Document:

Prepared and filed by St Ives Burrups

Exhibit 10.34

 

T  H I S  L E A S E   made in duplicate the 23rd  day of February, 2005

 

B  E T W E E N:-

 

BARR’S BAY  PROPERTIES LIMITED whose registered office is at Clarendon House, 2 Church  Street, Hamilton HM 11, Bermuda (hereinafter called “the Lessor” which  expression where the context so admits shall include the person or persons for  the time being entitled to the reversion immediately expectant on the  determination of the term hereby created) of the one part and PXRE REINSURANCE LTD of  110 Pitt’s Bay Road, Hamilton, Bermuda (hereinafter called “the Lessee” which  expression where the context so admits shall include the successors and assigns  of the Lessee) of the other part.

 

NOW  THIS DEED WITNESSETH as follows:-

 

1.          IN  CONSIDERATION of the rent hereinafter reserved and of the covenants and  conditions on the part of the Lessee hereinafter contained to be observed and  performed the Lessor hereby demises unto the Lessee ALL THOSE premises on the  entire 2nd, 3rd, 4th, and 5th  floors together with the 2nd floor computer room and 2nd  floor storage room (together the “demised premises”) of the building known as  PXRE House 110 Pitt’s Bay Road, Hamilton, Bermuda (hereinafter called “the said  Building”) as more particularly shown on the plan annexed hereto and thereon  edged red TO HOLD the same unto the Lessee for a term of 5 (five) years from  the 1st January 2005 expiring on the 31st December 2009  YIELDING AND PAYING therefor:- 

 

             (i)            the yearly rent by way of the monthly rental payments payable in advance as  outlined in the attached Schedule and so in proportion for any period of less  than a year; and

 

             (ii)          a  maintenance fee by way of the monthly payments payable in advance as outlined  in the attached Schedule in respect of the maintenance obligations of the  Lessor pursuant to Clauses 3(2) -3(4) below.

 

2.          THE  LESSEE HEREBY COVENANTS with the Lessor as follows:

 

(1)        To  pay the said annual rental and other rents and charges hereby reserved and  agreed throughout the term hereby granted at the times and in the manner  hereinbefore appointed for payment thereof without any deductions whatsoever.

 

(2)        To  pay and indemnify the Lessor against all existing and future rates taxes  assessments and out- goings whatsoever payable in respect of the demised  premises including but not limited to all Land Tax and Corporation of Hamilton  Tax.

 

 

(3)        Not  to cut maim alter or injure or permit to be cut maimed altered or injured any  of the walls or timbers or any other parts of the demised premises nor without  the consent in writing of the Lessor to make or suffer to be made any  alterations additions or improvements of any kind in or to the demised premises  or any part thereof PROVIDED if the Lessor consents in writing to any  alterations additions or improvements the Lessee will make good to the  satisfaction of the Lessor any damage occasioned thereby and will remove and  make good at its own expense any alteration addition or improvement not  authorised by the Lessor.

 

(4)        At  all times during the said term to keep the demised premises and all additions  thereto in good and substantial repair and condition, fair wear and tear  excepted including carpets and any other of the Lessor’s fixtures and fittings.

 

(5)        To  decorate the inside of the demised premises in the last year of the term  whenever and howsoever determined.

 

(6)        Not  to use or permit to be used the demised premises for any purposes other than as  office premises or for such other purposes with the prior written consent of  the Lessor which consent shall not be unreasonably withheld and in particular  not to use or permit to be used the demised premises or any part thereof for  residential purposes or at any time to sleep or permit anyone to sleep on the  demised premises.

 

(7)        Not  to do or permit to be done on the demised premises anything which may be or  become a nuisance to the Lessor or the tenants of the Lessor or any  neighbouring owner or occupier.

 

(8)        Not  to use or permit to be used the demised premises or any part thereof for any  noxious offensive noisy dangerous trade or business or to use or permit the  same to be used for any vexatious illegal or immoral purposes or to permit any  illegal drug or drugs to be taken into the demised premises or any part thereof  nor to use or permit to be used the demised premises as a betting shop club  place of public entertainment or amusement arcade or for any purpose at any  time prohibited by any Government Municipal or other competent authority nor  permit or suffer to be held upon the demised premises or any part thereof any  sale by public auction.

 

(9)        Not
    to exhibit or permit to be exhibited goods or chattels for sale or display
    or any other purposes or goods packages or rubbish on the walkway or on any
    pavements adjoining or adjacent to the demised premises nor to allow the
    same to be obstructed in any way whatsoever or used for packing or unpacking
    goods AND not to write or permit writing on any of the aforementioned areas.

 

- 2 -

 

 

(10)      Not  to keep or permit to be kept on the demised premises any petroleum products or  materials of a dangerous or explosive nature or the keeping of which may  contravene any Statute Local Regulation or Bye-Law or constitute a nuisance to  the occupiers of neighbouring properties.

 

(11)      Not  without the authority of the Lessor to use or permit to be used on the demised  premises any machine (other than normal office machinery).

 

(12)      Not  to place any excessive weight or strain on the floors of the demised premises  and to repair or pay the cost of repairing any damage which may be caused by a  breach of this covenant or of any other damage caused by the Lessee or the  servants or agents of the Lessee to any adjoining or neighbouring premises.

 

(13)      Not  to affix or set upon the demised premises or any part thereof or allow to be  set or affixed thereon any bills advertisements signs billboards placards or  skysigns of any description PROVIDED ALWAYS that the Lessee shall have the right  to exhibit the trading name and the type of business of the Lessee on the  exterior of the demised premises.

 

(14)      Not  at any time during the said term to assign underlet or part with the possession  of the demised premises or any part thereof without the previous consent in  writing of the Lessor.  If the Lessee is  desirous of assigning or underletting the whole of the demised premises as  aforesaid it shall first offer to surrender the same to the Lessor in writing  and the Lessor may within twenty-one (21) days after the service of such notice  upon the Lessor accept such offer upon such terms as the Lessor and Lessee  shall agree such acceptance to be in writing and without prejudice to all  rights and remedies of the Lessor in respect of any breach of covenant by the  Lessee and if the Lessor shall not accept such surrender within twenty-one (21)  days as aforesaid it shall be deemed to have been rejected.

 

(15)      To
    permit the Lessor with or without workmen and others at reasonable times
    and upon reasonable notice except in case of emergency to enter upon and
    examine the demised premises and thereupon the Lessor may serve upon the
    Lessee notice in writing specifying any repairs necessary to the demised
    premises and require the Lessee forthwith to execute the same and if the
    Lessee does not within one (1) month after the service of such notice proceed
    diligently with the execution of such repairs then to permit the Lessor to
    enter upon the demised premises and execute such repairs and the cost thereof
    shall be a debt due to the Lessor from the Lessee recoverable forthwith by
    action.

 

- 3 -

 

 

(16)      To  permit the Lessor its servants or agents at reasonable times and after prior  written notice except in case of emergency to enter upon the demised premises  in connection with the examination repair maintenance development or alteration  of any adjoining or neighbouring premises or anything serving the same  and running through the demised premises or  to comply with any requirements of any competent authority the Lessor  exercising such right in a reasonable manner and making good any damage caused  to the demised premises.

 

(17)      If  the Lessee has not exercised the option to renew hereinafter contained then to  permit the Lessor or its Agents and their respective employees during the  period of six (6) calendar months immediately preceding the expiration or  sooner determination of the said term to affix boards of reasonable dimensions  to conspicuous parts of the demised premises to be agreed between the parties  announcing that the demised premises are due to be let or sold and at all  reasonable times by appointment to show all intending tenants or purchasers  over the demised premises.

 

(18)      To  comply at all times and in all respects during the term with all Acts  Regulations Bye-Laws Orders whether made by Government Municipal or other  competent body or authority and to comply with conditions imposed thereby  insofar as the same relate to or affect the demised premises and to do all such  works as may be directed to be done in respect of the demised premises whether  by the owner or the occupier thereof and at all times to indemnify and keep  indemnified the Lessor against any breach non-performance or non-observance of  any Act Regulation Bye-Law or Order and repay to the Lessor any costs charges  or expenses incurred by the Lessor in respect of any such Acts Regulations  Bye-Laws or Orders.

 

(19)      Not  to obstruct any window or light belonging to the demised premises and to give  immediate notice to the Lessor if any easement affecting the demised premises  which shall come to the notice of the Lessee shall be made or attempted to be  made and at the Lessor’s request and cost to adopt such measures as may be  reasonably required to prevent the same.

 

(20)      To  be responsible for and to indemnify the Lessor against the cost of all damage  occasioned to the demised premises or any adjacent or neighbouring premises and  against all actions costs claims demands and liabilities whatsoever in respect  of injury or damage to person or property due to or arising from the act  neglect or default of the Lessee or any servants agents licensees or invitees  of the Lessee.

 

- 4 -

 

 

(21)      At  the expiration or sooner determination of the said term quietly to yield up  unto the Lessor the demised premises in good and substantial repair and  condition and decorated as aforesaid.

 

3.          THE  LESSOR HEREBY COVENANTS with the Lessee as follows:-

 

(l)         That  the Lessee duly and punctually paying the rents hereinbefore reserved and  performing and observing the covenants on the Lessee’s part and conditions  hereinbefore contained may subject as aforesaid peacefully and quietly possess  and enjoy the demised premises during the term hereby granted without any  lawful interruption by the Lessor or any person or persons lawfully claiming  under the Lessor.

 

(2)        To  insure and keep the said Building during the term hereby granted insured in the  joint names of the Landlord and Tenant under a comprehensive policy of  insurance against inter alia loss or damage by fire explosion lightning  earthquake impact hurricane riots strikes malicious damage storm and tempest  bursting and overflowing of water tanks apparatus and pipes and such other  risks as the Lessor may from time to time consider necessary in an insurance  office of repute in the full reinstatement value thereof as determined by the  Lessor for the time being together with the architects and quantity surveyors  rebuilding fees at the current scale for the time being and in respect of not  less than two (2) years’ rent for the same building and make all payments  necessary for the above purposes within seven (7) days after the same  respectively became payable and to produce to the Lessee on demand the
policy  or policies of such insurance and the receipt for every such payment, and at  the request of the Lessee to have its interest noted thereon.

 

(3)        In  the event that the demised premises or any part thereof is destroyed or damaged  as aforesaid to rebuild and reinstate the same and it is hereby agreed that any  monies received in respect of such insurance shall be applied so far as the  same extends in rebuilding or reinstating the demised premises in accordance  with the planning and development schemes of any competent authority then  affecting the same and if the monies received under such policy or policies of  insurance is insufficient for the full and proper rebuilding and reinstatement  of the demised premises then to make up any deficiency.

 

(4)        To  keep and repair the structure and exterior of the said Building including the  main structure foundations footings external walls and external wood and iron  work and joists roofs and canopies repainting renewing and repairing when  necessary.

 

 

- 5 -

 

 

4.          PROVIDED
ALWAYS AND IT IS HEREBY AGREED AND DECLARED  as follows:

 

(1)        Whenever the said
rents hereby reserved shall be in arrear and unpaid for twenty-one (21) days
next after the same shall have become due (whether or not any formal or legal
demand therefor shall have been made) and if and whenever there shall have been
a breach or non-observance by the Lessee of any of the covenants or obligations
on its part to be performed hereunder or if the Lessee or any assignee of the
Lessee being an incorporated company shall enter into liquidation whether
voluntary or compulsory (except by way of reconstruction or amalgamation) then
and in any such case it shall be lawful for the Lessor to enter into and upon
all or any part of the demised premises and in the name of the whole to re-enter
and thereupon this present demise shall absolutely determine and become void but
without prejudice nevertheless to any right of action or remedy of the Lessor in
respect of any antecedent breach by the Lessee of any of the covenants on its
part hereinbefore contained.

 

(2)        If  the Lessee is desirous of taking a new lease of the demised premises after the  expiration of the term hereby granted he shall by notice in writing served upon  the Lessor in accordance with the provisions hereinafter contained not less  than six (6) calendar months before the expiration of the said term (as to  which time will be of the essence) notice of such desire then the Lessor shall  on or before the expiration of the term hereby granted if there is then no subsisting  breach of any of the Lessee’s covenants under this present lease at the cost of  the Lessee grant to the Lessee a new lease of the demised premises for a  further term of 5 (five) years to commence from and after the expiration of the  term hereby granted at an annual rent to be agreed between the parties (both  acting reasonably and in good faith) and in default of agreement the matter  shall be resolved pursuant to Clause 4(4)
below such new rent to be payable by  equal monthly instalments in advance and subject to the same covenants and  conditions as in this present lease reserved and contained this present  covenant including this provision for renewal   provided that the Tenant shall have no further rights of renewal and the  number of renewals of this Lease shall be limited to a maximum of two (2).

 

(3)        If
    the demised premises or any part thereof are at any time during the term
    destroyed or damaged by fire or other inevitable accident so as to become
    unfit for habitation and use and any policy or policies of insurance effected
    by the Lessee have not been vitiated or payment of the policy monies refused
    in whole or in part in consequence of any act or default of the Lessee or
    any servant of the Lessee or any person in or on the demised premises with
    the Lessee’s  permission expressed or implied the rent hereby reserved
    or a fair proportion thereof according to the nature and extent of the damage
    sustained shall be suspended until the demised premises are again rendered
    fit for habitation and use or the period of two years (which ever is the
    sooner) PROVIDED HOWEVER if the Building and/or the demised premises are
    not reinstated within the period of two years from the date of damage or
     destruction then at any time after the two year period either party may
    terminate this Lease on giving written notice to the other and this Lease
    shall terminate on the delivery of such notice without prejudice to any antecedent
    claim of either party against the other.

 

- 6 -

 

 

(4)        Any  dispute concerning the rent to be paid on renewal or the rent to be paid in the  event of the premises being damaged or destroyed so as to be unfit for  occupation shall be determined by arbitration in accordance with the  Arbitration Act, 1986 or any statutory modification or re-enactment thereof.

 

(5)        Any  notice to be served by either party hereunder or under the general law relating  hereto shall be in writing and shall be properly served if sent by prepaid  registered mail addressed to the principal place of business in Bermuda of the  party being served and shall be deemed to be delivered on the fifth (5th) day  after the envelope containing the same shall have been entrusted to the care of  the postal authorities.

 

IN WITNESS  WHEREOF the parties to these presents have hereunto set their hands and seals  or caused their Common Seals to be affixed (as the case may be) the day and  year first above written.

	
   

  THE COMMON    SEAL OF

  	
  )

  	
  /s/ R. John    Wight

  
	
  BARRS BAY    PROPERTIES LIMITED

  	
  )

  	
  Director

  
	
  was hereto    affixed in the presence of:-

  	
  )

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ Rosalie    Rickaide

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  THE COMMON    SEAL OF

  	
  )

  	
  /s/ Robert    P. Myron

  
	
  PXRE REINSURANCE LTD.

  	
  )

  	
  Chief    Financial Officer

  
	
  was hereto    affixed in the presence of:-

  	
  )

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ Cathy    McNiven

  	
   

  	
   

  

 

- 7 -Unassociated Document

Volterra
Semiconductor Corporation

 

2004
Equity Incentive Plan

 

Adopted:
May 7, 2004

Approved
By Stockholders: June 18, 2004

Termination
Date: May 6, 2014

 

1.  Purposes.

 

(a)  Amendment
and Restatement. This Plan
is a complete amendment and restatement of the Company’s 1996
Stock Option Plan that was
previously adopted on October
29, 1996 (the “Prior
Plan”). All
outstanding awards granted under the
Prior Plan shall
remain
subject to the terms of the Prior Plan.
All
Stock
Awards granted
subsequent to the effective date of this Plan shall be subject to the terms of
this Plan.

 

(b)  Eligible
Stock Award Recipients. The
persons eligible to receive Stock Awards are Employees, Directors and
Consultants.

 

(c)  Available
Stock Awards. The Plan
provides for the grant of the following Stock Awards: (i) Incentive Stock
Options, (ii) Nonstatutory Stock Options, (iii) Stock Purchase Awards, (iv)
Stock Bonus Awards, (v) Stock Appreciation Rights, (vi) Stock Unit Awards and
(vii) Other Stock Awards.

 

(d)  General
Purpose. The
Company, by means of the Plan, seeks to secure and retain the services of the
group of persons eligible to receive Stock Awards, to provide incentives for
such persons to exert maximum efforts for the success of the Company and its
Affiliates and to provide a means by which such eligible recipients may be given
an opportunity to benefit from increases in value of the Common Stock through
the granting of Stock Awards.

 

2.  Definitions.

 

As used
in the Plan, the following definitions shall apply to the capitalized terms
indicated below:

 

(a)  “Affiliate” means
any parent corporation or subsidiary corporation of the Company, whether now or
hereafter existing, as those terms are defined in Sections 424(e) and (f),
respectively, of the Code.

 

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

 

(c)  “Capitalization
Adjustment” has the
meaning ascribed to that term in Section 11(a).

 

(d)  “Change
in Control” means
the occurrence, in a single transaction or in a series of related transactions,
of any one or more of the following events: 

 

1

(i)  any
Exchange Act Person becomes the Owner, directly or indirectly, of securities of
the Company representing more than fifty percent (50%) of the combined voting
power of the Company’s then outstanding securities other than by virtue of a
merger, consolidation or similar transaction. Notwithstanding the foregoing, a
Change in Control shall not be deemed to occur (A) on account of the acquisition
of securities of the Company by an investor, any affiliate thereof or any other
Exchange Act Person from the Company in a transaction or series of related
transactions the primary purpose of which is to obtain financing for the Company
through the issuance of equity securities or (B) solely because the level of
Ownership held by any Exchange Act Person (the “Subject Person”) exceeds the
designated percentage threshold of the outstanding voting securities as a result
of a repurchase or other acquisition of voting securities by the Company
reducing the number of shares outstanding, provided that if a Change in Control
would occur (but for the operation of this sentence) as a result of the
acquisition of voting securities by the Company, and after such share
acquisition, the Subject Person becomes the Owner of any additional voting
securities that, assuming the repurchase or other acquisition had not occurred,
increases the percentage of the then outstanding voting securities Owned by the
Subject Person over the designated percentage threshold, then a Change in
Control shall be deemed to occur;

 

(ii)  there is
consummated a merger, consolidation or similar transaction involving (directly
or indirectly) the Company and, immediately after the consummation of such
merger, consolidation or similar transaction, the stockholders of the Company
immediately prior thereto do not Own, directly or indirectly, either (A)
outstanding voting securities representing more than fifty percent (50%) of the
combined outstanding voting power of the surviving Entity in such merger,
consolidation or similar transaction or (B) more than fifty percent (50%) of the
combined outstanding voting power of the parent of the surviving Entity in such
merger, consolidation or similar transaction, in each
case in substantially the same proportions as their Ownership of the outstanding
voting securities of the Company immediately prior to such
transaction;

 

(iii)   the
stockholders of the Company approve or the Board approves a plan of complete
dissolution or liquidation of the Company, or a complete dissolution or
liquidation of the Company shall otherwise occur; 

 

(iv)  there is
consummated a sale, lease, license or other disposition of all or substantially
all of the consolidated assets of the Company and its Subsidiaries, other than a
sale, lease, license or other disposition of all or substantially all of the
consolidated assets of the Company and its Subsidiaries to an Entity, more than
fifty percent (50%) of the combined voting power of the voting securities of
which are Owned by stockholders of the Company in substantially the same
proportions as their Ownership of the outstanding voting securities of the
Company immediately prior to such sale, lease, license or other disposition;
or

 

(v)  individuals
who, on the date this Plan is adopted by the Board, are members of the Board
(the “Incumbent Board”) cease for any reason to constitute at least a majority
of the members of the Board; provided,
however, that if
the appointment or election (or nomination for election) of any new Board member
was approved or recommended by a majority vote of the members of the Incumbent
Board then still in office, such new member shall, for purposes of this Plan, be
considered as a member of the Incumbent Board. 

 

2

The term
Change in Control shall not include a sale of assets, merger or other
transaction effected exclusively for the purpose of changing the domicile of the
Company.

 

Notwithstanding
the foregoing or any other provision of this Plan, the definition of Change in
Control (or any analogous term) in an individual written agreement between the
Company or any Affiliate and the Participant shall supersede the foregoing
definition with respect to Stock Awards subject to such agreement (it being
understood, however, that if no definition of Change in Control or any analogous
term is set forth in such an individual written agreement, the foregoing
definition shall apply).

 

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

 

(f)  “Committee” means a
committee of one (1) or more members of the Board appointed by the Board in
accordance with Section 3(c).

 

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

 

(h)  “Company” means
Volterra Semiconductor Corporation, a Delaware corporation.

 

(i)  “Consultant” means
any person, including an advisor, who (i) is engaged by the Company or an
Affiliate to render consulting or advisory services and is compensated for such
services or (ii)
is serving as a member of the Board of Directors of an Affiliate and is
compensated for such services.
However, service solely as a Director, or payment of a fee for such services,
shall not cause a Director to be considered a “Consultant” for purposes of the
Plan. 

 

(j)  “Continuous
Service” means
that the Participant’s service with the Company or an Affiliate, whether as an
Employee, Director or Consultant, is not interrupted or terminated. A change in
the capacity in which the Participant renders service to the Company or an
Affiliate as an Employee, Consultant or Director or a change in the entity for
which the Participant renders such service, provided that there is no
interruption or termination of the Participant’s service with the Company or an
Affiliate, shall not terminate a Participant’s Continuous Service. For example,
a change in status from an employee of the Company to a consultant to an
Affiliate or to a Director shall not constitute an interruption of Continuous
Service. The Board or the chief executive officer of the Company, in that
party’s sole discretion, may determine whether Continuous Service shall be
considered interrupted in the case of any leave of absence approved by that
party, including sick leave, military leave or any other personal leave.
Notwithstanding the foregoing, a leave of absence shall be treated as Continuous
Service for purposes of vesting in a Stock Award only to such extent as may be
provided in the Company’s leave of absence policy or in the written terms of the
Participant’s leave of absence.

 

(k)  “Corporate
Transaction” means
the occurrence, in a single transaction or in a series of related transactions,
of any one or more of the following events:

 

(i)  a
sale or other
disposition of all or substantially all, as determined by the Board in its sole
discretion, of the consolidated assets of the Company and its
Subsidiaries;

 

(ii)  a sale or
other disposition of at least ninety percent (90%) of the
outstanding securities of the Company;

 

3

(iii)  a merger,
consolidation or similar transaction following which the Company is not the
surviving corporation; or

 

(iv)  a merger,
consolidation or similar transaction following which the Company is the
surviving corporation but the shares of Common Stock outstanding immediately
preceding the merger, consolidation or similar transaction are converted or
exchanged by virtue of the merger, consolidation or similar transaction into
other property, whether in the form of securities, cash or
otherwise.

 

(l)  “Covered
Employee” means
the chief executive officer and the four (4) other highest compensated officers
of the Company for whom total compensation is required to be reported to
stockholders under the Exchange Act, as determined for purposes of Section
162(m) of the Code.

 

(m)  “Diluted
Shares Outstanding” means,
as of any date, (i) the number of outstanding shares of Common Stock of the
Company on such Calculation Date (as defined in Section 4(a) herein), plus (ii)
the number of shares of Common Stock issuable upon such Calculation Date
assuming the conversion of all outstanding Preferred Stock and convertible
notes, plus (iii) the additional number of dilutive Common Stock equivalent
shares outstanding as the result of any options or warrants outstanding during
the fiscal year, calculated using the treasury stock method.

 

(n)  “Director” means a
member of the Board.

 

(o)  “Disability” means
the permanent and total disability of a person within the meaning of Section
22(e)(3) of the Code.

 

(p)  “Employee” means
any person employed by the Company or an Affiliate. However, service solely as a
Director, or payment of a fee for such services, shall not cause a Director to
be considered an “Employee” for purposes of the Plan.

 

(q)  “Entity” means a
corporation, partnership or other entity.

 

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

 

(s)  “Exchange
Act Person” means any
natural person, Entity or “group” (within the meaning of Section 13(d) or 14(d)
of the Exchange Act), except that “Exchange Act Person” shall not include (i)
the Company or any Subsidiary of the Company, (ii) any employee benefit plan of
the Company or any Subsidiary of the Company or any trustee or other fiduciary
holding securities under an employee benefit plan of the Company or any
Subsidiary of the Company, (iii) an underwriter temporarily holding securities
pursuant to an offering of such securities, (iv) an Entity Owned, directly or
indirectly, by the stockholders of the Company in substantially the same
proportions as their Ownership of stock of the Company; or (v)
any natural person, Entity or “group” (within the meaning of Section 13(d) or
14(d) of the Exchange Act) that, as of the effective date of the Plan as set
forth in Section 14, is the Owner, directly or indirectly, of securities of the
Company representing more than fifty percent (50%) of the combined voting power
of the Company’s then outstanding securities.

 

4

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

 

(i)  If the
Common Stock is listed on any established stock exchange or traded on the Nasdaq
National Market or the Nasdaq SmallCap Market, the Fair Market Value of a share
of Common Stock shall be the closing sales price for such stock (or the closing
bid, if no sales were reported) as quoted on such exchange or market (or the
exchange or market with the greatest volume of trading in the Common Stock) on
the last market trading day prior to the day of determination, as reported in
The
Wall Street Journal or such
other source as the Board deems reliable.

 

(ii)  In the
absence of such markets for the Common Stock, the Fair Market Value shall be
determined by the Board in good faith.

 

(u)  “Incentive
Stock Option” means an
Option intended to qualify as an incentive stock option within the meaning of
Section 422 of the Code and the regulations promulgated
thereunder.

 

(v)  “IPO
Date” means
the first day that the Common Stock is publicly traded.

 

(w)  “Non-Employee
Director” means a
Director who either (i) is not a current employee or officer of the Company or
an Affiliate, does not receive compensation, either directly or indirectly, from
the Company or an Affiliate for services rendered as a consultant or in any
capacity other than as a Director (except for an amount as to which disclosure
would not be required under Item 404(a) of Regulation S-K promulgated pursuant
to the Securities Act (“Regulation S-K”)), does not possess an interest in any
other transaction for which disclosure would be required under Item 404(a) of
Regulation S-K, and is not engaged in a business relationship for which
disclosure would be required pursuant to Item 404(b) of Regulation S-K; or
(ii) is otherwise considered a “non-employee director” for purposes of Rule
16b-3.

 

(x)  “Nonstatutory
Stock Option” means an
Option not intended to qualify as an Incentive Stock Option.

 

(y)  “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.

 

(z)  “Option” means an
Incentive Stock Option or a Nonstatutory Stock Option to purchase shares of
Common Stock granted pursuant to the Plan.

 

(aa)  “Option
Agreement” means a
written agreement between the Company and an Optionholder evidencing the terms
and conditions of an Option grant. Each Option Agreement shall be subject to the
terms and conditions of the Plan.

 

(bb)  “Optionholder” means a
person to whom an Option is granted pursuant to the Plan or, if applicable, such
other person who holds an outstanding Option.

 

(cc)  “Other
Stock Award” means an
award based in whole or in part by reference to the Common Stock which is
granted pursuant to the terms and conditions of Section 7(e).

 

5

(dd)  “Other
Stock Award Agreement” means a
written agreement between the Company and a holder of an Other Stock Award
evidencing the terms and conditions of an Other Stock Award grant. Each Other
Stock Award Agreement shall be subject to the terms and conditions of the Plan.

 

(ee)  “Outside
Director” means a
Director who either (i) is not a current employee of the Company or an
“affiliated corporation” (within the meaning of Treasury Regulations promulgated
under Section 162(m) of the Code), is not a former employee of the Company or an
“affiliated corporation” who receives compensation for prior services (other
than benefits under a tax-qualified retirement plan) during the taxable year,
has not been an officer of the Company or an “affiliated corporation”, and does
not receive remuneration from the Company or an “affiliated corporation,” either
directly or indirectly, in any capacity other than as a Director or (ii) is
otherwise considered an “outside director” for purposes of Section 162(m) of the
Code.

 

(ff)  “Own,”
“Owned,” “Owner,” “Ownership” A person
or Entity shall be deemed to “Own,” to have “Owned,” to be the “Owner” of, or to
have acquired “Ownership” of securities if such person or Entity, directly or
indirectly, through any contract, arrangement, understanding, relationship or
otherwise, has or shares voting power, which includes the power to vote or to
direct the voting, with respect to such securities.

 

(gg)  “Participant” means a
person to whom a Stock Award is granted pursuant to the Plan or, if applicable,
such other person who holds an outstanding Stock Award.

 

(hh)  “Plan” means
this Volterra Semiconductor Corporation 2004 Equity Incentive Plan.

 

(ii)  “Rule
16b-3” means
Rule 16b-3 promulgated under the Exchange Act or any successor to Rule 16b-3, as
in effect from time to time.

 

(jj)  “Securities
Act” means
the Securities Act of 1933, as amended.

 

(kk)  “Stock
Appreciation Right” means a
right to receive the appreciation on Common Stock that is granted pursuant to
the terms and conditions of Section 7(d).

 

(ll)  “Stock
Appreciation Right Agreement” means a
written agreement between the Company and a holder of a Stock Appreciation Right
evidencing the terms and conditions of a Stock Appreciation Right grant. Each
Stock Appreciation Right Agreement shall be subject to the terms and conditions
of the Plan.

 

(mm)  “Stock
Award” means
any right granted under the Plan, including an Option, a Stock Purchase Award,
Stock Bonus Award, a Stock Appreciation Right, a Stock Unit Award or any Other
Stock Award.

 

(nn)  “Stock
Award Agreement” means a
written agreement between the Company and a Participant evidencing the terms and
conditions of a Stock Award grant. Each Stock Award Agreement shall be subject
to the terms and conditions of the Plan.

 

6

(oo)  “Stock
Bonus Award” means an
award of shares of Common Stock that is granted pursuant to the terms and
conditions of Section 7(b).

 

(pp)  “Stock
Bonus Award Agreement” means a
written agreement between the Company and a holder of a Stock Bonus Award
evidencing the terms and conditions of a Stock Bonus Award grant. Each Stock
Bonus Award Agreement shall be subject to the terms and conditions of the
Plan.

 

(qq)  “Stock
Purchase Award” means an
award of shares of Common Stock that is granted pursuant to the terms and
conditions of Section 7(a).

 

(rr)  “Stock
Purchase Award Agreement” means a
written agreement between the Company and a holder of a Stock Purchase Award
evidencing the terms and conditions of a Stock Purchase Award grant. Each Stock
Purchase Award Agreement shall be subject to the terms and conditions of the
Plan.

 

(ss)  “Stock
Unit Award” means a
right to receive shares of Common Stock that is granted pursuant to the terms
and conditions of Section 7(c).

 

(tt)  “Stock
Unit Award Agreement” means a
written agreement between the Company and a holder of a Stock Unit Award
evidencing the terms and conditions of a Stock Unit Award grant. Each Stock Unit
Award Agreement shall be subject to the terms and conditions of the Plan.

 

(uu)  “Subsidiary” means,
with respect to the Company, (i) any corporation of which more than fifty
percent (50%) of the outstanding capital stock having ordinary voting power to
elect a majority of the board of directors of such corporation (irrespective of
whether, at the time, stock of any other class or classes of such corporation
shall have or might have voting power by reason of the happening of any
contingency) is at the time, directly or indirectly, Owned by the Company, and
(ii) any partnership in which the Company has a direct or indirect interest
(whether in the form of voting or participation in profits or capital
contribution) of more than fifty percent (50%).

 

(vv)  “Ten
Percent Stockholder” means a
person who Owns (or is deemed to Own pursuant to Section 424(d) of the Code)
stock possessing more than ten percent (10%) of the total combined voting power
of all classes of stock of the Company or of any of its Affiliates.

 

3.  Administration.

 

(a)  Administration
by Board. The
Board shall administer the Plan unless and until the Board delegates
administration of the Plan to a Committee, as provided in Section
3(c).

 

(b)  Powers
of Board. The
Board shall have the power, subject to, and within the limitations of, the
express provisions of the Plan:

 

(i)  To
determine from time to time which of the persons eligible under the Plan shall
be granted Stock Awards; when and how each Stock Award shall be granted; what
type or combination of types of Stock Award shall be granted; the provisions of
each Stock Award granted (which need not be identical), including the time or
times when a person shall be permitted to receive Common Stock pursuant to a
Stock Award; and the number of shares of Common Stock with respect to which a
Stock Award shall be granted to each such person.

 

7

(ii)  To
construe and interpret the Plan and Stock Awards granted under it, and to
establish, amend and revoke rules and regulations for its administration. The
Board, in the exercise of this power, may correct any defect, omission or
inconsistency in the Plan or in any Stock Award Agreement, in a manner and to
the extent it shall deem necessary or expedient to make the Plan fully
effective.

 

(iii)  To
effect, at any time and from time to time, with the consent of any adversely
affected Optionholder, (1) the reduction of the exercise price of any
outstanding Option under the Plan, (2) the cancellation of any outstanding
Option under the Plan and the grant in substitution therefor of (A) a new Option
under the Plan or another equity plan of the Company covering the same or a
different number of shares of Common Stock, (B) a Stock Purchase Award, (C) a
Stock Bonus Award, (D) a Stock Appreciation Right, (E) a
Stock Unit Award, (F) an Other Stock Award, (G) cash and/or (H) other valuable
consideration (as determined by the Board, in its sole discretion), or (3)
any other action that is treated as a repricing under generally accepted
accounting principles.

 

(iv)  To amend
the Plan or a Stock Award as provided in Section 12.

 

(v)  To
terminate or suspend the Plan as provided in Section 13.

 

(vi)  Generally,
to exercise such powers and to perform such acts as the Board deems necessary or
expedient to promote the best interests of the Company and that are not in
conflict with the provisions of the Plan.

 

(vii)  To adopt
such procedures and sub-plans as are necessary or appropriate to permit
participation in the Plan by Employees who are foreign nationals or employed
outside the United States.

 

(c)  Delegation
to Committee.

 

(i)  General. The
Board may delegate some or all of the administration of the Plan to a Committee
or Committees of one (1) or more members of the Board, and the term “Committee” shall
apply to any person or persons to whom such authority has been delegated. If
administration is delegated to a Committee, the Committee shall have, in
connection with the administration of the Plan, the powers theretofore possessed
by the Board that have been delegated to the Committee, including the power to
delegate to a subcommittee any of the administrative powers the Committee is
authorized to exercise (and references in this Plan to the Board shall
thereafter be to the Committee or subcommittee), subject, however, to such
resolutions, not inconsistent with the provisions of the Plan, as may be adopted
from time to time by the Board. The Board may retain the authority to
concurrently administer the Plan with the Committee and may, at any time, revest
in the Board some or all of the powers previously delegated.

 

8

(ii)  Section
162(m) and Rule 16b-3 Compliance. In the
sole discretion of the Board, the Committee may consist solely of two or more
Outside Directors, in accordance with Section 162(m) of the Code, and/or solely
of two or more Non-Employee Directors, in accordance with Rule 16b-3. In
addition, the Board or the Committee, in its sole discretion, may (1) delegate
to a committee of one or more members of the Board who need not be Outside
Directors the authority to grant Stock Awards to eligible persons who are either
(a) not then Covered Employees and are not expected to be Covered Employees at
the time of recognition of income resulting from such Stock Award, or (b) not
persons with respect to whom the Company wishes to comply with Section 162(m) of
the Code, and/or (2) delegate to a committee of one or more members of the Board
who need not be Non-Employee Directors the authority to grant Stock Awards to
eligible persons who are not then subject to Section 16 of the Exchange
Act.

 

(d)  Delegation
to an Officer. The
Board may delegate to one or more Officers of the Company the authority to do
one or both of the following (i) designate Officers and Employees of the Company
or any of its Subsidiaries to be recipients of Stock Awards and (ii) determine
the number of shares of Common Stock to be subject to such Stock Awards granted
to such Officers and Employees of the Company; provided,
however, that the
Board resolutions regarding such delegation shall specify the total number of
shares of Common Stock that may be subject to the Stock Awards granted by such
Officer and that such Officer may not grant a Stock Award to himself or herself.
Notwithstanding anything to the contrary in this Section 3(d), the Board may not
delegate to an Officer authority to determine the Fair Market Value of the
Common Stock pursuant to Section 2(t)(ii) above.

 

(e)  Effect
of Board’s Decision. All
determinations, interpretations and constructions made by the Board in good
faith shall not be subject to review by any person and shall be final, binding
and conclusive on all persons.

 

4.  Shares
Subject to the Plan.

 

(a)  Share
Reserve. Subject
to the provisions of Section 11(a) relating to Capitalization Adjustments, the
Common Stock that may be issued pursuant to Stock Awards shall not exceed in the
aggregate eight million four hundred eighty-three thousand seven hundred fifty
(8,483,750) shares of
Common Stock, plus an annual increase to be added on December 31st of each
year, commencing on December 31, 2004 and ending on December 31, 2013 (each such
day, a “Calculation Date”), equal to five percent (5%) of the Diluted Shares
Outstanding on each such Calculation Date (rounded down to the nearest whole
share). Notwithstanding the foregoing, the Board may act, prior to the last day
of any fiscal year of the Company, to increase the share reserve by such number
of shares of Common Stock as the Board shall determine, which number shall be
less than the amount determined in the prior sentence.

 

(b)  Reversion
of Shares to the Share Reserve. If any
Stock Award shall for any reason expire or otherwise terminate, in whole or in
part, without having been exercised in full, or if any shares of Common Stock
issued to a Participant pursuant to a Stock Award are forfeited to or
repurchased by the Company, including, but not limited to, any repurchase or
forfeiture caused by the failure to meet a contingency or condition required for
the vesting of such shares, then the shares of Common Stock not issued under
such Stock Award, or forfeited to or repurchased by the Company, shall revert to
and again become available for issuance under the Plan. If any shares subject to
a Stock Award are not delivered to a Participant because such shares are
withheld for the payment of taxes or the Stock Award is exercised through a
reduction of shares subject to the Stock Award (i.e., “net
exercised”), the number of shares that are not delivered to the Participant
shall remain available for issuance under the Plan. If the exercise price of any
Stock Award is satisfied by tendering shares of Common Stock held by the
Participant (either by actual delivery or attestation), then the number of
shares so tendered shall remain available for issuance under the Plan.
Notwithstanding anything to the contrary in this Section 4(b), subject to the
provisions of Section 11(a) relating to Capitalization Adjustments the aggregate
maximum number of shares of Common Stock that may be issued pursuant to the
exercise of Incentive Stock Options shall be eight million four hundred
eighty-three thousand seven hundred fifty (8,483,750) shares of Common
Stock.  

 

9

(c)  Source
of Shares. The
shares of Common Stock subject to the Plan may be unissued shares or reacquired
shares, bought on the market or otherwise.

 

5.  Eligibility.

 

(a)  Eligibility
for Specific Stock Awards.
Incentive Stock Options may be granted only to Employees. Stock Awards other
than Incentive Stock Options may be granted to Employees, Directors and
Consultants.

 

(b)  Ten
Percent Stockholders. A Ten
Percent Stockholder shall not be granted an Incentive Stock Option unless the
exercise price of such Option is at least one hundred ten percent (110%) of the
Fair Market Value of the Common Stock on the date of grant and the Option is not
exercisable after the expiration of five (5) years from the date of grant.

 

(c)  Consultants. A
Consultant shall not be eligible for the grant of a Stock Award if, at the time
of grant, a Form S-8 Registration Statement under the Securities Act
(“Form
S-8”) is not
available to register either the offer or the sale of the Company’s securities
to such Consultant because of the nature of the services that the Consultant is
providing to the Company, because the Consultant is not a natural person, or
because of any other rule governing the use of Form S-8. 

 

6.  Option
Provisions.

 

Each
Option shall be in such form and shall contain such terms and conditions as the
Board shall deem appropriate. All Options shall be separately designated
Incentive Stock Options or Nonstatutory Stock Options at the time of grant, and,
if certificates are issued, a separate certificate or certificates shall be
issued for shares of Common Stock purchased on exercise of each type of Option.
The provisions of separate Options need not be identical, but each Option shall
include (through incorporation of provisions hereof by reference in the Option
or otherwise) the substance of each of the following provisions:

 

(a)  Term. The
Board shall determine the term of an Option; provided
however that, Subject
to the provisions of Section 5(b) regarding Ten Percent Stockholders, no
Incentive Stock Option shall be exercisable after the expiration of ten (10)
years from the date on which it was granted.

 

10

(b)  Exercise
Price of an Incentive Stock Option. Subject
to the provisions of Section 5(b) regarding Ten Percent Stockholders, the
exercise price of each Incentive Stock Option shall be not less than one hundred
percent (100%) of the Fair Market Value of the Common Stock subject to the
Option on the date the Option is granted. Notwithstanding the foregoing, an
Incentive Stock Option may be granted with an exercise price lower than that set
forth in the preceding sentence if such Option is granted pursuant to an
assumption or substitution for another option in a manner satisfying the
provisions of Section 424(a) of the Code.

 

(c)  Exercise
Price of a Nonstatutory Stock Option. The
exercise price of each Nonstatutory Stock Option shall be not less than fifty
percent (50%) of the Fair Market Value of the Common Stock subject to the Option
on the date the Option is granted. Notwithstanding the foregoing, a Nonstatutory
Stock Option may be granted with an exercise price lower than that set forth in
the preceding sentence if such Option is granted pursuant to an assumption or
substitution for another option in a manner consistent with the provisions of
Section 424(a) of the Code.

 

(d)  Consideration. The
purchase price of Common Stock acquired pursuant to an Option shall be paid, to
the extent permitted by applicable statutes and regulations, either (i) in cash
at the time the Option is exercised, (ii) pursuant to a program developed under
Regulation T as promulgated by the Federal Reserve Board that, prior to the
issuance of Common Stock, results in either the receipt of cash (or check) by
the Company or the receipt of irrevocable instructions to pay the aggregate
exercise price to the Company from the sales proceeds, or (iii) at the sole
discretion of the Board at the time of the grant of the Option (or subsequently
in the case of a Nonstatutory Stock Option) (1) by delivery to the Company
(either by actual delivery or attestation) of other Common Stock at the time the
Option is exercised, (2) by a “net exercise” of the Option (as further described
below), (3) according to a deferred payment or other similar arrangement with
the Optionholder, or (4) in any other form of legal consideration that may be
acceptable to the Board. Unless otherwise specifically provided in the Option,
the purchase price of Common Stock acquired pursuant to an Option that is paid
by delivery to the Company of other Common Stock acquired, directly or
indirectly from the Company, shall be paid only by shares of the Common Stock of
the Company that have been held for more than six (6) months (or such longer or
shorter period of time required to avoid a charge to earnings for financial
accounting purposes). At any time that the Company is incorporated in Delaware,
payment of the Common Stock’s “par value,” as defined in the Delaware General
Corporation Law, shall not be made by deferred payment.

 

In the
case of any deferred payment arrangement, interest shall be compounded at least
annually and shall be charged at the minimum rate of interest necessary to avoid
(1) the treatment as interest, under any applicable provisions of the Code, of
any amounts other than amounts stated to be interest under the deferred payment
arrangement and (2) the treatment of the Option as a variable award for
financial accounting purposes.

 

In the
case of a “net exercise” of an Option, the Company will not require a payment of
the exercise price of the Option from the Participant but will reduce the number
of shares of Common Stock issued upon the exercise by the largest number of
whole shares that has a Fair Market Value that does not exceed the aggregate
exercise price. With respect to any remaining balance of the aggregate exercise
price, the Company shall accept a cash payment from the Participant. Shares of
Common Stock will no longer be outstanding under an Option (and, therefore, will
not thereafter be exercisable) following the exercise of such Option to the
extent of (i) shares used to pay the exercise price of an Option under a “net
exercise”, (ii) shares actually delivered to the Participant as a result of such
exercise and (iii) shares withheld for purposes of tax withholding.

 

11

(e)  Transferability
of an Incentive Stock Option. An
Incentive Stock Option shall not be transferable except by will or by the laws
of descent and distribution and shall be exercisable during the lifetime of the
Optionholder only by the Optionholder. Notwithstanding the foregoing, the
Optionholder may, by delivering written notice to the Company, in a form
provided by or otherwise satisfactory to the Company, designate a third party
who, in the event of the death of the Optionholder, shall thereafter be entitled
to exercise the Option.

 

(f)  Transferability
of a Nonstatutory Stock Option. A
Nonstatutory Stock Option shall be transferable to the extent provided in the
Option Agreement. If the Nonstatutory Stock Option does not provide for
transferability, then the Nonstatutory Stock Option shall not be transferable
except by will or by the laws of descent and distribution and shall be
exercisable during the lifetime of the Optionholder only by the Optionholder.
Notwithstanding the foregoing, the Optionholder may, by delivering written
notice to the Company, in a form provided by or otherwise satisfactory to the
Company, designate a third party who, in the event of the death of the
Optionholder, shall thereafter be entitled to exercise the Option.

 

(g)  Vesting
Generally. The
total number of shares of Common Stock subject to an Option may vest and
therefore become exercisable in periodic installments that may be equal. The
Option may be subject to such other terms and conditions on the time or times
when it may be exercised (which may be based on performance or other criteria)
as the Board may deem appropriate. The vesting provisions of individual Options
may vary. The provisions of this Section 6(g) are subject to any Option
provisions governing the minimum number of shares of Common Stock as to which an
Option may be exercised.

 

(h)  Termination
of Continuous Service. In the
event that an Optionholder’s Continuous Service terminates (other than upon the
Optionholder’s death or Disability or upon a Change in Control), the
Optionholder may exercise his or her Option (to the extent that the Optionholder
was entitled to exercise such Option as of the date of termination of Continuous
Service) but only within such period of time ending on the earlier of (i) the
expiration of the term of the Option as set forth in the Option Agreement or
(ii) the date three (3) months following the termination of the Optionholder’s
Continuous Service (or such longer or shorter period specified in the Option
Agreement). If, after termination of Continuous Service, the Optionholder does
not exercise his or her Option within the time specified herein or in the Option
Agreement (as applicable), the Option shall terminate.

 

(i)  Extension
of Termination Date. An
Optionholder’s Option Agreement may provide that if the exercise of the Option
following the termination of the Optionholder’s Continuous Service (other than
upon the Optionholder’s death or Disability or upon a Change in Control) would
be prohibited at any time solely because the issuance of shares of Common Stock
would violate the registration requirements under the Securities Act, then the
Option shall terminate on the earlier of (i) the expiration of the term of the
Option set forth in the Option Agreement or (ii) the expiration of a period of
three (3) months after the termination of the Optionholder’s Continuous Service
during which the exercise of the Option would not be in violation of such
registration requirements.

 

12

(j)  Disability
of Optionholder. In the
event that an Optionholder’s Continuous Service terminates as a result of the
Optionholder’s Disability, the Optionholder may exercise his or her Option (to
the extent that the Optionholder was entitled to exercise such Option as of the
date of termination of Continuous Service), but only within such period of time
ending on the earlier of (i) the expiration of the term of the Option as set
forth in the Option Agreement or (ii) the date twelve (12) months following such
termination of Continuous Service (or such longer or shorter period specified in
the Option Agreement). If, after termination of Continuous Service, the
Optionholder does not exercise his or her Option within the time specified
herein or in the Option Agreement (as applicable), the Option shall
terminate.

 

(k)  Death
of Optionholder. In the
event that (i) an Optionholder’s Continuous Service terminates as a result of
the Optionholder’s death or (ii) the Optionholder dies within the period (if
any) specified in the Option Agreement after the termination of the
Optionholder’s Continuous Service, then the Option may be exercised (to the
extent the Optionholder was entitled to exercise such Option as of the date of
death) by the Optionholder’s estate, by a person who acquired the right to
exercise the Option by bequest or inheritance or by a person designated to
exercise the option upon the Optionholder’s death pursuant to Section 6(e) or
6(f), but only within the period ending on the earlier of (i) the expiration of
the term of such Option as set forth in the Option Agreement or (ii) the date
eighteen (18) months following the date of death (or such longer or shorter
period specified in the Option Agreement). If, after the Optionholder’s death,
the Option is not exercised within the time specified herein or in the Option
Agreement (as applicable), the Option shall terminate.

 

(l)  Termination
Upon Change in Control. In the
event that an Optionholder’s Continuous Service terminates as of, or within
twelve (12) months following a Change
in Control, the Optionholder may exercise his or her Option (to the extent that
the Optionholder was entitled to exercise such Option as of the date of
termination of Continuous Service) within such period of time ending on the
earlier of (i) the expiration of the term of the Option as set forth in the
Option Agreement or (ii) the date twelve (12) months following the termination
of the Optionholder’s Continuous Service (or such longer or shorter period
specified in the Option Agreement). If, after termination of Continuous Service,
the Optionholder does not exercise his or her Option within the time specified
herein or in the Option Agreement (as applicable), the Option shall terminate.

 

(m)  Early
Exercise. The
Option may include a provision whereby the Optionholder may elect at any time
before the Optionholder’s Continuous Service terminates to exercise the Option
as to any part or all of the shares of Common Stock subject to the Option prior
to the full vesting of the Option. Any unvested shares of Common Stock so
purchased may be subject to a repurchase option in favor of the Company or to
any other restriction the Board determines to be appropriate. The Company shall
not be required to exercise its repurchase option until at least six (6) months
(or such longer or shorter period of time required to avoid a charge to earnings
for financial accounting purposes) have elapsed following exercise of the Option
unless the Board otherwise specifically provides in the Option.

 

13

7.  Provisions
of Stock Awards other than Options.

 

(a)  Stock
Purchase Awards. Each
Stock Purchase Award Agreement shall be in such form and shall contain such
terms and conditions as the Board shall deem appropriate. At the Board’s
election, shares of Common Stock may be (i) held in book entry form subject to
the Company’s instructions until any restrictions relating to the Stock Purchase
Award lapse; or (ii) evidenced by a certificate, which certificate shall be held
in such form and manner as determined by the Board. The terms and conditions of
Stock Purchase Award Agreements may change from time to time, and the terms and
conditions of separate Stock Purchase Award Agreements need not be identical,
provided,
however, that each
Stock Purchase Award Agreement shall include (through incorporation of the
provisions hereof by reference in the agreement or otherwise) the substance of
each of the following provisions:

 

(i)  Purchase
Price. At the
time of the grant of a Stock Purchase Award, the Board will determine the price
to be paid by the Participant for each share subject to the Stock Purchase
Award. To the extent required by applicable law, the price to be paid by the
Participant for each share of the Stock Purchase Award will not be less than the
par value of a share of Common Stock. 

 

(ii)  Consideration. At the
time of the grant of a Stock Purchase Award, the Board will determine the
consideration permissible for the payment of the purchase price of the Stock
Purchase Award. The purchase price of Common Stock acquired pursuant to the
Stock Purchase Award shall be paid either: (i) in cash at the time of purchase,
(ii) at
the discretion of the Board, according to a deferred payment or other similar
arrangement with the Participant, (iii) by past services rendered to the
Company, or (iv)
in any other form of legal consideration that may be acceptable to the Board and
permissible under the Delaware General Corporation Law; provided,
however, that at
any time that the Company is incorporated in Delaware, the Common Stock’s “par
value,” as defined in the Delaware General Corporation Law, shall not be paid by
deferred payment and must be paid in a form of consideration that is permissible
under the Delaware Corporation Law.

 

(iii)  Vesting. Shares
of Common Stock acquired under a Stock Purchase Award may be subject to a share
repurchase right or option in favor of the Company in accordance with a vesting
schedule to be determined by the Board. 

 

(iv)  Termination
of Participant’s Continuous Service. In the
event that a Participant’s Continuous Service terminates, the Company shall have
the right, but not the obligation, to repurchase or otherwise reacquire, any or
all of the shares of Common Stock held by the Participant that have not vested
as of the date of termination under the terms of the Stock Purchase Award
Agreement. At the Board’s election, the repurchase right may be at the least of:
(i) the Fair Market Value on the relevant date or (ii) the Participant’s
original cost. The Company shall not be required to exercise its repurchase
option until at least six (6) months (or such longer or shorter period of time
required to avoid a charge to earnings for financial accounting purposes) have
elapsed following the purchase of the restricted stock unless otherwise
determined by the Board or provided in the Stock Purchase Award
Agreement.

 

14

(v)  Transferability. Rights
to purchase or receive shares of Common Stock granted under a Stock Purchase
Award shall be transferable by the Participant only upon such terms and
conditions as are set forth in the Stock Purchase Award Agreement, as the Board
shall determine in its sole discretion, and so long as Common Stock awarded
under the Stock Purchase Award remains subject to the terms of the Stock
Purchase Award Agreement.

 

(b)  Stock
Bonus Awards. Each
Stock Bonus Award Agreement shall be in such form and shall contain such terms
and conditions as the Board shall deem appropriate. At the Board’s election,
shares of Common Stock may be (i) held in book entry form subject to the
Company’s instructions until any restrictions relating to the Stock Bonus Award
lapse; or (ii) evidenced by a certificate, which certificate shall be held in
such form and manner as determined by the Board. The terms and conditions of
Stock Bonus Award Agreements may change from time to time, and the terms and
conditions of separate Stock Bonus Award Agreements need not be identical, but
each Stock Bonus Award Agreement shall include (through incorporation of
provisions hereof by reference in the agreement or otherwise) the substance of
each of the following provisions:

 

(i)  Consideration. A Stock
Bonus Award may be awarded in consideration for past services actually rendered
to the Company or an Affiliate.

 

(ii)  Vesting. Shares
of Common Stock awarded under the Stock Bonus Award Agreement may be subject to
forfeiture to the Company in accordance with a vesting schedule to be determined
by the Board.

 

(iii)  Termination
of Participant’s Continuous Service. In the
event a Participant’s Continuous Service terminates, the Company may receive,
through a forfeiture condition, any or all of the shares of Common Stock held by
the Participant that have not vested as of the date of termination of Continuous
Service under the terms of the Stock Bonus Award Agreement.

 

(iv)  Transferability. Rights
to acquire shares of Common Stock under the Stock Bonus Award Agreement shall be
transferable by the Participant only upon such terms and conditions as are set
forth in the Stock Bonus Award Agreement, as the Board shall determine in its
sole discretion, so long as Common Stock awarded under the Stock Bonus Award
Agreement remains subject to the terms of the Stock Bonus Award
Agreement.

 

(c)  Stock
Unit Awards. Each
Stock Unit Award Agreement shall be in such form and shall contain such terms
and conditions as the Board shall deem appropriate. The terms and conditions of
Stock Unit Award Agreements may change from time to time, and the terms and
conditions of separate Stock Unit Award Agreements need not be identical,
provided,
however, that each
Stock Unit Award Agreement shall include (through incorporation of the
provisions hereof by reference in the agreement or otherwise) the substance of
each of the following provisions:

 

15

(i)  Consideration. At the
time of grant of a Stock Unit Award, the Board will determine the consideration,
if any, to be paid by the Participant upon delivery of each share of Common
Stock subject to the Stock Unit Award. To the extent required by applicable law,
the consideration to be paid by the Participant for each share of Common Stock
subject to a Stock Unit Award will not be less than the par value of a share of
Common Stock. The consideration may be paid in any form permitted under
applicable law.

 

(ii)  Vesting.
At the
time of the grant of a Stock Unit Award, the Board may impose such restrictions
or conditions to the vesting of the Stock Unit Award as it, in its sole
discretion, deems appropriate.

 

(iii)  Payment. A Stock
Unit Award may be settled by the delivery of shares of Common Stock, their cash
equivalent, any combination thereof or in any other form of consideration, as
determined by the Board and contained in the Stock Unit Award
Agreement.

 

(iv)  Additional
Restrictions. At the
time of the grant of a Stock Unit Award, the Board, as it deems appropriate, may
impose such restrictions or conditions that delay the delivery of the shares of
Common Stock (or their cash equivalent) subject to a Stock Unit Award after the
vesting of such Stock Unit Award. 

 

(v)  Dividend
Equivalents. Dividend
equivalents may be credited in respect of shares of Common Stock covered by a
Stock Unit Award, as determined by the Board and contained in the Stock Unit
Award Agreement. At the sole discretion of the Board, such dividend equivalents
may be converted into additional shares of Common Stock covered by the Stock
Unit Award in such manner as determined by the Board. Any additional shares
covered by the Stock Unit Award credited by reason of such dividend equivalents
will be subject to all the terms and conditions of the underlying Stock Unit
Award Agreement to which they relate.

 

(vi)  Termination
of Participant’s Continuous Service. Except as
otherwise provided in the applicable Stock Unit Award Agreement, such portion of
the Stock Unit Award that has not vested will be forfeited upon the
Participant’s termination of Continuous Service. 

 

(vii)  Transferability. Rights
to purchase or receive shares of Common Stock or other payment under a Stock
Unit Award shall be transferable by the Participant only upon such terms and
conditions as are set forth in the Stock Unit Award Agreement, as the Board
shall determine in its sole discretion, and so long as Common Stock awarded
under the Stock Unit Award remains subject to the terms of the Stock Unit Award
Agreement.

 

(d)  Stock
Appreciation Rights. Each
Stock Appreciation Right Agreement shall be in such form and shall contain such
terms and conditions as the Board shall deem appropriate. The terms and
conditions of Stock Appreciation Right Agreements may change from time to time,
and the terms and conditions of separate Stock Appreciation Right Agreements
need not be identical; provided,
however, that
each Stock Appreciation Right Agreement shall include (through incorporation of
the provisions hereof by reference in the agreement or otherwise) the substance
of each of the following provisions:

 

(i)  Strike
Price and Calculation of Appreciation. Each
Stock Appreciation Right will be denominated in shares of Common Stock
equivalents. The appreciation distribution payable on the exercise of a Stock
Appreciation Right will be not greater than an amount equal to the excess of (A)
the aggregate Fair Market Value (on the date of the exercise of the Stock
Appreciation Right) of a number of shares of Common Stock equal to the number of
share of Common Stock equivalents in which the Participant is vested under such
Stock Appreciation Right, and with respect to which the Participant is
exercising the Stock Appreciation Right on such date, over (B) an amount (the
strike price) that will be determined by the Board at the time of grant of the
Stock Appreciation Right. 

 

16

(ii)  Vesting.
At the
time of the grant of a Stock Appreciation Right, the Board may impose such
restrictions or conditions to the vesting of such Stock Appreciation Right as
it, in its sole discretion, deems appropriate.

 

(iii)  Exercise. To
exercise any outstanding Stock Appreciation Right, the Participant must provide
written notice of exercise to the Company in compliance with the provisions of
the Stock Appreciation Right Agreement evidencing such Stock Appreciation Right.

 

(iv)  Payment. The
appreciation distribution in respect to a Stock Appreciation Right may be paid
in Common Stock, in cash, in any combination of the two or in any other form of
consideration, as determined by the Board and contained in the Stock
Appreciation Right Agreement evidencing such Stock Appreciation
Right.

 

(v)  Termination
of Continuous Service. In the
event that a Participant’s Continuous Service terminates, the Participant may
exercise his or her Stock Appreciation Right (to the extent that the Participant
was entitled to exercise such Stock Appreciation Right as of the date of
termination) but only within such period of time ending on the earlier of (i)
the date three (3) months following the termination of the Participant’s
Continuous Service (or such longer or shorter period specified in the Stock
Appreciation Right Agreement) or (ii) the expiration of the term of the Stock
Appreciation Right as set forth in the Stock Appreciation Right Agreement. If,
after termination, the Participant does not exercise his or her Stock
Appreciation Right within the time specified herein or in the Stock Appreciation
Right Agreement (as applicable), the Stock Appreciation Right shall
terminate.

 

(e)  Other
Stock Awards. Other
forms of Stock Awards valued in whole or in part by reference to, or otherwise
based on, Common Stock may be granted either alone or in addition to Stock
Awards provided for under Section 6 and the preceding provisions of this Section
7. Subject to the provisions of the Plan, the Board shall have sole and complete
authority to determine the persons to whom and the time or times at which such
Other Stock Awards will be granted, the number of shares of Common Stock (or the
cash equivalent thereof) to be granted pursuant to such Awards and all other
terms and conditions of such Awards.

 

8.  Covenants
of the Company.

 

(a)  Availability
of Shares. During
the terms of the Stock Awards, the Company shall keep available at all times the
number of shares of Common Stock required to satisfy such Stock
Awards.

 

17

(b)  Securities
Law Compliance. The
Company shall seek to obtain from each regulatory commission or agency having
jurisdiction over the Plan such authority as may be required to grant Stock
Awards and to issue and sell shares of Common Stock upon exercise of the Stock
Awards; provided,
however, that
this undertaking shall not require the Company to register under the Securities
Act the Plan, any Stock Award or any Common Stock issued or issuable pursuant to
any such Stock Award. If, after reasonable efforts, the Company is unable to
obtain from any such regulatory commission or agency the authority which counsel
for the Company deems necessary for the lawful issuance and sale of Common Stock
under the Plan, the Company shall be relieved from any liability for failure to
issue and sell Common Stock upon exercise of such Stock Awards unless and until
such authority is obtained.

 

9.  Use
of Proceeds from Stock.

 

Proceeds
from the sale of Common Stock pursuant to Stock Awards shall constitute general
funds of the Company.

 

10.  Miscellaneous.

 

(a)  Acceleration
of Exercisability and Vesting. The
Board shall have the power to accelerate the time at which a Stock Award may
first be exercised or the time during which a Stock Award or any part thereof
will vest in accordance with the Plan, notwithstanding the provisions in the
Stock Award stating the time at which it may first be exercised or the time
during which it will vest.

 

(b)  Stockholder
Rights. No
Participant shall be deemed to be the holder of, or to have any of the rights of
a holder with respect to, any shares of Common Stock subject to such Stock Award
unless and until such Participant has satisfied all requirements for exercise of
the Stock Award pursuant to its terms.

 

(c)  No
Employment or other Service Rights. Nothing
in the Plan, any Stock Award Agreement or other instrument executed thereunder
or any Stock Award granted pursuant thereto shall
confer upon any Participant any right to continue to serve the Company or an
Affiliate in the capacity in effect at the time the Stock Award was granted or
shall affect the right of the Company or an Affiliate to terminate (i) the
employment of an Employee with or without notice and with or without cause, (ii)
the service of a Consultant pursuant to the terms of such Consultant’s agreement
with the Company or an Affiliate or (iii) the service of a Director pursuant to
the Bylaws of the Company or an Affiliate, and any applicable provisions of the
corporate law of the state in which the Company or the Affiliate is
incorporated, as the case may be.

 

(d)  Incentive
Stock Option $100,000 Limitation. To the
extent that the aggregate Fair Market Value (determined at the time of grant) of
Common Stock with respect to which Incentive Stock Options are exercisable for
the first time by any Optionholder during any calendar year (under all plans of
the Company and its Affiliates) exceeds one hundred thousand dollars ($100,000),
the Options or portions thereof that exceed such limit (according to the order
in which they were granted) shall be treated as Nonstatutory Stock Options,
notwithstanding any contrary provision of the applicable Option
Agreement(s).

 

18

(e)  Investment
Assurances. The
Company may require a Participant, as a condition of exercising or acquiring
Common Stock under any Stock Award, (i) to give written assurances satisfactory
to the Company as to the Participant’s knowledge and experience in financial and
business matters and/or to employ a purchaser representative reasonably
satisfactory to the Company who is knowledgeable and experienced in financial
and business matters and that he or she is capable of evaluating, alone or
together with the purchaser representative, the merits and risks of exercising
the Stock Award; and (ii) to give written assurances satisfactory to the Company
stating that the Participant is acquiring Common Stock subject to the Stock
Award for the Participant’s own account and not with any present intention of
selling or otherwise distributing the Common Stock. The foregoing requirements,
and any assurances given pursuant to such requirements, shall be inoperative if
(1) the issuance of the shares of Common Stock upon the exercise or acquisition
of Common Stock under the Stock Award has been registered under a then currently
effective registration statement under the Securities Act or (2) as to any
particular requirement, a determination is made by counsel for the Company that
such requirement need not be met in the circumstances under the then applicable
securities laws. The Company may, upon advice of counsel to the Company, place
legends on stock certificates issued under the Plan as such counsel deems
necessary or appropriate in order to comply with applicable securities laws,
including, but not limited to, legends restricting the transfer of the Common
Stock.

 

(f)  Withholding
Obligations. To the
extent provided by the terms of a Stock Award Agreement, the Company, in its
sole discretion, may satisfy any federal, state or local tax withholding
obligation relating to a Stock Award by any of the following means (in addition
to the Company’s right to withhold from any compensation paid to the Participant
by the Company) or by a combination of such means: (i) causing the Participant
to tender a cash payment; (ii) withholding shares of Common Stock from the
shares of Common Stock issued or otherwise issuable to the Participant in
connection with the Stock Award; or (iii) by such other method as may be set
forth in the Stock Award Agreement. 

 

(g)  Electronic
Delivery. Any
reference herein to a “written” agreement or document shall include any
agreement or document delivered electronically or posted on the Company’s
intranet.

 

11.  Adjustments
upon Changes in Stock.

 

(a)  Capitalization
Adjustments. If any
change is made in, or other event occurs with respect to, the Common Stock
subject to the Plan or subject to any Stock Award without the receipt of
consideration by the Company (through merger, consolidation, reorganization,
recapitalization, reincorporation, stock dividend, dividend in property other
than cash, stock split, liquidating dividend, combination of shares, exchange of
shares, change in corporate structure or other transaction not involving the
receipt of consideration by the Company (each a “Capitalization Adjustment”),
the Plan will be appropriately adjusted in the class(es) and maximum number of
securities subject to the Plan pursuant to Sections 4(a) and 4(b), and the
outstanding Stock Awards will be appropriately adjusted in the class(es) and
number of securities and price per share of Common Stock subject to such
outstanding Stock Awards. The Board shall make such adjustments, and its
determination shall be final, binding and conclusive. (Notwithstanding the
foregoing, the conversion of any convertible securities of the Company shall not
be treated as a transaction “without receipt of consideration” by the
Company.)

 

19

(b)  Dissolution
or Liquidation. In the
event of a dissolution or liquidation of the Company, then all outstanding Stock
Awards shall terminate immediately prior to the completion of such dissolution
or liquidation. 

 

(c)  Corporate
Transaction.
In the
event of a Corporate Transaction, any surviving corporation or acquiring
corporation (or the surviving or acquiring corporation’s parent company) may
assume or continue any or all Stock Awards outstanding under the Plan or may
substitute similar stock awards for Stock Awards outstanding under the Plan (it
being understood that similar stock awards include, but are not limited to,
awards to acquire the same consideration paid to the stockholders of the
Company, as the case may be, pursuant to the Corporate Transaction), and any
reacquisition or repurchase rights held by the Company in respect of Common
Stock issued pursuant to Stock Awards may be assigned by the Company to the
successor of the Company (or the successor’s parent company), if any, in
connection with such Corporate Transaction. In the event that any surviving
corporation or acquiring corporation (or its parent company) does not assume or
continue all such outstanding Stock Awards or substitute similar stock awards
for all such outstanding Stock Awards, then with respect to Stock Awards that
have been not assumed, continued or substituted and are held by Participants
whose Continuous Service has not terminated prior to the effective time of the
Corporate Transaction, the vesting of such Stock Awards (and, if applicable, the
time at which such Stock Awards may be exercised) shall (contingent upon the
effectiveness of the Corporate Transaction) be accelerated in full to a date
prior to the effective time of such Corporate Transaction as the Board shall
determine (or, if the Board shall not determine such a date, to the date that is
five (5) days prior to the effective time of the Corporate Transaction), and
such Stock Awards shall terminate if not exercised (if applicable) at or prior
to such effective time, and any reacquisition or repurchase rights held by the
Company with respect to such Stock Awards shall (contingent upon the
effectiveness of the Corporate Transaction) lapse. With respect to any other
Stock Awards outstanding under the Plan that have not been assumed, continued or
substituted, the vesting of such Stock Awards (and, if applicable, the time at
which such Stock Award may be exercised) shall not be accelerated, unless
otherwise provided in a written agreement between the Company or any Affiliate
and the holder of such Stock Award, and such Stock Awards shall terminate if not
exercised (if applicable) prior to the effective time of the Corporate
Transaction.

 

(d)  Change
in Control. A Stock
Award may be subject to additional acceleration of vesting and exercisability
upon or after a Change in Control as may be provided in the Stock Award
Agreement for such Stock Award or as may be provided in any other written
agreement between the Company or any Affiliate and the Participant, but in the
absence of such provision, no such acceleration shall occur.

 

12.  Amendment
of the Plan and Stock Awards.

 

(a)  Amendment
of Plan. Subject
to the limitations, if any, of applicable law, the Board at any time, and from
time to time, may amend the Plan. However, except as provided in Section 11(a)
relating to Capitalization Adjustments, no amendment shall be effective unless
approved by the stockholders of the Company to the extent stockholder approval
is necessary to satisfy applicable law.

 

20

(b)  Stockholder
Approval. The
Board, in its sole discretion, may submit any other amendment to the Plan for
stockholder approval, including, but not limited to, amendments to the Plan
intended to satisfy the requirements of Section 162(m) of the Code and the
regulations thereunder regarding the exclusion of performance-based compensation
from the limit on corporate deductibility of compensation paid to Covered
Employees.

 

(c)  Contemplated
Amendments. It is
expressly contemplated that the Board may amend the Plan in any respect the
Board deems necessary or advisable to provide eligible Employees with the
maximum benefits provided or to be provided under the provisions of the Code and
the regulations promulgated thereunder relating to Incentive Stock Options
and/or to bring the Plan and/or Incentive Stock Options granted under it into
compliance therewith.

 

(d)  No
Impairment of Rights. Rights
under any Stock Award granted before amendment of the Plan shall not be impaired
by any amendment of the Plan unless (i) the Company requests the consent of the
Participant and (ii) the Participant consents in writing.

 

(e)  Amendment
of Stock Awards. The
Board at any time, and from time to time, may amend the terms of any one or more
Stock Awards, including, but not limited to, amendments to provide terms more
favorable than previously provided in the agreement evidencing a Stock Award,
subject to any specified limits in the Plan that are not subject to Board
discretion; provided,
however, that the
rights under any Stock Award shall not be impaired by any such amendment unless
(i) the Company requests the consent of the Participant and (ii) the Participant
consents in writing.

 

13.  Termination
or Suspension of the Plan.

 

(a)  Plan
Term. The
Board may suspend or terminate the Plan at any time. Unless sooner terminated,
the Plan shall terminate on the day before the tenth (10th) anniversary of the
date the Plan is adopted by the Board or approved by the stockholders of the
Company, whichever is earlier. No Stock Awards may be granted under the Plan
while the Plan is suspended or after it is terminated.

 

(b)  No
Impairment of Rights.
Suspension or termination of the Plan shall not impair rights and obligations
under any Stock Award granted while the Plan is in effect except with the
written consent of the Participant.

 

14.  Effective
Date of Plan.

 

This Plan
(as an amendment and restatement of the Prior Plan) shall become effective on
the IPO Date, but no Stock Award shall be exercised (or, in the case of a stock
bonus, shall be granted) unless and until the Plan has been approved by the
stockholders of the Company, which approval shall be within twelve (12) months
before or after the date the Plan is adopted by the Board.

 

21

15.  Choice
of Law.

 

The law
of the State of Delaware shall govern all questions concerning the construction,
validity and interpretation of this Plan, without regard to such state’s
conflict of laws rules.

 

 

 

22

Volterra
Semiconductor Corporation

2004
Equity Incentive Plan 

 

Stock
Option Grant Notice

 

Volterra
Semiconductor Corporation (the “Company”), pursuant to its 2004 Equity Incentive
Plan (the “Plan”), hereby grants to Optionholder an option to purchase the
number of shares of the Company’s Common Stock set forth below. This option is
subject to all of the terms and conditions as set forth herein and in the Stock
Option Agreement, the Plan and the Notice of Exercise, all of which are attached
hereto and incorporated herein in their entirety.

 

	
      Optionholder:
	 
	
      Date
      of Grant:
	 
	
      Vesting
      Commencement Date:
	 
	
      Number
      of Shares Subject to Option:
	 
	
      Exercise
      Price (Per Share):
	 
	
      Total
      Exercise Price:
	 
	
      Expiration
      Date:

       
	 

   

	 Type of Grant: 	 Incentive Stock Option1             
      Nonstatutory Stock Option
	 	 Same as Vesting
      Schedule      Early Exercise
      Permitted
	 Exercise Schedule:	 
	 	 
	 Vesting Schedule:
      	_______________________________________________
	 	 
	 Payment: 	 By one or a combination of the
      following items (described in the Stock Option Agreement):
	 	 
	 	  ̈  By
      cash or check
	 	  ̈ Pursuant
      to a Regulation T Program if the Shares are publicly traded
	 	  ̈ By
      delivery of already-owned shares if the Shares are publicly
    traded
	 	  ̈ By
      net exercise
	 	  ̈ By
      deferred payment
	 	 
	 	 

    ÿ

Additional
Terms/Acknowledgements: The
undersigned Optionholder acknowledges receipt of, and understands and agrees to,
this Stock Option Grant Notice, the Stock Option Agreement and the Plan.
Optionholder further acknowledges that as of the Date of Grant, this Stock
Option Grant Notice, the Stock Option Agreement and the Plan set forth the
entire understanding between Optionholder and the Company regarding the
acquisition of stock in the Company and supersede all prior oral and written
agreements on that subject with the exception of (i) options previously granted
and delivered to Optionholder under the Plan, and (ii) the following
agreements only:

 

 

 

	 Other
      Agreements: 	 _______________________________________________
	 	 _______________________________________________
	 	 
	
      Volterra
      Semiconductor Corporation
	
      Optionholder:

	 	 
	 By:_____________________________________	 _____________________________________
	
       Signature
	
       Signature

	 Title:___________________________________ 	 
	 Date:___________________________________	 Date:_________________________________
	 	 

Attachments: Stock
Option Agreement, 2004 Equity Incentive Plan and Notice of Exercise

 

(1) If this is an Incentive Stock Option, it (plus other
outstanding Incentive Stock Options) cannot be first exercisable for more than
$100,000 in value (measured by exercise price) in any calendar year. Any excess
over $100,000 is a Nonstatutory Stock Option. 

 

Attachment
I

 

Stock
Option Agreement

 

 

Attachment
II

 

2004
Equity Incentive Plan

 

 

Attachment
III

 

Notice
of Exercise

 

 

Volterra
Semiconductor Corporation

2004
Equity Incentive Plan

 

 

Stock
Option Agreement

 

(Incentive
Stock Option or Nonstatutory Stock Option)

 

Pursuant
to your Stock Option Grant Notice (“Grant Notice”) and this Stock Option
Agreement, Volterra Semiconductor Corporation (the “Company”) has granted you an
option under its 2004 Equity Incentive Plan (the “Plan”) to purchase the number
of shares of the Company’s Common Stock indicated in your Grant Notice at the
exercise price indicated in your Grant Notice. Defined terms not explicitly
defined in this Stock Option Agreement but defined in the Plan shall have the
same definitions as in the Plan.

 

The
details of your option are as follows:

 

1.  Vesting. Subject
to the limitations contained herein, your option will vest as provided in your
Grant Notice, provided that vesting will cease upon the termination of your
Continuous Service.

 

2.  Number
of Shares and Exercise Price. The
number of shares of Common Stock subject to your option and your exercise price
per share referenced in your Grant Notice may be adjusted from time to time for
Capitalization Adjustments.

 

3.  Exercise
prior to Vesting (“Early Exercise”). If
permitted in your Grant Notice (i.e., the
“Exercise Schedule” indicates that “Early Exercise” of your option is permitted)
and subject to the provisions of your option, you may elect at any time that is
both (i) during the period of your Continuous Service and (ii) during the term
of your option, to exercise all or part of your option, including the nonvested
portion of your option; provided,
however,
that:

 

a.  a partial
exercise of your option shall be deemed to cover first vested shares of Common
Stock and then the earliest vesting installment of unvested shares of Common
Stock;

 

b.  any
shares of Common Stock so purchased from installments that have not vested as of
the date of exercise shall be subject to the purchase option in favor of the
Company as described in the Company’s form of Early Exercise Stock Purchase
Agreement;

 

c.  you shall
enter into the Company’s form of Early Exercise Stock Purchase Agreement with a
vesting schedule that will result in the same vesting as if no early exercise
had occurred; and

 

d.  if your
option is an Incentive Stock Option, then, to the extent that the aggregate Fair
Market Value (determined at the time of grant) of the shares of Common Stock
with respect to which your option plus all other Incentive Stock Options you
hold are exercisable for the first time by you during any calendar year (under
all plans of the Company and its Affiliates) exceeds one hundred thousand
dollars ($100,000), your option(s) or portions thereof that exceed such limit
(according to the order in which they were granted) shall be treated as
Nonstatutory Stock Options.

 

1

4.  Method
of Payment. Payment
of the exercise price is due in full upon exercise of all or any part of your
option. You may elect to make payment of the exercise price in cash or by check
or in any other manner permitted
by your Grant Notice, which
may include one or more of the following:

 

a.  In the
Company’s sole discretion at the time your option is exercised and provided that
at the time of exercise the Common Stock is publicly traded and quoted regularly
in The
Wall Street Journal,
pursuant to a program developed under Regulation T as promulgated by the Federal
Reserve Board that, prior to the issuance of Common Stock, results in either the
receipt of cash (or check) by the Company or the receipt of irrevocable
instructions to pay the aggregate exercise price to the Company from the sales
proceeds.

 

b.  Provided
that at the time of exercise the Common Stock is publicly traded and quoted
regularly in The
Wall Street Journal, by
delivery of already-owned shares of Common Stock either that you have held for
the period required to avoid a charge to the Company’s reported earnings
(generally six (6) months) or that you did not acquire, directly or indirectly
from the Company, that are owned free and clear of any liens, claims,
encumbrances or security interests, and that are valued at Fair Market Value on
the date of exercise. “Delivery” for these purposes, in the sole discretion of
the Company at the time you exercise your option, shall include delivery to the
Company of your attestation of ownership of such shares of Common Stock in a
form approved by the Company. Notwithstanding the foregoing, you may not
exercise your option by tender to the Company of Common Stock to the extent such
tender would violate the provisions of any law, regulation or agreement
restricting the redemption of the Company’s stock.

 

c.  Pursuant
to the following deferred payment alternative:

 

(i)  Not less
than one hundred percent (100%) of the aggregate exercise price, plus accrued
interest, shall be due four (4) years from date of exercise or, at the Company’s
election, upon termination of your Continuous Service.

 

(ii)  Interest
shall be compounded at least annually and shall be charged at the minimum rate
of interest necessary to avoid (1) the treatment as interest, under any
applicable provisions of the Code, of any amounts other than amounts stated to
be interest under the deferred payment arrangement and (2) the treatment of the
Option as a variable award for financial accounting purposes.

 

(iii)  At any
time that the Company is incorporated in Delaware, payment of the Common Stock’s
“par value,” as defined in the Delaware General Corporation Law, shall be made
in cash and not by deferred payment.

 

(iv)  In order
to elect the deferred payment alternative, you must, as a part of your written
notice of exercise, give notice of the election of this payment alternative and,
in order to secure the payment of the deferred exercise price to the Company
hereunder, if the Company so requests, you must tender to the Company a
promissory note and a pledge agreement covering the purchased shares of Common
Stock, both in form and substance satisfactory to the Company, or such other or
additional documentation as the Company may request.

 

2

5.  Whole
Shares. You may
exercise your option only for whole shares of Common Stock.

 

6.  Securities
Law Compliance.
Notwithstanding anything to the contrary contained herein, you may not exercise
your option unless the shares of Common Stock issuable upon such exercise are
then registered under the Securities Act or, if such shares of Common Stock are
not then so registered, the Company has determined that such exercise and
issuance would be exempt from the registration requirements of the Securities
Act. The exercise of your option also must comply with other applicable laws and
regulations governing your option, and you may not exercise your option if the
Company determines that such exercise would not be in material compliance with
such laws and regulations.

 

7.  Term. You may
not exercise your option before the commencement or after the expiration of its
term. The term of your option commences on the Date of Grant and expires upon
the earliest of the following:

 

a.  three (3)
months after the termination of your Continuous Service for any reason other
than your Disability or death or upon a Change in Control, provided that if
during any part of such three (3) month period your option is not exercisable
solely because of the condition set forth in Section 6, your option shall not
expire until the earlier of the Expiration Date or until it shall have been
exercisable for an aggregate period of three (3) months after the termination of
your Continuous Service;

 

b.  twelve
(12) months after the termination of your Continuous Service due to your
Disability;

 

c.  eighteen
(18) months after your death if you die either during your Continuous Service or
within three (3) months after your Continuous Service terminates;

 

d.  twelve
(12) months after the termination of your Continuous Service if such termination
occurs as of, or within thirteen (13) months following, the effective time of
such Change in Control;

 

e.  the
Expiration Date indicated in your Grant Notice; or

 

f.  the day
before the tenth (10th) anniversary of the Date of Grant.

 

If your
option is an Incentive Stock Option, note that to obtain the federal income tax
advantages associated with an Incentive Stock Option, the Code requires that at
all times beginning on the date of grant of your option and ending on the day
three (3) months before the date of your option’s exercise, you must be an
employee of the Company or an Affiliate, except in the event of your death or
your permanent and total disability, as defined in Section 22(e) of the Code.
(The definition of disability in Section 22(e) of the Code is different from the
definition of the Disability under the Plan). The Company has provided for
extended exercisability of your option under certain circumstances for your
benefit but cannot guarantee that your option will necessarily be treated as an
Incentive Stock Option if you continue to provide services to the Company or an
Affiliate as a Consultant or Director after your employment terminates or if you
otherwise exercise your option more than three (3) months after the date your
employment with the Company or an Affiliate terminates.

 

3

8.  Exercise.

 

a.  You may
exercise the vested portion of your option (and the unvested portion of your
option if your Grant Notice so permits) during its term by delivering a Notice
of Exercise (in a form designated by the Company) together with the exercise
price to the Secretary of the Company, or to such other person as the Company
may designate, during regular business hours, together with such additional
documents as the Company may then require.

 

b.  By
exercising your option you agree that, as a condition to any exercise of your
option, the Company may require you to enter into an arrangement providing for
the payment by you to the Company of any tax withholding obligation of the
Company arising by reason of (1) the exercise of your option, (2) the lapse of
any substantial risk of forfeiture to which the shares of Common Stock are
subject at the time of exercise, or (3) the disposition of shares of Common
Stock acquired upon such exercise.

 

c.  If your
option is an Incentive Stock Option, by exercising your option you agree that
you will notify the Company in writing within fifteen (15) days after the date
of any disposition of any of the shares of the Common Stock issued upon exercise
of your option that occurs within two (2) years after the date of your option
grant or within one (1) year after such shares of Common Stock are transferred
upon exercise of your option.

 

9.  Transferability. Your
option is not transferable, except by will or by the laws of descent and
distribution, and is exercisable during your life only by you. Notwithstanding
the foregoing, by delivering written notice to the Company, in a form
satisfactory to the Company, you may designate a third party who, in the event
of your death, shall thereafter be entitled to exercise your
option.

 

10.  Option
not a Service Contract. Your
option is not an employment or service contract, and nothing in your option
shall be deemed to create in any way whatsoever any obligation on your part to
continue in the employ of the Company or an Affiliate, or of the Company or an
Affiliate to continue your employment. In addition, nothing in your option shall
obligate the Company or an Affiliate, their respective stockholders, Boards of
Directors, Officers or Employees to continue any relationship that you might
have as a Director or Consultant for the Company or an Affiliate.

 

11.  Withholding
Obligations.

 

a.  At the
time you exercise your option, in whole or in part, or at any time thereafter as
requested by the Company, you hereby authorize withholding from payroll and any
other amounts payable to you, and otherwise agree to make adequate provision for
(including by means of a “cashless exercise” pursuant to a program developed
under Regulation T as promulgated by the Federal Reserve Board to the extent
permitted by the Company), any sums required to satisfy the federal, state,
local and foreign tax withholding obligations of the Company or an Affiliate, if
any, which arise in connection with the exercise of your option.

 

4

b.  Upon your
request and subject to approval by the Company, in its sole discretion, and
compliance with any applicable legal conditions or restrictions, the Company may
withhold from fully vested shares of Common Stock otherwise issuable to you upon
the exercise of your option a number of whole shares of Common Stock having a
Fair Market Value, determined by the Company as of the date of exercise, not in
excess of the minimum amount of tax required to be withheld by law (or such
lower amount as may be necessary to avoid variable award accounting). If the
date of determination of any tax withholding obligation is deferred to a date
later than the date of exercise of your option, share withholding pursuant to
the preceding sentence shall not be permitted unless you make a proper and
timely election under Section 83(b) of the Code, covering the aggregate number
of shares of Common Stock acquired upon such exercise with respect to which such
determination is otherwise deferred, to accelerate the determination of such tax
withholding obligation to the date of exercise of your option. Notwithstanding
the filing of such election, shares of Common Stock shall be withheld solely
from fully vested shares of Common Stock determined as of the date of exercise
of your option that are otherwise issuable to you upon such exercise. Any
adverse consequences to you arising in connection with such share withholding
procedure shall be your sole responsibility.

 

c.  You may
not exercise your option unless the tax withholding obligations of the Company
and/or any Affiliate are satisfied. Accordingly, you may not be able to exercise
your option when desired even though your option is vested, and the Company
shall have no obligation to issue a certificate for such shares of Common Stock
or release such shares of Common Stock from any escrow provided for herein
unless such obligations are satisfied.

 

12.  Notices. Any
notices provided for in your option or the Plan shall be given in writing and
shall be deemed effectively given upon receipt or, in the case of notices
delivered by mail by the Company to you, five (5) days after deposit in the
United States mail, postage prepaid, addressed to you at the last address you
provided to the Company.

 

13.  Governing
Plan Document. Your
option is subject to all the provisions of the Plan, the provisions of which are
hereby made a part of your option, and is further subject to all
interpretations, amendments, rules and regulations, which may from time to time
be promulgated and adopted pursuant to the Plan. In the event of any conflict
between the provisions of your option and those of the Plan, the provisions of
the Plan shall control.

 

 

5

Notice
Of Exercise

 

 

Volterra
Semiconductor Corporation

3839
Spinnaker Court

Fremont, CA 94538-6537

 

Date of
Exercise: _______________

 

Ladies
and Gentlemen:

 

This
constitutes notice under my stock option that I elect to purchase the number of
shares for the price set forth below.

 

	
      Type
      of option (check one): 

       
	
       ̈
      Incentive 

       
	
       ̈
      Nonstatutory

       

	
      Stock
      option dated:

       
	
      _______________

       
	 
	
      Number
      of shares as

       

      to
      which option is

       

      exercised:

       
	
      _______________

       
	 
	
      Certificates
      to be

       

      issued
      in name of:

       
	
      _______________

       
	 
	
      Total
      exercise price:

       
	
      $______________

       
	 
	
      Cash
      payment delivered

       

      herewith:

       
	
      $______________

       
	 
	
      Value
      of ________ shares of

       

      Volterra Semiconductor Corporation Common Stock delivered
      herewith(1) :

       
	
      $______________

       
	 
	
      [Promissory
      note delivered

       

      herewith:

       
	
      $______________]

       
	 

 

By this
exercise, I agree (i) to provide such additional documents as you may
require pursuant to the terms of the Volterra Semiconductor Corporation 2004
Equity Incentive Plan, (ii) to provide for the payment by me to you (in the
manner designated by you) of your withholding obligation, if any, relating to
the exercise of this option, and (iii) if this exercise relates to an incentive
stock option, to notify you in writing within fifteen days after the date of any
disposition of any of the shares of Common Stock issued upon exercise of this
option that occurs within two (2) years after the date of grant of this option
or within one (1) year after such shares of Common Stock are issued upon
exercise of this option.

 

 

Very
truly yours,

 

 

(1)
Shares must meet the public trading requirements set forth in the option. Shares
must be valued in accordance with the terms of the option being exercised, must
have been owned for the minimum period required in the option, and must be owned
free and clear of any liens, claims, encumbrances or security interests.
Certificates must be endorsed or accompanied by an executed assignment separate
from certificate.

 

Volterra
Semiconductor Corporation

Restricted
Stock Purchase Award

Grant
Notice

 

(2004
Equity Incentive Plan)

 

Volterra
Semiconductor Corporation (the “Company”), pursuant to its 2004 Equity Incentive
Plan (the “Plan”), hereby grants to Participant the right to purchase the number
of shares of the Company’s Common Stock set forth below (“Award”). This Award is
subject to all of the terms and conditions as set forth herein and in the
Restricted Stock Purchase Agreement, the Plan, the form of Assignment Separate
from Certificate and the form of Joint Escrow Instructions, all of which are
attached hereto and incorporated herein in their entirety.

 

	 Participant:	 ____________________________________
	 Date of Grant: 	 ____________________________________
	 Vesting Commencement Date:  	 ____________________________________
	 Number of Shares Subject to
      Award: 	 ____________________________________
	 Purchase Price per Share:  	 ____________________________________
	 Total Purchase Price: 	 ____________________________________
	 Closing Date: 	 ____________________________________
	 	 
	 Vesting Schedule:
      	 ____________________________________
	 	 
	 Payment: 	 ____________________________________

  

Additional
Terms/Acknowledgements: The
undersigned Participant acknowledges receipt of, and understands and agrees to,
this Grant Notice, the Restricted Stock Purchase Agreement and the Plan.
Participant further acknowledges that as of the Date of Grant, this Grant
Notice, the Restricted Stock Purchase Agreement and the Plan set forth the
entire understanding between Participant and the Company regarding the
acquisition of stock in the Company and supersede all prior oral and written
agreements on that subject with the exception of (i) Awards previously granted
and delivered to Participant under the Plan, and (ii) the following
agreements only:

 

	 Other
      Agreements:	  ____________________________________
	 	  ____________________________________
	 	 

  

 

	 Volterra Semiconductor
      Corporation	 Participant:
	 	 
	 By:
      _____________________________________	 _____________________________________
	
       Signature
	
       Signature

	 Title: 
      _____________________________________	 
	
       Date: _____________________________________
	 Date: _____________________________________

 

Attachments:
 Restricted
Stock Purchase Agreement, 2004 Equity Incentive Plan, form of Assignment
Separate from Certificate and form of Joint Escrow Instructions

 

Attachment
I

 

Restricted
Stock Purchase Agreement

 

 

Attachment
II

 

2004
Equity Incentive Plan

 

 

Attachment
III

 

Form
of Assignment Separate from Certificate 

 

 

Attachment
IV

 

Form
of Joint Escrow Instructions

 

 

 

Volterra
Semiconductor Corporation

2004
Equity Incentive Plan

 

Restricted
Stock Purchase Agreement

 

Volterra
Semiconductor Corporation (the “Company”) wishes to sell to you, and you wish to
purchase, shares of Common Stock from the Company, pursuant to the provisions of
the Company’s 2004 Equity Incentive Plan (the “Plan”). 

 

Therefore,
pursuant to the terms of the Restricted Stock Purchase Award Grant Notice
(“Grant Notice”) and this Restricted Stock Purchase Agreement (“Agreement”)
(collectively, the “Award”), the Company grants you the right to purchase the
number of shares of Common Stock indicated in the Grant Notice. Defined terms
not explicitly defined in this Agreement but defined in the Plan shall have the
same definitions as in the Plan.

 

The
details of your Award are as follows:

 

1.  Agreement
to Purchase. You
hereby
agree to purchase from the Company, and the Company hereby agrees to sell to
you, the aggregate number of shares of Common Stock specified in your Grant
Notice at the specified Purchase Price per Share. You may
not purchase less than the aggregate number of shares specified in the Grant
Notice.

 

2.  Closing.
The
purchase and sale of the shares shall be consummated as follows:

 

a.  You may
purchase the shares by delivering on the Closing Date specified in the Grant
Notice (or at
such other time and place as you and the Company may mutually agree upon in
writing) such
documents as the Company may then require.

 

b.  You agree
to execute three (3) copies of the Assignment Separate From Certificate (with
date and number of shares blank) substantially in the form attached to the Grant
Notice as Attachment III and to execute Joint Escrow Instructions substantially
in the form attached to the Grant Notice as Attachment IV and to deliver the
same to the Company on the Closing Date, along with the certificate or
certificates evidencing the shares, for use by the Escrow Agent pursuant to the
terms of the Joint Escrow Instructions.

 

3.  Method
of Payment. You
shall make or have made payment of the Purchase Price by provision of services
to the Company.

 

4.  Vesting. Subject
to the limitations contained herein, the shares you purchase will vest as
provided in your Grant Notice, provided that vesting will cease upon the
termination of your Continuous Service.

 

5.  Number
of Shares and Purchase Price. The
number of shares of Common Stock subject to your Award and your Purchase
Price per
Share referenced in your Grant Notice may be adjusted from time to time for
Capitalization Adjustments.

 

1

6.  Securities
Law Compliance.
Notwithstanding anything to the contrary contained herein, you may not purchase
any shares of Common Stock under your Award unless the shares of Common Stock
issuable upon such purchase are then registered under the Securities Act or, if
such shares of Common Stock are not then so registered, the Company has
determined that such purchase and issuance would be exempt from the registration
requirements of the Securities Act. The purchase of shares under your Award also
must comply with other applicable laws and regulations governing your Award, and
you may not purchase such shares if the Company determines that such purchase
would not be in material compliance with such laws and regulations.

 

7.  Unvested
Share Repurchase Option

 

a.  Repurchase
Option. In the
event your Continuous Service terminates, then the Company shall have an
irrevocable option (the “Repurchase Option”) for a period of ninety (90) days
after said termination, or such longer period as may be agreed to by you and the
Company, to repurchase from you or your personal representative, as the case may
be, those shares of Common Stock that you purchased pursuant to this Agreement
that have not as yet vested as of such termination date in accordance with the
Vesting Schedule indicated on your Grant Notice (the
“Unvested Shares”). 

 

b.  Shares
Repurchasable at the Lower of your Original Purchase Price or Fair Market
Value. The
Company may repurchase all or any of the Unvested Shares at a price equal to the
lower of your Purchase Price for such shares as
indicated on your Grant Notice or the Fair Market Value of the Unvested Shares
on the date of repurchase.

 

8.  Exercise
of Repurchase Option.
The
Repurchase Option shall be exercised by written notice signed by such person
designated by the Company and delivered or mailed as provided herein. Such
notice shall identify the number of shares of Common Stock to be purchased and
shall notify you of the time, place and date for settlement of such purchase,
which shall be scheduled by the Company within the term of the Repurchase Option
set forth above. The Company shall be entitled to pay for any shares of Common
Stock purchased pursuant to its Repurchase Option at the Company’s option in
cash or by offset against any indebtedness owing to the Company by you
(including without limitation any Promissory Note given in payment for the
Common Stock), or by a combination of both. Upon delivery of such notice and
payment of the purchase price in any of the ways described above, the Company
shall become the legal and beneficial owner of the Common Stock being
repurchased and all rights and interest therein or related thereto, and the
Company shall have the right to transfer to its own name the Common Stock being
repurchased by the Company, without further action by you.

 

9.  Capitalization
Adjustments to Common Stock. In the
event of a Capitalization Adjustment, then any and all new, substituted or
additional securities or other property to which you are entitled by reason of
your ownership of Common Stock shall be immediately subject to the Repurchase
Option and be included in the word “Common Stock” for all purposes of the
Repurchase Option with the same force and effect as the shares of the Common
Stock presently subject to the Repurchase Option, but only to the extent the
Common Stock is, at the time, covered by such Repurchase Option. While the total
price payable upon exercise of the Repurchase Option shall remain the same after
each such event, the price per share payable upon exercise of the Repurchase
Option shall be appropriately adjusted.

 

2

10.  Corporate
Transactions. In the
event of a Corporate Transaction, the Repurchase Option may be assigned by the
Company to the successor of the Company (or such successor’s parent company), if
any, in connection with such Corporate Transaction. To the extent the Repurchase
Option remains in effect following such Corporate Transaction, it shall apply to
the new capital stock or other property received in exchange for the Common
Stock in consummation of the Corporate Transaction, but only to the extent the
Common Stock was at the time covered by such right. Appropriate adjustments
shall be made to the price per share payable upon exercise of the Repurchase
Option to reflect the effect of the Corporate Transaction upon the Company’s
capital structure; provided, however that the aggregate price payable upon
exercise of the Repurchase Option shall remain the same.

 

11.  Escrow
of Unvested Common Stock. As
security for your faithful performance of the terms of this Agreement and to
insure the availability for delivery of your Common Stock upon exercise of the
Repurchase Option herein provided for, you agree, at the closing hereunder, to
deliver to and deposit with the Secretary of the Company or the Secretary’s
designee (“Escrow Agent”), as Escrow Agent in this transaction, three (3) stock
assignments duly endorsed (with date and number of shares left blank) in the
form attached to the Grant Notice as Attachment III, together with a certificate
or certificates evidencing all of the Common Stock subject to the Repurchase
Option; said documents are to be held by the Escrow Agent and delivered by said
Escrow Agent pursuant to the Joint Escrow Instructions of you and the Company
set forth in Attachment IV to the Grant Notice, which instructions also shall be
delivered to the Escrow Agent at the closing hereunder.

 

12.  Rights
as Stockholder. Subject
to the provisions of this Agreement, you shall exercise all rights and
privileges of a stockholder of the Company with respect to the shares
deposited in
escrow. You shall be deemed to be the holder of the shares for purposes of
receiving any dividends that may be paid with respect to such shares and for
purposes of exercising any voting rights relating to such shares, even if some
or all of the shares have not yet vested and been released from the Company’s
Repurchase Option.

 

13.  Limitations
on Transfer.
In
addition to any other limitation on transfer created by applicable securities
laws, you shall not sell, assign, hypothecate, donate, encumber or otherwise
dispose of any interest in the Common Stock while the Common Stock is subject to
the Repurchase Option. After any Common Stock has been released from the
Repurchase Option, you shall not sell, assign, hypothecate, donate, encumber or
otherwise dispose of any interest in the Common Stock except in compliance with
the provisions herein and applicable securities laws.

 

14.  Restrictive
Legends.
All
certificates representing the Common Stock shall have endorsed thereon legends
in substantially the following forms (in addition to any other legend which may
be required by other agreements between the parties hereto):

 

a.  “THE
SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO AN OPTION SET FORTH IN AN
AGREEMENT BETWEEN THE COMPANY AND THE REGISTERED HOLDER, OR SUCH HOLDER’S
PREDECESSOR IN INTEREST, A COPY OF WHICH IS ON FILE AT THE PRINCIPAL OFFICE OF
THIS COMPANY. ANY TRANSFER OR ATTEMPTED TRANSFER OF ANY SHARES SUBJECT TO SUCH
OPTION IS VOID WITHOUT THE PRIOR EXPRESS WRITTEN CONSENT OF THE
COMPANY.”

 

3

b.  Any
legend required by appropriate blue sky officials.

 

15.  Transferability. Your
Award is not transferable except by will or by the laws of descent and
distribution and shall be exercisable during your lifetime only by
you.

 

16.  Right
of Repurchase. To the
extent provided in the Company’s bylaws in effect at such time the Company
elects to exercise its right, the Company shall have the right to repurchase all
or any part of the shares of Common Stock that have been released from the
Company’s Repurchase Option.

 

17.  Award
not a Service Contract. Your
Award is not an employment or service contract, and nothing in your Award shall
be deemed to create in any way whatsoever any obligation on your part to
continue in the employ of the Company or an Affiliate, or of the Company or an
Affiliate to continue your employment. In addition, nothing in your Award shall
obligate the Company or an Affiliate, their respective stockholders, Boards of
Directors, officers or Employees to continue any relationship that you might
have as a director or Consultant for the Company or an Affiliate.

 

18.  Withholding
Obligations. 

 

a.  At the
time your Award is granted, or at any time thereafter as requested by the
Company, you hereby authorize withholding from payroll and any other amounts
payable to you, and otherwise agree to make adequate provision for, any sums
required to satisfy the federal, state, local and foreign tax withholding
obligations of the Company or an Affiliate, if any, which arise in connection
with your Award.

 

b.  Unless
the tax withholding obligations of the Company or any Affiliate are satisfied,
the Company shall have no obligation to issue a certificate for such shares or
release such shares from any escrow provided for herein.

 

19.  Tax
Consequences.  The
acquisition and vesting of the shares of Common Stock purchased pursuant to your
Award may have adverse tax consequences to you that may avoided or mitigated by
filing an election under Section 83(b) of the Code. Such election must be filed
within thirty (30) days after the date you purchase the shares pursuant to your
Award. YOU ACKNOWLEDGE THAT IT IS YOUR RESPONSIBILITY, AND NOT THE COMPANY’S, TO
FILE A TIMELY ELECTION UNDER CODE SECTION 83(B), EVEN IF YOU REQUEST THE COMPANY
TO MAKE THE FILING ON YOUR BEHALF.

 

20.  Notices. Any
notices provided for in your Award or the Plan shall be given in writing and
shall be deemed effectively given upon receipt or, in the case of notices
delivered by mail by the Company to you, five (5) days after deposit in the
United States mail, postage prepaid, addressed to you at the last address you
provided to the Company.

 

4

21.  Miscellaneous.

 

a.  The
rights and obligations of the Company under your Award shall be transferable to
any one or more persons or entities, and all covenants and agreements hereunder
shall inure to the benefit of, and be enforceable by the Company’s successors
and assigns. Your rights and obligations under your Award may only be assigned
with the prior written consent of the Company. 

 

b.  You agree
upon request to execute any further documents or instruments necessary or
desirable in the sole determination of the Company to carry out the purposes or
intent of your Award.

 

c.  You
acknowledge and agree that you have reviewed your Award in its entirety, have
had an opportunity to obtain the advice of counsel prior to executing and
accepting your Award and fully understand all provisions of your
Award.

 

22.  Governing
Plan Document. Your
Award is subject to all the provisions of the Plan, the provisions of which are
hereby made a part of your Award, and is further subject to all interpretations,
amendments, rules and regulations which may from time to time be promulgated and
adopted pursuant to the Plan. In the event of any conflict between the
provisions of your Award and those of the Plan, the provisions of the Plan shall
control.

 

 

5

ASSIGNMENT
SEPARATE FROM CERTIFICATE

For
Value Received and
pursuant to that certain Restricted Stock Purchase Award Grant Notice dated
___________ and the related Restricted Stock Purchase Agreement by and between
the undersigned and Volterra Semiconductor Corporation, a Delaware corporation
(“Assignee”) (collectively, the “Award”), _______________ hereby
sells, assigns and transfers unto Assignee,
_____________________________________ (__________) shares of the Common Stock of
the Assignee, standing in the undersigned’s name on the books of said
corporation represented by Certificate No. _____ herewith and does hereby
irrevocably constitute and appoint Assignee’s Secretary as attorney-in-fact to
transfer the said stock on the books of the within named Assignee with full
power of substitution in the premises. This
Assignment may be used only in accordance with and
subject to the terms and conditions of the Award, in connection with the
reacquisition of shares of Common Stock of the Assignee issued to the
undersigned pursuant to the Award, and only to the extent that such shares
remain subject to the Assignee’s Repurchase Option under the Award.

Dated:______________________________
    

Signature:
__________________________________________________

_____________,
Recipient

 

[Instruction: Please
do not fill in any blanks other than the signature line. The purpose of this
Assignment is to enable the Assignee to exercise its Repurchase Option set forth
in the Award without requiring additional signatures on your part.]

 

JOINT
ESCROW INSTRUCTIONS

___________,
____

Corporate
Secretary

Volterra
Semiconductor Corporation

3839
Spinnaker Court

Fremont,
CA 94538

 

Dear
Sir:

 

As Escrow
Agent for both Volterra Semiconductor Corporation, a Delaware corporation (the
“Company”), and the undersigned recipient of stock of the Company (“Recipient”),
you are hereby authorized and directed to hold the documents delivered to you
pursuant to the terms of that certain Restricted Stock Purchase Award Grant
Notice (the “Grant Notice”), dated ___________, ____ to which a copy of these
Joint Escrow Instructions is attached as Attachment IV, and
pursuant to the terms of that certain Restricted Stock Purchase
Agreement (“Agreement”), which is Attachment I to the Grant Notice, in
accordance with the following instructions:

 

1.  In the
event the Company or an assignee shall elect to exercise the Repurchase Option
set forth in the Agreement, the Company or its assignee will give to Recipient
and you a written notice specifying the number of shares of stock to be
purchased and the time and place for a closing thereunder. Recipient and the
Company hereby irrevocably authorize and direct you to close the transaction
contemplated by such notice in accordance with the terms of said
notice.

 

2.  At the
closing, you are directed (a) to date the stock assignments necessary for the
transfer in question, (b) to fill in the number of shares being transferred, and
(c) to deliver the same, together with the certificate evidencing the shares of
stock to be transferred, to the Company against the simultaneous delivery to you
of the purchase price (which may include suitable acknowledgment of cancellation
of indebtedness) for the number of shares of stock being purchased pursuant to
the exercise of the Repurchase Option.

 

3.  Recipient
irrevocably authorizes the Company to deposit with you any certificates
evidencing shares of stock to be held by you hereunder and any additions and
substitutions to said shares as specified in the Agreement. Recipient does
hereby irrevocably constitute and appoint you as his attorney-in-fact and agent
for the term of this escrow to execute with respect to such securities and other
property all documents necessary or appropriate to make such securities
negotiable and complete any transaction herein contemplated, including but not
limited to any appropriate filing with state or government officials or bank
officials. 

 

4.  This
escrow shall terminate upon the exercise in full or expiration of the Repurchase
Option, whichever occurs first.

 

5.  If at the
time of termination of this escrow you should have in your possession any
documents, securities, or other property belonging to Recipient, you shall
deliver all of the same to Recipient and shall be discharged of all further
obligations hereunder; provided, however, that if at the time of termination of
this escrow you are advised by the Company that any property subject to this
escrow is the subject of a pledge or other security agreement, you shall deliver
all such property to the pledgeholder or other person designated by the
Company.

 

6.  Except as
otherwise provided in these Joint Escrow Instructions, your duties hereunder may
be altered, amended, modified or revoked only by a writing signed by all of the
parties hereto.

 

7.  You shall
be obligated only for the performance of such duties as are specifically set
forth herein and may rely and shall be protected in relying or refraining from
acting on any instrument reasonably believed by you to be genuine and to have
been signed or presented by the proper party or parties. You shall not be
personally liable for any act you may do or omit to do hereunder as Escrow Agent
or as attorney-in-fact for Recipient while acting in good faith, and any act
done or omitted by you pursuant to the advice of your own attorneys shall be
conclusive evidence of such good faith.

 

1

8.  You are
hereby expressly authorized to disregard any and all warnings given by any of
the parties hereto or by any other person or corporation, excepting only orders
or process of courts of law, and are hereby expressly authorized to comply with
and obey orders, judgments or decrees of any court. In case you obey or comply
with any such order, judgment or decree of any court, you shall not be liable to
any of the parties hereto or to any other person, firm or corporation by reason
of such compliance, notwithstanding any such order, judgment or decree being
subsequently reversed, modified, annulled, set aside, vacated or found to have
been entered without jurisdiction.

 

9.  You shall
not be liable in any respect on account of the identity, authorities or rights
of the parties executing or delivering or purporting to execute or deliver these
Joint Escrow Instructions or documents or papers deposited or called for
hereunder.

 

10.  You shall
not be liable for the outlawing of any rights under any statute of limitations
with respect to these Joint Escrow Instructions or any documents deposited with
you.

 

11.  Your
responsibilities as Escrow Agent hereunder shall terminate if you shall cease to
be Secretary of the Company or if you shall resign by written notice to each
party. In the event of any such termination, the Secretary of the Company shall
automatically become the successor Escrow Agent unless the Company shall appoint
another officer or assistant officer of the Company as successor Escrow Agent,
and Recipient hereby confirms the appointment of such successor as his
attorney-in-fact and agent to the full extent of your appointment.

 

12.  If you
reasonably require other or further instruments in connection with these Joint
Escrow Instructions or obligations in respect hereto, the necessary parties
hereto shall join in furnishing such instruments.

 

13.  It is
understood and agreed that should any dispute arise with respect to the delivery
and/or ownership or right of possession of the securities held by you hereunder,
you are authorized and directed to retain in your possession without liability
to anyone all or any part of said securities until such dispute shall have been
settled either by mutual written agreement of the parties concerned or by a
final order, decree or judgment of a court of competent jurisdiction after the
time for appeal has expired and no appeal has been perfected, but you shall be
under no duty whatsoever to institute or defend any such
proceedings.

 

14.  All
notices required or permitted hereunder shall be in writing and shall be deemed
effectively given: (a) upon personal delivery to the party to be notified, (b)
when sent by confirmed telex or facsimile if sent during normal business hours
of the recipient, and if not during normal business hours of the recipient, then
on the next business day, (c) five (5) calendar days after having been sent by
registered or certified mail, return receipt requested, postage prepaid, or (d)
one (1) business day after deposit with a nationally recognized overnight
courier, specifying next day delivery, with written verification of receipt. All
communications shall be sent to the other parties hereto at such party’s address
set forth below, or at such other address as such party may designate by ten
(10) days advance written notice to the other parties hereto.

 

2

	
      Company:
	
      Volterra
      Semiconductor Corporation

      3839
      Spinnaker Court

      Fremont,
      CA 94538

      Attn:
      Chief Financial Officer

	
      Recipient:
	
      [Name]

      [Address]

	
      Escrow
      Agent:
	
      Volterra
      Semiconductor Corporation

      3839
      Spinnaker Court

      Fremont,
      CA 94538

      Attn:
      Corporate Secretary

15.  By
signing these Joint Escrow Instructions, you become a party hereto only for the
purpose of said Joint Escrow Instructions; you do not become a party to the
Grant Notice.

 

16.  You shall
be entitled to employ such legal counsel and other experts (including, without
limitation, the firm of Cooley Godward llp) as you
may deem necessary properly to advise you in connection with your obligations
hereunder. You may rely upon the advice of such counsel, and you may pay such
counsel reasonable compensation therefor. The Company shall be responsible for
all fees generated by such legal counsel in connection with your obligations
hereunder.

 

17.  This
instrument shall be binding upon and inure to the benefit of the parties hereto
and their respective successors and permitted assigns. It is understood and
agreed that references to “you” and “your” herein refer to the original Escrow
Agent and to any and all successor Escrow Agents. It is understood and agreed
that the Company may at any time or from time to time assign its rights under
the Grant Notice and these Joint Escrow Instructions in whole or in
part.

 

18.  These
Joint Escrow Instructions shall be governed by and interpreted and determined in
accordance with the laws of the State of California, as such laws are applied by
California courts to contracts made and to be performed entirely in California
by residents of that state.

 

Very truly yours,

 

	 	 	 
	 	Volterra
      Semiconductor Corporation
	 
 	 
 	 
 
		By:  	
	 	
      

      [Name]

      [Title]

	 	
	 	 
      Recipient

	 	 
	 	 
      

      [Name]

	 Escrow Agent:	 
	 	 
	 
      

      [Name]
	 

 

 

 

3

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