Document:

exv10wll

 

EXHIBIT 10.LL

January 22, 2008

Mr. Stan Swearingen

Re:      Change of Control / Severance Agreement

Dear Stan:

This letter agreement (the “Agreement”) sets out the severance arrangements concerning your
employment with Skyworks Solutions, Inc. (“Skyworks”).

	1.	 	Termination of Employment Related to Change of Control

	 	1.1.	 	If: (i) a Change of Control occurs during the Initial Term or the
Additional Term (as defined in Section 7) and (ii) your employment with
Skyworks is terminated by Skyworks without Cause or you terminate your
employment with Skyworks for Good Reason, in either case within one
(1) year after the Change of Control, then you will receive the benefits
provided in Section 1.4 below.
	 
	 	1.2.	 	“Change of Control” means an event or occurrence set forth in any one or
more of subsections (a) through (d) below (including an event or
occurrence that constitutes a Change of Control under one of such
subsections but is specifically exempted from another such subsection):

(a) the acquisition by an individual, entity or group (within the meaning of
Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended
(the “Exchange Act”)) (a “Person”) of beneficial ownership of any capital stock
of Skyworks if, after such acquisition, such Person beneficially owns (within
the meaning of Rule 13d-3 promulgated under the Exchange Act) 40% or more of
either (x) the then-outstanding shares of common stock of Skyworks (the
“Outstanding Company Common Stock”) or (y) the combined voting power of the
then-outstanding securities of Skyworks entitled to vote generally in the
election of directors (the “Outstanding Company Voting Securities”);
provided, however, that for purposes of this subsection (a), the
following acquisitions shall not constitute a Change of Control: (i) any
acquisition directly from Skyworks (excluding an acquisition pursuant to the
exercise, conversion or exchange of any security exercisable for, convertible
into or exchangeable for common stock or voting securities of Skyworks, unless

 

 

Mr. Stan Swearingen

January 22, 2008

Page 2

the Person exercising, converting or exchanging such security acquired such
security directly from Skyworks or an underwriter or agent of Skyworks), (ii) any
acquisition by Skyworks, (iii) any acquisition by any employee benefit plan (or
related trust) sponsored or maintained by Skyworks or any corporation controlled by
Skyworks, or (iv) any acquisition by any corporation pursuant to a transaction
which complies with clauses (i) and (ii) of subsection (c) of this Section 1.2; or

(b) such time as the Continuing Directors (as defined below) do not
constitute a majority of the Board of Directors of Skyworks (the “Board”)
(or, if applicable, the Board of Directors of a successor corporation to
Skyworks), where the term “Continuing Director” means at any date a
member of the Board (i) who was a member of the Board on the date of
the execution of this Agreement or (ii) who was nominated or elected
subsequent to such date by at least a majority of the directors who were
Continuing Directors at the time of such nomination or election or whose
election to the Board was recommended or endorsed by at least a majority
of the directors who were Continuing Directors at the time of such
nomination or election; provided, however, that there shall be excluded
from this clause (ii) any individual whose initial assumption of office
occurred as a result of an actual or threatened election contest with respect
to the election or removal of directors or other actual or threatened
solicitation of proxies or consents, by or on behalf of a person other than
the Board; or

(c) the consummation of a merger, consolidation, reorganization,
recapitalization or statutory share exchange involving Skyworks or a sale
or other disposition of all or substantially all of the assets of Skyworks in
one or a series of transactions (a “Business Combination”), unless,
immediately following such Business Combination, each of the following
two conditions is satisfied: (i) all or substantially all of the individuals and
entities who were the beneficial owners of the Outstanding Company
Common Stock and Outstanding Company Voting Securities immediately
prior to such Business Combination beneficially own, directly or
indirectly, more than 50% of the then-outstanding shares of common stock
and the combined voting power of the then-outstanding securities entitled
to vote generally in the election of directors, respectively, of the resulting
or acquiring corporation in such Business Combination (which shall
include, without limitation, a corporation which as a result of such
transaction owns Skyworks or substantially all of Skyworks’ assets either
directly or through one or more subsidiaries) (such resulting or acquiring
corporation is referred to herein as the “Acquiring Corporation”) in
substantially the same proportions as their ownership, immediately prior to
such Business Combination, of the Outstanding Company Common Stock

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Page 3

and Outstanding Company Voting Securities, respectively; and (ii) no Person
(excluding any employee benefit plan (or related trust) maintained or sponsored by
Skyworks or by the Acquiring Corporation) beneficially owns, directly or
indirectly, 40% or more of the then outstanding shares of common stock of the
Acquiring Corporation, or of the combined voting power of the then-outstanding
securities of such corporation entitled to vote generally in the election of
directors (except to the extent that such ownership existed prior to the Business
Combination); or

(d) approval by the stockholders of Skyworks of a complete liquidation or
dissolution of Skyworks.

	 	1.3.	 	“Good Reason” means the occurrence of any of the following events
without your prior written consent: (i) a material diminution of your base
compensation (unless in connection with a general reduction in the base
compensation of all of Skyworks’ officers and/or senior management
employees necessitated by the business or financial condition of
Skyworks, provided such reduction does not adversely affect you to a
greater extent than such other persons); (ii) a material diminution in your
authority, duties or responsibilities; (iii) a material change in the
geographic location at which you are directed that you must perform your
duties, which Skyworks has determined shall include a change in your
principal place of employment at Skyworks’ or an affiliate’s direction
from
the location of the your principal place of employment immediately prior
to the date this Agreement becomes effective to a location more than fifty
(50) miles from such principal place of employment; or (iv) any action or
inaction constituting a material breach by Skyworks of the terms of this
Agreement. Your termination of employment shall not be deemed to be
for Good Reason unless, within sixty (60) days of the occurrence of the
event constituting Good Reason, you have provided Skyworks with (a) at
least thirty (30) days advance written notice of your decision to terminate
your employment for Good Reason, and (b) a period of not less than thirty
(30) days to cure the event or condition described in (i), (ii), (iii) or (iv),
and Skyworks has either failed to so cure the event or waived its right to
cure the event, to the extent it is then subject to cure.
	 
	 	1.4.	 	Subject to the provisions of Sections 6 and 8, (i) as soon as practicable
(but not more than sixty (60) days) after the date of any termination
described in Section 1.1 (or such later date as may be required by Section
8), Skyworks will pay you a lump sum equal to two (2) times the sum of
(a) your rate of annual base salary in effect immediately prior to the
Change of Control, and (b) the greater of (1) the average of the annual
short-term cash incentive payments you received for each of the three
years prior to the year in which the Change of Control occurs, whether or

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not includable in gross income for federal income tax purposes, or (2) your target
annual short-term cash incentive opportunity for the year in which the Change of
Control occurs; and (ii) on the date of any termination described in Section 1.1,
all of your then outstanding Skyworks stock options shall remain exercisable for a
period of eighteen (18) months after the termination date (or, if earlier, until
the last day of the full option term), subject to their other terms and
conditions; and (iii) Skyworks will provide you medical benefits substantially the
same as those provided to you at the time of termination for a period of eighteen
(18) months after the date of termination.

	 	1.5.	 	If any excise tax (the “Excise Tax”) under Section 4999 of the Internal
Revenue Code of 1986 (the “Code”) is payable by you by reason of the occurrence of a
change in the ownership or effective control of Skyworks or a change in the ownership
of a substantial portion of the assets of Skyworks, determined in accordance with
Section 280G(b)(2) of the Code, then Skyworks shall pay you, in addition to any other
amounts payable under this Agreement, an amount (the “Gross-Up Payment”) equal to the
sum of the Excise Tax and the amount necessary to pay all additional taxes imposed on
(or economically borne by) you (including the Excise Tax, state and federal income
taxes and all applicable employment taxes) attributable to the receipt of the
Gross-Up Payment; provided however, that (i) in no event shall the Gross-Up Payment
exceed five hundred thousand U. S. dollars ($500, 000. 00), (ii) Skyworks shall have
no obligation to make the Gross-Up Payment to you until you remit the Excise Tax to
the Internal Revenue Service; and (iii) any Gross-Up Payment shall be paid no later
than the last day of the calendar year following the calendar year in which you remit
the Excise Tax. For purposes of the preceding sentence, all taxes attributed to the
receipt of the Gross-Up Payment shall be computed assuming the application of the
maximum tax rate provided by law.

	2.	 	Other Terminations of Employment

	 	2.1.	 	If, during the Initial Term or the Additional Term (as defined in Section
7), your employment with Skyworks is terminated by Skyworks without
Cause, then you will receive the benefits specified in Section 2.3 below. If
your employment is terminated by Skyworks for Cause or by you for any
reason, you will not be entitled to receive the benefits specified in Section
2.3 below. This Section 2 shall not apply if you are entitled to receive the
benefits set forth in Section 1.4 above.
	 
	 	2.2.	 	“Cause” means (i) your deliberate dishonesty that is significantly
detrimental to the best interests of Skyworks or any subsidiary or affiliate;

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(ii) conduct on your part constituting an act of moral turpitude; (iii) your
willful disloyalty to Skyworks or refusal or failure to obey the directions of the
Board; or (iv) your incompetent performance or substantial or continuing
inattention to or neglect of duties assigned to you. Any determination of Cause
must be made “by the full Board at a meeting duly called.

	 	2.3.	 	Subject to the provisions of Sections 6 and 8, if, during the Initial
Term or the Additional Term (as defined in Section 7), your employment is terminated
by Skyworks without Cause, (i) as soon as practicable (but not more than sixty (60)
days) after the date of employment termination (or such later date as may be required
by Section 8), Skyworks will pay you a lump sum equal to the sum of (x) your then
current annual base salary, and (y) any short-term cash incentive payment then due,
whether or not includable in gross income for federal income tax; and (ii) all of
your then vested outstanding Skyworks stock options will remain exercisable for a
period of twelve (12) months after the date of your employment termination (or, if
earlier, until the last day of the full option term), subject to their terms and
conditions.

	3.	 	Effect of Change of Control on Equity Awards

If a Change of Control occurs during the Initial Term or the Additional Term, immediately
prior to such transaction constituting such Change of Control, (i) all of your then
unvested Skyworks stock options shall become immediately vested and exercisable; (ii) any
restrictions on each outstanding restricted stock award shall lapse and such award will
become immediately vested; and, (iii) each outstanding performance share award shall be
deemed earned as to the greater of (a) the “Target” level of shares for such award or (b)
the number of shares that would have been earned pursuant to the terms of such award as of
the day prior to the date of such Change of Control, and such shares shall be issued by
the Company to you immediately prior to such Change of Control transaction.

	4.	 	Non-Competition; Non-Solicitation

During the term of your employment with Skyworks and for the first twenty-four (24) months
after the date on which your employment with Skyworks is terminated for any reason (the
“Noncompete Period”), you will not engage in any employment, consulting or other activity
that competes with the business of Skyworks or any subsidiary or affiliate of Skyworks
(collectively, the “Company”). You acknowledge and agree that your direct or indirect
participation in the conduct of a competing business alone or with any other person will
materially impair the business and prospects of the Company. During the Noncompete Period,
you will not, either directly or indirectly, (i) attempt to

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hire any director, officer, employee or agent of the Company, (ii) assist in such hiring by
any other person, (iii) encourage any person to terminate his or her employment or business
relationship with the Company, (iv) not disrupt or interfere (or attempt to disrupt or
interfere) with the Company’s relationships with it employees, (v) encourage any customer
or supplier of the Company to terminate its relationship with the Company, or (vi) obtain,
or assist in obtaining, for your own benefit (other than indirectly as an employee of the
Company) any customer of the Company. If any of the restrictions in this Section 4 are
adjudicated to be excessively broad as to scope, geographic area, time or otherwise, said
restriction shall be reduced to the extent necessary to make the restriction reasonable and
shall be binding on you as so reduced. Any provisions of this section not so reduced will
remain in full force and effect.

It is understood that during the Noncompete Period, you will make yourself available to
Skyworks for consultation on behalf of Skyworks, upon reasonable request and at a
reasonable rate of compensation and at reasonable times and places in light of any
commitment you may have to a new employer.

You understand and acknowledge that Skyworks’ remedies at law for breach of any of the
restrictions in this Section 4 are inadequate and that any such breach will cause
irreparable harm to Skyworks. You therefore agree that in addition and as a supplement to
such other rights and remedies as may exist in Skyworks’ favor, Skyworks may apply to any
court having jurisdiction to enforce the specific performance of the restrictions in this
Section 4, and may apply for injunctive relief against any act which would violate those
restrictions.

	5.	 	Death; Disability

In the event of your death at any time during your employment by Skyworks, all of your
then outstanding Company stock options, whether or not by their terms then exercisable,
will become immediately exercisable and remain exercisable for a period of one year
thereafter, subject to their other terms and conditions.

In the event of your disability at any time during your employment by Skyworks, all of
your then outstanding Company stock options, whether or not by their terms then
exercisable, will become immediately exercisable and remain exercisable so long as you
remain an employee or officer of Skyworks and for a period of one year thereafter, subject
to their other terms and conditions.

	6.	 	Release of Claims

Skyworks shall have no obligation to make any payments or provide any benefits pursuant to
either Section 1.4 or Section 2.3, as applicable, unless (i) you agree to sign and
deliver to the General Counsel of Skyworks a release of claims in

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Mr. Stan Swearingen

January 22, 2008

Page 7

substantially the form attached hereto as Exhibit A (the “Release”) and (ii) the Release
has become non-revocable by the sixtieth (60th) day following the date of termination of
your employment.

	7.	 	Term

This Agreement shall be effective for an initial term of two (2) years from the date
hereof (the “Initial Term”); provided however, that (i) if your employment terminates
within the Initial Term, this Agreement shall remain in effect until all of your and
Skyworks’ obligations hereunder have been fully satisfied. Following the Initial Term,
this Agreement shall renew automatically on the anniversary hereof for up to five (5)
additional one (1) year periods (each an “Additional Term”) unless, at least ninety (90)
days prior to the end of the then current term of the Agreement, either party provides
written notice to the other party that the Agreement should not be extended, and (ii) if
your employment terminates during any Additional Term, this Agreement shall remain in
effect until all of your and Skyworks’ obligations hereunder have been fully satisfied.
Notwithstanding anything to the contrary herein, your obligations pursuant to Section 4
shall survive any termination of this Agreement and extend throughout the Noncompete
Period.

	8.	 	Miscellaneous

All claims by you for benefits under this Agreement shall be directed to and determined by
the Board of Skyworks and shall be in writing. Any denial by the Board of a claim for
benefits under this Agreement shall be delivered to you in writing and shall set forth the
specific reasons for the denial and the specific provisions of this Agreement relied upon.
The Board shall afford a reasonable opportunity to you for a review of the decision denying
a claim. Any further dispute or controversy arising under or in connection with this
Agreement shall be settled exclusively by arbitration in Boston, Massachusetts, in
accordance with the rules of the American Arbitration Association then in effect. Judgment
may be entered on the arbitrator’s award in any court having jurisdiction. Skyworks agrees
to pay as incurred, to the full extent permitted by law, all legal, accounting and other
fees and expenses which you may reasonably incur as a result of any claim or contest
(regardless of the outcome thereof) by Skyworks, you or others regarding the validity or
enforceability of, or liability under, any provision of this Agreement or any guarantee of
performance thereof (including as a result of any contest by you regarding the amount of
any payment or benefits pursuant to this Agreement), plus in each case interest on any
delayed payment at the applicable federal rate provided for in Section 7872(f)(2)(A) of the
Code. Notwithstanding anything in this letter to the contrary, (a) no provision of this
letter will operate to extend the life of any option beyond the term originally stated in
the applicable option grant or option agreement; (b) the reimbursement of a fee or expense

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Mr. Stan Swearingen

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Page 8

pursuant to this Section 8 shall be provided not later than the calendar year following the
calendar year in which the fee or expense was incurred, (c) the amount of fees and expenses
eligible for reimbursement during any calendar year may not affect the amount of fees and
expenses eligible for reimbursement in any other calendar year, (d) the right to
reimbursement under this Section 8 is not subject to liquidation or exchange for another
benefit and (e) the obligation of Skyworks under this Section 8 shall survive the
termination for any reason of this agreement and shall remain in effect until the applicable
statute of limitation has expired with respect to any claim or contest (regardless of the
outcome thereof) by Skyworks, you or others regarding the validity or enforceability of, or
liability under, any provision of this Agreement or any guarantee of performance thereof
(including as a result of any contest by you regarding the amount of any payment or benefits
pursuant to this Agreement).

This Agreement is intended to comply with Section 409A of the Code and any related
regulations or other applicable guidance promulgated thereunder (collectively, “Section
409A”), to the extent applicable. It is the intent of the parties hereto that all severance
payments and benefits provided pursuant to this Agreement qualify as short-term deferrals,
as defined in Treasury Regulation § 1.409A-1(a)(4), separation pay due to an involuntary
separation from service under Treasury Regulation §1.409A-1(b)(9)(iii), reimbursement of
medical benefits under Treasury Regulation §1.409A-1(b)(9)(v)(B), and/or limited payments,
as defined in Treasury Regulation §1.409A-1(b)(9)(v)(D), to the extent applicable. If (a)
it is determined that any payments or benefits provided pursuant to this Agreement that are
paid upon “separation from service” (as that term is used in Section 409A) constitute
deferred compensation for purposes of Section 409A (after taking into account the
exceptions listed in the prior sentence and/or any other applicable exceptions) and (b) you
are a “specified employee” (as that term is used in Section 409A) when your employment
terminates, such payments or benefits (or portions thereof) that constitute deferred
compensation payable upon a separation from service that are to be paid or provided during
the six (6) month period following termination of your employment shall not be paid or
provided until the first business day after the date that is six (6) months following
termination of your employment or, if earlier, the first business day following the date of
your death. The payment that is made pursuant to the prior sentence shall include the
cumulative amount of any amounts that could not be paid during the six (6) month period.

Except as expressly provided in this Section 8, neither you nor Skyworks shall have the
right to accelerate or to defer the delivery of the payments to be made under this
Agreement. Notwithstanding anything in this Agreement to the contrary, references to
employment termination in Sections 1.4 or 2.3, as applicable, shall be interpreted to
mean “separation from service, “ as that term is used in Section 409A of the Code and
related regulations. Accordingly, payments

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Mr. Stan Swearingen

January 22, 2008

Page 9

to be made under Section 1.4 or Section 2.3, as applicable, shall not be made unless a
separation from service (within the meaning of Section 409A of the Code and related
regulations) shall have occurred.

Skyworks may withhold (or cause to be withheld) from any payments made under this
Agreement, all federal, state, city or other taxes as shall be required to be withheld
pursuant to any law or governmental regulation or ruling.

The Company shall require any successor (whether direct or indirect, by purchase, merger,
consolidation, reorganization or otherwise) to all or substantially all of the business or
assets of the Company (the “Acquisition”), as a condition precedent to the Acquisition, to
expressly assume and agree in writing, with a copy to you, to perform this Agreement in the
same manner and to the same extent as the Company would be required to perform this
Agreement as if no such succession had taken place. You acknowledge and agree,
and the Company acknowledges and agrees, that, without limitation to any other provision of
this Agreement which is also “material”, this provision is a material term of this Agreement
and an important clause benefiting you, to assure you that the obligation of Skyworks to
provide you with the existing benefits made available under this Agreement, are adhered to
by any successor to the Company, and the provision also benefits the Company in that the
assurance to you afforded by this provision is an important retention incentive to have you
remain in the employment of the Company.

This Agreement contains the entire understanding of the parties concerning its subject
matter, and if there is any conflict between the terms of this Agreement and the terms of
any other agreement (including but not limited to an equity award held by you or the
applicable plan under which such award was issued), the terms of this Agreement shall
govern. You shall not be eligible to receive severance or similar payments under any
severance plan, program or policy maintained by Skyworks. This Agreement may be modified
only by a written instrument executed by both parties. This Agreement replaces and
supersedes all prior agreements relating to your employment or severance, including without
limitation the Agreement between you and Skyworks dated May 26, 2005. This Agreement will
be governed by and construed in accordance with the laws of the Commonwealth of
Massachusetts.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

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Mr. Stan Swearingen

January 22, 2008

Page 10

Please sign both, copies of this Agreement and return one to Skyworks.

	 	 	 
	Sincerely,

	 	AGREED TO:
	 
	 	 
	SKYWORKS SOLUTIONS, INC.
	 	 

	 	 	 
	/s/ David J. Aldrich

	 	/s/ Stan Swearingen
	 

	 	 
	David J. Aldrich, President and CEO

	 	Date: 1/22/08

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Mr. Stan Swearingen

January 22, 2008

EXHIBIT A

Form of Release of Claims

In consideration for receiving benefits pursuant to either, as applicable, Section 1.4 or
Section 2.3 of the Change in Control/Severance Agreement dated January 22, 2008
between you and Skyworks Solutions, Inc. (the “Company”) (the “Agreement”), you, on behalf of
yourself and your representatives, agents, estate, heirs, successors and assigns, agree to and do
hereby forever waive, release and discharge the Company, and each of its affiliated or related
entities, parents, subsidiaries, predecessors, successors, assigns, divisions, owners,
stockholders, partners, directors, officers, attorneys, insurers, benefit plans, employees and
agents, whether previously or hereinafter affiliated in any manner, as well as all persons or
entities acting by, through, or in concert with any of them (collectively, the “Released Parties”),
from any and all claims, debts, contracts, obligations, promises, controversies, agreements,
liabilities, demands, wage claims, expenses, charges of discrimination, harassment or retaliation,
disputes, agreements, damages, attorneys’ fees, or complaints of any nature whatsoever, whether or
not now known, suspected, claimed, matured or unmatured, existing or contingent, from the beginning
of time until the moment you have signed this Agreement, against the Released Parties (whether
directly or indirectly), or any of them, by reason of any act, event or omission concerning any
matter, cause or thing, including, without limiting the generality of the foregoing, any claims
related to or arising out of (i) your employment or its termination, (ii) any contract or agreement
(express or implied) between you and any of the Released Parties, (iii) any tort or tort-type
claim, (iv) any federal, state or governmental constitution, statute, regulation or ordinance,
including but not limited to the U. S. Constitution; Title VII of the Civil Rights Act of 1964, as
amended; the Civil Rights Act of 1991; the Age Discrimination in Employment Act of 1967, as amended
(including the Older Workers Benefit Protection Act); the Equal Pay Act of 1963, as amended; the
Americans With Disabilities Act of 1990; the Family and Medical Leave Act of 1993; the Worker
Adjustment Retraining and Notification Act; the Employee Retirement Income Security Act of 1974;
the Fair Labor Standards Act; any applicable Executive Order Programs; any similar state or local
statutes or laws; and any other federal, state, or local civil or human rights law, (v) any public
policy, contract or tort law, or under common law, (vi) any policies, practices or procedures of
the Company, (vii) any claim for wrongful discharge, breach of contract, infliction of emotional
distress, defamation, (vii) any claim for costs, fees, or other expenses, including attorneys’ fees
incurred in these matters, (viii) any impairment of your ability to obtain subsequent employment,
and (ix) any permanent or temporary disability or loss of future earnings.

For the purpose of implementing a full and complete release and discharge of the Released
Parties, you expressly acknowledge that this Agreement is intended to include

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Mr. Stan Swearingen

January 22, 2008

and does include in its effect, without limitation, all claims which you do not know or suspect to
exist in your favor against the Released Parties, or any of them, at the moment of execution
hereof, and that this Agreement expressly contemplates the extinguishment of all such claims.

BY SIGNING THIS GENERAL RELEASE, YOU REPRESENT AND AGREE THAT:

	1.	 	YOU UNDERSTAND ALL OF ITS TERMS AND KNOW THAT YOU ARE
GIVING UP IMPORTANT RIGHTS, INCLUDING BUT NOT LIMITED TO,
RIGHTS UNDER THE AGE DISCRIMINATION IN EMPLOYMENT ACT OF
1967, AS AMENDED, TITLE VII OF THE CIVIL RIGHTS ACT OF 1964, AS
AMENDED; THE EQUAL PAY ACT OF 1963, THE AMERICANS WITH
DISABILITIES ACT OF 1990; AND THE EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED;
	 
	2.	 	YOU HAVE BEEN ADVISED TO CONSULT WITH AN ATTORNEY
BEFORE EXECUTING IT AND YOU HAVE EITHER DONE SO OR, AFTER
CAREFUL READING AND CONSIDERATION, YOU HAVE CHOSEN NOT
TO DO SO OF YOUR OWN VOLITION;
	 
	3.	 	YOU HAVE HAD AT LEAST 21 DAYS: (A) FROM THE DATE OF YOUR
RECEIPT OF THIS RELEASE SUBSTANTIALLY IN ITS FINAL FORM ON
                                                     ,                    ;
AND (B) TO CONSIDER IT AND THE
CHANGES MADE SINCE THE
                                                   ,                     VERSION OF
THIS RELEASE AND SUCH CHANGES ARE NOT MATERIAL AND WILL NOT RESTART THE REQUIRED 21-DAY
PERIOD; AND
	 
	4.	 	YOU UNDERSTAND THAT YOU HAVE SEVEN DAYS AFTER THE
EXECUTION OF THIS RELEASE TO REVOKE IT AND THAT THIS
RELEASE SHALL NOT BECOME EFFECTIVE OR ENFORCEABLE UNTIL
THE REVOCATION PERIOD HAS EXPIRED.

A-2

 

Mr. Stan Swearingen

January 22, 2008

	 	 	 	 	 
	Agreed:
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	 

	 	 

	 	 
	Date:
	 	 	 	 
	 
	 	 	 	 
	Acknowledged: SKYWORKS SOLUTIONS, INC.	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 

David J. Aldrich
	 	 
	 

	 	President and Chief Executive Officer	 	 
	Date:
	 	 	 	 

A-3exv10wmm

 

EXHIBIT 10.MM

SKYWORKS SOLUTIONS, INC.

2008 DIRECTOR LONG-TERM INCENTIVE PLAN

1. Purpose

     The purpose of this 2008 Director Long-Term Incentive Plan (the “Plan”) of Skyworks Solutions,
Inc., a Delaware corporation (the “Company”), is to advance the interests of the Company’s
stockholders by enhancing the Company’s ability to attract and retain the services of experienced
and knowledgeable directors and to provide additional incentives for such directors to continue to
work for the best interests of the Corporation and its stockholders through continuing ownership of
its common stock. Except where the context otherwise requires, the term “Company” shall include
any of the Company’s present or future parent or subsidiary corporations as defined in
Sections 424(e) or (f) of the Internal Revenue Code of 1986, as amended, and any regulations
promulgated thereunder (the “Code”) and any other business venture (including, without limitation,
joint venture or limited liability company) in which the Company has a controlling interest, as
determined by the Board of Directors of the Company (the “Board”).

2. Eligibility

     Each member of the Board who is not also an officer of the Company (a “Director”) is eligible
to receive options, restricted stock and other stock-based awards (each, an “Award”) under the
Plan. Each person who receives an Award under the Plan is deemed a “Participant.”

3. Administration and Delegation

     (a) Administration by Board of Directors. The Plan will be administered by the Board.
The Board shall have authority to grant Awards and to adopt, amend and repeal such administrative
rules, guidelines and practices relating to the Plan as it shall deem advisable. The Board may
correct any defect, supply any omission or reconcile any inconsistency in the Plan or any Award in
the manner and to the extent it shall deem expedient to carry the Plan into effect and it shall be
the sole and final judge of such expediency. All decisions by the Board shall be made in the
Board’s sole discretion and shall be final and binding on all persons having or claiming any
interest in the Plan or in any Award. No director or person acting pursuant to the authority
delegated by the Board shall be liable for any action or determination relating to or under the
Plan made in good faith.

     (b) Appointment of Committees. To the extent permitted by applicable law, the Board
may delegate any or all of its powers under the Plan to one or more committees or subcommittees of
the Board (a “Committee”). All references in the Plan to the “Board” shall mean the Board or a
Committee of the Board to the extent that the Board’s powers or authority under the Plan have been
delegated to such Committee.

4. Stock Available for Awards

     (a) Number of Shares. Subject to adjustment under Section 8, Awards may be made under
the Plan covering up to the sum of (i) 600,000 shares of common stock, $.25 par value per share,
of the Company (the “Common Stock”), plus (ii) the shares of Common Stock that remain available for
grant under the Skyworks Solutions, Inc. 2001 Directors’ Stock Option Plan on the Effective Date.

     (b) Counting of Shares. Subject to adjustment under Section 8, an option to purchase
Common Stock (each, an “Option”) shall be counted against the share limit specified in Section 4(a)
as

- 1 -

 

one share for each share of common stock subject to the Option, and an Award that is not an
Option (a “Non-Option Award”) shall be counted against the share limit specified in Section 4(a) as
one and one-half (1.5) shares for each share of Common Stock issued upon settlement of such
Non-Option Award.

     (c) Lapses. If any Award expires or is terminated, surrendered or canceled without
having been fully exercised or is forfeited in whole or in part (including as the result of shares
of Common Stock subject to such Award being repurchased by the Company at the original issuance
price pursuant to a contractual repurchase right) or results in any Common Stock not being issued,
the unused Common Stock covered by such Award shall again be available for the grant of Awards
under the Plan. Shares issued under the Plan may consist in whole or in part of authorized but
unissued shares or treasury shares.

5. Stock Options

     (a) General. The Board, in its discretion, may grant Options to Participants and,
subject to Section 5(c) below, determine the number of shares of Common Stock to be covered by each
Option, the exercise price of each Option and the conditions and limitations applicable to the
exercise of each Option, including conditions relating to applicable federal or state securities
laws, as it considers necessary or advisable. Any such grant may vary among individual
Participants. If the Board so determines, Options may be granted in lieu of cash compensation at
the Participant’s election, subject to such terms and conditions as the Board may establish.

     (b) Exercise Price. Subject to Section 5(c) below, the Board shall establish the
exercise price of each Option and specify such exercise price in the applicable option agreement;
provided, however, that the exercise price shall not be less than 100% of the Fair Market Value (as
defined below in subsection (i)(3)) at the time the Option is granted.

     (c) Automatic Grant of Options.

          (1) Each Participant who is first elected to serve as a Director after the Effective Date of
the Plan shall automatically be granted an Option, on the fifth business day after his election, to
acquire 25,000 shares of Common Stock.

          (2) The exercise price per share for the Common Stock covered by an Option granted under this
Section 5(c) shall be equal to the Fair Market Value of the Stock on the date the Option is
granted.

          (3) Unless otherwise determined by the Board, an Option granted under Section 5(c) shall be
exercisable after the first anniversary of the date of grant for up to one-fourth (25%) of the
shares of Common Stock covered by the Option and, after each anniversary of the date of grant
thereafter, for up to an additional one-fourth (25%) of such shares of Common Stock until, on the
fourth anniversary of the date of grant, the Option may be exercised as to all (100%) of the shares
of Common Stock covered by the Option. An Option issued under this Section 5(c) shall not be
exercisable after the expiration of ten years from the date of grant.

     (d) Options Not Deemed Incentive Stock Options. Any Option granted pursuant to the
Plan is not intended to be an incentive stock option described in Code Section 422 and shall be
designated a “Nonqualified Stock Option.”

     (e) Limitation on Repricing. Unless such action is approved by the Company’s
stockholders: (1) no outstanding Option granted under the Plan may be amended to provide an
exercise price per share that is lower than the then-current exercise price per share of such
outstanding Option (other than

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adjustments pursuant to Section 8) and (2) the Board may not cancel any outstanding Option and
grant in substitution therefore new Awards under the Plan covering the same or a different number
of shares of Common Stock and having an exercise price per share lower than the then-current
exercise price per share of the cancelled Option.

     (f) No Reload Rights. No Option granted under the Plan shall contain any provision
entitling the optionee to the automatic grant of additional Options in connection with any exercise
of the original Option.

     (g) Duration of Options. Each Option shall be exercisable at such times and subject
to such terms and conditions as the Board may specify in the applicable option agreement; provided,
however, that no Option will be granted for a term in excess of ten (10) years.

     (h) Exercise of Option. Options may be exercised by delivery to the Company of a
written notice of exercise signed by the proper person or by any other form of notice (including
electronic notice) approved by the Board together with payment in full as specified in Section 5(i)
for the number of shares for which the Option is exercised. Shares of Common Stock subject to the
Option will be delivered by the Company following exercise either as soon as practicable or,
subject to such conditions as the Board shall specify, on a deferred basis (with the Company’s
obligation to be evidenced by an instrument providing for future delivery of the deferred shares at
the time or times specified by the Board).

     (i) Payment Upon Exercise. Common Stock purchased upon the exercise of an Option
granted under the Plan shall be paid for as follows:

          (1) in cash or by check, payable to the order of the Company;

          (2) except as the Board may otherwise provide in an option agreement, by (i) delivery of an
irrevocable and unconditional undertaking by a creditworthy broker to deliver promptly to the
Company sufficient funds to pay the exercise price and any required tax withholding or (ii)
delivery by the Participant to the Company of a copy of irrevocable and unconditional instructions
to a creditworthy broker to deliver promptly to the Company cash or a check sufficient to pay the
exercise price and any required tax withholding;

          (3) by delivery of shares of Common Stock owned by the Participant valued at their fair market
value as determined by (or in a manner approved by) the Board (“Fair Market Value”), provided (i)
such method of payment is then permitted under applicable law, (ii) such Common Stock, if acquired
directly from the Company, was owned by the Participant for at least six (6) months and (iii) such
Common Stock is not subject to any repurchase, forfeiture, unfulfilled vesting or other similar
requirements; or

          (4) by any combination of the above permitted forms of payment.

6. Restricted Stock; Restricted Stock Units.

     (a) General. The Board may grant Awards entitling recipients to acquire shares of
Common Stock (“Restricted Stock”), subject to the right of the Company to repurchase all or part of
such shares at their issue price or other stated or formula price (or to require forfeiture of such
shares if issued at no cost) from the recipient in the event that conditions specified by the Board
in the applicable Award are not satisfied prior to the end of the applicable restriction period or
periods established by the Board for such Award. Instead of granting Awards for Restricted Stock,
the Board may grant Awards entitling the recipient to receive shares of Common Stock to be
delivered at the time such shares of Common Stock

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vest or at a later date (“Restricted Stock Units”) subject to such terms and conditions on the
delivery of the shares of Common Stock as the Board shall determine (each Award for Restricted
Stock or Restricted Stock Units is referred to herein as a “Restricted Stock Award”).

     (b) Terms and Conditions. Subject to Section 6(c) below, the Board shall determine
the terms and conditions of a Restricted Stock Award, including the conditions for repurchase (or
forfeiture) and the issue price, if any.

     (c) Automatic Grant of Restricted Stock.

          (1) Each Participant who is first elected to serve as a Director after the Effective Date of
the Plan shall automatically be granted, on the fifth business day after his election, 12,500
shares of Restricted Stock.

          (2) Beginning on the date of the Company’s 2008 annual meeting of stockholders, each
Participant who is serving as Director of the Company after each annual meeting of stockholders, or
special meeting in lieu of annual meeting of stockholders at which one or more directors are
elected, other than a newly elected Director who received a Restricted Stock Award pursuant to
Section 6(c)(1) above, shall automatically be granted on such day 12,500 shares of Restricted
Stock.

          (3) Unless otherwise determined by the Board, the Company’s repurchase or forfeiture rights on
an Award of Restricted Stock granted under Section 6(c) shall lapse as to one-third (33.33%) of the
shares of Restricted Stock on the first anniversary of the date of grant and, as to an additional
one-third (33.33%) of such shares of Restricted Stock, on each anniversary of the date of grant
thereafter until, on the third anniversary of the date of grant, the Company’s repurchase or
forfeiture rights shall lapse as to all (100%) of the shares of Restricted Stock covered thereby.

          (4) In lieu of Restricted Stock, the Board may grant Restricted Stock Units.

     (d) Stock Certificates. Any stock certificates issued in respect of a Restricted
Stock Award shall be registered in the name of the Participant and, unless otherwise determined by
the Board, deposited by the Participant, together with a stock power endorsed in blank, with the
Company (or its designee). At the expiration of the applicable restriction periods, the Company
(or such designee) shall deliver the certificates no longer subject to such restrictions to the
Participant or if the Participant has died, to the beneficiary designated, in a manner determined
by the Board, by a Participant to receive amounts due or exercise rights of the Participant in the
event of the Participant’s death (the “Designated Beneficiary”). In the absence of an effective
designation by a Participant, “Designated Beneficiary” shall mean the Participant’s estate.

7. Other Stock-Based Awards.

     Other Awards of shares of Common Stock, and other Awards that are valued in whole or in part
by reference to, or are otherwise based on, shares of Common Stock or other property, may be
granted hereunder to Participants (“Other Stock Unit Awards”). Such Other Stock Unit Awards shall
also be available as a form of payment in the settlement of other Awards granted under the Plan or
as payment in lieu of compensation to which a Participant is otherwise entitled. Other Stock Unit
Awards may be paid in shares of Common Stock or cash, as the Board shall determine. Subject to the
provisions of the Plan, the Board shall determine the conditions of each Other Stock Unit Awards,
including any purchase price applicable thereto and any conditions applicable thereto, including
without limitation, performance-based conditions.

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8. Adjustments for Changes in Common Stock and Certain Other Events.

     (a) Changes in Capitalization. In the event of any stock split, reverse stock split,
stock dividend, recapitalization, combination of shares, reclassification of shares, spin-off or
other similar change in capitalization or event, or any distribution to holders of Common Stock
other than an ordinary cash dividend, (i) the number and class of securities available under this
Plan, (ii) the sub-limits set forth in Section 4(b), (iii) the number and class of securities and
exercise price per share of each outstanding Option, (iv) the number of securities issuable
pursuant to automatic Awards made under Sections 5(c) and 6(c), (v) the repurchase price per share
subject to each outstanding Restricted Stock Award and (vi) the share- and per-share-related
provisions of each outstanding Other Stock Unit Award, shall be appropriately adjusted by the
Company (or substituted Awards may be made, if applicable) to the extent determined by the Board.

     (b) Reorganization Events.

          (1) Definition. A “Reorganization Event” shall mean: (a) any merger or consolidation
of the Company with or into another entity as a result of which all of the Common Stock of the
Company is converted into or exchanged for the right to receive cash, securities or other property
or is cancelled, (b) any exchange of all of the Common Stock of the Company for cash, securities or
other property pursuant to a share exchange transaction or (c) any liquidation or dissolution of
the Company.

          (2) Consequences of a Reorganization Event on Awards Other than Restricted Stock
Awards. In connection with a Reorganization Event, the Board shall take any one or more of the
following actions as to all or any outstanding Awards on such terms as the Board determines:
(i) provide that Awards shall be assumed, or substantially equivalent Awards shall be substituted,
by the acquiring or succeeding corporation (or an affiliate thereof), (ii) upon written notice to a
Participant, provide that the Participant’s unexercised Options or other unexercised Awards shall
become exercisable in full and will terminate immediately prior to the consummation of such
Reorganization Event unless exercised by the Participant within a specified period following the
date of such notice, (iii) provide that outstanding Awards shall become realizable or deliverable,
or restrictions applicable to an Award shall lapse, in whole or in part prior to or upon such
Reorganization Event, (iv) in the event of a Reorganization Event under the terms of which holders
of Common Stock will receive upon consummation thereof a cash payment for each share surrendered in
the Reorganization Event (the “Acquisition Price”), make or provide for a cash payment to a
Participant equal to (A) the Acquisition Price times the number of shares of Common Stock subject
to the Participant’s Options or other Awards (to the extent the exercise price does not exceed the
Acquisition Price) minus (B) the aggregate exercise price of all such outstanding Options or other
Awards, in exchange for the termination of such Options or other Awards, (v) provide that, in
connection with a liquidation or dissolution of the Company, Awards shall convert into the right to
receive liquidation proceeds (if applicable, net of the exercise price thereof) and (vi) any
combination of the foregoing.

          For purposes of clause (i) above, an Option shall be considered assumed if, following
consummation of the Reorganization Event, the Option confers the right to purchase, for each share
of Common Stock subject to the Option immediately prior to the consummation of the Reorganization
Event, the consideration (whether cash, securities or other property) received as a result of the
Reorganization Event by holders of Common Stock for each share of Common Stock held immediately
prior to the consummation of the Reorganization Event (and if holders were offered a choice of
consideration, the type of consideration chosen by the holders of a majority of the outstanding
shares of Common Stock); provided, however, that if the consideration received as a result of the
Reorganization Event is not solely common stock of the acquiring or succeeding corporation (or an
affiliate thereof), the Company may, with the consent of the acquiring or succeeding corporation,
provide for the consideration

- 5 -

 

to be received upon the exercise of Options to consist solely of common stock of the acquiring
or succeeding corporation (or an affiliate thereof) equivalent in fair market value to the per
share consideration received by holders of outstanding shares of Common Stock as a result of the
Reorganization Event.

          To the extent all or any portion of an Option becomes exercisable solely as a result of clause
(ii) above, the Board may provide that upon exercise of such Option the Participant shall receive
shares subject to a right of repurchase by the Company or its successor at the Option exercise
price; such repurchase right (x) shall lapse at the same rate as the Option would have become
exercisable under its terms and (y) shall not apply to any shares subject to the Option that were
exercisable under its terms without regard to clause (ii) above.

          (3) Consequences of a Reorganization Event on Restricted Stock Awards. Upon the
occurrence of a Reorganization Event other than a liquidation or dissolution of the Company, the
repurchase and other rights of the Company under each outstanding Restricted Stock Award shall
inure to the benefit of the Company’s successor and shall apply to the cash, securities or other
property which the Common Stock was converted into or exchanged for pursuant to such Reorganization
Event in the same manner and to the same extent as they applied to the Common Stock subject to such
Restricted Stock Award. Upon the occurrence of a Reorganization Event involving the liquidation or
dissolution of the Company, except to the extent specifically provided to the contrary in the
instrument evidencing any Restricted Stock Award or any other agreement between a Participant and
the Company, all restrictions and conditions on all Restricted Stock Awards then outstanding shall
automatically be deemed terminated or satisfied.

     (c) Change in Control Events.

          (1) Definition. A “Change in Control Event” will be deemed to have occurred if the
Continuing Directors (as defined below) cease for any reason to constitute a majority of the Board.
For this purpose, a “Continuing Director” will include any member of the Board as of the Effective
Date (as defined below) and any individual nominated for election to the Board by a majority of the
then Continuing Directors.

          (2) Consequences of a Change in Control Event on Options. Notwithstanding any other
provision of this Plan to the contrary, if a Change in Control Event occurs, except to the extent
specifically provided to the contrary in the instrument evidencing any Option or any other
agreement between a Participant and the Company, any options outstanding as of the date such Change
of Control is determined to have occurred and not then exercisable shall become fully exercisable
to the full extent of the original grant.

          (3) Consequences of a Change in Control Event on Restricted Stock Awards.
Notwithstanding any other provision of this Plan to the contrary, if a Change in Control Event
occurs, except to the extent specifically provided to the contrary in the instrument evidencing any
Restricted Stock Award or any other agreement between a Participant and the Company, all
restrictions and conditions on all Restricted Stock Awards then outstanding shall automatically be
deemed terminated or satisfied.

9. General Provisions Applicable to Awards

     (a) Transferability of Awards. Except as the Board may otherwise determine or provide
in an Award, Awards shall not be sold, assigned, transferred, pledged or otherwise encumbered by
the person to whom they are granted, either voluntarily or by operation of law, except by will or
the laws of

- 6 -

 

descent and distribution and, during the life of the Participant, shall be exercisable only by
the Participant. References to a Participant, to the extent relevant in the context, shall include
references to authorized transferees.

     (b) Documentation. Each Award shall be evidenced in such form (written, electronic or
otherwise) as the Board shall determine. Such written instrument may be in the form of an
agreement signed by the Company and the Participant or a written confirming memorandum to the
Participant from the Company. Each Award may contain terms and conditions in addition to those set
forth in the Plan.

     (c) Board Discretion. Except as otherwise provided by the Plan, each Award may be
made alone or in addition or in relation to any other Award. The terms of each Award need not be
identical, and the Board need not treat Participants uniformly.

     (d) Termination of Status. The Board shall determine the effect on an Award of the
disability, death, or other change in the non-employee director status of a Participant and the
extent to which, and the period during which, the Participant, or the Participant’s legal
representative, conservator, guardian or Designated Beneficiary, may exercise rights under the
Award.

     (e) Withholding. Each Participant shall pay to the Company, or make provision
satisfactory to the Company for payment of, any taxes required by law to be withheld in connection
with an Award to such Participant. Except as the Board may otherwise provide in an Award, for so
long as the Common Stock is registered under the Exchange Act, Participants may satisfy such tax
obligations in whole or in part by delivery of shares of Common Stock, including shares retained
from the Award creating the tax obligation, valued at their Fair Market Value; provided, however,
except as otherwise provided by the Board, that the total tax withholding where stock is being used
to satisfy such tax obligations cannot exceed the Company’s minimum statutory withholding
obligations (based on minimum statutory withholding rates for federal and state tax purposes,
including payroll taxes, that are applicable to such supplemental taxable income). Shares
surrendered to satisfy tax withholding requirements cannot be subject to any repurchase,
forfeiture, unfulfilled vesting or other similar requirements. The Company may, to the extent
permitted by law, deduct any such tax obligations from any payment of any kind otherwise due to a
Participant.

     (f) Amendment of Award. Except as provided in Section 5, the Board may amend, modify
or terminate any outstanding Award, including but not limited to, substituting therefor another
Award of the same or a different type and changing the date of exercise or realization, provided
that the Participant’s consent to such action shall be required unless the Board determines that
the action, taking into account any related action, would not materially and adversely affect the
Participant.

     (g) Conditions on Delivery of Stock. The Company will not be obligated to deliver any
shares of Common Stock pursuant to the Plan or to remove restrictions from shares previously
delivered under the Plan until (i) all conditions of the Award have been met or removed to the
satisfaction of the Company, (ii) in the opinion of the Company’s counsel, all other legal matters
in connection with the issuance and delivery of such shares have been satisfied, including any
applicable securities laws and any applicable stock exchange or stock market rules and regulations,
and (iii) the Participant has executed and delivered to the Company such representations or
agreements as the Company may consider appropriate to satisfy the requirements of any applicable
laws, rules or regulations.

     (h) Acceleration. Except as otherwise provided in Section 8(c), the Board may at any
time provide that any Award shall become immediately exercisable in full or in part, free of some
or all restrictions or conditions, or otherwise realizable in full or in part, as the case may be.

- 7 -

 

10. Miscellaneous

     (a) No Right To Status. No person shall have any claim or right to be granted an
Award, and the grant of an Award shall not be construed as giving a Participant the right to any
relationship with the Company. The Company expressly reserves the right at any time to dismiss or
otherwise terminate its relationship with a Participant free from any liability or claim under the
Plan, except as expressly provided in the applicable Award.

     (b) No Rights As Stockholder. Subject to the provisions of the applicable Award, no
Participant or Designated Beneficiary shall have any rights as a stockholder with respect to any
shares of Common Stock to be distributed with respect to an Award until becoming the record holder
of such shares. Notwithstanding the foregoing, in the event the Company effects a split of the
Common Stock by means of a stock dividend and the exercise price of and the number of shares
subject to such Option are adjusted as of the date of the distribution of the dividend (rather than
as of the record date for such dividend), then an optionee who exercises an Option between the
record date and the distribution date for such stock dividend shall be entitled to receive, on the
distribution date, the stock dividend with respect to the shares of Common Stock acquired upon such
Option exercise, notwithstanding the fact that such shares were not outstanding as of the close of
business on the record date for such stock dividend.

     (c) Effective Date and Term of Plan. The Plan shall become effective on the date on
which it is approved by the Company’s stockholders (the “Effective Date”), and no Award may be
granted until the Effective Date. No Awards shall be granted under the Plan after the completion
of 10 years from the Effective Date, but Awards previously granted may extend beyond that date.

     (d) Amendment of Plan. The Board may amend, suspend or terminate the Plan or any
portion thereof at any time; provided that, without approval of the Company’s stockholders, no
amendment may (1) increase the number of shares authorized under the Plan (other than pursuant to
Section 8), (2) materially increase the benefits provided under the Plan, (3) materially expand the
class of participants eligible to participate in the Plan, (4) expand the types of Awards provided
under the Plan or (5) make any other changes that require stockholder approval under the rules of
the Nasdaq Stock Market, Inc. No Award shall be made that is conditioned upon stockholder approval
of any amendment to the Plan.

     (e) Provisions for Foreign Participants. The Board may modify Awards or Options
granted to Participants who are foreign nationals or employed outside the United States or
establish subplans or procedures under the Plan to recognize differences in laws, rules,
regulations or customs of such foreign jurisdictions with respect to tax, securities, currency,
employee benefit or other matters.

     (f) Compliance With Code Section 409A. No Award shall provide for deferral of
compensation that does not comply with Section 409A of the Code, unless the Board, at the time of
grant, specifically provides that the Award is not intended to comply with Section 409A of the
Code.

     (g) Governing Law. The provisions of the Plan and all Awards made hereunder shall be
governed by and interpreted in accordance with the laws of the State of Delaware, without regard to
any applicable conflicts of law.

- 8 -

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