Document:

<PAGE>   1
                                                                     EXHIBIT 4.2

WSS                           [WEB SIDE STORY LOGO]

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<S>                                   <C>                                                        <C>
THIS CERTIFICATE IS TRANSFERABLE      INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE       SEE REVERSE FOR CERTAIN DEFINITIONS
 IN CANTON, MA OR NEW YORK, NY                                                                           CUSIP 947685 10 3
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                This Certifies that

                is the record holder of

    FULLY PAID AND NONASSESSABLE SHARES OF COMMON STOCK, $0.001 PAR VALUE, OF

============================== WEBSIDESTORY, INC.===============================

                              CERTIFICATE OF STOCK

   TRANSFERABLE ON THE BOOKS OF THE CORPORATION BY THE HOLDER HEREOF IN PERSON
OR BY DULY AUTHORIZED ATTORNEY UPON SURRENDER OF THIS CERTIFICATE  PROPERLY
ENDORSED. THIS CERTIFICATE IS NOT VALID UNTIL COUNTERSIGNED BY THE TRANSFER
AGENT AND REGISTERED BY THE REGISTRANT.

WITNESS THE [ILLEGIBLE] SEAL OF THE CORPORATION AND THE  FACSIMILE SIGNATURES
OR ITS DULY AUTHORIZED OFFICERS.

DATED:

                                  [SEAL]          COUNTERSIGNED AND REGISTERED:
                             WEBSIDESTORY, INC.   EQUISERVE TRUST COMPANY, N.A.
                                                  TRANSFER AGENT AND REGISTRAR
                                 CORPORATE                [ILLEGIBLE]
                                   SEAL               AUTHORIZED SIGNATURE
                                   2000
                                 DELAWARE

      [SIGNATURE ILLEGIBLE]                       [SIGNATURE ILLEGIBLE]
SENIOR VICE PRESIDENT AND SECRETARY        PRESIDENT AND CHIEF EXECUTIVE OFFICER
<PAGE>   2
      The Corporation shall furnish without charge to each stockholder who so
requests a statement of the powers, designations, preferences and relative,
participating, optional, or other special rights of each class of stock of the
Corporation or series thereof and the qualifications, limitations or
restrictions of such preferences and/or rights. Such requests shall be made to
the Corporation's Secretary at the principal office of the Corporation.

      The following abbreviations, when used in the inscription on the face of
this certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

TEN COM - as tenants in common
TEN ENT - as tenants by the entireties
 JT TEN - as joint tenants with right of survivorship
          and not as tenants in common

UNIF GIFT MIN ACT-            Custodian
                  ------------         -------------
                     (Cust)               (Minor)

                  under Uniform Gifts to Minors
                  Act
                     -------------------------------
                                  (State)
UNIF TRF MIN ACT-            Custodian (until age     )
                     --------                    -----
                     (Cust)

                             under Uniform Transfers
                     -------
                     (Minor)
                     to Minors Act
                                  ------------------
                                       (State)

    Additional abbreviations may also be used though not in the above list.

For value Received, __________________________________ hereby sell(s),
assign(s) and transfer(s) unto

PLEASE INSERT SOCIAL SECURITY OR OTHER
   IDENTIFYING NUMBER OF ASSIGNEE

---------------------------------------

--------------------------------------------------------------------------------
 (PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
                                                                          Shares
-------------------------------------------------------------------------
of the common stock represented by the within certificate, and do hereby
irrevocably constitute and appoint
                                                                        Attorney
------------------------------------------------------------------------
to transfer the said stock on the books of the within named Corporation with
full power of substitution in the premises.

Dated
     --------------------------
                                     X
                                      ------------------------------------------
                                     X
                                      ------------------------------------------

                                      THE SIGNATURE TO THIS ASSIGNMENT MUST
                                      CORRESPOND WITH THE NAME A3 WRITTEN UPON
                                      THE FACE OF THE CERTIFICATE IN EVERY
                              NOTICE: PARTICULAR, WITHOUT ALTERATION OR
                                      ENLARGEMENT OR ANY CHANGE WHATEVER.

Signature(s) Guaranteed

By
  ----------------------------------
THE SIGNATURE(S) MUST BE GUARANTEED
BY AN ELIGIBLE GUARANTOR INSTITUTION
(BANKS, STOCKBROKERS, SAVINGS AND
LOAN ASSOCIATIONS AND CREDIT UNIONS
WITH MEMBERSHIP IN AN APPROVED
SIGNATURE GUARANTEE MEDALLION
PROGRAM), PURSUANT TO S.E.C. RULE
17Ad-15.<PAGE>   1

                                                                   EXHIBIT 10.23

                               WEBSIDESTORY, INC.
                           STOCK OPTION GRANT NOTICE
                          (2000 EQUITY INCENTIVE PLAN)

WebSideStory, Inc. (the "Company"), pursuant to its 2000 Equity Incentive Plan
(the "Plan"), hereby grants to Optionholder an option to purchase the number of
shares of the Company's Common Stock set forth below. This option is subject to
all of the terms and conditions as set forth herein and in the Plan (a copy of
which has been made available to all employees), and in the Notice of Exercise
and Stock Option Agreement, both of which are attached hereto and incorporated
herein in their entirety.

Optionholder:                                                 Terance Kinninger
Date of Grant:                                                May 10, 2000
Vesting Commencement Date:                                    May 10, 2000
Number of Shares Subject to Option:                           375,000
Exercise Price (Per Share):                                   $0.39
Total Exercise Price:                                         $146,250.00
Expiration Date:                                              05/09/2010

TYPE OF GRANT:

       [X]   Incentive Stock Option(1)    [ ]  Nonstatutory Stock Option

EXERCISE SCHEDULE:

       [X]   Same as Vesting Schedule     [ ]  Early Exercise Permitted

VESTING SCHEDULE:    187,500 of the shares subject to the option will vest over
                     a three-year period as follows:
                     31,250 will vest on October 10, 2000, and the remaining
                     156,250 will vest monthly and ratably over the remaining 30
                     months. 187,500 of the shares subject to the option will
                     vest on the fourth annual anniversary of the Vesting
                     Commencement Date.

PAYMENT:             By one or a combination of the following items (described
                     in the Stock Option Agreement):

                     By cash or check

                     Pursuant to a Regulation T Program if the Shares are
                     publicly traded

                     By delivery of already-owned shares if the Shares are
                     publicly traded

ADDITIONAL TERMS/ACKNOWLEDGEMENTS: The undersigned Optionholder acknowledges
receipt of, and understands and agrees to, this Grant Notice, the Stock Option
Agreement and the Plan. Optionholder further acknowledges that as of the Date of
Grant, this Grant Notice, the Stock Option Agreement and the Plan set forth the
entire understanding between Optionholder and the Company regarding the
acquisition of stock in the Company and supersede all prior oral and written
agreements on that subject with the exception of (i) options previously granted
and delivered to Optionholder under the Plan, and (ii) the following agreements
only:

WEBSIDESTORY, INC.                            OPTIONHOLDER:

By:  /s/ MICHAEL S. CHRISTIAN                   /s/ TERANCE A. KINNINGER
   ------------------------------             ----------------------------------
             Signature                                    Signature

Title:  Secretary                             Date:
      ---------------------------                  -----------------------------

Date:
     ----------------------------

ATTACHMENTS: Stock Option Agreement, 2000 Equity Incentive Plan and Notice of
Exercise

-------------------
(1) If this is an incentive stock option, it (plus your other outstanding
incentive stock options) cannot be first exercisable for more than $100,000 in
any calendar year. Any excess over $100,000 is a nonstatutory stock option.

<PAGE>   2

                                  ATTACHMENT I

                             STOCK OPTION AGREEMENT

See Exhibit 10.3.2.
<PAGE>   3

                                  ATTACHMENT II

                           2000 EQUITY INCENTIVE PLAN

See Exhibit 10.3.<PAGE>   1

                                                                   EXHIBIT 10.27

                               WEBSIDESTORY, INC.
                           STOCK OPTION GRANT NOTICE
                          (2000 EQUITY INCENTIVE PLAN)

WebSideStory, Inc. (the "Company"), pursuant to its 2000 Equity Incentive Plan
(the "Plan"), hereby grants to Optionholder an option to purchase the number of
shares of the Company's Common Stock set forth below. This option is subject to
all of the terms and conditions as set forth herein and in the Plan (a copy of
which has been made available to all employees), and in the Notice of Exercise
and Stock Option Agreement, both of which are attached hereto and incorporated
herein in their entirety.

Optionholder:                                                 Tom Stigler
Date of Grant:                                                June 10, 2000
Vesting Commencement Date:                                    June 10, 2000
Number of Shares Subject to Option:                           175,000
Exercise Price (Per Share):                                   $0.52
Total Exercise Price:                                         $91,000.00
Expiration Date:                                              06/09/2010

TYPE OF GRANT:

        [ ]   Incentive Stock Option(1)     [X]  Nonstatutory Stock Option

EXERCISE SCHEDULE:

        [X]   Same as Vesting Schedule      [ ]  Early Exercise Permitted

            VESTING SCHEDULE: None of the shares subject to the options will
            vest until the fourth annual anniversary of the grant date, then
            100% of them will vest.

PAYMENT:    By one or a combination of the following items (described in the
            Stock Option Agreement):

                  By cash or check

                  Pursuant to a Regulation T Program if the Shares are
                  publicly traded

                  By delivery of already-owned shares if the Shares are
                  publicly traded

ADDITIONAL TERMS/ACKNOWLEDGEMENTS: The undersigned Optionholder acknowledges
receipt of, and understands and agrees to, this Grant Notice, the Stock Option
Agreement and the Plan. Optionholder further acknowledges that as of the Date of
Grant, this Grant Notice, the Stock Option Agreement and the Plan set forth the
entire understanding between Optionholder and the Company regarding the
acquisition of stock in the Company and supersede all prior oral and written
agreements on that subject with the exception of (i) options previously granted
and delivered to Optionholder under the Plan, and (ii) the following agreements
only:

WEBSIDESTORY, INC.                            OPTIONHOLDER:

By:  /s/ MICHAEL S. CHRISTIAN                 /s/  THOMAS H. STIGLER
   ------------------------------             ----------------------------------
           Signature                                       Signature

Title:     Secretary                          Date:
      ---------------------------                  -----------------------------

Date:
     ----------------------------

ATTACHMENTS:  Stock Option Agreement, 2000 Equity Incentive Plan and Notice of
              Exercise

----------------
(1) If this is an incentive stock option, it (plus your other outstanding
incentive stock options) cannot be first exercisable for more than $100,000 in
any calendar year. Any excess over $100,000 is a nonstatutory stock option.

<PAGE>   2

                                  ATTACHMENT I

                             STOCK OPTION AGREEMENT

See Exhibit 10.3.2.
<PAGE>   3

                                  ATTACHMENT II

                           2000 EQUITY INCENTIVE PLAN

See Exhibit 10.3.

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