Document:

exhibit10-11.htm

     

    EXHIBIT
10.11

    

    MICRON
TECHNOLOGY, INC.

    2004
EQUITY INCENTIVE PLAN

    

    ARTICLE
1

    PURPOSE

    

    1.1.           GENERAL.  The
purpose of the Micron Technology, Inc. 2004 Equity Incentive Plan (the “Plan”)
is to promote the success, and enhance the value, of Micron Technology, Inc.
(the “Company”), by linking the personal interests of employees, officers,
directors and consultants of the Company or any Affiliate (as defined below) to
those of Company stockholders and by providing such persons with an incentive
for outstanding performance.  The Plan is further intended to provide
flexibility to the Company in its ability to motivate, attract, and retain the
services of employees, officers, directors and consultants upon whose judgment,
interest, and special effort the successful conduct of the Company’s operation
is largely dependent.  Accordingly, the Plan permits the grant of
incentive awards from time to time to selected employees, officers, directors
and consultants of the Company and its Affiliates.

    

    ARTICLE
2

    DEFINITIONS

    

    2.1.           DEFINITIONS.  When
a word or phrase appears in this Plan with the initial letter capitalized, and
the word or phrase does not commence a sentence, the word or phrase shall
generally be given the meaning ascribed to it in this Section or in Section 1.1
unless a clearly different meaning is required by the context.  The
following words and phrases shall have the following meanings:

    

    (a) “Affiliate”
means (i) any Subsidiary or Parent, or (ii) an entity that directly or through
one or more intermediaries controls, is controlled by or is under common control
with, the Company, as determined by the Committee.

    

    (b) “Award”
means any Option, Stock Appreciation Right, Restricted Stock Award, Restricted
Stock Unit Award, Deferred Stock Unit Award, Performance Share, Dividend
Equivalent Award, or Other Stock-Based Award granted to a Participant under the
Plan.

    

    (c) “Award
Certificate” means a written document, in such form as the Committee prescribes
from time to time, setting forth the terms and conditions of an
Award.  Award Certificates may be in the form of individual award
agreements or certificates or a program document describing the terms and
provisions of an Awards or series of Awards under the Plan.

    

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

    

    (e) “Change
in Control” means and includes the occurrence of any one of the following
events:

    

    (i)           individuals
who, on the Effective Date, constitute the Board of Directors of the Company
(the “Incumbent Directors”) cease for any reason to constitute at least a
majority of such Board, provided that any person becoming a director after the
Effective Date and whose election or nomination for election was approved by a
vote of at least a majority of the Incumbent Directors then on the Board shall
be an Incumbent Director; provided, however, that no
individual initially elected or nominated as a director of the Company as a
result of an actual or threatened election contest with respect to the election
or removal of directors (“Election Contest”) or other actual or threatened
solicitation of proxies or consents by or on behalf of any Person other than the
Board (“Proxy Contest”), including by reason of any agreement intended to avoid
or settle any Election Contest or Proxy Contest, shall be deemed an Incumbent
Director; or

    

    (ii)           any
person is or becomes a “beneficial owner” (as defined in Rule 13d-3 under the
1934 Act), directly or indirectly, of either (A) 35% or more of the
then-outstanding shares of common stock of the Company (“Company Common Stock”)
or (B) securities of the Company representing 35% or more of the combined voting
power of the Company’s then outstanding 

     

    
      
        
        

      

      
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    securities
eligible to vote for the election of directors (the “Company Voting
Securities”); provided, however, that for
purposes of this subsection (ii), the following acquisitions shall not
constitute a Change in Control: (w) an acquisition directly from the Company,
(x) an acquisition by the Company or a Subsidiary of the Company, (y) an
acquisition by any employee benefit plan (or related trust) sponsored or
maintained by the Company or any Subsidiary of the Company, or (z) an
acquisition pursuant to a Non-Qualifying Transaction (as defined in subsection
(iii) below); or

    

    (iii)           the
consummation of a reorganization, merger, consolidation, statutory share
exchange or similar form of corporate transaction involving the Company or a
Subsidiary (a “Reorganization”), or the sale or other disposition of all or
substantially all of the Company’s assets (a “Sale”) or the acquisition of
assets or stock of another corporation (an “Acquisition”), unless immediately
following such Reorganization, Sale or Acquisition: (A) all or substantially all
of the individuals and entities who were the beneficial owners, respectively, of
the outstanding Company Common Stock and outstanding Company Voting Securities
immediately prior to such Reorganization, Sale or Acquisition beneficially own,
directly or indirectly, more than 50% of, respectively, the then outstanding
shares of common stock and the combined voting power of the then outstanding
voting securities entitled to vote generally in the election of directors, as
the case may be, of the corporation resulting from such Reorganization, Sale or
Acquisition (including, without limitation, a corporation which as a result of
such transaction owns the Company or all or substantially all of the Company’s
assets or stock either directly or through one or more subsidiaries, the
“Surviving Corporation”) in substantially the same proportions as their
ownership, immediately prior to such Reorganization, Sale or Acquisition, of the
outstanding Company Common Stock and the outstanding Company Voting Securities,
as the case may be, and (B) no person (other than (x) the Company or any
Subsidiary of the Company, (y) the Surviving Corporation or its ultimate parent
corporation, or (z) any employee benefit plan or related trust) sponsored or
maintained by any of the foregoing is the beneficial owner, directly or
indirectly, of 35% or more of the total common stock or 35% or more of the total
voting power of the outstanding voting securities eligible to elect directors of
the Surviving Corporation, and (C) at least a majority of the members of the
board of directors of the Surviving Corporation were Incumbent Directors at the
time of the Board’s approval of the execution of the initial agreement providing
for such Reorganization, Sale or Acquisition (any Reorganization, Sale or
Acquisition which satisfies all of the criteria specified in (A), (B) and (C)
above shall be deemed to be a “Non-Qualifying Transaction”); or

    

    (iv)           approval
by the stockholders of the Company of a complete liquidation or dissolution of
the Company.

    

    (f) “Code”
means the Internal Revenue Code of 1986, as amended from time to time, and
includes a reference to the underlying final regulations.  Reference
to a specific Section of the Code or regulation thereunder shall include such
Section or regulation, any valid regulation promulgated under such Section, and
any comparable provision of any future law, legislation or regulation amending,
supplementing or superseding such Section or regulation.

    

    (g) “Committee”
means the committee of the Board described in Article 4.

    

    (h) “Company”
means Micron Technology, Inc., a Delaware corporation, or any successor
corporation.

    

    (i) “Continuous
Status as a Participant” means the absence of any interruption or termination of
service as an employee, officer, consultant or director of the Company or any
Affiliate, as applicable; provided, however, that for purposes of an Incentive
Stock Option, or a Stock Appreciation Right issued in tandem with an
Incentive Stock Option, “Continuous Status as a Participant” means the absence
of any interruption or termination of service as an employee of the Company or
any Parent or Subsidiary, as applicable, pursuant to applicable tax
regulations.  Continuous Status as a Participant shall not be
considered interrupted in the case of any leave of absence authorized in writing
by the Company prior to its commencement; provided, however, that for purposes
of Incentive Stock Options, no such leave may exceed 90 days, unless
reemployment upon expiration of such leave is guaranteed by statute or
contract.  If 

     

    
      
        
        

      

      
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    reemployment
upon expiration of a leave of absence approved by the Company is not so
guaranteed, on the 91st day of such leave any Incentive Stock Option held by the
Participant shall cease to be treated as an Incentive Stock Option and shall be
treated for tax purposes as a Nonstatutory Stock Option.

    

    (j) “Covered
Employee” means a covered employee as defined in Code Section
162(m)(3).

    

    (k) “Disability”
or “Disabled” has the same meaning as provided in the long-term disability plan
or policy maintained by the Company or if applicable, most recently maintained,
by the Company or if applicable, an Affiliate, for the Participant, whether or
not such Participant actually receives disability benefits under such plan or
policy.  If no long-term disability plan or policy was ever maintained
on behalf of Participant or if the determination of Disability relates to an
Incentive Stock Option, or a Stock Appreciation Right issued in tandem with an
Incentive Stock Option, Disability means Permanent and Total Disability as
defined in Section 22(e)(3) of the Code.  Notwithstanding the
foregoing, for any Awards that constitute a nonqualified deferred compensation
plan within the meaning of Section 409A(d) of the Code, Disability has the
meaning given such term in Section 409A of the Code.  In the event of
a dispute, the determination whether a Participant is Disabled will be made by
the Committee and may be supported by the advice of a physician competent in the
area to which such Disability relates.

    

    (l) “Deferred
Stock Unit” means a right granted to a Participant under Article
11.

    

    (m) “Dividend
Equivalent” means a right granted to a Participant under Article
12.

    

    (n) “Effective
Date” has the meaning assigned such term in Section 3.1.

    

    (o) “Eligible
Participant” means an employee, officer, consultant or director of the Company
or any Affiliate.

    

    (p) “Exchange”
means the New York Stock Exchange or any other national securities exchange or
national market system on which the Stock may from time to time be listed or
traded.

    

    (q) “Fair
Market Value” of the Stock, on any date, means: (i) if the Stock is listed or
traded on any Exchange, the average closing price for such Stock (or the closing
bid, if no sales were reported) as quoted on such Exchange (or the Exchange with
the greatest volume of trading in the Stock) for the last market trading day
prior to the day of determination, as reported by Bloomberg L.P. or such other
source as the Committee deems reliable; (ii) if the Stock is quoted on the
over-the-counter market or is regularly quoted by a recognized securities
dealer, but selling prices are not reported, the Fair Market Value of the Stock
shall be the mean between the high bid and low asked prices for the Stock on the
last market trading day prior to the day of determination, as reported by Bloomberg L.P. or such other
source as the Committee deems reliable, or (iii) in the absence of an
established market for the Stock, the Fair Market Value shall be determined by
such other method as the Committee determines in good faith to be reasonable and
in compliance with Code Section 409A.

    

    (r) “Full
Value Award” means
an Award other than in the form of an Option or SAR, and which is settled by the
issuance of Stock.

    

    (s) “Grant
Date” of an Award means the first date on which all necessary corporate action
has been taken to approve the grant of the Award as provided in the Plan, or
such later date as is determined and specified as part of that authorization
process.  Notice of the grant shall be provided to the grantee within
a reasonable time after the Grant Date.

    

    (t) “Incentive
Stock Option” means an Option that is intended to be an incentive stock option
and meets the requirements of Section 422 of the Code or any successor provision
thereto.

    

    (u) “Non-Employee
Director” means a director of the Company who is not a common law employee of
the Company or an Affiliate.

    

    
      
        
        

      

      
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    (v) “Nonstatutory
Stock Option” means an Option that is not an Incentive Stock
Option.

    

    (w) “Option”
means a right granted to a Participant under Article 7 of the Plan to purchase
Stock at a specified price during specified time periods.  An Option
may be either an Incentive Stock Option or a Nonstatutory Stock
Option.

    

    (x) “Other
Stock-Based Award” means a right, granted to a Participant under Article 13 that
relates to or is valued by reference to Stock or other Awards relating to
Stock.

    

    (y) “Parent”
means a corporation, limited liability company, partnership or other entity
which owns or beneficially owns a majority of the outstanding voting stock or
voting power of the Company. Notwithstanding the above, with respect to an
Incentive Stock Option, Parent shall have the meaning set forth in Section
424(e) of the Code.

    

    (z) “Participant”
means a person who, as an employee, officer, director or consultant of the
Company or any Affiliate, has been granted an Award under the Plan; provided
that in the case of the death of a Participant, the term “Participant” refers to
a beneficiary designated pursuant to Section 14.5 or the legal guardian or other
legal representative acting in a fiduciary capacity on behalf of the Participant
under applicable state law and court supervision.

    

    (aa) “Performance
Share” means any right granted to a Participant under Article 9 to a unit to be
valued by reference to a designated number of Shares to be paid upon achievement
of such performance goals as the Committee establishes with regard to such
Performance Share.

    

    (bb) “Person”
means any individual, entity or group, within the meaning of Section 3(a)(9) of
the 1934 Act and as used in Section 13(d)(3) or 14(d)(2) of the 1934
Act.

    

    (cc) “Plan”
means the Micron Technology, Inc. 2004 Equity Incentive Plan, as amended from
time to time.

    

    (dd) “Public
Offering” shall occur on closing date of a public offering of any class or
series of the Company’s equity securities pursuant to a registration statement
filed by the Company under the 1933 Act.

    

    (ee) “Qualified
Performance-Based Award” means an Award that is either (i) intended to qualify
for the Section 162(m) Exemption and is made subject to performance goals based
on Qualified Business Criteria as set forth in Section 14.10(b), or (ii) an
Option or SAR.

    

    (ff) “Qualified
Business Criteria” means one or more of the Business Criteria listed in Section
14.10(b) upon which performance goals for certain Qualified Performance-Based
Awards may be established by the Committee.

    

    (gg) “Restricted
Stock Award” means Stock granted to a Participant under Article 10 that is
subject to certain restrictions and to risk of forfeiture.

    

    (hh) “Restricted
Stock Unit Award” means the right granted to a Participant under Article 10 to
receive shares of Stock (or the equivalent value in cash or other property if
the Committee so provides) in the future, which right is subject to certain
restrictions and to risk of forfeiture.

    

    (ii) “Section
162(m) Exemption” means the exemption from the limitation on deductibility
imposed by Section 162(m) of the Code that is set forth in Section 162(m)(4)(C)
of the Code or any successor provision thereto.

    

    
      
        
        

      

      
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    (jj) “Shares”
means shares of the Company’s Stock.  If there has been an adjustment
or substitution pursuant to Section 15.1, the term “Shares” shall also include
any shares of stock or other securities that are substituted for Shares or into
which Shares are adjusted pursuant to Section 15.1.

    

    (kk) “Stock”
means the $.10 par value common stock of the Company and such other securities
of the Company as may be substituted for Stock pursuant to Article
15.

    

    (ll) “Stock
Appreciation Right” or “SAR” means a right granted to a Participant under
Article 8 to receive a payment equal to the difference between the Fair Market
Value of a Share as of the date of exercise of the SAR over the base price of
the SAR, all as determined pursuant to Article 8.

    

    (mm) “Subsidiary”
means any corporation, limited liability company, partnership or other entity of
which a majority of the outstanding voting stock or voting power is beneficially
owned directly or indirectly by the Company. Notwithstanding the above, with
respect to an Incentive Stock Option, Subsidiary shall have the meaning set
forth in Section 424(f) of the Code.

    

    (nn) “1933
Act” means the Securities Act of 1933, as amended from time to
time.

    

    (oo) “1934
Act” means the Securities Exchange Act of 1934, as amended from time to
time.

    

    ARTICLE
3

    EFFECTIVE
TERM OF PLAN

    

    3.1.           EFFECTIVE
DATE.  The Plan shall be effective as of the date it is
approved by both the Board and the stockholders of the Company (the “Effective
Date”).

    

    3.2.           TERMINATION OF
PLAN.  The Plan shall terminate on the tenth anniversary of the
Effective Date unless earlier terminated as provided herein.  The
termination of the Plan on such date shall not affect the validity of any Award
outstanding on the date of termination.

    

    ARTICLE
4

    ADMINISTRATION

    

    4.1.           COMMITTEE.  The
Plan shall be administered by a Committee appointed by the Board (which
Committee shall consist of at least two directors) or, at the discretion of the
Board from time to time, the Plan may be administered by the
Board.  It is intended that at least two of the directors appointed to
serve on the Committee shall be “non-employee directors” (within the meaning of
Rule 16b-3 promulgated under the 1934 Act) and “outside directors” (within the
meaning of Code Section 162(m)) and that any such members of the Committee who
do not so qualify shall abstain from participating in any decision to make or
administer Awards that are made to Eligible Participants who at the time of
consideration for such Award (i) are persons subject to the short-swing profit
rules of Section 16 of the 1934 Act, or (ii) are reasonably anticipated to
become Covered Employees during the term of the Award.  However, the
mere fact that a Committee member shall fail to qualify under either of the
foregoing requirements or shall fail to abstain from such action shall not
invalidate any Award made by the Committee which Award is otherwise validly made
under the Plan.  The members of the Committee shall be appointed by,
and may be changed at any time and from time to time in the discretion of, the
Board.  The Board may reserve to itself any or all of the authority
and responsibility of the Committee under the Plan or may act as administrator
of the Plan for any and all purposes.  To the extent the Board has
reserved any authority and responsibility or during any time that the Board is
acting as administrator of the Plan, it shall have all the powers of the
Committee hereunder, and any reference herein to the Committee (other than in
this Section 4.1) shall include the Board.  To the extent any action
of the Board under the Plan conflicts with actions taken by the Committee, the
actions of the Board shall control.

    

    4.2.           ACTION AND INTERPRETATIONS
BY THE COMMITTEE.  For purposes of administering the Plan, the
Committee may from time to time adopt rules, regulations, guidelines and
procedures for carrying out the provisions and purposes of the Plan and make
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    Committee
may deem appropriate.  The Committee’s interpretation of the Plan, any
Awards granted under the Plan, any Award Certificate and all decisions and
determinations by the Committee with respect to the Plan are final, binding, and
conclusive on all parties.  Each member of the Committee is entitled
to, in good faith, rely or act upon any report or other information furnished to
that member by any officer or other employee of the Company or any Affiliate,
the Company’s or an Affiliate’s independent certified public accountants,
Company counsel or any executive compensation consultant or other professional
retained by the Company to assist in the administration of the
Plan.

    

    4.3.           AUTHORITY OF
COMMITTEE.  Except as provided below, the Committee has the
exclusive power, authority and discretion to:

    

    
      (a)           Grant
Awards;

    

    

    
      (b)          
Designate
Participants;

    

    

    (c)           Determine
the type or types of Awards to be granted to each Participant;

    

    (d)           Determine
the number of Awards to be granted and the number of Shares or dollar amount to
which an Award will relate;

    

    (e)           Determine
the terms and conditions of any Award granted under the Plan, including but not
limited to, the exercise price, base price, or purchase price, any restrictions
or limitations on the Award, any schedule for lapse of forfeiture restrictions
or restrictions on the exercisability of an Award, and accelerations or waivers
thereof, based in each case on such considerations as the Committee in its sole
discretion determines;

    

    (f)           Accelerate
the vesting, exercisability or lapse of restrictions of any outstanding Award,
in accordance with Article 14, based in each case on such considerations as the
Committee in its sole discretion determines;

    

    (g)           Determine
whether, to what extent, and under what circumstances an Award may be settled
in, or the exercise price of an Award may be paid in, cash, Stock, other Awards,
or other property, or an Award may be canceled, forfeited, or
surrendered;

    

    (h)           Prescribe
the form of each Award Certificate, which need not be identical for each
Participant;

    

    (i)           Decide
all other matters that must be determined in connection with an
Award;

    

    (j)           Establish,
adopt or revise any rules, regulations, guidelines or procedures as it may deem
necessary or advisable to administer the Plan;

    

    (k)           Make
all other decisions and determinations that may be required under the Plan or as
the Committee deems necessary or advisable to administer the Plan;

    

    (l)           Amend
the Plan or any Award Certificate as provided herein; and

    

    (m)          Adopt
such modifications, procedures, and subplans as may be necessary or desirable to
comply with provisions of the laws of non-U.S. jurisdictions in which the
Company or any Affiliate may operate, in order to assure the viability of the
benefits of Awards granted to participants located in such other jurisdictions
and to meet the objectives of the Plan.

    

    Notwithstanding
the foregoing, grants of Awards to Non-Employee Directors hereunder shall be
made only in accordance with the terms, conditions and parameters of a plan,
program or policy for the compensation of Non-Employee Directors as in effect
from time to time, and the Committee may not make discretionary grants hereunder
to Non-Employee Directors.

    

    
      
        
        

      

      
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    Notwithstanding
the above, the Board or the Committee may, by resolution, expressly delegate to
a special committee, consisting of one or more directors who are also officers
of the Company, the authority, within specified parameters, to (i) designate
officers, employees and/or consultants of the Company or any of its Affiliates
to be recipients of Awards under the Plan, and (ii) to determine the number of
such Awards to be received by any such Participants; provided, however, that
such delegation of duties and responsibilities to an officer of the Company may
not be made with respect to the grant of Awards to eligible participants (a) who
are subject to Section 16(a) of the 1934 Act at the Grant Date, or (b) who as of
the Grant Date are reasonably anticipated to be become Covered Employees during
the term of the Award.  The acts of such delegates shall be treated
hereunder as acts of the Board and such delegates shall report regularly to the
Board and the Compensation Committee regarding the delegated duties and
responsibilities and any Awards so granted.

    

    4.4.           AWARD
CERTIFICATES.  Each Award shall be evidenced by an Award
Certificate.  Each Award Certificate shall include such provisions,
not inconsistent with the Plan, as may be specified by the
Committee.

    

    ARTICLE
5

    SHARES
SUBJECT TO THE PLAN

    

    5.1.           NUMBER OF
SHARES.  Subject to adjustment as provided in Sections 5.2 and
15.1, the aggregate number of Shares reserved and available for issuance
pursuant to Awards granted under the Plan shall be 26,000,000; provided,
however, that each Share issued under the Plan pursuant to a Full Value Award
shall reduce the number of available Shares by two (2) shares.  The
maximum number of Shares that may be issued upon exercise of Incentive Stock
Options granted under the Plan shall be 2,000,000.

    

    5.2.           SHARE
COUNTING.  Shares covered by an Award shall be subtracted from
the Plan share reserve as of the date of the grant, but shall be added back to
the Plan share reserve in accordance with Section 5.2.

    

    (a)           To
the extent that an Award is canceled, terminates, expires, is forfeited or
lapses for any reason, any unissued or forfeited Shares subject to the Award
will again be available for issuance pursuant to Awards granted under the
Plan.

    

    (b)           Shares
subject to Awards settled in cash will again be available for issuance pursuant
to Awards granted under the Plan.

    

    (c)           Substitute
Awards granted pursuant to Section 14.14 of the Plan shall not count against the
Shares otherwise available for issuance under the Plan under Section
5.1.

    

    5.3.           STOCK
DISTRIBUTED.  Any Stock distributed pursuant to an Award may
consist, in whole or in part, of authorized and unissued Stock, treasury Stock
or Stock purchased on the open market.

    

    5.4.           LIMITATION ON
AWARDS.  Notwithstanding any provision in the Plan to the
contrary (but subject to adjustment as provided in Section 15.1), the maximum
number of Shares with respect to one or more Options and/or SARs that may be
granted during any one calendar year under the Plan to any one Participant shall
be 2,000,000.  The maximum aggregate grant with respect to Awards of
Restricted Stock, Restricted Stock Units, Deferred Stock Units, Performance
Shares or other Stock-Based Awards (other than Options or SARs) granted in any
one calendar year to any one Participant shall be 2,000,000.

    

    ARTICLE
6

    ELIGIBILITY

    

    6.1.           GENERAL.  Awards
may be granted only to Eligible Participants; except that Incentive Stock
Options may be granted to only to Eligible Participants who are employees of the
Company or a Parent or Subsidiary as defined in Section 424(e) and (f) of the
Code.  Eligible Participants who are service providers to an Affiliate
may be granted Options or SARs under this Plan only if the Affiliate qualifies
as an “eligible issuer of service recipient stock” within the meaning of
§1.409A-1(b)(5)(iii)(E) of the final regulations under Code Section
409A.

    

    
      
        
        

      

      
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    ARTICLE
7

    STOCK
OPTIONS

    

    7.1.           GENERAL.  The
Committee is authorized to grant Options to Participants on the following terms
and conditions:

    

    (a)           EXERCISE
PRICE.  The exercise price per Share under an Option shall be
determined by the Committee; provided that the exercise price for any Option
shall not be less than the Fair Market Value as of the Grant Date.

    

    (b)           TIME AND CONDITIONS OF
EXERCISE.  The Committee shall determine the time or times at
which an Option may be exercised in whole or in part, subject to Section
7.1(d).  The Committee shall also determine the performance or other
conditions, if any, that must be satisfied before all or part of an Option may
be exercised or vested.  The Committee may waive any exercise or
vesting provisions at any time in whole or in part based upon factors as the
Committee may determine in its sole discretion so that the Option becomes
exercisable or vested at an earlier date.  The Committee may permit an
arrangement whereby receipt of Stock upon exercise of an Option is delayed until
a specified future date.

    

    (c)           PAYMENT.  The
Committee shall determine the methods by which the exercise price of an Option
may be paid, the form of payment, including, without limitation, cash, Shares,
or other property (including “cashless exercise” arrangements), and the methods
by which Shares shall be delivered or deemed to be delivered to Participants;
provided, however, that if Shares are used to pay the exercise price of an
Option, such Shares must have been held by the Participant for at least such
period of time, if any, as necessary to avoid the recognition of an expense
under generally accepted accounting principles as a result of the exercise of
the Option.

    

    (d)           EXERCISE
TERM.  In no event may any Option be exercisable for more than
six years from the Grant Date.

     

    (e)           SUSPENSION.  Any Participant
who is also a participant in the Retirement at Micron ("RAM")
Section 401(k) Plan and who requests and receives a hardship distribution
from the RAM Plan, is prohibited from making, and must suspend, his or her
employee elective contributions and employee contributions including, without
limitation on the foregoing, the exercise of any Option granted from the date of
receipt by that employee of the RAM hardship distribution.

     

    

    7.2.           INCENTIVE STOCK
OPTIONS.  The terms of any Incentive Stock Options granted
under the Plan must comply with the following additional rules:

    

    (a)           EXERCISE
PRICE.  The exercise price of an Incentive Stock Option shall
not be less than the Fair Market Value as of the Grant Date.

    

    (b)           LAPSE OF
OPTION.  Subject to any earlier termination provision contained
in the Award Certificate, an Incentive Stock Option shall lapse upon the
earliest of the following circumstances; provided, however, that the Committee
may, prior to the lapse of the Incentive Stock Option under the circumstances
described in subsections (3), (4) or (5) below, provide in writing that the
Option will extend until a later date, but if an Option is so extended and is
exercised after the dates specified in subsections (3) and (4) below, it will
automatically become a Nonstatutory Stock Option:

    

    (1)           The
expiration date set forth in the Award Certificate.

    

    (2)           The
tenth anniversary of the Grant Date.

    

    
      
        
        

      

      
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    (3)           Three
months after termination of the Participant’s Continuous Status as a Participant
for any reason other than the Participant’s Disability or death.

    

    (4)           One
year after the Participant’s Continuous Status as a Participant by reason of the
Participant’s Disability.

    

    (5)           One
year after the termination of the Participant’s death if the Participant dies
while employed, or during the three-month period described in paragraph (3) or
during the one-year period described in paragraph (4) and before the Option
otherwise lapses.

    

    Unless
the exercisability of the Incentive Stock Option is accelerated as provided in
Article 14, if a Participant exercises an Option after termination of
employment, the Option may be exercised only with respect to the Shares that
were otherwise vested on the Participant’s termination of
employment.  Upon the Participant’s death, any exercisable Incentive
Stock Options may be exercised by the Participant’s beneficiary, determined in
accordance with Section 14.5.

    

    (c)           INDIVIDUAL DOLLAR
LIMITATION.  The aggregate Fair Market Value (determined as of
the Grant Date) of all Shares with respect to which Incentive Stock Options are
first exercisable by a Participant in any calendar year may not exceed
$100,000.00.

    

    (d)           TEN PERCENT
OWNERS.  No Incentive Stock Option shall be granted to any
individual who, at the Grant Date, owns stock possessing more than ten percent
of the total combined voting power of all classes of stock of the Company or any
Parent or Subsidiary unless the exercise price per share of such Option is at
least 110% of the Fair Market Value per Share at the Grant Date and the Option
expires no later than five years after the Grant Date.

    

    (e)           EXPIRATION OF AUTHORITY TO
GRANT INCENTIVE STOCK OPTIONS.  No Incentive Stock Option may
be granted pursuant to the Plan after the day immediately prior to the tenth
anniversary of the date the Plan was adopted by the Board, or the termination of
the Plan, if earlier.

    

    (f)           RIGHT TO
EXERCISE.  During a Participant’s lifetime, an Incentive Stock
Option may be exercised only by the Participant or, in the case of the
Participant’s Disability, by the Participant’s guardian or legal
representative.

    

    (g)           ELIGIBLE
GRANTEES.  The Committee may not grant an Incentive Stock
Option to a person who is not at the Grant Date an employee of the Company or a
Parent or Subsidiary.

    

    

    ARTICLE
8

    STOCK
APPRECIATION RIGHTS

    

    8.1.           GRANT OF STOCK APPRECIATION
RIGHTS.  The Committee is authorized to grant Stock
Appreciation Rights to Participants on the following terms and
conditions:

    

    (a)           RIGHT TO
PAYMENT.  Upon the exercise of a Stock Appreciation Right, the
Participant to whom it is granted has the right to receive the excess, if any,
of:

    

    (1)             The
Fair Market Value of one Share on the date of exercise; over

    

    (2)             The
base price of the Stock Appreciation Right as determined by the Committee, which
shall not be less than the Fair Market Value of one Share on the Grant
Date.

    

    

    (b)           OTHER
TERMS.  All awards of Stock Appreciation Rights shall be
evidenced by an Award Certificate.  The terms, methods of exercise,
methods of settlement, form of consideration payable in settlement, and any
other terms and conditions of any Stock Appreciation Right shall be determined
by 

     

    
      
        
        

      

      
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    the
Committee at the time of the grant of the Award and shall be reflected in the
Award Certificate.  In no event may any Stock Appreciation Rights be
exercisable for more than six years from the Grant Date.

    

    ARTICLE
9

    PERFORMANCE
SHARES

    

    9.1.           GRANT OF PERFORMANCE
SHARES.  The Committee is authorized to grant Performance
Shares to Participants on such terms and conditions as may be selected by the
Committee.  The Committee shall have the complete discretion to
determine the number of Performance Shares granted to each Participant, subject
to Section 5.4, and to designate the provisions of such Performance Shares as
provided in Section 4.3.  All Performance Shares shall be evidenced by
an Award Certificate or a written program established by the Committee, pursuant
to which Performance Shares are awarded under the Plan under uniform terms,
conditions and restrictions set forth in such written program.

    

    9.2.           PERFORMANCE
GOALS.  The Committee may establish performance goals for
Performance Shares which may be based on any criteria selected by the
Committee.  Such performance goals may be described in terms of
Company-wide objectives or in terms of objectives that relate to the performance
of the Participant, an Affiliate or a division, region, department or function
within the Company or an Affiliate.  If the Committee determines that
a change in the business, operations, corporate structure or capital structure
of the Company or the manner in which the Company or an Affiliate conducts its
business, or other events or circumstances render performance goals to be
unsuitable, the Committee may modify such performance goals in whole or in part,
as the Committee deems appropriate.  If a Participant is promoted,
demoted or transferred to a different business unit or function during a
performance period, the Committee may determine that the performance goals or
performance period are no longer appropriate and may (i) adjust, change or
eliminate the performance goals or the applicable performance period as it deems
appropriate to make such goals and period comparable to the initial goals and
period, or (ii) make a cash payment to the participant in amount determined by
the Committee.  The foregoing two sentences shall not apply with
respect to an Award of Performance Shares that is intended to be a Qualified
Performance-Based Award.

    

    9.3.           RIGHT TO
PAYMENT.  The grant of a Performance Share to a Participant
will entitle the Participant to receive at a specified later time a specified
number of Shares, or the equivalent value in cash or other property, if the
performance goals established by the Committee are achieved and the other terms
and conditions thereof are satisfied.  The Committee shall set
performance goals and other terms or conditions to payment of the Performance
Shares in its discretion which, depending on the extent to which they are met,
will determine the number of the Performance Shares that will be earned by the
Participant.

    

    9.4.           OTHER
TERMS.  Performance Shares may be payable in cash, Stock, or
other property, and have such other terms and conditions as determined by the
Committee and reflected in the Award Certificate.

    

    ARTICLE
10

    RESTRICTED
STOCK AND RESTRICTED STOCK UNIT AWARDS

    

    10.1.           GRANT OF RESTRICTED STOCK
AND RESTRICTED STOCK UNITS.  Subject to the terms and
conditions of this Article 10, the Committee is authorized to make Awards of
Restricted Stock or Restricted Stock Units to Participants in such amounts and
subject to such terms and conditions as may be selected by the
Committee.  An Award of Restricted Stock or Restricted Stock Units
shall be evidenced by an Award Certificate setting forth the terms, conditions,
and restrictions applicable to the Award.

    

    10.2.           ISSUANCE AND
RESTRICTIONS.  Restricted Stock or Restricted Stock Units shall
be subject to such restrictions on transferability and other restrictions as the
Committee may impose (including, without limitation, limitations on the right to
vote Restricted Stock or the right to receive dividends on the Restricted
Stock); provided, however, at a minimum, all Restricted Stock and
Restricted Stock Units shall be subject to the restrictions set forth in Section
14.4 for a period of no less than (a) one year from the date of award with
respect to Restricted Stock or Restricted Stock Units subject to restrictions
that lapse based upon satisfaction of performance goals, and (b) three years
from the date of award with respect to Restricted Stock or Restricted Stock
Units subject to time-based restrictions that lapse based upon one’s Continuous
Status as a Participant.  For avoidance of doubt, nothing in

     

    
      
        
        

      

      
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    the
foregoing shall preclude any applicable restriction, including those set forth
in Section 14.4 hereof, from lapsing ratably, including, but not limited to,
roughly annual increments over three years, with respect to the Restricted Stock
or Restricted Stock Units referred to in Section 10.2(b).  Moreover,
nothing in the foregoing shall preclude or be interpreted to preclude Awards to
Non-employee Directors from containing a period of restriction shorter than that
set forth above.  Finally, nothing in this Section 10.2 shall be
deemed or interpreted to preclude the waiver, lapse or the acceleration of
lapse, of any restrictions with respect to Restricted Stock or Restricted Stock
Units in accordance with or as permitted by Sections 14.7 through Section 14.9,
respectively, Article 15 or any other provision of the Plan.  Subject
to the remaining terms and conditions of the Plan, these restrictions may lapse
separately or in combination at such times, under such circumstances, in such
installments, upon the satisfaction of performance goals or otherwise, as the
Committee determines at the time of the grant of the Award or
thereafter.  Except as otherwise provided in an Award Certificate or
any special Plan document governing an Award, the Participant shall have all of
the rights of a stockholder with respect to the Restricted Stock, and the
Participant shall have none of the rights of a stockholder with respect to
Restricted Stock Units until such time as Shares of Stock are paid in settlement
of the Restricted Stock Units.

    

    10.3.           FORFEITURE.  Except
as otherwise determined by the Committee at the time of the grant of the Award
or thereafter, upon termination of Continuous Status as a Participant during the
applicable restriction period or upon failure to satisfy a performance goal
during the applicable restriction period, Restricted Stock or Restricted Stock
Units that are at that time subject to restrictions shall be forfeited;
provided, however, that the Committee may provide in any Award Certificate,
subject to the terms and conditions of the Plan, that restrictions or forfeiture
conditions relating to Restricted Stock or Restricted Stock Units will be waived
in whole or in part in the event of terminations resulting from specified
causes, including, but not limited to, death, Disability, or for the
convenience or in the best interests of the Company.

    

    10.4.           DELIVERY OF RESTRICTED
STOCK.  Shares of Restricted Stock shall be delivered to the
Participant at the time of grant either by book-entry registration or by
delivering to the Participant, or a custodian or escrow agent (including,
without limitation, the Company or one or more of its employees) designated by
the Committee, a stock certificate or certificates registered in the name of the
Participant.  If physical certificates representing shares of
Restricted Stock are registered in the name of the Participant, such
certificates must bear an appropriate legend referring to the terms, conditions,
and restrictions applicable to such Restricted Stock.

    

    ARTICLE
11

    DEFERRED
STOCK UNITS

    

    11.1.           GRANT OF DEFERRED STOCK
UNITS.  The Committee is authorized to grant Deferred Stock
Units to Participants subject to such terms and conditions as may be selected by
the Committee.  Deferred Stock Units shall entitle the Participant to
receive Shares of Stock (or the equivalent value in cash or other property if so
determined by the Committee) at a future time as determined by the Committee, or
as determined by the Participant within guidelines established by the Committee
in the case of voluntary deferral elections.  An Award of Deferred
Stock Units shall be evidenced by an Award Certificate setting forth the terms
and conditions applicable to the Award.

    

    ARTICLE
12

    DIVIDEND
EQUIVALENTS

    

    12.1.           GRANT OF DIVIDEND
EQUIVALENTS.  The Committee is authorized to grant Dividend
Equivalents to Participants subject to such terms and conditions as may be
selected by the Committee.  Dividend Equivalents shall entitle the
Participant to receive payments equal to dividends with respect to all or a
portion of the number of Shares subject to an Award, as determined by the
Committee.  The Committee may provide that Dividend Equivalents be
paid or distributed when accrued or be deemed to have been reinvested in
additional Shares, or otherwise reinvested. Unless otherwise provided in the
applicable Award Certificate, Dividend Equivalents will be paid or distributed
no later than the 15th day of the 3rd month following the later of (i) the
calendar year in which the corresponding dividends were paid to shareholders, or
(ii) the first calendar year in which the Participant's right to such
Dividends Equivalents is no longer subject to a substantial risk of
forfeiture.

    

    ARTICLE
13

     

    
      
        
        

      

      
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    STOCK
OR OTHER STOCK-BASED AWARDS

    

    13.1.           GRANT OF STOCK OR OTHER
STOCK-BASED AWARDS.  The Committee is authorized, subject to
limitations under applicable law, to grant to Participants such other Awards
that are payable in, valued in whole or in part by reference to, or otherwise
based on or related to Shares, as deemed by the Committee to be consistent with
the purposes of the Plan, including without limitation Shares awarded purely as
a “bonus” and not subject to any restrictions or conditions, convertible or
exchangeable debt securities, other rights convertible or exchangeable into
Shares, and Awards valued by reference to book value of Shares or the value of
securities of or the performance of specified Parents or
Subsidiaries.  The Committee shall determine the terms and conditions
of such Awards.

    

    

    ARTICLE
14

    PROVISIONS
APPLICABLE TO AWARDS

    

    14.1.           STAND-ALONE AND TANDEM
AWARDS.  Awards granted under the Plan may, in the discretion
of the Committee, be granted either alone or in addition to, in tandem with, any
other Award granted under the Plan.  Subject to Section 16.2, awards
granted in addition to or in tandem with other Awards may be granted either at
the same time as or at a different time from the grant of such other
Awards.

    

    14.2.           TERM OF
AWARD.  The term of each Award shall be for the period as
determined by the Committee, provided that in no event shall the term of any
Incentive Stock Option or a Stock Appreciation Right granted in tandem with the
Incentive Stock Option exceed a period of ten years from its Grant Date (or, if
Section 7.2(d) applies, five years from its Grant Date).

    

    14.3.           FORM OF PAYMENT FOR
AWARDS.  Subject to the terms of the Plan and any applicable
law or Award Certificate, payments or transfers to be made by the Company or an
Affiliate on the grant or exercise of an Award may be made in such form as the
Committee determines at or after the Grant Date, including without limitation,
cash, Stock, other Awards, or other property, or any combination, and may be
made in a single payment or transfer, in installments, or (except with respect
to Options or SARs) on a deferred basis, in each case determined in accordance
with rules adopted by, and at the discretion of, the Committee.

    

    14.4.           LIMITS ON
TRANSFER.  No right or interest of a Participant in any
unexercised or restricted Award may be pledged, encumbered, or hypothecated to
or in favor of any party other than the Company or an Affiliate, or shall be
subject to any lien, obligation, or liability of such Participant to any other
party other than the Company or an Affiliate.  No unexercised or
restricted Award shall be assignable or transferable by a Participant other than
by will or the laws of descent and distribution or, except in the case of an
Incentive Stock Option, pursuant to a domestic relations order that would
satisfy Section 414(p)(1)(A) of the Code if such Section applied to an Award
under the Plan; provided, however, that the Committee may (but need not) permit
other transfers where the Committee concludes that such transferability (i) does
not result in accelerated taxation, (ii) does not cause any Option intended to
be an Incentive Stock Option to fail to be described in Code Section 422(b), and
(iii) is otherwise appropriate and desirable, taking into account any factors
deemed relevant, including without limitation, state or federal tax or
securities laws applicable to transferable Awards.

    

    14.5.           BENEFICIARIES.  Notwithstanding
Section 14.4, a Participant may, in the manner determined by the Committee,
designate a beneficiary to exercise the rights of the Participant and to receive
any distribution with respect to any Award upon the Participant’s
death.  A beneficiary, legal guardian, legal representative, or other
person claiming any rights under the Plan is subject to all terms and conditions
of the Plan and any Award Certificate applicable to the Participant, except to
the extent the Plan and Award Certificate otherwise provide, and to any
additional restrictions deemed necessary or appropriate by the
Committee.  If no beneficiary has been designated or survives the
Participant, payment shall be made to the Participant’s
estate.  Subject to the foregoing, a beneficiary designation may be
changed or revoked by a Participant at any time provided the change or
revocation is filed with the Committee.

    

    14.6.           STOCK
CERTIFICATES.  All Stock issuable under the Plan is subject to
any stop-transfer orders and other restrictions as the Committee deems necessary
or advisable to comply with federal or state securities laws, 

     

    
      
        
        

      

      
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    rules and
regulations and the rules of any national securities exchange or automated
quotation system on which the Stock is listed, quoted, or traded.  The
Committee may place legends on any Stock certificate or issue instructions to
the transfer agent to reference restrictions applicable to the
Stock.

    

    14.7.           ACCELERATION UPON A CHANGE
IN CONTROL.  Except as otherwise provided in the Award
Certificate or any special Plan document governing an Award, upon the occurrence
of a Change in Control, all outstanding Options, SARs, and other Awards in the
nature of rights that may be exercised shall become fully exercisable, and all
time-based vesting restrictions on outstanding Awards shall
lapse.  Except as otherwise provided in the Award Certificate or any
special Plan document governing an Award, upon the occurrence of a Change in
Control, the target payout opportunities attainable under all outstanding
performance-based Awards shall be deemed to have been fully earned as of the
effective date of the Change in Control based upon an assumed achievement of all
relevant performance goals at the “target” level and there shall be prorata
payout to Participants within thirty (30) days following the effective date of
the Change in Control based upon the length of time within the performance
period that has elapsed prior to the Change in Control.

    

    14.8           ACCELERATION UPON DEATH OR
DISABILITY.  Except as otherwise provided in the Award
Certificate or any special Plan document governing an Award, upon the
Participant’s death or Disability during his or her Continuous Status as a
Participant, (i) all of such Participant’s outstanding Options, SARs, and other
Awards in the nature of rights that may be exercised shall become fully
exercisable, (ii) all time-based vesting restrictions on the Participant’s
outstanding Awards shall lapse, and (iii) the target payout opportunities
attainable under all of such Participant’s outstanding performance-based Awards
shall be deemed to have been fully earned as of the date of termination based
upon an assumed achievement of all relevant performance goals at the “target”
level and there shall be a prorata payout to the Participant or his or her
estate within thirty (30) days following the date of termination based upon the
length of time within the performance period that has elapsed prior to the date
of termination.  Any Awards shall thereafter continue or lapse in
accordance with the other provisions of the Plan and the Awards
Certificate.  To the extent that this provision causes Incentive Stock
Options to exceed the dollar limitation set forth in Section 7.2(c), the excess
Options shall be deemed to be Nonstatutory Stock Options.

    

    14.9.           ACCELERATION FOR ANY OTHER
REASON.  Regardless of whether an event has occurred as
described in Section 14.7 or 14.8 above, and subject to Section 14.11 as to
Qualified Performance-Based Awards, the Committee may in its sole discretion at
any time determine that all or a portion of a Participant’s Options, SARs, and
other Awards in the nature of rights that may be exercised shall become fully or
partially exercisable, that all or a part of the time-based vesting restrictions
on all or a portion of the outstanding Awards shall lapse, and/or that any
performance-based criteria with respect to any Awards shall be deemed to be
wholly or partially satisfied, in each case, as of such date as the Committee
may, in its sole discretion, declare; provided, however, the Committee shall not
exercise such discretion with respect to Full Value Awards comprised of Shares
of Restricted Stock or Restricted Stock Units which, in the aggregate, exceed
five percent (5%) of the aggregate number of Shares reserved and available for
issuance pursuant to Awards granted under the Plan; provided, further, that when
calculating whether the five percent (5%) maximum has been reached, the
Committee shall not count or consider any Shares of Restricted Stock or
Restricted Stock Units granted to Non-Employee Directors or regarding which the
Committee accelerated vesting rights, waived restrictions or determined
performance-based criteria had been satisfied resulting from an event described
in Section 14.7, 24.8. Article 15, a Participant’s termination of employment or
separation from service resulting from death, Disability or for the convenience
or in the bests interests of the Company.  The Committee may
discriminate among Participants and among Awards granted to a Participant in
exercising its discretion pursuant to this Section 14.9.

    

    14.10.         EFFECT OF
ACCELERATION.  If an Award is accelerated under Section 14.7,
Section 14.8 or Section 14.9, the Committee may, in its sole discretion, provide
(i) that the Award will expire after a designated period of time after such
acceleration to the extent not then exercised, (ii) that the Award will be
settled in cash rather than Stock, (iii) that the Award will be assumed by
another party to a transaction giving rise to the acceleration or otherwise be
equitably converted or substituted in connection with such transaction, (iv)
that the Award may be settled by payment in cash or cash equivalents equal to
the excess of the Fair Market Value of the underlying Stock, as of a specified
date associated with the transaction, over the exercise price of the Award, or
(v) any combination of the foregoing.  The Committee’s determination
need not be uniform and may be different for different Participants whether or
not such Participants are similarly situated.  To the extent that such
acceleration causes Incentive Stock Options to exceed the dollar limitation set
forth in Section 7.2(c), the excess Options shall be deemed to be Nonstatutory
Stock Options.

    

    
      
        
        

      

      
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    14.11.         QUALIFIED PERFORMANCE-BASED
AWARDS.

    

    (a)           The
provisions of the Plan are intended to ensure that all Options and Stock
Appreciation Rights granted hereunder to any Covered Employee shall qualify for
the Section 162(m) Exemption; provided that the exercise or base price of such
Award is not less than the Fair Market Value of the Shares on the Grant
Date.

    

    (b)           When
granting any other Award, the Committee may designate such Award as a Qualified
Performance-Based Award, based upon a determination that the recipient is or may
be a Covered Employee with respect to such Award, and the Committee wishes such
Award to qualify for the Section 162(m) Exemption.  If an Award is so
designated, the Committee shall establish performance goals for such Award
within the time period prescribed by Section 162(m) of the Code based on one or
more of the following Qualified Business Criteria, which may be expressed in
terms of Company-wide objectives or in terms of objectives that relate to the
performance of an Affiliate or a unit, division, region, department or function
within the Company or an Affiliate:

    

    
      •    Gross
and/or net revenue (including whether in the aggregate or attributable to
specific products)

    

    •    Cost of Goods
Sold and Gross Margin

    •    Costs and
expenses, including Research & Development and Selling, General &
Administrative

    •    Income
(gross, operating, net, etc.)

    
      •    Earnings,
including before interest, taxes, depreciation and amortization (whether in the
aggregate or on a per share basis

    

    •    Cash flows
and share price

    •    Return on
investment, capital, equity

    
      •    Manufacturing
efficiency (including yield enhancement and cycle time reductions), quality
improvements and customer satisfaction

    

    
      •    Product
life cycle management (including product and technology design, development,
transfer, manufacturing introduction, and sales price optimization and
management)

    

    •    Economic
profit or loss

    •    Market
share

    
      •    Employee
retention, compensation, training and development, including succession
planning

    

    
      •    Objective
goals consistent with the Participant’s specific officer duties and
responsibilities, designed to further the financial, operational and other
business interests of the Company, including goals and objectives with respect
to regulatory compliance matters.

    

    

    Performance
goals with respect to the foregoing Qualified Business Criteria may be specified
in absolute terms (including completion of pre-established projects, such as the
introduction of specified products), in percentages, or in terms of growth from
period to period or growth rates over time as well as measured relative to an
established or specially-created performance index of Company competitors, peers
or other members of high tech industries.  Any member of an index that
disappears during a measurement period shall be disregarded for the entire
measurement period.  Performance Goals need not be based upon an
increase or positive result under a business criterion and could include, for
example, the maintenance of the status quo or the limitation of economic losses
(measured, in each case, by reference to a specific business
criterion).

    

    (c)           Each
Qualified Performance-Based Award (other than an Option or SAR) shall be earned,
vested and payable (as applicable) only upon the achievement of performance
goals established by the Committee based upon one or more of the Qualified
Business Criteria, together with the satisfaction of any other conditions,
including the condition as to continued employment as set forth in subsection
(g) below, as the Committee may determine to be appropriate; provided, however,
that the Committee may 

     

    
      
        
        

      

      
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    provide,
in its sole and absolute discretion, either in connection with the grant thereof
or by amendment thereafter, that achievement of such performance goals will be
waived upon the death or Disability of the Participant, or upon a Change in
Control. Performance periods established by the Committee for any such Qualified
Performance-Based Award may be as short as ninety (90) days and may be any
longer period.

    

    (d)           The
Committee may provide in any Qualified Performance-Based Award that any
evaluation of performance may include or exclude any of the following events
that occurs during a performance period: (a) asset write-downs or impairment
charges; (b) litigation or claim judgments or settlements; (c) the effect of
changes in tax laws, accounting principles or other laws or provisions affecting
reported results; (d) accruals for reorganization and restructuring programs;
(e) extraordinary nonrecurring items as described in Accounting Principles Board
Opinion No. 30 and/or in management’s discussion and analysis of financial
condition and results of operations appearing in the Company’s annual report to
stockholders for the applicable year; (f) acquisitions or divestitures; and (g)
foreign exchange gains and losses. To the extent such inclusions or exclusions
affect Awards to Covered Employees, they shall be prescribed in a form and at a
time that meets the requirements of Code Section 162(m) for
deductibility.

    

    (e)           Any
payment of a Qualified Performance-Based Award granted with performance goals
pursuant to subsection (c) above shall be conditioned on the written
certification of the Committee in each case that the performance goals and any
other material conditions were satisfied. Written certification may take the
form of a Committee resolution passed by a majority of the Committee at a
properly convened meeting or through unanimous action by the Committee via
action by written consent.  The certification requirement also may be
satisfied by a separate writing executed by the Chairman of the Committee,
acting in his capacity as such, following the foregoing Committee action or by
the Chairman executing approved minutes of the Committee in which such
determinations were made.  Except as specifically provided in
subsection (c), no Qualified Performance-Based Award held by a Covered Employee
or an employee who in the reasonable judgment of the Committee may be a Covered
Employee on the date of payment, may be amended, nor may the Committee exercise
any discretionary authority it may otherwise have under the Plan with respect to
a Qualified Performance-Based Award under the Plan, in any manner to waive the
achievement of the applicable performance goal based on Qualified Business
Criteria or to increase the amount payable pursuant thereto or the value
thereof, or otherwise in a manner that would cause the Qualified
Performance-Based Award to cease to qualify for the Section 162(m)
Exemption.

    

    (f)           Section
5.4 sets forth the maximum number of Shares or dollar value that may be granted
in any one-year period to a Participant in designated forms of Qualified
Performance-Based Awards.

    

    (g)           With
respect to a Participant who is an officer of the Company, any payment of a
Qualified Performance-Based Award granted with performance goals pursuant to
subsection (c) above shall be conditioned on the officer having remained
continuously employed by the Company or an Affiliate for the entire performance
or measurement period, including, as well, through the date of determination and
certification of the payment of any such Award pursuant to subsection (e) above
(the “Certification Date”).  For purposes of the Plan, with respect to
any given performance or measurement period, an officer of the Company who (i)
terminates employment (regardless of cause) or who otherwise ceases to be an
officer, prior to the Certification Date and (ii) who, pursuant to a separate
contractual arrangement with the Company is entitled to receive payments from
the Company thereunder extending to or beyond such Certification Date as a
result of such termination or cessation in officer status, shall be deemed to
have been employed by the Company as an officer through the Certification Date
for purposes of payment eligibility.

    

    14.12.         TERMINATION OF
EMPLOYMENT.  Whether military, government or other service or
other leave of absence shall constitute a termination of employment shall be
determined in each case by the Committee at its discretion, and any
determination by the Committee shall be final and conclusive.  A
Participant’s Continuous Status as a Participant shall not be deemed to
terminate (i) in a circumstance in which a Participant transfers from the
Company to an Affiliate, transfers from an Affiliate to the Company, or
transfers from one Affiliate to another Affiliate, or (ii) in the discretion of
the Committee as specified at or prior to such occurrence, in the case of a
spin-off, sale or disposition of the Participant’s employer from the Company or
any Affiliate.  To the extent that this provision causes Incentive
Stock Options to extend beyond three months from the date a Participant is
deemed to be an employee of the Company, a Parent or Subsidiary for purposes of
Sections 424(e) and 424(f) of the Code, the Options held by such Participant
shall be deemed to be Nonstatutory Stock Options.

    

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

    14.13.         DEFERRAL.  Subject
to applicable law, the Committee may permit or require a Participant to defer
such Participant’s receipt of the payment of cash or the delivery of Shares that
would otherwise be due to such Participant by virtue of the exercise of an
Option or SAR, the lapse or waiver of restrictions with respect to Restricted
Stock or Restricted Stock Units, or the satisfaction of any requirements or
goals with respect to Performance Shares, and Other Stock-Based Awards. If any
such deferral election is required or permitted, the Board shall, in its sole
discretion, establish rules and procedures for such payment deferrals in
compliance with Section 409A of the Code and other applicable law.

    

    14.14.         FORFEITURE
EVENTS.  The Committee may specify in an Award Certificate that
the Participant’s rights, payments and benefits with respect to an Award shall
be subject to reduction, cancellation, forfeiture or recoupment upon the
occurrence of certain specified events, in addition to any otherwise applicable
vesting or performance conditions of an Award. Such events shall include, but
shall not be limited to, termination of employment for cause, violation of
material Company or Affiliate policies, breach of noncompetition,
confidentiality or other restrictive covenants that may apply to the
Participant, or other conduct by the Participant that is detrimental to the
business or reputation of the Company or any Affiliate.

    

    14.15.         SUBSTITUTE
AWARDS.  The Committee may grant Awards under the Plan in
substitution for stock and stock-based awards held by employees of another
entity who become employees of the Company or an Affiliate as a result of a
merger or consolidation of the former employing entity with the Company or an
Affiliate or the acquisition by the Company or an Affiliate of property or stock
of the former employing corporation.  The Committee may direct that
the substitute awards be granted on such terms and conditions as the Committee
considers appropriate in the circumstances.

    

    ARTICLE
15

    CHANGES
IN CAPITAL STRUCTURE

                   
15.1.           MANDATORY
ADJUSTMENTS.  Subject to any required action by the
shareholders of the Company, the number of shares of Common Stock covered by
each outstanding Award, and the number of issued shares of Common Stock which
have been authorized for issuance under the Plan but as to which no Awards have
yet been granted or which have been returned to the Plan upon cancellation or
expiration of an Award, as well as the price per share of Common Stock covered
by each such outstanding Award, shall be proportionately adjusted for any
increase or decrease in the number of issued shares of Common Stock resulting
from a stock split, reverse stock split, stock dividend, combination or
reclassification of the Common Stock or any other increase or decrease in the
number of shares of Common Stock effected without receipt of consideration by
the Company; provided, however, that conversion of any convertible securities of
the Company shall not be deemed to have been “effected without receipt of
consideration.”  Such adjustment shall be made by the Board, whose
determination in that respect shall be final, binding, and
conclusive.  Without limiting the foregoing, in the event of a
subdivision of the outstanding Stock (stock-split), a declaration of a dividend
payable in Shares, or a combination or consolidation of the outstanding Stock
into a lesser number of Shares, the authorization limits under Section 5.1 and
5.4 shall automatically be adjusted proportionately, and the Shares then subject
to each Award shall automatically be adjusted proportionately without any change
in the aggregate purchase price therefor.  To the extent that any
adjustments made pursuant to this Article 15 cause Incentive Stock Options to
cease to qualify as Incentive Stock Options, such Options shall be deemed to be
Nonstatutory Stock Options.

    

    15.2           DISCRETIONARY
ADJUSTMENTS.  Upon the occurrence or in anticipation of any
corporate event or transaction involving the Company (including, without
limitation, any merger, reorganization, recapitalization or combination or
exchange of shares or any transaction described in Section 15.1), the Committee
may, in its sole discretion, provide (i) that Awards will be settled in cash
rather than Stock, (ii) that Awards will become immediately vested and
exercisable and will expire after a designated period of time to the extent not
then exercised, (iii) that Awards will be assumed by another party to a
transaction or otherwise be equitably converted or substituted in connection
with such transaction, (iv) that outstanding Awards may be settled by payment in
cash or cash equivalents equal to the excess of the Fair Market Value of the
underlying Stock, as of a specified date associated with the transaction, over
the exercise price of the Award, (v) that applicable performance targets and
performance periods for Awards will be modified, consistent with Code Section
162(m) where applicable, or (vi) 

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

    any
combination of the foregoing.  The Committee’s determination need not
be uniform and may be different for different Participants whether or not such
Participants are similarly situated.

    

    15.3           GENERAL.  Any
discretionary adjustments made pursuant to this Article 15 shall be subject to
the provisions of Article 16.  To the extent that any adjustments made
pursuant to this Article 15 cause Incentive Stock Options to cease to qualify as
Incentive Stock Options, such Options shall be deemed to be Nonstatutory Stock
Options.

    

    ARTICLE
16

    AMENDMENT,
MODIFICATION AND TERMINATION

    

    16.1.           AMENDMENT, MODIFICATION AND
TERMINATION.  The Board or the Committee may, at any time and
from time to time, amend, modify or terminate the Plan without stockholder
approval; provided, however, that if an amendment to the Plan would, in the
reasonable opinion of the Board or the Committee, either (i) materially increase
the number of Shares available under the Plan, (ii) expand the types of awards
under the Plan, (iii) materially expand the class of participants eligible to
participate in the Plan, (iv) materially extend the term of the Plan, or (v)
otherwise constitute a material change requiring stockholder approval under
applicable laws, policies or regulations or the applicable listing or other
requirements of an Exchange, then such amendment shall be subject to stockholder
approval; and provided, further, that the Board or Committee may condition any
other amendment or modification on the approval of stockholders of the Company
for any reason, including by reason of such approval being necessary or deemed
advisable to (i) permit Awards made hereunder to be exempt from liability under
Section 16(b) of the 1934 Act, (ii) to comply with the listing or other
requirements of an Exchange, or (iii) to satisfy any other tax, securities or
other applicable laws, policies or regulations.

    

    16.2.           AWARDS PREVIOUSLY
GRANTED.  At any time and from time to time, the Committee may
amend, modify or terminate any outstanding Award without approval of the
Participant; provided, however:

    
 

    (a)                 Subject
to the terms of the applicable Award Certificate, such amendment, modification
or termination shall not, without the Participant’s consent, reduce or diminish
the value of such Award determined as if the Award had been exercised, vested,
cashed in or otherwise settled on the date of such amendment or termination
(with the per-share value of an Option or Stock Appreciation Right for this
purpose being calculated as the excess, if any, of the Fair Market Value as of
the date of such amendment or termination over the exercise or base price of
such Award);

    

    (b)           The
original term of an Option may not be extended without the prior approval of the
stockholders of the Company;

    

    (c)           Except
as otherwise provided in Article 15, the exercise price of an Option may not be
reduced, directly or indirectly, without the prior approval of the stockholders
of the Company; and

    

    (d)           No
termination, amendment, or modification of the Plan shall adversely affect any
Award previously granted under the Plan, without the written consent of the
Participant affected thereby.  An outstanding Award shall not be
deemed to be “adversely affected” by a Plan amendment if such amendment would
not reduce or diminish the value of such Award determined as if the Award had
been exercised, vested, cashed in or otherwise settled on the date of such
amendment (with the per-share value of an Option or Stock Appreciation Right for
this purpose being calculated as the excess, if any, of the Fair Market Value as
of the date of such amendment over the exercise or base price of such
Award).

    

    16.3.           COMPLIANCE
AMENDMENTS.  Notwithstanding anything in the Plan or in any
Award Certificate to the contrary, the Committee may amend the Plan or an Award
Certificate, to take effect retroactively or otherwise, as deemed necessary or
advisable for the purpose of conforming the Plan or Award Certificate to any
present or future law relating to plans of this or similar nature (including,
but not limited to, Section 409A of the Code), and to the administrative
regulations and rulings promulgated thereunder.  By accepting an Award
under this 

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

    Plan, a
Participant agrees to any amendment made pursuant to this Section 16.3 to any
Award granted under the Plan without further consideration or
action.

    

    

    ARTICLE
17

    GENERAL
PROVISIONS

    

    17.1.           NO RIGHTS TO AWARDS;
NON-UNIFORM DETERMINATIONS.  No Participant or any Eligible
Participant shall have any claim to be granted any Award under the
Plan.  Neither the Company, its Affiliates nor the Committee is
obligated to treat Participants or Eligible Participants uniformly, and
determinations made under the Plan may be made by the Committee selectively
among Eligible Participants who receive, or are eligible to receive, Awards
(whether or not such Eligible Participants are similarly situated).

    

    17.2.           NO STOCKHOLDER
RIGHTS.  No Award gives a Participant any of the rights of a
stockholder of the Company unless and until Shares are in fact issued to such
person in connection with such Award.

    

    17.3.           SPECIAL PROVISIONS RELATED
TO SECTION 409A OF THE CODE.

    

    (a)           Notwithstanding
anything in the Plan or in any Award Certificate to the contrary, to the extent
that any amount or benefit that would constitute non-exempt “deferred
compensation” for purposes of Section 409A of the Code would otherwise be
payable or distributable under the Plan or any Award Certificate by reason of
the occurrence of a Change in Control, or the Participant’s Disability or
separation from service, such amount or benefit will not be payable or
distributable to the Participant by reason of such circumstance unless
(i) the circumstances giving rise to such Change in Control, Disability or
separation from service meet any description or definition of “change in control
event”, “disability” or “separation from service”, as the case may be, in
Section 409A of the Code and applicable regulations (without giving effect
to any elective provisions that may be available under such definition), or
(ii) the payment or distribution of such amount or benefit would be exempt
from the application of Section 409A of the Code by reason of the
short-term deferral exemption or otherwise.  This provision does not
prohibit the vesting of any Award upon a Change in Control, Disability or
separation from service, however defined.  If this provision prevents
the payment or distribution of any amount or benefit, such payment or
distribution shall be made on the next earliest payment or distribution date or
event specified in the Award Certificate that is permissible under Section
409A.

    

    (b)           If
any one or more Awards granted under the Plan to a Participant could qualify for
any separation pay exemption described in Treas. Reg. Section 1.409A-1(b)(9),
but such Awards in the aggregate exceed the dollar limit permitted for the
separation pay exemptions, the Company (acting through the Committee or the Head
of Human Resources) shall determine which Awards or portions thereof will be
subject to such exemptions.

    

    (c)           Notwithstanding
anything in the Plan or in any Award Certificate to the contrary, if any amount
or benefit that would constitute non-exempt “deferred compensation” for purposes
of Section 409A of the Code would otherwise be payable or distributable under
this Plan or any Award Certificate by reason of a Participant’s separation from
service during a period in which the Participant is a Specified Employee (as
defined below), then, subject to any permissible acceleration of payment by the
Committee under Treas. Reg. Section 1.409A-3(j)(4)(ii) (domestic relations
order), (j)(4)(iii) (conflicts of interest), or (j)(4)(vi) (payment of
employment taxes):

    

    (i) if
the payment or distribution is payable in a lump sum, the Participant’s right to
receive payment or distribution of such non-exempt deferred compensation will be
delayed until the earlier of the Participant’s death or the first day of the
seventh month following the Participant’s separation from service;
and

    

    (ii) if
the payment or distribution is payable over time, the amount of such non-exempt
deferred compensation that would otherwise be payable during the six-month
period immediately following the Participant’s separation from service will be
accumulated and the Participant’s right to receive payment or distribution of
such accumulated amount will be delayed until the earlier of the Participant’s
death or the first day of the seventh month following the Participant’s
separation from service, whereupon the accumulated amount will be paid or
distributed to the Participant and the normal payment or distribution schedule
for any remaining payments or distributions will resume.

    

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

    For
purposes of this Plan, the term “Specified Employee” has the meaning given such
term in Code Section 409A and the final regulations thereunder, provided,
however, that, as permitted in such final regulations, the Company’s Specified
Employees and its application of the six-month delay rule of Code Section
409A(a)(2)(B)(i) shall be determined in accordance with rules adopted by the
Board or any committee of the Board, which shall be applied consistently with
respect to all nonqualified deferred compensation arrangements of the Company,
including this Plan.

    

    17.4.           WITHHOLDING.  The
Company or any Affiliate shall have the authority and the right to deduct or
withhold, or require a Participant to remit to the Company, an amount sufficient
to satisfy federal, state, and local taxes (including the Participant’s FICA
obligation) required by law to be withheld with respect to any exercise, lapse
of restriction or other taxable event arising as a result of the
Plan.  If Shares are surrendered to the Company to satisfy withholding
obligations in excess of the minimum withholding obligation, such Shares must
have been held by the Participant as fully vested shares for such period of
time, if any, as necessary to avoid the recognition of an expense under
generally accepted accounting principles.  The Company shall have the
authority to require a Participant to remit cash to the Company in lieu of the
surrender of Shares for tax withholding obligations if the surrender of Shares
in satisfaction of such withholding obligations would result in the Company’s
recognition of expense under generally accepted accounting
principles.  With respect to withholding required upon any taxable
event under the Plan, the Committee may, at the time the Award is granted or
thereafter, require or permit that any such withholding requirement be
satisfied, in whole or in part, by withholding from the Award Shares having a
Fair Market Value on the date of withholding equal to the minimum amount (and
not any greater amount) required to be withheld for tax purposes, all in
accordance with such procedures as the Committee establishes.

    

    17.5.           NO RIGHT TO CONTINUED
SERVICE.  Nothing in the Plan, any Award Certificate or any
other document or statement made with respect to the Plan, shall interfere with
or limit in any way the right of the Company or any Affiliate to terminate any
Participant’s employment or status as an officer, director or consultant at any
time, nor confer upon any Participant any right to continue as an employee,
officer, director or consultant of the Company or any Affiliate, whether for the
duration of a Participant’s Award or otherwise.

    

    17.6.           UNFUNDED STATUS OF
AWARDS.  The Plan is intended to be an “unfunded” plan for
incentive and deferred compensation.  With respect to any payments not
yet made to a Participant pursuant to an Award, nothing contained in the Plan or
any Award Certificate shall give the Participant any rights that are greater
than those of a general creditor of the Company or any
Affiliate.  This Plan is not intended to be subject to
ERISA.

    

    17.7.           RELATIONSHIP TO OTHER
BENEFITS.  No payment under the Plan shall be taken into
account in determining any benefits under any pension, retirement, savings,
profit sharing, group insurance, welfare or benefit plan of the Company or any
Affiliate unless provided otherwise in such other plan.

    

    17.8.           EXPENSES.  The
expenses of administering the Plan shall be borne by the Company and its
Affiliates.

    

    17.9.           TITLES AND
HEADINGS.  The titles and headings of the Sections in the Plan
are for convenience of reference only, and in the event of any conflict, the
text of the Plan, rather than such titles or headings, shall
control.

    

    17.10.         GENDER AND
NUMBER.  Except where otherwise indicated by the context, any
masculine term used herein also shall include the feminine; the plural shall
include the singular and the singular shall include the plural.

    

    17.11.         FRACTIONAL
SHARES.  No fractional Shares shall be issued and the Committee
shall determine, in its discretion, whether cash shall be given in lieu of
fractional Shares or whether such fractional Shares shall be eliminated by
rounding up or down.

    

    17.12.         GOVERNMENT AND OTHER
REGULATIONS.

    

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

       

    

    (a)           Notwithstanding
any other provision of the Plan, no Participant who acquires Shares pursuant to
the Plan may, during any period of time that such Participant is an affiliate of
the Company (within the meaning of the rules and regulations of the Securities
and Exchange Commission under the 1933 Act), sell such Shares, unless such offer
and sale is made (i) pursuant to an effective registration statement under the
1933 Act, which is current and includes the Shares to be sold, or (ii) pursuant
to an appropriate exemption from the registration requirement of the 1933 Act,
such as that set forth in Rule 144 promulgated under the 1933 Act.

    

    (b)           Notwithstanding
any other provision of the Plan, if at any time the Committee shall determine
that the registration, listing or qualification of the Shares covered by an
Award upon any Exchange or under any foreign, federal, state or local law or
practice, or the consent or approval of any governmental regulatory body, is
necessary or desirable as a condition of, or in connection with, the granting of
such Award or the purchase or receipt of Shares thereunder, no Shares may be
purchased, delivered or received pursuant to such Award unless and until such
registration, listing, qualification, consent or approval shall have been
effected or obtained free of any condition not acceptable to the
Committee.  Any Participant receiving or purchasing Shares pursuant to
an Award shall make such representations and agreements and furnish such
information as the Committee may request to assure compliance with the foregoing
or any other applicable legal requirements.  The Company shall not be
required to issue or deliver any certificate or certificates for Shares under
the Plan prior to the Committee’s determination that all related requirements
have been fulfilled.  The Company shall in no event be obligated to
register any securities pursuant to the 1933 Act or applicable state or foreign
law or to take any other action in order to cause the issuance and delivery of
such certificates to comply with any such law, regulation or
requirement.

    

    17.13.         GOVERNING
LAW.  To the extent not governed by federal law, the Plan and
all Award Certificates shall be construed in accordance with and governed by the
laws of the State of Delaware.

    

    17.14.         ADDITIONAL
PROVISIONS.  Each Award Certificate may contain such other
terms and conditions as the Committee may determine; provided that such other
terms and conditions are not inconsistent with the provisions of the
Plan.

    

    17.15.         NO LIMITATIONS ON RIGHTS OF
COMPANY.  The grant of any Award shall not in any way affect
the right or power of the Company to make adjustments, reclassification or
changes in its capital or business structure or to merge, consolidate, dissolve,
liquidate, sell or transfer all or any part of its business or
assets.  The Plan shall not restrict the authority of the Company, for
proper corporate purposes, to draft or assume awards, other than under the Plan,
to or with respect to any person.  If the Committee so directs, the
Company may issue or transfer Shares to an Affiliate, for such lawful
consideration as the Committee may specify, upon the condition or understanding
that the Affiliate will transfer such Shares to a Participant in accordance with
the terms of an Award granted to such Participant and specified by the Committee
pursuant to the provisions of the Plan.

    

    17.16.         INDEMNIFICATION.  Each
person who is or shall have been a member of the Committee, or of the Board, or
an officer of the Company to whom authority was delegated in accordance with
Article 4 shall be indemnified and held harmless by the Company against and
from any loss, cost, liability, or expense that may be imposed upon or
reasonably incurred by him or her in connection with or resulting from any
claim, action, suit, or proceeding to which he or she may be a party or in which
he or she may be involved by reason of any action taken or failure to act under
the Plan and against and from any and all amounts paid by him or her in
settlement thereof, with the Company’s approval, or paid by him or her in
satisfaction of any judgment in any such action, suit, or proceeding against him
or her, provided he or she shall give the Company an opportunity, at its own
expense, to handle and defend the same before he or she undertakes to handle and
defend it on his or her own behalf, unless such loss, cost, liability, or
expense is a result of his or her own willful misconduct or except as expressly
provided by statute.  The foregoing right of indemnification shall not
be exclusive of any other rights of indemnification to which such persons may be
entitled under the Company’s Certificate of Incorporation or Bylaws, as a matter
of law, or otherwise, or any power that the Company may have to indemnify them
or hold them harmless.

    

    20exhibit10-79.htm

     

    EXHIBIT
10.79

      THIS LOAN AGREEMENT
(the “Agreement”) is made as of February 23,
2009 by and between:

       

      Micron Technology,
Inc., a company incorporated in Delaware and having its office at 8000 S.
Federal Way, Boise, Idaho, 83716 (the “Company”);
and

       

      Economic Development
Board, a statutory body established in the Republic of Singapore under
the Economic Development Board Act (Cap. 85) having its office at 250, North
Bridge Road, #28-00 Raffles City Tower Singapore 179101 (the “Board”).

       

      WHEREAS:

       

      
        	
                (1)

              	
                The Company has a majority-owned subsidiary in
      Singapore, TECH
      Semiconductor Singapore Pte. Ltd. (Company Registration Number:
      199102059C) (the “Subsidiary”);

              

      

       

      
        	
                (2)

              	
                The
      Company has applied to the Board for a term
  loan:

              

      

      
        	
                 
      

              	
                (a)

              	
                with
      a principal amount of Three Hundred Million Singapore Dollars
      S$300,000,000; or

              

      

      
        	
                 
      

              	
                (b)

              	
                an
      amount equivalent to Thirty percent (30%) of the value of the “Fixed
      Productive Assets” (as defined in Clause 1.1(o)) by the Subsidiary
      in Singapore; or

              

      

      
        
          	 	
                  (c) 

                	
                  an
      amount equivalent to One Hundred percent (100%) of the “Equity
      Contributions” (as defined in Clause 1.1(i)),
  

                

        

      

      
        	
                 

              	
                whichever
      is the lowest (the “Term
      Loan”) that is subject to the terms of this
      Agreement.

              

      

       

      
        	
                (3)

              	
                The
      Company will use the Term Loan for making Equity Contributions to enable the Subsidiary to
      purchase Fixed
      Productive Assets subject to the terms of this
      Agreement.

              

      

       

      
        	
                (4)

              	
                The
      Board is willing to grant the Term Loan to the Company, upon the terms and
      subject to the conditions hereinafter set
forth.

              

      

       

      NOW
THIS AGREEMENT WITNESSETH AS FOLLOWS:

       

      
        	
                1. 

              	
                DEFINITIONS

              

      

       

      
        	
                1.1

              	
                In
      this Agreement, unless
      the context otherwise requires, the following words or expressions shall
      have the following meanings
respectively:

              

      

       

      
        	
                 
      

              	
                (a)

              	
                “Authorised
      Officer” is defined in Clause
3(c)(i).

              

      

       

      
        	
                 
      

              	
                (b)

              	
                “Board”
      means the Economic Development
Board.

              

      

       

      
        	
                 
      

              	
                (c)

              	
                “Business
      Day” means a day on which banks in Singapore are open for business
      excluding Saturday and Sunday or Public
Holiday.

              

      

       

      
        	
                 
      

              	
                (b)

              	
                “CAS” is
      defined in the paragraph 2 of the recital to this
    Agreement.

              

      

       

      
        	
                 
      

              	
                (c)

              	
                “Company”
      means Micron Technology, Inc.

              

      

       

      
        	
                 
      

              	
                (d)

              	
                “Day”
      means a calendar day.

              

      

       

      
        	
                 
      

              	
                (e)

              	
                “Dollars”
      and the sign “S$”
      respectively mean the lawful currency of the Republic of
      Singapore.

              

      

       

      
        	
                 
      

              	
                (f)

              	
                “Default
      Interest” is
      defined in Clause
7.4.

              

      

       

      
        
          
            
              Micron
Technology, Inc. / EDB – Loan
Agreement                                                                                                                                          
Page 1 of 26

            

             

          

          
             

            
              

            

          

          
             

          

        

      

      
 

      
        	
                 
      

              	
                (g)

              	
                “Drawing”
      means any, each or all (as the context may require) of the drawings made
      by the Company under the Term Loan and includes the First Drawing as
      defined hereinafter.

              

      

       

      
        	
                 
      

              	
                (h)

              	
                “Enforcement
      Proceeds” is defined in Clause
      4.4(c).

              

      

       

      
        	
                 
      

              	
                (i)

              	
                “Equity
      Contributions” means any and all purchases
      of Subsidiary’s stock by the Company
      in exchange for
      a cash contribution to the Subsidiary, from the date of this
      Agreement.

              

      

       

      
        	
                 
      

              	
                (j)

              	
                “Event of
      Default” and “Events of
      Default” mean any, each or all (as the context may require) of the
      Events of Default described in Clause 15.

              

      

       

      
        	
                 
      

              	
                (k)

              	
                “Excess
      Amount” is defined in Clause 5.2(c)(ii).

              

      

       

      
        	
                 
      

              	
                (l)

              	
                “Facility
      Agreement” is defined in Clause
14.1(b).

              

      

       

      
        	
                 
      

              	
                (m)

              	
                “First
      Drawing” means the first drawing made by the Company under the Term
      Loan.

              

      

       

      
        	
                 
      

              	
                (n)

              	
                “First Drawing
      Date” means the date on which the First Drawing is
      made.

              

      

       

      
        	
                 
      

              	
                (o)

              	
                “Fixed
      Productive Assets”
      means:

              

      

       

      
        	
                 
      

              	
                (i)

              	
                any building, infrastructure, systems, plant
      and equipment (including any cleanroom facilities and new
      productive equipment) to be
      set up and operated by the Subsidiary in
      Singapore, for the
      production of various semiconductor memory products
      produced on 50nm or smaller technology;
    

              

      

      
        	
                 
      

              	
                (ii)

              	
                any direct costs (excluding costs that are not recorded as
      capital items on the Subsidiary’s balance sheet) to bring the items
      referred to in Clause 1.1(o)(i) to achieve productive
      capability;
      and

              

      

      
        
          	
                   
      

                	(iii)	
                  any
      other items or costs as the Board may agree to include as Fixed Productive
      Assets from time to
time.

                

        

      

       

      
        	
                 
      

              	
                (p)

              	
                “Form
      10K” is defined in Clause
12.1(f).

              

      

       

      
        	
                 
      

              	
                (q)

              	
                “Form
      10Q” is defined in Clause
12.1(f).

              

      

       

      
        	
                 
      

              	
                (r)

              	
                “Full
      Repayment” means the full repayment of all monies due under this
      Agreement to the Board, including the principal and all interest due from
      the Company to the Board under the Term
Loan;

              

      

       

      
        	
                 
      

              	
                (s)

              	
                “Full Repayment
      Date” means the date on which Full Repayment is made by the Company
      to the Board.

              

      

       

      
        	
                 
      

              	
                (t)

              	
                “Government”
      is defined in Clause 21.4.

              

      

       

      
        	
                 
      

              	
                (u)

              	
                “Interest
      Rate” is
      defined in Clause 7.1(b).

              

      

       

      
        	
                 
      

              	
                (v)

              	
                “Month”
      means a calendar month.

              

      

       

       

      
        
          
            
              Micron
Technology, Inc. / EDB – Loan
Agreement                                                                                                                                          
Page 2 of 26

            

             

          

          
             

            
              

            

          

          
             

          

        

      
        	
                 
      

              	
                (w)

              	
                “Notice”
      is defined in Clause 5.2(a).

              

      

       

      
        	
                 
      

              	
                (x)

              	
                “Outstanding
      Loan” at any time means all the principal sums drawn down under the
      Term Loan and remaining unpaid as at that
time.

              

      

       

      
        	
                 
      

              	
                (y)

              	
                “Payment Date”
      means any Day falling on the first Business Day of March, June, September
      or December, and “First Payment
      Date” means the second Payment Date after the First Drawing
      Date;

              

      

       

      
        	
                 
      

              	
                (z)

              	
                “Person”
      shall include any company, partnership, limited liability partnership,
      body of persons, association, body corporate and unincorporated
      body.

              

      

       

      
        	
                 
      

              	
                (aa)

              	
                “Repayment
      Date” is defined in Clause
  8.

              

      

       

      
        	
                 
      

              	
                (bb)

              	
                “Requisite
      Investment” is defined in Clause 4.3.

              

      

       

      
        	
                 
      

              	
                (cc)

              	
                “Security”
      is defined in Clause 3(c)(iv).

              

      

       

      
        	
                 
      

              	
                (dd)

              	
                “Share
      Equity
      Mortgage
      Agreement” is defined in Clause
3(c)(iv).

              

      

       

      
        	
                 
      

              	
                (ee)

              	
                “Subsidiary”
      is defined in paragraph 1 of the recital to this
  Agreement.

              

      

       

      
        	
                 
      

              	
                (ff)

              	
                “Taxes”
      is defined in Clause 21.5.

              

      

       

      
        	
                 
      

              	
                (gg)

              	
                “Term
      Loan” is defined in paragraph 2 of the recital to this
      Agreement.

              

      

       

      
        	
                 
      

              	
                (hh)

              	
                “Year”
      means a calendar year.

              

      

       

      
        	
                1.2

              	
                Unless
      the context otherwise requires, words importing the singular number
      include the plural number and vice
versa.

              

      

       

      
        	
                1.3

              	
                The
      words “hereof”, “herein”, “hereunder”, “hereon” and “hereinafter” and
      words of similar import, when used in this Agreement, refer to this
      Agreement as a whole and not to any particular provision of this
      Agreement.

              

      

       

      
        	
                1.4

              	
                The
      headings to the Clauses hereof shall not be deemed as part thereof or be
      taken in consideration in the interpretation or construction thereof or of
      this Agreement.

              

      

       

      
        	
                1.5

              	
                References
      herein to “Clause” or “Clauses” are references to a Clause or Clauses of
      this Agreement.

              

      

       

       

      
        	
                2. 

              	
                TERM
      LOAN

              

      

       

      
        	
                2.1

              	
                Subject
      to the provisions of this Agreement and in particular those of Clauses 3,
      4, 7, 8, 9, 11, 12, 13 and 14 being complied with, the Board shall make
      available to the Company the Term Loan at the times and in the manner as
      hereinafter provided.

              

      

       

      
        	
                2.2

              	
                Subject
      to Clauses 4.4, 10.2 and 15.3, this Agreement, and the terms and
      conditions herein, shall be binding on the Company until the Full
      Repayment Date.

              

      

       

      
        
          
            
              Micron
Technology, Inc. / EDB – Loan
Agreement                                                                                                                                          
Page 3 of 26

            

             

          

          
             

            
              

            

          

          
             

          

        

      

      
 

      
        	
                3. 

              	
                CONDITIONS
      PRECEDENT AND AVAILABILITY

              

      

       

      The
Company shall only be allowed to make any Drawing under the Term Loan, and the
obligations of the Board to make available the same shall be subject to all the
conditions precedent below to be fulfilled by the Company:

       

      
        	
                 
      

              	
                (a)

              	
                There
      shall not exist at the date
      of the Drawing to be
      made, any Event of Default or any condition, event or act which,
      with the giving of notice or lapse of time, or both, would constitute such
      an Event of Default, which,
      in each case, remains continuing and has not been waived by the
      Board.

              

      

       

      
        	
                 
      

              	
                (b)

              	
                All
      representations, warranties and statements contained herein, or otherwise
      made in writing in connection herewith or in any certificate or statement
      furnished pursuant to any provision of this Agreement or in any document
      referred to herein made by the Company shall be true and correct in all
      material respects as of the date on which such were made, save to the extent waived by
      the Board.

              

      

       

      
        	
                 
      

              	
                (c)

              	
                For
      the First Drawing, the Company shall effect, execute or provide, in a
      form, manner or substance that is to the Board’s reasonable satisfaction,
      the following documents:

              

      

       

      
        	
                 
      

              	
                (i)

              	
                A
      copy of the Certificate of
      Incorporation and Articles of Association of the Company together
      with an English version of the same, duly certified by a
      Director, the Chief
      Executive Officer, Chief Financial Officer, Treasurer or other
      authorised
      officer of the Company (each, an “Authorised
      Officer”) to be a true copy
      thereof;

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                A
      copy of the resolution of the board of Directors of the Company together
      with an English version of the same duly certified by an Authorised Officer to be a
      true copy thereof, in full force and effect and approving the terms and
      conditions contained in this Agreement and authorising a person or persons
      to sign this Agreement and any other document to be given to the Board
      from time to time by the Company;

              

      

       

      
        	
                 
      

              	
                (iii)

              	
                Specimen signatures of the persons authorised to
      sign this Agreement on behalf of the Company, and to sign the notices of
      Drawing and any document
      required under this Agreement on behalf of the Company or the
      Subsidiary, such specimens to be certified by an Authorised Officer of
      the Company to be the true signatures of such persons respectively; 

              

      

       

      
        	
                 

              	
                (iv)

              	
                A duly executed security document creating an
      equitable mortgage on Sixty-Six percent
      (66%) of the
      shares of the Subsidiary (which shares are or
      shall be issued to
      the Company), in
      favour of the Board and the certificates of such shares in the name of the
      Company,
      including shares
      issued pursuant to the Equity Contributions, with no prior encumbrance
      thereon (the
      “Security”) with duly executed blank
      share transfer forms
      for such shares to be delivered to the Board as security for the Term Loan. Such
      Security
      shall be in the form
      attached as Appendix
      III (the
      “Share Equity Mortgage Agreement”).  If the Subsidiary should
      increase its share capital at any time, the Company shall subscribe
      for such number of shares in the capital of the Subsidiary to ensure that
      it holds directly at least Seventy percent (70%) of the total and
      issued

              

      

       

      
        
          
            Micron
Technology, Inc. / EDB – Loan
Agreement                                                                                                                                          
Page 4 of 26

          

           

        

        
           

          
            

          

        

        
           

        

      

       

       

      
        	
                 

                 

                 

              	
                 

              	
                paid-up shares in
      the capital of the Subsidiary. The Company shall similarly mortgage such additional shares
      such that the
      aggregate
      shares mortgaged by
      the Company hereunder shall constitute Sixty-Six percent (66%) of the total issued and paid-up
      capital of the Subsidiary and shall execute any additional mortgage and
      charge agreement and any other necessary documents in relation to such
      additional mortgaged
      shares in the
      Subsidiary.  If the Company shall acquire such
      additional shares as aforesaid, it shall forthwith deliver or procure that
      there be delivered to the Board the certificates in respect thereof
      together with instruments of transfer in respect thereof duly executed in
      blank;

              

      

      
 

      
        	
                 
      

              	
                (v)

              	
                A
      legal opinion to the Board’s reasonable satisfaction, dated on or about
      the date of this Agreement, provided by an attorney at law who is
      qualified to opine, that under applicable
  law(s):

              

      

       

      
        	
                 
      

              	
                (I)

              	
                the
      Company has legal
      capacity to enter into the obligations herein contained and to
      furnish the Board with the
Security;

              

      

      
        	
                 
      

              	
                (II)

              	
                such
      obligations are enforceable against the Company;
  and

              

      

       

      
        	
                 
      

              	
                (vi)

              	
                A
      letter of waiver from each shareholder of the Subsidiary (other than the
      Company) to the Board’s reasonable satisfaction dated on or about the
      First Drawing Date and confirming each shareholder’s unconditional and
      irrevocable:

              

      

       

      
        	
                 
      

              	
                (I)

              	
                consent
      to the creation of security over the Company’s shares in the Subsidiary as
      agreed in the Share Equity Mortgage Agreement notwithstanding Article 34
      of the Subsidiary’s Articles of Association;
and

              

      

      
        	
                 
      

              	
                (II)

              	
                waiver
      of its preemption rights under Article 21 of the Subsidiary’s Articles of
      Association.

              

      

       

      
        	
                 
      

              	
                (d)

              	
                All
      acts, conditions and things required to be done, performed and to have
      occurred:

              

      

      
        	
                 
      

              	
                (i)

              	
                precedent
      to the execution and delivery of this Agreement;
  and

              

      

      
        	
                 
      

              	
                (ii)

              	
                to
      constitute this Agreement legal, valid and binding obligations enforceable
      in accordance with its
  terms;

              

      

      
        	
                 

              	
                shall
      have been done, performed and have occurred in compliance with all
      applicable laws.

              

      

       

      
        	
                 
      

              	
                (e)

              	
                There
      is no breach by the Company in any material respect of any of the terms,
      conditions and undertakings herein contained which remains continuing and has
      not been waived by the
Board.

              

      

       

      
        	
                4. 

              	
                PURPOSE
      OF THE TERM LOAN

              

      

       

      
        	
                4.1

              	
                Subject
      to the terms and conditions herein contained and in particular to those of
      Clauses 3, 4, 7, 8, 9, 11, 12, 13, and 14 being complied with, the Term
      Loan shall be made available by the Board to the Company for the sole
      purpose of providing funds
      to the Subsidiary (by way of Equity Contributions to be made by the Company) to
      purchase Fixed Productive
Assets.

              

      

       

      
        	
                4.2

              	
                Upon
      receiving a Drawing under Clause 5, the Company shall apply all the
      proceeds thereof for the purposes described in Clause
  4.1.

              

      

       

      
        
          
            
              Micron
Technology, Inc. / EDB – Loan
Agreement                                                                                                                                          
Page 5 of 26

            

             

          

          
             

            
              

            

          

          
             

          

        

      

       

      
        	
                4.3

              	
                It
      is further agreed that this Term Loan shall be made available to the
      Company on the conditions that the Company shall
  cause:

              

      

       

      
        	
                 
      

              	
                (a)

              	
                at
      least Three Hundred
      Million Singapore
      Dollars (S$300,000,000/-) or its equivalent in United States
      Dollars (converted at a fixed USD/S$ exchange rate of 1.52), or such lower amount as may be
      approved by the Board, to be used for Equity Contributions;
      and

              

      

       

      
        	
                 
      

              	
                (b)

              	
                at
      least One Billion Singapore Dollars
      (S$1,000,000,000/-) inclusive of the amount under Clause 4.3(a), or
      its equivalent in United States Dollars (converted at a fixed
      USD/S$ exchange rate of 1.52), or such lower amount as may be
      approved by the Board, to be incurred by the Subsidiary for the
      financing, purchasing, building of or expenditure towards Fixed Productive
      Assets by February 29, 2012 (the “Requisite
      Investment”). If the shortfall (if any) in the Requisite Investment
      ascertained as at February 29, 2012, the Company shall, on the Board’s
      demand, pay a sum in Singapore Dollars computed as follows (utilizing 365 days per year for
      partial-year calculations):

              

      

       

      
        	
                 
      

              	
                (i)

              	
                For a shortfall in the Requisite Investment of
      Three Hundred Million
      Singapore Dollars (S$300,000,000/-) or less, the sum shall be Thirty percent (30%) of such
      shortfall multiplied by Three percent (3%) per year from the First Drawing
      Date to the Full Repayment
  Date;

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                For a shortfall in the Requisite Investment of
      more than Three Hundred
      Million Singapore Dollars (S$300,000,000/-), the sum
      shall be (a) the amount calculated in (i) immediately above, plus (b) the
      amount of such shortfall that exceeds Three Hundred Million Singapore
      Dollars (S$300,000,000/-) multiplied by Three percent (3%) per year from
      the First Drawing Date to the Full
      Repayment Date;
      provided that in no event shall such sum exceed Nine Million Singapore
      Dollars (S$9,000,000/-) per year, the absolute maximum amount
      payable for each
      year pursuant to
      this Section
4.3(b).

              

      

       

      
        	
                4.4

              	
                If
      the Company fails to make the Requisite Investment, the Board shall also
      be at liberty to do the following in the following order of
      priority:

              

      

      
      

       

      
        	
                 
      

              	
                (a)

              	
                terminate
      this Agreement whereby the Board’s obligations herein contained shall
      automatically and forthwith cease;

              

      

      
         

      

      
        	
                 
      

              	
                (b)

              	
                seek immediate
      repayment of any unpaid amounts described in Clauses 4.4(c)(i) and (ii)
      from the Company;
      and

              

      

       

      
        	
                 
      

              	
                (c)

              	
                only
      after (a) and (b) immediately above have been exhausted, enforce its
      rights in the Security, the
      proceeds of which (the “Enforcement
      Proceeds”) shall be applied towards
      the payment of part
      or whole of:

              

      

      
        
          	 	
                  (i) 

                	
                  the
      Outstanding Loan;

                

        

      

      
        	
                 
      

              	
                (ii)

              	
                any unpaid fees, charges, interest or Default
      Interest (where applicable) that have accrued and/or are imposed on the
      Company in accordance with the terms and conditions herein contained;
      and

              

      

      
        	
                 
      

              	
                (iii)

              	
                reasonable legal fees, costs and
      expenses incurred to liquidate the Security and/or recover monies
      outstanding under this
Agreement,

              

      

       

      
        
          
            
              Micron
Technology, Inc. / EDB – Loan
Agreement                                                                                                                                          
Page 6 of 26

            

             

          

          
             

            
              

            

          

          
             

          

        

      it being understood that
any surplus Enforcement Proceeds remaining after the application set forth in Clauses
4.4(c) shall be paid to the Company.

       

       

      
        	
                5.

              	
                DRAWINGS
      OF THE TERM LOAN

              

      

       

      
        	
                5.1

              	
                Subject
      to the terms and conditions of this Agreement and in particular to all the
      conditions of Clauses 3, 4, 7, 8, 9, 11, 12, 13, and 14 being complied
      with, the Board shall make available, any sums under the Term Loan, for
      Drawing by the Company, in each case in accordance with the terms and
      stipulations herein.

              

      

       

      
        	
                5.2

              	
                When
      the Company intends to make a Drawing, the Company shall be required
      to:

              

      

       

      
      

      
        	
                 
      

              	
                (a)

              	
                inform
      the Board of its intention to make a Drawing by serving written notice
      (the “Notice”)
      of the intended Drawing on the Board at least Fourteen (14) Business Days
      prior to the intended date of Drawing; provided that this Fourteen-day
      requirement shall be waived by the Board for the First
      Drawing.  Each Notice of Drawing shall be
      substantially in the form set out in the Appendix I hereto and
      shall:

              

      

       

      
        	
                 
      

              	
                (i)

              	
                state
      the date (which must be a Business Day) and the amount of the proposed
      Drawing;

              

      

      
        	
                 
      

              	
                (ii)

              	
                be
      irrevocable and commit the Company to borrow the amount on the date
      stated;

              

      

      
        	
                 
      

              	
                (iii)

              	
                constitute
      a representation and warranty by the Company that as at the date of the
      Notice, the warranties and representations set out in Clause 12 are true
      and correct in all material respects (save to such extent waived by
      the Board), that no Event of Default, and no event or act which
      with the giving of notice or lapse of time or both would constitute such
      an Event of Default, has occurred which remains continuing and
      unwaived by the
      Board;

              

      

      
        	
                 
      

              	
                (iv)

              	
                describe
      the Subsidiary’s purchase
      and/or projected purchase of Fixed Productive Assets corresponding
      to the Equity Contributions
      for which the Drawing is made;
and

              

      

      
        	
                 
      

              	
                (v)

              	
                enclose
      documents showing that the Company has applied for Shares of a value at
      least equivalent to the Drawing.

              

      

       

      
        	
                 
      

              	
                (b)

              	
                in
      respect of the First Drawing, furnish the Security and
      Forms to the Board;

              

      

       

      
        	
                 
      

              	
                (c)

              	
                in
      respect of the each Drawing:

              

      

       

      
        	
                 
      

              	
                (i)

              	
                the
      Company shall without demand provide the
Board:

              

      

       

      
        	
                 
      

              	
                (I)

              	
                within
      Forty-Five (45) days from the date of a Drawing, a statement of purchase
      in such format as set out in Appendix II, signed by the Subsidiary’s
      authorized signatory, and providing copies of purchase orders that show
      Fixed Productive Assets of a minimum aggregate value equivalent to (1)
      such Drawing and (2) all Drawings to date, to be purchased by the
      Subsidiary. With respect to each Drawing, such purchase orders must be
      issued on or after 1 November 2008, and no later than the date occurring
      Thirty (30) days after such Drawing
Date;

              

      

       

      
      

      
        	
                 
      

              	
                (II)

              	
                within
      Eighteen (18) months from the date of a Drawing, or such extended period
      as may be permitted by the Board from time to time, a
  

              

      

       

      
        
          
            
              Micron
Technology, Inc. / EDB – Loan
Agreement                                                                                                                                          
Page 7 of 26

            

             

          

          
             

            
              

            

          

          
             

          

        

      

       

      
        	
                 
      

              	
                 

              	
                statement
      of expenditure on capital assets (i.e., asset recorded as a capital asset
      on the Subsidiary’s balance sheet), in such format as set out in Appendix
      II,  signed by the Subsidiary’s authorized signatory, giving a
      breakdown of payments
      and/or statements of accounts showing that Fixed Productive
      Assets of an aggregate value equivalent in United States Dollars
      (converted at a fixed USD/S$ exchange rate of 1.52) to Fifty percent (50%)
      of such
      Drawing were paid for by the Subsidiary;
and

              

      
        	
                 
      

              	
                (III)

              	
                on
      or before February 29, 2012, a statement of expenditure in such format as
      set out in Appendix II, signed by the Subsidiary’s authorized signatory
      and certified by an
      external auditor, certifying that Fixed Productive Assets of an
      aggregate value equivalent in United States Dollars to One Billion Singapore Dollars
      (S$1,000,000,000/-) (converted at a fixed USD/S$ exchange rate of
      1.52) had been purchased, and for which Three Hundred
      Million Singapore Dollars (S$300,000,000/-) (converted at a fixed USD/S$
      exchange rate of 1.52) had been paid by the
    Subsidiary.

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                if the Board is not reasonably satisfied that any
      documentary proof submitted under Clause 5.2(c)(i) shows that Fixed
      Productive Assets of an aggregate value equivalent to such Drawing have
      been purchased or paid for, as required above, interest shall be levied
      and imposed on the difference between such Drawing and the amount
      reasonably ascertained by the Board as the aggregate value of Fixed
      Productive Assets to which such documentary proof relates (such difference
      being the “Excess
      Amount”), and shall be computed as
      follows, instead of as set
      out in Clause
7:

              

      

       

      
        	
                 
      

              	
                (I)

              	
                at
      the rate of three per cent (3%) per annum above the average prevailing
      prime lending rate as reported by the Monetary Authority of
      Singapore;

              

      

       

      
        	
                 
      

              	
                (II)

              	
                in
      respect of documents submitted
under:

              

      

      
        	
                 
      

              	
                (AA)

              	
                Clause
      5.2(c)(i)(I), from the 46th
      day after the date of the Drawing to the earlier
  of:

              

      

      
        	
                 
      

              	
                (aa)

              	
                the
      date that the Excess Amount is returned to the
  Board;

              

      

      
        	
                 
      

              	
                (bb)

              	
                the
      date on which the Board receives from the Company proof reasonably
      satisfactory to the Board that purchase orders for Fixed Productive Assets
      of an aggregate value equivalent to the Drawing in question were issued by
      the Subsidiary;

              

      

       

      
        	
                 
      

              	
                (BB)

              	
                Clause
      5.2(c)(i)(II), from and including the date that is Eighteen (18) months
      (or such extended period as may be permitted by the Board) from the date
      of a Drawing, to the
      earlier of:

              

      

      
        	
                 
      

              	
                (aa)

              	
                the date that the Excess Amount
      is returned to the
Board;

              

      

      
        	
                 
      

              	
                (bb)

              	
                the date on which
      the Board receives from the Company proof of payment reasonably
      satisfactory to the Board that Fixed Productive Assets of an aggregate
      value equivalent in
      United States Dollars (converted at a fixed USD/S$ exchange rate of 1.52)
      to Fifty percent (50%) of such Drawing were paid for by the
      Subsidiary;

              

      

       

      
        	
                 
      

              	
                (CC)

              	
                Clause
      5.2(c)(i)(III), from and including February 29, 2012 up to the earlier
      of:

              

      

      
        	
                 
      

              	
                (aa)

              	
                the
      date that the Excess Amount is returned to the
  Board;

              

      

      
        	
                 
      

              	
                (bb)

              	
                the
      date on which the Board receives from the Company proof of payment
      reasonably satisfactory to the Board for the purpose of computing whether
      Fixed Productive Assets of an aggregate value

              

      

       

      
        
          
            
              Micron
Technology, Inc. / EDB – Loan
Agreement                                                                                                                                          
Page 8 of 26

            

             

          

          
             

            
              

            

          

          
             

          

        

      

       

      
        	
                 
      

              	
                 

              	
                equivalent
      in United States Dollars
      (converted at a fixed USD/S$ exchange rate of 1.52) to One Billion
      Singapore Dollars (S$1,000,000,000/-)  have been purchased, and
      for which Three Hundred Million Singapore Dollars (S$300,000,000/-)
      (converted at a fixed USD/S$ exchange rate of 1.52) has
      been paid by the
      Subsidiary.

              

      PROVIDED
THAT interest levied under this Clause shall not apply to the Excess Amount
during each calendar day of the Five-Business-Day notice period mentioned under
Clause 5.2(c)(iv).

       

      
        	
                 
      

              	
                (iii)

              	
                For the
      avoidance of doubt,
      any return of Excess Amount with any interest payable under Clause
      5.2(c)(ii) to the Board shall not be deemed a prepayment under this
      Agreement and the amount of Term Loan available at any time for drawing by
      the Company shall exclude any Excess Amount(s) returned to
      the Board.

              

      

       

      
        	
                 
      

              	
                (iv)

              	
                The Company shall
      give the Board Five (5) Business Days’ prior written notice before
      returning the Excess Amount and any interest payable under Clause
      5.2(c)(ii).

              

      

       

      
        	
                5.3

              	
                The
      First Drawing shall be made not later than March 1, 2009, or such later
      date as may be approved by Chairman of the Board or his lawful
      representative, failing which the obligations of the Board hereunder to
      provide the Term Loan shall immediately
cease.

              

      

       

       

      
        	
                6. 

              	
                AVAILABILITY
      OF TERM LOAN

              

      

       

      The Term
Loan shall be available for Drawing for a period of One (1) Year from the First
Drawing Date, after which any undrawn portion of the Term Loan shall be
cancelled.

       

       

      
        	
                7. 

              	
                PRINCIPAL
      AND INTEREST PAYMENTS BY THE
COMPANY

              

      

       

      
        	
                7.1

              	
                The
      Company’s obligations for principal repayments, interest payments and
      Default Interest in relation to monies that have been drawn down by the
      Company, shall be computed from each relevant Drawing date and in
      accordance with the following stipulations.  Pursuant to and
      read conjunctively with Clauses 2, 8, 9 and
15:

              

      

       

      
        
          
            
              Micron
Technology, Inc. / EDB – Loan
Agreement                                                                                                                                          
Page 9 of 26

            

             

          

          
             

            
              

            

          

          
             

          

        

      
        	
                 
      

              	
                (a)

              	
                for
      the period of three (3) Years from the First Drawing Date, the Company
      shall only be required to pay the interest applicable on the amounts of
      the Term Loan drawn down and shall not be required to make any principal
      repayments;

              

      

       

      
        	
                 
      

              	
                (b)

              	
                interest
      at [5.38%] per annum (the “Interest
      Rate”) shall be levied on any amount of the Term Loan drawn down
      and remaining unpaid
      from the date it is drawn down up to and including the day
      preceding the day on which the amount, together with interest payable thereon under this
      Agreement, is fully
      repaid;

              

      

       

      
        	
                 
      

              	
                (c)

              	
                the
      due date of the Company’s liability and obligation to make interest
      payments to the Board (whenever applicable) shall commence from the First
      Payment Date;

              

      

       

      
        	
                 
      

              	
                (d)

              	
                the
      applicable interest payable by the Company shall
  be:

              

      

      
        	
                 
      

              	
                (i)

              	
                payable
      on a quarterly basis. The first interest payment shall be payable on the
      First Payment Date;

              

      

      
        	
                 
      

              	
                (ii)

              	
                calculated
      from the date of the Drawing to which it
  relates;

              

      

      
        	
                 
      

              	
                (iii)

              	
                without prejudice to Clause
      7.1(d)(ii),
      computed on all amounts that had been drawn (and remain unpaid) on a
      cumulative basis; and

              

      

      
        	
                 
      

              	
                (iv)

              	
                levied
      on the Company from the relevant date of Drawing up to and including the
      day preceding the day of full repayment of the principal for which
      interest is levied.

              

      

       

      
        	
                 
      

              	
                (e)

              	
                if the Payment Date of the Company’s liability and
      obligation to make interest payments to the Board (whenever applicable)
      falls on a day which is not a Business Day, then the aforesaid payment due
      date shall be extended to the next Business Day. In such an
      event, no Default
      Interest (as set out in Clause 7.4) shall be levied on the
      Company.

              

      

       

      
        	
                7.2

              	
                The Company shall pay to the Board on each Payment
      Date, interest on the amounts of the Outstanding Loan from the First
      Drawing Date (and
      computed in
      accordance with Clause 7.1(d)) until the full principal of the Term
      Loan and all interests payable under this Agreement are fully repaid in accordance with the terms of
      this Agreement.

              

      

       

      
        	
                7.3

              	
                The
      obligations for principal repayment, interest payments, overdue or delays
      in interest payments (in relation to monies that have been drawn down by
      the Company) under this Agreement shall be calculated at the applicable
      Interest Rate on the basis of a year of Three Hundred and Sixty-Five (365)
      Days for the actual number of Days
elapsed.

              

      

       

      
        	
                7.4

              	
                The Board is entitled to charge and the Company
      agrees, confirms and accepts the obligation to pay interest on amounts in
      default (the “Default
      Interest”) to be charged and that the rate of the Default Interest
      charged by the Board on the amounts in default shall be three per cent
      (3%) per annum above the average prevailing prime interest rate as
      reported by the Monetary Authority of Singapore compounded on a monthly
      basis in the event of a failure by the Company to fulfill its obligations
      to make any principal repayment or interest payment or if overdue or
      delays in interest payments that become due, are owed or payable to the
      Board.  The Default Interest shall be charged on the outstanding
      principal repayments, interest payments on such outstanding principal or
      overdue or delayed interest payments, from the applicable Payment Dates
      until such time when the relevant payments are fully repaid to the
      Board.   For avoidance of doubt, any Default Interest charged at
      the rate set out in
      this Clause 7.4 shall be in addition to and not in
      substitution of the
      Interest Rate.

              

      

       

      
        
          
            
              Micron
Technology, Inc. / EDB – Loan
Agreement                                                                                                                                          
Page 10 of 26

            

             

          

          
             

            
              

            

          

          
             

          

        

       

      
        	
                8. 

              	
                REPAYMENT
      OF THE TERM LOAN

              

      

       

      The
Company shall repay all the principal monies drawn down under the Term Loan in
One (1) lump sum on the first Business Day occurring after Thirty-Six (36)
months from the First Drawing Date (the “Repayment
Date”).

       

       

      
        	
                9. 

              	
                PAYMENT
      PROVISIONS

              

      

       

      
        	
                9.1

              	
                All
      payments to be made by the Company under this Agreement shall be received
      by the Board not later than 11 a.m. (Singapore time) on the relevant Day
      at its address above or into the Board’s bank account designated in
      writing and provided to the Company at least Ten (10) Business Days prior
      to the First Payment Date or at such other address or into such other bank
      account as the Board may from time to time designate by written notice to
      the Company not less than Ten (10) Business Days prior to the date of any
      such payment.

              

      

       

      
        	
                9.2

              	
                Any
      payment (whether of
      principal or interest) not received by the Board by 11 a.m.
      (Singapore time) on the Payment Date on which it is due
      shall be considered a
      late payment
      and shall be charged Default Interest as provided in Clause 7.4, from the
      relevant Payment Date, until such time when the relevant payments are
      fully repaid to the Board.

              

      

       

       

      
        	
                10. 

              	
                PREPAYMENT

              

      

       

      
        	
                10.1

              	
                Subject
      to Clause 8, the Company may elect to prepay any part or the whole of the
      Term Loan without penalty or premium, at any time before the Full
      Repayment Date by giving the Board at least fourteen (14) Days’ prior written notice of
      its intention to make any such prepayment(s) for any amount of the
      outstanding Term Loan that had been drawn down by the
    Company.

              

      

       

      
        	
                10.2

              	
                The
      Company shall be released from all of its obligations hereunder, and this
      Agreement shall terminate, when:

              

      

       

      
        	
                 
      

              	
                (a)

              	
                the
      Company has repaid all the principal monies that it has drawn down under
      the Term Loan, and

              

      

       

      
        	
                 
      

              	
                (b)

              	
                the
      Company has made the relevant payments for all fees, charges and/or
      interest and/or Default
      Interest (where applicable) that shall be imposed on the Company in
      accordance with the terms and conditions set out
  herein.

              

      

       

       

      
        	
                11. 

              	
                SECURITY

              

      

       

      
        	 	
                The
      Company shall:

              

      

      
        	
                 
      

              	
                (a)

              	
                sign
      the Share Equity Mortgage Agreement before the First Drawing
      Date;

              

      

      
        	
                 
      

              	
                (b)

              	
                procure
      the requisite company resolutions for the creation of the
      Security and the execution of the Share Equity Mortgage
      Agreement;

              

      

      
        	
                 
      

              	
                (c)

              	
                deliver
      the Forms to the Board before or on
      the date of First Drawing; and

              

      

      
        	
                 
      

              	
                (d)

              	
                comply
      with any registration requirements applicable under the laws of Singapore
      and of Delaware relating to or arising from the
      Security. Any
      registration costs and expenses and stamp duty payable in respect of the
      creation and/or perfection of the Security shall be borne by the
      Company.

              

      

       

       

      
        
          
            
              Micron
Technology, Inc. / EDB – Loan
Agreement                                                                                                                                          
Page 11 of 26

            

             

          

          
             

            
              

            

          

          
             

          

        

      
        	
                12. 

              	
                WARRANTIES
      AND REPRESENTATIONS

              

      

       

      
        	
                12.1 

              	
                The
      Company hereby warrants and represents to the Board as
      follows:

              

      

       

      
        	
                 
      

              	
                (a)

              	
                that
      it is lawfully incorporated, validly existing and in good standing under
      the laws of Delaware;

              

      

       

      
        	
                 
      

              	
                (b)

              	
                that
      the Subsidiary is lawfully incorporated, validly existing and in good
      standing under the laws of the Republic of
  Singapore;

              

      

       

      
        	
                 
      

              	
                (c)

              	
                that
      the Company and its Subsidiary each has the corporate power and authority
      to carry on the business as now being conducted under the laws of Delaware
      and of the Republic of Singapore
respectively;

              

      

       

      
        	
                 
      

              	
                (d)

              	
                that
      it has the corporate power to execute and perform this Agreement and to
      borrow hereunder;

              

      

       

      
        	
                 
      

              	
                (e)

              	
                that
      the execution, delivery and performance of this Agreement and the
      borrowings hereunder have been duly authorised by all requisite corporate
      action and will not violate any provision of any agreement or other
      instrument to which the Company is a
party;

              

      

       

      
        	
                 
      

              	
                (f)

              	
                that
      to the Company’s best knowledge and belief
      the latest balance sheets and financial statements of the Company
      and its subsidiaries on a consolidated basis as reported on either Form
      10Q or Form 10K of the United States Securities and Exchange Commission
      (“Form
      10Q” or “Form
      10K”), are correct and complete and accurately represent the
      financial conditions of the Company and its subsidiaries on a consolidated
      basis on the dates thereof and the results of their operations for the
      period then ended, and each such balance sheet shows all known present and
      future liabilities, direct or contingent, of the Company and its
      subsidiaries on a consolidated basis as of the date thereof, and each
      financial statement referred to therein was prepared in accordance with
      generally accepted accounting principles on a proper and consistent basis
      and in accordance with all applicable legal
  requirements;

              

      

       

      
        	
                 
      

              	
                (g)

              	
                that
      to the best knowledge of the Company, there has been no material adverse change in the
      financial condition of the Company and its subsidiaries on a consolidated
      basis since the date of its latest financial statements referred to in
      Clause 12.1(f);

              

      

       

      
        	
                 
      

              	
                (h)

              	
                save as set forth in the Company’s latest Form 10Q
      or Form 10K or otherwise disclosed to the Board, there are, to the best
      knowledge of the Company, no actions, suits or proceedings pending against
      the Company or the Subsidiary at law or in
      equity before any court or competent body adjudicating such matters, which
      are likely to be adversely
      determined and if adversely determined would likely result
      in:

              

      

       

      
        	
                 
      

              	
                (i)

              	
                a material adverse change in
      the business, operations or financial condition of
      the Subsidiary or

              

      

      
        
          	 	
                  (ii)

                	
                  a material adverse
      change in the financial condition of the
      Company

                

        

      

       

      and be likely to
materially and
adversely affect the Company’s ability to make repayment of the Term
Loan;

       

      
        
          
            
              Micron
Technology, Inc. / EDB – Loan
Agreement                                                                                                                                          
Page 12 of 26

            

             

          

          
             

            
              

            

          

          
             

          

        

      

      
 

      
        	
                 
      

              	
                (i)   

              	
                that
      to the best knowledge of the Company and the Subsidiary, no steps have
      been taken or are being taken to appoint a receiver, manager, judicial
      manager, liquidator or any other equivalent person over it or any of the
      Company’s or the Subsidiary’s assets or in any winding up action against
      the Company or the Subsidiary and no steps have been taken or are being
      taken by the Company or the Subsidiary to enter into a composition,
      compromise or arrangement with its
creditors.

              

      

       

      
        	
                12.2

              	
                Each
      of the warranties and representations contained in Clause 12 are deemed to be made by the
      Company by reference to the facts and circumstances then existing on (a) the date of
      the Notice of each Drawing, and (b) on the date of each
      Drawing.  The Company shall promptly notify the Board upon the
      Company’s filing of any Form 8-K with the United States Securities and
      Exchange Commission.

              

      

       

       

      
        	
                13. 

              	
                AFFIRMATIVE
      UNDERTAKINGS

              

      

       

                 The
Company hereby undertakes and agrees with the Board as follows:

       

      
        	
                 
      

              	
                (a)

              	
                that
      the Term Loan granted by the Board under the provisions of this Agreement
      shall be used solely as herein stipulated save with the prior written
      consent of the Board;

              

      

       

      
        	
                 
      

              	
                (b)

              	
                that
      it will and will procure that the business and affairs of the Company and
      its Subsidiary are carried on and conducted with due diligence and
      efficiency in accordance with sound technical, financial, industrial and
      managerial standards and practices, as may be applicable to their
      respective industries, including the maintenance of adequate
      records with qualified personnel and in accordance with its or their
      respective Memorandum and Articles of
  Association;

              

      

       

      
        	
                 
      

              	
                (c)

              	
                that
      it will furnish and provide the Board with and permit the Board to obtain
      all such statements, information, explanations and data as the Board may
      reasonably require, by prior written notice, regarding the affairs and
      financial condition of the Company and its Subsidiary, except to the extent that such
      disclosure would breach any law, regulation, stock exchange requirement or
      duty of confidentiality;

              

      

       

      
        	
                 
      

              	
                (d)

              	
                that
      it will furnish to the Board a copy of the sale and purchase, assignment
      or conveyance, as the case may be, of any kind of immovable (real)
      property hereafter acquired by or for use by the
    Subsidiary;

              

      

       

      
        	
                 
      

              	
                (e)

              	
                that
      the Board shall, if an
      Event of Default has occurred and is continuing, have the right, by
      prior written notice and during the normal business hours of the
      Subsidiary, to reasonably inspect any land or premises where the
      Subsidiary carries on business and to reasonably inspect all property and
      assets whatsoever therein or thereon, and all accounts, records and
      statements wherever the same may be situated and to make inventories and
      record thereof; provided that all such Board representatives shall be
      covered by the Subsidiary’s confidentiality agreement with the Board and
      comply with all of the Subsidiary’s safety and security policies and
      procedures, and the Board shall indemnify and hold harmless the Subsidiary
      from any and all damages, losses, costs, expenses that are caused by the
      Board’s or its representatives’ negligent or intentional acts or omissions
      while conducting such inspections;

              

      

       

      
        	
                 
      

              	
                (f)

              	
                that
      it will supply to the Board certified copies of any resolution passed at
      any general meeting of shareholders of the Subsidiary which may materially
      and adversely affect the financial state and condition of the Subsidiary
      within Fourteen (14) Business Days from the date of such resolution being
      passed;

              

      

       

      
        
          
            
              Micron
Technology, Inc. / EDB – Loan
Agreement                                                                                                                                          
Page 13 of 26

            

             

          

          
             

            
              

            

          

          
             

          

        

      

      
 

      
        	
                 
      

              	
                (g)

              	
                that
      it will provide annually to the
Board:

              

      

      
        	
                 
      

              	
                (i)

              	
                a
      copy of the Company’s consolidated balance sheet and profit and loss
      statement, audited by a internationally reputed firm of auditors and their
      report, as set forth on the Company’s Form 10K;
  and

              

      

      
        
          	 	
                  (ii) 

                	
                  a
      copy of the Subsidiary’s annual returns filed with Singapore’s Accounting and Corporate
      Regulatory Authority,

                

        

      

       

      within Thirty (30) Business Days after
the issuance or filing thereof; 

       

      
        	
                 
      

              	
                (h)

              	
                that
      it shall ensure, to the extent reasonably practicable, the Subsidiary
      punctually pays all rents, rates, assessments, taxes and all outgoings
      (except where such are contested in good faith) payable in Singapore in
      respect of any land or premises belonging to the Subsidiary at which it
      carries on business, and the Subsidiary obtains all necessary licenses and
      complies with all regulations, rules and orders relating to the carrying
      on of its businesses on such premises, in each case where the failure to
      make such payments or to so comply will have a material
      and adverse effect on the Company or the
  Subsidiary;

              

      

       

      
        	
                 
      

              	
                (i)

              	
                that
      it will, to the extent reasonably practicable, ensure that the Subsidiary
      keeps all its plants, machinery, equipment, buildings, constructions,
      fixtures, fittings, implements and other effects in good and substantial
      repair (ordinary wear and
      tear excepted) and proper working condition in accordance with good
      commercial practice;

              

      

       

      
        	
                 
      

              	
                (j)

              	
                that
      it shall, to the extent reasonably practicable, ensure that the Subsidiary
      does not dismantle, pull down or remove any part of its Fixed Productive
      Assets, except in cases where such dismantling, pulling down or removal
      shall in the opinion of the Company be rendered necessary by reason of the
      same being excess, obsolete, worn out or damaged, in which case, the Company shall ensure
      that such property, except excess property, is (when required by the business of
      the Subsidiary) replaced by appropriate property in accordance with good
      commercial practice;

              

      

       

      
        	
                 
      

              	
                (k)

              	
                that
      it shall ensure the Board is given such written authorities or other
      directions and provide such facilities and access as the Board may
      reasonably require for the aforesaid inspection under Clause 13(e), but subject to the provisions
      of such Clause, and the Company shall pay all reasonable costs,
      fees, traveling and other out-of-pocket expenses whether legal or
      otherwise of such
inspection;

              

      

       

      
        	
                 
      

              	
                (l)

              	
                that
      during the term of this Agreement, the Company shall (unless the Board allows
      otherwise) maintain
      its shareholding in the Subsidiary at a minimum of
      Seventy percent (70%), whether directly or indirectly, and the main
      purpose of the Subsidiary shall be to manufacture semiconductor
      products;

              

      

       

      
        	
                 
      

              	
                (m)

              	
                that
      the Company shall ensure that the relevant percentage (as stated in the
      Share Equity Mortgage Agreement) of any new shares issued by the
      Subsidiary pursuant to Company’s Equity Contributions at any time before
      the Full Repayment Date shall be mortgaged to the Board in accordance with the Share
      Equity Mortgage
      Agreement;

              

      

       

       

      
        
          
            
              Micron
Technology, Inc. / EDB – Loan
Agreement                                                                                                                                          
Page 14 of 26

            

             

          

          
             

            
              

            

          

          
             

          

        

      
        	
                 
      

              	
                (n)

              	
                that
      its payment obligations under this Agreement rank at least pari
      passu with the claims of all its other unsecured and unsubordinated
      creditors, except for obligations mandatorily preferred by law applying to
      companies generally;

              

      

       

      
        	
                 
      

              	
                (o)

              	
                that
      it shall ensure that the Subsidiary’s total borrowings (including bank
      borrowings and finance lease liabilities) shall not exceed an aggregate of
      Seven Hundred Seventy Million United States Dollars (USD770,000,000/-) at
      all times before all outstanding principal and interests under this
      Agreement are repaid to the Board, and that it shall obtain the Board’s
      prior written consent for any borrowings by the Subsidiary in excess of
      the said aggregate total borrowings;
and

              

      

       

      
        	
                 
      

              	
                (p)

              	
                that
      it shall refrain from exercising any rights under the fixed and floating
      charge dated on or
      about 7 April 2008 made between the Subsidiary as
      chargor and the Company as chargee in a manner that would reasonably be
      expected to materially prejudice the value of the Board’s Security as set forth in the Share Equity Mortgage Agreement
      for so long as an Event of Default has occurred and is
    continuing.

              

      

       

       

      
        	
                14. 

              	
                NEGATIVE
      UNDERTAKINGS

              

      

       

      
        	
                14.1

              	
                The
      Company hereby undertakes and agrees with the Board that the Company and
      the Subsidiary shall not, without the Board’s written consent, which shall
      not be unreasonably withheld:

              

      

      
        	
                 
      

              	
                (a)

              	
                effect
      any form of reconstruction including amalgamation with another company
      which will result in a change in the control of the Company or result in the Company
      ceasing to own at least Seventy percent (70%) of the Shares, whether
      directly or indirectly; or

              

      

       

      
        	
                 
      

              	
                (b)

              	
                create
      or permit to arise or subsist, any mortgage, charge (whether fixed or
      floating), mortgage, lien or other encumbrances whatsoever on any of the Subsidiary’s properties or assets,
      both present and future whatsoever,  situated in Singapore other than those encumbrances
      created or permitted under the Subsidiary’s US$600,000,000 “Facility
      Agreement”, dated March 31, 2008, and
      related Company guarantee or any amendment, renewal or replacement
      thereof;

              

      

       

      and that
the Subsidiary shall not, without the Board’s written consent, which shall not
be unreasonably withheld, make, issue or give any loans, debentures, bonds or
credits to any persons other than the Company, or any other related corporations
of the Company or the Subsidiary, other than as permitted by the Facility
Agreement or any amendment renewal or replacement thereof.

       

      
        	
                14.2

              	
                The
      Company hereby undertakes and agrees with the Board that its Subsidiary
      shall not, without the Board’s written consent, which shall
      not be unreasonably withheld, embark on any new project,
      substantial expansion or diversification of their present businesses and
      operations, which is not related to its purposes as described in Clause
      13(l).

              

      

       

       

      
        	
                15. 

              	
                EVENTS
      OF DEFAULT

              

      

       

      
        	
                15.1 

              	
                If
      any one or more of the following Events of Default shall
      occur:

              

      

       

      
        
          
            
              Micron
Technology, Inc. / EDB – Loan
Agreement                                                                                                                                          
Page 15 of 26

            

             

          

          
             

            
              

            

          

          
             

          

        

      
        	
                 
      

              	
                (a)

              	
                if
      the Company shall fail, neglect, delay, omit or refuse to make the
      requisite payments for any sums of monies, whether fees, charges, interest
      (including Default Interest if applicable), principal or otherwise which
      becomes due on any Payment Date or which are payable under this Agreement;
      provided that if such non-payment is caused by technical errors (or force
      majeure, such as power failures or system breakdowns in the banking
      system) and such failure is rectified within Five (5) Business Days, the
      Company is not to be treated for the purpose of this Clause as having
      failed, neglected, delayed, omitted or refused to make such payment;
      provided, however, that Default Interest shall nonetheless apply until
      such failure is rectified.

              

      

       

      
        	
                 
      

              	
                (b)

              	
                if
      any event of default is declared by any banker of the Company in an
      outstanding amount greater than Twenty Million United States Dollars
      (US$20,000,000.00) and such indebtedness is accelerated by the banker with
      respect thereto;

              

      

       

      
        	
                 
      

              	
                (c)

              	
                if
      any representation or warranty made in or in pursuance of this Agreement
      or in any certificate, statement or other document delivered in connection
      with the execution and delivery hereof or in pursuance of this Agreement
      shall be inaccurate, false, misleading or incorrect in any material
      respect when given and such default (if capable of being rectified) is not
      rectified for a period of Thirty (30) Days after the Company becomes aware
      of the occurrence of such default; provided that Company’s lack of
      awareness shall not be willful or grossly
  negligent;

              

      

       

      
        	
                 
      

              	
                (d)

              	
                if
      the Company defaults in the due performance of any undertaking, condition
      or obligation on its part to be performed and observed herein contained
      (including  the payment of any monies due under this Agreement)
      and such default (if capable of being rectified) is not rectified for a
      period of Thirty (30) Days after the date of receipt by the Company of
      written notice of such default from the
Board;

              

      

       

      
        	
                 
      

              	
                (e)

              	
                if
      a petition, except for frivolous or vexatious petitions, is presented in
      any court of competent jurisdiction or a resolution is passed by the Company, its holding
      company or the Subsidiary for the winding-up of the Company, its
      holding company or the Subsidiary (as the case may be) or
      for the filing or any application for placing the Company, its holding
      company or the Subsidiary under judicial management, or any similar or
      analogous proceedings are taken against any of them and are not discontinued, withdrawn, discharged or revoked
      within two (2) months after being
      presented or passed, as the
      case may be;

              

      

       

      
        	
                 
      

              	
                (f)

              	
                if
      any encumbrancer or lessor shall take possession (“attachment”) or a receiver, manager,
      judicial manager, liquidator or other similar officer is appointed for the
      whole of the undertaking, property or assets, or any substantial part thereof,
      of the Company, its holding company or the Subsidiary and the affected
      property is not released from such attachment or appointment within
      Thirty (30) Days of
      such attachment or appointment; provided that no part of the undertaking,
      property or assets of the Company, its holding company
      or the Subsidiary, as the case may be, so affected shall be deemed
      substantial if it does not have a value exceeding Twenty Million United
      States Dollars (US$20,000,000.00);

              

      

       

      
        	
                 
      

              	
                (g)

              	
                if a distress or execution is levied or enforced
      against any substantial
      part of the property or assets of the Company, its holding company
      or the Subsidiary and is not discharged within Thirty (30) Days of being
      levied and the Board is of the reasonable opinion that such an event will
      materially prejudice the Board’s interests; provided that no part of the
      undertaking, property or assets of the Company, its holding
      

              

      

       

      
        
          
            
              Micron
Technology, Inc. / EDB – Loan
Agreement                                                                                                                                          
Page 16 of 26

            

             

          

          
             

            
              

            

          

          
             

          

        

      

       

      
        	 	
                 

              	
                company or the
      Subsidiary, as the
      case may be, so affected shall be deemed substantial if it does not have a
      value exceeding Twenty Million United States Dollars
      (US$20,000,000.00);

              

      

       

      
        	
                 
      

              	
                (h)

              	
                if
      a final, non-appealable judgment or order is made against the Company and
      such is not discharged within Sixty (60) Days or such longer period permitted
      by law;

              

      

       

      
        	
                 
      

              	
                (i)

              	
                if
      the Company, its holding company or the Subsidiary becomes insolvent or is
      unable or deemed by statute
      in its jurisdiction of incorporation to be unable to pay its debts
      or admits in writing its inability to pay its debts as they fall due, or
      enters into any composition, compromise or arrangement with its creditors generally or
      makes any assignment for the benefit of its creditors generally
      and the Board is of the reasonable opinion that any such event will
      materially prejudice the Board’s
interests;

              

      

       

      
        	
                 
      

              	
                (j)

              	
                if
      the Company or the Subsidiary ceases or threatens to cease to carry on its
      business and the Board is of the reasonable opinion that such cessation of
      business will materially and adversely affect the
      performance and observation of  the Company’s obligations under
      this Agreement;

              

      

       

      
        	
                 
      

              	
                (k)

              	
                if
      any material license, consent or approval of any authority, whether
      granted to the Company or the Subsidiary, at any time necessary to enable
      the Company to comply with and perform its obligations under this
      Agreement to a material extent shall be revoked, withheld or materially
      modified or shall otherwise not be granted or fail to remain in full force
      and effect, and such situation is not remedied within Thirty (30)
      Days;

              

      

       

      
        	
                 
      

              	
                (l)

              	
                if
      any of the consents, authorities, approvals, waivers or resolutions
      referred to in Clause 3 shall be modified in a manner that materially prejudices the
      interests of the Board or shall be wholly or partly revoked,
      withdrawn, suspended or terminated or shall expire and not be renewed or
      shall otherwise fail to remain in full force and effect and such
      circumstances are
      reasonably considered by the Board to be material and prejudicial
      to its interests;

              

      

       

      
        	
                 
      

              	
                (m)

              	
                if
      without the Board’s prior written consent, there is any change in the
      shareholding of the Subsidiary which results in the Company holding less than Seventy
      percent (70%) of the Shares (directly or indirectly);
      or

              

      

       

      
        	
                 
      

              	
                (n)

              	
                an
      event or circumstance occurs that has, or would very likely have, a material
      adverse effect on the ability of the Company to perform and comply
      with its obligations under this
  Agreement;

              

      

       

      then, and
in any such event, the Board may, by written notice to the Company declare that
an Event of Default has occurred.

       

      
        	
                15.2 

              	
                Upon
      the declaration by the Board under Clause 15.1
      that an Event of Default has
  occurred:

              

      

       

      
        	
                 
      

              	
                (a)

              	
                the
      whole of the principal sum drawn down and owing under the Term Loan,
      interest thereon and all fees, charges, interest, Default Interest (where
      applicable) or any other sums agreed to be paid under this Agreement shall
      immediately become due and payable by the Company to the Board without any
      demand or notice of any kind from the Board;
and

              

      

       

      
        
          
            
              Micron
Technology, Inc. / EDB – Loan
Agreement                                                                                                                                          
Page 17 of 26

            

             

          

          
             

            
              

            

          

          
             

          

        

      
        	
                 
      

              	
                (b)

              	
                it
      shall be lawful for the Board to exercise all or any rights, powers or
      remedies under this Agreement, including without limitation the right to
      exercise its rights in the
Security.

              

      

       

      
        	
                15.3

              	
                In
      the event of an occurrence and the subsequent declaration of an Event of
      Default by and at the reasonable discretion of the Board, pursuant to
      Clause 15.2, before the Term Loan shall have been fully drawn or utilized
      under this Agreement, this Agreement shall be terminated and the Board’s
      obligations herein contained shall automatically and forthwith
      cease.

              

      

       

      
        	
                15.4

              	
                After
      the declaration by the Board that an Event of Default has occurred, all
      monies received or recovered by the Board (whether such monies shall have
      been received or recovered as a result of or arising from its exercise of
      all or any rights, powers or remedies under this Agreement, upon
      exercising its rights over the Security or by way of a set-off or
      otherwise) shall be held by it and shall be applied as
      follows:

              

      

       

      
        	
                 
      

              	
                (a)

              	
                Firstly,
      in or towards payment of all reasonable costs, charges and expenses, if
      any, incurred in enforcing this Agreement and/or the
    Security.

              

      

       

      
        	
                 
      

              	
                (b)

              	
                Secondly,
      in or towards payment to the Board of all monies and liabilities due,
      owing or outstanding under this Agreement and where such monies and
      liabilities are of a contingent nature, in or towards making full and
      adequate provisions for payment of such monies and liabilities as and when
      they become due and payable; and

              

      

       

      
        	
                 
      

              	
                (c)

              	
                Thirdly,
      thereafter, any surplus shall be paid to the
  Company.

              

      

       

       

      
        	
                16. 

              	
                NOTICES

              

      

       

      All
notices and other communications hereunder shall be in writing and shall be
deemed duly given upon (a) transmitter’s confirmation of a receipt of a
facsimile transmission (if the
time of transmission is after 5 pm Singapore Time (GMT + 8) on a Business Day,
such transmission shall be deemed to be served on the next
succeeding Business Day), (b) confirmed delivery by a standard overnight
or recognized international carrier or when delivered by hand, or (c) delivery
in person, addressed at the following addresses (or at such other address for a
party as shall be specified by like notice):

       

      if to
Company, to:

      
      

      Micron
Technology, Inc.

      8000
South Federal Way

      Boise,
Idaho 83716-9632

      Fax:  (208)
363-1309

      Attention:  General
Counsel

       

      With a
copy to:

      Micron
Technology, Inc.

      8000
South Federal Way

      Boise,
Idaho 83716-9632

      Fax:  (208)
368-4095

      Attention:
Treasurer

       

      if to
Board, to:

       

      
        
          
            
              Micron
Technology, Inc. / EDB – Loan
Agreement                                                                                                                                          
Page 18 of 26

            

             

          

          
             

            
              

            

          

          
             

          

        

      Economic
Development Board

      250 North Bridge
Road

      #28-00 Raffles City Tower

      Singapore 179101

       

                 
Fax:  +65
6832-6553

      Attention:  Head, Electronics
Division

       

       

      
        	
                17. 

              	
                WAIVER
      NOT TO PREJUDICE RIGHT OF BOARD

              

      

       

      The Board
may at any time waive as it deems fit any breach by the Company of any
undertaking, stipulation, term or condition herein contained and any
modification thereof but without prejudice to its powers, rights and remedies
for enforcement thereof, provided always that:

      
        	
                 
      

              	
                (a)

              	
                no
      neglect or forbearance of the Board to require and enforce payment of any
      monies under this Agreement or the performance and observance of any
      undertaking, stipulation, term or condition herein contained, nor any time
      which may be given to the Company shall in any way prejudice or affect any
      of the rights, powers or remedies of the Board at any time afterwards to
      act strictly in accordance with the provisions
  hereof;

              

      

       

      
        	
                 
      

              	
                (b)

              	
                no
      such waiver of any such breach as aforesaid shall prejudice the rights of
      the Board in respect of any other or subsequent breach of any of the
      undertakings, stipulations, terms or conditions
  aforesaid.

              

      

       

       

      
        	
                18. 

              	
                INDULGENCE
      OF THE BOARD

              

      

       

      The
liability of the Company under this Agreement shall not be impaired or
discharged by reason of passage or extension of time or other indulgence being
granted by or with the consent of the Board to any third party who or which may be
in any way liable to pay any monies owing under or in connection with this
Agreement, whether secured by any security created by such third party in
favour of the Board or otherwise, or by reason of any arrangement being entered
into or composition accepted by the Board which has the effect of modifying the
operation of law or otherwise the Board’s rights and remedies relating to such
liability or under the provisions of this Agreement or such
security.

       

       

      
        	
                19. 

              	
                SEVERABILITY

              

      

       

      If any
provision in this Agreement shall be, or at any time shall become invalid,
illegal or unenforceable in any respect under any law, such invalidity,
illegality or unenforceability shall not in any way affect or impair the other
provisions of this Agreement but this Agreement shall be construed as if such
invalid or illegal or unenforceable provision did not form a part of this
Agreement.

       

       

      
        	
                20. 

              	
                GOVERNING
      LAW & DISPUTE RESOLUTION

              

      

       

      
        
          
            
              Micron
Technology, Inc. / EDB – Loan
Agreement                                                                                                                                          
Page 19 of 26

            

             

          

          
             

            
              

            

          

          
             

          

        

      
        	
                20.1

              	
                This
      Agreement shall be governed by and construed in all respects in accordance
      with the laws of the Republic of
Singapore.

              

      

       

      
        	
                20.2

              	
                The
      Courts of Singapore shall have jurisdiction to resolve any dispute arising
      out of or in connection with this Agreement, including a dispute regarding
      the existence, validity or termination of this
  Agreement.

              

      

       

      
        	
                20.3

              	
                The
      Company agrees that service of process on the Company may be effected at
      the Singapore address of the Subsidiary and such service shall be deemed
      to be good and effectual service on the
Company.

              

      

       

       

      
        	
                21. 

              	
                MISCELLANEOUS

              

      

       

      
        	
                21.1

              	
                All reasonable legal and other professional fees,
      out-of-pocket expenses, charges, costs and expenses incurred by the Board and charged
      to the Board by its solicitors in connection with this Agreement
      and any documentation concerning the creation and perfection of the
      Security, including without limitation the reasonable legal fees and
      expenses incurred by the Board to obtain the foreign legal opinion, shall be paid by the
      Company.  The
      parties agree that the fees, out-of-pocket expenses, charges, costs and
      expenses to be paid by the Company under this Clause 21.1 shall not in
      aggregate exceed Two Hundred Fifty Thousand Singapore Dollars
      (S$250,000.00).

              

      

       

      
        	
                21.2

              	
                The
      Company shall further pay all reasonable legal fees as between solicitor
      and client and other costs and disbursements incurred in connection with
      demanding and enforcing payment of monies due under this Agreement, the
      Security and otherwise howsoever in enforcing the performance of any
      undertakings, stipulations, terms, conditions or provisions under this
      Agreement.

              

      

       

      
        	
                21.3

              	
                A
      certificate signed by a duly authorised officer for the time being of the
      Board as to the amount of monies and liabilities (including interest) for
      the time being due to or incurred by the Board under this Agreement shall
      be prima facie evidence of
      such amount and
      be binding on the Company, save for any
  error.

              

      

       

      
        	
                21.4

              	
                This
      Agreement shall be binding upon the successors of the Company
      and shall inure to the benefit of the Board and its successors and
      assigns. If the Board’s Capital Assistance Scheme is to be transferred or
      is to be handed over to be administered by another agency, statutory body
      or legal entity under the control of the Government of the Republic of
      Singapore (the “Government”),
      the Company hereby agrees and undertakes to execute any documents
      necessary to effect any assignments or novations (where applicable and if
      required by the Board) in order to
      facilitate the transferring and handing over to such other above-mentioned
      agency, statutory body or legal entity. Save for the aforesaid agency,
      statutory body, legal entity and the Government, the Board shall not
      assign this Agreement, the Security nor any rights under this Agreement or
      the Security to any third party without the Company’s prior written
      consent which consent shall not be unreasonably withheld. Save
      as expressly provided under this Clause, a person who is not a party to
      this Agreement has no right under the Contracts (Rights of Third Parties)
      Act (Cap. 53B, Singapore Statutes) to enforce or enjoy the benefit of any
      term of this Agreement.

              

      

       

      
        	
                21.5

              	
                For the avoidance
      of doubt, all sums payable under this Agreement to the Board shall be without
      set-off or counterclaim and free of and without deduction for any present
      or future deductions or taxes of whatsoever nature, howsoever imposed,
      levied or assessed whether
or

              

      

       

      
        
          
            
              Micron
Technology, Inc. / EDB – Loan
Agreement                                                                                                                                          
Page 20 of 26

            

             

          

          
             

            
              

            

          

          
             

          

        

      

       

      
        	
                 

              	
                not with interest
      thereon or penalties with respect thereto (“Taxes”). Should any payment due to the
      Board from the Company hereunder be subject to any such Taxes, the Company
      shall pay to the Board such additional amounts as may be necessary to
      ensure that the Board receives a net amount equal to the full amount which the Board would
      have received had payment not been made subject to such
      Taxes.  The Board shall use all reasonable efforts to assist the
      Company to obtain a waiver for any withholding taxes and cooperate with
      the Company to execute, deliver and file with the United
      States government all documents necessary to obtain such withholding tax
      waiver.

              

      

       

      
        	
                21.6

              	
                This
      Agreement may not be amended or modified without the written consent of
      each party hereto.

              

      

       

      
        	
                21.7

              	
                Nothing
      in this Agreement, whether express or implied, is intended or shall be
      construed to confer, directly or indirectly, upon or give to any Person,
      other than the parties hereto any legal or equitable right, remedy or
      claim under or in respect of this Agreement or any covenant, condition or
      other provision contained herein.

              

      

       

      
        	
                21.8

              	
                This
      Agreement may be executed in several counterparts, each of which shall be
      deemed an original, but all of which together shall constitute one and the
      same instrument.  Any party hereto may enter into this Agreement
      by signing any such counterpart and each counterpart may be signed and
      executed by the parties hereto and transmitted by facsimile transmission
      and shall be as valid and effectual as if executed as an
      original.

              

      

       

      
        	
                21.9

              	
                This
      Agreement, together with Appendices I to III hereto and the agreements and
      instruments referred to herein, constitute the entire agreement of the
      parties hereto with respect to the subject matter hereof and supersede all
      prior agreements and understandings, oral and written, among the parties
      hereto with respect to the subject matter
  hereof.

              

      

      IN
WITNESS WHEREOF this Agreement has been signed by or on behalf of the parties
hereto the day and year first before written.

       

      
        MICRON
TECHNOLOGY INC.

      

       

       

      By: /s/
Ronald C.
Foster               
            
                                                                           

       

      Name: Ronald
C.
Foster               
             
                                                                

       

      Title: CFO and
Vice President of
Finance                                                                                     

       

      STATE OF
IDAHO     )

                                            
) ss.

      COUNTY OF
ADA     )

       

      On this ___ day of February, 2009, before me, a Notary
Public in and for said state, personally appeared ______________________, known
to me to be the ________________ of Micron Technology Inc. (the “Company”), who
executed the foregoing instrument in behalf of the Company and acknowledged to
me the Company executed the same.

       

      IN WITNESS WHEREOF I have hereunto set my hand and
affixed my official seal the day and year in this certificate first above
written.

      
 

      Notary Public ___________________________

       

      
        
          
            
              Micron
Technology, Inc. / EDB – Loan
Agreement                                                                                                                                          
Page 21 of 26

            

             

          

          
             

            
              

            

          

          
             

          

        

      

      Residing
at:

      Commission Expires:

       

       

      ECONOMIC
DEVELOPMENT BOARD

       

       

      By: /s/
Dr. Beh Swan Gin              
          
                                                                

       

      Name: Dr. Beh
Swan Gin            
             
                                                                

       

      Title:  Managing
Director

       

      in the
presence of :  Quek Hong How 58318207E

      (Name and NRIC No. of Witness):   /s/ Quek Hong
How

      
        
          
            Micron
Technology, Inc. / EDB – Loan
Agreement                                                                                                                                          
Page 22 of 26

          

           

        

        
           

          
            

          

        

        
           

        

      

      APPENDIX
I

      ECONOMIC
DEVELOPMENT BOARD

      250 North
Bridge Road

      #28-00
Raffles City tower

      Singapore
179101

      Attention: Finance
Division

       

       

      Dear
Sirs,

       

      NOTICE
OF DRAWING

      TERM
LOAN OF S$ 300,000,000 (THE
“EDB LOAN
AGREEMENT”)

       

      Pursuant
to Clause 5 of the EDB Loan Agreement
dated   200[     ] and made between you and us in
respect of the above Term Loan we hereby give you notice for a Drawing of
Dollars [       ] ($)
on     20

       

      We
confirm that, save to any extent
waived by you —

       

      
        	
                 
      

              	
                (i)

              	
                the
      conditions precedent under Clause 3 of the EDB Loan Agreement have been
      complied with in every respect;

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                each
      of the representations and warranties contained in Clause 12 of the EDB
      Loan Agreement are true and accurate in all material respects as though
      made on the date of this Notice with reference to facts and circumstances
      presently subsisting and will be true and accurate in all material
      respects on the date of the intended Drawing as though made on the date of
      the intended Drawing with reference to facts and circumstances then
      subsisting; and

              

      

       

      
        	
                 
      

              	
                (iii)

              	
                as
      at the date hereof no Event of Default has occurred which remains continuing and
      unwaived by you and no event has occurred and remains continuing and
      unwaived by you which, with the giving of notice or the lapse of
      time or upon you making any necessary determination under Clause 15 of the
      EDB Loan Agreement, would constitute an Event of Default, and we undertake
      that, save to any extent
      waived by you, no Event of Default and none of the events aforesaid
      will remain continuing at the date of
      the intended Drawing.

              

      

       

      The purchase and
projected purchase of
Fixed Productive Assets by TECH Semiconductor Singapore Pte. Ltd corresponding
to the Equity Contributions for which the Drawing is made are as
follows:

       

      
        
          
            
              
                
                  	
                          Purchases:

                        	 
      	 
      	 
      
	
                          Date of
      Purchase

                        	
                          Description of
      Item

                        	
                          PO number or
      equivalent

                        	
                          Purchase price in
      SGD

                        
	 
      	 
      	 
      	 
      
	
                          Projected
      Purchases:

                        	 
      	 
      	 
      
	
                          Estimated Date of
      Purchase

                        	
                          Description of
      Item

                        	 
      	
                          Purchase price in
      SGD

                        
	 
      	 
      	 
      	 
      
	 
      	 
      	
                          TOTAL:

                        	 
      

                

              

            

          

        

      

       

       

      
        
          
            Micron
Technology, Inc. / EDB – Loan
Agreement                                                                                                                                          
Page 23 of 26

          

           

        

        
           

          
            

          

        

        
           

        

      

      Please
credit the amount of
S$                        into
our bank account as follows:

      Account
Name:

      Account
Number:

      Bank
Name/ Number:

      Bank
Branch Name/ Number:

      SWIFT
Code if applicable:

       

      In
addition to the above documents kindly let us know if you require copies of any
opinion approval or other documents.

       

      Dated
this ____day of     ________20________

       

      Yours
faithfully

      Director/Authorised
Signatories

       

      
        
          
            Micron
Technology, Inc. / EDB – Loan
Agreement                                                                                                                                          
Page 24 of 26

          

           

        

        
           

          
            

          

        

        
           

        

      

      APPENDIX
II

       

       

      [Insert TECH CAS
Spreadsheet “Statement of Purchase / Expenditure for the
Period”]

      
        
          
            Micron
Technology, Inc. / EDB – Loan
Agreement                                                                                                                                          
Page 25 of 26

          

           

        

        
           

          
            

          

        

        
           

        

      

      APPENDIX
III

      Share
Equity Mortgage Agreement

       

       

      
        
          Micron
Technology, Inc. / EDB – Loan
Agreement                                                                                                                                          
Page 26 of 26

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