Document:

Exhibit 10.20

STOCK PLEDGE AGREEMENT

THIS
STOCK PLEDGE AGREEMENT is entered into as of this 16th day of March, 2007,
by OMNIVISION TECHNOLOGIES, INC.,
a Delaware corporation (“Pledgor”),
as pledgor, in favor of CITIBANK N.A.,
a national banking association (“Secured
Party”), as secured party.

WHEREAS,
Pledgor has entered into that certain Loan and Security Agreement, dated as of
the date hereof (as amended, supplemented or modified from time to time, the “Loan Agreement”), pursuant to which
Pledgor agreed to borrow from Secured Party, and Secured Party has agreed to
lend to Pledgor (the “Loan”),
certain amounts all in accordance with and subject to the terms and conditions
set forth in the Loan Agreement, and all other Loan Documents (as defined in
the Loan Agreement).

WHEREAS,
Pledgor owns the issued and outstanding shares of capital stock and other
equity securities and ownership interests of OmniVision International Holdings
Ltd. (“Holdings”);

WHEREAS,
as a condition precedent to the obligation of Secured Party to execute and
deliver and perform under the Loan Agreement and the other Loan Documents,
Pledgor is required, and has agreed, to enter into and deliver this Agreement
and to pledge to Secured Party, and grant a security interest in, the Pledged Collateral
(as hereinafter defined) as security for Pledgor’s obligations under the Loan
Agreement; and

WHEREAS,
Secured Party is willing to execute, deliver and perform under the Loan
Agreement and the other Loan Documents only upon the condition that Pledgor
executes and delivers to Secured Party this Agreement and agrees to perform and
to comply with its obligations under this Agreement;

NOW,
THEREFORE, in consideration of the foregoing and of the
mutual covenants and agreements hereinafter set forth, the receipt and
sufficiency of which are hereby acknowledged, and as an inducement for Secured
Party to enter into the Loan Agreement and the other Loan Documents, the
parties hereto, intending to be legally bound hereby, do agree as follows:

1.        DEFINITIONS AND REFERENCES

1.1.     Defined Terms

As used in this
Agreement, the following terms shall have the meanings specified in this Section
1.1:

“Agreement”
shall be defined to mean this Stock Pledge Agreement as amended, supplemented
or modified from time to time.

“Default”
shall mean any event, fact, circumstance or condition that, with the giving of
applicable notice or passage of time or both, would constitute or be or result
in an Event of Default hereunder or under any Loan Document.

“Event
of Default” shall mean the occurrence of any of the events
set forth in Article VI.

“Material
Adverse Effect” or “Material
Adverse Change” means a material adverse effect on (i) the business,
assets, condition (financial or otherwise) or results of operations of Pledgor
of any of the obligations secured by the Deed of Trust or this Agreement or
hereby, (ii) the ability of Pledgor to perform its obligations under this
Agreement (including, without limitation, repayment of the Loans and all
amounts secured by the Deed of Trust or this Agreement as they come due), or
(iii) the validity or

enforceability of this Agreement or any other
agreement or document entered into by any party in connection herewith, or the
rights or remedies of Lender hereunder or thereunder.

“Obligations”
means all present and future obligations, indebtedness and liabilities of
Pledgor under any Loan Documents to Secured Party at any time and from time to
time of every kind, nature and description, direct or indirect, secured or
unsecured, joint and several, absolute or contingent, due or to become due,
matured or unmatured, now existing or hereafter arising, contractual or
tortious, liquidated or unliquidated, under any of the Loan Documents or
otherwise relating to the Loan, including, without limitation, all applicable
fees, charges and expenses and/or all amounts paid or advanced by Secured Party
on behalf of or for the benefit of Pledgor for any reason at any time,
including in each case obligations of performance as well as obligations of
payment and interest that accrue after the commencement of any proceeding under
any debtor relief law by or against any such Person.

“Pledged
Collateral” shall mean, collectively and each individually,
sixty-five percent (65%) of the issued and outstanding shares of capital stock
of Holdings owned or held of record or beneficially by Pledgor on the date
hereof in the amounts set forth on and as listed on Schedule 1.1 (and
the certificates, copies of which are attached hereto, representing such
shares.

1.2.     General Terms

All capitalized terms in
this Agreement and not defined herein shall have the defined meanings provided
in the Loan Agreement. Unless otherwise specified, as used in this Agreement or
in any certificate, report, instrument or other document made or delivered
pursuant to this Agreement, all accounting terms not defined in this Agreement
or in the Loan Agreement shall have the meanings given to such terms in and
shall be interpreted in accordance with GAAP.

2.        PLEDGE OF COLLATERAL

(a)       As security for the due and
punctual payment and performance by Pledgor of all the Obligations, including,
without limitation, all of Pledgor’s obligations to Secured Party under the
Loan Agreement, this Agreement and the other Loan Documents (collectively, the “Secured Obligations”), Pledgor hereby (i)
pledges and assigns to Secured Party all of the Pledged Collateral and all of
its right, title and interest in and to the Pledged Collateral, and (ii) grants
to Secured Party a continuing first priority security interest in and Lien upon
the Pledged Collateral.

(b)       Simultaneously with the
execution of this Agreement, Pledgor shall deliver to Secured Party all
certificates representing the Pledged Collateral described in clause (i) of the
definition of Pledged Collateral, and will deliver to Secured Party all
certificates representing the Pledged Collateral described in clauses (ii) and
(iii) of the definition of Pledged Collateral within ten (10) Business Days
after Pledgor’s acquisition of such shares or other equity securities or ownership
interests or other items. Each such certificate shall be registered in the name
of Pledgor, duly endorsed in blank or accompanied by a stock power duly
executed by Pledgor in blank, in form and substance satisfactory to Secured
Party, with any and all documentary tax stamps and other documents necessary to
cause Secured Party to have a good, valid and perfected continuing first
priority pledge of, Lien on and security interest in the Pledged Collateral,
free and clear of any mortgage, pledge, Lien, security interest, hypothecation,
assignment, charge, right, encumbrance or transfer or other restriction
(individually, “Encumbrance” and
collectively, “Encumbrances”),
including, without limitation, any necessary notations in the corporate or
other records books of Pledgor or the entity in which such shares, equity
securities or ownership interests evidence an ownership stake. At any time
following the occurrence and continuation of an Event of Default, any or all of
the Pledged Collateral, at the option of Secured Party exercised in accordance
with Section 3 hereof, may be registered in the name of Secured Party or
of its nominee, and Pledgor hereby covenants that, upon demand therefor by
Secured Party, Pledgor shall or shall cause the entity in which such shares,
equity securities or ownership interests evidence an ownership stake to effect
such registration. Pledgor acknowledges that Secured Party will engage counsel,
at Pledgor’s sole cost and expense, in the

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Cayman Islands to review this Agreement. Without
limitation, Pledgor shall take such actions and execute such documents as
recommended by such counsel to better evidence or perfect the security
interests created by this Agreement.

(c)       Secured Party hereby
confirms receipt of the certificates representing the Pledged Collateral
described in clause (i) of the definition of Pledged Collateral and agrees to
hold the Pledged Collateral in accordance with the terms of this Agreement.

(d)       In addition to and
notwithstanding any other provision of this Agreement, Secured Party, in its
sole discretion, shall have the right, at any time that Pledgor fails to do so,
without prior notice to Pledgor, to: (i) obtain insurance covering any of the
Pledged Collateral to the extent required under the Loan Agreement, if any,
(ii) pay for the performance of any of the Pledgor’s obligations hereunder;
(iii) discharge taxes, liens, security interests, or other encumbrances at any
time levied or placed on any of the Pledged Collateral in violation of this
Agreement unless Pledgor is in good faith with due diligence by appropriate
proceedings contesting those items; and (iv) pay for the maintenance and
preservation of any of the Pledged Collateral to the extent reasonably
necessary. Such expenses and advances shall be added to the Secured Obligations
until reimbursed to Secured Party and shall be secured by the Pledged
Collateral. Any such payments and advances by Secured Party shall not be
construed as a waiver by Secured Party of an Event of Default or any other
rights, remedies or powers of Secured Party hereunder or otherwise.

(e)       Within five (5) Business
Days of any request by Secured Party, Pledgor, at its own cost and expense,
will duly execute and deliver to Secured Party such financing statements,
continuation statements, assignments, certificates and/or such other
agreements, assignments, instructions or documents as Secured Party may request
relating to the Pledged Collateral or otherwise to enable Secured Party to
create, maintain and perfect or from time to time renew the security interests
granted hereby or to create, maintain and perfect a security interest in any
additional Pledged Collateral hereafter acquired by Pledgor or in any and all
additions to and/or replacements, products and proceeds of any of the foregoing,
all in form and substance satisfactory to Secured Party. Pledgor will pay all
reasonable costs associated therewith, including without limitation, the cost
of filing any of the foregoing in all public offices or other locations
wherever Secured Party deems filing to be necessary or desirable. Pledgor
irrevocably grants Secured Party the right, at Secured Party’s option, to file
any or all of the foregoing pursuant to the UCC and otherwise, and Pledgor
irrevocably appoints Secured Party as Pledgor’s attorney in fact to execute any
of the foregoing in Pledgor’s name and to perform all other acts that Secured
Party deems appropriate to perfect and continue the security interests
conferred by this Agreement or otherwise to effect fully the purposes, terms and
conditions of this Agreement, the Loan Agreement and the other Loan Documents.

(f)        No injury to, or loss or
destruction of, the Pledged Collateral or any Material Adverse Effect or
Material Adverse Change shall relieve Pledgor of any of the Secured Obligations.

3.        VOTING RIGHTS, DIVIDENDS
AND DISTRIBUTIONS

So long as no Event of
Default shall have occurred and be continuing or would result from or be caused
by any of the following:

(a)       Pledgor shall be entitled
to exercise any and all voting and/or consensual rights and powers relating or
pertaining to the Pledged Collateral or any part thereof, subject to the terms
hereof;

(b)       [Omitted]

(c)       Secured Party shall execute
and deliver (or cause to be executed and delivered) to Pledgor all such
proxies, powers of attorney, dividend orders and other instruments as Pledgor
may

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request for the purpose of enabling Pledgor to
exercise the voting and/or consensual rights and powers that Pledgor is
entitled to exercise pursuant to Section 3(a); and

(d)       Upon the occurrence and
continuation of an Event of Default, all rights of Pledgor to exercise the
voting and/or consensual rights and powers that Pledgor is entitled to exercise
pursuant to Section 3(a) shall cease immediately without any notice to
Pledgor or action by or on behalf of Secured Party or any other Person, and all
such rights thereupon shall become vested in Secured Party automatically
without any action by any Person, and Secured Party shall have the sole and
exclusive right and authority to exercise such voting and/or consensual rights
and powers and/or to receive and retain such dividends. In such case, Pledgor
shall execute and deliver such proxies, powers of attorney, dividend orders and
other instruments and documents as Secured Party may request or as may be
otherwise required or desirable to enable Secured Party to exercise such rights
and receive such dividends. In addition, Secured Party is hereby appointed the
attorney-in-fact of Pledgor, with full power of substitution, which appointment
as attorney-in-fact is irrevocable and coupled with an interest, to take all
such actions after the occurrence and continuation of an Event of Default,
whether in the name of Secured Party or Pledgor, as Secured Party may consider
necessary or desirable for the purpose of exercising such rights and receiving
such dividends. Any and all money and other property paid over to or received
by Secured Party pursuant to the provisions of this Section 3(d) shall
be retained by Secured Party as part of the Pledged Collateral and shall be
applied in accordance with the provisions hereof.

4.        REMEDIES ON DEFAULT

(a)       Notwithstanding and without
limiting any other provision of this Agreement or any of the Loan Documents, if
at any time an Event of Default shall have occurred and be continuing, then, in
addition to having the right to exercise any right or remedy of a secured party
upon default under the UCC or applicable law or at equity, Secured Party may,
to the extent permitted by law, without being required to give any notice to
Pledgor or to take or do any action (except as provided below):

(i)        apply any cash held by it
hereunder in the manner provided in Section 4(l); and

(ii)       if there shall be no such
cash or if the cash so applied shall be insufficient to pay in full the items
specified in Section 4(l)(i) and 4(l)(ii), collect, receive,
appropriate and realize upon the Pledged Collateral or any part thereof, and/or
sell, assign, transfer, contract to sell or otherwise dispose of and deliver
the Pledged Collateral or any part thereof, in its entirety or in portions, at
public or private sale or at any broker’s board, on any securities exchange or
at any of Secured Party’s places of business or elsewhere, for cash, upon
credit or for future delivery, and at such price or prices as Secured Party may
deem best, and Secured Party may (except as otherwise provided by law) be the
purchaser of any or all of the Pledged Collateral so sold and thereafter may
hold the same, absolutely, free from any right or claim of whatsoever kind.

(b)       In the event of a sale as
aforesaid, Secured Party may, at any such sale, restrict the number of
prospective bidders or purchasers and/or further restrict such prospective
bidders or purchasers to Persons who will represent and agree that they are
purchasing for their own account, for investment and not with a view to the
distribution or resale of the Pledged Collateral, and may otherwise require
that such sale be conducted subject to restrictions as to such other matters as
Secured Party may deem necessary in order that such sale may be effected in
such manner as to comply with all applicable state and federal securities and
other laws. Upon any such sale, Secured Party shall have the right to deliver,
assign and transfer the Pledged Collateral so sold to the purchaser thereof.

(c)       Pledgor hereby acknowledges
that, notwithstanding that a higher price might be obtained for the Pledged
Collateral at a public sale than at a private sale or sales, the making of a
public sale of the Pledged Collateral may be subject to registration
requirements under applicable securities laws and other legal restrictions,
compliance with which would make a public sale of the Pledged Collateral
impractical. Accordingly, Pledgor hereby agrees that private sales made by
Secured Party in

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good faith in accordance with the provisions of this Article
4 may be at prices and on other terms less favorable to the seller than if
the Pledged Collateral were sold at a public sale, and that Secured Party shall
not have any obligation to take any steps in order to permit the Pledged
Collateral to be sold at a public sale.

(d)       Intentionally omitted.

(e)       Each purchaser at any such
sale shall hold the property sold, absolutely free from any claim or right
whatsoever, including any equity or right of redemption of Pledgor, and Pledgor
hereby specifically waives all rights of redemption, stay or appraisal and
other rights that Pledgor has or may have under any law, regulation or statute
now existing or hereafter adopted or otherwise. Secured Party shall give
Pledgor not less than ten (10) calendar days’ written notice of its intention
to make any such public or private sale. Such notice, in case of a public sale,
shall state the time and place fixed for such sale, and, in case of a sale at
broker’s board, on a securities exchange, at one or more of Secured Party’s
places of business or elsewhere, shall state the board, exchange or other
location at which such sale is to be made and the day on which the Pledged
Collateral, or that portion thereof so being sold, will first be offered for
sale at such location. Such notice, in case of a private sale, shall state only
the date on or after which such sale may be made. Any such notice given as
aforesaid shall be deemed to be reasonable notification.

(f)        Any such public sale shall
be held at such time or times within ordinary business hours and at such place
or places as Secured Party may fix in the notice of such sale. At any sale the
Pledged Collateral may be sold in one lot as an entirety or in parts, as Secured
Party may determine. Secured Party shall not be obligated to make any sale
pursuant to any such notice. Secured Party may, without notice or publication,
adjourn any sale or cause the same to be adjourned from time to time by
announcement at the time and place fixed for the sale, and such sale may be
made at any time or place to which the same may be so adjourned. In case of any
sale of all or any part of the Pledged Collateral on credit or for future
delivery, the Pledged Collateral so sold may be retained by Secured Party until
the selling price is paid by the purchaser thereof, but Secured Party shall not
incur any liability in case of the failure of such purchaser to take up and pay
for the Pledged Collateral so sold and, in case of any such failure, such
Pledged Collateral may again be sold upon like notice.

(g)       Secured Party, instead of
exercising the power of sale herein conferred upon it, may proceed by a suit or
suits at law or in equity to foreclose its Lien or security interest arising
from this Agreement and sell the Pledged Collateral, or any portion thereof,
under a judgment or decree of a court or courts of competent jurisdiction.

(h)       Notwithstanding and without
limiting any other provision of this Agreement or any of the Loan Documents,
upon the occurrence and continuation of an Event of Default, Secured Party or
its nominee shall have the right, without notice to or the consent of Pledgor,
to exercise any and all rights of conversion, exchange or subscription and any
other rights, privileges or options pertaining to any of the Pledged Collateral
as if it were the absolute owner thereof, including, without limitation, the
right to transfer, sell, dispose of or exchange, at its discretion, any or all
of the Pledged Collateral upon the merger, consolidation, reorganization,
recapitalization or other readjustment of Pledgor or subsidiary of Pledgor or
such other Person.

(i)        On any sale of any part of
the Pledged Collateral, Secured Party is hereby authorized to comply with any
limitation or restriction in connection with such sale that may be necessary in
order to avoid any violation of applicable law or in order to obtain any
required approval of the purchaser(s) by any Governmental Authority or officer
or court.

(j)        Pledgor hereby
acknowledges, understands and agrees that Secured Party (i) may exercise its
rights under the Loan Documents, whether or not they provide security for any
of the Secured Obligations, without exercising its rights hereunder or
affecting the security provided hereunder, and (ii) may proceed against all or
any portion of the Pledged Collateral and all other collateral securing

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any of the Secured Obligations in such order and at
such time as determined by Secured Party in its sole discretion. Pledgor hereby
expressly waives any rights under the doctrine of marshalling of assets.

(k)       Pledgor hereby
acknowledges, understands and agrees that compliance with the foregoing
procedures shall satisfy any applicable requirements that such sale or
disposition be made in a commercially reasonable manner.

(l)        The proceeds of any
collection, recovery, receipt, appropriation, realization, transfer, exchange,
disposition or sale as aforesaid shall be applied by Secured Party in the
following order:

(i)        First, to the
payment of all costs and expenses of every kind incurred by Secured Party in
connection therewith or incidental to the care, safekeeping or otherwise of any
of the Pledged Collateral, and to the payment of all sums which Secured Party
may be required or may elect to pay, if any, for taxes, assessments, insurance
and other charges upon the Pledged Collateral or any part thereof, and all
other payments that Secured Party may be required or authorized to make under
any provision of this Agreement including, without limitation, in-house
documentation and diligence fees, search, audit, recording, and filing fees and
expenses and reasonable attorneys’ fees and expenses;

(ii)       Second, to the
payment of any other amounts due under the Secured Obligations (to be applied
in accordance with the Loan Agreement);

(iii)      Third, to the
satisfaction of indebtedness secured by any subordinate security interest of
record in the Pledged Collateral if written notification of demand therefor is
received before distribution of the proceeds is completed; provided that
the holder of a subordinate security interest shall furnish reasonable proof of
its interest to Secured Party, and unless it does so, Secured Party need not
address its claims; and

(iv)      Finally, to the
payment to Pledgor of any surplus then remaining from such proceeds, unless
otherwise required by law or directed by a court of competent jurisdiction; provided
that Pledgor shall be liable for any deficiency if such proceeds are
insufficient to satisfy all of the Secured Obligations.

5.        REPRESENTATIONS,
WARRANTIES AND COVENANTS OF PLEDGOR

(a)       Pledgor represents and
warrants to Secured Party as of the date hereof (which representations and
warranties shall survive the execution and delivery of this Agreement) as
follows:

(i)        Pledgor is a corporation
duly organized, validly existing and in good standing under the laws of the
State of Delaware and has full power, right and authority to (A) own the
Pledged Collateral, (B) execute, deliver and perform this Agreement, (C) pledge
the Pledged Collateral, and (D) grant the security interests and Liens in the
Pledged Collateral pursuant to this Agreement and otherwise consummate the
transactions contemplated under the other Loan Documents to which it is a
party;

(ii)       the execution, delivery and
performance by Pledgor of this Agreement and the consummation of the
transactions contemplated hereby have been duly and validly authorized by all
necessary actions on the part of Pledgor (none of which actions have been
modified or rescinded, and all of which actions are in full force and effect),
and this Agreement has been duly executed and delivered by Pledgor and
constitutes the legal, valid and binding obligation of Pledgor, enforceable
against Pledgor in accordance with its terms, subject to the effect of any applicable
bankruptcy, moratorium, insolvency, reorganization or other similar law
affecting the enforceability of creditors’ rights generally and to the effect
of general principles of equity which may limit the availability of equitable
remedies (whether in a proceeding at law or in equity);

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(iii)      Pledgor is with respect to
the Pledged Collateral described in the definition of Pledged Collateral, the
direct record and beneficial owner of each share, security and other interest
that comprises the Pledged Collateral, and Pledgor has and will have good,
valid and marketable title thereto, free and clear of all Encumbrances other
than the security interests created by this Agreement; and Holdings is the
direct record and beneficial owner of each share, security and other interest
that comprises ownership interests in “OmniVision Hong Kong” (as defined
herein) (other than one share owned by Xiao-Ying Hong and one share owned by
Xinping He (both of which shares are held in trust for Pledgor)) and Holdings
has and will have good, valid and marketable title thereto, free and clear of
all Encumbrances;

(iv)      all of the Pledged
Collateral has been, or, with respect to the Pledged Collateral described in
the definition of Pledged Collateral not later than the time of delivery of
certificates therefor will be, duly and validly issued, fully paid and
nonassessable;

(v)       the Pledged Collateral
described in the definition of Pledged Collateral constitutes 65% of the issued
and outstanding capital stock of Holdings (calculated on a fully diluted, as
converted basis);

(vi)      the Pledged Collateral is
and will be duly and validly pledged to Secured Party in accordance with law,
and Secured Party has a good, valid and perfected first priority Lien on and
security interest in the Pledged Collateral and the proceeds thereof subject to
no Encumbrances in favor of any other Person;

(vii)     the execution, delivery and
performance by Pledgor of this Agreement and the. consummation of the
transactions and the creation and granting of the security interests and Liens
contemplated thereby do not and will not (A) conflict with or violate the
certificate of incorporation, by-laws, limited liability agreement or similar
documents of Pledgor or of any entity whose securities constitute part of the
Pledged Collateral or any agreement by and between Pledgor or any such entity
and its respective shareholders or equity owners or among any such shareholders
or equity owners; (B) conflict with, result in a breach of, constitute a
default of or an event of default under, or any event, fact, condition or
circumstance which, with notice or passage of time or both, would constitute or
result in a conflict, breach, default or event of default under, require any
consent not obtained under, or result in or require the acceleration of any
indebtedness pursuant to, any agreement, indenture or other instrument to which
Pledgor or any entity whose securities constitute part of the Pledged
Collateral is a party or by which Pledgor or any entity whose securities
constitute part of the Pledged Collateral or any of its or their respective
properties or assets are bound or subject, the effect of which could reasonably
be expected to have or result in a Material Adverse Effect; (C) conflict with
or violate any provision of any applicable law, statute, rule, regulation,
ordinance, license or tariff or any judgment, decree or order of any court or
other Governmental Authority binding on or applicable to Pledgor or any entity
whose securities constitute part of the Pledged Collateral or any of its or
their respective properties or assets or any of the Pledged Collateral, or (D)
result in the creation or imposition of any Lien of any nature whatsoever upon
any of the properties or assets of Pledgor or any entity whose securities constitute
part of the Pledged Collateral except those contemplated hereunder;

(viii)    no approval, consent or
authorization of, filing, registration or qualification with, or other action
by, Pledgor or any entity whose securities constitute part of the Pledged
Collateral, any Governmental Authority or any other Person is or will be
necessary to permit the valid execution, delivery or performance of this
Agreement by Pledgor or consummation of the transactions or creation or
granting of the Liens and security interests contemplated hereby;

(ix)       there is no action, claim,
suit, proceeding or investigation pending or, to the knowledge of Pledgor,
currently threatened against or affecting the Pledged Collateral, or Pledgor or
any entity whose securities constitute part of the Pledged Collateral, or this
Agreement or the transactions contemplated hereby, before or by any court,
arbitrator or Governmental Authority (a) that questions or could prevent the
validity of this Agreement or the right or ability of Pledgor to enter into
this Agreement or to consummate the transactions or create or grant the Liens
and security interests contemplated hereby,

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(b) that could reasonably be expected to have or
result in, either individually or in the aggregate, any Material Adverse Change
or Material Adverse Effect, or (c) that could reasonably be expected to result
in any change in the current equity ownership of Pledgor or any entity whose
securities constitute part of the Pledged Collateral or otherwise in a Change
of Control, nor is Pledgor aware that there is any basis for any of the
foregoing;

(x)        neither Pledgor nor any
entity whose securities constitute part of the Pledged Collateral is (A) a
party or subject to any judgment, order or decree or any agreement, document or
instrument or subject to any restriction, any of which do or would materially
adversely affect or prevent Pledgor’s ability to execute or deliver, or perform
under, consummate the transactions contemplated by or to observe the covenants
and agreements contained in, this Agreement; (B) to Pledgor’s knowledge, in
default or breach of the performance, observance or fulfillment of any
obligation, covenant or condition contained in any agreement, document or
instrument to which Pledgor or such entity is a party or by which any of its or
their properties or assets are bound or subject, which default or breach, if
not remedied within any applicable grace or cure period could reasonably be
expected to have or result in a Material Adverse Effect, nor is there any
event, fact, condition or circumstance which, with notice or passage of time,
or both, would constitute or result in a conflict, breach, default or event of
default under, any of the foregoing which, if not remedied within any
applicable grace or cure period could reasonably be expected to have or result
in a Material Adverse Effect; or (C) a party or subject to any agreement (oral
or written), document or instrument with respect to, or obligation to pay any,
service or management fee with respect to the ownership, operation, leasing or
performance of any of its business or any facility, nor is there any manager
with respect to any such facility.

(xi)       [omitted];

(xii)      the obligations of Pledgor
under this Agreement are not subordinated in any way to any other obligation of
Pledgor or to the rights of any other Person; and

(xiii)     Other than the capital stock,
there are no equity securities or other ownership interests in Holdings (nor
will any be issued).

(b)       Until all Obligations have
been performed and satisfied in full and indefeasibly paid in full in cash and
the Loan Agreement has been terminated, Pledgor hereby covenants that:

(i)        Pledgor shall not sell,
lease, transfer, pledge, assign or otherwise dispose of any of the Pledged
Collateral or any interest therein or any other interest in Holdings, and
Pledgor shall not create, incur, assume or suffer to exist any Encumbrance
upon, in, against or with respect to any of the Pledged Collateral or any
interest therein (except pursuant hereto) or any other interest in Holdings nor
shall Pledgor permit Holdings to sell, lease, transfer, pledge, assign or
otherwise dispose of any interest of Holdings in OmniVision Technologies (Hong
Kong) Company Limited (“OmniVision Hong Kong”)
or any interest therein, and Holdings shall not create, incur,
assume or suffer to exist any Encumbrance upon, in, against or with respect to
any interest of Holdings in OmniVision Hong Kong;

(ii)       Pledgor shall at all times
retain complete control over Holdings and Holdings shall retain complete control
over OmniVision Hong Kong;

(iii)      Pledgor shall, and shall
cause each entity whose securities constitute part of the Pledged Collateral
to: (A) preserve and maintain its existence in good standing (except as
permitted or required under the Loan Agreement); (B) comply with all laws,
rules, statutes, regulations, ordinances and tariffs and orders of all
applicable Governmental Authorities with respect to or applicable to its
business, assets or operations or to any of the Pledged Collateral, except where
the failure to comply could not reasonably be expected to have or result in a
Material Adverse Effect; and (C) promptly upon the occurrence thereof and in
any event within three (3) calendar days after Pledgor or any Authorized
Officer of Pledgor obtains knowledge thereof, give written notice to Secured
Party of (1) any action, suit, litigation, investigation, arbitration, dispute
resolution proceeding or proceeding of any kind

 8
 

pending, instituted or threatened against or
affecting, involving or relating to Pledgor, any such entity or the Pledged
Collateral or any of their respective properties or assets, whether or not the
claim is covered by insurance, to the extent the amount in controversy exceeds
$10,000,000 (2) the filing, recording or assessment of any federal, state,
local or foreign tax lien against the Pledged Collateral, Pledgor or any such
entity, (3) the occurrence of any Default or Event of Default, which notice
shall specify the nature and status thereof, the period of existence thereof
and what action is proposed to be taken with respect thereto, (4) the
occurrence or existence of any event, fact, circumstance or condition which
constitutes or results in, or would constitute or result in with the giving of
notice or passage of time or both, an Event of Default, which notice shall
specify the nature and status thereof, the period of existence thereof and what
action is proposed to be taken with respect thereto, and (5) any other
development, event, fact, circumstance, condition or action of any nature
against or affecting Pledgor or any such entity or otherwise, which could
reasonably be expected to have, lead to or result in a Material Adverse Effect,
a Default or an Event of Default, in each case describing the nature and status
thereof and the action Pledgor proposes to take with respect thereto, and (6)
any matter(s) materially affecting the value, enforceability or collectability
of any of the Pledged Collateral.

(iv)      Pledgor shall, and shall
cause each entity whose securities constitute part of the Pledged Collateral
to, (a) perform in accordance with its terms every contract, agreement or other
arrangement (oral or written) to which it is a party or by which it or any of
the Pledged Collateral is bound, except where the failure to perform could not
reasonably be expected to have or result in a Material Adverse Effect, (b)
comply with all laws, statutes, rules, regulations, ordinances and tariffs of
any applicable Governmental Authority with respect or applicable to its
business, assets or operations or to the Pledged Collateral, except where the
failure to comply could not reasonably be expected to have or result in a
Material Adverse Effect, (c) pay, discharge or otherwise satisfy at or before
maturity (subject where applicable to specified grace periods and, in the case
of the trade payable, to ordinary course payment practices) all of its and/or
their material obligations and liabilities of whatsoever nature, except when
the amount or validity thereof is currently being contested in good faith by
appropriate proceedings and it shall have provided for such reserves as Secured
Party may deem proper and necessary in its sole discretion, (d) pay all taxes,
assessments, fees, governmental charges, claims for labor, supplies, rent and
all other obligations or liabilities of any kind of or imposed upon such Person
or upon the Pledged Collateral, except liabilities being contested in good
faith and against which adequate reserves have been established, except where
the failure to pay could not reasonably be expected to have or result in a
Material Adverse Effect, (e) obtain and deliver all required consents,
approvals and agreements from such third parties as Secured Party shall
determine are necessary or desirable in its good-faith discretion that are
satisfactory to Secured Party with respect to (I) this Agreement and the other
Loan Documents and the transactions contemplated hereby and thereby, (II)
claims against Pledgor, any such entity or any of the Pledged Collateral,
and/or (III) any agreement (oral or written), consent, document or instrument
to which any of them is a party or by which any of their properties or assets
are bound or subject, (f) perform in accordance with its terms every contract,
agreement or other arrangement (oral or written) to which it is a party or by
which it or any of the Pledged Collateral is bound, and (g) furnish to Secured
Party such additional information as Secured Party may reasonably request from
a credit or security perspective or otherwise from time to time;

(v)       Pledgor shall, and shall
cause each entity whose securities constitute part of the Pledged Collateral
to, keep true, complete and accurate books of record with respect to the
Pledged Collateral in accordance with commercially reasonable business practices;
and

(vi)      Pledgor shall not take or
permit to be taken, or permit or cause any entity whose securities constitute
part of the Pledged Collateral to take or permit to be taken, any action in
connection with the Pledged Collateral or otherwise which would impair the
value of the Pledged Collateral or any portion thereof or the value of the
interests or rights of Pledgor or Secured Party therein or with respect
thereto, including, without limitation, any amendment to or modification of the
certificate of incorporation (or similar charter documents) or bylaws (or
similar documents) of Pledgor or such Person which would result in or cause any
of the foregoing.

 9
 

(vii)     Without Secured Party’s prior
written consent, no distributions in property, returns of capital, dividends
and other distributions made on or in respect of the Pledged Collateral shall
occur, whether resulting from a subdivision, combination or reclassification of
the outstanding capital stock, equity securities or other ownership interests
of Pledgor, or received in exchange for the Pledged Collateral or any part
thereof or as a result of any merger, consolidation, acquisition, transfer,
sale or disposition of the Pledged Collateral or other exchange of assets to
which Pledgor may be a party or otherwise.

6.        EVENTS OF DEFAULT

(a)       The occurrence of any one
or more of the following shall constitute an “Event of Default” under this
Agreement:

(i)        Pledgor shall fail to
perform, observe or comply with any covenant, obligation or agreement set forth
in this Agreement; provided that Pledgor shall have the right to cure such
breach within ten (10) days after discovery of such breach (except that, if the
breach is such that it cannot be remedied within said ten (10) day period, and
Pledgor promptly commences the remedy of such breach within ten (10) days of
the start of such ten (10) day period and diligently pursues such remediation
to completion, then such ten (10) day period shall be extended to such period
of time as may be reasonably necessary, but in no event more than a total of
thirty (30) days));

(ii)       any representation or
warranty made or deemed made by Pledgor in this Agreement shall not be true and
correct in all material respects or shall have been false or misleading in any
material respect on the date when made or deemed to have been made (except to
the extent the representation or warranty is already qualified by materiality
or the phrase “Material Adverse Effect” or “Material Adverse Change,” in which
case it shall be true and correct in all respects and shall not be false or
misleading in any respect); provided that in the event that Pledgor did not
know, or have a reasonable basis to know, that such representations or
warranties were untrue, Pledgor shall have the right to cure the condition causing
such representations or warranties to be untrue with ten (10) days after
discovery of the inaccuracy of such representation or warranty (except that, if
the condition is such that it cannot be remedied within said ten (10) day
period, and Pledgor promptly commences the remedy of such condition within ten
(10) days of the start of such ten (10) day period and diligently pursues such
remediation to completion, then such ten (10) day period shall be extended to
such period of time as may be reasonably necessary, but in no event more than a
total of thirty (30) days));

(iii)      Holdings shall sell, lease,
transfer, pledge, assign or otherwise dispose of any of its ownership interest
in OmniVision Technologies (Hong Kong) Company Limited (the “Hong Kong Interest”),  or shall create, incur, assume or suffer
to exist any Encumbrance upon, in, against or with respect to any of the Hong
Kong Interest, without the prior written consent of Secured Party;

(iv)      any Event of Default under
any Loan Document shall occur and be continuing past any cure period and shall
not have been waived in writing; or

(v)       this Agreement shall cease
to be in full force and effect or any Lien or security interest created
hereunder shall cease to constitute a valid perfected first priority Lien and
security interest on the Pledged Collateral.

(b)       Notwithstanding and without
limiting or being limited by any other provision of this Agreement or the Loan
Documents, upon the occurrence and continuation of any Event of Default,
Secured Party may, by notice to Pledgor take any actions permitted hereunder or
under the Loan Documents.

 10
 

7.        MISCELLANEOUS PROVISIONS

7.1.     Expenses

Without limiting or being
limited by any other provision of this Agreement or the Loan Documents, Pledgor
shall pay all costs and expenses incurred by Secured Party or any of its
Affiliates, including, without limitation, documentation and diligence fees and
expenses, all search, audit, appraisal, recording, professional and filing fees
and expenses and all other out-of-pocket charges and expenses (including,
without limitation, UCC and judgment and tax lien searches and UCC filings and
fees for post-Closing UCC and judgment and tax lien searches), and reasonable
attorneys’ fees and expenses, (a) in any effort to enforce this Agreement, any
other Loan Document and/or any related agreement, document or instrument, or to
effect collection hereunder or thereunder, (b) in connection with entering
into, negotiating, preparing, reviewing and executing this Agreement and the
other Loan Documents and all related agreements, documents and instruments, (c)
arising in any way out of administration of the Obligations or the security
interests or Liens created hereunder, (d) in connection with instituting,
maintaining, preserving and enforcing Secured Party’s rights hereunder and
enforcing and/or foreclosing on the security interests and/or Liens in any of
the Pledged Collateral, through judicial process or otherwise, (e) in defending
or prosecuting any actions, claims or proceedings arising out of or relating to
this Agreement and/or any related agreement, document or instrument, (f) in
seeking or receiving any advice with respect to its rights and obligations
under this Agreement, any of the other Loan Documents and/or all related
agreements, documents and instruments, and/or (g) in connection with any
modification, supplement, amendment, waiver or extension of this Agreement, any
other Loan Document or any related agreement, document or instrument, and all
of the same may be charged to Pledgor’s account and shall be part of the
Obligations. In addition and without limiting the foregoing, Pledgor shall pay
all taxes based upon or measured by Secured Party’s income or revenues or any
personal property tax), if any, in connection with the issuance of any Note and
the recording of the security documents and financing statements therefore and
pursuant to the Security Documents.

7.2.     Notices

Any notice or request under this Agreement shall be
given to any party to this Agreement at such party’s address set forth below,
or at such other address as such party may hereafter specify in a notice given
in the manner required under this Section 7.2:

Pledgor:

OmniVision Technologies, Inc. 

1341 Orleans Drive 

Sunnyvale, California 94089 

Attention: General Counsel

Secured Party:

Citibank N.A.

201 West Lexington Drive,

6th Floor

Glendale, California 91203

Any notice or request hereunder shall be given only
by, and shall be deemed to have been received upon (each, a “Receipt”):  (i) registered or certified mail, return receipt requested,
on the date on which such mail is received as indicated in such return receipt,
(ii) delivery by a nationally recognized overnight courier, one (1) Business
Day after deposit with such courier, or (iii) facsimile or electronic transmission,
in each case upon telephone or further electronic communication from the
recipient acknowledging receipt (whether automatic or manual from recipient),
as applicable.

 11
 

7.3.     Delay

No course of action or
dealing, renewal, release or extension of any provision of this Agreement, or
single or partial exercise of any such provision, or delay, failure or omission
on Secured Party’s part in enforcing any such provision shall affect the
liability of Pledgor or operate as a waiver of such provision or affect the
liability of Pledgor or preclude any other or further exercise of such
provision. No waiver by any party to any Loan Document of any one or more
defaults by any other party in the performance of any of the provisions of any
Loan Document shall operate or be construed as a waiver of any future default,
whether of a like or different nature, and each such waiver shall be limited
solely to the express terms and provisions of such waiver. Notwithstanding any
other provision of any Loan Document, by completing the Closing under this
Agreement, Secured Party does not waive any breach of any representation or
warranty of under any Loan Document, and all of Secured Party’s claims and
rights resulting from any such breach or misrepresentation are specifically
reserved.

7.4.     Release of Pledged Collateral

Promptly following full
performance and satisfaction and indefeasible payment in full in cash of the
Secured Obligations and the termination of the Loan Agreement, the security
interests and Liens created hereby shall terminate and Secured Party shall
execute and deliver such documents, at Pledgor’s expense, as are necessary to
release Secured Party’s security interests and Liens in the Pledged Collateral
and shall return the Pledged Collateral to Pledgor at the address of Pledgor
set forth herein or at such other address as Pledgor may direct in writing.
Secured Party shall not be deemed to have made any representation or warranty
with respect to any Pledged Collateral so delivered, except that such Pledged
Collateral is free and clear, on the date of such delivery, of any and all
liens, charges and encumbrances arising from Secured Party’s own acts.

7.5.     Successors and Assigns;
Participations; New Secured Parties

This Agreement shall
inure to the benefit of Secured Party, Transferees and all future holders of
any Note, the Obligations and/or any of the Pledged Collateral, and each of
their respective successors and assigns. This Agreement shall be binding upon
the Persons’ other than Secured Party that are parties thereto and their
respective successors and assigns, and no such Person may assign, delegate or
transfer this Agreement or any of its rights or obligations thereunder without
the prior written consent of Secured Party. No rights are intended to be
created under this Agreement for the benefit of any third party donee, creditor
or incidental beneficiary of Pledgor. Nothing contained in any Loan Document
shall be construed as a delegation to Secured Party of any other Person’s duty
of performance. PLEDGOR ACKNOWLEDGES AND AGREES THAT SECURED PARTY AT ANY TIME
AND FROM TIME TO TIME MAY (I) DIVIDE AND RESTATE ANY NOTE, AND/OR (II) SELL,
ASSIGN OR GRANT PARTICIPATING INTERESTS IN OR TRANSFER ALL OR ANY PART OF ITS
RIGHTS OR OBLIGATIONS UNDER ANY LOAN DOCUMENT, NOTE, THE OBLIGATIONS AND/OR THE
PLEDGED COLLATERAL TO OTHER PERSONS (EACH SUCH TRANSFEREE, ASSIGNEE OR
PURCHASER, A “TRANSFEREE”).  Each Transferee shall have all of the
rights and benefits with respect to the Secured Obligations and Pledged
Collateral held by it as fully as if the original holder thereof, and either
Secured Party or any Transferee may be designated as the sole agent to manage
the transactions and obligations contemplated therein; provided that,
notwithstanding anything to the contrary in any Loan Document, Pledgor shall
not be obligated to pay under this Agreement to any Transferee any sum in
excess of the sum which Pledgor would have been obligated to pay to Secured
Party had such participation not been effected. Notwithstanding any other
provision of any Loan Document, Secured Party may disclose to any Transferee
all information, reports, financial statements, certificates and documents
obtained under any provision of any Loan Document.

 12
 

7.6.     Severability; Captions;
Counterparts; Facsimile Signatures

If any provision of this
Agreement is adjudicated to be invalid under applicable laws or regulations,
such provision shall be inapplicable to the extent of such invalidity without
affecting the validity or enforceability of the remainder of this Agreement
which shall be given effect so far as possible. The captions in this Agreement
are intended for convenience and reference only and shall not affect the
meaning or interpretation of this Agreement. The Agreement may be executed in
one or more counterparts (which taken together, as applicable, shall constitute
one and the same instrument) and by facsimile transmission, which facsimile
signatures shall be considered original executed counterparts. Each party to
this Agreement agrees that it will be bound by its own facsimile signature and
that it accepts the facsimile signature of each other party.

7.7.     Survival

It is the express
intention and agreement of the parties hereto that all obligations, covenants,
agreements, representations, warranties, waivers and indemnities made by
Pledgor herein shall survive the execution, delivery and termination of this
Agreement until all Secured Obligations are performed in full and indefeasibly
paid in full in cash and the Loan Agreement is terminated.

7.8.     Governing Law; Jurisdiction;
Service of Process; Venue

This Agreement and all
acts and transactions hereunder and all rights and obligations of Secured Party
and Pledgor shall be governed by the internal laws of the State of California,
without regard to its conflicts of law principles. As a material part of the
consideration to Secured Party to enter into this Agreement, Pledgor (a) agrees
that all actions and proceedings relating directly or indirectly to this
Agreement shall, at Secured Party’s option, be litigated in courts located
within California, and that the exclusive venue therefor shall be in the City
and County of San Francisco, California; (b) consents to the jurisdiction and
venue of any such court and consents to service of process in any such action
or proceeding by personal delivery or any other method permitted by law; and
(c) waives any and all rights Pledgor may have to object to the jurisdiction of
any such court, or to transfer or change the venue of any such action or
proceeding.

7.9.     Indemnity

Pledgor jointly and
severally shall indemnify Secured Party, its affiliates and its and their
respective managers, members, officers, employees, affiliates, agents,
representatives, successors, assigns, accountants and attorneys (collectively,
the “Indemnified Persons”) from
and against any and all liabilities, obligations, losses, damages, penalties,
actions, judgments, suits, costs, expenses and disbursements of any kind or
nature whatsoever (including, without limitation, reasonable fees and
disbursements of counsel and in-house documentation and diligence fees and
legal expenses) which may be imposed on, incurred by or asserted against any
Indemnified Person with respect to or arising out of, or in any litigation,
proceeding or investigation instituted or conducted by any Person with respect
to any aspect of, or any transaction contemplated by or referred to in, or any
matter related to, this Agreement, whether or not such Indemnified Person is a
party thereto, except to the extent that any of the foregoing arises out of the
gross negligence or willful misconduct of such Indemnified Person. If any
Indemnified Person uses in-house counsel for any purpose for which Pledgor is
responsible to pay or indemnify, Pledgor expressly agrees that its
indemnification obligations include reasonable charges for such work
commensurate with the fees that would otherwise be charged by outside legal
counsel selected by such Indemnified Person in its sole discretion for the work
performed. Secured Party agrees to give Pledgor reasonable notice of any event
of which Secured Party becomes aware for which indemnification may be required
under this Section 7.9, and Secured Party may elect (but is not
obligated) to direct the defense thereof, provided that the selection of
counsel shall be subject to Pledgor’s consent, which consent shall not be
unreasonably withheld or delayed. Any Indemnified Person may, in its reasonable
discretion, take such actions as it deems necessary and appropriate to

 13
 

investigate, defend or settle any event or take other
remedial or corrective actions with respect thereto as may be necessary for the
protection of such Indemnified Person or the Pledged Collateral.
Notwithstanding the foregoing, if any insurer agrees to undertake the defense
of an event (an “Insured Event”),
Secured Party agrees not to exercise its right to select counsel to defend the
event if that would cause Pledgor’s insurer to deny coverage; provided, however,
that Secured Party reserves the right to retain counsel to represent any
Indemnified Person with respect to an Insured Event at its sole cost and
expense. To the extent that Secured Party obtains recovery from a third party
other than an Indemnified Person of any of the amounts that Pledgor has paid to
Secured Party pursuant to the indemnity set forth in this Section 7.9,
then Secured Party shall promptly pay to Pledgor the amount of such recovery.

7.10.   Waiver of Notice; Waiver of
Statute of Limitations; Defenses

Pledgor hereby waives
demand, presentment, protest, notice of dishonor or non-payment, as well as all
defenses with respect to any and all instruments, notice of acceptance hereof,
notice of Loans or Advances made, credit extended, collateral received or
delivered, or any other action taken by Secured Party in reliance hereon, and
all other demands and notices of any description, except such as are expressly
provided for herein. The pleading of any statute of limitations as a defense to
any demand against Pledgor hereunder and under the Loan Documents is expressly
waived by Pledgor. Pledgor hereby waives any and all defenses and counterclaims
it may have or could interpose in any action or procedure brought by Secured
Party to obtain an order of court recognizing the assignment of or security
interests and Liens of Secured Party in and to the Pledged Collateral.

7.11.   Jury Waiver

TO THE FULLEST EXTENT
PERMITTED BY LAW, EACH PARTY TO THIS AGREEMENT HEREBY EXPRESSLY WAIVES ANY
RIGHT TO TRIAL BY JURY OF ANY CLAIM OR CAUSE OF ACTION ARISING UNDER THIS
AGREEMENT OR IN ANY WAY CONNECTED WITH OR INCIDENTAL TO THE DEALING OF THE
PARTIES WITH RESPECT TO ANY OF THE LOAN DOCUMENTS OR THE TRANSACTIONS
CONTEMPLATED THEREBY, WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER
SOUNDING IN CONTRACT, TORT OR OTHERWISE. EACH PARTY HEREBY AGREES AND CONSENTS
THAT ANY SUCH CLAIM OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT
A JURY, AND THAT ANY PARTY TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART
OR A COPY OF THIS SECTION WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENTS OF
THE PARTIES TO THE WAIVER OF THEIR RESPECTIVE RIGHTS TO TRIAL BY JURY.

7.12.   Entire Agreement

This Agreement and the
other Loan Documents to which Pledgor is a party constitute the entire
agreement between Pledgor and Secured Party with respect to the subject matter
hereof and thereof, and supersede all prior agreements and understandings, if
any, relating to the subject matter hereof or thereof. Any promises,
representations, warranties or guarantees not herein contained and hereinafter
made shall have no force and effect unless in writing signed by Pledgor and
Secured Party. No provision of this Agreement may be changed, modified,
amended, restated, waived, supplemented, discharged, canceled or terminated
orally or by any course of dealing or in any other manner other than by an
agreement in writing signed by Secured Party and Pledgor. Each party hereto
acknowledges that it has been advised by counsel in connection with the
negotiation and execution of this Agreement and is not relying upon oral
representations or statements inconsistent with the terms and provisions
hereof.

7.13.   No Duty of Secured Party

Secured Party shall have
no responsibility for or obligation or duty with respect to all or any part of
the Pledged Collateral or any matter or proceeding arising out of or relating
thereto, including

 14
 

without limitation, any obligation or duty to collect
any sums due in respect thereof or to protect or preserve any rights pertaining
thereto.

7.14.   [omitted].

7.15    Release of Secured Party

Notwithstanding any other
provision of this Agreement or any other Loan Document, Pledgor voluntarily,
knowingly, unconditionally and irrevocably, with specific and express intent,
for and on behalf of itself and its Affiliates and its and their respective
heirs, managers, members, directors, officers, employees, shareholders,
Affiliates, agents, representatives, accountants, attorneys, successors and
assigns and their respective Affiliates (collectively, the “Releasing Parties”) hereby does fully and
completely release and forever discharge the Indemnified Parties and any other
Person, business or insurer which may be responsible or liable for the acts or
omissions of any of the Indemnified Parties, or who may be liable for the
injury or damage resulting therefrom (collectively, with the Indemnified
Parties, the “Released Parties”),
of and from any and all actions, causes of action, damages, claims,
obligations, liabilities, costs, expenses and demands of any kind whatsoever,
at law or in equity or otherwise, whether matured or unmatured, vested or
contingent, whether or not resulting from acts or conduct of any or all of
them, that the Releasing Parties or any of them have against the Released
Parties or any of them (whether directly or indirectly) at any time and as of
the date each advance of Loan proceeds is made or requested hereunder or any
other financial accommodation is made or extended to Pledgor hereunder or under
any Loan Document; provided, however, that such release shall not apply to the
extent liability arises due to the gross negligence or willful misconduct of
the Released Parties. Pledgor acknowledges that the foregoing release is a
material inducement to Secured Party’s decision to extend to Pledgor the
financial accommodations under the Loan Documents and has been relied upon by
Secured Party in agreeing to make the Loans and in making each Advance
thereunder.

[SIGNATURES APPEAR ON THE
FOLLOWING PAGE]

 15

IN WITNESS WHEREOF, Pledgor hereto
has duly executed this Stock Pledge Agreement as of the date first written
above.

	
  

  	
  OMNIVISION TECHNOLOGIES, INC.

  
	
   

  	
  a Delaware corporation

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ JAMES HE

  
	
   

  	
  Name:

  	
  James He

  
	
   

  	
  Title:

  	
  COO

  

 

 16
 

Stock Pledge Agreement

Schedule 1.1

	
  Name of Entity

  	
   

  	
  Class or Series

  of Securities

  	
   

  	
  Number of

  Securities

  	
   

  	
  Certificate 

  Representing

  Such Securities

  	
   

  
	
  OmniVision International
  Holding Ltd.

  	
   

  	
  Ordinary

  	
   

  	
  65,000

  	
   

  	
  1

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
     

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

 17

OMNIVISION INTERNATIONAL
HOLDING LTD.

	
  NUMBER

  	
   

  	
   

  	
   

  	
  SHARES

  
	
   

  	
   

  	
  INCORPORATED IN
  THE CAYMAN ISLANDS UNDER THE COMPANIES LAW

  	
   

  	
  100,000

  
	
  1

  	
   

  	
   

  	
   

  	
  Ordinary

  
	
   

  	
   

  	
  CAPITAL OF
  US$50,000 DIVIDED INTO 5,000,000 SHARES

  	
   

  	
   

  
	
   

  	
   

  	
  OF A NOMINAL OR
  PAR VALUE OF US$0.01

  	
   

  	
   

  

 

This certifies that
OmniVision Technologies, Inc. of 930 Thompson Place, Sunnyvale, CA 94085,
USA is the registered holder of one hundred
thousand Shares fully paid and non-assessable, subject to the Memorandum and
the Articles of Association of the Company, and transferable only on the books of the Company by the
holder hereof in person or by Attorney upon surrender of this certificate
properly endorsed.

Given under the Common Seal of the said Company

this 15th day of November, 2000

	
  The Common Seal of the Company was

  	
   

  	
   

  	
   

  	
  hereunto affixed in the presence of

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  CAYMAN

  	
   

  	
   

  
	
  /s/ Shaw Hong

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Director

  	
   

  	
  ISLANDSExhibit 10.21

PROMISSORY NOTE SECURED
BY DEED OF TRUST

(Term Loan)

	
  $12,000,000.00

  	
   

  	
  San Francisco,
  California

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  March 16, 2007

  

 

FOR VALUE RECEIVED, the
undersigned (“Borrower”) promises
to pay to CITIBANK N.A., a national banking association (“Lender”), or order, during regular
business hours at 210 West Lexington Drive, Sixth Floor, Glendale, CA 91203,
Attention: Commercial Markets Group/Note Department, or at such other place as
Lender may from time to time designate by written notice to Borrower, with
sufficient information to identify the source and application of such payment,
the sum of up to Twelve Million and No/100 Dollars ($12,000,000.00) (the “Loan”) together with interest on the
balance of outstanding principal from the disbursement dates thereof at the per
annum rate set forth below. All calculations of interest hereunder shall be
computed on the basis of the actual number of days elapsed over a 360-day year.
The Loan is made pursuant to the terms and conditions of that certain Loan
Agreement dated as of the date hereof, between Borrower and Lender (as it may
be amended, supplemented or otherwise modified from time to time, the “Loan Agreement”). Capitalized terms used
but not defined herein shall have the meanings given them in the Loan
Agreement.

1.         Interest and Payments.

(a)       Borrower promises to pay
interest on the outstanding principal amount of the Loan from the date of any
advance of funds until such principal amount is irrevocably paid in full in
cash pursuant to and as required by the terms of the Loan Agreement.

(b)       Payments of interest,
principal and any other fees and costs under the Loan shall be made, when due,
in accordance with the terms and conditions of the Loan Agreement. Any payments
of principal or interest or other amounts on or payments under this Note not
paid automatically as provided in the Loan Agreement shall be paid to Lender
only by wire transfer on the date when due, without any deduction whatsoever,
including any deduction for any setoff or counterclaim, in U.S. Dollars in
immediately available funds as required in the Loan Agreement.

2.         Maturity. Unless earlier due and
payable or accelerated under the Loan Agreement, this Note shall mature, and
the outstanding principal balance hereunder, together with all other
outstanding amounts due hereunder and under the Loan Agreement, shall become
due and payable in full on the Maturity Date.

3.         Default Rate. Notwithstanding any other
provision of this Note the default rate set forth in the Loan Agreement shall
apply to this Note as and when provided therein.

4.         Loan Agreement. This Note is referred
to in, made pursuant to, and entitled to the benefits of, the Loan Agreement
and the other Loan Documents. The Loan Agreement and the other Loan Documents
among other things contain provisions for acceleration of the maturity hereof
upon the happening of certain stated events upon the terms and conditions
therein specified, and contain provisions defining an Event of Default and the
rights and remedies of Lender upon the occurrence of an Event of Default.

5.         Prepayments. This Note may be prepaid
in whole or in part upon notice to Lender and shall be prepaid in whole, in
each case as provided or required in the Loan Agreement and upon payment of all
fees and other obligations set forth therein or otherwise secured by the Deed
of Trust (the “Obligations”). No
payment or prepayment of any amount shall entitle any Person to be subrogated
to the rights of Lender hereunder or under the Loan Agreement unless and until
the Obligations have been performed in full and paid irrevocably in full in
cash and the Loan Agreement has been terminated.

6.         Payments Due on a Day other than a Business Day.
If any payment to be made on or under this Note is stated to be due or becomes
due and payable on a day other than a Business Day, the due date thereof shall
be extended to, and such payment shall be made on, the next succeeding Business
Day, and such extension of time in such case shall be included in the
computation of payment of any interest (at the interest rate then in effect
during such extension) and/or fees, as the case may be.

7.         Application of Payments. Each payment
hereunder shall be applied when received first to the payment of any unpaid “Past
Due Charge” (as defined below in the Loan Agreement) and then to the payment of
accrued interest on the principal balance from time to time remaining unpaid
and then to reduce principal, except that if any amounts due under the terms of
Section 7 hereof or the Deed of Trust have not been repaid, then any
monies received, at the option of Lender, may first be applied to repay such
amounts and interest thereon and the balance, if any, be applied as herein
specified. No such application by Lender shall constitute a cure or waiver of
any default by Borrower under the “Deed of Trust” or under this Note. Borrower
hereby waives any rights and benefits, if any, that may arise under or by
virtue of California Civil Code Section 2822(a). Without limitation of the
foregoing, in the event of any partial payment hereunder, Lender shall have the
sole right and authority to determine which portion of the indebtedness
evidenced hereby any partial payment may be applied against, if any; provided
that, nothing in the foregoing shall impose upon Lender any duty or obligation
to accept or apply any partial payment received by Lender hereunder or under
the Deed of Trust except as expressly provided for herein or in the Deed of
Trust.

8.         Default; Acceleration. This Note is
secured by that certain Deed of Trust, Assignment of Rents and Leases, Security
Agreement and Fixture Filing, made by Borrower, as trustor, for the benefit of
Lender, as beneficiary, concurrently herewith (the “Deed of Trust”). Upon the occurrence of an Event of Default,
then, or at any time thereafter, the whole of the unpaid principal hereof,
together with accrued and outstanding interest and all other sums required to
be paid under this Note or the Deed of Trust or the Loan Agreement shall, at
the election of Lender and without notice of such election, become immediately
due and payable. Lender’s election may be exercised at any time after any such
Event of Default, and the acceptance of one or more payments hereon from any
person thereafter shall not constitute a waiver of Lender’s election, or of its
option to make such election.

9.         Costs. Borrower promises to pay to
Lender, within five (5) Business Days after written notice from Lender, all
costs, expenses, disbursements, property taxes, escrow fees, title charges,
reasonable legal fees and expenses, actually incurred by Lender or its counsel
in the negotiation, funding, administration, enforcement or attempted
enforcement, by foreclosure or otherwise, of this Note or the Deed of Trust.
Without limitation on the foregoing, Borrower agrees to pay all costs of
collection, including reasonable attorneys’ fees and costs (whether or not for
salaried attorneys regularly employed by Lender) and all costs of any action or
proceeding (including any bankruptcy proceeding or any non-judicial foreclosure
or private sale), in the event any payment is not paid when due, or in case it
becomes necessary to enforce any other obligation of Borrower hereunder or to
protect the security for the indebtedness evidenced hereby, or for the
foreclosure by Lender of the Deed of Trust, or in the event Lender is made a
party to any litigation because of the existence of the indebtedness evidenced
by this Note, or because of the existence of the Deed of Trust. All such costs
are secured by the Deed of Trust.

10.       Waivers. Borrower hereby waives
diligence, presentment, protest and demand, and notice of protest, of demand,
of nonpayment, of dishonor and of maturity and agrees that time is of the
essence of every provision hereof. Any such renewal, extension or modification,
or the release or substitution of any person or security for the indebtedness
evidenced hereby, shall not affect the liability of any of such parties for the
indebtedness evidenced by this Note or the obligations under the Deed of Trust.
Any such renewals, extensions, modifications, releases or substitutions may be
made without notice to any of such parties. Any such renewals, extensions,
modifications, releases or substitutions may be made without notice to any of
such parties.

11.       Remedies Cumulative. The rights and
remedies of Lender as provided in this Note and in the Deed of Trust and in the
Loan Agreement shall be cumulative and concurrent and may be pursued singly,
successively or together against Borrower, the Property, or any other persons
or entities who are,

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or may become liable for all or any part of this
indebtedness, and any other funds, property or security held by Lender for the
payment hereof, or otherwise, at the sole discretion of Lender. Failure to
exercise any such right or remedy shall in no event be construed as a waiver or
release of such rights or remedies, or the right to exercise them at any later
time. The right, if any, of Borrower, and all other persons or entities, who
are, or may become, liable for this indebtedness, to plead any and all statutes
of limitation as a defense is expressly waived by each and all of such parties
to the full extent permissible by law.

12.       Deed of Trust Provisions Regarding Transfers;
Successors. The Deed of Trust securing this Note contains provisions
for the acceleration of the indebtedness evidenced hereby upon a “Transfer” (as
therein defined). Subject to the limitations on Transfer specified in the Deed
of Trust, the provisions hereof shall be binding on the heirs, legal
representatives, successors and assigns of Borrower and shall inure to the
benefit of Lender and the successors and assigns of Lender.

13.       Miscellaneous.

13.1     Manner of Payment; No Offsets. All payments due hereunder
shall be made in lawful money of the United States of America. Such payments
shall be made by check or, upon maturity and otherwise at the option of Lender,
by transferring the payment in federal or immediately available funds by bank
wire or interbank transfer for the account of Lender without presentment or surrender
of this Note, provided; however, that any payment of principal or interest
received after 1:00 p.m. Pacific time shall be deemed to have been received by
Lender on the next Business Day and shall bear interest accordingly. All sums
due hereunder shall be payable without offset, demand, abatement or
counter-claim of any kind or nature whatsoever, all of which are hereby waived
by Borrower.

13.2     Fee for Statement. For any statement regarding the
obligations evidenced hereby requested to be furnished by Lender, Borrower
shall pay the fee then charged by Lender therefor, not to exceed, however, the
maximum fee, if any, allowed by law to be charged by Lender at the time such
statement is requested.

13.3     No Amendment or Waiver Except in Writing. This Note may be
amended or modified only by a writing duly executed by Borrower and Lender,
which expressly refers to this Note and the intent of the parties so to amend
this Note. No provision of this Note will be deemed waived by Lender, unless
waived in a writing executed by Lender, which expressly refers to this Note,
and no such waiver shall be implied from any act or conduct of Lender, or any
omission by Lender to take action with respect to any provision of this Note or
the Deed of Trust. No such express written waiver shall affect any other
provision of this Note, or cover any default or time period or event, other
than the matter as to which an express written waiver has been given. Without
limitation, acceptance of any partial payment shall not constitute a waiver of
any of Lender’s rights, including the right to insist on immediate payment of
all amounts due and payable.

13.4     No Intent of Usury. None of the terms and provisions
contained in this Note, or in the Deed of Trust, or in other documents or
instruments related hereto, shall ever be construed to create a contract for
the use, forbearance or detention of money requiring payment of interest at a
rate in excess of the maximum interest permitted to be charged by applicable
laws or regulation governing this Note (“Usury
Laws”). Borrower shall never be required to pay interest on this
Note in excess of the maximum interest that may be lawfully charged under such
Usury Laws, as made applicable by the final judgment of a court of competent
jurisdiction, and the provisions of this Section shall control over all other
provisions hereof and of any other instrument executed in connection herewith
or executed to secure the indebtedness evidenced hereby, which may be in
apparent conflict with this Section. If Lender collects monies which are deemed
to constitute interest which would otherwise increase the effective interest
rate on this Note to a rate in excess of that permitted to be charged by such
Usury Laws, all such sums deemed to constitute interest in excess of the
maximum rate shall, at the option of Lender, either be credited to the payment
of principal or returned to Borrower.

13.5     Governing Law. This Note shall be governed by and
construed and enforced in accordance with the laws of the State of California (without
regard to conflicts of laws), except where

 3
 

federal law is applicable (including any applicable
federal usury ceiling or other federal law preempting state usury laws).

13.6     Certain Rules of Construction. The headings of each
Section of this Note are for convenience only and do not define or limit any
provision of this Note. The provisions of this Note shall be construed as a
whole according to their common meaning, not strictly for or against any party,
or any person or entity, who is or may become liable for the payment of this
Note, and to achieve the objectives of the parties unconditionally to impose on
Borrower the indebtedness evidenced by this Note. Whenever the words “including”,
“includes” or “include” are used in this Note (including any Exhibit hereto),
they shall be read non-exclusively as though the phrase, “without limitation,”
immediately followed the same.

13.7     Severability. If any term of this Note, or the application
thereof to any person or circumstances, shall be invalid or unenforceable, the
remainder of this Note, or the application of such term to persons or
circumstances other than those as to which it is invalid or unenforceable,
shall not be affected thereby, and each term of this Note shall be valid and
enforceable to the fullest extent permitted by law.

13.8     Notices. Any notice which a party is required or may
desire to give the other shall be given (and be deemed given) pursuant to the
terms of the Deed of Trust.

14.       Waiver of Jury Trial. TO THE MAXIMUM
EXTENT PERMITTED BY LAW, BORROWER AND LENDER HEREBY KNOWINGLY, VOLUNTARILY AND
INTENTIONALLY WAIVE THE RIGHT TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION
BASED HEREON, ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS NOTE OR ANY
OTHER LOAN DOCUMENT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENT
(WHETHER VERBAL OR WRITTEN) OR ACTION OF EITHER PARTY OR ANY EXERCISE BY ANY
PARTY OF THEIR RESPECTIVE RIGHTS UNDER THE LOAN DOCUMENTS OR IN ANY WAY
RELATING TO THE LOAN OR THE PROPERTY INCLUDING ANY ACTION TO RESCIND OR CANCEL
THIS NOTE, AND ANY CLAIM OR DEFENSE ASSERTING THAT THIS NOTE WAS FRAUDULENTLY
INDUCED OR IS OTHERWISE VOID OR VOIDABLE). THIS WAIVER IS A MATERIAL INDUCEMENT
FOR LENDER TO MAKE THE LOAN. NOTWITHSTANDING THE FOREGOING, ANY CONTROVERSY
HEREUNDER SHALL BE GOVERNED BY THE TERMS AND CONDITIONS OF THAT CERTAIN
ALTERNATIVE DISPUTE RESOLUTION AGREEMENT, DATED AS OF THE DATE HEREOF, BY AND
AMONG BORROWER AND LENDER.

[SIGNATURES ARE ON THE
FOLLOWING PAGE]

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IN WITNESS WHEREOF, this
Note was executed as of the date first written above.

	
  

  	
   

  	
  “BORROWER”

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  OMNIVISION TECHNOLOGIES, INC.,

  a Delaware corporation

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ James He

  
	
   

  	
   

  	
  Name:

  	
  JAMES HE

  
	
   

  	
   

  	
  Title:

  	
  COO

  

 

 5

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