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Prepared by MERRILL CORPORATION

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Exhibit 10.4  

 
 

UNITED ONLINE, INC.    
    
    2001 STOCK INCENTIVE PLAN    
  

 
  ARTICLE ONE    
    
    GENERAL PROVISIONS    
  

 I.  PURPOSE OF THE PLAN  

    This Plan is intended to promote the interests of the Corporation by providing eligible persons in the Corporation's service 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 such service. 

    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 four separate equity incentive programs: 

    —  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, 

    —  the
Salary Investment Option Grant Program under which eligible employees may elect to have a portion of their base salary invested each year in special
option grants, 

    —  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 

    —  the
Director Fee Option Grant Program under which non-employee Board members may elect to have all or any portion of their annual retainer
fee otherwise payable in cash applied to a special stock option grant. 

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

 III.  ADMINISTRATION OF THE PLAN  

    A.  The
Primary Committee and the Board shall have concurrent 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. However, any discretionary
option grants or stock issuances for members of the Primary Committee must be authorized by a disinterested majority of the Board. 

    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 (subject to the provisions of the
Plan) 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 those 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 and Stock Issuance Programs under its jurisdiction or any option or stock
issuance thereunder. 

    D.  The
Primary Committee shall have the sole and exclusive authority to determine which Section 16 Insiders and other highly compensated Employees shall be
eligible for participation in the Salary Investment Option Grant Program for one or more calendar years. However, all option grants under the Salary Investment Option Grant Program shall be made in
accordance with the express terms of that program, and the Primary Committee shall not exercise any discretionary functions with respect to the option grants made under that program. 

    E.  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. 

    F.  Administration
of the Director Fee 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 any option grants or stock issuances made under such program. 

 IV.  ELIGIBILITY  

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

    1.  Employees,

    2.  non-employee
members of the Board or the board of directors of any Parent or Subsidiary, and 

    3.  independent
contractors who provide services to the Corporation (or any Parent or Subsidiary). 

    B.  Only
Employees who are Section 16 Insiders or other highly compensated individuals shall be eligible to participate in the Salary Investment Option Grant
Program. 

    C.  Each
Plan Administrator shall, within the scope of its administrative jurisdiction under the Plan, have full authority to determine, (1) with respect to the
option grants under the Discretionary Option Grant Program, which eligible persons are to receive such grants, the time or times when those 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 when each option is to become exercisable, the vesting schedule
(if any) applicable to the option shares and the maximum term for which the option is to remain outstanding and (2) with respect to stock issuances under the Stock Issuance Program, which
eligible persons are to receive such issuances, the time or times when the 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 for such shares. 

    D.  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. 

    E.  Non-employee
Board members shall be eligible to participate in the Director Fee Option Grant Program. In no event, however, shall a
non-employee Board member be eligible for such participation if that individual would be required, whether contractually or otherwise, to transfer the 

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ownership of the option grant received under that program, or any economic interest in such grant, to any venture fund or other entity with which he or she is at the time affiliated. 

 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 number of shares of Common Stock reserved for issuance over the term of the Plan shall not exceed 8,141,447 shares. Such reserve shall consist of the shares that remain available
for issuance immediately prior to the Plan Effective Date under the Predecessor Plans, including the shares subject to outstanding options under those Predecessor Plans. 

    B.  The
number of shares of Common Stock available for issuance under the Plan shall automatically increase on the first trading day of January each calendar
year during the term of the Plan, beginning with calendar year 2002, by an amount equal to four percent (4%) of the total number of shares of Common Stock outstanding on the last trading day in
December of the immediately preceding calendar year, but in no event shall any such annual increase exceed 1,300,000 shares. 

    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 per calendar year. 

    D.  Shares
of Common Stock subject to outstanding options (including options transferred to this Plan from the Predecessor Plans) shall be available for subsequent
issuance under the Plan to the extent (1) those options expire or terminate for any reason prior to exercise in full or (2) 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 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. Shares of Common Stock underlying one or more stock appreciation rights granted pursuant to the Plan shall  not be available
for subsequent issuance under the Plan if the stock appreciation right is exercised. 

    E.  If
any change is 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 by the Plan Administrator to (1) the maximum number
and/or class of securities issuable under the Plan, (2) the maximum number 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, (3) the number and/or class of securities and the exercise price per share in effect under each outstanding
option under the Plan, (4) the number and/or class of securities and price per share in effect under each outstanding option transferred to this Plan from the Predecessor Plans and
(5) 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. Such adjustments to the outstanding options are to be effected in a manner which shall preclude the 

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enlargement or dilution of rights and benefits under such options. The adjustments determined by the Plan Administrator shall be final, binding and conclusive. 

    F.  Outstanding
awards granted pursuant to the Plan 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. 

 
 

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 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. 

    2.  The
exercise price shall become immediately due upon exercise of the option and shall, subject to the provisions of Section I of Article Seven 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 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 granted pursuant to the Discretionary Option Grant Program that are outstanding at the time of the
Optionee's cessation of Service: 

     (i) Any
option outstanding at the time of the Optionee's cessation of Service shall remain exercisable for such period of time thereafter as shall be determined by the
Plan 

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Administrator and set forth in the documents evidencing the option, but no such option shall be exercisable after the expiration of the option term. 

    (ii) Any
option outstanding at the time of the Optionee's death and exercisable in whole or in part at that time may be subsequently exercised 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 the laws of inheritance or by the Optionee's designated
beneficiary or beneficiaries of that option. 

    (iii) Should
the Optionee's Service be terminated for Misconduct or should the Optionee otherwise engage in Misconduct while options granted pursuant to this
Article Two are outstanding, then all of those options shall terminate immediately and cease to be outstanding. 

    (iv) 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. 

    2.  The
Plan Administrator shall have complete 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 limited exercise 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 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 shall have exercised the option, paid the exercise price and become a holder of record of the purchased shares. 

    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 such shares are unvested, 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,
options shall be exercisable only by the Optionee and shall not be assignable or transferable other than by will or by the laws of inheritance following the Optionee's death. However, the Plan
Administrator may permit an assignment, in whole or in part, during the Optionee's lifetime, of a Non-Statutory Option, if such assignment is in connection with the Optionee's estate plan
and is 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 

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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. Notwithstanding the foregoing, the Optionee may also designate one or more persons as the beneficiary or
beneficiaries of his or her outstanding options under this Article Two, and any outstanding options shall, in accordance with such designation, automatically be transferred to such beneficiary
or beneficiaries upon the Optionee's death. Such beneficiary or beneficiaries shall take the transferred options subject to all the terms and conditions of the applicable agreement evidencing each
such transferred option, including (without limitation) the limited time period during which the option may be exercised following the Optionee's death. 

 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 Six 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.  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 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. 

    C.  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. 

 III.  CORPORATE TRANSACTION/CHANGE IN CONTROL  

    A.  In
the event of any Corporate Transaction, the shares of Common Stock at the time subject to each outstanding option granted under this Discretionary Option Grant
Program shall automatically vest in full so that each such option shall, immediately prior to the effective date of the Corporate Transaction, become exercisable for all 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 become vested on such an accelerated
basis if and to the extent: (1) such option is, in connection with the Corporate Transaction, to be
assumed by the successor corporation (or parent thereof) or (2) such option is to be replaced with a cash incentive program of the successor corporation which preserves the spread existing at
the time of the Corporate Transaction on any shares
for which the option is not otherwise at that time exercisable and provides for subsequent payout in accordance with the same exercise/vesting schedule applicable to those option shares or
(3) the acceleration of such option is subject to other limitations imposed by the Plan Administrator at the time of the option grant. 

    B.  All
outstanding repurchase rights under the Discretionary Option Grant Program shall automatically terminate, 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: (1) those 

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repurchase rights are to be assigned to the successor corporation (or parent thereof) in connection with such Corporate Transaction or (2) such accelerated vesting is precluded by other
limitations imposed by the Plan Administrator at the time the repurchase right is issued. 

    C.  Immediately
following the consummation of the Corporate Transaction, all outstanding options granted pursuant to the Discretionary Option Grant Program shall
terminate and cease to be outstanding, except to the extent assumed by the successor corporation (or parent thereof). 

    D.  Each
option granted pursuant to the Discretionary Option Grant Program 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 to reflect such Corporate Transaction shall also be made to (1) the exercise price payable per share
under each outstanding option, provided the aggregate exercise price payable for such securities shall remain the same, (2) the maximum number
and/or class of securities available for issuance over the remaining term of the Plan and (3) the maximum number 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 (4) the maximum number and/or class of securities by which the share
reserve is to increase automatically each calendar year. To the extent the holders of Common Stock receive cash consideration for their Common Stock in consummation of the Corporate Transaction, with
the Plan Administrator's consent prior to the consummation of the Corporate Transaction, the successor corporation may, in connection with the assumption of the outstanding options under the
Discretionary Option Grant Program, substitute one or more shares of its own common stock with a fair market value equivalent to the cash consideration paid per share of Common Stock in such Corporate
Transaction. 

    E.  Among
its discretionary powers, the Plan Administrator shall have the ability to structure an option (either at the time the option is granted or at any time while
the option remains outstanding) so that the option shall become immediately exercisable and some or all of the shares subject to that option shall automatically become vested (and some or all of the
repurchase rights of the Corporation with respect to the unvested shares subject to that option shall immediately terminate) upon the occurrence
of a Corporate Transaction, a Change in Control, any other event or the Optionee's Involuntary Termination within a designated period of time following any of these events. 

    F.  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. 

 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 Grant Program (including outstanding options incorporated from the Predecessor Plans) and to grant in substitution new options covering
the same or different number of shares of Common Stock. 

 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. 

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

    1.  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. 

    2.  No
such option surrender shall be effective unless it is approved by the Plan Administrator, either at the time of the actual option surrender or at any earlier
time. 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. 

    3.  If
the surrender of an option is not approved 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: 

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

    2.  Upon
the occurrence of a Hostile Take-Over, each 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. 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 Price of the shares of Common Stock at the time
subject to such option (whether or not the Optionee is otherwise vested in those shares) over (B) the aggregate exercise price payable for those shares. Such cash distribution shall be paid
within five (5) days following the option surrender date. 

    3.  At
the time such limited stock appreciation right is granted, the Plan Administrator shall pre-approve any subsequent exercise of that right in
accordance with the terms of this Paragraph C. Accordingly, no further approval of the Plan Administrator or the Board shall be required at the time of the actual option surrender and cash
distribution. 

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ARTICLE THREE    
    
    SALARY INVESTMENT OPTION GRANT PROGRAM    
  

 I.  OPTION GRANTS  

    The Primary Committee shall have the sole and exclusive authority to determine the calendar year or years (if any) for which the Salary Investment Option Grant
Program is to be in effect and to select the Section 16 Insiders and other highly compensated Employees eligible to participate in the Salary Investment Option Grant Program for such calendar
year or years. Each selected individual who elects to participate in the Salary Investment Option Grant Program must, prior to the start of each calendar year of participation, file with the Plan
Administrator (or its designate) an irrevocable authorization directing the Corporation to reduce his or her base salary for that calendar year by an amount not less than Ten Thousand Dollars
($10,000.00) nor more than Fifty Thousand Dollars ($50,000.00). Each individual who files such a timely authorization shall automatically be granted an option under the Salary Investment Option Grant
Program on the first trading day in January of the calendar year for which the salary reduction is to be in effect. 

 II.  OPTION TERMS  

    Each option shall be a Non-Statutory Option 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. 

    A.  Exercise Price.  

    1.  The
exercise price per share shall be thirty-three and one-third percent (331/3%) 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 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. 

    B.  Number of Option Shares.  The number of shares of Common Stock subject to the
option shall be determined pursuant to the following formula (rounded down to the nearest whole number): 

    X =
A ÷ (B × 662/3%), where 

    X
is the number of option shares, 

    A
is the dollar amount of the reduction in the Optionee's base salary for the calendar year to be in effect pursuant to this program, and 

    B
is the Fair Market Value per share of Common Stock on the option grant date. 

    C.  Exercise and Term of Options.  The option shall become exercisable in a
series of twelve (12) successive equal monthly installments upon the Optionee's completion of each calendar month of Service in the calendar year for which the salary reduction is in effect.
Each option shall have a maximum term of ten (10) years measured from the option grant date. 

    D.  Effect of Termination of Service.  Should the Optionee cease Service for any
reason while one or more options granted under this Article Three are outstanding, then each such option shall remain exercisable, for any or all of the shares for which the option is
exercisable at the time of such cessation of Service, until the earlier of (i) the expiration of the ten (10)-year option term or
(ii) the expiration of the three (3)-year period measured from the date of such cessation of Service. Should the Optionee die while one or more options granted under this
Article Three are outstanding, then each such option may be exercised, for any or all of the shares for which the option is exercisable at the time of the 

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Optionee's cessation of Service (less any shares subsequently purchased by Optionee prior to death), 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 the laws of inheritance or by the designated beneficiary
or beneficiaries of such option. Such right of exercise shall lapse, and the option shall terminate, upon the earlier of (i) the expiration of
the ten (10)-year option term or (ii) the three (3)-year period measured from the date of the Optionee's cessation of Service. However, the option shall, immediately
upon the Optionee's cessation of Service for any reason, terminate and cease to remain outstanding with respect to any and all shares of Common Stock for which the option is not otherwise at that time
exercisable. 

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

    A.  In
the event of any Corporate Transaction while the Optionee remains in Service, the shares of Common Stock at the time subject to each outstanding option granted
under this Salary Investment Option Grant Program shall automatically vest in full so that each such option shall, immediately prior to the effective date of the Corporate Transaction, become
exercisable for all 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. Each such outstanding
option shall terminate immediately following the Corporate Transaction, except to the extent assumed by the successor corporation (or parent thereof) in such Corporate Transaction. Any option so
assumed and shall remain exercisable for the fully-vested shares until the earlier of (i) the expiration of the ten (10)-year option
term or (ii) the expiration of the three (3)-year period measured from the date of the Optionee's cessation of Service. 

    B.  In
the event of a Change in Control while the Optionee remains in Service, the shares of Common Stock at the time subject to each outstanding option granted under
this Salary Investment Option Grant Program shall automatically vest in full so that each such option shall, immediately prior to the effective date of the Change in Control, become exercisable for
all 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. Such option shall remain exercisable until
the earliest to occur of (i) the expiration of the ten (10)-year option term, (ii) the expiration of the three
(3)-year period measured from the date of the Optionee's cessation of Service, (iii) the termination of the option in connection with a Corporate Transaction or (iv) the
surrender of the option in connection with a Hostile Take-Over. 

    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
outstanding option granted him or her under the Salary Investment Option Grant Program. 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 option is otherwise at the time exercisable for
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. The Primary Committee shall, at the time the option with such limited stock appreciation right is granted under the Salary Investment Option Grant Program, pre-approve any
subsequent exercise of that right in accordance with the terms of this Paragraph C. Accordingly, no further approval of the Primary Committee or the Board shall be required at the time of the
actual option surrender and cash distribution. 

    D.  Each
option granted pursuant to the Salary Investment Option Grant Program 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 

10

 

payable for such securities shall remain the same. To the extent the holders of Common Stock receive cash consideration for their Common Stock in consummation of the Corporate Transaction, with the
Plan Administrator's consent prior to the consummation of the Corporate Transaction, the successor corporation may, in connection with the assumption of the outstanding options under the Salary
Investment Option Grant Program, substitute one or more shares of its own common stock with a fair market value equivalent to the cash consideration paid per share of Common Stock in such Corporate
Transaction. 

 IV.  REMAINING TERMS  

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

 
 

ARTICLE FOUR    
    
    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. Shares of Common
Stock may also be issued under the Stock Issuance Program pursuant to share right awards which entitle the recipients to receive those shares upon the attainment of designated performance goals or the
satisfaction of specified Service requirements. 

    A.  Purchase Price.  

    1.  The
purchase price per share shall be fixed by the Plan Administrator. 

    2.  Subject
to the provisions of Section I of Article Seven, 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 shall be determined by the Plan Administrator and incorporated into the Stock Issuance Agreement. Shares of Common Stock may also be
issued under the Stock Issuance Program pursuant to share right awards which entitle the recipients to receive those shares upon the attainment of designated performance goals or the satisfaction of
specified Service requirements. 

    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 

11

 

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 one or more shares of Common Stock issued under the Stock Issuance Program are unvested 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 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. 

    6.  Outstanding
share right awards under the Stock Issuance Program shall automatically terminate, and no shares of Common Stock shall actually be issued in
satisfaction of those awards, if the performance goals or Service requirements established for such awards are not attained or satisfied. The Plan Administrator, however, shall have the discretionary
authority to issue shares of Common Stock under one or more outstanding share right awards as to which the designated performance goals or Service requirements have not been attained or satisfied. 

 II.  CORPORATE TRANSACTION/CHANGE IN CONTROL  

    A.  All
of the Corporation's outstanding repurchase 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 (1) those repurchase rights are to be assigned to the successor corporation (or parent thereof) in
connection with such Corporate Transaction or (2) such accelerated vesting is precluded by other limitations imposed in the Stock Issuance Agreement. 

    B.  The
Plan Administrator shall have the discretionary authority to structure one or more of the Corporation's repurchase rights under the Stock Issuance Program so
that those rights shall automatically terminate in whole or in part, and the shares of Common Stock subject to those terminated rights shall immediately vest, upon the occurrence of a Corporate
Transaction, a Change in Control, any other event or the Participant's Involuntary Termination within a designated period of time following any of these events. 

12

 
 
 

ARTICLE FIVE    
    
    DIRECTOR FEE OPTION GRANT PROGRAM    
  

 I.  OPTION GRANTS  

    The Primary Committee shall have the sole and exclusive authority to determine the calendar year or years for which the Director Fee Option Grant Program is to
be in effect. For each such calendar year the program is in effect, each non-employee Board member may irrevocably elect to apply all or any portion of the annual retainer fee otherwise
payable in cash for his or her service on the Board for that year to the acquisition of a special option grant under this Director Fee Option Grant Program. Such election must be filed with the
Corporation's Chief Financial Officer prior to the first day of the calendar year for which the annual retainer fee which is the subject of that election is otherwise payable. Each
non-employee Board member who files such a timely election shall automatically be granted an option under this Director Fee Option Grant Program on the first trading day in
January in the calendar year for which the annual retainer fee which is the subject of that election would otherwise be payable in cash. 

    In
no event, however, shall a non-employee Board member be eligible to receive an option grant under the Director Fee Option Grant Program if that individual would be
required, whether contractually or
otherwise, to transfer the ownership of the grant, or any economic interest in such grant, to any venture fund or other entity with which he or she is at the time affiliated. 

 II.  OPTION TERMS  

    Each option shall be a Non-Statutory Option governed by the terms and conditions specified below. 

    A.  Exercise Price.  

    1.  The
exercise price per share shall be thirty-three and one-third percent (331/3%) 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 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. 

    B.  Number of Option Shares.  The number of shares of Common Stock subject to the
option shall be determined pursuant to the following formula (rounded down to the nearest whole number): 

    X =
A ÷ (B × 662/3%), where 

    X
is the number of option shares, 

    A
is the portion of the annual retainer fee subject to the non-employee Board member's election, and 

    B
is the Fair Market Value per share of Common Stock on the option grant date. 

    C.  Exercise and Term of Options.  The option shall become exercisable in a
series of twelve (12) successive equal monthly installments upon the Optionee's completion of each calendar month of Board service
during the calendar year in which the option is granted. Each option shall have a maximum term of ten (10) years measured from the option grant date. 

    D.  Limited Transferability of Options.  Each option under this
Article Five 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 

13

 

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. The Optionee may also designate one or more persons as the beneficiary or beneficiaries of his or her outstanding options under this Article Five, and any outstanding options
shall, in accordance with such designation, automatically be transferred to such beneficiary or beneficiaries upon the Optionee's death. Such beneficiary or beneficiaries shall take the transferred
options subject to all the terms and conditions of the applicable agreement evidencing each such transferred option, including (without limitation) the limited time period during which the option may
be exercised following the Optionee's death. 

    E.  Termination of Board Service.  Should the Optionee cease Board service for
any reason (other than death or Permanent Disability) while one or more options granted under this Director Fee Option Grant Program are outstanding, then each such option shall remain exercisable,
for any or all of the shares for which the option is exercisable at the time of such cessation of Board service, until the earlier of (i) the
expiration of the ten (10)-year option term or (ii) the expiration of the three (3)-year period measured from the date of such cessation of Board service. However, each
option granted pursuant to this Director Fee Option Grant Program that is outstanding at the time of the Optionee's cessation of Board service shall immediately terminate and cease to remain
outstanding with respect to any and all shares of Common Stock for which the option is not otherwise at that time exercisable. 

    F.  Death or Permanent Disability.  Should the Optionee's service as a Board
member cease by reason of death or Permanent Disability, then each outstanding option granted pursuant to this Director Fee Option Grant Program shall immediately become exercisable for all the shares
of Common Stock at the time subject to that option, and the option may be exercised for any or all of those shares as fully-vested shares until the  earlier of (1) the expiration of the ten
(10)-year option term or (2) the expiration of the three (3)-year period
measured from the date of such cessation of Board service. To the extent such option is exercisable at the time of the Optionee's death, that option may be exercised 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 the laws of inheritance or by the designated beneficiary or beneficiaries of such
option. 

    Should
the Optionee die after cessation of Board service but while one or more options granted under this Director Fee Option Grant Program are outstanding, then each such option may
be exercised, for any or all of the shares for which the option is exercisable at the time of the Optionee's cessation of Board service (less any shares subsequently purchased by Optionee prior to
death), 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 the laws of inheritance or by the
designated beneficiary or beneficiaries of such option. Such right of exercise shall lapse, and the option shall terminate, upon the earlier of
(1) the expiration of the ten (10)-year option term or (2) the three (3)-year period measured from the date of the Optionee's cessation of Board service. 

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

    A.  In
the event of any Corporate Transaction while the Optionee remains a Board member, each outstanding option granted pursuant to this Director Fee Option Grant
Program shall automatically vest in full so that each such option shall, immediately prior to the effective date of the Corporate Transaction, become exercisable for all 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. Each such outstanding option shall terminate immediately following the
Corporate Transaction, except to the extent assumed by the successor corporation (or parent thereof) in such Corporate Transaction. Any option so assumed and shall remain exercisable for the
fully-vested shares until the earlier of (1) the 

14

 

expiration of the ten (10)-year option term or (2) the expiration of the three (3)-year period measured from the date of the Optionee's cessation of Board service. 

    B.  In
the event of a Change in Control while the Optionee remains in Service, each outstanding option granted pursuant to this Director Fee Option Grant Program shall
automatically vest in full so that each such option shall immediately become 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. Such option shall remain exercisable until the earliest to occur of (1) the expiration of
the ten (10)-year option term, (2) the expiration of the three (3)-year period measured from the date of the Optionee's cessation of Board service, (3) the
termination of the option in connection with a Corporate Transaction or (4) the surrender of the option in connection with a Hostile Take-Over. 

    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
outstanding option granted him or her under the Director Fee Option Grant Program. The Optionee shall in return be entitled to a cash distribution from the Corporation in an amount equal to the excess
of (1) the Take-Over Price of the shares of Common
Stock at the time subject to each surrendered option (whether or not the option is otherwise at the time exercisable for those shares) over (2) 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. No approval or consent of the Board or any Plan Administrator shall
be required at the time of the actual option surrender and cash distribution. 

    D.  Each
option granted pursuant to the Director Fee Option Grant Program 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. To the extent the holders of Common Stock receive cash consideration for their Common Stock in consummation of the Corporate
Transaction, with the Plan Administrator's consent prior to the consummation of the Corporate Transaction, the successor corporation may, in connection with the assumption of the outstanding options
under the Director Fee Option Grant Program, substitute one or more shares of its own common stock with a fair market value equivalent to the cash consideration paid per share of Common Stock in such
Corporate Transaction. 

 IV.  REMAINING TERMS  

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

 
 

ARTICLE SIX    
    
    MISCELLANEOUS    
  

 I.  FINANCING  

    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 of shares issued under the Stock Issuance Program by delivering a full-recourse, interest bearing 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. In no event may the 

15

 

maximum credit available to the Optionee or Participant exceed the sum of (A) the aggregate option exercise price or purchase price payable for the purchased shares (less the par value of those
shares) plus (B) any Federal, state and local income and employment tax liability incurred by the Optionee or the Participant in connection with the option exercise or share purchase. 

 II.  TAX WITHHOLDING  

    A.  The
Corporation's obligation to deliver shares of Common Stock upon the exercise of options or 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 to non-employee Board members or independent contractors) with the right to use shares of Common Stock in satisfaction of all or part of the Withholding
Taxes to which such holders may become subject 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: 

    1.  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 Withholding Taxes
(not to exceed one hundred percent (100%)) designated by the holder. 

    2.  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 Withholding
Taxes) with an aggregate Fair Market Value equal to the percentage of the Withholding Taxes (not to exceed one hundred percent (100%)) designated by the holder. 

 III.  SHARE ESCROW/LEGENDS  

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

 IV.  EFFECTIVE DATE AND TERM OF THE PLAN  

    A.  The
Plan shall become effective immediately on the Plan Effective Date. However, the Salary Investment Option Grant Program and the Director Fee Option Grant
Program shall not be implemented until such time as the Primary Committee may deem appropriate. Options may be granted under the Discretionary Option Grant at any time on or after the Plan Effective
Date. 

    B.  The
Plan shall serve as the successor to the Predecessor Plans, and no further option grants or direct stock issuances shall be made under those Predecessor Plans
after the Plan Effective Date. All options outstanding under the Predecessor Plans on the Plan Effective Date shall be transferred to 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. 

    C.  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, 

16

 

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. 

    D.  Unless
terminated by the Board prior to such time, the Plan shall terminate upon the tenth anniversary of the Plan's adoption by the Board. Should the Plan
terminate when options and/or unvested shares are outstanding, such awards shall continue in effect in accordance with the provisions of the documents evidencing such grants or issuances. 

 V.  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 the rights and obligations with respect to stock options 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 and Salary Investment Option Grant Programs 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 shall be held in escrow until the number of shares of Common Stock available for issuance under the Plan is sufficiently increased either by (1) the automatic annual share
reserve increase set forth in Section V.B. of Article One or (2) the stockholder approval of an amendment of the Plan sufficiently increasing the share reserve. Grants made
against an automatic annual share reserve increase will not qualify as Incentive Options if the Fair Market Value of the Common Stock is higher on the date such increase is effected than it was on the
date of grant. If stockholder approval is required and is not obtained within twelve (12) months after the date the first excess issuances are made against the contingent increase, 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. 

 VI.  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 any corporate purpose. 

 VII.  REGULATORY APPROVALS  

    A.  The
implementation of the Plan, the granting of any stock option under the Plan and the issuance of any shares of Common Stock (i) upon the exercise of any
granted option 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 stock options 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 Stock Market, if applicable) on which Common Stock is then listed for trading. 

17

 

 VIII.  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. 

18

  

 
 

APPENDIX    
  

    The following definitions shall be in effect under the Plan: 

    A.  Board shall mean the Corporation's Board of Directors. 

    B.  Change in Control shall mean a change in ownership or control of the Corporation effected through either of the
following transactions: 

    1.  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, or 

    2.  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. 

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

    D.  Common Stock shall mean the Corporation's common stock. 

    E.  Corporate Transaction shall mean either of the following stockholder approved transactions to which the Corporation
is a party: 

    1.  a
merger, consolidation or reorganization approved by the Corporation's stockholders, unless securities representing
more than fifty percent (50%) of the total combined voting power of the voting securities of the successor corporation are immediately thereafter beneficially owned, directly or indirectly and in
substantially the same proportion, by the persons who beneficially owned the Corporation's outstanding voting securities immediately prior to such transaction, or 

    2.  any
stockholder-approved transfer or other disposition of all or substantially all of the Corporation's assets. 

    F.  Corporation shall mean United Online, Inc., a Delaware corporation, and any corporate successor to all or
substantially all of the assets or voting stock of United Online, Inc. which has by appropriate action assumed the Plan. 

    G.  Director Fee Option Grant Program shall mean the special stock option grant in effect for non-employee
Board members under Article Five of the Plan. 

    H.  Discretionary Option Grant Program shall mean the discretionary option grant program in effect under
Article Two of the Plan. 

    I.  Eligible Director mean a non-employee Board member eligible to participate in the Director Fee Option
Grant Program in accordance with the eligibility provisions of Articles One and Five of the Plan. 

    J.  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. 

A–1

 

    K.  Exercise Date shall mean the date on which the Corporation shall have received written notice of the option
exercise. 

    L.  Fair Market Value per share of Common Stock on any relevant date shall be determined in accordance with the
following provisions: 

    1.  If
the Common Stock is at the time traded on the Nasdaq Stock 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 Stock Market. 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. 

    2.  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. 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. 

    M. Hostile Take-Over shall mean 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. 

    N.  Incentive Option shall mean an option which satisfies the requirements of Code Section 422. 

    O.  Involuntary Termination shall mean, except as otherwise determined by the Plan Administrator, the termination of the
Service of any individual which occurs by reason of: 

    1.  such
individual's involuntary dismissal or discharge by the Corporation (or any Parent or Subsidiary) for reasons other than Misconduct, or 

    2.  such
individual's voluntary resignation following (A) a material reduction in the scope of his or her day to day responsibilities at the Corporation (or any
Parent or Subsidiary), it being understood that a change in such individual's title shall not, in and of itself, be deemed a material reduction, (B) a reduction in his or her base salary 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 (or any
Parent or Subsidiary) without the individual's consent. 

    P.  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). 

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

A–2

 

    R.  Non-Statutory Option shall mean an option not intended to satisfy the requirements of Code
Section 422. 

    S.  Optionee shall mean any person to whom an option is granted under the Discretionary Option Grant, Salary Investment
Option Grant or Director Fee Option Grant Program. 

    T.  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. 

    U.  Participant shall mean any person who is issued shares of Common Stock under the Stock Issuance Program. 

    V.  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 which can be expected to result in death or has lasted or can be expected to last for a
continuous period of twelve (12) months or more. However, solely for purposes of the Director Fee 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. 

    W.  Plan shall mean the United Online, Inc. 2001 Stock Incentive Plan, as set forth in this document. 

    X.  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. 

    Y.  Plan Effective Date shall mean the date the merger of NetZero, Inc. and NZ Acquisition Corp. and the merger
of Juno Online Services, Inc. and JO Acquisition Corp. become effective as contemplated by the Agreement and Plan of Merger, by and among NetZero, Inc., Juno Online
Services, Inc., United Online, Inc. and the other parties thereto, dated as of June 7, 2001. 

    Z.  Predecessor Plans shall mean the Juno Online Services, Inc. 1999 Stock Incentive Plan, the
NetZero, Inc. 1999 Stock Incentive Plan, the AimTV, Inc. 1999 Employee Stock Option Plan and the 1999 RocketCash Corporation Stock Option Plan, as each such plan is in effect immediately
prior to the Plan Effective Date. 

    AA. 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 and to administer the Salary Investment Option Grant Program solely with
respect to the selection of the eligible individuals who may participate in such program. 

    BB. Salary Investment Option Grant Program shall mean the salary investment option grant program in effect under
Article Three of the Plan. 

    CC. Secondary Committee shall mean a committee of one 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. 

A–3

 

    DD. 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. 

    EE. Service shall mean the performance of services for 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 an independent contractor, except to the extent otherwise specifically provided in the documents evidencing the
option grant or stock issuance. 

    FF. Stock Exchange shall mean either the American Stock Exchange or the New York Stock Exchange. 

    GG. 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. 

    HH. Stock Issuance Program shall mean the stock issuance program in effect under Article Four of the Plan. 

    II.  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. 

    JJ. 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. 

    KK. 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). 

    LL. Withholding 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. 

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UNITED ONLINE, INC. 2001 STOCK INCENTIVE PLAN

ARTICLE ONE GENERAL PROVISIONS

ARTICLE TWO DISCRETIONARY OPTION GRANT PROGRAM

ARTICLE THREE SALARY INVESTMENT OPTION GRANT PROGRAM

ARTICLE FOUR STOCK ISSUANCE PROGRAM

ARTICLE FIVE DIRECTOR FEE OPTION GRANT PROGRAM

ARTICLE SIX MISCELLANEOUS

APPENDIXPrepared by MERRILL CORPORATION

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Exhibit 10.5  

 
 

UNITED ONLINE, INC.    
    
    2001 SUPPLEMENTAL STOCK INCENTIVE PLAN
  
    (As Amended and Restated Effective September 26, 2001)

  

 
 

ARTICLE ONE    
    
    GENERAL PROVISIONS    
  

 I.  PURPOSE OF THE PLAN  

    This
Plan is intended to supplement the United Online, Inc. 2001 Stock Incentive Plan thereby promoting the interests of the Corporation, by providing eligible persons in the
Corporation's service 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 such service. 

    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 two separate equity incentive programs: 

    —  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; and 

    —  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). 

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

 III.  ADMINISTRATION OF THE PLAN  

    A.  The
Primary Committee and the Board shall have concurrent 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. 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. 

    B.  Each
Plan Administrator shall, within the scope of its administrative functions under the Plan, have full power and authority (subject to the provisions of the
Plan) 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 those 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 and Stock Issuance Programs under its jurisdiction or any option or stock
issuance thereunder. 

    C.  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. 

 IV.  ELIGIBILITY  

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

    1.  Employees
other than Section 16 Insiders; 

    2.  independent
contractors who provide services to the Corporation (or any Parent or Subsidiary); and 

    3.  any
other individuals (including Section 16 Insiders) who are to receive option grants under this Plan solely in connection with their commencement of
Employee status, whether as a result of an acquisition of their former employer by the Corporation or any Parent or Subsidiary or by reason of their initial hire by the Corporation or such Parent or
Subsidiary. 

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

 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 number of shares of Common Stock reserved for issuance over the term of the Plan shall not exceed 2,235,321 shares. Such reserve shall consist of (1) 1,135,321 shares, the number of
shares that remain available for issuance immediately prior to the Plan Effective Date pursuant to the Predecessor Plans, including the shares subject to outstanding options under those plans and
(2) an 1,100,000 share increase approved by the Board on September 26, 2001. 

    B.  The
number of shares of Common Stock available for issuance under the Plan shall automatically increase on the first trading day of January each calendar
year during the term of the Plan, beginning with calendar year 2002, by an amount equal to one-half percent (0.5%) of the total number of shares of Common Stock outstanding on the last
trading day in December of the immediately preceding calendar year, but in no event shall any such annual increase exceed 142,800 shares. 

    C.  Officers
of the Corporation may not receive options, separately exercisable stock appreciation rights and direct stock issuances under the Plan for more than
671,000 shares of Common Stock in the aggregate. 

    D.  Shares
of Common Stock subject to outstanding options (including options transferred to this Plan from the Predecessor Plans) shall be available for subsequent
issuance under the Plan to the extent (1) those options expire or terminate for any reason prior to exercise in full or (2) the options 

2

 

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 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. Shares of
Common Stock underlying one or more stock appreciation rights granted pursuant to the Plan shall not be available for subsequent issuance under the Plan
if the stock appreciation right is exercised. 

    E.  If
any change is 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 by the Plan Administrator to (1) the maximum number
and/or class of securities issuable under the Plan, (2) the number and/or class of securities and the exercise price per share in effect under each outstanding option under the Plan (including
options transferred to this Plan from the Predecessor Plans), (3) the maximum number and/or class of securities for which officers of the Corporation may be granted stock options, separately
exercisable stock appreciation rights and direct stock issuances under the Plan in the aggregate and (4) 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. Such adjustments to the outstanding options are to be effected in a manner which shall
preclude the enlargement or dilution of rights and benefits under such options. The adjustments determined by the Plan Administrator shall be final, binding and conclusive. 

    F.  Outstanding
awards granted pursuant to the Plan 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. 

 
 

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. All options granted under the Plan shall be Non-Statutory Options. 

    A.  Exercise Price.  

    1.  The
exercise price per share shall be fixed by the Plan Administrator. 

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

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

    (b) 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 

3

 

    (c) if the option is exercised for vested shares, through a special sale and remittance procedure pursuant to which the Optionee shall concurrently provide irrevocable
instructions to (i) 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 (ii) 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 granted pursuant to the Discretionary Option Grant Program that are outstanding at the time of the
Optionee's cessation of Service: 

    (a) Any
option outstanding at the time of the Optionee's cessation of Service 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 option, but no such option shall be exercisable after the expiration of the option term. 

    (b) Any
option outstanding at the time of the Optionee's death and exercisable in whole or in part at that time may be subsequently exercised 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 the laws of inheritance or by the Optionee's designated
beneficiary or beneficiaries of that option. 

    (c) Should
the Optionee's Service be terminated for Misconduct or should the Optionee otherwise engage in Misconduct while options granted pursuant to this
Article Two are outstanding, then all of those options shall terminate immediately and cease to be outstanding. 

    (d) 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. 

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

    (a) extend
the period of time for which the option is to remain exercisable following the Optionee's cessation of Service from the limited exercise 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 

    (b) 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 

4

 

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 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 shall have exercised the option, paid the exercise price and become a holder of record of the purchased shares. 

    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 such shares are unvested, 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,
Non-Statutory Options shall be exercisable only by the Optionee and shall not be assignable or transferable other than by will or by the laws of inheritance following the Optionee's death.
However, the Plan Administrator may permit an assignment, in whole or in part, during the Optionee's lifetime, of a Non-Statutory Option, if such assignment is in connection with the
Optionee's estate plan and is 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. Notwithstanding the foregoing, the
Optionee may also designate one or more persons as the beneficiary or beneficiaries of his or her outstanding options under this Article Two, and any outstanding options
shall, in accordance with such designation, automatically be transferred to such beneficiary or beneficiaries upon the Optionee's death. Such beneficiary or beneficiaries shall take the transferred
options subject to all the terms and conditions of the applicable agreement evidencing each such transferred option, including (without limitation) the limited time period during which the option may
be exercised following the Optionee's death. 

 II.  CORPORATE TRANSACTION/CHANGE IN CONTROL  

    A.  In
the event of any Corporate Transaction, the shares of Common Stock at the time subject to each outstanding option shall automatically vest in full so that each
such option shall, immediately prior to the effective date of the Corporate Transaction, become exercisable for all 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 become vested on such an accelerated
basis if and to the extent: (1) such option is, in connection with the Corporate Transaction, to be assumed by the successor corporation (or parent thereof) or (2) such option is to be
replaced with a cash incentive program of the successor corporation which preserves the spread existing at the time of the Corporate Transaction on any shares for which the option is not otherwise at
that time exercisable and provides for subsequent payout in accordance with the same exercise/vesting schedule applicable to those option shares or (3) the acceleration of such option is
subject to other limitations imposed by the Plan Administrator at the time of the option grant. 

    B.  All
outstanding repurchase rights shall automatically terminate, 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: (1) those repurchase rights are to be assigned to the successor corporation (or parent thereof) in connection with such
Corporate Transaction or (2) such accelerated 

5

 

vesting is precluded by other limitations imposed by the Plan Administrator at the time the repurchase right is issued. 

    C.  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). 

    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 to reflect such Corporate Transaction shall also be made to (1) the exercise price payable per share under each outstanding option, provided the aggregate
exercise price payable for such securities shall remain the same, (2) the maximum number and/or class of securities available for issuance over the remaining term of the Plan, (3) the
maximum number 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 (4) the maximum number and/or class of securities by which the share reserve is to increase automatically each calendar year. To the extent the holders of Common Stock receive cash
consideration for their Common Stock in consummation of the Corporate Transaction, with the Plan Administrator's consent the successor corporation may, in connection with the assumption of the
outstanding options, substitute one or more shares of its own common stock with a fair market value equivalent to the cash consideration paid per share of Common Stock in such Corporate Transaction. 

    E.  Among
its discretionary powers, the Plan Administrator shall have the ability to structure an option (either at the time the option is granted or at any time while
the option remains outstanding) so that the option shall become immediately exercisable and some or all of the shares subject to that option shall automatically become vested (and some or all of the
repurchase rights of the Corporation with respect to the unvested shares subject to that option shall immediately terminate) upon the occurrence of a Corporate Transaction, a Change in Control, any
other event or the Optionee's Involuntary Termination within a designated period of time following any of these events. 

 III.  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 Grant Program (including outstanding options incorporated from the Predecessor Plans) and to grant in substitution new options covering the same or
different number of shares of Common Stock. 

 IV.  STOCK APPRECIATION RIGHTS  

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

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

    1.  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. 

6

  

    2.  No
such option surrender shall be effective unless it is approved by the Plan Administrator, either at the time of the actual option surrender or at any earlier
time. 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. 

    3.  If
the surrender of an option is not approved 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. 

 
  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. Shares of Common Stock may also be issued under the Stock Issuance Program pursuant to
share right awards which entitle the recipients to receive those shares upon the attainment of designated performance goals or the satisfaction of specified Service requirements. 

    A.  Purchase Price.  

    1.  The
purchase price per share shall be fixed by the Plan Administrator. 

    2.  Subject
to the provisions of Section I of Article Four, 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: 

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

    (b) 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 shall be determined by the Plan Administrator and incorporated into the Stock Issuance Agreement. Shares of Common Stock may also be
issued under the Stock Issuance Program pursuant to share right awards which entitle the recipients to receive those shares upon the attainment of designated performance goals or the satisfaction of
specified Service requirements. 

    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 (a) the same vesting requirements applicable to the
Participant's unvested 

7

 

shares of Common Stock and (b) 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 one or more shares of Common Stock issued under the Stock Issuance Program are unvested 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 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. 

    6.  Outstanding
share right awards under the Stock Issuance Program shall automatically terminate, and no shares of Common Stock shall actually be issued in
satisfaction of those awards, if the performance goals or Service requirements established for such awards are not attained or satisfied. The Plan Administrator, however, shall have the discretionary
authority to issue shares of Common Stock under one or more outstanding share right awards as to which the designated performance goals or Service requirements have not been attained or satisfied. 

 II.  CORPORATE TRANSACTION/CHANGE IN CONTROL  

    A.  All
of the Corporation's outstanding repurchase 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 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 in the Stock Issuance Agreement. 

    B.  The
Plan Administrator shall have the discretionary authority to structure one or more of the Corporation's repurchase rights under the Stock Issuance Program so
that those rights shall automatically terminate in whole or in part, and the shares of Common Stock subject to those terminated rights shall immediately vest, upon the occurrence of a Corporate
Transaction, a Change in Control, any other event or the Participant's Involuntary Termination within a designated period of time following any of these events. 

8

 
 
 

ARTICLE FOUR    
    
    MISCELLANEOUS    
  

 I.  FINANCING  

    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 of shares issued
under the Stock Issuance Program by delivering a full-recourse, interest bearing 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. In no event may the maximum credit available to the Optionee or Participant exceed the
sum of (A) the aggregate option exercise price or purchase price payable for the purchased shares (less the par value of those shares) plus (B) any Federal, state and local income and
employment tax liability incurred by the Optionee or the Participant in connection with the option exercise or share purchase. 

 II.  TAX WITHHOLDING  

    A.  The
Corporation's obligation to deliver shares of Common Stock upon the exercise of options or 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 (other than independent contractors) of Non-Statutory Options or unvested
shares of Common Stock under the Plan with the right to use shares of Common Stock in satisfaction of all or part of the Withholding Taxes to which such holders may become subject 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: 

    1.  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 Withholding Taxes
(not to exceed one hundred percent (100%)) designated by the holder. 

    2.  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 Withholding
Taxes) with an aggregate Fair Market Value equal to the percentage of the Withholding Taxes (not to exceed one hundred percent (100%)) designated by the holder. 

 III.  SHARE ESCROW/LEGENDS  

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

 IV.  EFFECTIVE DATE AND TERM OF THE PLAN  

    A.  The
Plan shall become effective immediately on the Plan Effective Date. 

    B.  The
Plan shall serve as the successor to the Predecessor Plans, and no further option grants or direct stock issuances shall be made under those Predecessor Plans
after the Plan Effective Date. All options outstanding under the Predecessor Plans on the Plan Effective Date shall be transferred to the Plan at that time and shall be treated as outstanding options
under the Plan. However, each 

9

 

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. 

    C.  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. 

    D.  Unless
terminated by the Board prior to such time, the Plan shall terminate upon the tenth anniversary of the Plan's adoption by the Board. Should the Plan
terminate when options and/or unvested shares are outstanding, such awards shall continue in effect in accordance with the provisions of the documents evidencing such grants or issuances. 

 V.  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 the rights and obligations with respect to stock options or unvested stock issuances at the time outstanding under the Plan unless the Optionee or the Participant consents to such
amendment or modification. 

    B.  The
Board amended and restated the Plan on September 26, 2001 to reflect a 1,100,000-share increase in the share reserve. 

 VI.  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 any corporate purpose. 

 VII.  REGULATORY APPROVALS  

    A.  The
implementation of the Plan, the granting of any stock option under the Plan and the issuance of any shares of Common Stock (1) upon the exercise of any
granted option or (2) 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 stock options 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 Stock Market, if applicable) on which Common Stock is then listed for trading. 

 VIII.  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. 

10

  

 
 

APPENDIX    
  

    The following definitions shall be in effect under the Plan: 

    A.  Board shall mean the Corporation's Board of Directors. 

    B.  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, 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. 

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

    D.  Common Stock shall mean the Corporation's common stock. 

    E.  Corporate Transaction shall mean either of the following stockholder approved transactions to which the Corporation
is a party: 

     (i) a
merger, consolidation or reorganization approved by the Corporation's stockholders, unless securities representing
more than fifty percent (50%) of the total combined voting power of the voting securities of the successor corporation are immediately thereafter beneficially owned, directly or indirectly and in
substantially the same proportion, by the persons who beneficially owned the Corporation's outstanding voting securities immediately prior to such transaction, or 

    (ii) any
stockholder-approved transfer or other disposition of all or substantially all of the Corporation's assets. 

    F.  Corporation shall mean United Online, Inc., a Delaware corporation, and any corporate successor to all or
substantially all of the assets or voting stock of United Online, Inc. which has assumed the Plan. 

    G.  Discretionary Option Grant Program shall mean the discretionary option grant program in effect under
Article Two of the Plan. 

    H.  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. 

    I.  Exercise Date shall mean the date on which the Corporation shall have received written notice of the option
exercise. 

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    J.  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 Stock 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 Stock Market. 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. 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. 

    K.  Involuntary Termination shall mean, except as otherwise determined by the Plan Administrator, the termination of the
Service of any individual which occurs by reason of: 

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

    (ii) such
individual's voluntary resignation following (A) a material reduction in the scope of his or her day-to-day responsibilities at
the Corporation (or any Parent or Subsidiary), it being understood that a change in such individual's title shall not, in and of itself, be deemed a material reduction, (B) a reduction in his
or her base salary 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 (or any Parent or Subsidiary) without the individual's consent. 

    L.  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). 

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

    N.  Non-Statutory Option shall mean an option not intended to satisfy the requirements of Code
Section 422. 

    O.  Optionee shall mean any person to whom an option is granted under the Discretionary Option Grant Program. 

    P.  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. 

A–2

 

    Q.  Participant shall mean any person who is issued shares of Common Stock under the Stock Issuance Program. 

    R.  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 which can be expected to result in death or has lasted or can be expected to last for a
continuous period of twelve (12) months or more. 

    S.  Plan shall mean the United Online, Inc. 2001 Supplemental Stock Incentive Plan, as set forth in this
document. 

    T.  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. 

    U.  Plan Effective Date shall mean the date the merger of NetZero, Inc. and NZ Acquisition Corp. and the merger
of Juno Online Services, Inc. and JO Acquisition Corp. become effective as contemplated by the Agreement and Plan of Merger, by and among NetZero, Inc., Juno Online
Services, Inc., United Online, Inc. and the other parties thereto, dated as of June 7, 2001. 

    V.  Predecessor Plans shall mean the Juno Online Services, Inc. 2001 Supplemental Stock Incentive Plan and the
NetZero, Inc. 2001 Non-Executive Stock Incentive Plan. 

    W.  Primary Committee shall mean the committee of two 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. 

    X.  Secondary Committee shall mean a committee of one 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. 

    Y.  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. 

    Z.  Service shall mean the performance of services for 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 an independent contractor, except to the extent otherwise specifically provided in the documents evidencing the
option grant or stock issuance. 

    AA. Stock Exchange shall mean either the American Stock Exchange or the New York Stock Exchange. 

    BB. 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. 

    CC. Stock Issuance Program shall mean the stock issuance program in effect under Article Three of the Plan. 

    DD. 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. 

    EE. Withholding 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. 

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QuickLinks

UNITED ONLINE, INC. 2001 SUPPLEMENTAL STOCK INCENTIVE PLAN (As Amended and Restated Effective September 26, 2001)

ARTICLE ONE GENERAL PROVISIONS

ARTICLE TWO DISCRETIONARY OPTION GRANT PROGRAM

ARTICLE THREE STOCK ISSUANCE PROGRAM

ARTICLE FOUR MISCELLANEOUS

APPENDIX

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