Document:

Exhibit 10.15 2015.03.28

QORVO, INC.
NONQUALIFIED DEFERRED COMPENSATION PLAN

PREAMBLE
The TriQuint Semiconductor, Inc. Nonqualified Deferred Compensation Plan (the “TriQuint Plan”) was adopted by TriQuint Semiconductor, Inc. (“TriQuint”) for the benefit of certain of its Employees and members of its Board of Directors.  
As a result of the Agreement and Plan of Merger and Reorganization among the Company, TriQuint and RF Micro Devices, Inc. (“RFMD”) dated as of February 22, 2014, as amended, TriQuint and RFMD became wholly-owned subsidiaries of the Company (the “Mergers”).
The Company desires to assume the TriQuint Plan and to amend and restate the TriQuint Plan by the adoption of this Plan effective as of January 1, 2015 (“Effective Date”).  The purpose of the Plan is to provide supplemental retirement income and to permit eligible Participants the option to defer receipt of Compensation, pursuant to the terms of the Plan.  
The Plan is intended to be an unfunded deferred compensation plan maintained for the benefit of a select group of management or highly compensated employees under sections 201(a)(2), 301(a)(3) and 401(a)(1) of ERISA.  Participants shall have the status of unsecured creditors of the Company with respect to the payment of Plan benefits.  

	
						
	 
	 
	TABLE OF CONTENTS
	 

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	Page

	ARTICLE I
	

	 
	DEFINITIONS
	1
	

	1.1
	

	 
	Definitions
	1
	

	ARTICLE II
	

	 
	PARTICIPATION
	3
	

	2.1
	

	 
	Date of Participation
	3
	

	2.2
	

	 
	Resumption of Participation Following Return to Service
	3
	

	2.3
	

	 
	Change in Employment Status
	3
	

	ARTICLE III
	

	 
	CONTRIBUTIONS
	4
	

	3.1
	

	 
	Deferral Contributions
	4
	

	3.2
	

	 
	Accounts
	4
	

	ARTICLE VI
	

	 
	PARTICIPANTS' ACCOUNTS
	5
	

	4.1
	

	 
	Individual Accounts
	5
	

	ARTICLE V
	

	 
	INVESTMENT OF CONTRIBUTIONS
	5
	

	5.1
	

	 
	Manner of Investment
	5
	

	5.2
	

	 
	Investment Decisions
	5
	

	5.3
	

	 
	Investment Gains or Losses Upon an Installment Distribution
	5
	

	ARTICLE VI
	

	 
	DISTRIBUTIONS
	5
	

	6.1
	

	 
	Distributions to Participants and Beneficiaries
	5
	

	6.2
	

	 
	Distributions Following a Change of Control
	7
	

	6.3
	

	 
	Distributions Due to an Unforseeable Emergency
	7
	

	6.4
	

	 
	Scheduled In-Service Distribution
	7
	

	6.5
	

	 
	Death
	7
	

	6.6
	

	 
	Disability
	8
	

	6.7
	

	 
	Permitted Acceleration
	8
	

	6.8
	

	 
	Notice to Trustee
	8
	

	6.9
	

	 
	Time of Distribution
	8
	

	6.10
	

	 
	Limitation on Distributions to Covered Employees Prior to a Change of Control
	9
	

	6.11
	

	 
	Delays in Distribution
	9
	

	6.12
	

	 
	Tax Withholding
	9
	

	ARTICLE VII
	

	 
	SPECIAL CHANGE OF CONTROL PROVISIONS
	9
	

	7.1
	

	 
	No New Participants Following Change of Control
	9
	

	7.2
	

	 
	No Deferrals Following a Change of Control
	9
	

	ARTICLE VIII
	

	 
	AMENDMENT AND TERMINATION
	9
	

	8.1
	

	 
	Amendment Prior to and on and After Change of Control
	9
	

	8.2
	

	 
	Retroactive Amendments
	10
	

	8.3
	

	 
	Plan Termination
	10
	

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	8.4
	

	 
	Distribution Upon Termination of the Plan
	10
	

	ARTICLE IX
	

	 
	THE TRUST
	10
	

	9.1
	

	 
	Establishment of Trust
	10
	

	ARTICLE X
	

	 
	MISCELLANEOUS
	11
	

	10.1
	

	 
	Communication to Participants
	11
	

	10.2
	

	 
	Limitation of Rights
	11
	

	10.3
	

	 
	Spendthrift Provision
	11
	

	10.4
	

	 
	Facility of Payment
	11
	

	10.5
	

	 
	Information between Company and Trustee
	11
	

	10.6
	

	 
	Notices
	11
	

	10.7
	

	 
	Governing Law
	12
	

	ARTICLE XI
	

	 
	PLAN ADMINISTRATION
	12
	

	11.1
	

	 
	Powers and Responsibilities of the Administrator
	12
	

	11.2
	

	 
	Nondiscriminatory Exercise of Authority
	12
	

	11.3
	

	 
	Claims and Review Procedures
	12
	

	11.4
	

	 
	Plan's Administrative Costs
	13
	

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ARTICLE I 
DEFINITIONS

1.1    Definitions.  Wherever used herein, the following terms have the meanings set forth below, unless a different meaning is clearly required by the context: 
(a)    “Account” means an account established on the books of the Company to record amounts credited on behalf of a Participant and any expenses, distributions, gains or losses included thereon.
(b)    “Administrator” means the Retirement Plan Committee of the Company.  The Administrator shall interpret and administer the Plan and take any other action described herein.
(c)    “Base Salary” means the regular salary payable by the Employer to the Participant, including payments for holidays, jury duty, military leave, paid time off, sabbatical or bereavement leave, shift premiums, vacation pay, merit pay and any other amounts treated by the Employer as Base Salary. 
(d)    “Beneficiary” means the person or persons entitled under Section 6.5 to receive benefits under the Plan upon the death of a Participant. 
(e)    “Board” means the Board of Directors of the Company.
(f)    “Bonuses and Commissions” means the amounts payable by the Employer to the Participant which are not considered Base Salary, which include management incentive payments, profit sharing, discretionary bonuses, commissions, employee incentive payments, and any other bonuses or commissions paid by the Employer.
(g)    “Change of Control” means a change in ownership or effective control of the Company or in the ownership of a substantial portion of the Company’s assets, as defined in Treasury regulations 1.409A-3(i)(5) or subsequent IRS guidance.  The terms and provisions of the TriQuint Plan, as in effect prior to the Effective Date, shall govern the rights and benefits of Participants in connection with the Change of Control of TriQuint resulting from the Mergers.
(h)    “Code” means the Internal Revenue Code of 1986, as amended.  
(i)    “Company” means Qorvo, Inc. and any successors and assigns unless otherwise provided herein.
(j)    “Compensation” means (i) with respect to Eligible Employees, the sum of the Participant’s Base Salary plus Bonuses and Commissions, and (ii) with respect to Outside Directors, all cash retainers and meeting fees, paid for services performed after their Entry Date, excluding expense reimbursements, welfare benefits, imputed income and income recognized pursuant to equity compensation.  Any salary deferral elections made under Employer’s 401(k) Plan shall be determined based on the Participant’s Compensation after reduction for the Deferral Contributions to this Plan.

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(k)    “Deferral Contribution” means, for each Participant, the amount of Compensation deferred pursuant to Section 3.1 hereof.
(l)    “Disability” means the Participant (i) is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, or (ii) is, by reason of any medically determinable physical or mental impairment which can be expected to last for a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months under an accident and health plan covering Employees.
(m)    “Eligible Employee” means (i) any U.S. payroll-based Employee who has an annualized rate of pay of at least $160,000 and who is determined by the Administrator to be a management or highly compensated Employee of the Employer, (ii) any Outside Director, or (iii) any other Employee designated by the Company’s Vice-President of Human Resources.
(n)    “Employee” means any employee of the Employer.
(o)    “Employer” means the Company and any of its Subsidiaries. 
(p)    “ERISA” means the Employee Retirement Income Security Act of 1974, as amended.
(q)    “Outside Director” means a non-Employee member of the Board.
(r)    “Participant” means any Eligible Employee or Outside Director who participates in the Plan in accordance with Article 2 hereof.
(s)    “Plan” means this Qorvo, Inc. Nonqualified Deferred Compensation Plan.
(t)    “Plan Year” means the 12-consecutive month period beginning January 1 and ending December 31.
(u)    “Separation From Service” means a separation from service as defined in Treasury regulations 1.409A-1(h) or subsequent IRS guidance.
(v)    “Specified Employee” means a “key employee” as defined in Code Section 416(i) without regard to paragraph five (5) thereof at any time during the 12-month period ending on the most recent December 31.  As of the 2015 Plan Year, this generally includes (i) the top-paid fifty (50) officers of the Employer with Compensation of more than $170,000 per year, (ii) a 5% owner of the Company, or (iii) a 1% owner of the Company with Compensation of more than $150,000 per year.
(w)    “Trading Day” means a day upon which the major U.S. national stock exchanges are open for trading.

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(x)    “Trust” means a trust fund established pursuant to the terms of the Plan, if any.
(y)    “Trustee” means the corporation or individual(s) named in the agreement establishing the Trust and such successor and/or additional trustees as may be named in accordance with the Trust agreement.
(z)    “Unforeseeable Emergency” means a severe financial hardship of the Participant resulting from an illness or accident of Participant, the Participant’s spouse, Beneficiary or dependent of Participant (as defined in Section 152 of the Code, without regard to (b)(1), (b)(2) and (d)(1)(B)), loss of Participant’s property due to casualty, or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of Participant, as described in Treasury regulations 1.409A-3(i)(3) or succeeding guidance.
(aa)    “Valuation Date” means the date the assets in an Account are valued.  The value of the assets is their current value, if that Valuation Date is a Trading Day.  In the event that the day of the transaction is not a Trading Day, the Participant’s Account shall be valued as of the most recently concluded Trading Day.

ARTICLE II
PARTICIPATION

2.1    Date of Participation.  An Eligible Employee or Outside Director becomes a participant by providing the Administrator with a completed Deferral Contribution election form as described in Section 3.1(a).  They begin participating in the Plan as of the next payroll period (if an Employee) or date of service (if an Outside Director) following the acceptance of the form by the Administrator.
2.2    Resumption of Participation Following Return to Service.  If a Participant ceases to be an Employee or Outside Director and thereafter returns to the service of the Employer he or she will again become a Participant after he or she becomes an Eligible Employee and files with the Administrator an election to defer Compensation as provided in Section 3.1(b).  
2.3    Change in Employment Status.  If any Participant continues in the employ of the Employer but ceases to be an Eligible Employee, the individual shall continue to be a Participant until the entire amount of his benefit is distributed.  However, the Participant shall not be entitled to make Deferral Contributions during the period that he is not an Eligible Employee.  In the event that the Participant subsequently again becomes an Eligible Employee, the individual shall resume active participation as provided in Section 3.1(b).

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ARTICLE III
CONTRIBUTIONS

3.1    Deferral Contributions.
(a)    Newly Eligible Participants.  Within thirty days after first becoming eligible for the Plan, an Eligible Employee or Outside Director may make an irrevocable election to defer Compensation.  For this election to be valid, the Participant must complete an election form using procedures established by the Administrator.  The properly completed election form shall become effective for Employees with the first payroll period commencing after the receipt of their election by the Administrator or its delegate and with respect to Outside Directors on the first day of service following the receipt of their election by the Administrator or its delegate.  Failure to deliver a Deferral Contribution election form within the thirty-day period prevents the newly eligible Participant from making a Deferral Contribution until the following Plan Year as provided in (b) below.  
(b)    Annual Open Enrollment.  For each succeeding Plan Year, an irrevocable Deferral Contribution election for that Plan Year shall be made by timely completing a Deferral Contribution election form, in accordance with the Administrator’s rules and procedures, during the open enrollment period specified by the Administrator before the end of the Plan Year preceding the Plan Year for which the election is made.  If no such election form is timely delivered for the following Plan Year, the Deferral Contribution amount for that Plan Year shall be zero.  
(c)    Deferral Contribution Limits.  A Deferral Contribution election cannot reduce the Participant’s Compensation by a specified whole percentage not exceeding, (i) for Eligible Employees, 50% of their Base Salary and 100% of their Bonuses and Commissions, and (ii) for Outside Directors, 100% of their Compensation, equal in either case to whole number multiples of one (1) percent.  
(d)    Elections.  The Deferral Contribution election shall not be effective with respect to Compensation  previously earned.  Under no circumstances may an election to defer Compensation be adopted retroactively.  An election once made will remain in effect for the duration of the Plan Year, except a Participant may revoke or modify the election during the initial or annual enrollment period, as applicable.  A Participant may not revoke an election to defer Compensation for a Plan Year during that year, unless the Participant receives a distribution due to an Unforeseeable Emergency, as provided in Section 6.3, or a hardship distribution under the Employer’s 401(k) plan.  In that situation, the Participant’s Deferral Contribution shall cease as of the first payment of Compensation after the distribution.  A new election will apply only to Compensation payable during the following Plan Year.  Amounts credited to a Participant’s Account prior to the effective date of any new, modified or revoked election will not be affected and will be paid in accordance with that prior election.  
3.2    Accounts.  The Employer shall credit the Deferral Contribution to the Account maintained on behalf of the Participant.       

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ARTICLE IV
PARTICIPANTS’ ACCOUNTS
4.1    Individual Accounts.  The Administrator will establish and maintain a separate Account for each Participant which will reflect Deferral Contributions credited to the Account on behalf of the Participant and any contributions, distributions, earnings, expenses, gains and losses credited thereto, attributable to the investments made with the amounts in the Participant’s Account.  Participants will be furnished statements of their Account values at least once each Plan Year.  The date of any contribution, distribution or statement of Account is a Valuation Date.
ARTICLE V
INVESTMENT OF CONTRIBUTIONS
5.1    Manner of Investment.  The Administrator will select the investment options available under the Plan for Participants to invest their Accounts in as provided in Section 5.2.
5.2    Investment Decisions.  The Participant may direct the investment and reinvestment of the Account among the eligible investments selected by the Administrator.  If the Participant fails to do so, the Administrator will invest the Participant’s Account.
All dividends, interest, gains and distributions of any nature earned in respect of an investment alternative in which the Account is invested shall be credited to the Account as of any Valuation Date in an amount equal to the net increase or decrease in the net asset value of each investment option since the preceding Valuation Date in accordance with the ratio that the portion of the Account of each Participant that is invested in the designated investment option bears to the aggregate of all amounts invested in the same investment option.
Expenses that are attributable to the acquisition of actual investments shall be charged to the Account of the Participant for which a corresponding investment is made.
5.3    Investment Gains or Losses Upon an Installment Distribution.  A Participant electing an installment distribution option under Section 6.1(b) shall continue to be credited with any earnings, gains or losses on their Account once the installments begin.
ARTICLE VI
DISTRIBUTIONS
6.1    Distributions to Participants and Beneficiaries.
(a)    Distribution Date.
(i)    Regular Participants.  The portion of a Participant’s Account consisting of Deferral Contributions made in 2006 or later and any related earnings shall be distributed upon the earlier of (1) the Participant’s Separation From Service (subject to (ii) below), (2) the Participant’s Disability, (3) a specified time under Section 6.4 hereunder, (4) a Change of Control, (5) the occurrence of an Unforeseeable Emergency, or (6) an event under Section 6.7. 

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(ii)    Specified Employee Participants.  Upon a Specified Employee’s Separation From Service, that Specified Employee’s Account shall be distributed six months after the Specified Employee’s Separation from Service (or the Specified Employee’s death, if earlier).  If the Specified Employee has chosen an installment distribution option, any installments delayed by this paragraph shall be added to and included in the first installment not delayed by this paragraph.  
(b)    Lump-Sum or Installment Payment Initial Elections.  At the same time a Participant elects the amount of their Deferral Contributions for any Plan Year, the Participant also elects to have their Deferral Contribution for that Plan Year paid out, upon the events in Section 6.1(a)(i)(1)-(5), in one of the following forms of payment:
(i)    A lump sum cash payment;
(ii)    20 quarterly installments;
(iii)    40 quarterly installments; or
(iv)    60 quarterly installments.
Participants may elect a different form of distribution for each Plan Year’s Deferral Contribution.  If a Participant fails to designate a form of distribution, that year’s Deferral Contribution shall be paid as a lump sum.
(c)    Subsequent Election to Delay or Change Form of Payment.  A Participant may elect to delay a distribution or change the form of payment for other distributions by filing a subsequent election, in the form required by the Administrator.  Such subsequent election shall not be effective for a period of one (1) year after being made, and must also delay the payment by a period of at least five (5) years.  In the absence of such subsequent election, the Participant’s Account shall be distributed in accordance with their previously filed Account elections.  
(d)    Lump-Sum Distribution Timing.  For Participants who elect to receive a lump-sum distribution, the value of their Account (or portion thereof specified in the Participant’s election) shall be paid in a cash lump-sum payment as soon as is practicable following the distribution event, or, for Specified Employees who have elected a Separation From Service distribution event, as soon as is practicable six months after the date upon which they incur a Separation From Service (or if earlier, the date of the Specified Employee’s death).  
(e)    Lump-Sum Distributions for Certain Accounts.  Notwithstanding the Participant’s election under Section 6.1(b) or (c) hereof, if the value of a Participant’s Account is less than $25,000 on the date of the Participant’s distribution event under Section 6.1(a), then the Participant’s Account shall be paid in a cash lump sum payment as soon as is practicable following the distribution event, or, for Specified Employees, as soon as is practicable six months after the date upon which they incur a Separation From Service (or if earlier, the date of the Specified Employee’s death).  

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(f)    Installment Amounts.  For purposes of this Section 6.1, installment payments shall be determined by dividing the value of the Participant’s Account on or immediately before each installment by the number of installment payments remaining.  Each installment shall be treated as a separate payment.  Installment payments shall commence as soon as is practicable following the distribution event, or, for Specified Employees following a Separation from Service distribution event, as soon as is practicable six months after the date upon which they incur a Separation From Service (or if earlier, the date of the Specified Employee’s death).
6.2    Distribution Following a Change of Control.  In the event of a Change of Control, Participant’s Accounts shall be treated as specified in their applicable election forms.  Any distributions payable upon a Change of Control shall be made or begin as soon as practicable after the Change of Control.
6.3    Distributions Due to an Unforeseeable Emergency.  If the Administrator determines a Participant has an Unforeseeable Emergency, the Administrator shall allow the Participant to withdraw up to one hundred percent (100%) of his or her Account as may be required to meet a sudden Unforeseeable Emergency.  Such distribution shall be subject to Treasury Regulations 1.409A-3(i)(3) as well as the following provisions.
The amount distributed for an Unforeseeable Emergency is limited to the amount necessary to satisfy the emergency plus amounts necessary to pay taxes reasonably anticipated as a result of the distribution.  The Administrator will determine the amount that is reasonably necessary after taking into account the extent to which such hardship is or may be relieved through reimbursement or compensation by insurance or otherwise (including a hardship distribution from the Participant’s account in the Employer’s 401(k) plan) or by liquidation of the Participant’s assets (to the extent the liquidation of such assets would not itself cause severe financial hardship) and cessation of Deferral Contributions.  
6.4    Scheduled In-Service Distribution.  A Participant may elect, as provided in his or her Deferral Contribution election, to receive one or more scheduled in-service (i.e., commencing while employed by the Company, or, for Outside Director Participants, while serving as a Board member) distributions from their Account.  A scheduled in-service distribution may be postponed, provided that the postponement occurs at least twelve months before the payment, defers such payment at least five years and otherwise complies with Treasury regulation 1.409A-2(b).  In the event the Participant dies, incurs a Disability, a Separation From Service or a Change of Control occurs prior to a scheduled in-service distribution or after they have begun, the in-service distribution election shall be without further force and effect and the applicable Separation From Service, Disability, death or Change of Control distribution provisions of the Plan shall control.
6.5    Death.  If a Participant dies before the distribution of his or her Account has commenced, or before such distribution has been completed, his or her designated Beneficiary or Beneficiaries will be entitled to receive the balance or remaining balance of his or her Account based on the distribution schedule elected in the Participant’s deferral elections.  Distribution to the Beneficiary or Beneficiaries will be made or begin in accordance with the Participant’s elections and the rules of Section 6.1 hereof as soon as administratively feasible after the Participant’s death if not already commenced.

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A Participant may designate a Beneficiary or Beneficiaries, or change any prior designation of Beneficiary or Beneficiaries by giving notice to the Administrator on a form designated by the Administrator.  If more than one person is designated as the Beneficiary, their respective interests shall be as indicated on the designation form.
A copy of the death certificate or other sufficient documentation of the Participant’s death must be filed with and approved by the Administrator.  If upon the death of the Participant there is, in the Administrator’s discretion, no designated Beneficiary for part or all of the Participant’s Account, such amount will be paid to the Participant’s surviving spouse or, if none, to the Participant’s  estate (such spouse or estate shall be deemed to be the Beneficiary for purposes of the Plan) as soon as is practicable.  If a Beneficiary dies after benefits to such Beneficiary have commenced, but before they have been completed, and, in the Administrator’s discretion, no person has been designated to receive such remaining benefits, then such benefits shall be paid to the deceased Beneficiary’s estate as soon as is practicable.
6.6    Disability.  If a Participant suffers a Disability before the distribution of his or her Account has commenced, or before such distribution has been completed, the Participant or their conservator or guardian will be entitled to receive the balance or remaining balance of the Participant’s Account based on the schedule elected in the Participant’s deferral election, plus any amounts thereafter credited to his or her Account.  Distribution to the Participant, conservator or guardian will be made in accordance with the Participant’s elections and the rules of Section 6.1 hereof, as soon as administratively feasible after the Participant’s Disability is determined.
6.7    Permitted Acceleration.  Except as otherwise provided in Treasury regulation 1.409A-3(j), the Plan may accelerate the time or schedule of any payment or distribution:
(a)    to an individual other than the Participant as is necessary to comply with a Domestic Relations Order.
(b)    to comply with a certificate of divestiture as defined in Code Section 1043(b)(2);
(c)    to pay any employment or income tax withholding imposed on Deferral Contributions previously made by a Participant; or
(d)    if the Plan or the Participant’s Deferral Contributions do not satisfy Code Section 409A or any related regulations or IRS guidance, but limited to the amount required to be included in the Participant’s income caused by the failure to comply.
6.8    Notice to Trustee.  The Administrator will notify the Trustee, if any, in writing whenever any Participant or Beneficiary is entitled to receive benefits under the Plan.  
6.9    Time of Distribution.  In no event will distribution to a Participant be made later than the date specified by the Participant in his or her election to defer Compensation; provided, however, that if a Participant becomes a Specified Employee, his or her election regarding Separation from Service shall be subject to the six (6) month distribution delay requirements of Section 6.1(a)

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(ii) and Treasury regulations 1.409A-3(i)(2).  Distributions shall be paid as soon as administratively feasible following the distribution event.
6.10    Limitation on Distributions to Covered Employees Prior to a Change of Control.  Notwithstanding any other provision of this Article VI, in the event that, prior to a Change of Control, the Participant is a “covered employee” as that term is defined in Section 162(m)(3) of the Code, or would be a covered employee if his or her Account were distributed in accordance with his or her election or early withdrawal request, the maximum amount which may be distributed from the Participant’s Account in any Plan Year shall not exceed one million dollars ($1,000,000) less the amount of compensation paid to the Participant in such Plan Year which is not “performance-based” (as defined in Code Section 162(m)(4)(C)), which amount shall be reasonably determined by the Administrator at the time of the proposed distribution.  Any amount which is not distributed to the Participant in a Plan Year as a result of this limitation shall be distributed to the Participant in the next Plan Year, subject to compliance with the foregoing limitation set forth in this Section 6.10 and compliance with any six (6) month distribution delay requirements of Section 6.1(a)(ii) and Treasury regulation 1.409A-3(i)(2).  
6.11    Delays in Distributions.  Notwithstanding any other Plan provision, any payment due to any Participant that would cause the Employer to violate a loan covenant, securities or other applicable laws or if a bona fide dispute exists over a Participant’s entitlement to the payment or the payment is administratively or economically impractical then the payment shall be delayed until no violation would occur, the dispute is resolved or the payment becomes practicable.
6.12    Tax Withholding.  Distributions under this Article VI shall be subject to all applicable withholding requirements for state, federal and local income or employment taxes and to any other federal, state or local taxes that may be applicable to such payments.    
ARTICLE VII 
SPECIAL CHANGE OF CONTROL PROVISIONS
7.1    No New Participants Following Change of Control.  No individual may begin participation in the Plan following a Change of Control.
7.2    No Deferrals Following a Change of Control.  Deferrals shall cease as of the date of a Change of Control, unless the acquirer expressly adopts and continues this Plan.    
ARTICLE VIII 
AMENDMENT AND TERMINATION
8.1    Amendment Prior to and on and After a Change of Control.  Prior to a Change of Control, the Company reserves the authority to amend or terminate the Plan by adopting  a written amendment or a restated Plan document, executed by the Company only, in which the Company has indicated a change or changes in provisions previously elected by it.  Such changes are to be effective on the effective date of such amendment or restated Plan document.  Any such change notwithstanding, no Participant’s Account shall be reduced by such change below the amount to which the Participant would have been entitled if he had voluntarily left the employ of 

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the Employer immediately prior to the date of the change.  The Company may from time to time make any amendment to the Plan that may be necessary to satisfy the Code, ERISA or other applicable law.  Prior to a Change of Control, the Board shall act on behalf of the Company for purposes of this Section.  On and after a Change of Control, only the Administrator may amend the Plan; provided, however, that following a Change of Control, the Administrator may not increase the investment options available under the Plan, institute a guaranteed rate of return or take similar actions to materially increase the benefits of Participants, unless the Board’s consent is first obtained.
8.2    Retroactive Amendments.  An amendment made by the Company in accordance with Section 8.1 may be made effective on a date prior to the first day of the Plan Year in which it is adopted if such amendment is necessary or appropriate to enable the Plan (and Trust, if any) to satisfy the applicable requirements of the Code, ERISA or other applicable law or to conform the Plan to any change in federal law or to any regulations or ruling thereunder.  Any retroactive amendment by the Company shall be subject to the provisions of Section 8.1.
8.3    Plan Termination.  The Company has adopted the Plan with the intention and expectation that contributions will be continued indefinitely.  However, the Company has no obligation or liability whatsoever to maintain the Plan for any length of time and may discontinue contributions under the Plan or terminate the Plan at any time without any liability hereunder for any such discontinuance or termination; provided, however, that on and after a Change of Control, only the Administrator may terminate the Plan.
8.4    Distribution upon Termination of the Plan.  Upon termination of the Plan, no further Deferral Contributions shall be made under the Plan, but Accounts of Participants maintained under the Plan on the date of termination shall continue to be governed by the terms of the Plan until paid out in accordance with the terms of the Plan and Participants’ Deferral Contribution elections.
ARTICLE IX
THE TRUST
9.1    Establishment of Trust.  The Company may establish a Trust between the Company and the Trustee, in accordance with the terms and conditions as set forth in a separate agreement, under which assets are held, administered and managed, subject to the claims of the Company’s creditors in the event of the Company’s insolvency, until paid to Participants and their Beneficiaries as specified in the Plan.  The Trust is intended to be treated as a grantor trust under the Code, and the establishment of the Trust is not intended to cause Participants to realize current income on amounts contributed thereto.  

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ARTICLE X

10.1    Communication to Participants.  The Plan and any amendments will be communicated to all Participants by the Employer promptly after the Plan or amendment is adopted.
10.2    Limitation of Rights.  Neither the establishment of the Plan (and the Trust, if any), nor any amendment thereof, nor the creation of any fund or account, nor the payment of any benefits, will be construed as giving to any Participant or other person any legal or equitable right against the Employer, Administrator or Trustee, except as provided herein; and in no event will the terms of employment or service of any Participant be modified or in any way affected hereby.  Participation in the Plan is not a guarantee of employment.  
10.3    Spendthrift Provision.  The benefits provided hereunder will not be subject to alienation, assignment, garnishment, attachment, execution or levy of any kind, either voluntarily or involuntarily, and any attempt to cause such benefits to be so subjected will not be recognized, except to such extent as may be required by law.
10.4    Facility of Payment.  In the event the Administrator determines in its complete discretion, on the basis of medical reports or other evidence satisfactory to the Administrator, that the recipient of any benefit under the Plan is incapable of handling his affairs by reason of minority, illness, infirmity or other incapacity, the Administrator may direct the Trustee to disburse such payments to a person or institution designated by a court which has jurisdiction over such recipient or a person or institution otherwise having the legal authority under State law for the care and control of such recipient.  The receipt by such person or institution of any such payments therefore, and any such payment to the extent thereof, shall discharge the liability of the Trust for the payment of benefits hereunder to such recipient.
10.5    Information between Company and Trustee.  The Company agrees to furnish the Trustee, and the Trustee agrees to furnish the Company with such information relating to the Plan and Trust as may be required by the other in order to carry out their respective duties hereunder, including without limitation information required under the Code or ERISA and any regulations issued or forms adopted thereunder.
10.6    Notices.  Any notice or other communication in connection with this Plan shall be deemed delivered in writing if addressed as provided below and if either actually delivered at said address or, in the case of a letter, three business days shall have elapsed after the same shall have been deposited in the United States mails, first-class postage prepaid and registered or certified:
(a)    If it is sent to the Company or Administrator, it will be at the address specified by the Company;
(b)    If it is sent to the Trustee, it will be sent to the address set forth in the Trust Agreement; or, in each case at such other address as the addressee shall have specified by written notice delivered in accordance with the foregoing to the addressor’s then effective notice address.

- 11 -

10.7    Governing Law.  To the extent it is applicable, the Plan will be construed, administered and enforced according to ERISA, and to the extent not preempted thereby, the laws of the state of Delaware.
ARTICLE XI
PLAN ADMINISTRATION

11.1    Powers and Responsibilities of the Administrator.  The Administrator has the full power and the full responsibility to administer the Plan in all of its details, subject, however, to any applicable requirements of ERISA.  The Administrator’s powers and responsibilities include, but are not limited to, the following:
(a)    To make and enforce such rules and regulations as it deems necessary or proper for the efficient administration of the Plan;
(b)    The discretionary authority to construe and interpret the Plan, its interpretation thereof in good faith to be final and conclusive on all persons claiming benefits under the Plan;
(c)    To decide all questions concerning the Plan and the eligibility of any person to participate in the Plan;
(d)    To administer the claims and review procedures specified in Section 11.3;
(e)    To compute the amount of benefits which will be payable to any Participant, former Participant or Beneficiary in accordance with the provisions of the Plan;
(f)    To determine the person or persons to whom such benefits will be paid;
(g)    To authorize the payment of benefits;
(h)    To appoint such agents, counsel, accountants, and consultants as may be required to assist in administering the Plan;
(i)    By written instrument, to allocate and delegate its responsibilities. 
11.2    Nondiscriminatory Exercise of Authority.  Whenever, in the administration of the Plan, any discretionary action by the Administrator is required, the Administrator shall exercise its authority in a nondiscriminatory manner so that all persons similarly situated will receive substantially the same treatment.
11.3    Claims and Review Procedures.  If Participant or his or her representative submit a written claim for a benefit under the Plan (other than a benefit due to Disability) and their claim is denied in whole or in part, the Administrator will notify Participant or his or her representative in writing of such denial within ninety (90) days after the claim is received, unless special circumstances require an extension of up to ninety (90) more days, in which case the Participant or his or her representative will be notified in writing of the extension, the special circumstances requiring the 

- 12 -

extension and the date by which the Administrator expects to render its decision.  The denial notice will include:
		
	•
	The specific reason(s) for the denial,

		
	•
	References to the specific Plan provision(s) on which the denial was based, 

		
	•
	A description of any additional material or information that is necessary to perfect the claim and an explanation of why such material or information is necessary, and

		
	•
	A description of the Plan’s procedures for appealing the denial.  If the Participant or his or her representative disagrees with the Administrator’s decision, they will have sixty (60) days from the receipt of the original denial notice to appeal the decision.  This appeal must be in writing and sent to the Administrator.

The Participant or his or her representative has the right to review (upon request and at no charge) all documents and other information relevant to their claim and to submit written comments, documents and other information relating to their claim.  The Administrator will notify the Participant or his or her representative in writing of its decision within sixty (60) days after it receives the appeal, unless special circumstances require an extension of up to sixty (60) more days, in which case the Participant or his or her representative will be notified in writing of the extension, the special circumstances requiring the extension and the date by which the Administrator expects to render its decision.  If the appeal is denied, the Administrator will give the Participant or his or her representative written notice that includes:
		
	•
	The specific reason(s) for the denial,

		
	•
	References to the specific Plan provision(s) on which the denial was based, 

		
	•
	A statement that the Participant or his or her representative will be provided, upon request and free of charge, reasonable access to, and copies of, all documents and other information relevant to their claim, and

		
	•
	A statement regarding the Participant’s right to bring an action under Section 502(a) of ERISA, if applicable.

The Participant shall have one year from the date the notice of the denial of the appeal to commence any action seeking judicial review of the denied claim.  Failure to bring such an action within that period shall bar the claim.  The Participant cannot bring an action until completing the Claims and Review Procedures described in this Section.
11.4    Plan’s Administrative Costs.  The Company shall pay all reasonable costs and expenses (including legal, accounting, and employee communication fees) incurred by the Administrator and the Trustee in administering the Plan and Trust.

[Remainder of Page Left Intentionally Blank]

- 13 -

IN WITNESS WHEREOF, the Company by its duly authorized officer(s) has caused this Plan to be adopted effective January 1, 2015.
COMPANY

By:  /s/ Robert A. Bruggeworth
Name: Robert A. Bruggeworth
Title: President and Chief Executive Officer

[Signature Page to Qorvo, Inc. Nonqualified Deferred Compensation Plan]Exhibit 10.16 2015.03.28

    

QORVO, INC.

CASH BONUS PLAN

(As Assumed and Amended and Restated Effective January 1, 2015)

        

QORVO, INC.
CASH BONUS PLAN
(As Assumed and Amended and Restated Effective January 1, 2015)

		
	1.
	Purpose; Plan Background

The purpose of the Qorvo, Inc. Cash Bonus Plan, as previously amended and as it may be further amended (the "Plan"), is to provide selected salaried employees of the Company (as defined below) or an affiliate thereof with the opportunity to earn awards ("awards") in the form of cash bonuses based upon attainment of preestablished, objective performance goals, thereby promoting a closer identification of the participating employees' interests with the interests of the Company and its stockholders, and further stimulating such employees' efforts to enhance the efficiency, profitability, growth and value of the Company. 
Pursuant to that certain Agreement and Plan of Merger and Reorganization among TriQuint Semiconductor, Inc. ("TriQuint"), RF Micro Devices, Inc. ("RFMD") and Qorvo, Inc. (f/k/a "Rocky Holding, Inc.") ("Qorvo") dated as of February 22, 2014, as amended July 15, 2014 (the "Merger Agreement"), RFMD and TriQuint have become wholly-owned subsidiaries of Qorvo and Qorvo has become the successor to each of RFMD and TriQuint (such transactions, defined as the "Mergers" in the Merger Agreement, being referred to herein as the "Merger") as of the Effective Time, as defined in the Merger Agreement (the "Merger Effective Date").  As a result of the Merger, Qorvo has assumed and amended and restated the RF Micro Devices, Inc. Cash Bonus Plan.  For the purposes herein, references to the "Company" (i) prior to the Merger Effective Date refer to RFMD and, where appropriate, its affiliates, unless the context otherwise requires, and (ii) on and after the Merger Effective Date refer to Qorvo and, where appropriate, its affiliates, specifically including but not limited to RFMD and TriQuint, unless the context otherwise requires. 
		
	2.
	Plan Administration  

(a)    Administration:  The Plan shall be administered by the Compensation Committee (the "Committee") of the Board of Directors (the "Board") of the Company or a subcommittee of the Committee.  To the extent required by Section 162(m) of the Internal Revenue Code of 1986, as amended (the "Code"), the Committee shall be comprised of at least two members and each member of the Committee (or subcommittee of the Committee) shall be an "outside director" as defined in Code Section 162(m) and related regulations.  In addition, the members of the Compensation Committee shall be deemed independent if and to the extent required under Section 10C of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and applicable rules of The NASDAQ Stock Market LLC  or other applicable stock exchange or national securities association.  In addition to action by meeting in accordance with applicable laws, any action of the Committee with respect to the Plan may be taken by a written instrument signed by all of the members of the Committee, and any such action so taken by written consent shall be as fully effective as if it had been taken by a majority of the members at a meeting duly held and called. 
(b)    Administrator Authority:  Subject to the terms of the Plan, the Committee shall have full authority in its discretion to take any action with respect to the Plan, including, but not limited to, the authority to (i) determine all matters relating to awards, including selection of individuals to be granted awards and all terms, conditions, restrictions and limitations of an award; and (ii) construe and interpret 

    

the Plan and any instruments evidencing awards granted under the Plan, to establish and interpret rules and regulations for administering the Plan and to make all other determinations deemed necessary or advisable for administering the Plan.  The Committee's authority to grant awards and authorize payments under the Plan shall not in any way restrict the authority of the Committee to grant compensation to employees under any other compensation plan or program of the Company.  The Committee also shall have the authority and discretion to establish terms and conditions of awards (including but not limited to the establishment of subplans) as the Committee determines to be necessary or appropriate to conform to the applicable requirements or practices of jurisdictions outside of the United States.  Any decision made, or action taken, by the Committee in connection with the administration of the Plan shall be final, binding and conclusive.  
(c)    Delegation of Authority:  Notwithstanding the foregoing, the Committee may delegate the administration of the Plan to one or more of its designees (subject to any conditions imposed by the Committee), but only with respect to matters which would not affect the deductibility under Code Section 162(m) of compensation paid under the Plan to "covered employees" (as such term is defined in Code Section 162(m) and related regulations) or as may otherwise be permitted under applicable laws, rules or regulations.  In the case of any such delegation, references to the "Committee" herein shall include such designee or designees, unless the context otherwise requires.  No member of the Board or the Committee shall be liable for any action, determination or decision made in good faith with respect to the Plan or any award paid under it.  The members of the Board and the Committee shall be entitled to indemnification and reimbursement in the manner and to the fullest extent provided in the Company's certificate of incorporation or bylaws. 
		
	3.
	Eligibility

The participants in the Plan (individually, a "participant," and collectively, the "participants") shall be those salaried employees of the Company and its affiliates who are designated from time to time as participants by the Committee.  Eligible participants shall be selected to participate on an annual or other periodic basis as determined by the Committee.  With respect to those participants who are "covered employees," such designation shall be made during the first 90 days of each performance period and before 25% of the relevant performance period has passed (or otherwise made at such time and on such terms as will ensure that the award will, to the extent practicable, qualify as "performance-based compensation" for purposes of Code Section 162(m)).  Participation in the Plan for any one performance period does not guarantee that an employee will be selected to participate in any other performance period.  For the purposes of the Plan, "performance period" shall mean a period established by the Committee during which performance shall be measured to determine if any payment will be made under the Plan. A performance period may be coincident with one or more fiscal years or fiscal quarters of the Company, or any portion thereof, and performance periods may be overlapping.  An "affiliate" of the Company shall mean any company (or other entity) controlled by, controlling or under common control with the Company. 
		
	4.
	Nature of Awards

Awards granted under the Plan shall be in the form of cash bonuses.

2

		
	5.
	Awards

(a)    Grant of Awards:  At the time performance objectives are established for a performance period as provided in Section 5(b) herein, the Committee also shall assign to each participant a target cash bonus award applicable for the particular performance period (each, a "target bonus").  A participant's award, if any, shall be earned based on the attainment of written performance objectives approved by the Committee for a specified performance period, as provided in Section 5(b) herein.  In the case of awards granted to covered employees that are intended to comply with Code Section 162(m), such performance objectives shall be established by the Committee (i) while the outcome for the performance period is substantially uncertain, and (ii) (A) no more than 90 days after the commencement of the performance period to which the performance objective relates and (B) before 25% of the relevant performance period has elapsed (or otherwise at such time and upon such terms as to ensure that the award will, to the extent practicable, qualify as "performance-based compensation" for purposes of Code Section 162(m)).  During any fiscal year of the Company, no participant may be granted more than the maximum award limitation stated in Section 5(d) herein.  The Committee may adjust awards as appropriate for partial achievement of goals, exemplary effort on the part of a participant and/or other external, extraordinary or mitigating circumstances and may also interpret and make necessary and appropriate adjustments to performance goals and the manner in which such performance goals are evaluated; provided, however, that, except as may be otherwise provided in Section 6 and/or Section 7, no such adjustment shall be made with respect to an award granted under the Plan to a participant who is a "covered employee" if such adjustment would cause the award to fail to qualify as "performance-based compensation" for purposes of Code Section 162(m).  
(b)    Performance Objectives:  For each performance period, the Committee shall establish one or more specific performance measures and specific goals for each participant and/or for each group of participants.  The performance objectives established by the Committee shall be based on one or more performance measures that apply to the individual participant ("individual performance"), business unit/function performance ("business unit/function performance"), the Company as a whole ("corporate performance"), or any combination of individual performance, business unit/function performance or corporate performance.  Without limiting the foregoing, performance goals for business unit/function performance may be set for an identifiable business group, segment, unit, affiliate, facility, product line, product or function (such as sales, manufacturing or research and development).  If a participant's performance goals are based on a combination of individual performance, business unit/function performance and/or corporate performance, the Committee may weight the importance of each type of performance that applies to such participant by assigning a percentage to it.  In the case of covered employees, the performance objectives shall be objective and shall be based upon one or more of the following criteria, as determined by the Committee:  (i) revenues or sales; (ii) gross margins; (iii) earnings per share; (iv) net bookings; (v) product production or shipments; (vi) consolidated earnings before or after taxes (including earnings before interest, taxes, depreciation and amortization); (vii) net income; (viii) operating income; (ix) book value per share; (x) return on stockholders' equity; (xi) return on investment; (xii) return on capital; (xiii) improvements in capital structure; (xiv) expense management; (xv) operating margins; (xvi) maintenance or improvement of gross margins or operating margins; (xvii) stock price or total stockholder return; (xviii) market share; (xix) profitability; (xx) costs; (xxi) cash flow or free cash flow; (xxii) working capital; (xxiii) return on assets; (xxiv) economic wealth created, and/or (xxv) strategic business criteria, based on meeting specified goals or objectives related to market penetration, geographic business expansion, cost targets, customer satisfaction, employee satisfaction, management of employment practices and employee benefits, management of litigation, 

3

management of information technology, goals relating to acquisitions or divestitures of products, product lines, subsidiaries, affiliates or joint ventures, quality matrices, customer service matrices and/or execution of pre-approved corporate strategy.  In addition, with respect to participants who are not covered employees, the Committee may approve performance objectives based on other criteria, which may or may not be objective.  The foregoing criteria may relate to the Company, one or more of its affiliates or one or more of its divisions, units, partnerships, joint venturers or minority investments, facilities, product lines or products or any combination of the foregoing.  The targeted level or levels of performance with respect to such business criteria may be established at such levels and on such terms as the Committee may determine, in its discretion, including but not limited to on an absolute basis, in relation to performance in a prior performance period, and/or relative to one or more peer group companies or indices, or any combination thereof. In addition, the performance objectives may be calculated without regard to extraordinary items, except as may be limited under Code Section 162(m) in the case of a covered employee. 
(c)    Earning of Awards:  As soon as practicable after the end of the performance period, the Committee shall determine whether the performance goals for the performance period were achieved and, if so, at what level of achievement under specific formulae established for the performance period.   If the performance goals were met for the performance period, the Committee shall determine the amount, if any, of the award earned by each participant and such award shall be paid in accordance with Section 5(e) herein (subject, however, to the limitation on awards stated in Section 5(d) herein).
(d)    Maximum Award Payable to Any One Participant: Other provisions of the Plan notwithstanding, the maximum amount of cash bonus awards that may be granted under the Plan to any one participant in any one fiscal year shall not exceed $5,000,000.
(e)    Payment of Awards:  An award earned by a participant with respect to a performance period shall be paid to him as soon as practicable following the determination of the amount, if any, of the award and, with respect to participants who are covered employees, the Committee's written certification (or other approval made in accordance with Code Section 162(m)) that the participant achieved his performance goals.  Without limiting the foregoing, awards payable under the Plan shall be paid no later than the later of (i) the 15th day of the third month following the end of the participant's first taxable year in which the right to payment is no longer subject to a substantial risk of forfeiture, or (ii) the 15th day of the third month following the end of the Company's first taxable year in which the right to payment is no longer subject to a substantial risk of forfeiture, or shall otherwise be structured in a manner to be exempt from, or in compliance with, Code Section 409A. Notwithstanding the foregoing, when the Company reasonably anticipates that any deduction for its payment would be limited or eliminated by Code Section 162(m), such payment may be delayed until the earlier of the following: (i) the date which is as soon as reasonably practicable following the first date on which the Company reasonably anticipates that the deduction will not be limited or eliminated by Code Section 162(m), or (ii) the date which is as soon as reasonably practicable following the end of the calendar year in which the participant separates from service, or such payment shall be otherwise structured so as to comply with Code Section 409A, related regulations and other guidance. The Committee shall not have any discretion to increase the amount of an award earned and payable pursuant to the terms of the Plan to any participant who is a covered employee (except to the extent otherwise provided pursuant to Section 7 herein in the event of a change of control).  The Committee shall have the unilateral discretion to reduce or eliminate the amount of an award granted to any participant, including an award otherwise earned and payable pursuant to the terms of the Plan.  

4

		
	6.
	Termination of Employment and Other Events; Covenants

The Committee shall specify the circumstances in which awards shall be paid or forfeited in the event of termination of employment by the participant or other event prior to the end of a performance period or prior to payment of such awards. Unless otherwise determined by the Committee, if a participant dies, retires, is assigned to a different position, is granted a leave of absence, or if the participant's employment is otherwise terminated (except for cause by the Company) during a performance period, a pro rata share of the participant's award based on the period of actual participation may, at the Committee's discretion, be paid to the participant after the end of the performance period if and to the extent that it would have become earned and payable had the participant's employment status not changed. The Committee may require a participant, as a condition to the grant or payment of an award, to enter or have entered into agreements or covenants with the Company obligating the participant to not compete, to not interfere with the relationships of the Company with customers, suppliers or employees in any way, to refrain from disclosing or misusing confidential or proprietary information of the Company, and to take or refrain from taking such other actions adverse to the Company as the Committee may specify.  The form of such agreements or covenants shall be specified by the Committee, which may vary such form from time to time and require renewal of the agreements or covenants, as then specified by the Committee, in connection with the allocation or payout of any award.  For the purposes herein, termination for "cause" shall mean termination for cause under the terms of any employment, consulting, change in control or similar agreement if any, between the Company and the participant, or, if the participant has not entered into any such agreement (or if any such agreement does not define "cause"), "cause" shall have the meaning ascribed to such term under RFMD’s 2012 Stock Incentive Plan (as assumed and amended and restated by Qorvo, and as it may be further amended) or any successor to such stock incentive plan.
		
	7.
	Change of Control

(a)    Notwithstanding any other provision in the Plan to the contrary, and except as may be otherwise provided in Section 7(b) herein, in the event of a "change of control" (as defined in Section 7(c)), all awards granted pursuant to the Plan shall be deemed to be earned at target bonus based on the assumption that any applicable performance goals were met in full; provided, however, that the amount of any such target bonus shall be reduced on a pro rata basis, so that the participant shall only receive a pro rata portion of the target bonus for each completed month of the applicable performance period which had elapsed when the change of control occurred.  By way of example (and not limitation), if (i) a participant would have been entitled to a $100,000 target bonus based on attainment of applicable performance goals during a 12-month performance period, and (ii) a change of control occurs during the seventh month of the performance period, the participant shall be entitled to a $50,000 bonus (one-half of the $100,000 target bonus that would otherwise have been payable if the full performance period had elapsed), treating any applicable performance goals as being fully met. In the event of a change of control, any bonuses payable under Section 7 shall be immediately due and payable, without regard to whether such bonuses are deductible under Code Section 162(m) and without regard to whether the participant continues in service in the same position following the change of control, has a change in position or responsibility, or is terminated from employment with the Company (or successor or surviving corporation). In addition, without in any way limiting the preceding, in the event that a participant has entered into an employment agreement, change in control agreement or similar agreement with the Company, the participant shall be entitled to the greater of the benefits payable upon a change of control of the Company pursuant to Section 7 herein or the respective employment agreement, change in control 

5

agreement or similar agreement, and such employment agreement, change in control agreement or similar agreement shall not be construed to reduce in any way the benefits otherwise payable to a participant upon the occurrence of a change of control as defined in the Plan. 
(b)    Notwithstanding the provisions of Section 7(a), in the event that a change of control occurs, the Committee may, in its sole and absolute discretion, determine that any or all awards granted pursuant to the Plan shall be in an amount greater than the amount of pro rata bonus payments that would otherwise be payable under Section 7(a) herein, up to the maximum bonus opportunity. In the event of a change of control, the Company or the surviving or acquiring corporation shall not take any action to reduce the awards granted pursuant to the Plan below the amount of pro rata payments that would otherwise be payable under Section 7(a) herein.
(c)    For the purposes herein, for each participant, a "change of control" shall have the definition given the term "change in control" in the participant's change in control agreement with the Company, or, if the participant has not entered into a change in control agreement with the Company, then a "change of control" shall be deemed to have occurred on the earliest of the following dates: 
(i)    The date any entity or person shall have become the beneficial owner of, or shall have obtained voting control over, more than fifty percent (50%) of the total voting power of the Company's then outstanding voting stock;
(ii)    The date of the consummation of (A) a merger, consolidation or reorganization of the Company (or similar transaction involving the Company), in which the holders of the Common Stock immediately prior to the transaction have voting control over less than fifty percent (50%) of the voting securities of the surviving corporation immediately after such transaction, or (B) the sale or disposition of all or substantially all the assets of the Company; or
(iii)    The date there shall have been a change in a majority of the Board within a 12-month period unless the nomination for election by the Company's stockholders of each new director was approved by the vote of two-thirds of the members of the Board (or a committee of the Board, if nominations are approved by a Board committee rather than the Board) then still in office who were in office at the beginning of the 12-month period.
(For purposes herein, the term "person" shall mean any individual, corporation, partnership, group, association or other “person”, as such term is defined in Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, other than the Company, its affiliates or any employee benefit plan(s) sponsored or maintained by the Company or any affiliate thereof, and the term "beneficial owner" shall have the meaning given the term in Rule 13d-3 under the Exchange Act.)
For the purposes of clarity, a transaction shall not constitute a change of control if its principal purpose is to change the state of the Company's incorporation, create a holding company that would be owned in substantially the same proportions by the persons who held the Company's securities immediately before such transaction or is another transaction of other similar effect.

6

		
	8.
	No Right to Employment 

Nothing contained in this Plan or any action taken pursuant to the Plan shall be construed as conferring upon any participant the right or imposing upon him the obligation to continue in the employment of or service to the Company, nor shall it be construed as imposing upon the Company the obligation to continue the employment or service of a participant.  Except as may be otherwise provided in the Plan or determined by the Committee, all rights of a participant with respect to an award and distribution of any cash payment subject to an award shall terminate and be forfeited upon a participant's termination of employment or service with the Company. 
		
	9.
	Amendment and Termination  

The Board of Directors of the Company may amend, discontinue or terminate the Plan in whole or in part at any time, provided that (a) approval of an amendment to the Plan by the stockholders of the Company shall be required to the extent, if any, that stockholder approval of such amendment is required by applicable laws, rules or regulations; and (b) except as otherwise provided in Section 5(e), no such amendment, discontinuance or termination of the Plan shall adversely affect any award earned and payable under the Plan as of the date of such amendment or termination without the participant's consent.  However, notwithstanding the foregoing, the Committee shall have unilateral authority to amend the Plan and any award (without participant consent) to the extent necessary to comply with applicable laws, rules or regulations or changes to applicable laws, rules or regulations (including but in no way limited to Code Section 162(m) and Code Section 409A, related regulations and other guidance), and to reduce or eliminate the amount of an award, as provided in Section 5(e).
		
	10.
	Effective Date

The Plan became effective on June 1, 2006, following approval by the Board and the shareholders of the Company as required by Code Section 162(m) and related regulations.  The Plan was amended and restated by RFMD effective June 20, 2011.  The Plan was assumed and further amended and restated by Qorvo effective January 1, 2015. To the extent required under Code Section 162(m), awards under the Plan granted prior to any required stockholder approval shall be conditioned upon and shall be payable only upon approval of such performance criteria by the stockholders of the Company in accordance with the requirements of Code Section 162(m).  
		
	11.
	Miscellaneous

(a)    Taxes; Offset: Any tax required to be withheld by any government authority shall be deducted from each award.  The Company has no responsibility to take or refrain from taking any actions in order to achieve a certain tax result for the participant or any other person.  Participants are solely responsible and liable for the satisfaction of all taxes and penalties that may arise in connection with awards (including any taxes arising under Code Section 409A), and the Company shall not have any obligation to indemnify or otherwise hold any participant harmless from any or all of such taxes.  The Committee, in its sole discretion (but subject to applicable law), may apply any amounts payable to any participant hereunder as a setoff to satisfy any liabilities owed to the Company by the participant.  
(b)    Nonassignability: Unless the Committee determines otherwise, awards and any other rights under the Plan shall not be subject to anticipation, alienation, pledge, transfer or assignment by 

7

any person entitled thereto, except by designation of a beneficiary or by will or the laws of intestate succession.
(c)    No Trust; Unfunded Plan:  The obligation of the Company to make payments hereunder shall constitute a liability of the Company to the participants.  Such payments shall be made from the general funds of the Company, and the Company shall not be required to establish or maintain any special or separate fund, or otherwise to segregate assets to assure that such payments shall be made, and neither the participants nor their beneficiaries shall have any interest in any particular assets of the Company by reason of its obligations hereunder.  Nothing contained in this Plan shall create or be construed as creating a trust of any kind or any other fiduciary relationship between the Company and the participants or any other person or constitute a guarantee that the assets of the Company shall be sufficient to pay any benefits to any person.  To the extent that any person acquires a right to receive payments from the Company hereunder, such right shall be no greater than the right of an unsecured creditor of the Company.  
(d)    Impact of Plan Award on other Plans:  Awards granted pursuant to the Plan shall not be treated as compensation for purposes of any other compensation or benefit plan, program or arrangement of the Company, unless either (i) such other plan, program or arrangement provides that compensation in the form of awards payable under the Plan are to be considered as compensation thereunder, or (ii) the Committee so determines.  The adoption of the Plan shall not affect any other incentive or other compensation plans or programs in effect for the Company, nor shall the Plan preclude the Company from establishing any other forms of incentive or other compensation for employees of the Company.
(e)    Facility of Payments: If a participant or any other person entitled to receive an award under this Plan (the "recipient") shall, at the time payment of any such amount is due, be incapacitated so that such recipient cannot legally receive or acknowledge receipt of the payment, then the Committee, in its sole and absolute discretion, may direct that the payment be made to the legal guardian, attorney-in-fact or person with whom such recipient is residing, and such payment shall be in full satisfaction of the Company's obligation under the Plan with respect to such amount.
(f)    Beneficiary Designation: The Committee may permit a participant to designate in writing a person or persons as beneficiary, which beneficiary shall be entitled to receive settlement of awards, if any, to which the participant is otherwise entitled in the event of death. In the absence of such designation by a participant, and in the event of the participant's death, the estate of the participant shall be treated as beneficiary for purposes of the Plan, unless the Committee determines otherwise.   The Committee shall have sole discretion to approve and interpret the form or forms of such beneficiary designation.
(g)    Governing Law: The Plan shall be construed and its provisions enforced and administered in accordance with the laws of the State of Delaware, without regard to the principles of conflicts of laws, and in accordance with applicable federal laws.
(h)    Compliance with Code Section 162(m): The Company intends that compensation under the Plan payable to covered employees will, to the extent practicable, constitute qualified "performance-based compensation" within the meaning of Code Section 162(m) and related regulations, unless otherwise determined by the Committee. Accordingly, the provisions of the Plan shall be administered and interpreted in a manner consistent with Code Section 162(m) and related regulations.  If any provision 

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of the Plan or any award that is granted to a covered employee (in each case, other than payments to be made pursuant to Section 6 and/or Section 7 herein) does not comply or is inconsistent with the requirements of Code Section 162(m) or related regulations, such provision shall be construed or deemed amended to the extent necessary to conform to such requirements.
(i)    Adjustments: The Committee is authorized at any time during or after the completion of a performance period, in its sole discretion, to adjust or modify the terms of awards or performance objectives, or specify new awards, (i) in the event of any large, special and non-recurring dividend or distribution, recapitalization, reorganization, merger, consolidation, spin-off, combination, repurchase, share exchange, forward or reverse split, stock dividend, liquidation, dissolution or other similar corporate transaction, (ii) in recognition of any other unusual or nonrecurring event affecting the Company or the financial statements of the Company (including events described in (i) above as well as acquisitions and dispositions of businesses and assets and extraordinary items determined under U.S. Generally Accepted Accounting Principles (“GAAP”), or (iii) in response to changes in applicable laws and regulations, accounting principles, and tax rates (and interpretations thereof) or changes in business conditions or the Committee's assessment of the business strategy of the Company. Unless the Committee determines otherwise, no such adjustment shall be authorized or made if and to the extent that the existence of such authority or the making of such adjustment would cause awards granted under the Plan to covered employees whose compensation is intended to qualify as "performance-based compensation" under Code Section 162(m) and related regulations to fail to so qualify.
(j)    Compliance with Code Section 409A:  Notwithstanding any other provision in the Plan or an award to the contrary, if and to the extent that Code Section 409A is deemed to apply to the Plan or any award granted under the Plan, it is the general intention of the Company that the Plan and any such award shall, to the extent practicable, be construed in accordance therewith.  Deferrals pursuant to an award otherwise exempt from Code Section 409A in a manner that would cause Code Section 409A to apply shall not be permitted unless such deferrals are permitted by the Committee and structured to be in compliance with or exempt from Code Section 409A.  Without in any way limiting the effect of the foregoing, (i) in the event that Code Section 409A requires that any special terms, provision or conditions be included in the Plan or any award, then such terms, provisions and conditions shall, to the extent practicable, be deemed to be made a part of the Plan and/or award, as applicable, and (ii) terms used in the Plan or an award shall be construed in accordance with Code Section 409A if and to the extent required.  Further, in the event that the Plan or any award shall be deemed not to comply with Code Section 409A, then neither the Company, the Board, the Committee nor its or their designees or agents shall be liable to any participant or other persons for actions, decisions or determinations made in good faith. 
(k)    Restrictions on Awards:  Notwithstanding any other Plan provision to the contrary, the Company shall not be obligated to make any distribution of benefits under the Plan or take any other action, unless such distribution or action is in compliance with applicable laws, rules and regulations (including but not limited to applicable requirements of the Code).  
(l)    Gender and Number:  Where the context admits, words in any gender shall include any other gender, words in the singular shall include the plural and words in the plural shall include the singular.

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(m)    Severability:  If any provision of the Plan shall be held illegal or invalid for any reason, such illegality or invalidity shall not affect the remaining parts of the Plan, and the Plan shall be construed and enforced as if the illegal or invalid provision had not been included.
(n)    Binding Effect:  The Plan shall be binding upon the Company, its successors and assigns, and participants, their legal representatives, executors, administrators and beneficiaries.
[Signature Page to Follow]

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This Qorvo, Inc. Cash Bonus Plan, as assumed and amended and restated by Qorvo, Inc., has been executed on behalf of the Company effective as of January 1, 2015.

QORVO, INC. 

By: /s/ Robert A. Bruggeworth        
Name: Robert A. Bruggeworth
Title:   Chief Executive Officer

Attest:

/s/ Suzanne B. Rudy            
Suzanne B. Rudy
Vice President, Corporate Treasurer &
Compliance Officer

[Signature Page to Qorvo, Inc. Cash Bonus Plan]

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