<SUBMISSION>
<ACCESSION-NUMBER>0000950134-07-020254
<TYPE>S-8
<PUBLIC-DOCUMENT-COUNT>5
<FILING-DATE>20070920
<DATE-OF-FILING-DATE-CHANGE>20070920
<EFFECTIVENESS-DATE>20070920
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>F5 NETWORKS INC
<CIK>0001048695
<ASSIGNED-SIC>3576
<IRS-NUMBER>911714307
<STATE-OF-INCORPORATION>WA
<FISCAL-YEAR-END>0930
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>S-8
<ACT>33
<FILE-NUMBER>333-146195
<FILM-NUMBER>071126875
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>401 ELLIOT AVE WEST
<STREET2>STE 500
<CITY>SEATTLE
<STATE>WA
<ZIP>98119
<PHONE>2062725555
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>401 ELLIOT AVE WEST
<STREET2>STE 500
<CITY>SEATTLE
<STATE>WA
<ZIP>98119
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>F5 LABS INC
<DATE-CHANGED>19990305
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>v33882sv8.htm
<DESCRIPTION>FORM S-8
<TEXT>
<HTML>
<HEAD>
<TITLE>sv8</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>As filed with the Securities and Exchange Commission on September&nbsp;20, 2007</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 1pt"><B>Registration No.&nbsp;333-</B>
</DIV>


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt; margin-top: 6pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM S-8</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933</B>
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>F5 NETWORKS, INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Washington</B><BR>
(State or other jurisdiction of incorporation or organization)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>91-1714307</B><BR>
(I.R.S. Employer Identification No.)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">4<B>01 Elliott Avenue West, Seattle, Washington 98119</B><BR>
(Address of Principal Executive Offices)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>F5
Networks, Inc. Assumed Acopia Networks, Inc. 2001 Stock Incentive Plan<BR>
F5 Networks, Inc. Acopia Acquisition Equity Incentive Plan</B><BR>
(Full Title of the Plan)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Jeffrey A. Christianson<BR>
F5 Networks, Inc.<BR>
401 Elliott Avenue West<BR>
Seattle, WA 98119</B><BR>
(Name and Address of Agent for Service)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>(206)&nbsp;272-5555</B><BR>
(Telephone Number, Including Area Code, of Agent for Service)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>CALCULATION OF REGISTRATION FEE</B></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="37%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="18%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
</TR><TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="15" style="border-bottom: 3px double #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Proposed maximum</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Proposed maximum</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center">Title of each class of securities to be</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Amount to be</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">offering price per</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">aggregate offering</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Amount of</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center">registered</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">registered (1)</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">share (2)</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">price</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">registration fee</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>

<TD style="border-top: 2px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Common Stock, no par value</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>

<TD align="center" valign="bottom" style="border-top: 2px solid #000000">2,830,703 shares</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>

<TD align="center" valign="bottom" style="border-top: 2px solid #000000">$39.84</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>

<TD align="center" valign="bottom" style="border-top: 2px solid #000000">$112,775,207.52</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>

<TD align="center" valign="bottom" style="border-top: 2px solid #000000">$3,462.20</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="15" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Pursuant to Rule&nbsp;416(a), this Registration Statement shall also cover
any additional shares of common stock of the registrant that become
issuable under the F5
Networks, Inc. Assumed Acopia Networks, Inc. 2001 Stock Incentive Plan
(the &#147;Acopia 2001 Plan&#148;) or the F5 Networks, Inc. Acopia Acquisition Equity Incentive
Plan (the &#147;Acopia Acquisition Plan&#148;) by reason of any stock dividend,
stock split, recapitalization or other similar transaction effected
without receipt of consideration that increases the number of
outstanding common shares of the registrant. The amount to be
registered includes 2,230,703 shares that may be issued pursuant to
the Acopia 2001 Plan and 600,000 shares that may be issued pursuant to
the Acopia Acquisition Plan.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Computed in accordance with Rule 457(h) and Rule&nbsp;457(c), solely for
the purpose of calculating the registration fee, based on the average
of the high and low prices of the common stock of the registrant as
reported by The Nasdaq Stock Market on September 18, 2007.</TD>
</TR>

</TABLE>



<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>
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<P><HR noshade><P>



<DIV style="font-family: 'Times New Roman',Times,serif">








<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#000">PART II</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#001">Item&nbsp;3. Incorporation of Documents by Reference</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#002">Item&nbsp;4. Description of Securities</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#003">Item&nbsp;5. Interests of Named Experts and Counsel</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#004">Item&nbsp;6. Indemnification of Directors and Officers</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#005">Item&nbsp;7. Exemption from Registration Claimed</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#006">Item&nbsp;8. Exhibits</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#007">Item&nbsp;9. Undertakings</A></TD></TR>
<TR><TD colspan="9"><A HREF="#008">Signatures</A></TD></TR>
<TR><TD colspan="9"><A HREF="#009">EXHIBIT INDEX</A></TD></TR>
<TR><TD colspan="9"><A HREF="v33882exv5w1.htm">EXHIBIT 5.1</A></TD></TR>
<TR><TD colspan="9"><A HREF="v33882exv10w1.htm">EXHIBIT 10.1</A></TD></TR>
<TR><TD colspan="9"><A HREF="v33882exv10w2.htm">EXHIBIT 10.2</A></TD></TR>
<TR><TD colspan="9"><A HREF="v33882exv23w1.htm">EXHIBIT 23.1</A></TD></TR>
</TABLE>
</CENTER>
<!-- /TOC -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>




<!-- link1 "PART II" -->
<DIV align="left"><A NAME="000"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART II</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B>
</DIV>

<!-- link2 "Item&nbsp;3. Incorporation of Documents by Reference" -->
<DIV align="left"><A NAME="001"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;3. Incorporation of Documents by Reference.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents filed by F5 Networks, Inc. (the &#147;Company&#148;) with the Securities and
Exchange Commission are incorporated by reference into this Registration Statement:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Annual Report on Form 10-K for the year ended September&nbsp;30, 2006;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Quarterly Report on Form 10-Q for the quarters ended December&nbsp;31, 2006, March&nbsp;31, 2007
and June&nbsp;30, 2007;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Current Reports on Form 8-K filed December&nbsp;15, 2006, January&nbsp;24, 2007, April&nbsp;25, 2007,
April&nbsp;26, 2007, July&nbsp;25, 2007, August&nbsp;8, 2007, August&nbsp;13, 2007 and September&nbsp;13, 2007; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the description of the Company&#146;s common stock contained in the Company&#146;s Registration
Statement Form 8-A, filed May&nbsp;11, 1999 under the Securities Exchange Act of 1934, as amended
(the &#147;Exchange Act&#148;), including any amendments or reports filed for the purposes of updating such
description.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All documents subsequently filed by the Company pursuant to Sections&nbsp;13(a), 13(c), 14 or 15(d)
of the Exchange Act, prior to the filing of a post-effective amendment which indicates that all
securities offered have been sold or which deregisters all securities then remaining unsold, shall
be deemed to be incorporated by reference herein and to be part hereof from the date of filing of
such documents.
</DIV>
<!-- link2 "Item&nbsp;4. Description of Securities" -->
<DIV align="left"><A NAME="002"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;4. Description of Securities.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable
</DIV>
<!-- link2 "Item&nbsp;5. Interests of Named Experts and Counsel" -->
<DIV align="left"><A NAME="003"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;5. Interests of Named Experts and Counsel.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable
</DIV>
<!-- link2 "Item&nbsp;6. Indemnification of Directors and Officers" -->
<DIV align="left"><A NAME="004"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;6. Indemnification of Directors and Officers.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sections&nbsp;23B.08.500 through 23.B.08.600 of the Washington Business Corporation Act (the
&#147;WBCA&#148;) authorize a court to award, or a corporation&#146;s board of directors to grant, indemnification
to directors and officers on terms sufficiently broad to permit indemnification under certain
circumstances for liabilities arising under the Securities Act of 1933, as amended (the &#147;Securities
Act&#148;). Section&nbsp;23B.08.320 of the WBCA authorizes a corporation to limit a director&#146;s liability to
the corporation or its shareholders for monetary damages for acts or omissions as a director,
except in certain circumstances involving intentional misconduct, knowing violations of law or
illegal corporate loans or distributions, or any transaction from which the director personally
receives a benefit in money, property or services to which the director is not legally entitled.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company&#146;s Second Amended and Restated Articles of Incorporation and Amended and Restated
Bylaws contain provisions permitting the Company to indemnify its directors and officers to the
full extent permitted by Washington law. In addition, the Company&#146;s Second Amended and Restated
Articles of Incorporation contain a provision implementing, to the fullest extent permitted by
Washington law, the above limitations on a director&#146;s liability to the Company and its
shareholders. The Company has entered into certain indemnification agreements with its directors
and certain of its officers, the form of which is attached as Exhibit&nbsp;10.1 to its Registration
Statement on Form S-1 (File No.&nbsp;333-75817). The indemnification agreements provide the Company&#146;s
directors and certain of its officers with indemnification to the maximum extent permitted by the
WBCA. The directors and officers of the Company also may be indemnified against liability they may
incur for serving in that capacity pursuant to a liability insurance policy maintained by the
Company for this purpose.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link2 "Item&nbsp;7. Exemption from Registration Claimed" -->
<DIV align="left"><A NAME="005"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;7. Exemption from Registration Claimed.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable
</DIV>
<!-- link2 "Item&nbsp;8. Exhibits" -->
<DIV align="left"><A NAME="006"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;8. Exhibits.</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="93%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Exhibit Number</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Exhibit</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Second Amended and Restated Articles of Incorporation (Incorporated by reference to
Exhibit&nbsp;3.2 to the Registrant&#146;s Registration Statement on Form&nbsp;S-1, File No.
333-75817).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amended and Restated Bylaws (Incorporated by reference to Exhibit&nbsp;3.4 to the
Registrant&#146;s Registration Statement on Form&nbsp;S-1, File No.&nbsp;333-75817).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Specimen Stock Certificate (Incorporated by reference to Exhibit&nbsp;4.1 to the
Registrant&#146;s Registration Statement on Form&nbsp;S-1, File No.&nbsp;333-75817).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Kirkpatrick &#038; Lockhart Preston Gates Ellis LLP.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">F5
Networks, Inc. Assumed Acopia Networks, Inc. 2001 Stock Incentive
Plan.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">F5 Networks, Inc. Acopia
Acquisition Equity Incentive Plan.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of PricewaterhouseCoopers LLP, Independent Registered Public Accounting Firm.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Kirkpatrick &#038; Lockhart Preston Gates Ellis LLP (Included in its opinion
filed as Exhibit&nbsp;5.1).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">24.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney (Included on the signature page of this Registration Statement).</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<!-- link2 "Item&nbsp;9. Undertakings" -->
<DIV align="left"><A NAME="007"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;9. Undertakings.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The undersigned Registrant hereby undertakes:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;To file, during any period in which offers or sales are being made, a post-effective
amendment to this Registration Statement:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;To include any prospectus required by Section&nbsp;10(a)(3) of the Securities Act of 1933;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;To reflect in the prospectus any facts or events arising after the effective date of
the Registration Statement (or the most recent post-effective amendment thereof) which,
individually or in the aggregate, represent a fundamental change in the information set forth in
the Registration Statement;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;To include any material information with respect to the plan of distribution not
previously disclosed in the Registration Statement or any material change to such information in
the Registration Statement;
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Provided, however, </I>that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information
required to be included in a post-effective amendment by those paragraphs is contained in periodic
reports filed by the Registrant pursuant to Section&nbsp;13 or Section 15(d) of the Securities Exchange
Act of 1934 that are incorporated by reference in this Registration Statement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;That, for the purpose of determining any liability under the Securities Act of 1933,
each such post-effective amendment shall be deemed to be a new registration statement relating to
the securities offered therein, and the offering of such securities at that time shall be deemed to
be the initial <I>bona fide </I>offering thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;To remove from registration by means of a post-effective amendment any of the
securities being registered which remain unsold at the termination of the offering.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The undersigned Registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act of 1933, each filing of the Registrant&#146;s annual report pursuant
to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 that is incorporated by
reference in the Registration Statement shall be deemed to be a new registration statement relating
to the securities offered therein, and the offering of such securities at that time shall be deemed
to be the initial bona fide offering thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Insofar as indemnification for liabilities arising under the Securities Act of 1933
may be permitted to directors, officers and controlling persons of the Registrant pursuant to the
foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the
Securities and Exchange Commission such indemnification is against public policy as expressed in
the Securities Act of 1933 and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the Registrant of expenses
incurred or paid by a director, officer or controlling person of the Registrant in the successful
defense of any action, suit or proceeding) is asserted by such director, officer or controlling
person in connection with the securities being registered, the Registrant will, unless in the
opinion of its counsel the matter has been settled by controlling precedent, submit to a court of
appropriate jurisdiction the question of whether such indemnification by it is against public
policy as expressed in the Securities Act of 1933 and will be governed by the final adjudication of
such issue.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>




<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 "Signatures" -->
<DIV align="left"><A NAME="008"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Signatures</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>The Registrant</I>. Pursuant to the requirements of the Securities Act of 1933, the Registrant
certifies that it has reasonable grounds to believe that it meets all of the requirements for
filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by
the undersigned, thereunto duly authorized, in the City of Seattle, State of Washington, on
September&nbsp;19, 2007.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>F5 NETWORKS, INC.</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ John McAdam</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">John McAdam, Chief Executive<br> Officer and President&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Power of Attorney</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each person whose signature appears below constitutes and appoints John McAdam or Jeffrey
Christianson, or either of them, his true and lawful attorney-in-fact, with the power of
substitution and resubstitution, for him in his name, place or stead, in any and all capacities, to
sign any or all amendments to this Registration Statement, and to file the same, with exhibits
thereto and other documents in connection therewith, with the Securities and Exchange Commission,
hereby ratifying and confirming all that said attorneys-in-fact and their agents or substitutes,
may lawfully do or lawfully cause to be done by virtue hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has
been signed by the following persons in the capacities and on the dates indicated.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Signature</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Title</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Date</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ John McAdam
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Executive Officer,
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">September&nbsp;19, 2007</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
John McAdam
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;President,
and Director
(principal executive officer)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/&nbsp;John
Rodriguez
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Senior Vice President, Chief</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
John Rodriquez
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;Accounting
Officer (principal
financial officer)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">September&nbsp;19, 2007</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/&nbsp;A.
Gary Ames
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">September&nbsp;19, 2007</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
A. Gary Ames
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/&nbsp;Deborah
L. Bevier
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">September&nbsp;19, 2007</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Deborah L. Bevier
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/&nbsp;Keith
D. Grinstein
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">September&nbsp;19, 2007</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Keith D. Grinstein
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/&nbsp;Karl
D. Guelich
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">September&nbsp;19, 2007</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Karl D. Guelich
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">September&nbsp;19, 2007</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Alan J. Higginson
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/&nbsp;Rich
Malone
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">September&nbsp;19, 2007</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Rich Malone
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- link1 "EXHIBIT INDEX" -->
<DIV align="left"><A NAME="009"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>EXHIBIT INDEX</B></U>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="93%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">Exhibit</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Number</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Exhibit</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Second Amended and Restated Articles of Incorporation (Incorporated by reference to
Exhibit&nbsp;3.2 to the Registrant&#146;s Registration Statement on Form&nbsp;S-1, File No.
333-75817).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amended and Restated Bylaws (Incorporated by reference to Exhibit&nbsp;3.4 to the
Registrant&#146;s Registration Statement on Form&nbsp;S-1, File No.&nbsp;333-75817).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Specimen Stock Certificate (Incorporated by reference to Exhibit&nbsp;4.1 to the
Registrant&#146;s Registration Statement on Form&nbsp;S-1, File No.&nbsp;333-75817).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Kirkpatrick &#038; Lockhart Preston Gates Ellis LLP.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">F5 Networks, Inc. Assumed Acopia
Networks, Inc. 2001 Stock Incentive Plan.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">F5 Networks, Inc. Acopia
Acquisition Equity Incentive Plan.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of PricewaterhouseCoopers LLP, Independent Registered Public Accounting Firm.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Kirkpatrick &#038; Lockhart Preston Gates Ellis LLP (Included in its opinion
filed as Exhibit&nbsp;5.1).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">24.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney (Included on the signature page of this Registration Statement).</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>v33882exv5w1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv5w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;5.1</B>
</DIV>



<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Kirkpatrick &#038; Lockhart Preston Gates Ellis LLP<BR>
925 Fourth Avenue, Suite&nbsp;2900<BR>
Seattle, Washington 98104
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">September&nbsp;19, 2007
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">F5 Networks, Inc.<BR>
501 Elliott Avenue West<BR>
Seattle, Washington 98119

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ladies and Gentlemen:

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have acted as your counsel in connection with the Registration Statement on Form S-8 (the
&#147;Registration Statement&#148;) filed with the Securities and Exchange Commission under the Securities
Act of 1933 (the &#147;1933 Act&#148;) for the registration of 2,830,703 shares (the &#147;Shares&#148;) of Common
Stock, no par value per share, of F5 Networks, Inc., a Washington corporation. The Shares are
issuable under the F5 Networks, Inc. Assumed Acopia Networks, Inc. 2001 Stock Incentive Plan (the
&#147;Acopia 2001 Plan&#148;) and the F5 Networks, Inc. Acopia Acquisition Equity Incentive Plan (together
with the Acopia 2001 Plan, the &#147;Plans&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You have requested our opinion as to the matters set forth below in connection with the
Registration Statement. For purposes of rendering that opinion, we have examined the Registration
Statement, the Company&#146;s Articles of Incorporation, as amended, and Bylaws, the Plans and the
corporate action of the Company adopting the Plans, and we have made such other investigation as we
have deemed appropriate. We have examined and relied upon certificates of public officials and, as
to certain matters of fact that are material to our opinion, we have also relied on a certificate
of an officer of the Company. In rendering our opinion, we also have made the
assumptions that are customary in opinion letters of this kind. We have not verified any of those
assumptions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our opinion set forth below is limited to the law of the State of Washington.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based upon and subject to the foregoing, it is our opinion that the Shares, when issued
pursuant to and in accordance with the Plans, will be validly issued, fully paid, and
nonassessable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We hereby consent to the filing of this opinion as an exhibit to the Registration Statement.
In giving our consent we do not thereby admit that we are in the category of persons whose consent
is required under Section&nbsp;7 of the 1933 Act or the rules and regulations thereunder.
</DIV>

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    <TD colspan="3" align="left">Yours truly,<BR>
<BR>/s/ Kirkpatrick &#038; Lockhart Preston Gates Ellis LLP
<BR>
<BR>
Kirkpatrick &#038; Lockhart Preston Gates Ellis LLP<BR>
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<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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<DIV align="right" style="font-size: 10pt; margin-top: 12pt">EXHIBIT 10.1
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>F5 NETWORKS, INC.</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ASSUMED ACOPIA NETWORKS, INC.</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U><B>2001 STOCK INCENTIVE PLAN</B></U>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On September&nbsp;12, 2007, F5 Networks, Inc. (the &#147;Company&#148;) acquired all of the outstanding capital
stock of Acopia Networks, Inc. (&#147;Acopia&#148;) through the merger (&#147;Merger&#148;) of a subsidiary of the
Company with and into Acopia. As a result of the Merger, Acopia became a wholly-owned subsidiary
of the Company. In connection with the Merger, the Company assumed the Acopia 2001 Stock Incentive
Plan, which the Company has amended as set forth herein.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">1. <U>Purpose</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The purpose of this F5 Networks, Inc. Assumed Acopia Networks, Inc. 2001 Stock Incentive Plan
(the &#147;Plan&#148;), is to advance the interests of the Company&#146;s shareholders by enhancing the Company&#146;s
ability to attract, retain and motivate persons who make (or are expected to make) important
contributions to the Company by providing such persons with equity ownership opportunities and
performance-based incentives and thereby better aligning the interests of such persons with those
of the Company&#146;s shareholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">2. <U>Eligibility</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All persons who were employees, officers, directors, consultants or advisors of Acopia or any
of Acopia&#146;s subsidiary corporations as defined in Sections 424(e) or (f)&nbsp;of the Internal Revenue
Code of 1986, as amended, and any regulations promulgated thereunder (the &#147;Code&#148;) on or prior to
September&nbsp;12, 2007 are eligible to be granted options, restricted stock awards, or other
stock-based awards (each, an &#147;Award&#148;) under the Plan. Each person who has been granted an Award
under the Plan shall be deemed a &#147;Participant.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">3. <U>Administration and Delegation</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;<U>Administration by Board of Directors</U>. The Plan will be administered by the Board
of Directors of the Company (the &#147;Board&#148;). The Board shall have authority to grant Awards and to
adopt, amend and repeal such administrative rules, guidelines and practices relating to the Plan as
it shall deem advisable. The Board may correct any defect, supply any omission or reconcile any
inconsistency in the Plan or any Award in the manner and to the extent it shall deem expedient to
carry the Plan into effect and it shall be the sole and final judge of such expediency. All
decisions by the Board shall be made in the Board&#146;s sole discretion and shall be final and binding
on all persons having or claiming any interest in the Plan or in any Award. No
director or person acting pursuant to the authority delegated by the Board shall be liable for
any action or determination relating to or under the Plan made in good faith.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;<U>Appointment of Committees</U>. To the extent permitted by applicable law, the Board
may delegate any or all of its powers under the Plan to one or more committees or subcommittees of
the Board (a &#147;Committee&#148;). All references in the Plan to the &#147;Board&#148; shall mean the Board or a
Committee of the Board to the extent that the Board&#146;s powers or authority under the Plan have been
delegated to such Committee.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">4. <U>Stock Available for Awards</U>. As of the date of the Merger, subject to adjustment under
Section&nbsp;8, Options for up to 427,046 shares of common stock, no par value per share, of the Company
(the &#147;Common Stock&#148;) have been granted under the Plan and remain outstanding. In addition, Awards
may be made under the Plan for up to 1,803,657 shares of Common Stock. If any Award, including an
Option outstanding on the date of the Merger, expires or is terminated, surrendered or canceled
without having been fully exercised or is forfeited in whole or in part (including as the result of
shares of Common Stock subject to such Award being repurchased by the Company at the original
issuance price pursuant to a contractual repurchase right) or results, in any Common Stock not
being issued, the unused Common Stock covered by such Award shall again be available for the grant
of Awards under the Plan, subject, however, in the case of Incentive Stock Options (as hereinafter
defined), to any limitations under the Code. Shares issued under the Plan may consist in whole or
in part of authorized but unissued shares.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">5. <U>Stock Options</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;<U>General</U>. The Board may grant options to purchase Common Stock (each, an &#147;Option&#148;)
and determine the number of shares of Common Stock to be covered by each Option, the exercise price
of each Option and the conditions and limitations applicable to the exercise of each Option,
including conditions relating to applicable federal or state securities laws, as it considers
necessary or advisable. An Option which is not intended to be an Incentive Stock Option (as
hereinafter defined) shall be designated a &#147;Nonstatutory Stock Option.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;<U>Incentive Stock Options</U>. An Option that the Board intends to be an &#147;incentive
stock option&#148; as defined in Section&nbsp;422 of the Code (an &#147;Incentive Stock Option&#148;) shall only be
granted to employees of Acopia or any of Acopia&#146;s subsidiary corporations and shall be subject to
and shall be construed consistently with the requirements of Section&nbsp;422 of the Code. The Company
shall have no liability to a Participant, or any other party, if an Option (or any part thereof)
which is intended to be an Incentive Stock Option is not an Incentive Stock Option.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;<U>Exercise Price</U>. The Board shall establish the exercise price at the time each
Option is granted and specify it in the applicable option agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;<U>Duration of Options</U>. Each Option shall be exercisable at such times and subject
to such terms and conditions as the Board may specify in the applicable option agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;<U>Exercise of Option</U>. Options may be exercised by delivery to the Company of a
written notice of exercise signed by the proper person or by any other form of notice (including
electronic notice) approved by the Board together with payment in full as specified in Section 5(f)
for the number of shares for which the Option is exercised.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;<U>Payment Upon Exercise</U>. Common Stock purchased upon the exercise of an Option
granted under the Plan shall be paid for as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;in cash or by check, payable to the order of the Company;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;except as the Board may, in its sole discretion, otherwise provide in an option agreement,
by (i)&nbsp;delivery of an irrevocable and unconditional undertaking by a creditworthy broker to deliver
promptly to the Company sufficient funds to pay the exercise
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">price and any required tax withholding
or (ii)&nbsp;delivery by the Participant to the Company of a copy of irrevocable and unconditional
instructions to a creditworthy broker to deliver promptly to the Company cash or a check sufficient
to pay the exercise price and any required tax withholding;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;when the Common Stock is registered under the Securities Exchange Act of 1934 (the
&#147;Exchange Act&#148;), by delivery of shares of Common Stock owned by the Participant valued at their
fair market value as determined by (or in a manner approved by) the Board in good faith (&#147;Fair
Market Value&#148;), provided (i)&nbsp;such method of payment is then permitted under applicable law and (ii)
such Common Stock, if acquired directly from the Company, was owned by the Participant at least six
months prior to such delivery;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;to the extent permitted by the Board, in its sole discretion by (i)&nbsp;delivery of a
promissory note of the Participant to the Company on terms determined by the Board, or (ii)&nbsp;payment
of such other lawful consideration as the Board may determine; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;by any combination of the above permitted forms of payment.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;<U>Substitute Options</U>. In connection with a merger or consolidation of an entity
with the Company or the acquisition by the Company of property or stock of an entity, the Board may
grant Options in substitution for any options or other stock or stock-based awards granted by such
entity or an affiliate thereof. Substitute Options may be granted on such terms as the Board deems
appropriate in the circumstances, notwithstanding any limitations on Options contained in the other
sections of this Section&nbsp;5 or in Section&nbsp;2.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">6. <U>Restricted Stock</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;<U>Grants</U>. The Board may grant Awards entitling recipients to acquire shares of
Common Stock, subject to the right of the Company to repurchase all or part of such shares at their
issue price or other stated or formula price (or to require forfeiture of such shares if issued at
no cost) from the recipient in the event that conditions specified by the Board in the applicable
Award are not satisfied prior to the end of the applicable restriction period or periods
established by the Board for such Award (each, a &#147;Restricted Stock Award&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;<U>Terms and Conditions</U>. The Board shall determine the terms and conditions of any
such Restricted Stock Award, including the conditions for repurchase (or forfeiture) and the issue
price, if any.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;<U>Stock Certificates</U>. Any stock certificates issued in respect of a Restricted
Stock Award shall be registered in the name of the Participant and, unless otherwise determined by
the
Board, deposited by the Participant, together with a stock power endorsed in blank, with the
Company (or its designee). At the expiration of the applicable restriction periods, the Company
(or such designee) shall deliver the certificates no longer subject to such restrictions to the
Participant or if the Participant has died, to the beneficiary designated, in a manner determined
by the Board, by a Participant to receive amounts due or exercise rights of the Participant in the
event of the Participant&#146;s death (the &#147;Designated Beneficiary&#148;). In the absence of an effective
designation by a Participant, Designated Beneficiary shall mean the Participant&#146;s estate.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 12pt">7. <U>Other Stock-Based Awards</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board shall have the right to grant other Awards based upon the Common Stock having such
terms and conditions as the Board may determine, including the grant of shares based upon certain
conditions, the grant of securities convertible into Common Stock, restricted stock units, and the
grant of stock appreciation rights.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">8. <U>Adjustments for Changes in Common Stock and Certain Other Events</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;<U>Changes in Capitalization</U>. In the event of any stock split, reverse stock split,
stock dividend, recapitalization, combination of shares, reclassification of shares, spin-off or
other similar change in capitalization or event, or any distribution to holders of Common Stock
other than a normal cash dividend, (i)&nbsp;the number and class of securities available under this
Plan, (ii)&nbsp;the number and class of securities and exercise price per share subject to each
outstanding Option, (iii)&nbsp;the repurchase price per share subject to each outstanding Restricted
Stock Award, and (iv)&nbsp;the terms of each other outstanding Award shall be appropriately adjusted by
the Company (or substituted Awards may be made, if applicable) to the extent the Board shall
determine, in good faith, that such an adjustment (or substitution) is necessary and appropriate.
If this Section 8(a) applies and Section 8(c) also applies to any event, Section 8(c) shall be
applicable to such event, and this Section 8(a) shall not be applicable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;<U>Liquidation or Dissolution</U>. In the event of a proposed liquidation or dissolution
of the Company, the Board shall upon written notice to the Participants provide that all then
unexercised Options will (i)&nbsp;become exercisable in full as of a specified time at least 10 business
days prior to the effective date of such liquidation or dissolution and (ii)&nbsp;terminate effective
upon such liquidation or dissolution, except to the extent exercised before such effective date.
The Board may specify the effect of a liquidation or dissolution on any Restricted Stock Award or
other Award granted under the Plan at the time of the grant of such Award.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;<U>Reorganization Events</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) <U>Definition</U>. A &#147;Reorganization Event&#148; shall mean: (a)&nbsp;any merger or consolidation
of the Company with or into another entity as a result of which all of the Common Stock of the
Company is converted into or exchanged for the right to receive cash, securities or other property
or (b)&nbsp;any exchange of all of the Common Stock of the Company for cash, securities or other
property pursuant to a share exchange transaction.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) <U>Consequences of a Reorganization Event on Options</U>. Upon the occurrence of a
Reorganization Event, or the execution by the Company of any agreement with respect to a
Reorganization Event, the Board shall provide that all outstanding Options shall be
assumed, or equivalent options shall be substituted, by the acquiring or succeeding
corporation (or an affiliate thereof). For purposes hereof, an Option shall be considered to be
assumed if, following consummation of the Reorganization Event, the Option confers the right to
purchase, for each share of Common Stock subject to the Option immediately prior to the
consummation of the Reorganization Event, the consideration (whether cash, securities or other
property) received as a result of the Reorganization Event by holders of Common Stock for each
share of Common Stock held immediately prior to the consummation of the Reorganization Event (and
if holders
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">were offered a choice of consideration, the type of consideration chosen by the holders
of a majority of the outstanding shares of Common Stock); provided, however, that if the
consideration received as a result of the Reorganization Event is not solely common stock of the
acquiring or succeeding corporation (or an affiliate thereof), the Company may, with the consent of
the acquiring or succeeding corporation, provide for the consideration to be received upon the
exercise of Options to consist solely of common stock of the acquiring or succeeding corporation
(or an affiliate thereof) equivalent in fair market value to the per share consideration received
by holders of outstanding shares of Common Stock as a result of the Reorganization Event.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing, if the acquiring or succeeding corporation (or an affiliate
thereof) does not agree to assume, or substitute for, such Options, then the Board shall, upon
written notice to the Participants, provide that all then unexercised Options will become
exercisable in full as of a specified time prior to the Reorganization Event and will terminate
immediately prior to the consummation of such Reorganization Event, except to the extent exercised
by the Participants before the consummation of such Reorganization Event; provided, however, that
in the event of a Reorganization Event under the terms of which holders of Common Stock will
receive upon consummation thereof a cash payment for each share of Common Stock surrendered
pursuant to such Reorganization Event (the &#147;Acquisition Price&#148;), then the Board may instead provide
that all outstanding Options shall terminate upon consummation of such Reorganization Event and
that each Participant shall receive, in exchange therefor, a cash payment equal to the amount (if
any) by which (A)&nbsp;the Acquisition Price multiplied by the number of shares of Common Stock subject
to such outstanding Options (whether or not then exercisable), exceeds (B)&nbsp;the aggregate exercise
price of such Options. To the extent all or any portion of an Option becomes exercisable solely as
a result of the first sentence of this paragraph, upon exercise of such Option the Participant
shall receive shares subject to a right of repurchase by the Company or its successor at the Option
exercise price. Such repurchase right (1)&nbsp;shall lapse at the same rate as the Option would have
become exercisable under its terms and (2)&nbsp;shall not apply to any shares subject to the Option that
were exercisable under its terms without regard to the first sentence of this paragraph.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any Option provides that it may be exercised for shares of Common Stock which remain
subject to a repurchase right in favor of the Company, upon the occurrence of a Reorganization
Event, any shares of restricted stock received upon exercise of such Option shall be treated in
accordance with Section&nbsp;8(c)(3) as if they were a Restricted Stock Award.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) <U>Consequences of a Reorganization Event on Restricted Stock Awards</U>. Upon the
occurrence of a Reorganization Event, the repurchase and other rights of the Company under each
outstanding Restricted Stock Award shall inure to the benefit of the Company&#146;s successor and shall
apply to the cash, securities or other property which the Common Stock was
converted into or exchanged for pursuant to such Reorganization Event in the same manner and
to the same extent as they applied to the Common Stock subject to such Restricted Stock Award.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) <U>Consequences of a Reorganization Event on Other Awards</U>. The Board shall specify
the effect of a Reorganization Event on any other Award granted under the Plan at the time of the
grant of such Award.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 12pt">9. <U>General Provisions Applicable to Awards</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;<U>Transferability of Awards</U>. Except as the Board may otherwise determine or provide
in an Award, Awards shall not be sold, assigned, transferred, pledged or otherwise encumbered by
the person to whom they are granted, either voluntarily or by operation of law, except by will or
the laws of descent and distribution, and, during the life of the Participant, shall be exercisable
only by the Participant. References to a Participant, to the extent relevant in the context, shall
include references to authorized transferees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;<U>Documentation</U>. Each Award shall be evidenced in such form (written, electronic or
otherwise) as the Board shall determine. Each Award may contain terms and conditions in addition
to those set forth in the Plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;<U>Board Discretion</U>. Except as otherwise provided by the Plan, each Award may be
made alone or in addition or in relation to any other Award. The terms of each Award need not be
identical, and the Board need not treat Participants uniformly.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;<U>Termination of Status</U>. The Board shall determine the effect on an Award of the
disability, death, retirement, authorized leave of absence or other change in the employment or
other status of a Participant and the extent to which, and the period during which, the
Participant, the Participant&#146;s legal representative, conservator, guardian or Designated
Beneficiary may exercise rights under the Award.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;<U>Withholding</U>. Each Participant shall pay to the Company, or make provision
satisfactory to the Board for payment of, any taxes required by law to be withheld in connection
with Awards to such Participant no later than the date of the event creating the tax liability.
Except as the Board may otherwise provide in an Award, when the Common Stock is registered under
the Exchange Act, Participants may satisfy such tax obligations in whole or in part by delivery of
shares of Common Stock, including shares retained from the Award creating the tax obligation,
valued at their Fair Market Value; provided, however, that the total tax withholding where stock is
being used to satisfy such tax obligations cannot exceed the Company&#146;s minimum statutory
withholding obligations (based on minimum statutory withholding rates for federal and state tax
purposes, including payroll taxes, that are applicable to such supplemental taxable income). The
Company may, to the extent permitted by law, deduct any such tax obligations from any payment of
any kind otherwise due to a Participant.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;<U>Amendment of Award</U>. The Board may amend, modify or terminate any outstanding
Award, including but not limited to, substituting therefor another Award of the same or a different
type, changing the date of exercise or realization, and converting an Incentive Stock Option to a
Nonstatutory Stock Option, provided that the Participant&#146;s consent to such
action shall be required unless the Board determines that the action, taking into account any
related action, would not materially and adversely affect the Participant.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;<U>Conditions on Delivery of Stock</U>. The Company will not be obligated to deliver any
shares of Common Stock pursuant to the Plan or to remove restrictions from shares previously
delivered under the Plan until (i)&nbsp;all conditions of the Award have been met or removed to the
satisfaction of the Company, (ii)&nbsp;in the opinion of the Company&#146;s counsel, all
</DIV>

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</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">other legal matters
in connection with the issuance and delivery of such shares have been satisfied, including any
applicable securities laws and any applicable stock exchange or stock market rules and regulations,
and (iii)&nbsp;the Participant has executed and delivered to the Company such representations or
agreements as the Company may consider appropriate to satisfy the requirements of any applicable
laws, rules or regulations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;<U>Acceleration</U>. The Board may at any time provide that any Award shall become
immediately exercisable in full or in part, free of some or all restrictions or conditions, or
otherwise realizable in full or in part, as the case may be.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">10. <U>Miscellaneous</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;<U>No Right To Employment or Other Status</U>. No person shall have any claim or right
to be granted an Award, and the grant of an Award shall not be construed as giving a Participant
the right to continued employment or any other relationship with the Company. The Company
expressly reserves the right at any time to dismiss or otherwise terminate its relationship with a
Participant free from any liability or claim under the Plan, except as expressly provided in the
applicable Award.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;<U>No Rights As Shareholder</U>. Subject to the provisions of the applicable Award, no
Participant or Designated Beneficiary shall have any rights as a shareholder with respect to any
shares of Common Stock to be distributed with respect to an Award until becoming the record holder
of such shares. Notwithstanding the foregoing, in the event the Company effects a split of the
Common Stock by means of a stock dividend and the exercise price of and the number of shares
subject to such Option are adjusted as of the date of the distribution of the dividend (rather than
as of the record date for such dividend), then an optionee who exercises an Option between the
record date and the distribution date for such stock dividend shall be entitled to receive, on the
distribution date, the stock dividend with respect to the shares of Common Stock acquired upon such
Option exercise, notwithstanding the fact that such shares were not outstanding as of the close of
business on the record date for such stock dividend.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;<U>Effective Date and Term of Plan</U>. The Plan shall become effective on the date on
which it is adopted by the Board. No Awards shall be granted under the Plan after the completion
of ten years from the earlier of (i)&nbsp;the date on which the Plan was adopted by the Board or (ii)
the date the Plan was approved by the Company&#146;s shareholders, but Awards previously granted may
extend beyond that date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;<U>Amendment of Plan</U>. The Board may amend, suspend or terminate the Plan or any
portion thereof at any time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;<U>Authorization of Sub-Plans</U>. The Board may from time to time establish one or more
sub-plans under the Plan for purposes of satisfying applicable blue sky, securities or tax laws of
various jurisdictions. The Board shall establish such sub-plans by adopting supplements to this
Plan containing (i)&nbsp;such limitations on the Board&#146;s discretion under the Plan as the Board deems
necessary or desirable or (ii)&nbsp;such additional terms and conditions not otherwise inconsistent with
the Plan as the Board shall deem necessary or desirable. All supplements adopted by the Board
shall be deemed to be part of the Plan, but each supplement shall apply
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">only to Participants within
the affected jurisdiction and the Company shall not be required to provide copies of any supplement
to Participants in any jurisdiction which is not the subject of such supplement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;<U>Governing Law</U>. The provisions of the Plan and all Awards made hereunder shall be
governed by and interpreted in accordance with the laws of the State of Delaware, without regard to
any applicable conflicts of law.
</DIV>


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<TYPE>EX-10.2
<SEQUENCE>4
<FILENAME>v33882exv10w2.htm
<DESCRIPTION>EXHIBIT 10.2
<TEXT>
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<DIV align="right" style="font-size: 10pt; margin-top: 12pt">EXHIBIT 10.2
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><FONT style="font-variant: SMALL-CAPS"><B>F5 Networks, Inc.</B></FONT>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS"><B>Acopia Acquisition Equity Incentive Plan</B></FONT>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Adopted
August&nbsp;5, 2007<BR>
Termination Date: August&nbsp;4, 2017</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>1. </B><FONT style="font-variant: SMALL-CAPS"><B>Purposes.</B></FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(a)&nbsp;Eligible Stock Award Recipients. </B>The persons eligible to receive Stock Awards are the
Employees, Directors and Consultants of Acopia Networks, Inc. and its Affiliates (&#147;Acopia&#148;) to whom
the Company offers employment in connection with the Company&#146;s acquisition of Acopia.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(b)&nbsp;Available Stock Awards. </B>The purpose of the Plan is to provide a means by which eligible
recipients of Stock Awards may be given an opportunity to benefit from increases in value of the
Common Stock through the granting of the following Stock Awards: (i)&nbsp;Options and (ii)&nbsp;Stock Units.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(c)&nbsp;General Purpose. </B>The Company, by means of the Plan, seeks to retain the services of the
group of persons eligible to receive Stock Awards, to secure and retain the services of new members
of this group and to provide incentives for such persons to exert maximum efforts for the success
of the Company and its Affiliates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2. </B><FONT style="font-variant: SMALL-CAPS"><B>Definitions.</B></FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;<B><I>&#147;Affiliate&#148; </I></B>means any parent corporation or subsidiary corporation of the Company, whether
now or hereafter existing, as those terms are defined in Sections 424(e) and (f), respectively, of
the Code.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;<B><I>&#147;Applicable Laws&#148;</I></B> means the legal requirements relating to the administration of equity
compensation plans, including under applicable U.S. state corporate laws, U.S. federal and
applicable state securities laws, other U.S. federal and state laws, the Code, any stock exchange
rules or regulations and the applicable laws, rules and regulations of any other country or
jurisdiction where Stock Awards are granted under the Plan, as such laws, rules, regulations and
requirements shall be in place from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;<B><I>&#147;Board&#148; </I></B>means the Board of Directors of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;<I>&#147;</I><B><I>Code&#148; </I></B>means the Internal Revenue Code of 1986, as amended.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;<B><I>&#147;Committee&#148; </I></B>means a committee appointed by the Board in accordance with subsection 3(c).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;<B><I>&#147;Common Stock&#148; </I></B>means the common stock of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;<B><I>&#147;Company&#148; </I></B>means F5 Networks, Inc., a Washington corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;<B><I>&#147;Consultant&#148; </I></B>means any person, including an advisor, (i)&nbsp;who is engaged by the Company or
an Affiliate to render services other than as an Employee or as a Director or (ii)&nbsp;who is a member
of the Board of Directors of an Affiliate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;<B><I>&#147;Continuous Service&#148; </I></B>means that the Participant&#146;s service with the Company or an
Affiliate, whether as an Employee, Director or Consultant, is not interrupted or terminated. The
Participant&#146;s Continuous Service shall not be deemed to have terminated merely because of a change
in the capacity in which the Participant renders service to the Company or an Affiliate as an
Employee,
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Consultant or Director or a change in the entity among the Company or an Affiliate for which
the Participant renders such service, provided that there is no interruption or termination of the
Participant&#146;s Continuous Service. For example, a change in status from an Employee of the Company
to a Consultant of an Affiliate or a Director of the Company will not constitute an interruption of
Continuous Service. Subject to Section&nbsp;6(e)(ii), the Board or the chief executive officer of the
Company, in that party&#146;s sole discretion, may determine whether Continuous Service shall be
considered interrupted in the case of any leave of absence approved by that party, including sick
leave, military leave or any other personal leave.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;<B><I>&#147;Covered Employee&#148; </I></B>means the chief executive officer and the four (4)&nbsp;other highest
compensated officers of the Company for whom total compensation is required to be reported to
shareholders under the Exchange Act, as determined for purposes of Section 162(m) of the Code.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;<B><I>&#147;Director&#148; </I></B>means a member of the Board of Directors of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;<B><I>&#147;Disability&#148; </I></B>means the permanent and total disability of a person within the meaning of
Section&nbsp;22(e)(3) of the Code.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;<B><I>&#147;Employee&#148; </I></B>means any person employed by the Company or an Affiliate. Subject to the
Applicable Laws, the determination of whether an individual (including leased and temporary
employees) is an Employee hereunder shall be made by the Board (or its Committee), in its sole
discretion. Mere service as a Director or payment of a director&#146;s fee by the Company or an
Affiliate shall not be sufficient to constitute &#147;employment&#148; by the Company or an Affiliate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;<B><I>&#147;Exchange Act&#148; </I></B>means the Securities Exchange Act of 1934, as amended.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;<B>&#147;</B><B><I>Fair Market Value&#148; </I></B>means, as of any date, the value of the Common Stock determined as
follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;If the Common Stock is listed on any established stock exchange or traded on the Nasdaq
National Market, the Fair Market Value of a Share shall be the closing sales price for such stock
(or the closing bid, if no sales were reported) as quoted on such exchange or market (or such other
exchange or market with the greatest volume of trading in the Common Stock) on the day of
determination or, if the day of determination is not a market trading day, then on the last market
trading day prior to the day of determination, as reported in such source or sources as the Board
deems reliable, or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;In the absence of such markets for the Common Stock, the Fair Market Value shall be
determined in good faith by the Board.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;<B><I>&#147;Independent Director&#148; </I></B>means a Director who qualifies as an &#147;independent&#148; director under
applicable Nasdaq rules (or the rules of any exchange on which the Common Stock is then listed or
approved for listing).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;<B><I>&#147;Non-Employee Director&#148; </I></B>means a Director of the Company who either (i)&nbsp;is not a current
Employee or Officer of the Company or its parent or a subsidiary, does not receive compensation
(directly or indirectly) from the Company or its parent or a subsidiary for services rendered as a
consultant or in any capacity other than as a Director (except for an amount as to which disclosure
would not be required under Item 404(a) of Regulation&nbsp;S-K promulgated pursuant to the Securities
Act (&#147;Regulation&nbsp;S-K&#148;)), does not possess an interest in any other transaction as to which
disclosure would be required under Item 404(a) of Regulation&nbsp;S-K and is not engaged in a business
relationship as to which disclosure would be required under Item 404(b) of Regulation&nbsp;S-K; or (ii)
is otherwise considered a &#147;non-employee director&#148; for purposes of Rule&nbsp;16b-3.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)&nbsp;<B><I>&#147;Officer&#148; </I></B>means a person who is an officer of the Company within the meaning of Section&nbsp;16
of the Exchange Act and the rules and regulations promulgated thereunder.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)&nbsp;<B><I>&#147;Option&#148; </I></B>means a nonstatutory stock option (meaning, an option not intended to qualify as
an incentive stock option under Code Section&nbsp;422) granted pursuant to the Plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)&nbsp;<B><I>&#147;Outside Director&#148; </I></B>means a Director of the Company who either (i)&nbsp;is not a current
Employee of the Company or an &#147;affiliated corporation&#148; (within the meaning of Treasury Regulations
promulgated under Section 162(m) of the Code), is not a former Employee of the Company or an
&#147;affiliated corporation&#148; receiving compensation for prior services (other than benefits under a tax
qualified pension plan), was not an officer of the Company or an &#147;affiliated corporation&#148; at any
time and is not currently receiving direct or indirect remuneration from the Company or an
&#147;affiliated corporation&#148; for services in any capacity other than as a Director or (ii)&nbsp;is otherwise
considered an &#147;outside director&#148; for purposes of Section 162(m) of the Code.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)&nbsp;<B><I>&#147;Participant&#148; </I></B>means a person to whom a Stock Award is granted pursuant to the Plan or, if
applicable, such other person who holds an outstanding Stock Award.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;<B><I>&#147;Plan&#148;
</I></B>means this F5 Networks, Inc. Acopia Acquisition Equity Incentive Plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w)&nbsp;<B><I>&#147;Rule&nbsp;16b-3&#148; </I></B>means Rule&nbsp;16b-3 promulgated under the Exchange Act or any successor to Rule
16b-3, as in effect from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;<B><I>&#147;Securities Act&#148; </I></B>means the Securities Act of 1933, as amended.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y)&nbsp;<B>&#147;</B><B><I>Share</I></B><B>&#148; </B>means a share of the Common Stock, as adjusted in accordance with Section&nbsp;11
below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z)&nbsp;<B><I>&#147;Stock Award&#148; </I></B>means any right involving Shares granted under the Plan, including an Option
or Stock Unit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa)&nbsp;<B><I>&#147;Stock Award Agreement&#148; </I></B>means a written agreement between the Company and a holder of a
Stock Award evidencing the terms and conditions of an individual Stock Award grant. Each Stock
Award Agreement shall be subject to the terms and conditions of the Plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb)&nbsp;<B><I>&#147;Stock Unit</I></B>&#148; means an award giving the right to receive Shares granted under Section&nbsp;7
below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>3. </B><FONT style="font-variant: SMALL-CAPS"><B>Administration.</B></FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(a)&nbsp;Administration by Board. </B>The Board shall administer the Plan unless and until the Board
delegates administration to a Committee or an administrator, as provided in subsection 3(c).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(b)&nbsp;Powers of Board. </B>The Board shall have the power, subject to, and within the limitations
of, the express provisions of the Plan:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(i) </B>To determine from time to time which of the persons eligible under the Plan shall be
granted Stock Awards; when and how each Stock Award shall be granted; what type or combination of
types of Stock Awards shall be granted; the provisions, terms and conditions of each Stock Award
granted (which need not be identical as among Participants or as among types of Stock Awards),
including, without limitation: the time or times when a person shall be permitted to receive Shares
pursuant to a Stock Award, the number of Shares with respect to which a Stock Award shall be
granted to each such person, the exercise or purchase price (if any) of a Stock Award, the time or
times when Stock Awards may be exercised (which may be based on performance criteria), any vesting
acceleration or waiver of forfeiture restrictions, any pro rata adjustment to vesting as a result
of a Participant&#146;s transitioning from full- to part-time service (or vice versa), and any other
restriction (including forfeiture restriction), limitation or term of any Stock Award, based in
each case on such factors as the Board, in its sole discretion, shall determine;
</div>
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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">provided, however, that such provisions, terms and conditions are not inconsistent with the
terms of the Plan.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(ii) </B>In order to fulfill the purposes of the Plan and without amending the Plan, to modify
grants of Stock Awards to Participants who are foreign nationals or employed outside of the United
States in order to recognize differences in local law, tax policies or customs.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(iii) </B>To construe and interpret the Plan and Stock Awards granted under it, and to establish,
amend and revoke rules and regulations for its administration. The Board, in the exercise of this
power, may correct any defect, omission or inconsistency in the Plan or in any Stock Award
Agreement, in a manner and to the extent it shall deem necessary or expedient to make the Plan
fully effective.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(iv) </B>To amend the Plan or a Stock Award as provided in Section&nbsp;12.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(v) </B>Generally, to exercise such powers and to perform such acts as the Board deems necessary
or expedient to promote the best interests of the Company which are not in conflict with the
provisions of the Plan.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(c)&nbsp;Delegation to Committee. </B>The Board may delegate administration of the Plan to a Committee
or Committees of one or more members of the Board, and the term &#147;Committee&#148; shall apply to any
person or persons to whom such authority has been delegated. In the discretion of the Board, the
Committee may consist solely of two or more Outside Directors, in accordance with Section 162(m) of
the Code, and/or solely of two or more Non-Employee Directors, in accordance with Rule&nbsp;16b-3,
and/or solely of two or more Independent Directors under applicable Nasdaq (or other exchange)
rules. The Board or the Committee may further delegate its authority and responsibilities under
the Plan to an Officer. However, if administration is delegated to an Officer, such Officer may
grant Stock Awards only within guidelines established by the Board or the Committee, and only the
Board or the Committee may make a Stock Award to an Officer or Director. If administration is
delegated to a Committee, the Committee shall have, in connection with the administration of the
Plan, the powers theretofore possessed by the Board, including the power to delegate to a
subcommittee any of the administrative powers the Committee is authorized to exercise (and
references in this Plan to the Board shall thereafter be to the Committee or subcommittee, or an
Officer to whom authority has been delegated), subject, however, to such resolutions, not
inconsistent with the provisions of the Plan, as may be adopted from time to time by the Board.
The Board may abolish the Committee at any time and revest in the Board the administration of the
Plan, and unless otherwise specified by the Board shall retain any authority granted to a committee
or individual hereunder unto itself.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>4. </B><FONT style="font-variant: SMALL-CAPS"><B>Shares Subject to the Plan.</B></FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(a)&nbsp;Share Reserve. </B>Subject to the provisions of Section&nbsp;11 relating to adjustments upon
changes in stock, the stock that may be issued pursuant to Stock Awards shall not exceed in the
aggregate Six Hundred Thousand (600,000) Shares of Common Stock<SUP style="font-size: 85%; vertical-align: text-top">1</SUP>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(b)&nbsp;Section&nbsp;</B><B>162(m)</B><B> Limitation on Share Numbers. </B>No Employee shall be eligible to be granted
Stock Awards covering more than One Million (1,000,000) Shares during any fiscal year of the
Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(c)&nbsp;Reversion of Shares to the Share Reserve. </B>If any Stock Award shall for any reason expire
or otherwise terminate, in whole or in part, without having been exercised in full, the Shares not
acquired under such Stock Award shall revert to and again become available for issuance under the
Plan. Further, if any previously-issued Shares are forfeited under the terms and conditions of the
Stock Award, then any Shares so forfeited shall revert to and again become available for issuance
under the Plan. The provisions of this Section 4(c) are qualified by Section 4(a) such that the
total number of Shares issued and
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>As adjusted to reflect two-for-one forward
stock split effective August&nbsp;20, 2007</TD>
</TR>

</TABLE>


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<DIV style="font-family: 'Times New Roman',Times,serif">





<DIV align="left" style="font-size: 10pt; margin-top: 6pt">outstanding under the Plan at any time may not exceed the number set forth in Section 4(a) (as
adjusted under Section&nbsp;11).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(d)&nbsp;Source of Shares. </B>The stock subject to the Plan may be unissued Shares or reacquired
Shares, bought on the market or otherwise.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>5. </B><FONT style="font-variant: SMALL-CAPS"><B>Eligibility.</B></FONT> Stock Awards may be granted to Employees, Directors and Consultants.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>6. </B><FONT style="font-variant: SMALL-CAPS"><B>Option Provisions</B></FONT>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Option shall be in such form and shall contain such terms and conditions as the Board
shall deem appropriate. The provisions of separate Options need not be identical, but each Option
shall include (through incorporation of provisions hereof by reference in the Option or otherwise)
the substance of each of the following provisions:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(a)&nbsp;Term. </B>No Option shall be exercisable after the expiration of ten (10)&nbsp;years from the date
it was granted.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(b)&nbsp;Exercise Price of an Option. </B>The exercise price of each Option shall be at least equal to
the Fair Market Value of the stock subject to the Option on the date the Option is granted.
Notwithstanding the foregoing, an Option may be granted with an exercise price lower than that set
forth in the preceding sentence if such Option is granted pursuant to an assumption or substitution
for another option in a manner satisfying the provisions of Section 424(a) of the Code.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(c)&nbsp;Consideration. </B>The purchase price of stock acquired pursuant to an Option shall be paid,
to the extent permitted by applicable statutes and regulations, either (i)&nbsp;in cash, check or wire
transfer at the time the Option is exercised or (ii)&nbsp;at the discretion of the Board at the time of
the grant of the Option or subsequently by (1)&nbsp;delivery to the Company of other Shares that have
a Fair Market Value on the date of surrender equal to the aggregate exercise price of the Shares as
to which the Option is exercised, provided that in the case of Shares acquired, directly or
indirectly, from the Company, such Shares must have been owned by the Participant for more than six
(6)&nbsp;months on the date of surrender (or such other period as may be required to avoid the Company&#146;s
incurring an adverse accounting charge), (2)&nbsp;if, as of the date of exercise of an Option the
Company then is permitting Employees to engage in a &#147;same-day sale&#148; cashless brokered exercise
program involving one or more brokers, through such a program that complies with the Applicable
Laws (including without limitation the requirements of Regulation&nbsp;T and other applicable
regulations promulgated by the Federal Reserve Board) and that ensures prompt delivery to the
Company of the amount required to pay the exercise price and any applicable withholding taxes, (3)
in any other form of legal consideration that may be acceptable to the Board, or (4)&nbsp;any
combination of the foregoing methods. In making its determination as to the type of consideration
to accept, the Board shall consider if acceptance of such consideration may be reasonably expected
to benefit the Company and the Board may, in its sole discretion, refuse to accept a particular
form of consideration at the time of any Option exercise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(d)&nbsp;Transferability of an Option. </B>The Option shall not be transferable except by will or by
the laws of descent and distribution and shall be exercisable during the lifetime of the
Participant only by the Participant. Notwithstanding the foregoing provisions of this subsection
6(d), the Participant may, by delivering written notice to the Company, in a form satisfactory to
the Company, designate a third party who, in the event of the death of the Participant, shall
thereafter be entitled to exercise the Option.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(e)&nbsp;Vesting.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(<B>i) Generally. </B>The total number of Shares of Common Stock subject to an Option may, but need
not, vest and therefore become exercisable in periodic installments which may, but need not, be
equal. The Option may be subject to such other terms and conditions on the time or times when it
may be exercised (which may be based on performance or other criteria) as the Board may deem
appropriate. The vesting provisions of individual Options may vary. The provisions of this
subsection 6(e) are subject to any Option provisions governing the minimum number of Shares as to
which an Option may be exercised.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(ii)&nbsp;Leave of Absence. </B>The Board (or any other party to whom such authority has been
delegated, including under this Plan) shall have the discretion to determine whether and to what
extent the vesting of Options shall be tolled during any unpaid leave of absence; <I>provided,
however, </I>that in the absence of such determination, vesting of Options shall be tolled during any
such unpaid leave (unless otherwise required by the Applicable Laws). In the event of military
leave, vesting shall toll during any unpaid portion of such leave, provided that, upon a
Participant&#146;s returning from military leave (under conditions that would entitle him or her to
protection upon such return under the Uniform Services Employment and Reemployment Rights Act), he
or she shall be given vesting credit with respect to Options to the same extent as would have
applied had the Participant continued to provide services to the Company throughout the leave on
the same terms as he or she was providing services immediately prior to such leave.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(f)&nbsp;Termination of Continuous Service. </B>In the event a Participant&#146;s Continuous Service
terminates (other than upon the Participant&#146;s death or Disability), the Participant may exercise
his or her Option (to the extent that the Participant was vested in the Option Shares and entitled
to exercise such Option as of the date of termination) but only within such period of time ending
on the earlier of (i)&nbsp;the date three (3)&nbsp;months following the termination of the Participant&#146;s
Continuous Service (or such longer or shorter period specified in the Option Agreement), or (ii)
the expiration of the term of the Option as set forth in the Option Agreement. If, after
termination, the Participant does not exercise his or her Option within the time specified in the
Option Agreement, the Option shall terminate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(g)&nbsp;Extension of Termination Date. </B>Following the termination of the Participant&#146;s Continuous
Service (other than upon the Participant&#146;s death or Disability), if the Participant would be
prohibited at any time solely because the issuance of Shares would violate the registration
requirements under the Securities Act or violate any prohibition on trading on the basis of
possession of material nonpublic information involving the Company and its business, then the
Option shall terminate on the earlier of (i)&nbsp;the expiration of the term of the Option set forth in
subsection 6(a), or (ii)&nbsp;the expiration of a period of three (3)&nbsp;months after the termination of
the Participant&#146;s Continuous Service during which the exercise of the Option would not be in
violation of such requirements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(h)&nbsp;Disability of Participant. </B>In the event a Participant&#146;s Continuous Service terminates as
a result of the Participant&#146;s Disability, the Participant may exercise his or her Option (to the
extent that the Participant was vested in the Option Shares and entitled to exercise the Option as
of the date of termination), but only within such period of time ending on the earlier of (i)&nbsp;the
date twelve (12)&nbsp;months following such termination (or such longer or shorter period specified in
the Option Agreement) or (ii)&nbsp;the expiration of the term of the Option as set forth in the Option
Agreement. If, after termination, the Participant does not exercise his or her Option within the
time specified herein, the Option shall terminate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(i)&nbsp;Death of Participant. </B>In the event (i)&nbsp;a Participant&#146;s Continuous Service terminates as
a result of the Participant&#146;s death or (ii)&nbsp;the Participant dies within the period (if any)
specified in the Option Agreement after the termination of the Participant&#146;s Continuous Service for
a reason other than death, then the Option may be exercised (to the extent the Participant was
vested in the Option Shares and entitled to exercise the Option as of the date of death) by the
Participant&#146;s estate, by a person who acquired the right to exercise the Option by bequest or
inheritance or by a person designated to exercise the Option upon the Participant&#146;s death pursuant
to subsection 6(d), but only within the period ending on the earlier of (1)&nbsp;the date eighteen (18)
months following the date of death (or such longer or shorter period specified in
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the Option Agreement) or (2)&nbsp;the expiration of the term of such Option as set forth in the
Option Agreement. If, after death, the Option is not exercised within the time specified herein,
the Option shall terminate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(j)&nbsp;Exercise Generally. </B>Options shall be considered exercised when the Company (or its
authorized agent) receives (i)&nbsp;written or electronic notice from the person entitled to exercise
the Option of intent to exercise a specific number of Shares, (ii)&nbsp;full payment or appropriate
provision for payment in a form and method acceptable to the Board or Committee, for the Shares
being exercised, and (iii)&nbsp;if applicable, payment or appropriate provision for payment of any
withholding taxes due on exercise. An Option may not be exercised for a fraction of a Share. The
Option may, at the discretion of the Board or Committee, include a provision whereby the
Participant may elect to exercise the Option as to Shares that are not yet vested. Unvested Shares
exercised in such manner may be subject to a Company repurchase right under Section 10(f) or such
other restrictions or conditions as the Board or Committee may determine.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(k)&nbsp;Administrator Discretion. </B>Notwithstanding the provisions of this Section&nbsp;6, the Board or
the Committee shall have complete discretion exercisable at any time to (i)&nbsp;extend the period of
time for which an Option is to remain exercisable, following the Participant&#146;s termination of
Continuous Service, but in no event beyond the expiration date for the Option, and (ii)&nbsp;permit the
Option to be exercised, during the applicable post-termination exercise period, not only with
respect to the number of Shares that were vested on the date of
termination, but also with respect
to additional Shares on such terms and conditions as the Board or Committee may determine.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>7. </B><FONT style="font-variant: SMALL-CAPS"><B>Provisions of Stock Awards other than Options.</B></FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Stock Award Agreement reflecting the issuance of a Stock Unit shall be in such form and
shall contain such terms and conditions as the Board shall deem appropriate. The terms and
conditions of such agreements may change from time to time, and the terms and conditions of
separate agreements need not be identical, but each such agreement shall include (through
incorporation of provisions hereof by reference in the agreement or otherwise) the substance of
each of the following provisions:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(a)&nbsp;Consideration. </B>A Stock Unit may be awarded in consideration for such property or services
as is permitted under Applicable Law, including for past services actually rendered to the Company
or an Affiliate for its benefit.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(b)&nbsp;Vesting; Restrictions. </B>Shares of Common Stock awarded under the agreement reflecting a
Stock Unit may, but need not, be subject to a Share repurchase option, forfeiture restriction
or other conditions in favor of the Company in accordance with a vesting or lapse schedule to be
determined by the Board.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(c)&nbsp;Termination of Participant&#146;s Continuous Service. </B>In the event a Participant&#146;s Continuous
Service terminates, the Company may reacquire any or all of the Shares of Common Stock held by the
Participant which have not vested or which are otherwise subject to forfeiture or other conditions
as of the date of termination under the terms of the agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(d)&nbsp;Transferability. </B>Rights to acquire Shares of Common Stock under a Stock Unit agreement
shall not be transferable except by will or by the laws of descent and distribution, and Shares of
Common Stock issued upon vesting of a Stock Unit shall be issuable during the lifetime of the
Participant only to the Participant. Notwithstanding the foregoing provisions of this subsection
7(d), the Participant may, by delivering written notice to the Company, in a form satisfactory to
the Company, designate a third party who, in the event of the death of the Participant, shall
thereafter be entitled to receive Shares of Common Stock issued upon vesting of a Stock Unit.
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>8. </B><FONT style="font-variant: SMALL-CAPS"><B>Covenants of the Company.</B></FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(a)&nbsp;Availability of Shares. </B>During the terms of the Stock Awards, the Company shall keep
available at all times the number of Shares of Common Stock required to satisfy such Stock Awards.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(b)&nbsp;Securities Law Compliance. </B>The Company shall seek to obtain from each regulatory
commission or agency having jurisdiction over the Plan such authority as may be required to grant
Stock Awards and to issue and sell Shares upon exercise of the Stock Awards; provided, however,
that this undertaking shall not require the Company to register under the Securities Act the Plan,
any Stock Award or any stock issued or issuable pursuant to any such Stock Award. If, after
reasonable efforts, the Company is unable to obtain from any such regulatory commission or agency
the authority which counsel for the Company deems necessary for the lawful issuance and sale of
stock under the Plan, the Company shall be relieved from any liability for failure to issue and
sell stock upon exercise of such Stock Awards unless and until such authority is obtained.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>9. </B><FONT style="font-variant: SMALL-CAPS"><B>Use of Proceeds from Stock; Unfunded Plan.</B></FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from the sale of stock pursuant to Stock Awards shall constitute general funds of the
Company. The Plan shall be unfunded. Although bookkeeping accounts may be established with
respect to Participants who are granted Stock Awards hereunder, any such accounts will be used
merely as a bookkeeping convenience. The Company shall not be required to segregate any asset
which may at any time be represented by Stock Awards, nor shall this Plan be construed as providing
for such segregation, nor shall the Company nor any party authorized to administer the Plan be
deemed to be a trustee of stock or cash to be awarded under the Plan. Any liability of the Company
to any Participant with respect to a Stock Award shall be based solely upon any contractual
obligations which may be created by the Plan; no such obligation of the Company shall be deemed to
be secured by any pledge or other encumbrance on any property of the Company. Neither the Company
nor any party authorized to administer the Plan shall be required to give any security or bond for
the performance of any obligation which may be created by this Plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>10. </B><FONT style="font-variant: SMALL-CAPS"><B>Miscellaneous.</B></FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(a)&nbsp;Acceleration of Exercisability and Vesting. </B>The Board shall have the power to accelerate
the time at which a Stock Award may first be exercised or the time during which a Stock Award or
any part thereof will vest, become exercisable or be settled in accordance with the Plan,
notwithstanding the provisions in the Stock Award stating the time at which it may first vest, be
exercised or be settled.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(b)&nbsp;Shareholder Rights. </B>No Participant shall be deemed to be the holder of, or to have any of
the rights of a holder with respect to, any Shares subject to such Stock Award unless and until
such Participant has satisfied all requirements for exercise of the Stock Award pursuant to its
terms.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(c)&nbsp;No Employment or other Service Rights. </B>Nothing in the Plan or any instrument executed or
any Stock Award granted pursuant thereto shall confer upon any Participant or other holder of Stock
Awards any right to continue to serve the Company or an Affiliate in the capacity in effect at the
time the Stock Award was granted or shall affect the right of the Company or an Affiliate to
terminate (i)&nbsp;the employment of an Employee with or without notice and with or without cause, (ii)
the service of a Consultant pursuant to the terms of such Consultant&#146;s agreement with the Company
or an Affiliate or (iii)&nbsp;the service of a Director pursuant to the Bylaws of the Company or an
Affiliate, and any applicable provisions of the corporate law of the state in which the Company or
the Affiliate is incorporated, as the case may be.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(d)&nbsp;Investment Assurances. </B>The Company may require a Participant, as a condition of
exercising or acquiring Shares under any Stock Award, (i)&nbsp;to give written assurances satisfactory
to the Company as to the Participant&#146;s knowledge and experience in financial and business matters
and/or to employ a purchaser representative reasonably satisfactory to the Company who is
knowledgeable and
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">experienced in financial and business matters and that he or she is capable of evaluating,
alone or together with the purchaser representative, the merits and risks of exercising the Stock
Award; and (ii)&nbsp;to give written assurances satisfactory to the Company stating that the Participant
is acquiring the stock subject to the Stock Award for the Participant&#146;s own account and not with
any present intention of selling or otherwise distributing the stock. The foregoing requirements,
and any assurances given pursuant to such requirements, shall be inoperative if (iii)&nbsp;the issuance
of the Shares upon the exercise or acquisition of stock under the Stock Award has been registered
under a then currently effective registration statement under the Securities Act or (iv)&nbsp;as to any
particular requirement, a determination is made by counsel for the Company that such requirement
need not be met in the circumstances under the then applicable securities laws. The Company may,
upon advice of counsel to the Company, place legends on stock certificates issued under the Plan as
such counsel deems necessary or appropriate in order to comply with applicable securities laws,
including, but not limited to, legends restricting the transfer of the stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(e)&nbsp;Withholding Obligations. </B>To the extent provided by the terms of a Stock Award Agreement,
the Participant may satisfy any federal, state or local tax withholding obligation relating to the
exercise or acquisition of Shares under a Stock Award by any of the following means (in addition to
the Company&#146;s right to withhold from any compensation paid to the Participant by the Company) or by
a combination of such means: (i)&nbsp;tendering a cash payment; (ii)&nbsp;authorizing the Company to
withhold Shares from the Shares otherwise issuable to the Participant as a result of the exercise
or acquisition of stock under the Stock Award; or (iii)&nbsp;delivering to the Company owned and
unencumbered Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(f)&nbsp;Stock Unit Repurchase Limitation. </B>The terms of any repurchase option for a Stock Unit
shall be specified in the Stock Award and may be at the Fair Market Value of the stock subject to
the Stock Award at the time of repurchase, at the original price or on such terms and conditions as
the Board may determine (and as shall be reflected in the Stock Award Agreement); <I>provided however</I>
that this Section 10(f) shall in no way limit the Company&#146;s ability to adjust any Stock Award as
provided under Section&nbsp;11 below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(g)&nbsp;Cancellation and Re-Grant of Options. </B>The Company may not reprice any outstanding Stock
Awards under the Plan, including implement any program whereby outstanding Stock Awards will be
cancelled and replaced with Stock Awards bearing a lower purchase or exercise price, without first
obtaining the approval of the shareholders of the Company; <I>provided however </I>that this Section 10(g)
shall in no way limit the Company&#146;s ability to adjust Stock Awards as provided under Section&nbsp;11
below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(h)&nbsp;Interpretation of Plan and Stock Awards</B>. In the event that any provision of the Plan or
any Stock Award granted under the Plan is declared to be illegal, invalid or otherwise
unenforceable by a court of competent jurisdiction, such provision shall be reformed, if possible,
to the extent necessary to render it legal, valid and enforceable, or otherwise deleted, and the
remainder of the terms of the Plan and/or Stock Award shall not be affected to the extent necessary
to reform or delete such illegal, invalid or unenforceable provision. All questions arising under
the Plan or under any Stock Award shall be decided by the Board or the Committee in its or their
total and absolute discretion and such decisions shall be final and binding on all parties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(i)&nbsp;Electronic Communication</B>. Any document required to be delivered under the Plan, including
under the Applicable Laws, may be delivered in writing or electronically. Signature may also be
electronic if permitted by the Board or the Committee, and if permitted by Applicable Law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(j)&nbsp;Escrow of Shares</B>. To enforce any restriction applicable to Shares issued under the Plan,
the Board or the Committee may require a Participant or other holder of such Shares to deposit the
certificates representing such Shares, with approved stock powers or other transfer instruments
endorsed in blank, with the Company or an agent of the Company until the restrictions have lapsed.
Such certificates (or other notations representing the Shares) may bear a legend or legends
referencing the applicable restrictions.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>11. </B><FONT style="font-variant: SMALL-CAPS"><B>Adjustments upon Changes in Stock.</B></FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(a)&nbsp;Capitalization Adjustments. </B>If any change is made in the stock subject to the Plan, or
subject to any Stock Award, without the receipt of consideration by the Company (through merger,
consolidation, reorganization, recapitalization, reincorporation, stock dividend, dividend in
property other than cash, stock split, liquidating dividend, combination of shares, exchange of
shares, change in corporate structure or other transaction not involving the receipt of
consideration by the Company), the Plan will be appropriately adjusted in the class(es) and maximum
number of securities subject to the Plan pursuant to subsection 4(a) and the maximum number of
securities subject to award to any person pursuant to subsection 4(b), and the outstanding Stock
Awards will be appropriately adjusted in the class(es) and number of securities and price per Share
of stock subject to such outstanding Stock Awards. The Board, the determination of which shall be
final, binding and conclusive, shall make such adjustments. (The conversion of any convertible
securities of the Company shall not be treated as a transaction &#147;without receipt of consideration&#148;
by the Company.)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(b)&nbsp;Change in Control&#151;Dissolution or Liquidation. </B>In the event of a dissolution or
liquidation of the Company, then such Stock Awards shall be terminated if not exercised (if
applicable) prior to such event.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(c)&nbsp;Change in Control&#151;Asset Sale, Merger, Consolidation or Reverse Merger or Acquisition of
Stock.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(i) </B>In the event of (1)&nbsp;a sale of substantially all of the assets of the Company, or (2)&nbsp;a
merger or consolidation in which the Company is not the surviving corporation or (3)&nbsp;a reverse
merger in which the Company is the surviving corporation but the shares of Common Stock outstanding
immediately preceding the merger are converted by virtue of the merger into other property, whether
in the form of securities, cash or otherwise, or (4)&nbsp;the direct or indirect acquisition (including
by way of a tender or exchange offer) by any person, or persons acting as a group, of beneficial
ownership or a right to acquire beneficial ownership of shares representing a majority of the
voting power of the then outstanding shares of capital stock of the Company<B>, </B>then any surviving
corporation or acquiring corporation shall assume any Stock Awards outstanding under the Plan or
shall substitute similar awards (including with respect to a Stock Award an award to acquire the
same consideration paid to the shareholders in the transaction described in this subsection 11(c)
for those outstanding under the Plan).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(ii) </B>For purposes of subsection 11(c) a Stock Award shall be deemed assumed if, following the
change in control, the Stock Award confers the right to purchase in accordance with its terms and
conditions, for each share of Common Stock subject to the Stock Award immediately prior to the
change in control, the consideration (whether stock, cash or other securities or property) to which
a holder of a share of Common Stock on the effective date of the change in control was entitled.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(iii) </B>Subject to the provisions of any Stock Award Agreement, in the event any surviving
corporation or acquiring corporation refuses to assume such Stock Awards or to substitute similar
stock awards for those outstanding under the Plan, then with respect to Stock Awards held by
Participants whose Continuous Service has not terminated, the vesting of 50% of such Stock Awards
(and, if applicable, the time during which such Stock Awards may be exercised or settled) shall be
accelerated in full, and the Stock Awards shall terminate if not exercised or settled (if
applicable) at or prior to such event. With respect to any other Stock Awards outstanding under
the Plan, such Stock Awards shall terminate if not exercised (if applicable) prior to such event.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(iv) </B>The Board shall at all times have the authority, in its sole discretion, to provide for
additional or different vesting, exercisability, settlement or forfeiture conditions with respect
to Stock Awards than that reflected in this Section&nbsp;11(c), <I>provided </I>that its determinations in this
regard shall be reflected in the Stock Award Agreement (including in amendments thereto) issued to
the affected Participant.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>12. </B><FONT style="font-variant: SMALL-CAPS"><B>Amendment of the Plan and Stock Awards.</B></FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(a)&nbsp;Amendment of Plan. </B>The Board at any time, and from time to time, may amend the Plan.
However, except as provided in Section&nbsp;11 relating to adjustments upon changes in stock, no
amendment shall be effective unless approved by the shareholders of the Company to the extent
shareholder approval is necessary to satisfy the requirements of Rule&nbsp;16b-3 or any Nasdaq or
securities exchange listing requirements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(b)&nbsp;Shareholder Approval. </B>Stock Awards issued pursuant to the Plan are intended to comply
with Nasdaq Marketplace Rule&nbsp;4350(i)(1)(A)(iv). To the extent applicable, the Board may, in its
sole discretion, submit any other amendment to the Plan for shareholder approval, including, but
not limited to, amendments to the Plan intended to satisfy the requirements of Section 162(m) of
the Code and the regulations thereunder regarding the exclusion of performance-based compensation
from the limit on corporate deductibility of compensation paid to certain executive officers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(c)&nbsp;Contemplated Amendments. </B>It is expressly contemplated that the Board may amend the Plan
in any respect the Board deems necessary or advisable to provide eligible Employees with the
maximum benefits provided or to be provided under the provisions of the Code or any other
Applicable Law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(d)&nbsp;No Impairment of Rights. </B>Rights under any Stock Award granted before amendment of the
Plan shall not be materially impaired by any amendment of the Plan unless (i)&nbsp;the Company requests
the consent of the Participant and (ii)&nbsp;the Participant consents in writing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(e)&nbsp;Amendment of Stock Awards. </B>The Board at any time, and from time to time, may amend the
terms of any one or more Stock Awards; provided, however, that the rights under any Stock Award
shall not be materially impaired by any such amendment unless (i)&nbsp;the Company requests the consent
of the Participant and (ii)&nbsp;the Participant consents in writing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>13. </B><FONT style="font-variant: SMALL-CAPS"><B>Termination or Suspension of the Plan.</B></FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(a)&nbsp;Plan Term. </B>The Board may suspend or terminate the Plan at any time. Unless sooner
terminated, the Plan shall terminate on the day before the tenth (10th) anniversary of the date the
Plan is adopted by the Board.
No Stock Awards may be granted under the Plan while the Plan is suspended or after it is
terminated.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(b)&nbsp;No Impairment of Rights. </B>Suspension or termination of the Plan shall not materially
impair rights and obligations under any Stock Award granted while the Plan is in effect except with
the written consent of the Participant.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>14. </B><FONT style="font-variant: SMALL-CAPS"><B>Effective Date of Plan.</B></FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Plan shall become effective as determined by the Board.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>15.&nbsp;</B><FONT style="font-variant: SMALL-CAPS"><B>Governing Law. </B></FONT>All questions concerning the construction, validity and interpretation
of this Plan shall be governed by the law of the State of Washington, without regard to such states
conflict of laws rules.
</DIV>

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<TYPE>EX-23.1
<SEQUENCE>5
<FILENAME>v33882exv23w1.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
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<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;23.1
</DIV>



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We hereby consent to the incorporation by reference in this Registration Statement on Form S-8 of
our report dated December&nbsp;8, 2006 relating to the financial statements, financial statement
schedule, management&#146;s assessment of the effectiveness of internal control over financial reporting
and the effectiveness of internal control over financial reporting, which appears in F5 Networks,
Inc.&#146;s Annual Report on Form 10-K for the year ended September&nbsp;30, 2006.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">/s/ PricewaterhouseCoopers LLP
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">PricewaterhouseCoopers LLP<br>
Seattle, WA<br>
September&nbsp;17, 2007
</DIV>



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