Document:

exh_1016.htm

Exhibit 10.16

 

August 30, 2011

THE FEMALE HEALTH COMPANY

as the Chargor

and

HEARTLAND BANK

as the Chargee

_______________________________________

Share Charge

_______________________________________

85 Fleet Street

London

EC4Y 1AE

Tel: +44 20 7832 3600

www.fulbright.com

Ref: APSH/11107981

  

  

  

CONTENTS

 

	
Clause

	  	
Page

	
1

	
DEFINITIONS AND INTERPRETATION

	
1

	
2

	
COVENANT TO PAY

	
3

	
3

	
SECURITY

	
3

	
4

	
OTHER OBLIGATIONS

	
3

	
5

	
ENFORCEMENT

	
5

	
6

	
APPOINTMENT AND RIGHTS OF RECEIVERS

	
6

	
7

	
DISTRIBUTION

	
8

	
8

	
CHARGEE'S RIGHTS

	
9

	
9

	
RESPONSIBILITIES OF CHARGEE, RECEIVERS AND DELEGATES

	
10

	
10

	
FURTHER ASSURANCE

	
10

	
11

	
POWER OF ATTORNEY

	
11

	
12

	
PROTECTION OF THIRD PARTIES

	
11

	
13

	
EXPENSES, STAMP DUTY AND INDEMNITIES

	
12

	
14

	
PAYMENTS

	
12

	
15

	
EFFECTIVENESS OF SECURITY

	
13

	
16

	
SET-OFF

	
15

	
17

	
COMMUNICATIONS

	
16

	
18

	
THIRD PARTIES

	
16

	
19

	
COUNTERPARTS

	
16

	
20

	
ASSIGNMENT

	
16

	
21

	
GOVERNING LAW AND SUBMISSION TO JURISDICTION

	
16

	
SCHEDULE 1 Details of the Investments

	
18

	
SCHEDULE 2 Proxy

	
19

 

  

i

  

THIS DEED is dated August 30, 2011

 

BETWEEN:

 

	
(1)

	
THE FEMALE HEALTH COMPANY, a corporation organised and existing under the laws of the State of Wisconsin (the "Chargor"); and

 

	
(2)

	
HEARTLAND BANK, a United States federal savings bank (the "Chargee").

 

IT IS AGREED as follows:

 

1.             DEFINITIONS AND INTERPRETATION

 

1.1           Definitions:  In this Deed:

 

"Charged Assets" means the assets from time to time subject, to or expressed to be subject to, the Security or any part of those assets;

 

"Company" means The Female Health Company Limited, a company organised and existing under the laws of England and Wales;

 

"Delegate" means a delegate, sub-delegate, attorney or co-trustee appointed, directly or indirectly, pursuant to Clause 8.3 (Delegation);

 

"Dividends" means, in relation to any Share, all present and future:

 

	
  

	
(a)

	
dividends and distributions of any kind and any other sum received or receivable in respect of that Share;

 

	
  

	
(b)

	
rights, shares, money or other assets accruing or offered by way of redemption, bonus, option or otherwise in respect of that Share;

 

	
  

	
(c)

	
allotments, offers and rights accruing or offered in respect of that Share; and

 

	
  

	
(d)

	
other rights and assets attaching to, deriving from or exercisable by virtue of the ownership of, that Share;

 

"Loan Agreement" means the second amended and restated loan agreement dated [  ] between the Chargor and the Chargee;

 

"LPA" means the Law of Property Act 1925;

 

"Receiver" means a receiver, receiver and manager or other receiver appointed in respect of the Charged Assets by the Chargee pursuant to this Deed;

 

"Release Date" has the meaning ascribed thereto in Clause 15.10 (Final Redemption);

 

"Secured Liabilities" means all present and future obligations and other liabilities of any nature of the Chargor due, owing or incurred under or in connection with the Loan Documents to the Chargee and/or any Receiver (including, without limitation, under any amendments, supplements or restatements of the Loan Documents or in relation to any new or increased advances or utilisations thereunder or any extension of any date for payment or repayment thereunder), actual or contingent, matured or not matured, liquidated or unliquidated, whether as principal or surety or in any other capacity whatsoever;

 

  

1

  

"Security" means the security created (or purported to be created) by this Deed;

 

"Shares" means

 

	
  

	
(a)

	
sixty-five per cent (65%) of all present and future shares in the Company issued and outstanding from time to time, and which as at the date of this Deed comprises the shares of the Company described in Schedule 1 (Shares); and

 

	
  

	
(b)

	
all rights relating to any of those shares which are deposited with or registered in the name of any security agent, depositary, custodian, nominee, fiduciary, investment manager or clearing system or other similar person or its nominee, in each case whether or not on a fungible basis (including rights against such person);

 

"this Deed" means this charge as varied, amended or supplemented from time to time.

 

1.2           Loan Agreement

 

Unless otherwise expressly defined in this Deed or the context otherwise required, words and expressions defined in the Loan Agreement shall have the same meaning in this Deed or any notice given in relation to this Deed.

 

1.3           Construction

 

	
  

	
(a)

	
The provisions of Clauses 1.2 (Other Provisions) of the Loan Agreement shall apply to this Deed with all necessary modifications as if they were expressly set out in full in this Deed.

 

	
  

	
(b)

	
"rights" shall be construed as including rights, benefits, privileges, consents, authorities, discretions, remedies and powers and "right" shall be construed accordingly.

 

	
  

	
(c)

	
A reference to "Secured Liabilities" includes any liabilities which would be treated as such but for the liquidation or dissolution or similar event affecting the Chargor.

 

	
  

	
(d)

	
Any reference to the Chargee or the Chargor shall be construed so as to include its or their (and any subsequent) successors and any permitted transferees in accordance with their respective interests.

	
  

	
(e)

	
References in this Deed to any Clause or Schedule shall be to a clause or schedule of this Deed unless otherwise specified. References to a Section are to a Section of the Loan Agreement.

 

1.4           Law of Property (Miscellaneous Provisions) Act 1989

 

The terms of the documents under which the Secured Liabilities arise are incorporated herein to the extent required for any purported disposition of the Charged Assets contained in this Deed to be a valid disposition in accordance with section 2(1) of the Law of Property (Miscellaneous Provisions) Act 1989.

 

1.5           Deed

 

This document is to take effect as a deed notwithstanding that the Chargee has executed it under hand only.

 

  

2

  

1.6           Covenants and Representations

 

	
  

	
(a)

	
Each covenant of the Chargor contained in this Deed remains in force until the Release Date.

 

	
  

	
(b)

	
The representations and warranties set out in this Deed are made on the date of this Deed and are, unless otherwise stated herein, deemed to be repeated by the Chargor on each day from the date of this Deed until the Release Date with reference to the circumstances existing at the time of repetition.

 

2.           COVENANT TO PAY

 

2.1           Covenant to Pay

 

The Chargor shall on demand pay or discharge to the Chargee the Secured Liabilities when the same have become due in the manner provided for in the Loan Documents.

 

3.           SECURITY

 

3.1           Creation of Charges

 

The Chargor charges in favour of the Chargee with full title guarantee and as continuing security for the payment and discharge of all Secured Liabilities by way of first fixed charge the Shares and the Dividends.

 

4.           OTHER OBLIGATIONS

 

4.1           Negative pledge and disposals

 

Except with the consent of the Chargee, the Chargor shall not:

 

	
  

	
(a)

	
create or permit to subsist any Lien over the Charged Assets save as expressly permitted pursuant to the Loan Documents; or

 

	
  

	
(b)

	
sell, transfer, assign, or otherwise dispose of any of the Charged Assets or the equity of redemption therein or permit any person to do any such thing except as permitted pursuant to the terms of the Loan Documents.

 

4.2           Shares

 

 

	
  

	
(a)

	
Deposit of Documents

 

The Chargor shall, immediately upon the execution of this Deed and, where shares in the Company are acquired by it after the date of this Deed, on the date of that acquisition, deliver (or procure delivery) to the Chargee:

 

	
  

	
(i)

	
all certificates representing the Shares;

 

	
  

	
(ii)

	
all undated stock transfer forms and other documents which the Chargee may reasonably request in such form and executed in such manner as the Chargee may reasonably require with a view to perfecting or maintaining the Security over the Charged Assets or registering any of the Shares in the name of the Chargee or its nominees; and

 

	
  

	
(iii)

	
a signed but undated irrevocable proxy made in respect of the Shares in favour of the Chargee in respect of all general meetings of the Company in the form set out in Schedule 2

 

  

3

  

	
  

	
to be dated by the Chargee and to become effective after an Event of Default has occurred and for so long as it is continuing.

 

	
  

	
(b)

	
Voting Rights and Distributions

 

	
  

	
(i)

	
Until the Security has become enforceable, the Chargor shall be entitled to:

 

	
  

	
(A)

	
receive and retain all Dividends paid on or derived from the Shares; and

 

	
  

	
(B)

	
exercise or direct the exercise of the voting rights and other rights and powers attached to the Shares in any manner as it sees fit other than in a manner which:

 

	
  

	
(1)

	
is in breach of any Loan Document or which may adversely affect the validity or enforceability of the Security or the value of the Shares; or

 

	
  

	
(2)

	
would cause the Chargee or its nominee to incur any cost or expense or render itself subject to any liability for which it has not previously been indemnified to its satisfaction or would otherwise prejudice the Chargee.

 

(ii)         After an Event of Default has occurred and is continuing:

 

	
  

	
(A)

	
the Chargee or the Receiver shall be entitled but not obliged to transfer the Shares on behalf of the Chargor to such nominee as the Chargee shall select;

 

	
  

	
(B)

	
the Chargee or the Receiver shall be entitled but not obliged to receive and retain all Dividends and apply the same in accordance with Clause 7.1 (Application); and

 

	
  

	
(C)

	
the Chargee or the Receiver shall be entitled but not obliged to exercise any voting rights and any other rights and powers attached to any Share in such manner as it considers fit as if it were the sole beneficial owner of the that Share (including all powers given to trustees under Part II of the Trustee Act 2000); and

 

	
  

	
(D)

	
the Chargor shall comply, or procure the compliance, with any directions of the Chargee or any Receiver in respect of the exercise of any rights and powers exercisable in relation to the Charged Assets.

 

(c)         Representations regarding Shares

 

	
  

	
The Chargor represents and warrants to the Chargee that:

 

	
  

	
(i)

	
it is the sole legal and beneficial owner of the Shares;

 

	
  

	
(ii)

	
such Shares are free from all Liens, options and other third party rights (except as created by this Deed);

 

	
  

	
(iii)

	
such Shares are fully paid;

 

	
  

	
(iv)

	
the Shares referred to in Schedule 1 constitute sixty-five per cent (65%) of all of the authorised and issued share capital of the Company as at the date of this Deed; and

 

	
  

	
(v)

	
the constitutional documents of the Company do not restrict or otherwise limit the Chargor’s right to transfer or charge the Charged Assets.

 

  

4

  

5.          ENFORCEMENT

 

5.1           Power of Sale

 

The power of sale or other disposal and other powers conferred on the Chargee and on any Receiver by this Deed shall operate as a variation and extension of the statutory power of sale and other powers conferred on mortgagees under section 101 of the LPA and such powers shall arise on the date of this Deed free from the restrictions imposed by section 103 of the LPA, which shall not apply to the Charges.

 

5.2           Enforceability of Security

 

	
  

	
(a)

	
For the purposes of all powers implied by the LPA or any other applicable statute, the Secured Liabilities shall be deemed to have become due and payable upon the date of this Deed.

 

	
  

	
(b)

	
Save as provided in Clause 5.3 (Effect of Moratorium) below, the Security shall become immediately enforceable upon:

 

	
  

	
(i)

	
the occurrence of an Event of Default which is continuing; or

 

	
  

	
(ii)

	
a petition being presented or application made for the appointment of an administrator in respect of the Chargor; or

 

	
  

	
(iii)

	
notice being given by a person entitled to do so of the intention to appoint an administrator or such notice being filed with the court,

 

and the power of sale conferred by section 101 of the LPA and all other powers conferred on mortgagees and Receivers by law (as varied and extended by this Deed) shall be exercisable in relation to the Security and the Chargee may take possession, hold or dispose of any Charged Asset at any time after the Security has become enforceable.

 

5.3           Effect of Moratorium

 

The Security will not become enforceable solely as a result of any person obtaining or taking steps to obtain a moratorium under Schedule A1 of the Insolvency Act 1986.

 

5.4           Contingencies

 

If the Security is enforced at a time when no amount is due under the Loan Agreement but at a time when amounts may or will become due, the Chargee (or the Receiver) may pay the proceeds of any recoveries effected by it into a suspense account.

 

5.5           Right of Appropriation: Financial Collateral

 

To the extent that any of the Charged Assets constitute "financial collateral" and this Deed and the obligations of the Chargor hereunder constitute a "security financial collateral arrangement" (in each case as defined in, and for the purposes of, the Financial Collateral Arrangements (No. 2) Regulations 2003 (SI 2003 No. 3226; the "Regulations")), the Chargee shall have the right following enforcement of this Deed to appropriate all or any part of such financial collateral in or towards discharge of the Secured Liabilities.  For this purpose, the parties agree that the value of such financial collateral so appropriated shall be, in the case of Investments, the market price of such Investments determined by the Chargee by reference to a public index or by such other process as the Chargee may select, including independent valuation.  In each case, the parties agree that the method of valuation provided for in the Deed shall constitute a commercially reasonable method of valuation for the purposes of the Regulations.

 

  

5

  

6.             APPOINTMENT AND RIGHTS OF RECEIVERS

 

6.1           Appointment of Receivers:

 

	
  

	
(a)

	
If:

 

	
  

	
(i)

	
an Event of Default occurs and is continuing;

 

	
  

	
(ii)

	
so requested by the Chargor; or

 

	
  

	
(iii)

	
a petition is presented or application made for the appointment of an administrator, a liquidator or a provisional liquidator in respect of the Chargor or notice is given by any person entitled to do so of the intention to appoint an administrator or such notice is filed with the court,

 

the Chargee may, by deed or otherwise in writing signed by any officer of the Chargee or any other person authorised by the Chargee for this purpose:

 

	
  

	
(A)

	
appoint one or more persons to be Receiver of any Charged Assets of the Chargor; or

 

	
  

	
(B)

	
(subject to any requirement for a court order under the Insolvency Act 1986 or any other applicable insolvency law) remove any Receiver so appointed and, at its option, appoint another person(s) to be an additional or replacement Receiver.

 

	
  

	
(b)

	
If more than one person is appointed Receiver of any assets, each Receiver may act either jointly or severally unless the document appointing him states otherwise.

 

	
  

	
(c)

	
Section 109(1) of the LPA does not apply to this Deed.

 

	
  

	
(d)

	
The powers of appointment of a Receiver under this Deed shall be in addition to all other statutory and other powers of appointment of the Chargee under the LPA or otherwise.

 

6.2           Rights of Receivers

 

Any Receiver appointed pursuant to this Deed shall (subject to any restrictions in the instrument appointing him) have in relation to the Charged Assets (and any other assets which when got in, would be Charged Assets) in relation to which he is appointed:

 

	
  

	
(a)

	
all the powers conferred on an administrative receiver or receivers under the Insolvency Act 1986;

 

	
  

	
(b)

	
all the powers conferred by the LPA or any other applicable law on mortgagees, mortgagees in possession and on receivers; and

 

	
  

	
(c)

	
all the powers and rights of an absolute owner and power to do or omit to do anything which the Chargor itself could do or omit to do.

 

In addition, a Receiver shall be entitled (either in his own name or in the name of the Chargor or any trustee or nominee for the Chargor) or otherwise and in such manner and upon such terms and conditions as the Receiver thinks fit and either alone or jointly with any other person:

 

	
  

	
(a)

	
Take possession

 

to take possession of the Charged Assets, to require directors of such Chargor to call up unpaid share capital and to take action to enforce payment of unpaid calls;

 

  

6

  

(b)           Contracts

 

to enter into any contract or arrangement and to perform, repudiate, rescind or vary any contract or arrangement to which the Chargor is a party to the extent necessary to dispose of the Charged Assets and to perform its obligations;

 

	
  

	
(c)

	
Deal with Charged Assets

 

to sell, transfer, assign, exchange, or otherwise dispose of, convert into money or realise the Charged Assets either by public offer or auction, tender or private contract to any person on any terms and for a consideration of any nature he thinks fit;

 

(d)         New Subsidiary

 

	
  

	
(i)

	
to form or procure the formation of any new corporation, trust or partnership (a "new vehicle");

 

	
  

	
(ii)

	
to subscribe for or acquire any investment in such new vehicle;

 

	
  

	
(iii)

	
to transfer or transfer any right in or grant any lease or licence in any Charged Assets to such new vehicle; and

 

	
  

	
(iv)

	
to sell, transfer, assign, exchange or otherwise dispose of any such investments or any rights attaching thereto;

 

(e)         Borrowings

 

to borrow or raise money either unsecured or on the security of the Charged Assets either in priority to the Security or otherwise and on such terms as he thinks fit;

 

(f)         Covenants and guarantees

 

to enter into bonds, covenants, commitments, guarantees, indemnities or like matters and to make all requisite payments to effect, maintain or satisfy the same;

 

(g)         Proceedings and Claims

 

to bring, prosecute, enforce, defend and abandon actions, suits and proceedings in relation to the Charged Assets;

 

(h)         Compromise of Claims

 

to settle, adjust, refer to arbitration, compromise and arrange any claims, accounts, disputes, questions and demands with or by any person who is or claims to be a creditor of such Chargor or relating in any way to the Charged Assets;

 

(i)         Redemption of Security

 

to redeem any Lien (whether or not having priority to the Charges) over the Charged Assets and to settle the accounts of encumbrancers;

 

  

7

  

(j)            Receipts

 

to give a valid receipt for any moneys and execute any document which is necessary or desirable for realising any Charged Assets; and

 

(k)          Other Powers

 

to do all such other acts and things the Receiver may consider necessary or expedient for preserving, improving or realising the Charged Assets or the getting in and collection of the Charged Assets (or any assets which when got in would constitute Charged Assets) or which are incidental to the exercise of any of the rights, powers and discretions conferred on the Receiver under or by virtue of this Deed or by law.

 

Each of the powers specified in each of the above paragraphs shall (except as otherwise provided) be distinct and shall not be in any way limited by reference to any other paragraph or the order in which they appear.

 

6.3           Agent of Chargor

 

Any Receiver shall be the agent of the Chargor for all purposes unless and until the Chargor goes into liquidation after which time the Receiver shall act as principal and shall not become agent of the Chargee.  Subject to any applicable law, the Chargor alone shall be responsible for his contracts, engagements, acts, omissions, defaults and liabilities (other than where caused by his gross negligence or wilful default) and for any payment of his remuneration.  The Chargee shall not incur any liability by reason of the appointment of a Receiver under this Deed.

 

6.4           Remuneration

 

The Chargee may from time to time determine the remuneration of any Receiver and the maximum rate specified in section 109(6) of the LPA will not apply.  The Chargee may direct payment of such remuneration out of moneys accruing to the Receiver but the Chargor alone shall be liable for the payment of such remuneration and for all other costs, charges and expenses of the Receiver.

 

7.             DISTRIBUTION

 

7.1           Application

 

All moneys from time to time received by the Chargee or a Receiver or Delegate pursuant to this Deed or pursuant to the powers conferred by it shall (subject to the payment of any liabilities having priority to the Secured Liabilities by law and by way of variation of the provisions of the LPA), be applied in the following order:

 

	
  

	
(a)

	
in or toward the payment of or provision for all costs, losses, liabilities and expenses incurred by the Chargee or any Receiver or Delegate under or in connection with this Deed or their appointment and the Receiver's remuneration due in connection with this Deed;

 

	
  

	
(b)

	
in or toward discharge of the Secured Liabilities in accordance with the terms of the Loan Agreement; and

 

	
  

	
(c)

	
in payment of any surplus to the Chargor or other person entitled thereto.

 

  

8

  

7.2        Partial Application

 

All moneys from time to time received by the Chargee from the Chargor or any person liable to pay the same or from any Receiver or otherwise on the realisation or enforcement of the Charges may, subject to Clause 7.1 (Application), be applied by the Chargee either as a whole or in such proportion as the Chargee shall think fit to any account or item of account or any transaction to which the same may be applicable.

 

8.             CHARGEE'S RIGHTS

 

8.1           General Rights

 

All or any of the rights which are conferred by this Deed (either expressly or impliedly) or by law upon a Receiver may be exercised after the Charges become enforceable by the Chargee irrespective of whether the Chargee shall have taken possession or appointed a Receiver of the Charged Assets.

 

8.2           Redemption of Prior Security

 

	
  

	
(a)

	
In the event of any action, proceeding or step being taken to exercise any powers or remedies conferred by any prior ranking Lien or upon the exercise of any power of sale under this Deed by the Chargee or any Receiver, the Chargee may at any time redeem any Lien having priority to any Charges or procure the transfer of that Lien to itself and may settle the accounts of the prior encumbrancer and any accounts so settled shall, in the absence of manifest error, be conclusive and binding on the Chargor.

 

	
  

	
(b)

	
The Chargor shall, on demand of the Chargee, pay to the Chargee all the costs and expenses incurred by it in connection with any such redemption or transfer.

 

	
  

	
(c)

	
All the rights conferred by a prior charge upon the chargee or any receiver thereunder shall be exercisable by the Chargee or a Receiver in like manner as if the same were expressly included herein and the Chargee shall be entitled to exercise all the rights of a receiver appointed thereunder.

 

8.3           Delegation

 

	
  

	
(a)

	
The Chargee or any Receiver may delegate in any manner to any person it may think fit any right, power or discretion exercisable by it under this Deed.

 

	
  

	
(b)

	
Any such delegation may be made upon such terms, consistent with the terms of the Loan Documents (including power to sub-delegate) as the Chargee or any Receiver may think fit.

 

	
  

	
(c)

	
The Chargee shall not be in any way liable to the Chargor or any other person for any losses, liabilities or expenses arising from any act, default, omission or misconduct on the part of any Delegate other than where caused by the gross negligence or wilful default of the Delegate.

 

8.4           Retention of Documents

 

The Chargee shall be entitled to continue to retain any document delivered to it under this Deed relating to a Charged Asset until the Security over such Charged Asset is released in accordance with this Deed.  If, for any reason, it ceases to hold any such document before such time, it may by notice to the Chargor require that the relevant document be redelivered to it and the Chargor shall promptly comply with that requirement or procure that it is complied with.

 

  

9

  

8.5           Custody

 

The Chargee shall be entitled to keep all certificates and documents of title relating to the Charged Assets in safe custody at any of its branches or otherwise provide for their safe custody by third parties and shall not be responsible for any loss or damage occurring to or in respect thereof unless such loss or damage shall be caused by its own gross negligence or wilful misconduct.

 

9.           RESPONSIBILITIES OF CHARGEE, RECEIVERS AND DELEGATES

 

9.1           No Obligation to Remain in Possession

 

If the Chargee, any Receiver or any Delegate shall take possession of the Charged Assets, it may from time to time in its absolute discretion relinquish such possession.

 

9.2           No Liability as Mortgagee in Possession

 

Neither the Chargee nor any Receiver or Delegate will be liable, by reason of entering upon or into possession of a Charged Asset (or viewing or repairing any Charged Assets or otherwise), to account as mortgagee in possession in respect of any Charged Assets or for any loss on realisation or for any default or omission in respect of any Charged Assets for which a mortgagee in possession might otherwise be liable.

 

9.3           Chargee's Obligation to Account

 

Neither the Chargee nor any Receiver or Delegate shall (either by reason of taking possession of the Charged Assets or for any other reason):

 

	
  

	
(a)

	
be liable to account to the Chargor or any other person for anything except the Chargee's own actual receipts which have not been distributed or paid to the Chargor or the persons entitled (or at the time of payment believed by the Chargee to be entitled) thereto; or

 

	
  

	
(b)

	
be liable to the Chargor or any other person for any costs, losses, liabilities or expenses related to any realisation of any Charged Assets or from any act, default, omission or misconduct of the Chargee, any Receiver, any Delegate or their respective officers, employees or agents in relation to the Charged Assets or in connection with the Loan Documents unless caused by its own gross negligence or wilful misconduct.

 

10.           FURTHER ASSURANCE

 

The Chargor shall, at its own expense, promptly do all such acts and things as the Chargee may reasonably require for:

 

	
  

	
(a)

	
creating, registering, perfecting, maintaining or protecting the Security or any of the Charged Assets; or

 

	
  

	
(b)

	
facilitating the realisation of any Security after it has become enforceable or the exercise of any right, power or discretion in relation to any Charged Asset or Security vested in the Chargee, any Receiver or any Delegate,

 

including, without limitation, the execution (including by sealing) of any transfer, assignment, mortgage, charge or Security or any other document or any notice or instruction which the Chargee may reasonably require, including any such document, notice or instruction required to enable the Chargee or its nominee to obtain legal title to any Charged Assets in circumstances in which it is entitled to obtain such legal title under this Deed.

 

  

10

  

11.           POWER OF ATTORNEY

 

11.1           Appointment

 

The Chargor by way of security irrevocably appoints the Chargee, every Receiver and every Delegate severally to be its attorney, such appointment to become effective after an Event of Default has occurred and for so long as it is continuing:

 

	
  

	
(a)

	
to do all acts and things which the Chargor is obliged to do under this Deed but has failed to do, including, without limitation, to fill in the name of the transferee and to date and complete any instrument of transfer in respect of any Charged Assets which has been executed in blank by the Chargor and, in the case of registered Charged Assets, to procure the registration of the transferee as the holder of the relevant Charged Assets in circumstances in which the Charged Assets are to be transferred under the terms of this Deed;

 

	
  

	
(b)

	
to transfer any interest in any Charged Assets in the circumstances in which such transfer may be required under this Deed, including on an enforcement of the Security over such Charged Assets;

 

	
  

	
(c)

	
in its name and on its behalf to exercise any right conferred on the Chargee, any Receiver or any Delegate in relation to the Charged Assets under this Deed or any other Loan Document or by law after such right has become exercisable; and

 

	
  

	
(d)

	
to register or renew registration of the existence of the Charges or the restrictions on dealing with the Charged Assets in any register in which the Chargor is obliged (but has failed) to effect or maintain registration under the terms of this Deed.

 

11.2          Ratification

 

The Chargor agrees to ratify and confirm whatever any such attorney shall do or purport to do in the exercise or purported exercise of the power of attorney granted by Clause 11.1 (Appointment).

 

11.3           Sums Recoverable

 

All moneys expended by the Chargee, any Receiver, any Delegate or any attorneys shall be recoverable from the Chargor under Clause 13 (Expenses, Stamp Duty and Indemnities) and Section 10.2 (Expenses) of the Loan Agreement.

 

12.           PROTECTION OF THIRD PARTIES

 

12.1          No Duty to Enquire

 

No person dealing with the Chargee, any Receiver or any Delegate shall be concerned to enquire:

 

	
  

	
(a)

	
whether any right which the Chargee or any Receiver or Delegate is purporting to exercise or any of its powers has arisen or become exercisable;

 

	
  

	
(b)

	
whether the Secured Liabilities have become payable or any amount remains outstanding under the Loan Agreement;

 

	
  

	
(c)

	
as to the application of any money borrowed or raised or paid to the Chargee or any Receiver or Delegate; or

 

	
  

	
(d)

	
as to the propriety or regularity of such dealings.

 

  

11

  

12.2       Receipt

 

The receipt of the Chargee or any Receiver shall be conclusive discharge to a purchaser and, in making any sale or disposal of any of the Charged Assets or in making any acquisition, the Chargee or any Receiver may do so for any such consideration, in such manner and on such terms as it thinks fit.

 

12.3         Statutory Protection

 

All the protection to purchasers contained in sections 104 and 107 of the LPA, section 42(3) of the Insolvency Act 1986 or in any other applicable legislation shall apply to any person purchasing from or dealing with the Chargee, any Receiver or any Delegate.

 

13.           EXPENSES, STAMP DUTY AND INDEMNITIES

 

13.1         Expenses

 

The Chargor will on demand pay to and reimburse the Chargee or any Receiver, Delegate, agent or attorney, on the basis of a full indemnity, all costs and expenses (including legal fees and other out of pocket expenses and any VAT) reasonably incurred by the Chargee or any Receiver, Delegate, agent or attorney in connection with this Deed and will indemnify them against any failure to pay such amounts including any amounts arising from any actual or alleged breach of any law.

 

13.2         Currency Indemnity

 

	
  

	
(a)

	
If any sum (a "Sum") owing by the Chargor under this Deed, or any judgment, award or order given in relation to this Deed, has to be converted from the currency in which that Sum is payable into another currency for the purpose of:

 

	
  

	
(i)

	
making or filing a claim or proof against the Chargor;

 

	
  

	
(ii)

	
obtaining or enforcing an order, judgment or award in relation to any litigation or arbitration proceedings; or

 

	
  

	
(iii)

	
applying the Sum in satisfaction of any Secured Liabilities,

 

the Chargor shall, as an independent obligation, within three Business Days of demand, indemnify the Chargee or any Receiver or Delegate from any cost, loss or liability incurred as a result of the conversion including any discrepancy between (A) the rate of exchange used to make the conversion and (B) the rate or rates of exchange available to that person at the time of its receipt of that Sum.

 

	
  

	
(b)

	
The Chargor waives any right it may have in any jurisdiction to pay any amount under this Deed in a currency or currency unit other than that in which it is expressed to be payable unless required to do so by any applicable law.

 

14.           PAYMENTS

 

14.1         Certificates

 

A certificate, determination, notification or opinion of the Chargee as to the amount of the Secured Liabilities or any other matter connected with this Deed or the Charges shall, in the absence of manifest error, be conclusive evidence of the matters to which it relates.

 

  

12

  

14.2         Payments

 

All payments under or pursuant to this Deed (including damages in respect of breaches hereof) shall be made in accordance with the Loan Agreement or in such other manner as the Chargee may agree and direct.

 

15.           EFFECTIVENESS OF SECURITY

 

15.1         Chargor's Obligations Continuing

 

The Chargor's obligations under Clause 2 (Covenant to Pay) and the Charges are continuing obligations and will extend to the ultimate balance of the Secured Liabilities regardless of any intermediate payment or discharge in whole or in part.

 

15.2         Cumulative Rights

 

The rights and remedies provided in this Deed are cumulative and in addition to and independent of and not in any way prejudiced by any rights or remedies provided by law or any other Security, guarantees or rights of set-off or combination thereof held by the Chargee.

 

15.3         Failure to Exercise Rights

 

No failure by the Chargee to exercise or delay in the exercise of any right or remedy under this Deed will operate as a waiver thereof nor will any single or partial exercise of any right or remedy preclude any other or further exercise thereof or the exercise of any other right or remedy.

 

15.4         Immediate Recourse

 

This Deed and the Chargor’s obligations under this Deed are in addition to, and not to be prejudiced by or to be merged with, any other guarantee, indemnity or Security at any time existing in favour of any person. The Chargor waives any right it may have to require the Chargee (or any trustee or agent on its behalf) to make demand of, proceed against or enforce any other rights or Security or claim payment from any person before claiming against it. This waiver applies irrespective of any law or any provision of any Loan Document to the contrary.

 

15.5         Grant of Waivers

 

A waiver given or consent granted by the Chargee under this Deed will be effective only if given in writing and then only in the instance and for the purpose for which it is given.

 

15.6          Waiver of Defences

 

Neither the Charges nor the obligations of the Chargor under this Deed shall be discharged or affected by (and the Chargor hereby irrevocably waives any defences it may now or hereafter acquire in any way relating to) any act, omission, matter or thing which, but for this Clause 15, would reduce, release or prejudice any of its obligations under this Deed (without limitation and whether or not known to the Chargor or the Chargee) including:

 

	
  

	
(a)

	
any time, waiver or consent given to, or any composition with, any person;

 

	
  

	
(b)

	
the release of the Chargor or any other person under the terms of any composition or arrangement with any creditor of the Chargor or any other person (other than any express release of the Charges given in accordance with this Deed);

 

  

13

  

	
  

	
(c)

	
any amendment, novation, supplement, extension (whether of maturity or otherwise) or restatement (in each case however fundamental and of whatever nature) or replacement of any Loan Document or any other security or document;

 

	
  

	
(d)

	
the taking, perfection, enforcement, variation, compromise, exchange, renewal, release of, or the refusal or neglect to take, perfect or enforce, any rights against, or Lien over, assets of, or any guarantee or undertaking given by, any person or any non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realise the full value of any Lien;

 

	
  

	
(e)

	
any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or constitution or status of the Chargee, Chargor or any other person;

 

	
  

	
(f)

	
the illegality, invalidity or unenforceability of any obligation of any person under, or expressed to arise under, any Loan Document or other document; and

 

	
  

	
(g)

	
any insolvency or similar proceedings under the laws of any jurisdiction or the making of any arrangement or composition with or for the benefit of creditors by the Chargee or any other person.

 

15.7         Partial Invalidity

 

If at any time any provision of this Deed is or becomes invalid, illegal or unenforceable in any respect (or any of the Security is ineffective) in any jurisdiction, that shall not affect the legality, validity or enforceability of:

 

	
  

	
(a)

	
the remaining provisions or the effectiveness of any of the remaining Security in that jurisdiction; or

 

	
  

	
(b)

	
that or any other provision or the effectiveness of such Security  in any other jurisdiction.

 

15.8         Reinstatement

 

If any discharge, release or arrangement (whether in respect of the obligations of the Chargor or any security for those obligations or otherwise) is made by the Chargee in whole or in part on the faith of any payment, security or other disposition which is avoided or must be restored in insolvency, liquidation, administration or otherwise, without limitation:

 

	
  

	
(a)

	
the liability of the Chargor will continue or be reinstated as if the release, arrangement, discharge, settlement, avoidance or reduction had not occurred;

 

	
  

	
(b)

	
the Chargee shall be entitled to recover the value or amount of that release, arrangement, discharge, security or settlement from each Chargor, as if the payment, discharge, settlement, avoidance or reduction had not occurred together with any other cost, loss, expense or liability incurred by the Chargee as a result of such avoidance or discharge; and

 

	
  

	
(c)

	
the Chargor shall on demand indemnify the Chargee against any funding or other cost, loss, liability or expense incurred by the Chargee as a result of the Chargee being required for any reason to refund all or part of any amount received by it in respect of any of the Secured Liabilities.

 

15.9          Security Retention

 

If the Chargee, acting reasonably, considers that any amount paid or credited under any Loan Document is capable of being avoided or otherwise set aside under any laws relating to insolvency or otherwise that amount shall not be treated as paid for the purposes of determining whether the Secured Liabilities have been paid.

 

  

14

  

15.10        Final Redemption

 

	
  

	
(a)

	
The Chargee shall at the cost of the Chargor on the date on which it is satisfied (acting reasonably) that all the Secured Liabilities have been irrevocably and unconditionally paid and discharged in full and no further Secured Liabilities are capable of becoming outstanding (the "Release Date") take all reasonable steps to release the Charged Assets from the Security but without recourse to or any representation or warranty by the Chargee or any of its nominees.

 

	
  

	
(b)

	
All documents which are necessary in connection with the redemption of the Security or the transfer of the Charged Assets back to the Chargor shall be in such form as the Chargee shall reasonably require.

 

15.11        Consolidation

 

Section 93 of the LPA (restricting the right of consolidation of the Security with any other Liens) shall not apply to the Security and the Chargee may consolidate all or any of the Security with any other Liens to the extent lawful.

 

15.12        Appropriations

 

	
  

	
(a)

	
Until all Secured Liabilities have been irrevocably and unconditionally paid and discharged in full and all facilities which might give rise to Secured Liabilities have been terminated, the Chargee (or any trustee or agent on its behalf) may:

 

	
  

	
(i)

	
refrain from applying or enforcing any other moneys, security or rights held or received by it (or any trustee or agent on its behalf) in respect of those amounts, or apply and enforce the same in such manner and order as it sees fit (whether against those amounts or otherwise) and the Chargor shall not be entitled to the benefit of the same; and

 

	
  

	
(ii)

	
hold in an interest-bearing suspense account any moneys received from the Chargor or on account of the Chargor's liability under this Deed.

 

16.           SET-OFF

 

16.1         Set-Off

 

After an Event of Default has occurred and for so long as it is continuing the Chargee may set off or otherwise apply against the Secured Liabilities any credit balance to which the Chargor is entitled on any account with the Chargee and any other obligation (contingent or otherwise) owing by the Chargee regardless of the place of payment, booking branch or currency of either obligation or the terms of any deposit standing to the credit of such account. The Chargee shall notify the Chargor of any action taken pursuant to this Clause 16.1 promptly after such action is taken.

 

16.2         Currency Conversion

 

The Chargee may exercise such rights notwithstanding that the obligations concerned may be expressed in different currencies and the Chargee is authorised to convert either obligation at a market rate of exchange in its usual course of business for the purpose of the set-off.

 

16.3         Set-Off Rights Cumulative

 

This Clause 16 (Set-Off) shall be in addition to and without prejudice to any rights of set-off or any other rights or remedies which the Chargor may have.

 

  

15

  

17.           COMMUNICATIONS

 

Each communication under this Deed shall be made as provided in the Loan Agreement.

 

18.           THIRD PARTIES

 

Save as expressly stated in this Deed, a person who is not a party to this Deed has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce or to enjoy the benefit of any term of this Deed.

 

19.           COUNTERPARTS

 

19.1         Counterparts

 

This Deed may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of the Deed.

 

19.2           Non-signatories

 

Failure by one or more parties ("Non-Signatories") to execute this Deed on the date hereof will not invalidate the provisions of this Deed as between the other parties who do execute this Deed.  Such Non-Signatories may execute this Deed (or a counterpart thereof) on a subsequent date and will thereupon become bound by its provisions.

 

20.           ASSIGNMENT

 

The Chargee may at any time assign or otherwise transfer all or any part of its rights under this Deed in accordance with and subject to the Loan Documents.

 

21.           GOVERNING LAW AND SUBMISSION TO JURISDICTION

 

21.1           Governing Law

 

This Deed is governed by, and shall be construed in accordance with, English law. Any non-contractual obligations arising out of or in connection with this Deed are governed by English law.

 

21.2         Jurisdiction

 

	
  

	
(a)

	
Subject to paragraph (c) below, the courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with this Deed (including a dispute regarding the existence, validity or termination of this Deed or any non-contractual obligation arising out of or in connection with this Deed) or the consequences of its nullity (a "Dispute").

 

	
  

	
(b)

	
The parties agree that the courts of England are the most appropriate and convenient courts to settle any Disputes and accordingly no party will argue to the contrary.

 

	
  

	
(c)

	
This Clause is for the benefit of the Chargee only.  As a result, the Chargee shall not be prevented from taking:

 

	
  

	
(i)

	
proceedings relating to a Dispute in any other courts with jurisdiction; and

 

	
  

	
(ii)

	
to the extent allowed by law, concurrent proceedings in any number of jurisdictions.

 

  

16

  

IN WITNESS WHEREOF the parties hereto have caused this Deed to be duly executed as a deed on the date first written above.

 

 

	
EXECUTED AS A DEED by

	
)

	  
	
THE FEMALE HEALTH COMPANY, a company organized and existing under the laws of the State of Wisconsin and signed and delivered as a deed on its behalf by O. B. Parrish being a person who, in accordance with the laws of that jurisdiction, is/are acting under the authority of that company in the presence of:

 

	
)

)

)

)

)

)

)

	
 

 

 

 

 

/s/  O. B. Parrish                                           

	
Witness signature:  /s/  Donna Felch

 

	  	  
	
NAME:  Donna Felch

 

	  	  
	
ADDRESS:  515 N State Street, Suite 2225

       Chicago, IL 60654

 

	  	  
	
OCCUPATION:  V.P. and CFO

	  	  

 

 

	
EXECUTED by

	
)

	  
	
Colin McNulty, AVP on behalf of HEARTLAND BANK:

 

	
)

)

)

)

	
 

 

 

 

/s/  Colin McNulty                                

	  	  	  
	
 

Witness signature:  /s/  Varsha Myers

 

	  	  
	
NAME:  Varsha Myers

 

	  	  
	
ADDRESS:  212 S Central Avenue,

       St. Louis, MO 63105

 

	  	  
	
OCCUPATION:  Analyst

	  	  

 

  

17

  

SCHEDULE 1

Details of the Investments

 

Shares

 

 

	
Chargor

	
Company

	
Number of Shares (as at the date of this Deed)

	
Proportion of entire issued share capital of the Company

	 	 	 	 
	
The Female Health Company

	
The Female Health Company Limited

	
3,900,130 ordinary shares of £1 each

	
65%

 

  

18

  

SCHEDULE 2

Proxy

 

The Female Health Company Limited (the “Company”)

 

The Female Health Company, a company organized and existing under the laws of the State of Wisconsin, hereby irrevocably appoints Heartland Bank as our proxy in respect of the Shares to vote on our behalf at all general meetings of the Company, such appointment to become effective after an Event of Default has occurred and for so long as it is continuing.  Any capitalised terms used herein and not otherwise defined herein shall have the meanings given such terms in the Share Charge dated [         ], 2011 between The Female Health Company and Heartland Bank.

 

 

Dated:

 

 

Signed by or on behalf of

The Female Health Company

 

 

___________________________

Authorised Signature

 

192000 Employee Stock Purchase Plan (as amended and restated)

 Exhibit 10.1 
 MARVELL TECHNOLOGY GROUP LTD. 
 2000 EMPLOYEE STOCK PURCHASE PLAN

 AS AMENDED AND RESTATED AS OF OCTOBER 31, 2011 

1. Purpose. This Plan is intended to allow Employees of the Company and its Designated Subsidiaries to purchase Common Stock
through accumulated Payroll deductions. This Plan includes two components: a Code Section 423 Plan Component and a Non-423 Plan Component. The Company’s intention is to have the Code Section 423 Plan Component qualify as an
“employee stock purchase plan” under Section 423 of the Code (although the Company makes no undertaking or representation to maintain such qualification). The provisions of the Code Section 423 Plan Component, accordingly, will
be construed so as to extend and limit Plan participation in a uniform and nondiscriminatory basis consistent with the requirements of Section 423 of the Code. In addition, this Plan authorizes the grant of Purchase Rights under the Non-423
Plan Component that do not qualify under Section 423 of the Code, pursuant to rules, procedures or sub-plans adopted by the Administrator that are designed to achieve tax, securities laws or other objectives for Participants and/or the Company.
Except as otherwise indicated, the Non-423 Plan Component will operate and be administered in the same manner as the Code Section 423 Plan Component. 
 2. Defined Terms. The meanings of defined terms (generally, capitalized terms) in this Plan are provided in Section 23 (“Glossary”). 

3. Eligibility. 
 (a) Participation. Any person who is an Employee on an Offering Date shall be eligible to participate in this Plan during the corresponding Offering Period, subject to the limitations in Sections
3(b) and 3(c). 
 (b) No Participation by Five-Percent Shareholders. Notwithstanding Section 3(a), an Employee shall
not participate in this Plan during an Offering Period if immediately after the grant of a Purchase Right on the Offering Date, the Employee (or any other person whose stock would be attributed to the Employee under Section 424(d) of the Code)
would own stock possessing five percent or more of the total combined voting power or value of all classes of stock of the Company or of any Subsidiary. For this purpose, an Employee is treated as owning stock that he or she could purchase by
exercise of Purchase Rights or other options. 
 (c) $25,000 Annual Limitation. Notwithstanding Section 3(a), no
Employee will be granted a Purchase Right under the Plan to the extent that his or her rights to purchase stock under all employee stock purchase plans (as defined in Section 423 of the Code) of the Company or any Parent of the Company accrue
at a rate, which exceeds $25,000 worth of stock (determined at the Fair Market Value of the stock at the time such Purchase Right is granted) for each calendar year in which such Purchase Right is outstanding at any time, determined in accordance
with Section 423 of the Code and the regulations thereunder. 

 4. Offering Periods. Except as otherwise determined by the Administrator: 

(a) the first Offering Period after the Restatement Effective Date shall begin on December 8, 2011; 

(b) a new Offering Period shall begin on the first trading day on or immediately following each June 8th and December 8th while this Plan is in effect; 

(c) the duration of each Offering Period shall be approximately 24 months (measured starting from the applicable
Offering Date and ending on the trading day immediately prior to the June 8th or December 8th, as applicable, occurring approximately 24-months thereafter); 
 (d) the
Administrator will have the power to change the duration of Offering Periods (including the commencement dates thereof) with respect to future offerings without shareholder approval if such change is announced prior to the scheduled beginning of the
first Offering Period to be affected thereafter; 
 (e) notwithstanding Section 4(d), in no event shall an Offering Period
in the Code Section 423 Component have a duration in excess of 27 months; and 
 (f) an Offering Period shall terminate on
the first date that no Participant is enrolled in it. 
 5. Participation. 

(a) An Employee may become a Participant in this Plan by: (i) completing a subscription agreement, in such form as the Administrator
may approve from time to time, and delivering it to the Administrator or (ii) following an electronic enrollment procedure determined by the Administrator, in either event, by 5 p.m. Pacific time on the applicable Offering Date, unless
another time for filing the subscription agreement is set by the Administrator for all Employees with respect to a given Offering Period. For purposes herein, a subscription agreement and its analogous electronic enrollment form will both be
referred to as the “subscription agreement.” The subscription agreement shall authorize Payroll deductions pursuant to this Plan and shall have such other terms as the Administrator may specify from time to time. 

(b) At the end of an Offering Period, each Participant in the Offering Period who remains an Employee shall be automatically enrolled in
the next succeeding Offering Period (a “Re-enrollment”) unless, in a manner and at a time specified by the Administrator, but in no event later than 5 p.m. Pacific time on the Offering Date of such succeeding Offering Period,
the Participant notifies the Administrator in writing that the Participant does not wish to be re-enrolled. Re-enrollment shall be at the withholding percentage specified in the Participant’s most recent subscription agreement. No Participant
shall be automatically re-enrolled whose participation has terminated by operation of Section 10. 

  
 -2-

 (c) If the Fair Market Value of a share of Common Stock on any Offering Date is less than it
was on the first day of a then-concurrent Offering Period, each Participant in the concurrent Offering Period shall automatically be withdrawn from such concurrent Offering Period and shall become a Participant in the commencing Offering Period.
Participation shall be at the withholding percentage specified in the Participant’s most recent (as of 5 p.m. Pacific time on the relevant Offering Date) subscription agreement. No Participant shall be automatically re-enrolled whose
participation in this Plan has terminated by operation of Section 10. 
 6. Payroll Deductions. 

(a) Payroll deductions under this Plan shall be in whole percentages, from a minimum of 1% up to a maximum (not to exceed 15%)
established by the Administrator from time to time, as specified by the Participant in his or her subscription agreement in effect on the first day of an Offering Period. Payroll deductions for a Participant shall begin with the first payroll
payment date of the Offering Period and shall end with the last payroll payment date of the Offering Period, unless sooner terminated by the Participant as provided in Section 10. 

(b) A Participant’s Payroll deductions shall be credited to his or her account under this Plan. A Participant may not make any
additional payments into his or her account. 
 (c) A Participant may reduce his or her Payroll deductions by any whole
percentage (but not below 1%) at any time during an Offering Period, which will become effective as soon as administratively practicable. A Participant may change his or her Payroll deductions during an Offering Period on or before a date prescribed
by the Administrator, effective as of the first business day after the next Purchase Date, by delivering a new subscription agreement authorizing the change in payroll deduction in the form (electronic or other procedure) provided by the
Administrator for such purpose. Notwithstanding the foregoing, the Administrator may, in its sole discretion, limit the nature and/or number of Payroll deduction rate changes that may be made by Participants during any Offering Period, and may
establish such other conditions or limitations as it deems appropriate for Plan administration. 
 (d) Notwithstanding the
foregoing, to the extent necessary to comply with Section 423(b)(8) of the Code and Section 3(c), a Participant’s Payroll deductions may be decreased to 0% at any time during the Offering Period. Subject to Section 423(b)(8) of
the Code and Section 3(c) hereof, Payroll deductions will recommence at the rate originally elected by the Participant effective as of the beginning of the first Offering Period scheduled to end in the following calendar year, unless terminated
by the Participant as provided in Section 10. 
 (e) Notwithstanding any provisions to the contrary in the Plan, the
Administrator may allow Participants to participate in the Plan via cash contributions instead of Payroll deductions if (i) Payroll deductions are not permitted under applicable local law, and (ii) the Participant is participating in the
Non-423 Plan Component or the Administrator determines that cash contributions are permissible under Section 423 of the Code. 

  
 -3-

 7. Purchase Rights. 

(a) Grant of Purchase Rights. On the Offering Date of each Offering Period, each Participant will be granted a Purchase Right to
purchase on each Purchase Date during such Offering Period (at the applicable purchase price) up to a number of shares of Common Stock determined by dividing such Participant’s Payroll deductions accumulated prior to such Purchase Date and
retained in the Participant’s account as of the Purchase Date by the applicable purchase price; provided that in no event will a Participant be permitted to purchase (x) on each Purchase Date more than 7,500 shares of Common Stock and
(y) during each Offering Period more than 30,000 shares of Common Stock, in each case, subject to any adjustment pursuant to Section 17, and provided further that such purchase will be subject to the limitations set forth in Sections 3(b),
3(c) and 12. The Participant may accept the grant of such Purchase Right with respect to an Offering Period by electing to participate in the Plan in accordance with the requirements of Section 5. The Administrator may, for future Offering
Periods, increase or decrease, in its absolute discretion, the maximum number of shares of Common Stock that a Participant may purchase during each Offering Period, subject to the limitations set forth in Sections 3(b), 3(c) and 12. Exercise of the
Purchase Right will occur as provided in Section 8, unless the Participant has withdrawn pursuant to Section 10. The Purchase Right will expire on the last day of the Offering Period. 

(b) Terms of Purchase Rights. Except as otherwise determined by the Administrator, each Purchase Right shall have the following
terms: 
 (i) The per-share price of the shares subject to a Purchase Right shall be 85% of the lower of the Fair Market Value
of a share of Common Stock on (a) the Offering Date on which the Purchase Right was granted and (b) the Purchase Date. 
 (ii) Payment for shares purchased by exercise of Purchase Rights shall be made only through Payroll deductions under Section 6. 

(iii) Upon purchase or disposition of shares acquired by exercise of a Purchase Right, the Participant shall pay, or make provision
satisfactory to the Administrator for payment of, all tax (and similar) withholdings that the Administrator determines, in its discretion, are required due to the acquisition or disposition, including without limitation any such withholding that the
Administrator determines in its discretion is necessary to allow the Company and its Subsidiaries to claim tax deductions or other benefits in connection with the acquisition or disposition. 

(iv) During his or her lifetime, a Participant’s Purchase Right is exercisable only by the Participant. 

(v) Purchase Rights will in all respects be subject to the terms and conditions of this Plan, as interpreted by the Administrator from
time to time. 

  
 -4-

 8. Purchase Dates; Purchase of Shares; Refund of Excess Cash. 

(a) The Administrator shall establish one or more Purchase Dates for each Offering Period. Unless otherwise determined by the
Administrator, the trading day immediately prior to each June 8 and December 8 in an Offering Period shall be a Purchase Date. 
 (b) Except as otherwise determined by the Administrator, and subject to subsection (c), below, each then-outstanding Purchase Right shall be exercised automatically on each Purchase Date, following
addition to the Participant’s account of that day’s Payroll deductions, to purchase the maximum number of full shares of Common Stock at the applicable price using the Participant’s accumulated Payroll deductions. No fractional shares
of Common Stock will be purchased; any Payroll deductions accumulated in a Participant’s account, which are not sufficient to purchase a full share will be promptly refunded to a Participant after a given Purchase Date. To the extent that
Payroll deductions accumulate in a Participant’s account that exceed the aggregate purchase price of the maximum amount of shares purchasable on a given Purchase Date, such excess amounts will be promptly refunded to a Participant after the
given Purchase Date. 
 (c) The shares purchased upon exercise of a Purchase Right shall be deemed to be transferred to the
Participant on the Purchase Date. 
 9. Registration and Delivery of Share Certificates. 

(a) Shares purchased by a Participant under this Plan will be registered in the name of the Participant, or in the name of the
Participant and his or her spouse, or in the name of the Participant and joint tenant(s) (with right of survivorship), as designated by the Participant. 
 (b) As soon as administratively feasible after each Purchase Date, the Company shall deliver to the Participant a certificate representing the shares purchased upon exercise of a Purchase Right. If
approved by the Administrator in its discretion, the Company may instead (i) deliver a certificate (or equivalent) to a broker for crediting to the Participant’s account or (ii) make a notation in the Participant’s favor of
non-certificated shares on the Company’s stock records. 
 10. Withdrawal; Termination of Employment. 

(a) A Participant may withdraw all, but not less than all, the Payroll deductions credited to his account under this Plan before a
Purchase Date by giving written notice to the Administrator, in a form the Administrator prescribes from time to time, at least 15 days before the Purchase Date. Payroll deductions will then cease as to the Participant, no purchase of shares will be
made for the Participant on the Purchase Date, and all Payroll deductions then credited to the Participant’s account will be refunded promptly. 
 (b) Upon termination of a Participant’s Continuous Employment for any reason, including retirement or death, all Payroll deductions credited to the Participant’s account will be promptly
refunded to the Participant or, in the case of death, to the person or persons entitled thereto under Section 14, and the Participant’s Purchase Right will automatically terminate. 

  
 -5-

 (c) A Participant’s withdrawal from an offering will not affect the Participant’s
eligibility to participate in a succeeding offering or in any similar plan that may be adopted by the Company. 
 11. Use of
Funds; No Interest. Amounts withheld from Participants under this Plan shall constitute general funds of the Company, may be used for any corporate purpose, and need not be segregated from other funds unless otherwise required under local law,
as determined by the Administrator (in which case, the affected Purchase Rights will be granted under the Non-423 Plan Component, if necessary). No interest shall accrue on a Participant’s Payroll deductions, except as may be required by
applicable law, as determined by the Administrator, for Participants in the Non-423 Plan Component (or the Code Section 423 Plan Component if permitted under Code Section 423). 

12. Number of Shares Reserved. 
 (a) The following numbers of shares of Common Stock are reserved for issuance under this Plan, and such number may be issued at any time before termination of this Plan (for the avoidance of doubt, all
share numbers in this Section 12 reflect share numbers as adjusted for two separate 2 for 1 stock splits adopted by the Board in February 2004 and February 2006, respectively, and approved by the shareholders at the 2004 annual general meeting
of shareholders held on May 28, 2004 and the 2006 annual general meeting of shareholders held on June 9, 2006, respectively): 
 (i) Beginning the date of approval of this Plan by the shareholders of the Company, 4,000,000 shares of Common Stock; and 
 (ii) Beginning the first business day of each calendar year starting January 1, 2010 or after, the lesser of an additional (A) 8,000,000 shares of Common Stock, or (B) 1.5% of the
outstanding shares of capital stock on such date, or (C) an amount determined by the Board (provided that the amount approved by the Board shall not be greater than (A) or (B)). As of the Restatement Effective Date, 53,871,612 shares had
been added to this Plan through the operation of prior versions of this Section 12(a)(ii). As of the Restatement Effective Date, 20,740,579 shares were available for issuance under this Plan. 

(b) If the total number of shares that would otherwise be subject to Purchase Rights granted on an Offering Date exceeds the number of
shares then available under this Plan (after deduction of all shares for which Purchase Rights have been exercised or are then exercisable), the Administrator shall make a pro-rata allocation of the available shares in a manner that it determines to
be as uniform and equitable as practicable. In such event, the Administrator shall give written notice of the reduction and allocation to each Participant. 
 (c) The Administrator may, in its discretion, transfer shares reserved for issuance under this Plan into a plan or plans of similar terms, as approved by the Board, providing for the purchase of shares of
Common Stock to employees of Designated Subsidiaries that do not (or do not thereafter) participate in this Plan. Such additional plans may, without limitation, provide for variances from the terms of this Plan to take into account special
circumstances (such as foreign legal restrictions) affecting the employees of the Designated Subsidiaries. 

  
 -6-

 13. Administration. This Plan shall be administered by the Board or by such
directors, officers, and employees of the Company as the Board may select from time to time (the “Administrator”). All costs and expenses incurred in administering this Plan shall be paid by the Company, provided that any taxes
applicable to an Employee’s participation in this Plan may be charged to the Employee by the Company. The Administrator may make such rules and regulations as it deems necessary to administer this Plan and to interpret any provision of this
Plan, and shall apply those rules and regulations so that all employees granted options under the Plan have the same rights and privileges (except that the right to purchase stock under the Plan may bear a uniform relationship to total
compensation). Notwithstanding any provision to the contrary in this Plan, the Administrator may adopt rules or procedures relating to the operation and administration of the Non-423 Plan Component to accommodate the specific requirements of local
laws and procedures for jurisdictions outside of the United States. Further, the Administrator is authorized to adopt sub-plans applicable to particular Designated Subsidiaries or locations under the Non-423 Plan Component. The rules of such
sub-plans may take precedence over other provisions of this Plan, with the exception of Section 12(a) hereof, but unless otherwise superseded by the terms of such sub-plan, the provisions of this Plan shall govern the operation of such
sub-plan. Any determination, decision, or action of the Administrator in connection with the construction, interpretation, administration, or application of this Plan or any right granted under this Plan shall be final, conclusive, and binding upon
all persons, and no member of the Administrator shall be liable for any such determination, decision, or action made in good faith. 
 14. Designation of Beneficiary. 
 (a) A Participant may file a written
designation of a beneficiary who is to receive any shares and cash, if any, from the Participant’s account under this Plan in the event of the Participant’s death. 
 (b) A designation of beneficiary may be changed by the Participant at any time by written notice. In the event of the death of a Participant, and in the absence of a beneficiary validly designated under
this Plan who is living at the time of the Participant’s death, the Administrator shall deliver such shares and/or cash to the executor or administrator of the Participant’s estate, or if no such executor or administrator has been
appointed (to the Administrator’s knowledge), the Administrator, in its discretion, may deliver such shares and/or cash to the spouse or to any one or more dependents or relatives of the Participant or, if no spouse, dependent, or relative is
known to the Administrator, then to such other person as the Administrator may designate. 
 15. Transferability. Neither
Payroll deductions credited to a Participant’s account nor any rights with regard to the exercise of a Purchase Right or to receive shares under this Plan may be assigned, transferred, pledged, or otherwise disposed of in any way (other than by
will, the laws of descent and distribution, or as provided in Section 14) by the Participant. Any such attempt at assignment, transfer, pledge, or other disposition shall be without effect, except that the Administrator may treat such act as an
election to withdraw funds in accordance with Section 10. 

  
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 16. Reports. Individual accounts will be maintained for each Participant in this
Plan. Statements of account will be given to participating Employees promptly following each Purchase Date, setting forth the amounts of Payroll deductions, per-share purchase price, number of shares purchased, and remaining cash balance, if any.

 17. Adjustments upon Changes in Capitalization. 

(a) Subject to any required action by the shareholders of the Company, the number of shares of Common Stock covered by each unexercised
Purchase Right and the number of shares of Common Stock authorized for issuance under this Plan but not yet been placed under a Purchase Right (collectively, the “Reserves”), as well as the price per share of Common Stock covered by
each unexercised Purchase Right, shall be proportionately adjusted for any change in the number of issued shares of Common Stock resulting from a stock split, reverse stock split, stock dividend, combination or reclassification of the Common Stock,
or any change in the number of shares of Common Stock effected without receipt of consideration by the Company (not counting shares issued upon conversion of convertible securities of the Company as “effected without receipt of
consideration”). Such adjustment shall be made by the Board and shall be final, binding, and conclusive. Except as expressly provided herein, no issue by the Company of shares of stock of any class, or securities convertible into shares of
stock of any class, shall affect, and no consequent adjustment shall be made with respect to, the number or price of shares of Common Stock subject to a Purchase Right. 
 (b) In the event of the proposed dissolution or liquidation of the Company, the then-current Offering Period will terminate immediately before the consummation of the proposed action, unless otherwise
provided by the Board. In the event of a proposed sale of all or substantially all of the Company’s assets, or the merger of the Company with or into another corporation (if the Company’s shareholders own less than 50% of the total
outstanding voting power in the surviving entity or a parent of the surviving entity after the merger), each Purchase Right under this Plan shall be assumed or an equivalent purchase right shall be substituted by the successor corporation or a
parent or subsidiary of the successor corporation, unless the successor corporation does not agree to assume the Purchase Rights or to substitute equivalent purchase rights, in which case the Board may, in lieu of such assumption or substitution,
accelerate the exercisability of Purchase Rights and allow Purchase Rights to be exercisable as to shares as to which they would not otherwise be exercisable, on terms and for a period that the Board determines in its discretion. To the extent that
the Board accelerates exercisability of Purchase Rights as described above, it shall promptly so notify all Participants in writing. 
 (c) The Board may, in its discretion, also make provision for adjusting the Reserves, as well as the price per share of Common Stock covered by each outstanding Purchase Right, if the Company effects one
or more reorganizations, recapitalizations, rights offerings, or other increases or reductions of shares of its outstanding Common Stock, or if the Company consolidates with or merges into any other corporation, in a transaction not otherwise
covered by this Section 17. 

  
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 18. Amendment or Termination. 

(a) The Board may at any time terminate or amend this Plan. No amendment may be made without prior approval of the shareholders of the
Company (obtained in the manner described in Section 20) if it would increase the number of shares that may be issued under this Plan. 
 (b) The Board may elect to terminate any or all outstanding Purchase Rights at any time, except to the extent that exercisability of such Purchase Rights has been accelerated pursuant to
Section 17(b). If this Plan is terminated, the Board may also elect to terminate Purchase Rights upon completion of the purchase of shares on the next Purchase Date or to permit Purchase Rights to expire in accordance with their terms (with
participation to continue through such expiration dates). If Purchase Rights are terminated before expiration, any funds contributed to this Plan that have not been used to purchase shares shall be refunded to Participants as soon as
administratively feasible. 
 19. Notices. All notices or other communications by a Participant to the Company or the
Administrator under or in connection with this Plan shall be deemed to have been duly given when received in the form specified by the Administrator at the location, or by the person, designated by the Administrator for that purpose. 

20. Shareholder Approval. This Plan was submitted to and approved by the shareholders of the Company for their approval within 12
months after the date this Plan was adopted by the Board. 
 21. Conditions upon Issuance of Shares. 

(a) Shares shall not be issued with respect to a Purchase Right unless the exercise of such Purchase Right and the issuance and delivery
of such shares pursuant thereto complies with all applicable provisions of law, domestic or foreign, including, without limitation, the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, the rules and regulations
promulgated thereunder, and the requirements of any stock exchange upon which the shares may then be listed, and shall be further subject to the approval of counsel for the Company with respect to such compliance. 

(b) As a condition to the exercise of a Purchase Right, the Company may require the person exercising such Purchase Right to represent
and warrant at the time of any such exercise that the shares are being purchased only for investment and without any present intention to sell or distribute such shares if, in the opinion of counsel for the Company, such a representation is required
by any of the aforementioned applicable provisions of law. 
 22. Term of Plan. This Plan became effective upon its
initial approval by the shareholders of the Company on June 17, 2000 as described in Section 20. It shall continue in effect for a term of 20 years unless sooner terminated under Section 18. 

  
 -9-

 23. Glossary. The following definitions apply for purposes of this Plan: 

(a) “Administrator” means the Board or the persons appointed by the Board to administer this Plan pursuant to
Section 13. 
 (b) “Board” means the Board of Directors of the Company. 

(c) “Code” means the Internal Revenue Code of 1986, as amended. 

(d) “Code Section 423 Plan Component” means the component of this Plan that is intended to meet the requirements
set forth in Section 423(b) of the Code, as amended. The provisions of the Code Section 423 Plan Component shall be construed, administered and enforced in accordance with Section 423(b). 

(e) “Common Stock” means the Common Shares of the Company. 

(f) “Company” means Marvell Technology Group Ltd., a Bermuda company. 

(g) “Continuous Employment” means the absence of any interruption or termination of service as an Employee. Continuous
Employment shall not be considered interrupted in the case of a leave of absence agreed to in writing by the Company, provided that either (i) the leave does not exceed 90 days or (ii) re-employment upon expiration of the leave is
guaranteed by contract or statute. 
 (h) “Designated Subsidiaries” means the Subsidiaries that have been
designated by the Board from time to time in its sole discretion to participate in this Plan. The Administrator will determine whether Employees of any Designated Subsidiary shall participate in the Code Section 423 Plan Component or the
Non-423 Plan Component. 
 (i) “Employee” means any person, including an officer, who is customarily employed
for at least 20 hours per week and five months per year by the Company or one of its Designated Subsidiaries, other than an employee of a Designated Subsidiary under the Non-423 Plan Component, who, as of the Offering Date, is otherwise determined
ineligible for participation in the Non-423 Plan Component, at the discretion of the Administrator. Whether an individual qualifies as an Employee shall be determined by the Administrator, in its sole discretion, by reference to Section 3401(c)
of the Code and the regulations promulgated thereunder; unless the Administrator makes a contrary determination, the Employees of the Company shall, for all purposes of this Plan, be those individuals who satisfy the customary employment criteria
set forth above and are carried as employees by the Company or a Designated Subsidiary for regular payroll purposes. Notwithstanding the foregoing, for Purchase Rights granted under the Non-423 Plan Component, Employee shall also mean any other
employee of a Designated Subsidiary to the extent that local law requires participation in the Plan to be extended to such employee, as determined by the Administrator. 

  
 -10-

 (j) “Fair Market Value” means as, as of any date, the value of Common Stock
as follows: 
 (i) If the Common Stock is quoted on an established stock exchange or national market system, including without
limitation the National Association of Securities Dealers, Inc. Automated Quotation (“NASDAQ”) National Market System, Fair Market Value shall be the closing sales price (or the closing bid, if no sales are reported) as quoted on that
exchange or system for the day of the determination, as reported in The Wall Street Journal or an equivalent source, or if the determination date is not a trading day, then on the most recent preceding trading day; 

(ii) If the Common Stock is quoted on NASDAQ (but not on the National Market System) or regularly quoted by a recognized securities
dealer but selling prices are not reported, Fair Market Value shall be the mean between the high bid and low asked prices for the Common Stock on the day of the determination, or on the most recent preceding trading day if the determination date is
not a trading day; or 
 (iii) In the absence of an established market for the Common Stock, Fair Market Value shall be
determined by the Administrator. 
 (k) “Non-423 Plan Component” means a component of this Plan that is not
intended to meet the requirements set forth in Section 423(b) of the Code, as amended. 
 (l) “Offering
Date” means the first trading day of an Offering Period. 
 (m) “Offering Period” means a period
established by the Administrator pursuant to Section 4 during which Payroll deductions are accumulated from Participants and applied to the purchase of Common Stock. The duration and timing of an Offering Period may be changed pursuant to
Sections 4 and 18. 
 (n) “Parent” means a “parent corporation,” whether now or hereafter existing,
as defined in Section 424(e) of the Code. 
 (o) “Participant” means an Employee who has elected to
participate, or has been deemed to participate by means of an automatic enrollment, in this Plan pursuant to Section 5. 

(p) “Payroll” means all regular, straight-time gross earnings, exclusive of payments for overtime, shift premium,
incentive compensation or payments, bonuses, and commissions. 
 (q) “Plan” means this Marvell Technology Group
Ltd. 2000 Employee Stock Purchase Plan, as amended and restated, which includes a Code Section 423 Plan Component and a Non-423 Plan Component. 
 (r) “Purchase Date” means such trading days during each Offering Period as may be established by the Administrator for the purchase of Common Stock pursuant to Section 8. 

(s) “Purchase Right” means a right to purchase Common Stock granted pursuant to Section 7. 

  
 -11-

 (t) “Restatement Effective Date” means October 31, 2011, the date of
the amendment and restatement of the Plan. 
 (u) “Subsidiary” means, from time to time, any corporation,
domestic or foreign, of which not less than 50% of the voting shares are held by the Company or another Subsidiary of the Company. 

  
 -12-

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