Document:

Exhibit 10.01

 

June 24, 2005

 

 

Marcus D. Lowe

 

Dear Marc:

 

On behalf of Adaptec, Inc.,
I am pleased to offer you the position of Vice President, General Manager
reporting to Sundi Sundaresh.  I am
confident that you will provide the senior leadership that will continue to
enhance our customer and stockholder value.

 

Your initial base salary
will be $250,000 per year. You will also be eligible to participate in the
Quarterly Variable Incentive Plan (VIP) and the Annual Incentive Plan (AIP),
which targets a percentage of your base salary to be paid.  The VIP
is based on achievement of quarterly objectives and is targeted at 4% of your
base pay.  The AIP is based on Company
achievement of revenue and operating profit before taxes and is targeted at 40%
of your base salary.  Actual bonus payout
will vary based on Company and individual performance.

 

In accordance with
the Company’s Stock Option Plan, we will recommend to our Board of Directors
that you be granted an option to purchase 100,000 shares of Adaptec stock that
will vest 20% on the one-year anniversary of your hire date and thereafter at
5.00% per quarter, and will be fully vested at the end of five years. These
options will be priced based upon your start date. The option price will be the
previous trading day’s closing price with vesting commencing on the hire date.

 

Adaptec provides a full
range of company paid benefits including a flexible program that provides
employees with “credits” to purchase coverage tailored to individual needs.  As a Vice President, you may elect to defer up
to 100% of your salary and/or bonus income under the Deferred Compensation
Plan.  In addition, you will receive a
$650 per month car allowance.

 

This offer is
contingent upon your ability to comply with the employment authorization
provisions of the Immigration & Naturalization Act. Specifically, you
will need to be able to demonstrate through documentation, and to sign a
Declaration under penalty of perjury that you are authorized to work in the
United States.  If your ability to
execute INS form I-9 depends upon Adaptec filing and receiving approval of a
nonimmigrant visa (other than an H-1B change-of-employer) petition for you,
Adaptec reserves the right to unilaterally revoke this offer of employment by
notice to you. Adaptec will not normally exercise this right unless, at the end
of a 120-day period from the date a NIV or IV petition is filed for you, you
are unable to appear for work due to lack of employment authorization.  In addition, this offer is contingent upon the
successful completion of your background investigation.

 

 

This offer will remain
valid for seven days from the date of this letter unless we notify you
otherwise.  You should understand that
this offer does not constitute a contract of employment for any specified
period of time but will create an “employment at will” relationship.

 

Please sign this letter,
indicating acceptance of this offer and your anticipated start date.  Return the signed copy to Shirley Olerich,
Vice President – Human Resources (M/S 15A) and retain one copy for your
records.

 

Please review and
complete the enclosed forms.  During
orientation, you will be asked to show the appropriate documents.  Please contact Lundyn LaFleur in Human
Resources lundyn_lafleur@adaptec.com or 957-6610 to arrange for your orientation.

 

We are confident you will
make a major contribution to our success and are looking forward to having you
join us.

 

Sincerely,

 

	
  /s/ Shirley B.
  Olerich

  	
   

  
	
  Shirley B.
  Olerich

  
	
  Vice President,
  Human Resources

  

 

C:  Sundi Sundaresh

 

Attachments

	
  /s/ Marcus D.
  Lowe

  	
   Accepted

  
	
   

  
	
  July 11,
  2005

  	
   Anticipated Start Date (preferably a Monday)

  
	
   

  
	
  Please indicate
  below how you would like your name to appear on your business cards and
  nameplate:

  
	
   

  
	
   

  	
   (name on business cards)

  
	
   

  	
   

  
	
   

  	
   (title on business cards)

  
	
   

  	
   

  
	
   

  	
   (nameplate)

  
			

 

2EXHIBIT 10.2

 

May 17, 2005

 

Ezra Dabah

Chief Executive Officer and Chairman

The Children’s Place

915 Secaucus Road

Secaucus, NJ 07094

 

Dear Ezra:

 

This letter set forth the terms of our agreement modifying your
Employment Agreement dated June 27, 1996 (the “Agreement”).  The parties agree that Exhibit A, Section 2
of the Agreement shall be amended in its entirety as follows:

 

Following each Bonus Period (as defined below), Executive shall be
entitled to receive a Performance Bonus based upon the Operating Income of
Employer during such Bonus Period.  The
Performance Bonus for each such Bonus Period will be payable within ninety (90)
days after the end of such Bonus Period. 
The amount of the Performance Bonus for each Bonus Period will be equal
to a product equal to (a) Executive’s annual Base Salary, times (b) 75%,
times (c) the Bonus Percentage (as defined below).  The following provisions shall apply to
determinations relating to Performance Bonus.

 

“Bonus Percentage” shall mean, for each Bonus period, a percentage for
such period that is determined upon Operating Income in accordance with a schedule adopted
by the Compensation Committee for all senior executives prior to commencement
of such period or as soon thereafter as possible, except that the percentage
shall not be more than 200% for any Bonus Period.

 

“Bonus Period” shall mean each fiscal year of the Employer.

 

“Operating Income” shall mean, for each Bonus Period, the operating
income of Employer for such period as determined in accordance with generally
accepted accounting principles.  The
amount of Operating Income shall be determined by the Compensation Committee
with respect to each Bonus Period.

 

Except as modified by this letter, all other terms of the Agreement
shall remain in full force and effect.

 

If the foregoing accurately sets forth the terms of our agreement,
please return the signed letter to my attention at your earliest convenience.

 

Sincerely,

 

	
  /s/ Steven Balasiano

  	
   

  
	
   

  
	
  Steven Balasiano

  
	
  Senior Vice President, General Counsel

  
	
     and Chief Administrative
  Officer

  

 

 

Agreed and accepted on this

18th day of May, 2005

 

	
  /s/ Ezra Dabah

  	
   

  
	
   

  
	
  Ezra Dabah

  
	
  Chairman and Chief Executive OfficerEXHIBIT 10.3

 

May 17, 2005

 

Neal Goldberg

President

The Children’s Place

915 Secaucus Road

Secaucus, NJ 07094

 

Dear Neal:

 

This letter set forth the terms of our agreement modifying your Amended
and Restated Employment Agreement dated January 22, 2004 (the “Agreement”).  Capitalized terms not otherwise defined
herein shall have the meanings ascribed to them under the Agreement.

 

You acknowledge and agree that you have not been and shall not be
granted any stock options pursuant to Section 4.05(ii) of the Agreement.  You also agree that any failure to grant such
stock options shall not be deemed a breach of the Agreement, and you hereby
waive any breach of such Section 4.05(ii) of the Agreement.

 

In consideration of the foregoing, the Company agrees that, on April 21,
2005, you were granted stock options to purchase 50,000 shares of Common Stock
of the Company at an exercise price equal to the Fair Market Value (as that
term is defined in the Company’s 1997 Stock Option Plan) of the Company’s
common stock as of April 21, 2005 (the “Stock Option”) and pursuant to the
vesting schedule set forth herein.

 

You shall vest in the Stock Option granted on April 21, 2005 in
accordance with the following schedule: 10,000 shares on October 31, 2005,
10,000 shares on January 31, 2006, and 10,000 shares on each subsequent January 31st
anniversary thereafter until fully vested; provided, however, that such vesting
shall be subject to the provisions of Section 6.02 of the Agreement
(except that the reference in such Section 6.02 to “the next anniversary
date” shall be deemed, for purposes of the Stock Option, to be a reference to “the
next vesting date”).

 

The Company further agrees to pay to you the sum of $130,000 within ten
(10) days of May 12, 2005 and on each vesting date commencing January 31,
2006.  Receipt of each $130,000 payment
described herein is conditioned on your continued employment on each such
payment date.

 

With respect to Exhibit A, Section 2 of the Agreement, the
parties agree that the amount of the Performance Bonus for each Bonus Period
will be equal to a product equal to (a) Executive’s annual Base Salary,
times (b) 60%, times (c) the Bonus Percentage.  The parties further agree that the term “Bonus
Period” shall mean each fiscal year of the Employer.  The parties further agree that, with respect
to the term “Bonus Percentage,” the reference to the “Board” shall be stricken
and replaced with the “Compensation Committee.”

 

Except as modified by this letter, all other terms of the Agreement
shall remain in full force and effect.

 

Please return the signed letter to my attention if the above accurately
sets forth the terms of our agreement.

 

Sincerely,

 

	
  /s/ Steven Balasiano

  	
   

  
	
   

  
	
  Steven Balasiano

  
	
  Senior Vice President, General Counsel

  
	
     and Chief Administrative Officer

  

 

Agreed and accepted on this

18th day of May, 2005

 

	
  /s/ Neal Goldberg

  	
   

  
	
   

  
	
  Neal Goldberg

  
	
  PresidentExhibit 10.24

 

MARVELL
TECHNOLOGY GROUP LTD.

 

AMENDED
AND RESTATED

 

1995
STOCK OPTION PLAN

(As amended through May 7, 2003)

 

1.               Purpose. This Plan is intended to attract and retain the best
available individuals as Employees, Consultants and Outside Directors of the
Company and its Subsidiaries, to provide additional incentives to those
Employees, Consultants and Outside Directors, and to promote the success of the
Company’s business.

 

2.               Defined Terms. The meanings of defined terms (generally, capitalized terms)
in this Plan are provided in Section 21 (“Glossary”).

 

3.               Shares Reserved. Subject to Section 14, Shares that may be
issued with respect to Awards granted under the Plan shall not exceed an
aggregate of 60,260,394 Shares of Common Stock; provided however, that on the
first business day of each fiscal year starting January 31, 2004 or after,
and continuing until the earlier of January 31, 2013 or termination of the
Plan, there shall be added to this Plan the lesser of an additional (i) 10,000,000
shares of Common Stock, or (ii) 5.0% of the outstanding shares of capital
stock on such date. The Shares may be authorized, but unissued, or reacquired
Common Stock. If an Award under the Plan expires or becomes unexercisable for
any reason, the Shares subject to such Award which have not been issued shall
be available for future issuance under this Plan. Shares retained to satisfy
tax withholding obligations do not reduce the number authorized for issuance.

 

4.               Administration.

 

(a)  In General. This
Plan shall be administered by the Board or a Committee appointed by the Board.
Once appointed, a Committee shall serve until otherwise directed by the Board.
From time to time, the Board may increase the size of the Committee and appoint
additional members, remove members (with or without cause) and appoint new
members in their stead, fill vacancies however caused, and terminate the
Committee and thereafter directly administer this Plan.

 

(b)  Committee
Composition. The Board may
provide for administration of this Plan with respect to Officers and directors
of the Company by a Committee constituted so as to satisfy: 

 

(i) such
requirements as the Securities and Exchange Commission may establish for
administrators acting under plans intended to qualify for exemption under Rule 16b-3
(or its successor) under the Exchange Act; and

 

(ii) such
requirements as the Internal Revenue Service may establish for Outside
Directors acting under plans intended to qualify for exemption under Section 162(m)(4)(C) of
the Code.

 

A Committee appointed under
this Section 4(b) may be separate from any Committee appointed to
administer this Plan with respect to Employees who are neither Officers nor
directors. Within the limitations of this Section 4(b), any reference in
the Plan to the Committee shall include such committee or committees appointed
pursuant to this Section 4.

 

 

(c)  Powers of the
Administrator. Subject to the provisions of this Plan and in the case of a
Committee, subject to the specific duties delegated by the Board, the Administrator
shall have the authority, in its sole and absolute discretion:

 

(i) to
determine the Fair Market Value of the Common Stock;

 

(ii) to
grant Awards to such Consultants, Outside Directors and Employees as it
selects; provided, however, that notwithstanding any other provision of the
Plan, grants of Awards to Outside Directors shall be limited to grants of
Options upon initial appointment to the Board, and such Awards shall be subject
to ratification by the Board;

 

(iii) to
determine the terms and conditions of each Award granted, including without
limitation the number of Shares subject to each Award, the exercise price per
Share of Optioned Stock, and whether an Option is to be granted as an ISO or a
NSO;

 

(iv) to
approve forms of agreement for use under this Plan;

 

(v) to
determine whether and under what circumstances to offer to buy out an Option
for cash or Shares under Section 12;

 

(vi) to
modify grants of Awards to participants who are foreign nationals or employed
outside of the United States in order to recognize differences in local law,
tax policies, or customs; and

 

(vii) to
construe and interpret the terms of this Plan and of each Award granted
pursuant to this Plan.

 

(d)  Administrator’s
Decisions Binding. All decisions, determinations, and interpretations of the
Administrator shall be final and binding on all Grantees and any other holders
of any Awards, and no member of the Administrator shall be liable for any such
determination, decision, or interpretation made in good faith.

 

5.               Eligibility.

 

(a)  General.
Nonstatutory Stock Options may be granted to Employees, Consultants and Outside
Directors. Incentive Stock Options may be granted only to Employees. Other
Awards may be granted to Employees and Consultants. An Employee or Consultant who
has been granted an Award may, if otherwise eligible, be granted additional
Awards.

 

(b)  Limitations.

 

(i) While
the Company or a successor has outstanding any class of equity securities
required to be registered under Section 12 of the Exchange Act, the
following limitations shall apply to grants of Awards to Employees:

 

(ii) No
Employee shall be granted, in any fiscal year of the Company, Awards with
respect to more than 1,000,000 Shares, in the aggregate, adjusted
proportionately in connection with any change in the Company’s capitalization
as described in Section 14. If an Award is granted but canceled in the
same fiscal year, it shall nonetheless count against the foregoing limit.
Reduction of an Option’s exercise price is treated as a cancellation of the
Option and the grant of a new Option.

 

6.               Term of Options. The term of each Option shall be determined by the
Administrator at the time of grant but shall not exceed ten years. In the case
of an ISO granted to an Optionee who, at the time of grant,

 

 

owns stock
representing more than ten percent of the voting power of all classes of stock
of the Company or any Parent or Subsidiary, the Option term shall not exceed
five years.

 

7.               Date of Option Grant. Unless otherwise determined by the Administrator,
the date of grant of an Option shall be the date on which the Administrator
completes the actions necessary to grant the Option. Notice of the grant shall
be given to the Optionee within a reasonable time after the date of the grant.

 

8.               Option Exercise Price and Form of Consideration.

 

(a)  Price. The
per-Share exercise price of an Option shall be determined by the Administrator
at the time of grant, but:

 

(i) In the
case of an ISO:

 

(A) granted
to an Employee who, at the time of grant, owns stock representing more than ten
percent of the voting power of all classes of stock of the Company or any
Parent or Subsidiary, the per-Share exercise price shall be at least 110% of
the Fair Market Value on the date of grant; or

 

(B) granted
to any other Employee, the per-Share exercise price shall be at least the Fair
Market Value on the date of grant.

 

(ii) In the
case of a NSO, the per-Share exercise price shall be at least the Fair Market
Value on the date of grant.

 

(b)  Form of
Payment. Payment for Shares upon exercise of an Option shall be made in any
lawful consideration approved by the Administrator and may, without limitation,
consist of (1) cash, (2) check, (3) other Shares that have a
Fair Market Value on the date of payment equal to the aggregate exercise price
of the Shares as to which Option is exercised; provided, however, that the
Optionee shall not surrender, or attest to the ownership of, Shares in payment
of the Exercise Price if such action would cause the Company to recognize
compensation expense (or additional compensation expense) with respect to the
Option for financial reporting purposes, (4) delivery by a broker or
brokerage firm approved by the Administrator of a properly executed exercise
notice together with payment of the exercise price and such other documentation
as the Administrator shall require, or (5) any combination of the
foregoing. Notwithstanding the foregoing, a form of payment shall not be
available if the Administrator determines, in its sole and absolute discretion,
that such form of payment could violate any law or regulation.

 

9.               Option Exercise.

 

(a)  Exercisability.
Each Option shall be exercisable at such times and under such conditions as
determined by the Administrator at the time of grant.

 

(b)  Vesting. Each
Option and the corresponding Optioned Stock shall vest at such times and under
such conditions as determined by the Administrator at the time of grant, and as
are otherwise permissible under the terms of this Plan, including without
limitation, performance criteria with respect to the Company and/or the
Optionee.

 

(c)  Fractional Shares.
An Option may not be exercised for a fraction of a Share.

 

(d)  Manner of
Exercise; Rights as a Shareholder. Unless otherwise allowed by the
Administrator, an Option shall be exercised by delivery to the Company of all
of the following: (i) written notice of exercise by the Optionee, in a
form approved by the Administrator and in accordance with the terms of the
Option, (ii) full payment for the Shares with respect to which the Option
is exercised, and (iii) payment (or

 

 

provision for
payment) of withholding taxes pursuant to Subsection (g), below. Delivery
of any of the foregoing may be by electronic means approved by the
Administrator. The Optionee shall be treated as a shareholder of the Company
with respect to the purchased Shares upon completion of exercise of the Option.

 

(e)  Optionee
Representations. If Shares purchasable pursuant to the exercise of an Option
have not been registered under the Securities Act of 1933, as amended, at the
time the Option is exercised, the Optionee shall, if required by the
Administrator, as a condition to exercise of all or any portion of the Option,
deliver to the Company an investment representation statement in a form
approved by the Administrator.

 

(f)  Termination of
Employment or Consulting Relationship. If an Optionee’s Continuous Service
terminates, the Optionee (or the Optionee’s estate or heirs, if termination is
due to death or the Optionee dies during the post-termination exercise period
of the Option) may exercise the Option, (i) only within such period of
time as is determined by the Administrator (but no later than the expiration
date for the Option determined by the Administrator at the time of grant) and
the Option shall terminate at the end of that period, and (ii) unless
otherwise determined by the Administrator, only to the extent that the Optionee
was entitled to exercise it at the date of termination.

 

(g)  Tax Withholding.
The Company’s obligation to deliver Shares upon exercise of an Option is
subject to payment (or provision for payment satisfactory to the Administrator)
by the Optionee of all federal, state, and local income and employment taxes
that the Administrator determines in its discretion to be due as a result of the
exercise of the Option or sale of the Shares.

 

10.         Rule 16b-3. Except to the extent determined by the Administrator,
Awards granted to persons subject to Section 16(b) of the Exchange
Act shall comply with Rule 16b-3 and shall contain such terms as may be
required or desirable to qualify Plan transactions for the maximum exemption
from Section 16 of the Exchange Act.

 

11.         Non-Transferability of Options. Options may not be sold, pledged,
assigned, hypothecated, transferred, or disposed of in any manner other than by
will or by the laws of descent or distribution and may be exercised, during the
lifetime of the Optionee, only by the Optionee.

 

12.         Buyout of Options. The Administrator may at any time offer to buy out
an Option for a payment in cash or Shares, based on such terms and conditions
as the Administrator shall establish and communicate to the Optionee at the
time of the offer.

 

13.         Other Awards. The Administrator may from time to time grant other
stock-based awards to eligible Employees and Consultants in such amounts, on
such terms and conditions, and for such consideration, including no
consideration or such minimum consideration as may be required by law, as it
shall determine and set forth in the applicable Grant Agreement, including
without limitation the following:

 

(a)  Stock Appreciation
Rights. The Administrator may
from time to time grant Awards of stock appreciation rights (“SAR”). An SAR
entitles the Grantee to receive, subject to the provisions of the Plan and the
Grant Agreement, a payment having an aggregate value equal to the product of (i) the
excess of (A) the Fair Market Value on the exercise date of one share of
Common Stock over (B) the base price per share specified in the Grant
Agreement, times (ii) the number of shares specified by the SAR, or
portion thereof, which is exercised. Payment by the Company of the amount
receivable upon any exercise of an SAR may be made by the delivery of Common
Stock or cash, or any combination of Common Stock and cash, as determined in
the sole discretion of the Administrator. If upon settlement of the exercise of
an SAR a Grantee is to receive a portion of such payment in shares of Common
Stock, the number of shares shall be determined by dividing such portion by the
Fair Market Value of a share of Common Stock on the exercise date. No
fractional shares shall be used for such payment and the Administrator shall
determine whether cash shall be given in lieu of such fractional shares or
whether such fractional shares shall be eliminated.

 

 

(b)  Stock Awards. The
Administrator may from time to time grant restricted or unrestricted Awards of
Common Stock in such amounts, on such terms and conditions, and for such
consideration, including no consideration or such minimum consideration as may
be required by law, as it shall determine.

 

(c)  Stock Units. The Administrator may from time to time
grant Awards denominated in stock-equivalent units (“stock units”) in such
amounts and on such terms and conditions as it shall determine. Stock units
shall be credited to a bookkeeping reserve account solely for accounting
purposes and shall not require a segregation of any of the Company’s assets. An
Award of stock units may be settled in Common Stock, in cash, or in a
combination of Common Stock and cash, as determined in the sole discretion of
the Administrator. Except as otherwise provided in the applicable Grant
Agreement, the Grantee shall not have the rights of a stockholder with respect
to any shares of Common Stock represented by a stock unit solely as a result of
the grant of a stock unit to the Grantee.

 

(d)  Performance
Awards. The Administrator may, in its discretion, grant performance awards
which become payable on account of attainment of one or more performance goals
established by the Administrator. Performance awards may be paid by the
delivery of Common Stock or cash, or any combination of Common Stock and cash,
as determined in the sole discretion of the Administrator. Performance goals
established by the Administrator may be based on one or more business criteria
selected by the Administrator that apply to an individual or group of
individuals, a business unit, or the Company as a whole, over such performance
period as the Administrator may designate.

 

(e)  Other Stock-Based
Awards. The Administrator may
grant other stock-based awards may be denominated in cash, in Common Stock or
other securities, in stock-equivalent units, in stock appreciation units, in
securities or debentures convertible into Common Stock, or in any combination
of the foregoing and may be paid in Common Stock or other securities, in cash,
or in a combination of Common Stock or other securities and cash, all as
determined in the sole discretion of the Administrator.

 

(f)  Deferral of
Awards.

 

The Administrator (in its
sole discretion) may provide that Shares or cash that otherwise would be
delivered to a Grantee as a result of the exercise of an Option or other
settlement of an Award may be converted into amounts credited to a deferred
compensation account established for such Grantee by the Administrator as an
entry on the Company’s books. A deferred compensation account established under
this Section 13(f) may be credited with interest or other forms of
investment return, as determined by the Administrator. A Grantee for whom such an
account is established shall have no rights other than those of a general
creditor of the Company. Such an account shall represent an unfunded and
unsecured obligation of the Company and shall be subject to the terms and
conditions of the applicable Grant Agreement between such Participant and the
Company. The Administrator (in its sole discretion) shall establish Grant
rules, procedures and forms pertaining to any deferral of Awards pursuant to
this Section 13(f).

 

14.         Changes in Capitalization or Control.

 

(a)  Changes in
Capitalization. Subject to any required action by the shareholders of the
Company, the number of Shares of Optioned Stock or of other Shares subject to
an outstanding Award, and the number of Shares that have been authorized for
issuance under this Plan but as to which no Options or other Awards have then
been granted (including the number of shares automatically added to the Plan on
an annual basis as provided for in Section 3(i) and (ii)), or that
have been returned to this Plan upon cancellation or expiration of an Option or
an Award, as well as the price per Share of Optioned Stock or of other Shares
subject to an outstanding Award, shall be proportionately adjusted for any
change in the number of issued Shares resulting from a stock split, reverse
stock split, stock dividend, combination or reclassification of the Common
Stock, or any other change in the number of issued Shares effected without
receipt of consideration by the Company (not counting Shares issued upon
conversion of convertible securities of the Company as “effected without
receipt of consideration”). Such adjustment shall be made by the Board and
shall be final, binding, and conclusive. Except as expressly provided herein,
no issuance by the Company

 

 

of shares of stock
of any class, or securities convertible into shares of stock of any class,
shall affect, and no consequent adjustment shall be made with respect to, the
number or price of Shares subject to this Plan.

 

(b)  Change in Control.
The Administrator may, in its discretion, determine at any time from and after
the grant of an Award the effect that a Change in Control shall have upon the
Award; provided, however, that a Change in Control shall not have the effect of
impairing the rights of any Grantee under any then-outstanding Award without
his or her prior written consent. Without limiting the foregoing sentence, the
Administrator may determine that upon a Change in Control, an Option: 

 

(i) shall
become fully vested and exercisable either for a limited period following the
Change in Control or for the remainder of the Option’s term;

 

(ii) shall
terminate upon or after a specified period following the Change in Control;

 

(iii) shall
be cancelled in exchange for cash in the amount of the excess of the fair
market value of the Optioned Shares over the exercise price upon termination;
or

 

(iv) shall
be treated as provided under a combination of clauses (i) through (iii),
or shall be so treated only if not adequately assumed (or substituted for) by a
surviving or successor person or entity in the transactions or events that give
rise to the Change in Control.

 

For purposes of
this Section 14(b), (A) the occurrence of any of the foregoing
clauses (i), (ii), (iii) or (iv) shall not constitute an impairment
of the rights of any Optionee and (B) the “Administrator” shall be the
Administrator as constituted before the Change in Control occurs.

 

15.         Amendments; Termination. The Board may at any time amend, alter,
suspend, discontinue or terminate this Plan, but no such action shall impair
the rights of any Grantee under any then-outstanding Award without his or her
prior written consent.

 

16.         Securities Regulation Requirements.

 

(a)  Compliance with
Rule. In general, Shares shall not be issued pursuant to the exercise of an Option
or pursuant to any other Award unless the exercise of the Option or other Award
and issuance of the Shares comply with all relevant provisions of law,
including, without limitation, any applicable state securities laws, the
Securities Act of 1933, as amended, the Exchange Act, the rules and
regulations promulgated thereunder, the requirements of any stock exchange or
national market system upon which the Shares may then be listed, and the
requirements of any regulatory body having jurisdiction.

 

(b)  Optionee
Investment Representation. As a condition to the exercise of an Option, the
Company may require the person exercising the Option to represent and warrant
that the Shares are being purchased only for investment and without any present
intention to sell or distribute the Shares if, in the opinion of counsel for
the Company, such a representation is required by law.

 

17.         Written Agreements. Awards shall be evidenced by written agreements in
a form the Administrator approves from time to time. The written agreement
shall designate an Option as either an Incentive Stock Option or a Nonstatutory
Stock Option. Delay in executing a written agreement shall not affect the date
of grant of an Option; however, an Option may not be exercised until a written
agreement has been executed by the Company and the Optionee.

 

18.         Shareholder Approval. This Plan is subject to approval by the
shareholders of the Company within 12 months after the Board initially
adopts this Plan. Shareholder approval shall be obtained in the

 

 

degree and manner
required under applicable state and federal law and the rules of any stock
exchange or national market system upon which the Common Stock is listed.

 

19.         No Employment Rights. This Plan does not confer upon any Grantee any
right with respect to continuation of employment or consulting relationship
with the Company, nor shall it interfere in any way with the Company’s right to
terminate his or her employment or consulting relationship at any time, with or
without cause.

 

20.         Term of Plan. This Plan shall become effective upon the earlier to
occur of the initial adoption by the Board or initial approval by the
shareholders of the Company, as described in Section 18. It shall continue
in effect until terminated by the Board pursuant to Section 15, except
that no ISOs shall be granted on or after the 10th anniversary of the later of (a) the
date when the Board adopted the Plan or (b) the date when the Board
adopted the most recent increase in the number of Shares available under Section 3
that was approved by the shareholders of the Company.

 

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

 

(a)  “Administrator”
means the Board or a committee appointed by the Board under Section 4.

 

(b)  “Award” means any
stock option, stock appreciation right, stock award, stock units award,
performance award, or other stock-based award granted under the Plan.

 

(c)  “Board” means the
Board of Directors of the Company.

 

(d)  “Change in Control”
means a change in ownership or control of the Company by any of: 

 

(i) a merger
or consolidation in which the holders of stock possessing a majority of the
voting power in the surviving entity (or a parent of the surviving entity) did
not own a majority of the Common Stock immediately before the transaction;

 

(ii) the
sale of all or substantially all of the Company’s assets to any other person or
entity (other than a Subsidiary);

 

(iii) the
liquidation or dissolution of the Company;

 

(iv) the
direct or indirect acquisition by any person or related group of persons of
beneficial ownership (within the meaning of Rule 13d-3 of the Exchange
Act) of securities possessing more than 50% of the total combined voting power
of the Company’s outstanding securities pursuant to a tender or exchange offer
made directly to the Company’s shareholders that the Board does not recommend
that the shareholders accept, or

 

(v) a change
in composition of the Board over a period of 36 consecutive months such that a
majority of the Board ceases, by reason of one or more contested elections for
Board membership, to be composed of individuals who either (A) have been
Board members continuously since the beginning of that period or (B) have
been elected or nominated for election as Board members during that period by
at least a majority of the Board members described in clause (A) who were
in office when the Board approved the election or nomination.

 

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

 

(f)  “Committee” means
the committee designated by the Board of Directors, which is authorized to
administer the Plan, as described in Section 4 hereof.

 

 

(g)  “Common Stock”
means the common stock of the Company.

 

(h)  “Company” means
Marvell Technology Group Ltd., a Bermuda corporation.

 

(i)  “Consultant” means
any person, other than an Employee, who is engaged by the Company or any Parent
or Subsidiary to perform consulting or advisory services.

 

(j)  “Continuous
Service” means that an Optionee’s employment and/or consulting relationship
with the Company or a Parent or Subsidiary or service as an Outside Director is
not interrupted or terminated. Continuous Service is not interrupted by (i) any
leave of absence approved by the Company, (ii) transfers between locations
of the Company or between the Company, a Parent, a Subsidiary, or any
successor, or (iii) changes in status from Employee to Consultant or
Outside Director or from Consultant or Outside Director to Employee

 

(k)  “Outside Director”
means a member of the Board who is not a common law employee of the Company or
a Parent or Subsidiary.

 

(l)  “Employee” means
any person employed by the Company or any Parent or Subsidiary of the Company.

 

(m)  “Exchange Act”
means the Securities Exchange Act of 1934, as amended.

 

(n)  “Fair Market Value”
means, as of any date, the value of common Stock determined as follows: 

 

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

 

(ii) If the
Common Stock is quoted on NASDAQ (but not on the National Market System) or
regularly quoted by a recognized securities dealer but selling prices are not
reported, Fair Market Value shall be the mean between the high bid and low
asked prices for the Common Stock on the day of the determination, or on the
most recent preceding trading day if the determination date is not a trading
day; or

 

(iii) In the
absence of an established market for the Common Stock, Fair Market Value shall
be determined by the Administrator.

 

(o)  “Grant Agreement”
means a written document memorializing the terms and conditions of an Award
granted pursuant to the Plan and shall incorporate the terms of the Plan.

 

(p)  “Grantee” means
the Employee, Consultant or Outside Director who receives an Award.

 

(q)  “Incentive Stock
Option” or “ISO” means an Option intended to qualify as an “incentive stock
option” within the meaning of, and to the extent otherwise permitted by, Section 422
of the Code.

 

(r)  “Nonstatutory
Stock Option” or “NSO” means an Option not intended to qualify as an ISO.

 

 

(s)  “Officer” means a
person who is an officer of the Company within the meaning of Section 16
of the Exchange Act and the rules and regulations promulgated thereunder.

 

(t)  “Option” means a
stock option granted pursuant to this Plan.

 

(u)  “Optioned Stock”
means the Common Stock subject to an Option.

 

(v)  “Optionee” means
the Employee, Consultant or Outside Director who receives an Option and
includes any person who owns all or any part of an Option, or who is entitled
to exercise an Option, after the death or disability of an Optionee.

 

(w)  “Parent” means a “parent
corporation,” present or future, as defined in Section 424(e) of the
Code.

 

(x)  “Plan” means this
Amended and Restated 1995 Marvell Technology Group Ltd. Stock Option Plan.

 

(y)  “Share” means a
share of the Common Stock, as adjusted in accordance with Section 14(a).

 

(z)  “Subsidiary” means
a “subsidiary corporation,” present or future, as defined in Section 424(f) of
the Code.

 

 

2003 APPENDIX TO THE AMENDED AND RESTATED 1995 STOCK OPTION PLAN Of MARVELL TECHNOLOGY GROUP LTD. IN RESPECT OF ISRAELI EMPLOYEES

 

1.                            Purpose

 

The purpose of this Appendix
is to modify, to the extent set forth herein, the Amended and Restated 1995
Marvell Technology Group Ltd. Stock Option Plan (the “Plan”) in respect of the
Israeli employees of Marvell Technology Group Ltd. and its affiliates and
subsidiaries who are eligible to participate in the Plan in accordance with its
terms, in order to reflect the specific requirements of the Israeli law. This
Appendix, together with the Plan, is meant to constitute a “Share Allotment
Plan” under the 102 Provisions, as defined below, and applies to stock options
granted to the Israeli Employees on or after January 1, 2003.

 

2.                            Defined Terms

 

(a)                        Capitalized terms used but not defined herein
shall have the meanings provided in Section 22 of the Plan.

 

(b)                       In addition, in this Appendix, the following
terms shall have the meanings set forth beside them:

 

	
  “102 Provisions”

  	
   

  	
  The
  provisions of section 102 of the Ordinance and of the relevant income
  tax regulations, as they shall apply from time to time on shares and options
  issued hereunder, including the Special Conditions;

  
	
   

  	
   

  	
   

  
	
  “Effective
  Date”

  	
   

  	
  The latest
  of the date the Options were issued or the date of the Income Tax
  Commissioner approval that the Plan satisfies the Special Conditions;

  
	
   

  	
   

  	
   

  
	
  “Employer”

  	
   

  	
  The Company,
  any of its Subsidiaries or its Parent employing Israeli Employees;

  
	
   

  	
   

  	
   

  
	
  “Israeli
  Employees”

  	
   

  	
  Employees,
  officers and directors subject to taxation in Israel;

  
	
   

  	
   

  	
   

  
	
  “Trustee”

  	
   

  	
  A trustee
  appointed by the Employer for purposes of the Plan and approved by the
  Israeli tax authorities;

  
	
   

  	
   

  	
   

  
	
  “Ordinance”

  	
   

  	
  The Income
  Tax Ordinance (New Version), 5721-1961;

  
	
   

  	
   

  	
   

  
	
  “Special
  Conditions”

  	
   

  	
  Special
  conditions set by the Israeli Income Tax Commissioner in connection with the
  issuance of the Options hereunder, by the power vested in him/her under
  section 102 of the Ordinance, if and to the extent the Commissioner
  shall so set;

  
	
   

  	
   

  	
   

  
	
  “Tax
  Lockup Period”

  	
   

  	
  The
  applicable period of time, in accordance with the selection made by the
  Employer under section 102 of the Ordinance and in effect at the time of
  a grant hereunder.

  

 

(c)                        The Israeli Employees shall be entitled to
exercise their options in accordance with the terms of the Plan, subject to the
terms of this Appendix. In the event of any contradiction between any term of
this Appendix and any term of the Plan, the provisions of this Appendix shall
override with respect to the

 

 

Israeli Employees, in respect of whom this
Appendix shall constitute an integral part of the Plan and references to the
Plan in respect of the Israeli Employees shall be interpreted accordingly.

 

3.                            Special
Conditions

 

(a)                        The Employer shall make an Election, as
defined in section 102 of the Ordinance, and shall apply to the Income Tax
Commissioner to approve the Trustee and the Plan under the 102 Provisions.
Subject to the approval of this Plan by the Israeli Income Tax Commissioner,
the Special Conditions shall apply to the plan and to this Appendix.

 

(b)                       The Administrator shall exercise its
discretion under the Plan in accordance with the terms of this Appendix.

 

4.                            Eligibility

 

Options shall not be granted
to any Israeli Employee who is, or on giving effect to such grant, will become,
the holder of a controlling interest (‘baal shlita’) in the Company, as defined
in section 32(9) of the Ordinance.

 

5.                            Trust

 

(a)                        The Options and the Shares shall be issued
directly in the name of the Trustee and shall be held in escrow by the Trustee
for the Israeli Employees’ benefit, for no less then the Tax Lockup Period, all
according to the terms of this Appendix.

 

(b)                       In the event that bonus shares shall be
issued on account of the Shares, such bonus shares shall be issued by the
Company to the Trustee. The 102 Provisions shall apply to such bonus shares for
all purposes.

 

(c)                        The Trustee shall be entitled to set
additional exercise procedures to those described in the Plan, as the Trustee
shall see fit, provided that the Trustee has given the Company prior written
notice of any such procedures.

 

6.                            Taxes

 

(a)                        The Israeli Employees shall be taxed in
respect of the Options in accordance with the provisions of the Ordinance,
including the 102 Provisions.

 

(b)                       Without derogating from section 9(g) of
the Plan, any tax imposed in respect of the Options and/or the Shares and/or
the sale and/or the transfer of the Options and/or the Shares, including any
Social Security and National Health charges, as applicable, shall be borne
solely by the Israeli Employee, and in the event of the death of the Israeli
Employee, by the Israeli Employee’s heirs or successors. The Employer shall not
bear the aforementioned taxes, directly or indirectly, nor shall the Employer
be required to gross such tax up in the Israeli Employee’s salaries or
remuneration. The imposed tax shall be paid by the Israeli Employee or
deducted, on the date such tax is payable, from the sale consideration paid to
the Trustee by the Israeli Employee, as applicable.

 

(c)                        At the end of the Tax Lockup Period, the
Israeli Employee (or the Israeli Employee’s heirs or successors) shall be
entitled at any time to instruct the Trustee to transfer the Options or the
Shares to which such Israeli Employee is entitled to the Israeli Employee or
its nominees, or, if appropriate, to sell the Shares and pay the consideration
received to the Israeli Employee. Subject to the 102

 

 

Provisions, the Trustee shall not transfer
the Options and/or the Shares to the Israeli Employee’s name, and shall not
transfer the consideration received from the sale of the Shares to the Israeli
Employee, unless the conditions set forth in the 102 Provisions are fulfilled.

 

(d)                       The effects of any future amendment to the
tax arrangements, which apply to the issuance of securities to the Israeli
Employees, shall apply to the Israeli Employees in accordance with such
provisions of law, and the Israeli Employees shall bear the full cost thereof,
unless the modified arrangement expressly provides otherwise.

 

(e)                        Each Israeli Employee shall indemnify the
Employer and/or the Trustee, immediately upon receipt of notice from the
Employer and/or the Trustee, for any amount (including interest and/or fines of
any type and/or linkage differentials in respect of tax and/or withheld tax)
payable by such Israeli Employee under law (including under the 102
Provisions), and which has been paid by the Employer or the Trustee or which
the Employer or the Trustee are required to pay by the tax authorities.

 

7.                            Miscellaneous

 

(a)                        The Israeli Employees shall sign any document
required by the Trustee or the Income Tax Commission to give effect to the
provisions of this Appendix.

 

(b)                       Without derogating section 20 of the
Plan, it is hereby acknowledged that the Options and/or the Exercise Shares are
extraordinary, one-off benefits granted to the Offerees, and are not and shall
not be deemed a salary component for any purpose whatsoever, including in
connection with calculating severance compensation under the Severance Pay Law,
5723-1963 and the regulations promulgated thereunder.

 

(c)                        In the event of a change in control of the
Company is proposed during the Tax Lock Up Period, the consummation which will
cause the breach of the terms of the 102 Provisions, the Company will use its
best efforts to apply to the Israeli Tax Authorities to obtain a pre-ruling to
regulate the tax treatment applicable to the Options in the context of the
proposed transaction.

 

(d)                       Except as expressly provided in this
Appendix, the provisions of this Appendix do not supercede any provisions of
the Plan, and the provisions of the Plan shall govern all Options granted to
Israeli Employees.

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