Document:

exv10w1

 

EXHIBIT 10.1

Seagate Technology

2004 Stock Compensation Plan

Notice of Performance Share Bonus Grant 

Seagate Technology, a limited company domiciled in the Cayman Islands (the “Company”), pursuant to
its 2004 Stock Compensation Plan (the “Plan”), hereby grants to Participant the number of shares of
the Company’s Common Stock set forth below (the “Award”), subject to the approval by the Company’s
shareholders at the Company’s 2007 annual general meeting of shareholders of certain amendments to
the Plan. This Award is subject to all of the terms and conditions as set forth herein and in the
Performance Share Bonus Agreement, the Plan, the form of Assignment Separate from Certificate and
the form of Joint Escrow Instructions, all of which are provided with this Notice of Performance
Share Bonus Grant (the “Grant Notice”) and incorporated herein in their entirety. Capitalized
terms not otherwise defined in this Grant Notice or the Performance Share Bonus Agreement shall
have the same meanings as in the Plan.

	 	 	 	 	 
	Participant:

	 	 	 	 
	 

	 	 	 	 
	Global ID Number:
	 	 	 	 
	 

	 	 	 	 
	Date of Grant:
	 	 	 	 
	 

	 	 	 	 
	Grant Number:
	 	 	 	 
	 

	 	 	 	 
	Vesting Commencement Date:
	 	 	 	 
	 

	 	 	 	 
	Number of Performance Shares:
	 	 	 	 
	 

	 	 	 	 

Vesting Schedule: As set forth in Schedule A attached hereto

Additional Terms/Acknowledgements: The undersigned Participant acknowledges receipt of, and
understands and agrees to the terms of, this Grant Notice, the Performance Share Bonus Agreement
and the Plan (including any exhibits to each document). Participant further acknowledges that this
Grant Notice, the Performance Share Bonus Agreement and the Plan (including any exhibits to each
document) set forth the entire understanding between Participant and the Company regarding the
acquisition of the shares of the Company’s capital stock subject to this Award and supersede all
prior oral and written agreements with respect thereto, including, but not limited to, any other
agreement or understanding between Participant and the Company or an Affiliate relating to
Participant’s Continuous Service with the Company and any termination thereof, compensation, or
rights, claims or interests in or to shares of the capital stock of the Company.

Participant also acknowledges that, unless Participant specifically requests (or has in the past
specifically requested) to receive communications regarding the Plan and this Award in paper form,
Participant agrees to receive all communications regarding the Plan and this Award (including but
not limited to the Prospectus) by electronic delivery through access on the Company’s internal
website and/or Internet website at http://eq.seagate.com, which Participant may easily access and
understands how to access, review and print the communications posted thereon. In addition,
Participant agrees that it is Participant’s responsibility to notify the Company of any changes to
Participant’s mailing address so that Participant may receive any shareholder information to be
delivered by regular mail.

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Seagate Technology
 	 	 	 	Participant	 	 
	By:

	 	
	 	 	 	 	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 
	 

	 	Title:
	 	Chief Executive Officer	 	 	 	 	 	 	 	 
	 

	 	Date:
	 	 	 	 	 	Date:	 	 	 	 
	 

	 	 	 	 
	 	 	 	 	 	 	 	 

	Attachments:	 	Vesting Schedule, Performance Share Bonus Agreement, 2004 Stock
Compensation Plan, form of Assignment Separate from Certificate and form of Joint Escrow
Instructions.

 

 

Schedule A

Vesting Schedule

 

 

Attachment I

Performance Share Bonus Agreement

 

 

SEAGATE TECHNOLOGY

2004 STOCK COMPENSATION PLAN

PERFORMANCE SHARE BONUS AGREEMENT

     Seagate Technology (the “Company”) has awarded you shares of Common Stock of the Company,
pursuant to the provisions of the Company’s 2004 Stock Compensation Plan (the “Plan”), the
Performance Share Bonus Grant Notice (including any attachments thereto, “Grant Notice”) and this
Performance Share Bonus Agreement (including any attachments hereto, “Agreement”) (collectively,
the “Award”). Defined terms not explicitly defined in this Agreement or the Notice but defined in
the Plan shall have the same definitions as in the Plan.

     The details of your Award are as follows:

     1. Grant of Performance Shares. You are entitled to the aggregate number of shares
of Common Stock (the “Performance Shares”) specified in your Grant Notice pursuant to the terms and
conditions of this Agreement. You agree to execute three (3) copies of the Assignment Separate
From Certificate (with date and number of shares blank) in the form attached to the Grant Notice as
Attachment III and one (1) copy of the Joint Escrow Instructions in the form attached to the Grant
Notice as Attachment IV and to deliver the same to the Company, along with the certificate or
certificates evidencing the Performance Shares, for use by the Escrow Agent pursuant to the terms
of the Joint Escrow Instructions (as further described in Section 2(d) below). Notwithstanding
anything herein to the contrary, your Award is subject to and contingent upon the approval of the
Company’s shareholders at the Company’s 2007 annual general meeting of shareholders of certain
amendments to the Plan as previously approved by the Committee (subject to shareholder approval)
and to be presented to shareholders at such meeting. If the Company’s shareholders do not approve
the amendments to the Plan presented to shareholders at the Company’s 2007 annual general meeting
of shareholders, this Award will be forfeited in its entirety at that time and be of no further
force or effect.

     2. Vesting & Company’s Repurchase Right.

          (a) Subject to the limitations contained herein, the Performance Shares will vest as provided
in Schedule A to the Grant Notice, provided that, except as set forth in Schedule A to the Grant
Notice, vesting will cease upon the termination of your Continuous Service with the Company and its
Subsidiaries and Affiliates (“Termination”). Notwithstanding anything to the contrary, the vesting
of the Performance Shares shall be conditioned upon your making adequate provision for federal,
state or other tax withholding obligations, if any, which arise upon the release of the Performance
Shares from the Company’s Repurchase Right (as defined in Section 2(b) below) or at the time a
Section 83(b) election (as described in further detail below) is made, whether by withholding
(whether authorized pursuant to Section 8(b) of this Agreement or otherwise), direct payment to the
Company, the triggering of the automatic sale provisions of Section 8(d) of this Agreement, or
otherwise. In addition, if on any date on which the Performance Shares would otherwise vest you
would be in violation of Rule 10b-5 promulgated under the Exchange Act if you were to sell any of
the Performance Shares on that date, the vesting of those Performance Shares shall be delayed until
the first date on which you would no longer be in violation of Rule 10b-5, unless, prior to the
commencement of any trading blackout or closed window period in effect on the scheduled vesting
date, you established an effective Rule 10b5-1 trading plan that provides for the sale of a
sufficient number of the Performance Shares scheduled to vest on such vesting date to fund the
payment of any tax

 

 

withholding obligations imposed in connection with the vesting of the Performance Shares, which trading
plan remains in effect on the applicable vesting date.

          (b) The Company shall, simultaneously with your voluntary or involuntary Termination for any
reason (including death or Disability), automatically reacquire without payment of any
consideration by the Company all of the Performance Shares that have not yet vested in accordance
with the Grant Notice (after taking into account any accelerated vesting as a result of such
Termination) (the “Repurchase Right”) on the date of your Termination (the “Termination Date”) and
any and all accrued but unpaid dividends paid or payable with respect to Performance Shares that
have not yet vested as of the Termination Date automatically shall be forfeited to the Company
without payment of any consideration by the Company, and neither you nor any of your successors,
heirs, assigns, or personal representatives shall thereafter have any further rights or interests
in such Performance Shares, certificates or dividends.

          (c) Immediately following the       anniversary of the Vesting Commencement Date the Company
shall automatically reacquire without payment of any consideration by the Company all of the
Performance Shares that have not yet vested on or prior to the       anniversary of the Vesting
Commencement Date in accordance with the Grant Notice, and any and all accrued but unpaid dividends
paid or payable with respect to such Performance Shares automatically shall be forfeited to the
Company without payment of any consideration by the Company, and neither you nor any of your
successors, heirs, assigns, or personal representatives shall thereafter have any further rights or
interests in such Performance Shares, certificates or dividends.

          (d) The shares issued under your Award and any dividends paid thereon shall be held in escrow
pursuant to the terms of the Joint Escrow Instructions attached to the Grant Notice as Attachment
IV.

          (e) Subject to the provisions of your Award, you shall exercise all rights and privileges of a
shareholder of the Company with respect to the Performance Shares deposited in escrow. You shall be
deemed to be the holder of the Performance Shares for purposes of receiving any dividends that may
be paid with respect to such Performance Shares and for purposes of exercising any voting rights
relating to such Performance Shares, even if some or all of such Performance Shares have not yet
vested and been released from the Company’s Repurchase Right.

          (f) If, from time to time, there is any stock dividend, stock split or other change in the
character or amount of any of the outstanding stock of the corporation the stock of which is
subject to the provisions of your Award, then in such event any and all new, substituted or
additional securities or property to which you are entitled by reason of your ownership of the
Performance Shares acquired under your Award shall be immediately subject to the Repurchase Right
with the same force and effect as the Performance Shares subject to the Repurchase Right
immediately before such event.

          (g) If at any time during the term of the Repurchase Right, there occurs a Change of Control,
then: (i) if there will be no successor to the Company, the Company shall apply its Repurchase
Right as to all or any portion of the shares then subject to the Repurchase Right set forth above
to the same extent as if your Termination had occurred on the date preceding the date of
consummation of said event or transaction, or (ii) if there will be a successor to the Company, the
Company shall assign its Repurchase Right to any successor of

2

 

the Company, and the Repurchase Right shall apply in the event of your Termination with such
successor on the same basis as set forth above in Section 2(b). In that case, references herein to
the “Company” shall be deemed to refer to such successor. In addition, such successor may elect at
the time of the assignment to purchase all, but not less than all, of the unvested Performance
Shares held by you at the then current Fair Market Value of the Company’s Common Stock (or the
security into which such Common Stock has been converted), and the Repurchase Right shall thereupon
immediately lapse as to all such shares.

     3. Number of Shares. The number of Performance Shares subject to your Award may be
adjusted from time to time for changes in capitalization, as provided in Article XIII of the Plan.

     4. Securities Law Compliance. You will not be issued any shares under your Award
unless the shares are either (a) then registered under the Securities Act or (b) the Company has
determined that such issuance would be exempt from the registration requirements of the Securities
Act. Your Award must also comply with other applicable laws and regulations governing the Award,
and you will not receive such shares if the Company determines that such receipt would not be in
material compliance with such laws and regulations.

     5. Restrictive Legends. The shares issued under your Award shall be endorsed with
appropriate legends determined by the Company.

     6. Transferability.  The Performance Shares that remain subject to the Company’s
Repurchase Right may not be assigned, alienated, pledged, attached, sold or otherwise transferred
or encumbered by the Participant without the prior written consent of the Company and any such
purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be void
and unenforceable against the Company or any Affiliate; provided that the designation of a
beneficiary shall not constitute an assignment, alienation, pledge, attachment, sale, transfer or
encumbrance.

     7. Award not A Service Contract. Your Award is not an employment or service
contract, and nothing in your Award shall be deemed to create in any way whatsoever any obligation
on your part to continue in the employ of the Company or an Affiliate, or on the part of the
Company or an Affiliate to continue your employment. In addition, nothing in your Award shall
obligate the Company or an Affiliate, their respective shareholders, boards of directors, Officers
or Employees to continue any relationship that you might have as an Employee, Director or
Consultant for the Company or an Affiliate.

     8. Tax Consequences. Set forth below is a brief summary as of the Grant Date of
certain United States federal income tax consequences of the award of Performance Shares. THIS
SUMMARY DOES NOT ADDRESS EMPLOYMENT, SPECIFIC STATE, LOCAL OR FOREIGN TAX CONSEQUENCES THAT MAY BE
APPLICABLE TO YOU. YOU UNDERSTAND THAT THIS SUMMARY IS NECESSARILY INCOMPLETE, AND THAT THE TAX
LAWS AND REGULATIONS ARE SUBJECT TO CHANGE.

          (a) Unless you make a Section 83(b) election as described below, you shall recognize ordinary
income at the time or times the restrictions lapse with respect to the Performance Shares that have
been released from the Repurchase Right in an amount equal to the the fair market value of such
shares on each such date and the Company shall be required to collect all the applicable
withholding taxes with respect to such income.

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          (b) At the time your Award is made, or at any time thereafter as requested by the Company, you
hereby authorize, to the fullest extent not prohibited by applicable law, withholding from payroll
and any other amounts payable to you, and otherwise agree to make adequate provision for any sums
required to satisfy the federal, state, local and foreign tax withholding obligations of the
Company or an Affiliate, if any, which arise in connection with your Award. However, no such
withholding shall be made unless the net proceeds from the automatic sale, if permitted, of certain
Performance Shares as set forth in Section 8(d) below are not sufficient to satisfy such
withholding obligations.

          (c) Unless the tax withholding obligations of the Company and/or any Affiliate are satisfied,
the Company shall have no obligation to issue a certificate for such Performance Shares or release
such Performance Shares from any escrow provided for herein.

          (d) In the event that (a) you are not subject to the requirements of Section 16 of the
Securities Exchange Act of 1934, as amended, on a date that the Repurchase Right lapses with
respect to some or all of the Performance Shares (“Lapse Date”) and (b) you have not made a Section
83(b) Election or taken similar action under other applicable law such that you incur a tax
liability on such Lapse Date, then the Escrow Agent determined under Section 2(d) above shall sell
forty percent (40%) of those shares of Performance Shares with respect to which the Repurchase
Right shall have lapsed on the Lapse Date and a Section 83(b) Election was not made or similar
action was not taken. The net proceeds from such sale shall be remitted to the relevant tax
authorities by the Escrow Agent for your benefit in the amounts directed by the Company and any
remaining net proceeds, if any, shall be delivered to you.

     9. Section 83(b) Election. You hereby acknowledge that you have been
informed that, with respect to the grant of Performance Shares, you may file an election with the
Internal Revenue Service, within 30 days of the Grant Date, electing pursuant to Section 83(b) of
the Internal Revenue Code of 1986, as amended, to be taxed currently on the fair market value of
the Performance Shares on the Grant Date (“Section 83(b) Election”).

     YOU ACKNOWLEDGE THAT IF YOU CHOOSE TO FILE AN ELECTION UNDER SECTION 83(b) OF THE CODE, IT IS
YOUR SOLE RESPONSIBILITY AND NOT THE COMPANY’S TO FILE TIMELY SUCH SECTION 83(b) ELECTION, EVEN IF
YOU REQUEST THE COMPANY OR ITS REPRESENTATIVE TO MAKE THIS FILING ON YOUR BEHALF.

     BY SIGNING THIS AGREEMENT, YOU REPRESENT THAT YOU HAVE REVIEWED WITH YOUR OWN TAX ADVISORS THE
FEDERAL, STATE, LOCAL AND FOREIGN TAX CONSEQUENCES OF THE TRANSACTIONS CONTEMPLATED BY THIS
AGREEMENT AND THAT YOU ARE RELYING SOLELY ON SUCH ADVISORS AND NOT ON ANY STATEMENTS OR
REPRESENTATIONS OF THE COMPANY OR ANY OF ITS AGENTS. YOU UNDERSTAND AND AGREE THAT YOU (AND NOT
THE COMPANY) SHALL BE RESPONSIBLE FOR ANY TAX LIABILITY THAT MAY ARISE AS A RESULT OF THE
TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT.

     10. Notices. Any notices provided for in your Award or the Plan shall be given in
writing and shall be deemed effectively given upon receipt or, in the case of notices delivered by
the Company to you, five (5) days after deposit in the United States mail, postage prepaid,
addressed to you at the last address you provided to the Company.

4

 

     11. Miscellaneous.

          (a) The rights and obligations of the Company under your Award shall be transferable by the
Company to any one or more persons or entities, and all covenants and agreements hereunder shall
inure to the benefit of, and be enforceable by the Company’s successors and assigns.

          (b) You agree upon request to execute any further documents or instruments necessary or
desirable in the sole determination of the Company to carry out the purposes or intent of your
Award.

          (c) You acknowledge and agree that you have reviewed your Award in its entirety, have had an
opportunity to obtain the advice of counsel prior to executing and accepting your Award and fully
understand all provisions of your Award.

     12. Governing Plan Document. Your Award is subject to all the provisions of the
Plan, the provisions of which are hereby made a part of your Award, and is further subject to all
interpretations, amendments, rules and regulations which may from time to time be promulgated and
adopted pursuant to the Plan. In the event of any conflict between the provisions of your Award and
those of the Plan, the provisions of the Plan shall control.

5

 

Attachment II

2004 Stock Compensation Plan

 

 

Attachment III

Form of Assignment Separate from Certificate

 

 

ASSIGNMENT SEPARATE FROM CERTIFICATE

     For Value Received and pursuant to that certain Performance Share Bonus Grant Notice
and Performance Share Bonus Agreement (the “Award”), [Participant’s Name] hereby sells, assigns and
transfers to Seagate Technology, a limited company domiciled in the Cayman Islands (“Corporation”),
or its assignee,                                          (                    ) shares of the Common Stock of the
Corporation, standing in the undersigned’s name on the books of said Corporation represented by
Certificate No.            herewith, or the securities into which such shares of the Corporation’s
Common Stock have been converted under the terms of the Award, and do hereby irrevocably constitute
and appoint                                          as attorney-in-fact to transfer the said stock on the books
of the within named Corporation with full power of substitution in the premises. This Assignment
may be used only in accordance with and subject to the terms and conditions of the Award, in
connection with the reacquisition of shares of Common Stock of the Corporation issued to the
undersigned pursuant to the Award, and only to the extent that such shares remain subject to the
Corporation’s Repurchase Right under the Award.

Dated:                               

	 	 	 	 	 
	 	 	 
	 	Signature: 	 	 
	 	 	[Participant’s Name] 	 
	 	 	 
	 

[Instruction: Please do not fill in any blanks other than the signature line. The purpose
of this Assignment is to enable the Company to exercise its Repurchase Right set forth in the Award
without requiring additional signatures on your part.]

 

 

Attachment IV

Form of Joint Escrow Instructions

 

 

JOINT ESCROW INSTRUCTIONS

                                        

Corporate Secretary

Seagate Technology

920 Disc Drive

Scotts Valley, CA 95067

Dear Sir/Madam:

     As Escrow Agent for both Seagate Technology, a limited company domiciled in the Cayman Islands
(the “Company”), and the undersigned recipient of stock of the Company (“Recipient”), you are
hereby authorized and directed to hold the documents delivered to you pursuant to the terms of that
certain Performance Share Bonus Grant Notice (the “Grant Notice”), dated                      to which
a copy of these Joint Escrow Instructions is attached as Attachment IV, and pursuant to the terms
of that certain Performance Share Bonus Agreement (together with the Grant Notice, the
“Agreement”), which is Attachment I to the Grant Notice, in accordance with the following
instructions:

     1. In the event Recipient ceases to render services to the Company or an affiliate of the
Company during the vesting period set forth in the Grant Notice, the Company or its assignee will
give to Recipient and you a written notice specifying that the shares of stock shall be transferred
to the Company. Recipient and the Company hereby irrevocably authorize and direct you to close the
transaction contemplated by such notice in accordance with the terms of said notice.

     2. At the closing you are directed (a) to date any stock assignments necessary for the
transfer in question, (b) to fill in the number of shares being transferred, and (c) to deliver
same, together with the certificate evidencing the shares of stock to be transferred, to the
Company.

     3. Recipient irrevocably authorizes the Company to deposit with you any certificates
evidencing shares of stock to be held by you hereunder and any additions and substitutions to said
shares as specified in the Agreement. Recipient does hereby irrevocably constitute and appoint you
as Recipient’s attorney-in-fact and agent for the term of this escrow to execute with respect to
such securities and other property all documents of assignment and/or transfer and all stock
certificates necessary or appropriate to make all securities negotiable and complete any
transaction herein contemplated.

     4. This escrow shall terminate upon vesting of the shares or upon the earlier return of the
shares to the Company.

     5. If at the time of termination of this escrow you should have in your possession any
documents, securities, or other property belonging to Recipient, you shall deliver all of same to
any pledgee entitled thereto or, if none, to Recipient and shall be discharged of all further
obligations hereunder.

     6. Your duties hereunder may be altered, amended, modified or revoked only by a writing signed
by all of the parties hereto.

 

 

     7. You shall be obligated only for the performance of such duties as are specifically set
forth herein and may rely and shall be protected in relying or refraining from acting on any
instrument reasonably believed by you to be genuine and to have been signed or presented by the
proper party or parties or their assignees. You shall not be personally liable for any act you may
do or omit to do hereunder as Escrow Agent or as attorney-in-fact for Recipient while acting in
good faith and any act done or omitted by you pursuant to the advice of your own attorneys shall be
conclusive evidence of such good faith.

     8. You are hereby expressly authorized to disregard any and all warnings given by any of the
parties hereto or by any other person or corporation, excepting only orders or process of courts of
law, and are hereby expressly authorized to comply with and obey orders, judgments or decrees of
any court. In case you obey or comply with any such order, judgment or decree of any court, you
shall not be liable to any of the parties hereto or to any other person, firm or corporation by
reason of such compliance, notwithstanding any such order, judgment or decree being subsequently
reversed, modified, annulled, set aside, vacated or found to have been entered without
jurisdiction.

     9. You shall not be liable in any respect on account of the identity, authority or rights of
the parties executing or delivering or purporting to execute or deliver the Agreement or any
documents or papers deposited or called for hereunder.

     10. You shall not be liable for the outlawing of any rights under any statute of limitations
with respect to these Joint Escrow Instructions or any documents deposited with you.

     11. You shall be entitled to employ such legal counsel and other experts as you may deem
necessary to advise you properly in connection with your obligations hereunder, may rely upon the
advice of such counsel, and may pay such counsel reasonable compensation therefor.

     12. Your responsibilities as Escrow Agent hereunder shall terminate if you shall cease to be
Secretary of the Company or if you shall resign by written notice to each party. In the event of
any such termination, your successor as Secretary of the Company shall become the successor Escrow
Agent or the Company may appoint any officer or assistant officer of the Company as successor
Escrow Agent and Recipient hereby confirms the appointment of such successor or successors as his
attorney-in-fact and agent to the full extent of your appointment.

     13. If you reasonably require other or further instruments in connection with these Joint
Escrow Instructions or obligations in respect hereto, the necessary parties hereto shall join in
furnishing such instruments.

     14. It is understood and agreed that should any dispute arise with respect to the delivery
and/or ownership or right of possession of the securities, you may (but are not obligated to)
retain in your possession without liability to anyone all or any part of said securities until such
dispute shall have been settled either by mutual written agreement of the parties concerned or by a
final order, decree or judgment of a court of competent jurisdiction after the time for appeal has
expired and no appeal has been perfected, but you shall be under no duty whatsoever to institute or
defend any such proceedings.

     15. Any notice required or permitted hereunder shall be given in writing and shall be deemed
effectively given upon personal delivery or upon deposit in any United States Post Box, by
registered or certified mail with postage and fees prepaid, addressed to each of the other

2

 

parties hereunto entitled at the following addresses, or at such other addresses as a party
may designate by ten (10) days’ written notice to each of the other parties hereto:

	 	Company: 	 	Seagate Technology

920 Disc Drive

Scotts Valley, CA 95067

Attn: Chief Financial Officer
	 
	 	Recipient: 	 	                                      

                                      

                                      

                                      

	 
	 	Escrow Agent:  	 	Seagate Technology

920 Disc Drive

Scotts Valley, CA 95067

Attn: Corporate Secretary

     16. By signing these Joint Escrow Instructions you become a party hereto only for the purpose
of said Joint Escrow Instructions; you do not become a party to the Agreement.

     17. This instrument shall be binding upon and inure to the benefit of the parties hereto, and
their respective successors and permitted assigns. It is understood and agreed that references to
“you” or “your” herein refer to the original Escrow Agent and to any and all successor Escrow
Agents. It is understood and agreed that the Company may at any time or from time to time assign
its rights under the Agreement and these Joint Escrow Instructions in whole or in part.

	 	 	 	 	 
	 	Very truly yours,

Seagate Technology

 	 
	 	By:  	
 	 
	 	 	Name:  	William D. Watkins 	 
	 	 	Title:  	Chief Executive Officer 	 
	 
	 	Recipient

 	 
	 	 	 
	 	[Participant’s Name] 	 
	 	 	 

	 	 	 	 	 
	Escrow Agent

 	 	 
	
 	 	 
	William L. Hudson 	 	 
	 	 	 
	 

3exv4w1

 

	SUBJECT TO RESTRICTIONS ON THE REVERSE SIDE HEREOF

	Incorporated Under the Laws of the State of Delaware

	NUMBER

SPECIMEN

	SHARES

SPECIMEN

	NAVISITE, INC.

Series A Convertible Preferred Stock

Par Value $.01 Per Share

	This Certifies that       — NAME-      
is the registered holder of
     - NUMBER OF SHARES (####) -      Shares of Series A
Convertible Preferred Stock,
Par Value $.01 Per Share, of NaviSite, Inc.

	transferable only on the books of the Corporation by the
holder hereof in person or by
attorney upon surrender of this Certificate properly endorsed.

	In Witness Whereof, the said Corporation has caused this Certificate
to be signed by its
duly authorized officers and its Corporate Seal to be hereunder affixed this       DAY       day of
      MONTH       A.D. 20     YEAR     

	—

Vice President

	—

Treasurer

	(C) GOES 720

All Rights Reserved

 

 

	For Value Received,       hereby sell,
assign and transfer
unto          
          
       Shares represented by the within Certificate, and do
hereby irrevocably constitute and appoint        
               
    Attorney so
transfer the said Shares on the books of the within named Corporation with full power of substitution in the
premises.

	Dated                                    

In presence of                          

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

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