Document:

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                                                                    Exhibit 10.3

                                  NETGEAR, INC.

                              EMPLOYMENT AGREEMENT

         This Agreement is entered into as of OCTOBER 18, 2004, (the "EFFECTIVE
DATE") by and between NETGEAR, Inc. (the "Company"), and Albert Liu
("Executive").

     1.       Duties and Scope of Employment.

         (a) Positions and Duties. As of the Effective Date, Executive will
serve as GENERAL COUNSEL of the Company. Executive will render such business and
professional services in the performance of his duties, consistent with
Executive's position within the Company, as shall reasonably be assigned to him
by the Company's Chief Financial Officer and/or Board of Directors (the
"BOARD"). The period of Executive's employment under this Agreement is referred
to herein as the "EMPLOYMENT TERM."

         (b) Obligations. During the Employment Term, Executive will perform his
duties faithfully and to the best of his ability and will devote his full
business efforts and time to the Company. For the duration of the Employment
Term, Executive agrees not to actively engage in any other employment,
occupation or consulting activity for any direct or indirect remuneration
without the prior approval of the Board.

     2.       At-Will Employment. The parties agree that Executive's employment
with the Company will be "at-will" employment and may be terminated at any time
with or without cause or notice. Executive understands and agrees that neither
his job performance nor promotions, commendations, bonuses or the like from the
Company give rise to or in any way serve as the basis for modification,
amendment, or extension, by implication or otherwise, of his employment with the
Company.

     3.       Compensation.

         (a) Base Salary. During the Employment Term, the Company will pay
Executive as compensation for his services a base salary at the annualized rate
of ONE HUNDRED AND EIGHTY THOUSAND DOLLARS ($180,000.00) (the "BASE SALARY").
The Base Salary will be paid periodically in accordance with the Company's
normal payroll practices and be subject to the usual, required withholding.
Executive's salary will be reviewed by the Company from time to time (but no
more frequently than annually), and may be subject to adjustment based upon
various factors including, but not limited to, Executive's performance and the
Company's profitability. Any adjustment to Executive's salary shall be in the
sole discretion of the Company.

         (b) MBO Bonus. Executive will be eligible to receive an annual target
bonus of up to Forty percent (40%) per year based upon the Company's achievement
of

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various financial and/or other goals established by the Board. All MBO bonuses
will be subject to applicable withholding and taxes.

         (c) Stock Option. Following Executive's written acceptance of these
terms and subject to the approval of the Board, Executive will be granted an
option, subject to the Board's approval, to purchase 50,000 (Fifty Thousand) of
the fully diluted post February 2002 private placement outstanding shares (post
split) of the Company's common stock under the Company's stock option plan at an
exercise price as approved by the Board (the "OPTION"). The vesting of the
Option will be as follows: the option will vest over a four year period with 25%
of the shares vesting on the first anniversary of the date you commence
employment with the Company, and 1/48th of the shares vesting monthly for three
years thereafter. The Option will be subject to the terms, definitions and
provisions of the Company's 2003 Stock Plan (the "OPTION PLAN") and the stock
option agreement by and between Executive and the Company (the "OPTION
AGREEMENT"), both of which documents are incorporated herein by reference.

     4.       Employee Benefits. During the Employment Term, Executive will be
entitled to participate in the employee benefit plans currently and hereafter
maintained by the Company of general applicability to other senior executives of
the Company, including, without limitation, the Company's group medical, dental,
vision, and disability plans. The Company reserves the right to cancel or change
the benefit plans and programs it offers to its employees at any time.

     5.       Expenses. The Company will reimburse Executive for reasonable
travel, entertainment or other expenses incurred by Executive in the furtherance
of or in connection with the performance of Executive's duties hereunder, in
accordance with the Company's expense reimbursement policy as in effect from
time to time.

     6.       Severance.

         (a) Involuntary Termination. If Executive's employment with the Company
terminates other than voluntarily or for "Cause" (as defined in Paragraph 9 of
this Agreement), and Executive signs and does not revoke a standard release of
claims with the Company, then, Executive shall be entitled to receive severance
payments at Executive's final base salary rate, less applicable withholding,
until thirteen (13) weeks after the date of termination without Cause. Severance
payments will be made in accordance with the Company's normal payroll
procedures. During the period in which Executive is receiving severance
payments, Company will reimburse Executive and his family for COBRA premiums,
assuming Executive remains eligible during the entire Severance Period. In
addition, if Executive's employment terminates other than voluntarily or for
"Cause" (as defined herein), Executive will be entitled to continue to have
stock options vest during the three month period immediately following the date
of such termination.

     7.       Voluntary Termination; Termination for Cause. If Executive's
employment with the Company terminates voluntarily by Executive or for Cause by
the
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Company, then all vesting of the Option and all other options granted to
Executive will terminate immediately and all payments of compensation by the
Company to Executive hereunder and all obligations with respect thereto
(including, without limitations, with respect to base salary, bonuses, employee
benefits, relocation and temporary living reimbursements and other expense
reimbursements) will terminate immediately (except as to amounts already
earned).

     8.       Change of Control/Good Reason.

         (a) If within one year following any Change of Control (as defined
below) Executive's employment is terminated without Cause or voluntarily by
Executive for Good Reason, Executive will receive two years acceleration of any
unvested portion of the Option.

         (b) For purposes of this Agreement, a "CHANGE OF CONTROL" of the
Company shall be deemed to have occurred if at any time after the Effective
Date:

                  (i) any "person" (as such term is used to Sections 13(d) and
14(d) of the Securities Exchange Act of 1934, as amended (the "EXCHANGE ACT")),
other than a trustee or other fiduciary holding securities of the Company under
an employee benefit plan of the Company and other than Nortel Networks
Corporation and its affiliates, becomes the "beneficial owner" (as defined in
Rule 13d-3 promulgated under the Exchange Act), directly or indirectly, of
securities of the Company representing 50% or more of (A) the outstanding shares
of common stock of the company or (B) the combined voting power of the Company's
then-outstanding securities entitled to vote generally in the election of
directors; or

                  (ii) the Company (A) is party to a merger, consolidation or
exchange of securities which results in the holders of voting securities of the
Company outstanding immediately prior thereto failing to continue to hold at
least 50% of the combined voting power of the voting securities of the Company,
the surviving entity or a parent of the surviving entity outstanding immediately
after such merger, consolidation or exchange, or (B) sells or disposes of all or
substantially all of the Company's assets (or any transaction having similar
effect is consummated), or (C) the individuals constituting the Board
immediately prior to such merger, consolidation, exchange, sale or disposition
shall cease to constitute at least 50% of the Board, unless the election of each
director who was not a director prior to such merger, consolidation, exchange,
sale or disposition was approved by a vote of at least two-thirds of the
directors then in office who were directors prior to such merger, consolidation,
exchange, sale or disposition.

         (c) For purposes of this Agreement, "GOOD REASON" means any of the
following conditions, which condition(s) remain(s) in effect 10 days after
written notice to the Board from you of such condition(s):

                  (i) a material decrease in your target annual compensation; or
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                  (ii) a material, adverse change in your authority,
responsibilities or duties, as measured against your authority, responsibilities
or duties immediately prior to such change.

                  (iii) notwithstanding the foregoing, for the purposes of this
Agreement in no event will you have Good Reason to resign due merely to a change
of title or a change in your reporting caused by a change of control or
discontinuance or modification of any duties and responsibilities solely related
to the operation of a public company.

     9.       Definition of Cause. For purposes of this Agreement, "CAUSE" is
defined as (i) an act of dishonesty made by Executive in connection with
Executive's responsibilities as an employee, (ii) Executive's conviction of, or
plea of nolo contendere to, a felony, (iii) Executive's gross misconduct, or
(iv) Executive's continued violation of his employment duties after Executive
has received a written demand for performance from the Company which
specifically sets forth the factual basis for the Company's belief that
Executive has not substantially performed his duties.

     10.      Confidential Information. Executive agrees to enter into the
Company's standard Confidential Information and Invention Assignment Agreement
(the "CONFIDENTIAL INFORMATION AGREEMENT") upon commencing employment hereunder,
and to abide by its terms during and after his employment with the Company.

     11.      Non-Solicitation. Until the date one (1) year after the
termination of Executive's employment with the Company for any reason, Executive
agrees and acknowledges that Executive's right to receive the severance payments
set forth in Section 6 (to the extent Executive is otherwise entitled to such
payments) shall be conditioned upon Executive not either directly or indirectly
soliciting, inducing, attempting to hire, recruiting, encouraging, taking away,
hiring any employee of the Company or causing an employee to leave his or her
employment either for Executive or for any other entity or person.

     12.      Assignment. This Agreement will be binding upon and inure to the
benefit of (a) the heirs, executors and legal representatives of Executive upon
Executive's death and (b) any successor of the Company. Any such successor of
the Company will be deemed substituted for the company under the terms of this
Agreement for all purposes. For this purpose, "successor" means any person,
firm, corporation or other business entity which at any time, whether by
purchase, merger or otherwise, directly or indirectly acquires all or
substantially all of the assets or business of the Company. None of the rights
of Executive to receive any form of compensation payable pursuant to this
Agreement may be assigned or transferred except by will or the laws of descent
and distribution. Any other attempted assignment, transfer, conveyance or other
disposition of Executive's right to compensation or other benefits will be null
and void.
<PAGE>

     13.      Notices. All notices, requests, demands and other communications
called for hereunder shall be in writing and shall be deemed given (i) on the
date of delivery if delivered personally, (ii) one (1) day after being sent by a
well established commercial overnight service, or (iii) four (4) days after
being mailed by registered or certified mail, return receipt requested, prepaid
and addressed to the parties or their successors at the following addresses, or
at such other addresses as the parties may later designate in writing:

                  If to the Company:

                  NETGEAR, Inc.
                  4500 Great America Parkway
                  Santa Clara, CA 95054
                  Attn: Chief Executive Officer

                  If to Executive:

                  at the last residential address known by the Company.

     14.      Severability. In the event that any provision hereof becomes or is
declared by a court of competent jurisdiction to be illegal, unenforceable or
void, this Agreement will continue in full force and effect without said
provision.

     15.      Co-Employment. Executive acknowledges and agrees that for the
purposes of the provision of human resource services including employee
relations, payroll and the provision of certain employee benefits that the
Company will be in a co-employment relationship with TriNet Employer Group, Inc.
("TRINET"), and to that extent Executive will be in an employment relationship
with the Company and TriNet. Nothing about this paragraph creates any new rights
in your favor, nor any new obligations on the part of either TriNet or the
Company not already contained in, nor otherwise modifies the terms and
conditions of, the Service agreement between the company and TriNet.

     16.      Arbitration.

         (a) General. In consideration of Executive's service to the Company,
its promise to arbitrate all employment related disputes and Executive's receipt
of the compensation, pay raises and other benefits paid to Executive by the
Company, at present and in the future, Executive agrees that any and all
controversies, claims, or disputes with anyone (including the Company and any
employee, officer, director, shareholder or benefit plan of the Company in their
capacity as such or otherwise) arising out of, relating to, or resulting from
Executive's service to the Company under the Agreement or otherwise or the
termination of Executive's service with the Company, including any breach of
this Agreement, shall be subject to binding arbitration under the Arbitration
Rules set forth in California Code of Civil Procedure Section 1280 through
1294.2, including Section 1283.05 (the "RULES") and pursuant to California law.
Disputes which Executive agrees to arbitrate, and thereby agrees to wave any
right to a trial by jury,
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include any statutory claims under state or federal law, including, but not
limited to, claims under Title VII of the Civil Rights Act of 1964, the
Americans with Disabilities Act of 1990, the age Discrimination in Employment
Act of 1967, the Older Workers Benefit Protection Act, the California Fair
Employment and Housing Act, the California Labor Code, claims of harassment,
discrimination or wrongful termination and any statutory claims. Executive
further understands that this Agreement to arbitrate also applies to any
disputes that the Company may have with Executive.

         (b) Procedure. Executive agrees that any arbitration will be
administered by the American Arbitration Association ("AAA") and that a neutral
arbitrator will be selected in a manner consistent with its National Rules for
the Resolution of Employment Disputes. The arbitration proceedings will allow
for discovery according to the rules set forth in the California Code of Civil
Procedure. Executive agrees that the arbitrator shall have the power to decide
any motions brought by any party to the arbitration, including motions for
summary judgment and/or adjudication and motions to dismiss and demurrers, prior
to any arbitration hearing. Executive agrees that the arbitrator shall issue a
written decision on the merits. Executive also agrees that the arbitrator shall
have the power to award any remedies, including attorneys' fees and costs,
available under applicable law. The Parties understand that the Arbitrator shall
issue a written decision in support of his award. Executive understands the
Company will pay for any administrative or hearing fees charged by the
arbitrator or AAA except that Executive shall pay the first $200.00 of any
filing fees associated with any arbitration Executive initiates. Executive
agrees that the arbitrator shall administer and conduct any arbitration in a
manner consistent with the Rules and that to the extent that the AAA's National
Rules for the Resolution of Employment Disputes conflict with the Rules, the
Rules shall take precedence.

         (c) Remedy. Except as provided by the Rules, arbitration shall be the
sole, exclusive and final remedy for any dispute between Executive and the
Company. Accordingly, except as provided for by the Rules, neither Executive nor
the Company will be permitted to pursue court action regarding claims that are
subject to arbitration. Notwithstanding, the arbitrator will not have the
authority to disregard or refuse to enforce any lawful Company policy, and the
arbitrator shall not order or require the Company to adopt a policy not
otherwise required by law which the Company has not adopted.

         (d) Availability of Injunctive Relief. In addition to the right under
the Rules to petition the court for provisional relief, Executive agrees that
any party may also petition the court for injunctive relief where either party
alleges or claims a violation of this Agreement or the Confidentiality Agreement
or any other agreement regarding trade secrets, confidential information,
nonsolicitation or Labor Code Section 2870. In the event either party seeks
injunctive relief, the prevailing party shall be entitled to recover reasonable
costs and attorneys fees.

         (e) Administrative Relief. Executive understands that this Agreement
does not prohibit Executive from pursuing an administrative claim with a local,
state or
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federal administrative body such as the Department of Fair Employment and
Housing, the Equal Employment Opportunity Commission or the workers'
compensation board. This Agreement does, however, preclude Executive from
pursuing court action regarding any such claim.

         (f) Voluntary Nature of Agreement. Executive acknowledges and agrees
that Executive is executing this Agreement voluntarily and without any duress or
undue influence by the Company or anyone else. Executive further acknowledges
and agrees that Executive has carefully read this Agreement and that Executive
has asked any questions needed for Executive to understand the terms,
consequences and binding effect of this Agreement and fully understand it,
including that Executive is waiving Executive's right to a jury trial. Finally,
Executive agrees that Executive has been provided an opportunity to seek the
advice of an attorney of Executive's choice before signing this Agreement.

     17.      Integration. This Agreement, together with the Relocation Plan,
the Option Plan, Option Agreement and the Confidential Information Agreement
represents the entire agreement and understanding between the parties as to the
subject matter herein and supersedes all prior or contemporaneous agreements
whether written or oral. No waiver, alteration., or modification of any of the
provisions of this Agreement will be binding unless in writing and signed by
duly authorized representatives of the parties hereto.

     18.      Tax Withholding. All payments made pursuant to this Agreement will
be subject to withholding of applicable taxes.

     19.      Governing Laws. This Agreement will be governed by the laws of the
State of California.

     20.      Acknowledgment. Executive acknowledges that he has had the
opportunity to discuss this matter with and obtain advice from his private
attorney, has had sufficient time to, and has carefully read and fully
understands all the provisions of this Agreement, and is knowingly and
voluntarily entering into this Agreement.

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IN WITNESS WHEREOF, each of the parties has executed this Agreement, in the case
of the Company by their duly authorized officers, as of the day and year first
above written.

COMPANY:

NETGEAR, INC.

/s/ Jonathan R. Mather

Jonathan R. Mather                                             Date:    10/18/04
Executive Vice President &                                          ------------
Chief Financial Officer

EXECUTIVE:

/s/ Albert Liu                                                 Date:    10/18/04
------------------------------------                                ------------
ALBERT LIU<PAGE>
                                                                    EXHIBIT 10.4

                         SEVERANCE AGREEMENT AND RELEASE

                                    RECITALS

     This Separation Agreement and Release (the "Agreement") is made by and
between Netgear, Inc. (the "Company") and Christopher Marshall ("Executive").

     WHEREAS, Executive was employed by the Company;

     WHEREAS, Executive and the Company entered into an Employment Agreement on
November 14, 2003;

     WHEREAS, Executive signed the Company's Employee Invention Assignment and
Proprietary Information Agreement (the "Proprietary Information Agreement");

     WHEREAS, the Company granted Executive options to purchase shares of the
Company's common stock (the "Options") subject to the terms and conditions of
the Company's 2003 Stock Plan (the "Plan") and related stock option agreement
covering such Options (the Plan and stock option agreement, including any
exhibits thereto, shall be referred to as the "Stock Agreement");

     WHEREAS, Executive's employment with the Company terminated on October 29,
2004 (the "Termination Date");

     WHEREAS, the Parties wish to resolve any and all disputes, claims,
complaints, grievances, charges, actions, petitions and demands that the
Executive may have against the Company as defined herein, including, but not
limited to, any and all claims arising out of, or related to, Executive's
employment with, or separation from, the Company;

     NOW THEREFORE, in consideration of the promises made herein, the Parties
hereby agree as follows:

                                    COVENANTS

     1.   Consideration.

          (a)  (i) Cash. The Company shall pay Executive twenty-six (26) weeks
of his current base salary in the total amount of Ninety-Five Thousand Dollars
only ($95,000.00), less applicable withholdings (the "Severance Payments").
These Severance Payments will be made to Executive in installments on a
semi-monthly basis in accordance with the Company's regular payroll practices.
The first installment payment will be made on the first regular pay date
following the Effective Date of this Agreement.
<PAGE>

               (ii) Termination of Severance Payments. Executive acknowledges
and agrees that should he accept employment with any of the following of the
Company's competitors, his severance payments shall cease immediately: (1)
Linksys Group, (2) Dlink Systems, Inc., (3) Dell Computer Corporation,
Networking Division, (4) 3Com Corporation, (5) Hewlett Packard Company,
Networking Division, and (6) Cisco Systems, Inc. Executive agrees that if he
accepts an offer of employment from any of the above referenced companies within
six (6) months following the Effective Date of this Agreement, he shall notify
the Company not later than 48 hours following his acceptance of any such
employment offer, whether written or oral.

          (b)  Stock. Executive shall continue to vest under the Stock Agreement
until April 30, 2005 (the "Termination of Vesting Date"). Executive shall be
eligible to exercise any vested options until July 29, 2005, which is ninety
(90) days following the Termination of Vesting Date.

          (c)  COBRA. Executive's health insurance benefits will cease at the
end of October 2004, subject to Executive's right to continue his health
insurance under COBRA. The Company shall reimburse Executive for the payments he
makes for COBRA coverage for a period of six (6) months beginning on November 1,
2004 and concluding on April 30, 2005. The Company shall make these COBRA
reimbursement payments to Executive within ten (10) days following his provision
to the Company of documentation substantiating his payments for COBRA coverage.
Executive's participation in all other benefits and incidents of employment
(including, but not limited to, vacation and paid time off) ceased on the
Termination Date.

     2.   Confidential Information. Executive shall continue to comply with the
terms and conditions of the Proprietary Information Agreement, and maintain the
confidentiality of all of the Company's confidential and proprietary
information. Executive shall also return to the Company all of the Company's
property and confidential and proprietary information by the Effective Date of
this Agreement.

     3.   Payment of Salary. Executive acknowledges and represents that the
Company has paid all salary, wages, bonuses, accrued vacation, housing
allowances, relocation costs, interest, severance, outplacement costs, fees,
stock, stock options, vesting, commissions and any and all other benefits and
compensation due to Executive.

     4.   Release of Claims. Executive agrees that the consideration provided in
this Agreement represents settlement in full of all outstanding obligations owed
to Executive by the Company and its current and former officers, directors,
employees, agents, investors, attorneys, shareholders, administrators,
affiliates, divisions, subsidiaries, and predecessor and successor corporations
and assigns (collectively the "Releasees"). Executive hereby and forever
releases the Releasees from any claim, complaint, charge, duty, obligation or
cause of action relating to any matters of any kind, whether presently known or
unknown, suspected or unsuspected, that Executive may possess against any of the
Releasees arising from any omissions, acts or facts that have occurred until and
including the Effective Date of this Agreement, including, without limitation:

          (a)  any and all claims relating to or arising from Executive's
employment with the Company, or the termination of that employment;

                                      -2-
<PAGE>

          (b)  any and all claims relating to, or arising from, Executive's
right to purchase, or actual purchase of, shares of Company stock, including,
but not limited to, any claims for fraud, misrepresentation, breach of fiduciary
duty, breach of duty under applicable state corporate law, and securities fraud
under any state or federal law;

          (c)  any and all claims under the law of any jurisdiction, including,
but not limited to, wrongful discharge of employment; constructive discharge
from employment; termination in violation of public policy; discrimination;
breach of contract, both express and implied; breach of a covenant of good faith
and fair dealing, both express and implied; promissory estoppel; negligent or
intentional infliction of emotional distress; negligent or intentional
misrepresentation; negligent or intentional interference with contract or
prospective economic advantage; unfair business practices; defamation; libel;
slander; negligence; personal injury; assault; battery; invasion of privacy;
false imprisonment; and conversion;

          (d)  any and all claims for violation of any federal, state or
municipal statute, including, but not limited to, Title VII of the Civil Rights
Act of 1964, the Civil Rights Act of 1991, the Age Discrimination in Employment
Act of 1967, the Americans with Disabilities Act of 1990, the Fair Labor
Standards Act, the Employee Retirement Income Security Act of 1974, The Worker
Adjustment and Retraining Notification Act, Older Workers Benefit Protection
Act; the California Fair Employment and Housing Act, and the California Labor
Code;

          (e)  any and all claims for violation of the federal, or any state,
constitution;

          (f)  any and all claims arising out of any other laws and regulations
relating to employment or employment discrimination;

          (g)  any claim for any loss, cost, damage, or expense arising out of
any dispute over the non-withholding or other tax treatment of any of the
proceeds received by Executive as a result of this Agreement; and

          (h)  any and all claims for attorney fees and costs.

     The Company and Executive agree that the release set forth in this section
shall be and remain in effect in all respects as a complete general release as
to the matters released. This release does not extend to any obligations
incurred under this Agreement.

     5.   Acknowledgement of Waiver of Claims Under ADEA. Executive acknowledges
that he is waiving and releasing any rights he may have under the Age
Discrimination in Employment Act of 1967 ("ADEA") and that this waiver and
release is knowing and voluntary. Executive and the Company agree that this
waiver and release does not apply to any rights or claims that may arise under
the ADEA after the Effective Date of this Agreement. Executive acknowledges that
the consideration given for this waiver and release Agreement is in addition to
anything of value to which Executive was already entitled. Executive further
acknowledges that he has been advised by this writing that:

          (a)  he should consult with an attorney prior to executing this
Agreement;

                                      -3-
<PAGE>

          (b)  he has up to twenty-one (21) days within which to consider this
Agreement;

          (c)  he has seven (7) days following his execution of this Agreement
to revoke this Agreement;

          (d)  this ADEA waiver shall not be effective until the revocation
period has expired; and,

          (e)  nothing in this Agreement prevents or precludes Executive from
challenging or seeking a determination in good faith of the validity of this
waiver under the ADEA, nor does it impose any condition precedent, penalties or
costs for doing so, unless specifically authorized by federal law.

     6.   Civil Code Section 1542. Executive represents that he is not aware of
any claims against any of the Releasees. Executive acknowledges that he has been
advised to consult with legal counsel and is familiar with the provisions of
California Civil Code Section 1542, which provide as follows:

     A general release does not extend to claims which the creditor does not
     know or suspect to exist in his favor at the time of executing the release,
     which if known by him must have materially affected his settlement with the
     debtor.

     Executive, being aware of this code section, agrees to expressly waive any
rights he may have thereunder, as well as under any other statute or common law
principles of similar effect.

     7.   No Pending or Future Lawsuits. Executive represents that he has no
lawsuits, claims, or actions pending in his name, or on behalf of any other
person or entity, against the Company or any other person or entity referred to
herein. Executive also represents that he does not intend to bring any claims on
his own behalf or on behalf of any other person or entity against the Company or
any other person or entity referred to herein.

     8.   Application for Employment. Executive understands and agrees that, as
a condition of this Agreement, he shall not be entitled to any employment with
the Company, its subsidiaries, or any successor, and he hereby waives any
alleged right of employment or re-employment with the Company, its subsidiaries
or related companies, or any successor.

     9.   Confidentiality. Executive agrees to maintain in complete confidence
the existence of this Agreement, the contents and terms of this Agreement and
the consideration for this Agreement (hereinafter collectively referred to as
"Separation Information"). Except as required by law, Executive may disclose
Separation Information only to his immediate family members, the Court in any
proceedings to enforce the terms of this Agreement, Executive's counsel, his
accountant and any professional tax advisor to the extent that they need to know
the Separation Information in order to provide advice on tax treatment or to
prepare tax returns, and must prevent disclosure of any Separation Information
to all other third parties. Executive agrees that he will not publicize,
directly or indirectly, any Separation Information.

                                      -4-
<PAGE>

     10.  No Cooperation. Executive agrees that he will not knowingly counsel or
assist any attorneys or their clients in the presentation or prosecution of any
disputes, differences, grievances, claims, charges, or complaints by any third
party against any of the Releasees, unless under a subpoena or other court order
to do so. Executive agrees both to immediately notify the Company upon receipt
of any such subpoena or court order, and to furnish, within three (3) business
days of its receipt, a copy of such subpoena or court order to the Company. If
approached by anyone for counsel or assistance in the presentation or
prosecution of any disputes, differences, grievances, claims, charges, or
complaints against any of the Releasees, Executive shall state no more than that
he cannot provide counsel or assistance.

     11.  Breach. Executive acknowledges and agrees that any breach of Section 4
("Release of Claims"), Section 6 ("Civil Code Section 1542"), or Section 9 ("No
Cooperation") by Executive shall constitute a material breach of the Agreement
and shall entitle the Company immediately to recover the severance payments and
benefits provided in Section 1 hereof. This provision is not intended to render,
and does not render, any other breach of this Agreement immaterial.

     12.  Non-Disparagement. Executive agrees to refrain from any defamation,
libel or slander of the Company, or tortious interference with the contracts and
relationships of the Company. All inquiries by potential future employers of
Executive will be directed to the Human Resource Department. Upon inquiry, the
Company will only state the following: Executive's last position and dates of
Employment, and any other information and/or documentation legally required to
be disclosed.

     13.  Non-Solicitation. Executive agrees that for a period of twelve (12)
months immediately following the Effective Date of this Agreement, Executive
shall not directly or indirectly solicit, induce, recruit or encourage any of
the Company's employees to leave their employment. Executive also agrees not to
recruit or hire the Company's employees to work for Executive or any other
person or entity.

     14.  No Admission of Liability. The Parties understand and acknowledge that
this Agreement constitutes a compromise and settlement of disputed claims. No
action taken by the Parties, previously or in connection with this Agreement,
shall be construed to be: (a) an admission of the truth or falsity of any claims
made, or (b) an admission by either party of any fault or liability whatsoever
to the other party or to any third party.

     15.  Costs. The Parties shall each bear their own costs, expert fees,
attorney fees and other fees incurred in connection with this Agreement.

     16.  Arbitration. The Parties agree that any and all disputes arising out
of, or relating to, the terms of this Agreement, their interpretation, and any
of the matters herein released, shall be subject to binding arbitration in Santa
Clara County before the American Arbitration Association under its National
Rules for the Resolution of Employment Disputes. The Parties agree that the
prevailing party in any arbitration shall be entitled to injunctive relief in
any court of competent jurisdiction to enforce the arbitration award. The
Parties agree that the prevailing party in any arbitration shall be awarded its
reasonable attorney fees and COSTS. This section will not prevent either party
from seeking injunctive relief (or any other provisional remedy) from any court
having

                                      -5-
<PAGE>

jurisdiction over the Parties and the subject matter of their dispute relating
to Executive's obligations under this Agreement and the agreements incorporated
herein by reference.

     17.  No Representations. Each party represents that it has had the
opportunity to consult with an attorney, and has carefully read and understands
the scope and effect of the provisions of this Agreement. Neither party has
relied upon any representations or statements made by the other party hereto
which are not specifically set forth in this Agreement.

     18.  Severability. In the event that any provision in this Agreement
becomes or is declared by a court of competent jurisdiction to be illegal,
unenforceable, or void, this Agreement shall continue in full force and effect
without said provision so long as the remaining provisions remain intelligible
and continue to reflect the original intent of the Parties.

     19.  Entire Agreement. This Agreement, the Proprietary Information
Agreement, and the Stock Agreement represent the entire agreement and
understanding between the Company and Executive concerning the subject matter of
this Agreement and Executive's relationship with the Company, and supersede and
replace any and all prior agreements and understandings between the Parties
concerning the subject matter of this Agreement and Executive's relationship
with the Company.

     20.  No Waiver. The failure of any party to insist upon the performance of
any of the terms and conditions in this Agreement, or the failure to prosecute
any breach of any of the terms and conditions of this Agreement, shall not be
construed as a waiver of such terms or conditions. This entire Agreement shall
remain in full force and effect as if no such forbearance or failure of
performance had occurred.

     21.  No Oral Modification. Any modification or amendment of this Agreement,
or additional obligation assumed by either party in connection with this
Agreement, shall be effective only if placed in writing and signed by Executive
and the Company's Chief Executive Officer.

     22.  Governing Law. This Agreement shall be governed by the laws of the
State of California, without regard for choice of law provisions.

     23.  Effective Date. This Agreement is effective after it has been signed
by both parties and after eight (8) days have passed following the date
Executive signed the Agreement (the "Effective Date").

     24.  Counterparts. This Agreement may be executed in counterparts, and each
counterpart shall have the same force and effect as an original and shall
constitute an effective, binding agreement on the part of each of the
undersigned.

     25.  Voluntary Execution of Agreement. This Agreement is executed
voluntarily and with the full intent of releasing all claims, and without any
duress or undue influence by any of the Parties. The Parties acknowledge that:

          (a)  They have read this Agreement;

                                      -6-
<PAGE>

          (b)  They have been represented in the preparation, negotiation, and
execution of this Agreement by legal counsel of their own choice or that they
have voluntarily declined to seek such counsel;

          (c)  They understand the terms and consequences of this Agreement and
of the releases it contains; and

          (d)  They are fully aware of the legal and binding effect of this
Agreement.

IN WITNESS WHEREOF, the Parties have executed this Agreement on the dates set
forth below.

Dated: 11/8/04         By:  /s/ Jonathan R. Mather
                            -------------------------------------------
                            Jonathan R. Mather, Chief Financial Officer
                            NETGEAR, Inc.

Dated: 11/3/04         By:  /s/ Christopher Marshall
                            ------------------------------------------
                            Christopher Marshall, an individual

                                      -7-

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