Document:

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                                                                     Exhibit 4.5

                      MINDSPEED TECHNOLOGIES, INC. WARRANT

                                                                   June 27, 2003

THE WARRANT AND THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND
MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES
LAWS OR PURSUANT TO AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS
OF SUCH ACT AND SUCH LAWS.

                          MINDSPEED TECHNOLOGIES, INC.

                          COMMON STOCK PURCHASE WARRANT

                 ISSUED IN CONNECTION WITH THE CREDIT AGREEMENT

                            Void after June 27, 2013

         MINDSPEED TECHNOLOGIES, INC. (the "COMPANY"), a Delaware corporation,
hereby certifies that for value received, CONEXANT SYSTEMS, INC., a Delaware
corporation, or its successors or assigns (the "HOLDER"), is entitled to
purchase, subject to the terms and conditions hereinafter set forth, at any time
during the Exercise Period (as hereinafter defined), Eight Million Three Hundred
Thirty Three Thousand Three Hundred Thirty Four (8,333,334) fully paid and
nonassessable shares of Common Stock (as hereinafter defined) at an exercise
price per share equal to the Exercise Price (as hereinafter defined), subject to
adjustment pursuant to the terms of this Warrant.

         Capitalized terms used herein and not otherwise defined shall have the
respective meanings assigned to such terms in the Credit Agreement (as
hereinafter defined). The Holder is entitled to the rights and subject to the
obligations contained in the Registration Rights Agreement, dated as of the date
hereof, between the Company and Conexant Systems, Inc. (as the same may be
amended and supplemented from time to time, the "REGISTRATION RIGHTS AGREEMENT")
relating to this Warrant and the shares of Common Stock issuable upon exercise
of this Warrant.

         1.       DEFINITIONS. For the purposes of this Warrant, the following
terms shall have the meanings indicated:

                  "ADDITIONAL SHARES OF COMMON STOCK" shall have the meaning
ascribed to such term in Section 5(c).

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                  "AMEX" means the American Stock Exchange.

                  "BUSINESS DAY" shall mean any day other than a Saturday,
Sunday or other day when banks are authorized or required by law to be closed in
California or New York.

                  "CAPITAL REORGANIZATION" shall have the meaning ascribed to
such term in Section 8.

                  "CHANGE OF CONTROL" shall have the meaning ascribed to that
term in the Bylaws of the Company as in effect on the Distribution Date.

                  "CLOSING PRICE" shall mean, with respect to each share of
Common Stock for any day, (a) the last reported sale price regular way or, in
case no such sale takes place on such day, the average of the closing bid and
asked prices regular way, in either case as reported on the principal national
securities exchange on which the Common Stock is listed or admitted for trading
or (b) if the Common Stock is not listed or admitted for trading on any national
securities exchange, the last reported sale price or, in case no such sale takes
place on such day, the average of the highest reported bid and the lowest
reported asked quotation for the Common Stock, in either case as quoted on the
NASDAQ National Market System or the NASDAQ Small Cap Market or (c) if the
Common Stock is not listed or admitted for trading on any national securities
exchange or quoted on the NASDAQ National Market System or the NASDAQ Small Cap
Market, the last reported sale price or, in case no such sale takes place on
such day, the average of the highest reported bid and the lowest reported asked
quotation for the Common Stock, in either case as reported on NASDAQ or a
similar service if NASDAQ is no longer reporting such information.

                  "COMMON STOCK" shall mean the common stock, par value $.01 per
share, of the Company, together with the associated preferred share purchase
rights, any class of stock resulting from successive changes or reclassification
of such Common Stock and any and all other shares of capital stock of the
Company without preference with respect to liquidity distributions and entitled
to unlimited liquidation rights.

                  "COMPANY" shall have the meaning ascribed to such term in the
first paragraph of this Warrant.

                  "CONVERTIBLE SECURITIES" shall have the meaning ascribed to
such term in Section 5(b).

                  "CREDIT AGREEMENT" shall mean the Credit Agreement dated as of
June 27, 2003 by and among Conexant Systems, Inc., the Company and the
subsidiary guarantors party thereto (as the same may be amended and supplemented
from time to time).

                  "CURRENT MARKET PRICE PER SHARE" shall mean, for any day, the
average of the daily Closing Prices for the 30 consecutive Trading Days
commencing 45 Trading Days before such date.

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                  "EFFECTIVE PRICE" shall have the meaning ascribed to such term
in Section 5(c).

                  "ELECTION TO PURCHASE SHARES" shall have the meaning ascribed
to such term in Section 2(a).

                  "EXCLUDED ISSUANCE" shall mean (i) shares of Common Stock
and/or options, warrants or other Common Stock purchase rights issued and the
Common Stock issued pursuant to such options, warrants or other rights after the
date hereof to employees, officers or directors of, or consultants or advisors
to the Company or any subsidiary pursuant to stock purchase or stock option
plans or other arrangements that are approved by the Board of Directors;
provided that such shares, options, warrants or other Common Stock purchase
rights shall not be Excluded Issuances in any case where the grantee acquires
the shares, or options, warrants or other rights to purchase Common Stock at a
price per share less than the Closing Price on the date of grant other than in
connection with adjustments to outstanding options to purchase shares of
Conexant Systems, Inc. as a result of the Distribution; and (ii) shares of
Common Stock issued pursuant to the exercise of rights, options, warrants or
convertible securities outstanding as of the date hereof.

                  "EXERCISE DATE" shall have the meaning ascribed to such term
in Section 2(d).

                  "EXERCISE PERIOD" shall mean the period beginning on (x) the
first to occur of (i) the receipt of notice pursuant to Section 7 of the
occurrence of any of the events described in Section 7(b) or 7(c) or (ii) March
27, 2004 and ending on (y) the Expiration Date.

                  "EXERCISE PRICE" shall mean (i) for any Unvested Warrant
Shares, the average of the daily volume weighted average price per share of the
Common Stock for the ten consecutive Trading Days immediately following the
Distribution Date, which is $3.4080 and (ii) for any Vested Warrant Shares, the
price(s) set pursuant to Section 3(f)(ii), in each case, as such amount(s) may
thereafter be adjusted pursuant to Section 3 and Section 5.

                  "EXPIRATION DATE" shall mean 5:00 PM, California time, on June
27, 2013.

                  "FIRST DILUTIVE ISSUANCE" shall have the meaning ascribed to
such term in Section 5(d).

                  "HOLDER" shall have the meaning ascribed to such term in the
first paragraph of this Warrant and in Section 14(a).

                  "NASDAQ" shall mean the Automatic Quotation System of the
National Association of Securities Dealers, Inc.

                  "OFFICER'S CERTIFICATE" shall mean a certificate signed by the
Chief Executive Officer, the Chief Financial Officer or the Treasurer of the
Company.

                  "PAYMENT DATE" shall have the meaning ascribed to such term in
Section 3(c).

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                  "PERSON" shall mean any individual, firm, corporation, limited
liability company, partnership, trust, incorporated or unincorporated
association, joint venture, joint stock company, government (or an agency or
political subdivision thereof) or other entity of any kind, and shall include
any successor (by merger or otherwise) of such entity.

                  "PURCHASE PRICE" shall have the meaning ascribed to such term
in Section 2(a).

                  "QUALIFYING DILUTIVE ISSUANCE" shall have the meaning ascribed
to such term in Section 5(a).

                  "REGISTRATION RIGHTS AGREEMENT" shall have the meaning
ascribed to such term in the second paragraph of this Warrant.

                  "SECURITIES ACT" shall mean the Securities Act of 1933, as
amended.

                  "SUBSEQUENT DILUTIVE ISSUANCE" shall have the meaning ascribed
to such term in Section 5(d).

                  "SUBSIDIARY" shall mean, with respect to any Person, a
corporation or other entity of which 50% or more of the voting power of the
voting equity securities or equity interests is owned, directly or indirectly,
by such Person.

                  "TENDER EXPIRATION DATE" shall have the meaning ascribed to
such term in Section 3(d).

                  "TRADING DAY" shall mean, with respect to any security, each
Monday, Tuesday, Wednesday, Thursday and Friday, other than any day on which
securities are not generally traded on the principal exchange or market in which
such security is traded.

                  "UNVESTED WARRANT SHARES" shall mean, for any day, that number
of Warrant Shares which are not Vested Warrant Shares as of such day.

                  "VESTED WARRANT SHARES" shall mean, for any day, that number
of Warrant Shares equal to the product of (x) the Vesting Percentage as of such
day and (y) 8,333,334 Warrant Shares as such number may be adjusted pursuant to
Section 4.

                  "VESTING PERCENTAGE" shall mean, for any day, the amount,
expressed as a percentage, equal to the quotient of (x) the number (not to
exceed $50,000,000) representing the greatest principal amount of Loans
outstanding at any one time on or after the Distribution Date (without regard to
the period of time such amount was outstanding) and (y) $50,000,000, such
percentage increasing as and when any increase occurs in the amount referred to
in clause (x) above.

                  "WARRANT" shall mean this Warrant and any subsequent Warrant
issued pursuant to the terms of this Warrant.

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                  "WARRANT REGISTER" shall have the meaning ascribed to such
term in Section 14(c).

                  "WARRANT SHARES" shall mean 8,333,334 shares of Common Stock,
as such number may be adjusted pursuant to Section 4, issuable upon exercise of
this Warrant pursuant to Section 2(a), without regard to the restrictions on
exercise in the last sentence of Section 2(a).

         2.       EXERCISE OF WARRANT.

                  (a) Exercise. This Warrant may be exercised, at any time and
from time to time during the Exercise Period (in whole or in part) by
surrendering to the Company at its principal office, this Warrant with an
Election to Purchase Shares (the "ELECTION TO PURCHASE SHARES") in the form
attached hereto as Exhibit A duly executed by the Holder and accompanied by
payment equal to the Exercise Price multiplied by the number of Warrant Shares
for which this Warrant is being exercised at such time (the "PURCHASE Price").
Notwithstanding anything contained herein, a Holder may not exercise this
Warrant to the extent that such exercise would result in (x) such Holder owning
at any one time more than 10% of the then outstanding shares of Common Stock or
(y) when taken together with any prior exercise of this Warrant, the purchase of
a number of Warrant Shares greater than the number of Vested Warrant Shares, as
of the Exercise Date.

                  (b) Delivery of Shares; Payment of Purchase Price. As soon as
practicable after surrender of this Warrant and receipt of the Purchase Price,
the Company shall promptly issue and deliver to the Holder a certificate or
certificates for the number of Warrant Shares for which this Warrant is being
exercised, in such name or names as may be designated by such Holder, along with
a check for the amount of cash to be paid in lieu of issuance of fractional
shares, if any. Payment of the Purchase Price may be made as follows (or by any
combination of the following): (i) in United States currency by cash or delivery
of a certified check, wire transfer, bank draft or postal or express money order
payable to the order of the Company, or (ii) by surrender of a number of shares
of Common Stock held by the Holder equal to the quotient obtained by dividing
(A) the Purchase Price by (B) the Closing Price on the Exercise Date.

                  (c) Alternative Cashless Exercise. Notwithstanding any
provision herein to the contrary, in lieu of exercising this Warrant as set
forth above, if the Closing Price on the Exercise Date exceeds the Exercise
Price, the Holder may exercise this Warrant by electing to receive that number
of Warrant Shares as determined below by surrendering to the Company at its
principal office, this Warrant with the applicable Election to Purchase Shares
duly executed by the Holder and marked to reflect the cashless exercise of this
Warrant, in which event the Company shall issue to the Holder the number of
shares of Common Stock computed using the following formula:

                                CS = WS x (CP-EP)
                                     ------------
                                          CP

where:

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         CS          equals the number of the Warrant Shares to be issued to the
                     Holder

         WS          equals the number of Warrant Shares to be purchased as
                     set forth in the applicable Election to Purchase Shares

         CP          equals the Closing Price on the Exercise Date

         EP          equals the Exercise Price

Following the surrender of this Warrant pursuant to this Section 2(c), the
Company shall promptly issue and deliver to the Holder a certificate or
certificates for that number of Warrant Shares to be issued to the Holder as
calculated above, in such name or names as may be designated by such Holder.

                  (d) When Exercise Effective. The exercise of this Warrant
shall be deemed to have been effective immediately prior to the close of
business on the Business Day on which this Warrant is exercised in accordance
with the provisions of this Section 2 (the "EXERCISE DATE") and the Person in
whose name any certificate for shares of Common Stock shall be issuable upon
such exercise, as provided in Section 2(b), shall be deemed to be the record
holder of such shares of Common Stock for all purposes on the Exercise Date.

                  (e) Warrant Shares Fully Paid, Nonassessable. The Company
shall take all actions necessary to ensure that following exercise of this
Warrant in accordance with the provisions of this Section 2, the Warrant Shares
issued hereunder shall, without further action by the Holder, be fully paid and
nonassessable.

                  (f) Continued Validity. A holder of shares of Common Stock
issued upon the exercise of this Warrant, in whole or in part, shall continue to
be entitled to all of the rights and subject to all of the obligations set forth
in Section 14.

                  (g) Exercise in Part. In connection with any exercise of this
Warrant for less than all remaining Warrant Shares, the Company shall, at the
time of the delivery of the stock certificate or certificates relating to any
such exercise, deliver to the Holder a new Warrant evidencing the right to
purchase the remaining Warrant Shares called for by this Warrant, which new
Warrant shall in all other respects be identical to this Warrant.

         3.       ADJUSTMENT OF EXERCISE PRICE. The Exercise Price of Vested
Warrant Shares shall be adjusted from time to time upon the occurrence of the
following events:

                  (a) Common Stock Distributions, etc. In case the Company shall
(i) pay a dividend or make a distribution on its Common Stock in shares of
Common Stock, (ii) split or otherwise subdivide its outstanding Common Stock
into a greater number of shares or (iii) combine its outstanding Common Stock
into a smaller number of shares, the Exercise Price in effect immediately prior
thereto shall be adjusted so that the price shall equal the price determined by
multiplying the Exercise Price in effect immediately prior to such event by a
fraction, of which (x) the numerator shall be the number of shares of Common
Stock outstanding

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immediately prior to such event and (y) the denominator shall be the number of
shares of Common Stock outstanding immediately after such event. An adjustment
made pursuant to this subsection (a) shall become effective immediately after
the record date in the case of a dividend or distribution and shall become
effective immediately after the effective date in the case of subdivision or
combination.

                  (b) Rights, Options or Warrants Issuances. In case the Company
shall issue rights, options or warrants to all or substantially all holders of
its Common Stock entitling them (for a period commencing no earlier than the
record date described below and expiring not more than 60 days after such record
date) to subscribe for or purchase shares of Common Stock (or securities
convertible into Common Stock) at a price per share (or having an initial
conversion price per share) less than the Current Market Price Per Share on the
record date for the determination of stockholders entitled to receive such
rights or warrants, the Exercise Price in effect immediately prior thereto shall
be adjusted so that the same shall equal the price determined by multiplying the
Exercise Price in effect immediately prior to such record date by a fraction, of
which (x) the numerator shall be the number of shares of Common Stock
outstanding on such record date plus the number of shares of Common Stock that
the aggregate offering price of the total number of shares of Common Stock so
offered (or the aggregate initial conversion price of the convertible securities
so offered, which shall be determined by multiplying the number of shares of
Common Stock issuable upon exercise of such convertible securities by the
initial conversion price per share of Common Stock pursuant to the terms of such
convertible securities) would purchase at the Current Market Price Per Share on
such record date, and (y) the denominator shall be the number of shares of
Common Stock outstanding on such record date plus the number of additional
shares of Common Stock offered (or into which the convertible securities so
offered are convertible); provided, however, that no adjustment shall be made if
the Company issues or distributes to the Holder the rights, options or warrants
which the Holder would have been entitled to receive had this Warrant been
exercised prior to the record date. Any such adjustment shall be made
successively whenever any such rights, options or warrants are issued, and shall
become effective immediately after the applicable record date therefor unless
such rights, options or warrants are not immediately exercisable, in which case,
any such adjustments shall be made at the time such rights, options or warrants
become exercisable.

                  (c) Distributions Other Than Common Stock. If the Company
after the date hereof shall issue or distribute to all or substantially all
holders of any class of Common Stock evidences of its indebtedness, cash or
other assets, shares of capital stock of any class or any other securities or
rights, options or warrants to subscribe therefor (excluding (i) shares of
Common Stock referred to in subsection (a)(i) of this Section 3, (ii) those
rights, options or warrants referred to in subsection (b) of this Section 3 and
(iii) the distribution of rights to all holders of Common Stock pursuant to the
adoption of a stockholders' rights plan or the detachment of such rights under
the terms of such stockholders' rights plan), in each such case this Warrant
shall evidence the right to receive following the date on which such
distribution occurs (the "PAYMENT DATE"), upon exercise of this Warrant, in
addition to the Warrant Shares deliverable upon such exercise, the kind and
amount of indebtedness, cash, or other assets, shares of capital stock, other
securities or subscription rights therefor described above that the Holder would
have been entitled to receive

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upon such distribution had the Holder exercised this Warrant immediately prior
to such distribution.

                  (d) Self Tender Offers. (1) In case a tender offer (other than
an odd lot tender offer) by the Company for Common Stock is consummated at a
price in excess of the Closing Price of the Common Stock subject to such tender
offer at the expiration of such tender offer (the "TENDER EXPIRATION DATE"), the
Exercise Price in effect immediately prior thereto shall be adjusted to a price
determined by multiplying such Exercise Price by a fraction, of which (i) the
numerator shall be such Closing Price, less the amount of the excess of the
value of the tender offer price over the Closing Price, and (ii) the denominator
shall be the Closing Price, such adjustment to become effective immediately
prior to the opening of business on the day following such date of expiration.

                      (2) For purposes of this Section 3(d), the term "tender
offer" shall mean and include both tender offers and
exchange offers (within the meaning of United States federal securities laws),
all references to purchases of shares in tender offers (and all similar
references) shall mean and include both the purchase of shares in tender offers
and the acquisition of shares pursuant to exchange offers, and all references to
tendered shares (and all similar references) shall mean and include shares
tendered in both tender offers and exchange offers.

                  (e) For purposes of Sections 3(a), 3(b) and 3(c), any dividend
or distribution to which Section 3(c) is applicable that also includes shares of
Common Stock, a subdivision of Common Stock or a combination of Common Stock to
which Section 3(a) applies, or rights, options or warrants to subscribe for or
purchase shares of Common Stock to which Section 3(b) applies (or any
combination thereof), shall be deemed instead to be:

                      (i) first, a dividend or distribution of the evidences of
indebtedness, cash, other assets, shares of capital stock, other securities or
subscription rights, other than such shares of Common Stock, such subdivision or
combination or such rights, options or warrants to which Sections 3(a) and 3(b)
apply, respectively, immediately followed by

                      (ii) second,  a dividend or distribution of such shares of
Common Stock, such subdivision or combination or such rights, options or
warrants to which Sections 3(a) and 3(b) apply (and any further Exercise Price
reduction required by Sections 3(a) and 3(b) with respect to such dividend or
distribution shall then be made).

                  (f) Notwithstanding any other provision in this Section 3:

                      (i) No adjustment under this Section 3 shall be made in
the Exercise Price of any Unvested Warrant Shares.

                      (ii) On any date that any Unvested Warrant Shares become
Vested Warrant Shares ("VESTING DATE"), the Exercise Price of each such new
Vested Warrant Share shall be established as follows:

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                             (A) Except as otherwise provided in subsection
                             3(f)(ii)(B), the Exercise Price of each new Vested
                             Warrant Share shall be the lesser of (x) the
                             Exercise Price immediately preceding the Vesting
                             Date for all Unvested Warrant Shares and (y) the
                             average of the daily volume weighted average price
                             per share of the Common Stock for the ten
                             consecutive Trading Days immediately preceding the
                             Vesting Date for such new Vested Warrant Share.

                             (B) If any event has occurred prior to the Vesting
                             Date for any new Vested Warrant Share that would
                             have required an adjustment of the Exercise Price
                             under the other provisions of this Section 3 if
                             subsection 3(f)(i) were not given effect
                             ("PRE-VESTING ADJUSTMENT EVENT"):

                                   (1) the Exercise Price set pursuant to
                                   subsection 3(f)(ii)(A) shall be adjusted to
                                   give effect, as of the Vesting Date, to each
                                   such Pre-Vesting Adjustment Event
                                   (successively in the order in which each
                                   Pre-Vesting Adjustment Event occurs, if more
                                   than one Pre-Vesting Adjustment Event
                                   occurred), as fully as if such new Vested
                                   Warrant Shares were Vested Warrant Shares at
                                   the time of each such Pre-Vesting Adjustment
                                   Event; and

                                   (2) the Exercise Price set pursuant to
                                   subsection 3(f)(ii)(B)(1) shall be the
                                   Exercise Price, as of the Vesting Date, for
                                   each such new Vested Warrant Share.

                             (C) The Exercise Price for Vested Warrant Shares
                             set pursuant to subsection 3(f)(ii)(B) shall, from
                             and after the Vesting Date, be subject to further
                             adjustments in accordance with this Section 3.

                             (D) The number of new Vested Warrant Shares shall
                             be determined based on the number of Unvested
                             Warrant Shares becoming Vested Warrant Shares as of
                             the Vesting Date, to reflect the Exercise Price set
                             pursuant to subsection 3(f)(ii)(B), in accordance
                             with Section 4, and shall, from and after the
                             Vesting Date, be subject to further adjustment in
                             accordance with Section 4.

                  (g) Deferral of Issuance. In any case in which this Section 3
shall require that an adjustment be made following a record date or a Payment
Date or Tender Expiration Date, as the case may be, established for purposes of
this Section 3, the Company may elect to defer (but only until five Business
Days following the filing by the Company with the Holder of the certificate
described in Section 5) issuing to the Holder of any Warrant exercised after
such record date or Payment Date or Tender Expiration Date the shares of Common
Stock and other capital stock of the Company issuable upon such exercise over
and above the shares of Common Stock and other capital stock of the Company
issuable upon such exercise only on the basis of the Exercise Price prior to
adjustment; and, in lieu of the shares the issuance of which is so deferred, the
Company shall issue or cause its transfer agent to issue due bills or other
appropriate evidence prepared by

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the Company of the right to receive such shares. If any distribution in respect
of which an adjustment to the Exercise Price is required to be made as of the
record date or Payment Date or Tender Expiration Date therefor is not thereafter
made or paid by the Company for any reason, the Exercise Price shall be
readjusted to the Exercise Price which would then be in effect if such record
date had not been fixed or such effective date or Payment Date or Tender
Expiration Date had not occurred.

                  (h) No Adjustment. No adjustment in the Exercise Price shall
be required unless the adjustment would require an increase or decrease of at
least 1% in the Exercise Price as last adjusted; provided, however, that any
adjustments which by reason of this Section 3(h) are not required to be made
shall be carried forward and taken into account in any subsequent adjustment.
All calculations under this Section 3 shall be made to the nearest cent or to
the nearest one-hundredth of a share, as the case may be.

                  No adjustment need be made for issuances of Common Stock
pursuant to a Company plan for reinvestment of dividends or interest or for a
change in the par value or a change to no par value of the Common Stock.

                  (i) Adjustment for Tax Purposes. The Company shall be entitled
to make such reductions in the Exercise Price, in addition to those required by
Section 3, as it in its discretion shall determine to be advisable in order that
any stock dividends, subdivisions of shares, distributions of rights to purchase
stock or securities or distributions of securities convertible into or
exchangeable for stock hereafter made by the Company to its stockholders shall
not be taxable.

         4.       WARRANT SHARES. Upon any adjustment of the Exercise Price as
provided in Section 3 or 5, the number of Vested Warrant Shares shall be
adjusted so that the Holder shall thereafter be entitled to purchase, at the
Exercise Price resulting from such adjustment, the number of shares of Common
Stock (calculated to the nearest 1/100th of a share) obtained by multiplying the
Exercise Price in effect immediately prior to such adjustment by the number of
Warrant Shares purchasable hereunder immediately prior to such adjustment (as if
this Warrant could then be exercised (whether or not the Exercise Period has
commenced) for the maximum number of Vested Warrant Shares then subject to this
Warrant) and dividing the product thereof

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by the Exercise Price resulting from such adjustment.

         5.       SALE OF SHARES BELOW CURRENT MARKET PRICE.

              (a) If at any time or from time to time after the date hereof, the
Company issues or sells, or is deemed by the express provisions of this Section
5 to have issued or sold, Additional Shares of Common Stock, other than as
provided in Section 3, 5 or 8, for an Effective Price (as defined below) less
than the Current Market Price Per Share (such issue, a "QUALIFYING DILUTIVE
ISSUANCE"), then and in each such case, the then effective Exercise Price shall
be reduced, effective as of the opening of business on the date of such issuance
or sale (or if earlier, the date on which a binding agreement providing for such
issuance or sale was entered into), to a price determined by multiplying the
Exercise Price in effect immediately prior to such issuance or sale by a
fraction, of which:

              (i) the numerator shall be (A) the number of shares of Common
       Stock outstanding immediately prior to such issue or sale, plus (B) the
       number of shares of the class of Common Stock being issued or sold or
       deemed to be issued or sold which the aggregate consideration received by
       the Company for the total number of Additional Shares of Common Stock so
       issued or deemed to be so issued would purchase at the Current Market
       Price Per Share, and

              (ii)the denominator shall be the number of shares of Common Stock
       outstanding immediately prior to such issue or sale plus the total number
       of Additional Shares of Common Stock so issued or sold or deemed to be so
       issued or sold.

              (b) For the purpose of the adjustment required under this Section
5, if the Company issues or sells (x) stock or other securities convertible
into, shares of Common Stock (such convertible stock or securities being herein
referred to as "CONVERTIBLE SECURITIES") or (y) rights, options or warrants to
purchase shares of Common Stock or Convertible Securities and if the Effective
Price of such shares of Common Stock is less than the Current Market Price Per
Share, in each case the Company shall be deemed to have issued at the time of
the issuance of such rights, options or warrants or Convertible Securities the
maximum number of Additional Shares of Common Stock issuable upon exercise or
conversion thereof and to have received as consideration for the issuance of
such shares an amount equal to the total amount of the consideration, if any,
received by the Company for the issuance or sale of such rights, options or
warrants or Convertible Securities plus the minimum amounts of consideration, if
any, payable to the Company upon the exercise or conversion of such rights,
options or warrants or Convertible Securities (other than by cancellation of
liabilities or obligations evidenced by such Convertible Securities); provided,
however, that (i) subject to subsection (d) below, if the minimum amounts of
such consideration cannot be ascertained, but are a function of antidilution or
similar protective clauses, the Company shall be deemed to have received the
minimum amounts of consideration without reference to such clauses; and (ii) if
the minimum amount of consideration payable to the Company upon the exercise or
conversion of such rights, options, warrants or Convertible Securities is
reduced over time or on the occurrence or non-occurrence of specified events
other than by reason of antidilution adjustments, the Effective Price shall be
recalculated using the

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figure to which such minimum amount of consideration is reduced; provided,
further, that if the minimum amount of consideration payable to the Company upon
the exercise or conversion of such rights, options, warrants or Convertible
Securities is subsequently increased, the Effective Price shall be again
recalculated using the increased minimum amount of consideration payable to the
Company upon the exercise or conversion of such rights, options, warrants or
Convertible Securities.

              No further adjustment of the Exercise Price, as adjusted upon the
issuance of such rights, options, warrants or Convertible Securities, shall be
made as a result of the actual issuance of Additional Shares of Common Stock
upon the exercise of any such rights, options or warrants or the conversion of
any such Convertible Securities. If any such rights, options or warrants or the
conversion privilege represented by any such Convertible Securities shall expire
without having been exercised, the Exercise Price as adjusted upon the issuance
of such rights, options, or warrants or Convertible Securities shall be
readjusted to the Exercise Price which would have been in effect had an
adjustment been made on the basis of only the Additional Shares of Common Stock,
if any, actually issued or sold on the exercise or conversion of such rights,
options, warrants or Convertible Securities, and on the basis that such
Additional Shares of Common Stock, if any, were issued or sold for the
consideration actually received by the Company upon such exercise or conversion
(other than by cancellation of liabilities or obligations evidenced by such
Convertible Securities), plus the consideration, if any, actually received by
the Company for the issue or sale of all such rights, options, warrants and
Convertible Securities, whether or not exercised, provided that such
readjustment shall not apply to prior exercises of this Warrant.

              (c) For the purpose of making any adjustment to the Exercise Price
required under this Section 5, "ADDITIONAL SHARES OF COMMON STOCK" shall mean
all shares of Common Stock issued or sold by the Company or deemed to be issued
or sold pursuant to this Section 5 (including shares of Common Stock
subsequently reacquired or retired by the Company), other than any Excluded
Issuance. References to Common Stock in the preceding sentence shall mean all
shares of Common Stock issued or sold by the Company or deemed to be issued or
sold pursuant to this Section 5.

              The "EFFECTIVE PRICE" of Additional Shares of Common Stock shall
mean the quotient determined by dividing the total number of Additional Shares
of Common Stock issued or sold, or deemed to have been issued or sold, by the
Company under this Section 5, into the aggregate consideration received, or
deemed to have been received, by the Company for such issue under this Section
5, for such Additional Shares of Common Stock.

              (d) In the event that the Company issues or sells, or is deemed to
have issued or sold, Additional Shares of Common Stock in a Qualifying Dilutive
Issuance (the "FIRST DILUTIVE ISSUANCE"), then in the event that the Company
issues or sells, or is deemed to have issued or sold, Additional Shares of
Common Stock in a Qualifying Dilutive Issuance other than the First Dilutive
Issuance (a "SUBSEQUENT DILUTIVE ISSUANCE") pursuant to the same instruments as
the First Dilutive Issuance, then and in each such case upon a Subsequent
Dilutive Issuance the Exercise Price shall be reduced to the Exercise Price that
would have been in effect had the First

                                       12

<PAGE>

Dilutive Issuance and each Subsequent Dilutive Issuance all occurred on the
closing date of the First Dilutive Issuance.

              (e) In any case in which this Section 5 shall require that an
adjustment be made to the Exercise Price of Unvested Warrant Shares, the
provisions of Section 3(f) shall apply to such Unvested Warrant Shares and the
adjustments of the Exercise Price required by this Section 5.

         6.       NOTICE OF ADJUSTMENT. (a) Promptly, and in any event within 20
Trading Days after (1) the first Loan is made under the Credit Agreement and (2)
any date on which additional Warrant Shares become Vested Warrant Shares, the
Company shall mail to the Holder a notice of adjustment (in accordance with
Section 18) and an Officer's Certificate briefly stating, as of the date of such
notice, (i) the aggregate number of Vested Warrant Shares, (ii) the Exercise
Price(s) for all Vested Warrant Shares, and (iii) the aggregate number of
Warrant Shares subject to this Warrant, after giving effect to any adjustments
required by Section 4 and any prior exercise of this Warrant pursuant to Section
2.

              (b) Whenever the Exercise Price, exercise privilege or number of
Warrant Shares shall be adjusted pursuant to the terms hereof (other than as a
result of the events set forth in Section 6(a)(1) or (2) above), the Company
shall promptly mail to the Holder a notice of the adjustment (in accordance with
Section 18) and an Officer's Certificate briefly stating the facts requiring the
adjustment, the adjustment of the Exercise Price and/or the number of Vested
Warrant Shares and Warrant Shares and the manner of computing such adjustments.
Unless and until the Holder shall receive an Officer's Certificate pursuant to
this Section 6(b), the Holder may assume without inquiry that the Exercise Price
and the number of Vested Warrant Shares and Warrant Shares have not been
adjusted and that the last Exercise Price and number of Vested Warrant Shares
and Warrant Shares of which it has knowledge remain in effect.

         7.       NOTICE OF CERTAIN TRANSACTIONS. In the event that:

                  (a)      the Company takes any action which would require an
         adjustment in the Exercise Price or the number of Warrant Shares;

                  (b)      the Company consolidates or merges with or into, or
         transfers all or substantially all of its property and assets to,
         another corporation or another corporation merges into the Company and,
         in each such case, stockholders of the Company must approve the
         transaction; or

                  (c)      there is a dissolution or liquidation of the Company;

the Company shall mail to the Holder a notice in accordance with Section 18
stating the proposed record or effective date, as the case may be. The Company
shall mail the notice at least ten days before such date. Failure to mail such
notice or any defect therein shall not affect the validity of any transaction
referred to in subsections (a), (b) or (c) of this Section 7.

         8.       EFFECT OF RECLASSIFICATION, CONSOLIDATION, MERGER OR SALE ON
EXERCISE PRIVILEGE. If any of the following shall occur, namely: (a) any
reclassification or change of shares of

                                       13

<PAGE>

Common Stock issuable upon exercise of the Warrants (other than a change in par
value, or from par value to no par value, or from no par value to par value, or
as a result of a subdivision or combination, or any other change for which an
adjustment is provided in Section 3); (b) any consolidation or merger or
combination to which the Company is a party other than a merger or consolidation
in which the Company is the continuing corporation and which does not result in
any reclassification of, or change (other than in par value, or from par value
to no par value, or from no par value to par value, or as a result of a
subdivision or combination) in, outstanding shares of Common Stock; or (c) any
sale, conveyance, transfer or lease of all or substantially all of the property
or assets of the Company, directly or indirectly, to any Person (any such event
being called a "CAPITAL REORGANIZATION"), upon the effective date of such
Capital Reorganization, the Holder shall have the right to receive, upon
exercise of this Warrant, the kind and amount of shares of stock and/or other
securities and/or property (including cash) which the Holder would have owned or
have been entitled to receive after such Capital Reorganization if this Warrant
had been exercised immediately prior to such Capital Reorganization, assuming
the Holder (i) is not a person with which the Company consolidated or into which
the Company merged or which merged into the Company or to which such sale or
conveyance was made, as the case may be ("CONSTITUENT PERSON"), or an affiliate
of a constituent person and (ii) failed to exercise his rights of election, if
any, as to the kind or amount of securities, cash or other property receivable
upon such Capital Reorganization. The provisions of this Section 8 shall
similarly apply to successive Capital Reorganizations. The Company shall not
consummate any transaction that effects or permits any such event or occurrence
unless each Person whose shares of stock, securities or assets will be issued,
delivered or paid to the stockholders (including the Company with respect to
clause (ii) below), prior to or simultaneously with the consummation of the
transaction (i) is a corporation organized and existing under the laws of the
United States of America or any State or the District of Columbia, and (ii)
expressly assumes, or in the case of the Company, acknowledges, by a subsequent
Warrant or other document in a form substantially similar hereto, executed and
delivered to the Holder hereof, the obligation to deliver to such Holder such
shares of stock, securities or assets as, in accordance with the foregoing
provisions of this Section 8, such Holder is entitled to purchase, and all other
obligations and liabilities under this Warrant, including obligations and
liabilities in respect of subsequent adjustments that are required under this
Warrant.

         9.       REPRESENTATIONS AND WARRANTIES OF HOLDER. In connection with
the issuance of this Warrant, and the Warrant Shares upon the exercise of this
Warrant, the Holder hereby makes the following representations and warranties to
the Company, effective as of the date hereof and upon each exercise of this
Warrant in whole or in part:

                  (a) the Holder is an "accredited investor" as such term is
defined in Regulation D under the Securities Act;

                  (b) the Holder is acquiring the Warrant or the Warrant Shares,
as applicable, for the Holder's own account for investment and not with a view
to, or for sale in connection with, any distribution thereof in violation of the
Securities Act, nor with any present intention of distributing or selling the
same in violation of the Securities Act;

                                       14

<PAGE>

                  (c) the Holder understands that the Warrant and the Warrant
Shares have not been registered under the Securities Act, in reliance upon
exemptions contained in the Securities Act and applicable regulations
promulgated thereunder or interpretations thereof, and cannot be offered for
sale, sold or otherwise transferred unless such sale or transfer is so
registered or qualifies for exemption from registration under the Securities
Act, and that the certificates representing such shares may bear a legend
substantially in the form set forth in Section 10 hereof; and

                  (d) the Holder further understands that it may be required to
hold the Warrant and the Warrant Shares for an indefinite period of time unless
the Warrant and the Warrant Shares are subsequently registered under the
Securities Act or unless an exemption from registration is otherwise available.

         10.      LEGEND.

                  (a) The Holder agrees not to make any disposition of all or
any part of the Warrant or Warrant Shares except in accordance with Section 14
hereof and unless and until:

                      (i) The Holder shall be entitled to rely on an exemption
from registration under the Securities Act for such disposition; or

                      (ii)  There is then in effect a registration statement
under the Securities Act covering such proposed disposition and such disposition
is made in accordance with said registration statement.

                  (b) The Holder understands and agrees that all certificates
evidencing Warrant Shares may bear the following legend:

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE
SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS OR
PURSUANT TO AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF SUCH
ACT AND SUCH LAWS.

Such legend shall be removed by the Company at the request of the Holder in
connection with any sale which the Company reasonably determines to be pursuant
to an effective registration statement under the Securities Act or pursuant to a
valid exemption from the registration requirements of the Securities Act.

         11.      FRACTIONAL SHARES. Notwithstanding any provision of this
Warrant to the contrary, the Company shall not be required to issue fractions of
shares upon exercise of this Warrant or to distribute certificates which
evidence fractional shares. In lieu of fractional shares, the Company may make
payment to the Holder, at the time of exercise of this Warrant as herein
provided, of an amount in cash equal to such fraction multiplied by the Closing
Price on the Exercise Date.

                                       15

<PAGE>

         12.      NO DILUTION OR IMPAIRMENT. The Company will not, by amendment
of its Certificate of Incorporation or through any reorganization, transfer of
assets, consolidation, merger, dissolution, issue or sale of securities or any
other action, avoid or seek to avoid the observance or performance of any of the
terms of this Warrant, but will at all times in good faith assist in the
carrying out of all such terms and in the taking of all such action as may be
necessary or appropriate in order to protect the rights of the Holder of this
Warrant against dilution or other impairment. Without limiting the generality of
the foregoing, the Company (a) will not increase the par value of any shares of
stock receivable on the exercise of this Warrant above the amount payable
therefor on such exercise, (b) will at all times reserve and keep available the
maximum number of its authorized shares of Common Stock, free from all
preemptive rights therein, which will be sufficient to permit the full exercise
of this Warrant, and (c) will take all such action as may be necessary or
appropriate in order that all Warrant Shares will, upon issuance, be duly and
validly issued, fully paid and nonassessable, and free from all taxes, liens and
charges with respect to the issue thereof.

         13.      REPLACEMENT OF WARRANTS. On receipt by the Company of an
affidavit of an authorized representative of the Holder stating the
circumstances of the loss, theft, destruction or mutilation of this Warrant (and
in the case of any such mutilation, on surrender and cancellation of such
Warrant), the Company at its expense will promptly execute and deliver, in lieu
thereof, a new Warrant of like tenor which shall be exercisable for a like
number of Warrant Shares. If required by the Company, such Holder must provide
an indemnity bond or other indemnity sufficient in the judgment of the Company
to protect the Company from any loss which it may suffer if a lost, stolen or
destroyed Warrant is replaced.

         14.      RESTRICTIONS ON TRANSFER.

                  (a) Subject to the provisions of this Section 14, this Warrant
may be transferred or assigned, in whole or in part, by the Holder at any time
and from time to time, without the consent of the Company. The term "HOLDER" as
used herein shall also include any transferee of this Warrant whose name has
been recorded by the Company in the Warrant Register (as hereinafter defined).
Each transferee of the Warrant or the Common Stock issuable upon the exercise of
the Warrant acknowledges that neither the Warrant nor the Common Stock issuable
upon the exercise of the Warrant has been registered under the Securities Act
and may be transferred only pursuant to an effective registration under the
Securities Act or pursuant to an applicable exemption from the registration
requirements of the Securities Act.

                  (b) With respect to a transfer that should occur prior to the
time that the Warrant or the Common Stock issuable upon the exercise thereof is
registered under the Securities Act, such Holder shall request an opinion of
counsel (which shall be rendered by counsel reasonably acceptable to the
Company) that the proposed transfer may be effected without registration or
qualification under any Federal or state securities or blue sky law. Counsel
shall, as promptly as practicable, notify the Company and the Holder of such
opinion and of the terms and conditions, if any, to be observed in such
transfer, whereupon the Holder shall be entitled to transfer this Warrant or
such shares of Common Stock (or portion thereof), subject to any other
provisions and limitations of this Warrant. In the event this Warrant shall be
exercised as an incident to such

                                       16

<PAGE>

transfer, such exercise shall relate back and for all purposes of this Warrant
be deemed to have occurred as of the date of such notice regardless of delays
incurred by reason of the provisions of this Section 13 which may result in the
actual exercise on any later date.

                  (c) The Company shall maintain a register (the "WARRANT
REGISTER") in its principal office for the purpose of registering the Warrant
and any transfer thereof, which register shall reflect and identify, at all
times, the ownership of any interest in the Warrant. The Company may from time
to time designate a person authorized to register the transfer and exchange of
the Warrant on the Warrant Register as the warrant registrar (the "Warrant
Registrar"). The Company hereby initially appoints itself as Warrant Registrar.
Upon written notice to the Holder and any acting Warrant Registrar, the Company
may appoint a successor Warrant Registrar for such purposes. Upon the issuance
of this Warrant, the Company shall record the name of the initial holder of this
Warrant in the Warrant Register as the first Holder. Upon surrender for
registration of transfer or exchange of this Warrant together with a properly
executed Assignment in the form attached hereto as Exhibit B at the principal
office of the Company, the Company shall, at its expense, execute and deliver
one or more new Warrants of like tenor which shall be exercisable in the
aggregate for the total number of Warrant Shares, registered in the name of the
Holder or a transferee or transferees.

         15.      NO RIGHTS OR LIABILITY AS A STOCKHOLDER. This Warrant does not
entitle the Holder hereof to any voting rights or other rights as a stockholder
of the Company. No provisions hereof, in the absence of affirmative action by
the Holder hereof to purchase Common Stock, and no enumeration herein of the
rights or privileges of the Holder shall give rise to any liability of such
Holder as a stockholder of the Company.

         16.      CHARGES, TAXES AND EXPENSES. Issuance of certificates for
shares of Common Stock upon the exercise of this Warrant shall be made without
charge to the Holder hereof for any issue or transfer tax, or other incidental
expense, in respect of the issuance or delivery of such certificates or the
securities represented thereby, all of which taxes and expenses shall be paid by
the Company.

         17.      AMENDMENT OR WAIVER. This Warrant and any term hereof may be
amended, waived, discharged or terminated only by and with the written consent
of the Company and the Holder.

         18.      NOTICES. All notices, requests, claims, demands and other
communications required or permitted to be given hereunder will be in writing
and will be delivered by hand or telecopied, e-mailed or sent, postage prepaid,
by registered, certified or express mail or reputable overnight courier service
and will be deemed given when so delivered by hand or telecopied, when e-mail
confirmation is received if delivered by e-mail, or three Business Days after
being so mailed (one Business Day in the case of express mail or overnight
courier service). All such notices, requests, claims, demands and other
communications will be addressed as set forth below, or pursuant to such other
instructions as may be designated in writing by the party to receive such
notice:

                  (a)      If to Conexant:

                           Conexant Systems, Inc.
                           4311 Jamboree Road
                           Newport Beach, California 92660-3095

                                       17

<PAGE>

                           Attention: Dwight W. Decker
                                      Chairman of the Board and Chief Executive
                                      Officer
                           Telecopy:  (949) 483-4318
                           E-mail:    dwight.decker@conexant.com

                           with a copy to:

                           Conexant Systems, Inc.
                           4311 Jamboree Road
                           Newport Beach, California  92660-3095

                           Attention: Dennis E. O'Reilly, Esq.
                                      Senior Vice President, General Counsel
                                       and Secretary
                           Telecopy:  (949) 483-9475
                           E-mail:    dennis.o'reilly@conexant.com

                  (b)      If to the Company:

                           Mindspeed Technologies, Inc.
                           4000 MacArthur Boulevard
                           Newport Beach, California 92660-3095

                           Attention: Raouf Y. Halim
                                      Chief Executive Officer
                           Telecopy:  (949) 579-6106
                           E-mail:    raouf.halim@mindspeed.com

                           with a copy to:

                           Mindspeed Technologies, Inc.
                           4000 MacArthur Boulevard
                           Newport Beach, California 92660-3095

                           Attention: Simon Biddiscombe
                                      Senior Vice President, Chief Financial
                                       Officer and Treasurer
                           Telecopy:  (949) 579-5289
                           E-mail:    simon.biddiscombe@mindspeed.com

         19.      CERTAIN REMEDIES. The Holder shall be entitled to an
injunction or injunctions to prevent breaches of the provisions of this Warrant
and to enforce specifically the terms and provisions of this Warrant in any
court of the United States or any state thereof having

                                       18

<PAGE>

jurisdiction, this being in addition to any other remedy to which such Holder
may be entitled at law or in equity.

         20.      GOVERNING LAW. This agreement shall be governed by, construed
in accordance with, and enforced under, the law of the State of Delaware
applicable to agreements or instruments entered into and performed entirely
within such State.

         21.      HEADINGS. The headings in this Warrant are for convenience of
reference only and shall not limit or otherwise affect the meaning hereof.

         22.      SUCCESSORS AND ASSIGNS. This Agreement shall be binding upon
the Company and its successors and assigns.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       19

<PAGE>

                           [SIGNATURE PAGE TO WARRANT]

              IN WITNESS WHEREOF, the Company has caused this Warrant to be
executed by its duly authorized officer effective as of June 27, 2003.

                                      MINDSPEED TECHNOLOGIES, INC.

                                      By: /s/ SIMON BIDDISCOMBE
                                          --------------------------------------
                                          Name:  Simon Biddiscombe
                                          Title: Senior Vice President, Chief
                                                 Financial Officer and Treasurer

ACKNOWLEDGED AND ACCEPTED:

CONEXANT SYSTEMS, INC.

By: /s/ KERRY K. PETRY
    ------------------------------------
    Name:  Kerry K. Petry
    Title:  Vice President and Treasurer

                                       20

<PAGE>

                                                          Exhibit A to Common
                                                          Stock Purchase Warrant

                                    [FORM OF]

                           ELECTION TO PURCHASE SHARES

                  The undersigned hereby irrevocably elects to exercise the
Warrant to purchase _____ shares of Common Stock, par value $.01 per share
("Common Stock"), of MINDSPEED TECHNOLOGIES, INC. (the "Company") and hereby
[makes payment of $_______ therefor] [or] [makes payment therefor by
surrendering pursuant to Section 2(b)(ii) of the Warrant _____ shares of Common
Stock of the Company] [or] [makes payment therefor by cancellation pursuant to
Section 2(c) of the Warrant of a portion of the Warrant with respect to
_________ shares of Common Stock]. The undersigned hereby requests that
certificates for such shares be issued and delivered as follows:

ISSUE TO:
________________________________________________________________________________

                                     (NAME)

________________________________________________________________________________

                          (ADDRESS, INCLUDING ZIP CODE)

________________________________________________________________________________

                  (SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER)

DELIVER TO:
________________________________________________________________________________

                                     (NAME)

________________________________________________________________________________

                          (ADDRESS, INCLUDING ZIP CODE)

                                       21

<PAGE>

                                                          Exhibit B to Common
                                                          Stock Purchase Warrant

                              [FORM OF] ASSIGNMENT

                  FOR VALUE RECEIVED, the undersigned hereby sells, assigns, and
transfers unto the Assignee named below all of the rights of the undersigned to
purchase Common Stock, par value $.01 per share ("Common Stock"), of MINDSPEED
TECHNOLOGIES, INC. represented by the Warrant, with respect to the number of
shares of Common Stock set forth below:

Name of Assignee      Address         No. of Shares

and does hereby irrevocably constitute and appoint ____________________________
Attorney to make such transfer on the books of MINDSPEED TECHNOLOGIES, INC.
maintained for that purpose, with full power of substitution in the premises.

Dated:____________________                CONEXANT SYSTEMS, INC.

                                          By: ________________________
                                              Name:
                                              Title:

                                       22<PAGE>
                                                                     Exhibit 4.6

                          MINDSPEED TECHNOLOGIES, INC.

                        WARRANTS TO PURCHASE COMMON STOCK

                          REGISTRATION RIGHTS AGREEMENT

                                                                   June 27, 2003

Conexant Systems, Inc.
4311 Jamboree Road
Newport Beach, California 92660-3095

Dear Sirs:

                  Mindspeed Technologies, Inc., a Delaware corporation (the
"COMPANY"), proposes to issue and deliver to Conexant Systems, Inc., a Delaware
corporation ("CONEXANT"), warrants (the "WARRANTS") to purchase up to eight
million three hundred thirty three thousand three hundred thirty four
(8,333,334) shares of common stock, par value $.01 per share, of the Company,
together with the associated preferred share purchase rights (the "COMMON
STOCK"), in connection with loans made from time to time by Conexant to the
Company pursuant to the terms of the Credit Agreement dated as of the date
hereof between Conexant and the Company (the "LOANS"). In connection with the
Loans, the Company agrees with Conexant, for the benefit of (i) Conexant and
(ii) the holders of the Warrants and the Common Stock issuable upon exercise of
the Warrants (collectively, the "SECURITIES") from time to time until such time
as the Securities have been sold pursuant to a Shelf Registration Statement (as
defined below) (each of the forgoing, including Conexant, a "HOLDER" and
collectively, the "HOLDERS"), as follows:

                  1.       Shelf Registration. (a) The Company shall, at its
cost, prepare and, as promptly as practicable (but in no event more than 90 days
after the date hereof) file with the Securities and Exchange Commission (the
"COMMISSION") and thereafter use its reasonable best efforts to cause to be
declared effective as soon as practicable a registration statement on Form S-3
(the "SHELF REGISTRATION STATEMENT") relating to: (i) the offer and resale of
the Warrants; (ii) the issuance by the Company of the Common Stock upon exercise
of the Warrants; and (iii) the offer and resale of the Common Stock issued or
issuable upon exercise of the Warrants (the "TRANSFER RESTRICTED SECURITIES")
from time to time in accordance with the methods of distribution set forth in
the Shelf Registration Statement and Rule 415 under the Securities Act of 1933,
as amended (the "SECURITIES ACT") (hereinafter, the "SHELF REGISTRATION");
provided, however, that no Holder (other than Conexant) shall be entitled to
have the Securities held by it covered by the Shelf Registration Statement
unless the Holder agrees in writing to be bound by all the provisions of this
Agreement applicable to the Holder.

<PAGE>

                  (b)      The Company shall use its reasonable best efforts to
keep the Shelf Registration Statement continuously effective in order to permit
the prospectus included therein (the "PROSPECTUS") to be lawfully delivered by
the Holders of the relevant Securities for a period beginning from the date of
its effectiveness and ending on June 27, 2013 (or for such longer period if
extended pursuant to Section 2(h)) or such shorter period that will terminate
when all the Securities covered by the Shelf Registration Statement (i) have
been sold pursuant thereto or (ii) are no longer restricted securities (as
defined in Rule 144(k) under the Securities Act, or any successor rule thereof)
and, if Conexant is a Holder, it is not then an affiliate of the Company (in any
such case, such period being called the "SHELF REGISTRATION PERIOD"). The
Company shall be deemed not to have used its reasonable best efforts to keep the
Shelf Registration Statement effective during the requisite period if it
voluntarily takes any action that would result in Holders of Securities covered
thereby not being able to offer and sell the Securities during that period,
unless such action is (i) required by applicable law or (ii) taken by the
Company in good faith upon the occurrence of any event contemplated by Section
2(b)(v), and the Company thereafter complies with the requirements of Section
2(h).

                  (c)      Notwithstanding any other provisions of this
Agreement to the contrary, the Company shall cause the Shelf Registration
Statement and the Prospectus and any amendment or supplement thereto, as of the
effective date of the Shelf Registration Statement, amendment or supplement, (i)
to comply in all material respects with the applicable requirements of the
Securities Act and the rules and regulations of the Commission and (ii) not to
contain any untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary in order to make the statements
therein, in light of the circumstances under which they were made, not
misleading.

                  2.       Registration Procedures. In connection with the Shelf
Registration contemplated by Section 1, the following provisions shall apply:

                  (a)      The Company shall (i) furnish to Conexant, prior to
the filing thereof with the Commission, a copy of the Shelf Registration
Statement and each amendment thereof and each supplement, if any, to the
Prospectus included therein and, in the event that Conexant is participating in
the Shelf Registration Statement, shall use its reasonable best efforts to
reflect in each such document, when so filed with the Commission, such comments
as Conexant reasonably may propose; and (ii) include the names of the Holders
who propose to sell Securities pursuant to the Shelf Registration Statement as
selling securityholders.

                  (b)      The Company shall give written notice to the Holders
of the Securities (which notice pursuant to clauses (ii)-(v) shall be
accompanied by an instruction to suspend the use of the Prospectus until the
requisite changes have been made):

                  (i)      when the Shelf Registration Statement or any
         amendment thereto has been filed with the Commission and when the Shelf
         Registration Statement or any post-effective amendment thereto has
         become effective;

                  (ii)     of any request by the Commission for amendments or
         supplements to the Shelf Registration Statement or the Prospectus
         included therein or for additional information;

                                       2
<PAGE>

                  (iii)    of the issuance by the Commission of any stop order
         suspending the effectiveness of the Shelf Registration Statement or the
         initiation of any proceedings for that purpose;

                  (iv)     of the receipt by the Company or its legal counsel of
         any notification with respect to the suspension of the qualification of
         the Securities for sale in any jurisdiction or the initiation or
         threatening of any proceeding for such purpose; and

                  (v)      of the happening of any event that requires the
         Company to make changes in the Shelf Registration Statement or the
         Prospectus in order that the Shelf Registration Statement or the
         Prospectus does not contain an untrue statement of a material fact or
         omit to state a material fact required to be stated therein or
         necessary to make the statements therein (in the case of the
         Prospectus, in light of the circumstances under which they were made)
         not misleading, which written notice need not provide any detail as to
         the nature of such event.

                  (c)      The Company shall make every reasonable effort to
obtain the withdrawal at the earliest possible time of any order suspending the
effectiveness of the Shelf Registration Statement.

                  (d)      The Company shall furnish to each Holder of the
Securities included within the coverage of the Shelf Registration, without
charge, at least one copy of the Shelf Registration Statement and any
post-effective amendment thereto, including financial statements and schedules,
and, if the Holder so requests in writing, all exhibits thereto (including
those, if any, incorporated by reference).

                  (e)      The Company shall, during the Shelf Registration
Period, deliver to each Holder of Securities included within the coverage of the
Shelf Registration, without charge, as many copies of the Prospectus (including
each preliminary Prospectus) included in the Shelf Registration Statement and
any amendment or supplement thereto as such person may reasonably request. The
Company consents, subject to the provisions of this Agreement, to the use of the
Prospectus or any amendment or supplement thereto by each of the selling Holders
of the Securities in connection with the offering and sale of the Securities
covered by the Prospectus, or any amendment or supplement thereto, included in
the Shelf Registration Statement.

                  (f)      Prior to any public offering of the Securities
pursuant to the Shelf Registration Statement, the Company shall register or
qualify or cooperate with the Holders of the Securities included therein and
their respective counsel in connection with the registration or qualification of
the Securities for offer and sale under the securities or "blue sky" laws of
such states of the United States as any Holder of the Securities reasonably
requests in writing and do any and all other acts or things necessary or
advisable to enable the offer and sale in such jurisdictions of the Securities
covered by the Shelf Registration Statement; provided, however, that the Company
shall not be required to (i) qualify generally to do business in any
jurisdiction where it is not then so qualified or (ii) take any action which
would subject it to general service of process or to taxation in any
jurisdiction where it is not then so subject.

                  (g)      The Company shall cooperate with the Holders of the
Securities to facilitate the timely preparation and delivery of certificates
representing the Securities to be sold pursuant to any

                                       3
<PAGE>

Shelf Registration Statement free of any restrictive legends and in such
denominations and registered in such names as the Holders may request a
reasonable period of time prior to sales of the Securities pursuant to the Shelf
Registration Statement.

                  (h)      Upon the occurrence of any event contemplated by
paragraphs (ii) through (v) of Section 2(b) during the period for which the
Company is required to maintain an effective Shelf Registration Statement, the
Company shall as required hereby prepare and file a post-effective amendment to
the Shelf Registration Statement or an amendment or supplement to the Prospectus
and any other required document so that, as thereafter delivered to the Holders
or purchasers of the Securities, the Prospectus will not contain an untrue
statement of a material fact or omit to state any material fact required to be
stated therein or necessary to make the statements therein, in light of the
circumstances under which they were made, not misleading; provided, however,
that the Company may delay filing and distributing any such supplement or
amendment (and continue the suspension of the use of the Prospectus) if the
Company determines in good faith that such supplement or amendment would, in the
reasonable judgment of the Company, (i) interfere with or affect the negotiation
or completion of a transaction that is being contemplated by the Company or (ii)
involve initial or continuing disclosure obligations that are not in the best
interests of the Company's stockholders at such time; provided, further, that
neither such delay nor such suspension shall extend for a period of more than 45
consecutive days or an aggregate of 90 days in any twelve-month period. If the
Company notifies the Holders in accordance with paragraphs (ii) through (v) of
Section 2(b) to suspend the use of the Prospectus until the requisite changes to
the Prospectus have been made, then the Holders shall suspend use of the
Prospectus, and the period of effectiveness of the Shelf Registration Statement
provided for in Section 1(b) shall be extended by the number of days from and
including the date of the giving of such notice to and including the date when
the Holders shall have received such amended or supplemented Prospectus pursuant
to this Section 2(h).

                  (i)      Not later than the effective date of the Shelf
Registration Statement, the Company will provide CUSIP numbers for the Warrants
and the Common Stock registered under the Shelf Registration Statement.

                  (j)      The Company will comply with all rules and
regulations of the Commission to the extent and so long as they are applicable
to the Shelf Registration and will make generally available to its security
holders (or otherwise provide in accordance with Section 11(a) of the Securities
Act) an earnings statement satisfying the provisions of Section 11(a) of the
Securities Act, no later than 45 days after the end of a 12-month period (or 90
days, if such period is a fiscal year) beginning with the first month of the
Company's first fiscal quarter commencing after the effective date of the Shelf
Registration Statement, which statement shall cover such 12-month period.

                  (k)      Each Holder agrees, by acquisition of the Securities,
that no Holder shall be entitled to sell any such Securities pursuant to the
Shelf Registration Statement or to receive a Prospectus relating thereto, unless
such Holder has furnished the Company with a Notice and Questionnaire as
required pursuant to Section 2(l) and the information set forth in the next
sentence. Each Holder agrees promptly to furnish the Company all information
required to be disclosed in order to make the information previously furnished
to the Company by such Holder not misleading and any

                                       4
<PAGE>

other information regarding such Holder and the distribution of such Securities
as the Company may from time to time reasonably request.

                  (l)      Each Holder agrees that if such Holder wishes to sell
such Holder's Securities pursuant to the Shelf Registration Statement and
related Prospectus, it will do so in accordance with this Section 2(l). Each
Holder wishing to sell Securities pursuant to a Shelf Registration Statement and
related Prospectus agrees to deliver a properly completed and signed Notice and
Questionnaire (the form of which is attached as Annex A to this Agreement) to
the Company at least ten (10) business days prior to any intended distribution
of Securities under the Shelf Registration Statement. From and after the date
the Shelf Registration Statement is declared effective, the Company shall, as
promptly as is practicable after the date a Notice and Questionnaire is
delivered, and in any event within ten (10) business days after such date, (i)
if required by law, file with the Commission a post-effective amendment to the
Shelf Registration Statement or prepare and, if required by applicable law, file
a supplement to the related Prospectus or a supplement or amendment to any
document incorporated therein by reference or file any other required document
so that the Holder delivering such Notice and Questionnaire is named a selling
securityholder in the Shelf Registration Statement and the related Prospectus in
such a manner as to permit such Holder to deliver the Prospectus to purchasers
of the Securities in accordance with applicable law and, if the Company shall
file a post-effective amendment to the Shelf Registration Statement, use all
reasonable efforts to cause such post-effective amendment to be declared
effective under the Securities Act as promptly as practical, but in any event by
the date that is thirty (30) business days after the date such post-effective
amendment is required by this clause to be filed; (ii) provide the Holder copies
of any documents filed pursuant to this Section; and (iii) notify the Holder as
promptly as practicable after the effectiveness under the Securities Act of any
post-effective amendment filed pursuant to this Section; provided, that if such
Notice and Questionnaire is delivered during a period in which the use of the
Prospectus is suspended pursuant to Section 2(b), the Company shall so inform
the Holder delivering such Notice and Questionnaire and shall take the actions
set forth in clauses (i), (ii) and (iii) above upon expiration of such
suspension period. Notwithstanding anything contained herein to the contrary,
the Company shall be under no obligation to name any Holder that has not
supplied the requisite information required by this Section as a selling
securityholder in the Shelf Registration Statement and related Prospectus and
any amendment or supplement thereto; provided, however, that any Holder that has
subsequently supplied the requisite information required by this Section
pursuant to the provisions of this Section (whether or not the Holder has
supplied the requisite information required by this Section at the time the
Shelf Registration Statement was declared effective) shall be named as a selling
securityholder in the Shelf Registration Statement or related Prospectus in
accordance with the requirements of this Section.

                  (m)      The Company shall enter into such customary
agreements (including, if requested, an underwriting agreement in customary
form) and take all such other actions, if any, as any Holder shall reasonably
request in order to facilitate the disposition of the Securities pursuant to the
Shelf Registration; provided, however, that the Company shall not be required to
facilitate an underwritten offering pursuant to a Shelf Registration Statement
by any Holders unless the offering relates to Securities having a fair market
value of at least $10 million.

                  (n)      The Company shall (i) make reasonably available for
inspection by the Holders, any underwriter participating in any disposition
pursuant to the Shelf Registration Statement and any

                                       5
<PAGE>

attorney, accountant or other agent retained by the Holders or any such
underwriter, all relevant financial and other records, pertinent corporate
documents and properties of the Company and (ii) cause the Company's officers,
directors, employees, accountants and auditors to supply all relevant
information reasonably requested by the Holders or any such underwriter,
attorney, accountant or agent in connection with the Shelf Registration
Statement, in each case, as shall be reasonably necessary to enable such persons
to conduct a reasonable investigation within the meaning of Section 11 of the
Securities Act; provided, however, that the foregoing inspection and information
gathering shall be coordinated on behalf of the Holders by Conexant (or by
another representative designated by and on behalf of the Holders if Conexant is
not participating in the disposition) and on behalf of the other parties, by one
counsel designated by and on behalf of such other parties as described in
Section 3. The Holders shall hold, and shall cause any such underwriter, and
any attorney, accountant or other agent retained by the Holders or any such
underwriter to hold, in strict confidence any and all confidential information
received by them pursuant to this Section 2(n), exercising the same care with
respect to such information as it takes to preserve confidentiality for its own
similar information.

                  (o)      In the event of an underwritten offering, the Company
shall use its reasonable best efforts to cause (i) its counsel to deliver an
opinion and updates thereof relating to the Securities in customary form
addressed to the Holders and the managing underwriters, if any, thereof, and
dated, in the case of the initial opinion, the effective date of the Shelf
Registration Statement (it being agreed that the matters to be covered by such
opinion shall include, subject to customary assumptions and other
qualifications, the due incorporation and good standing of the Company and its
subsidiaries; the qualification of the Company and its subsidiaries to transact
business as foreign corporations; the due authorization, execution and delivery
of the relevant agreement of the type referred to in Section 2(m); the due
authorization, execution, authentication and issuance, and the validity and
enforceability, of the Securities; the absence of material legal or governmental
proceedings involving the Company and its subsidiaries; the absence of
governmental approvals required to be obtained in connection with the Shelf
Registration Statement, the offering and sale of the Securities, or any
agreement of the type referred to in Section 2(m); the compliance as to form of
the Shelf Registration Statement and any documents incorporated by reference
therein with the requirements of the Securities Act, and, as of the date of the
opinion and as of the effective date of the Shelf Registration Statement or most
recent post-effective amendment thereto, as the case may be, the absence from
the Shelf Registration Statement and the Prospectus included therein, as then
amended or supplemented, and from any documents incorporated by reference
therein of an untrue statement of a material fact or the omission to state
therein a material fact required to be stated therein or necessary to make the
statements therein not misleading (in the case of any such documents, in the
light of the circumstances existing at the time that such documents were filed
with the Commission under the Securities Exchange Act of 1934, as amended (the
"EXCHANGE ACT")); (ii) its officers to execute and deliver all customary
documents and certificates and updates thereof requested by any underwriters of
the Securities; and (iii) its independent public accountants and the independent
public accountants with respect to any other entity for which financial
information is provided in the Shelf Registration Statement to provide to the
selling Holders of the applicable Securities and any underwriter therefor a
comfort letter in customary form and covering matters of the type customarily
covered in comfort letters in connection with primary underwritten offerings,
subject to receipt of appropriate documentation as contemplated, and only if
permitted, by Statement of Auditing Standards No. 72.

                  (p)      The Company shall use its reasonable best efforts to
take all other steps necessary to effect the registration of the Securities
covered by a Shelf Registration Statement contemplated hereby.

                                       6
<PAGE>

                  3.       Registration Expenses. (a) The Company shall bear all
fees and expenses in connection with the performance of its obligations
hereunder, whether a Shelf Registration Statement is filed or becomes effective,
and shall bear or reimburse the Holders of Securities covered by the Shelf
Registration Statement for reasonable fees and disbursements of not more than
one counsel, designated by Conexant (for so long as Conexant is a Holder) or, if
Conexant is no longer a Holder, by the Holders of a majority in interest of the
Securities covered by the Shelf Registration Statement, in each case, to act as
counsel for the Holders in connection therewith.

                  (b)      In connection with any underwritten Shelf
Registration Statement, the participating Holders shall be responsible for the
payment of any and all underwriters and brokers and dealers discounts and
selling commissions and such discounts and commissions shall be borne by the
participating Holders in proportion to the number of Securities sold by such
Holders.

                  4.       Indemnification. (a) The Company agrees to indemnify
and hold harmless each Holder and each person, if any, who controls the Holder
within the meaning of the Securities Act or the Exchange Act (each Holder, and
such controlling persons are referred to collectively as the "INDEMNIFIED
PARTIES") from and against any losses, claims, damages or liabilities, joint or
several, or any actions in respect thereof (including, but not limited to, any
losses, claims, damages, liabilities or actions relating to purchases and sales
of the Securities) to which each Indemnified Party may become subject under the
Securities Act, the Exchange Act or otherwise, insofar as such losses, claims,
damages, liabilities or actions arise out of or are based upon any untrue
statement or alleged untrue statement of a material fact contained in the Shelf
Registration Statement or Prospectus including any document incorporated by
reference therein, or in any amendment or supplement thereto or in any
preliminary Prospectus relating to the Shelf Registration, or arise out of, or
are based upon, the omission or alleged omission to state therein a material
fact required to be stated therein or necessary to make the statements therein
not misleading, and shall reimburse, as incurred, the Indemnified Parties for
any legal or other expenses reasonably incurred by them in connection with
investigating or defending any such loss, claim, damage, liability or action in
respect thereof; provided, however, that (i) the Company shall not be liable in
any such case to the extent that such loss, claim, damage or liability arises
out of or is based upon any untrue statement or alleged untrue statement or
omission or alleged omission made in the Shelf Registration Statement or
Prospectus or in any amendment or supplement thereto or in any preliminary
Prospectus relating to the Shelf Registration in reliance upon and in conformity
with written information pertaining to the Holder and furnished to the Company
by or on behalf of the Holder specifically for inclusion therein and (ii) with
respect to any untrue statement or omission or alleged untrue statement or
omission made in any preliminary Prospectus relating to the Shelf Registration
Statement, the indemnity agreement contained in this subsection (a) shall not
inure to the benefit of any Holder from whom the person asserting any such
losses, claims, damages or liabilities purchased the Securities concerned, to
the extent that a Prospectus relating to the Securities was required to be
delivered by the Holder under the Securities Act in connection with such
purchase and any such loss, claim, damage or liability of the Holder results
from the fact that there was not sent or given to such person, at or prior to
the written confirmation of the sale of the Securities to such person, a copy of
the final Prospectus if the Company had previously furnished copies thereof to
the Holder; provided further, however, that this indemnity agreement will be in
addition to any liability which the Company may otherwise have to the
Indemnified Party. The Company shall also indemnify underwriters, their officers
and directors and each person who controls such underwriters within the

                                       7
<PAGE>

meaning of the Securities Act or the Exchange Act to the same extent as provided
above with respect to the indemnification of the Holders of the Securities if
requested by the Holders.

                  (b)      Each Holder, severally and not jointly, will
indemnify and hold harmless the Company, its officers and directors and each
person, if any, who controls the Company within the meaning of the Securities
Act or the Exchange Act from and against any losses, claims, damages or
liabilities or any actions in respect thereof, to which the Company or any such
controlling person may become subject under the Securities Act, the Exchange Act
or otherwise, insofar as such losses, claims, damages, liabilities or actions
arise out of or are based upon any untrue statement or alleged untrue statement
of a material fact contained in the Shelf Registration Statement or Prospectus
or in any amendment or supplement thereto or in any preliminary Prospectus
relating to the Shelf Registration, or arise out of or are based upon the
omission or alleged omission to state therein a material fact necessary to make
the statements therein not misleading, but in each case only to the extent that
the untrue statement or omission or alleged untrue statement or omission was
made in reliance upon and in conformity with written information pertaining to
the Holder and furnished to the Company by or on behalf of the Holder
specifically for inclusion therein; and, subject to the limitation set forth
immediately preceding this clause, shall reimburse, as incurred, the Company for
any legal or other expenses reasonably incurred by the Company or any such
controlling person in connection with investigating or defending any loss,
claim, damage, liability or action in respect thereof. This indemnity agreement
will be in addition to any liability which the Holder may otherwise have to the
Company or any of its controlling persons.

                  (c)      Promptly after receipt by an indemnified party under
this Section 4 of notice of the commencement of any action or proceeding
(including a governmental investigation), such indemnified party will, if a
claim in respect thereof is to be made against the indemnifying party under this
Section 4, notify the indemnifying party of the commencement thereof; but the
failure to notify the indemnifying party shall not relieve it from any liability
that it may have under subsection (a) or (b) above except to the extent that it
has been materially prejudiced (through the forfeiture of substantive rights or
defenses) by such failure; and provided further that the failure to notify the
indemnifying party shall not relieve it from any liability that it may have to
an indemnified party otherwise than under subsection (a) or (b) above. In case
any such action is brought against any indemnified party, and it notifies the
indemnifying party of the commencement thereof, the indemnifying party will be
entitled to participate therein and, to the extent that it may wish, jointly
with any other indemnifying party similarly notified, to assume the defense
thereof, with counsel reasonably satisfactory to such indemnified party (who
shall not, except with the consent of the indemnified party, be counsel to the
indemnifying party), and after notice from the indemnifying party to such
indemnified party of its election so to assume the defense thereof the
indemnifying party will not be liable to such indemnified party under this
Section 4 for any legal or other expenses, other than reasonable costs of
investigation, subsequently incurred by such indemnified party in connection
with the defense thereof. No indemnifying party shall, without the prior written
consent of the indemnified party, effect any settlement of any pending or
threatened action in respect of which any indemnified party is or could have
been a party and indemnity could have been sought hereunder by such indemnified
party unless such settlement (i) includes an unconditional release of such
indemnified party from all liability on any claims that are the subject matter
of such action, and (ii) does not include a statement as to or an admission of
fault, culpability or a failure to act by or on behalf of any indemnified party.
No indemnified party shall effect any settlement of any pending or threatened
action without the prior

                                       8
<PAGE>

written consent of the indemnifying party, which such consent shall not be
unreasonably withheld or delayed.

                  (d)      If the indemnification provided for in this Section 4
is unavailable or insufficient to hold harmless an indemnified party under
subsections (a) or (b) above, then each indemnifying party shall contribute to
the amount paid or payable by such indemnified party as a result of the losses,
claims, damages or liabilities (or actions in respect thereof) referred to in
subsection (a) or (b) above (i) in such proportion as is appropriate to reflect
the relative benefits received by the indemnifying party or parties on the one
hand and the indemnified party on the other from the sale of the Securities,
pursuant to the Shelf Registration, or (ii) if the allocation provided by the
foregoing clause (i) is not permitted by applicable law, in such proportion as
is appropriate to reflect not only the relative benefits referred to in clause
(i) above but also the relative fault of the indemnifying party or parties on
the one hand and the indemnified party on the other in connection with the
statements or omissions that resulted in such losses, claims, damages or
liabilities (or actions in respect thereof) as well as any other relevant
equitable considerations. The relative fault of the parties shall be determined
by reference to, among other things, whether the untrue or alleged untrue
statement of a material fact or the omission or alleged omission to state a
material fact relates to information supplied by the Company on the one hand or
the Holder or such other indemnified party, as the case may be, on the other,
and the parties' relative intent, knowledge, access to information and
opportunity to correct or prevent such statement or omission. The amount paid by
an indemnified party as a result of the losses, claims, damages or liabilities
referred to in the first sentence of this subsection (d) shall be deemed to
include any legal or other expenses reasonably incurred by such indemnified
party in connection with investigating or defending any action or claim which is
the subject of this subsection (d). Notwithstanding any other provision of this
subsection (d), the Holders shall not be required to contribute any amount in
excess of the amount by which the net proceeds received by the Holders from the
sale of the Securities pursuant to the Shelf Registration Statement exceeds the
amount of damages which the Holders have otherwise been required to pay by
reason of such untrue or alleged untrue statement or omission or alleged
omission. No person guilty of fraudulent misrepresentation (within the meaning
of Section 11(f) of the Securities Act) shall be entitled to contribution from
any person who was not guilty of such fraudulent misrepresentation. For purposes
of this subsection (d), each person, if any, who controls such indemnified party
within the meaning of the Securities Act or the Exchange Act shall have the same
rights to contribution as such indemnified party and each person, if any, who
controls the Company within the meaning of the Securities Act or the Exchange
Act shall have the same rights to contribution as the Company.

                  (e)      The agreements contained in this Section 4 shall
survive the sale of the Securities pursuant to the Shelf Registration Statement
and shall remain in full force and effect, regardless of any termination or
cancellation of this Agreement or any investigation made by or on behalf of any
indemnified party.

                  5. Rule 144. The Company shall use its reasonable best efforts
to file the reports required to be filed by it under the Securities Act and the
Exchange Act in a timely manner and, if at any time the Company is not required
to file such reports, it will, upon the request of any Holder, make publicly
available other information so long as necessary to permit sales of their
securities pursuant to Rule 144. The Company covenants that it will take such
further action as any Holder may reasonably request, all to the extent required
from time to time to enable the Holder to sell Transfer Restricted

                                       9
<PAGE>

Securities without registration under the Securities Act within the limitation
of the exemptions provided by Rule 144. The Company will provide a copy of this
Agreement to prospective purchasers of Securities identified to the Company by
Conexant upon request. Upon the request of any Holder, the Company shall deliver
to the Holder a written statement as to whether it has complied with such
requirements. Notwithstanding the foregoing, nothing in this Section 5 shall be
deemed to require the Company to register any of its securities pursuant to the
Exchange Act.

                  6. Underwritten Registrations. If any of the Transfer
Restricted Securities covered by the Shelf Registration are to be sold in an
underwritten offering, the investment banker or investment bankers and manager
or managers that will administer the offering ("MANAGING UNDERWRITERS") will be
selected by the Holders of a majority in interest of the Transfer Restricted
Securities to be included in such offering and such selection shall be subject
to the Company's consent, which shall not be unreasonably withheld or delayed.

                  No person may participate in any underwritten registration
hereunder unless such person (i) agrees to sell such person's Transfer
Restricted Securities on the basis reasonably provided in any underwriting
arrangements approved by the persons entitled hereunder to approve such
arrangements and (ii) completes and executes all questionnaires, powers of
attorney, indemnities, underwriting agreements and other documents reasonably
required under the terms of such underwriting arrangements.

                  7. Miscellaneous.

                  (a)      Remedies. The Company acknowledges and agrees that
any failure by the Company to comply with its obligations hereunder may result
in material irreparable injury to the Holders for which there is no adequate
remedy at law, that it will not be possible to measure damages for such injuries
precisely and that, in the event of any such failure, any Holder may obtain such
relief as may be required to specifically enforce the Company's obligations
hereunder.

                  (b)      No Inconsistent Agreements. The Company will not on
or after the date of this Agreement enter into any agreement with respect to its
securities that is inconsistent with the rights granted to the Holders in this
Agreement or otherwise conflicts with the provisions hereof. The rights granted
to the Holders hereunder do not in any way conflict with and are not
inconsistent with the rights granted to the holders of the Company's securities
under any agreement in effect on the date hereof.

                  (c)      Amendments and Waivers. The provisions of this
Agreement may not be amended, modified or supplemented, and waivers or consents
to departures from the provisions hereof may not be given, except in writing by
the Company and by the holders of a majority in interest of the Securities
affected by such amendment, modification, supplement, waiver or consents.
Without the written consent of each Holder of the Securities, however, no
modification may change the provisions relating to the Liquidated Damages
Payment Amount.

                  (d)      Notices. All notices and other communications
provided for or permitted hereunder shall be made in writing by hand delivery,
first-class mail, facsimile transmission, or air

                                       10
<PAGE>

courier which guarantees overnight delivery and addressed as set forth below, or
pursuant to such other instructions as may be designated by the party for
receipt of such notice:

                  (1)      if to Conexant:

                           Conexant Systems, Inc.
                           4311 Jamboree Road
                           Newport Beach, CA 92660-3095
                           Fax No.: (949) 483-9475
                           Attention: Dennis E. O'Reilly
                                      Senior Vice President, General
                                      Counsel and Secretary

                  (2)      if to any other Holder of the Securities, at the most
         current address given by the Holder to the Company;

                  (3)      if to the Company:

                           Mindspeed Technologies, Inc.
                           4000 MacArthur Boulevard
                           Newport Beach, California 92660-3095
                           Fax No.: (949) 579-5289
                           Attention: Simon Biddiscombe
                                      Senior Vice President, Chief Financial
                                      Officer and Treasurer

                  All such notices and communications shall be deemed to have
been duly given at the time delivered by hand, if personally delivered; three
business days after being deposited in the mail, postage prepaid, if mailed;
when receipt is acknowledged by recipient's facsimile machine operator, if sent
by facsimile transmission; and on the day delivered, if sent by overnight air
courier guaranteeing next day delivery.

                  (e)      Third Party Beneficiaries. The other Holders shall be
third party beneficiaries to the agreements made hereunder between the Company,
on the one hand, and Conexant, on the other hand, and shall have the right to
enforce such agreements directly to the extent they may deem such enforcement
necessary or advisable to protect their rights or the rights of Holders
hereunder.

                  (f)      Successors and Assigns. This Agreement shall be
binding upon the Company and its successors and assigns.

                  (g)      Counterparts. This Agreement may be executed in any
number of counterparts and by the parties hereto in separate counterparts, each
of which when so executed shall be deemed to be an original and all of which
taken together shall constitute one and the same agreement.

                  (h)      Headings. The headings in this Agreement are for
convenience of reference only and shall not limit or otherwise affect the
meaning hereof.

                                       11
<PAGE>

                  (i)      Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY,
AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT
REGARD TO PRINCIPLES OF CONFLICTS OF LAWS.

                  By the execution and delivery of this Agreement, the Company
submits to the nonexclusive jurisdiction of any federal or state court in the
City of New York, State of New York.

                  (j)      Severability. If any one or more of the provisions
contained herein, or the application thereof in any circumstance, is held
invalid, illegal or unenforceable, the validity, legality and enforceability of
any such provision in every other respect and of the remaining provisions
contained herein shall not be affected or impaired thereby.

                  (k)      Securities Held by the Company. Whenever the consent
or approval of Holders of a specified percentage of principal amount of
Securities is required hereunder, Securities held by the Company or its
affiliates (other than (i) Conexant or (ii) subsequent Holders of Securities if
such subsequent Holders are deemed to be affiliates solely by reason of their
holdings of the Securities) shall not be counted in determining whether such
consent or approval was given by the Holders of such required percentage.

                                       12
<PAGE>

                  If the foregoing is in accordance with your understanding of
our agreement, please sign and return to the Company a counterpart hereof,
whereupon this instrument, along with all counterparts, will become a binding
agreement between Conexant and the Company in accordance with its terms.

                              Very truly yours,

                              MINDSPEED TECHNOLOGIES, INC.

                              By: /s/ SIMON BIDDISCOMBE
                                  ----------------------------------------------
                                  Name: Simon Biddiscombe
                                  Title: Senior Vice President, Chief Financial
                                         Officer and Treasurer

The foregoing Registration Rights
Agreement is hereby confirmed and
accepted as of the date first above
written.

CONEXANT SYSTEMS, INC.

By: /s/ KERRY K. PETRY
    ------------------------------------
    Name: Kerry K. Petry
    Title: Vice President and Treasurer

                                       13
<PAGE>

                                                                         ANNEX A

                          MINDSPEED TECHNOLOGIES, INC.

             FORM OF SELLING SECURITYHOLDER NOTICE AND QUESTIONNAIRE

                  The undersigned is the beneficial holder of warrants (the
"Warrants") to purchase shares of common stock, par value $.01 per share,
together with the associated preferred share purchase rights (the "Common
Stock"), of Mindspeed Technologies, Inc., a Delaware corporation (the
"Company"), or the Common Stock issuable upon exercise of the Warrants. The
Warrants and the Common Stock issuable upon exercise of the Warrant are referred
to, collectively, as the "Registrable Securities". The undersigned understands
that the Company has filed or intends to file with the Securities and Exchange
Commission (the "Commission") a registration statement on Form S-3 (the "Shelf
Registration Statement") for the registration and resale under Rule 415 of the
Securities Act of 1933, as amended (the "Securities Act"), of the Registrable
Securities in accordance with the terms of the Registration Rights Agreement
dated as of June 27, 2003 (the "Registration Rights Agreement") between the
Company and Conexant Systems, Inc., a Delaware corporation. A copy of the
Registration Rights Agreement is available from the Company upon request at the
address set forth below. All capitalized terms not otherwise defined herein have
the meaning ascribed thereto in the Registration Rights Agreement.

                  Each beneficial owner of Registrable Securities is entitled to
the benefits of the Registration Rights Agreement. In order to sell or otherwise
dispose of any Registrable Securities pursuant to the Shelf Registration
Statement, a beneficial owner of Registrable Securities generally will be
required to be named as a selling securityholder in the related prospectus,
deliver a prospectus to purchasers of Registrable Securities and be bound by
those provisions of the Registration Rights Agreement applicable to such
beneficial owner (including certain indemnification provisions, as described
below). Beneficial owners are encouraged to complete and deliver this Notice and
Questionnaire prior to the effectiveness of the Shelf Registration Statement so
that such beneficial owners may be named as selling securityholders in the
related prospectus at the time of effectiveness.

                  Certain legal consequences arise from being named as a selling
securityholder in the Shelf Registration Statement and the related prospectus.
Accordingly, holders and beneficial owners of Registrable Securities are advised
to consult their own securities law counsel regarding the consequences of being
named or not being named as a selling securityholder in the Shelf Registration
Statement and the related prospectus.

                                     NOTICE

                  The undersigned beneficial owner (the "Selling
Securityholder") of Registrable Securities hereby gives notice to the Company of
its intention to sell or otherwise dispose of Registrable Securities
beneficially owned by it and listed below in Item 3 (unless otherwise specified
under Item 3) pursuant to the Shelf Registration Statement. The undersigned, by
signing and returning this Notice and Questionnaire, understands that it will be
bound by the terms and conditions of this Notice and Questionnaire and the
Registration Rights Agreement.

                                       14
<PAGE>

                  The undersigned hereby provides the following information to
the Company and represents and warrants that such information is accurate and
complete:

                                  QUESTIONNAIRE

1.       (a)      Full Legal Name of Selling Securityholder:

                  ______________________________________________________________

         (b)      Full Legal Name of Registered Holder (if not the same as (a)
                  above) through which Registrable Securities listed in (3)
                  below are held:

                  ______________________________________________________________

         (c)      Full Legal Name of DTC Participant (if applicable and if not
                  the same as (b) above) through which Registrable Securities
                  listed in (3) below are held:

                  ______________________________________________________________

2.       Address for Notices to Selling Securityholder:

         _______________________________________________________________________

         _______________________________________________________________________

         _______________________________________________________________________

         Telephone:
                     ___________________________________________________________

         Fax:
               _________________________________________________________________

         Contact Person:
                         _______________________________________________________

3.       Beneficial Ownership of Registrable Securities:

         (a)      Type and Principal Amount of Registrable Securities
                  beneficially owned:

                  ______________________________________________________________

                  ______________________________________________________________

         (b)      CUSIP No(s). of Registrable Securities beneficially owned:

                  ______________________________________________________________

                  ______________________________________________________________

                                       15
<PAGE>

4.       Beneficial Ownership of the Company's securities owned by the Selling
         Securityholder:

         Except as set forth below in this Item (4), the undersigned is not the
         beneficial or registered owner of any "Other Securities," defined as
         securities of the Company other than the Registrable Securities listed
         above in Item (3).

         (a)      Type and Amount of Other Securities beneficially owned by the
                  Selling Securityholder:

                  ______________________________________________________________

                  ______________________________________________________________

         (b)      CUSIP No(s). of such Other Securities beneficially owned:

                  ______________________________________________________________

                  ______________________________________________________________

5.       Relationship with the Company:

         Except as set forth below, neither the undersigned nor any of its
         affiliates, officers, directors or principal equityholders (5% or more)
         has held any position or office or has had any other material
         relationship with the Company (or its predecessors or affiliates)
         during the past three years.

         State any exceptions here:

         _______________________________________________________________________

         _______________________________________________________________________

         _______________________________________________________________________

6.       Plan of Distribution:

         Except as set forth below, the undersigned (including its donees or
         pledgees) intends to distribute the Registrable Securities listed above
         in Item (3) pursuant to the Shelf Registration Statement only as
         follows (if at all): Such Registrable Securities may be sold from time
         to time directly by the undersigned or alternatively, through
         underwriters, broker-dealers or agents. If the Registrable Securities
         are sold through underwriters or broker-dealers, the Selling
         Securityholder will be responsible for underwriting discounts or
         commissions or agent's commissions. Such Registrable Securities may be
         sold in one or more transactions at fixed prices, at prevailing market
         prices at the time of sale, at varying prices determined at the time of
         sale, or at negotiated prices. Such sales may be effected in
         transactions (which may involve block transactions) (i) on any national
         securities exchange or quotation service on which the Registrable
         Securities may be listed or quoted at the time of sale, (ii) in the
         over-the-counter market, (iii) in transactions otherwise than on such
         exchanges or services or in the over-the-counter market, or (iv)
         through the writing of options. In connection with sales of the

                                       16
<PAGE>

         Registrable Securities or otherwise, the undersigned may enter into
         hedging transactions with broker-dealers, which may in turn engage in
         short sales of the Registrable Securities and deliver Registrable
         Securities to close out such short positions, or loan or pledge
         Registrable Securities to broker-dealers that in turn may sell such
         securities.

         State any exceptions here:

         _______________________________________________________________________

         _______________________________________________________________________

         _______________________________________________________________________

                  The undersigned acknowledges that it understands its
obligation to comply with the provisions of the Securities Exchange Act of 1934,
as amended, and the rules thereunder relating to stock manipulation,
particularly Regulation M thereunder (or any successor rules or regulations), in
connection with any offering of Registrable Securities pursuant to the Shelf
Registration Statement. The undersigned agrees that neither it nor any person
acting on its behalf will engage in any transaction in violation of such
provisions.

                  The Selling Securityholder hereby acknowledges its obligations
under the Registration Rights Agreement to indemnify and hold harmless certain
persons as set forth therein.

                  Pursuant to the Registration Rights Agreement, the Company has
agreed under certain circumstances to indemnify the Selling Securityholder
against certain liabilities.

                  In accordance with the undersigned's obligation under the
Registration Rights Agreement to provide such information as may be required by
law for inclusion in the Shelf Registration Statement, the undersigned agrees to
promptly notify the Company of any inaccuracies or changes in the information
provided herein that may occur subsequent to the date hereof at any time while
the Shelf Registration Statement remains effective. All notices hereunder and
pursuant to the Registration Rights Agreement shall be made in writing at the
address set forth below.

                  By signing below, the undersigned consents to the disclosure
of the information contained herein in its answers to items (1) through (6)
above and the inclusion of such information in the Shelf Registration Statement
and the related prospectus. The undersigned understands that such information
will be relied upon by the Company in connection with the preparation or
amendment of the Shelf Registration Statement and the related prospectus.

                                       17
<PAGE>

                  IN WITNESS WHEREOF, the undersigned, by authority duly given,
has caused this Notice and Questionnaire to be executed and delivered either in
person or by its duly authorized agent.

Dated:

                                     Beneficial Owner

                                     By:___________________________________
                                        Name:
                                        Title:

                  PLEASE RETURN THE COMPLETED AND EXECUTED NOTICE AND
QUESTIONNAIRE TO:

                          Mindspeed Technologies, Inc.
                            4000 MacArthur Boulevard
                      Newport Beach, California 92660-3095
                          Attention: Simon Biddiscombe
          Senior Vice President, Chief Financial Officer and Treasurer

                                       18

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