Document:

EX-10.1

 EXHIBIT 10.1 

Form of Exchange Agreement 

April 20, 2021 
 Inphi
Corporation 
 Marvell Technology, Inc. 

0.75% Convertible Senior Notes due [2021][2025] 

The undersigned investor (the “Investor”), for itself and on behalf of the beneficial owners listed on Exhibit A hereto
(“Accounts”) for whom the Investor holds contractual and investment authority (each, including the Investor if it is a party exchanging Notes (as defined below), an “Exchanging Investor”), hereby agrees with each of
Inphi Corporation, a Delaware corporation (the “Inphi Notes Issuer”), and Marvell Technology, Inc., a Delaware corporation (the “New Marvell Parent”, and together with the Inphi Notes Issuer, the
“Companies”, and each a “Company”) to exchange certain 0.75% Convertible Senior Notes due [2021][2025], CUSIP [45772F AC1]1[45772F AE7]2 (the “Notes”) for shares (“Exchange Shares”) of the New Marvell Parent’s common stock, $0.002 par value per share (the “Common
Stock”), pursuant to this exchange agreement (the “Agreement”). The Investor understands that the exchange (the “Exchange”) is being made without registration of the offer or sale of the Exchange Shares
under the Securities Act of 1933, as amended (the “Securities Act”), or any securities laws of any state of the United States or of any other jurisdiction in a private placement pursuant to the exemption from registration provided
by Section 4(a)(2) of the Securities Act and that each Exchanging Investor participating in the Exchange is required to be an institutional “accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) of Regulation
D under the Securities Act that is also a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act. Capitalized terms used but not defined in this Agreement have the respective meanings set forth in the
indenture, dated as of [September 12, 2016]3[April 24, 2020]4, (the “Indenture”) between the Inphi Notes Issuer and [Wells
Fargo Bank, National Association]5 [U.S. Bank National Association]6, as trustee (the “Trustee”), as supplemented by that
certain supplemental indenture (the “Supplemental Indenture”) to be entered into among the Trustee, the Inphi Notes Issuer and the New Marvell Parent on or about the date of the closing of the “Mergers” (as defined in the
Current Report on Form 8-K filed with the Securities and Exchange Commission (the “SEC”) by Marvell Technology Group Ltd., a Bermuda exempted company (“Existing
Marvell”), on October 30, 2020, the “Mergers”), following which Mergers, inter alia, the Inphi Notes Issuer and Existing Marvell will each become a wholly-owned subsidiary of the New Marvell Parent, as
described in such Current Report and in the Merger Agreement (the “Merger Agreement”) filed therewith. For the avoidance of doubt, the terms “Inphi Notes Issuer” and “Existing Marvell”, as used herein, include
the respective continuing entities following the completion of the Mergers. 
 1. Exchange. On the basis of the representations, warranties and
agreements herein contained and subject to the terms herein set forth, the Investor hereby agrees to exchange for itself and on behalf of the Exchanging Investors, an aggregate principal amount of the Notes set forth on Exhibit A hereto (the
“Exchanged Notes”) for: 
  

	1 	 Insert for 2021 Notes. 

	2 	 Insert for 2025 Notes. 

	3 	 Insert for 2021 Notes. 

	4 	 Insert for 2025 Notes. 

	5 	 Insert for 2021 Notes. 

	6 	 Insert for 2025 Notes 

  
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	 	(a)	 a number of Exchange Shares per $1,000 principal amount of such Exchanged Notes equal to [•]; plus

  

	 	(b)	 an additional number of Exchange Shares per $1,000 principal amount of such Exchanged Notes equal to the
quotient of (i) [•], divided by (ii) the average of the Daily VWAPs (as defined below) over the Reference Period (as defined below) (the aggregate number of Exchange Shares pursuant to clauses (a) and (b), the
“Exchange Consideration”), 

 in each case, as adjusted in good faith by the New Marvell Parent, without limitation to
the Companies’ obligations under Section 2(j) below, for any stock dividend, stock split, stock combination, reclassification or similar transaction occurring on or after the date hereof and prior to the Exchange
Closing Date; provided that (x) the aggregate number of Exchange Shares constituting the Exchange Consideration as defined above shall be deemed to have given effect to the closing of the Mergers and the conversion of the Inphi Notes
Issuer’s common stock, $0.001 par value per share, into the right to receive merger consideration consisting of 2.323 shares of Common Stock and $66.00 in cash and (y) the number of the Exchange Shares constituting the Exchange
Consideration shall be rounded down to the nearest whole share for each Exchanging Investor. 
 For the avoidance of doubt, no cash will be paid to any
Exchanging Investor in respect of any accrued and unpaid interest on the Exchanged Notes or otherwise in respect of the Exchange. 
 The New Marvell Parent
shall notify the Investor of (x) the closing of the Mergers and the first Trading Day of the Reference Period prior to the beginning of the Reference Period and (y) the amount of the Exchange Consideration on the Business Day immediately
following the last Trading Day of the Reference Period. 
 “Business Day” means any day other than a
Saturday, a Sunday or a day on which the Federal Reserve Bank of New York is authorized or required by law or executive order to close or be closed. 

“Daily VWAP” means, for each Trading Day (as defined below) in the Reference Period (as defined below), the
per share volume-weighted average price of the Common Stock as displayed under the heading “Bloomberg VWAP” on Bloomberg page “MRVL <equity> AQR” 
  

  
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in respect of the period from the scheduled open of trading until the scheduled close of trading of the primary trading session on such Trading Day (or if such volume-weighted average price is
unavailable, the Last Reported Sale Price on such day), it being understood that upon completion of the Mergers the Common Stock of the New Marvell Parent is expected to be listed for trading on the Securities Exchange under the symbol
“MRVL”, and if the Common Stock is listed for trading on the Securities Exchange under a different symbol, the abovementioned reference to the Bloomberg page shall be substituted mutatis mutandis. The “Daily VWAP”
shall be determined without regard to after-hours trading or any other trading outside of the regular trading session trading hours. 

“Last Reported Sale Price” of the Common Stock on any date means the closing sale price per share (or if no
closing sale price is reported, the average of the bid and ask prices or, if more than one in either case, the average of the average bid and the average ask prices) on that date as reported in composite transactions for the principal U.S. national
or regional securities exchange on which the Common Stock is traded. 
 “Market Disruption Event” means
(a) a failure by the primary U.S. national or regional securities exchange or market on which the Common Stock is listed or admitted for trading to open for trading during its regular trading session or (b) the occurrence or existence
prior to 1:00 p.m., New York City time, on any Scheduled Trading Day (as defined in the Indenture) for the Common Stock for more than one half-hour period in the aggregate during regular trading hours of any suspension or limitation imposed on
trading (by reason of movements in price exceeding limits permitted by the relevant stock exchange or otherwise) in the Common Stock or in any options contracts or futures contracts relating to the Common Stock. 

“Reference Period” means the period of [    ] consecutive Trading Days commencing on the
second Trading Day following the “Closing” (as defined in the Merger Agreement). 
 “Securities
Exchange” means the Nasdaq Global Select Market. 
 “Trading Day” means a day on which
(a) there is no Market Disruption Event and (b) trading in the Common Stock generally occurs on the Securities Exchange or, if the Common Stock is not then listed on the Securities Exchange, on the principal other U.S. national or regional
securities exchange on which the Common Stock is then listed or, if the Common Stock is not then listed on a U.S. national or regional securities exchange, on the principal other market on which the Common Stock is then listed or admitted for
trading, except that if the Common Stock is not so listed or admitted for trading, “Trading Day” means a Business Day. 
 The Investor
(i) agrees that neither it nor any Exchanging Investor shall deliver a “Notice of Conversion” or “Fundamental Change Repurchase Notice” (each as defined in the Indenture) with respect to any Exchanged Notes and the Investor
and each Exchanging Investor shall hold the Exchanged Notes until the Exchange Closing (as defined below) and (ii) waives the Inphi Notes Issuer’s and the New Marvell Parent’s obligation to offer to repurchase the Notes in compliance
with the covenant set forth in Article 15 of the Indenture, as supplemented by the Supplemental Indenture (such covenant being referred to herein as the “Offer to Repurchase Covenant”) as a result of the Fundamental Change (as defined in
the Indenture) that will occur on the date hereof as a result of the Mergers. In consideration for the performance of the mutual covenants hereunder (including as described in the immediately preceding sentence), the New Marvell Parent agrees to
deliver the Exchange Consideration on the Exchange Closing Date (as defined below) to Inphi Notes Issuer, and Inphi Notes Issuer agrees to deliver the Exchange Consideration on the Exchange Closing Date to each Exchanging Investor in exchange for
its Exchanged Notes. 

  
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 The Exchange shall occur in accordance with the procedures set forth in Exhibit B.2 hereto (the
“Exchange Procedures”); provided that each of the Companies and the Investor acknowledges that the delivery of the Exchange Shares to any Exchanging Investor may be delayed due to procedures and mechanics within the system of
American Stock Transfer & Trust Company, LLC, The Depository Trust Company (“DTC”) or the Securities Exchange (including the procedures and mechanics regarding the listing of the Exchange Shares on the Securities Exchange)
or other events beyond the New Marvell Parent’s control and that such a delay will not be a default under this Agreement so long as (i) the New Marvell Parent is using its reasonable best efforts to effect such delivery, or (ii) such
delay arises due to a failure by Investor to deliver settlement instructions in accordance with Section 3(s); provided, further, that no delivery of the Exchange Shares will be made until the Exchanged Notes
have been properly submitted for exchange in accordance with the Exchange Procedures, and no interest will be payable by reason of any delay in making such delivery. 

The closing of the Exchange (the “Exchange Closing”) shall take place remotely via the exchange of documents and signatures at 10:00 a.m.,
New York City time, on the second Business Day immediately following the last Trading Day of the Reference Period (the “Exchange Closing Date”), or at such other time and place as the New Marvell Parent, the Inphi Notes
Issuer and the Investor may mutually agree. On the Exchange Closing Date, subject to satisfaction of the conditions precedent specified herein and the prior receipt by the Inphi Notes Issuer from the Investor of the Exchanged Notes, the New Marvell
Parent shall deliver the Exchange Shares to Inphi Notes Issuer, which in turn shall deliver the Exchange Shares to the DTC account specified by the Investor for each relevant Exchanging Investor in Exhibit B.1. All questions as to the form of
all documents and the validity and acceptance of the Exchanged Notes and the Exchange Consideration will be determined by the New Marvell Parent and the Inphi Notes Issuer, in their sole discretion, which determination shall be final and binding.
Subject to the terms of this Agreement, the Investor hereby, for itself and on behalf of its Accounts, (a) waives any and all other rights with respect to such Exchanged Notes, including, but not limited to, the right to require the Inphi Notes
Issuer and the New Marvell Parent to repurchase their Notes in compliance with the Offer to Repurchase Covenant, and (b) releases and discharges each of the Companies from any and all claims the undersigned and its Accounts may now have, or may
have in the future, arising out of, or related to, such Exchanged Notes. 
 2. Representations and Warranties and Covenants of the Companies. As of
the date hereof and the Exchange Closing Date, each Company (provided that the representations, warranties and covenants in Section 2(d) and Section 2(i) shall be made only by the New
Marvell Parent) represents and warrants to, and covenants with, the Exchanging Investors that: 
 (a) Such Company and each
of its subsidiaries have been duly organized and are validly existing and in good standing (to the extent such concepts are applicable under such laws) under the laws of their respective jurisdictions of organization, have the corporate power and
authority to own their property and to conduct their businesses as described in such Company’s filings and submissions with the SEC (the “SEC Documents”), including, without limitation, all information filed or furnished
pursuant to the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and are duly qualified to transact business and are in good standing (to the extent such concepts are applicable under such laws) in each jurisdiction
in which the conduct of their businesses or their ownership or leasing of property requires such qualification, except to the extent that the failure to be so qualified or be in good standing would not, individually or in the aggregate, have a
material adverse effect on the business, properties, management, financial position, stockholders’ equity or results of operations of such Company and its subsidiaries, taken as a whole. Such Company has the power, authority and capacity to
execute and deliver this Agreement, to perform its obligations hereunder, and to consummate the Exchange contemplated hereby. 

  
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 (b) This Agreement has been duly authorized, executed and delivered by such
Company and constitutes a legal, valid and binding obligation of such Company, enforceable against such Company in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance, re-organization, moratorium or similar laws affecting creditors’ rights generally or by equitable principles relating to enforceability, including principles of commercial reasonableness, good faith and fair
dealing (regardless of whether enforcement is sought in a proceeding at law or equity (collectively, the “Enforceability Exceptions”). 

(c) This Agreement and consummation of the Exchange will not violate, conflict with or result in a breach of or default under
(i) the charter or bylaws of such Company, (ii) any agreement or instrument to which such Company is a party or by which such Company or any of its assets or subsidiaries are bound that is material to such Company and its subsidiaries
taken as a whole (including the Merger Agreement), or (iii) assuming the truth and accuracy of the representations and warranties and compliance with the covenants of the Investor and each Exchanging Investor herein, any United States or
foreign laws, regulations or governmental or judicial decrees, judgements, rulings, writs, awards, injunctions or orders applicable to such Company and its subsidiaries and the transactions contemplated by this Agreement, except in the case of
clauses (ii) or (iii), where such violations, conflicts, breaches or defaults as would not, individually or in the aggregate, materially impair the ability of such Company to consummate the transactions contemplated by this Agreement. 

(d) When issued, delivered and paid for in the manner set forth in this Agreement, the Exchange Shares will (i) be validly
issued, fully paid and non-assessable, (ii) be free and clear of any Liens (as defined in Section 3(c) below), option, equitable or other adverse claim thereto, including claims
or rights under any voting trust agreements, stockholder agreements or other agreements to which the New Marvell Parent is a party, and (iii) will not be subject to any preemptive, participation, rights of first refusal or other similar rights
under the General Corporation Law of the State of Delaware or the Bermuda Companies Act or any agreement to which the New Marvell Parent is a party (other than any such rights that will be waived prior to the Exchange Closing). Assuming the accuracy
of the Investor’s and each Exchanging Investor’s representations and warranties hereunder, the Exchange Shares (a) will be issued in the Exchange in reliance on the exemption from the registration requirements of the Securities Act
pursuant to 4(a)(2) of the Securities Act and (b) when issued will be free of any restrictive legend and will not be subject to restrictions on transfer under Rule 144 promulgated under the Securities Act. 

(e) The execution of this Agreement by such Company and the consummation by such Company of the transactions contemplated
hereby does not require the consent, approval, authorization, order, registration or qualification of, or filing with, any governmental authority, non-governmental regulatory authorities (including the
Securities Exchange, other than the submission to the Securities Exchange of a Listing of Additional Shares notification form (the “LAS”) which the New Marvell Parent will so file, to the extent required, prior to the issuance of
Exchange Shares on the Exchange Closing Date), except as may be required under any state or federal securities laws or that may be made or obtained after the Exchange Closing without penalty. 

(f) Without the prior written consent of the Investor, such Company shall not disclose the name of the Investor or any
Exchanging Investor in any filing or announcement, unless such disclosure is required by applicable law, rule, regulation or legal process based on advice of counsel. 

  
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 (g) There is no action, lawsuit, arbitration, claim or proceeding pending
or, to the knowledge of such Company, threatened, against such Company that would reasonably be expected to impede the consummation of the Exchange. 

(h) Such Company agrees that it shall, upon request, execute and deliver any additional documents deemed by the Trustee or
transfer agent to be reasonably necessary to complete the Exchange. 
 (i) The New Marvell Parent hereby agrees to publicly
disclose on or before 9:00 a.m., New York City time, on the first Business Day after the date hereof, the exchange of the Exchanged Notes as contemplated by this Agreement in a press release. The New Marvell Parent hereby acknowledges and agrees
that any press release or Current Report on Form 8-K will disclose all confidential information communicated by any Company or the Existing Marvell to the Investor or any Exchanging Investor in connection with
the Exchange to the extent any Company or the Existing Marvell believes such confidential information constitutes material non-public information, if any, with respect to the Exchange or otherwise as of such
time. 
 (j) No Company will take any action that would result in an adjustment to the “Conversion Rate” (as
defined in the Indenture) on or prior to the Exchange Closing (other than, for the avoidance of doubt, as described in Section 2(k) below). 

(k) Without limitation to the obligations of the Inphi Notes Issuer under the Indenture and Section 5.19 of the Merger
Agreement, the Inphi Notes Issuer and the New Marvell Parent have duly authorized, executed and delivered the Supplemental Indenture and provided any related certificates, opinions and documentation required by the Trustee satisfying the
requirements of Article 10 and Article 11 of the Indenture in connection with the Mergers, which Supplemental Indenture provides for, inter alia, the full and unconditional guarantee by the New Marvell Parent of each of Inphi Notes
Issuer’s obligations under the Indenture and the substitution of the Inphi Notes Issuer’s “Common Stock” with a “unit of Reference Property” (each as defined in the Indenture) consisting of 2.323 shares of Common Stock
and $66.00 in cash. 
 3. Representations and Warranties and Covenants of the Investor. As of the date hereof and as of the Exchange Closing Date
(except as otherwise set forth below), the Investor hereby, for itself and on behalf of the Exchanging Investors, represents and warrants to, and covenants with, each Company that: 

(a) The Investor and each Exchanging Investor is a corporation, limited partnership, limited liability company or other entity,
as the case may be, duly formed, validly existing and in good standing under the laws of the jurisdiction of its formation. 

(b) The Investor has all requisite corporate (or other applicable entity) power and authority to execute and deliver this
Agreement for itself and on behalf of the Exchanging Investors and to carry out and perform its obligations under the terms hereof and the transactions contemplated hereby. This Agreement has been duly authorized, executed and delivered by the
Investor and constitutes the legal, valid and binding obligation of the Investor and each Exchanging Investor, enforceable in accordance with its terms, except that such enforcement may be subject to the Enforceability Exceptions. If the Investor is
executing this Agreement on behalf of an Account, (i) the Investor has all requisite discretionary and contractual authority to enter into this Agreement on behalf of, and, bind, each Account, and (ii) Exhibit A attached to the
Agreement contains a true, correct and complete list of (A) the name of each Account and (B) the principal amount of each Account’s Exchanged Notes, as applicable. 

  
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 (c) As of the date hereof and as of the Exchange Closing, each of the
Exchanging Investors is the current sole legal and beneficial owner of the Exchanged Notes set forth on Exhibit A attached to this Agreement and has held such Exchanged Notes continuously since at least April 14, 2021. When the Exchanged
Notes are exchanged, the Inphi Notes Issuer will acquire good, marketable and unencumbered title thereto, free and clear of all liens, mortgages, pledges, security interests, restrictions, charges, encumbrances or adverse claims, rights or proxies
of any kind (“Liens”). None of the Exchanging Investors has, nor prior to the Exchange Closing, will have, in whole or in part, other than pledges or security interests that an Exchanging Investor may have created in favor of a
prime broker under and in accordance with its prime brokerage agreement with such broker, (x) assigned, transferred, hypothecated, pledged, exchanged, submitted for conversion pursuant to the Indenture or otherwise disposed of any of its
Exchanged Notes (other than to the Inphi Notes Issuer pursuant hereto), or (y) given any person or entity any transfer order, power of attorney or other authority of any nature whatsoever with respect to its Exchanged Notes. 

(d) The execution, delivery and performance of this Agreement by the Investor and compliance by the Investor and each
Exchanging Investor with all provisions hereof and the consummation of the transactions contemplated hereby, including the Exchange, will not (i) require any consent, approval, authorization or other order of, or qualification with, any court
or governmental body or agency (except as may be required under the securities or Blue Sky laws of the various states), (ii) constitute a breach or violation of any of the terms or provisions of, or result in a default under, (x) the
organizational documents of any of the Investor or any Exchanging Investor or (y) any material indenture, loan agreement, mortgage, lease or other agreement or instrument to which the Investor or any of the Exchanging Investors is a party or by
which such Investor or Exchanging Investor is bound, or (iii) violate or conflict with any applicable law or any rule, regulation, judgment, decision, ruling, order, writ, award or decree of any court or any governmental body or agency having
jurisdiction over the Investor or any of the Exchanging Investors. 
 (e) The Investor and each Exchanging Investor will
comply with all applicable laws and regulations in effect necessary for each Exchanging Investor to consummate the transactions contemplated hereby and obtain any consent, approval or permission required for the transactions contemplated hereby and
the laws and regulations of any jurisdiction to which the Investor and each such Exchanging Investor is subject, and no Company shall have any responsibility therefor. 

(f) The Investor and each Exchanging Investor acknowledges that no person has been authorized to give any information or to
make any representation or warranty concerning any Company or the Exchange other than the information set forth herein in connection with the Investor’s and each Exchanging Investor’s examination of the Companies and the terms of the
Exchange and the Exchange Shares, and no Company takes, and J. Wood Capital Advisors LLC (the “Placement Agent”) does not take, any responsibility for, and neither the Companies nor the Placement Agent can provide any assurance as
to the reliability of, any other information that others may provide to the Investor or any Exchanging Investor. 
 (g) The
Investor and each Exchanging Investor has such knowledge, skill and experience in business, financial and investment matters so that it is capable of evaluating the merits and risks with respect to the Exchange and an investment in the Exchange
Shares. With the assistance of the Investor’s and each Exchanging Investor’s own professional advisors, to the extent that the Investor and Exchanging Investor has deemed appropriate, such Exchanging Investor has made its own legal, tax,
accounting and financial evaluation of the merits and risks of an investment in the Exchange Shares and the consequences of the Exchange and this Agreement 

  
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and the Investor and Exchanging Investor has made its own independent decision that the investment in the Exchange Shares is suitable and appropriate for the Investor and Exchanging Investor. The
Investor and each Exchanging Investor has considered the suitability of the Exchange Shares as an investment in light of the Investor’s and such Exchanging Investor’s circumstances and financial condition and is able to bear the risks
associated with an investment in the Exchange Shares. 
 (h) The Investor confirms that it and each Exchanging Investor is
not relying on any communication (written or oral) of any Company, the Placement Agent or any of their respective affiliates or representatives as investment advice or as a recommendation to acquire the Exchange Shares in the Exchange. It is
understood that information provided by the Companies, the Placement Agent or any of their respective affiliates and representatives shall not be considered investment advice or a recommendation to participate in the Exchange, and that none of the
Companies, the Placement Agent or any of their respective affiliates or representatives is acting or has acted as an advisor to the Investor or any Exchanging Investor in deciding to participate in the Exchange. 

(i) The Investor confirms that none of the Companies has (i) given the Investor or any Exchanging Investor any guarantee,
representation or warranty as to the potential success, return, effect or benefit (either legal, regulatory, tax, financial, accounting or otherwise) of an investment in the Exchange Shares or (ii) made any representation or warranty to the
Investor or any Exchanging Investor regarding the legality of an investment in the Exchange Shares under applicable legal investment or similar laws or regulations. The Investor confirms that it and each Exchanging Investor is not relying and has
not relied, upon any statement, advice (whether accounting, tax, financial legal or other), representation or warranty by any Company or any of its affiliates or representatives, including, without limitation, the Placement Agent, except for the
representations and warranties made by such Company in this Agreement, and that the Investor has made its own independent decision that the investment in the Exchange Shares is suitable and appropriate for the Investor and the Exchanging Investors.

 (j) The Investor and each Exchanging Investor is familiar with the business and financial condition and operations of each
Company and the Existing Marvell and the transactions contemplated by the Merger Agreement and the Investor and each Exchanging Investor has had the opportunity to conduct its own investigation of each Company, the Existing Marvell and the Exchange
Shares. The Investor and each Exchanging Investor has had access to and has carefully reviewed the SEC Documents of each Company and the Existing Marvell (including, for the avoidance of doubt, Registration Statement on Form S-4 (File No. 333-251606) filed by the New Marvell Parent with the SEC, together with all information incorporated by reference therein and all information that forms
part thereof) and such other information concerning each Company, the Existing Marvell and the Exchange Shares as it deems necessary to enable it to make an informed investment decision concerning the Exchange. The Investor and each Exchanging
Investor has been offered the opportunity to ask such questions of each Company, the Existing Marvell and its respective representatives and received answers thereto, as it deems necessary to enable it to make an informed investment decision
concerning the Exchange. 
 (k) Each Exchanging Investor is an institutional “accredited investor” as defined in
Rule 501(a)(1), (2), (3) or (7) under the Securities Act and a “qualified institutional buyer” as defined in Rule 144A under the Securities Act. The Investor agrees to furnish any additional information regarding the Investor or any
Exchanging Investor reasonably requested by any Company or any of its affiliates to assure compliance with applicable U.S. federal and state securities laws in connection with the Exchange. 

  
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 (l) The Investor and each Exchanging Investor is not, and has not been
during the consecutive three month period preceding the date hereof and as of the Exchange Closing, will not be, a director, officer or “affiliate” within the meaning of Rule 144 promulgated under the Securities Act (an
“Affiliate”) of any Company. To the Investor’s knowledge, no Exchanging Investor acquired any of the Notes, directly or indirectly, from an Affiliate of any Company. 

(m) Neither the Investor nor any Exchanging Investor is directly, or indirectly through one or more intermediaries, controlling
or controlled by, or under direct or indirect common control with, any Company. 
 (n) Each Exchanging Investor is acquiring
the Exchange Shares solely for its own beneficial account, for investment purposes, and not with a view to, or for resale in connection with, any distribution of the Exchange Shares. The Investor and each Exchanging Investor understands that the
offer and sale of the Exchange Shares have not been registered under the Securities Act or any state securities laws and are being issued without registration under the Securities Act pursuant to Section 4(a)(2) of the Securities Act, which
exemption depends in part upon the investment intent of the Exchanging Investors and the accuracy of the other representations and warranties made by the Investor or behalf of the Exchanging Investors in this Agreement. The Investor and the
Exchanging Investors understand that the Companies are relying upon the representations, warranties and agreements contained in this Agreement (and any supplemental information provided to the Companies by the Investor or the Exchanging Investors)
for the purpose of determining whether this transaction meets the requirements for such exemption(s) and to issue the Exchange Shares without legends as set forth herein. 

(o) The Investor acknowledges that the terms of the Exchange have been mutually negotiated between the Investor and the
Companies. The Investor was given a meaningful opportunity to negotiate the terms of the Exchange. 
 (p) The Investor
acknowledges that it and each Exchanging Investor had a sufficient amount of time to consider whether to participate in the Exchange and that no Company or the Placement Agent has placed any pressure on the Investor or any Exchanging Investor to
respond to the opportunity to participate in the Exchange. The Investor acknowledges that neither it nor any Exchanging Investor has become aware of the Exchange through any form of general solicitation or advertising within the meaning of Rule 502
under the Securities Act or otherwise through a “public offering” under Section 4(a)(2) of the Securities Act. 

(q) The Investor acknowledges it and each Exchanging Investor understands that the Companies intend to pay the Placement Agent
a fee in respect of the Exchange. 
 (r) The Investor will, upon request, execute and deliver, for itself and on behalf of
any Exchanging Investor, any additional documents deemed by any Company and the Trustee or the transfer agent to be reasonably necessary to complete the transactions contemplated by this Agreement. 

(s) No later than on the first Trading Day of the Reference Period, the Investor agrees to deliver to the Inphi Notes Issuer
settlement instructions substantially in the form of Exhibit B.1 attached to this Agreement for each of the Exchanging Investors. 

(t) The Investor acknowledges and agrees that it and each Exchanging Investor has not disclosed, and will not disclose, to any
third party any information regarding the Exchange, and has not transacted, and will not transact in any securities of any Company or the Existing 

  
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Marvell, including, but not limited to, any hedging transactions, from the time the Investor was first contacted by any Company or the Placement Agent with respect to the transactions
contemplated by this Agreement until the earlier of: (x) after the confidential information (as described in the confirmatory wall-crossing email received by the Investor from the Placement Agent) is made public or has been determined by the
Companies to no longer be material information (in which case the New Marvell Parent shall promptly communicate such determination to the Investor) or (y) 9:00 a.m., New York City time, on the first Business Day after the date hereof. 

(u) The Investor and each Exchanging Investor understands that each of the Companies, the Placement Agent and others will rely
upon the truth and accuracy of the foregoing representations, warranties and covenants and agrees that if any of the representations and warranties deemed to have been made by it or the Exchanging Investors are no longer accurate, the Investor shall
promptly notify the Companies and the Placement Agent prior to the Exchange Closing. The Investor understands that, unless the Investor notifies each of the Companies in writing to the contrary before the Exchange Closing, each of the
Investor’s and Exchanging Investors’ representations and warranties contained in this Agreement will be deemed to have been reaffirmed and confirmed as of the Exchange Closing. If the Investor is exchanging any Exchanged Notes and
acquiring the Exchange Shares as a fiduciary or agent for one or more accounts (including for purposes of this Section 3(u), the Accounts which are Exchanging Investors), it represents that (i) it has sole
investment discretion with respect to each such account, (ii) it has full power to make the foregoing representations, warranties and covenants on behalf of such account and (iii) it has contractual authority with respect to each such
account. 
 (v) The Investor and each Exchanging Investor acknowledges and the Investor agrees that the Placement Agent has
not acted as a financial advisor or fiduciary to the Investor or any Exchanging Investor and that the Placement Agent and its directors, officers, employees, representatives and controlling persons have no responsibility for making, and have not
made, any independent investigation of the information contained herein or in any Company’s SEC Documents and make no representation or warranty to the Investor or any Exchanging Investor, express or implied, with respect to any Company, the
Existing Marvell, the Exchanged Notes or the Exchange Shares or the accuracy, completeness or adequacy of the information provided to the Investor or any Exchanging Investor or any other publicly available information, nor shall any of the foregoing
persons be liable for any loss or damages of any kind resulting from the use of the information contained therein or otherwise supplied to the Investor or any Exchanging Investor. 

(w) The Investor and each Exchanging Investor understands that no federal, state, local or foreign agency has passed upon the
merits or risks of an investment in the Exchange Shares or made any finding or determination concerning the fairness or advisability of this investment. 

(x) The operations of the Investor and each Exchanging Investor have been conducted in material compliance with the applicable
rules and regulations administered or conducted by the U.S. Department of Treasury Office of Foreign Assets Control (“OFAC”), the applicable rules and regulations of the Foreign Corrupt Practices Act (“FCPA”) and
the applicable Anti-Money Laundering (“AML”) rules in the Bank Secrecy Act. The Investor has performed due diligence necessary to reasonably determine that the Exchanging Investors are not named on the lists of denied parties or
blocked persons administered by OFAC, resident in or organized under the laws of a country that is the subject of comprehensive economic sanctions and embargoes administered or conducted by OFAC (“Sanctions”), are not otherwise the
subject of Sanctions and have not been found to be in violation or under suspicion of violating OFAC, FCPA or AML rules and regulations. 

  
 10 

 (y) The Investor acknowledges that the New Marvell Parent may issue
appropriate stop-transfer instructions to its transfer agent, if any, and may make appropriate notations to the same effect in its books and records to ensure compliance with the provisions of this Section 3. 

(z) The Investor and each Exchanging Investor is a resident of the jurisdiction set forth on Exhibit B.1 attached to
this Agreement. 
 4. Condition to Obligations of the Investor and the Companies. The obligations of the Investor and the Exchanging Investors and of
the Companies under this Agreement to effect the Exchange Closing are subject to the satisfaction at or prior to the Exchange Closing of the following conditions precedent: 

(a) the representations and warranties of the Companies contained in Section 2 hereof (with respect
to the Investor and Exchanging Investors) and of the Investor contained in Section 3 hereof (with respect to the Companies) shall be true and correct as of the Exchange Closing in all material respects (or, if qualified as
to materiality, correct) with the same effect as though such representations and warranties had been made as of the Exchange Closing; and 

(b) there shall not have been instituted or threatened or be pending any action, proceeding, investigation or regulatory
inquiry before or by, any court, governmental, regulatory or administrative agency or instrumentality, or by any other person, that would prohibit, prevent, restrict, delay or make illegal the consummation of the transactions contemplated by this
Agreement or would materially impair the contemplated benefits of the Exchange to the Companies. 
 5. Waiver, Amendment. Neither this Agreement nor
any provisions hereof or thereof shall be modified, changed or discharged, except by an instrument in writing, signed by each of the Companies and the Investor. 

6. Assignability. Neither this Agreement nor any right, remedy, obligation or liability arising hereunder or by reason hereof shall be assignable by
either any of the Companies or the Investor without the prior written consent of each other party hereto. 
 7. Waiver of Jury Trial. EACH OF THE
COMPANIES AND THE INVESTOR HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY WITH RESPECT TO ANY LEGAL PROCEEDING ARISING OUT OF THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. 

8. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without giving effect to such
State’s rules concerning conflicts of laws that might provide for any other choice of law. 
 9. Submission to Jurisdiction. Each of the
Companies and the Investor: (a) agrees that any legal suit, action or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby shall be instituted exclusively in the courts of the State of New York located
in the City and County of New York or in the United States District Court for the Southern District of New York; (b) waives any objection that it may now or hereafter have to the venue of any such suit, action or proceeding; and
(c) irrevocably consents to the jurisdiction of the aforesaid courts in any such suit, action or proceeding. Each of the Companies and the Investor agrees that a final judgment in any such action or proceeding shall be conclusive and may be
enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. 

  
 11 

 10. Venue. Each of the Companies and the Investor irrevocably and unconditionally waives, to the
fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement in any court referred to in
Section 9. Each of the Companies and the Investor irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 

11. Service of Process. Each of the Companies and the Investor irrevocably consents to service of process in the manner provided for notices in
Section 12. Nothing in this Agreement will affect the right of any Company or the Investor to serve process in any other manner permitted by law. 

12. Notices. All notices and other communications to the Companies provided for herein shall be in writing and shall be deemed to have been duly given
if delivered personally, sent by prepaid overnight courier (providing written proof of delivery) or sent by confirmed facsimile transmission or electronic mail and will be deemed given on the date so delivered (or, if such day is not a business
day, on the first subsequent business day) to the following addresses, or in the case of the Investor, the address provided on Exhibit B.1 attached to this Agreement (or such other address as any Company or the Investor shall have specified
by notice in writing to the other): 
  

			
	If to the Inphi Notes Issuer:	  	 Inphi Corporation
 Attention: John S. Edmunds,
Chief Financial Officer
 Email: 

		
		  	 Pillsbury Winthrop Shaw Pittman LLP
 2550
Hanover Street
 Palo Alto, CA 94303
 Attention: Allison M.
Leopold Tilley
 Email: allison@pillsburylaw.com

		
	If to the New Marvell Parent:	  	 Marvell Semiconductor, Inc.
 Attention: Mitch
Gaynor
 Email: 

		
	with a copy to (which shall not constitute notice):	  	  
 Hogan Lovells US LLP

Columbia Square
 555 Thirteenth Street, NW

Washington, DC 20004
 Attention: Eve Howard

Email: eve.howard@hoganlovells.com

  
 12 

 13. Binding Effect. The provisions of this Agreement shall be binding upon and accrue to the benefit
of each of the Companies, the Investor and the Exchanging Investors and their respective heirs, legal representatives, successors and assigns. This Agreement constitutes the entire agreement between the Companies and the Investor with respect to the
subject matters hereof. This Agreement may be executed by any one or more of the parties hereto in any number of counterparts, each of which shall be deemed to be an original, but all such respective counterparts shall together constitute one and
the same instrument. Counterparts may be delivered via facsimile, electronic mail (including any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or
other applicable law, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes. 

14. Notification of Changes. After the date of this Agreement, each of the Companies and the Investor hereby covenants and agrees to notify the other
parties hereto upon the occurrence of any event prior to the Exchange Closing pursuant to this Agreement that would cause any representation, warranty or covenant of such Company or the Investor, as the case may be, contained in this Agreement to be
false or incorrect. 
 15. Reliance by the Placement Agent. The Placement Agent may rely on each representation and warranty of the Companies and the
Investor made herein or pursuant to the terms hereof with the same force and effect as if such representation or warranty were made directly to the Placement Agent. The Placement Agent shall be a third-party beneficiary of this Agreement to the
extent provided in this Section 15. 
 16. Severability. If any term or provision of this Agreement (in whole or in part) is
invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other term or provision of this Agreement or invalidate or render unenforceable such term or provision in any other
jurisdiction. 
 17. Survival. The representations and warranties of the Companies and the Investor contained in this Agreement or made by or on
behalf of the Exchanging Investors pursuant to this Agreement shall survive the consummation of the transactions contemplated hereby. 
 18.
Termination. This Agreement may be terminated and the transactions contemplated hereby abandoned (a) by mutual agreement of the Companies and the Investor in writing or (b) by either the Companies (acting jointly) or the
Investor if the Exchange Closing has not occurred on or before [June 30], 2021 without liability of either the Companies or the Investor or the Exchanging Investors, as the case may be; provided that neither the Companies nor the Investor
shall be released from liability hereunder if the Agreement is terminated and the transactions abandoned by reason of the failure of the Companies or the Investor or the Exchanging Investors, as the case may be, to have performed its obligations
hereunder. Except as provided above, if this Agreement is terminated and the transactions contemplated hereby are not concluded as described above, this Agreement will become void and of no further force and effect. 

19. Tax Treatment. The Companies intend that the New Marvell Parent’s transfer of the Exchange Consideration to Inphi Notes Issuer, followed by
Inphi Notes Issuer’s delivery of the Exchange Consideration to the Investors, will be governed by Treasury Regulation Section 1.1032-3(b)(1). Accordingly, for U.S. federal income tax purposes, the
New Marvell Parent will be treated as transferring cash to Inphi Notes Issuer equal to the fair market value of the Exchange Consideration, followed immediately by Inphi Notes Issuer’s transfer of the cash to the New Marvell Parent to purchase
the Exchange Consideration, followed by Inphi Notes Issuer’s transfer of the Exchange Consideration to the 

  
 13 

 
Investors. As a result of the foregoing treatment, the Exchanging Investors acknowledge, for U.S. federal income tax purposes, that the Exchange hereunder is intended to be a taxable exchange
from the perspective of the Exchanging Investors. The parties shall file all tax returns consistent with, and take no positions inconsistent with, the intended tax treatment of the transactions under this Section 19 except
as required pursuant to a final “determination” (as defined in Section 1313(a)(1) of the Code).. 
 20. Taxation. The Investor
acknowledges that, if an Exchanging Investor is a United States person for U.S. federal income tax purposes, either (i) the Companies must be provided with a correct taxpayer identification number (“TIN”) (generally a
person’s social security or federal employer identification number) and certain other information on a properly completed and executed Internal Revenue Service (“IRS”) Form W-9, or
(ii) another basis for exemption from backup withholding must be established. The Investor further acknowledges that, if an Exchanging Investor is not a United States person for U.S. federal income tax purposes (“Non-U.S. Holder”), the Companies must be provided with a properly completed and executed IRS Form W-8BEN, IRS Form W-8BEN-E, IRS Form W-8IMY (and all required attachments) or other applicable IRS Form W-8, attesting to that non-U.S. Holder’s foreign status and certain other information, including a Form of Tax Certificate, substantially in the form of Exhibit C.1 for Non-U.S. Holders that
are not Partnerships for U.S. Federal Income Tax Purposes or in the form of Exhibit C.2 for Non-U.S. Holders that are Partnerships for U.S. Federal Income Tax Purposes, establishing an exemption from
withholding under Sections 1471 through 1474 of the Internal Revenue Code of 1986, as amended (the “Code”). The Investor further acknowledges that any Exchanging Investor may be subject to 30% U.S. federal withholding on amounts, if
any, attributable to accrued and unpaid interest, or 24% U.S. federal backup withholding on certain payments made to such Exchanging Investor unless such Exchanging Investor properly establishes an exemption from, or a reduced rate of, such
withholding or backup withholding. See Exhibit D for certain additional information. The Companies and their agents shall be entitled to deduct and withhold from any consideration payable pursuant to this Agreement such amounts as are
required to be deducted or withheld under applicable law. To the extent any such amounts are withheld and remitted to the appropriate taxing authority (including, for the avoidance of doubt, due to the failure of an Exchanging Investor to comply
with the obligations set forth in this Section 20), such amounts shall be treated for all purposes as having been paid to the Exchanging Investor to whom such amounts otherwise would have been paid. 

21. Section and Other Headings. The section and other headings contained in this Agreement are for reference purposes only and shall not affect the
meaning or interpretation of this Agreement. 
 [SIGNATURE PAGE FOLLOWS] 

  
 14 

 IN WITNESS WHEREOF, the parties have executed this EXCHANGE AGREEMENT the day and the year
first above written. 
  

			
	INPHI CORPORATION
		
	By:	 	
                     
    

		 	 Name:
 Title:

	
	MARVELL TECHNOLOGY, INC.
		
	By:	 	
                     

		 	 Name:
 Title:

 [Signature Page to the Exchange Agreement] 

 Please confirm that the foregoing correctly sets forth the agreement between the Companies and the Investor
by signing in the space provided below for that purpose. 
  

			
	AGREED AND ACCEPTED:
	
	Investor:
	[_____________],
	in its capacity as described in the first paragraph hereof
		
	By	 	
                     
    

		 	Name:
		 	Title:

 EXHIBIT A 

Exchanging Investor Information 
  

			
	 Exchanging Investor
	  	Aggregate Principal Amount of
Exchanged Notes

  
 A-1 

 EXHIBIT B.1 

Exchanging Investor: 

                          
                                         
                  

                          
                                         
                  
 Investor Address: 

                          
                                         
                  

                          
                                         
                  

Telephone:                        
                                         
  
 Country of Residence: 

                          
                                         
                  
 Taxpayer Identification Number: 

                          
                                         
                  
 Account for Notes: 

DTC Participant Number:
                                         
                        
 DTC
Participant Name:
                                         
                            

DTC Participant Phone Number:
                                         
             
 DTC Participant Contact Email:
                                         
              
 FFC Account #:
                                         
                                        

Account # at Bank/Broker:
                                         
                      
 Account for Shares
(if different from Notes): 
 DTC Participant Number:
                                         
                        
 DTC
Participant Name:
                                         
                            

DTC Participant Phone Number:
                                         
             
 DTC Participant Contact Email:
                                         
              
 FFC Account #:
                                         
                                        

Account # at Bank/Broker:
                                         
                      
 Exchanging Investor
Address: 

                          
                                         
                  

                          
                                         
                  

                          
                                         
                  
 Telephone:
                                         
                        
 Country of
Residence: 

                          
                                         
                  
 Taxpayer Identification Number: 

                          
                                         
                  

  
 B.1-1 

 EXHIBIT B.2 

Exchange Procedures 

NOTICE TO INVESTOR 
 These are the
Exchange Procedures for the settlement of the exchange of 0.75% Convertible Senior Notes due [2021][2025], CUSIP [45772F AC1]7[45772F AE7]8
(the “Exchanged Notes”) of Inphi Corporation, a Delaware corporation (the “Inphi Notes Issuer”), for the Exchange Shares to be issued as Exchange Consideration (as defined in and pursuant to the Agreement between
you and each of the Inphi Notes Issuer and Marvell Technology, Inc., a Delaware corporation (the “New Marvell Parent”, and together with the Inphi Notes Issuer, the “Companies”, and each a
“Company”)). The New Marvell Parent will advise the expected Exchange Closing Date no later than on the last Trading Day of the Reference Period. To ensure timely settlement for the Exchange Consideration, please follow the
instructions as set forth below. 
 These instructions supersede any prior instructions you received. Your failure to comply with these instructions may
delay your receipt of the Exchange Consideration. 
 If you have any questions, please contact Yun Xie of J. Wood Capital Advisors LLC
at            . 
 To deliver Exchanged Notes: 

You must direct the eligible DTC participant through which you hold a beneficial interest in the Exchanged Notes on the Exchange Closing Date, no later
than 9:00 a.m., New York City time, to post a withdrawal request for the aggregate principal amount of Exchanged Notes set forth on Exhibit A of the Agreement to be exchanged for Shares through the Deposit / Withdrawal at Custodian
settlement system of the Depository Trust Company (“DTC”) 
 To receive Exchange Consideration: 

[You must direct the eligible DTC participant on the Exchange Closing Date, no later than 9:00 a.m., New York City time, to post a deposit
request for the aggregate principal amount of Exchange Shares through the Deposit / Withdrawal at Custodian settlement system of the DTC.] 
 Please note in
respect of the deposit and withdrawal requests described above that posting such request on any date before the Exchange Closing Date will result in such request expiring unaccepted at the close of business on such date, and you will need to have
such request reposted on the Exchange Closing Date. 
 American Stock Transfer & Trust Company LLC is the Transfer Agent and Registrar for the
Common Stock. 
 Closing: On the Exchange Closing Date, after the Inphi Notes Issuer receives your Exchanged Notes and your delivery
instructions as set forth above, and subject to the satisfaction of the condition precedent to the Exchange Closing as set forth in your Agreement, the Inphi Notes Issuer will deliver, or cause the delivery of, the Exchange Consideration in respect
of the Exchanged Notes in accordance with the delivery instructions above. 
  
  

 
  

 

	7 	 Insert for 2021 Notes. 

	8 	 Insert for 2025 Notes. For the avoidance of doubt, the expectation is that you’ll indicate the
unrestricted CUSIP (45772F AF4) for the Exchanged Notes when submitting the DWAC withdrawal request to deliver the Exchanged Notes; however, should the DTC mandatory exchange into an unrestricted CUSIP have not yet occurred prior to the Exchange
Closing Date, you’ll need to indicate the restricted CUSIP (45772F AE7) for the Exchanged Notes. 

  
 B.2-1 

 EXHIBIT C.1 

FORM OF 
 TAX CERTIFICATE 

(For Non-U.S. Holders that are not Partnerships for U.S. Federal Income Tax Purposes) 

Reference is made to the Exchange Agreement, dated as of April [•], 2021, by and among [•] (“Exchanging Investor”)
and each of Inphi Corporation, a Delaware corporation (the “Inphi Notes Issuer”), and Marvell Technology, Inc., a Delaware corporation (the “New Marvell Parent”, and together with the Inphi Notes Issuer, the
“Companies”, and each a “Company”) (the “Agreement”). Unless otherwise defined herein, terms defined in the Agreement and used herein shall have the meanings given to them in
the Agreement. [______________________] (“Non-U.S. Holder”) is providing this certificate pursuant to Section 20 of the Agreement. The
Non-U.S. Holder hereby represents and warrants that: 
 1. The
Non-U.S. Holder is not a “United States person” as defined in Section 7701(a)(30) of the Internal Revenue Code of 1986, as amended (the “Code”), is the sole record and
beneficial owner of the Exchanged Notes in respect of which it is providing this certificate and has furnished the Companies with a certificate of its non-U.S. Person status on IRS Form W-8BEN or W-8BEN-E. 
 2.
The Non-U.S. Holder is not a “bank” for purposes of Section 881(c)(3)(A) of the Code. 

3. The Non-U.S. Holder is not a “10-percent
shareholder” of any Company within the meaning of Section 881(c)(3)(B) of the Code. 
 4. The
Non-U.S. Holder is not a “controlled foreign corporation” receiving interest from a related person within the meaning of Section 881(c)(3)(C) of the Code. 

5. The Non-U.S. Holder’s office address is [ ]. 

6. The Non-U.S. Holder shall promptly notify the Companies in writing in accordance with the Agreement
if any of the representations and warranties made herein are no longer true and correct. 

  
 C-1 

 IN WITNESS WHEREOF, the undersigned has duly executed this certificate. 

 

			
	[NAME OF NON-U.S. HOLDER]
		
	By:	 	
                     
        

		 	Name:
		 	Title:
	
	Date:____________________, ________

 EXHIBIT C.2 

FORM OF 
 TAX CERTIFICATE 

(For Non-U.S. Holders that are Partnerships for U.S. Federal Income Tax Purposes) 

Reference is made to the Exchange Agreement, dated as of April [•], 2021, by and among [•] (“Exchanging Investor”)
and each of Inphi Corporation, a Delaware corporation (the “Inphi Notes Issuer”), and Marvell Technology, Inc., a Delaware corporation (the “New Marvell Parent”, and together with the Inphi Notes Issuer, the
“Companies”, and each a “Company”) (the “Agreement”). Unless otherwise defined herein, terms defined in the Agreement and used herein shall have the meanings given to them in the Agreement.
[______________________] (“Non-U.S. Holder”) is providing this certificate pursuant to Section 20 of the Agreement. The
Non-U.S. Holder hereby represents and warrants that: 
 1. The
Non-U.S. Holder is not a “United States person” as defined in Section 7701(a)(30) of the Internal Revenue Code of 1986, as amended (the “Code”), is the sole record owner
of the Exchanged Notes in respect of which it is providing this certificate and has furnished the Companies with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members
that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or IRS Form W-8BEN-E or (ii) an IRS
Form W-8IMY accompanied by an IRS Form W-8BEN or IRS Form W-8BEN-E from
each of such partner’s/member’s beneficial owners that is claiming the portfolio interest exemption. 
 2. Neither the Non-U.S. Holder nor any of its direct or indirect partners/members is a “bank” for purposes of Section 881(c)(3)(A) of the Code. 

3. None of its direct or indirect partners/members is a “10-percent shareholder” of the
Company within the meaning of Section 881(c)(3)(B) of the Code. 
 4. None of its direct or indirect partners/members is a
“controlled foreign corporation” receiving interest from a related person within the meaning of Section 881(c)(3)(C) of the Code. 

5. The Non-U.S. Holder’s office address is
[                     ]. 
 6. The
Non-U.S. Holder shall promptly notify the Companies in writing in accordance with the Agreement if any of the representations and warranties made herein are no longer true and correct. 

 EXHIBIT C 

IN WITNESS WHEREOF, the undersigned has duly executed this certificate. 

 

			
	[NAME OF NON-U.S. HOLDER]
		
	By:	 	
                     
    

		 	Name:
		 	Title:
	
	Date:____________________, ________

  
 C-1 

 EXHIBIT D 

Under U.S. federal income tax law, a U.S. holder who exchanges Notes for Exchange Shares generally must provide such U.S. holder’s correct TIN on a
properly completed and executed IRS Form W-9 (available from the Companies or at www.irs.gov/pub/irs-pdf/fw9.pdf) or otherwise establish a basis for exemption from
backup withholding. A TIN is generally an individual holder’s social security number or a holder’s employer identification number. If the correct TIN is not provided, the U.S. holder may be subject to a $50 penalty imposed under
Section 6723 of the Code. In addition, certain payments made to holders may be subject to U.S. backup withholding (currently set at 24% of the payment). If a holder is required to provide a TIN but does not have a TIN, the holder should consult
its tax advisor regarding how to obtain a TIN. Certain holders (including corporations and non-U.S. holders) are not subject to these backup withholding and reporting requirements. 

A non-U.S. holder (i) will be subject to 30% U.S. federal withholding on amounts, if any, attributable to accrued
and unpaid interest, unless such holder establishes an exemption from, or a reduced rate of, such withholding, and (ii) must establish its status as an exempt recipient from backup withholding and can do so by submitting a properly completed
IRS Form W-8BEN, IRS Form W-8BEN-E, IRS Form W-8IMY (and all required attachments),
or other applicable IRS Form W-8 (available from the Companies or at www.irs.gov), signed, under penalties of perjury, attesting to such holder’s exempt foreign status. This form also may establish
an exemption from withholding under Section 1471 through 1474 of the Code. 
 U.S. backup withholding is not an additional tax. Rather, the U.S.
federal income tax liability of persons subject to backup withholding will be reduced by the amount of tax withheld. If withholding results in an overpayment of taxes, a refund may be obtained provided that the required information is timely
furnished to the IRS. Holders are urged to consult their tax advisors regarding how to complete the appropriate forms and to determine whether they are exempt from backup withholding or other withholding taxes.wsbc-ex101_7.htm

 

 

 

 

 

 

 

 

WESBANCO, INC.

 

 

INCENTIVE BONUS, OPTION AND RESTRICTED STOCK PLAN

 

 

as adopted February 13, 1998

and as amended and restated February 25, 2010, February 23, 2017 and February 25, 2021

 

{

 

WESBANCO, INC.
INCENTIVE BONUS, OPTION AND RESTRICTED STOCK PLAN

 

INTRODUCTION

 

The purposes of the Wesbanco, Inc. Incentive Bonus, Option and Restricted Stock Plan are to enhance shareholder value and to contribute to the growth of Wesbanco, Inc., its subsidiaries and affiliates by:

 

	
 
	
1.
	
directing the planning, implementation and supervisory efforts of Key Executives toward the achievement of strategic, financial and individual goals determined by the Board of Directors of the Company to be in the best interests of the Company and its shareholders over annual and multi-year planning cycles;

 

	
 
	
2.
	
requiring Key Executives and Non-Employee Directors to position the Company, in light of changing business conditions and the Company's business plans, to succeed over annual and multi-year business horizons;

 

	
 
	
3.
	
placing a significant portion of the compensation of Key Executives at risk in the event Performance Goals are not met and, thereby, provide substantial incentive to achieve annual and longer term goals;

 

	
 
	
4.
	
identifying the interests of Key Executives and Non-Employee Directors more closely with those of shareholders by denominating compensation at least in part in Shares of Common Stock and options to purchase Shares of Common Stock; and

 

	
 
	
5.
	
providing the Company with a flexible compensation arrangement to use as a tool to attract and retain Key Executives and Non-Employee Directors of outstanding competence.

 

The Plan is designed to accomplish its purposes by providing financial rewards to Key Executives if, but only if, pre-established financial and/or personal goals, which may include completion of specified periods of employment, are achieved.  Non-Employee Directors are eligible to receive grants of nonqualified options and will be rewarded if the trading price for the Common Stock increases after the date the nonqualified option is granted.  

 

For Key Executives:

 

The Plan has four portions for Key Executives: an Annual Bonus Portion, a Long Term Bonus Portion, a Stock Option Portion and a Restricted Stock Portion.  The Annual Bonus Portion offers Participants opportunities for Incentive Compensation generally denominated in cash, based on the degree of attainment of corporate and/or personal goals over one fiscal year.  The Long Term Bonus Portion offers Participants opportunities for Incentive Compensation denominated, generally in cash and Shares of Common Stock, based on the degree of attainment of corporate and/or personal goals over more than one fiscal year.  The Stock Option Portion permits the Compensation Committee to award options which will become vested, if at all, based on attainment of performance goals or the completion of a specified period of employment.  The Restricted Stock Portion permits the Compensation Committee to award shares of Common Stock subject to restrictions that will lapse, if at all, upon the attainment of performance and/or personal goals or the completion of a specified period of employment.  

    

Participation in any portion of the Plan will be limited to those executive level employees of the Company (including in that term executive level employees of any subsidiary of the Company) who are in a position to directly influence the achievement of goals set by the Board.  The Plan is not intended to be a broad based arrangement.  Further, in recognition that certain executives may be in a position to have more influence over attainment of certain goals, the Plan does not require that all Performance Goals or Performance Levels be uniform for all Key Executives.  In addition, in recognition that certain executives may be able to influence the outcome of certain goals set for a particular Fiscal Year but not for a period longer than a Fiscal Year, a Key Executive may be made eligible for an Annual Bonus but not for a Long Term Bonus and/or Stock Options or, in the alternative, for a Long Term Bonus, Stock Options or Restricted Stock but not an Annual Bonus.  Inclusion in one portion of the Plan or for any one year is no assurance of future eligibility by a particular Key Executive for any other portion or any other year or Incentive Cycle. Accordingly, opportunities to earn Incentive Compensation as well as the individual and collective goals to be 

A-2

met to realize Incentive Compensation, as Annual Bonus or Long Term Bonus or to vest Stock Options or Restricted Stock under the Plan, may vary from Key Executive to Key Executive.  

 

The Annual Bonus Portion focuses on the business plan for the next Fiscal Year and sets goals to be achieved in that Fiscal Year.  If the goals are met, Incentive Compensation for the Annual Bonus portion is paid primarily in cash.  On the other hand, Long Term Bonus focuses on the business plan over several successive Fiscal Years.  If goals are met over the measurement period, Long Term Bonus is paid in the form of a combination of stock and cash.  

 

The number of years under consideration for a Long Term Bonus is referred to as an "Incentive Cycle".  It is intended that an Incentive Cycle will be formed each year for the number of years for which a reasonably thorough business plan can be prepared.   At the adoption of the Plan, the appropriate number of years to be included in an Incentive Cycle is believed to be three but the Plan allows the Compensation Committee to elect, in its discretion exercised at the formation of each Incentive Cycle, to include more or fewer years in an Incentive Cycle.  

 

For the Long Term Bonus Portion, Incentive Compensation is denominated as a "Unit", that is, the basic unit of Incentive Compensation expressed in terms of dollars and whole or fractional Shares.  Moreover, at the adoption of the Plan, it is believed that the appropriate composition of each Unit should be a combination of Shares and cash so that any income tax obligations of Key Executives in connection with the Plan may be settled without resort to sale of Shares. 

 

Stock Options are granted at the discretion of the Compensation Committee, each with an exercise price equal to the then fair market value of a share of Common Stock.  The Compensation Committee shall set a vesting schedule with vesting in years following the grant of the Stock Option based upon continuation of employment for that year or attainment in each such year of performance goals set for that year under the Annual Bonus Plan (or if no Annual Bonus Plan is in effect for that year, performance goals set specifically for the Stock Option Portion.)

 

Restricted Stock is granted at the discretion of the Compensation Committee.  The Compensation Committee shall set as a vesting schedule, attainment of performance goals and/or continuous employment over a period of years specified in the granting documents.

 

The Board of Directors, in consultation with management and in connection with the Company's ongoing business planning processes, will direct which goals are to be achieved over the ensuing Fiscal Year for purposes of the Annual Bonus, Stock Option and Restricted Stock Portions and for the longer Incentive Cycle for purposes of the Long Term Bonus.  The Compensation Committee will determine and set the following to be consistent with the Board's directions:

 

	
 
	
(a)
	
Performance Goals appropriate to the Board's directions;

 

	
 
	
(b)
	
the composition of Units used to denominate Incentive Compensation opportunities for the Long Term Bonus;

 

	
 
	
(c)
	
Threshold, Target and Maximum levels of achievement with respect to Performance Goals for the Annual and Long Term Bonus, respectively; 

 

	
 
	
(d)
	
Incentive Compensation, expressed in Units for Long term Bonus and dollars for Annual Bonus, which may be distributed to each Key Executive, in the event Threshold, Target or Maximum Performance Levels are achieved; and

 

	
 
	
(e)
	
whether Stock Options will be granted in that year and, if so, in what amount and to what Key Employees.

 

The Compensation Committee will then communicate with the Key Executive and cause the execution and delivery of such documents as may be required to implement the Plan for the Fiscal Year for Annual Bonus, Restricted Stock and Stock Option purposes and the Incentive Cycle for Long Term Bonus purposes.

 

A-3

 

At or after (but not more than seventy five days after) the end of a particular Fiscal Year and/or an Incentive Cycle, the Compensation Committee, after review of financial and other information appropriate to determining whether Performance Goals have been met for that Fiscal Year or Incentive Cycle, including, but not limited to, extraordinary items and/or special circumstances, and taking such other actions as the Compensation Committee shall deem appropriate, will:

 

	
 
	
(a)
	
determine the level of actual achievement of Performance Goals, taking into account, to the extent the Committee deems appropriate in its sole judgment, extraordinary items and/or special circumstances which affected or may have affected the ability of one or more of the Key Executives to achieve one or more of the Performance Goals; 

 

	
 
	
(b)
	
determine the Incentive Compensation, if any, to be distributed to each Key Executive participating in the Plan as Annual Bonus for a particular Fiscal Year or Long Term Bonus for that Incentive Cycle and the vesting, if any, with respect to any previously granted Stock Options or Restricted Stock; and

 

	
 
	
(c)
	
direct the commencement of installment distributions of Incentive Compensation which may have been earned under the Plan as Long Term Bonus with respect to that Incentive Cycle.

 

To accommodate the changing nature of the Company's business and the adjustments to business objectives from year to year, as well as to provide continuous incentive to achieve those objectives and to offset the effects of business anomalies, the Long Term Bonus Portion is designed to form a new Incentive Cycle each year and to have that Incentive Cycle overlap with the Incentive Cycles for the preceding and subsequent years.  Each Incentive Cycle, if formed, will be formed independently of any other Incentive Cycle and Incentive Compensation for any Incentive Cycle will be determined with respect to only that Incentive Cycle.  In this regard, the rolling three year Incentive Cycles are intended as a complement to the Annual Bonus portion of this Plan. 

 

Incentive Compensation for both the Annual Bonus and the Long Term Bonus will be determined by the Compensation Committee within seventy-five (75) days of the end of that Incentive Cycle.  Incentive Compensation earned as Annual Bonus will be paid in a single sum as soon as practicable after its determination.  Incentive Compensation earned with respect to a particular Incentive Cycle will be distributed in three (3) substantially equal annual installments.  The payment of Incentive Compensation and of each installment is contingent upon a Key Employee's being an employee of the Company on the date of distribution, except if the cessation of employment is related to death, disability or retirement of that Key Employee.  

 

Stock Options, to the extent vested and exercisable, can be exercised in accordance with the terms and conditions set forth in the stock option agreement which evidences those Stock Options.  Restricted Stock will become vested on the terms and conditions set forth by the Compensation Committee at the time of grant.

 

For Non-Employee Directors:

 

The Plan has two features for Non-Employee Directors.  The Plan permits the Compensation Committee to grant Stock Options and/or shares of Restricted Stock to Non-Employee Directors.  Grants of Stock Options to Non-Employee Directors may vest based on a period of continuous service on the Board.  Restrictions on shares of Restricted Stock may lapse based on a period of Continuous Service on the Board.

 

Administrative Delegation:

 

In order to facilitate the administration of the Plan, the Plan contemplates that the Compensation Committee may delegate ministerial functions, such as preparation of documents and notices, withholding for required taxes and delivery of distributions authorized under the Plan, to such members of the management of the Company as the Compensation Committee shall deem appropriate.

 

The foregoing Introduction is included in this Plan document for descriptive purposes only and the Plan's provisions which follow shall control over the Introduction.  As used in the Introduction, initially capitalized terms shall have the meanings assigned thereto under the Plan.

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ARTICLE I

DEFINITIONS

 

1.1"Annual Bonus" shall mean the amount of Incentive Compensation which may be earned by a particular eligible Key Executive based on performance for a particular Fiscal Year.

 

1.2"Cause" shall mean a Key Executive's (i) conviction for a felony (or of a lesser included offense following indictment and entry of a guilty plea), (ii) continued failure, after thirty (30) days written notice from the Company, to render service to the Company as required under the terms and conditions of his or her employment or (iii) persistent negligence and dereliction of duty which shall include, but shall not be limited to, the Key Executive's frequent failure to perform properly assigned tasks or violation of the Company's drug and alcohol policies.

 

1.3"Beneficiary" shall mean the person or persons a Key Executive has designated by filing an election with the Administrative Committee, substantially in the form of Schedule A, attached hereto to receive his or her Incentive Compensation, to the extent payable, in the event of his or her death.  If no Beneficiary has been designated, or if a Key Executive's Beneficiary has predeceased the Key Executive, the Key Executive's spouse or, if none, the Key Executive's children per stirpes, or, if none, the Key Executive's estate, shall be deemed to be the Key Executive's Beneficiary.

 

1.4  "Board of Directors" or "Board" shall mean the Board of Directors of Wesbanco, Inc.

 

1.5 "Common Stock" shall mean common stock, par value $2.0833 per share, of Wesbanco, Inc.

 

1.6  "Company" shall mean Wesbanco, Inc., a West Virginia corporation, its subsidiaries, and the affiliates, subsidiaries, successors and assigns of the Company.

 

1.7  "Compensation Committee" or "Committee" shall mean the Compensation Committee of the Board of Directors of Wesbanco, Inc., provided, however, no member of the Compensation Committee who is or at any time during the then past year has been a Key Executive or is then under consideration to become a Key Executive shall be permitted to participate in the discussion of or vote on his or her participation in the Plan or any Incentive Compensation which he or she may receive hereunder or to assist in the administration of the Plan and to the extent necessary to supplement the foregoing, each member of the Compensation Committee eligible to participate in the administration of this Plan shall be a "disinterested person" within the meaning of Section 16b-3 of the Securities Exchange Act of 1934, as amended, and the regulations promulgated thereunder, and provided, further, participation by such person, directly or indirectly, in the preparation or review of all or any portion of the Company's business plan, analysis or forecast shall not be regarded as participating in a discussion or voting on Incentive Compensation under the Plan.  

 

1.8  "Disability" shall mean the inability of a Key Employee due to mental or physical defect or disease to perform the services required of the Key Employee in the position he or she held prior to the manifestation of that defect or disease.

 

1.9"Fair Market Value" shall mean, as of a relevant date, the reported closing price of a share of Common Stock on the business day immediately preceding that date.

 

1.10  "Fiscal Year" shall mean the twelve month period used by the Company for financial reporting purposes which, as of the date of adoption hereof, is the calendar year.

 

1.11  “Good Reason” shall mean, without the Key Employee’s express written consent:

 

	
 
	
(a)
	
the assignment of the Key Employee to duties materially inconsistent with the Key Employee’s authorities, duties, responsibilities, and status (including offices, titles and reporting requirements) as an officer of the Company or its principal subsidiary, Wesbanco Bank, Inc., or a reduction or an alteration in the nature and status of the Key Employee’s authorities, duties, or responsibilities from those in effect as of ninety days prior to the Change in Control event, other than an insubstantial and inadvertent act that is remedied by the Company promptly after receipt of notice thereof given by the Key Employee, 

A-5

	
 
		
and other than any such alteration which is consented to by the Key Employee in writing;

 

	
 
	
(b)
	
the Company’s requiring the Key Employee to be based in a location in excess of thirty-five miles from the location of the Key Employee’s principal job location or office immediately prior to the Change in Control event, except for required travel on the Company’s business to an extent substantially consistent with the Key Employee’s present business obligations;

 

	
 
	
(c)
	
a reduction by the Company of the Key Employee’s Base Salary by at least ten percent from that in effect immediately prior to that reduction;

 

	
 
	
(d)
	
 the failure of the Company to obtain a satisfactory agreement from any successor to the Company to assume and agree to perform the Company’s obligations under any employment agreement to which the Key Employee and the Company or Wesbanco Bank, Inc is a party; and

 

	
 
	
(e)
	
any purported termination by the Company which is not accomplished by written notice setting forth the basis for that termination or, if the Key Employee is a party to an employment agreement setting forth a specific procedure for termination of employment, such notice does not comply with the applicable provisions of that employment agreement. 

 

The Key Employee’s right to terminate employment for Good Reason shall not be affected by the Key Employee’s incapacity due to physical or mental illness.  The Key Employee’s continued employment shall not constitute consent to, or a waiver of rights with respect to, any circumstance constituting Good Reason.

 

1.12  "Incentive Compensation" shall mean the distribution, if any, a Key Executive is or may become entitled to receive under the terms of this Plan as Long Term Bonus for a particular Incentive Cycle, Performance Levels for performance based Restricted Stock and/or Annual Bonus for a Fiscal Year.

 

1.13  "Incentive Cycle" shall mean the number of Fiscal Years over which an opportunity to earn Long Term Bonus will be measured.  At the adoption of the Plan, the number of Fiscal Years deemed appropriate is three (3) but the Compensation Committee may include more or fewer years at the formation of a particular Incentive Cycle.

 

1.14 "Key Executives" shall mean those employees of the Company who, with respect to a particular Plan Year, are deemed to hold positions which may substantially influence the attainment of Performance Goals.  Employees designated as Key Employees for the Annual Bonus and/or Long Term Bonus purposes, may or may not, in the discretion of the Committee be eligible to earn Incentive Compensation under the other portions of this Plan and may or may not be eligible to earn Incentive Compensation in future years under any portion of this Plan. 

 

1.15 "Long Term Bonus" shall mean the amount of Incentive Compensation which may be earned by a particular eligible Key Employee for a particular Incentive Cycle.

 

1.16 “Non-Employee Director” shall mean a member of the Board who is not then, and has not been for a period of one year prior to the relevant time, an employee of the Company.

 

1.17 "Plan" shall mean this Wesbanco, Inc. Key Executive Bonus, Stock Option and Restricted Stock Plan, as amended and restated, and in effect from time to time and as interpreted and/or administratively supplemented by the Compensation Committee under the terms of this Plan from time to time.

 

1.18   "Performance Goals" shall mean those goals, described in terms of financial results, operational achievements or individual objectives, or any combination thereof, to be achieved for Annual Bonus purposes, over a particular Fiscal Year or for Long Term Bonus purposes, over a particular Incentive Cycle, as may be set by the Compensation Committee to implement the Board's directions for that Fiscal year or Incentive Cycle, respectively.  For the Option Portion and Restricted Stock Portion, “Performance Goals” may also include periods of continuous employment.

 

A-6

 

1.19  "Performance Levels" shall mean the relative level of achievement of Performance Goals.  Performance Levels shall be set as Threshold for acceptable performance, Target for meeting expectations and Maximum for exceeding expectations.  

 

1.20“Restricted Stock” shall mean shares of Common Stock awarded to a Participant subject to certain restrictions as determined by the Compensation Committee at the time of grant.  A Participant receiving a grant of Restricted Stock shall not be a shareholder with respect to those shares of Restricted Stock unless or until the Restricted Stock vests in accordance with the terms of the grant, except that, if shares of Restricted Stock vest, the Participant may be paid an amount of cash equal to dividends that would have been paid on the shares of Restricted Stock during the restricted period.  Without limiting the foregoing, no dividends shall be paid unless or until all forfeiture restrictions lapse. 

 

1.21  "Retirement" shall mean the cessation of employment with the Company after fifteen (15) years of service. 

 

1.22  "Shares" shall mean one or more (as indicated) shares of Common Stock.

 

1.23"Stock Option" shall mean the right to purchase a share of Common Stock for the exercise price indicated on the date of grant of such Stock Option.

 

1.24  "Unit" shall mean the smallest unit of measurement of Incentive Compensation opportunities and may be comprised of an amount of cash, one or more Shares or a combination of cash and Shares.

 

ARTICLE II

ADMINISTRATION

 

2.1  Board of Directors.  The Board of Directors shall have the authority and responsibility to determine from year to year whether (i) Annual Bonus opportunities shall be available to Key Executives for the ensuing Fiscal Year, (ii) whether Long Term Bonus opportunities will be available to Key Executives for an Incentive Cycle and (iii) whether Stock Options or Restricted Stock shall be awarded to Key Executives and/or Non-Employee Directors.  If the Board determines it appropriate to form an Incentive Cycle for Long Term Bonus purposes and/or to make Annual Bonus opportunities available for the ensuing Fiscal Year, the Board shall direct the Compensation Committee's attention to the results the Board believes important for the Company to achieve during that Incentive Cycle or Fiscal Year.  With respect to results to be achieved, it is intended that the Board will give qualitative directions, generally providing priorities among the Company's several operations.

 

2.2  Compensation Committee.  The Compensation Committee shall have the authority and responsibility to:

 

	
 
	
(a)
	
adopt, amend and rescind rules and regulations relating to the Plan and its operation and administration;

 

	
 
	
(b)
	
interpret the Plan;

 

	
 
	
(c)
	
execute and deliver documents deemed necessary to implement, operate or administer the Plan;

 

	
 
	
(d)
	
set Performance Goals (Threshold, Target and Maximum) for Key Executives with respect to a Fiscal Year and/or an Incentive Cycle;

 

	
 
	
(e)
	
determine which executive employees of the Company will be Key Executives participating in the Plan for a particular Fiscal Year and/or Incentive Cycle and, if applicable, determine whether an employee hired during a Fiscal Year or Incentive Cycle will be a Key Executive for that Fiscal Year and/or Incentive Cycle; 

 

	
 
	
(f)
	
determine the opportunity to earn Incentive Compensation to be provided to individuals deemed Key Executives for that Fiscal Year and/or Incentive Cycle, as applicable;

 

	
 
	
(g)
	
determine the compensation of Units for that Incentive Cycle;

A-7

	
 
		

 

	
 
	
(h)
	
set the amount of Incentive Compensation, expressed in dollars for Annual Bonus and Units for Long Term Bonus, which may be earned by each Key Executive for any Fiscal Year and/or Incentive Cycle at the respective Performance Levels; 

 

	
 
	
(i)
	
determine whether Performance Levels have been met or exceeded for any Fiscal Year and/or Incentive Cycle on or before the seventy-fifth (75th) day after the last day of the last year of a particular Fiscal Year and/or Incentive Cycle and direct the commencement of installments of Long Term Bonus and the opportunity to Key Employees for further deferral of distributions;

 

	
 
	
(j)
	
determine the number, terms and conditions of Stock Options or Restricted Stock to be granted to Non-Employee Directors and the identity of Key Executives to receive grants of Stock Options and Restricted Stock and the number, term, Performance Goals and other terms and conditions applicable to those Stock Options or shares of Restricted Stock; 

 

	
 
	
(k)
	
consult with such accountants, attorneys, advisors or experts (in each case, who may also provide services to the Company) as the Committee shall deem appropriate;

 

	
 
	
(l)
	
take into account, to the extent the Committee deems appropriate in its sole judgment, extraordinary items and/or special circumstances which affected or may have affected the ability of one or more Key Executives to achieve Performance Goals with respect to any portion of the Plan and, to the extent deemed appropriate by the Committee, modify or waive any Performance Goal(s) or any term or condition of any previously made award; 

 

	
 
	
(m)
	
delegate such ministerial functions relating to the Plan to such persons as the Compensation Committee may deem appropriate from time to time; and 

 

	
 
	
(n)
	
take such other actions as the Committee shall determine necessary or appropriate to implement, operate or administer the Plan, including, but not limited to, taking into account special circumstances and determining whether to exercise the discretionary authority conferred on the Compensation Committee under this or other sections of the Plan.

 

The Compensation Committee shall have all discretion and authority necessary to perform each or any of the forgoing.  Any determination made by the Compensation Committee shall be final and binding upon the Company and each and all employees, whether or not then participating in the Plan.

 

2.3  Company Employees.  Employees of the Company shall perform such ministerial functions as may be delegated to them by the Committee from time to time.  No employee of the Company may exercise any judgment or discretion relating to the Plan, its implementation, operation or administration.  For purposes of this Plan, in the event an employee's duties as an employee of the Company include, directly or indirectly, preparation or assistance in the preparation of all or any portion of a business plan, analysis, forecast, or result, which may be reviewed or used by the Board or the Committee in connection with the Plan, shall not be deemed to have exercised discretion with respect to the Plan.

 

ARTICLE III

OPERATION OF THE PLAN FOR KEY EXECUTIVES

 

3.1 Commencement of Annual Bonus and/or Long Term Bonus Opportunities.  The Board of Directors shall inform the Compensation Committee whether Annual Bonus opportunities will be made available for a particular Fiscal Year and/or whether Long Term Bonus opportunities will be made available for an Incentive Cycle which will include that Fiscal Year.  If Annual Bonus and/or Long Term Bonus opportunities are to be made available, the Board shall also inform the Compensation Committee of the results the Board believes important to be achieved during that Fiscal Year and/or Incentive Cycle.

 

A-8

 

3.2  Implementation of Annual and/or Long Term Bonus Opportunities.  In the event it is informed that Annual Bonus or Long Term Bonus opportunities will be made available, the Compensation Committee shall promptly:

 

	
 
	
(a)
	
determine the number of Fiscal Years to be included in the Incentive Cycle;

 

	
 
	
(b)
	
determine the Performance Goals for Annual and Long Term Bonus purposes;

 

	
 
	
(c)
	
determine which executive employees will be Key Executives eligible to participate in the Plan for the Fiscal Year for Annual Bonus and for the Incentive Cycle for Long Term Bonus Purposes;

 

	
 
	
(d)
	
determine the composition of Units to denominate Incentive Compensation for Long Term Bonus purposes for that Incentive Cycle;

 

	
 
	
(e)
	
establish Threshold, Target and Maximum Performance Levels with respect to the Performance Goals for each Key Executive, expressed in dollars for Annual Bonus and Units for Long Term Bonus; and

 

	
 
	
(f)
	
determine the amount of Incentive Compensation opportunities for the respective Key Executives for Annual Bonus and Long Term Bonus purposes at the respective levels of achievement; and

 

	
 
	
(g)
	
communicate the foregoing to each Key Executive and prepare, execute and deliver, on behalf of and binding, upon the Company, such documents evidencing the foregoing as the Committee shall determine appropriate.

 

3.3  Measurement of Performance.  No later than seventy-five (75) days after the last day of the Fiscal Year measured for Annual Bonus purposes and of the last day of the last Fiscal Year in any Incentive Cycle, the Committee shall review such financial, performance or other information relating to the Company and the Performance Goals, including, but not limited to, extraordinary items and/or special circumstances, and shall determine whether the Performance Goals for that Fiscal Year and/or Incentive Cycle have been achieved and, if so, the Performance Level of achievement, respectively.  From the Performance Level actually achieved, the Committee shall determine the amount in cash for Annual Bonus and/or the number of Units of Incentive Compensation, if any, distributable to any Key Executive.  Except as provided in Section 6.3 of this Plan, no Incentive Compensation shall be distributed unless the Committee determines that no less than Threshold has been reached.  In the event the level of achievement exceeds Threshold but is not exactly equal to Threshold, Target or Maximum, the Committee shall interpolate between the amount or number of Units assigned to each such Performance Level for each Key Executive to determine the number of Units of Incentive Compensation distributable.

 

3.4  Distribution of Incentive Compensation.  

 

(a)  Annual Bonus.  The amount of cash earned as Annual Bonus shall be paid in a single payment, net of applicable withholding for taxes, as soon as practicable after the amount is determined, provided, however, no Incentive Compensation as Annual Bonus shall be payable to a Key Employee who ceases to be an employee of the Company for any reason other than death, disability or retirement prior to the distribution date.  

 

(b)  Long Term Bonus.  The amount of Incentive Compensation earned in any Incentive Cycle shall be distributed in three (3) substantially equal installments.  The first installment shall be distributed within five (5) working days of the determination of performance under Section 3.3.  The second installment with respect to an Incentive Cycle shall be distributable on the first business day of the calendar year next following the calendar year in which the first installment was paid and the third installment with respect to an Incentive Cycle shall be distributable on the anniversary of the second installment.  The distribution of each installment of Incentive Compensation is contingent (in addition to the conditions set forth in Section 3.6) upon the employment with the Company of the Key Employee to whom such installment is due on the date the installment is distributable, provided, however, if a Key Employee ceases employment with the Company for reasons of his death, disability or Retirement, the condition to distribution of earned Incentive Compensation of continued employment shall not apply.   In the event 

A-9

a Key Employee otherwise due an installment of Incentive Compensation is not an employee of the Company on the date such installment is distributable under this Section 3.4, that and any subsequently distributable installments shall be forfeited by that Key Employee and shall not be distributed to him or her at any time. 

 

3.5  Additional Conditions to the Distribution of Incentive Compensation.  

 

	
 
	
(a)
	
In Default.  No Incentive Compensation shall be payable to any Key Executive with respect to a Fiscal Year or an Incentive Cycle if, as of the date distribution thereof is due under this Plan, the Company is in default under any instrument, indenture or agreement to which the Company is a party and by which the Company is bound.  

 

	
 
	
(b)
	
Not an Employee.  Except as provided in Article V and Article VI, no Incentive Compensation shall be distributed to any Key Executive with respect to a Fiscal Year or an Incentive Cycle unless such Key Executive is an employee of the Company on the last business day of the last Fiscal Year in that Incentive Cycle.

 

3.6  Withholding for Taxes from Incentive Compensation.  From each installment of Incentive Compensation, the Company shall withhold the amount required (as determined by the Company in good faith) to be withheld for applicable taxes and shall promptly remit the withheld amount to the appropriate taxing bodies.  In the event that an installment will be paid in part in cash and in part in Shares of Common Stock, withholding shall be taken from the cash portion first.  Withholding from the stock portion shall be accomplished in a manner not inconsistent with applicable securities laws as determined by the Company.

 

3.7  Terms and Conditions of Stock Options.  The Compensation Committee shall have authority and responsibility and all necessary discretion for granting Stock Options under this Plan and setting the terms and conditions of each grant to the extent not inconsistent with the terms of this Plan.  Each grant and the terms and conditions of a grant of a Stock Option shall be evidenced by an option agreement between the Company and the person to whom such Stock Option has been granted.  The Compensation Committee shall have the power and authority, which need not be exercised uniformly among all grants, to set the terms and  conditions of each grant of Stock Options except that the following terms and conditions shall apply to all Stock Options granted hereunder:

 

	
 
	
(a) 
	
Non-qualified Options.   All Stock Options granted under the Plan shall be non-qualified options, that is, Stock Options shall not be eligible for the tax treatment described in Section 422 of the Internal Revenue Code of 1986, as amended (the "Code"). 

 

	
 
	
(b) 
	
Exercise Price.  Each Stock Option shall have a per Share exercise price equal to Fair Market Value as of the date the Stock Option is granted.  

 

	
 
	
(c) 
	
Term of Options.  Each Stock Option shall have a term not to exceed ten (10) years from the date of grant.  

 

	
 
	
(d) 
	
Vesting Schedule.  No Stock Option shall be immediately vested when granted.  Each Stock Option shall be subject to a vesting schedule which vests such Stock Option over one or more Fiscal Years based on attainment of Performance Goals during such Fiscal Years, provided, however, no Stock Option may vest in whole or in part prior to the passage of twelve full months from the date of grant of that Stock Option.  The vesting schedule may take into account exceptional performance in one or more years in determining vesting in other years.  The number of Fiscal Years in a particular vesting schedule and the applicable Performance Goals shall be determined by the Compensation Committee.

 

	
 
	
(e) 
	
No Exercise After Termination of Employment.  Except as provided in Article VI, no Stock Option shall vest or be exercisable after a Key Employee ceases to be an employee of the Company.  

 

A-10

 

3.8  Exercise of Stock Options.  To the extent then vested, Stock Options may be exercised in whole or in part at any time or from time to time prior to the expiration date of such Stock Option.  The Stock Option shall be exercised by delivery to the Company of a written notice of exercise setting forth the number of Stock Options to be exercised and indicating which one or combination of the following methods shall be used to pay the aggregate exercise price:

 

	
 
	
a. 
	
cash;

 

	
 
	
b. 
	
shares of Common Stock held by the Key Executive for more than six months prior to the relevant date; and/or

 

	
 
	
c. 
	
"cashless" exercise or interim broker loan.  In the event a cashless exercise or interim broker loan arrangement is intended, the arrangements made shall be to the satisfaction of the Compensation Committee in its sole and complete discretion.

 

Notwithstanding the notice of exercise and delivery of the exercise price, no certificates representing Shares of Common Stock shall be delivered to a Key Executive unless or until all applicable federal, state and local tax withholding and payroll taxes have been paid or appropriate arrangements satisfactory to the Committee made for payment or withholding.  Any such withholding and payroll tax withholding obligations may be settled in cash paid by the Key Executive, reduction in the number of Shares of Common Stock issuable with respect to such exercise or a combination of the foregoing or any other reasonable means approved by the Compensation Committee.     

 

3.9  Terms and Conditions of Restricted Stock.  The Compensation Committee shall have authority and responsibility and all necessary discretion for granting shares of Restricted Stock under this Plan and setting the terms and conditions of each grant to the extent not inconsistent with the terms of this Plan. Each grant and the terms and conditions of that grant shall be evidenced by a restricted stock agreement between the Company and the person to whom such grant of Restricted Stock has been granted, provided, however, no award of Restricted Stock may vest in whole or in part prior to the passage of twelve full calendar months from the date of the grant of that Restricted Stock. The Compensation Committee shall have the power and authority, which need not be exercised uniformly among all grants, to set the terms and conditions of each grant of shares of Restricted Stock. 

 

ARTICLE IV

OPERATION OF PLAN FOR NON-EMPLOYEE DIRECTORS

 

From time to time the Board may determine whether Stock Options or Restricted Stock shall be granted to Non-Employee Directors.  If the Board determines that Stock Options or Restricted Stock shall be awarded to Non-Employee Directors, subject to the following limitations, the Compensation Committee shall determine the identity of the grantees, the number of Stock Options or shares of Restricted Stock to be awarded to each grantee and the terms and conditions of the grant:

 

	
 
	
1.
	
All Stock Options granted to Non-Employee Directors shall be nonqualified options (as described in Section 3.7(a) above) and the exercise price shall be no less than the Fair Market Value on the date of grant.

 

	
 
	
2.
	
Vesting schedules for Stock Options and restrictions applicable to shares of Restricted Stock shall be time-based only.

 

	
 
	
3.
	
No Stock Option shall be exercisable after the tenth anniversary of the date of grant of that Stock Option.

 

	
 
	
4.
	
In lieu of Section 6.1 and 6.2, if an optionee ceases to be a member of the Board for any reason other than death, disability or retirement with the consent of the majority of then members of the Board, his or her Stock Options shall cease to vest and shall cease to be exercisable four months after the date the optionee ceases to be a member of the Board.  If an optionee ceases to be a member of the Board for reasons of death, disability or retirement with the consent of a majority of the members of the Board, his or her Stock Options shall cease to vest but any then vested Stock Options shall remain exercisable in accordance with the terms applicable on the date of grant.

A-11

 

	
 
	
5.
	
The Change in Control provisions of Section 6.3 shall apply to all grants to Non-Employee Directors.

 

	
 
	
6.
	
Each grant of Stock Options or Restricted stock shall be evidenced by an award agreement setting forth the terms and conditions of the award and which shall incorporate this Plan as it may be amended from time to time.

 

	
 
	
7.
	
For Non-Employee Directors, the Company shall not withhold for income or payroll taxes on any exercised Stock Option or Shares delivered on the lapse of restrictions on shares of Restricted Stock.  

 

ARTICLE V

Amendment or Termination of the Plan

 

The Board of Directors may, in its sole and complete discretion, terminate this Plan at any time or amend this Plan from time to time.  No amendment shall adversely affect the rights of Key Employees or Non-Employee Directors hereunder with respect to then open Fiscal Years or Incentive Cycles or then outstanding Stock Options or Restricted Stock.  Without the written consent of all Key Executives who had been provided an opportunity to earn Incentive Compensation during an open Fiscal Year or Incentive Cycle and/or all Key Executive and Non-Employee Directors who had been granted a Stock Option or Restricted Stock, no amendment or termination shall affect the rights of the Non-Employee Directors to exercise Stock Options or receive shares of Common Stock not subject to restrictions in accordance with the terms of the Stock Options or Restricted Stock or of those Key Executives to earn Incentive Compensation during open Fiscal Years or Incentive Cycles or to exercise Stock Options in accordance with their terms and each such opportunity shall be in full force and effect as if such amendment or termination had not taken place.

 

ARTICLE VI

SPECIAL CIRCUMSTANCES

 

6.1  Retirement or Disability.  In the event of a Key Executive's Retirement or Disability:

 

	
 
	
(a)
	
Each installment of Incentive Compensation earned for Incentive Cycles completed prior to the relevant event shall be paid to the Key Employee on the date such amounts would be distributable without regard to the Key Employee's Retirement or Disability and no installment shall be forfeited; 

 

	
 
	
(b)
	
the Compensation Committee may, in its discretion, permit the Key Executive to receive a pro rata portion of the cash as Annual Bonus or Units as Long Term Bonus or shares of Restricted Stock which otherwise would have been distributable to such Key Executive with respect to an open Fiscal Year or Incentive Cycle if the Performance Level actually achieved as of the date of his or her termination of employment had continued for the remainder of the Incentive Cycle; and

 

	
 
	
(c)
	
the Compensation Committee may, in its discretion, permit the exercise of any then outstanding Stock Option, to the extent then vested, for a period not to exceed two (2) years after such Retirement or Disability.

 

6.2  Death.  In the event a Key Executive dies:

 

	
 
	
(a)
	
Each installment of Incentive Compensation earned for a Fiscal Year or Incentive Cycles completed prior to the Key Employee's death shall be paid to his or her Beneficiary within one hundred twenty (120) days following the date of the Key Employee's death; 

 

	
 
	
(b)
	
the Compensation Committee may, in its discretion, permit the Key Executive's Beneficiary to receive a pro rata portion of the cash as Annual Bonus and/or Units as Long Term Bonus and/or shares of Restricted Stock which otherwise would have been distributable to the Key Executive with respect to those open Fiscal Year and Incentive Cycles if the Performance Level actually achieved as of the date of his or her death had continued for the remainder of the Fiscal Year and/or Incentive Cycles; and

 

A-12

 

	
 
	
(c)
	
the Compensation Committee may, in its discretion, permit the exercise of any then outstanding Stock Option, to the extent then vested, for a period not to exceed one (1) year after such death.

 

6.3  Change in Control.  In the event that within sixty days prior to or within two years after the occurrence of the applicable of the events described in this Section 6.3, a person holding an award is terminated without cause from service to or employment with the Company or resigns for Good Reason and (i) any person or group acting in concert acquires, other than from the Company, 20% or more of the outstanding voting securities of the Company, (ii) more than one third of the individuals comprising the Board at the beginning of an Incentive Cycle cease to be members of the Board of Directors during the Incentive Cycle (except a member who is replaced by a person nominated by the then Board shall not be considered under this subsection), (iii) the Company sells all or substantially all of its assets or (iv) such other event occurs which would constitute a change in control under rules promulgated by the Securities Exchange Commission, provided, however, notwithstanding the foregoing, no Change of Control shall be deemed to have occurred unless the events giving rise to the Change in Control would also constitute a change in control for the purposes of Section 409A of the Code and the regulations promulgated thereunder:

 

	
 
	
(a)
	
all Fiscal Year and/or Incentive Cycles then formed shall be deemed completed and the Performance Goals for each such period shall be deemed to be met at the greater of (i) Target or (ii) the level of achievement which would have been attained if actual performance to such time continued until the end of each such period; 

 

	
 
	
(b)
	
all Stock Options shall be deemed vested and completely exercisable and all Performance Goals for each such Fiscal Year and/or Incentive Cycle shall be deemed met at the Maximum Performance Level;

 

	
 
	
(c)
	
all unpaid installments of Incentive Compensation earned in prior years shall be vested and distributable and, in the case of deferred installments, as if the deferral period elected by the Key Employee had been completed; and

 

	
 
	
(d)
	
all Incentive Compensation of each Key Executive shall be distributed within ten (10) days of the termination without cause or resignation for Good Reason, unless prior to the happening of the event giving rise to a change in control, such Incentive Compensation shall have been distributed.

 

6.4  Cause.  In the event the Compensation Committee determines that a Key Executive has committed an act constituting Cause, the Compensation Committee may, in its discretion, declare that the Key Executive has forfeited the right to receive any installment of any Incentive Compensation under this Plan for the Incentive Cycle, without regard to whether or not the Key Executive's employment has been terminated.  Each agreement evidencing a Stock Option shall provide that such Stock Option, whether or not then vested, shall be void and no longer exercisable upon the occurrence of a termination for Cause. 

 

ARTICLE VII

MISCELLANEOUS

 

7.1  Non-Assignability.  No right to Incentive Compensation which is or may be earned under this Plan shall be assignable or transferable by the Key Executive.  During the life of the Key Executive, any distribution of Incentive Compensation made with respect to a Key Executive shall be made only to such Key Executive.  Stock Options may be transferred by a Non-Employee Director if such transfer is permitted under the applicable option agreement.

 

7.2  Withholding Taxes.  The Company shall have the right to withhold from any distribution to be made to a Key Executive under the terms of the Plan or with respect to an exercise of Stock Options an amount sufficient to satisfy the Company's obligations under any federal, state and local withholding tax requirements applicable to such distribution.  

 

7.3  No Right to Employment.  Nothing in this Plan or any agreement entered into pursuant to it shall confer upon any Key Executive the right to continue in the employment of the Company or any Subsidiary or affect any right which the Company or any Subsidiary may have to terminate the employment of such Key Executive.

 

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7.4  Non-Uniform Determinations.  Since it is the intent of this Plan to reward extraordinary performance by the Key Executives, any determinations made by the Compensation Committee under this Plan (including without limitation determinations of Key Executives, Performance Goals, Units, Performance Levels and any other determination within the discretion of the Compensation Committee) need not be uniform and may be made by the Compensation Committee selectively among persons who receive, or are eligible to receive, Incentive Compensation under this Plan, whether or not such persons are similarly situated.

 

7.5  No Continuing Right to Participate.  A Key Executive shall not have any right to receive Incentive Compensation for an Incentive Cycle merely because he or she was granted an opportunity to earn Incentive Compensation for a prior Incentive Cycle.  The right to participate in the Plan shall be subject to a new determination by the Compensation Committee each Incentive Cycle, and participation in the Plan during any one Incentive Cycle shall not confer any rights with respect to any subsequent Incentive Cycle.

 

7.6  Unfunded Plan.  The Plan shall at all times be entirely unfunded and no provision shall at any time be made with respect to segregating assets of the Company for distribution of any Incentive Compensation hereunder.  No Key Executive, Non-Employee Director or other person shall have any interest in any particular assets of the Company by reason of participation in this Plan.  Key Executives (or their Beneficiaries, if applicable) shall have only the rights of a general unsecured creditor of the Company with respect to the Incentive Compensation payable under the Plan.

 

7.7  Effect on Other Compensation Plans.  Any amounts distributed to a Key Executive as an Incentive Compensation under this Plan shall be included, subject to limitations imposed under Section 401(a)(17) of the Internal Revenue Code of 1986, as amended, in the Key Executive's compensation for purposes of determining his or her benefits under any retirement plan or other employee benefit plan of the Company.

 

7.8  Merger, Consolidation or Acquisition.  The Plan shall be binding upon the Company, its assigns, and any successor Company which shall succeed to substantially all of its assets and business through merger, acquisition or consolidation, and each Key Executive and each Non-Employee Director and his or her Beneficiary, assigns, heirs, executors and administrators.

 

7.9  Applicable Law.  This Plan shall be governed by the laws of the State of West Virginia, without regard to its principles of conflicts of laws and to the extent not pre-empted by federal laws.  Any provision of this Plan prohibited by the law of any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition without invalidating the remaining provisions hereof.

 

7.10  Captions.  The captions of Articles and Sections of this Plan are for the convenience of reference only and shall not control or affect the meaning or construction of any of its provisions.

 

7.11  Shares of Common Stock Reserved for Issuance under the Plan.  

 

	
 
	
(a)
	
Shares Available for Awards.  Subject to the adjustment provisions and to the counting provisions in this Section 7.11, the aggregate number of shares of Common Stock that may be issued under all awards under this Plan to be settled in shares of Common Stock shall equal the sum of (i)  2,000,000, no more than 800,000 of which shall be grants of Restricted Stock and (ii) shares granted or available for grant under the Plan prior to the amendment effective January 1, 2021.  The number of shares of Common Stock represented by awards to any one person in any one calendar year shall not exceed 60,000.  Awards granted prior to the amendment of this Plan effective January 1, 2021 shall remain in effect in accordance with their respective terms and, if shares under such awards are forfeited, unearned or not purchased, such shares shall be added back to the number reserved in accordance with the provisions of Section 7.11(b)(i).  The  numbers reserved shall be adjusted as necessary or appropriate as determined by the Compensation Committee in the event of a substantial corporate event which affects the number of shares of Common Stock then outstanding.  

 

(b)   Counting Shares.  If an award is in the form of a Stock Option, the number of shares covered by such Stock Option shall be counted on the date of grant of such award and, as of the date of grant, the number of shares reserved under Section 7.11(a) shall be reduced accordingly.  If an award is in the form of 

A-14

Restricted Stock, the number of shares of Common Stock actually earned under such award shall be counted on the date the Compensation Committee determines the number of shares actually earned under such award or upon the date the last of all restrictions lapse, if earlier, and the number of shares reserved under this Section 7.11(a) shall be reduced accordingly.  Notwithstanding the foregoing, the following special rules shall apply for counting shares under the Plan:

 

	
 
	
(i)
	
Shares Added Back to Reserve.  If an award is not exercised or if it is forfeited (for Cause, lack of performance or otherwise) or, if it terminates or is canceled without delivery of shares of Common Stock, the number of shares counted under the rules of Section 7.11(b) above with respect to that award shall be added back to the number reserved under Section 7.11(a) and shall be and become available for subsequent award. 

 

	
 
	
(ii)
	
Shares Not Added Back to Reserve.  For the avoidance of doubt, the following shares shall not again become part of the reserve and shall not become available for subsequent awards: (A) shares withheld, surrendered or tendered in connection with the exercise of a Stock Option, as provided in Section 3.8; (B) shares withheld in settlement of any tax obligations or (C) shares repurchased by the Company using Stock Option exercise proceeds.

 

	
 
	
(iii)
	
Substitute Awards Relating to Acquired Entities.  Shares of Common Stock issued under awards granted in substitution for awards previously granted by an entity that is acquired by or merged with the Company or an affiliate shall not be counted against the aggregate number of shares available for award under the Plan.  

 

7.12  Compliance with Securities Laws.  The Compensation Committee may hold certificates in connection with any distribution, attach legends to certificates, require representations for Key Executives and Non-Employee Directors (or Beneficiaries, if appropriate) and take such other actions (including, but not limited to, forming a subcommittee of the Compensation Committee comprised only of disinterested persons, as described above, to act in connection with the Plan) as the Committee deems necessary or advisable to ensure or enhance compliance by the Plan, the Company and all Key Executives with applicable federal and state securities laws.   

 

7.13  No Repricing. Notwithstanding any provision herein to the contrary, the repricing of Stock Options is prohibited without prior approval of the Company’s stockholders. For this purpose, a “repricing” means any of the following (or any other action that has the same effect as any of the following): (i) changing the terms of a Stock Option to lower its exercise price; (ii) any other action that is treated as a “repricing” under generally accepted accounting principles; and (iii) repurchasing for cash or canceling a Stock Option at a time when its exercise price is greater than the Fair Market Value of the underlying shares in exchange for another award, unless the cancellation and exchange occurs in connection with a change in capitalization or similar change. A cancellation and exchange under clause (iii) would be considered a “repricing” regardless of whether it is treated as a “repricing” under generally accepted accounting principles and regardless of whether it is voluntary on the part of the grantee. Notwithstanding any provision of the Plan to the contrary, this Section 7.13 may not be amended or modified without prior approval of the Company’s stockholders.

 

7.14  Clawback.  Each and any Awards, and any cash or shares earned under an Award shall be subject to the Wesbanco, Inc. Clawback Policy which is incorporated herein.  

 

TO RECORD THE adoption of this Wesbanco, Inc. Key Executive Incentive Bonus, Option & Restricted Stock Plan, as amended and restated effective January 1, 2021, the Company has caused the execution hereof by its duly authorized officer on behalf of itself and each of its subsidiaries on the date indicated.

 

		
	
Attest:
	
WESBANCO, INC.

	
/s/ Linda M. Woodfin
	
By:   /s/ Todd F. Clossin     

	
Secretary
	
Todd F. Clossin

	
 
	
Title:  President and Chief Executive Officer

	
 
	
Date:  February 25, 2021

 

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