Document:

exv10w11

 

Exhibit 10.11

MELLANOX TECHNOLOGIES, LTD.

Non-Employee Director Option Grant Policy

Adopted by the Board of Directors: October 27, 2006

Approved by the shareholders of Mellanox Technologies, Ltd.:           , 2006

     1.    General. This Non-Employee Director Option Grant Policy (the “Policy”) has
been adopted by the Board of Directors of Mellanox Technologies, Ltd., a company organized under
the laws of Israel (the “Company”) and approved by the shareholders of the Company pursuant
to the authority of the Mellanox Technologies, Ltd. Global Share Incentive Plan (2006) (the
“Plan”). Capitalized but undefined terms used herein shall have the meanings ascribed to
them in the Plan This Policy provides for the grant of automatic, non-discretionary Options to
Non-Employee Directors, and specifies the number of Shares subject to such Options and the
conditions on which such Options shall be granted, become exercisable and/or payable, and expire,
and such other terms and conditions as are set forth in this Policy.

     2.    Automatic Option Grants.

          (a)    Initial Director Options. During the term of the Plan, a person who first becomes
a Non-Employee Director automatically shall be granted an Option to purchase 100,000 Shares (an
“Initial Director Option”).

          (b)    Annual Director Options. During the term of the Plan, commencing on the date of
the Company’s annual meeting of shareholders held in 2007, each Non-Employee Director automatically
shall be granted an Option to purchase 20,000 Shares (an “Annual Director Option”),
effective as of the date immediately following each annual meeting of shareholders, provided the
Non-Employee Director continues his status as a Non-Employee Director as of such date.

          For the avoidance of doubt, a Non-Employee Director elected for the first time to the Board of
Directors at an annual meeting of shareholders shall only be granted an Initial Director Option in
connection with such election, and shall not be granted an Annual Director Option on the date
following such meeting as well. Members of the Board of Directors who are employees of the
Company, any subsidiary thereof or any other affiliate of the Company who subsequently retire from
employment with the Company or the applicable employer subsidiary or affiliate and remain on the
Board of Directors shall not be granted an Initial Director Option but to the extent they are
otherwise eligible, shall be granted, at each annual meeting of shareholders after the Non-Employee
Director’s retirement from employment with the Company or the applicable employer subsidiary or
affiliate of the Company.

     3.    Terms and Conditions. Except as otherwise provided in this Policy, the Options
granted to Non-Employee Directors pursuant to this Policy shall be subject to the terms and
conditions applicable generally to Options granted under the Plan and to any additional
restrictions set forth in an applicable Appendix.

 

 

          (a)    Options granted pursuant to this Policy to Non-Employee Directors who are subject to U.S.
federal income tax shall be Non-Qualified Stock Options (as this term is defined in the Appendix
for U.S. Taxpayers) and to Non-Employee Directors who are subject to taxation in Israel shall be
Options that qualify in accordance with Section 102 of the Israeli Tax Ordinance, 1961.

          (b)    The exercise price per Share subject to each Option granted to a Non-Employee Director
pursuant to this Policy shall be equal to at least 100% of the fair market value of a Share on the
date of grant of the Option.

          (c)    Options granted pursuant to this Policy shall become vested and exercisable in
substantially equal monthly installments over the three-year period commencing on the date of
grant.

          (d)    The term of each Option granted to a Non-Employee Director granted pursuant to this Policy
shall be 10 years from the date of grant of the Option.

          (e)    The vesting of any Options granted under this Policy shall cease effective as of the date
a Non-Employee Director ceases to be a member of the Board of Directors for any reason.

          (f)    Upon a Non-Employee Director’s cessation of service on the Board of Directors for any
reason other than for cause or the Non-Employee Director’s death or disability, an Option granted
pursuant to this Policy shall remain exercisable for three months following the date of cessation
of service, and upon a Non-Employee Director’s cessation of service on the Board of Directors as a
result of the Non-Employee’s death or disability, an Option granted pursuant to this Policy shall
remain exercisable for 12 months following cessation of service; provided, however, anything to the
contrary notwithstanding in the Plan or in this Policy, no Option shall be exercisable after the
expiration of the term of the Option.

          (g)    Options granted pursuant to this Policy shall automatically vest in full and become
exercisable immediately prior to a Change in Control.

          (h)    Notwithstanding anything to the contrary herein, all Option grants to “external directors”
as defined under the Companies Law, 1999, shall be subject to applicable laws, rules and
regulations applying to compensation of “external directors” in effect from time to time.

     4.    Capitalization Adjustments. The number of Shares subject to the Options granted
pursuant to this Policy shall be subject to the adjustment provisions of Section 11 of the Plan.

     5.    Incorporation of the Plan. All applicable terms of the Plan apply to this Policy
as if fully set forth herein except to the extent such other provisions are inconsistent with this
Policy, and all grants of Option hereunder are subject in all respect to the terms of the Plan.

     6.    Written Grant Agreement; Authority. The grant of any Option under this Policy
shall be made solely by and subject to the terms set forth in a written agreement in a form to be
approved by the Administrator and duly executed by the Non-Employee Director and an officer

 

 

of the Company designated for such purpose by the Administrator from time to time. The
officer(s) so designated by the Administrator shall be authorized to take all actions and execute
all documents as necessary or desirable to implement the provisions of this Policy, without further
action or authorization from the Administrator.

     7.    Policy Subject to Amendment, Modification and Termination. This Policy may be
amended, modified or terminated by the Administrator in the future at its sole discretion. No
Non-Employee Director shall have any rights hereunder unless and until an Option is actually
granted. Without limiting the generality of the foregoing, the Administrator hereby expressly
reserves the authority to terminate this Policy during any plan year up and until the election of
members of the Board of Directors at a given annual meeting of shareholders.

     8.    Effectiveness. This Policy shall become effective on the later of the date the
Plan becomes effective and the date the Policy is approved by the shareholders of the Company.

**********exv10w12

 

Exhibit 10.12

EXECUTIVE SEVERANCE BENEFITS AGREEMENT

     This Executive Severance Benefits Agreement (the “Agreement”) is entered into this
___day of                     , 2006 (the “Effective Date”), between [•]
(“Executive”) and Mellanox Technologies, Ltd. (the “Company”). This
Agreement is intended to provide Executive with the compensation and benefits described herein upon
the occurrence of specific events. Certain capitalized terms used in this Agreement are defined in
Article 5.

     The Company and Executive hereby agree as follows:

ARTICLE 1.

SCOPE OF AND CONSIDERATION FOR THIS AGREEMENT

          1.1 Position and Duties. Executive is currently employed by the Company as [•]. Executive
reports directly to the [Board, IN THE CASE OF THE CEO][ CEO, IN THE CASE OF OTHER EXECUTIVES].

          1.2 Restrictions. During his employment by the Company, Executive agrees to the best of his
ability and experience that he will at all times loyally and conscientiously perform all of the
duties and obligations required of and from him as [•]. During the term of his employment,
Executive further agrees that he will devote all of his business time and attention to the business
of the Company, the Company shall be entitled to all of the benefits and profits arising from or
incident to all such work, services and advice, Executive shall not render commercial or
professional services of any nature to any person or organization, whether or not for compensation,
without the prior written consent of the Board, and Executive shall not directly or indirectly
engage or participate in any business that is competitive in any manner with the business of the
Company. Nothing in this Agreement shall prevent Executive from accepting speaking or presentation
engagements in exchange for honoraria or from service on boards of charitable organizations or
otherwise participating in civic, charitable or fraternal organizations, or from owning no more
than one percent (1%) of the outstanding equity securities of a corporation whose stock is listed
on a national stock exchange.

          1.3 Employee Proprietary Information and Inventions Agreement. Executive acknowledges that he
has previously executed and delivered to an officer of the Company the Company’s Employee
Proprietary Information and Inventions Agreement (the “Confidentiality Agreement”) and that the
Confidentiality Agreement remains in full force and effect.

          1.4 Confidentiality of Terms. Executive agrees to follow the Company’s strict policy that
employees must not disclose, either directly or indirectly, any information, including any of the
terms of this Agreement, regarding salary, bonuses, or stock purchase or option allocations to any
person, including other employees of the Company; provided, however, that Executive may discuss
such terms with members of his immediate family and any legal, tax or accounting specialists who
provide Executive with individual legal, tax or accounting advice,

 

 

and Executive may discuss such terms with other employees of the Company on a need to know
basis if required to carry out Executive’s duties as [•] or at the request of the Board.

          1.5 Benefits Upon Covered Termination. The Company and Executive wish to set forth the
benefits which Executive shall be entitled to receive in the event of a Covered Termination.

          1.6 Consideration. The duties and obligations of the Company to Executive under this
Agreement shall be in consideration for Executive’s past services to the Company, Executive’s
continued employment with the Company, and Executive’s execution of a release in accordance with
Section 4.1 hereof.

          1.7 Prior Agreement. This Agreement shall supersede any other agreement relating to severance
benefits in the event of Executive’s severance from employment.

ARTICLE 2.

SEVERANCE BENEFITS

          2.1 Covered Termination Severance Benefits. A Covered Termination of Executive’s employment
entitles Executive to receive the benefits set forth in this Section 2.1.

               (a) Base Salary. The Company shall pay to Executive during the period commencing on the date
of termination and ending six month thereafter (the “Severance Period”) his monthly Base Salary at
a per annum rate of one hundred and twenty percent (120%). The severance contemplated by this
Section 2.1(a), which shall be subject to all required tax and other applicable withholding, shall
be payable in equal monthly installments during the Severance Period, subject to Executive’s good
faith compliance with the terms of this Agreement, including, specifically with Executive’s
obligations and undertakings pursuant to Section 1.3 and 3 hereof; provided, however, that, in the
event that Executive is considered a “Specified Employee” as defined in proposed or final Treasury
Regulations promulgated under Section 409A (“Section 409A”) of the Code, and payments under this
Section 2.1(a) are considered “deferred compensation” under Section 409A, the payment shall be
delayed for six months, in which event Executive shall receive on the first business day that is at
least six months and one day after the date of termination a lump sum equal to all payments
otherwise due during such six month period pursuant to this Section 2.1(a).

               (b) COBRA Coverage. Provided that Executive elects continued coverage pursuant to the
Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA,” and the elected
continuation of COBRA, “COBRA Coverage”) under the Company’s group health plan, the Company shall
pay for the cost to continue COBRA Coverage for Executive and his eligible dependents, for a
maximum period of twelve (12) months, commencing on the date next following the Covered
Termination; provided, however, that the Company shall pay premiums for Executive’s eligible
dependents only for coverage for which those eligible dependents were enrolled immediately prior to
the Covered Termination. It being understood that it shall be Executive’s sole responsibility to
elect continuation of COBRA Coverage in the first instance. Anything to the contrary in the
foregoing notwithstanding,

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COBRA Coverage continuation shall cease on the date that Executive becomes covered by a health
insurance plan of a subsequent employer. For the balance of the period, if any, that Executive is
entitled to COBRA Coverage, Executive shall be entitled to maintain such coverage at Executive’s
own expense.

               (c) Option Acceleration. The vesting and/or exercisability of fifty percent (50%) of the
unvested shares subject to Executive’s Equity Awards shall be automatically accelerated immediately
effective as of the date of the Covered Termination.

          2.2 Other Terminations. If Executive’s employment is terminated by the Company for Cause, by
Executive other than pursuant to a Constructive Termination or as a result of Executive’s death or
disability, the Company shall not have any other or further obligations to Executive under this
Agreement (including any financial obligations) except that Executive shall be entitled to receive
(a) Executive’s fully earned but unpaid base salary, through the date of termination at the rate
then in effect, and (b) all other amounts or benefits to which Executive is entitled under any
compensation, retirement or benefit plan or practice of the Company at the time of termination in
accordance with the terms of such plans or practices, including, without limitation, any
continuation of benefits required by COBRA or applicable law. In addition, subject to the
provisions of the Company’s equity compensation plans and the terms of Executive’s Equity Awards,
if Executive’s employment is terminated by the Company for Cause, by Executive other than pursuant
to a Constructive Termination or as a result of Executive’s death or disability, all vesting of
Executive’s unvested Equity Awards previously granted to him by the Company shall cease and none of
such unvested Equity Awards shall be exercisable following the date of such termination. The
foregoing shall be in addition to, and not in lieu of, any and all other rights and remedies that
may be available to the Company under the circumstances, whether at law or in equity.

          2.3 Mitigation. Except as otherwise specifically provided herein, Executive shall not be
required to mitigate damages or the amount of any payment provided under this Agreement by seeking
other employment or otherwise, nor shall the amount of any payment provided for under this
Agreement be reduced by any compensation earned by Executive as a result of employment by another
employer or by any retirement benefits received by Executive after the date of a Covered
Termination.

          2.4 Exclusive Remedy. Except as otherwise expressly required by law (e.g., COBRA) or as
specifically provided herein, all of Executive’s rights to salary, severance, benefits, bonuses and
other amounts hereunder (if any) accruing after the termination of Executive’s employment shall
cease upon such termination. In the event of a termination of Executive’s employment with the
Company, Executive’s sole remedy shall be to receive the payments and benefits described in this
Agreement.

ARTICLE 3.

RESTRICTIVE COVENANTS

          3.1 Non-Solicitation. In further consideration of the duties and obligations of the Company
to Executive hereunder, Executive acknowledges that during the course of his

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employment with the Company, Executive will become familiar with the Company’s trade secrets
and with other confidential information concerning the Company and that Executive’s services shall
be of special, unique and extraordinary value to the Company; and, therefore, Executive agrees
that, during the one-year period commencing on the date of termination of Executive’s employment
for any reason (the “Restricted Period”), Executive shall not, directly or indirectly, through
another person or entity, (i) induce, solicit, encourage or attempt to induce, solicit or encourage
any employee of the Company to leave the employ of the Company, or in any way interfere with the
relationship between the Company and any employee thereof; or (ii) induce, solicit or encourage or
attempt to induce, solicit or encourage any customer, supplier, licensee, licensor, franchisee or
other business relation of the Company to cease doing business with the Company, or in any way
interfere with the relationship between any such customer, supplier, licensee or business relation
of the Company.

          3.2 Modification of Covenants. If, at the time of enforcement of any of the covenants
contained in Section 3.1 hereof, a court of competent jurisdiction shall hold that the duration,
scope or area restrictions stated herein are unreasonable under circumstances then existing, the
parties agree that the maximum duration, scope or area reasonable under such circumstances shall be
substituted for the stated duration, scope or area and that the court shall be allowed to revise
the restrictions contained herein to cover the maximum period, scope and area permitted by law.

ARTICLE 4.

LIMITATIONS AND CONDITIONS ON BENEFITS

          4.1 Release Prior to Payment of Benefits. Upon a Covered Termination, and prior to the
payment of any benefits under this Agreement on account of such Covered Termination, Executive
shall execute and deliver to the Company an effective general release (the “Release”) in the form
attached hereto and incorporated herein as Exhibit A or Exhibit B, as applicable. Such Release
shall specifically relate to all of Executive’s rights and claims in existence at the time of such
execution and shall confirm Executive’s obligations under the Confidentiality Agreement. It is
understood that, as specified in the applicable Release, Executive has a specified number of
calendar days to consider whether to execute such Release, and Executive may revoke such Release
within seven (7) calendar days after execution. In the event Executive does not execute and
deliver such Release within the applicable period, or if Executive revokes such Release within the
subsequent seven (7) day period, no benefits shall be payable under this Agreement.

          4.2 Termination of Benefits. Benefits under this Agreement shall terminate immediately if
Executive, at any time, violates any proprietary information or confidentiality obligation to the
Company, including, without limitation, the Confidentiality Agreement.

ARTICLE 5.

DEFINITIONS

          For purposes of the Agreement, the following terms are defined as follows:

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          5.1 “Base Salary” means Executive’s annual base salary as in effect during the last regularly
scheduled payroll period immediately preceding a Covered Termination.

          5.2 “Board” means the Board of Directors of the Company.

          5.3 “Cause” means that, in the reasonable determination of the [Board, IN THE CASE OF THE
CEO][Company, IN THE CASE OF THE OTHER EXECUTIVES], Executive:

               (a) has committed an act of fraud or embezzlement or has intentionally committed some other
illegal act that has a material adverse impact on the Company or any successor or parent or
subsidiary thereof;

               (b) has been convicted of, or entered a plea of “guilty” or “no contest” to, a felony which
causes or may reasonably be expected to cause substantial economic injury to or substantial injury
to the reputation of the Company or any subsidiary or affiliate of the Company;

               (c) has made any unauthorized use or disclosure of confidential information or trade secrets
of the Company or any successor or parent or subsidiary thereof that has a material adverse impact
on any such entity;

               (d) has committed any other intentional misconduct that has a material adverse impact on the
Company or any successor or parent or subsidiary thereof, or

               (e) has intentionally refused or intentionally failed to act in accordance with any lawful and
proper direction or order of the Board or the appropriate individual to whom Executive reports,
provided such direction is not materially inconsistent with Executive’s customary duties and
responsibilities.

          5.4 “Change of Control” means and includes each of the following:

               (a) A transaction or series of transactions (other than an offering of Shares to the general
public through a registration statement filed under the laws of any applicable jurisdiction)
whereby any person or related group of persons (other than the Company, any of its subsidiaries, an
employee benefit plan maintained by the Company or any of its subsidiaries or a person that, prior
to such transaction, directly or indirectly controls, is controlled by, or is under common control
with, the Company) directly or indirectly acquires beneficial ownership of securities of the
Company possessing more than 50% of the total combined voting power of the Company’s securities
outstanding immediately after such acquisition; or

               (b) During any period of two consecutive years, individuals who, at the beginning of such
period, constitute the Board together with any new director(s) (other than a director designated by
a person who shall have entered into an agreement with the Company to effect a transaction
described in Subsections (a) or (c) hereof) whose election by the Board or nomination for election
by the Company’s shareholders was approved by a vote of at least two thirds of the directors then
still in office who either were directors at the beginning of the two-

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year period or whose election or nomination for election was previously so approved, cease for any
reason to constitute a majority thereof; or

               (c) The consummation by the Company (whether directly involving the Company or indirectly
involving the Company through one or more intermediaries) of (x) a merger, consolidation,
reorganization, or business combination or (y) a sale or other disposition of all or substantially
all of the Company’s assets in any single transaction or series of related transactions or (z) the
acquisition of assets or shares of another entity, in each case other than a transaction:

                    (i) Which results in the Company’s voting securities outstanding immediately before the
transaction continuing to represent (either by remaining outstanding or by being converted into
voting securities of the Company or the person that, as a result of the transaction, controls,
directly or indirectly, the Company or owns, directly or indirectly, all or substantially all of
the Company’s assets or otherwise succeeds to the business of the Company (the Company or such
person, the “Successor Entity”)) directly or indirectly, at least a majority of the combined voting
power of the Successor Entity’s outstanding voting securities immediately after the transaction,
and

                    (ii) After which no person or group beneficially owns voting securities representing 50% or
more of the combined voting power of the Successor Entity; provided, however, that no person or
group shall be treated for purposes of this Subsection (c)(ii) as beneficially owning 50% or more
of combined voting power of the Successor Entity solely as a result of the voting power held in the
Company prior to the consummation of the transaction; or

               (d) The Company’s shareholders approve a liquidation or dissolution of the Company.

     The Board shall have full and final authority, which shall be exercised in its discretion, to
determine conclusively whether a Change of Control has occurred pursuant to the above definition,
and the date of the occurrence of such Change of Control and any incidental matters relating
thereto.

          5.5 “Code” means the U.S. Internal Revenue Code of 1986, as amended from time to time and the
Treasury Regulations thereunder.

          5.6 “Company” means Mellanox Technologies, Ltd., company organized under the laws of the State
of Israel, or, following a Change of Control, the surviving entity resulting from such transaction.

          5.7 “Constructive Termination” means that Executive voluntarily terminates his employment with
the Company after any of the following are undertaken without Executive’s express written consent:

               (a) the removal of or a material reduction in the nature or scope of Executive’s
responsibilities, or the assignment to Executive of duties that are materially inconsistent with
Executive’s position other than a change in reporting relationship;

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               (b) a change in Executive’s direct reporting relationship so that Executive no longer reports
directly to the [Board, IN THE CASE OF CEO] [CEO, IN THE CASE OF OTHER EXECUTIVES];

               (c) a reduction in Executive’s base salary, unless the base salaries of all other executives
are similarly reduced; or

               (d) a relocation of Executive’s place of employment by more than thirty (30) miles from such
Executive’s place of employment on the Effective Date.

     The termination of Executive’s employment as a result of Executive’s death or disability shall
not be deemed to be a Constructive Termination.

          5.8 “Covered Termination” means an Involuntary Termination Without Cause or a Constructive
Termination, in each case, which occurs within 12 months following a Change of Control.

          5.9 “Equity Awards” means all options to purchase ordinary shares, awards of restricted shares
and such other awards granted pursuant to the Company’s option and equity incentive award plans or
agreements and any ordinary shares issued upon exercise thereof.

          5.10 “Involuntary Termination Without Cause” means Executive’s dismissal or discharge by the
Company other than for Cause. The termination of Executive’s employment as a result of Executive’s
death or disability shall not be deemed to be an Involuntary Termination Without Cause.

ARTICLE 6.

GENERAL PROVISIONS

          6.1 Employment Status. This Agreement does not constitute a contract of employment or impose
upon Executive any obligation to remain as an employee, or impose on the Company any obligation (a)
to retain Executive as an employee, (b) to change the status of Executive as an at-will employee,
or (c) to change the Company’s policies regarding termination of employment.

          6.2 Notices. Any notices provided hereunder must be in writing, and such notices or any other
written communication shall be deemed effective upon the earlier of personal delivery (including
personal delivery by facsimile) or the third day after mailing by first class mail to the Company
at its primary office location and to Executive at Executive’s address as listed in the Company’s
payroll records. Any payments made by the Company to Executive under the terms of this Agreement
shall be delivered to Executive either in person or at the address as listed in the Company’s
payroll records.

          6.3 Severability. Whenever possible, each provision of this Agreement will be interpreted in
such manner as to be effective and valid under applicable law, but if any provision of this
Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law
or rule in any jurisdiction, such invalidity, illegality or unenforceability will

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not affect any other provision or any other jurisdiction, but this Agreement will be reformed,
construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provisions
had never been contained herein.

          6.4 Waiver. If either party should waive any breach of any provisions of this Agreement, he
or it shall not thereby be deemed to have waived any preceding or succeeding breach of the same or
any other provision of this Agreement.

          6.5 Arbitration. Any dispute, claim or controversy based on, arising out of or relating to
Executive’s employment or this Agreement shall be settled by final and binding arbitration in Santa
Clara County, California, before a single neutral arbitrator in accordance with the National Rules
for the Resolution of Employment Disputes (the “Rules”) of the American Arbitration Association,
and judgment on the award rendered by the arbitrator may be entered in any court having
jurisdiction. Arbitration may be compelled pursuant to the California Arbitration Act (Code of
Civil Procedure §§ 1280 et seq.). If the parties are unable to agree upon an
arbitrator, one shall be appointed by the AAA in accordance with its Rules. Each party shall pay
the fees of its own attorneys, the expenses of its witnesses and all other expenses connected with
presenting its case; however, Executive and the Company agree that, to the extent permitted by law,
the arbitrator may, in his discretion, award reasonable attorneys’ fees to the prevailing party.
Other costs of the arbitration, including the cost of any record or transcripts of the arbitration,
AAA’s administrative fees, the fee of the arbitrator, and all other fees and costs, shall be borne
by the Company. This Section 6.5 is intended to be the exclusive method for resolving any and all
claims by the parties against each other for payment of damages under this Agreement or relating to
Executive’s employment; provided, however, that neither this Agreement nor the submission to
arbitration shall limit the parties’ right to seek provisional relief, including, without
limitation, injunctive relief, in any court of competent jurisdiction pursuant to California Code
of Civil Procedure § 1281.8 or any similar statute of an applicable jurisdiction. Seeking any such
relief shall not be deemed to be a waiver of such party’s right to compel arbitration. Both
Executive and the Company expressly waive their right to a jury trial. Pursuant to California Civil
Code Section 1717, each party warrants that it was represented by counsel in the negotiation and
execution of this Agreement, including the attorneys’ fees provision herein.

          6.6 Complete Agreement. This Agreement, including Exhibit A and Exhibit B, constitutes the
entire agreement between Executive and the Company and is the complete, final, and exclusive
embodiment of their agreement with regard to this subject matter, wholly superseding all written
and oral agreements with respect to severance benefits to Executive in the event of employment
termination. It is entered into without reliance on any promise or representation other than those
expressly contained herein. Notwithstanding anything herein to the contrary, this Agreement shall
not supersede any indemnification agreement between Executive and the Company.

          6.7 Amendment or Termination of Agreement. This Agreement may be changed or terminated only
upon the mutual written consent of the Company and Executive. The written consent of the Company
to a change or termination of this Agreement must be signed by an executive officer of the Company
after such change or termination has been approved by the Board.

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          6.8 Counterparts. This Agreement may be executed in separate counterparts, any one of which
need not contain signatures of more than one party, but all of which taken together will constitute
one and the same Agreement.

          6.9 Headings. The headings of the Articles and Sections hereof are inserted for convenience
only and shall not be deemed to constitute a part hereof nor to affect the meaning thereof.

          6.10 Successors and Assigns. This Agreement is intended to bind and inure to the benefit of
and be enforceable by Executive, and the Company, and any surviving entity resulting from a Change
of Control and upon any other person who is a successor by merger, acquisition, consolidation or
otherwise to the business formerly carried on by the Company, and their respective successors,
assigns, heirs, executors and administrators, without regard to whether or not such person actively
assumes any rights or duties hereunder; provided, however, that Executive may not assign any duties
hereunder and may not assign any rights hereunder without the written consent of the Company, which
consent shall not be withheld unreasonably.

          6.11 Choice of Law. All questions concerning the construction, validity and interpretation of
this Agreement will be governed by the law of the State of California, without regard to such
state’s conflict of laws rules.

          6.12 Non-Publication. The parties mutually agree not to disclose publicly the terms of this
Agreement except to the extent that disclosure is mandated by applicable law or regulation or to
their respective advisors (e.g., attorneys, accountants).

          6.13 Construction of Agreement. In the event of a conflict between the text of the Agreement
and any summary, description or other information regarding the Agreement, the text of the
Agreement shall control.

          6.14 Code Section 409A. The parties acknowledge and agree that, to the extent applicable,
this Agreement shall be interpreted in accordance with, and the parties agree to use their best
efforts to achieve timely compliance with, Section 409A, including, without limitation, any such
regulations or other guidance that may be issued after the Effective Date. Notwithstanding any
provision of this Agreement to the contrary, in the event that the Company determines that any
amounts payable hereunder would otherwise be taxable to Executive under Section 409A, the Company
may adopt such limited amendments to this Agreement and appropriate policies and procedures,
including amendments and policies with retroactive effect, that the Company reasonably determines
are necessary or appropriate to comply with the requirements of Section 409A and thereby avoid the
application of penalty taxes under such Section.

(Signature Page Follows)

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     In Witness Whereof, the parties have executed this Agreement on the Effective Date
written above.

	 	 	 	 	 
	Mellanox Technologies, Ltd.	 	[NAME OF EXECUTIVE]
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 
	 	 
	Name:
	 	 	 	 
	 

	 	 	 	 
	Title:
	 	 	 	 
	 

	 	 	 	 

Exhibit A: Release (Individual Termination)

Exhibit B: Release (Group Termination)

[Signature Page To Executive Severance Benefits Agreement]

 

 

Exhibit A

RELEASE

(Individual Termination)

     Certain capitalized terms used in this Release are defined in the Executive Severance Benefits
Agreement (the “Agreement”), which I have executed and of which this Release is a part.

     I hereby confirm my obligations under the Company’s Employee Proprietary Information and
Inventions Agreement.

     I acknowledge that I have read and understand Section 1542 of the California Civil Code which
reads as follows: “A general release does not extend to claims which the creditor does not know or
suspect to exist in his or her favor at the time of executing the release, which if known by him or
her must have materially affected his or her settlement with the debtor.” I hereby expressly waive
and relinquish all rights and benefits under that section and any law of any jurisdiction of
similar effect with respect to my release of any claims I may have against the Company.

     Except as otherwise set forth in this Release, I hereby release, acquit and forever discharge
the Company, its parents and subsidiaries, and their officers, directors, agents, servants,
employees, shareholders, successors, assigns and affiliates, of and from any and all claims,
liabilities, demands, causes of action, costs, expenses, attorneys fees, damages, indemnities and
obligations of every kind and nature, in law, equity, or otherwise, known and unknown, suspected
and unsuspected, disclosed and undisclosed (other than any claim for indemnification I may have as
a result of any third party action against me based on my employment with the Company), arising out
of or in any way related to agreements, events, acts or conduct at any time prior to the date I
execute this Release, including, but not limited to: all such claims and demands directly or
indirectly arising out of or in any way connected with my employment with the Company or the
termination of that employment, including but not limited to, claims of intentional and negligent
infliction of emotional distress, any and all tort claims for personal injury, claims or demands
related to salary, bonuses, commissions, stock, stock options, or any other ownership interests in
the Company, vacation pay, fringe benefits, expense reimbursements, severance pay, or any other
form of disputed compensation; claims pursuant to any federal, state or local law or cause of
action including, but not limited to, the federal Civil Rights Act of 1866 and 1867; Title VII of
the Civil Rights Act of 1964, as amended; the federal Civil Rights and Women’s Equity Act of 1991;
Sections 1981 through 1988 of Title 42 of the Unites States Code, as amended; the federal
Occupational Safety and Health Act of 1970; the Consolidated Omnibus Budge Reconciliation Act of
1985; the federal Family and Medical Leave Act of 1992; the Federal Worker Adjustment and
Retraining Notification Act of 1988; the federal Vocational Rehabilitation Act of 1973; the federal
Equal Pay Act of 1963; the federal Fair Labor Standards Act; the National Labor Relations Act, as
amended; the federal Age Discrimination in Employment Act of 1967, as amended (“ADEA”); the federal
Employee Retirement Income Security Act of 1974, as amended; the federal Americans with
Disabilities Act of 1990; the California Fair Employment and Housing Act, as amended; the
California

Exhibit A-1

 

Workers’ Compensation Act; the California Unruh and Ralph Civil Rights Act; the California
Alcohol and Drug Rehabilitation Law; the California Equal Pay Law; tort law; contract law;
statutory law; common law; wrongful discharge; discrimination; fraud; defamation; emotional
distress; and breach of the implied covenant of good faith and fair dealing; provided, however,
that nothing in this paragraph shall be construed in any way to release the Company from its
obligation to indemnify me pursuant to the Company’s indemnification obligation pursuant to
agreement or applicable law.

     I acknowledge that I am knowingly and voluntarily waiving and releasing any rights I may have
under ADEA. I also acknowledge that the consideration given under the Agreement for the waiver and
release in the preceding paragraph hereof is in addition to anything of value to which I was
already entitled. I further acknowledge that I have been advised by this writing, as required by
the ADEA, that: (A) my waiver and release do not apply to any rights or claims that may arise on
or after the date I execute this Release; (B) I have the right to consult with an attorney of my
choice prior to executing this Release; (C) I have twenty-one (21) days to consider this Release
(although I may choose to voluntarily execute this Release earlier); (D) I have seven (7) days
following the execution of this Release by the parties to revoke the Release; and (E) this Release
shall not be effective until the date upon which the revocation period has expired, which shall be
the eighth day after this Release is executed by me. I hereby understand that the revocation
contemplated in this paragraph shall not be effective unless it is in writing and signed by me and
received by the Company prior to the expiration of the revocation period. I further acknowledge
that I have read this Release carefully and completely understand each of the terms of this
Release.

	 	 	 	 	 
	 	 	[NAME OF EXECUTIVE]
	 
	 	 	 	 
	 
	 	 	 	 
	 	 	 
	 
	 	 	 	 
	 

	 	Date:	 	 
	 

	 	 	 	 

Exhibit A-2

 

Exhibit B

RELEASE

(Group Termination)

     Certain capitalized terms used in this Release are defined in the Executive Severance Benefits
Agreement (the “Agreement”), which I have executed and of which this Release is a part.

     I hereby confirm my obligations under the Company’s Employee Proprietary Information and
Inventions Agreement.

     I acknowledge that I have read and understand Section 1542 of the California Civil Code which
reads as follows: “A general release does not extend to claims which the creditor does not know or
suspect to exist in his or her favor at the time of executing the release, which if known by him or
her must have materially affected his or her settlement with the debtor.” I hereby expressly waive
and relinquish all rights and benefits under that section and any law of any jurisdiction of
similar effect with respect to my release of any claims I may have against the Company.

     Except as otherwise set forth in this Release, I hereby release, acquit and forever discharge
the Company, its parents and subsidiaries, and their officers, directors, agents, servants,
employees, shareholders, successors, assigns and affiliates, of and from any and all claims,
liabilities, demands, causes of action, costs, expenses, attorneys fees, damages, indemnities and
obligations of every kind and nature, in law, equity, or otherwise, known and unknown, suspected
and unsuspected, disclosed and undisclosed (other than any claim for indemnification I may have as
a result of any third party action against me based on my employment with the Company), arising out
of or in any way related to agreements, events, acts or conduct at any time prior to the date I
execute this Release, including, but not limited to: all such claims and demands directly or
indirectly arising out of or in any way connected with my employment with the Company or the
termination of that employment, including but not limited to, claims of intentional and negligent
infliction of emotional distress, any and all tort claims for personal injury, claims or demands
related to salary, bonuses, commissions, stock, stock options, or any other ownership interests in
the Company, vacation pay, fringe benefits, expense reimbursements, severance pay, or any other
form of disputed compensation; claims pursuant to any federal, state or local law or cause of
action including, but not limited to, the federal Civil Rights Act of 1866 and 1867; Title VII of
the Civil Rights Act of 1964, as amended; the federal Civil Rights and Women’s Equity Act of 1991;
Sections 1981 through 1988 of Title 42 of the Unites States Code, as amended; the federal
Occupational Safety and Health Act of 1970; the Consolidated Omnibus Budge Reconciliation Act of
1985; the federal Family and Medical Leave Act of 1992; the Federal Worker Adjustment and
Retraining Notification Act of 1988; the federal Vocational Rehabilitation Act of 1973; the federal
Equal Pay Act of 1963; the federal Fair Labor Standards Act; the National Labor Relations Act, as
amended; the federal Age Discrimination in Employment Act of 1967, as amended (“ADEA”); the federal
Employee Retirement Income Security Act of 1974, as amended; the federal Americans with
Disabilities Act of 1990; the California Fair Employment and Housing Act, as amended; the
California

Exhibit B-1

 

Workers’ Compensation Act; the California Unruh and Ralph Civil Rights Act; the California
Alcohol and Drug Rehabilitation Law; the California Equal Pay Law; tort law; contract law;
statutory law; common law; wrongful discharge; discrimination; fraud; defamation; emotional
distress; and breach of the implied covenant of good faith and fair dealing; provided, however,
that nothing in this paragraph shall be construed in any way to release the Company from its
obligation to indemnify me pursuant to the Company’s indemnification obligation pursuant to
agreement or applicable law.

     I acknowledge that I am knowingly and voluntarily waiving and releasing any rights I may have
under ADEA. I also acknowledge that the consideration given under the Agreement for the waiver and
release in the preceding paragraph hereof is in addition to anything of value to which I was
already entitled. I further acknowledge that I have been advised by this writing, as required by
the ADEA, that: (A) my waiver and release do not apply to any rights or claims that may arise on
or after the date I execute this Release; (B) I have the right to consult with an attorney of my
choice prior to executing this Release; (C) I have forty-five (45) days to consider this Release
(although I may choose to voluntarily execute this Release earlier); (D) I have seven (7) days
following the execution of this Release by the parties to revoke the Release; (E) this Release
shall not be effective until the date upon which the revocation period has expired, which shall be
the eighth day after this Release is executed by me. I hereby understand that the revocation
contemplated in this paragraph shall not be effective unless it is in writing and signed by me and
received by the Company prior to the expiration of the revocation period. I further acknowledge
that I have read this Release carefully and completely understand each of the terms of this
Release; and, as required by ADEA, that I have received with this Release a detailed list of the
job titles and ages of all employees who were terminated in this group termination and the ages of
all employees of the Company in the same job classification or organizational unit who were not
terminated.

	 	 	 	 	 
	 	 	[NAME OF EXECUTIVE]
	 
	 	 	 	 
	 
	 	 	 	 
	 	 	 
	 
	 	 	 	 
	 

	 	Date:	 	 
	 

	 	 	 	 

Exhibit B-2

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