EX-10.2



 Exhibit 10.2 

 
 



 
 February 1, 2012 
 Mr. Carlos Laber 
 1465 Cedar Place 
 Los Altos, CA 94024 
 Dear Carlos, 
 We are pleased to offer you a position with Exar Corporation as Senior Vice President, Worldwide Research and Development, reporting to Louis DiNardo, President and CEO. Your starting annual salary will
be $300,000 paid bi-weekly in accordance with Exar’s standard payroll practices. 
 You will be granted 200,000 stock options on the first
trade date of the month following your hire date. Stock options vest 25% per year over a four year period and the option price is established as the closing value of the stock on the date of the grant. You will also be granted 25,000 restricted
stock units (RSU’s) which vest 33 1/3% per year over a three year period. 
 In the event there is a Change of Control and your employment
is terminated within the first twenty four (24) months from your hire date due to said Change of Control either by Exar without Cause or by you for Good Reason, fifty percent (50%) of the options and restricted stock unit awards granted to you by
Exar and within the context of this offer letter, to the extent then outstanding and otherwise unvested, will immediately vest; provided, however, that Exar’s obligation to provide such accelerated vesting shall be contingent upon your
providing to Exar, upon or promptly following your last day of employment with Exar, a valid, executed general release agreement in a form acceptable to Exar, and such release agreement not having been revoked by you pursuant to any revocation
rights afforded by applicable law. 
 As used herein, the term “Cause” means (i) your conviction of any felony or conviction of any
crime involving moral turpitude or dishonesty; (ii) participation in a fraud or act of dishonesty against Exar; (iii) conduct by you which, based upon a good faith and reasonable factual investigation and determination by Exar, demonstrates gross
incompetence; or (iv) intentional, material violation by you of any contract between you and Exar or any statutory duty of you to Exar that is not corrected within thirty (30) days after written notice to you thereof. Physical or mental disability
shall not constitute “Cause.” 
 As used herein, the term “Good Reason” means, without your express written consent, (i) a
material diminution in your authority, duties or responsibilities or (ii) a material diminution in your base compensation, provided that any such diminution shall not constitute “Good Reason” unless both (x) you provide written notice to
Exar of the condition claimed to constitute Good Reason within ninety (90) days of the initial existence of such condition, and (y) Exar fails to remedy such condition within thirty (30) days of receiving such written notice thereof; and provided,
further, that in all events the termination of your employment with Exar shall not be treated as a termination for “Good Reason” unless such termination occurs not more than six (6) months following the initial existence of the condition
claimed to constitute “Good Reason.” 
  
 



 







 Exar Corporation has a very competitive fringe benefit package that includes a 401(k) Plan with Company
match and an Employee Stock Purchase Plan. We are excited to have you join our team and believe that your association with us will be mutually beneficial. 
 If our offer is acceptable, please sign and date in the space provided below and return one copy to me, email diane.hill@exar.com, by 5pm on Friday, February 3rd. This offer is contingent upon
satisfactory completion of a background check and your providing documentation that satisfies the requirements of the Immigration Reform and Control Act of 1986 (please refer to the enclosed notice). 

 

							
	Sincerely,	 		 	Agreed and Accepted:	 	
				
	 /s/ Diane Hill
	 		 	 /s/ Carlos Laber
	 	2/3/2012
	Diane Hill	 		 	Carlos Laber	 	Date
	Vice President	 		 		 	
	Human Resources	 		 	  
	 	
		 		 	Start Date