the vesting of those shares.

      OO. 10% STOCKHOLDER shall mean the owner of stock (as determined under
Code Section 424(d)) possessing more than ten percent (10%) of the total
combined voting power of all classes of stock of the Corporation (or any Parent
or Subsidiary).

                                      -24-

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