Form of Stock Unit Agreement and Notice of Grant of Award and Award Agreement



 Exhibit 10.2 

 
  

					
	  
 Form of Notice of Grant of Award

and Award Agreement
	 	  
 Marvell Technology Group LTD

ID: 77-0481679
 Argyle House 41a Cedar
Avenue
 P O Box HM 1179
 Hamilton HM
EX, Bermuda
  


  
  

					
	Name	 	 Award Number:
	 	00000000
	Address line 1	 	 Plan:
	 	1995
	 City, State United States 00000

 
	 	 ID:

 
	 	 0000
  


  
 Effective
X/XX/XXXX, you have been granted an award of XX,XXX Restricted Stock Units. These units are restricted until the vest date(s) shown below, at which time you will receive shares of Marvell Technology Group LTD (the Company) common stock. 

The current total value of the award is [$total value of award]. 
 The Award will vest in increments on the date(s) shown. This Notice of Grant is subject to all of the terms and conditions set forth herein, as well as the Restricted Stock Unit Award Agreement, the
Appendix (which include the special provisions for participant’s country of residence if any), and the 2007 Director Incentive Plan (the “Plan”), all of which are incorporated herein by reference. Capitalized terms used in this Notice
of Grant but not defined shall have the same meaning as provided in the Plan. 
  

			
	 Shares
	 	 Full Vest

	 %% SHARES
	 	%% VEST DATE
	 %% SHARES
	 	%% VEST DATE
	 %% SHARES
	 	%% VEST DATE
	 %% SHARES
	 	%% VEST DATE

 By signing this document, the participant acknowledges receipt of a copy of the Plan, and agrees that (a) these
restricted stock units (“Restricted Stock Units”) are granted under and governed by the terms and conditions of the Plan, the Restricted Stock Unit Award Agreement, and the Appendix (the special provisions for participant’s country of
residence, if any); (b) the Participant has carefully read, fully understands and agrees to all of the terms and conditions described in the attached Restricted Stock Unit Award Agreement, the Appendix, and the Plan; (c) the participant
understands and agrees that the Restricted Stock Unit Award Agreement and Appendix, including any cover sheet and attachments, constitute the entire understanding between the participant and the Company regarding this Award, and that any prior
agreements, commitments or negotiations concerning this Award are replaced and superseded; and (d) the participant has been given an opportunity to consult legal counsel with respect to all matters relating to this Award prior to signing this
cover sheet and that the participant has either consulted such counsel or voluntarily declined to consult such counsel. The Restricted Stock Unit Award Agreement, the Appendix and prospectus are available on the Company’s website at
http://my.marvell.com/stockselfservice or by request from the Company’s Stock Administration Department. The Participant hereby agrees that these documents are deemed to be delivered to him or her. 

 
  
  

 

			
	  
	 	  

	Marvell Technology Group LTD	 	Date
		
	  
	 	  

	Name of Participant	 	Date








 MARVELL TECHNOLOGY GROUP LTD. 

2007 DIRECTOR INCENTIVE PLAN 
 FORM OF RESTRICTED STOCK UNIT AWARD AGREEMENT 
 1. Grant. The
Company hereby grants to the participant named in the Notice of Grant (the “Participant”) an Award of restricted stock units (“Restricted Stock Units”), subject to all of the terms and conditions in this Restricted Stock Unit
Award Agreement (the “Agreement”) and the Plan, which is incorporated herein by reference. Subject to Section 20(c) of the Plan, in the event of a conflict between the terms and conditions of the Plan and the terms and conditions of
this Agreement, the terms and conditions of the Plan will prevail. Capitalized terms used herein but not defined shall have the same meaning as ascribed in the Plan. 
 2. Company’s Obligation to Pay. Each Restricted Stock Unit represents the right to receive a Share on the date it vests. It is a bookkeeping entry that represents only the Company’s
unfunded and unsecured promise to issue Shares (or distribute cash) on a future date. As a holder of Restricted Stock Units, Participant has no rights other than the rights of a general creditor of the Company. Unless and until the Restricted Stock
Units will have vested in the manner set forth in Section 3, Participant will have no right to payment of any such Restricted Stock Units. Prior to actual payment of any vested Restricted Stock Units, such Restricted Stock Unit will represent
an unsecured obligation of the Company, payable (if at all) only from the general assets of the Company. Any Restricted Stock Units that vest in accordance with Sections 3 or 4 will be paid to Participant (or in the event of Participant’s
death, to his or her estate or legal representative) in whole Shares, subject to Participant satisfying any applicable tax withholding obligations as set forth in Section 7. Subject to the provisions of Section 4, such vested Restricted
Stock Units will be paid in Shares as soon as practicable after vesting, but in each such case within the period ending no later than the date that is two and one half (2 1/2) months from the end of the Company’s tax year that includes the
vesting date. 
 3. Vesting Schedule. Except as provided in Section 4, and subject to Section 5, the Restricted
Stock Units awarded by this Agreement will vest in accordance with the vesting provisions set forth in the Notice of Grant. Restricted Stock Units scheduled to vest on a certain date or upon the occurrence of a certain condition will not vest in
Participant in accordance with any of the provisions of this Agreement, unless Participant continues to serve as a Service Provider from the date of grant until the date such vesting occurs. If you go on an approved leave of absence, then the
vesting schedule specified in the Notice of Grant will be adjusted to suspend vesting in accordance with the terms and conditions governing the approved leave of absence and, if applicable, the Company’s leave of absence policy as then in
effect and as the Company may adopt and/or adjust from time to time. For the purpose of this Agreement, your status as a “Service Provider” is not interrupted by (i) any leave of absence approved by the Company; (ii) transfers
between locations of the Company or between the Company, a Parent, a Subsidiary, or any successor; or (iii) changes in status from Employee to Consultant or Outside Director or from Consultant or Outside Director to Employee. 

4. Section 409A. For U.S. tax purposes, notwithstanding anything in the Plan or this Agreement to the contrary, if the
vesting of the balance, or some lesser portion of the balance, of the Restricted Stock Units is accelerated in connection with Participant’s termination as a Service Provider (provided that such termination is a “separation from
service” within the meaning of Section 409A, as determined by the Company), other than due to death, and if (x) Participant is a “specified employee” within the meaning of Section 409A at the time of such termination as
a Service Provider and (y) the payment of such accelerated Restricted Stock Units will result in the imposition of additional tax under Section 409A if paid to Participant on or within the six (6) month period following
Participant’s termination as a Service Provider, then the payment of such accelerated Restricted Stock Units will not be made until the date six (6) months and one (1) day following the date of Participant’s termination as a
Service Provider, unless the Participant dies following his or her termination as a Service Provider, in which case, the Restricted Stock Units will be paid in Shares to the Participant’s estate as soon as practicable following his or her
death. It is the intent of this Agreement to comply with the requirements of Section 409A so that none of the Restricted Stock Units provided under this Agreement or Shares issuable thereunder will be subject to the additional tax imposed under
Section 409A, and any ambiguities herein will be interpreted to so comply. For purposes of this Agreement, “Section 409A” means Section 409A of the Code and any Treasury Regulations and Internal Revenue Service guidance
thereunder, as each may be amended from time to time. 







 5. Forfeiture upon Termination of Service Relationship. Notwithstanding any contrary
provision of this Agreement, the balance of the Restricted Stock Units that have not vested as of the time of Participant’s termination as a Service Provider for any or no reason and Participant’s right to acquire any Shares hereunder will
immediately terminate. The date on which Participant’s status as a Service Provider terminates shall not be extended by any notice of termination period requested to be given under local law; such termination date will be considered to be the
last date of active employment. 
 6. Death of Participant. Any distribution or delivery to be made to Participant under
this Agreement will, if Participant is then deceased, be made to Participant’s designated beneficiary, or if no beneficiary (or legal representative for employees outside the U.S.) survives Participant, the administrator, executor or legal
representative of Participant’s estate. Any such transferee must furnish the Company with (a) written notice of his or her status as transferee, and (b) evidence satisfactory to the Company to establish the validity of the transfer
and compliance with any local or foreign laws or regulations pertaining to said transfer. 
 7. Withholding of Taxes.
Regardless of any action the Company or Participant’s employer (the “Employer”) takes with respect to any or all income tax, social insurance, payroll tax, payment on account or other tax-related items related to Participant’s
participation in the Plan and legally applicable to Participant (“Tax-Related Items”), Participant acknowledges that the ultimate liability for all Tax-Related Items is and remains Participant’s responsibility and may exceed the
amount actually withheld by the Company or the Employer. Participant further acknowledges that the Company and/or the Employer (i) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any
aspect of the Restricted Stock Unit, including, but not limited to, the grant, vesting or settlement of the Restricted Stock Unit, the issuance of Shares upon settlement of the Restricted Stock Unit, the subsequent sale of Shares acquired pursuant
to such issuance; and (ii) do not commit to and are under no obligation to structure the terms of the grant or any aspect of the Restricted Stock Unit to reduce or eliminate Participant’s liability for Tax-Related Items or achieve any
particular tax result. Further, if Participant has become subject to tax in more than one jurisdiction between the date of grant and the date of any relevant taxable event, Participant acknowledges that the Company and/or the Employer (or former
employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction. 
 Prior to
any relevant taxable or tax withholding event, as applicable, Participant will pay or make adequate arrangements satisfactory to the Company and/or the Employer to satisfy all Tax-Related Items. In this regard, Participant authorizes the Company
and/or the Employer, or their respective agents, at their discretion, to satisfy the obligations with regard to all Tax-Related Items by one or a combination of the following: 

(i) withholding from Participant’s wages or other cash compensation paid to Participant by the Company, the Employer and/or any
Subsidiary; or 
 (ii) withholding from proceeds of the sale of Shares acquired upon vesting/settlement of the Restricted Stock
Unit either through a voluntary sale or through a mandatory sale arranged by the Company (on Participant’s behalf pursuant to this authorization); or 
 (iii) withholding in Shares to be issued upon vesting/settlement of the Restricted Stock Unit. 
 To avoid negative accounting treatment, the Company may withhold or account for Tax-Related Items by considering applicable minimum statutory withholding amounts or other applicable withholding rates. If
the obligation for Tax-Related Items is satisfied by withholding in Shares, for tax purposes, Participant is deemed to have been issued the full number of Shares subject to the vested Restricted Stock Unit, notwithstanding that a number of the
Shares are held back solely for the purpose of paying the Tax-Related Items due as a result of any aspect of Participant’s participation in the Plan. 
 Participant shall pay to the Company or the Employer any amount of Tax-Related Items that the Company or the Employer may be required to withhold or account for as a result of Participant’s
participation in the Plan that cannot be satisfied by the means previously described in this Section. 

  
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 If Participant fails to make satisfactory arrangements for the payment of any required tax
withholding obligations hereunder at the time any applicable Restricted Stock Units otherwise are scheduled to vest pursuant to Sections 3 or 4, Participant will permanently forfeit such Restricted Stock Units and any right to receive Shares
thereunder and the Restricted Stock Units will be returned to the Company at no cost to the Company. 
 8. Rights as
Shareholder. Neither Participant nor any person claiming under or through Participant will have any of the rights or privileges of a shareholder of the Company in respect of any Shares deliverable hereunder unless and until certificates
representing such Shares will have been issued, recorded on the records of the Company or its transfer agents or registrars, and delivered to Participant. After such issuance, recordation and delivery, Participant will have all the rights of a
shareholder of the Company with respect to voting such Shares and receipt of dividends and distributions on such Shares. 
 9.
Nature of Grant. In accepting the grant, Participant acknowledges that: 
 (a) the Plan is established voluntarily by the
Company, it is discretionary in nature and it may be modified, amended, suspended or terminated by the Company at any time; 

(b) the grant of the Restricted Stock Unit is voluntary and occasional and does not create any contractual or other right to receive
future grants of Restricted Stock Units, or benefits in lieu of Restricted Stock Units, even if Restricted Stock Units have been granted repeatedly in the past; 
 (c) all decisions with respect to future Restricted Stock Unit grants, if any, will be at the sole discretion of the Company; 
 (d) Participant’s participation in the Plan shall not create a right to further employment with the Employer and shall not interfere with the ability of the Employer to terminate Participant’s
employment or service relationship (if any) at any time; 
 (e) Participant is voluntarily participating in the Plan;

 (f) the Restricted Stock Unit and the Shares subject to the Restricted Stock Unit are extraordinary items that do not
constitute compensation of any kind for services of any kind rendered to the Company, the Employer or any Subsidiary, and is outside the scope of Participant’s service or employment contract, if any; 

(g) the Restricted Stock Unit and the Shares subject to the Restricted Stock Unit are not intended to replace any pension rights or
compensation; 
 (h) the Restricted Stock Unit and the Shares subject to the Restricted Stock Unit are not part of normal or
expected compensation or salary for any purposes, including, but not limited to, calculating any severance, resignation, termination, redundancy, dismissal, end-of-service payments, bonuses, long-service awards, pension or retirement or welfare
benefits or similar payments and in no event should be considered as compensation for, or relating in any way to, past services for the Company, the Employer or any Subsidiary; 

(i) the Restricted Stock Unit grant and Participant’s participation in the Plan will not be interpreted to form an employment
contract or relationship with the Company or any Subsidiary of the Company; 
 (j) the future value of the underlying Shares is
unknown and cannot be predicted with certainty; 
 (k) in consideration of the Award of Restricted Stock Units, no claim or
entitlement to compensation or damages shall arise from forfeiture of the Restricted Stock Units resulting from termination of Participant’s status as a Service Provider with the Company, the Employer or any Subsidiary (for any reason
whatsoever and whether or not in breach of local labor laws), and Participant irrevocably releases the Company, the Employer, and any Subsidiary from any such claim that may arise; if, notwithstanding the foregoing, any such claim is found by a
court 

  
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of competent jurisdiction to have arisen, Participant shall be deemed irrevocably to have waived Participant’s entitlement to pursue such claim; 

(l) in the event of termination of Participant’s status as a Service Provider (whether or not in breach of local labor laws),
Participant’s right to vest in the Restricted Stock Unit under the Plan, if any, will terminate effective as of the date that Participant is no longer actively employed and will not be extended by any notice period mandated under local law
(e.g., active service as a Service Provider would not include a period of “garden leave” or similar period pursuant to local law); the Administrator shall have the exclusive discretion to determine when I am no longer actively employed for
purposes of Participant’s Restricted Stock Unit grant; 
 (m) the Company is not providing any tax, legal or financial
advice, nor is the Company making any recommendations regarding Participant’s participation in the Plan; 
 (n) Participant
is hereby advised to consult with his or her own personal tax, legal and financial advisors regarding participation in the Plan before taking any action related to the Plan; and 

(o) the Restricted Stock Unit and the benefits under the Plan, if any, will not automatically transfer to another company in the case of
a merger, take-over or transfer of liability. 
 10. Data Privacy Notice and Consent. Participant
hereby explicitly and unambiguously consents to the collection, use and transfer, in electronic or other form, of Participant’s personal data as described in this Agreement and any other Restricted Stock Unit grant materials by and among, as
applicable, the Employer, the Company and its Subsidiaries for the exclusive purpose of implementing, administering and managing Participant’s participation in the Plan. 

Participant understands that the Company and the Employer may hold certain personal information about Participant, including, but
not limited to, Participant’s name, home address and telephone number, date of birth, social insurance number or other identification number, salary, nationality, job title, any Shares or directorships held in the Company, details of all
Restricted Stock Units or any other entitlement to shares of stock awarded, canceled, exercised, vested, unvested or outstanding in Participant’s favor, for the exclusive purpose of implementing, administering and managing the Plan
(“Data”). 
 Participant understands that Data will be transferred to Smith Barney, E*Trade or to any
other third party assisting in the implementation, administration and management of the Plan. Participant understands that the recipients of the Data may be located in the United States or elsewhere, and that the recipients’ country (e.g., the
United States) may have different data privacy laws and protections than Participant’s country. Participant understands that Participant may request a list with the names and addresses of any potential recipients of the Data by contacting
Participant’s local human resources representative. Participant authorizes the Company, Smith Barney, E*Trade and any other possible recipients which may assist the Company (presently or in the future) with implementing, administering and
managing the Plan to receive, possess, use, retain and transfer the Data, in electronic or other form, for the sole purpose of implementing, administering and managing Participant’s participation in the Plan. Participant understands that Data
will be held only as long as is necessary to implement, administer and manage Participant’s participation in the Plan. Participant understands that Participant may, at any time, view Data, request additional information about the storage and
processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing Participant’s local human resources representative. Participant understands, however,
that refusing or withdrawing Participant’s consent may affect Participant’s ability to participate in the Plan. For more information on the consequences of Participant’s refusal to consent or withdrawal of consent, Participant
understands that Participant may contact Participant’s local human resources representative. 
 11. No
Guarantee of Continued Service. PARTICIPANT ACKNOWLEDGES AND AGREES THAT THE VESTING OF THE RESTRICTED STOCK UNITS PURSUANT TO THE VESTING SCHEDULE HEREOF IS EARNED ONLY BY PROVIDING SERVICE AS A SERVICE PROVIDER AT THE WILL OF THE EMPLOYER AND
NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED THIS AWARD 

  
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OF RESTRICTED STOCK UNITS OR ACQUIRING SHARES HEREUNDER. PARTICIPANT FURTHER ACKNOWLEDGES AND AGREES THAT THIS AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREUNDER AND THE VESTING SCHEDULE SET
FORTH HEREIN DO NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT FOR SERVICE AS A SERVICE PROVIDER FOR THE VESTING PERIOD, FOR ANY PERIOD, OR AT ALL, AND WILL NOT INTERFERE IN ANY WAY WITH PARTICIPANT’S RIGHT OR THE RIGHT OF
THE EMPLOYER TO TERMINATE PARTICIPANT’S SERVICE RELATIONSHIP AT ANY TIME, WITH OR WITHOUT CAUSE. 
 12. Address for
Notices. Any notice to be given to the Company under the terms of this Agreement will be addressed to the Company at its corporate headquarters, or at such other address as the Company may hereafter designate in writing. 

13. Grant is Not Transferable. This Award of Restricted Stock Units may not be transferred in any manner otherwise than by will or
by the laws of descent or distribution. The terms of Award of Restricted Stock Units shall be binding upon the executors, administrators, heirs, successors and assigns of Participant. 

14. Plan Governs. This Agreement is subject to all terms and provisions of the Plan. In the event of a conflict between one or
more provisions of this Agreement and one or more provisions of the Plan, the provisions of the Plan will govern. 
 15.
Binding Agreement. Subject to the limitation on the transferability of this grant contained herein, this Agreement will be binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors and assigns of the
parties hereto. 
 16. Additional Conditions to Issuance of Stock. If at any time the Company will determine, in its
discretion, that the listing, registration or qualification of the Shares upon any securities exchange or under any U.S. state or federal law, any local or foreign law, or the consent or approval of any governmental regulatory authority is necessary
or desirable as a condition to the issuance of Shares to Participant (or his or her estate or legal representative), such issuance will not occur unless and until such listing, registration, qualification, consent or approval will have been effected
or obtained free of any conditions not acceptable to the Company. Where the Company determines that the delivery of the payment of any Shares will violate federal securities laws or other applicable laws, the Company will defer delivery until the
earliest date at which the Company reasonably anticipates that the delivery of Shares will no longer cause such violation. The Company will make all reasonable efforts to meet the requirements of any such U.S. state or federal law, or any local or
foreign securities exchange, and to obtain any such consent or approval of any such governmental authority. 
 17.
Administrator Authority. The Administrator will have the power to interpret the Plan and this Agreement and to adopt such rules for the administration, interpretation and application of the Plan as are consistent therewith and to interpret or
revoke any such rules (including, but not limited to, the determination of whether or not any Restricted Stock Units have vested). All actions taken and all interpretations and determinations made by the Administrator in good faith will be final and
binding upon Participant, the Company and all other interested persons. No member of the Administrator will be personally liable for any action, determination or interpretation made in good faith with respect to the Plan or this Agreement.

 18. Electronic Delivery and Participation. The Company may, in its sole discretion, decide to deliver any documents
related to Restricted Stock Units awarded under the Plan or future Restricted Stock Units that may be awarded under the Plan by electronic means or request Participant’s consent to participate in the Plan by electronic means. Participant hereby
consents to receive such documents by electronic delivery and agrees to participate in the Plan through any on-line or electronic system established and maintained by the Company or another third party designated by the Company. 

19. Captions. Captions provided herein are for convenience only and are not to serve as a basis for interpretation or construction
of this Agreement. 

  
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 20. Agreement Severable. In the event that any provision in this Agreement will be
held invalid or unenforceable, such provision will be severable from, and such invalidity or unenforceability will not be construed to have any effect on, the remaining provisions of this Agreement. 

21. Modifications to the Agreement. This Agreement constitutes the entire understanding of the parties on the subjects covered.
Participant expressly warrants that he or she is not accepting this Agreement in reliance on any promises, representations, or inducements other than those contained herein. Modifications to this Agreement or the Plan can be made only in an express
written contract executed by a duly authorized officer of the Company. Notwithstanding anything to the contrary in the Plan or this Agreement, the Company reserves the right to revise this Agreement as it deems necessary or advisable, in its sole
discretion and without the consent of Participant, to comply with Section or to otherwise avoid imposition of any additional tax or income recognition under Section 409A in connection to this Award of Restricted Stock Units. 

22. Amendment, Suspension or Termination of the Plan. By accepting this Award, Participant expressly warrants that he or she has
received an Award of Restricted Stock Units under the Plan, and has received, read and understood a description of the Plan. Participant understands that the Plan is discretionary in nature and may be amended, suspended or terminated by the Company
at any time. 
 23. Governing Law. This Agreement shall be governed by the laws of the State of California, without
giving effect to the conflict of law principles thereof. For purposes of litigating any dispute that arises under this Award of Restricted Stock Units or this Agreement, the parties hereby submit to and consent to the jurisdiction of the State of
California, and agree that such litigation will be conducted in the courts of Santa Clara County, California, or the federal courts for the United States for the Northern District of California, and no other courts, where this Award of Restricted
Stock Units is made and/or to be performed. 
 24. Language. If Participant has received this Agreement or any other
document related to the Plan translated into a language other than English and if the meaning of the translated version is different than the English version, the English version will control. 

25. Appendix. Notwithstanding any provisions in this Agreement, the Restricted Stock Unit grant shall be subject to any special
terms and conditions set forth in any Appendix to this Agreement for Participant’s country. Moreover, if Participant relocates to one of the countries included in the Appendix, the special terms and conditions for such country will apply to
Participant, to the extent the Company determines that the application of such terms and conditions is necessary or advisable in order to comply with local law or facilitate the administration of the Plan. The Appendix constitutes part of this
Agreement. 
 26. Imposition of Other Requirements. The Company reserves the right to impose other requirements on
Participant’s participation in the Plan, on the Restricted Stock Unit and on any Shares acquired under the Plan, to the extent the Company determines it is necessary or advisable in order to comply with local law or facilitate the
administration of the Plan, and to require Participant to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing. 

  
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