Document:

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                                                                   Exhibit 10.10

                            AMENDMENT NO. 1 TO LEASE

     This Amendment No. 1 To Lease (this "Amendment") is dated as of this 3rd
day of December, 2001, by and between Menlo Equities Associates LLC, a
California limited liability company ("Landlord") and Macromedia, Inc.,, a
Delaware corporation ("Tenant").

                                    Recitals

     A. Landlord and Tenant entered into that certain Lease Agreement dated
November 29, 2001 (the "Lease") for premises located in the City of Redwood
City, County of San Mateo, State of California, commonly known as 101 Redwood
Shores Parkway, comprised of 52,905 rentable square feet of floor area
("Premises"); and

     B. Landlord and Tenant now desire to amend the Lease according to the terms
and conditions set forth herein. Capitalized terms used in this Amendment and
not otherwise defined shall have the meanings assigned to them in the Lease.

                                    Agreement

     Now Therefore, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, Landlord and Tenant hereby agree
as follows:

     1. Base Monthly Rent. The term "Base Monthly Rent" as defined in Article 1
of the Lease is hereby deleted and replaced with the following:

     Base Monthly Rent:   The term "Base Monthly Rent" shall mean the following:

                          Period                             Base Monthly Rent
                          ------                             -----------------
                          12/27/01 - 12/26/04                $140,727.30

                          12/27/04 - 12/26/09                $153,953.55

                          12/27/09 - 12/26/11                $160,302.15

                          Notwithstanding the foregoing, from and after the end
                          of the 24/th/ month of the Lease Term, Base Monthly
                          Rent is subject to reduction by the Reduction Factor,
                          as hereinafter defined in this paragraph. The term
                          "Reduction Factor" shall mean a number, between $0 and
                          $10,416.67, inclusive, calculated (as of the last day
                          of the 24/th/ month of the Lease Term) by dividing the
                          Commission and T.I. Balance (as hereinafter defined in
                          this paragraph) by 96 (the remaining number of months
                          in the Lease Term). The term "Commission and T.I.
                          Balance" shall mean (A) $1,000,000 multiplied by the
                          percentage of the rentable square feet located on the
                          first and second floors of the Building (exclusive of
                          the Building lobby and any portion of the 52,905
                          square feet of the Leased Premises) which are subject
                          to leases or other form of occupancy agreement in
                          effect as of the last day of the 24/th/ month of the
                          Lease Term, minus (B) the total costs incurred or
                          irrevocably committed (subject to reasonable,
                          customary, good faith conditions) by Landlord in
                          connection with multi-tenant corridors required by
                          such leased premises, tenant improvements, and/or
                          leasing commissions for space located on the first and
                          second floors of the Building. For example, if 75% of
                          the first and second floors of the Building were
                          subject to leases or other form of occupancy agreement
                          as of the end of the 24 month period, the $1,000,000
                          base would be reduced to $750,000, and if the total
                          costs incurred or irrevocably committed (subject to
                          reasonable, customary, good faith conditions) by
                          Landlord in connection with multi-tenant corridors
                          required by such leased premises, tenant improvements,
                          and/or leasing commissions for space located on the
                          first and second floors of the Building were $400,000,
                          then Base Monthly Rent for the remaining 96 months of
                          the Lease Term would be reduced by $3,645.83 (i.e.,
                          $350,000 divided by 96). In this example, the
                          Reduction Factor would be $3,645.83.

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     2.  Ratification. The Lease, as amended by this Amendment, is hereby
ratified by Landlord and Tenant and Landlord and Tenant hereby agree that the
Lease, as so amended, shall continue in full force and effect.

     3.  Miscellaneous.

         (a)  Attorney's Fees. If either party commences an action against the
other party arising out of or in connection with this Amendment, the prevailing
party shall be entitled to recover from the losing party reasonable attorney's
fees and costs of suit.

         (b)  Counterparts. This Amendment may be signed in two or more
counterparts. When at least one such counterpart has been signed by each party,
this Amendment shall be deemed to have been fully executed, each counterpart
shall be deemed to be an original, and all counterparts shall be deemed to be
one and the same agreement.

     In Witness Whereof, Landlord and Tenant have executed this Amendment as
of the date first written above.

Tenant:                                 Landlord:

Macromedia, Inc.,                       Menlo Equities Associates LLC,
a Delaware corporation                  a California limited liability company

                                        By: Menlo Equities Inc., Managing Member

By: _________________________________       By: ________________________________
Name:  James Morgensen,                           Henry D. Bullock, President
Title: Vice President, Real Estate,
        Facilities and Services

By: _________________________________
Name: Elizabeth Nelson
Title: Chief Financial Officer<PAGE>

                                                                   Exhibit 10.11

                            AMENDMENT NO. 2 TO LEASE

     This Amendment No. 2 To Lease (this "Amendment") is dated as of this 17th
day of December, 2001, by and between Menlo Equities Associates LLC, a
California limited liability company ("Landlord") and Macromedia, Inc., a
Delaware corporation ("Tenant").

                                    Recitals

     A. Landlord and Tenant entered into that certain Lease Agreement dated
November 29, 2001, as amended by that certain Amendment No. 1 to Lease (the
"First Amendment") dated December 3, 2001 (collectively, the "Lease") for
premises located in the City of Redwood City, County of San Mateo, State of
California, commonly known as 101 Redwood Shores Parkway, comprised of 52,905
rentable square feet of floor area ("Premises"); and

     B. Landlord and Tenant now desire to amend the Lease according to the terms
and conditions set forth herein. Capitalized terms used in this Amendment and
not otherwise defined shall have the meanings assigned to them in the Lease.

                                    Agreement

     Now Therefore, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, Landlord and Tenant hereby agree
as follows:

     1. Base Monthly Rent. The paragraph in Section 1 of the First Amendment
which commences with the words "Notwithstanding the foregoing," is hereby
deleted in its entirety and the term "Base Monthly Rent" as defined in Article 1
of the Lease is hereby restated in its entirety as the following:

     Base Monthly Rent:   The term "Base Monthly Rent" shall mean the following:

                          Period                       Base Monthly Rent
                          ------                       -----------------
                          12/27/01 - 12/26/04          $140,727.30

                          12/27/04 - 12/26/09          $153,953.55

                          12/27/09 - 12/26/11          $160,302.15

     2. Ratification. The Lease, as amended by this Amendment, is hereby
ratified by Landlord and Tenant and Landlord and Tenant hereby agree that the
Lease, as so amended, shall continue in full force and effect.

     3. Miscellaneous.

        (a) Attorney's Fees. If either party commences an action against the
other party arising out of or in connection with this Amendment, the prevailing
party shall be entitled to recover from the losing party reasonable attorney's
fees and costs of suit.

<PAGE>

          (b) Counterparts. This Amendment may be signed in two or more
counterparts. When at least one such counterpart has been signed by each party,
this Amendment shall be deemed to have been fully executed, each counterpart
shall be deemed to be an original, and all counterparts shall be deemed to be
one and the same agreement.

     In Witness Whereof, Landlord and Tenant have executed this Amendment as of
the date first written above.

Tenant:                                 Landlord:

Macromedia, Inc.,                       Menlo Equities Associates LLC,
a Delaware corporation                  a California limited liability company

                                        By: Menlo Equities Inc., Managing Member

By: __________________________________      By: ________________________________
Name:  James Morgensen,                            Henry D. Bullock, President
Title: Vice President, Real Estate,
        Facilities and Services

By: __________________________________
Name: Elizabeth Nelson
Title: Chief Financial Officer<PAGE>

                                                                   EXHIBIT 10.15

                                MACROMEDIA, INC.
                       NONQUALIFIED STOCK OPTION AGREEMENT

          This Stock Option Agreement ("Agreement") is made and entered into as
of the date of grant set forth below (the "Date of Grant") by and between
Macromedia, Inc., a Delaware corporation (the "Company"), and the participant
named below ("Participant"). Capitalized terms not defined herein shall have the
meaning ascribed to them in the Company's 1992 Equity Incentive Plan (the
"Plan").

Participant:                              Robert K. Burgess

Social Security Number:                   ____________________________

Address:                                  12 Cowell

                                          Atherton, California  94027

Total Option Shares:                      1,000,000

Exercise Price Per Share:                 $15.00

Date of Grant:                            July 11, 1996

Vesting Start Date:                       July 11, 1996

Expiration Date:                          July 11, 2006

          1.      Grant of Option. The Company hereby grants to Participant an
option (the "Option") to purchase the total number of shares of Common Stock
$0.001 par value, of the Company set forth above (the "Shares") at the Exercise
Price Per Share set forth above (the "Exercise Price"), subject to all of the
terms and conditions of this Agreement. The Option is intended to be a
"nonqualified stock option."

          2.      Vesting and Exercise Periods
                  ----------------------------

                  2.1 Vesting and Exercise Periods of Option. The Option will
vest as to 25% of the Shares at the end of twelve (12) full months of continuous
service with the Company. Thereafter the option will vest in a series of
thirty-six (36) successive equal monthly installments over Participant's period
of service with the Company with each monthly installment equal to 2.08% of the
total number of shares in the option (20,833.33 shares) on the last day of each
month over the thirty-six (36) month period. For purposes of such Option,
Participant will be deemed to continue in service with the Company for so long
as he renders services as an employee, director or independent consultant to the
Company or any Subsidiary, Parent or Affiliate of the Company; provided,
however, that in the event that Participant is terminated as President of the
Company whether actually or pursuant to a Constructive Termination (as defined
in Participant's Employment Agreement with the Company attached hereto as
Exhibit A) (the

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"Employment Agreement") or a Change of Control (as defined in the Employment
Agreement) occurs, the terms of Sections 7 and 8 of such Employment Agreement
shall be applicable to and shall govern the vesting and exercise periods of such
Option and shall supersede all provisions to the contrary in this Agreement.

          2.2  Expiration. The Option shall expire on the Expiration Date set
forth above and must be exercised, if at all, on or before the Expiration Date.

     3.   Termination. Subject to any provisions to the contrary in the
Employment Agreement, which shall supersede the provisions of this Section 3,
the following provisions shall govern the exercise of this Option in the event
the Participant is Terminated.

          3.1  Termination for Any Reason Except Death or Disability. If
Participant is Terminated for any reason, except death or Disability,
notwithstanding any other provision in this Agreement or in the Plan to the
contrary, the Option, to the extent that it would have been exercisable by
Participant on the date of Termination pursuant to this Agreement or under the
terms of the Employment Agreement, may be exercised by Participant no later than
one hundred eighty (180) days after the date of Termination or, if longer, the
dates set forth in the Employment Agreement, but in any event no later than the
Expiration Date; provided however, that if Participant voluntarily terminates
his service with Macromedia other then for Good Reason or is terminated for
Cause (in each case as defined in the Employment Agreement), a ninety (90) day
period shall be substituted for such one hundred eighty (180) day period.

          3.2  Termination Because of Death or Disability. If Participant is
Terminated because of death or Disability of Participant, the Option, to the
extent that it is exercisable by Participant on the date of Termination, may be
exercised by Participant (or Participant's legal representative) no later than
twelve (12) months after the date of Termination, but in any event no later than
the Expiration Date.

          3.3  No Obligation to Employ. Nothing in the Plan or this Agreement
shall confer on Participant any right to continue in the employ of, or other
relationship with, the Company or any Parent, Subsidiary or Affiliate of the
Company, or limit in any way the right of the Company or any Parent, Subsidiary
or Affiliate of the Company to terminate Participant's employment or other
relationship at any time, with or without cause.

          3.4  For purposes of this Section 3, the Participant shall not be
deemed Terminated nor shall a date of Termination be deemed to have occurred for
so long as Participant continues to render services as an employee, director or
independent consultant.

     4.   Manner of Exercise
          ------------------

          4.1  Stock Option Exercise Agreement. To exercise this Option,
Participant (or in the case of exercise after Participant's death, Participant's
executor, administrator, heir or legatee, as the case may be) must deliver to
the Company an executed stock option exercise agreement in the form attached
hereto as Exhibit B, or in such other form as may be approved by the Company
from time to time (the "Exercise Agreement"), which shall set forth, inter alia.
Participant's election to exercise the Option and the number of Shares being
purchased. If

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someone other than Participant exercises the Option, then such person must
submit documentation reasonably acceptable to the Company that such person has
the right to exercise the Option.

          4.2  Limitations on Exercise. The Option may not be exercised unless
such exercise is in compliance with all applicable federal and state securities
laws, as they are in effect on the date of exercise. The Option may not be
exercised as to fewer than 100 Shares unless it is exercised as to all Shares as
to which the Option is then exercisable.

          4.3  Payment. The Exercise Agreement shall be accompanied by full
payment of the Exercise Price for the Shares being purchased in cash (by check),
or where permitted by law:

     (a)  by cancellation of indebtedness of the Company to the Participant;

     (b)  by surrender of shares of the Company's Common Stock that either: (1)
          have been owned by Participant for more than six (6) months and have
          been paid for within the meaning of SEC Rule 144 and, if such shares
          were purchased from the Company by use of a promissory note, such note
          has been fully paid with respect to such shares); or (2) were obtained
          by Participant in the open public market; and (3) are clear of all
          liens, claims, encumbrances or security interests;

     (c)  by waiver of compensation due or accrued to Participant for services
          rendered;

     (d)  provided that a public market for the Company's stock exists, (1)
          through a "same day sale" commitment from Participant and a
          broker-dealer that is a member of the National Association of
          Securities Dealers (a "NASD Dealer") whereby Participant irrevocably
          elects to exercise the Option and to sell a portion of the Shares so
          purchased to pay for the Exercise Price and whereby the NASD Dealer
          irrevocably commits upon receipt of such Shares to forward the
          exercise price directly to the Company, or (2) through a "margin"
          commitment from Participant and a NASD Dealer whereby Participant
          irrevocably elects to exercise the Option and to pledge the Shares so
          purchased to the NASD Dealer in a margin account as security for a
          loan from the NASD Dealer in the amount of the Exercise Price, and
          whereby the NASD Dealer irrevocably commits upon receipt of such
          Shares to forward the Exercise Price directly to the Company; or

     (e)  by any combination of the foregoing.

          4.4  Tax Withholding. In connection with the issuance of the Shares
upon exercise of the Option, Participant must pay or provide for any applicable
federal or state withholding obligations of the Company. If the Committee
permits, Participant may provide for payment of withholding taxes upon exercise
of the Option by requesting that the Company retain Shares with a Fair Market
Value equal to the minimum amount of taxes required to be withheld. In such
case, the Company shall issue the net number of Shares to the Participant by
deducting the Shares retained from the Shares issuable upon exercise.

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<PAGE>

         4.5 Issuance of Shares. Upon the exercise of the Option in accordance
with this Section 4, the Company shall issue the purchased Shares registered in
the name of Participant, Participant's authorized assignee, or Participant's
legal representative, and shall deliver certificates representing the Shares
with the appropriate legends affixed thereto.

     6.  Compliance with Laws and Regulations. The exercise of the Option and
the issuance and transfer of Shares shall be subject to compliance by the
Company and Participants with all applicable requirements of federal and state
securities laws and with ail applicable requirements of any stock exchange on
which the Company's Common Stock may be listed at the time of such issuance or
transfer.

     7.  Nontransferability of Option. The Option may not be transferred in any
manner other than by will or by the laws of decent and distribution and may be
exercised during the lifetime of Participant only by Participant. The terms of
the Option shall be binding upon the executors, administrators, successor and
assigns of Participant.

     8.  Tax Consequences. Set forth below is a brief summary as of the Date of
Grant of some of the federal and California tax consequences of exercise of the
Option and disposition of the Shares. THIS SUMMARY IS NECESSARILY INCOMPLETE,
AND THE TAX LAWS AND REGULATIONS ARE SUBJECT TO CHANGE. PARTICIPANT SHOULD
CONSULT A TAX ADVISOR BEFORE EXERCISING THE OPTION OR DISPOSING OF THE SHARES.

         8.1 Exercise of Nonqualified Stock Option. Participant will be treated
as having received compensation income (taxable at ordinary income tax rates)
equal to the excess, if any, of the fair market value of the Shares on the date
of exercise over the Exercise Price. The Company will be required to withhold
from Participant's compensation or collect from Participant and pay to the
applicable taxing authorities an amount equal to a percentage of this
compensation income at the time of exercise.

         8.3 Disposition of Shares. If the Shares are hold for more than twelve
(12) months after the date of the transfer of the Shares pursuant to the
exercise of the Option, any gain realized on disposition of the Shares will be
treated as long term capital gain for federal and California income tax
purposes.

     9.  Privileges of Stock Ownership. Participant shall not have any of the
rights of a shareholder with respect to any Shares until Participant exercises
the Option and pays the Exercise Price.

     10. S-8 Registration. The Company shall register the Shares issuable under
this Option on a Form S-8 Registration Statement prior to the initial vesting
date hereunder and shall keep such Registration Statement in effect for the
entire period that this Option thereafter remains outstanding.

     11. Entire Agreement. This Agreement and the Employment Agreement
constitutes the entire agreement of the parties and supersede all prior
undertakings and agreements with respect to the subject matter hereof. In the
event of any conflict between the terms of this

                                        4

<PAGE>

Agreement and the terms of the Employment Agreement, the terms of the Employment
Agreement shall be controlling.

     12. Notices. Any notices required to be given or delivered to the Company
under the terms of this Agreement shall be in writing and addressed to the
Corporate Secretary of the Company at its principal corporate offices. Any
notice required to be given or delivered to Participant shall be in writing and
addressed to Participant at the address indicated above or to such other address
as such party may designate in writing from time to time to the Company. All
notices shall be deemed to have been given or delivered upon; personal delivery;
three (3) days after deposit in the United States mail by certified or
registered mail (return receipt requested); one (1) business day after deposit
with any return receipt express courier (prepaid); or one (1) business day after
transmission by rapifax or telecopier.

     13. Successor and Assigns. The Company any assign any of its rights under
this Agreement. This Agreement shall be binding upon and inure to the benefit of
the successors and assigns the Company. Subject to the restrictions on transfer
set forth herein, this Agreement shall be binding upon Participant and
Participant's heirs, executors, administrators, legal representatives,
successors and assigns.

     14. Governing Law. This Agreement shall be governed by and construed in
accordance with the laws of the State of California.

     15. Acceptance. Participant hereby acknowledges receipt of this Agreement.
Participant has read and understands the terms and provisions thereof, and
accepts the Option subject to all the terms and conditions of this Agreement.
Participant acknowledges that there may be adverse tax consequences upon
exercise of the Option or disposition of the Shares and that Participant should
consult a tax adviser prior to such exercise or disposition.

     16. Replacement Agreement. Participant shall have the right in his
discretion to require the Company to reissue a new Agreement in replacement of
this Agreement which more specifically incorporates the terms and provisions of
the Employment Agreement applicable to this Option.

     IN WITNESS WHEREOF, the Company has caused this Agreement to be executed in
duplicate by its duly authorized representative and Participant has executed
this Agreement in duplicate as of the Effective Date.

MACROMEDIA, INC.                                        PARTICIPANT

By /s/ Bud Colligan                                     /s/ R. Burgess
   ------------------------------                       ------------------------
                                                        (Signature)

/s/ BUD COLLIGAN                                        /s/ R. BURGESS
---------------------------------                       ------------------------
(Please print name)                                     Please print name)

CHAIRMAN
---------------------------------
(Please print title)

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