EX-10.3




 Exhibit 10.3 

Execution Version 

EMPLOYMENT AGREEMENT 

Iain MacKenzie 

EMPLOYMENT AGREEMENT (this “Agreement”), dated as of December 18, 2012, by and among SMART Modular Technologies,
Inc., a California corporation (the “Company”), Saleen Holdings, Inc., a Cayman Islands exempted company (“Parent”) and Iain MacKenzie (“Executive” and, together with the Company and Parent, the
“Parties” individually, a “Party”). 
 WHEREAS, the Company and Parent desire to continue to employ
Executive pursuant to the terms, provisions and conditions set forth in this Agreement; 
 WHEREAS, Executive desires to accept such
continuous employment on the terms hereinafter set forth in this Agreement; and 
 WHEREAS, Executive acknowledges that
(i) Executive’s employment with the Company and Parent will provide Executive with trade secrets of, and confidential information concerning, the “Company Group” (as defined in Section 7) and (ii) the covenants
contained in this Agreement are essential to protect the business and goodwill of the Company Group. 
 NOW, THEREFORE, in
consideration of the promises and the mutual covenants herein contained, the Parties hereby agree as follows: 
 1. Term. Subject to
earlier termination in accordance with the provisions of Section 6 of this Agreement, Executive shall be employed by the Company and Parent for a period commencing on August 26, 2011 (the “Effective Date”) and
ending at 11:59 pm Pacific time on the last day of the fourth fiscal year (as defined in Section 3) thereafter (the “Term”); provided, that the Term shall be automatically extended for successive one-year periods
thereafter unless, no later than ninety (90) days prior to the expiration of the initial four-year period, or any such successive one-year renewal period, either Executive or the Company, as applicable shall provide to the other Parties written
notice of his or its desire not to extend the Term. In the event that the Company changes its fiscal year-end, the Term shall be adjusted so that the initial Term shall continue to expire at the end of four full fiscal years and each extension shall
equal one full fiscal year. Upon Executive’s termination of employment with the Company and Parent for any reason, Executive shall immediately resign all positions with all members of the Company Group, including any position on the Board of
Directors of Parent (the “Board”) and/or any other position as any officer or director of any other member of the Company Group. 

2. Position and Duties 

(a) Position. During the Term, Executive shall serve as President and Chief Executive Officer for the Company and for SMART Worldwide
Holdings, Inc., SMART Modular Technologies (Global Holdings), Inc. and SMART Storage Systems (Global Holdings), Inc. If requested by the Board, Executive hereby agrees to serve (without additional compensation) as a member of the Board and/or as an
officer or director of any other member of the Company Group. 








 (b) Duties. Executive shall have the powers, authorities, and duties of management usually
vested in the offices of President and Chief Executive Officer of a corporation of a similar size and nature to the Company and Parent, subject to the legal directives of the Board. Executive shall report solely to the Board. Executive shall devote
Executive’s full business time and attention to the performance of Executive’s duties hereunder and shall not engage in any other business, profession or occupation for compensation or otherwise which would conflict or interfere with the
rendition of such services, either directly or indirectly; provided, that nothing herein shall preclude Executive from (i) with the prior written consent of the Board, serving on the board of directors of other for-profit companies that
do not compete with the Company Group, (ii) serving on civic or charitable boards or committees and (iii) managing personal investments, so long as all such activities described in (i) through (iii) above do not materially
interfere with the performance of Executive’s duties and responsibilities under this Agreement. 
 3. Compensation. 

(a) Base Salary. During the Term, Executive shall receive an annual base salary (the “Base Salary”) of $533,000,
payable in regular installments in accordance with the Company’s usual payroll practices. Executive shall be entitled to such increases (but not decreases) in Base Salary, if any, as may be determined from time to time in the sole discretion of
the Board. 
 (b) Annual Bonus. With respect to each fiscal year of the Company ending during the Term (as of the Effective Date, a
“fiscal year” is the period commencing on the first Monday after the last Friday of August and ending on the last Friday of August) and subject to the achievement of the applicable performance goals of Executive and the Company
and/or members of the Company Group, Executive shall be entitled to participate in the Company’s annual bonus program pursuant to which Executive shall be eligible to earn an annual bonus with a target amount equal to 100% of the Base Salary
(the “Annual Bonus”). The applicable performance goals for the Annual Bonus shall be mutually agreed by the Board (or the compensation committee thereof) and Executive within the first ninety (90) days of the applicable fiscal
year. The Annual Bonus, if any, earned for a fiscal year shall be paid to Executive on the date selected by the Company and/or the Board, which date shall fall within the two and one-half (2 1⁄2) month period beginning on the first day of the fiscal year following the fiscal year to which the Annual Bonus relates. The Company and/or the Board shall have the right, but not the obligation, at its
sole discretion, (i) to change from time-to-time the payment periods of the Annual Bonus to be semi-annual (i.e., the payment periods in effect on the Effective Date), quarterly or otherwise, with appropriate holdbacks to year-end within
the pre-year-end periods and/or (ii) to change from time-to-time the Company’s fiscal year; provided, however, that in no event shall the payment period or periods for Executive be greater than the payment period or periods
set for other executives of the Company. In the event of a change in the Company’s fiscal year, the calculation of Executive’s Annual Bonus shall be prorated in a manner most favorable to Executive. 

4. Employee Benefits. 

(a) Benefit Plans. During the Term, Executive shall be able to participate in employee benefit plans and perquisite and fringe benefit
programs on a basis no less favorable than such benefits and perquisites are provided by the Company from time to time to the 

  
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Company’s other senior executives. Additionally, Executive is entitled to participate in the Company’s executive benefits program as in place from time-to-time, which currently includes
an annual comprehensive physical exam, financial counseling services, life insurance, and disability benefits. 
 (b) Expense
Reimbursement. Executive shall be entitled to receive prompt reimbursement for all travel and business expenses reasonably incurred and properly accounted for by Executive (in accordance with the policies and procedures established from time to
time by the Company) in performing services hereunder. 
 5. Indemnification; D&O Coverage. Executive shall be subject to the
Company’s standard indemnification agreement, which agreement was executed by Executive and the Company on September 13, 2011. Executive shall at all times be entitled to an indemnification agreement as least as favorable as the agreement
executed on such date. 
 6. Termination of Employment. The Term and Executive’s employment hereunder may be terminated under
the following circumstances: 
 (a) Death. The Term and Executive’s employment hereunder shall terminate upon Executive’s
death. Upon any termination of Executive’s employment hereunder as a result of this Section 6(a), Executive’s estate shall be entitled to receive (A) Executive’s Base Salary through the date of termination (the
“Accrued Salary”), which shall be paid within fifteen (15) days following the date of termination or such earlier date as may be required by California law, and (B) any earned but unpaid Annual Bonus for any fiscal year
preceding the fiscal year in which the termination occurs (the “Accrued Bonus”), which shall be paid at the same time as bonuses are paid to other senior executive officers, but in no event later than the date provided for in
Section 3(b) hereof (the Accrued Bonus and the Accrued Salary, including the respective times by which such amounts are to be paid, are hereafter referred to as the “Accrued Amounts”). All other benefits, if any, due to
Executive’s estate following Executive’s termination due to death shall be determined in accordance with the plans, policies and practices of the Company; provided, that Executive’s estate shall not be entitled to any severance
payments or benefits under any other agreement or any severance plan, policy or program of the Company Group. Executive’s estate shall not accrue any additional compensation (including any Base Salary or Annual Bonus) or other benefits under
this Agreement following such termination of employment. 
 (b) Disability. The Company may terminate the Term and
Executive’s employment hereunder for Disability. “Disability” shall mean Executive’s inability, due to physical or mental incapacity, to perform Executive’s duties under this Agreement with substantially the same
level of quality as immediately prior to such incapacity for a period of ninety (90) consecutive days or 120 days during any consecutive six-month period. In conjunction with determining Disability for purposes of this Agreement, Executive
hereby (i) consents to any such examinations which are relevant to a determination of whether Executive is mentally and/or physically disabled and (ii) agrees to furnish such medical information as may be reasonably requested. Upon any
termination of Executive’s employment hereunder pursuant to this Section 6(b), Executive shall be entitled to receive payment of the Accrued Amounts. All other benefits, if any, due to Executive following Executive’s termination by
the Company for 

  
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Disability shall be determined in accordance with the plans, policies and practices of the Company; provided, that Executive shall not be entitled to any payments or benefits under any
other agreement or any severance plan, policy or program of the Company Group. Executive shall not accrue any additional compensation (including any Base Salary or Annual Bonus) or other benefits under this Agreement following such termination of
employment. 
 (c) Termination for Cause; Voluntary Termination. At any time during the Term, (i) the Company may terminate the
Term and Executive’s employment hereunder for “Cause” (as defined below) by Notice of Termination (as defined in Section 6(f)), and (ii) Executive may terminate the Term and Executive’s employment hereunder
“voluntarily” (that is, other than by death, Disability or for Good Reason, in accordance with Section 6(a), 6(b) or 6(d), respectively); provided, that Executive will be required to give at least ninety
(90) days advance written notice of such termination. “Cause” shall mean Executive’s: (A) act of material fraud or material dishonesty against any member of the Company Group in connection with Executive’s
responsibilities which the Board reasonably believes will damage such member’s business, (B) Executive’s conviction of, or plea of nolo contendere to, a felony (excluding traffic offenses) which the Board reasonably believes
had or will have a material detrimental effect on the reputation or business of the Company Group, (C) intentional or gross misconduct, (D) intentional improper disclosure of Confidential Information (as defined in Section 7(b)
below), (E) material violation of a material Company Group policy or a material provision of this Agreement (or any other material agreement between Executive and any member of the Company Group), after written notice from the Company, and a
reasonable opportunity of not less than thirty (30) days to cure (to the extent capable of cure) such violations, (F) failure to cooperate with any member of the Company Group in any investigation or formal proceeding after written notice
from the Company, and a reasonable opportunity of not less than fifteen (15) days to cure (to the extent capable of cure) such failure, or (G) material violation of Executive’s duties, or repeated material failures or material
inabilities to perform any reasonably assigned duties, after written notice from the Company, and a reasonable opportunity of not less than thirty (30) days to cure (to the extent capable of cure) such violation, failures or inabilities. The
existence or non-existence of Cause will be determined in good faith by the Board (excluding Executive if Executive is a member thereof). 

Upon the termination of the Term and Executive’s employment hereunder pursuant to this Section 6(c) by the Company for Cause
or due to Executive’s voluntary termination, Executive shall be entitled to receive payment of the Accrued Amounts. All other benefits, if any, due to Executive following Executive’s termination of employment for Cause or due to
Executive’s voluntary termination pursuant to this Section 6(c) shall be determined in accordance with the plans, policies and practices of the Company; provided, that Executive shall not be entitled to any severance payments
or benefits under any other agreement or any severance plan, policy or program of the Company Group. Executive shall not accrue any additional compensation (including any Base Salary or Annual Bonus) or other benefits under this Agreement following
such termination of employment. The termination of Executive’s employment upon the expiration of the Term as a result of Executive’s delivery of a notice of nonrenewal pursuant to Section 1 shall be treated as a voluntary
termination by Executive pursuant to this Section 6(c). 

  
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 (d) Termination for Good Reason or Without Cause Outside of the Change in Control Protection
Period. At any time outside of the “Change in Control Protection Period” (as defined below) during the Term, (i) Executive may terminate the Term and Executive’s employment hereunder for “Good Reason” (as defined
below) and (ii) the Company may terminate the Term and Executive’s employment hereunder “without Cause” (that is, other than by death, Disability or for Cause, in accordance with Section 6(a), 6(b) or 6(c),
respectively). 
 Upon the termination of Executive’s employment hereunder pursuant to this Section 6(d), Executive shall
receive (i) the Accrued Amounts and (ii) subject to Executive’s continued compliance with the provisions of Section 7 and subject to Executive’s execution, delivery and non-revocation of an effective release of all
claims against each member of the Company Group substantially in the form attached hereto as Exhibit A (the “Release”) within the sixty (60) day period following the date of the termination of Executive’s employment
(such 60-day period, the “Release Period”): (A) severance pay in an amount equal to one hundred percent (100%) of Executive’s then current Base Salary plus the amount of the Annual Bonus paid or payable with respect
to the most recently ended fiscal year (in addition to the Annual Bonus paid or payable with respect to the most recently completed fiscal year) (the “Severance Payment”); (B) to the extent any Annual Bonus could be earned in
the current fiscal year under the terms of the Company’s bonus program but is not yet earned or paid, a prorated bonus (based on the Board’s determination of Company performance through the date of termination), prorated through the date
of termination and payable when the Company pays bonuses to other senior executives; and (C) payment or reimbursement of health benefit continuation coverage under COBRA from the termination date through the earlier of (x) twelve
(12) months following the termination date or (y) the date Executive becomes eligible for health benefits with another employer, which shall be paid no later than the due date of payments for such coverage (the “Benefits
Continuation Period”); provided that if and to the extent that any benefit described in this clause (C) cannot be paid or provided under any Company plan or program without adverse tax consequences to Executive or the Company or
without the Company incurring a fine or other penalty, then the Company shall pay Executive a monthly payment in an amount equal to 100% of the monthly COBRA premium for the remainder of the Benefits Continuation Period. The Severance Payment will
be paid in a lump sum on the first payroll date following the date on which the Release has become effective and irrevocable. Notwithstanding the foregoing, if the Release Period spans two (2) calendar years, then the Severance Payment will be
paid on the first payroll date that occurs in the second calendar year. All other benefits, if any, due Executive following a termination pursuant to this Section 6(d) shall be determined in accordance with the plans, policies and
practices of the Company; provided, that Executive shall not be entitled to any severance payments or benefits under any other agreement or any severance plan, policy or program of the Company Group. Executive shall not accrue any additional
compensation (including any Base Salary or Annual Bonus) or other benefits under this Agreement following such termination of employment. The termination of Executive’s employment upon the expiration of the Term as a result of the
Company’s delivery of a notice of nonrenewal pursuant to Section 1 shall be treated as a termination by the Company without Cause pursuant to this Section 6(d) (unless Executive’s employment is earlier terminated
pursuant to Sections 6(a), (b), (c) or (e) hereof). 
 (e) Termination for Good Reason or Without Cause
during the Change in Control Protection Period. If, during the Change in Control Protection Period (defined below), Executive 

  
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is terminated by the Company without Cause or Executive resigns for Good Reason, Executive shall be entitled to (i) the Accrued Amounts and (ii) subject to Executive’s execution,
delivery and non-revocation of a Release within the Release Period, the following payments and benefits in lieu of any severance benefits under Section 6(d) above: (A) a payment (the “Change in Control Severance
Payment”) equal to 2.0 times Executive’s then current Base Salary plus 2.0 times the Annual Bonus paid or payable for the most recently completed fiscal year (in addition to the Annual Bonus paid or payable with respect to the most
recently completed fiscal year); (B) to the extent any Annual Bonus could be earned in the current fiscal year under the terms of the Company’s bonus program but is not yet earned or paid, a prorated bonus (based on the Board’s
determination of Company performance through the date of termination), prorated through the date of termination and payable when the Company pays bonuses to other senior executives; (C) payment or reimbursement of health benefit continuation
coverage under COBRA from the termination date through the earlier of (x) twenty-four (24) months following the termination date or (y) the date Executive becomes eligible for health benefits with another employer (the “Change
in Control Benefits Continuation Period”), which shall be paid no later than the due date of payments for such coverage; provided that if and to the extent that any benefit described in this clause (C) cannot be paid or provided
under any Company plan or program without adverse tax consequences to Executive or the Company or without the Company incurring a fine or other penalty, then the Company shall pay Executive a monthly payment in an amount equal to 100% of the monthly
COBRA premium for the remainder of the Change in Control Benefits Continuation Period; and (D) 100% vesting of all of Executive’s unvested and outstanding options. The Change in Control Severance Payment shall be paid in a lump sum on the
first payroll date following the date on which the Release has become effective and irrevocable. Notwithstanding the foregoing, if the Release Period spans two (2) calendar years, then Change in Control Severance Payment will be paid on the
first payroll date that occurs in the second calendar year. All other benefits, if any, due Executive following a termination pursuant to this Section 6(e) shall be determined in accordance with the plans, policies and practices of the
Company; provided, that Executive shall not be entitled to any severance payments or benefits under any other agreement or any severance plan, policy or program of the Company Group. Executive shall not accrue any additional compensation
(including any Base Salary or Annual Bonus) or other benefits under this Agreement following such termination of employment. For purposes of this Section 6, (1) the “Change in Control Protection Period” means
(i) on or prior to August 26, 2012, or (ii) the twelve (12) month period following a “Change in Control” that occurs following the Effective Date (“Change in Control” as used in this Agreement shall
have the meaning ascribed to such term in the Saleen Holdings, Inc. 2011 Share Incentive Plan); and (2) “Good Reason” shall mean the occurrence, without Executive’s written consent, of any of the following events:
(A) a diminution in Base Salary or target Annual Bonus opportunity; (B) a material diminution in Executive’s titles, operational duties or responsibilities; provided, that Good Reason shall not have occurred if after a Change
in Control, Executive is performing substantially the same duties and responsibilities as before such Change in Control but the Company Group (or its successor) is a larger organization, or Executive is performing such duties and responsibilities
for a business unit of a parent entity that is a larger organization than the Company Group was before such Change in Control and the business unit continues substantially all of the business of the Company; (C) the relocation of
Executive’s primary office to a location that is not within a fifty (50) mile radius of the Company’s offices in Newark, California; or (D) the failure of any successor entity to the Company to assume this Agreement;


  
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provided, that notwithstanding the foregoing, Executive’s termination will not be for Good Reason unless Executive (x) notifies the Company in writing of the existence of the
condition which Executive believes constitutes Good Reason within ninety (90) days of the initial existence of such condition (which notice specifically identifies such condition), (y) gives the Company at least thirty (30) days
following the date on which the Company receives such notice (and prior to termination) in which to remedy the condition (to the extent such condition is capable of being cured), and (z) if the Company does not remedy such condition within such
period, and Executive actually terminates employment within sixty (60) days after the expiration of such remedy period. 
 (f)
Notice of Termination. Any purported termination of Executive’s employment by the Company or by Executive shall be communicated by written Notice of Termination to the other Party in accordance with Section 10(e) hereof. For
purposes of this Agreement, “Notice of Termination” shall mean a notice that shall indicate the specific termination provision in this Agreement relied upon and shall, to the extent applicable, set forth in reasonable detail the
facts and circumstances claimed to provide a basis for termination of Executive’s employment under the provision so indicated. 
 7.
Non-Solicitation of Employees/Contractors; Confidentiality; Intellectual Property. 
 (a) Non-Solicitation of
Employees/Contractors. During the twelve (12) month period following the termination of Executive’s employment for any reason, Executive shall not, without the prior written consent of the Company, whether on Executive’s own
behalf or on behalf of or in conjunction with any person, firm, partnership, joint venture, association, corporation or other business organization, entity or enterprise whatsoever (“Person”): 

(i) directly or indirectly solicit, induce or encourage any employee of the Company, Parent or any of their respective affiliates (together,
the “Company Group”) to leave the employment of the Company Group; or 
 (ii) directly hire any employee who was a direct
report of Executive and was employed by a member of the Company Group as of the date of Executive’s termination of employment with the Company or who left the employment of the Company Group coincident with, or within the ninety (90) day
period immediately preceding, the termination of Executive’s employment with the Company Group. 
 (b) Confidentiality. 

(i) Executive shall not at any time (whether during or after Executive’s employment with the Company Group) (x) retain or use for
the benefit, purposes or account of Executive or any other Person (other than the Company or any member of the Company Group) or (y) disclose, divulge, reveal, communicate, share, transfer or provide access to any Person outside the Company
(other than its professional advisers who are bound by confidentiality obligations), any non-public, proprietary or confidential information – including, without limitation, trade secrets, know-how, research and development, software,
databases, inventions, processes, formulae, technology, designs and other intellectual property, information concerning finances, investments, profits, pricing, costs, products, services, vendors, customers, clients,


  
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partners, investors, personnel, compensation, recruiting, training, advertising, sales, marketing, promotions, government and regulatory activities and approvals – concerning the past,
current or future business, activities and operations of the Company or any member of the Company Group and/or any third party that has disclosed or provided any of same to the Company or any member of the Company Group on a confidential basis
(“Confidential Information”) without the prior written authorization of the Board. 
 (ii) “Confidential
Information” shall not include any information that is (x) generally known to the industry or the public other than as a result of Executive’s breach of this covenant or any breach of other confidentiality obligations by third parties
(y) made legitimately available to Executive by a third party without breach of any confidentiality obligation or (z) required by law to be disclosed; provided that Executive shall give prompt written notice to the Company of
such requirement, disclose no more information than is so required, and cooperate with any attempts by the Company to obtain a protective order or similar treatment. 

(iii) Except as required by law, Executive shall not disclose to anyone, other than Executive’s immediate family and legal or financial
advisors, the existence or contents of this Agreement, provided they agree to maintain the confidentiality of such terms. 
 (iv)
Upon termination of Executive’s employment with the Company for any reason, Executive shall (w) cease and not thereafter commence use of any Confidential Information (including without limitation, any patent, invention, copyright, trade
secret, trademark, trade name, logo, domain name or other source indicator) owned or used by the Company, or any member of the Company Group (x) use his best efforts to immediately destroy, delete, or return to the Company, at the
Company’s option, all originals and copies in any form or medium (including memoranda, books, papers, plans, computer files, letters and other data) in Executive’s possession or control (including any of the foregoing stored or located in
Executive’s office, home, laptop or other computer, whether or not Company property) that contain Confidential Information or otherwise relate to the business of the Company Group, except that Executive may retain only those portions of any
personal notes, notebooks and diaries that do not contain any Confidential Information, (y) at the Company’s request, make available for inspection by the Company all electronic devices owned by Executive that may have contained
Confidential Information so that the Company may confirm the deletion of such Confidential Information and (z) notify and fully cooperate with the Company regarding the delivery or destruction of any other Confidential Information of which
Executive is or becomes aware. 
 (c) Intellectual Property. 

(i) If Executive creates, invents, designs, develops, contributes to or improves any works of authorship, inventions, intellectual property,
materials, documents or other work product (including, without limitation, research, reports, software, databases, systems, applications, presentations, textual works, content or audiovisual materials) (“Works”), either alone or
with third parties, at any time during Executive’s employment by the Company or any member of the Company Group and within the scope of such employment and/or with the use of any of the Company Group resources (“Company
Works”), Executive shall promptly and fully disclose same to the Company and hereby irrevocably assigns, transfers and conveys, to the 

  
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maximum extent permitted by applicable law, all rights and intellectual property rights therein (including rights under patent, industrial property, copyright, trademark, trade secret, unfair
competition and related laws) to the Company to the extent ownership of any such rights does not vest originally in the Company. 
 (ii)
Executive agrees to keep and maintain adequate and current written records (in the form of notes, sketches, drawings, and any other form or media requested by the Company) of all Company Works. The records will be available to and remain the sole
property and intellectual property of the Company at all times. 
 (iii) Executive shall take all requested actions and execute all
requested documents (including any licenses or assignments required by a government contract) at the Company’s expense (but without further remuneration) to assist the Company in validating, maintaining, protecting, enforcing, perfecting,
recording, patenting or registering any of the Company’s rights in the Company Works. If the Company is unable for any other reason to secure Executive’s signature on any document for this purpose, then Executive hereby irrevocably
designates and appoints the Company and its duly authorized officers and agents as Executive’s agent and attorney in fact, to act for and in Executive’s behalf and stead to execute any documents and to do all other lawfully permitted acts
in connection with the foregoing. 
 (iv) Executive shall not improperly use for the benefit of, bring to any premises of, divulge,
disclose, communicate, reveal, transfer or provide access to, or share with the Company or any of its subsidiaries or affiliates any confidential, proprietary or non-public information or intellectual property relating to a former employer or other
third party without the prior written permission of such third party. Executive shall comply with all relevant policies and guidelines of the Company, including, without limitation, policies and guidelines regarding the protection of confidential
information and intellectual property and potential conflicts of interest. Executive acknowledges that the Company may amend any such policies and guidelines from time to time, and that Executive remains at all times bound by their most current
version while Executive is employed by the Company Group or, following such termination, the version in effect immediately prior to such termination. 

(v) Notwithstanding the foregoing, this Section 7(c) is subject to the provisions of California Labor Code Sections 2870,
2871 and 2872. In accordance with Section 2870 of the California Labor Code, Executive’s obligation to assign Executive’s right, title and interest throughout the world in and to all Company Works does not apply to any Works that
Executive developed entirely on Executive’s own time without using the Company’s equipment, supplies, facilities, or Confidential Information except for those Works that relate to either (A) the business of the Company at the time of
conception or reduction to practice of the Work, or actual or demonstrably anticipated research or development of the Company or (B) result from any work performed by Executive for the Company. A copy of California Labor Code Sections 2870,
2871 and 2872 is attached to this Agreement as Exhibit B. Executive shall disclose all Works to the Company, even if Executive does not believe that Executive is required under this Agreement, or pursuant to California Labor Code
Section 2870, to assign Executive’s interest in such Works to the Company. 

  
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 (d) General. It is expressly understood and agreed that although Executive and the Company
consider the restrictions contained in this Section 7 to be reasonable (the “Covenants”) if a final judicial determination is made by a court of competent jurisdiction that the time or territory or any other restriction
contained in this Agreement is an unenforceable restriction against Executive, the provisions of this Agreement shall not be rendered void but shall be deemed amended to apply as to such maximum time and territory and to such maximum extent as such
court may judicially determine or indicate to be enforceable. Alternatively, if any court of competent jurisdiction finds that any restriction contained in this Agreement is unenforceable, and such restriction cannot be amended so as to make it
enforceable, such finding shall not affect the enforceability of any of the other restrictions contained herein. 
 8. Specific
Performance. Executive acknowledges and agrees that the Company’s remedies at law for a breach or threatened breach of any of the Covenants would be inadequate and the Company would suffer irreparable damages as a result of such breach or
threatened breach. In recognition of this fact, Executive agrees that, in the event of such a breach or anticipated or threatened breach, in addition to any remedies at law, the Company, without posting any bond, shall be entitled to cease making
any payments or providing any benefit otherwise required by this Agreement and obtain equitable relief in the form of specific performance, temporary restraining order, temporary or permanent injunction or any other equitable remedy which may then
be available. 
 9. Make-Whole Payment. Notwithstanding anything to the contrary in either Article V of the Management Investors
Shareholders Agreement, dated August 26, 2011 (the “MISA”) or the letter agreement to the MISA (also dated August 26, 2011) with Executive, if an Initial Public Offering (as defined in the MISA) is consummated within six
(6) months after Executive is terminated without Cause or resigns for Good Reason, and Parent (or, to the extent provided in Section 5.4 of the MISA, the Silver Lake Investors (as defined in the MISA)) has exercised the call right set
forth in the MISA in whole or in part with respect to Call Shares (as defined in the MISA) then held by Executive or a member of Executive’s Call Group (as defined in the MISA) prior to such Initial Public Offering, then upon the date of the
consummation of such Initial Public Offering, Executive (or the applicable member of Executive’s Call Group) shall receive a cash payment from the Company or Parent equal to the excess, if any, of (A) the value that would have been payable
to Executive (or a member of Executive’s Call Group) in respect of the Call Shares previously sold to Parent (or the Silver Lake Investor(s)) through its exercise of the call right as of the date of such consummation (assuming for this purpose
that Executive or a member of Executive’s Call Group had held such Call Shares as of the date of such consummation) over (B) the Call Shares Price (as defined in the MISA) actually received by Executive or a member of Executive’s Call
Group for such Call Shares. 
 10. Miscellaneous. 

(a) Executive’s Representations. Executive hereby represents and warrants to the Company that (i) Executive has read this
Agreement in its entirety, fully understands the terms of this Agreement, has had the opportunity to consult with counsel prior to executing this Agreement and is signing the Agreement voluntarily and with full knowledge of its significance,
(ii) the execution, delivery and performance of this Agreement by Executive does not and shall not conflict with, breach, violate or cause a default under any contract, agreement, instrument, 

  
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order, judgment or decree to which Executive is a party or by which he is bound, (iii) Executive is not a party to or bound by an employment agreement, non-compete agreement or
confidentiality agreement with any other person or entity which would interfere in any material respect with the performance of Executive’s duties hereunder and (iv) Executive shall not use any Confidential Information or trade secrets of
any person or party other than a member of the Company Group in connection with the performance of Executive’s duties hereunder. 
 (b)
Mitigation. Executive shall have no duty to mitigate Executive’s damages by seeking other employment and, should Executive actually receive compensation from any such other employment, the payments required hereunder shall not be reduced
or offset by any other compensation except as specifically provided herein. 
 (c) Waiver. No provision of this Agreement may be
modified, waived or discharged unless such waiver, modification or discharge is agreed to in a writing signed by Executive and an officer of the Company (other than Executive) duly authorized by the Board to execute such amendment, waiver or
discharge. No waiver by either Party of any breach of the other Party of, or compliance with, any condition or provision of this Agreement shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or
subsequent time. 
 (d) Successors and Assigns. 

(i) This Agreement is personal to Executive and without the prior written consent of the Company shall not be assignable by Executive other
than by will or the laws of descent and distribution. This Agreement shall inure to the benefit of and be enforceable by Executive’s legal representatives. 

(ii) This Agreement shall inure to the benefit of and be binding upon the Company and its successors and, other than as set forth in
Section 10(d)(iii), shall not be assignable by the Company without the prior written consent of Executive (which shall not be unreasonably withheld). 

(iii) This Agreement shall be assignable by the Company and/or Parent to any successor (whether direct or indirect, by purchase, merger,
consolidation or otherwise) to all or substantially all of the business and/or assets of the Company and/or Parent; provided that, the Company and/or Parent shall require such successor to expressly assume and agree to perform this
Agreement in the same manner and to the same extent that the Company and/or Parent would be required to perform it if no such succession had taken place. As used in this Agreement, “Company” shall mean the Company as hereinbefore
defined and any successor to the business and/or assets of the Company which assumes and agrees to perform this Agreement by operation of law or otherwise and “Parent” shall mean Parent as hereinbefore defined and any successor to
the business and/or assets of Parent which assumes and agrees to perform this Agreement by operation of law or otherwise. 
 (e)
Notice. For the purpose of this Agreement, notices and all other communications provided for in this Agreement shall be in writing and shall be deemed to have been duly given if delivered by overnight courier service, or if mailed by
registered mail, return receipt requested, postage prepaid, addressed to the respective addresses or sent via facsimile to the respective 

  
 11 









 
facsimile numbers, as the case may be, as set forth below, or to such other address as either party may have furnished to the other in writing in accordance herewith, except that notice of change
of address shall be effective only upon receipt; provided, however, that (i) notices sent by personal delivery or overnight courier shall be deemed given when delivered, (ii) notices sent by facsimile transmission shall be
deemed given upon the sender’s receipt of confirmation of complete transmission, and (iii) notices sent by registered mail shall be deemed given two days after the date of deposit in the mail. 

If to Executive, to such address as shall most currently appear on the records of the Company. 

If to the Company, to: 
 SMART
Modular Technologies, Inc. 
 39870 Eureka Drive 

Newark, California 94560-4809 

Attention: Legal Department 

With a copy, which shall not constitute notice to the Company, to: 

Silver Lake Partners and 

Silver Lake Sumeru 
 2775 Sand
Hill Road, Suite 100 
 Menlo Park, California 94025 

Fax No.: (650) 233-8125 

Attention: General Counsel 
 (f)
GOVERNING LAW; CONSENT TO JURISDICTION. THIS AGREEMENT WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF CALIFORNIA, WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW OR CONFLICTING PROVISION OR RULE (WHETHER OF THE STATE
OF CALIFORNIA OR ANY OTHER JURISDICTION) THAT WOULD CAUSE THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF CALIFORNIA TO BE APPLIED. IN FURTHERANCE OF THE FOREGOING, THE INTERNAL LAW OF THE STATE OF CALIFORNIA WILL CONTROL THE INTERPRETATION AND
CONSTRUCTION OF THIS AGREEMENT, EVEN IF UNDER SUCH JURISDICTION’S CHOICE OF LAW OR CONFLICT OF LAW ANALYSIS, THE SUBSTANTIVE LAW OF SOME OTHER JURISDICTION WOULD ORDINARILY APPLY. ANY ACTION TO ENFORCE THIS AGREEMENT MUST BE BROUGHT IN, AND THE
PARTIES HEREBY CONSENT TO THE JURISDICTION OF, A COURT SITUATED IN ALAMEDA COUNTY, CALIFORNIA. EACH PARTY HEREBY WAIVES THE RIGHTS TO CLAIM THAT ANY SUCH COURT IS AN INCONVENIENT FORUM FOR THE RESOLUTION OF ANY SUCH ACTION. 

(g) Set Off. The Company’s obligation to pay Executive the amounts provided and to make the arrangements provided hereunder shall
be subject to set-off, counterclaim or recoupment of any amounts owed by Executive to the Company or any of its affiliates except to the extent any such set-off, counterclaim or recoupment would violate, or result in the imposition of tax under
Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), in which case such right shall be null and void. 

  
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 (h) Compliance with IRC Section 409A. Notwithstanding anything herein to the
contrary, (i) if at the time of Executive’s termination of employment with the Company, Executive is a “specified employee” as defined in Section 409A of the Code and the deferral of the commencement of any payments or
benefits otherwise payable hereunder as a result of such termination of employment is necessary in order to prevent any accelerated or additional tax under Section 409A of the Code, then the Company will defer the commencement of the payment of
any such payments or benefits hereunder (without any reduction in such payments or benefits ultimately paid or provided to Executive) to the extent necessary to comply with the requirements of Section 409A of the Code until the first business
day that is more than six months following Executive’s termination of employment with the Company (or the earliest date as is permitted under Section 409A of the Code) and (ii) if any other payments of money or other benefits due to
Executive hereunder could cause the application of an accelerated or additional tax under Section 409A of the Code, such payments or other benefits shall be deferred if deferral will make such payment or other benefits compliant under
Section 409A of the Code, or otherwise such payment or other benefits shall be restructured, to the extent possible, in a manner, determined by the Board, that does not cause such an accelerated or additional tax. In the event that payments
under this Agreement are deferred pursuant to this Section 10(h) in order to prevent any accelerated tax or additional tax under Section 409A of the Code, then such payments shall be paid at the time specified under this
Section 10(h) without any interest thereon. The Company shall consult with Executive in good faith regarding the implementation of this Section 10(h); provided that neither the Company nor any member of the Company Group,
employees or representatives shall have any liability to Executive with respect to the imposition of any early or additional tax under Section 409A of the Code. Notwithstanding anything to the contrary herein, to the extent required by
Section 409A of the Code, a termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of amounts or benefits upon or following a termination of employment unless
such termination is also a “Separation from Service” within the meaning of Section 409A of the Code and, for purposes of any such provision of this Agreement, references to a “resignation,” “termination,”
“termination of employment” or like terms shall mean “Separation from Service.” For purposes of Section 409A of the Code, each payment made under this Agreement shall be designated as a “separate payment” within
the meaning of Section 409A of the Code. Notwithstanding anything to the contrary herein, except to the extent any expense, reimbursement or in-kind benefit provided pursuant to this Agreement does not constitute a “deferral of
compensation” within the meaning of Section 409A of the Code, (x) the amount of expenses eligible for reimbursement or in-kind benefits provided to Executive during any calendar year will not affect the amount of expenses eligible for
reimbursement or in-kind benefits provided to Executive in any other calendar year, (y) the reimbursements for expenses for which Executive is entitled to be reimbursed shall be made on or before the last day of the calendar year following the
calendar year in which the applicable expense is incurred and (z) the right to payment or reimbursement or in-kind benefits hereunder may not be liquidated or exchanged for any other benefit. 

(i) 280G Cutback. Notwithstanding any other provision of this Agreement to the contrary, if payments made or benefits provided
pursuant to Section 6 herein are considered 

  
 13 









 
“parachute payments” under Code Section 280G, then such parachute payments plus any other payments made or benefits provided by the Company to Executive which are
considered parachute payments shall be limited to the greatest amount which may be paid to Executive under Code Section 280G without causing any loss of deduction to the Company under such section, but only if, by reason of such reduction, the
net after tax benefit to Executive shall exceed the net after tax benefit if such reduction were not made. “Net after tax benefit” for purposes of this Agreement shall mean the sum of (i) the total amounts payable to Executive
under Section 6, plus (ii) all other payments and benefits which Executive receives or then is entitled to receive from the Company or an affiliate that would constitute a “parachute payment” within the meaning of Code
Section 280G, less (iii) the amount of federal and state income taxes payable with respect to the foregoing calculated at the maximum marginal income tax rate for each year in which the foregoing shall be paid to Executive (based upon the
rate in effect for such year as set forth in the Code at the time of termination of Executive’s employment), less (iv) the amount of excise taxes imposed with respect to the payments and benefits described in (i) and (ii) above
by Code Section 4999. The determination as to whether and to what extent payments are required to be reduced in accordance with this Section 10(i) shall be made at the Company’s expense by a nationally recognized certified
public accounting firm as may be designated by the Company and reasonably acceptable to Executive prior to a Change in Control (the “Accounting Firm”). In the event of any mistaken underpayment or overpayment under this
Section 10(i), as determined by the Accounting Firm, the amount of such underpayment or overpayment shall forthwith be paid to Executive or refunded to the Company, as the case may be, but only to the extent any such refund would result
in (i) no portion of such payments being subject to the excise tax imposed by Section 4999 of the Code and (ii) a dollar-for-dollar reduction in Executive’s taxable income and wages for purposes of federal, state and local income
and employment taxes, with interest at the applicable Federal rate provided for in Code Section 7872(f)(2). Any reduction in payments required by this Section 10(i) shall occur in the following order: (1) any cash severance,
(2) any other cash amount payable to Executive, (3) any benefit valued as a “parachute payment,” and (4) the acceleration of vesting of any equity-based awards.  

(j) Severability of Invalid or Unenforceable Provisions. The invalidity or unenforceability of any provision or provisions of this
Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which other provisions shall remain in full force and effect. 

(k) Advice of Counsel and Construction. Each Party acknowledges that such Party had the opportunity to be represented by counsel in the
negotiation and execution of this Agreement. Accordingly, the rule of construction of contract language against the drafting party is hereby waived by each Party. 

(l) Entire Agreement. This Agreement constitutes the entire agreement among the Parties as of the Effective Date and supersedes all
previous agreements and understandings among the Parties with respect to the subject matter hereof (excluding, however, the MISA or any equity award agreement executed by Executive unless specifically set forth herein). 

  
 14 









 (m) Withholding Taxes. The Company shall be entitled to withhold from any payment due to
Executive hereunder any amounts required to be withheld by applicable tax laws or regulations. 
 (n) Section Headings. The headings
of the Sections hereof are provided for convenience only and are not to serve as a basis for interpretation or construction, and shall not constitute a part of this Agreement. 

(o) Cooperation. During the Term and at any time thereafter, Executive agrees to cooperate (i) with the Company in the defense of
any legal matter involving any matter that arose during Executive’s employment with the Company or any other member of the Company Group and (ii) with all government authorities on matters pertaining to any investigation, litigation or
administrative proceeding pertaining to the Company or any other member of the Company Group. The Company will reimburse Executive for any reasonable travel and out of pocket expenses incurred by Executive in providing such cooperation. 

(p) Survival. Sections 5, 7 and 8 shall survive and continue in full force in accordance with their terms notwithstanding any
termination for any reason of this Agreement or of the Term or of Executive’s employment with the Company or any other member of the Company Group. 

(q) Continuation of Employment; Termination On or After Expiration of the Term. Unless the Parties otherwise agree in writing,
continuation of Executive’s employment with the Company or any other member of the Company Group beyond the expiration of the Term shall be deemed an employment “at-will” and shall not be deemed to extend any of the provisions of this
Agreement, and Executive’s employment may thereafter be terminated “at-will” by Executive or the Company. 
 (r)
Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same instrument. 

[Signature page follows.] 

  
 15 









 IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date first above
written. 
  

					
	SMART MODULAR TECHNOLOGIES, INC.
		
	By:	 	/s/ Jack Pacheco
		 	Name:	 	Jack Pacheco
		 	Title:	 	SVP, CFO & COO
	
	SALEEN HOLDINGS, INC.
		
	By:	 	/s/ Ajay Shah
		 	Name:	 	Ajay Shah
		 	Title:	 	Director
	
	EXECUTIVE
		
		 	/s/ Iain MacKenzie
		 	Iain MacKenzie


 [Signature Page to Employment Agreement] 

  
 16 









 EXHIBIT A 

GENERAL RELEASE 
 THIS
AGREEMENT AND RELEASE, dated as of             , 20     (this “Agreement”), is entered into by and between
                     (“Executive”) and SMART Modular Technologies, Inc. (the “Company”). 

WHEREAS, Executive is currently employed with the Company; and 

WHEREAS, Executive’s employment with the Company will terminate effective as of
            , 20    ; 
 NOW, THEREFORE, in
consideration of the mutual promises and covenants contained in this Agreement and other good and valuable consideration, Executive and the Company hereby agree as follows: 

1. Executive shall be provided severance pay and other benefits (the “Severance Benefits”) in accordance with the terms and
conditions of Section 6 of the employment agreement by and between Executive and the Company, dated as of December     , 2012 (the “Employment Agreement”); provided, that no such Severance
Benefits shall be paid or provided if Executive revokes this Agreement pursuant to Section 5 below. 
 2. Executive, for and on
behalf of himself and Executive’s heirs, successors, agents, representatives, executors and assigns, hereby waives and releases any common law, statutory or other complaints, claims, demands, expenses, damages, liabilities, charges or causes of
action (each, a “Claim”) arising out of or in any way relating to Executive’s employment or termination of employment with, Executive’s serving in any capacity in respect of, or Executive’s status at any time as a
holder of any securities of, any of the Company and any of its affiliates (collectively, the “Company Group”), both known and unknown, in law or in equity, which Executive may now have or ever had against any current or former
member of the Company Group or any current or former equityholder, investor, agent, representative, administrator, trustee, attorney, insurer, fiduciary, employee, director or officer of any member of the Company Group, including their successors
and assigns (collectively, the “Company Releasees”), including, without limitation, any Claim for any severance benefit which might have been due Executive under any previous agreement executed by and between any member of the
Company Group and Executive; any Claim related to compensation or benefits from any of the Company Releasees, including salary, bonuses, commissions, vacation pay, expense reimbursements, severance pay, fringe benefits, stock, stock options, or any
other ownership interests in any member of the Company Group; any Claim for breach of contract, wrongful termination or breach of the implied covenant of good faith and fair dealing; any tort Claim, including claims for fraud, defamation, emotional
distress, and discharge in violation of public policy; all federal, state, and local statutory claims, including claims for discrimination, harassment, retaliation, attorneys’ fees, or other claims arising under the federal Civil Rights Act of
1964 (as amended); and any complaint, charge or cause of action arising out of Executive’s employment with any member of the Company Group under the Age Discrimination in Employment Act of 1967 (“ADEA,” a law which prohibits
discrimination on the basis of age 

  
 1 









 
against individuals who are age 40 or older), the National Labor Relations Act, the Civil Rights Act of 1991, the Americans with Disabilities Act of 1990, the Employee Retirement Income Security
Act of 1974, the Family Medical Leave Act, the Equal Pay Act, the Securities Act of 1933, the Securities Exchange Act of 1934, the Rehabilitation Act of 1973, the Worker Adjustment and Retraining Notification Act, the California Fair Employment and
Housing Act (as amended), Calif. Gov’t Code §12900 et seq., the California Family Rights Act, California law regarding Relocations, Terminations and Mass Layoffs and the California Labor Code, all as amended; Sections 1981 through 1988 of
Title 42 of the United States Code, California Business and Professions Code § 17200 or any other provisions of the California unfair trade or business practices laws, the California Occupational Safety and Health Act, Divisions 4, 4.5,
and 4.7 of the California Labor Code beginning at § 3200, any provision of the California Constitution, any provision of the California Labor Code that may lawfully be released, the Employee Retirement Income Security Act of 1974 (except for
any vested benefits under any tax qualified benefit plan), the Immigration Reform and Control Act, the Workers Adjustment and Retraining Notification Act, the Fair Credit Reporting Act; any public policy, contract, tort, or common law; all other
federal, state and local statutes, ordinances and regulations and any basis for recovering costs, fees, or other expenses including attorneys’ fees incurred in these matters. By signing this Agreement, Executive acknowledges that Executive
intends to waive and release any rights known or unknown Executive may have against any and all of the Company Releasees under these and any other laws; provided that, Executive does not waive or release Claims (i) with respect to
the right to enforce this Agreement or those provisions of the Employment Agreement that expressly survive the termination of Executive’s employment with the Company, (ii) with respect to any vested right Executive may have under any
employee pension or welfare benefit plan of any member of the Company Group or (iii) any rights to indemnification preserved by Section 5 of the Employment Agreement. 

3. Executive has read Section 1542 of the California Civil Code, which states in full: “A general release does not extend to claims
which the creditor does not know or suspect to exist in his or her favor at the time of executing the release, which if known by him or her must have materially affected his or her settlement with the debtor.” Executive expressly waives any
rights that Executive may have under Section 1542 of the California Civil Code to the full extent that Executive may lawfully waive such rights pertaining to a general release of claims, and Executive affirms that Executive is releasing all
known or unknown claims that Executive has or may have against the Company or any of the Company Releasees as stated in this Release. 
 THIS MEANS THAT,
BY SIGNING THIS RELEASE, EXECUTIVE WILL HAVE WAIVED ANY RIGHT EXECUTIVE MAY HAVE HAD TO BRING A LAWSUIT OR MAKE ANY CLAIM AGAINST ANY OF THE COMPANY RELEASEES BASED ON ANY ACTS OR OMISSIONS OF ANY OF THE COMPANY RELEASEES UP TO THE DATE OF THE
SIGNING OF THIS RELEASE. NOTWITHSTANDING THE ABOVE, NOTHING IN THIS AGREEMENT SHALL PREVENT EXECUTIVE FROM (I) INITIATING OR CAUSING TO BE INITIATED ON EXECUTIVE’S BEHALF ANY COMPLAINT, CHARGE, CLAIM OR PROCEEDING AGAINST THE COMPANY
BEFORE ANY LOCAL, STATE OR FEDERAL AGENCY, COURT OR OTHER BODY CHALLENGING THE VALIDITY OF THE WAIVER OF EXECUTIVE’S CLAIMS UNDER ADEA CONTAINED IN THIS AGREEMENT (BUT NO OTHER PORTION OF SUCH WAIVER); OR (II) INITIATING OR PARTICIPATING
IN (BUT NOT BENEFITING FROM) AN INVESTIGATION OR PROCEEDING CONDUCTED BY THE EQUAL EMPLOYMENT OPPORTUNITY COMMISSION WITH RESPECT TO ADEA. 

  
 2 









 4. Executive acknowledges that Executive has been given twenty-one (21) days from the date
of receipt of this Agreement to consider all of the provisions of the Agreement and, to the extent Executive has not used the entire 21-day period prior to executing this Agreement, Executive does hereby knowingly and voluntarily waive the remainder
of said 21-day period. EXECUTIVE FURTHER ACKNOWLEDGES THAT EXECUTIVE HAS READ THIS AGREEMENT CAREFULLY, HAS BEEN ADVISED BY THE COMPANY TO CONSULT AN ATTORNEY AND FULLY UNDERSTANDS THAT BY SIGNING BELOW EXECUTIVE IS GIVING UP CERTAIN RIGHTS WHICH
EXECUTIVE MAY HAVE TO SUE OR ASSERT A CLAIM AGAINST ANY OF THE COMPANY RELEASEES, AS DESCRIBED HEREIN AND THE OTHER PROVISIONS HEREOF. EXECUTIVE ACKNOWLEDGES THAT EXECUTIVE HAS NOT BEEN FORCED OR PRESSURED IN ANY MANNER WHATSOEVER TO SIGN THIS
AGREEMENT AND EXECUTIVE AGREES TO ALL OF ITS TERMS VOLUNTARILY. 
 5. Executive shall have seven (7) days from the date of
Executive’s execution of this Agreement to revoke the release, including with respect to all claims referred to herein (including, without limitation, any and all claims arising under ADEA). If Executive revokes this Agreement, Executive will
be deemed not to have accepted the terms of this Agreement. 
 6. Executive hereby agrees not to defame or disparage any member of the
Company Group or any executive, manager, employee, director, or officer of any member of the Company Group in any medium to any person without limitation in time. Notwithstanding this provision, Executive may confer in confidence with
Executive’s legal representatives and make truthful statements as required by law. 
 7. Each party and its counsel have reviewed this
Agreement and have been provided the opportunity to review this Agreement and accordingly, the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation
of this Agreement. Instead, the language of all parts of this Agreement shall be construed as a whole, and according to their fair meaning, and not strictly for or against either party. 

[Signature Page Follows] 

  
 3 









 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above
written. 
  

			
	SMART MODULAR TECHNOLOGIES, INC.
		
	By:	 	  

	Name:	 	
	Its:	 	
	
	EXECUTIVE
	
	  

	Iain MacKenzie


 [Signature Page to General Release] 

  
 4 









 EXHIBIT B 

California Labor Code Sections 2870, 2871 and 2872 

SECTION 2870 
 (a) Any provision in an employment agreement
which provides that an employee shall assign, or offer to assign, any of his or her rights in an invention to his or her employer shall not apply to an invention that the employee developed entirely on his or her own time without using the
employer’s equipment, supplies, facilities, or trade secret information except for those inventions that either: 
  

	 	(1)	Relate at the time of conception or reduction to practice of the invention to the employer’s business, or actual or demonstrably anticipated research or development of the employer; or 


 

	 	(2)	Result from any work performed by the employee for the employer. 

 (b) To the extent a provision in an
employment agreement purports to require an employee to assign an invention otherwise excluded from being required to be assigned under subdivision (a), the provision is against the public policy of this state and is unenforceable. 

SECTION 2871 
 No employer shall require a provision made
void and unenforceable by Section 2870 as a condition of employment or continued employment. Nothing in this article shall be construed to forbid or restrict the right of an employer to provide in contracts of employment for disclosure,
provided that any such disclosures be received in confidence, of all of the employee’s inventions made solely or jointly with others during the term of his or her employment, a review process by the employer to determine such issues as may
arise, and for full title to certain patents and inventions to be in the United States, as required by contracts between the employer and the United States or any of its agencies. 

SECTION 2872 
 If an employment agreement entered into
after January 1, 1980 contains a provision requiring the employee to assign or offer to assign any of his or her rights in any invention to his or her employer, the employer must also, at the time the agreement is made, provide a written
notification to the employee that the agreement does not apply to an invention which qualifies fully under the provisions of Section 2870. In any suit or action arising thereunder, the burden of proof shall be on the employee claiming the
benefits of its provisions. 

  
 1