Document:

EXHIBIT 10.6

                              ADVENT SOFTWARE, INC.

                                 2002 STOCK PLAN

      1.    PURPOSES OF THE PLAN. The purposes of this 2002 Stock Plan are:

            o     to attract and retain the best available personnel for
                  positions of substantial responsibility,

            o     to provide additional incentive to Employees, Directors and
                  Consultants, and

            o     to promote the success of the Company's business.

            Options granted under the Plan may be Incentive Stock Options or
Nonstatutory Stock Options, as determined by the Administrator at the time of
grant.

      2.    DEFINITIONS. As used herein, the following definitions shall apply:

            (a)   "ADMINISTRATOR" means the Board or any of its Committees as
shall be administering the Plan, in accordance with Section 4 of the Plan.

            (b)   "APPLICABLE LAWS" means the requirements relating to the
administration of stock option plans under U. S. state corporate laws, U.S.
federal and state securities laws, the Code, any stock exchange or quotation
system on which the Common Stock is listed or quoted and the applicable laws of
any foreign country or jurisdiction where Options are, or will be, granted under
the Plan.

            (c)   "BOARD" means the Board of Directors of the Company.

            (d)   "CHANGE IN CONTROL" means the occurrence of any of the
                  following events:

                  (i)     Any "person" (as such term is used in Sections 13(d)
and 14(d) of the Exchange Act) becomes the "beneficial owner" (as defined in
Rule 13d-3 of the Exchange Act), directly or indirectly, of securities of the
Company representing fifty percent (50%) or more of the total voting power
represented by the Company's then outstanding voting securities;

                  (ii)    The consummation of the sale or disposition by the
Company of all or substantially all of the Company's assets;

                  (iii)   A change in the composition of the Board occurring
within a two-year period, as a result of which fewer than a majority of the
directors are Incumbent Directors. "Incumbent Directors" means directors who
either (A) are Directors as of the effective date of the Plan, or (B) are
elected, or nominated for election, to the Board with the affirmative votes of
at least a majority of the Incumbent Directors at the time of such election or
nomination (but will not include an individual whose election or nomination is
in connection with an actual or threatened proxy contest relating to the
election of directors to the Company); or

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                  (iv)    The consummation of a merger or consolidation of the
Company with any other corporation, other than a merger or consolidation which
would result in the voting securities of the Company outstanding immediately
prior thereto continuing to represent (either by remaining outstanding or by
being converted into voting securities of the surviving entity or its parent) at
least fifty percent (50%) of the total voting power represented by the voting
securities of the Company or such surviving entity or its parent outstanding
immediately after such merger or consolidation.

            (e)   "CODE" means the Internal Revenue Code of 1986, as amended.

            (f)   "COMMITTEE" means a committee of Directors appointed by the
Board in accordance with Section 4 of the Plan.

            (g)   "COMMON STOCK" means the common stock of the Company.

            (h)   "COMPANY" means Advent Software, Inc., a Delaware corporation.

            (i)   "CONSULTANT" means any natural person, including an advisor,
engaged by the Company or a Parent or Subsidiary to render services to such
entity.

            (j)   "DIRECTOR" means a member of the Board.

            (k)   "DISABILITY" means total and permanent disability as defined
in Section 22(e)(3) of the Code.

            (l)   "EMPLOYEE" means any person, including Officers and Directors,
employed by the Company or any Parent or Subsidiary of the Company. A Service
Provider shall not cease to be an Employee in the case of (i) any leave of
absence approved by the Company or (ii) transfers between locations of the
Company or between the Company, its Parent, any Subsidiary, or any successor.
For purposes of Incentive Stock Options, no such leave may exceed ninety days,
unless reemployment upon expiration of such leave is guaranteed by statute or
contract. If reemployment upon expiration of a leave of absence approved by the
Company is not so guaranteed, then three (3) months following the 91st day of
such leave any Incentive Stock Option held by the Optionee shall cease to be
treated as an Incentive Stock Option and shall be treated for tax purposes as a
Nonstatutory Stock Option. Neither service as a Director nor payment of a
director's fee by the Company shall be sufficient to constitute "employment" by
the Company.

            (m)   "EXCHANGE ACT" means the Securities Exchange Act of 1934, as
amended.

            (n)   "FAIR MARKET VALUE" means, as of any date, the value of Common
Stock determined as follows:

                  (i)   If the Common Stock is listed on any established stock
exchange or a national market system, including without limitation the Nasdaq
National Market or The Nasdaq SmallCap Market of The Nasdaq Stock Market, its
Fair Market Value shall be the closing sales price for such stock (or the
closing bid, if no sales were reported) as quoted on such exchange or system on
the day of determination, as reported in THE WALL STREET JOURNAL or such other
source as the Administrator deems reliable;

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                  (ii)  If the Common Stock is regularly quoted by a recognized
securities dealer but selling prices are not reported, the Fair Market Value of
a Share of Common Stock shall be the mean between the high bid and low asked
prices for the Common Stock on the day of determination, as reported in THE WALL
STREET JOURNAL or such other source as the Administrator deems reliable; or

                  (iii) In the absence of an established market for the Common
Stock, the Fair Market Value shall be determined in good faith by the
Administrator.

            (o)   "INCENTIVE STOCK OPTION" means an Option intended to qualify
as an incentive stock option within the meaning of Section 422 of the Code and
the regulations promulgated thereunder.

            (p)   "NONSTATUTORY STOCK OPTION" means an Option not intended to
qualify as an Incentive Stock Option.

            (q)   "NOTICE OF GRANT" means a written or electronic notice
evidencing certain terms and conditions of an individual Option grant. The
Notice of Grant is part of the Option Agreement.

            (r)   "OFFICER" means a person who is an officer of the Company
within the meaning of Section 16 of the Exchange Act and the rules and
regulations promulgated thereunder.

            (s)   "OPTION" means a stock option granted pursuant to the Plan.

            (t)   "OPTION AGREEMENT" means an agreement between the Company and
an Optionee evidencing the terms and conditions of an individual Option grant.
The Option Agreement is subject to the terms and conditions of the Plan.

            (u)   "OPTION EXCHANGE PROGRAM" means a program whereby outstanding
Options are surrendered in exchange for Options with a lower exercise price.

            (v)   "OPTIONED STOCK" means the Common Stock subject to an Option.

            (w)   "OPTIONEE" means the holder of an outstanding Option granted
under the Plan.

            (x)   "PARENT" means a "parent corporation," whether now or
hereafter existing, as defined in Section 424(e) of the Code.

            (y)   "PLAN" means this 2002 Stock Plan.

            (z)   "RULE 16B-3" means Rule 16b-3 of the Exchange Act or any
successor to Rule 16b-3, as in effect when discretion is being exercised with
respect to the Plan.

            (aa)  "SECTION 16(B)" means Section 16(b) of the Exchange Act.

            (bb)  "SERVICE PROVIDER" means an Employee, Director or Consultant.

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            (cc)  "SHARE" means a share of the Common Stock, as adjusted in
accordance with Section 12 of the Plan.

            (dd)  "SUBSIDIARY" means a "subsidiary corporation", whether now or
hereafter existing, as defined in Section 424(f) of the Code.

      3.    STOCK SUBJECT TO THE PLAN. Subject to the provisions of Section 12
of the Plan, the maximum aggregate number of Shares that may be optioned and
sold under the Plan is the total of (a) any Shares which have been
reserved but not issued under the Company's 1992 Stock Plan (the "1992 Plan") as
of the date of stockholder approval of this Plan, (b) any Shares returned to the
1992 Plan as a result of termination of options or repurchase of Shares issued
under the 1992 Plan and (c) an annual increase to be added on the last day of
the Company's fiscal year beginning in 2002, equal to the lesser of (i)
1,500,000 shares, (ii) 3% of the outstanding shares on such date or (iii) a
lesser amount determined by the Board of Directors. The Shares may be
authorized, but unissued, or reacquired Common Stock.

            If an Option expires or becomes unexercisable without having been
exercised in full, or is surrendered pursuant to an Option Exchange Program, the
unpurchased Shares which were subject thereto shall become available for future
grant or sale under the Plan (unless the Plan has terminated); PROVIDED,
however, that Shares that have actually been issued under the Plan shall not be
returned to the Plan and shall not become available for future distribution
under the Plan, except that if unvested Shares are repurchased by the Company at
their original purchase price, such Shares shall become available for future
grant under the Plan.

      4.    ADMINISTRATION OF THE PLAN.

            (a)   PROCEDURE.

                  (i)   MULTIPLE ADMINISTRATIVE BODIES. Different Committees
with respect to different groups of Service Providers may administer the Plan.

                  (ii)  SECTION 162(M). To the extent that the Administrator
determines it to be desirable to qualify Options granted hereunder as
"performance-based compensation" within the meaning of Section 162(m) of the
Code, the Plan shall be administered by a Committee of two or more "outside
directors" within the meaning of Section 162(m) of the Code.

                  (iii) RULE 16B-3. To the extent desirable to qualify
transactions hereunder as exempt under Rule 16b-3, the transactions contemplated
hereunder shall be structured to satisfy the requirements for exemption under
Rule 16b-3.

                  (iv)  OTHER ADMINISTRATION. Other than as provided above, the
Plan shall be administered by (A) the Board or(B) a Committee, which committee
shall be constituted to satisfy Applicable Laws.

            (b)   POWERS OF THE ADMINISTRATOR. Subject to the provisions of the
Plan, and in the case of a Committee, subject to the specific duties delegated
by the Board to such Committee, the Administrator shall have the authority, in
its discretion:

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                  (i)    to determine the Fair Market Value;

                  (ii)   to select the Service Providers to whom Options may be
granted hereunder;

                  (iii)  to determine the number of shares of Common Stock to be
covered by each Option granted hereunder;

                  (iv)   to approve forms of agreement for use under the Plan;

                  (v)    to determine the terms and conditions, not inconsistent
with the terms of the Plan, of any Option granted hereunder. Such terms and
conditions include, but are not limited to, the exercise price, the time or
times when Options may be exercised (which may be based on performance
criteria), any vesting acceleration or waiver of forfeiture restrictions, and
any restriction or limitation regarding any Option or the shares of Common Stock
relating thereto, based in each case on such factors as the Administrator, in
its sole discretion, shall determine;

                  (vi)   to reduce the exercise price of any Option to the then
current Fair Market Value if the Fair Market Value of the Common Stock covered
by such Option shall have declined since the date the Option was granted;

                  (vii)  to institute an Option Exchange Program;

                  (viii) to construe and interpret the terms of the Plan and
awards granted pursuant to the Plan;

                  (ix)   to prescribe, amend and rescind rules and regulations
relating to the Plan, including rules and regulations relating to sub-plans
established for the purpose of satisfying applicable foreign laws;

                  (x)    to modify or amend each Option (subject to Section
14(c) of the Plan), including the discretionary authority to extend the
post-termination exercisability period of Options longer than is otherwise
provided for in the Plan;

                  (xi)   to allow Optionees to satisfy withholding tax
obligations by electing to have the Company withhold from the Shares to be
issued upon exercise of an Option that number of Shares having a Fair Market
Value equal to the minimum amount required to be withheld. The Fair Market Value
of the Shares to be withheld shall be determined on the date that the amount of
tax to be withheld is to be determined. All elections by an Optionee to have
Shares withheld for this purpose shall be made in such form and under such
conditions as the Administrator may deem necessary or advisable;

                  (xii)  to authorize any person to execute on behalf of the
Company any instrument required to effect the grant of an Option previously
granted by the Administrator; and

                  (xiii) to make all other determinations deemed necessary or
advisable for administering the Plan.

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            (c)   EFFECT OF ADMINISTRATOR'S DECISION. The Administrator's
decisions, determinations and interpretations shall be final and binding on all
Optionees and any other holders of Options.

      5.    ELIGIBILITY. Nonstatutory Stock Options may be granted to Service
Providers. Incentive Stock Options may be granted only to Employees.

      6.    LIMITATIONS.

            (a)   Each Option shall be designated in the Option Agreement as
either an Incentive Stock Option or a Nonstatutory Stock Option. However,
notwithstanding such designation, to the extent that the aggregate Fair Market
Value of the Shares with respect to which Incentive Stock Options are
exercisable for the first time by the Optionee during any calendar year (under
all plans of the Company and any Parent or Subsidiary) exceeds $100,000, such
Options shall be treated as Nonstatutory Stock Options. For purposes of this
Section 6(a), Incentive Stock Options shall be taken into account in the order
in which they were granted. The Fair Market Value of the Shares shall be
determined as of the time the Option with respect to such Shares is granted.

            (b)   Neither the Plan nor any Option shall confer upon an Optionee
any right with respect to continuing the Optionee's relationship as a Service
Provider with the Company, nor shall they interfere in any way with the
Optionee's right or the Company's right to terminate such relationship at any
time, with or without cause.

            (c)   The following limitations shall apply to grants of Options:

                  (i)    No Service Provider shall be granted, in any fiscal
year of the Company, Options to purchase more than 1,000,000 Shares.

                  (ii)   In connection with his or her initial service, a
Service Provider may be granted Options to purchase up to an additional
1,000,000 Shares, which shall not count against the limit set forth in
subsection (i) above.

                  (iii)  The foregoing limitations shall be adjusted
proportionately in connection with any change in the Company's capitalization as
described in Section 12.

                  (iv)   If an Option is cancelled in the same fiscal year of
the Company in which it was granted (other than in connection with a transaction
described in Section 12), the cancelled Option will be counted against the
limits set forth in subsections (i) and (ii) above. For this purpose, if the
exercise price of an Option is reduced, the transaction will be treated as a
cancellation of the Option and the grant of a new Option.

      7.    TERM OF PLAN. Subject to Section 18 of the Plan, the Plan shall
become effective upon its adoption by the Board. It shall continue in effect for
a term of ten (10) years unless terminated earlier under Section 14 of the Plan.

      8.    TERM OF OPTION. The term of each Option shall be stated in the
Option Agreement. In the case of an Incentive Stock Option, the term shall be
ten (10) years from the date of grant or such shorter term as may be provided in
the Option Agreement. Moreover, in the case of an

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Incentive Stock Option granted to an Optionee who, at the time the Incentive
Stock Option is granted, owns stock representing more than ten percent (10%) of
the total combined voting power of all classes of stock of the Company or any
Parent or Subsidiary, the term of the Incentive Stock Option shall be five (5)
years from the date of grant or such shorter term as may be provided in the
Option Agreement.

      9.    OPTION EXERCISE PRICE AND CONSIDERATION.

            (a)   EXERCISE PRICE. The per share exercise price for the Shares to
be issued pursuant to exercise of an Option shall be determined by the
Administrator, subject to the following:

                  (i)    In the case of an Incentive Stock Option

                         (A)   granted to an Employee who, at the time the
Incentive Stock Option is granted, owns stock representing more than ten percent
(10%) of the voting power of all classes of stock of the Company or any Parent
or Subsidiary, the per Share exercise price shall be no less than 110% of the
Fair Market Value per Share on the date of grant.

                         (B)   granted to any Employee other than an Employee
described in paragraph (A) immediately above, the per Share exercise price shall
be no less than 100% of the Fair Market Value per Share on the date of grant.

                  (ii)   In the case of a Nonstatutory Stock Option, the per
Share exercise price shall be determined by the Administrator. In the case of a
Nonstatutory Stock Option intended to qualify as "performance-based
compensation" within the meaning of Section 162(m) of the Code, the per Share
exercise price shall be no less than 100% of the Fair Market Value per Share on
the date of grant.

                  (iii)  Notwithstanding the foregoing, Options may be granted
with a per Share exercise price of less than 100% of the Fair Market Value per
Share on the date of grant pursuant to a merger or other corporate transaction.

            (b)   WAITING PERIOD AND EXERCISE DATES. At the time an Option is
granted, the Administrator shall fix the period within which the Option may be
exercised and shall determine any conditions that must be satisfied before the
Option may be exercised.

            (c)   FORM OF CONSIDERATION. The Administrator shall determine the
acceptable form of consideration for exercising an Option, including the method
of payment. In the case of an Incentive Stock Option, the Administrator shall
determine the acceptable form of consideration at the time of grant. Such
consideration may consist entirely of:

                  (i)   cash;

                  (ii)  check;

                  (iii) promissory note;

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                  (iv)   other Shares which, in the case of Shares acquired
directly or indirectly from the Company, (A) have been owned by the Optionee for
more than six (6) months on the date of surrender, and (B) have a Fair Market
Value on the date of surrender equal to the aggregate exercise price of the
Shares as to which said Option shall be exercised;

                  (v)    consideration received by the Company under a cashless
exercise program implemented by the Company in connection with the Plan;

                  (vi)   a reduction in the amount of any Company liability to
the Optionee, including any liability attributable to the Optionee's
participation in any Company-sponsored deferred compensation program or
arrangement;

                  (vii)  any combination of the foregoing methods of payment; or

                  (viii) such other consideration and method of payment for the
issuance of Shares to the extent permitted by Applicable Laws.

      10.   EXERCISE OF OPTION.

            (a)   PROCEDURE FOR EXERCISE; RIGHTS AS A STOCKHOLDER. Any Option
granted hereunder shall be exercisable according to the terms of the Plan and at
such times and under such conditions as determined by the Administrator and set
forth in the Option Agreement. Unless the Administrator provides otherwise,
vesting of Options granted hereunder shall be suspended during any unpaid leave
of absence. An Option may not be exercised for a fraction of a Share.

                  An Option shall be deemed exercised when the Company receives:
(i) written or electronic notice of exercise (in accordance with the Option
Agreement) from the person entitled to exercise the Option, and (ii) full
payment for the Shares with respect to which the Option is exercised. Full
payment may consist of any consideration and method of payment authorized by the
Administrator and permitted by the Option Agreement and the Plan. Shares issued
upon exercise of an Option shall be issued in the name of the Optionee or, if
requested by the Optionee, in the name of the Optionee and his or her spouse.
Until the Shares are issued (as evidenced by the appropriate entry on the books
of the Company or of a duly authorized transfer agent of the Company), no right
to vote or receive dividends or any other rights as a stockholder shall exist
with respect to the Optioned Stock, notwithstanding the exercise of the Option.
The Company shall issue (or cause to be issued) such Shares promptly after the
Option is exercised. No adjustment will be made for a dividend or other right
for which the record date is prior to the date the Shares are issued, except as
provided in Section 12 of the Plan.

                  Exercising an Option in any manner shall decrease the number
of Shares thereafter available, both for purposes of the Plan and for sale under
the Option, by the number of Shares as to which the Option is exercised.

            (b)   TERMINATION OF RELATIONSHIP AS A SERVICE PROVIDER. If an
Optionee ceases to be a Service Provider, other than upon the Optionee's death
or Disability, the Optionee may exercise his or her Option within such period of
time as is specified in the Option Agreement to the extent that the Option is
vested on the date of termination (but in no event later than the expiration of
the term of such Option as set forth in the Option Agreement). In the absence of
a specified time in the

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Option Agreement, the Option shall remain exercisable for three (3) months
following the Optionee's termination. If, on the date of termination, the
Optionee is not vested as to his or her entire Option, the Shares covered by the
unvested portion of the Option shall revert to the Plan. If, after termination,
the Optionee does not exercise his or her Option within the time specified by
the Administrator, the Option shall terminate, and the Shares covered by such
Option shall revert to the Plan.

            (c)   DISABILITY OF OPTIONEE. If an Optionee ceases to be a Service
Provider as a result of the Optionee's Disability, the Optionee may exercise his
or her Option within such period of time as is specified in the Option Agreement
to the extent the Option is vested on the date of termination (but in no event
later than the expiration of the term of such Option as set forth in the Option
Agreement). In the absence of a specified time in the Option Agreement, the
Option shall remain exercisable for twelve (12) months following the Optionee's
termination. If, on the date of termination, the Optionee is not vested as to
his or her entire Option, the Shares covered by the unvested portion of the
Option shall revert to the Plan. If, after termination, the Optionee does not
exercise his or her Option within the time specified herein, the Option shall
terminate, and the Shares covered by such Option shall revert to the Plan.

            (d)   DEATH OF OPTIONEE. If an Optionee dies while a Service
Provider, the Option may be exercised following the Optionee's death within such
period of time as is specified in the Option Agreement to the extent that the
Option is vested on the date of death (but in no event may the option be
exercised later than the expiration of the term of such Option as set forth in
the Option Agreement), by the Optionee's designated beneficiary, provided such
beneficiary has been designated prior to Optionee's death in a form acceptable
to the Administrator. If no such beneficiary has been designated by the
Optionee, then such Option may be exercised by the personal representative of
the Optionee's estate or by the person(s) to whom the Option is transferred
pursuant to the Optionee's will or in accordance with the laws of descent and
distribution. In the absence of a specified time in the Option Agreement, the
Option shall remain exercisable for twelve (12) months following Optionee's
death. If, at the time of death, Optionee is not vested as to his or her entire
Option, the Shares covered by the unvested portion of the Option shall
immediately revert to the Plan. If the Option is not so exercised within the
time specified herein, the Option shall terminate, and the Shares covered by
such Option shall revert to the Plan.

      11.   TRANSFERABILITY OF OPTIONS. Unless determined otherwise by the
Administrator, an Option may not be sold, pledged, assigned, hypothecated,
transferred, or disposed of in any manner other than by will or by the laws of
descent or distribution and may be exercised, during the lifetime of the
Optionee, only by the Optionee. If the Administrator makes an Option
transferable, such Option shall contain such additional terms and conditions as
the Administrator deems appropriate.

      12.   ADJUSTMENTS UPON CHANGES IN CAPITALIZATION, MERGER OR CHANGE IN
            CONTROL.

            (a)   CHANGES IN CAPITALIZATION. Subject to any required action by
the stockholders of the Company, the number of shares of Common Stock that have
been authorized for issuance under the Plan but as to which no Options have yet
been granted or which have been returned to the Plan upon cancellation or
expiration of an Option, the number of Shares that may be added annually to the
Plan pursuant to Section 3(i) and the number of shares of Common Stock as well
as the price per share of Common Stock covered by each such outstanding Option,
shall be proportionately

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adjusted for any increase or decrease in the number of issued shares of Common
Stock resulting from a stock split, reverse stock split, stock dividend,
combination or reclassification of the Common Stock, or any other increase or
decrease in the number of issued shares of Common Stock effected without receipt
of consideration by the Company; provided, however, that conversion of any
convertible securities of the Company shall not be deemed to have been "effected
without receipt of consideration." Such adjustment shall be made by the Board,
whose determination in that respect shall be final, binding and conclusive.
Except as expressly provided herein, no issuance by the Company of shares of
stock of any class, or securities convertible into shares of stock of any class,
shall affect, and no adjustment by reason thereof shall be made with respect to,
the number or price of shares of Common Stock subject to an Option.

            (b)   DISSOLUTION OR LIQUIDATION. In the event of the proposed
dissolution or liquidation of the Company, the Administrator shall notify each
Optionee as soon as practicable prior to the effective date of such proposed
transaction. The Administrator in its discretion may provide for an Optionee to
have the right to exercise his or her Option until ten (10) days prior to such
transaction as to all of the Optioned Stock covered thereby, including Shares as
to which the Option would not otherwise be exercisable. In addition, the
Administrator may provide that any Company repurchase option applicable to any
Shares purchased upon exercise of an Option shall lapse as to all such Shares,
provided the proposed dissolution or liquidation takes place at the time and in
the manner contemplated. To the extent it has not been previously exercised, an
Option will terminate immediately prior to the consummation of such proposed
action.

            (c)   MERGER OR CHANGE IN CONTROL. In the event of a merger of the
Company with or into another corporation, or a Change in Control, each
outstanding Option shall be assumed or an equivalent option substituted by the
successor corporation or a Parent or Subsidiary of the successor corporation.

                  In the event that the successor corporation refuses to assume
or substitute for the Option, the Optionee shall fully vest in and have the
right to exercise the Option as to all of the Optioned Stock, including Shares
as to which it would not otherwise be vested or exercisable. If an Option
becomes fully vested and exercisable in lieu of assumption or substitution in
the event of a merger or sale of assets, the Administrator shall notify the
Optionee in writing or electronically that the Option shall be fully vested and
exercisable for a period of fifteen (15) days from the date of such notice, and
the Option shall terminate upon the expiration of such period.

                  For the purposes of this subsection (c), the Option shall be
considered assumed if, following the merger or Change in Control, the option
confers the right to purchase or receive, for each Share of Optioned Stock
subject to the Option immediately prior to the merger or Change in Control, the
consideration (whether stock, cash, or other securities or property) received in
the merger or Change in Control by holders of Common Stock for each Share held
on the effective date of the transaction (and if holders were offered a choice
of consideration, the type of consideration chosen by the holders of a majority
of the outstanding Shares); provided, however, that if such consideration
received in the merger or Change in Control is not solely common stock of the
successor corporation or its Parent, the Administrator may, with the consent of
the successor corporation, provide for the consideration to be received upon the
exercise of the Option, for each Share of Optioned Stock subject to the Option,
to be solely common stock of the successor

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corporation or its Parent equal in fair market value to the per share
consideration received by holders of Common Stock in the merger or Change in
Control.

      13.   DATE OF GRANT. The date of grant of an Option shall be, for all
purposes, the date on which the Administrator makes the determination granting
such Option, or such other later date as is determined by the Administrator.
Notice of the determination shall be provided to each Optionee within a
reasonable time after the date of such grant.

      14.   AMENDMENT AND TERMINATION OF THE PLAN.

            (a)   AMENDMENT AND TERMINATION. The Board may at any time amend,
alter, suspend or terminate the Plan.

            (b)   STOCKHOLDER APPROVAL. The Company shall obtain stockholder
approval of any Plan amendment to the extent necessary and desirable to comply
with Applicable Laws.

            (c)   EFFECT OF AMENDMENT OR TERMINATION. No amendment, alteration,
suspension or termination of the Plan shall impair the rights of any Optionee,
unless mutually agreed otherwise between the Optionee and the Administrator,
which agreement must be in writing and signed by the Optionee and the Company.
Termination of the Plan shall not affect the Administrator's ability to exercise
the powers granted to it hereunder with respect to Options granted under the
Plan prior to the date of such termination.

      15.   CONDITIONS UPON ISSUANCE OF SHARES.

            (a)   LEGAL COMPLIANCE. Shares shall not be issued pursuant to the
exercise of an Option unless the exercise of such Option and the issuance and
delivery of such Shares shall comply with Applicable Laws and shall be further
subject to the approval of counsel for the Company with respect to such
compliance.

            (b)   INVESTMENT REPRESENTATIONS. As a condition to the exercise of
an Option, the Company may require the person exercising such Option to
represent and warrant at the time of any such exercise that the Shares are being
purchased only for investment and without any present intention to sell or
distribute such Shares if, in the opinion of counsel for the Company, such a
representation is required.

      16.   INABILITY TO OBTAIN AUTHORITY. The inability of the Company to
obtain authority from any regulatory body having jurisdiction, which authority
is deemed by the Company's counsel to be necessary to the lawful issuance and
sale of any Shares hereunder, shall relieve the Company of any liability in
respect of the failure to issue or sell such Shares as to which such requisite
authority shall not have been obtained.

      17.   RESERVATION OF SHARES. The Company, during the term of this Plan,
will at all times reserve and keep available such number of Shares as shall be
sufficient to satisfy the requirements of the Plan.

                                      -11-
<PAGE>

      18.   STOCKHOLDER APPROVAL. The Plan shall be subject to approval by the
stockholders of the Company within twelve (12) months after the date the Plan is
adopted. Such stockholder approval shall be obtained in the manner and to the
degree required under Applicable Laws.

                              ADVENT SOFTWARE, INC.

                                 2002 STOCK PLAN

                             STOCK OPTION AGREEMENT

      Unless otherwise defined herein, the terms defined in the 2002 Stock Plan
shall have the same defined meanings in this Stock Option Agreement.

      19.  NOTICE OF STOCK OPTION GRANT

      [OPTIONEE'S NAME AND ADDRESS]

      You have been granted an option to purchase Common Stock of the Company,
subject to the terms and conditions of the Plan and this Option Agreement, as
follows:

      Grant Number
                                        -------------------------------
      Date of Grant
                                        -------------------------------
      Vesting Commencement Date
                                        -------------------------------
      Exercise Price per Share         $
                                        -------------------------------
      Total Number of Shares Granted
                                        -------------------------------
      Total Exercise Price             $
                                        -------------------------------
      Type of Option:                        Incentive Stock Option
                                        ---
                                             Nonstatutory Stock Option
                                        ---
      Term/Expiration Date:
                                        -------------------------------

      VESTING SCHEDULE:

      This Option shall be exercisable, in whole or in part, in accordance with
the following schedule:

                                      -12-
<PAGE>

                           20% OF THE SHARES SUBJECT TO THE OPTION SHALL VEST
TWELVE MONTHS AFTER THE VESTING COMMENCEMENT DATE, AND 1/60 OF THE SHARES
SUBJECT TO THE OPTION SHALL VEST EACH MONTH THEREAFTER, SUBJECT TO THE OPTIONEE
CONTINUING TO BE A SERVICE PROVIDER ON SUCH DATES.

      TERMINATION PERIOD:

      This Option may be exercised for three months after Optionee ceases to be
a Service Provider. Upon the death or Disability of the Optionee, this Option
may be exercised for twelve months after Optionee ceases to be a Service
Provider. In no event shall this Option be exercised later than the
Term/Expiration Date as provided above.

      20.  AGREEMENT

            (a)   Grant of Option.

            The Plan Administrator of the Company hereby grants to the Optionee
named in the Notice of Grant attached as Part I of this Agreement (the
"Optionee") an option (the "Option") to purchase the number of Shares, as set
forth in the Notice of Grant, at the exercise price per share set forth in the
Notice of Grant (the "Exercise Price"), subject to the terms and conditions of
the Plan, which is incorporated herein by reference. Subject to Section 14(c) of
the Plan, in the event of a conflict between the terms and conditions of the
Plan and the terms and conditions of this Option Agreement, the terms and
conditions of the Plan shall prevail.

            If designated in the Notice of Grant as an Incentive Stock Option
("ISO"), this Option is intended to qualify as an Incentive Stock Option under
Section 422 of the Code. However, if this Option is intended to be an Incentive
Stock Option, to the extent that it exceeds the $100,000 rule of Code Section
422(d) it shall be treated as a Nonstatutory Stock Option ("NSO").

            (b)   Exercise of Option.

                        (A)   RIGHT TO EXERCISE. This Option is exercisable
during its term in accordance with the Vesting Schedule set out in the Notice of
Grant and the applicable provisions of the Plan and this Option Agreement.

                        (B)   METHOD OF EXERCISE. This Option is exercisable by
delivery of an exercise notice, in the form attached as EXHIBIT A (the "Exercise
Notice"), which shall state the election to exercise the Option, the number of
Shares in respect of which the Option is being exercised (the "Exercised
Shares"), and such other representations and agreements as may be required by
the Company pursuant to the provisions of the Plan. The Exercise Notice shall be
completed by the Optionee and delivered to Secretary of the Company. The
Exercise Notice shall be accompanied by payment of the aggregate Exercise Price
as to all Exercised Shares. This Option shall be deemed to be exercised upon
receipt by the Company of such fully executed Exercise Notice accompanied by
such aggregate Exercise Price.

                     No Shares shall be issued pursuant to the exercise of this
Option unless such issuance and exercise complies with Applicable Laws. Assuming
such compliance, for income tax purposes the Exercised Shares shall be
considered transferred to the Optionee on the date the Option is exercised with
respect to such Exercised Shares.

                                      -13-
<PAGE>

            (c)   Method of Payment.

            Payment of the aggregate Exercise Price shall be by any of the
following, or a combination thereof, at the election of the Optionee:

                        (i)   cash; or

                        (ii)  check; or

                        (iii) consideration received by the Company under a
formal cashless exercise program implemented by the Company in connection with
the Plan; or

                        (iv)  surrender of other Shares which (i) in the case of
Shares acquired either directly or indirectly from the Company, have been owned
by the Optionee for more than six (6) months on the date of surrender, and (ii)
have a Fair Market Value on the date of surrender equal to the aggregate
Exercise Price of the Exercised Shares; or

                        (v)   a reduction in the amount of any Company liability
to the Optionee, including any liability attributable to the Optionee's
participation in any Company-sponsored deferred compensation program or
arrangement.

            (d)   Non-Transferability of Option.

            This Option may not be transferred in any manner otherwise than by
will or by the laws of descent or distribution and may be exercised during the
lifetime of Optionee only by the Optionee. The terms of the Plan and this Option
Agreement shall be binding upon the executors, administrators, heirs, successors
and assigns of the Optionee.

            (e)   Term of Option.

            This Option may be exercised only within the term set out in the
Notice of Grant, and may be exercised during such term only in accordance with
the Plan and the terms of this Option Agreement.

            (f)   Tax Obligations.

                          (A)   WITHHOLDING TAXES. Optionee agrees to make
appropriate arrangements with the Company (or the Parent or Subsidiary employing
or retaining Optionee) for the satisfaction of all Federal, state, local and
foreign income and employment tax withholding requirements applicable to the
Option exercise. Optionee acknowledges and agrees that the Company may refuse to
honor the exercise and refuse to deliver Shares if such withholding amounts are
not delivered at the time of exercise.

                          (B)   NOTICE OF DISQUALIFYING DISPOSITION OF ISO
SHARES. If the Option granted to Optionee herein is an ISO, and if Optionee
sells or otherwise disposes of any of the Shares acquired pursuant to the ISO on
or before the later of (1) the date two years after the Date of Grant, or (2)
the date one year after the date of exercise, the Optionee shall immediately
notify the

                                      -14-
<PAGE>

Company in writing of such disposition. Optionee agrees that Optionee may be
subject to income tax withholding by the Company on the compensation income
recognized by the Optionee.

            (g)   Entire Agreement; Governing Law.

            The Plan is incorporated herein by reference. The Plan and this
Option Agreement constitute the entire agreement of the parties with respect to
the subject matter hereof and supersede in their entirety all prior undertakings
and agreements of the Company and Optionee with respect to the subject matter
hereof, and may not be modified adversely to the Optionee's interest except by
means of a writing signed by the Company and Optionee. This agreement is
governed by the internal substantive laws, but not the choice of law rules, of
California.

            (h)   NO GUARANTEE OF CONTINUED SERVICE.

            OPTIONEE ACKNOWLEDGES AND AGREES THAT THE VESTING OF SHARES PURSUANT
TO THE VESTING SCHEDULE HEREOF IS EARNED ONLY BY CONTINUING AS A SERVICE
PROVIDER AT THE WILL OF THE COMPANY (AND NOT THROUGH THE ACT OF BEING HIRED,
BEING GRANTED AN OPTION OR PURCHASING SHARES HEREUNDER). OPTIONEE FURTHER
ACKNOWLEDGES AND AGREES THAT THIS AGREEMENT, THE TRANSACTIONS CONTEMPLATED
HEREUNDER AND THE VESTING SCHEDULE SET FORTH HEREIN DO NOT CONSTITUTE AN EXPRESS
OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT AS A SERVICE PROVIDER FOR THE VESTING
PERIOD, FOR ANY PERIOD, OR AT ALL, AND SHALL NOT INTERFERE WITH OPTIONEE'S RIGHT
OR THE COMPANY'S RIGHT TO TERMINATE OPTIONEE'S RELATIONSHIP AS A SERVICE
PROVIDER AT ANY TIME, WITH OR WITHOUT CAUSE.

            By your signature and the signature of the Company's representative
below, you and the Company agree that this Option is granted under and governed
by the terms and conditions of the Plan and this Option Agreement. Optionee has
reviewed the Plan and this Option Agreement in their entirety, has had an
opportunity to obtain the advice of counsel prior to executing this Option
Agreement and fully understands all provisions of the Plan and Option Agreement.
Optionee hereby agrees to accept as binding, conclusive and final all decisions
or interpretations of the Administrator upon any questions relating to the Plan
and Option Agreement. Optionee further agrees to notify the Company upon any
change in the residence address indicated below.

Submitted by:
                                              Accepted by:

Optionee:                                     ADVENT SOFTWARE, INC.

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

Signature                                     Title

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

                                      -15-
<PAGE>

Print Name

ADDRESS:
                                                 ADDRESS:

-----------------------------------
                                                 301 Brannan Street
-----------------------------------
                                                 San Francisco, CA 94107

                                                 Date Received

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

                                      -16-
<PAGE>

                                    EXHIBIT A

                              ADVENT SOFTWARE, INC.

                                 2002 STOCK PLAN

                                 EXERCISE NOTICE

Advent Software, Inc.
301 Brannan Street
San Francisco, CA 94107

Attention:  Secretary

      1.  EXERCISE OF OPTION. Effective as of today, ________________, _____,
the undersigned ("Purchaser") hereby elects to purchase ______________ shares
(the "Shares") of the Common Stock of Advent Software, Inc. (the "Company")
under and pursuant to the 2002 Stock Plan (the "Plan") and the Stock Option
Agreement dated, _____ (the "Option Agreement"). Subject to adjustment in
accordance with Section 12 of the Plan, the purchase price for the Shares shall
be $_____, as required by the Option Agreement.

      2.  DELIVERY OF PAYMENT. Purchaser herewith delivers to the Company the
full purchase price for the Shares.

      3.  REPRESENTATIONS OF PURCHASER. Purchaser acknowledges that Purchaser
has received, read and understood the Plan and the Option Agreement and agrees
to abide by and be bound by their terms and conditions.

      4.  RIGHTS AS STOCKHOLDER. Until the issuance (as evidenced by the
appropriate entry on the books of the Company or of a duly authorized transfer
agent of the Company) of the Shares, no right to vote or receive dividends or
any other rights as a stockholder shall exist with respect to the Optioned
Stock, notwithstanding the exercise of the Option. The Shares so acquired shall
be issued to the Optionee as soon as practicable after exercise of the Option.
No adjustment will be made for a dividend or other right for which the record
date is prior to the date of issuance, except as provided in Section 12 of the
Plan.

      5.  TAX CONSULTATION. Purchaser understands that Purchaser may suffer
adverse tax consequences as a result of Purchaser's purchase or disposition of
the Shares. Purchaser represents that Purchaser has consulted with any tax
consultants Purchaser deems advisable in connection with the purchase or
disposition of the Shares and that Purchaser is not relying on the Company for
any tax advice.

<PAGE>

      6.  ENTIRE AGREEMENT; GOVERNING LAW. The Plan and Option Agreement are
incorporated herein by reference. This Agreement, the Plan and the Option
Agreement constitute the entire agreement of the parties with respect to the
subject matter hereof and supersede in their entirety all prior undertakings and
agreements of the Company and Purchaser with respect to the subject matter
hereof, and may not be modified adversely to the Purchaser's interest except by
means of a writing signed by the Company and Purchaser. This Agreement is
governed by the internal substantive laws, but not the choice of law rules, of
California.

Submitted by:
                                              Accepted by:

Optionee:                                     ADVENT SOFTWARE, INC.

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

Signature                                     Title

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

Print Name

ADDRESS:
                                                 ADDRESS:

-----------------------------------
                                                 301 Brannan Street
-----------------------------------
                                                 San Francisco, CA 94107

                                                 Date Received

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

                                      -2-<PAGE>

                                                                     EXHIBIT 4.1

Informal Translation of the Articles of Association
of Madge Networks N.V., established at Amsterdam,
in force as of November 22, 2001.

Chapter I.
Definitions.
Article 1.
In the articles of association the following expressions shall have the
following meanings:

     a.   the general meeting: the body of the company formed by shareholders,
          and other persons entitled to vote;

     b.   the general meeting of shareholders: the meeting of shareholders, and
          other persons entitled to attend the general meetings;

     c.   the Board: the combined board consisting of both the members of the
          management board and of the supervisory board;

     d.   the distributable part of the net assets: that part of the company's
          net assets which exceeds the aggregate of the part of the capital
          which has been paid and called up and the reserves which must be
          maintained by virtue of the law;

     e.   the annual accounts: the balance sheet and profit and loss account
          with the explanatory notes;

     f.   the accountant: a register accountant or other accountant referred to
          in Section 393 of Volume 2 of the Civil Code;

     g.   the annual meeting: the general meeting of shareholders held for the
          purpose of discussion and adoption of the annual accounts;

Chapter II
Name, seat, objects.
b.    Name and seat.
The name of the company is: MADGE NETWORKS N.V.
The official seat of the company is in Amsterdam.

Article 3. Objects.

1.   The objects of the company are:

     -   to incorporate, to manage, to finance, to acquire companies, businesses
         and enterprises, to enter into joint ventures and partnerships in
         general, and in particular in the field of the manufacturing and sales
         of computer hardware, computer networks and computer software;

     -   to be engaged in the research and development of computers, computer
         networks, and computer software and related products or systems;

     -   to render computer services;

     -   to lend and to borrow and raise funds, including the issuance of bonds
         and notes, term papers, to enter into hedging contracts and
         currency-trading;

                                       1

<PAGE>

     -   to collect debts for affiliated companies, and to be engaged in
         commission-trade, and to act as factoring company;

     -   to issue guarantees and to charge and pledge its assets for obligations
         and commitments of itself or affiliated companies and third parties;

     -   to trade and to manage and exploit patents, trade marks, know how and
         industrial property rights;

     -   to perform any and all activities of industrial, financial or
         commercial nature.

2.   The company may establish branches within and outside the Netherlands.

Chapter III
Capital and shares. Register.

c.   Authorized capital.

1.   The authorised capital amounts to forty-five million euro
     (EUR 45,000,000.-).

2.   The authorised capital is divided into one hundred million (100,000,000)
     shares of forty-five eurocent (EUR 0.45) each, of which ninety-six million
     (96,000,000) common shares ("Common Shares"), two million (2,000,000)
     preferred A-shares ("Preferred A-Shares") and two million (2,000,000)
     preferred B-shares ("Preferred B-Shares").

3.   Anything provided for in these articles with regard to the shares of
     shareholders shall be applicable to Common Shares, Preferred A-Shares,
     Preferred B-Shares, or the holders thereof unless it is explicitly
     otherwise provided.

4.   Each outstanding Preferred A-Share and/or Preferred B-Share may be
     converted by the holder thereof into a Common Share on such terms and
     conditions as shall be agreed between the Company and the Shareholder
     concerned. At conversion the Preferred A-Share respectively Preferred
     B-Share concerned shall acquire all characteristics of a Common Share.
     Conversion shall not take place if and insofar the number of outstanding
     Common Shares would exceed the number of Common Shares referred to in
     article 4 paragraph 2.

5.   All shares are to be registered shares. At the option of the shareholder
     sharecertificates shall be issued.

6.   If sharecertificates are issued, shareholders have the choice between
     simple sharecertificates and multiple sharecertificates or a combination
     thereof. Multiple sharecertificates shall represent such number of shares
     as the management board shall determine, and these sharecertificates are
     exchangeable at the request of a shareholder for simple sharecertificates
     and vice versa, provided always for the same aggregate nominal value; any
     such exchange shall be free of charge.

7.   Sharecertificates  shall be signed by a member of the management  board
     either by an original  signature or by a facsimile signature.

8.   At a request in writing by the party concerned duplicates may be issued for
     sharecertificates or parts thereof which have been mislaid or damaged, on
     such conditions as the management board shall determine. The cost of the
     issuance of duplicates may be charged to the applicant. By the issuance of
     duplicates the originals will become void vis-a-vis the company. Duplicates
     will bear the numbers and letters of the documents they replace.

Article 5.  Register of shareholders.

1.   The management board shall keep a register in which the names and addresses
     of all shareholders are to be entered with a note of the date of
     acquisition by the shareholder, the date of the acknowledgement of the
     transfer by, or the service of the transfer upon the company, and of the
     amount paid on each share, and the class of the shares.

                                       2

<PAGE>

2.   Also the names and addresses of those who have a usufruct or a pledge in
     shares shall also be entered in the register, with a note of the date at
     which they acquired that right, and of the date of acknowledgement by or of
     the service upon the company, and of the rights which accrue to them
     according to paragraphs 2 and 4 of articles 88 and 89 of Volume 2 of the
     Civil Code.

3.   Each shareholder, each beneficiary of a usufruct and each pledgee is
     required to give written notice of his address to the company.

4.   Finally there shall also be recorded in the register every release from
     liability which has been granted in respect of payments on shares not yet
     made together with, if partly paid shares have been transferred, the date
     of the transfer.

5.   The register shall be kept accurate and up to date.  All entries and notes
     in the register shall be signed by a member of the management board.

6.   On application by a shareholder, a beneficiary of a usufruct or a pledgee,
     the management board shall furnish an extract from the register, free of
     charge, insofar as it relates to his rights in a share. If a usufruct or a
     pledge has been created in the share, the extract shall state to whom the
     rights referred to in article 11, paragraphs 1 and 2 accrue. The extract is
     not negotiable.

7.   The management board shall make the register available at the company's
     office for inspection by the shareholders, the beneficiaries of a usufruct
     and the pledgees to whom the rights referred to article 11, paragraphs 1
     and 2 accrue. The details of the register with respect to shares not fully
     paid up shall be available for inspection by any person; copies of or
     extracts from these details shall be provided at a charge not exceeding the
     cost.

Chapter IV
Issuance of shares. Own shares.

Article 6. Issuance of shares. Body competent to issue shares. Conditions of
issuance. Rights of pre-emption.

1.   The issuance of shares may only be effected pursuant to a resolution of the
     general meeting, insofar as the general meeting has not designated another
     body of the company in this respect for a fixed period of time not
     exceeding five years and furthermore with due observance of the formalities
     as provided for by article 86 Volume 2 Civil Code.

2.   A resolution for the issuance of shares shall stipulate the price and
     further conditions of issuance.

3.   On the issuance of Common Shares each holder of Common Shares shall have a
     right of pre-emption in proportion to the aggregate nominal value of his
     Common Shares, subject to due observance of the relevant limitations set by
     law. No preemptive rights shall exist with regard to Preferred Shares, and
     the holders of Preferred Shares shall have no preemptive rights on Common
     Shares to be issued.

4.   Holders of Common Shares shall have a similar right of preemption if
     options are granted to subscribe to Common Shares.

5.   The right of pre-emption may, subject to due observance of the relevant
     provisions of the law, be limited or excluded by the general meeting or by
     another body of the company designated in this respect by resolution of the
     general meeting for a fixed period of time not exceeding five years.

Article 7. Approval for issuance of shares.

In case the general meeting has not designated the Board as the body of the
company authorized to issue shares, any resolution to issue shares and to limit
or to exchange the right of pre-emption shall require prior approval by the
Board.

Article 8. Payment for shares./Redemption.

1.   The full nominal amount of each share must be paid in on issue, as well as,
     if a share is subscribed for at a higher price, the balance of these
     amounts. It may be stipulated that a part of

                                       3

<PAGE>

     the nominal value, not exceeding three quarters thereof, need only be paid
     after the company has made a call therefor.

2.   Payment for a share must be made in cash insofar as no other manner of
     payment has been agreed on. Payment in foreign currency can be made only
     after approval by the company.

3.   As long as the statutory requirements concerning minimum capital are being
     observed, the general meeting may resolve to decrease the issued capital by
     purchasing shares and subsequent cancellation thereof or by reducing the
     nominal value of the shares by amending the articles of association.

Article 9. Own shares.

1.   When issuing shares the company shall not be entitled to subscribe for its
     own shares. Furthermore the acquisition by the company of shares in its
     capital which are not fully paid up shall be null and void.

2.   The  company  shall be  entitled  to acquire  its own fully paid up shares
     or depositary  receipts in respect thereof, provided either no valuable
     consideration is given or provided that:

     a.  the distributable part of the net assets is at least equal to the
         purchase price; and

     b.  the  nominal  value of the shares or the  depositary  receipts  in
         respect thereof to be  acquired by the company itself, already held by
         the company or pledged for the benefit of the company, or which are
         held by a subsidiary, does not exceed one tenth of the issued share
         capital.

3.   The validity of the acquisition shall be determined by the amount of the
     net assets according to the latest balance sheet adopted decreased by the
     consideration for shares in the company's capital or depositary receipts in
     respect thereof and distributions of profits or to the charge of any
     reserve to third parties which have fallen due by the company and its
     subsidiaries after the balance sheet date. If more than six months of a
     financial year have lapsed in which the annual accounts have not been
     adopted, any acquisition in conformity with paragraph 2 shall not be
     permitted.

4.   Acquisition for valuable consideration shall be permitted only if the
     general meeting has authorized the management board in this respect. Such
     authorization shall be valid for a period not exceeding eighteen months.
     The general meeting shall stipulate in the authorization how many shares or
     depositary receipts in respect thereof may be acquired, how they may be
     acquired, and between what limits the price must be.

     However no authorization shall be required, insofar as the articles permit
     the company to acquire its own shares for the purpose of transferring the
     same to employees of the company or of a group company under a scheme
     applicable to such employees. Such shares must be officially listed on an
     exchange.

5.   An acquisition of shares in contravention with paragraphs 2-4 shall be
     void. Depositary receipts in respect of shares acquired by the company in
     contravention to paragraphs 2-4 shall be transferred to the joint members
     of the management board by operation of law.

6.   The transfer of own shares or depositary receipts in respect thereof held
     by the company shall be effected by virtue of a resolution of the general
     meeting or of another body of the company designated for this purpose by
     the general meeting. The resolution to such transfer shall also stipulate
     the conditions thereof.

7.   The company may not exercise the voting rights in respect of shares in its
     own capital held by the company or in respect of which the company has a
     usufruct or a pledge. The beneficiary of a usufruct or a pledgee in respect
     of a share held by the company itself shall not be entitled to exercise the
     voting rights in respect of that share either if the usufruct or the pledge
     has been

                                       4
<PAGE>

     created by the company. No votes may be cast in respect of shares of which
     the depositary receipts are held by the company. The provisions of this
     paragraph shall apply correspondingly to shares or depositary receipts in
     respect thereof held by subsidiaries of the company or in respect of which
     they hold a usufruct or a pledge.

8.   The company may not grant loans, provide collateral, guarantee the price,
     otherwise guarantee or otherwise bind itself jointly and severally with or
     for third parties, for the purpose of the subscription or acquisition by
     third parties of shares in its own capital or of depositary receipts issued
     therefor.

     This prohibition shall not apply if shares or depositary receipts are
     acquired by or for the account of employees of the company or of a group
     company. Such shares or depositary receipts must be officially listed on an
     exchange.

9.   In establishing whether a certain part of the capital is represented or
     whether a majority represents a certain part of the capital, the shares in
     respect of which no votes may be cast, shall be left out of consideration.

10.  The company may take its own shares or depositary receipts in respect
     thereof as pledge only if:

     a.  the shares to be pledged are fully paid up;

     b.  the aggregate  nominal value of the shares and  depositary  receipts
         in respect  thereof to be pledged and already held or held in pledge
         does not exceed one tenth of the issued capital, and

     c.  the general meeting has approved the pledge agreement.

Chapter V.
Transfer of shares. rights "in rem".
Article 10. Transfer of shares.

1.   The transfer of shares and the creation and the transfer of a limited right
     thereon shall take place in accordance with the thereto applicable
     provisions of the law.

2.   Also the allotment of shares on the partitioning of any joint property
     shall take place with due observance of the applicable formalities for
     transfer of shares.

Article 11. Usufruct ("vruchtgebruik"). Pledging ("pandrecht").

1.   The shareholder shall have the voting rights in respect of the shares in
     which a usufruct has been created. However, the voting rights shall accrue
     to the beneficiary of a usufruct if it was so provided for at the creation
     of the usufruct and this provision, as well as in case of the transfer of
     the usufruct, the transfer itself has been approved by the general meeting.
     The shareholder who holds no voting rights and the beneficiary of a
     usufruct who does hold voting rights, shall have the rights which the law
     attributes to holders of depositary receipts issued with the company's
     co-operation. The rights referred to in the preceding sentence shall not
     accrue to the beneficiary of the usufruct who holds no voting rights.

2.   The shareholder shall have the voting rights in respect of the shares which
     are pledged. However, the voting rights shall accrue to the pledgee if it
     was so provided for at the creation of the pledge, and that provision has
     been approved by the general meeting. If the pledgee with voting rights
     shall be replaced by another pledgee, the latter shall acquire only the
     voting rights after approval thereof by the general meeting. The pledgee
     without voting rights shall not have the rights which the law attributes to
     holders of depositary receipts issued with the company's co-operation.

3.   The shareholder shall have the rights resulting from the share relating to
     the acquisition of shares, it being understood that he shall have to
     compensate the beneficiary of the usufruct for the value of these rights
     insofar as the latter is entitled thereto by virtue of his usufruct.

Article 12. Capital reduction.

                                       5

<PAGE>

1.   The general meeting can, but only on the proposal of the Board, resolve,
     having regard to what is provided for in the law, to reduce the issued
     share capital.

2.   The capital reduction can only take place with respect either to the
     Preferred A-Shares the Preferred B-shares, or to the Common Shares, or any
     combination thereof. The capital reduction can only take place in
     proportion to the relevant shares, for and insofar as it was not achieved
     by the consent of all the relevant shareholders.

Chapter VI
Management
Article 13. Management board.

The management of the company shall be constituted by a management board,
consisting of one or more members.

Article 14. Appointment. Remuneration.

1.   The general  meeting shall appoint the members of the  management  board
     for a limited or unlimited  period of time.

2.   The Board shall determine the remuneration and further conditions of
     employment for every member of the management board, and may grant managing
     directors the titles of Chief Executive Officer, President, and such other
     titles as it may deem appropriate.

Article 15. Suspension and dismissal.

1.   A member of the management board may at any time be suspended or dismissed
     by the general meeting.

2.   A member of the management  board may at any time be suspended by the
     supervisory  board.  Such suspension may be discontinued by the general
     meeting at any time.

3.   Any suspension may be extended one or more times, but may not last longer
     than three months in the aggregate. If at the end of that period no
     decision has been taken on removal of the suspension or dismissal, the
     suspension shall cease.

Article 16. Duties of the management board. Decision making process. Allocation
of duties.

1.   Subject to the restrictions imposed by these articles of association, the
     management board shall be entrusted with the management of the company.

2.   The  management  board may lay down rules  regarding  its own decision
     making  process. These rules shall be subject to the approval of the Board.

3.   The management board may determine which duties in particular each member
     of the management board will be charged with.

     The allocation of duties shall be subject to the approval of the Board.

Article 17. Representation.

1.   The management board shall be authorized to represent the company. The
     power to represent the company is also vested in the President (if any)
     acting alone, or in any two members of the management board, acting
     jointly.

2.   The management board may appoint officers of the company with general or
     limited power to represent the company. Each of those officers shall be
     authorized to represent the company with due observance of any restrictions
     imposed on him.

     The management board may grant officers the title of Vice-President or such
     other titles as it may deem appropriate.

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<PAGE>

3.   In the event of a conflict of interest between the company and a member of
     the management board, the company shall be represented by such member of
     the Board as the Board shall designate for this purpose. The general
     meeting shall at all times be competent to designate one or more other
     persons for this purpose.

Article 18. Approval of management resolutions.

1.   The management board shall act on the instructions of the Board concerning
     the general policy of the company for financial, social and economic
     matters to follow.

2.   The Board is entitled to require such resolutions of the management board
     to be subject to its approval as it shall decide. Such resolutions shall be
     clearly specified and notified to the management board in writing.

3.   All resolutions of the management board shall be approved by an absolute
     majority of the votes cast.

4.   The management board may also take resolutions without recourse to a
     meeting, provided the text of the proposed resolution is sent to all
     members of the management board and they all agree in writing, by facsimile
     transmission or e-mail, upon this way of taking resolutions. The management
     board shall draw up a record of a resolution of this sort with the received
     answers attached.

Article 19. Absence or prevention.

If a member of the management board is absent or is prevented from performing
his duties, the remaining members or member of the management board shall be
temporarily entrusted with the entire management of the company. If all members
of the management board or the sole member of the management board are absent or
are prevented from performing their duties, the management of the company shall
be temporarily entrusted to the supervisory board which shall then be authorized
to entrust the management temporarily to one or more persons, whether or not
from among its members.

Chapter VII.
Supervisory board.
Article 20. Number of members.

The company shall have a supervisory board, consisting of one or more members to
be determined by the supervisory board.

Article 21. Appointment.

1.   Members of the supervisory board shall be appointed by the general meeting,
     with due regard to the following sentence. The supervisory board shall
     furthermore be authorised to appoint one or several members provided that
     the number of members appointed by the supervisory board may never exceed
     one third of the total number of members of the supervisory board.

     A member of the supervisory board appointed by the supervisory board shall
     serve for a period ending on the day of the next general meeting of
     shareholders held after the appointment.

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<PAGE>

2.   No person who has reached the age of seventy-two (or such higher or lower
     maximum age as may from time to time be established by law) may be
     appointed as a supervisory board member.

3.   When the appointment of a supervisory board member to be appointed by the
     general meeting is proposed the candidate's age and profession shall be
     stated as well as the number of shares held by him in the company and the
     offices he holds or has held insofar as they are of importance in
     connection with the performance of the duties of a member of the
     supervisory board. Furthermore it shall be stated which companies he is
     already associated with as supervisory board member; if they include
     companies belonging to one and the same group, an indication of the group
     shall suffice. The proposal for the appointment shall state the reasons.

Article 22. Suspension and dismissal. Retirement.

1.   Every member of the supervisory board appointed by the general meeting may
     be suspended or dismissed by the general meeting at any time. A member of
     the supervisory board appointed by the supervisory board may be suspended
     or dismissed by the supervisory board at any time.

2.   Every member of the supervisory board shall retire no later than on the day
     on which the annual meeting is held in the financial year in which he
     reaches the age of seventy-two (or such higher or lower maximum age as may
     from time to time be established by law).

3.   The supervisory board members shall retire periodically in accordance with
     a retirement plan to be drawn up by the supervisory board. Every member
     thus retiring may be re-elected as long as he has not reached the maximum
     age limit established by law.

Article 23. Remuneration.

The Board shall determine the remuneration for every member of the supervisory
board.

Article 24. Duties and powers.

1.   It shall be the duty of the supervisory board to supervise the management
     of the management board and the general course of affairs in the company
     and in the business connected with it. It shall assist the management board
     with advice. In performing their duties the supervisory board members shall
     act in accordance with the interests of the company and of the business
     connected with it.

2.   The management board shall supply the supervisory board in due time with
     the information required for the performance of its duties.

3.   The supervisory board shall have access to the buildings and premises of
     the company and shall be authorized to inspect the books and records of the
     company. The supervisory board may designate one or more persons from among
     its members or an expert to exercise these powers. The supervisory board
     may also in other instances be assisted by experts.

4.   Whenever the supervisory board shall meet, the members of the management
     board shall be invited to attend.

5.   All resolutions of the supervisory board shall be approved by an absolute
     majority of the votes cast.

6.   The supervisory board is authorised to appoint one of its members as
     designated member of the supervisory board. The designated member of the
     supervisory board shall be charged with the task to exercise intensive
     supervision over the management of the management board, and to consult
     with the members of the management board on a regular basis, if and when
     this is required or beneficial to the company, with due regard to the
     provisions of these articles and the law relating to the supervisory board
     as a body of the Company.

Article 25. The Board. Constitution. Proceedings.

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1.   The Board shall consist of the members of the management board and of the
     supervisory board qualitate qua.

2.   The Board shall elect a chairman from among its members, and a deputy
     chairman who shall take the place of the chairman in the latter's absence.
     It shall appoint a secretary, who need not be a member of the Board, and
     make arrangements for his substitution in case of absence.

     In the absence of the chairman and the deputy chairman at a meeting, the
     meeting shall itself designate a chairman.

3.   The Board shall meet whenever the chairman, or two other Board members,
     deem(s) such necessary.

4.   All resolutions of the Board shall be adopted by a majority of the votes
     cast.

     Subject to paragraph 8 of article 24, resolutions of the Board shall only
     be valid if passed at a meeting at which the majority of the Board members
     are present or represented.

5.   The secretary shall keep minutes of the proceedings at meetings of the
     Board. The minutes shall be adopted in the same meeting or in a following
     meeting of the Board and shall be signed by the chairman and the secretary
     as evidence thereof.

6.   The Board may delegate any of its powers to committees consisting of such
     member or members of its body as it thinks fit. Any committee so formed
     shall in the exercise of the power so delegated conform to any regulations
     that may be imposed on it by the Board.

7.   The Board may draw up its own charter, which will regulate the formalities
     for meetings of the Board to be observed, in addition to the foregoing
     provisions.

8.   The Board may also adopt resolutions without a meeting, provided the
     proposal concerned is submitted to all Board members and none of them
     objects to this manner of adopting resolutions.

     The secretary shall draw up a report regarding a resolution thus adopted
     and shall attach the replies received to the report, which shall be signed
     by the chairman and the secretary.

Chapter VIII.
Annual Accounts. Profits.

Article 26. Financial year. Drawing up the annual accounts. Deposition for
inspection.

1.   The financial year of the company shall be the calendar year.

2.   Annually, and not later than five months after the end of the financial
     year, the management board shall draw up the annual accounts, unless by
     reason of special circumstances this term is extended by the general
     meeting.

3.   Within the period referred to in paragraph 2 the annual accounts shall be
     deposited for inspection by the shareholders at the office of the company.
     Within this period of time the management board shall also submit the
     annual report. The statement of the accountant as mentioned in article 27
     and the additional information required by virtue of the law shall be added
     to the annual accounts.

4.   The annual accounts shall be signed by all the members of the management
     board; if the signature of one or more of the members is lacking, this
     shall be stated and reasons given.

Article 27. Accountant.

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1.   The general meeting shall appoint an accountant to audit the annual
     accounts.

2.   Such appointment shall be made by the general meeting. If the latter fails
     to do so, the supervisory board shall be competent or, in the absence of
     the supervisory board members or in the event the supervisory board fails
     to do so, the management board. The appointment of an accountant shall not
     be limited by virtue of any nomination; the appointment may at all times be
     revoked by the general meeting and by those who made the appointment;
     furthermore an appointment made by the management board may be revoked by
     the supervisory board.

3.   The accountant shall produce a report on his audit examination to the
     supervisory board and the management board.

4.   The accountant shall give the results of his investigations in a
     declaration as to the faithfulness of the annual accounts.

5.   The provisions of the preceding paragraphs need not be applied if the
     company is exempt from the obligation referred to in paragraph 1 by virtue
     of the law.

 Article 28. Submission to the supervisory board.

1.   The management board shall submit the annual accounts to the supervisory
     board.

2.   The annual accounts shall be signed by the members of the supervisory
     board; if the signature of one or more of them is lacking, this shall be
     stated and reasons given.

3.   The supervisory board shall present a report on the annual accounts to the
     general meeting.

 Article 29. Adoption.

1.   The company shall ensure that the annual accounts, the annual report, the
     report of the supervisory board and the information to be added by virtue
     of the law are held at its office as from the day on which the annual
     meeting is convened. Shareholders, and beneficiaries of a usufruct or a
     pledge in shares to whom the right to vote the shares accrue, may inspect
     the documents at that place and obtain a copy thereof, free of charge.

2.   The general meeting shall adopt the annual accounts. The annual accounts
     may not be adopted in the event that the general meeting has been unable to
     inspect the auditor's statement referred to in article 27, paragraph 4,
     unless a legal ground is given in the information required to be added by
     law for the lack of the auditor's statement referred to in article 27,
     paragraph 4.

3.   The provisions of these articles of association regarding the annual report
     and the information to be added by virtue of the law need not be applied if
     the company is a member of a group and all other relevant requirements of
     the law have been met.

 Article 30. Publication.

1.   The company shall publish the annual accounts within eight days following
     the adoption thereof. The publication shall be effected by the deposit of a
     complete copy in the Dutch language or, if such copy was not drawn up, a
     copy in the French, German or English language, at the offices of the Trade
     Register in whose district the company has its official seat according to
     these articles of association. The date of the adoption must be stated on
     the copy.

2.   If the annual accounts are not adopted within seven months of the
     termination of the financial year in accordance with the legal requirements
     then the management board shall without further delay publish the prepared
     annual accounts in the manner prescribed in paragraph 1; it shall be noted
     on the annual accounts that they have not yet been adopted.

3.   In the event that the general meeting shall have extended the period for
     the preparation of the annual accounts in accordance with article 26
     paragraph 2, then the last preceding paragraph shall apply with effect from
     the date falling two months from the termination of such period.

4.   A copy of the annual report produced in the same language or in Dutch
     shall, together with the additional information required by virtue of the
     law, be published at the same time and in the

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<PAGE>

     same manner as the annual accounts. Insofar as the law permits the
     foregoing shall not apply if copies of those documents are held at the
     office of the company for inspection by any person and upon request full or
     partial copies thereof are supplied at a price not exceeding the cost; the
     company shall make an official return thereof for filing in the Trade
     Register.

5.   The publication shall be effected with due observance of the applicable
     legal exemptions.

Article 31. Profit. Dividend.

1.   From the profits appearing from the annual accounts as adopted, such an
     amount shall be retained by the company as shall be determined by the
     Board. The profits remaining thereafter shall be treated in accordance with
     the provisions of the following paragraphs of this article.

2.   Dividends may be paid only up to an amount which does not exceed the amount
     of the distributable part of the net assets.

3.   Dividends can only be paid after adoption of the annual accounts from which
     it appears that payment of dividends is permissible.

4.   From the profits remaining, after the reservation following paragraph 1,
     and available for distribution, first a non-cumulative cash dividend at the
     rate of eight percent (8%) of the of the aggregate of the nominal value of
     the Preferred A-Shares respectively B-Shares and the share-premium paid
     thereon shall be made on the Preferred A-Shares respectively B-Shares, less
     the interim distributions made (if any) by the Board in anticipation of the
     final dividend. The aforesaid rate of dividend can be adjusted by an
     unanimous resolution of all shareholders entitled to vote. The aforesaid
     distribution on the Preferred A-Shares respectively B-Shares shall not take
     place in the event that all holders of those Shares unanimously so decide.

5.   The profits remaining after the distribution referred to in paragraph 4 are
     at the disposal of the general meeting for distribution on the Common
     Shares equally and proportionally and/or for reservation.

6.   In anticipation of final dividends, the Board may resolve to pay an interim
     dividend provided the requirement of the second paragraph has been complied
     with as shown by interim accounts drawn up in accordance with the provision
     of the law.

7.   Upon proposal by the Board, the general meeting may, subject to due
     observance of the provision of paragraph 2, resolve to make distributions
     to the charge of any reserve which need not be maintained by virtue of the
     law, and/or to make distributions not in cash but in kind.

Article 32. Date on which distributions become payable.

1.   The date on which dividends and other payments become payable shall be
     announced in accordance with article 43.

2.   The claim of the shareholder for payment shall be barred after five years
     have elapsed.

Chapter IX.
General meetings of shareholders.
Article 33. Annual meeting.

1.   Annually, and not later than six months after the end of the financial
     year, the annual meeting shall be held.

2.   The agenda for that meeting shall state inter alia the following points for
     discussion:

     a. the annual report;

     b. adoption of the annual accounts;

     c. appropriation of profits;

     d. filling of any vacancies;

     e. to grant discharge to the members of the management board and the
        members of the supervisory board.

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<PAGE>

     f. other proposals put forward by the Board, or shareholders,
        beneficiaries of a usufruct and pledgees to whom the voting right has
        been granted, representing in the aggregate at least one tenth (1/10)
        of the issued capital, put forward for discussion and announced with
        due observance of article 43.

Article 34. Other meetings.

1.   Other general meetings of shareholders shall be held as often as the Board
     deems such necessary.

2.   Shareholders and beneficiaries of a usufruct or a pledge to whom the voting
     right has been granted, representing in the aggregate at least one tenth
     (1/10) of the issued capital, may request the Board to convene a general
     meeting of shareholders, stating the subjects to be discussed. If the Board
     has not convened a meeting within four weeks in such a manner that the
     meeting can be held within six weeks after the request has been made, the
     persons who have made the request shall be authorized to convene a meeting
     themselves.

Article 35. Convocation. Agenda.

1.   General meetings of shareholders shall be convened by the Board.

2.   The convocation shall be given no later than on the fifteenth day prior to
     the date of the meeting.

3.   The convocation shall specify the subjects to be discussed or shall state
     that the shareholders and beneficiaries of a usufruct or a pledge to whom
     the voting right have been granted, may acquaint themselves with such
     subjects in the company's office in the place to be stated in the
     notification. Subjects which were not specified in the notification may be
     announced at a later date provided with due observance of the requirements
     set out in this article.

4.   The convocation shall be made in the manner stated in article 43.

5.   The management board shall be authorised to fix a record date for
     attendance of and exercise of voting rights at general meetings of
     shareholders in accordance with Article 119 Book 2 of the Civil Code.

Article 36. Quorum.

1.   Resolutions may only be adopted if a quorum of at least thirty-three and
     one third percent (33 1/3%) of the outstanding shares entitled to vote are
     represented in person or by proxy. Article 120, paragraph 3, Book 2 of the
     Civil Code does not apply.

2.   As long as the entire issued capital is represented at a general meeting of
     shareholders, valid resolutions can be adopted on all subjects brought up
     for discussion, even if the formalities prescribed by law or by the
     articles of association for the convocation and holding of meetings have
     not been complied with, provided they are adopted unanimously.

Article 37. Place of the meetings.

The general meetings of shareholders shall be held in Amsterdam, Schiphol-
Airport (municipality Haarlemmermeer), Rotterdam or The Hague. Elsewhere general
meetings of shareholders can be held provided the total issued sharecapital is
represented at that meeting.

Article 38. Chairmanship.

1.   The general meetings of shareholders shall be presided over by the chairman
     of the Board or, in his absence, by the deputy chairman of that Board; in
     the event that the latter is also absent, the Board members present shall
     elect a chairman from their midst. The Board may designate another person
     to act as chairman of a general meeting of shareholders.

2.   If the chairman has not been appointed in accordance with paragraph 1, the
     meeting shall itself choose a chairman.

Article 39. Minutes.

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<PAGE>

1.   Minutes shall be kept of the proceedings at any general meeting of
     shareholders by a secretary to be designated by the chairman. The minutes
     shall be confirmed by the chairman and the secretary and shall be signed by
     them as proof thereof.

2.   The Board, the chairman or the person who has convened the meeting may
     determine that notarial minutes shall be drawn up of the proceedings of the
     meeting. The notarial minutes shall be co-signed by the chairman.

Article 40. Meeting rights. Admittance.

1.   Each shareholder entitled to vote and each beneficiary of a usufruct and
     each pledgee to whom the voting right has been granted, shall be authorized
     to attend the general meeting of shareholders, to address the meeting and
     to exercise the voting right.

2.   If the voting right of a share has been granted to the beneficiary of a
     usufruct or to the pledgee instead of to the shareholder, the shareholder
     shall be entitled to attend the general meeting of shareholders and to
     address the meeting.

3.   Each share confers the right to cast one vote.

4.   Each person entitled to vote or his proxy must sign the attendance list.

5.   The right to take part in the meeting according to the paragraphs 1 and 2
     may be exercised by a proxy authorized in writing. The provision of article
     25 paragraph 6 second sentence shall apply.

6.   The members of the Board shall have an advisory voice in the general
     meeting of shareholders.

7.   The general meeting shall decide on the admittance of persons other than
     those mentioned above in this article.

Article 41. Votes.

1.   To the extent that the law does not require a qualified majority, all
     resolutions shall be adopted by a absolute majority of all the votes cast
     (the "Absolute Majority").

2.   If in an election of persons an Absolute Majority is not obtained, a second
     vote shall be taken. If again an Absolute Majority is not obtained, further
     votes shall be taken until either one person obtains the Absolute Majority
     or the election is between two persons who have received an equal number of
     votes. In the event of a further election (not including the second free
     vote), the election shall be between the persons who participated in the
     preceding election, with the exception of the person who received the
     smallest number of votes in that preceding election. If in that preceding
     election more than one person received the smallest number of votes, it
     shall be decided by lot who of these persons can no longer participate in
     the new election. If the votes are equal in the election between the two,
     it shall be decided by lot who is to be chosen.

3.   If there is a tie of votes in a vote other than a vote for the election of
     persons, the proposal shall be rejected.

4.   Votes need not be held in writing. The chairman is however entitled to
     decide a vote by a secret ballot. If it concerns an election of persons,
     also a person present at the meeting and entitled to vote can demand a vote
     by a secret ballot. Voting by secret ballot shall take place by means of
     secret, unsigned ballot papers.

5.   Abstentions and invalid votes shall not be counted as votes.

6.   Voting by acclamation shall be possible if none of the persons present and
     entitled to vote objects against it.

7.   The chairman's decision at the meeting that a resolution has been adopted
     by the general meeting shall be final and conclusive. The same shall apply
     to the contents of an adopted resolution regarding the voting of an
     unwritten proposal.

     If, however, the correctness of that decision is challenged immediately
     after its pronouncement, a new vote shall be taken if either the majority
     of the persons present and

                                       13
<PAGE>

     entitled to vote, or, if the original voting was taken by roll call or in
     writing, any person present and entitled to vote, so desires. The original
     vote shall have no legal consequences as a result of the new vote as the
     original voting shall be cancelled by this new voting.

Article 42. Resolutions without a meeting.

1.   Resolutions of shareholders may, subject to the provision of the next
     paragraph, also be adopted in writing without recourse to a general meeting
     of shareholders, provided they are adopted by a unanimous vote representing
     the entire issued capital. The provision of article 25 paragraph 8 second
     sentence shall apply correspondingly.

2.   The foregoing manner of adopting resolutions shall not be permitted if
     there are beneficiaries of a usufruct or pledgees to whom the voting right
     has been granted.

Chapter X.
Convocation and notification.
Article 43.

All convocations of general meetings of shareholders and all notifications to
shareholders and beneficiaries of a usufruct and pledgees to whom the voting
right has been granted, shall be made by letter mailed to their addresses as
shown in the register of shareholders.

Chapter XI.
Amendment of the articles of association and dissolution. Liquidation.
Article 44. Amendment of the articles of association and dissolution.

1.   When a proposal to amend the articles of association or to dissolve the
     company is to be made to the general meeting, this must be stated in the
     convocation to the general meeting of shareholders. As regards an amendment
     of the articles of association, a copy of the proposal in which the
     proposed alteration is quoted in full must at the same time be filed at the
     company's office until the end of that meeting for the inspection of
     shareholders and beneficiaries of a usufruct or a pledge to whom the voting
     right has been granted.

2.   Any proposal to amend the articles of association or to dissolve the
     company shall require prior approval of the Board.

Article 45. Liquidation.

1.   In the event of dissolution of the company by virtue of a resolution of the
     general meeting, the members of the management board shall be charged with
     the liquidation of the business of the company, and the supervisory board
     with the supervision thereof.

2.   During liquidation, the provisions of the articles of association shall
     remain in force to the extent possible.

3.   From the balance remaining after payment of creditors shall be transferred:
     first to the holders of the Preferred A-Shares and B-Shares to the extent
     possible the nominal amount thereof increased with the sharepremium related
     to those shares; in the event the liquidation balance is not sufficient for
     any of such payments, the amount available shall be paid proportionally to
     the nominal value of the shares concerned.

4.   The balance remaining after the payments provided for in paragraph 3 shall
     be paid to the holders of the Common Shares equally and proportionally.

5.   The liquidation shall take place in accordance with the provisions of
     Section 1 of Volume 2 of the Civil Code.

                                       14

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