Document:

Riverbed Technology, Inc. 2006 Equity Incentive Plan, as amended and restated

 EXHIBIT 10.1 
  

RIVERBED TECHNOLOGY, INC. 

2006 EQUITY INCENTIVE PLAN 

AMENDED AND RESTATED MARCH 12, 2010 

 
  
  

 TABLE OF CONTENTS 

 

					
	 	  	 	  	Page
	 ARTICLE 1.
	  	INTRODUCTION	  	1
			
	 ARTICLE 2.
	  	ADMINISTRATION	  	1
	 2.1    
	  	Committee Composition	  	1
	 2.2    
	  	Committee Responsibilities	  	1
	 2.3    
	  	Committee for Non-Officer Grants	  	1
			
	 ARTICLE 3.
	  	SHARES AVAILABLE FOR GRANTS	  	1
	 3.1    
	  	Basic Limitation	  	1
	 3.2    
	  	Annual Increase in Shares	  	2
	 3.3    
	  	Shares Returned to Reserve	  	2
	 3.4    
	  	Dividend Equivalents	  	2
			
	 ARTICLE 4.
	  	ELIGIBILITY	  	2
	 4.1    
	  	Incentive Stock Options	  	2
	 4.2    
	  	Other Grants	  	2
			
	 ARTICLE 5.
	  	OPTIONS	  	2
	 5.1    
	  	Stock Option Agreement	  	2
	 5.2    
	  	Number of Shares	  	3
	 5.3    
	  	Exercise Price	  	3
	 5.4    
	  	Exercisability and Term	  	3
	 5.5    
	  	Modification or Assumption of Options	  	3
	 5.6    
	  	Buyout Provisions	  	3
			
	 ARTICLE 6.
	  	PAYMENT FOR OPTION SHARES	  	3
	 6.1    
	  	General Rule	  	3
	 6.2    
	  	Surrender of Stock	  	3
	 6.3    
	  	Exercise/Sale	  	3
	 6.4    
	  	Other Forms of Payment	  	3
			
	 ARTICLE 7.
	  	STOCK APPRECIATION RIGHTS	  	4
	 7.1    
	  	SAR Agreement	  	4
	 7.2    
	  	Number of Shares	  	4
	 7.3    
	  	Exercise Price	  	4
	 7.4    
	  	Exercisability and Term	  	4
	 7.5    
	  	Exercise of SARs	  	4
	 7.6    
	  	Modification or Assumption of SARs	  	4
			
	 ARTICLE 8.
	  	RESTRICTED SHARES	  	4
	 8.1    
	  	Restricted Stock Agreement	  	4
	 8.2    
	  	Payment for Awards	  	5
	 8.3    
	  	Vesting Conditions	  	5
	 8.4    
	  	Voting and Dividend Rights	  	5
			
	 ARTICLE 9.
	  	STOCK UNITS	  	5
	 9.1    
	  	Stock Unit Agreement	  	5
	 9.2    
	  	Payment for Awards	  	5
	 9.3    
	  	Vesting Conditions	  	5
	 9.4    
	  	Voting and Dividend Rights	  	5
	 9.5    
	  	Form and Time of Settlement of Stock Units	  	6
	 9.6    
	  	Death of Recipient	  	6
	 9.7    
	  	Creditors’ Rights	  	6

  

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	 	  	 	  	Page
			
	 ARTICLE 10.
	  	CHANGE IN CONTROL	  	6
	 10.1    
	  	Effect of Change in Control	  	6
	 10.2    
	  	Acceleration	  	6
			
	 ARTICLE 11.
	  	PROTECTION AGAINST DILUTION	  	6
	 11.1    
	  	Adjustments	  	6
	 11.2    
	  	Dissolution or Liquidation	  	7
	 11.3    
	  	Reorganizations	  	7
			
	 ARTICLE 12.
	  	AWARDS UNDER OTHER PLANS	  	8
			
	 ARTICLE 13.
	  	PAYMENT OF DIRECTOR’S FEES IN SECURITIES	  	8
	 13.1    
	  	Effective Date	  	8
	 13.2    
	  	Elections to Receive NSOs, Restricted Shares or Stock Units	  	8
	 13.3    
	  	Number and Terms of NSOs, Restricted Shares or Stock Units	  	8
			
	 ARTICLE 14.
	  	LIMITATION ON RIGHTS	  	8
	 14.1    
	  	Retention Rights	  	8
	 14.2    
	  	Stockholders’ Rights	  	9
	 14.3    
	  	Regulatory Requirements	  	9
			
	 ARTICLE 15.
	  	WITHHOLDING TAXES	  	9
	 15.1    
	  	General	  	9
	 15.2    
	  	Share Withholding	  	9
			
	 ARTICLE 16.
	  	FUTURE OF THE PLAN	  	9
	 16.1    
	  	Term of the Plan	  	9
	 16.2    
	  	Amendment or Termination	  	9
	 16.3    
	  	Stockholder Approval	  	9
			
	 ARTICLE 17.
	  	DEFINITIONS	  	10

  

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 RIVERBED TECHNOLOGY, INC. 

2006 EQUITY INCENTIVE PLAN 

 

	 	ARTICLE 1.	INTRODUCTION. 

 The purpose of the Plan is to
promote the long-term success of the Company and the creation of stockholder value by (a) encouraging Employees, Outside Directors and Consultants to focus on critical long-range objectives, (b) encouraging the attraction and retention of
Employees, Outside Directors and Consultants with exceptional qualifications and (c) linking Employees, Outside Directors and Consultants directly to stockholder interests through increased stock ownership. The Plan seeks to achieve this
purpose by providing for Awards in the form of Restricted Shares, Stock Units, Options (which may constitute ISOs or NSOs) or stock appreciation rights. 

The Plan shall be governed by, and construed in accordance with, the laws of the State of Delaware (except their choice-of-law provisions).

  

	 	ARTICLE 2.	ADMINISTRATION. 

 
2.1 Committee Composition.    The Committee shall administer the Plan. The Committee shall consist exclusively of two or more directors of the Company, who shall be appointed by the Board. In addition, each
member of the Committee shall meet the following requirements: 
 (a) Any listing standards prescribed by the principal
securities market on which the Company’s equity securities are traded; 
 (b) Such requirements as the Internal
Revenue Service may establish for outside directors acting under plans intended to qualify for exemption under section 162(m)(4)(C) of the Code; 

(c) Such requirements as the Securities and Exchange Commission may establish for administrators acting under plans intended to
qualify for exemption under Rule 16b-3 (or its successor) under the Exchange Act; and 
 (d) Any other requirements
imposed by applicable law, regulations or rules. 
 2.2 Committee
Responsibilities.    The Committee shall (a) select the Employees, Outside Directors and Consultants who are to receive Awards under the Plan, (b) determine the type, number, vesting requirements and other features
and conditions of such Awards, (c) interpret the Plan, (d) make all other decisions relating to the operation of the Plan and (e) carry out any other duties delegated to it by the Board. The Committee may adopt such rules or
guidelines as it deems appropriate to implement the Plan. The Committee’s determinations under the Plan shall be final and binding on all persons. 

2.3 Committee for Non-Officer Grants.    The Board may also appoint a secondary committee
of the Board, which shall be composed of one or more directors of the Company who need not satisfy the requirements of Section 2.1. Such secondary committee may administer the Plan with respect to Employees and Consultants who are not Outside
Directors and are not considered executive officers of the Company under section 16 of the Exchange Act, may grant Awards under the Plan to such Employees and Consultants and may determine all features and conditions of such Awards. Within the
limitations of this Section 2.3, any reference in the Plan to the Committee shall include such secondary committee. 
  

	 	ARTICLE 3.	SHARES AVAILABLE FOR GRANTS. 

 
3.1 Basic Limitation.    Common Shares issued pursuant to the Plan may be authorized but unissued shares or treasury shares. The aggregate number of Common Shares issued under the Plan shall not exceed (a) 3,000,000
Common Shares plus the number of Common Shares remaining 
  

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available for issuance under the 2002 Stock Plan on the date of the IPO plus (b) the additional Common Shares described in Sections 3.2 and 3.3. The number of Common Shares that
are subject to Awards outstanding at any time under the Plan shall not exceed the number of Common Shares that then remain available for issuance under the Plan. All Common Shares available under the Plan may be issued upon the exercise of ISOs. The
limitations of this Section 3.1 and Section 3.2 shall be subject to adjustment pursuant to Article 
11. 
 3.2 Annual Increase in Shares.    As of the first day of each
fiscal year of the Company, commencing on January 1, 2007 and ending on January 1, 2011, the aggregate number of Common Shares that may be issued under the Plan shall automatically increase by a number equal to the least of (a) 5% of
the total number of Common Shares then outstanding, (b) 4,000,000 Common Shares or (c) the number determined by the Board. 

3.3 Shares Returned to Reserve.    If Options, SARs or Stock Units under this
Plan or the 2002 Stock Plan are forfeited or terminate for any other reason before being exercised or settled, then the Common Shares subject to such Options, SARs or Stock Units shall again become available for issuance under this Plan. If
Restricted Shares or Common Shares issued upon the exercise of Options under this Plan or the 2002 Stock Plan are reacquired by the Company pursuant to a forfeiture provision or for any other reason, then such Common Shares shall again become
available for issuance under this Plan. If SARs are exercised, then only the number of Common Shares (if any) actually issued in settlement of such SARs shall reduce the number available under Section 3.1 and the balance shall again become
available for issuance under the Plan. If Stock Units are settled, then only the number of Common Shares (if any) actually issued in settlement of such Stock Units shall reduce the number available under Section 3.1 and the balance shall again
become available for issuance under the Plan. 
 3.4 Dividend
Equivalents.    Any dividend equivalents paid or credited under the Plan shall, if paid in Common Shares, be applied against the number of Common Shares that may be issued under the Plan. Any dividend equivalents paid or
credited under the Plan shall, if paid in cash, not be applied against the number of Common Shares that may be issued under the Plan. 
  

	 	ARTICLE 4.	ELIGIBILITY. 

 
4.1 Incentive Stock Options.    Only Employees who are common-law employees of the Company, a Parent or a Subsidiary shall be eligible for the grant of ISOs. In addition, an Employee who owns more than 10% of
the total combined voting power of all classes of outstanding stock of the Company or any of its Parents or Subsidiaries shall not be eligible for the grant of an ISO unless the requirements set forth in section 422(c)(5) of the Code are
satisfied. 
 4.2 Other Grants.    Only Employees, Outside
Directors and Consultants shall be eligible for the grant of Restricted Shares, Stock Units, NSOs or SARs. 
  

	 	ARTICLE 5.	OPTIONS. 

5.1 Stock Option Agreement.    Each grant of an Option under the Plan shall
be evidenced by a Stock Option Agreement between the Optionee and the Company. Such Option shall be subject to all applicable terms of the Plan and may be subject to any other terms that are not inconsistent with the Plan. The Stock Option Agreement
shall specify whether the Option is an ISO or an NSO. The provisions of the various Stock Option Agreements entered into under the Plan need not be identical. Options may be granted in consideration of a reduction in the Optionee’s other
compensation. A Stock Option Agreement may provide that a new Option will be granted automatically to the Optionee when he or she exercises a prior Option and pays the Exercise Price in the form described in Section 6.2. 

 

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 5.2 Number of Shares.    Each
Stock Option Agreement shall specify the number of Common Shares subject to the Option and shall provide for the adjustment of such number in accordance with Article 11. Options granted to any Optionee in a single calendar year of the Company
shall not cover more than 2,500,000 Common Shares. The limitation set forth in the preceding sentence shall be subject to adjustment in accordance with Article 11. 

5.3 Exercise Price.    Each Stock Option Agreement shall specify the
Exercise Price; provided that the Exercise Price shall in no event be less than 100% of the Fair Market Value of a Common Share on the date of grant. 

5.4 Exercisability and Term.    Each Stock Option Agreement shall specify
the date or event when all or any installment of the Option is to become exercisable. The Stock Option Agreement shall also specify the term of the Option; provided that the term of an ISO shall in no event exceed 10 years from the date of
grant. A Stock Option Agreement may provide for accelerated exercisability in the event of the Optionee’s death, disability or retirement or other events and may provide for expiration prior to the end of its term in the event of the
termination of the Optionee’s Service. Options may be awarded in combination with SARs, and such an Award may provide that the Options will not be exercisable unless the related SARs are forfeited. 

5.5 Modification or Assumption of Options.    Within the limitations of the
Plan, the Committee may modify, reprice, extend or assume outstanding options or may accept the cancellation of outstanding options (whether granted by the Company or by another issuer) in return for the grant of new options for the same or a
different number of shares and at the same or a different exercise price. The foregoing notwithstanding, no modification of an Option shall, without the consent of the Optionee, alter or impair his or her rights or obligations under such Option.

 5.6 Buyout Provisions.    The Committee may at any time
(a) offer to buy out for a payment in cash or cash equivalents an Option previously granted or (b) authorize an Optionee to elect to cash out an Option previously granted, in either case at such time and based upon such terms and
conditions as the Committee shall establish. 
  

	 	ARTICLE 6.	PAYMENT FOR OPTION SHARES. 

 
6.1 General Rule.    The entire Exercise Price of Common Shares issued upon exercise of Options shall be payable in cash or cash equivalents at the time when such Common Shares are purchased, except that the
Committee at its sole discretion may accept payment of the Exercise Price in any other form(s) described in this Article 6. However, if the Optionee is an Outside Director or executive officer of the Company, he or she may pay the Exercise
Price in a form other than cash or cash equivalents only to the extent permitted by section 
13(k) of the Exchange Act. 
 6.2 Surrender of Stock.    With the
Committee’s consent, all or any part of the Exercise Price may be paid by surrendering, or attesting to the ownership of, Common Shares that are already owned by the Optionee. Such Common Shares shall be valued at their Fair Market Value on the
date the new Common Shares are purchased under the Plan. 
 6.3
Exercise/Sale.    With the Committee’s consent, all or any part of the Exercise Price and any withholding taxes may be paid by delivering (on a form prescribed by the Company) an irrevocable direction to a securities
broker approved by the Company to sell all or part of the Common Shares being purchased under the Plan and to deliver all or part of the sales proceeds to the Company. 

6.4 Other Forms of Payment.    With the Committee’s consent, all or any
part of the Exercise Price and any withholding taxes may be paid in any other form that is consistent with applicable laws, regulations and rules. 
  

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	 	ARTICLE 7.	STOCK APPRECIATION RIGHTS. 

 
7.1 SAR Agreement.    Each grant of an SAR under the Plan shall be evidenced by an SAR Agreement between the Optionee and the Company. Such SAR shall be subject to all applicable terms of the Plan and may be
subject to any other terms that are not inconsistent with the Plan. The provisions of the various SAR Agreements entered into under the Plan need not be identical. SARs may be granted in consideration of a reduction in the Optionee’s other
compensation. 
 7.2 Number of Shares.    Each SAR Agreement shall specify
the number of Common Shares to which the SAR pertains and shall provide for the adjustment of such number in accordance with Article 11. SARs granted to any Optionee in a single calendar year shall in no event pertain to more than 2,500,000
Common Shares. The limitation set forth in the preceding sentence shall be subject to adjustment in accordance with Article 
11. 
 7.3 Exercise Price.    Each SAR Agreement shall specify the Exercise
Price; provided that the Exercise Price shall in no event be less than 100% of the Fair Market Value of a Common Share on the date of grant. 

7.4 Exercisability and Term.    Each SAR Agreement shall specify the date all or
any installment of the SAR is to become exercisable. The SAR Agreement shall also specify the term of the SAR. An SAR Agreement may provide for accelerated exercisability in the event of the Optionee’s death, disability or retirement or other
events and may provide for expiration prior to the end of its term in the event of the termination of the Optionee’s Service. SARs may be awarded in combination with Options, and such an Award may provide that the SARs will not be exercisable
unless the related Options are forfeited. An SAR may be included in an ISO only at the time of grant but may be included in an NSO at the time of grant or thereafter. An SAR granted under the Plan may provide that it will be exercisable only in the
event of a Change in Control. 
 7.5 Exercise of SARs.    Upon exercise of
an SAR, the Optionee (or any person having the right to exercise the SAR after his or her death) shall receive from the Company consideration in the form of (a) Common Shares, (b) cash or (c) a combination of Common Shares and cash,
as the Committee shall determine. Each SAR Agreement shall specify the amount and/or Fair Market Value of the consideration that the Optionee will receive upon exercising the SAR; provided that the aggregate consideration shall not exceed the amount
by which the Fair Market Value (on the date of exercise) of the Common Shares subject to the SAR exceeds the Exercise Price of the SAR. If, on the date an SAR expires, the Exercise Price of the SAR is less than the Fair Market Value of the Common
Shares subject to the SAR on such date but any portion of the SAR has not been exercised, then the SAR shall automatically be deemed to be exercised as of such date with respect to such portion. An SAR Agreement may also provide for an automatic
exercise of the SAR on an earlier date. 
 7.6 Modification or Assumption of
SARs.    Within the limitations of the Plan, the Committee may modify, reprice, extend or assume outstanding SARs or may accept the cancellation of outstanding SARs (whether granted by the Company or by another issuer) in
return for the grant of new SARs for the same or a different number of shares and at the same or a different exercise price. The foregoing notwithstanding, no modification of an SAR shall, without the consent of the Optionee, alter or impair his or
her rights or obligations under such SAR. 
  

	 	ARTICLE 8.	RESTRICTED SHARES. 

 
8.1 Restricted Stock Agreement.    Each grant of Restricted Shares under the Plan shall be evidenced by a Restricted Stock Agreement between the recipient and the Company. Such Restricted Shares shall be subject
to all applicable terms of the Plan and may be subject to any other terms that are not inconsistent with the Plan. The provisions of the various Restricted Stock Agreements entered into under the Plan need not be identical. 

 

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 8.2 Payment for Awards.    Restricted
Shares may be sold or awarded under the Plan for such consideration as the Committee may determine, including (without limitation) cash, cash equivalents, property, full-recourse promissory notes, past services and future services. If the
Participant is an Outside Director or executive officer of the Company, he or she may pay for Restricted Shares with a promissory note only to the extent permitted by section 13(k) of the Exchange Act. Within the limitations of the Plan, the
Committee may accept the cancellation of outstanding options in return for the grant of Restricted Shares. 
 
8.3 Vesting Conditions.    Each Award of Restricted Shares may or may not be subject to vesting. Vesting shall occur, in full or in installments, upon satisfaction of the conditions specified in the Restricted
Stock Agreement. The Committee may include among such conditions the requirement that the performance of the Company or a business unit of the Company for a specified period of one or more fiscal years equal or exceed a target determined in advance
by the Committee. Such target shall be based on one or more of the criteria set forth in Appendix A. The Committee shall identify such target not later than the
90th day of such period. In no event shall more than 2,500,000 Restricted
Shares that are subject to performance-based vesting conditions be granted to any Participant in a single fiscal year of the Company, subject to adjustment in accordance with Article 11. A Restricted Stock Agreement may provide for accelerated
vesting in the event of the Participant’s death, disability or retirement or other events. 

8.4 Voting and Dividend Rights.    The holders of Restricted Shares awarded under
the Plan shall have the same voting, dividend and other rights as the Company’s other stockholders. A Restricted Stock Agreement, however, may require that the holders of Restricted Shares invest any cash dividends received in additional
Restricted Shares. Such additional Restricted Shares shall be subject to the same conditions and restrictions as the Award with respect to which the dividends were paid. 

 

	 	ARTICLE 9.	STOCK UNITS. 

9.1 Stock Unit Agreement.    Each grant of Stock Units under the Plan shall be
evidenced by a Stock Unit Agreement between the recipient and the Company. Such Stock Units shall be subject to all applicable terms of the Plan and may be subject to any other terms that are not inconsistent with the Plan. The provisions of the
various Stock Unit Agreements entered into under the Plan need not be identical. Stock Units may be granted in consideration of a reduction in the recipient’s other compensation. 

9.2 Payment for Awards.    To the extent that an Award is granted in the form of
Stock Units, no cash consideration shall be required of the Award recipients. 

9.3 Vesting Conditions.    Each Award of Stock Units may or may
not be subject to vesting. Vesting shall occur, in full or in installments, upon satisfaction of the conditions specified in the Stock Unit Agreement. The Committee may include among such conditions the requirement that the performance of the
Company or a business unit of the Company for a specified period of one or more fiscal years equal or exceed a target determined in advance by the Committee. Such target shall be based on one or more of the criteria set forth in Appendix A. The
Committee shall identify such target not later than the 90th day of such
period. In no event shall more than 2,500,000 Stock Units that are subject to performance-based vesting conditions be granted to any Participant in a single fiscal year of the Company, subject to adjustment in accordance with Article 11. A
Stock Unit Agreement may provide for accelerated vesting in the event of the Participant’s death, disability or retirement or other events. Acceleration of vesting may be required under Section 11.3. 

9.4 Voting and Dividend Rights.    The holders of Stock Units shall have no voting
rights. Prior to settlement or forfeiture, any Stock Unit awarded under the Plan may, at the Committee’s discretion, carry with it a right to dividend equivalents. Such right entitles the holder to be credited with an amount

  

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equal to all cash dividends paid on one Common Share while the Stock Unit is outstanding. Dividend equivalents may be converted into additional Stock Units. Settlement of dividend equivalents may
be made in the form of cash, in the form of Common Shares, or in a combination of both. Prior to distribution, any dividend equivalents that are not paid shall be subject to the same conditions and restrictions as the Stock Units to which they
attach. 
 9.5 Form and Time of Settlement of Stock Units.    Settlement
of vested Stock Units may be made in the form of (a) cash, (b) Common Shares or (c) any combination of both, as determined by the Committee. The actual number of Stock Units eligible for settlement may be larger or smaller than the
number included in the original Award, based on predetermined performance factors. Methods of converting Stock Units into cash may include (without limitation) a method based on the average Fair Market Value of Common Shares over a series of trading
days. Vested Stock Units may be settled in a lump sum or in installments. The distribution may occur or commence when all vesting conditions applicable to the Stock Units have been satisfied or have lapsed, or it may be deferred to any later date.
The amount of a deferred distribution may be increased by an interest factor or by dividend equivalents. Until an Award of Stock Units is settled, the number of such Stock Units shall be subject to adjustment pursuant to Article 11. 

9.6 Death of Recipient.    Any Stock Units Award that becomes payable after the
recipient’s death shall be distributed to the recipient’s beneficiary or beneficiaries. Each recipient of a Stock Units Award under the Plan shall designate one or more beneficiaries for this purpose by filing the prescribed form with the
Company. A beneficiary designation may be changed by filing the prescribed form with the Company at any time before the Award recipient’s death. If no beneficiary was designated or if no designated beneficiary survives the Award recipient, then
any Stock Units Award that becomes payable after the recipient’s death shall be distributed to the recipient’s estate. 
 
9.7 Creditors’ Rights.    A holder of Stock Units shall have no rights other than those of a general creditor of the Company. Stock Units represent an unfunded and unsecured obligation of the Company,
subject to the terms and conditions of the applicable Stock Unit Agreement. 
  

	 	ARTICLE 10.	CHANGE IN CONTROL 

10.1 Effect of Change in Control.    In the event of any Change in Control, each
outstanding Award shall automatically accelerate so that each such Award shall, immediately prior to the effective date of the Change in Control, become fully exercisable for all of the shares of Common Stock at the time subject to such Award and
may be exercised for any or all of those shares as fully-vested shares of Common Stock. However, an outstanding Award shall not so accelerate if and to the extent such Award is, in connection with the Change in Control, either to be assumed
by the successor corporation (or parent thereof) or to be replaced with a comparable Award for shares of the capital stock of the successor corporation (or parent thereof). The determination of Award comparability shall be made by the Committee, and
its determination shall be final, binding and conclusive. 
 10.2
Acceleration.    The Committee shall have the discretion, exercisable either at the time the Award is granted or at any time while the Award remains outstanding, to provide for the automatic acceleration of vesting upon
the occurrence of a Change in Control, whether or not the Award is to be assumed or replaced in the Change in Control, or in connection with a termination of a Participant’s Service following a Change in Control. 

 

	 	ARTICLE 11.	PROTECTION AGAINST DILUTION. 

 
11.1 Adjustments.    In the event of a subdivision of the outstanding Common Shares, a declaration of a dividend payable in Common Shares or a combination or consolidation of the

  

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outstanding Common Shares (by reclassification or otherwise) into a lesser number of Common Shares, corresponding adjustments shall automatically be made in each of the following: 

(a) The number of Options, SARs, Restricted Shares and Stock Units available for future Awards under Article 3, including the
numerical share limit in Section 3.2; 
 (b) The limitations set forth in Sections 5.2, 7.2, 8.3 and 9.3;

 (c) The number of Common Shares covered by each outstanding Option and SAR; 

(d) The Exercise Price under each outstanding Option and SAR; or 

(e) The number of Stock Units included in any prior Award that has not yet been settled. 

In the event of a declaration of an extraordinary dividend payable in a form other than Common Shares in an amount that has a material effect on the price of
Common Shares, a recapitalization, a spin-off or a similar occurrence, the Committee shall make such adjustments as it, in its sole discretion, deems appropriate in one or more of the foregoing. Except as provided in this Article 11, a
Participant shall have no rights by reason of any issuance by the Company of stock of any class or securities convertible into stock of any class, any subdivision or consolidation of shares of stock of any class, the payment of any stock dividend or
any other increase or decrease in the number of shares of stock of any class. 
 11.2 Dissolution
or Liquidation.    To the extent not previously exercised or settled, Options, SARs and Stock Units shall terminate immediately prior to the dissolution or liquidation of the Company. 

11.3 Reorganizations.    In the event that the Company is a party to a merger or
consolidation, all outstanding Awards shall be subject to the agreement of merger or consolidation. Such agreement shall provide for one or more of the following: 

(a) The continuation of such outstanding Awards by the Company (if the Company is the surviving corporation). 

(b) The assumption of such outstanding Awards by the surviving corporation or its parent, provided that the assumption of Options or
SARs shall comply with section 424(a) of the Code (whether or not the Options are ISOs). 
 (c) The substitution by
the surviving corporation or its parent of new awards for such outstanding Awards, provided that the substitution of Options or SARs shall comply with section 424(a) of the Code (whether or not the Options are ISOs). 

(d) Full exercisability of outstanding Options and SARs and full vesting of the Common Shares subject to such Options and SARs,
followed by the cancellation of such Options and SARs. The full exercisability of such Options and SARs and full vesting of such Common Shares may be contingent on the closing of such merger or consolidation. The Optionees shall be able to exercise
such Options and SARs during a period of not less than five full business days preceding the closing date of such merger or consolidation, unless (i) a shorter period is required to permit a timely closing of such merger or consolidation and
(ii) such shorter period still offers the Optionees a reasonable opportunity to exercise such Options and SARs. Any exercise of such Options and SARs during such period may be contingent on the closing of such merger or consolidation.

 (e) The cancellation of outstanding Options and SARs and a payment to the Optionees equal to the excess of (i) the
Fair Market Value of the Common Shares subject to such Options and SARs (whether or not such Options and SARs are then exercisable or such Common Shares are then vested) as of the closing date of such merger or consolidation over (ii) their
Exercise 
  

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Price. Such payment shall be made in the form of cash, cash equivalents, or securities of the surviving corporation or its parent with a Fair Market Value equal to the required amount. Such
payment may be made in installments and may be deferred until the date or dates when such Options and SARs would have become exercisable or such Common Shares would have vested. Such payment may be subject to vesting based on the Optionee’s
continuing Service, provided that the vesting schedule shall not be less favorable to the Optionee than the schedule under which such Options and SARs would have become exercisable or such Common Shares would have vested. If the Exercise Price of
the Common Shares subject to such Options and SARs exceeds the Fair Market Value of such Common Shares, then such Options and SARs may be cancelled without making a payment to the Optionees. For purposes of this Subsection (e), the Fair Market
Value of any security shall be determined without regard to any vesting conditions that may apply to such security. 
 (f)
The cancellation of outstanding Stock Units and a payment to the Participants equal to the Fair Market Value of the Common Shares subject to such Stock Units (whether or not such Stock Units are then vested) as of the closing date of such merger or
consolidation. Such payment shall be made in the form of cash, cash equivalents, or securities of the surviving corporation or its parent with a Fair Market Value equal to the required amount. Such payment may be made in installments and may be
deferred until the date or dates when such Stock Units would have vested. Such payment may be subject to vesting based on the Participant’s continuing Service, provided that the vesting schedule shall not be less favorable to the Participant
than the schedule under which such Stock Units would have vested. For purposes of this Subsection (f), the Fair Market Value of any security shall be determined without regard to any vesting conditions that may apply to such security.

  

	 	ARTICLE 12.	AWARDS UNDER OTHER PLANS. 

 The Company may
grant awards under other plans or programs. Such awards may be settled in the form of Common Shares issued under this Plan. Such Common Shares shall be treated for all purposes under the Plan like Common Shares issued in settlement of Stock Units
and shall, when issued, reduce the number of Common Shares available under Article 3. 
  

	 	ARTICLE 13.	PAYMENT OF DIRECTOR’S FEES IN SECURITIES. 

13.1 Effective Date.    No provision of this Article 13 shall be effective
unless and until the Board has determined to implement such provision. 
 13.2 Elections to
Receive NSOs, Restricted Shares or Stock Units.    An Outside Director may elect to receive his or her annual retainer payments and/or meeting fees from the Company in the form of cash, NSOs, Restricted Shares or Stock Units,
or a combination thereof, as determined by the Board. Such NSOs, Restricted Shares and Stock Units shall be issued under the Plan. An election under this Article 13 shall be filed with the Company on the prescribed form. 

13.3 Number and Terms of NSOs, Restricted Shares or Stock Units.    The number of
NSOs, Restricted Shares or Stock Units to be granted to Outside Directors in lieu of annual retainers and meeting fees that would otherwise be paid in cash shall be calculated in a manner determined by the Board. The Board shall also determine the
terms of such NSOs, Restricted Shares or Stock Units. 
  

	 	ARTICLE 14.	LIMITATION ON RIGHTS. 

 
14.1 Retention Rights.    Neither the Plan nor any Award granted under the Plan shall be deemed to give any individual a right to remain an Employee, Outside Director or Consultant. The Company and its Parents,
Subsidiaries and Affiliates reserve the right to terminate the Service of any Employee, Outside Director or Consultant at any time, with or without cause, subject to applicable 

 

 8 

 
laws, the Company’s certificate of incorporation and by-laws and a written employment agreement (if any). 

14.2 Stockholders’ Rights.    A Participant shall have no dividend rights,
voting rights or other rights as a stockholder with respect to any Common Shares covered by his or her Award prior to the time when a stock certificate for such Common Shares is issued or, if applicable, the time when he or she becomes entitled to
receive such Common Shares by filing any required notice of exercise and paying any required Exercise Price. No adjustment shall be made for cash dividends or other rights for which the record date is prior to such time, except as expressly provided
in the Plan. 
 14.3 Regulatory Requirements.    Any other provision of
the Plan notwithstanding, the obligation of the Company to issue Common Shares under the Plan shall be subject to all applicable laws, rules and regulations and such approval by any regulatory body as may be required. The Company reserves the right
to restrict, in whole or in part, the delivery of Common Shares pursuant to any Award prior to the satisfaction of all legal requirements relating to the issuance of such Common Shares, to their registration, qualification or listing or to an
exemption from registration, qualification or listing. 
  

	 	ARTICLE 15.	WITHHOLDING TAXES. 

 
15.1 General.    To the extent required by applicable federal, state, local or foreign law, a Participant or his or her successor shall make arrangements satisfactory to the Company for the satisfaction of any
withholding tax obligations that arise in connection with the Plan. The Company shall not be required to issue any Common Shares or make any cash payment under the Plan until such obligations are satisfied. 

15.2 Share Withholding.    To the extent that applicable law subjects a Participant
to tax withholding obligations, the Committee may permit such Participant to satisfy all or part of such obligations by having the Company withhold all or a portion of any Common Shares that otherwise would be issued to him or her or by surrendering
all or a portion of any Common Shares that he or she previously acquired. Such Common Shares shall be valued at their Fair Market Value on the date they are withheld or surrendered. 

 

	 	ARTICLE 16.	FUTURE OF THE PLAN. 

 
16.1 Term of the Plan.    The Plan shall remain in effect until the earlier of (a) the date the Plan is terminated under Section 16.2 or (b) the
10th anniversary of the date the Board initially adopted the Plan. The Plan
shall serve as the successor to the Predecessor Plan, and no further option grants shall be made under the Predecessor Plan after the Plan effective date. All options outstanding under the Predecessor Plan as of such date shall, immediately upon
effectiveness of the Plan, remain outstanding in accordance with their terms. Each outstanding option under the Predecessor Plan 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 options with respect to their acquisition of shares of Common Stock. 

16.2 Amendment or Termination.    The Board may, at any time and for any reason,
amend or terminate the Plan. No Awards shall be granted under the Plan after the termination thereof. The termination of the Plan, or any amendment thereof, shall not affect any Award previously granted under the Plan. 

16.3 Stockholder Approval.    An amendment of the Plan shall be subject to the
approval of the Company’s stockholders only to the extent required by applicable laws, regulations or rules. However, section 162(m) of the Code may require that the Company’s stockholders approve: 

(a) The Plan not later than the first regular meeting of stockholders that occurs in the fourth calendar year following the calendar
year in which the Company’s initial public offering occurred; and 
  

 9 

 (b) The performance criteria set forth in Appendix A not later than the first
meeting of stockholders that occurs in the fifth year following the year in which the Company’s stockholders previously approved such criteria. 
  

	 	ARTICLE 17.	DEFINITIONS. 

 17.1
“Affiliate” means any entity other than a Subsidiary, if the Company and/or one or more Subsidiaries own not less than 50% of such entity. 

17.2 “Award” means any award of an Option, an SAR, a Restricted Share or a Stock Unit under the Plan. 

17.3 “Board” means the Company’s Board of Directors, as constituted from time to time. 

17.4 “Change in Control” means: 

(a) The consummation of a merger or consolidation of the Company with or into another entity or any other corporate reorganization,
if persons who were not stockholders of the Company immediately prior to such merger, consolidation or other reorganization own immediately after such merger, consolidation or other reorganization 50% or more of the voting power of the outstanding
securities of each of (i) the continuing or surviving entity and (ii) any direct or indirect parent corporation of such continuing or surviving entity; 

(b) The sale, transfer or other disposition of all or substantially all of the Company’s assets; 

(c) A change in the composition of the Board, as a result of which fewer than 50% of the incumbent directors are directors who
either: 
 (i) Had been directors of the Company on the date 24 months prior to the date of such change in the composition
of the Board (the “Original Directors”); or 
 (ii) Were appointed to the Board, or nominated for election to
the Board, with the affirmative votes of at least a majority of the aggregate of (A) the Original Directors who were in office at the time of their appointment or nomination and (B) the directors whose appointment or nomination was
previously approved in a manner consistent with this Paragraph (ii); or 
 (d) Any transaction as a result of which
any person is the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing at least 50% of the total voting power represented by the Company’s then
outstanding voting securities. For purposes of this Subsection (d), the term “person” shall have the same meaning as when used in sections 13(d) and 14(d) of the Exchange Act but shall exclude (i) a trustee or other
fiduciary holding securities under an employee benefit plan of the Company or of a Parent or Subsidiary and (ii) a corporation owned directly or indirectly by the stockholders of the Company in substantially the same proportions as their
ownership of the common stock of the Company. 
 A transaction shall not constitute a Change in Control if its sole purpose is to change
the state of the Company’s incorporation or to create a holding company that will be owned in substantially the same proportions by the persons who held the Company’s securities immediately before such transaction. 

17.5 “Code” means the Internal Revenue Code of 1986, as amended. 

17.6 “Committee” means a committee of the Board, as described in Article 2. 

 

 10 

 17.7 “Common Share” means one share of the common stock of the Company.

 17.8 “Company” means Riverbed Technology, Inc., a Delaware corporation. 

17.9 “Consultant” means a consultant or adviser who provides bona fide services to the Company, a Parent, a Subsidiary or
an Affiliate as an independent contractor. 
 17.10 “Employee” means a common-law employee of the Company, a
Parent, a Subsidiary or an Affiliate. 
 17.11 “Exchange Act” means the Securities Exchange Act of 1934, as
amended. 
 17.12 “Exercise Price,” in the case of an Option, means the amount for which one Common Share may be
purchased upon exercise of such Option, as specified in the applicable Stock Option Agreement. “Exercise Price,” in the case of an SAR, means an amount, as specified in the applicable SAR Agreement, which is subtracted from the Fair Market
Value of one Common Share in determining the amount payable upon exercise of such SAR. 
 17.13 “Fair Market
Value” means the market price of Common Shares, determined by the Committee in good faith on such basis as it deems appropriate. Whenever possible, the determination of Fair Market Value by the Committee shall be based on the prices
reported in The Wall Street Journal. Such determination shall be conclusive and binding on all persons. 
 17.14
“IPO” means the initial public offering of the Company’s Common Shares. 
 17.15 “ISO” means
an incentive stock option described in section 422(b) of the Code. 
 17.16 “NSO” means a stock option not
described in sections 422 or 423 of the Code. 
 17.17 “Option” means an ISO or NSO granted under the Plan
and entitling the holder to purchase Common Shares. 
 17.18 “Optionee” means an individual or estate who holds an
Option or SAR. 
 17.19 “Outside Director” means a member of the Board who is not an Employee. 

17.20 “Parent” means any corporation (other than the Company) in an unbroken chain of corporations ending with the Company,
if each of the corporations other than the Company owns stock possessing 50% or more of the total combined voting power of all classes of stock in one of the other corporations in such chain. A corporation that attains the status of a Parent on a
date after the adoption of the Plan shall be considered a Parent commencing as of such date. 
 17.21
“Participant” means an individual or estate who holds an Award. 
 17.22 “Plan” means this
Riverbed Technology, Inc. 2006 Equity Incentive Plan, as amended from time to time. 
 17.23 “Predecessor Plan”
means the Company’s existing 2002 Stock Plan. 
 17.24 “Restricted Share” means a Common Share awarded under
the Plan. 
 17.25 “Restricted Stock Agreement” means the agreement between the Company and the recipient of a
Restricted Share that contains the terms, conditions and restrictions pertaining to such Restricted Share. 
  

 11 

 17.26 “SAR” means a stock appreciation right granted under the Plan.

 17.27 “SAR Agreement” means the agreement between the Company and an Optionee that contains the terms,
conditions and restrictions pertaining to his or her SAR. 
 17.28 “Service” means service as an Employee, Outside
Director or Consultant. 
 17.29 “Stock Option Agreement” means the agreement between the Company and an Optionee
that contains the terms, conditions and restrictions pertaining to his or her Option. 
 17.30 “Stock Unit” means
a bookkeeping entry representing the equivalent of one Common Share, as awarded under the Plan. 
 17.31 “Stock Unit
Agreement” means the agreement between the Company and the recipient of a Stock Unit that contains the terms, conditions and restrictions pertaining to such Stock Unit. 

17.32 “Subsidiary” means any corporation (other than the Company) in an unbroken chain of corporations beginning with the
Company, if each of the corporations other than the last corporation in the unbroken chain owns stock possessing 50% or more of the total combined voting power of all classes of stock in one of the other corporations in such chain. A corporation
that attains the status of a Subsidiary on a date after the adoption of the Plan shall be considered a Subsidiary commencing as of such date. 
  

 12 

 APPENDIX A 

PERFORMANCE CRITERIA FOR RESTRICTED SHARES AND
STOCK UNITS 
 The performance goals that may be used by the Committee may consist of any one or more of the following
objective performance criteria, applied to either the Company as a whole or, except with respect to stockholder return metrics, to a region, business unit, affiliate or business segment, and measured either on an absolute basis, a per share basis or
relative to a pre-established target, to a previous period’s results or to a designated comparison group, and, with respect to financial metrics, which may be determined in accordance with United States Generally Accepted Accounting Principles
(“GAAP”), in accordance with accounting principles established by the International Accounting Standards Board (“IASB Principles”) or which may be adjusted when established to either exclude any items otherwise includable under
GAAP or under IASB Principles or include any items otherwise excludable under GAAP or under IASB Principles: (i) cash flow (including operating cash flow or free cash flow), (ii) revenue (on an absolute basis or adjusted for currency
effects), (iii) gross margin, (iv) operating expenses or operating expenses as a percentage of revenue, (v) earnings (which may include earnings before interest and taxes, earnings before taxes, net earnings or EBITDA),
(vi) earnings per share, (vii) stock price, (viii) return on equity, (ix) total stockholder return, (x) growth in stockholder value relative to the moving average of the S&P 500 Index, or another index, (xi) return
on capital, (xii) return on assets or net assets, (xiii) return on investment, (xiv) economic value added, (xv) operating income or net operating income, (xvi) operating margin, (xvii) market share,
(xviii) overhead or other expense reduction, (xix) credit rating, (xx) objective customer indicators, (xxi) improvements in productivity, (xxii) attainment of objective operating goals, (xxiii) objective employee
metrics, (xxiv) return ratios, (xxv) objective qualitative milestones, or (xxvi) other objective financial or other metrics relating to the progress of the Company or to a Subsidiary, division or department thereof. 

 

 A-1GTC Biotherapeutics, Inc. Amended and Restated 2002 Equity Incentive Plan

 Exhibit 10.1 

GTC BIOTHERAPEUTICS, INC. 

AMENDED AND RESTATED 2002 EQUITY INCENTIVE PLAN 
  

	1.	Purpose. 

 The
purpose of the 2002 Equity Incentive Plan as amended and restated (the “Plan”) of GTC Biotherapeutics, Inc. (f/k/a Genzyme Transgenics Corporation) is to attract, retain and motivate persons who are expected to make important contributions
to the Company and its Affiliates, to provide an incentive for them to achieve performance goals, and to enable them to participate in the growth of the Company by granting Awards with respect to the Company’s Common Stock. Certain capitalized
terms are used herein as defined in Section 9 below. 
  

	2.	Administration. 

The Plan shall be administered by the Committee; provided that the Board may (subject to any regulatory or exchange listing requirements)
in any instance perform any of the functions of the Committee hereunder. The Committee shall select the Participants to receive Awards and, subject to the provisions of the Plan, shall determine the terms and conditions of the Awards. The Committee
shall have authority to adopt, alter and repeal such administrative rules, guidelines and practices governing the operation of the Plan as it shall from time to time consider advisable, to interpret the provisions of the Plan, and to remedy any
inconsistencies or ambiguities. The Committee’s decisions shall be final and binding. To the extent permitted by applicable law, the Committee may delegate to one or more executive officers of the Company the power to make Awards to
Participants who are not Reporting Persons or Covered Employees and all determinations under the Plan with respect thereto, provided that the Committee shall fix the maximum amount of such Awards for all such Participants, a maximum for any one
Participant, and such other features of the Awards as may be required by applicable law. 
  

	3.	Eligibility. 

 All
directors, employees and consultants of the Company or any Affiliate capable of contributing to the successful performance of the Company are eligible to be Participants in the Plan. Incentive Stock Options may be granted only to persons eligible to
receive such Options under the Code. 
  

	4.	Stock Available for Awards. 

(a) Amount. Subject to adjustment under Section 4(b), Awards may be made under the Plan for up to Three Million
Five Hundred and Fifty Thousand (3,550,000) shares of Common Stock, plus (1) the number of additional shares of Common Stock subject to awards under the Company’s Amended and Restated 1993 Equity Incentive Plan (the “1993
Plan”) which on or after April 2, 2004, expire or terminate unexercised or are forfeited or settled in a manner that results in fewer shares outstanding than were awarded under the 1993 Plan, which number of additional shares will not
exceed 217,839 shares (the maximum if all 1993 Plan shares become available); and provided further that no more than 10% of the maximum number of shares to be issued under the Plan may be granted as Restricted Stock or Unrestricted Stock Awards. For
purposes of calculating such percentage limitation on Restricted Stock and Unrestricted Stock Awards, the following Awards shall be disregarded: (i) any Award that is 

 
granted for consideration of at least 100% of the Fair Market Value of the Common Stock on the date of the respective grant (including Awards granted in lieu of the payment of cash bonuses that
would be consistent in amount with past cash bonus practices), and (ii) Awards that are subject to performance-based vesting (including Awards subject to Section 8(k)). If any Award made under the Plan expires or terminates unexercised or
is forfeited or settled in a manner that results in fewer shares outstanding than were awarded, the shares subject to such Award, to the extent of such expiration, termination, forfeiture or decrease, shall again be available for award under the
Plan. Common Stock issued outside of the Plan through the assumption or substitution of outstanding grants from an acquired company shall not reduce the shares available for Awards under the Plan. Shares issued under the Plan may consist of
authorized but unissued shares or treasury shares. 
 (b) Adjustment. In the event that the Committee
determines that any stock dividend, extraordinary cash dividend, recapitalization, reorganization, merger, consolidation, split-up, spin-off, combination, exchange of shares or other transaction affects the Common Stock such that an adjustment is
required in order to preserve the benefits intended to be provided by the Plan, then the Committee shall (subject in the case of Incentive Stock Options to any limitation required under the Code) equitably adjust any or all of (i) the number
and kind of shares in respect of which Awards may be made under the Plan, (ii) the number and kind of shares subject to outstanding Awards and (iii) the exercise price with respect to any of the foregoing, provided that the number of
shares subject to any Award shall always be a whole number, and if considered appropriate, the Committee may make provision for a cash payment with respect to an outstanding Award. 

(c) Limit on Individual Grants. The maximum number of shares of Common Stock that may be granted in connection with
all Awards within any fiscal year to any one Covered Employee under the Plan shall not exceed 400,000 shares, except for grants to new hires during the fiscal year of hiring which shall not exceed 800,000 shares, in each case subject to adjustment
under Section 4(b). 
  

	5.	Stock Options. 

(a) Grant of Options. Subject to the provisions of the Plan, the Committee may grant options (“Options”) to
purchase shares of Common Stock (i) complying with the requirements of Section 422 of the Code or any successor provision and any regulations thereunder (“Incentive Stock Options”) or (ii) not intended to comply with such
requirements (“Nonstatutory Stock Options”). The Committee shall determine the number of shares subject to each Option and the exercise price therefor, which shall not be less than 100% of the Fair Market Value of the Common Stock on the
date of grant; provided that a Nonstatutory Stock Option granted to a new employee or consultant in connection with his or her hiring may have a lower exercise price so long as it is not less than 100% of Fair Market Value on the date he or she
accepts the Company’s offer of employment or the date employment commences, whichever is lower. No Option shall be an Incentive Stock Option if not granted within ten years from the date on which the Plan or an amendment thereto was last
approved for purposes of Section 422 of the Code (the date of such approval being the date on which the Plan or the respective amendment was approved by the Board or the stockholders, whichever was earlier). 

 

 - 2 - 

 (b) Terms and Conditions. Subject to the provisions of the Plan, each
Option shall be exercisable at such times and subject to such terms and conditions as the Committee may specify in the applicable grant or thereafter. The Committee may impose such conditions with respect to the exercise of Options, including
conditions relating to applicable securities laws, as it considers necessary or advisable. 
 (c) Payment.
No shares shall be delivered upon exercise of any Option until payment in full of the exercise price therefor is received by the Company. Such payment may be made in whole or in part in cash or, to the extent permitted by the Committee at or after
the grant of the Option pursuant to any of the following methods: (i) by actual delivery or attestation of ownership of shares of Common Stock owned by the Participant, including vested Restricted Stock, (ii) by retaining shares of Common
Stock otherwise issuable pursuant to the Option, (iii) for consideration received by the Company under a broker-assisted cashless exercise program acceptable to the Company, or (iv) for such other lawful consideration as the Committee may
determine. 
 (d) Term of Option. The term of each Option granted under this Section 5 shall not
exceed ten years from the date the Option is granted. 
  

	6.	Stock Equivalents. 

Subject to the provisions of the Plan, the Committee may grant rights to receive payment from the Company based in whole or in part on the
value of the Common Stock (“Stock Equivalents”) upon such terms and conditions as the Committee determines. Stock Equivalents may include without limitation phantom stock, restricted stock units, unrestricted stock units, performance
units, dividend equivalents and stock appreciation rights (“SARs”). SARs granted in tandem with an Option will terminate to the extent that the related Option is exercised, and the related Option will terminate to the extent that the
tandem SARs are exercised. An SAR will have an exercise price determined by or in the manner specified by the Committee of not less than 100% of the Fair Market Value of the Common Stock on the date of the grant, or of not less than the exercise
price of the related Option in the case of an SAR granted in tandem with an Option. The Committee will determine at the time of grant or thereafter whether Stock Equivalents are to be settled in cash, Common Stock or other securities of the Company,
Awards or other property. 
  

	7.	Stock Awards. 

Subject to the provisions of the Plan, the Committee may grant shares of Common Stock subject to forfeiture (“Restricted Stock”)
and determine the duration of the period (the “Restricted Period”) during which, and the conditions under which, the shares may be forfeited to the Company and the other terms and conditions of such Awards. Shares of Restricted Stock may
not be sold, assigned, transferred, pledged or otherwise encumbered, except as permitted by the Committee, during the Restricted Period. Shares of Restricted Stock shall be evidenced in such manner as the Committee may determine. Any certificates
issued in respect of shares of Restricted Stock shall be registered in the name of the Participant and unless otherwise determined by the Committee, deposited by the Participant, together with a stock power endorsed in blank, with the Company. At
the expiration of the Restricted Period, the Company 
  

 - 3 - 

 
shall deliver such certificates to the Participant or if the Participant has died, to the Participant’s Designated Beneficiary. Subject to the provisions of the Plan, the Committee also may
make Awards of shares of Common Stock that are not subject to restrictions or forfeiture, on such terms and conditions as the Committee may determine from time to time (“Unrestricted Stock”). 

 

	8.	General Provisions Applicable to Awards. 

(a) Documentation. Each Award under the Plan shall be evidenced by a writing delivered to the Participant or
agreement executed by the Participant specifying the terms and conditions thereof and containing such other terms and conditions not inconsistent with the provisions of the Plan as the Committee considers necessary or advisable to achieve the
purposes of the Plan or to comply with applicable tax and regulatory laws and accounting principles. Subject to the provisions of the Plan, the terms of any Award may include such continuing restrictions and forfeiture and/or other penalty
provisions relating to competition or other activity detrimental to the Company as the Committee determines. 
 (b)
Committee Discretion. Each type of Award may be made alone, in addition to or in relation to any other Award. The terms of each type of Award need not be identical, and the Committee need not treat Participants uniformly. Except as
otherwise provided by the Plan or a particular Award, any determination with respect to an Award may be made by the Committee at the time of grant or at any time thereafter. 

(c) Dividend, Cash Awards and Loans. Subject to the provisions of the Plan, in the discretion of the Committee, any
Award under the Plan may provide for (i) dividends or dividend equivalents payable (in cash or in the form of Awards under the Plan) currently or deferred with or without interest and (ii) cash payments in lieu of or in addition to an
Award or (iii) one or more loans to a Participant (other than a Participant who is a director or executive officer for purposes of Section 13(k) of the Exchange Act) to permit exercise of, or the payment of any tax liability with respect
to, any Award. 
 (d) Termination of Service. The Committee shall determine the effect on an Award of the
disability, death, retirement or other termination of employment or other service of a Participant and the extent to which, and the period during which, the Participant’s legal representative, guardian or Designated Beneficiary may receive
payment of an Award or exercise rights thereunder. Unless the Committee otherwise provides in any case, a Participant’s employment or other service shall have terminated for purposes of this Plan at the time the entity by which the Participant
is employed or to which he or she renders such service ceases to be an Affiliate of the Company. 
 (e)
Change-in-Control. In order to preserve a Participant’s rights under an Award in the event of a change-in-control of the Company (as defined by the Committee), the Committee in its discretion may, at the time an Award is made
or at any time thereafter, take one or more of the following actions: (i) provide for the acceleration of any time period relating to the exercise or payment of the Award, (ii) provide for payment to the Participant of cash or other
property with a Fair Market Value equal to the amount that would have been received upon the exercise or payment of the Award had the Award been exercised or paid upon the change-in-control, (iii) adjust the terms of the Award in a manner
determined by the Committee to reflect the change-in-
  

 - 4 - 

 
control, (iv) cause the Award to be assumed, or new rights substituted therefor, by another entity, or (v) make such other provision as the Committee may consider equitable to
Participants and in the best interests of the Company. 
 (f) Transferability. In the discretion of the
Committee, any Award may be made transferable upon such terms and conditions and to such extent as the Committee determines, provided that Incentive Stock Options may be transferable only to the extent permitted by the Code. The Committee may in its
discretion waive any restriction on transferability. 
 (g) Withholding Taxes. The Participant shall pay to
the Company, or make provision satisfactory to the Committee for payment of, any taxes required by law to be withheld in respect of Awards under the Plan no later than the date of the event creating the tax liability. The Company and its Affiliates
may, to the extent permitted by law, deduct any such tax obligations from any payment of any kind due to the Participant hereunder or otherwise. In the Committee’s discretion, the minimum tax obligations required by law to be withheld in
respect of Awards may be paid in whole or in part in shares of Common Stock, including shares retained from the Award creating the tax obligation, valued at their Fair Market Value on the date of retention or delivery. 

(h) Foreign National Awards. Notwithstanding anything to the contrary contained in this Plan, Awards may be made to
Participants who are foreign nationals or employed or performing services outside the United States on such terms and conditions different from those specified in the Plan as the Committee considers necessary or advisable to achieve the purposes of
the Plan or to comply with applicable laws. 
 (i) Amendment of Award. Except as provided in
Section 8(j) and Section 8(l), the Committee may amend, modify, or terminate any outstanding Award, including substituting therefor another Award of the same or a different type, changing the date of exercise or realization and converting
an Incentive Stock Option to a Nonstatutory Stock Option. Any such action shall require the Participant’s consent unless: 

(i) in the case of a termination of, or a reduction in the number of shares issuable under, an Option, any time period relating to the
exercise of such Option or the eliminated portion, as the case may be, is waived or accelerated before such termination or reduction (and in such case the Committee may provide for the Participant to receive cash or other property equal to the net
value that would have been received upon exercise of the terminated Option or the eliminated portion, as the case may be); 

(ii) the Committee determines that the action is permitted by the terms of Section 8(k); 

(iii) the Committee determines that the action is reasonably necessary to comply with any regulatory, accounting, or exchange or stock
market listing requirement; or 
 (iv) in any other case, the Committee determines that the action, taking into account any
related action, would not materially and adversely affect the Participant. 
  

 - 5 - 

 (j) No Repricing of Options. Notwithstanding anything to the contrary
in the Plan, the Company shall not engage in any repricing of Options granted under this Plan without further stockholder approval. For this purpose, the term “repricing” shall mean any of the following or other action that has the same
effect: (i) lowering the exercise price of an Option after it is granted, (ii) any other action that is treated as a repricing under generally accepted accounting principles, or (iii) canceling an Option at a time when its exercise
price exceeds the fair market value of the underlying stock in exchange for another Option, Restricted Stock, or other equity of the Company, unless the cancellation and exchange occurs in connection with a merger, acquisition, spin-off, or similar
corporate transaction. 
 (k) Code Section 162(m) Provisions. If the Committee determines at the time
an Award is granted to a Participant that such Participant is, or may be as of the end of the tax year for which the Company would claim a tax deduction in connection with such Award, a Covered Employee, then the Committee may provide that the
Participant’s right to receive cash, shares of Common Stock, or other property pursuant to such Award shall be subject to the satisfaction of Performance Goals during a Performance Period. Prior to the payment of any Award subject to this
Section 8(k), the Committee shall certify in writing that the Performance Goals and other material terms applicable to such Award were satisfied. Notwithstanding the attainment of Performance Goals by a Covered Employee, the Committee shall
have the right to reduce (but not to increase) the amount payable at a given level of performance to take into account additional factors that the Committee may deem relevant. The Committee shall have the power to impose such other restrictions on
Awards subject to this Section 8(k) as it may deem necessary or appropriate to ensure that such Awards satisfy all requirements for “performance-based compensation” within the meaning of Section 162(m) of the Code. 

(l) Minimum Vesting Requirements. Each Award under the Plan shall vest in accordance with a schedule which does not
permit more than one-third of each such Award to vest on each of the three succeeding anniversaries of the date of grant of the Award. This minimum vesting requirement shall not, however, preclude the Committee from exercising its discretion to
(i) accelerate the vesting of any Award upon retirement, termination of employment by the Company, death, or disability, (ii) accelerate the vesting of an Award in accordance with Section 8(e), (iii) establish a shorter vesting
schedule for consultants, directors, or newly-hired employees, (iv) establish a shorter vesting schedule for Awards that are granted in exchange for or in lieu of the right to receive the payment of an equivalent amount of salary, bonus, or
other cash compensation, (v) establish a shorter performance-based vesting schedule, including a schedule in accordance with Section 8(k), or (vi) grant Awards of Unrestricted Stock in accordance with Section 7. 

 

	9.	Certain Definitions. 

“Affiliate” means any business entity in which the Company owns directly or indirectly 50% or more of the total voting
power or has another significant financial interest as determined by the Committee. 
 “Award” means any
Option, Stock Equivalent, Restricted Stock, Unrestricted Stock, or Foreign National Award granted under the Plan. 
  

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 “Board” means the Board of Directors of the Company. 

“Code” means the Internal Revenue Code of 1986, as amended from time to time, or any successor law. 

“Committee” means any committee of one or more directors appointed by the Board to administer the Plan or a specified
portion thereof. Unless otherwise determined by the Board, if a Committee is authorized to grant Awards to a Reporting Person or a Covered Employee it shall be comprised of not less than two directors, each of whom shall be a “non-employee
director” within the meaning of Rule 16b-3 under the Exchange Act or an “outside director” within the meaning of Section 162(m) of the Code, respectively. 

“Common Stock” or “Stock” means the Common Stock, $0.01 par value, of the Company. 

“Company” means GTC Biotherapeutics, Inc., a Massachusetts corporation and, unless the context otherwise requires,
includes each “subsidiary corporation” of GTC Biotherapeutics, Inc., as defined in Section 424(f) of the Code, from time to time. 

“Covered Employee” means, at any time that Section 162(m) of the Code applies to the Company, a “covered
employee” within the meaning of such section. 
 “Designated Beneficiary” means the beneficiary designated
by a Participant, in a manner determined by the Committee, to receive amounts due or exercise rights of the Participant in the event of the Participant’s death. In the absence of an effective designation by a Participant, “Designated
Beneficiary” means the Participant’s estate. 
 “Exchange Act” means the Securities Exchange Act of
1934, as amended from time to time, or any successor law. 
 “Fair Market Value” means, with respect to Common
Stock or any other property, the fair market value of such property as determined by the Committee in good faith or in the manner established by the Committee from time to time. 

“Non-Employee Director” means a director of the Company who is not an employee of the Company or of any subsidiary of
the Company. 
 “Participant” means a person selected by the Committee to receive an Award under the Plan.

 “Performance Goals” means with respect to any Performance Period, one or more objective performance goals
based on one or more of the following objective criteria established by the Committee prior to the beginning of such Performance Period or within such period after the beginning of the Performance Period as shall meet the requirements to be
considered “pre-established performance goals” for purposes of Code Section 162(m): (i) increases in the price of the Common Stock, (ii) product or service sales or market share, (iii) revenues, (iv) return on
equity, assets, or capital, (v) economic profit (economic value added), (vi) total stockholder return, (vii) costs, (viii) expenses, (ix) margins, (x) earnings or earnings per share, (xi) cash flow,

  

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(xii) cash balances (xiii) customer satisfaction, (xiv) operating profit, (xv) research and development progress, (xvi) clinical trial progress, (xvii) licensing,
(xviii) product development, (xix) manufacturing, or (xx) any combination of the foregoing, including without limitation, goals based on any of such measures relative to appropriate peer groups or market indices. Such Performance
Goals may be particular to a Participant or may be based, in whole or in part, on the performance of the division, department, line of business, subsidiary, or other business unit, whether or not legally constituted, in which the Participant works
or on the performance of the Company generally. 
 “Performance Period” means the period of service designated
by the Committee applicable to an Award subject to Section 8(k) during which the Performance Goals will be measured. 

“Reporting Person” means a person subject to Section 16 of the Exchange Act. 

 

	10.	Miscellaneous. 

(a) No Right to Employment. No person shall have any claim or right to be granted an Award. Neither the adoption,
maintenance, nor operation of the Plan nor any Award hereunder shall confer upon any employee or consultant of the Company or of any Affiliate any right with respect to the continuance of his/ her employment by or other service with the Company or
any such Affiliate nor shall they interfere with the rights of the Company or Affiliate to terminate any employee at any time or otherwise change the terms of employment, including, without limitation, the right to promote, demote or otherwise
re-assign any employee from one position to another within the Company or any Affiliate. 
 (b) No Rights as
Stockholder. Subject to the provisions of the applicable Award, no Participant or Designated Beneficiary shall have any rights as a stockholder with respect to any shares of Common Stock to be issued under the Plan until he or she becomes
the holder thereof. A Participant to whom Common Stock is awarded shall be considered a stockholder of the Company at the time of the Award except as otherwise provided in the applicable Award. 

(c) Amendment of Plan. Subject to Section 8(j) and Section 8(l), the Board may amend, suspend, or
terminate the Plan or any portion thereof at any time, subject to such stockholder approval as the Board determines to be necessary or advisable. 

(d) Governing Law. The provisions of the Plan shall be governed by and interpreted in accordance with the laws of
the Commonwealth of Massachusetts. 
 (e) Effective Date and Term of Plan. The Plan has been approved most
recently by the stockholders of the Company on May 27, 2009. This amendment of the Plan shall be effective the date it is approved by the stockholders of the Company. Unless earlier terminated by the Board, or extended by approval of the
stockholders, the term of the Plan shall expire on the tenth anniversary of the effective date of the most recent stockholder approval for purposes of Section 422 of the Code and the regulations thereunder, and no further Awards hereunder shall
be made thereafter. 
 * * * * 
  

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