Document:

Unassociated Document

    Exhibit
      4.7

    TRANSWITCH
      CORPORATION

    2008
      EQUITY INCENTIVE PLAN

    NOTICE
      OF STOCK NON-QUALIFIED OPTION AWARD TO DIRECTOR

     

    

    Unless
      otherwise defined herein, the terms defined in the 2008 Equity Incentive Plan
      (the “Plan”)
      shall
      have the same defined meanings in this Notice of Non-Qualified Stock Option
      Award to Director and the attached Stock Option Award Terms, which is
      incorporated herein by reference (together, the “Award
      Agreement”).

     

    Participant
      (the“Participant”)

    «Name»

     

    Grant

    The
      undersigned Participant has been granted an Option to purchase Common Stock
      of
      TranSwitch Corporation (the “Company”),
      subject to the terms and conditions of the Plan and this Award Agreement, as
      follows:

    

      
        	
                Date
                  of Grant

              	
                «Grant_Date»

              	
                Total
                  Number of Shares Granted

              	
                «Shares_Granted»

              
	 	 	 	 
	
                Vesting
                  Commencement Date

              	
                «Vesting_Date»

              	
                Type
                  of Option

              	
                 ̈ Incentive
                  Stock Option

              
	 	 	 	 
	
                Exercise
                  Price per Share

              	
                $«Exercise_Price»

              	 	
                x Non-Statutory
                  Stock Option

              
	 	 	 	 
	
                Total
                  Exercise Price

              	
                $«Total_Exercise_Price»

              	
                Term/Expiration
                  Date

              	
                «Expiration_Date»

              

      

    

     

    Vesting
      Schedule:

     

    This
      Option shall be exercisable, in whole or in part, according to the following
      vesting schedule:

     

    
      	
              Number
                of Months (or years) of Service

            	 	
              %
                of Grant (or # of Shares) Vested

            
	 	 	 
	 	 	 
	 	 	 

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Vesting
      of this Option shall cease upon termination of the Participant’s relationship
      with the Company or its Subsidiaries as a director (the “Business
      Relationship”).

     

    
      	
              Participant

            	 	
              Company

            
	 	 	 
	 	 	 
	
              Signature

            	 	
              By

            
	 	 	 
	 	 	 
	
              Print
                Name

            	 	
              Title

            
	 	 	 
	 	 	 
	 	 	 
	
              Residence
                Address

            	 	 

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    TRANSWITCH
      CORPORATION

    STOCK
      OPTION

    AWARD
      TERMS

     

    
      	 	
              1.

            	
              Grant
                of Option.
                The Board of Directors of the Company (the “Board”)
                hereby grants to the Participant named in the Notice of Non-Qualified
                Stock Option Award to Director (the “Notice”)
                an option (the “Option”)
                to purchase the number of Shares set forth in the Notice, at the
                exercise
                price per Share set forth in the Notice (the “Exercise
                Price”),
                and subject to the terms and conditions of the Plan, which is incorporated
                herein by reference. In the event of a conflict between the terms
                and
                conditions of the Plan and this Award Agreement, the terms and conditions
                of the Plan shall prevail.

            

    

     

    This
      option shall be treated for federal income tax purposes as a Non-Qualified
      Option (“NSO”)
      (rather than an incentive stock option).

     

    
      	
            	2.	
              Exercise
                of Option.

            

    

     

    
      	 	
              i.

            	
              Right
                to Exercise.
                This Option may be exercised during its term in accordance with the
                Vesting Schedule set out in the Notice and with the applicable provisions
                of the Plan and this Award
                Agreement.

            

    

     

    
      	 	
              ii.

            	
              Method
                of Exercise.
                This Option shall be exercisable by delivery of an exercise notice
                in the
                form attached as Exhibit
                A
                (the “Exercise
                Notice”)
                which shall state the election to exercise the Option, the number
                of
                Shares with respect to which the Option is being exercised (the
                “Exercised
                Shares”),
                and such other representations and agreements as may be required
                by the
                Company. The Exercise Notice shall be accompanied by payment of the
                aggregate Exercise Price as to all Exercised Shares. This Option
                shall be
                deemed to be exercised upon receipt by the Company of such fully
                executed
                Exercise Notice accompanied by payment of the aggregate Exercise
                Price.

            

    

     

    No
      Shares
      shall be issued pursuant to the exercise of an Option unless such issuance
      and
      such exercise complies with applicable laws. Assuming such compliance, for
      income tax purposes the Shares shall be considered transferred to the
      Participant on the date on which the Option is exercised with respect to such
      Shares.

     

    
      	 	
              3.

            	
              Termination.
                If the Participant’s Business Relationship with the Company is terminated,
                other than by reason of the Participant’s death, disability or if the
                Business Relationship is terminated by the Company for “Cause”, this
                Option shall terminate on the Term/Expiration Date. If the Business
                Relationship is terminated by the Company for “Cause”, the Option shall
                terminate immediately. Upon Participant’s death or disability, this Option
                may be exercised for six (6) months after the Business Relationship
                ceases. In no event may Participant exercise this Option after the
                Term/Expiration Date as provided
                above.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    “Cause”
      shall mean conduct involving one or more of the following: (i) the substantial
      and continuing failure of the Participant, after notice thereof, to render
      services to the Company in accordance with the terms or requirements of the
      Participant’s Business Relationship with the Company; (ii) disloyalty,
      gross negligence, willful misconduct, dishonesty or breach of fiduciary duty
      to
      the Company; (iii) the commission of an act of embezzlement or fraud;
      (iv) deliberate disregard of the rules or policies of the Company which
      results in direct or indirect loss, damage or injury to the Company;
      (v) the unauthorized disclosure of any trade secret or confidential
      information of the Company; or (vi) the commission of an act which
      constitutes unfair competition with the Company or which induces any customer
      or
      supplier to break a contract with the Company.

     

    
      	 	
              4.

            	
              Lock-Up
                Period.
                Participant hereby agrees that, if so requested by the Company or
                any
                representative of the underwriters (the “Managing
                Underwriter”)
                in connection with any registration of the offering of any securities
                of
                the Company under the Securities Act, Participant shall not sell
                or
                otherwise transfer any Shares or other securities of the Company
                during
                the 180-day period (or such other period as may be requested in writing
                by
                the Managing Underwriter and agreed to in writing by the Company)
                (the
                “Market
                Standoff Period”)
                following the effective date of a registration statement of the Company
                filed under the Securities Act. The Company may impose stop-transfer
                instructions with respect to securities subject to the foregoing
                restrictions until the end of such Market Standoff Period.
                

            

    

     

    
      	 	
              5.

            	
              Restrictions
                on Exercise.
                This Option may not be exercised until such time as the Plan has
                been
                approved by the stockholders of the Company, or if the issuance of
                such
                Shares upon such exercise or the method of payment of consideration
                for
                such shares would constitute a violation of any applicable law.
                

            

    

     

    
      	 	
              6.

            	
              Non-Transferability
                of Option.
                This Option may not be transferred in any manner other than by will
                or by
                the laws of descent or distribution and may be exercised during the
                lifetime of Participant only by Participant. The terms of the Plan
                and
                this Award Agreement shall be binding upon the executors, heirs,
                successors and assigns of the
                Participant.

            

    

     

    
      	 	
              7.

            	
              Term
                of Option.
                This Option may be exercised only within the Term set out in the
                Notice
                which Term may not exceed ten (10) years from the Date of Grant,
                and may
                be exercised during such Term only in accordance with the Plan and
                the
                terms of this Award Agreement.

            

    

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    
      	 	
              8.

            	
              United
                States Tax Consequences.
                Set forth below is a brief summary as of the date of this Option
                of some
                of the United States federal tax consequences of exercise of this
                Option
                and disposition of the Shares. THIS SUMMARY IS NECESSARILY INCOMPLETE,
                AND
                THE TAX LAWS AND REGULATIONS ARE SUBJECT TO CHANGE. THE PARTICIPANT
                SHOULD
                CONSULT A TAX ADVISER BEFORE EXERCISING THIS OPTION OR DISPOSING
                OF THE
                SHARES. 

            

    

     

    
      	 	
              i.

            	
              Exercise
                of Nonstatutory Stock Option.
                There may be a regular federal income tax liability upon the exercise
                of a
                NSO. The Participant will be treated as having received compensation
                income (taxable at ordinary income tax rates) equal to the excess,
                if any,
                of the Fair Market Value of the Shares on the date of exercise over
                the
                Exercise Price. If the Participant is an employee or a former employee,
                the Company will be required to withhold from the Participant's
                compensation or collect from the Participant and pay to the applicable
                taxing authorities an amount in cash equal to a percentage of this
                compensation income at the time of exercise, and may refuse to honor
                the
                exercise and refuse to deliver Shares if such withholding amounts
                are not
                delivered at the time of exercise.

            

    

     

    
      	 	
              ii.

            	
              Disposition
                of Shares.
                In the case of a Nonstatutory Stock Option, if Shares are held for
                at
                least one year, any gain realized on disposition of the Shares will
                be
                treated as long-term capital gain for federal income tax purposes.
                

            

    

     

    
      	 	
              iii.

            	
              Withholding.
                Pursuant to applicable federal, state, local or foreign laws, the
                Company
                may be required to collect income or other taxes on the grant of
                this
                Option, the exercise of this Option, the lapse of a restriction placed
                on
                this Option or the Shares issued upon exercise of this Option, or
                at other
                times. The Company may require, at such time as it considers appropriate,
                that the Participant pay the Company the amount of any taxes which
                the
                Company may determine is required to be withheld or collected, and
                the
                Participant shall comply with the requirement or demand of the Company.
                In
                its discretion, the Company may withhold Shares to be received upon
                exercise of this Option or offset against any amount owed by the
                Company
                to the Participant, including compensation amounts, if in its sole
                discretion it deems this to be an appropriate method for withholding
                or
                collecting taxes.

            

    

     

    
      	 	
              9.

            	
              Entire
                Agreement; Governing Law.
                The Plan is incorporated herein by reference. The Plan and this Award
                Agreement constitute the entire agreement of the parties with respect
                to
                the subject matter hereof and supersede in their entirety all prior
                undertakings and agreements of the Company and Participant with respect
                to
                the subject matter hereof, and may not be modified (except as provided
                herein and in the Plan) adversely to the Participant's interest except
                by
                means of a writing signed by the Company and Participant. This agreement
                is governed by the internal substantive laws but not the choice of
                law
                rules of the Commonwealth of
                Massachusetts.

            

    

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    
      	 	
              10.

            	
              No
                Guarantee of Continued Service.
                PARTICIPANT ACKNOWLEDGES AND AGREES THAT THE VESTING OF SHARES PURSUANT
                TO
                THE VESTING SCHEDULE HEREOF IS EARNED ONLY BY CONTINUING IN THE
                BUSINESS RELATIONSHIP AT THE WILL OF THE COMPANY (NOT THROUGH
                THE
                ACT OF BEING ENGAGED, BEING GRANTED THIS OPTION 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 THE VESTING PERIOD, FOR ANY PERIOD, OR
                AT ALL,
                AND SHALL NOT INTERFERE IN ANY WAY WITH PARTICIPANT'S RIGHT OR THE
                COMPANY'S RIGHT TO TERMINATE THE
                BUSINESS RELATIONSHIP AT ANY TIME, WITH OR WITHOUT
                CAUSE.

            

    

     

    Participant
      acknowledges receipt of a copy of the Plan and represents that he or she is
      familiar with the terms and provisions thereof, and hereby accepts this Option
      subject to all of the terms and provisions thereof. Participant has reviewed
      the
      Plan and this Option in their entirety, has had an opportunity to obtain the
      advice of counsel prior to executing this Option and fully understands all
      provisions of the Option. Participant hereby agrees to accept as binding,
      conclusive and final all decisions or interpretations of the Board upon any
      questions arising under the Plan or this Option. Participant further agrees
      to
      notify the Company upon any change in the residence address indicated on the
      Notice.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A

     

    2008
      EQUITY INCENTIVE PLAN

    EXERCISE
      NOTICE

     

    TranSwitch
      Corporation

    3
      Enterprise Drive

    Shelton,
      CT 06484

    

    Attention:
      President

     

    
      	 	
              1.

            	
              Exercise
                of Option.
                Effective as of today, ______________, 200__, the undersigned
                (“Participant”)
                hereby elects to exercise Participant's option to purchase _________
                shares of the Common Stock (the “Shares”)
                of_________ (the “Company”)
                under and pursuant to the 2008 Equity Incentive Plan (the “Plan”)
                and the Award Agreement dated ____________, 200__ (the “Award
                Agreement”).

            

    

     

    
      	 	
              2.

            	
              Delivery
                of Payment.
                Purchaser herewith delivers to the Company the full purchase price
                of the
                Shares, as set forth in the Award
                Agreement.

            

    

     

    
      	 	
              3.

            	
              Representations
                of Participant.
                Participant acknowledges that Participant has received, read and
                understood the Plan and the Award Agreement and agrees to abide by
                and be
                bound by their terms and conditions.

            

    

     

    
      	 	
              4.

            	
              Rights
                as Stockholder.
                Until the issuance of the Shares (as evidenced by the appropriate
                entry on
                the books of the Company or of a duly authorized transfer agent of
                the
                Company), no right to vote or receive dividends or any other rights
                as a
                stockholder shall exist with respect to the optioned stock,
                notwithstanding the exercise of the Option. The Shares shall be issued
                to
                the Participant as soon as practicable after the Option is exercised.
                No
                adjustment shall be made for a dividend or other right for which
                the
                record date is prior to the date of issuance except as provided in
                Section
                3(c)
                of
                the Plan.

            

    

     

    
      	 	
              5.

            	
              Tax
                Consultation.
                Participant understands that Participant may suffer adverse tax
                consequences as a result of Participant's purchase or disposition
                of the
                Shares. Participant represents that Participant has consulted with
                any tax
                consultants Participant deems advisable in connection with the purchase
                or
                disposition of the Shares and that Participant is not relying on
                the
                Company for any tax advice.

            

    

     

    
      	 	
              6.

            	
              Successors
                and Assigns.
                The Company may assign any of its rights under this Agreement to
                single or
                multiple assignees, and this Agreement shall inure to the benefit
                of the
                successors and assigns of the Company. Subject to the restrictions
                on
                transfer herein set forth, this Agreement shall be binding upon
                Participant and his or her heirs, executors, successors and
                assigns.

            

    

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    
      	 	
              7.

            	
              Interpretation.
                Any dispute regarding the interpretation of this Agreement shall
                be
                submitted by Participant or by the Company forthwith to the Board
                which
                shall review such dispute at its next regular meeting. The resolution
                of
                such a dispute by the Board shall be final and binding on all
                parties.

            

    

     

    
      	 	
              8.

            	
              Governing
                Law; Severability.
                This Agreement is governed by the laws of the state of incorporation
                of
                the company.

            

    

     

    
      	 	
              9.

            	
              Entire
                Agreement.
                The Plan and Award Agreement are incorporated herein by reference.
                This
                Agreement, the Plan, the Award Agreement (including all exhibits)
                constitute the entire agreement of the parties with respect to the
                subject
                matter hereof and supersede in their entirety all prior undertakings
                and
                agreements of the Company and Participant with respect to the subject
                matter hereof, and may not be modified adversely to the Participant's
                interest except by means of a writing signed by the Company and
                Participant.

            

    

     

    [Signatures
      appear on next page.]

    
      
        
        

        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    
      	
              Submitted
                by:

            	 	
              Accepted
                by:

            
	 	 	 
	
              PARTICIPANT

            	 	
              COMPANY

            
	 	 	 
	 	 	 
	
              Signature

            	 	
              By

            
	 	 	 
	 	 	 
	
              Print
                Name

            	 	
              Title

            
	 	 	 
	
              Address:

            	 	
              Address:

            
	 	 	 
	 	 	
              Type
                in address

            
	 	 	 
	 	 	
              City,
                State, Zip code

            
	 	 	 
	 	 	 
	 	 	
              Date
                Received

            

    

     

    
      
        
        

      

      
        1Unassociated Document

    Exhibit
      4.8

    

    TRANSWITCH
      CORPORATION

    

    102
      Stock Award Agreement

    

    

    TranSwitch
      Corporation, a Delaware corporation (the “Company”),
      hereby issues as of _________, 2008 to ________ (the “Participant”),
      _______ shares (the “Shares”)
      of its
      Common Stock, $ 0.001 par value each (“Common
      Stock”),
      for
      no consideration, on the following terms and conditions:

    

    1. Issuance
      Under 2008 Equity Incentive Plan.
      The
      Shares are issued pursuant to, and are governed by, the 2008 Equity Incentive
      Plan and its addendum for Israeli participants (together, the “Plan”)
      and,
      unless the context otherwise requires, terms used herein shall have the same
      meaning as in the Plan. Determinations made in connection with the Shares
      pursuant to the Plan shall be governed by the Plan as it exists on this date.
      The Plan is held by the Company, and the Participant is encouraged to thoroughly
      review its terms and provisions.

    

    2.  Issuance
      as Section 102 Shares.
      This
      Share Award is subject to the provisions of Section 102 of the Israeli
      Income Tax Ordinance [New version], 1961 (the “Ordinance”
and
      “Section
      102”,
      respectively), as well as the Income Tax Rules (Tax Relief in Issuance of Shares
      to Employees), 2003 (the “102
      Rules”),
      promulgated thereunder. A copy of the complete version of Section 102 and
      the 102 Rules as currently in effect may be reviewed at the Company’s office and
      shall be delivered to the Participant upon his request by the Company.

    

    Accordingly,
      the Company elected the Capital Gains Route of Section 102(b)(2) of the
      Ordinance (the “Capital
      Gains Route”)
      for
      the purpose of the taxation of Participant’s income from the Shares. In general,
      taxable income that should be attributed to the Participant as a result of
      the
      Issuance of the Shares will be tax-free on the date of grant, but will be taxed
      on the sale of the Shares or transfer of such Shares from the Trustee (as
      defined in the Plan) to the Participant (a “Transfer”).
      In
      accordance with the Capital Gains Route, if the Shares are held in trust by
      the
      Trustee (see Section 3 below) until the end of the Holding Period (as defined
      in
      the Plan), gains derived from the sale of Shares shall be classified as capital
      gains and taxed at a rate of only 25%; Except
      for
      the
      benefit derived at the time of issuance of the Shares,
      equal
      to the difference between (a) the average closing price of the Company’s share
      of Common Stock on NASDAQ during 30 trading days prior to the date of issuance
      of such Shares, and (b) the purchase price per Share, if any. Such benefit
      shall
      be subject to tax at the time of sale of the Shares, or a Transfer, as ordinary
      work income (i.e. at marginal tax rates (up to 47% in 2008) plus social security
      and national health insurance payments). 

    

    At
      the
      time of sale of the Shares or a Transfer, the Participant shall be subject
      to
      tax, which will be calculated, in general, according to difference between
      (a)
      the market price (or the actual sale price) of the Shares at such time, and
      (b)
      the consideration paid by the Participant, if any, in connection with the
      issuance of the Shares1 .
      Such
      tax shall be withheld at source by TranSwitch (Israel) Ltd. (“TranSwitch
      Israel”),
      in
      accordance with the provisions of the 102 Rules, and the issuance of Shares
      to
      the Participant is conditioned upon the payment of such tax, if and when
      due.

     

    
      
        

      

    

    
      	1 	
              The
                above tax description is a general summary only and does not refer
                to
                expenses involved with the sale of Shares or changes in the Israeli
                Consumer Price Index or in currency exchange rates, which may impact
                the
                final tax calculation.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    The
      Participant shall not be entitled to sell the Shares or to execute a Transfer,
      prior to the lapse of the Holding Period. Furthermore, any and all rights issued
      in respect of the Shares, including bonus shares(“Rights”(,
      shall
      be deposited with the Trustee and held thereby until the lapse of the Holding
      Period, and such Rights shall be subject to the Capital Gains Route.
Notwithstanding
      the aforesaid, the Participant may sell Shares or Rights or execute a Transfer
      prior to the lapse of the Holding Period,
      provided, however, that tax is withheld at source by TranSwitch Israel in
      accordance with the 102 Rules. In such case, the Participant’s gains shall be
classified
      as ordinary work income and the Participant shall be subject to tax on such
      income at marginal tax rates (up to 47% in 2008) plus social security and
      national health insurance payments.
      

     

    
      THE
        PARTICIPANT
        IS ADVISED TO CONSULT WITH A TAX ADVISER WITH RESPECT TO THE TAX CONSEQUENCES
        RELATED TO THE ISSUANCE OF THE SHARES, AND/OR THEIR
        DISPOSITION.

    

    

    3.  Trust.
      To
      secure performance of tax law requirements, the Shares awarded to the
      Participant according to this 102 Stock Award Agreement (the “Agreement”)
      will
      be held in trust by the Trustee that was approved for this purpose by the tax
      authorities, who shall release them to the Participant only upon full compliance
      with the legal requirements and the terms of the Plan. For this purpose, a
      trust
      deed was signed between TranSwitch Israel and the Trustee, a copy of which
      is
      attached hereto as “Exhibit
      A”
      (the
“Trust
      Deed”).
      The
      conditions of the Trust Deed apply to the Shares awarded to the Participant;
      thus, the Participant is required to carefully read the provisions of the said
      Trust Deed.

    

    4. [Reserved]. 

    

    5. No
      Obligation to Continue Business Relationship.
      Neither
      the Plan, this Agreement, nor the issuance of these Shares imposes any
      obligation on the Company or any Subsidiary to continue to maintain a business
      relationship or any other relationship with the Participant.

    

    6.  Capital
      Changes and Business Successions.
      The Plan
      contains provisions covering the treatment of Shares in a number of
      contingencies such as Change of Control. Provisions in the Plan for adjustment
      with respect to the Shares and the related provisions with respect to successors
      to the business of the Company are hereby made applicable hereunder and are
      incorporated herein by reference.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    7. Lock-Up
      Period.
      Participant hereby agrees that, if so requested by the Company or any
      representative of the underwriters (the “Managing
      Underwriter”)
      in
      connection with any registration of the offering of any securities of the
      Company under the Securities Act, Participant shall not sell or otherwise
      transfer any Shares or other securities of the Company during the 180-day period
      (or such other period as may be requested in writing by the Managing Underwriter
      and agreed to in writing by the Company) (the “Market
      Standoff Period”)
      following the effective date of a registration statement of the Company filed
      under the Securities Act. The Company may impose stop-transfer instructions
      with
      respect to securities subject to the foregoing restrictions until the end of
      such Market Standoff Period. 

     

    8. Withholding
      Taxes.
      If the
      Company or any Subsidiary in its discretion determines that it is obligated
      to
      withhold any tax in connection with the issuance and/or transfer of the Shares,
      or the making of a distribution or other payment with respect to the Shares,
      the
      Participant hereby agrees that the Company or any Subsidiary may withhold from
      the Participant’s wages or other remuneration the appropriate amount of tax. At
      the discretion of the Company or any Subsidiary, the amount required to be
      withheld may be withheld in cash from such wages or other remuneration or in
      kind from the Common Stock or other property otherwise deliverable to the
      Participant upon issuance of the Shares. The Participant further agrees that,
      if
      the Company or any Subsidiary does not withhold an amount from the Participant’s
      wages or other remuneration sufficient to satisfy the withholding obligation
      of
      the Company or any Subsidiary, the Participant will make reimbursement on
      demand, in cash, for the amount underwithheld.

    

    9. Provision
      of Documentation to Participant.
      By
      signing this Agreement the Grantee acknowledges receipt of a copy of this
      Agreement and a copy of the Plan. It is hereby clarified that reading this
      Agreement is not, and cannot be, a substitute for the full and thorough reading
      of the Plan and the Trust Deed. The Plan and the Trust Deed include important
      details that the Grantee should know and understand. In any case of
      contradiction between the aforesaid in this Agreement and the Plan, or in any
      case of dispute on any of the issues discussed in this Agreement, the provisions
      of the Plan shall prevail. Participant hereby agrees to accept as binding,
      conclusive and final all decisions or interpretations of the Board upon any
      questions arising under the Plan. Participant further agrees to notify the
      Company upon any change in the residence address indicated below.

    

    10. Miscellaneous.

    

    (a) Notices:
      All
      notices hereunder shall be in writing and shall be deemed given when sent by
      certified or registered mail, postage prepaid, return receipt requested, to
      the
      address set forth below. The addresses for such notices may be changed from
      time
      to time by written notice given in the manner provided for herein.

     

    (b) Entire
      Agreement; Modification:
      The Plan
      is incorporated herein by reference. The Plan and this Agreement constitutes
      the
      entire agreement between the parties relative to the subject matter hereof,
      and
      supersedes all proposals, written or oral, and all other communications between
      the parties relating to the subject matter of this Agreement. This Agreement
      may
      be modified, amended or rescinded only by a written agreement executed by both
      parties.

     

    (c) Severability:
      The
      invalidity, illegality or unenforceability of any provision of this Agreement
      shall in no way affect the validity, legality or enforceability of any other
      provision.

     

    (d) Successors
      and Assigns:
      This
      Agreement shall be binding upon and inure to the benefit of the parties hereto
      and their respective successors and assigns.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    (e) Governing
      Law:
      This
      Agreement shall be governed by and interpreted in accordance with the laws
      of
      the State of Delaware, without giving effect to the principles of the conflicts
      of laws thereof, except to the extent that mandatory provisions of the laws
      of
      the State of Israel apply. The preceding choice of law provision shall apply
      to
      all claims, under any theory whatsoever, arising out of the relationship of
      the
      parties contemplated herein. 

     

    IN
      WITNESS WHEREOF, the Company and the Participant have caused this instrument
      to
      be executed as of the date first above written.

    

    
      	 	
              TranSwitch
                Corporation

            
	 	
              3
                Enterprise Drive

            
	 	
              Shelton,
                Connecticut 06484

            
	 	 
	 	
              By:
                ______________________________________________

            
	 	 
	 	
              Title:
                _____________________________________________

            

    

    

    Consent:

    I
      hereby
      approve and agree to all the terms and conditions aforesaid in this 102 Stock
      Award Agreement and the Trust Deed attached thereto, and I declare that I am
      familiar with the provisions of Section 102 and the Capital Gains Route. I
      hereby undertake not to sell or transfer the Shares prior to the lapse of the
      Holding Period (as defined in the Plan), unless I pay all taxes, which may
      arise
      in connection with such sale and/or transfer.

    

    ____________________________

    Participant

    

    Print
      Name of Participant

    

    ____________________________

    Street
      Address

    

    ____________________________

    City     
      State  Zip Code

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    Attached:

    Exhibit
      A - Trust Deed

     

    
      
        
        

      

      
        5

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