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                            FOURTH AMENDEMNT TO LEASE

THIS FOURTH AMENDMENT TO LEASE is made and entered into September 27, 1996 by
and between RIGGs BANK N.A. ("Landlord"), and SMART MODULAR TECHNOLOGIES, INC.,
A CALIFORNIA CORPORATION ("Tenant").

RECITALS:

A. Landlord's predecessor-in-interest, Pactel Properties, a California
Corporation, and Tenant entered into that certain Standard Triple Net Industrial
Lease, dated November 18, 1991 covering certain premises consisting of
approximately 15,865 rentable square feet (the "Premises") and amended by that
First Amendment To Lease, dated July 19, 1993 covering certain Additional Space
("Additional Space") of approximately 2,206 rentable square feet and amended by
that Second Amendment to Lease, dated May 31, 1994, and that Third Amendment to
Lease, dated November 1, 1994, covering certain Expansion Space ("Expansion
Space") of approximately 6,959 rentable square feet, hereinafter together
referred to as the Lease (the "Lease"), located in the building at 45521
Northport Loop West, Fremont, California (the "Building").

B. Landlord and Tenant desire to further amend the Lease so as to extend the
term, amend the Base Rent, provide a Cancellation Option and make certain other
changes, all as described below.

         NOW, THEREFORE, the parties agree as follows:

               1. DEFINED TERMS. All capitalized terms used in this Amendment
shall have the meanings given in the Lease, unless otherwise expressly defined
herein.

               2. EFFECTIVE DATE. Each provision of this Fourth Amendment to
Lease which deletes, replaces, amends or revises any portion of the Lease, shall
not delete, replace amend or revise the Lease until the Effective Date of this
Fourth Amendment to Lease. The "Effective Date" is defined as January 20, 1997.
Notwithstanding the foregoing, this Fourth Amendment to Lease shall be in full
force and effect and binding upon the parties immediately upon execution.

               3. PARAGRAPH 3. TERM. Notwithstanding anything to the contrary in
the Lease, the Term of the Lease shall be extended for seventy-two (72) months
and eleven (11) days from the Effective Date and, therefore, will expire
January 31, 2003, unless otherwise terminated or extended pursuant to the terms
of the Lease.

               4. PARAGRAPH 4. RENT. The Base Monthly Rent for the Premises
shall be modified as follows:

<TABLE>
<CAPTION>
                                Base
Months                          Monthly Rent
------                          ------------
<S>                             <C>    
1 - 24                          $17,521
25 - 48                         $18,021
49 - January 31, 2003           $19,023

</TABLE>

               5. Paragraph 46. Extension Option. Pursuant to Paragraph 46 of
the Lease, Landlord hereby grants to Tenant the option to extend the term of
this Lease (the "Option") for one additional five-year period. Tenant shall
exercise such Option by giving written notice of exercise to Landlord no less
than four (4) months, nor more than nine (9) months prior to the Expiration
Date; provided, however, that such Option shall not be exercisable if Tenant is
then in default hereunder or if the other conditions set forth in the Lease have
not been met. All of the terms and conditions of this Lease shall govern such
extended term insofar as applicable, and all references in this Lease to the
term hereof shall be deemed to include such extended term unless the context
clearly indicates to the contrary.



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6. Cancellation Option. Provided Tenant is not in default of the Lease at (i)
the Notice Date, or (ii) the Cancellation Date, Tenant shall have the option to
cancel the Lease at any time after the forty-eighth (48th) month of the Lease
("Cancellation Date") by providing Landlord not less than six (6) months prior
written notice ("Notice Date"). Prior to the Cancellation Date, Tenant shall
provide Landlord a Penalty in the amount of $15,000 ("Penalty"). Should Tenant
not provide Landlord the Penalty prior to the Cancellation Date, Tenant's
Cancellation Option shall become null and void and the lease shall continue in
full force and effect pursuant to the Lease.

7. Lease Ratification. Except as amended hereby, all terms and conditions of the
Lease are ratified and confirmed, and the Lease shall continue in full force and
effect in accordance with its terms.



LANDLORD:

RIGGS BANK  as Trustee for the
Multi-Employer Property Trust

By: /s/ Maria E. Fleming
Maria E. Fleming
Senior Trust Officer


TENANT:

SMART MODULAR TECHNOLOGIES, INC.,
A CALIFORNIA CORPORATION


By: /s/ Mukesh Patel
Mukesh Patel
Vice President