Document:

Amendment to Employment Agreement, re Dr. Dwight Reighard

 Exhibit 10.2 
  
 AMENDMENT TO EMPLOYMENT AGREEMENT 
 with D. “Ike” Reighard 
  
 THIS AMENDMENT (this “Amendment”), effective as of September 27, 2005, by and between HomeBanc Corp., a Georgia corporation (the “Company”), and D. “Ike” Reighard (“Executive”), amends that
certain Employment Agreement, dated as of May 6, 2004, by and between the Company and Executive (the “Employment Agreement”). 
  
 In consideration of the mutual covenants and agreements herein contained, ten dollars ($10.00) in cash, and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto agree to amend the Employment Agreement as follows: 
  
 1. Section 7(c) of the Employment Agreement, entitled “Termination by the Company,” is hereby deleted in its entirety and the following is
substituted therefor: 
  
 (c) Termination by
the Company. The Company may terminate Executive’s employment during the Employment Period with or without Cause. For purposes of this Agreement, “Cause” shall mean: 
  
 (i) the failure or refusal of Executive to perform substantially Executive’s duties with the Company
(other than any such failure resulting from incapacity due to physical or mental illness, or following Executive’s delivery of notice of termination for Good Reason, and specifically excluding any failure by Executive, after reasonable efforts,
to meet performance expectations) or to obey a reasonable consistent directive from the Board or the CEO or President of the Company, after a written demand for substantial performance is delivered to Executive by the Board, or by the CEO or
President of the Company, which specifically identifies the manner in which the Board or CEO or President believes that Executive has not substantially performed Executive’s duties or has failed or refused to obey a reasonable consistent
directive, or 
  
 (ii) the engaging by Executive
in illegal conduct, intentional misconduct or gross misconduct which has the reasonable likelihood of being injurious to the Company or its reputation or to subject the Company to liability for damages, or 
  
 (iii) the commission by Executive, or a plea of guilty or
nolo contendere by Executive, to a felony or other crime involving moral turpitude. 
  
 The cessation of employment of Executive shall not be deemed to be for Cause unless and until there shall have been delivered to Executive
a copy of a resolution duly adopted by the affirmative vote of not less than a majority of the entire membership of the Board of the Company (excluding Executive, if Executive is a member of the Board), finding that, in the good faith opinion of
such Board, Executive is guilty of the conduct described in subparagraph (i), (ii) or (iii) above, and specifying the particulars thereof in detail. Such finding shall be effective to terminate Executive’s employment for Cause only if
Executive was provided reasonable notice of the proposed action and was given an opportunity, together with counsel, to be heard by the Board. 

 2. Section 7(d) of the Employment Agreement, entitled “Termination by Executive,” is
hereby deleted in its entirety and the following is substituted therefor: 
  
 “(d) Termination by Executive. Executive’s employment may be terminated by Executive for Good Reason or no reason. For purposes of this Agreement, unless written consent of Executive is obtained,
“Good Reason” shall mean: 
  
 (i) After
a Change in Control, the assignment to Executive of duties inconsistent in material respect with Executive’s position (including offices and titles, but excepting reporting relationships), authority, duties or responsibilities as in effect
immediately prior to the Change in Control, or a material diminution in such position, authority, duties or responsibilities, excluding for this purpose an isolated, insubstantial and inadvertent action not taken in bad faith and which is remedied
by the Company promptly after receipt of notice thereof given by Executive; provided, however, that the fact that Executive’s employment after a Change in Control shall be with a non-publicly traded subsidiary of an entity resulting from
or surviving the Change in Control, if that is the case, shall not of itself be deemed a material diminution in Executive’s position, authority, duties or responsibilities for purposes of this subsection; 
  
 (ii) a reduction by the Company in Executive’s Base
Salary as in effect on the Effective Date, as the same may be increased from time to time, unless such reduction is pursuant to a general reduction applicable to other Peer Executives; 
  
 (iii) the failure by the Company (A) to continue in effect any compensation plan in which Executive
participates as of the date immediately prior to the Effective Date that is material to Executive’s total compensation, unless an equitable alternative or other arrangement (embodied in an ongoing substitute or alternative plan) has been made
with respect to such plan, or (B) to continue Executive’s participation therein (or in such substitute or alternative plan) on a basis not materially less favorable in terms of the level of Executive’s participation relative to other
participants unless such change (or changes) under either (A) or (B) is pursuant to a general reduction applicable to other Peer Executives; 
  
 (iv) the Company’s requiring Executive to be based at any office or location other than the Company’s principal executive
offices in the Greater Atlanta Metropolitan Area (Georgia); 
  
 (v) any failure by the Company to comply with and satisfy 16(c) of this Agreement; 
  
 (vi) the material breach by the Company of any other provision of this Agreement; or 

 (vii) any termination by Executive for any reason or no reason during the 30-day period
beginning on the first anniversary of a Change in Control. 
  
 Good Reason shall not include Executive’s death or Disability; provided that Executive’s mental or physical incapacity following the occurrence of an event described in clause (i) – (vi) above
shall not affect Executive’s ability to terminate for Good Reason. In the event that “Cause” exists under this Agreement and the Company has already acted pursuant to the requirements of Section 7(c) to terminate Executive’s
employment for Cause, Executive shall not be entitled to exercise a termination for Good Reason or to receive payments or benefits pursuant to Section 8 of this Agreement for termination for Good Reason. Except as provided in Section 8(a),
Executive’s continued employment shall not constitute consent to, or a waiver of rights with respect to, any circumstance constituting Good Reason hereunder. Any claim of “Good Reason” under this Agreement shall be communicated by
Executive to the Company in writing within 30 days of his knowledge of its occurrence, which writing shall specifically identify the factual details concerning all events giving rise to Executive’s claim of Good Reason under this
Section 7(d). No general description of unspecified events shall constitute proper notice of Good Reason or termination for Good Reason. The Company shall have an opportunity to cure any claimed event of Good Reason described in clause
(i) – (vi) above within 30 days of such notice from Executive.” 
  
 3. The lead-in to the first paragraph of Section 8(a) of the Employment Agreement, entitled “Termination by Executive for Good Reason; Termination by the Company Other Than for Cause,” is hereby deleted
in its entirety and the following is substituted therefor: 
  
 (a) Termination by Executive for Good Reason; Termination by the Company Other Than for Cause or Disability. If, during the Employment Period, the Company shall terminate Executive’s employment other than
for Cause or Disability, or Executive shall terminate employment for Good Reason during the 30-day period provided in Section 7(d)(vii) or during the 60-day period following the occurrence of the event described in clause (i) –
(vi) of Section 7(d) giving rise to Good Reason (subject to the restrictions set forth in those provisions, including the limitation of certain rights to the time after the occurrence of a Change in Control), then and, with respect to the
payments and benefits described in clauses (i)(B) and (ii) below, only if Executive executes a Release in substantially the form of Exhibit A hereto (the “Release”) and complies with that Release and with the provisions of
Section 14 of this Employment Agreement below, including maintaining compliance for any time period specified therein: 
  
 4. Section 8(a)(ii) of the Employment Agreement, entitled “Termination by Executive for Good Reason; Termination by the Company Other Than for
Cause”, is hereby deleted in its entirety and the following is substituted therefor: 
  
 (ii) the Company shall continue to provide, for a number of months equal to the Regular Severance Factor or the Change of Control
Severance Factor (determined in Section 8(a)(i)(B)(x) or (y) above, as applicable) after Executive’s 

 Date of Termination (the “Welfare Benefits Continuation Period”), or such longer period as may
be provided by the terms of the appropriate plan, program, practice or policy, any group health benefits to which Executive and/or Executive’s eligible dependents would otherwise be entitled to continue under COBRA, or benefits substantially
equivalent to those group health benefits which would have been provided to them in accordance with the Welfare Plans described in Section 5(c) of this Agreement if Executive’s employment had not been terminated, or, at the Company’s
option, shall reimburse Executive for premiums he actually incurs in continuing such group health benefits pursuant to COBRA; provided, however, that if Executive becomes employed with another employer (including self-employment) and becomes
eligible to receive group health benefits under another employer provided plan, the Company’s obligation to provide group health benefits, or to reimburse COBRA group health insurance continuation premiums, as described herein shall cease,
except as otherwise provided by law and provided, further, that the Welfare Benefits Continuation Period shall run concurrently with any period for which Executive is eligible to elect health coverage under COBRA; and 
  
 5. Section 12 of the Employment Agreement, entitled “Costs of
Enforcement,” is hereby deleted in its entirety and the following is substituted therefor: 
  
 12. Costs of Enforcement. The Company shall reimburse Executive on a current basis, for all reasonable legal fees and related
expenses incurred by Executive (i) in contesting or disputing any termination of Executive’s employment, or (ii) in seeking to obtain or enforce any right or benefit provided by this Agreement, but only in the event that Executive
prevails to a significant in arbitration over such disputes, and provided further, Executive shall be required to repay to the Company any such amounts to the extent that an arbitral panel or a court issues a final and non-appealable order,
judgment, decree or award denying Executive’s claims in their entirety. In addition, Executive shall be entitled to be paid all reasonable legal fees and expenses, if any, incurred in connection with any tax audit or proceeding to the extent
attributable to the application of Section 4999 of the Code to any payment or benefit hereunder. All such payments shall be made within thirty (30) days after delivery of Executive’s respective written requests for payment accompanied
with such evidence of fees and expenses incurred as the Company reasonably may require. 
  
 6. Exhibit A to the Employment Agreement, entitled “Form of Release,” shall be amended by inserting the following new paragraph immediately after the paragraph beginning, “[i]t is understood and agreed
by Executive that the payment made to him is not to be construed as an admission . . .”: 
  
 Executive agrees and covenants that he will not make any derogatory or disparaging statements about or relating to the Company, its
business practices, its products, its services or its employment practices and that he will not engage in any harassing conduct directed at Company. For purposes of this provision, “Company” means and includes the Company and its officers,
directors, agents, representatives and employees. Nothing in this provision is intended to prohibit Executive from testifying in any judicial or quasi-judicial proceeding. 

 7. As amended hereby, the Employment Agreement shall be and remain in full force and effect. 

 
 IN WITNESS WHEREOF, the parties have executed this Amendment as of the
date first above written. 
  

			
	EXECUTIVE
	
	 /s/ Dwight Reighard

	D. “Ike” Reighard
	
	HOMEBANC CORP.
		
	By:	 	 /s/ Charles W. McGuire

	 	 	Charles W. McGuire
	 	 	Executive Vice PresidentForm of Employee Stock Option Agreement from and after September 26, 2005

 EX 10.99 
  

NOTICE OF STOCK OPTION GRANT 
 under the 
 1987 MICROSEMI CORPORATION STOCK PLAN 
  
 You have been granted the following Option to purchase Common Stock, par value $.20 per share, of Microsemi Corporation (the
“Company”): 
  

			
	Name of Employee:	  	   «First_Name» «Last_Name»

	Total Number of Shares	  	 
		
	Subject to this Option:	  	   «M__Shares»

	Type of Option:	  	   ISO for __ Shares and NQSO for ___ Shares

	Exercise Price Per Share:	  	   «Price_per_Share»

	Date of Grant:	  	   «Grant_Date»

  

			
	 Dates
 Exercisable:
	  	Until this Option terminates, this Option may be exercised to purchase Restricted Stock with respect to any or all of the Shares covered hereby whatever amount of this Option shall have
become exercisable to purchase Unrestricted Stock.
		
	 	  	Before the first anniversary of the Date of Grant, this Option may not be exercised to purchase Unrestricted Stock as to any of the Shares.
		
	 	  	During the second year, this Option may be exercised to purchase Unrestricted Stock as to not more than twenty percent of the total number of Shares covered hereby.
		
	 	  	During the third year, this Option may be exercised to purchase Unrestricted Stock as to an additional twenty percent, but cumulatively not more than forty percent of the total number of Shares
covered hereby.
		
	 	  	During the fourth year, this Option may be exercised to purchase Unrestricted Stock as to an additional twenty percent, but cumulatively not more than sixty percent of the total number of Shares
covered hereby.
		
	 	  	During the fifth year, this Option may be exercised to purchase Unrestricted Stock as to an additional twenty percent, but cumulatively not more than eighty percent of the total number of Shares
covered hereby.
		
	 	  	After the fifth anniversary of the Date of Grant, this Option may be exercised to purchase Unrestricted Stock as to up to one hundred percent of the total number of Shares covered
hereby.

  
 The Purchase Price
shall be payable in any of the following forms: (i) by cash, certified check or bank draft in United States funds, or (ii) with shares of the Company’s Common Stock already owned by Employee for a period of at least six (6) months and
surrendered in good form for transfer (such shares shall be valued at their Fair Market Value on the date the Option is exercised). 
  
 By your signature and the signatures of the Company’s representatives below, you and the Company agree that this Option is granted under and governed
by the terms and conditions of the 1987 Microsemi Corporation Stock Plan, as amended, and the Stock Option Agreement, both of which are made a part of this document. 
  

					
	EMPLOYEE:	 	MICROSEMI CORPORATION
			
	 Signature:

	 	By:	 	  

	Name:           «First_Name» «Last_Name»	 	Name:	 	 James J. Peterson

	 	 	Title:	 	 President & CEO

			
	 	 	By:	 	  

	 	 	Name:	 	 David R. Sonksen

	 	 	Title:	 	 Executive Vice President, CFO,
 Treasurer and Secretary

 MICROSEMI CORPORATION 
  
 STOCK OPTION AGREEMENT 
  
 UNDER THE 1987 MICROSEMI CORPORATION STOCK PLAN 
  
 THIS STOCK OPTION AGREEMENT (“Agreement”) is made pursuant to an option grant notice (the “Notice of Stock
Option Grant”) attached hereto and incorporated into this Agreement by this reference, made as of the Date of Grant as set forth in the Notice of Stock Option Grant, between Microsemi Corporation, a Delaware corporation (the
“Company”) and the option holder (“Employee”), whose identity is as set forth in the Notice of Stock Option Grant. (Capitalized terms in the Notice of Option Grant attached hereto shall have the meanings ascribed to them in this
Agreement). 
  
 WHEREAS, the Company desires to carry out the
purposes of the 1987 Microsemi Corporation Stock Plan (the “Plan”) by affording the Employee an opportunity to purchase shares of the Company’s Common Stock (the “Stock”); and 
  
 WHEREAS, if and to the extent provided in the Notice of Option Grant, this
Option is intended to qualify as an ISO (as defined below); 
  
 THEREFORE, in consideration of the mutual covenants hereinafter set forth and for other good and valuable consideration, the parties have agreed, and do hereby agree as follows: 
  
 Section 1. Grant of Option 
  
 On the terms and conditions set forth in the Notice of Stock Option Grant and this Agreement, the Company grants to the
Employee on the Date of Grant a right and option to purchase, at the Exercise Price, all or any portion of the number of Shares set forth in the Notice of Stock Option Grant (the “Option”) to the extent exercisable as set forth in the
Notice of Option Grant. If and to the extent this Option is granted pursuant to a Notice of Stock Option Grant that indicates that the Option is an Incentive Stock Option (“ISO”), then this Option is intended to qualify as an ISO under
Section 422 of the Code but shall constitute a nonqualified stock option to the extent that it fails in whole or in part to qualify as an ISO for any reason. 
  
 Section 2. Purchase Price 
  
 The Exercise Price represents not less than one hundred percent (100%) of the Fair Market Value per Share as of the Date of Grant; or in the event that
the Employee owns more than 10% of the total combined voting power of all classes of stock of the Company, the Exercise Price represents not less than 110% of the Fair Market Value per Share at Date of Grant. 
  
 Section 3. Medium of Payment 
  
 The Purchase Price shall be payable in any form of consideration described in
the Notice of Stock Option Grant, or in any combination thereof. The Company shall not be required to issue or permit transfer of Shares of the Company Stock upon exercise of a Stock Option until the Purchase Price is fully paid. 
  
 Section 4. Option Term 
  
 (a) No part of the Option shall be exercised after 10 years from the Date of
Grant, except in the event Employee owns at the Date of Grant more than 10% of the total combined voting power of the Company, in which case no part of the Option may be exercised after 5 years from the Date of Grant. 
  
  

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 (b) To the extent this Option remains unexercised for Restricted Stock and shall not have become
exercisable for Unrestricted Stock on the date of termination, this Option shall be deemed to have immediately expired. 
  
 (c) If for any reason whatsoever Employee ceases to be employed by the Company (including subsidiaries), or by a company issuing an Option to which Code
Section 424(a) applies, then (I) any unexercised options which shall on or before the date of termination have become exercisable for Unrestricted Stock shall terminate three months after the date of termination, except that if the termination is
due to Employee’s death or permanent disability within the meaning of Section 22(e) (3) of the Code, the three-month period will become one year; and (II) any unexercised options which shall on or before the date of termination have not become
exercisable for Unrestricted Stock shall terminate on the date of termination. 
  
 (d) A leave of absence (not in excess of three months) approved in writing by the Committee shall not be deemed a termination of employment for the purposes of this Agreement. Any leave of absence in excess of three
months shall be equivalent to a termination of employment. 
  
 Section 5. Time of Exercise 
  
 The portion
of this Option which has become exercisable may be exercised at any time or from time to time (so long as this Option has not expired), as to any part or all thereof; provided that this Option may not be exercised for a fraction of a share of Stock.
This Option may be exercised for Unrestricted Stock only to the extent expressly permitted by this Option, and the balance of this Option may be exercised only for Restricted Stock. To the extent this Option is exercised for Restricted Stock, the
restrictions on the Option Stock shall be those stated in “Restrictions on Restricted Stock” attached hereto as Annex A and incorporated herein by this reference. To the extent this Option may be exercised for Unrestricted Stock, the
restrictions on Option Stock in Annex A shall not apply. 
  
 Section 6. Method of Exercise 
  
 (a) Each
exercise of this Option shall be by written notice of exercise delivered to the President of the Company at its principal place of business specifying the number of shares of Stock to be purchased and accompanied by payment in the manner described
in Section 3 hereof. The notice shall be in substantially the form of the Notice of Exercise of Stock Option attached hereto. 
  
 (b) As soon as practicable after any exercise of this Option in accordance with the foregoing provisions, the Company shall, without transfer or issue tax
to the Employee, deliver certificate(s) to the Employee representing the Stock as to which this Option has been exercised. 
  
 Section 7. Non-Transferability 
  
 This Option, and all rights and privileges hereunder, shall be non-assignable and non-transferable by the Employee, either voluntarily or by operation of
law (except by will or by operation of the laws of descent and distribution), shall not be pledged or hypothecated in any way, and shall be exercisable during the Employee’s lifetime only by the Employee. 
  
 Section 8. Shares Authorizations, Consents, Etc. 
  
 The Company, during the term of this Option, will keep available the number
of shares of Stock required to satisfy this Option. The Company will seek to obtain from each regulatory commission or agency having jurisdiction such authority as may be required to issue and sell Stock to satisfy the Option. Inability of the
Company to obtain from any such regulatory 

  

 3 

 
commission or agency authority which counsel for the Company deems necessary for the lawful issuance and sale of the Stock to satisfy the Option, shall
relieve the Company from any liability for failure to issue and sell Stock to satisfy the Option until such time as that such authority is obtained. Restricted Stock issued upon exercise under this Option shall be subject to the restrictions on
transferability and bear a restrictive legend in substantially the form as set forth in the attached Restrictions on Restricted Stock. 
  
 Section 9. Investment Representations 
  
 Employee may be required, if it is deemed necessary in the opinion of counsel for the Company, to represent to the Company at the time of exercise that it
is his or her intention to acquire the Stock for his private investment only and not for resale or distribution to the public. The Company may stamp any certificates representing such Stock with a legend to the effect that such Stock has not been
registered under the Securities Act of 1933 and that the Stock may not be sold or transferred until so registered, or until an opinion of counsel satisfactory to the Company is received to the effect that such registration is not necessary. In the
event this Option and the Stock issued pursuant to this Option are registered under the Securities Act of 1933, as amended, then such investment representations and legend restrictions pursuant to Federal securities law shall be inapplicable with
respect to such Stock. Nothing herein shall be deemed to obligate the Company to so register any of such Stock. 
  
 Section 10. Rights as Stockholder 
  
 The Employee shall have no rights as a stockholder with respect to any Stock covered by this Option until the certificate(s) representing such Stock shall
have been issued and delivered to him or her. No adjustment shall be made for dividends or other rights for which the record date is prior to the date such Stock certificate(s) are delivered to the Employee. 
  
 Section 11. Adjustments for Changes in Capital Structure

  
 (a) If the Shares of the Company’s stock are
increased, decreased, changed into or exchanged for a different number or kind of shares pursuant to a reorganization, recapitalization, reclassification, stock dividend, stock split or reverse stock split, an appropriate and proportionate
adjustment shall be made changing the number or kind of Shares allocated to any unexercised portion of this Option; except that if such change results from a stock dividend, such adjustment shall only be made if the aggregate of all stock dividends
paid by the Company (including the one causing the change) during the one-year period ending at the close of business on the day the change occurs exceeds 5% of the Shares of the Company’s Stock as it was constituted at the beginning of such
one-year period (and any such adjustment shall equal all such stock dividends in the event that no adjustment was made for prior stock dividends during such year because such stock dividends aggregated less than such 5%). All adjustments shall be
made without changing the aggregate Purchase Price applicable to the unexercised portion of this Option, and therefore a corresponding adjustment shall be made in the Exercise Price for each Share covered by this Option. 
  
 (b) Upon a reorganization, merger or consolidation of the Company with one or
more corporations as a result of which the Company is not the surviving corporation and results in a “Change of Control,” the Company shall use its best efforts but shall be under no obligation, to cause the reorganization, merger or
consolidation agreement to include a provision for the continuance of the Plan and for the assumption of this Option, or the substitution for this Option of new options covering the stock of a successor corporation, or a parent or subsidiary
thereof, with appropriate adjustments as to number and kind of shares of Stock and Exercise Prices. 
  
 (c) Upon the dissolution or liquidation of the Company, or upon a sale of substantially all of its property, or a reorganization, merger or consolidation
described above which does not include a provision for continuance of the Plan or assumption of this Option (“Terminating 

  

 4 

 
Transactions” herein), the Plan shall terminate forthwith, and this Option shall terminate. Notwithstanding the preceding sentence, if as of immediately
prior to the Terminating Transaction, Employee would be entitled to exercise any unexercised portions of this Option, he or she shall have the right at such time immediately prior to the consummation of the Terminating Transaction as the Company
shall designate, to exercise this Option to the full extent provided herein. 
  
 (d) Subject to Section 11(e), in the event of a Change in Control, each Option shall, at the discretion of the Committee either (i) be canceled in exchange for a payment in cash of an amount equal the number of Shares
covered by the Option multiplied by the excess, if any, of the fair value, as determined in good faith by the Board of Directors, of the price paid per share of Common Stock in the Change in Control transaction over the Exercise Price and/or (ii)
vest and become fully exercisable regardless of the vesting and exercise schedule otherwise applicable to such Option. If the reorganization, merger or consolidation agreement so provides, the Plan and this Option shall continue in the manner and
under the terms so provided in such agreement. 
  
 (e)
Notwithstanding Section 11(d), no cancellation, acceleration of exercisability, vesting, cash settlement or other payment provided in Section 11(d) shall occur with respect to an Option upon a Change in Control if the Committee reasonably determines
in good faith prior to the occurrence of the Change in Control that such Option shall be honored or assumed, or new rights substituted therefor (such honored, assumed or substituted award, an “Alternative Award”), by the Employee’s
new employer (or the parent or a subsidiary of such new employer) immediately following the Change in Control, provided that such Alternative Award (i) is based on stock which is or will be, within 60 days after the Change in Control, traded on an
established securities market; (ii) provides Employee with rights and entitlements substantially equivalent to or better than the rights, terms and conditions applicable under the Option; (iii) has substantially equivalent economic value to the
Option (determined at the time of the Change in Control); and (iv) vests and becomes fully exercisable and transferable in the event that Employee’s employment is involuntarily terminated or terminated by Employee following a material reduction
in the Employee’s base salary or Employee’s incentive compensation opportunity or a material reduction in the Employee’s responsibilities, in any such case without the Employee’s written consent. 
  
 Section 12. Continuation of Employment 
  
 Nothing herein shall confer upon Employee any right to continue in the
employment of the Company or any of its subsidiaries, or interfere in any way with the right of the Company or any such subsidiary (subject to the terms of any separate employment agreement to the contrary) at any time to terminate such employment
or increase or decrease the compensation of Employee from the rate in existence on the Date of Grant. 
  
 Section 13. Tax Treatment and Withholding Taxes 
  
 The aggregate Fair Market Value (determined with respect to each ISO at the time such ISO is granted) of the Shares with respect to which ISOs are
exercisable for the first time by an option holder during any calendar year (under this Plan or any other plan of the Company) shall not exceed $100,000. Any portion exceeding this annual limit shall be a nonqualified stock option. Also, in order to
qualify as an ISO, the underlying Stock may not be sold within one year from the date the Option is exercised and also may not be sold within two years from the date the Option was granted. Also, in order to qualify as an ISO, the Option must be
granted to an employee of the Company or a parent or subsidiary corporation as of the Date of Grant. Further requirements apply, including without limitation that the Option exercise period may not be extended beyond that originally provided herein.
If the Option does not qualify as an ISO, or is subsequently disqualified by a disposition of the shares, the Company has the right to require Employee or Employee’s permitted successor in interest to pay the Company the amount of any 

  

 5 

 
taxes which the Company may be required to withhold with respect to such shares and the Employee shall be responsible for the additional taxes on the
Employee that result. The Company has the right to require Employee or Employee’s permitted successors in interest to pay the Company the amount of any taxes which the Company may be required to withhold with respect to Option Shares. The
Company expects that any difference between the Exercise Price of a nonqualified stock option and the Fair Market Value of a share of Common Stock on the day of exercise will be treated as compensation by the Internal Revenue Service and subject to
withholding taxes on the date of exercise. 
  
 The foregoing is
not intended to provide tax advice. The Employee should consult his or her own tax advisor(s). 
  
 Section 14. The Plan 
  
 The Option is subject to, and the Company and Employee agree to be bound by, all of the terms and conditions of the Plan as the same shall be amended from time to time in accordance with the terms thereof, but, without the consent of
Employee, no such amendment shall adversely affect the Employee’s rights under this Option. Pursuant to the Plan, the Committee has the final authority to construe and interpret the provisions of the Plan and this Option. A copy of the Plan in
its present form is available for inspection by the Employee during business hours at the principal office of the Company. 
  
 Section 15. Governing Law 
  
 This Agreement shall be subject to, and governed by, the laws of the State of California irrespective of the fact that one or more of the parties now is,
or may become, a resident of a different state. 
  
 Section
16. Construction 
  
 In the event any parts of this
Agreement are found to be void, the remaining provisions of this Agreement shall nevertheless be binding with the same effect as though the void parts were deleted. 
  
 Section 17. Binding Effect 
  
 This Agreement shall inure to the benefit of and be binding on the parties hereto and their respective heirs, executors,
administrators, successors and assigns. 
  
 Section 18.
Definitions 
  
 “Agreement” shall mean this
Stock Option Agreement. 
  
 “Change in Control” shall
mean the occurrence of any of the following events: 
 (i) Any “person” (as such term is used in Sections 13(d) and
14(d) of the Securities Exchange Act of 1934, as amended) is or becomes the “beneficial owner” (as defined in Rule 13d 3 under said Act), directly or indirectly, of securities of the Company representing more than fifty percent (50%) of
the total voting power represented by the Company’s then outstanding voting securities; 
 (ii) Consummation of a merger
or consolidation of the Company with any other corporation, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining
outstanding or by being converted into voting securities of the surviving entity) more than fifty percent (50%) of the total voting power represented by the voting securities of the Company or such surviving entity outstanding immediately after such
merger or consolidation, or the stockholders of the Company approving a plan 

  

 6 

 
of complete liquidation of the Company or a consummation of the sale or disposition by the Company of all or substantially all of the Company’s assets.

  
 “Code” shall mean the Internal Revenue Code of 1986,
as amended. 
  
 “Date of Grant” shall mean the date
specified in the Notice of Stock Option Grant, or, if later, the later of (i) the date on which the Board of Directors or a committee thereof resolved to grant this Option or (ii) the first day of the Employee’s service as a common-law employee
of the Company, a parent or a subsidiary. 
  
 “Exercise
Price” shall mean the amount for which one Option Share may be purchased upon exercise of this Option, as specified in the Notice of Stock Option Grant. 
  
 “Notice of Stock Option Grant” shall mean the document so entitled to which this Agreement is attached. 
  
 “Employee” shall mean the individual named in the Notice of Stock
Option Grant. 
  
 “Fair Market Value” shall mean the
fair market value of a Share, as determined by the Committee in good faith. Such determination shall be conclusive and binding on all persons. 
  
 “ISO” shall mean an incentive stock option under Section 422 of the Code. 
  
 “NQSO” or “nonqualified stock option” shall mean an Option under the Plan that does not qualify as an
incentive stock under Section 422 of the Code. 
  
 “Option
Shares” shall mean the Shares acquired upon exercise of the Option. 
  
 “Purchase Price” shall mean the Exercise Price multiplied by the number of Shares with respect to which this Option is being exercised. 
  
 “Restricted Stock” shall mean Shares issuable upon exercise of the Option that are subject to the restrictions
identified in Annex A. 
  
 “Share” shall mean one share
of Stock, as adjusted in accordance with Section 11 (if applicable). 
  
 “Unrestricted Stock” shall mean Shares that are issuable upon the exercise of the Option that are not subject to the restrictions identified in Annex A or as to which such restrictions have lapsed. 
  

 7 

 NOTICE OF EXERCISE OF STOCK OPTION 
  
 Microsemi Corporation 
 2381 Morse Avenue

 Irvine, CA 92614 
 Attention: President 
  
 Ladies and Gentlemen: 
  
 The undersigned hereby elects to exercise the option indicated below: 
  
 Date of Grant: 
  
 Type of Option: 
  
 Number of Shares Being Exercised: 
  
 Exercise
Price Per Share: 
  
 Total Purchase Price: 
  
 Method of Payment: 
  
 Enclosed herewith is payment in full of the Purchase Price, a copy of the Notice of Stock Option Grant and Stock Option Agreement.

  
 My exact name, current address and social security number for purposes of the
stock certificates to be issued and the shareholder list of the Company are: 
  
 Name: 
 Address: 
 Social Security Number: 

 

					
	 	 	 	 	Sincerely,
			
	Date of Exercise:	 	  

	 	  

	 	 	 	 	(Employee’s Signature)
			
	 	 	 	 	  

 (Employee’s
Name Printed)

 ANNEX A 
  
 RESTRICTIONS ON RESTRICTED STOCK 
  
 Overview 
  
 Upon the issuance, if any, of Restricted Stock, the Grantee shall own the shares and therefore be entitled to vote the shares and to receive any dividends paid. However, during a period designated by the Committee as
the “Restriction Period,” the Grantee may not sell, assign, transfer, pledge, or otherwise dispose of such shares of Restricted Stock except a transfer incident to Grantee’s death under the laws of descent and distribution.

  
 Only a Grantee or his authorized representative (on behalf of the Grantee) may
exercise rights under this Option or the Restricted Stock purchasable with this Option (a “Grant”). Such persons may not transfer those rights during their lifetimes. When a Grantee dies, the personal representative to succeed to the
rights of the Grantee (“Successor Grantee”) may exercise the rights within one year following death but no later than any earlier expiration date of the Grant. A Successor Grantee must furnish proof satisfactory to the Company of his or
her right to receive the Grant under the Grantee’s will or under the applicable laws of descent and distribution. 
  
 However, the Committee may provide for complete or partial exceptions to this requirement as it deems equitable. 
  
 Before these restrictions on Restricted Stock lapse, only the number of shares of Restricted
Stock that may be sold shall be the amount sufficient to pay, in connection with the exercise of the Option, the Option exercise price, resultant federal and state income tax payments and withholdings (based on an assumed 40% combined federal and
state tax rate), and resultant stock broker sales commissions or fees. The Company’s estimations and determinations thereof shall be final and binding. 
  
 Stock Certificate Legends 
  
 The certificates representing Unrestricted Stock shall be issued in separate certificates from all Restricted Stock and shall not bear the legend set forth below.

  
 In addition to any other applicable legends, shares of Restricted Stock shall
bear legends in substantially the following form: 
  
 [Front of Certificate]

  
 Restrictions on reverse side. 
  
 [Back of Certificate] 
  
 THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CONTRACTUAL RESTRICTIONS ON SALE, TRANSFER, HYPOTHECATION OR OTHER
DISPOSITION, EXCEPT TO THE EXTENT THE CORPORATION EXPRESSLY WAIVES SUCH RESTRICTIONS, PURSUANT TO A MICROSEMI CORPORATION STOCK OPTION AGREEMENT UNDER THE 1987 MICROSEMI CORPORATION STOCK PLAN, A COPY OF WHICH SHALL BE PROVIDED BY THE CORPORATION
UPON REQUEST. THE RESTRICTIONS ON ALL OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE LAPSE AS OF THE OPENING OF THE FIRST BUSINESS DAY AFTER [DATE]. 
  
 Accordingly, the Restricted Stock will be represented by separate certificates based upon the different dates on which it shall become Unrestricted Stock. For instance, a
hypothetical 

  

 A-1 

 
exercise of the Option on the Date of Grant would result in the issuance of five certificates representing one-fifth each, and the legends on each
certificate would coincide with the five respective anniversaries of the Date of Grant. 
  
 Upon request, the Company shall remove the preceding legend from certificates nominally representing Restricted Stock but that have passed the date of lapse of restrictions, which shall be set forth in the legend. 
  
 Change of Control Provisions 
  
 (a) Upon a reorganization, merger or consolidation of the Company with one or more
corporations as a result of which the Company is not the surviving corporation and results in a “Change of Control,” the Company shall use its best efforts but shall be under no obligation, to cause the reorganization, merger or
consolidation agreement to include a provision for the continuance of the Plan, and for the exchange of Restricted Stock for new restricted stock of a successor corporation, or a parent or subsidiary thereof, with appropriate adjustments as to
number and kind of shares of Stock. 
  
 (b) Upon the dissolution or liquidation of
the Company, or upon a sale of substantially all of its property, or a reorganization, merger or consolidation described above which does not include a provision for continuance of the Plan (“Terminating Transactions” herein), the Plan
shall terminate forthwith. 
  
 (c) Subject to Section (d), in the event of a
Change in Control, each Share of Restricted Stock shall, at the discretion of the Committee, become Unrestricted Stock and its restrictions shall lapse, regardless of the vesting schedule otherwise applicable to such Restricted Stock. If the
reorganization, merger or consolidation agreement so provides, the Plan and the Restricted Stock shall continue in the manner and under the terms so provided in such agreement. 
  
 (d) Notwithstanding Section (c), no vesting provided in (c) shall occur with respect to Restricted Stock upon a Change in Control if the
Committee reasonably determines in good faith prior to the occurrence of the Change in Control that such Restricted Stock shall be honored or assumed, or new rights substituted therefor (such honored, assumed or substituted award, an
“Alternative Award”), by the Employee’s new employer (or the parent or a subsidiary of such new employer) immediately following the Change in Control, provided that such Alternative Award (i) is based on stock which is or will be,
within 60 days after the Change in Control, traded on an established securities market; (ii) provides Employee with rights and entitlements substantially equivalent to or better than the rights, terms and conditions applicable under the Restricted
Stock; (iii) has substantially equivalent economic value to the restricted Stock (determined at the time of the Change in Control); and (iv) vests and becomes fully exercisable and transferable in the event that Employee’s employment is
involuntarily terminated or terminated by Employee following a material reduction in the Employee’s base salary or Employee’s incentive compensation opportunity or a material reduction in the Employee’s responsibilities, in any such
case without the Employee’s written consent. 
  

 A-2

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