##### 



LEASE AGREEMENT
  Tenant:
    
    Volterra Semiconductor Corporation, a Delaware corporationTenants Representative,
    
    Mr. Dan Wark-Vice President of OperationsAddress, and Telephone:
    
    3839 Spinnaker CtFremont, CA 94538(To be revised to the Premises address upon commencement of lease)Premises:
    
    That portion of the Building, containing approximately 42,711
rentable square feet, as determined by Landlord, commonly known
as 47467 Fremont Blvd Fremont, CA 94538 as shown on Exhibit A.Project:
    
    Bayside Corporate Center containing approximately 311,277
rentable square feet of space as further described in Exhibit E.Building:
    
    Building #3 (sba00803) as shown on Site Plan containing
approximately 42,711 rentable square feet of space.Tenants Proportionate
Share of Project:
    
    13.721%Tenants Proportionate
Share of Building:
    
    100.000%Lease Term:
    
    Beginning on the Commencement Date and ending on the last day of
the 62nd full calendar month thereafter.Commencement Date:
    
    Upon the Substantial Completion of Initial ImprovementsInitial Monthly Base Rent:
    
    See Addendum 1Initial Estimated Monthly 
Operating Expense 
Payments:(estimates only and
    
    1. Utilities:
    
    
    N/Asubject to adjustment to
    
    2. Common Area Charges:
    
    $
    2,083.08actual costs and expenses
    
    3. Taxes:
    
    $
    6,388.33according to the
    
    4. Insurance:
    
    $
    705.00provisions of this Lease)
    
    5. Management Fee:
    
    $
    433.57Initial Estimated Monthly 
Operating Expense 
Payments:
    
    
    
    
    
    
    
    $
    9,609.98Initial Monthly Base Rent
and Operating Expense
Payments:
    
    
    
    
    
    
    
    $
    41,216.12Security Deposit:
    
    $0.00Broker:
    
    Colliers International  James AbartaAddenda:
    
    1. Base Rent Adjustments; 2. Construction; 3. HVAC Maintenance
Contract; 4. Move Out Conditions; 5. One Renewal Option at
Market; 6. Early Occupancy for Fixturization by TenantExhibits:
    
    A. Site Plan ; B. Floor Plan; C. Sign Criteria; D. Tenant
Improvement Standards; E. Project Site Plan
 Granting Clause
 Acceptance of Premises
  1.




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Use; Compliance with Legal Requirements
 Base Rent
  2.




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Security Deposit
 Operating Expense Payments
    3.




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Utilities
 Taxes
 Insurance
   4.




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Landlords Repairs
 Tenants Repairs
 Tenant-Made Alterations and Trade Fixtures.
  5.




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Signs
 Parking.
 Restoration.
 Condemnation
  6.




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Assignment and Subletting Permitted
Transfer
    Indemnification
  7.




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Inspection and Access
 Quiet Enjoyment
 Surrender
 Holding Over
 Events of Default
     8.




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Landlords Remedies
     9.




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Tenants Remedies/Limitation of Liability
 Waiver of Jury Trial
 Subordination
  Mechanics Liens
  10.




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Estoppel Certificates
 Environmental Requirements
     11.




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Rules and Regulations
 Security Service
 Force Majeure
 Entire Agreement
 Severability
 Brokers
 Miscellaneous
          12.




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##### 



Landlords Lien/Security Interest
 Limitation of Liability of Trustees, Shareholders, and Officers of ProLogis
  TENANT:
    
    
    
    LANDLORD:Volterra Semiconductor
Corporation, 
a Delaware corporation
    
    
    
    PROLOGIS, a Maryland real estate
investment trustBy:
    
    /s/ Daniel W. Wark
    
    
    
    By:
    
    /s/ W. Scott LamsonName:
    
    Daniel W. Wark
    
    
    
    Name:
    
    W. Scott LamsonTitle:
    
    V.P. Operations
    
    
    
    Title:
    
    Senior Vice PresidentAddress:
    
    
    
    
    
    Address:3839 Spinnaker Ct. 
Fremont, CA 94538
(To be revised to the Premises 
address upon commencement of 
lease)
    
    
    
    47775 Fremont Blvd
Fremont, CA 94538
  13.




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##### 



Rules and Regulations
 1.
    
    The sidewalk, entries, and driveways of the Project shall not be obstructed by Tenant, or its
agents, or used by them for any purpose other than ingress and egress to and from the
Premises.
 2.
    
    Tenant shall not place any objects, including antennas, outdoor furniture, etc., in the
parking areas, landscaped areas or other areas outside of its Premises, or on the roof of the
Project.
 3.
    
    Except for seeing-eye dogs, no animals shall be allowed in the offices, halls, or corridors
in the Project.
 4.
    
    Tenant shall not disturb the occupants of the Project or adjoining buildings by the use of
any radio or musical instrument or by the making of loud or improper noises.
 5.
    
    If Tenant desires telegraphic, telephonic or other electric connections in the Premises,
Landlord or its agent will direct the electrician as to where and how the wires may be
introduced; and, without such direction, no boring or cutting of wires will be permitted. Any
such installation or connection shall be made at Tenants expense.
 6.
    
    Tenant shall not install or operate any steam or gas engine or boiler, or other mechanical
apparatus in the Premises, except as specifically approved in the Lease. The use of oil, gas
or inflammable liquids for heating, lighting or any other purpose is expressly prohibited.
Explosives or other articles deemed extra hazardous shall not be brought into the Project.
 7.
    
    Parking any type of recreational vehicles is specifically prohibited on or about the Project.
Further, parking any type of trucks, trailers or other vehicles in the Premises is
specifically prohibited. Except for the overnight parking of operative vehicles, no vehicle
of any type shall be stored in the parking areas at any time. In the event that a vehicle is
disabled, it shall be removed within 48 hours. There shall be no For Sale or other
advertising signs on or about any parked vehicle. All vehicles shall be parked in the
designated parking areas in conformity with all signs and other markings. All parking will be
open parking, and no reserved parking, numbering or lettering of individual spaces will be
permitted except as specified by Landlord.
 8.
    
    Tenant shall maintain the Premises free from rodents, insects and other pests.
 9.
    
    Landlord reserves the right to exclude or expel from the Project any person who, in the
judgment of Landlord, is intoxicated or under the influence of liquor or drugs or who shall in
any manner do any act in violation of the Rules and Regulations of the Project.
 10.
    
    Tenant shall not cause any unnecessary labor by reason of Tenants carelessness or
indifference in the preservation of good order and cleanliness. Landlord shall not be
responsible to Tenant for any loss of property on the Premises, however occurring, or for any
damage done to the effects of Tenant by the janitors or any other employee or person.
 11.
    
    Tenant shall give Landlord prompt notice of any defects in the water, lawn sprinkler, sewage,
gas pipes, electrical lights and fixtures, heating apparatus, or any other service equipment
affecting the Premises.
 12.
    
    Tenant shall not permit storage outside the Premises, including without limitation, outside
storage of trucks and other vehicles, or dumping of waste or refuse or permit any harmful
materials to be placed in any drainage system or sanitary system in or about the Premises
without Landlords prior consent, not to be unreasonably withheld, conditioned or delayed.
 13.
    
    All moveable trash receptacles provided by the trash disposal firm for the Premises must be
kept in the trash enclosure areas, if any, provided for that purpose.
 14.
    
    No auction, public or private, will be permitted on the Premises or the Project.
 15.
    
    No awnings shall be placed over the windows in the Premises except with the prior written
consent of Landlord.
 16.
    
    The Premises shall not be used for lodging, sleeping or cooking or for any immoral or illegal
purposes or for any purpose other than that specified in the Lease. No gaming devices shall
be operated in the Premises.
 17.
    
    Tenant shall ascertain from Landlord the maximum amount of electrical current which can
safely be used in the Premises, taking into account the capacity of the electrical wiring in
the Project and the Premises and the needs of other tenants, and shall not use more than such
safe capacity. Landlords consent to the installation of electric equipment shall not relieve
Tenant from the obligation not to use more electricity than such safe capacity.
 18.
    
    Tenant assumes full responsibility for protecting the Premises from theft, robbery and
pilferage.
 19.
    
    Tenant shall not install or operate on the Premises any machinery or mechanical devices of a
nature not directly related to Tenants ordinary use of the Premises and shall keep all such
machinery free of vibration, noise and air waves which may be transmitted beyond the Premises.
  14.




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ADDENDUM 1
 BASE RENT ADJUSTMENTS
 MAY 9, 2007
 ProLogis, a Maryland real estate investment trust   Volterra Semiconductor Corporation, a Delaware corporation
  Months
    
    Monthly Base Rent01
    
    to
    
    
    02
    
    
    $
    0.00
    *03
    
    to
    
    
    14
    
    
    $
    31,606.1415
    
    to
    
    
    26
    
    
    $
    32,460.3627
    
    to
    
    
    38
    
    
    $
    33,741.6939
    
    to
    
    
    50
    
    
    $
    34,595.9151
    
    to
    
    
    62
    
    
    $
    35,450.13
 
 *
    
    Tenant shall be responsible for Operating Expenses during free rent period.  15.




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ADDENDUM 2
 CONSTRUCTION
 MAY 9, 2007
 ProLogis, a Maryland real estate investment trust   Volterra Semiconductor Corporation, a Delaware corporation
 (a)
Definition of Initial Improvements. Target Date
 Substantially Complete Date of Substantial Completion
 Approval of Budget; Changes to the Initial Improvements. Budget
 Landlords Obligation to Construct Initial Improvements. Commencement Date
  16.




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TI Allowance .
 Tenants Early Access.
   17.




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ADDENDUM 3
 HVAC MAINTENANCE CONTRACT
 MAY 9, 2007
 ProLogis, a Maryland real estate investment trust   Volterra Semiconductor Corporation, a Delaware corporation
    1.
    
    Adjust belt tension;2.
    
    Lubricate all moving parts, as necessary;3.
    
    Inspect and adjust all temperature and safety controls;4.
    
    Check refrigeration system for leaks and operation;5.
    
    Check refrigeration system for moisture;6.
    
    Inspect compressor oil level and crank case heaters;7.
    
    Check head pressure, suction pressure and oil pressure;8.
    
    Inspect air filters and replace when necessary;9.
    
    Check space conditions;10.
    
    Check condensate drains and drain pans and clean, if necessary;11.
    
    Inspect and adjust all valves;12.
    
    Check and adjust dampers;13.
    
    Run machine through complete cycle.
  18.




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ADDENDUM 4
 MOVE-OUT CONDITIONS
 MAY 9, 2007
 ProLogis, a Maryland real estate investment trust   Volterra Semiconductor Corporation, a Delaware corporation
  1.
    
    All lighting is to be placed into good working order. This includes replacement of bulbs,
ballasts, and lenses as needed.2.
    
    All truck doors and dock levelers should be serviced and placed in good operating order.
This would include the necessary replacement of any dented truck door panels and adjustment of
door tension to insure proper operation. All door panels which are replaced need to be
painted to match the Tenant Improvement Standards described in Exhibit D.3.
    
    Intentionally Omitted.4.
    
    Heating/air-conditioning systems should be placed in good working order, including the
necessary replacement of any parts to return the unit to a well maintained condition,
reasonable wear and tear and casualty excepted. This includes warehouse heaters and exhaust
fans. Upon move-out, Landlord will have an exit inspection performed by a certified mechanical
contractor to determine the condition.5.
    
    All holes in the sheet rock walls should be repaired prior to move-out.6.
    
    The carpets and vinyl tiles should be in a clean condition and should not have any holes or
chips in them. Landlord will accept normal wear on these items provided they appear to be in
a maintained condition.7.
    
    The Premises should be returned in a clean condition which would include cleaning of the
coffee bar, restroom areas, windows, and other portions of the Premises.8.
    
    The warehouse should be in broom clean condition with all inventory and racking removed.
There should be no protrusion of anchors from the warehouse floor and all holes should be
appropriately patched. If machinery/equipment is removed, the electrical lines should be
properly terminated at the nearest junction box.9.
    
    All exterior windows with cracks or breakage should be replaced.10.
    
    The Tenant shall provide keys for all locks on the Premises, including front doors, rear
doors, and interior doors.11.
    
    Intentionally Omitted.12.
    
    All electrical systems should be left in a safe condition that conforms to code. Bare wires
and dangerous installations should be corrected prior to move-out.13.
    
    All plumbing fixtures should be in good working order, including the water heater. Faucets
and toilets should not leak.14.
    
    All dock bumpers must be left in place and well secured.
  19.




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ADDENDUM 5
 ONE RENEWAL OPTION AT MARKET
 MAY 9, 2007
 ProLogis, a Maryland real estate investment trust   Volterra Semiconductor Corporation, a Delaware corporation
 Extension Option . Extension Option Extension Term Commencement Date of the Extension Term Extension Notice
 Base Rent During Extension Term .
    Fair Market Rent Definition . Fair Market Rent
    20.




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Consent to Jurisdiction .
 Same Terms and Conditions .
 Time of the Essence
 As-Is .
 Amendment .
 Term .
   21.




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##### 



ADDENDUM 6
 EARLY OCCUPANCY FOR FIXTURIZATION BY TENANT
 MAY 9, 2007
 ProLogis, a Maryland real estate investment trust   Volterra Semiconductor Corporation, a Delaware corporation
  
    
    Landlord is in receipt certificates documenting the required insurance coverage
required under this Lease for purposes of installing communication cabling and
other items pertinent to Tenants business including, but not limited to,
telephone systems, furniture partitions, and security systems.
    
    Tenant does not thereby interfere with the completion of construction or cause
any labor dispute as a result of such installations.
    
    Tenant does hereby agree to indemnify, defend, and hold Landlord harmless from
any loss or damage to such property, and all liability, loss, or damage arising
from any injury to the Project or the property of Landlord, its contractors,
subcontractors, or materialmen, and any death or personal injury to any person or
persons arising out of such installations, except to the extent any such loss,
damage, liability, death, or personal injury was caused by the negligence or
willful misconduct of Landlords or its contractors, subcontractors, or
materialmen.
    
    Access and related work will be coordinated with contractor so as not to
unreasonably interfere with or impede completion of the Initial Improvements at
the Premises. Tenant shall not be obligated to pay any Base Rent or Operating
Expenses during any period of early occupancy.
    
    Any such occupancy or work in the Premises shall be in accordance with the
provisions governing Tenant-Made Alterations and Trade Fixtures in the Lease, and
shall be subject to Tenant providing to Landlord satisfactory evidence of
insurance for personal injury and property damage related to such installations
and satisfactory payment arrangements with respect to installations permitted
hereunder.
    
    Delay in putting Tenant in possession of the Premises shall not serve to extend
the term of this Lease or to make Landlord liable for any damages arising
therefrom.
  22.




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SITE PLAN
 BAYSIDE CORPORATE CENTER
  23.




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EXHIBIT B
 FLOOR PLAN
  24.




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EXHIBIT C
 SIGN CRITERIA
 BAYSIDE CORPORATE CENTER
 WINDOW IDENTIFICATION SIGNS :
  except
   DIRECTORY SIGN IDENTIFICATION :
   REAR LOADING SIGNS:
   Landlord reserves the right to deny any copy it considers unsuitable. Layout is to be approved by
Landlord. The cost of all lettering and logos will be the responsibility of the Tenant. No other
signs are allowed in the windows or doors.
  25.




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EXHIBIT D
 TENANT IMPROVEMENT STANDARDS
 (a)
    
    Office Area
 1.
    
    ROOF INSULATION: The insulation above conditioned office area ceilings shall be minimum R-11
fiberglass batts.2.
    
    DOORS AND FRAMES: 3-0 x 7-0 x 1-3/4, solid core, birch, B-3 stain prefinished with Black
anodized aluminum frames to match existing.3.
    
    INTERIOR DOOR HARDWARE: Schlage AL series Saturn in a brushed chrome 626 finish.4.
    
    INTERIOR WINDOWS: None5.
    
    MIRRORS: toilet rooms shall have mirrors the length of the lavatory top or 24 x 36 if the
lavatory is wall hung.6.
    
    DRYWALL PARTITIONS: office walls shall be undergrid 3-5/8 x 25 Ga. metal studs at 24 o.c.
with 5/8 gypsum board.7.
    
    DRYWALL FINISH: All drywall and exposed concrete walls within the office and toilet rooms
shall receive a skip trowel textured or smooth finish.8.
    
    WAINSCOT: Toilet room wet walls shall have 4-6 high white Pionite wainscot.9.
    
    ACOUSTIC CEILING TILE: Office areas shall have an exposed grid acoustic ceiling with 24 x
48 non-directional fissured tile, installed at 9-010.
    
    OFFICE CARPET: Designweave or Shaw direct glue-down, 26 oz. face weight level loop or 30 oz
cut-pile carpet without pad.11.
    
    LUNCH ROOM: shall have vinyl composition tile (VCT) flooring 1/8 gauge, standard grade, as
manufactured by Tarkett or Armstrong.12.
    
    RUBBER BASE: The office areas shall have a 4 high topset rubber base as manufactured by
Burke, Roppe, or Tarkett, installed in all areas receiving floor covering except the toilet
rooms.13.
    
    TOILET ROOM: The flooring shall be sheet vinyl by Armstrong Suffield, Best of Both
Worlds or Seagate with a 6 coved base.14.
    
    PAINT: One (1) coat of paint in a standard light color interior flat latex, except in the
toilet rooms and at the coffee bar which shall receive one (1) coat of latex semi-gloss enamel
over one (1) coat of PVA sealer. If the walls are smooth finished, they shall receive two (2)
coats of paint.15.
    
    TOILET ACCESSORIES: Napkin Disposals: Bobrick B-270 sanitary napkin disposals in each
womens toilet stall.Paper Towel Dispenser: Bobrick B-369 (for single accommodation toilet rooms) or a Bobrick
B-3944 (for multiple accommodation toilet rooms) recessed paper towel dispenser with a waste
receptacle.Seat Cover Dispenser: Bobrick B-221 seat cover dispenser in each toilet stall.Toilet Paper Holder: Bobrick B-686 double toilet paper holder.Grab Bars: Bobrick No. B6806-36 and B6806-42 stainless steel handicap grab bars per code.16.
    
    TOILET PARTITIONS: Metal, floor mounted, overhead braced toilet partitions with a backed
enamel finish by Global Steel, Knickerbocker or equal in manufactures standard color.17.
    
    BLINDS: All exterior windows, except storefront doors, shall receive mini-blinds by Bali,
inside mount, in a light building standard color with a valance.18.
    
    PLUMBING FIXTURES AND TRIM: Lavatory for vanity: American Standard or equal, Oval
Horizon, model 3303.013, white, self-rimming with a Delta Model 523 WF HDF single lever type
faucet assembly with a grid strainer and bright chrome finish. Wall-hung lavatory: American
Standard or equal, Lucerne, model 0355.012, white, wall mounted lavatory with a Delta Model
523 WF HDF single lever type faucet assembly with a grid strainer and bright chrome finish.
Water closet: American Standard or equal, Cadet Aquameter, elongated, 1.5 GPF, model
3042.12, white, with an Olsonite #95 seat and a Sloan #111 flush valve. Urinal: American
Standard or equal, Allbrook, model 6540.017, white, with a Sloan 180-1.5 flush valve.
Coffee bar sink: Elkay or equal, Peacemaker Starlite, model PSR-1918, stainless steel, with
a Delta #100 faucet.Water heater: Sized to meet demand installed in a smitty pan draining into a hub drain with
a trap primer.19.
    
    Fire sprinkler heads shall be chrome with white escutcheons, semirecessed, not centered, on the
ceiling tiles.20.
    
    The HVAC system shall maintain 75 degrees indoors, on a 100 degree outdoor day21.
    
    The HVAC system shall be connected to a 7-day skip-a-day time clock and include a bypass
timer at each thermostat.22.
    
    All thermostats shall have an automatic change-over feature and a locking cover.23.
    
    Toilet rooms shall have an exhaust fan.24.
    
    All conditioned areas shall have a supply register and a ducted return register. Supply and
return air registers shall be white baked enamel 2x2 with a perforated face, flush mounted.
Supply air registers shall have a 4-way blow.25.
    
    Office lighting: shall be 2x4 three lamp lay-in fluorescent light fixtures with standard
acrylic lens and T-12 low watt type lamps, 75 foot candles at 3 A.F.F. or as permitted by
code but no less than two (2) fixtures per office.26.
    
    Furnish and install two (2) 110V duplex receptacles in each office.27.
    
    Furnish and install a dedicated 110 volt fourplex outlet at the telephone board and two
dedicated 110V outlets at the coffee bar.28.
    
    Furnish and install a 2 diameter P.V.C. or steel (where required by code)conduit for phone
system from the building telephone service entrance to a telephone board within the tenant
space.
  26.




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(b)
    
    Warehouse Area
 1.
    
    FULL HEIGHT DRYWALL PARTITIONS @ tenant demising walls: Metal studs with one layer of 5/8
type X gypsum board on each side from the floor to the roof deck.2.
    
    OFFICE/WAREHOUSE WALL: Metal studs with two layers of 5/8 type X gypsum board on each
side to 6 A.F.F.3.
    
    WAREHOUSE WALL FINISH: All drywall shall be fire taped only. Spot nails in firetaped areas.4.
    
    CONCRETE FLOOR SEALER: Exposed concrete floors shall receive one coat of acrylic concrete
sealer.5.
    
    WAREHOUSE LIGHTING: Provide 16 high output fluorescent strip light fixtures or metal halide
fixtures to achieve 15 foot candles of light measured at 30 above the floor in the warehouse
space.
 (c)
    
    Exclusions.
 The initial tenant improvement standards do not include the following items:1.
    
    Electrical data gathering lines or security equipment.2.
    
    Telephonic or other communications equipment and cabling.3.
    
    Electrical connections and distribution for production equipment.4.
    
    Tenant, at Tenants sole expenses, shall be responsible for all fire code compliance issues
as related to their specific use and/or racking of the Premises, including but not limited to;
fire sprinkler systems, fire hose racks, in-rack sprinklers, smoke curtains and type (or
quantity) of smoke vents.
  27.




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EXHIBIT E
 PROJECT SITE PLAN
 BAYSIDE CORPORATE CENTER
 
  28.