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                                                                    EXHIBIT 4.03

                           ELANTEC SEMICONDUCTOR, INC.

                           1995 EQUITY INCENTIVE PLAN

                     AS ADOPTED AUGUST 23, 1995 AND AMENDED
                            THROUGH JANUARY 15, 2001

     1. PURPOSE. The purpose of this Plan is to provide incentives to attract,
retain and motivate eligible persons whose present and potential contributions
are important to the success of the Company, its Parent, Subsidiaries and
Affiliates, by offering them an opportunity to participate in the Company's
future performance through awards of Options, Restricted Stock and Stock
Bonuses. Capitalized terms not defined in the text are defined in Section 23.

     2. SHARES SUBJECT TO THIS PLAN.

        2.1 NUMBER OF SHARES AVAILABLE. Subject to Sections 2.2 and 18, the
total number of Shares reserved and available for grant and issuance pursuant to
this Plan will be 6,853,500 Shares plus any Shares that are made available for
grant and issuance under this Plan pursuant to the following sentence. Any
shares remaining unissued and not subject to outstanding options or other awards
under the 1994 Equity Incentive Plan (the "PRIOR PLAN") adopted by Elantec,
Inc., a California corporation, that is the Company's predecessor ("ELANTEC
CALIFORNIA") on the Effective Date (as defined below) and any shares issuable
upon exercise of options granted pursuant to the Prior Plan that expire or
become unexercisable for any reason without having been exercised in full, will
no longer be available for grant and issuance under the Prior Plan, but will
also be available for grant and issuance under this Plan. Subject to Sections
2.2 and 18, Shares that: (a) are subject to issuance upon exercise of an Option
but cease to be subject to such Option for any reason other than exercise of
such Option; (b) are subject to an Award granted hereunder but are forfeited or
are repurchased by the Company at the original issue price; or (c) are subject
to an Award that otherwise terminates without Shares being issued; will again be
available for grant and issuance in connection with future Awards under this
Plan. At all times the Company shall reserve and keep available a sufficient
number of Shares as shall be required to satisfy the requirements of all
outstanding Options granted under this Plan and all other outstanding but
unvested Awards granted under this Plan.

        2.2 ADJUSTMENT OF SHARES. In the event that the number of outstanding
Shares is changed by a stock dividend, recapitalization, stock split, reverse
stock split, subdivision, combination, reclassification or similar change in the
capital structure of the Company without consideration, then (a) the number of
Shares reserved for issuance under this Plan, (b) the Exercise Prices of and
number of Shares subject to outstanding Options, and (c) the number of Shares
subject to other outstanding Awards will be proportionately adjusted, subject to
any required action by the Board or the stockholders of the Company and
compliance with applicable securities laws; PROVIDED, HOWEVER, that fractions of
a Share will not be issued but will either be replaced by a cash payment equal
to the Fair Market Value of such fraction of a Share or will be rounded up to
the nearest whole Share, as determined by the Committee; and PROVIDED, FURTHER,
that the Exercise Price of any Option may not be decreased to below the par
value of the Shares.

     3. ELIGIBILITY. ISOs (as defined in Section 5 below) may be granted only to
employees (including officers and directors who are also employees) of the
Company or of a Parent or Subsidiary of the Company. All other Awards may be
granted to employees, officers, directors, consultants, independent contractors
and advisors of the Company or any Parent, Subsidiary or Affiliate of the
Company; PROVIDED such consultants, contractors and advisors render bona fide
services not in connection with the offer and sale of securities in a
capital-raising transaction. No person will be eligible to receive more than
200,000 shares in any calendar year under this Plan pursuant to the grant of
Awards hereunder, other than new employees of the Company or of a Parent,
Subsidiary or Affiliate of the Company (including new employees who are also
officers and directors of the Company or any Parent, Subsidiary or Affiliate of
the Company) who are eligible to receive up to a maximum of 800,000 shares in
the calendar year in which they commence their employment. A person may be
granted more than one Award under this Plan.

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     4. ADMINISTRATION.

        4.1 COMMITTEE AUTHORITY. This Plan will be administered by the Committee
or by the Board acting as the Committee. Subject to the general purposes, terms
and conditions of this Plan, and to the direction of the Board, the Committee
will have full power to implement and carry out this Plan. Without limitation,
the Committee will have the authority to:

            (a) construe and interpret this Plan, any Award Agreement and any
                other agreement or document executed pursuant to this Plan;

            (b) prescribe, amend and rescind rules and regulations relating to
                this Plan;

            (c) select persons to receive Awards;

            (d) determine the form and terms of Awards;

            (e) determine the number of Shares or other consideration subject to
                Awards;

            (f) determine whether Awards will be granted singly, in combination
                with, in tandem with, in replacement of, or as alternatives to,
                other Awards under this Plan or any other incentive or
                compensation plan of the Company or any Parent, Subsidiary or
                Affiliate of the Company;

            (g) grant waivers of Plan or Award conditions;

            (h) determine the vesting, exercisability and payment of Awards;

            (i) correct any defect, supply any omission, or reconcile any
                inconsistency in this Plan, any Award or any Award Agreement;

            (j) determine whether an Award has been earned; and

            (k) make all other determinations necessary or advisable for the
                administration of this Plan.

        4.2 COMMITTEE DISCRETION. Any determination made by the Committee with
respect to any Award will be made in its sole discretion at the time of grant of
the Award or, unless in contravention of any express term of this Plan or Award,
at any later time, and such determination will be final and binding on the
Company and on all persons having an interest in any Award under this Plan. The
Committee may delegate to one or more officers of the Company the authority to
grant an Award under this Plan to Participants who are not Insiders of the
Company.

        4.3 EXCHANGE ACT REQUIREMENTS. If two or more members of the Board are
Outside Directors, the Committee will be comprised of at least two (2) members
of the Board, all of whom are Outside Directors and Disinterested Persons.
During all times that the Company is subject to Section 16 of the Exchange Act,
the Company will take appropriate steps to comply with the disinterested
administration requirements of Section 16(b) of the Exchange Act, which will
consist of the appointment by the Board of a Committee consisting of not less
than two (2) members of the Board, each of whom is a Disinterested Person.

     5. OPTIONS. The Committee may grant Options to eligible persons and will
determine whether such Options will be Incentive Stock Options within the
meaning of the Code ("ISOS") or Nonqualified Stock Options ("NQSOs"), the number
of Shares subject to the Option, the Exercise Price of the Option, the period
during which the Option may be exercised, and all other terms and conditions of
the Option, subject to the following:

        5.1 FORM OF OPTION GRANT. Each Option granted under this Plan will be
evidenced by an Award Agreement which will expressly identify the Option as an
ISO or an NQSO ("STOCK OPTION AGREEMENT"),

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and will be in such form and contain such provisions (which need not be the same
for each Participant) as the Committee may from time to time approve, and which
will comply with and be subject to the terms and conditions of this Plan.

        5.2 DATE OF GRANT. The date of grant of an Option will be the date on
which the Committee makes the determination to grant such Option, unless
otherwise specified by the Committee. The Stock Option Agreement and a copy of
this Plan will be delivered to the Participant within a reasonable time after
the granting of the Option.

        5.3 EXERCISE PERIOD. Options will be exercisable within the times or
upon the events determined by the Committee as set forth in the Stock Option
Agreement governing such Option; PROVIDED, HOWEVER, that no Option will be
exercisable after the expiration of ten (10) years from the date the Option is
granted; and PROVIDED, FURTHER, that no ISO granted to a person who directly or
by attribution owns more than ten percent (10%) of the total combined voting
power of all classes of stock of the Company or of any Parent or Subsidiary of
the Company ("TEN PERCENT STOCKHOLDER") will be exercisable after the expiration
of five (5) years from the date the ISO is granted. The Committee also may
provide for the exercise of Options to become exercisable at one time or from
time to time, periodically or otherwise, in such number of Shares or percentage
of Shares as the Committee determines.

        5.4 EXERCISE PRICE. The Exercise Price of an Option will be determined
by the Committee when the Option is granted and may be not less than 85% of the
Fair Market Value of the Shares on the date of grant; PROVIDED that: (i) the
Exercise Price of an ISO will be not less than 100% of the Fair Market Value of
the Shares on the date of grant; and (ii) the Exercise Price of any ISO granted
to a Ten Percent Stockholder will not be less than 110% of the Fair Market Value
of the Shares on the date of grant. Payment for the Shares purchased may be made
in accordance with Section 8 of this Plan.

        5.5 METHOD OF EXERCISE. Options may be exercised only by delivery to the
Company of a written stock option exercise agreement (the "EXERCISE AGREEMENT")
in a form approved by the Committee (which need not be the same for each
Participant), stating the number of Shares being purchased, the restrictions
imposed on the Shares purchased under such Exercise Agreement, if any, and such
representations and agreements regarding Participant's investment intent and
access to information and other matters, if any, as may be required or desirable
by the Company to comply with applicable securities laws, together with payment
in full of the Exercise Price for the number of Shares being purchased.

        5.6 TERMINATION. Notwithstanding the exercise periods set forth in the
Stock Option Agreement, exercise of an Option will always be subject to the
following:

            (a) If the Participant is Terminated for any reason except death or
                Disability, then the Participant may exercise such Participant's
                Options only to the extent that such Options would have been
                exercisable upon the Termination Date no later than three (3)
                months after the Termination Date (or such shorter or longer
                time period not exceeding five (5) years as may be determined by
                the Committee, with any exercise beyond three (3) months after
                the Termination Date deemed to be an NQSO), but in any event, no
                later than the expiration date of the Options.

            (b) If the Participant is Terminated because of the Participant's
                death or Disability (or the Participant dies within three (3)
                months after a Termination other than because of Participant's
                death or disability), then Participant's Options may be
                exercised only to the extent that such Options would have been
                exercisable by Participant on the Termination Date and must be
                exercised by Participant (or Participant's legal representative
                or authorized assignee) no later than twelve (12) months after
                the Termination Date (or such shorter or longer time period not
                exceeding five (5) years as may be determined by the Committee,
                with any such exercise beyond (a) three (3) months after the
                Termination Date when the Termination is for any reason other
                than the Participant's death or Disability, or

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                (b) twelve (12) months after the Termination Date when the
                Termination is for Participant's death or Disability, deemed to
                be an NQSO), but in any event no later than the expiration date
                of the Options.

        5.7 LIMITATIONS ON EXERCISE. The Committee may specify a reasonable
minimum number of Shares that may be purchased on any exercise of an Option,
PROVIDED that such minimum number will not prevent Participant from exercising
the Option for the full number of Shares for which it is then exercisable.

        5.8 LIMITATIONS ON ISOS. The aggregate Fair Market Value (determined as
of the date of grant) of Shares with respect to which ISOs are exercisable for
the first time by a Participant during any calendar year (under this Plan or
under any other incentive stock option plan of the Company or any Affiliate,
Parent or Subsidiary of the Company) will not exceed $100,000. If the Fair
Market Value of Shares on the date of grant with respect to which ISOs are
exercisable for the first time by a Participant during any calendar year exceeds
$100,000, then the Options for the first $100,000 worth of Shares to become
exercisable in such calendar year will be ISOs and the Options for the amount in
excess of $100,000 that become exercisable in that calendar year will be NQSOs.
In the event that the Code or the regulations promulgated thereunder are amended
after the Effective Date of this Plan to provide for a different limit on the
Fair Market Value of Shares permitted to be subject to ISOs, such different
limit will be automatically incorporated herein and will apply to any Options
granted after the effective date of such amendment.

        5.9 MODIFICATION, EXTENSION OR RENEWAL. The Committee may modify, extend
or renew outstanding Options and authorize the grant of new Options in
substitution therefor, PROVIDED that any such action may not, without the
written consent of a Participant, impair any of such Participant's rights under
any Option previously granted. Any outstanding ISO that is modified, extended,
renewed or otherwise altered will be treated in accordance with Section 424(h)
of the Code. The Committee may reduce the Exercise Price of outstanding Options
without the consent of Participants affected by a written notice to them;
PROVIDED, HOWEVER, that the Exercise Price may not be reduced below the minimum
Exercise Price that would be permitted under Section 5.4 of this Plan for
Options granted on the date the action is taken to reduce the Exercise Price;
and PROVIDED, FURTHER, that the Exercise Price will not be reduced below the par
value of the Shares.

        5.10 NO DISQUALIFICATION. Notwithstanding any other provision in this
Plan, no term of this Plan relating to ISOs will be interpreted, amended or
altered, nor will any discretion or authority granted under this Plan be
exercised, so as to disqualify this Plan under Section 422 of the Code or,
without the consent of the Participant affected, to disqualify any ISO under
Section 422 of the Code.

     6. RESTRICTED STOCK. A Restricted Stock Award is an offer by the Company to
sell to an eligible person Shares that are subject to restrictions. The
Committee will determine to whom an offer will be made, the number of Shares the
person may purchase, the price to be paid (the "PURCHASE PRICE"), the
restrictions to which the Shares will be subject, and all other terms and
conditions of the Restricted Stock Award, subject to the following:

        6.1 FORM OF RESTRICTED STOCK AWARD. All purchases under a Restricted
Stock Award made pursuant to this Plan will be evidenced by an Award Agreement
("RESTRICTED STOCK PURCHASE AGREEMENT") that will be in such form (which need
not be the same for each Participant) as the Committee will from time to time
approve, and will comply with and be subject to the terms and conditions of this
Plan. The offer of Restricted Stock will be accepted by the Participant's
execution and delivery of the Restricted Stock Purchase Agreement and full
payment for the Shares to the Company within thirty (30) days from the date the
Restricted Stock Purchase Agreement is delivered to the person. If such person
does not execute and deliver the Restricted Stock Purchase Agreement along with
full payment for the Shares to the Company within thirty (30) days, then the
offer will terminate, unless otherwise determined by the Committee.

        6.2 PURCHASE PRICE. The Purchase Price of Shares sold pursuant to a
Restricted Stock Award will be determined by the Committee and will be at least
85% of the Fair Market Value of the Shares on the date the Restricted Stock
Award is granted, except in the case of a sale to a Ten Percent Stockholder, in
which case

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the Purchase Price will be 100% of the Fair Market Value. Payment of the
Purchase Price may be made in accordance with Section 8 of this Plan.

        6.3 RESTRICTIONS. Restricted Stock Awards will be subject to such
restrictions (if any) as the Committee may impose. The Committee may provide for
the lapse of such restrictions in installments and may accelerate or waive such
restrictions, in whole or part, based on length of service, performance or such
other factors or criteria as the Committee may determine.

     7. STOCK BONUSES.

        7.1 AWARDS OF STOCK BONUSES. A Stock Bonus is an award of Shares (which
may consist of Restricted Stock) for services rendered to the Company or any
Parent, Subsidiary or Affiliate of the Company. A Stock Bonus may be awarded for
past services already rendered to the Company, or any Parent, Subsidiary or
Affiliate of the Company (provided that the Participant pays the Company the par
value of the Shares awarded by such Stock Bonus in cash) pursuant to an Award
Agreement (the "STOCK BONUS AGREEMENT") that will be in such form (which need
not be the same for each Participant) as the Committee will from time to time
approve, and will comply with and be subject to the terms and conditions of this
Plan. A Stock Bonus may be awarded upon satisfaction of such performance goals
as are set out in advance in the Participant's individual Award Agreement (the
"PERFORMANCE STOCK BONUS AGREEMENT") that will be in such form (which need not
be the same for each Participant) as the Committee will from time to time
approve, and will comply with and be subject to the terms and conditions of this
Plan. Stock Bonuses may vary from Participant to Participant and between groups
of Participants, and may be based upon the achievement of the Company, Parent,
Subsidiary or Affiliate and/or individual performance factors or upon such other
criteria as the Committee may determine.

        7.2 TERMS OF STOCK BONUSES. The Committee will determine the number of
Shares to be awarded to the Participant and whether such Shares will be
Restricted Stock. If the Stock Bonus is being earned upon the satisfaction of
performance goals pursuant to a Performance Stock Bonus Agreement, then the
Committee will determine: (a) the nature, length and starting date of any period
during which performance is to be measured (the "PERFORMANCE PERIOD") for each
Stock Bonus; (b) the performance goals and criteria to be used to measure the
performance, if any; (c) the number of Shares that may be awarded to the
Participant; and (d) the extent to which such Stock Bonuses have been earned.
Performance Periods may overlap and Participants may participate simultaneously
with respect to Stock Bonuses that are subject to different Performance Periods
and different performance goals and other criteria. The number of Shares may be
fixed or may vary in accordance with such performance goals and criteria as may
be determined by the Committee. The Committee may adjust the performance goals
applicable to the Stock Bonuses to take into account changes in law and
accounting or tax rules and to make such adjustments as the Committee deems
necessary or appropriate to reflect the impact of extraordinary or unusual
items, events or circumstances to avoid windfalls or hardships.

        7.3 FORM OF PAYMENT. The earned portion of a Stock Bonus may be paid
currently or on a deferred basis with such interest or dividend equivalent, if
any, as the Committee may determine. Payment may be made in the form of cash,
whole Shares, including Restricted Stock, or a combination thereof, either in a
lump sum payment or in installments, all as the Committee will determine.

        7.4 TERMINATION DURING PERFORMANCE PERIOD. If a Participant is
Terminated during a Performance Period for any reason, then such Participant
will be entitled to payment (whether in Shares, cash or otherwise) with respect
to the Stock Bonus only to the extent earned as of the date of Termination in
accordance with the Performance Stock Bonus Agreement, unless the Committee will
determine otherwise.

     8. PAYMENT FOR SHARE PURCHASES.

        8.1 PAYMENT. Payment for Shares purchased pursuant to this Plan may be
made in cash (by check) or, where expressly approved for the Participant by the
Committee and where permitted by law:

            (a) by cancellation of indebtedness of the Company to the
                Participant;

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            (b) by surrender of shares that either: (1) have been owned by
                Participant for more than six (6) months and have been paid for
                within the meaning of SEC Rule 144 (and, if such shares were
                purchased from the Company by use of a promissory note, such
                note has been fully paid with respect to such shares); or (2)
                were obtained by Participant in the public market;

            (c) by tender of a full recourse promissory note having such terms
                as may be approved by the Committee and bearing interest at a
                rate sufficient to avoid imputation of income under Sections 483
                and 1274 of the Code; PROVIDED, HOWEVER, that Participants who
                are not employees or directors of the Company will not be
                entitled to purchase Shares with a promissory note unless the
                note is adequately secured by collateral other than the Shares;
                PROVIDED, FURTHER, that the portion of the Purchase Price equal
                to the par value of the Shares must be paid in cash;

            (d) by waiver of compensation due or accrued to the Participant for
                services rendered; PROVIDED that the portion of the Purchase
                Price equal to the par value of the Shares must be paid in cash;

            (e) by tender of property;

            (f) with respect only to purchases upon exercise of an Option, and
                provided that a public market for the Company's stock exists:

                (1) through a "same day sale" commitment from the Participant
                    and a broker-dealer that is a member of the National
                    Association of Securities Dealers (an "NASD DEALER") whereby
                    the Participant irrevocably elects to exercise the Option
                    and to sell a portion of the Shares so purchased to pay for
                    the Exercise Price, and whereby the NASD Dealer irrevocably
                    commits upon receipt of such Shares to forward the Exercise
                    Price directly to the Company; or

                (2) through a "margin" commitment from the Participant and a
                    NASD Dealer whereby the Participant irrevocably elects to
                    exercise the Option and to pledge the Shares so purchased to
                    the NASD Dealer in a margin account as security for a loan
                    from the NASD Dealer in the amount of the Exercise Price,
                    and whereby the NASD Dealer irrevocably commits upon receipt
                    of such Shares to forward the Exercise Price directly to the
                    Company; or

            (g) by any combination of the foregoing.

        8.2 LOAN GUARANTEES. The Committee may help the Participant pay for
Shares purchased under this Plan by authorizing a guarantee by the Company of a
third-party loan to the Participant.

     9. WITHHOLDING TAXES.

        9.1 WITHHOLDING GENERALLY. Whenever Shares are to be issued in
satisfaction of Awards granted under this Plan, the Company may require the
Participant to remit to the Company an amount sufficient to satisfy federal,
state and local withholding tax requirements prior to the delivery of any
certificate or certificates for such Shares. Whenever, under this Plan, payments
in satisfaction of Awards are to be made in cash, such payment will be net of an
amount sufficient to satisfy federal, state, and local withholding tax
requirements.

        9.2 STOCK WITHHOLDING. When, under applicable tax laws, a Participant
incurs tax liability in connection with the exercise or vesting of any Award
that is subject to tax withholding and the Participant is obligated to pay the
Company the amount required to be withheld, the Committee may allow the
Participant to

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satisfy the minimum withholding tax obligation by electing to have the Company
withhold from the Shares to be issued that number of Shares having a Fair Market
Value equal to the minimum amount required to be withheld, determined on the
date that the amount of tax to be withheld is to be determined (the "TAX DATE").
All elections by a Participant to have Shares withheld for this purpose will be
made in writing in a form acceptable to the Committee and will be subject to the
following restrictions:

            (a) the election must be made on or prior to the applicable Tax
                Date;

            (b) once made, then except as provided below, the election will be
                irrevocable as to the particular Shares as to which the election
                is made;

            (c) all elections will be subject to the consent or disapproval of
                the Committee;

            (d) if the Participant is an Insider and if the Company is subject
                to Section 16(b) of the Exchange Act: (1) the election may not
                be made within six (6) months of the date of grant of the Award,
                except as otherwise permitted by SEC Rule 16b-3(e) under the
                Exchange Act, and (2) either (A) the election to use stock
                withholding must be irrevocably made at least six (6) months
                prior to the Tax Date (although such election may be revoked at
                any time at least six (6) months prior to the Tax Date) or (B)
                the exercise of the Option or election to use stock withholding
                must be made in the ten (10) day period beginning on the third
                day following the release of the Company's quarterly or annual
                summary statement of sales or earnings; and

            (e) in the event that the Tax Date is deferred until six (6) months
                after the delivery of Shares under Section 83(b) of the Code,
                the Participant will receive the full number of Shares with
                respect to which the exercise occurs, but such Participant will
                be unconditionally obligated to tender back to the Company the
                proper number of Shares on the Tax Date.

     10. PRIVILEGES OF STOCK OWNERSHIP.

         10.1 VOTING AND DIVIDENDS. No Participant will have any of the rights
of a stockholder with respect to any Shares until the Shares are issued to the
Participant. After Shares are issued to the Participant, the Participant will be
a stockholder and have all the rights of a stockholder with respect to such
Shares, including the right to vote and receive all dividends or other
distributions made or paid with respect to such Shares; PROVIDED, that if such
Shares are Restricted Stock, then any new, additional or different securities
the Participant may become entitled to receive with respect to such Shares by
virtue of a stock dividend, stock split or any other change in the corporate or
capital structure of the Company will be subject to the same restrictions as the
Restricted Stock; PROVIDED, FURTHER, that the Participant will have no right to
retain such stock dividends or stock distributions with respect to Shares that
are repurchased at the Participant's original Purchase Price pursuant to Section
12.

         10.2 FINANCIAL STATEMENTS. The Company will provide financial
statements to each Participant prior to such Participant's purchase of Shares
under this Plan, and to each Participant annually during the period such
Participant has Awards outstanding; PROVIDED, HOWEVER, the Company will not be
required to provide such financial statements to Participants whose services in
connection with the Company assure them access to equivalent information.

     11. TRANSFERABILITY. Awards granted under this Plan, and any interest
therein, will not be transferable or assignable by Participant, and may not be
made subject to execution, attachment or similar process, otherwise than by will
or by the laws of descent and distribution or as consistent with the specific
Plan and Award Agreement provisions relating thereto. During the lifetime of the
Participant an Award will be exercisable only by the Participant, and any
elections with respect to an Award, may be made only by the Participant.

     12. RESTRICTIONS ON SHARES. At the discretion of the Committee, the Company
may reserve to itself and/or its assignee(s) in the Award Agreement (a) a right
of first refusal to purchase all Shares that a

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Participant (or a subsequent transferee) may propose to transfer to a third
party, and/or (b) a right to repurchase a portion of or all Shares held by a
Participant following such Participant's Termination at any time within ninety
(90) days after the later of Participant's Termination Date and the date
Participant purchases Shares under this Plan, for cash and/or cancellation of
purchase money indebtedness, at: (A) with respect to Shares that are "Vested"
(as defined in the Award Agreement), the higher of: (l) Participant's original
Purchase Price, or (2) the Fair Market Value of such Shares on Participant's
Termination Date, PROVIDED, that such right of repurchase (i) must be exercised
as to all such "Vested" Shares unless a Participant consents to the Company's
repurchase of only a portion of such "Vested" Shares and (ii) terminates when
the Company's securities become publicly traded; or (B) with respect to Shares
that are not "Vested" (as defined in the Award Agreement), at the Participant's
original Purchase Price, PROVIDED, that the right to repurchase at the original
Purchase Price lapses at the rate of at least 20% per year over five (5) years
from the date the Shares were purchased (or from the date of grant of options in
the case of Shares obtained pursuant to a Stock Option Agreement and Stock
Option Exercise Agreement), and if the right to repurchase is assignable, the
assignee must pay the Company, upon assignment of the right to repurchase, cash
equal to the excess of the Fair Market Value of the Shares over the original
Purchase Price.

     13. CERTIFICATES. All certificates for Shares or other securities delivered
under this Plan will be subject to such stock transfer orders, legends and other
restrictions as the Committee may deem necessary or advisable, including
restrictions under any applicable federal, state or foreign securities law, or
any rules, regulations and other requirements of the SEC or any stock exchange
or automated quotation system upon which the Shares may be listed or quoted.

     14. ESCROW; PLEDGE OF SHARES. To enforce any restrictions on a
Participant's Shares, the Committee may require the Participant to deposit all
certificates representing Shares, together with stock powers or other
instruments of transfer approved by the Committee, appropriately endorsed in
blank, with the Company or an agent designated by the Company to hold in escrow
until such restrictions have lapsed or terminated, and the Committee may cause a
legend or legends referencing such restrictions to be placed on the
certificates. Any Participant who is permitted to execute a promissory note as
partial or full consideration for the purchase of Shares under this Plan will be
required to pledge and deposit with the Company all or part of the Shares so
purchased as collateral to secure the payment of Participant's obligation to the
Company under the promissory note; PROVIDED, HOWEVER, that the Committee may
require or accept other or additional forms of collateral to secure the payment
of such obligation and, in any event, the Company will have full recourse
against the Participant under the promissory note notwithstanding any pledge of
the Participant's Shares or other collateral. In connection with any pledge of
the Shares, Participant will be required to execute and deliver a written pledge
agreement in such form as the Committee will from time to time approve. The
Shares purchased with the promissory note may be released from the pledge on a
pro rata basis as the promissory note is paid.

     15. EXCHANGE AND BUYOUT OF AWARDS. The Committee may, at any time or from
time to time, authorize the Company, with the consent of the respective
Participants, to issue new Awards in exchange for the surrender and cancellation
of any or all outstanding Awards. The Committee may at any time buy from a
Participant an Award previously granted with payment in cash, Shares (including
Restricted Stock) or other consideration, based on such terms and conditions as
the Committee and the Participant may agree.

     16. SECURITIES LAW AND OTHER REGULATORY COMPLIANCE. An Award will not be
effective unless such Award is in compliance with all applicable federal and
state securities laws, rules and regulations of any governmental body, and the
requirements of any stock exchange or automated quotation system upon which the
Shares may then be listed or quoted, as they are in effect on the date of grant
of the Award and also on the date of exercise or other issuance. Notwithstanding
any other provision in this Plan, the Company will have no obligation to issue
or deliver certificates for Shares under this Plan prior to: (a) obtaining any
approvals from governmental agencies that the Company determines are necessary
or advisable; and/or (b) completion of any registration or other qualification
of such Shares under any state or federal law or ruling of any governmental body
that the Company determines to be necessary or advisable. The Company will be
under no obligation to register the Shares with the SEC or to effect compliance
with the registration, qualification or listing requirements of any state
securities laws, stock exchange or automated quotation system, and the Company
will have no liability for any inability or failure to do so.

<PAGE>

     17. NO OBLIGATION TO EMPLOY. Nothing in this Plan or any Award granted
under this Plan will confer or be deemed to confer on any Participant any right
to continue in the employ of, or to continue any other relationship with, the
Company or any Parent, Subsidiary or Affiliate of the Company or limit in any
way the right of the Company or any Parent, Subsidiary or Affiliate of the
Company to terminate Participant's employment or other relationship at any time,
with or without cause.

     18. CORPORATE TRANSACTIONS.

         18.1 ASSUMPTION OR REPLACEMENT OF AWARDS BY SUCCESSOR. In the event of
(a) a dissolution or liquidation of the Company, (b) a merger or consolidation
in which the Company is not the surviving corporation (other than a merger or
consolidation with a wholly-owned subsidiary, a reincorporation of the Company
in a different jurisdiction, or other transaction in which there is no
substantial change in the stockholders of the Company or their relative stock
holdings and the Awards granted under this Plan are assumed, converted or
replaced by the successor corporation, which assumption will be binding on all
Participants), (c) a merger in which the Company is the surviving corporation
but after which the stockholders of the Company (other than any stockholder
which merges (or which owns or controls another corporation which merges) with
the Company in such merger) cease to own their shares or other equity interests
in the Company, (d) the sale of substantially all of the assets of the Company,
or (e) any other transaction which qualifies as a "corporate transaction" under
Section 424(a) of the Code wherein the stockholders of the Company give up all
of their equity interest in the Company (EXCEPT for the acquisition, sale or
transfer of all or substantially all of the outstanding shares of the Company
from or by the stockholders of the Company), any or all outstanding Awards may
be assumed, converted or replaced by the successor corporation (if any), which
assumption, conversion or replacement will be binding on all Participants. In
the alternative, the successor corporation may substitute equivalent Awards or
provide substantially similar consideration to Participants as was provided to
stockholders (after taking into account the existing provisions of the Awards).
The successor corporation may also issue, in place of outstanding Shares of the
Company held by the Participant, substantially similar shares or other property
subject to repurchase restrictions no less favorable to the Participant. In the
event such successor corporation (if any) refuses to assume or substitute
Options, as provided above, pursuant to a transaction described in this
Subsection 18.1, such Options will expire on such transaction at such time and
on such conditions as the Board will determine.

         18.2 OTHER TREATMENT OF AWARDS. Subject to any greater rights granted
to Participants under the foregoing provisions of this Section 18, in the event
of the occurrence of any transaction described in Section 18.1, any outstanding
Awards will be treated as provided in the applicable agreement or plan of
merger, consolidation, dissolution, liquidation, sale of assets or other
"corporate transaction."

         18.3 ASSUMPTION OF AWARDS BY THE COMPANY. The Company, from time to
time, also may substitute or assume outstanding awards granted by another
company, whether in connection with an acquisition of such other company or
otherwise, by either: (a) granting an Award under this Plan in substitution of
such other company's award; or (b) assuming such award as if it had been granted
under this Plan if the terms of such assumed award could be applied to an Award
granted under this Plan. Such substitution or assumption will be permissible if
the holder of the substituted or assumed award would have been eligible to be
granted an Award under this Plan if the other company had applied the rules of
this Plan to such grant. In the event the Company assumes an award granted by
another company, the terms and conditions of such award will remain unchanged
(EXCEPT that the exercise price and the number and nature of Shares issuable
upon exercise of any such option will be adjusted appropriately pursuant to
Section 424(a) of the Code). In the event the Company elects to grant a new
Option rather than assuming an existing option, such new Option may be granted
with a similarly adjusted Exercise Price.

     19. ADOPTION AND STOCKHOLDER APPROVAL. This Plan will become effective at
the effective time of the merger of Elantec California with the Company (the
"EFFECTIVE DATE"). This Plan will be approved by the stockholders of the Company
(excluding Shares issued pursuant to this Plan), consistent with applicable
laws, within twelve (12) months before or after the date this Plan is adopted by
the Board. Upon the Effective Date, the Board may grant Awards pursuant to this
Plan; PROVIDED, HOWEVER, that: (a) no Option may be exercised prior to initial
stockholder approval of this Plan; (b) no Option granted pursuant to an increase
in the

<PAGE>

number of Shares subject to this Plan approved by the Board will be exercised
prior to the time such increase has been approved by the stockholders of the
Company; and (c) in the event that stockholder approval of such increase is not
obtained within the time period provided herein, all Awards granted hereunder
will be cancelled, any Shares issued pursuant to any Award will be cancelled and
any purchase of Shares hereunder will be rescinded. So long as the Company is
subject to Section 16(b) of the Exchange Act, the Company will comply with the
requirements of Rule 16b-3 (or its successor), as amended, with respect to
stockholder approval.

     20. TERM OF PLAN. Unless earlier terminated as provided herein, this Plan
will terminate ten (10) years from the date this Plan is adopted by the Board
or, if earlier, the date of stockholder approval.

     21. AMENDMENT OR TERMINATION OF PLAN. The Board may at any time terminate
or amend this Plan in any respect, including without limitation amendment of any
form of Award Agreement or instrument to be executed pursuant to this Plan;
PROVIDED, HOWEVER, that the Board will not, without the approval of the
stockholders of the Company, amend this Plan in any manner that requires such
stockholder approval pursuant to the Code or the regulations promulgated
thereunder as such provisions apply to ISO plans or (if the Company is subject
to the Exchange Act or Section 16(b) of the Exchange Act) pursuant to the
Exchange Act or Rule 16b-3 (or its successor), as amended, thereunder,
respectively.

     22. NONEXCLUSIVITY OF THIS PLAN. Neither the adoption of this Plan by the
Board, the submission of this Plan to the stockholders of the Company for
approval, nor any provision of this Plan will be construed as creating any
limitations on the power of the Board to adopt such additional compensation
arrangements as it may deem desirable, including, without limitation, the
granting of stock options and bonuses otherwise than under this Plan, and such
arrangements may be either generally applicable or applicable only in specific
cases.

     23. DEFINITIONS. As used in this Plan, the following terms will have the
following meanings:

         "AFFILIATE" means any corporation that directly, or indirectly through
one or more intermediaries, controls or is controlled by, or is under common
control with, another corporation, where "control" (including the terms
"controlled by" and "under common control with") means the possession, direct or
indirect, of the power to cause the direction of the management and policies of
the corporation, whether through the ownership of voting securities, by contract
or otherwise.

         "AWARD" means any award under this Plan, including any Option,
Restricted Stock or Stock Bonus.

         "AWARD AGREEMENT" means, with respect to each Award, the signed written
agreement between the Company and the Participant setting forth the terms and
conditions of the Award.

         "BOARD" means the Board of Directors of the Company.

         "CODE" means the Internal Revenue Code of 1986, as amended.

         "COMMITTEE" means the committee appointed by the Board to administer
this Plan, or if no such committee is appointed, the Board.

         "COMPANY" means Elantec Semiconductor, Inc., a corporation organized
under the laws of the State of Delaware, or any successor corporation.

         "DISABILITY" means a disability, whether temporary or permanent,
partial or total, within the meaning of Section 22(e)(3) of the Code, as
determined by the Committee.

         "DISINTERESTED PERSON" means a director who has not, during the period
that person is a member of the Committee and for one year prior to commencing
service as a member of the Committee, been

<PAGE>

granted or awarded equity securities pursuant to this Plan or any other plan of
the Company or any Parent, Subsidiary or Affiliate of the Company, except in
accordance with the requirements set forth in Rule 16b-3(c)(2)(i) (and any
successor regulation thereto) as promulgated by the SEC under Section 16(b) of
the Exchange Act, as such rule is amended from time to time and as interpreted
by the SEC.

         "EXCHANGE ACT" means the Securities Exchange Act of 1934, as amended.

         "EXERCISE PRICE" means the price at which a holder of an Option may
purchase the Shares issuable upon exercise of the Option.

         "FAIR MARKET VALUE" means, as of any date, the value of a share of the
Company's Common Stock, par value $0.01, determined as follows:

            (a) if such Common Stock is then quoted on the Nasdaq National
                Market, its last reported sale price on the Nasdaq National
                Market or, if no such reported sale takes place on such date,
                the average of the closing bid and asked prices;

            (b) if such Common Stock is publicly traded and is then listed on a
                national securities exchange, the last reported sale price or,
                if no such reported sale takes place on such date, the average
                of the closing bid and asked prices on the principal national
                securities exchange on which the Common Stock is listed or
                admitted to trading;

            (c) if such Common Stock is publicly traded but is not quoted on the
                Nasdaq National Market nor listed or admitted to trading on a
                national securities exchange, the average of the closing bid and
                asked prices on such date, as reported by THE WALL STREET
                JOURNAL, for the over-the-counter market; or

            (d) if none of the foregoing is applicable, by the Board of
                Directors of the Company in good faith.

         "INSIDER" means an officer or director of the Company or any other
person whose transactions in the Company's Common Stock, par value $0.01, are
subject to Section 16 of the Exchange Act.

         "OUTSIDE DIRECTOR" means any director who is not: (a) a current
employee of the Company or any Parent, Subsidiary or Affiliate of the Company;
(b) a former employee of the Company or any Parent, Subsidiary or Affiliate of
the Company who is receiving compensation for prior services (other than
benefits under a tax-qualified pension plan); (c) a current or former officer of
the Company or any Parent, Subsidiary or Affiliate of the Company; or (d)
currently receiving compensation for personal services in any capacity, other
than as a director, from the Company or any Parent, Subsidiary or Affiliate of
the Company; provided, however, that at such time as the term "Outside
Director", as used in Section 162(m) of the Code is defined in regulations
promulgated under Section 162(m) of the Code, "Outside Director" will have the
meaning set forth in such regulations, as amended from time to time and as
interpreted by the Internal Revenue Service.

         "OPTION" means an award of an option to purchase Shares pursuant to
Section 5.

         "PARENT" means any corporation (other than the Company) in an unbroken
chain of corporations ending with the Company, if at the time of the granting of
an Award under this Plan, each of such corporations other than the Company owns
stock possessing 50% or more of the total combined voting power of all classes
of stock in one of the other corporations in such chain.

         "PARTICIPANT" means a person who receives an Award under this Plan.

         "PLAN" means this Elantec Semiconductor, Inc. 1995 Equity Incentive
Plan, as amended from time to time.

<PAGE>

         "RESTRICTED STOCK AWARD" means an award of Shares pursuant to Section
6.

         "SEC" means the Securities and Exchange Commission.

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

         "SHARES" means shares of the Company's Common Stock, par value $0.01,
reserved for issuance under this Plan, as adjusted pursuant to Sections 2 and
18, and any successor security.

         "STOCK BONUS" means an award of Shares, or cash in lieu of Shares,
pursuant to Section 7.

         "SUBSIDIARY" means any corporation (other than the Company) in an
unbroken chain of corporations beginning with the Company if, at the time of
granting of the Award, each of the corporations other than the last corporation
in the unbroken chain owns stock possessing 50% or more of the total combined
voting power of all classes of stock in one of the other corporations in such
chain.

         "TERMINATION" or "TERMINATED" means, for purposes of this Plan with
respect to a Participant, that the Participant has for any reason ceased to
provide services as an employee, director, consultant, independent contractor or
advisor to the Company or a Parent, Subsidiary or Affiliate of the Company,
except in the case of sick leave, military leave, or any other leave of absence
approved by the Committee, PROVIDED that such leave is for a period of not more
than ninety (90) days, or reinstatement upon the expiration of such leave is
guaranteed by contract or statute. The Committee will have sole discretion to
determine whether a Participant has ceased to provide services and the effective
date on which the Participant ceased to provide services (the "TERMINATION
DATE").

<PAGE>

                           ELANTEC SEMICONDUCTOR, INC.

                           1995 EQUITY INCENTIVE PLAN

                             STOCK OPTION AGREEMENT

     This Stock Option Agreement (this "Agreement") is made and entered into as
of the date of grant set forth in the Notice of Grant of Stock Options and
Option Agreement (the "Date of Grant") by and between Elantec Semiconductor,
Inc., a Delaware corporation (the "Company"), and the participant named in the
Notice of Grant of Stock Options and Option Agreement ("Participant").
Capitalized terms not defined herein shall have the meaning ascribed to them in
the Company's 1995 Equity Incentive Plan, as amended (the "Plan").

     1. GRANT OF OPTION. The Company hereby grants to Participant an option
(this "Option") to purchase up to the total number of shares of Common Stock,
par value $0.01 of the Company set forth above (collectively, the "Shares") at
the Exercise Price Per Share set forth above (the "Exercise Price"), subject to
all of the terms and conditions of this Agreement and the Plan. If designated as
an Incentive Stock Option above, this Option is intended to qualify as an
"incentive stock option" ("ISO") within the meaning of Section 422 of the
Internal Revenue Code of 1986, as amended (the "Code").

     2. VESTING; EXERCISE PERIOD.

         2.1 VESTING; EXERCISE PERIOD OF OPTION. (a) Provided Participant
continues to provide services to the Company or any Subsidiary, Parent or
Affiliate of the Company throughout the specified period, the Option shall
become exercisable with respect to twenty-five percent (25%) of the Shares at
the end of each full succeeding year after the Vesting Start Date set forth
above (the "Vesting Start Date"); (b) if Participant has continuously provided
services to the Company or any Subsidiary, Parent or Affiliate of the Company
from the Date of Grant through the First Vesting Date and has not been
Terminated on or before the First Vesting Date, then on the First Vesting Date
this Option shall become exercisable as to twenty-five percent (25%) of the
Shares on the first anniversary of the date of hire for new employees and on the
first anniversary of the date of grant for existing employees and 1/48th of the
total number of shares on a monthly basis thereafter; PROVIDED that this Option
shall in no event ever become exercisable with respect to more than 100% of the
Shares.

         2.2 EXPIRATION. This Option shall expire on the Expiration Date and
must be exercised, if at all, on or before the earlier of the Expiration Date or
the date on which this Option is earlier terminated in accordance with the
provisions of Section 3.

     3. TERMINATION.

         3.1 TERMINATION FOR ANY REASON EXCEPT DEATH OR DISABILITY. If
Participant is Terminated for any reason, except Participant's death or
Disability, then this Option, to the extent (and only to the extent) that it
would have been exercisable by Participant on the Termination Date, may be
exercised by Participant no later than three (3) months after the Termination
Date, but in any event no later than the Expiration Date.

         3.2 TERMINATION BECAUSE OF DEATH OR DISABILITY. If Participant is
Terminated because of death or Disability of Participant (or Participant dies
within three (3) months after Termination other than because of Participant's
death or disability), then this Option, to the extent that it is exercisable by
Participant on the Termination Date, may be exercised by Participant (or
Participant's legal representative) no later than twelve (12) months after the
Termination Date, but in any event no later than the Expiration Date. Any
exercise beyond (a) three (3) months after the Termination Date when the
Termination is for any reason other than the Participant's death or Disability,
or (b) twelve (12) months after the Termination Date when the Termination is for
Participant's death or Disability, deemed to be an nonqualified stock option.

         3.3 NO OBLIGATION TO EMPLOY. Nothing in the Plan or this Agreement
shall confer on Participant any right to continue in the employ of, or other
relationship with, the Company or any Parent, Subsidiary

<PAGE>

or Affiliate of the Company, or limit in any way the right of the Company or any
Parent, Subsidiary or Affiliate of the Company to terminate Participant's
employment or other relationship at any time, with or without cause.

     4. MANNER OF EXERCISE.

         4.1 STOCK OPTION EXERCISE AGREEMENT. To exercise this Option,
Participant (or in the case of exercise after Participant's death, Participant's
executor, administrator, heir or legatee, as the case may be) must deliver to
the Company an executed stock option exercise agreement in the form attached
hereto as EXHIBIT A, or in such other form as may be approved by the Company
from time to time (the "Exercise Agreement"), which shall set forth, INTER ALIA,
Participant's election to exercise this Option, the number of Shares being
purchased, any restrictions imposed on the Shares and any representations,
warranties and agreements regarding Participant's investment intent and access
to information as may be required by the Company to comply with applicable
securities laws. If someone other than Participant exercises this Option, then
such person must submit documentation reasonably acceptable to the Company that
such person has the right to exercise this Option.

         4.2 LIMITATIONS ON EXERCISE. This Option may not be exercised unless
such exercise is in compliance with all applicable federal and state securities
laws, as they are in effect on the date of exercise. This Option may not be
exercised as to fewer than 100 Shares unless it is exercised as to all Shares as
to which this Option is then exercisable.

         4.3 PAYMENT. The Exercise Agreement shall be accompanied by full
payment of the Exercise Price for the Shares being purchased in cash (by check),
or where permitted by law:

             (a) by cancellation of indebtedness of the Company to the
                 Participant;

             (b) by surrender of shares of the Company's Common Stock that
                 either: (1) have been owned by Participant for more than six
                 (6) months and have been paid for within the meaning of SEC
                 Rule 144 (and, if such shares were purchased from the Company
                 by use of a promissory note, such note has been fully paid with
                 respect to such shares); or (2) were obtained by Participant in
                 the open public market; AND (3) are clear of all liens, claims,
                 encumbrances or security interests;

             (c) by tender of a full recourse promissory note having such terms
                 as may be approved by the Committee and bearing interest at a
                 rate sufficient to avoid imputation of income under Sections
                 483 and 1274 of the Code; PROVIDED, HOWEVER, that Participants
                 who are not employees or directors of the Company shall not be
                 entitled to purchase Shares with a promissory note unless the
                 note is adequately secured by collateral other than the Shares;
                 and PROVIDED, FURTHER, that the portion of the Exercise Price
                 equal to the par value of the Shares must be paid in cash;

             (d) by waiver of compensation due or accrued to Participant for
                 services rendered; PROVIDED that the portion of the Exercise
                 Price equal to the par value of the Shares must be paid in
                 cash;

             (e) by tender of property

             (f) provided that a public market for the Company's stock exists:
                 (1) through a "same day sale" commitment from Participant and a
                 broker-dealer that is a member of the National Association of
                 Securities Dealers (an "NASD Dealer") whereby Participant
                 irrevocably elects to exercise this Option and to sell a
                 portion of the Shares so purchased to pay for the exercise
                 price and whereby the NASD Dealer irrevocably commits upon
                 receipt of such Shares to forward the exercise price directly
                 to the Company; OR (2) through a "margin" commitment from
                 Participant and a NASD Dealer whereby Participant --
                 irrevocably elects to exercise this Option and to pledge the
                 Shares so purchased to the NASD Dealer in a margin account as
                 security for a loan from the NASD Dealer in the amount of the
                 exercise price, and whereby the NASD Dealer irrevocably commits
                 upon receipt of such Shares to forward the exercise price
                 directly to the Company; or

<PAGE>

             (g) by any combination of the foregoing.

         4.4 TAX WITHHOLDING. Prior to the issuance of the Shares upon exercise
of this Option, Participant must pay or provide for any applicable federal or
state withholding obligations of the Company. If the Committee permits,
Participant may provide for payment of withholding taxes upon exercise of this
Option by requesting that the Company retain Shares with a Fair Market Value
equal to the minimum amount of taxes required to be withheld. In such case, the
Company shall issue the net number of Shares to the Participant by deducting the
Shares retained from the Shares issuable upon exercise.

         4.5 ISSUANCE OF SHARES. Provided that the Exercise Agreement and
payment are in form and substance satisfactory to counsel for the Company, the
Company shall issue the Shares registered in the name of Participant,
Participant's authorized assignee, or Participant's legal representative, and
shall deliver certificates representing the Shares with the appropriate legends
affixed thereto.

     5. NOTICE OF DISQUALIFYING DISPOSITION OF ISO SHARES. If this Option is an
ISO, and if Participant sells or otherwise disposes of any of the Shares
acquired pursuant to the ISO on or before the later of (a) the date two (2)
years after the Date of Grant, and (b) the date one (1) year after transfer of
such Shares to Participant upon exercise of this Option, then Participant shall
immediately notify the Company in writing of such disposition. Participant
agrees that Participant may be subject to income tax withholding by the Company
on the compensation income recognized by Participant from the early disposition
by payment in cash or out of the current wages or other compensation payable to
Participant.

     6. COMPLIANCE WITH LAWS AND REGULATIONS. The exercise of this Option and
the issuance and transfer of Shares shall be subject to compliance by the
Company and Participant with all applicable requirements of federal and state
securities laws and with all applicable requirements of any stock exchange on
which the Company's Common Stock may be listed at the time of such issuance or
transfer. Participant understands that the Company is under no obligation to
register or qualify the Shares with the Securities and Exchange Commission, any
state securities commission or any stock exchange to effect such compliance.

     7. NONTRANSFERABILITY OF OPTION. This Option may not be transferred in any
manner other than by will or by the laws of descent and distribution and may be
exercised during the lifetime of Participant only by Participant. The terms of
this Option shall be binding upon the executors, administrators, successors and
assigns of Participant.

     8. TAX CONSEQUENCES. Set forth below is a brief summary as of the Date of
Grant of some of the federal and California tax consequences of exercise of this
Option and disposition of the Shares. THIS SUMMARY IS NECESSARILY INCOMPLETE,
AND THE TAX LAWS AND REGULATIONS ARE SUBJECT TO CHANGE. PARTICIPANT SHOULD
CONSULT A TAX ADVISOR BEFORE EXERCISING THE OPTION OR DISPOSING OF THE SHARES.

         8.1 EXERCISE OF ISO. If this Option qualifies as an ISO, there will be
no regular federal or California income tax liability upon the exercise of this
Option, although the excess, if any, of the fair market value of the Shares on
the date of exercise over the Exercise Price will be treated as a tax preference
item for federal income tax purposes and may subject the Participant to the
alternative minimum tax in the year of exercise.

         8.2 EXERCISE OF NONQUALIFIED STOCK OPTION. If this Option does not
qualify as an ISO, there may be a regular federal and California income tax
liability upon the exercise of this Option. Participant will be treated as
having received compensation income (taxable at ordinary income tax rates) equal
to the excess, if any, of the fair market value of the Shares on the date of
exercise over the Exercise Price. The Company will be required to withhold from
Participant's compensation or collect from Participant and pay to the applicable
taxing authorities an amount equal to a percentage of this compensation income
at the time of exercise.

         8.3 DISPOSITION OF SHARES. If the Shares are held for more than twelve
(12) months after the date of the transfer of the Shares pursuant to the
exercise of this Option (and, in the case of an ISO, are

<PAGE>

disposed of more than two (2) years after the Date of Grant), then any gain
realized on disposition of the Shares will be treated as long term capital gain
for federal and California income tax purposes. If Shares purchased under an ISO
are disposed of within one (1) year of exercise or within two (2) years after
the Date of Grant, then any gain realized on such disposition will be treated as
compensation income (taxable at ordinary income rates) to the extent of the
excess, if any, of the fair market value of the Shares on the date of exercise
over the Exercise Price. The Company will be required to withhold from
Participant's compensation or collect from Participant and pay to the applicable
taxing authorities an amount equal to a percentage of this compensation income
at the time of exercise.

     9. PRIVILEGES OF STOCK OWNERSHIP. Participant shall not have any of the
rights of a stockholder with respect to any Shares until Participant exercises
this Option and pays the Exercise Price.

     10. INTERPRETATION. Any dispute regarding the interpretation of this
Agreement shall be submitted by Participant or the Company to the Committee for
review. The resolution of such a dispute by the Committee shall be final and
binding on the Company and Participant.

     11. ENTIRE AGREEMENT. The Plan is incorporated herein by reference. This
Agreement and the Plan and the Exercise Agreement constitute the entire
agreement and understanding of the parties hereto with respect to the subject
matter hereof and supersede all prior understandings and agreements with respect
to such subject matter.

     12. NOTICES. Any notice required to be given or delivered to the Company
under the terms of this Agreement shall be in writing and addressed to the
Corporate Secretary of the Company at its principal corporate offices. Any
notice required to be given or delivered to Participant shall be in writing and
addressed to Participant at the address indicated above or to such other address
as such party may designate in writing from time to time to the Company. All
notices shall be deemed to have been given or delivered upon: personal delivery;
three (3) days after deposit in the United States mail by certified or
registered mail (return receipt requested); one (1) business day after deposit
with any return receipt express courier (prepaid); or one (1) business day after
transmission by rapifax or telecopier.

     13. SUCCESSORS AND ASSIGNS. The Company may assign any of its rights under
this Agreement. This Agreement shall be binding upon and inure to the benefit of
the successors and assigns of the Company. Subject to the restrictions on
transfer set forth herein, this Agreement shall be binding upon Participant and
Participant's heirs, executors, administrators, legal representatives,
successors and assigns.

     14. GOVERNING LAW. This Agreement shall be governed by and construed in
accordance with the internal laws of the State of Delaware, without regard to
that body of law pertaining to choice of law or conflict of law.

     15. ACCEPTANCE. Participant hereby acknowledges receipt of a copy of the
Plan and this Agreement. Participant has read and understands the terms and
provisions thereof, and accepts this Option subject to all the terms and
conditions of the Plan and this Agreement. Participant acknowledges that there
may be adverse tax consequences upon exercise of this Option or disposition of
the Shares and that the Company has advised Participant to consult a tax advisor
prior to such exercise or disposition.

     IN WITNESS WHEREOF, the Company has caused this Agreement to be executed in
duplicate by its duly authorized representative and Participant has executed
this Agreement in duplicate as of the Date of Grant.

ELANTEC SEMICONDUCTOR, INC.                   OPTIONEE

By: ___________________________________       By:_______________________________
    Richard M. Beyer                                       Signature
    President & Chief Executive Officer
                                                 _______________________________
                                                          Print Name

<PAGE>
                                    EXHIBIT A

                         STOCK OPTION EXERCISE AGREEMENT<PAGE>

                                                                   EXHIBIT 10.91

                     FIRST AMENDMENT TO EMPLOYMENT AGREEMENT

         This amendment to the Employment Agreement (as defined below) is made
and entered into as of the 12th day of April, 2000 by and between Triangle
Pharmaceuticals, Inc., a Delaware corporation (the "Company"), and Carolyn S.
Underwood (the "Executive").

                                   WITNESSETH:

         WHEREAS, Executive has been an employee of the Company since January
5,1996;

         WHEREAS, Executive and the Company entered into an employment agreement
dated as of February 19, 1999 (the "Employment Agreement" or the "Agreement");

         WHEREAS, the Company and Executive desire to modify certain provisions
of the Employment Agreement;

         WHEREAS, Executive desires to receive from the Company certain
severance benefits and other benefits as described herein;

         NOW, THEREFORE, in consideration of the premises contained herein the
parties agree to modify the Employment Agreement as follows:

Section 1. EMPLOYMENT. The first sentence of Section 1 is revised to read as
follows:

         "The Company hereby employs Executive as Executive Vice President,
Commercial Operations, Investor Relations and Human Resources, it being
understood by Executive that the Investor Relations and Human Resources
responsibilities may be reassigned by the Company to other officers of the
Company during the Term of the Agreement. Executive hereby accepts such
employment upon the terms and conditions set forth herein for the Term of the
Agreement, as defined in Section 2 hereof."

Section 2. TERM OF AGREEMENT. Section 2 is revised to read as follows:

         "2. TERMS OF AGREEMENT. The term of this Agreement shall commence as of
the date and year first above written and shall continue until October 31, 2000,
at which time it shall terminate (the "Initial Term"), unless terminated earlier
as provided herein. As used in this Agreement, "Term of Agreement" means the
Initial Term."

Section 3. COMPENSATION. Section 3 is revised to read as follows:

<PAGE>

         "3. COMPENSATION. Executive shall commence receiving, effective January
1, 2000, a base salary of $217,000 a year ("Base Salary") less required federal
and state withholdings and. other authorized deductions, payable in accordance
with the Company's normal payroll schedule."

Section 6. TERMINATION OF EMPLOYMENT. Section 6(a) is revised to read as
follows:

         "(a) TERMINATION OF EMPLOYMENT RELATIONSHIP. The employment
relationship between the Company and the Executive shall terminate automatically
on October 31, 2000, or upon the termination of this Agreement by either party
as provided in Section 6, whichever shall occur first."

Section 7. EFFECT OF TERMINATION. The following provisions of Section 7 are
revised to read as follows:

Section 7(b) is revised to read as follows:

         "(b) VOLUNTARY TERMINATION BY EXECUTIVE. If Executive voluntarily
terminates this Agreement pursuant to Section 6(c), the Company shall pay
Executive such Base Salary as Executive may be entitled to receive for services
rendered prior to the effective date of such termination and for any accrued but
unused vacation, including any banked vacation."; and

The introductory clause of Section 7(d) is revised to read as follows:

         "(d) TERMINATION WITHOUT CAUSE. Except as provided in Section 7(e), if
this Agreement is terminated by the Company without Cause pursuant to Section
6(c), then:"; and

Section 7(d)(ii) is revised to read as follows:

         "(d)(ii) the Company shall pay Executive for any accrued but unused
vacation, including any banked vacation (the "Vacation Payment");"; and

A new Section 7(d)(vi) is added as follows:

         "(d)(vi) subject to the restrictions set forth in Sections 9 and 10,
the Company shall pay Executive a bonus of $90,055, less required federal and
state withholdings and authorized deductions, which amount shall be payable in
accordance with the regularly scheduled bonus payout of the Company in December
of 2000 (the "Bonus Payment")."; and

The introductory clause of Section 7(e) is revised to read as follows:

         "(e) TERMINATION FOLLOWING A CHANGE IN CONTROL. If, within twelve (12)
months following a Change in Control, as defined in Section 8, thus Agreement is
terminated by the Company without Cause pursuant to Section 6(c), or Executive
terminates this Agreement for

                                       2
<PAGE>

Good Reason pursuant to Section 6(e), then the Company shall pay Executive the
Payment for Services Rendered and the Vacation Payment. In addition to the
foregoing, and subject to the restrictions set forth in Section 9:"; and

A new Section 7(e)(iv) is added as follows:

         "(e)(iv) the Company shall pay the Executive the Bonus Payment."; and

A new Section 7(f) is added and existing subsections 7(f) and 7(g) become
subsections 7(g) and 7(h), respectively, as follows:

         "(f) TERMINATION UPON EXPIRATION OF AGREEMENT. If this Agreement is
terminated due to the expiration of the Initial Term as provided in Section 2:

         (i)    the Company shall pay Executive the Payment for Services
Rendered;

         (ii)   the Company shall pay Executive the Vacation Payment;

         (iii)  subject to the restrictions in Sections 9 and 10, the Company
shall pay Executive the Eighteen Month Payment;

         (iv)   subject to the restrictions in Sections 9 and 10, the Company
shall pay Executive the Cobra Payment. The Company's obligation under this
Section 7(f)(iv) shall immediately cease at such time as Executive becomes
eligible for comparable health coverage from another company. If Executive fails
to notify the Company that she is eligible for other health coverage within
thirty (30) days of becoming eligible for such coverage, Executive shall be
considered in breach of this Agreement and shall be required to repay to the
Company all payments made under this section;

         (v)    subject to the restrictions set forth in Section 9, the Company
shall accelerate the vesting of any outstanding option to purchase shares of
stock of the Company granted to Executive by one (1) year, and accelerate the
lapse of all repurchase rights and forfeiture restrictions applicable to any
restricted stock award by one (1) year, all subject to the terms and conditions
of the applicable plan documents and agreement(s); and

         (vi)   subject to the restrictions set forth in Sections 9 and 10, the
Company shall pay Executive the Bonus Payment"; and

Former Section 7(g) is revised to read as follows:

         "(h) Notwithstanding the foregoing, the Company shall have the right to
waive or accelerate any applicable notice period for termination of this
Agreement and may terminate this Agreement immediately upon payment to Executive
of an amount which the Company determines, in its sole discretion and in good
faith, to be equal to the amount of Base Salary Executive would have received if
notice had not been waived or accelerated by the Company."

                                       3
<PAGE>

Section 9. CONDITION OF PAYMENT OF BENEFITS. Section 9 is revised to read as
follows:

         "9. CONDITION OF PAYMENT OF BENEFITS.

         (a) Executive agrees that he shall be entitled to the Eighteen Month
Payment, the COBRA Payment, the Twenty-Four Month Payment and the Bonus Payment,
and the benefits under the terms of Sections 7(d)(v), 7(e)(ii) and 7(f)(v), as
applicable, only if he timely executes a complete and general release in a form
substantially comparable to the release set forth in EXHIBIT A hereto and
incorporated herein by reference or in such other comparable form as is
determined by the Company in good faith to be advisable due to legitimate legal
or business needs of the Company, so long as any such changes are consistent
with the intent of this Agreement and EXHIBIT A. The release shall contain a
release by Executive and any beneficiary of Executive entitled to receive all or
any portion of the benefits specified in such Sections of any claims arising
from Executive's employment or association with the Company or otherwise
existing against the Company and its officers, directors, agents, employees,
shareholders, and representatives at the time of execution of the release.
Notwithstanding any other provision set forth herein, if the Executive elects
not to execute such a general release, then Executive's entitlement to the
Eighteen Month Payment, the COBRA Payment, the Twenty Four Month Payment, and
the Bonus Payment, and the benefits under Sections 7(d)(v), 7(e)(ii), and
7(f)(v), as applicable, shall consists solely of an amount equal to one-twelfth
(1/12) of Executive's Base Salary in effect at the time of the termination,
which amount shall be payable in a lump sum in accordance with the regularly
scheduled payroll of the Company.

         (b) Notwithstanding anything to the contrary contained in the
Agreement, in the event that Section 10(d)(i) of this Agreement, to the extent
applicable pursuant to Section 10(e), is determined to be unenforceable due to
Executive's actions, to any extent, by a court or arbitration panel, whether by
preliminary or final adjudication, the Company shall not be liable for the
Eighteen Month Payments, the COBRA Payments, payable pursuant to Sections
7(d)(iv) or 7(f)(iv), or the Bonus Payments payable pursuant to Sections
7(d)(vi) and 7(f)(vi)."

Section 10. NONCOMPETION AND NONSOLICITATION. Sections 10(e) and 10(f) are
revised to read as follows:

         (e) This Section 10 shall apply only in the event that (i) the Company
terminates Executive's employment without Cause pursuant to Section 6(c) and
such termination does not occur within twelve (12) months following a Change of
Control, or (ii) the Initial Term of the Agreement terminates as provided in
Section 2. Accordingly, this Section 10 does not apply if (i) the Company
terminates Executive's employment pursuant to Section 6(b); (ii) Executive
voluntarily terminates her employment pursuant to Section 6(c); (iii) Executive
terminates her employment for Good Reason pursuant to Section 6(e); (iv) the
Company terminates Executive's employment without Cause within twelve (12)
months following a Change of Control; or (v) Executive terminates her employment
on account of Executive's Retirement pursuant to Section 6(d).

                                       4
<PAGE>

         (f) If, for any reason, any provision of this Section 10, to the extent
applicable pursuant to Section 10(e), is determined to be unenforceable due to
Executive's actions, by a court or arbitration panel, whether by preliminary or
final adjudication, or Executive elects not to adhere to the restrictions of
Sections 10(b) or 10(d)(ii), which is her right subject to forfeiture of her
eligibility for the payments and benefits described herein, the Company shall
cease immediately payment of the Eighteen Month Payment, the COBRA Payments
payable pursuant to Sections 7(d)(iv) and 7(f)(iv), and the Bonus Payments,
payable pursuant to Sections 7(d)(vi) and 7(t)(vi). Executive agrees to notify
the Company immediately of her election not to adhere to Sections 10(b) or
10(d)(ii). If Executive fails to notify the Company within thirty (30) days of
making such election, Executive shall be considered in breach of this Agreement,
the Company shall have no further obligations hereunder, and Executive shall be
required to repay to the Company all payments made for the Eighteen Month
Payment, the COBRA Payments payable pursuant to Sections 7(d)(iv) and 7(f)(iv),
or Bonus Payments payable pursuant to Sections 7(d)(vi) and 7(t)(vi)."

A new Section 25 is added, as follows:

         "25. CONSULTING ARRANGEMENT. In the event that, prior to October 31,
2000, (i) the Company terminates Executive's employment without Cause pursuant
to Section 6(c); or (ii) Executive terminates her employment for Good Reason
pursuant to Section 6(e), the Company hereby agrees to retain Executive as a
consultant to the Company, from the date of such termination until October 31,
2000. As a consultant, Executive shall assist in the transition of her
responsibilities as directed by the Company for compensation of $1,000 per
month. Company's obligation to so retain Executive as a consultant shall be
noncancelable and shall survive expiration or termination of this Agreement,"

A new Section 26 is added, as follows:

         "26. CONFIDENTIALITY. Except with the Company's express prior written
consent or as required by law, Executive shall keep the terms of this Agreement,
excluding the terms in Sections 1, X 10, 11 and 12, strictly confidential, and
shall not disclose the terms of the Agreement, excluding the terms in Sections
1,X 10, 11 and 12, to any persons other than Executive's immediate family and
legal and financial advisors, subject to their agreement to keep such terms
confidential. If required by law to produce a copy of this Agreement or to make
such disclosure, Executive shall give the Company reasonable notice prior to
such production or disclosure. Nothing herein shall be interpreted as otherwise
relieving Executive from her fiduciary and confidentiality obligations."

                                       5
<PAGE>

These amendments to the Employment Agreement will become effective upon the date
and year first above written. All other provisions of the Employment Agreement
remain in full force and effect.

         In Witness Whereof, the parties have executed this Amendment to the
Employment Agreement dated February 19, 1999, the day and year first above
written.

         Triangle Pharmaceuticals, Inc.

         By:  /s/ Chris A. Rallis
              ----------------------
              Authorized Officer

         Executive

         /s/ Carolyn Underwood
         ---------------------
         Carolyn Underwood

         Attest

         /s/ Jane Torgerson
         ------------------
         Jane Torgerson

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